Grocery Outlet Holding Corp. (GO) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Grocery Outlet's first-quarter 2026 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Grocery Outlet 2026 會計年度第一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 your host, Ian Ferry, Senior Vice President of Strategic Finance and Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人：策略財務與投資人關係資深副總裁 Ian Ferry。謝謝。您可以開始了。

Good afternoon, and welcome to Grocery Outlet's call to discuss financial results for the first quarter ended April 4, 2026. Speaking for management on today's call will be Jason Potter, President and Chief Executive Officer; and Chris Miller, Chief Financial Officer.

各位下午好，歡迎參加 Grocery Outlet 電話會議，討論截至 2026 年 4 月 4 日止第一季的財務結果。今天代表管理團隊出席的有：總裁兼執行長 Jason Potter，以及財務長 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. Participants on this call may make forward-looking statements with the meaning of the federal securities laws.

在 Jason 與 Chris 的事先準備發言之後，我們將開放提問。請注意，本次電話會議正以網路直播方式進行，並將提供錄音回放，可於公司網站投資人關係專區收聽。本次電話會議的與會者可能會發表符合聯邦證券法意義之「前瞻性陳述」。

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. Description of these factors can be found in this afternoon's press release as well as in the company's periodic reports filed with the SEC, all of which may be found on the Investor Relations section of the company's website or on sec.gov. The company undertakes no obligation to revise or update any forward-looking statements or information. These statements are estimates only and not a guarantee of future performance.

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。這些前瞻性陳述受到各種風險與不確定性影響，可能導致實際結果與上述陳述存在重大差異。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；上述文件均可於公司網站投資人關係專區或 sec.gov 查閱。公司不承擔修訂或更新任何前瞻性陳述或資訊之義務。上述陳述僅為估計，並非對未來表現之保證。

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.

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，以及各項指標之說明、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「新聞與發布」），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。

Good afternoon, everyone, and thank you for joining us on today's call. In the first quarter, we delivered results in line with our guidance as our work to strengthen the business gain traction. We reported Q1 revenue of $1.17 billion, up 3.6% with comparable store sales down 1%, slightly ahead of our outlook for a decline of minus 2.5% and negative 1.5%. Traffic remained positive, up approximately 2%, with consistent improvement throughout the quarter. This was offset by continued basket pressure from lower units per transaction.

各位下午好，感謝各位參加今天的電話會議。第一季，我們的業績符合指引，因為我們強化業務的工作正逐步見效。我們公布第一季營收為 11.7 億美元，年增 3.6%；同店銷售下滑 1%，略優於我們先前預期的 -2.5% 至 -1.5% 的降幅區間。來客數仍維持正成長，約增加 2%，且整季持續改善。但每筆交易購買件數下降所帶來的持續客單壓力，抵銷了部分成長。

Gross margin of 29.6% was also within our outlook range and included a 50 basis point impact related to our previously announced store closures. Adjusted EBITDA of $43.1 million came in at the top end of our range, while adjusted EPS of $0.05 was $0.01 above the guidance range we shared in March. As I mentioned, performance improved as the quarter progressed, with traffic strengthening each month and exiting March at a meaningful higher rate than at the start of the quarter.

毛利率 29.6% 亦落在我們的展望區間內，其中包含與先前公告的門市關閉相關的 50 個基點影響。調整後 EBITDA 為 4,310 萬美元，位於區間上緣；調整後 EPS 為 0.05 美元，較我們 3 月分享的指引區間高出 0.01 美元。如我所提到，隨著季度推進，表現持續改善；每個月來客數都在增強，且 3 月底的水準明顯高於季度初。

In the month of March, weekly traffic grew in the range of 2% to 5% year to year, reaffirming that our value-oriented product offering continues to resonate with consumers. While we're encouraged by the progress we're beginning to see, we're not satisfied with our current level of performance and are focused on the work we have in front of us.

在 3 月份，週來客數年增約 2% 至 5% 的區間，再次印證我們以價值為導向的商品供給持續引起消費者共鳴。雖然我們對開始看到的進展感到鼓舞，但我們對目前的表現水準並不滿意，並專注於眼前需要完成的工作。

As we said in March, we entered 2026 with a clear agenda, restore what makes this brand special, tighten execution where we've fallen short and improve returns. That work is well underway, and while it's still early, the traction we see reinforces our conviction that we are taking the right action. Grocery Outlet has meaningful strengths, a differentiated model, a highly relevant value proposition, strong independent operators and a format that resonates when we execute well.

正如我們在 3 月所說，我們以明確的議程進入 2026 年：重塑讓這個品牌與眾不同的核心、在我們執行不足之處加強落實，並提升報酬。這些工作已在進行中；雖然仍在早期階段，但我們看到的進展強化了我們的信念：我們正在採取正確的行動。Grocery Outlet 具備顯著優勢：差異化的商業模式、高度相關的價值主張、強大的獨立經營業者，以及在執行到位時能引起共鳴的門市型態。

Our focus is on translating those strengths into a more consistent performance. Our work to achieve this center is on improving comp store performance while continuing to advance important strategic initiatives that deliver stronger long-term growth and profitability.

我們的重點在於把這些優勢轉化為更一致的表現。為達成此目標，我們的工作核心是改善同店表現，同時持續推進重要的策略性計畫，以帶來更強的長期成長與獲利能力。

Restoring customer value perception. Let me start with customer value perception because that's where our work begins. Our job right now is to make Grocery Outlet a more compelling choice for the customer. In this environment, value matters more than ever. We must make that value visible, consistent, exciting and easy to shop.

重塑顧客對價值的感知。我先從顧客價值感知談起，因為我們的工作就是從這裡開始。我們目前的任務，是讓 Grocery Outlet 成為顧客更具吸引力的選擇。在這樣的環境下，價值比以往任何時候都更重要。我們必須讓這份價值清楚可見、一致、令人興奮，且購物更便利。

We executed on that in several ways during this last quarter. First and most importantly, we've made meaningful strides to increase the mix of branded opportunistic products in our stores. Our best opportunistic deals offer savings up to 70% versus conventional retailers. These savings when paired with the excitement of a treasure hunt experience, provide a compelling experience that our customers love. Since the start of the year, we've increased our opportunistic mix by nearly 2 percentage points with meaningful improvement across inventory, shipments, variety and sales.

在上一季，我們透過多種方式落實上述目標。首先也是最重要的，我們在提升門市中「品牌機會型商品」占比方面取得顯著進展。我們最好的機會型優惠，相較於傳統零售商可提供最高達 70% 的節省。這些節省再搭配「尋寶式」購物體驗的興奮感，形成顧客喜愛的強大吸引力。自年初以來，我們的機會型商品占比提高了將近 2 個百分點，並在庫存、出貨、品項多樣性與銷售方面都有明顯改善。

We've made meaningful progress improving our sourcing, increasing product visibility and helping operators further differentiate their stores. That works included upgrading systems and reporting, expanding supplier outreach, shortening delivery times, testing short-dated offerings and engaging suppliers more directly at the leadership level.

我們在改善採購、提升商品能見度，以及協助營運商進一步差異化其門市方面，已取得顯著進展。這些工作包括升級系統與報表、擴大供應商觸達、縮短交貨時間、測試短效期商品方案，並在領導層級更直接地與供應商互動。

These efforts enabled us to move quickly in Q1 on excess inventory from several top-selling brands, delivering significant savings for customers while creating high margin, high volume opportunities for us and our operators.

這些努力使我們能在第一季迅速處理多個暢銷品牌的過剩庫存，為顧客帶來可觀的節省，同時也為我們與營運商創造高毛利、高銷量的機會。

Second, we invested in reshaping value perception. As we work to improve the impact of our opportunistic supply, the near-term synthetic promotional support we're providing is driving customers into our stores. It's been especially effective around high-traffic occasions like this year's Super Bowl and Easter where event-driven promotions helped drive meaningful traffic gains.

第二，我們投入資源以重塑價值感知。在我們努力提升機會型供應影響力的同時，我們在短期提供的「人為促銷」支援正帶動顧客走進門市。這在高來客情境特別有效，例如今年的超級盃與復活節；以活動帶動的促銷有助於推升顯著的來客成長。

This is an important first step in restoring comp performance as the momentum from our improving opportunistic product mix begins to translate into stronger transaction trends. Through the first quarter, we received positive feedback from both customers and our IOs. And as we invest, we're managing the impact on gross margins through disciplined promotional targeting and our ongoing focus on improving our mix. We continue to expect these investments to be in the range of $20 million for this year.

這是恢復同店表現的重要第一步，因為我們改善中的機會型商品組合所帶來的動能，正開始轉化為更強的交易趨勢。在第一季期間，我們同時收到顧客與獨立經營業者（IOs）的正面回饋。在我們投入資源的同時，我們透過嚴謹的促銷投放，以及持續聚焦於改善商品組合，來管理對毛利率的影響。我們仍預期今年這些投資金額約為 2,000 萬美元。

Third, we're sharpening our value messaging through our extreme value campaign. This work is focused on making our value proposition unmistakable, highlighting the significant savings customers can find on branded products often at meaningful discounts to conventional retailers and reinforcing the excitement of the treasure hunt experience that defines grocery outlook.

