Grocery Outlet Holding Corp. (GO) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Grocery Outlet's Second Quarter 2026 Earnings Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Grocery Outlet 2026 會計年度第二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, Nicolo Cottarelli, Senior Vice President of Strategic Finance and Investor Relations. Thank you. You may begin.

現在很榮幸為各位介紹本次會議主持人：Nicolo Cottarelli，策略財務與投資人關係資深副總裁。謝謝。您可以開始了。

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

各位下午好，歡迎參加 Grocery Outlet 電話會議，討論截至 2026 年 7 月 4 日止第二季的財務結果。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 Ian Ferry。

Following prepared remarks from Jason and Ian, we will open the call for questions. Please note that this conference call is being webcast live and the recording will be available via playback on the Investor Relations section of the company's website.

在 Jason 與 Ian 的準備發言之後，我們將開放提問。請注意，本次電話會議將進行線上即時網路直播，錄音回放將可於公司網站投資人關係專區取得。

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. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from these statements.

本次電話會議的與會者可能會在聯邦證券法所定義的範圍內作出前瞻性陳述。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。這些前瞻性陳述受多項風險與不確定性影響，可能導致實際結果與這些陳述存在重大差異。

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

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。公司不承擔修訂或更新任何前瞻性陳述或資訊之義務。這些陳述僅為估計，並非對未來績效的保證。

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 investor 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，以及各項指標的說明、限制與使用理由，均可於今日下午新聞稿所附的補充財務表中查閱；該新聞稿位於公司網站投資人專區的新聞與發布（news and releases）之下，亦可於公司向 SEC 提交的文件中查閱。

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

現在我想把時間交給 Jason。

Hey, good afternoon, everyone, and thank you for joining us. During the second quarter, our work to stabilize the business, and return growth gained momentum. A stronger opportunistic offering and sharper value communication drove sequential comp improvement and results above our outlook across key financial metrics.

各位下午好，感謝大家加入我們。在第二季，我們穩定業務並重回成長軌道的工作持續加速。更強的機會型商品供給與更清晰的價值溝通，帶動同店表現較前一季改善，且在多項關鍵財務指標上優於我們的展望。

Revenue increased 1% to $1.19 billion with comparable store sales down 30 basis points. That was a 70 basis point improvement from Q1 despite an adverse headwind from the timing of Easter this year. Traffic grew 1.8%. Basket declined 2.1% year-over-year, but improved approximately 100 basis points from Q1 as customers responded to our stronger opportunistic offerings.

營收年增 1% 至 11.9 億美元，同店銷售下滑 30 個基點。儘管今年復活節時點帶來不利影響，較第一季仍改善 70 個基點。來客數成長 1.8%。客單價年減 2.1%，但較第一季約改善 100 個基點，因顧客對我們更強的機會型商品供給有所回應。

Gross margin of 30.2% also exceeded our outlook due primarily to lower than planned promotional spending. Combined with disciplined cost management, sales and margin outperformance drove adjusted EBITDA of approximately $66 million and adjusted EPS of $0.20, both well above our outlook.

毛利率 30.2% 亦高於我們的展望，主要因促銷支出低於原先規劃。再加上嚴謹的成本管理，銷售與毛利率的優於預期帶動調整後 EBITDA 約 6,600 萬美元，以及調整後 EPS 0.20 美元，兩者皆明顯高於我們的展望。

Our first half progress reinforces our confidence that restoring the core strengths of the Groscheld model can drive sustainable improvement. It's still early, but the business is responding, and let me start with our primary objective, improving comps. Strengthening our opportunistic offering is central to enhancing our value proposition and returning the business to sustainable comp growth.

上半年取得的進展，強化了我們的信心：重建 Groscheld 模式的核心優勢，能帶來可持續的改善。目前仍在早期階段，但業務已出現回應；我先從我們的首要目標——改善同店表現——談起。強化機會型商品供給，是提升我們價值主張並讓業務回到可持續同店成長的關鍵。

Since the start of this year, we've prioritized improved sourcing, product flow, visibility and store level execution while expanding key supplier relationships. Together, these actions have significantly increased and strengthened our opportunistic assortment and improved our mix. The impact is showing up in our sales.