第三，我們透過「極致價值」行銷活動強化價值訊息傳遞。這項工作聚焦於讓我們的價值主張清晰無誤：凸顯顧客在品牌商品上可獲得的可觀節省（通常相較傳統零售商有顯著折扣），並強化定義 Grocery Outlet 的「尋寶式」購物體驗所帶來的興奮感。

To support this, we're driving awareness through targeted at home and digital campaigns that bring our deals and product discovery to life. In market, we're focused on awareness-based media, in-store, we're simplifying signage and elevating key value items to make savings more visible, easier to navigate and more compelling at the shelf. Together, these three initiatives with a singular focus of improving value are beginning to drive a meaningful positive customer response, reflected in improving sales, improving traffic trends, Net Promoter Score and survey data while reinforcing one another.

為了支持這一點，我們正透過精準的居家與數位行銷活動提升認知度，讓我們的優惠與商品探索更具體、更有感。在市場端，我們聚焦以提升認知為主的媒體投放；在門市端，我們簡化標示並強化關鍵高性價比商品的呈現，讓省錢更顯而易見、更容易找到，並在貨架前更具吸引力。這三項以提升價值感為單一核心的措施相互強化，已開始帶動顯著且正向的顧客回饋，反映在銷售改善、來客趨勢改善、淨推薦值（NPS）與調查數據的提升。

Though there's much to do to restore comp performance, the trends we're seeing in traffic are consistent with the initial stages of stabilization that we would expect at this point. Improving the in-store experience. We also continue to improve the in-store experience to support stronger store level performance across our fleet. One of the most important of these initiatives is our store refresh program. And in the first quarter, we completed 34.

雖然要恢復同店表現仍有許多工作要做，但我們在來客量上看到的趨勢，與此時點我們預期的初期穩定化階段一致。改善門市體驗。我們也持續改善門市體驗，以支持整體門市群更強的店級表現。其中最重要的措施之一是我們的門市翻新計畫。而在第一季，我們完成了34家。

As of today, we've completed 58 stores in total. These refreshed stores are benefiting from improvements in layout, signage and merchandising to make the shopping trip easier and reinforce value more clearly. We continue to receive positive feedback from both customers and operators, and we are confident that improving the customer in-store experience is the right step for Grocery Outlet and that it will become an important lever over time.

截至今日，我們累計已完成58家門市。這些翻新門市受惠於動線、標示與陳列的改善，使購物行程更輕鬆，並更清楚地強化價值感。我們持續收到顧客與營運端的正面回饋；我們也有信心，提升顧客的店內體驗是 Grocery Outlet 正確的一步，並將隨時間推移成為重要的槓桿。

The impact of our value restoration initiatives in Q1 reinforces our conviction that an all hands on deck focused on executing our opportunistic engine is the fastest and most effective path to improving results across the business. With a clear path to deliver on that objective, the results that support that focus, we're prioritizing our initial resources on that work.

第一季我們的價值回復措施所帶來的影響，強化了我們的信念：全員投入、聚焦執行我們的「機會型引擎」，是改善全公司業績最快且最有效的途徑。在有清晰可行的路徑以達成該目標、且已有結果支持此一聚焦的情況下，我們正優先將初期資源投入於這項工作。

That requires deliberate choices about how we execute our other priorities this year, including taking a more measured pace on our store refresh program. We will continue to invest in these longer-term improvements to our stores while maintaining a near-term focus on driving comp sales through opportunistic initiatives that I've discussed. As we balance our resources around these efforts, we now expect to complete approximately 100 store refreshes by year-end. This sharper focus will reduce distractions and help us return comp growth as quickly as possible. Supporting independent operators.

這也要求我們對今年如何執行其他優先事項做出審慎取捨，包括以更審慎的步調推進門市翻新計畫。我們將持續投資於這些門市的長期改善，同時在短期內維持聚焦，透過我先前提到的機會型措施推動同店銷售。在平衡這些工作所需資源之際，我們目前預期在年底前完成約100家門市翻新。更聚焦的方向將降低分心因素，並協助我們盡快恢復同店成長。支持獨立經營者。

Independent operators are central to restoring our performance, and they've been clear about what they need, better analytical tools, more actionable insight, greater visibility into what is working across the system. And that's exactly what we're focused on delivering. In Q1, we made meaningful progress. During the quarter, we held regional forums to share best practices across operators. We enhanced benchmarking capabilities and expanded the functionality of our real-time order guide.

獨立經營者是恢復我們表現的核心，他們也清楚表達所需：更好的分析工具、更可落地的洞察，以及更高的系統內「哪些做法有效」的可視性。而這正是我們專注交付的內容。在第一季，我們取得了實質進展。本季期間，我們舉辦區域論壇，在經營者之間分享最佳實務。我們強化了標竿比較能力，並擴充了即時訂貨指南的功能。

We also streamlined commercial communications to help operators simplify execution at store level. Importantly, we also launched a new annual business review, or ABR, process across our entire store base. This process benchmarks each store against top quartile peers with similar market characteristics and sales volumes then translates those performance gaps into clear profit opportunities for our operators to pursue. For each store, we can now help operators quantify the potential opportunity across sales mix, shrink and other important operating expenses while enabling operators to track progress against those opportunities over time.

我們也精簡商務溝通，協助經營者在門市端簡化執行。更重要的是，我們在全體門市導入新的年度業務檢視（Annual Business Review，ABR）流程。此流程會將每家門市與具相似市場特性與銷售量的同儕中前四分位（top quartile）門市進行對標，並把績效差距轉化為清楚的獲利機會，供經營者追求。對每一家門市，我們現在都能協助經營者量化在銷售組合、耗損（shrink）及其他重要營運費用上的潛在機會，同時讓經營者能隨時間追蹤這些機會的進展。

Just as importantly, we pair these insights with best practice recommendations and field support to help operators realize those improvements. While company-wide margin performance in Q1 was impacted by strategic promotional investments as well as inventory liquidations associated with our store closures, we're encouraged by the underlying operational trends we're seeing at store level.

同樣重要的是，我們會將這些洞察與最佳實務建議及現場支援搭配，協助經營者實現改善。雖然第一季公司整體毛利率表現受到策略性促銷投資，以及與門市關閉相關的庫存清理影響，但我們對於在店級層面看到的底層營運趨勢感到鼓舞。

Operators saw encouraging trends in profitability during the quarter, driven primarily by better shrink performance. If these Q1 improvements are sustained through the balance of the year, they could translate into meaningful incremental annual operator income per store. Over time, improvements like these create meaningful upside for Grocery Outlet through stronger gross profit performance across the system.

本季經營者在獲利能力上看到令人振奮的趨勢，主要由更佳的耗損表現所帶動。若第一季的改善能在今年其餘期間持續，可能轉化為每店具意義的年度經營者增量收入。長期而言，這類改善將透過全系統更強的毛利表現，為 Grocery Outlet 帶來可觀的上行空間。

Our ABR process encourages accountability while giving operators a practical road map to improve their business. supported by quarterly reviews and ongoing field partnership. And we believe that as operators see benefits from these enhanced analytical tools, engagement with the key company initiatives will also improve.

我們的 ABR 流程在強化責任制的同時，也為經營者提供一份可實作的路線圖以改善其業務，並由季度檢視與持續的現場合作夥伴關係加以支持。我們相信，隨著經營者從這些強化的分析工具中看到效益，對公司關鍵倡議的參與度也將提升。

When operators have the right tools, visibility and support to execute effectively, the customer experience improves, store performance improves, operator economics strengthen and the overall business should become more productive and resilient.

當經營者具備正確的工具、可視性與支援以有效執行時，顧客體驗會改善、門市表現會提升、經營者的經濟效益會增強，而整體業務也應更具生產力與韌性。

Optimizing the store base and strengthening returns. As I mentioned earlier, we continue to drive our key strategic objectives as we work to restore comp performance. Among our most important objectives are optimizing the store base and improving our returns. As we outlined in March, we are closing 36 underperforming stores this year. These closures are now complete and have improved fleet quality and will strengthen the earnings profile of the business over time. Based on the progress we've achieved to date, we continue to expect adjusted EBITDA improvement of approximately $12 million at the conclusion of our restructuring on an annual run rate basis.

優化門市組合並強化報酬。如我先前提到的，在我們努力恢復同店表現的同時，也持續推進關鍵策略目標。其中最重要的目標包括優化門市組合並提升我們的報酬。如同我們在3月所說，我們今年將關閉36家表現不佳的門市。這些關閉作業現已完成，已提升門市群品質，並將隨時間推移強化公司的獲利結構。基於目前為止取得的進展，我們仍預期在重整完成時，以年度化運行率（annual run rate）計算，調整後 EBITDA 約可改善1,200萬美元。

We've also tightened our approach to new store growth. We continue to believe that there is substantial white space ahead for Grocery Outlet, but growth must be disciplined, productive and supported by the right economics. That means being more selective on real estate, applying rigorous underwriting and holding ourselves to high standards on capital returns. This approach would position us to grow from a stronger foundation and create more value over time. We are focused not just on growing but growing in a sustainable way.

我們也收緊了新店成長的做法。我們仍相信 Grocery Outlet 前方仍有可觀的市場空白（white space），但成長必須有紀律、具生產力，並由正確的經濟效益所支撐。這意味著在選址上更具選擇性、採用嚴謹的投資審核（underwriting），並以高標準要求資本報酬。此做法將使我們能在更強的基礎上成長，並隨時間推移創造更多價值。我們不僅專注於成長，更專注於以可持續的方式成長。

Finally, as we noted in March, we're continuing to explore strategic options for UGO and we'll provide updates when we have more to share. Securing top talent. Having the right strategy is critical to our success, though is having the right talent to execute it. We recently welcomed Jim Porterfield as our next Chief Marketing Officer. Jim brings more than 30 years of brand leadership and consumer insight experience to grocery outlook.