自今年年初以來，我們優先推動採購改善、商品流轉、可視性與門店端執行，同時擴大與關鍵供應商的合作關係。綜合這些行動，我們的機會型商品組合在數量與品質上都顯著提升，並改善了品類結構。其影響已反映在銷售表現上。

Opportunistic comp store sales improved significantly from Q1, helping lift the total company comps into positive territory in May and June. The breadth of opportunistic SKUs increased meaningfully quarter to quarter with improving quality. In addition, year-over-year growth in opportunistic units per transaction also improved significantly relative to the first quarter.

機會型商品帶動的同店銷售較第一季顯著改善，並在 5 月與 6 月推升全公司同店表現轉為正成長。機會型 SKU 的廣度較前一季明顯增加，且品質持續提升。此外，每筆交易中的機會型商品件數年增幅度，相較第一季也顯著改善。

These are encouraging early signs that customers are responding to a broader and better selection of compelling deals as we improve our op mix. That growth is an outcome of category-level focus and execution. We've prioritized and seen outsized opportunistic improvement in grocery, our largest category.

這些都是令人鼓舞的早期跡象，顯示在我們改善機會型商品組合之際，顧客正對更廣、更優的超值選擇做出回應。這樣的成長是品類層級聚焦與執行的成果。我們已優先投入，並在雜貨（grocery）——我們最大的品類——看到更為突出的機會型改善。

In grocery, a determined effort to revitalize supplier partnerships drove higher opportunistic product flow, opportunistic comps, and our total comps. This is how our model is designed to work, and we're implementing the same actions in other categories like deli and frozen. Paul Miller is leading the work to strengthen our sourcing and merchandising capabilities.

在雜貨品類中，我們透過積極重振供應商夥伴關係，帶動更高的機會型商品流入、機會型同店表現，以及整體同店表現。這正是我們模式設計的運作方式；我們也正把同樣的作法推進到其他品類，例如熟食（deli）與冷凍（frozen）。Paul Miller 正帶領強化我們的採購與商品企劃能力。

Paul returned in June as Executive Vice President and Chief Purchasing and Merchandising Officer. A 25-year grocery outlet veteran, he helped develop our opportunistic offering, deepened key supplier relationships and enhanced the treasure hunt experience.

Paul 於 6 月回任，擔任執行副總裁兼首席採購與商品企劃長。他在 Grocery Outlet 服務 25 年，曾協助打造我們的機會型商品供給、深化關鍵供應商關係，並提升「尋寶式」購物體驗。

In just two months into his return, his merchant instincts and leadership are already making an impact here. We're very pleased to have him back. To support our revitalized offering, we are improving the ways that we communicate value to our customers. We completed our repositioning around extreme value and the treasure hunt, supporting our product efforts with simpler signage, more prominent value items and targeted at-home and digital media.

回任短短兩個月，他的選品直覺與領導力已在此產生影響。我們非常高興他回歸。為了支援我們重新振興的商品供給，我們也在改善向顧客傳達價值的方式。我們已完成以「極致價值」與「尋寶體驗」為核心的重新定位，並以更簡化的標示、更醒目的超值商品，以及更精準的居家與數位媒體投放來支援商品策略。

With a stronger assortment and better analytics, we can deploy marketing and promotional spending more precisely. That will allow us to rely more on product and marketing to drive comps and less incremental price investment in the second-half of the year even as the competitive environment remains promotional.

在更強的商品組合與更好的分析能力支持下，我們能更精準地配置行銷與促銷支出。即使競爭環境仍以促銷為主，這也將使我們在下半年能更依靠商品與行銷來帶動同店表現，並減少額外的價格投資。

In Q3, we're deploying enhanced messaging to improve our price perception. We plan to deploy new signage in stores that supports our value positioning, and will extend that messaging into our digital presence and our app. We're also taking steps to introduce parity pricing and e-commerce.

在第三季，我們將推出強化訊息傳遞，以改善顧客對我們價格的感受。我們計畫在門店導入新的標示系統，以支援我們的價值定位，並把相同訊息延伸到數位渠道與 App。我們也正採取措施導入同價策略（parity pricing）與電子商務。

These actions will make the savings available at Grocery Outlet easier for customers to see, to access, and understand. Together, stronger product, clear value messaging and broader customer engagement are designed to drive more consistent comp growth. Capturing the full benefit requires strong execution in every store, which brings me to our independent operators.