最後，如同我們在3月所提到的，我們仍在持續探索 UGO 的策略選項，待有更多可分享內容時將提供更新。延攬頂尖人才。擁有正確的策略對我們的成功至關重要，而擁有能夠執行該策略的合適人才同樣關鍵。我們近期迎來 Jim Porterfield 擔任下一任行銷長（Chief Marketing Officer）。Jim 為 Grocery Outlet 帶來超過30年的品牌領導與消費者洞察經驗。

Jim previously served as Chief Marketing Officer at Pinsight Media and as a Senior Vice President at Bernstein-Rein Advertising before founding his own firm, Meaningful Works. Most recently, he's advised several well-known retail and restaurant brands, including [Grociello]. Jim's experience, strategic judgment and passion for building strong brands make him the right leader to help advance our strategy and strengthen Grocery Outlet's position as one of America's most loved brands. Securing top talent is also a priority at our Board level. In April, we added two exceptional independent directors.

Jim 先前曾任 Pinsight Media 行銷長，並在 Bernstein-Rein Advertising 擔任資深副總裁，之後創立了自己的公司 Meaningful Works。最近，他為多個知名零售與餐飲品牌提供顧問服務，其中包括[Grociello]。Jim 的經驗、策略判斷力，以及打造強勢品牌的熱情，使他成為推進我們策略、並強化 Grocery Outlet 作為美國最受喜愛品牌之一地位的合適領導者。延攬頂尖人才同樣也是董事會層級的優先事項。在4月，我們新增了兩位傑出的獨立董事。

Frances Allen brings over 40 years of consumer and food industry expertise across brand strategy, marketing, franchising, technology and operations. Felicia Thorton brings more than 30 years of executive leadership across grocery retail, specialty retail, with deep expertise in corporate finance, strategic growth and operational restructuring and governance. Both new members have highly relevant experience that will help our efforts to strengthen execution and reinforce grocery outlets long-standing leadership in value.

Frances Allen 在消費品與食品產業擁有超過 40 年的專業經驗，涵蓋品牌策略、行銷、加盟、科技與營運。Felicia Thorton 在雜貨零售與專業零售領域擁有超過 30 年的高階主管領導經驗，並在公司財務、策略性成長、營運重整與公司治理方面具備深厚專長。兩位新成員都擁有高度相關的經驗，將有助於我們強化執行力的努力，並鞏固 Grocery Outlet 在價值定位方面長期以來的領導地位。

Finally, in closing, when taken together, we believe that our near-term actions and continued execution against our strategic priorities position us for improved performance. While we still have work ahead, we're making solid progress that's beginning to be reflected in the business.

最後，作為結語，綜合來看，我們相信近期採取的行動，以及持續依循策略優先事項推進的執行，將使我們具備改善績效的有利條件。雖然前方仍有工作要做，但我們正取得紮實進展，並開始在業務表現中有所反映。

We're executing our plan, improving consistency and building a more durable foundation. I'm confident that the work underway will position Grocery Outlet to become a stronger, more productive and more profitable business for many years to come.

我們正在執行計畫、提升一致性，並建立更具韌性的基礎。我有信心，正在進行中的工作將使 Grocery Outlet 在未來多年成為更強大、更高生產力且更具獲利能力的企業。

I want to thank our independent operators, our team members and our supply partners for their hard work and their commitment. I'd also like to thank our shareholders for your continued support as we move the business forward with focus and attention.

我要感謝我們的獨立營運商、團隊成員以及供應合作夥伴的辛勤付出與投入。我也要感謝股東在我們以專注與用心推動業務向前之際，持續給予支持。

I'll now turn it over to Chris to walk through the quarter and the financials in more detail. Thank you.

接下來我把時間交給 Chris，請他更詳細地說明本季表現與財務狀況。謝謝。

Thanks, Jason. Our first quarter results demonstrate the early progress we're achieving against the initiatives we began implementing at the start of the year. The work we're undertaking to reinvigorate our opportunistic product flow and the investments we made in promotion help stabilize and improve our sales trends.

謝謝，Jason。我們第一季的結果展現了我們自年初開始推動的各項措施所帶來的初步進展。我們正在進行的工作，旨在重新活化我們的機會型商品供應流（opportunistic product flow），以及我們在促銷上的投資，正協助穩定並改善銷售趨勢。

At the same time, we advanced our store refresh program as well as our planned store closures to strengthen performance across the fleet. I'll walk you through our first quarter results and then comment on our outlook for the year and second quarter.

同時，我們也推進門市翻新計畫，以及按計畫進行的門市關閉，以強化整體門市組合的表現。我將帶各位回顧第一季結果，並說明我們對全年與第二季的展望。

Please note the comparisons I will provide are on a year over year basis, unless otherwise indicated. Starting with the top line. First quarter net sales increased 3.6% to $1.17 billion driven by stores opened over the last 12 months, partially offset by a decrease in comparable store sales.

請注意，除非另有說明，我所提供的比較皆為年對年（YoY）基礎。先從營收（top line）開始。第一季淨銷售額成長 3.6% 至 11.7 億美元，主要由過去 12 個月新開門市帶動，但部分被同店銷售下滑所抵銷。

In the first quarter, we opened 7 new stores and closed 28 which includes 27 as we began implementing our restructuring, ending the quarter with 549 stores in 16 states. We closed the remaining nine stores tied to the restructuring in April.

第一季我們新開 7 家門市並關閉 28 家，其中包含我們開始推動重整時關閉的 27 家；季末我們在 16 個州共有 549 家門市。我們已於 4 月關閉與重整相關的其餘 9 家門市。

Comparable store sales declined 1% in the first quarter. As Jason mentioned, this was slightly ahead of our outlook and driven by continued positive traffic which was up 2.1% that was offset by a 3.1% decline in average transaction size. We noted in our March call that our lower mix of opportunistic products has weighed on our ticket size. We're addressing this by improving the levels of opportunistic products in our mix, investing in promotions and sharpening our value messaging. Since implementing those initiatives at the start of the year, we saw a month over month improvement in comp results throughout Q1.

第一季同店銷售下滑 1%。如 Jason 所提到，這略優於我們的展望，主要由持續正向的來客數帶動（成長 2.1%），但被平均交易金額下滑 3.1% 所抵銷。我們在 3 月的電話會議中提到，機會型商品占比降低對客單價造成壓力。我們正透過提高機會型商品在組合中的水準、加大促銷投資，以及強化我們的價值主張訊息來因應。自年初開始推行這些措施以來，我們在第一季期間看到同店表現逐月改善。

While the primary benefits thus far have been seen in customer traffic, we expect benefits to ticket to follow. Gross profit increased just under 1% to $345.2 million, representing a gross margin of 29.6%. Gross margin included approximately $6 million or 50 basis point impact from inventory liquidations and write-downs related to the announced store closures.

截至目前，主要效益多反映在來客數上，我們預期客單價也將隨後受益。毛利成長不到 1% 至 3.452 億美元，毛利率為 29.6%。毛利率包含約 600 萬美元（或 50 個基點）的影響，來自與已宣布門市關閉相關的存貨清算與減記。

The 80 basis point year over year decline in gross margin was driven primarily by promotional investments as well as the impact from store closures, partially offset by improvements in inventory management. SG&A increased 4.8% to $347 million, representing 29.8% of net sales, a 40 basis point year over year increase driven primarily by higher professional fees, commissions and other costs to support the growth of the business, partially offset by lower incentive compensation.

毛利率年對年下滑 80 個基點，主要由促銷投資以及門市關閉的影響所致，但部分被存貨管理改善所抵銷。SG&A（銷售、一般及行政費用）增加 4.8% 至 3.47 億美元，占淨銷售額 29.8%，年對年增加 40 個基點，主要由較高的專業服務費、佣金及其他支持業務成長的成本所帶動，但部分被較低的獎勵性薪酬所抵銷。

In the quarter, we had restructuring charges of $18.2 million related to the store closures and a noncash goodwill impairment charge of $158 million related to the decline in our market capitalization. Below the operating line, net interest expense was $6.4 million, roughly in line with prior year. Our effective tax rate was 2.2% compared with 19.7% last year.

本季我們認列與門市關閉相關的重整費用 1,820 萬美元，以及因市值下滑而認列的非現金商譽減損費用 1.58 億美元。在營業利益以下，淨利息費用為 640 萬美元，與去年大致相當。有效稅率為 2.2%，去年為 19.7%。

The year to year change was primarily attributable to the goodwill impairment charge recognized during the quarter which reduced the effective tax rate by 13.2%. Net loss for the first quarter was $180.3 million or a net loss of $1.83 per fully diluted share owing primarily to the restructuring and noncash goodwill impairment charges I mentioned a moment ago.

年對年變動主要歸因於本季認列的商譽減損費用，使有效稅率降低 13.2%。第一季淨損為 1.803 億美元，或每股完全稀釋後淨損 1.83 美元，主要原因是我剛才提到的重整與非現金商譽減損費用。

This compares to a net loss of $23.3 million or $0.24 per fully diluted share last year which was also impacted by restructuring charges. Adjusted net income, which excludes restructuring charges and the goodwill impairment, along with other items was $4.6 million or $0.05 per fully diluted share. Adjusted EBITDA was $43.1 million for the quarter, representing 3.7% of net sales compared to $51.9 million or 4.6% of net sales last year.