這些行動將讓顧客更容易看見、取得並理解在 Grocery Outlet 可享有的省錢機會。更強的商品、更清楚的價值訊息與更廣泛的顧客互動，旨在推動更一致的同店成長。要充分釋放效益，需要每一家門店都具備強而有力的執行力，這也帶到我們的獨立經營業者。

Our independent operators are one of the greatest advantages of the Grocery Outlet model. They know their communities and their customers. With the right assortment, the right tools and support, their entrepreneurial energy really brings our model to life. Over the past year, we've expanded reporting and actionable insights, strengthened communication with our field organization, and invested in training.

我們的獨立經營業者是 Grocery Outlet 模式最大的優勢之一。他們了解自己的社區與顧客。在具備合適的商品組合、合適的工具與支援下，他們的創業能量真正讓我們的模式得以落地。過去一年，我們擴大了報表與可採取行動的洞察、強化與區域團隊的溝通，並加大對訓練的投資。

We're also spending more time in the field and engaging operators more directly. Our goal is straightforward. We want operators to spend less time sifting through data and more time serving customers to grow their businesses.

我們也投入更多時間在第一線，並更直接地與經營業者互動。我們的目標很明確。我們希望經營業者花更少時間在資料中篩選，花更多時間服務顧客，進而成長他們的業務。

A common set of facts and priorities helps operators and field teams identify issues sooner, focus on actions that matter most, and deliver a more consistent customer experience. A good example of this is how we're working with iOS in the field. Using fleet-wide data, we identify stores where targeted coaching and operational support can have the greatest impact.

一套共同的事實基礎與優先順序，有助於營運者與現場團隊更早識別問題、聚焦於最重要的行動，並提供更一致的顧客體驗。一個很好的例子是我們在現場與 iOS 的合作方式。透過全車隊（fleet-wide）數據，我們辨識出哪些門市的定向輔導與營運支援能帶來最大影響。

Our field teams then work side by side with operators on a focused set of actions, including in-stock conditions, merchandising, store standards, and operating routines. This annual business review and enhanced merchandising reporting help translate the data into action. We're encouraged by these results so far.

接著，我們的現場團隊與營運者並肩合作，聚焦於一組明確的行動，包括在庫狀況、陳列（merchandising）、門市標準與營運例行作業。這項年度業務回顧與強化的陳列報告，協助將數據轉化為行動。我們對目前為止的成果感到鼓舞。

Participating stores have consistently outperformed their control groups, reinforcing that meaningful improvement can come from disciplined execution of store-level fundamentals. We're turning those learnings into repeatable tools and routines for the broader fleet. We're also giving operators a more immediate view of customer sentiment.

參與的門市持續優於其對照組，進一步證明有意義的改善可來自於對門市層級基本功的紀律性執行。我們正把這些學習轉化為可複製的工具與例行流程，推廣到更廣泛的門市車隊。我們也讓營運者能更即時掌握顧客情緒。

We've introduced new point-of-sale feedback that connects customer responses with transaction data, helping operators identify service gaps and adjust their actions at store level. This capability is now in approximately 100 stores, and the early results support a fleetwide rollout.

我們導入新的 POS（銷售點）回饋機制，將顧客回應與交易數據連結，協助營運者找出服務缺口，並在門市層級調整行動。此能力目前已在約 100 家門市上線，初步結果支持在全車隊推廣。

In parallel, we're improving efficiency. Our new dynamic routing program removes ordering constraints and optimizes delivery routes, increasing delivery quantity and improving opportunistic product flow across a significant portion of our fleet. The program is currently in approximately 200 stores, and we expect to complete the rollout over the next year.

同時，我們也在提升效率。我們新的動態路線規劃（dynamic routing）計畫移除訂貨限制並最佳化配送路線，提高每次配送量，並在我們車隊相當大的一部分中改善機會型商品的流通。該計畫目前已在約 200 家門市推行，我們預期在未來一年完成全面導入。

These efforts are lifting customer and operator sentiment and engagement. Customer NPS improved meaningfully again in Q2. While our IO survey feedback was overwhelmingly favorable. IO satisfaction increased across categories from last year, and the majority of our operators rated our recent systems upgrades as extremely or very valuable.

這些努力正在提升顧客與營運者的情緒與參與度。第二季顧客 NPS 再度出現顯著改善。同時，我們的 IO 調查回饋也幾乎一面倒地正向。IO 滿意度較去年在各類別均有所提升，多數營運者將我們近期的系統升級評為「極具價值」或「非常有價值」。

Beyond the data, we're seeing increased engagement from our IOs on a variety of initiatives. These outcomes reinforce our conviction that we're focused on the right priorities. The same discipline we're bringing to store execution is also guiding how we manage the business and deploy capital.

除了數據之外，我們也看到 IO 在多項計畫上的參與度提升。這些成果強化了我們的信念：我們正聚焦在正確的優先事項上。我們在門市執行上所採取的同樣紀律，也在引導我們如何管理業務與配置資本。

Improving operational discipline means making timely decisions, directing resources to the highest value opportunities, and holding every investment to rigorous performance standards. In April, we completed the closure of 36 underperforming stores as part of our store optimization plan.

提升營運紀律意味著做出及時決策、將資源導向最高價值的機會，並以嚴格的績效標準檢視每一項投資。4 月，我們完成關閉 36 家表現不佳的門市，作為門市優化計畫的一部分。

The outcome is a healthier portfolio that we feel is better positioned for long-term profitable growth. We remain on track to eliminate a $12 million drag to annualized adjusted EBITDA, with the majority of the benefit expected to occur in 2027.

其結果是更健康的門市組合，我們認為這使我們更有利於實現長期的獲利成長。我們仍按計畫消除年度化調整後 EBITDA 的 1,200 萬美元拖累，其中大部分效益預期將在 2027 年顯現。

We see encouraging signs of progress in the remaining stores in the East, comparable stores in May and June significantly exceeded the company average, while Q2 margins strengthened on a year-on-year basis. That discipline also extends to our new store growth program, where we are applying greater rigor to site selection, new store underwriting, IO engagement and execution.

我們在東部剩餘門市也看到令人鼓舞的進展跡象：5 月與 6 月的同店門市表現顯著高於公司平均，而第二季毛利率亦較去年同期走強。這份紀律也延伸到我們的新店成長計畫，我們在選址、新店投資評估（underwriting）、IO 參與與執行方面採取更嚴謹的做法。

We remain confident in the portability of our model and the immense white space that exists. The ability to offer savings up to 40% versus conventional players allows us to provide a unique and compelling value proposition to customers in a wide variety of geographies.

我們仍對商業模式的可移植性以及龐大的市場空白（white space）充滿信心。相較於傳統業者，我們能提供最高達 40% 的節省，使我們得以在多元地理區域向顧客提供獨特且具吸引力的價值主張。

However, as we continue to work on improving the core offering in our business, and year one store productivity, it's critical that we prioritize the highest return markets and expand capacity at an appropriate pace. As such, our 2027 openings will be weighted toward infill opportunities.

然而，隨著我們持續改善核心商品與服務內容，以及提升新店第一年的生產力，關鍵在於優先投入回報最高的市場，並以適當的速度擴充產能。因此，我們 2027 年的開店將更偏向於填補式（infill）機會。

We're taking a similarly measured approach to our store refresh program. Improving the store experience remains an important long-term priority. And as we continue those efforts, we're pacing our investment to ensure quality execution that allows the business to focus on our primary goal of driving comp through our opportunistic assortment.

我們對門市翻新計畫也採取同樣審慎的步調。改善門市體驗仍是重要的長期優先事項。在持續推進這些工作之際，我們也會控制投資節奏，以確保高品質的執行，讓公司能聚焦於主要目標：透過我們的機會型商品組合帶動同店成長（comp）。

We continue to target approximately 100 refreshes completed by the end of the year. So looking to the second-half, the consistent progress we've delivered since January reinforces our conviction that disciplined execution against our priorities remains the right approach, and we enter the second-half with improving underlying momentum.