相較之下，去年淨損為 2,330 萬美元，或每股完全稀釋後淨損 0.24 美元，當時也受到重整費用影響。調整後淨利（Adjusted net income）排除重整費用與商譽減損，以及其他項目後為 460 萬美元，或每股完全稀釋後 0.05 美元。本季調整後 EBITDA 為 4,310 萬美元，占淨銷售額 3.7%；去年為 5,190 萬美元，占淨銷售額 4.6%。

Turning to the balance sheet and cash flow. We ended the quarter with $59 million in cash and approximately $175 million in available capacity on the revolver. Total debt net of issuance costs was $489.3 million at the end of the first quarter, down $3.6 million from the end of 2025 and with net leverage of 1.8 times adjusted EBITDA.

接著看資產負債表與現金流。季末我們持有現金 5,900 萬美元，循環信貸（revolver）可用額度約 1.75 億美元。第一季末扣除發行成本後的總負債為 4.893 億美元，較 2025 年底減少 360 萬美元；淨槓桿為調整後 EBITDA 的 1.8 倍。

Net cash provided by operating activities during the first quarter was $52.6 million, down from $58.9 million last year. The decrease in operating cash flow was driven primarily by changes in working capital, including inventory and accrued liabilities, partially offset by a lower net loss in the current quarter after adjusting for noncash charges. CapEx the first quarter was $56.8 million or $53.9 million net of tenant improvement allowances. We expect to spend approximately $170 million in CapEx for the year.

第一季營運活動提供的淨現金為 5,260 萬美元，低於去年同期的 5,890 萬美元。營運現金流下降主要由營運資金變動所致，包括存貨與應計負債的變化；但在就非現金項目調整後，本季較低的淨損部分抵銷了影響。第一季資本支出（CapEx）為 5,680 萬美元；扣除承租人裝修補助（tenant improvement allowances）後為 5,390 萬美元。我們預期全年 CapEx 約為 1.7 億美元。

Now on to our outlook. We are reiterating our guidance for the full year, the details of which are included in our earnings release. For the second quarter, we expect comparable store sales to decline between 1.5% and 2%. This includes an estimated 50 basis point headwind from the Easter calendar shift. We expect gross margin between 29.8% and 30% as we expect to continue promotional investments to bridge the ramp of our opportunistic product mix.

接下來談展望。我們重申全年財測指引，細節已載於我們的財報新聞稿。就第二季而言，我們預期同店銷售將下滑 1.5% 至 2%。其中包含因復活節日曆移動所帶來約 50 個基點的不利影響。我們預期毛利率介於 29.8% 至 30%，因我們預計將持續投入促銷，以銜接機會型商品組合提升的爬坡期。

Adjusted EBITDA between $55 million to $58 million and diluted EPS of $0.11 to $0.13 per share. In conclusion, the execution of the initiatives we laid out at the start of the year is driving early results. We're restoring the value and shopping experience customers expect and that has contributed to stabilizing and improving comp trends.

調整後 EBITDA 為 5,500 萬至 5,800 萬美元，稀釋後每股盈餘（EPS）為每股 0.11 至 0.13 美元。總結來說，我們在年初提出的各項措施之執行正帶來初步成果。我們正在恢復顧客所期待的價值與購物體驗，這也有助於同店銷售（comp）趨勢的穩定與改善。

At the same time, we're managing the business with discipline while continuing to advance our important strategic initiatives. We're confident that the work we're doing today will better position the company for sustainable growth and we look forward to sharing more about the progress we're achieving throughout the year.

同時，我們以紀律管理業務，並持續推進重要的策略性計畫。我們有信心，今天所做的工作將使公司更有利於實現可持續成長，我們也期待在今年內持續分享我們所取得的進展。

With that, we'll now open it up for questions.

接下來，我們將開放提問。

Thank you. We will now be conducting a question-and-answer session.(Operator Instructions)

謝謝。我們現在將進行問答環節。（接線員指示）

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行（Wells Fargo）。

Yeah, hi. Good morning, guys.

是的，你好。各位早安。

I wanted to start on the guidance. So you maintained the guidance for the full year. Q1, a little bit better. I mean, you sound certainly a bit more optimistic. But the backdrop, if you think about the macro, the low-income consumer is under more pressure, supply chain costs are probably higher with fuel, I would think.

我想先從財測指引談起。所以你們維持了全年指引。第一季表現稍微好一些。我的意思是，你們聽起來確實更樂觀了一點。但如果從大環境來看，低收入消費者承受更大壓力，供應鏈成本可能也會因燃料而上升，我想是這樣。

I'm just curious if you could sort of take a step back because you are still implying better results, especially in the back half of the year. How you thought about these considerations? And what's baked into the guidance for it?

我只是好奇，你們是否可以稍微退一步說明，因為你們仍然暗示會有更好的結果，尤其是在下半年。你們如何看待這些考量？而這些因素在指引中是如何反映的？

Yeah. Thanks, Edward. It's Jason here. First, I'd just say our business has typically benefited from countercyclical demand when there's pressure on the consumer. And we have every expectation of the work we're doing now will benefit Grocery Outlet as we improve value for customers.

是的。謝謝你，Edward。我是 Jason。首先我想說，我們的業務在消費者承受壓力時，通常會受惠於逆週期需求。我們完全預期，目前所做的工作將在我們提升顧客價值的同時，讓 Grocery Outlet 受益。

When we think, take a look at our progress we're making against our opportunistic plan, it gives us confidence that the results so far our results so far that we're going to have continued progress that's going to drive performance improvement through this year. And I think when we think about the year, the only thing I would say is given our recent comp volatility in the short period of time, we had comp stabilization, we think we're being prudent with the outlook given those backdrops.

當我們回頭檢視在機會型計畫（opportunistic plan）上的進展時，這讓我們對目前為止的成果更有信心，也相信我們會持續取得進展，並在今年推動績效改善。我想談到全年時，我唯一想補充的是，鑑於我們近期同店銷售（comp）在短時間內的波動性，雖然我們看到 comp 已趨於穩定，但在這些背景因素下，我們認為以較審慎的態度看待展望是合理的。

Can I maybe just follow up on the outlook as it pertains to the gross margin. So you've dedicated $20 million to the sort of promotional bridge in Q1. Curious as to how your thinking about sort of confidence level around not needing to continue that in the back half? And then could you specifically maybe just talk a bit more about what the impact of fuel is on your supply chain costs? And what's in guidance for that?

我可以就毛利率展望再追問一下嗎？所以你們在第一季投入了 2,000 萬美元作為某種促銷的「橋接」。我想了解的是，你們對於下半年不需要持續投入這筆費用的信心程度如何？另外，你們能否更具體談談燃料對你們供應鏈成本的影響？以及指引中對此納入了哪些假設？

Yeah. Edward, it's Chris. Yes, in terms of gross margins, this business has been very consistent in delivering gross margins in the past, right? And we fully expect to get back to those levels once we get through the promotional spend that we've talked about, the $20 million and opportunistic product, begins to be a bigger component of our mix, which we expect towards the back half of the year. So our first quarter, we saw the 29.6% margin. And we've talked about the 50 basis points there from the store closures. So that gets you to a little bit over 30% for Q1 with the promotional spend in there.

好的。Edward，我是 Chris。是的，就毛利率而言，這項業務過去在毛利率表現上一直非常一致，對吧？我們完全預期，一旦我們度過先前提到的促銷支出（2,000 萬美元），且機會型商品（opportunistic product）開始在我們的組合中占比更高（我們預期在下半年），毛利率就會回到那些水準。因此在第一季，我們看到 29.6% 的毛利率。我們也談到其中有 50 個基點來自門市關閉。所以把這些因素納入後，第一季在包含促銷支出的情況下，毛利率大約略高於 30%。

And then our guidance also includes some additional liquidations in the second quarter, $1.5 million related to the closures. So we'll have a little bit of that in there for the second quarter and then the promotions. But after that, we start to kind of wind down or slow the, or lessen the promotional spend in Q3 and then totally in Q4. So we expect to be at higher levels of gross margin as we, in the back half of the year. The impact of the fuel, it's not all that significant at this point, it's about maybe 10 basis points that we've seen so far.

另外，我們的指引也包含第二季因關店而產生的額外清算（liquidations），金額為 150 萬美元。因此第二季會有一點這方面的影響，再加上促銷。但在那之後，我們會在第三季開始逐步收斂、放慢或降低促銷支出，並在第四季完全停止。因此我們預期在下半年毛利率會處於較高水準。至於燃料的影響，目前並不算太顯著，到目前為止我們看到的大約是 10 個基點左右。

Okay, thank you.

好的，謝謝。

Mark Carden, UBS.

Mark Carden，瑞銀（UBS）。

Good afternoon. Thanks so much for taking the question. So to start, I wanted to dig into the store refreshes a bit. It sounds like you guys have made good progress getting to 58, but you're reducing the target to 100 this year. Just as you've deployed these, have you seen any deceleration in their comp lift? Would just be great to get a little more color on your decision to slow these bit and reprioritize some of the investments in value?

午安。非常感謝讓我提問。我想先深入了解一下門市翻新（store refresh）。聽起來你們在推進到 58 家方面進展良好，但你們把今年的目標下調到 100 家。想請問在你們部署這些翻新後，是否看到其對同店銷售提升（comp lift）有任何放緩？也希望能多一些背景說明，為何決定放慢節奏，並將部分投資重新優先配置到「價值」上？

Yeah. Mark, it's Jason here. Thanks for the question. First, I just want to say I believe, we believe we have a huge opportunity to improve the in-store experience and execution in the business over time. And just as a reminder, why we began this journey on refresh was to improve the customer experience.