我們仍以在年底前完成約 100 家翻新為目標。展望下半年，自 1 月以來我們所交付的持續進展，強化了我們的信念：以紀律性執行既定優先事項仍是正確做法；我們以更佳的基本面動能進入下半年。

Customers are responding to the stronger opportunistic offering and the clearer value messaging. Operator engagement has improved and our sharper approach to execution and capital allocation is also beginning to improve performance. Those strengths will be important as consumers spend cautiously and the operating environment remains somewhat promotional.

顧客正對更強的機會型商品供給與更清晰的價值訊息做出正向回應。營運者參與度已提升，而我們在執行與資本配置上更精準的做法也開始改善績效。在消費者謹慎支出、且營運環境仍偏促銷的情況下，這些優勢將格外重要。

They'll also help us navigate the near-term impact of the multi-state Cyclospora outbreak. Our products have not been involved in any Cyclospora recalls, but like others in the industry, we've experienced pressure on produce sales.

它們也將幫助我們因應多州 Cyclospora（環孢子蟲）疫情爆發的短期影響。我們的產品未涉及任何 Cyclospora 召回，但與產業內其他業者一樣，我們的生鮮蔬果銷售承受了壓力。

We saw an impact in July and expect a headwind of roughly 100 basis points to total company comps for the third quarter. Even so, we're encouraged by the underlying direction of the business and remain focused on advancing our core priorities.

我們在 7 月已看到影響，並預期第三季對全公司同店銷售（comps）帶來約 100 個基點的逆風。即便如此，我們仍對業務的基本走向感到鼓舞，並持續專注於推進核心優先事項。

Before I close, I'd like to recognize an important leadership transition. Chris Miller recently retired as CFO of Grocery Outlet. Chris provided steady experienced leadership through the critical first year of our turnaround and leaves strong finance and accounting teams in place to carry the work forward.

在結束之前，我想表揚一項重要的領導交接。Chris Miller 近日自 Grocery Outlet 財務長（CFO）職務退休。Chris 在我們轉型關鍵的第一年提供了穩健且富有經驗的領導，並留下強大的財務與會計團隊以延續後續工作。

On behalf of the board and the entire organization, I want to thank him for his leadership and wish him all the best in retirement. I'm also very pleased to welcome Ian Ferry, who many of you know as our new Chief Financial Officer. Over the past year, Ian has become a trusted strategic partner to me and our board.

我代表董事會與整個組織，感謝他的領導，並祝福他退休生活一切順利。我也非常高興歡迎 Ian Ferry 擔任我們的新任財務長，許多人都已認識他。過去一年，Ian 已成為我與董事會信賴的策略夥伴。

His financial discipline, operating insight, and long-term perspective have already made a meaningful impact here. I look forward to continuing our work together. In closing, our first half progress strengthens my confidence in Grocery Outlet's long-term opportunity. It's still early, and we have work ahead, but the business is responding.

他的財務紀律、營運洞察與長期視角，已在此帶來實質且顯著的影響。我期待持續與他並肩合作。最後，我們上半年的進展提升了我對 Grocery Outlet 長期機會的信心。目前仍在早期階段，我們仍有工作要做，但業務正在做出回應。

Consumers continue to prioritize value, and our differentiated model is built for this environment. When we strengthen the opportunistic assortment, equip operators with better tools, and apply greater discipline to execution and investment, performance improves.

消費者仍持續把「價值」放在優先位置，而我們差異化的模式正是為此環境而打造。當我們強化機會型商品組合、為營運者配備更好的工具，並在執行與投資上採取更高的紀律時，績效就會改善。

We have the foundation to build a stronger, more productive, and more profitable grocery outlet. I want to thank our independent operators, our team members here, and our supplier partners for their hard work this quarter. I'd also like to note with gratitude that we just completed our annual Independence from Hunger campaign, during which IOs partner with local non profits to provide critical resources to those most in need.

我們已具備打造更強大、更高生產力且更高獲利能力之 Grocery Outlet 的基礎。我要感謝我們的獨立營運者、公司團隊成員，以及供應商夥伴在本季的辛勤付出。我也想感謝地提到，我們剛完成年度「Independence from Hunger」活動，在此期間 IO 與在地非營利組織合作，為最需要協助的人提供關鍵資源。

I'm proud of the positive impact our operators make in this regard in the communities they serve, work, and live. Finally, I want to thank our shareholders for your continued support and engagement. We remain committed to earning your confidence through disciplined execution and consistent results.

我為我們的營運者在其服務、工作與生活的社區中所帶來的正向影響感到自豪。最後，我要感謝股東們持續的支持與參與。我們仍致力於以紀律性的執行與一致的成果來贏得各位的信任。

And with that, I'll turn it over to Ian. Ian?

那麼，我把時間交給 Ian。Ian？

Thanks, Jason. As CFO, my objective is to help ensure we build a business that creates durable, long-term shareholder value. That means allocating capital with discipline, measuring ourselves against the right long-term metrics, and communicating our progress with transparency.

謝謝，Jason。作為財務長，我的目標是協助確保我們打造一個能夠創造持久、長期股東價值的企業。這意味著以紀律分配資本、以正確的長期指標衡量自己，並以透明的方式溝通我們的進展。

Our second quarter results provide further evidence that the operational improvements Jason discussed are translating into better financial performance. While our performance has ample room for improvement, stronger sales trends, disciplined spending.

我們第二季的結果進一步證明，Jason 所談到的營運改善正轉化為更佳的財務表現。雖然我們的表現仍有很大的改善空間，但更強勁的銷售趨勢、嚴謹的支出控管。

Sharper capital allocation are beginning to improve the business and its long-term earnings potential. I will start with the quarter and then discuss our full year and third quarter outlook. Unless otherwise noted, the comparisons I provide are on a year-over-year basis. Starting with the topline, second quarter net sales increased 1% to $1.19 billion.

以及更精準的資本配置，正開始改善業務及其長期獲利潛力。我將先從本季談起，接著說明我們的全年與第三季展望。除非另有說明，我所提供的比較皆為年對年。先從營收端來看，第二季淨銷售額成長 1%，至 11.9 億美元。

Sales from stores opened over the past 12 months more than offset the impact of optimization plan closures and a modest decline in comparable store sales. We opened 10 stores and closed 12 during the quarter. Comparable store sales declined 30 basis points, including an approximately 50 basis point headwind from the Easter shift.

過去 12 個月新開門市的銷售，已足以抵消最佳化計畫關店的影響，以及同店銷售的小幅下滑。本季我們新開 10 家門市並關閉 12 家。同店銷售下滑 30 個基點，其中約有 50 個基點的不利因素來自復活節時點移動。

This was above our outlook for a decline of 1.5% to 2%. Traffic remained positive while basket improved roughly 100 basis points sequentially. Importantly, comps across our opportunistic portfolio improved significantly from Q1, reinforcing our confidence in the actions underway.

這優於我們原先預期下滑 1.5% 至 2% 的展望。來客數仍為正成長，而客單價（basket）較前一季約改善 100 個基點。重要的是，我們機會型（opportunistic）組合的同店表現較第一季顯著改善，進一步強化我們對目前推動中措施的信心。

Gross profit dollars were flat at $360.7 million, representing a gross margin of 30.2%, above our 29.8% to 30.0% outlook. Gross margin declined 30 basis points year-over-year, primarily due to the promotions we instituted at the start of the year to reinforce our value position as well as store closure-related markdowns and write-offs, partially offset by better inventory management.

毛利金額持平於 3.607 億美元，毛利率為 30.2%，高於我們 29.8% 至 30.0% 的展望。毛利率年對年下滑 30 個基點，主要因為我們在年初推出促銷以鞏固價值定位，以及與關店相關的降價與沖銷；部分被更佳的庫存管理所抵消。

Sequentially, gross margin improved 60 basis points from Q1, reflecting reduced liquidation activity associated with the store optimization plan, lower promotional spending and favorable seasonality. On a year-over-year basis, SG&A increased less than 1% to $339.5 million, and as a percentage of net sales remained consistent with last year at 28.5%.