好的。Mark，我是 Jason。謝謝你的問題。首先我想說，我相信、我們也相信，隨著時間推進，我們在改善店內體驗與營運執行方面有很大的機會。也提醒一下，我們之所以開始這段翻新旅程，是為了改善顧客體驗。

The feedback we got from customers has been directly incorporated into what we're doing there, and it's intended to improve the customer experience in three ways, one, improving the ease of shop, two, improving our in-stock and the consistency for customers there, and we also improved the merchandising and implemented stronger signage to communicate value.

我們從顧客那裡收到的回饋，已直接納入我們在門市所做的事情中；其目的在於從三個面向改善顧客體驗：第一，提升購物便利性；第二，提升到貨在架（in-stock）與一致性；第三，我們也改善了商品陳列（merchandising），並導入更強的標示（signage）來傳達價值。

What we've seen so far is in all of the executions as we measure customer feedback, we've got improvements in perception. The operators have loved the changes and we've gotten really fantastic feedback. The first group of stores that have one full quarter of sales reporting is hitting the numbers talking about. We feel good about that. This is really about pacing for us.

到目前為止，我們在所有執行項目中衡量顧客回饋時，都看到認知（perception）有所改善。營運夥伴（operators）很喜歡這些改變，我們也收到非常棒的回饋。第一批已完整經歷一個季度銷售回報的門市，正達到我們所談到的數字。我們對此感到滿意。這對我們而言主要是節奏（pacing）的問題。

So it's important that as we prioritize the company's resources to focus wholly on op execution, which is the fastest way for us to improve our comp sales that this is a calibration of effort. I do want to share, though, that as we've scaled this up, we have had some more variability in sales and execution. And the team feels that pacing this to more like 100 locations will give us the needed support we need to help operators through that change. We expect that in the fullness of time, all of the stores will meet our sales expectations.

因此，當我們優先配置公司資源、全力聚焦於營運執行（op execution）——這是我們改善同店銷售（comp sales）最快的方式——這次調整是對投入力度的校準。不過我也想分享，隨著我們擴大規模，我們確實在銷售與執行上看到更多變異。團隊認為，把節奏調整為約 100 個據點，將能提供我們所需的支援，協助營運夥伴度過這些變革。我們預期，隨著時間推進，所有門市都將達到我們的銷售預期。

Great. Appreciate the color there. And then as a follow-up, just with respect to traffic. You guys have seen a nice acceleration there. Are you seeing any meaningful differences right now in behavior between some of the different income cohorts, and just what specifically are you seeing with respect to the SNAP customer? Thanks.

很好。感謝你提供這些補充說明。接著追問一下，關於來客數（traffic）。你們那邊看到不錯的加速。你們目前是否看到不同收入族群之間的行為有任何顯著差異？另外，針對 SNAP 客戶，你們具體看到什麼情況？謝謝。

Yes. I guess on the first on the SNAP customer, still a little less than 10% of our sales. And everything we see there on EBT dollars and customers is relatively stable. So I don't think there's anything we can add at this point, where that's what we see there.

是的。我想先談 SNAP 客戶的部分，目前仍然占我們銷售額不到 10%。而我們看到的 EBT 金額與客戶表現都相對穩定。所以我認為目前沒有太多可以補充的，這就是我們目前看到的情況。

Second question on traffic. Again, not seeing a big difference in kind of cohort, but continued improvement in traffic month-on-month-on-month as the quarter progressed.

第二個問題關於來客數。同樣地，我們沒有看到不同族群之間有很大的差異，但隨著本季推進，來客數呈現逐月、逐月、逐月的持續改善。

Thanks so much. Good luck, guys.

非常感謝。祝你們好運，各位。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，Morgan Stanley。

This is Zach on for Simeon. I wanted to ask about the mix improvement. You mentioned that there was about a 2-point improvement in mix. and that has supported transactions. I'm curious why that wouldn't have translated to better units per transaction as well since you also said UPT was still under pressure this quarter. Thanks.

我是 Zach，代 Simeon 提問。我想問關於組合（mix）改善。你提到組合大約改善了 2 個百分點，且這支持了交易筆數。我好奇的是，為什麼這沒有同樣轉化為每筆交易件數（UPT）的提升，因為你也說本季 UPT 仍然承壓。謝謝。

Yeah. Thanks for the question, Zach. The reason why we're talking about op, it's the value engine that drives this company's comp sales, and we think we're on track to make that happen. Couple of bullet points on the improvement in mix. So shipments are up, inventory is up, sales are up over 200 basis points in the mix.

是的。謝謝你的問題，Zach。我們之所以談到 op，是因為它是推動本公司同店銷售（comp sales）的價值引擎，而我們認為我們正按計畫推進、能讓它發生。關於組合改善有幾個重點。出貨量上升、庫存上升、銷售上升，使得組合提升超過 200 個基點。

We did not see a major improvement in UPT, but we did see the traffic improvement. So we feel that the work we've done on promotion, communication and the work on op shows up in a number of ways. First and foremost, we're seeing traffic increase. Secondly, we're seeing that NPS, our value scores increase and we think that's directly related to the work we're doing on op.

我們沒有看到 UPT 有重大改善，但確實看到來客數改善。因此我們認為，我們在促銷、溝通以及 op 上所做的工作，會以多種方式反映出來。首先也是最重要的，我們看到來客數增加。其次，我們看到 NPS、我們的價值評分上升，我們認為這與我們在 op 上的工作直接相關。

Now as the year goes on, we expect to see improvement in basket over time. So at this point, we've had the nice bump in traffic. We see and feel that, that's now on track, and we'll look to continue to see basket improvement as we work that mix.

接下來隨著年度推進，我們預期購物籃（basket）會隨時間改善。所以就目前而言，我們已經看到來客數的良好提升。我們看到也感受到這點，這已經走在正軌上；接下來我們會在推動該組合的同時，持續尋求購物籃的改善。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Hey, Jason, you referenced all hands on op. So I'm curious, what does that entail differently, right, than what you might have had a couple of months ago. And then what's the importance of the short-dated product, right? I imagine you can get good value, but there's shrink risk. How do you, how are you attacking that?

嗨，Jason，你提到全員投入 op。所以我很好奇，這相較於幾個月前，你們具體做了哪些不同的事情？另外，短效期產品的重要性是什麼？我想你們可以拿到很好的價值，但也有耗損（shrink）風險。你們如何、你們正在如何應對？

Yeah. Thanks for the questions, John. I'll start with the last first. Short coated product is something we start to experiment with. So there's, with visibility in the system, we're able now to see what's happening in a different way than we did previously.

是的。謝謝你的問題，John。我先從最後一題開始回答。短效期產品是我們開始嘗試的一個方向。因此，透過系統中的可視性，我們現在能以不同於以往的方式看見正在發生的事情。

So we're flagging that product differently. We've started with one major vendor. We are monitoring it through the supply chain differently. And obviously, the work we've done on improving reporting visibility and tracking helps us increase speed and flow of opp through the supply chain. And so as that pilot works its way out, we'll continue to expand that into other vendors for the obvious benefit of expanding our op mix and margin and value for customers.

所以我們用不同方式標記這些產品。我們先從一家主要供應商開始。我們以不同方式在供應鏈中監控它。而且很明顯地，我們在提升報表可視性與追蹤方面所做的工作，幫助我們提高 opp 在供應鏈中的速度與流動。因此，隨著這個試點逐步推進，我們會持續擴展到其他供應商，帶來明顯的好處：擴大我們的 op 組合與毛利，並為客戶提供更高的價值。

On the other piece with focus, whether it's operations, the buying team, what have you, it's a matter of narrowing our focus to make sure that all hands and all functions of the company are working to help execute our op plan given how important it is to our comp sales and the relationship we have with those two things.

至於另一部分的聚焦，不論是營運、採購團隊或其他部門，重點在於縮小聚焦範圍，確保公司所有人、所有職能都在協同運作，來幫助執行我們的 op 計畫，因為它對同店銷售非常重要，以及我們在這兩者之間的關聯性。

Just one example that I think really helps people understand why this is so important. There's a relationship in our highest comping locations where we have strong op. And that op has everything to do with how it's ordered, how it's merchandised and the focus. We continue to work on optimizing our assortments.

我舉一個例子，我認為能幫助大家理解為什麼這件事如此重要。在我們同店成長最高的門店，我們看到與強勁 op 之間存在關聯。而這個 op 與如何下單、如何陳列（merchandised）以及聚焦程度息息相關。我們持續致力於最佳化我們的商品組合（assortments）。

So we've made some reductions on MTO and private label product to make room for op. We're working on our communication of extreme value positioning that we've talked about. We rolled out new reporting and visibility, and we've done some of that in operations as well that helps people see and understand what's happening. And we've increased our supplier engagement to refocus our teams on what we do best, which is prioritizing op and making deals and translating that into value for customers.

因此，我們已在 MTO 與自有品牌商品上做了一些縮減，以騰出空間給 op。我們也在強化我們所談到的「極致價值」定位的溝通。我們推出了新的報表與可視性工具，也在營運端做了一些相同的事情，幫助大家看見並理解正在發生的狀況。同時我們也提高了供應商互動，以重新聚焦團隊在我們最擅長的事情上：優先推動 op、談成交易，並把它轉化為客戶價值。

Thank you.