就季對季而言，毛利率較第一季提升 60 個基點，反映與門市最佳化計畫相關的清算活動減少、促銷支出降低以及有利的季節性因素。年對年來看，銷售、一般及行政費用（SG&A）增加不到 1%，至 3.395 億美元；占淨銷售比重維持與去年一致的 28.5%。

Sequentially, SG&A improved 130 basis points as a percentage of net sales compared to Q1, primarily driven by higher sales leverage, optimization benefits and lower marketing expense. We also recorded $5.4 million in net restructuring charges related to the optimization plan.

就季對季而言，SG&A 占淨銷售比重較第一季改善 130 個基點，主要由較高的銷售槓桿、最佳化效益以及較低的行銷費用所帶動。我們亦認列與最佳化計畫相關的重整費用淨額 540 萬美元。

This included $14.8 million in cash charges, partially offset by $9.4 million in non-cash credits, primarily from the net write-off of right of use lease assets and lease liabilities. Below the operating line, net interest expense was $6.6 million comparable to last year. Our GAAP effective tax rate was 38.8% compared with 20.3% last year.

其中包含 1,480 萬美元的現金費用，部分被 940 萬美元的非現金貸項所抵消，主要來自使用權租賃資產與租賃負債的淨沖銷。在營業利益以下，淨利息費用為 660 萬美元，與去年相當。我們的 GAAP 有效稅率為 38.8%，去年為 20.3%。

Net income was $5.6 million or $0.06 per diluted share compared with $5 million or $0.05 per diluted share last year. Adjusted net income was $20.3 million or $0.20 per diluted adjusted share. Compared with $22.8 million or $0.23 per diluted adjusted share last year. Adjusted EBITDA was $65.7 million or 5.5% of net sales compared with $67.7 million or 5.7% of net sales last year. Both adjusted EBITDA and diluted adjusted EPS exceeded our outlook.

淨利為 560 萬美元，或每股稀釋盈餘 0.06 美元；去年為 500 萬美元，或每股稀釋盈餘 0.05 美元。調整後淨利為 2,030 萬美元，或每股稀釋後調整盈餘 0.20 美元。去年為 2,280 萬美元，或每股稀釋後調整盈餘 0.23 美元。調整後 EBITDA 為 6,570 萬美元，或占淨銷售 5.5%；去年為 6,770 萬美元，或占淨銷售 5.7%。調整後 EBITDA 與稀釋後調整 EPS 皆高於我們的展望。

Turning to the balance sheet and cashless statement. We ended the quarter with $74 million in cash and approximately $154 million of revolver availability. Total debt net of issuance cost was $505.6 million, up $16.3 million from Q1. Net leverage remained 1.8 times adjusted EBITDA. Operating cash flow was $43.2 million compared with $73.6 million last year.

接著談資產負債表與現金流量表。本季末我們持有 7,400 萬美元現金，循環信貸（revolver）可用額度約 1.54 億美元。扣除發行成本後的總負債為 5.056 億美元，較第一季增加 1,630 萬美元。淨槓桿倍數維持在調整後 EBITDA 的 1.8 倍。營運現金流為 4,320 萬美元，去年為 7,360 萬美元。

The decrease primarily reflected the timing of accrued and other liabilities, lower operating lease liabilities following the optimization plan and lower net income after adjusting for non-cash charges. Capital expenditures were $43.7 million or $38.7 million net of tenant improvement allowances.

下降主要反映應計及其他負債的時點差異、最佳化計畫後營運租賃負債降低，以及在調整非現金費用後淨利較低。資本支出為 4,370 萬美元；扣除承租人裝修補助（tenant improvement allowances）後為 3,870 萬美元。

Now let me turn to our outlook. The actions we began implementing at the start of the year are delivering progress. Given our stronger than expected second quarter performance, we are raising the low ends of our full year financial outlook ranges.

現在我來談我們的展望。我們在年初開始推動的行動正帶來進展。鑑於第二季表現優於預期，我們上調全年財務展望區間的下緣。

For the full year, we now expect net new store openings of 30 to 33, net sales of $4.7 billion to $4.72 billion, comparable store sales in the range of negative 0.5% to 0.0%, gross margin of 29.8% to 30%. We continue to expect approximately $20 million of incremental promotional investment for the full year with spending expected to further taper in the second-half as our stronger opportunistic mix and Treasure Hunt support underlying comp performance.