謝謝。

Thanks, John.

謝謝你，John。

Robbie Ohmes, Bank of America.

Robbie Ohmes，Bank of America。

Oh, hey, Jason. Hey, Chris. A couple of quick follow-ups. Jason, Chris, a couple of quick follow-ups. The first, just on the second quarter comp guidance minus, I think you said minus 1.5% to minus 2%. What's the traffic and ticket sort of assumption that we should be using there?

喔，嗨，Jason。嗨，Chris。有幾個快速追問。Jason、Chris，幾個快速追問。第一個，關於第二季同店指引是負的，我想你說是 -1.5% 到 -2%。在這裡，我們應該採用怎樣的來客數與客單（ticket）假設？

Well, I think, I mean, from a traffic perspective, I think we'll continue to see the positive traffic that we exited Q1. And then as Jason talked about, improving the basket, that will start to happen as becomes a greater percentage of the mix. So I think we're expecting to see that start to improve probably towards the back half of the second quarter.

嗯，我想，從來客數角度來看，我們認為會延續第一季末的正向來客數趨勢。然後如 Jason 所談到的，改善購物籃，這會在 op 成為組合中更高占比時開始發生。所以我想我們預期這會開始改善，可能會在第二季後半段更明顯。

Got you. And then just on the, you mentioned promotions in a couple of different ways. So the promotions you're doing, were you in promotions that were a significant benefit to the comps in the first quarter, like our promotions helping the 2.1% transaction comp?

了解。接著關於你提到促銷的幾個面向。你們正在做的促銷，是否在第一季對同店有顯著助益？例如，我們的促銷是否有幫助 2.1% 的交易筆數同店成長？

Yes. Just to kind of reference what we're talking about, Robby, is we, we typically have not a promotional company. The key way that this company delivers value through opportunistic supply. And so the way you can think of this, we saw in Q4, we had a shortage of product, and we wanted to make sure that we bridge a gap between what we felt we needed in, call it, value-driving product and what we had in the system. And so the promotions that we developed, the synthetic promotions that we created with branded product are meant to be a bridge as we work our op plan.

是的。Robby，先回到我們在談的內容：我們通常不是一家以促銷為主的公司。本公司提供價值的關鍵方式是透過機會型供應（opportunistic supply）。所以你可以這樣理解：在第四季，我們出現商品短缺，我們希望確保能彌補我們認為所需的、可驅動價值的商品與系統中現有商品之間的落差。因此，我們所設計的促銷、以品牌商品打造的「合成式促銷」，其目的就是在我們推進 op 計畫的同時，作為一座過渡的橋樑。

And so what's happening through Q1 and what's happening as this year goes on is as we improve our mix, as we improve the inventory range that we see progress on right now, we'll start to taper those mechanical synthetic promotions turn those down as the op turns up. And what we're seeing in the business is that we're making that trade off kind of as we speak, and feel good about the progress on that front.

因此，第一季期間以及今年接下來的發展是，隨著我們改善商品組合、改善我們目前看到正在進展的庫存區間，我們會開始逐步收斂那些機械式、合成式的促銷，隨著op拉升就把那些促銷調降。而我們在業務上看到的是，我們幾乎就在此刻進行這樣的取捨，並且對這方面的進展感到樂觀。

Got it. That's helpful. Thank you.

了解。這很有幫助。謝謝。

Thanks, Robby.

謝謝你，Robby。

Jeremy Hamblin, Craig-Hallum.

Jeremy Hamblin，Craig-Hallum。

Thanks for taking the question. I want to come back to the opportunistic mix. And as you're going through the store refreshes as you're looking at kind of building back opportunistic product. Can you give us a sense for like what portion of the mix you wanted to get to? And is there a potential to take it even further if it's driving better basket and driving more traffic. Just ultimately, just gaining a sense for where you think this will go and how long you expect it to take?

謝謝讓我提問。我想回到opportunistic（機會型）商品組合。當你們在進行門市翻新、並著手把機會型商品重新建立回來時，你們能否讓我們了解一下，你們希望這部分的組合占比大概到多少？如果它能帶動更好的客單與更多來客數，是否有可能再進一步提高？我主要是想掌握你們認為它最終會走到哪裡，以及你們預期需要多久時間？

Yeah. Thanks for the question, Jeremy. We have a historical sort of mix that, where we think the weight of this is very helpful for the business. We see that with our highest-performing stores. We do have, I don't think we've talked about this, but something that gets close to half and half on a mix basis is very healthy for us.

是的。謝謝你的問題，Jeremy。我們有一個歷史上的組合結構，我們認為這個比重對業務非常有幫助。我們在表現最好的門市也看得到這一點。我們確實有——我想我們之前沒談過——但在組合層面接近各半（half and half）對我們來說是非常健康的。

And that's, as we promote the mix or talk about adding range and variety in our operations, we see improvements in the mix or the, for op versus like as an example, MTO. There's still value created with our made-to-order product, but clearly, the level of discount, the level of value and the accretion of margin is very helpful for our business. And so that's something we're just going to continue to work on broadly by category and by store. And so I'd love to see that get to closer to a 50, 50 blend. We're not at that level at this point. But where we see a high level of op, we see a high level of sales.

而且，當我們推動組合、或在營運上談到增加品項範圍與多樣性時，我們看到組合有所改善，也就是op相對於例如MTO（按單製作）的占比。我們的按單製作產品仍然能創造價值，但很明顯地，折扣力度、價值感以及毛利的增厚對我們的業務非常有幫助。因此，這是我們將在各品類、各門市層面持續推進的工作。我很希望能更接近50/50的組合。我們目前還沒到那個水準。但在我們看到op占比較高的地方，我們也看到銷售表現更高。

Where is the mix blending at across the chain today?

目前全通路的組合大概混合到什麼程度？

It's not something we'll release on a call. But I think what's important is we've had about a 200 basis point improvement in that mix since the beginning of the quarter. And we can see clearly the relationship between that mix and the value that gets created for the customer. And as I said, that's helpful given that's how we differentiate our business as well as very helpful on the margin front.

這不是我們會在電話會議上公布的內容。但我認為重要的是，自本季開始以來，這個組合已改善了約200個基點。而且我們可以清楚看到，這個組合與為顧客創造的價值之間的關聯。如我所說，這很有幫助，因為這也是我們差異化的方式，同時在毛利面也非常有利。

Fair enough. Switching gears, just on the UGO strategic alternatives, are you, at this point in time, getting a sense for what the options are with that, if there's potential bidders for that business? And can you share with us the expected time frame in which you would be able to share with us kind of what decisions are being made, is that a 2026 initiative?

了解。換個話題，關於UGO的策略性替代方案，目前你們是否已經對可行選項有一些概念？是否有潛在買家對該業務有興趣？另外，你們能否分享一下，預期在什麼時間框架內可以對外說明你們正在做的決策？這會是2026年的計畫嗎？

Sure. Yeah. No, thanks for the question. Yes, we're getting a sense of what the options are, and we'll share more when we have something substantial to share. Definitely a '26 conversation.

當然。是的。謝謝你的問題。是的，我們正在掌握有哪些選項；等我們有實質內容可以分享時，會再提供更多資訊。這確實會是『26年的討論。

Got it. Thanks for taking the questions. Best wishes.

了解。謝謝讓我提問。祝一切順利。

Thank you.

謝謝。

Corey Carlo, Jefferies.

Corey Carlo，Jefferies。

Great, thanks. I was just wondering if you could talk a little bit about kind of the improvements that you saw within the quarter, maybe by month, and then quarter-to-date, if you could just give us kind of what you saw from a traffic and ticket perspective? Because one would think that based on you talking about the improvements and how the business is value-oriented that when gas prices rise, maybe there was an inflection in the business. So I'm curious, could you kind of talk through what you saw and what you're seeing, that would be really helpful. Thanks so much.

很好，謝謝。我想請你們談談本季內看到的改善情況，或許可以按月份說明一下；以及截至目前的本季（quarter-to-date），能否從來客數與客單（ticket）的角度，跟我們分享你們看到的狀況？因為照理說，基於你們提到的改善、以及業務是以價值為導向，當油價上升時，業務可能會出現一個轉折點。所以我很好奇，你們能否說明一下你們看到與正在看到的情況？那會非常有幫助。非常感謝。

Yes. Thanks for the question, Corey. Yes. Again, I think we are firm believers of the business is going to get back to healthy levels of comp sales performance over time. January, as we shared in March, we believe we hit bottom after experiencing like traffic erosion and sales erosion through Q4.

是的。謝謝你的問題，Corey。是的。再次強調，我們堅信，隨著時間推進，業務會回到健康的同店銷售（comp sales）表現水準。正如我們在3月分享的，我們認為1月在經歷第四季的來客下滑與銷售下滑後，已經觸底。

And on the last call, we talked about expecting sequential improvement in comps driven by traffic through strengthening our Net Promoter Scores and obviously, through the of metrics that we had outlined, and that's played out as planned. And so traffic was close to flat at the beginning of the year, and we saw, again, sequential improvement.

在上一次電話會議中，我們談到預期同店將逐季改善，並由來客數帶動，透過提升我們的淨推薦值（Net Promoter Scores），以及透過我們先前列出的各項指標；而這也如計畫般發生。因此，年初時來客數接近持平，而我們又看到逐步的改善。

We saw a nice range of traffic in March, although we had, there's an Easter shift kind of there, something between 2% and 5% traffic on given weeks. As I mentioned in the prepared remarks, we thought we did a really nice job connecting with the customer on some key events in Q1 that we think will help with momentum as we go forward, including Super Bowl and we thought we had a very strong Easter. So not as much progress on the basket as was asked earlier, but we do think that as we work this plan, that we'll see improvements in units per transaction as of becomes a stronger part of our mix.

我們在3月看到不錯的來客區間，雖然當中有復活節檔期移動的影響；在某些週，來客數大約介於2%到5%。如我在事先準備的發言中提到，我們認為在第一季幾個關鍵事件上與顧客連結做得很好，這將有助於我們接下來的動能，包括超級盃，而且我們認為復活節表現非常強勁。因此，在客籃（basket）方面的進展沒有先前提問者所問的那麼多，但我們確實認為，隨著我們推進這個計畫，當of成為我們組合中更強的一部分時，我們會看到每筆交易件數（units per transaction）有所改善。

Got it. And then I just wanted to ask a quick follow-up. So it looks like your comps were minus 1% in Q1 and then in Q2, it sounds like you're guiding to, I think it was a negative 1.5% to 2%. So if traffic is improving, is the offset that I guess, the units per transaction has been lower? I'm just trying to understand the deceleration from Q1 to Q2. Thanks so much.

了解。我還想快速追問一下。看起來你們第一季同店是-1%，而第二季聽起來你們的指引是-1.5%到-2%。所以如果來客數在改善，抵銷因素是否是每筆交易件數較低？我只是想理解為什麼從第一季到第二季會出現放緩。非常感謝。

Yeah, great question. I just think just to share, given our recent comp volatility and the short period of stabilization we've had, we just want to be prudent with our outlook.

是的，這是個好問題。我想分享的是，鑑於我們近期同店表現的波動，以及我們才剛有一段較短的穩定期，我們希望在展望上保持審慎。

Got it. Thank you.

了解。謝謝。

Leah Jordan, Goldman Sachs.

Leah Jordan，Goldman Sachs。

Hi, thank you for taking my question. I wanted to go back to one of Ed's questions because what has changed since we last connected is the inflationary backdrop, but your outlook is staying the same. Just we talked about fuel, but maybe just digging deeper on the cost side. How are you thinking about inflationary pressures in the year? What are you hearing from suppliers? Anything there? And then ultimately, how do you think about your ability to pass anything on as we move through the year in this environment as you're still kind of working on your value messaging as well?

嗨，謝謝讓我提問。我想回到 Ed 先前的一個問題，因為自從我們上次交流以來，改變的是通膨背景，但你們的展望仍然維持不變。我們剛談到燃料，但也許可以再更深入探討成本端。你們如何看待今年的通膨壓力？你們從供應商那邊聽到什麼？有任何訊號嗎？最後，當你們在這樣的環境中推進、同時也仍在強化你們的價值主張訊息時，你們如何看待把任何成本轉嫁出去的能力？

Yeah. Thanks for the question, Leah. I think we look at the business, what's important right now is we're, we run a basket savings gap of something between 15% and 20% with mass and 30% to 40% against conventional players. We're monitoring this. We monitor it regularly, and we're going to maintain that spread regardless of the external conditions or as they necessitate.

是的。謝謝你的問題，Leah。我想我們看這門生意時，眼下重要的是：我們相較於量販通路（mass）維持約 15% 到 20% 的購物籃省錢差距（basket savings gap），相較於傳統通路玩家則是 30% 到 40%。我們正在監控這件事。我們定期監控，而且無論外部條件如何、或外部條件要求我們如何調整，我們都會維持這個價差。

We see and hear whether it's a supply suppliers of the PPI index, inflation, the inflation numbers, fuel and so on. So if this persists, obviously, there'll be some downstream effects. But we feel that we, with the work we're doing on opportunistic supply, given its profile, the average unit retail of opportunistic product as we work the mix that we should see a nice benefit for our customers in a period like this.

我們看到也聽到，不論是供應端、供應商端的 PPI 指數、通膨、通膨數據、燃料等等。所以如果這種情況持續，顯然會有一些下游影響。但我們認為，透過我們在機會型供應（opportunistic supply）上所做的工作，考量其特性，以及在我們調整組合時機會型商品的平均單位零售價（average unit retail），我們應該能在這樣的期間為顧客帶來不錯的效益。

Okay. That's helpful. And then maybe a follow-up separately. I wanted to go on the value messaging and marketing. A couple of quarters back, right? It was an issue. You fine-tuned it here. Maybe we've had some wins around Super Bowl and Easter. But maybe you could talk about what you're doing around every day. What's resonating? What's not? Where would you say you're in that journey of like fine tuning the message? And what really still needs to be done at this point?

好的。這很有幫助。另外也許再追問一個不同面向。我想談談價值主張訊息與行銷。幾個季度前，對吧？那曾經是個問題。你們在這裡做了微調。也許我們在超級盃和復活節檔期有一些成果。但也許你可以談談你們在日常層面做了哪些事。哪些訊息有共鳴？哪些沒有？就像是在微調訊息的旅程中，你會說你們目前走到哪一步？而在這個時間點，還有哪些事情真的仍需要完成？

Yeah. No, thanks for the question. We've had very good success on a broad basis with awareness-based marketing, our outdoor work as well as social search has been very effective. And for our IOs, they've been very effective in telling stories related to opportunistic product and sharing basket comparisons. So we think that those elements have resonated. We've done a bit of work on that. And we can see that our value scores are improving with customers related to the communication support that we thought was important to deliver and continue to deliver.

是的。不，謝謝你的問題。我們在以提升認知為主的行銷上取得非常好的整體成效，我們的戶外廣告，以及社群與搜尋投放也都非常有效。至於我們的 IO（獨立營運商），他們在講述與機會型商品相關的故事、以及分享購物籃比較方面也非常有效。所以我們認為這些元素確實引起共鳴。我們也在這方面做了一些工作。而且我們可以看到，與我們認為重要、並且已經交付且會持續交付的溝通支持相關，顧客對我們的價值評分正在改善。

Okay, thank you.

好的，謝謝。

Thanks, Leah.

謝謝你，Leah。

Joe Feldman, Telsey Advisory Group

Joe Feldman，Telsey Advisory Group

Yeah, thanks for taking the question, guys.I wanted to go back to the version, I guess. I'm curious as to you're getting much better traffic, which is terrific, and it seems like people are seeing the better value, but why wasn't the ticket stronger? Like are people just don't have enough cash in their pockets or what are price is not low enough so they're still not putting in enough items. I mean what is, it just doesn't compute for me, I guess, on the conversion side.

是的，謝謝讓我提問，各位。我想回到那個趨勢（trend），我想是這樣。我很好奇，你們的來客數（traffic）改善很多，這很棒，而且看起來人們也看到了更好的價值，但為什麼客單（ticket）沒有更強？例如是大家口袋裡現金不夠，還是價格還不夠低，所以他們仍然沒有放進足夠多的商品？我的意思是，在轉換（conversion）那一端，這對我來說有點算不過來。

Yeah. No, we're pleased with the traffic improvement. Converting those trials into loyalty takes time. We think that working our value messaging and being consistent in that experience for customers as well as working the customer experience in store, all of those things will contribute to more loyalty, affinity and larger baskets. And so it's, we wish it would happen a little faster, but that's generally in my experience, what it takes and that consistency of approach is something that we're very committed to.

是的。不，我們對來客數的改善感到滿意。把這些試購（trial）轉化為忠誠度需要時間。我們認為，持續打磨我們的價值主張訊息、並在顧客體驗上保持一致性，以及改善店內顧客體驗，這些都會促成更高的忠誠度、黏著度（affinity）以及更大的購物籃。所以，我們也希望它能更快發生，但以我的經驗來看，通常就是需要這些時間；而這種一致性的做法是我們非常承諾要做到的。

Got it. And so I guess maybe we'll ask some more offline about it. But I guess on the comp for the quarter, did that exclude the 27 stores that you closed already? Presumably it did. Like is that an accurate statement?

了解。那我想我們之後私下再多問一些。不過就本季的同店（comp）而言，是否已經排除了你們已經關閉的 27 家門市？推測應該是排除了。這樣說正確嗎？

Yes, that's correct.

是的，沒錯。

Okay, I just want to confirm that. Thanks. Yeah, we'll, I know we have another call later, so I'll ask some more. Thanks.

好的，我只是想確認一下。謝謝。是的，我知道我們稍後還有另一通電話，所以我會再多問一些。謝謝。

Absolutely.

當然。

Thank you for the questions.

謝謝你的提問。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Jason and Chris, regarding the baskets and opportunistic opportunity going forward. Which parts of opportunistic have the most opportunity to impact that basket if you thought about categories or is it overall? And then you mentioned the annual business review process. Would just love some insights into that and how it's, how that will manifest with the independent operators and things they can do or what opportunity you see when you implement that? And third question is, as you engage in the store closures, how is it helping perhaps inform your store openings and what you're thinking about in terms of prudent site selection? Thank you.

Jason 和 Chris，關於未來購物籃以及機會型（opportunistic）機會的推進。如果你們從品類角度思考，機會型的哪些部分最有機會影響購物籃？還是說是整體性的？另外你們提到年度業務回顧（annual business review）流程。很希望能聽到一些洞見：這個流程是什麼、以及它將如何在獨立營運商（independent operators）端落地呈現，他們能做些什麼，或你們在導入後看到哪些機會？第三個問題是，當你們進行門市關閉時，這如何幫助你們在門市開設上做出判斷，以及在審慎選址（prudent site selection）方面你們在思考什麼？謝謝。

Okay. Thanks, Oliver. On the first question on op, it is a cross broad-based approach, that's always required. We've made progress across certain categories and less than others, but overall, feel good about where we are with shipments and inventory range and how that's showing up in sales. And we can see the relationship there that drives comps. So feeling good there. I wouldn't call out any one specific thing, but it always needs to be a broad base of categories for the customer.

好的。謝謝你，Oliver。第一個關於機會型（op）的問題，這一向需要跨品類、廣泛性的做法。我們在某些品類取得進展，在其他品類則相對少一些，但整體而言，對我們在出貨與庫存區間（inventory range）上的狀況，以及它如何反映在銷售上，我們感覺良好。而且我們可以看到其中驅動同店（comps）的關聯性。所以這部分我們感覺不錯。我不會特別點名某一項，但對顧客而言，始終需要涵蓋廣泛品類的基礎。

The second question you had was around the annual review process that we've implemented now with our operators. This is a two-pronged piece, which is creating reporting and visibility for our operators so they can see where they are on a relative basis to their peer group. Peer groups include things like relative sales, location or state like customer profiles and so on. And the reporting that we're providing puts them in that group where they can see things like shrink dashboard, it can show them specific SKUs where they may be out of pocket on.

你第二個問題是關於我們現在已與營運商導入的年度回顧流程。這有兩個面向：其一是為營運商建立報表與可視性，讓他們能看到自己相對於同儕群組（peer group）的表現。同儕群組包含例如相對銷售表現、地點或州別、顧客輪廓等。而我們提供的報表會把他們放在該群組中，讓他們能看到例如損耗（shrink）儀表板，也能顯示他們在哪些特定 SKU 上可能出現差異或超出預期的情況。

Our operators are really excited about having this information. It's something they've been asking for. And we've been at this stage, just able to turn that on. And so we can see that it creates a lot of engagement. It's easy to understand, and it's allowing them to take immediate action and make improvements in their business.

我們的營運團隊對能取得這些資訊感到非常興奮。這是他們一直在要求的內容。而我們也正處於這個階段，已經可以把它啟用。因此我們看到它帶來了很高的參與度。它很容易理解，並且讓他們能立即採取行動、在業務上做出改善。

And we think that that's just good retail practice, and they're excited about it. And we're excited to see how that's going to translate for our business over time. The second part of that is in operations, in particular, when our folks are visiting stores, they're also judged on their support for the operators on that front. So they're coming to the stores with that information and assisting our operators helping to activate those opportunities throughout the business.

我們認為這就是良好的零售實務，他們也對此感到興奮。我們也很期待看到，隨著時間推移，這將如何轉化為我們業務的成果。第二部分是在營運面，特別是當我們的同仁到店訪視時，他們也會依其在這方面對營運商的支援程度來評估。因此他們帶著這些資訊到店，協助我們的營運商，幫助在整個業務中啟動這些機會。

And I think the third question was on, specifically on real estate. Obviously, we want to make sure that we're not picking challenged locations, being disciplined about location selection, making sure that we're building quality long-term earnings for the company is essential.

我想第三個問題是關於不動產，特別是選址。很明顯地，我們希望確保不會挑選到具挑戰性的地點；在選址上保持紀律，並確保為公司建立高品質、長期的獲利能力，這點至關重要。

And we want to pick locations that have higher potential for volume that are easier to, for egress, ingress neighborhoods that make sense for our business. And the return selection criteria includes higher hurdle rates for returns. I think '26 is over 25%. And '27, we're working hard to push that number closer to 30%. We've clustered openings and we're shifting our mix to more core markets as we work that part of the decision tree to make sure that this business can get back to a 6% EBITDA margin over time.

我們希望選擇具備更高銷量潛力、出入動線（進出）更便利，且周邊社區符合我們業務需求的地點。而投資報酬的選址標準也包含更高的報酬門檻。我想 2026 年是超過 25%。而 2027 年，我們正努力把這個數字推近 30%。我們採取群聚式開店，並在決策樹的這一環將組合轉向更多核心市場，以確保這項業務能在時間推移下回到 6% 的 EBITDA 利潤率。

Okay. Thanks. And Jason, a follow-up on opportunistic is so important and the people behind that infrastructure and the buyers are working hard day to day or hour to hour. But what's happening with the people side of the opportunistic talent that you have now? And any thoughts there? And as you, with the new CMO, was this something you always thought the organization needed? Just would love your context on timing and how this interplayed, what's happening now versus when you had for early, first started?

好的。謝謝。Jason，我想追問一下：機會型（opportunistic）這件事非常重要，支撐這套基礎建設的人員與採購每天、甚至每小時都在努力。但目前你們在機會型人才的人員面，情況如何？你有什麼想法嗎？另外，隨著新任 CMO 到位，這是否是你一直認為組織需要的配置？也想請你分享一下時點上的脈絡，以及這之間如何互相影響：現在正在發生的事，與你剛開始、早期的狀況相比有何不同？

Yeah. No, it's, I've learned a lot in the first year being here. Clearly, opportunistic and value for us go hand-in-hand. It's a big chunk of the value equation for this, making sure that our stores are resonate with customers on the affordability front. At the same time, it's important to recognize the customer experience, things like quality, wait times, flow of stores, ease of shop, those kinds of things are also critical.

是的。我在這裡的第一年學到很多。很明確地，對我們而言，機會型與價值是相輔相成的。這是價值方程式中的一大部分，確保我們的門店在「可負擔性」方面能引起顧客共鳴。同時，也必須認知到顧客體驗同樣重要，例如品質、等候時間、店內動線、購物便利性等，這些也都至關重要。

So having a clear focus on making sure that we deliver value for customers with op is our number one and focused priority for the whole company. Clearly, merchandising is an important component and something that we will leave in over time. But for everyone involved, including our new CMO, opportunistic supply and everything we're doing there is what that team is wholly focused on.

因此，清楚聚焦於透過機會型（op）為顧客提供價值，是我們全公司第一優先且最聚焦的重點。很明顯地，商品策略（merchandising）是重要的一環，也是我們會長期投入的事情。但對所有參與者而言，包括我們的新任 CMO，機會型供應以及我們在那方面所做的一切，就是該團隊全力聚焦的核心。

Thank you. Best regards.

謝謝。敬祝順心。

Thank you.

謝謝。

Bill Kirk, Roth Partners.

Bill Kirk，Roth Partners。

Hey, good evening, everybody. I wanted to go, keep going on Joe's second question. I imagine the closures would include some stores that were comping worse than reported results. So could you give us a sense for what the closed stores as a group had been comping before they exited the comp base? And then do you think any of their traffic shifts from those closed stores into your other locations?

各位晚上好。我想延續 Joe 的第二個問題。我猜關店名單中應該包含一些同店表現比你們公布的結果更差的門店。所以你們能否讓我們了解一下，這些已關閉門店在退出同店比較基期之前，作為一個整體的同店表現大概如何？另外，你們是否認為，這些關閉門店的部分客流會轉移到你們其他據點？

Yeah. I would just say that it's really not material. The impact of the store closures on our overall comp. And from a cannibalization or just other, shifting to other stores, that's also not material.

是的。我只能說，這其實並不重大。關店對我們整體同店（comp）的影響不大。至於侵蝕（cannibalization）或其他轉移到其他門店的情況，也同樣不重大。

Okay. Easy. Are you able to tell in the transaction growth if it's coming from new customers into the stores? Or could it be existing customers that are splitting their trips. And if the traffic is new customers, are there any notable trades among those new shoppers, can you tell us they're completely new or if they're lapsed folks who are returning to your stores?

好的。很簡單。你們能否從交易筆數的成長判斷，這是來自新客進店？還是可能是既有顧客把原本一次的購物拆成多次？如果客流是新客，你們能否看出這些新客有沒有明顯的客群轉換？你們能判斷他們是完全的新客，或是曾經流失、現在回流到你們門店的顧客嗎？

It's a mix of new customers and existing. So some of what we did obviously drove frequency and there's been some comments about basket. We didn't see as much basket trends translation into higher UPT, but clearly, the frequency piece is there and the new customer piece is there. I don't have any other further insight for you on specific customer kind of segmentation, but we do see and know that it's a mix.

這是新客與既有顧客的混合。因此，我們所做的一些措施顯然帶動了來店頻率，也有人提到客單（basket）。我們沒有看到客單趨勢明顯轉化為更高的每筆交易件數（UPT），但很明顯，頻率的部分存在，新客的部分也存在。我沒有更多關於特定顧客分群的進一步洞見可以提供，但我們確實看到並知道它是混合的。

Okay, thank you, Jason.

好的，謝謝你，Jason。

Thank you.

謝謝。

There are no further questions at this time. I would like to turn the floor back over to Jason Potter for closing comments.

目前沒有其他問題。我想把時間交回給 Jason Potter 作結語。

Well, again, thank you very much for your interest. We appreciate all the questions and look forward to your engagement with some of you a little later on today. Thank you very much for your time.

再次非常感謝各位的關注。我們很感謝所有提問，也期待今天稍晚能與其中一些各位進一步交流。非常感謝各位撥冗。

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

今天的電話會議到此結束。各位現在可以掛線。感謝各位的參與。