就全年而言，我們目前預期淨新增開店 30 至 33 家、淨銷售額 47 億至 47.2 億美元、同店銷售介於 -0.5% 至 0.0%、毛利率 29.8% 至 30%。我們仍預期全年約有 2,000 萬美元的額外促銷投資；隨著我們更強的機會型商品組合與 Treasure Hunt（尋寶式選品）支撐同店基本面表現，預期下半年支出將進一步趨緩。

We expect adjusted EBITDA of $225 million to $235 million, diluted adjusted EPS of $0.51 to $0.55 a share. And capital expenditures net of tenant improvement allowances of $170 million. For the third quarter, we expect comparable store sales ranging from negative 1% to 0.0%, gross margin of 29.8% to 30%, adjusted EBITDA of $58 million to $61 million, and diluted adjusted EPS of $0.14 to $0.16 a share.

我們預期調整後 EBITDA 為 2.25 億至 2.35 億美元，稀釋後調整 EPS 為每股 0.51 至 0.55 美元。以及扣除承租人裝修補助後的資本支出為 1.7 億美元。就第三季而言，我們預期同店銷售介於 -1% 至 0.0%、毛利率 29.8% 至 30%、調整後 EBITDA 為 5,800 萬至 6,100 萬美元，稀釋後調整 EPS 為每股 0.14 至 0.16 美元。

In summary, the initiatives we outlined at the start of the year are gaining traction, and we are managing the business with greater discipline. Strengthening the opportunistic offering and customer value proposition remains our priority. We will stay focused on execution in the second-half and look forward to updating you on our progress.

總結來說，我們在年初提出的各項措施正逐步見效，我們也以更高的紀律管理業務。強化機會型商品供給與顧客價值主張仍是我們的優先事項。我們將在下半年持續專注於執行，並期待向各位更新我們的進展。

With that, I will turn the call over to the operator for questions.

接下來，我把電話會議交給接線員進行問答。

(Operator Instructions)

(接線員指示)

Jeremy Hamblin, Craig Hallam Capital Group.

Jeremy Hamblin，Craig Hallam Capital Group。

Hey, this is Will on for Jeremy. Thanks for taking our questions. I'm just wondering if you can share any more color on the cadence of comp trends through the quarter, and then here into Q3, and then what traffic versus basket is looking like here quarter to date?

嗨，我是 Will，代 Jeremy 發言。謝謝讓我們提問。我想請問你們是否能分享更多關於本季同店趨勢在季度內的變化節奏，以及進入第三季後的情況；另外，截至目前本季來看，來客數與客單價各自的表現如何？

Hey, Will. It's Jason here. Look, we're making progress on our comp store sales, and we're encouraged by the sequential improvement we've had. Just to walk you through that, January was meaningfully negative to remind everybody, and we've made significant progress since that point. Pre-Cyclospora impact, total comps had improved by about 300 basis points to the end of Q2.

嗨，Will。我是 Jason。你看，我們在同店銷售方面正在取得進展，我們也對目前的季對季改善感到鼓舞。簡單帶大家回顧一下，一月的表現明顯為負，提醒大家一下，而從那之後我們已取得顯著進展。在 Cyclospora 影響發生之前，整體同店到第二季末已改善約 300 個基點。

To talk about, to answer your question on traffic, Q2, again, solid number there, 1.8. On top of the 1.5% last year, the basket declined by just over 2%, but did show about 100 basis points of sequential improvement from Q1. And that was a mix of about 1% and less than 1% inflation and some mix.

談到、回答你關於客流的問題，Q2 再次呈現穩健的數字，為 1.8。在去年 1.5% 的基礎上，客單價（basket）下滑了略高於 2%，但相較 Q1 仍顯示約 100 個基點的連續改善。而這是大約 1% 以及低於 1% 的通膨，加上一些組合因素所致。

But we did also encouragingly experience an improvement in units per transaction with off in the basket. When you're thinking about the guide, I think the way that we've. Thought about this for Q3, as Ian's pointed out, minus one to flat, that 100 basis point cyclosporine impact is notable.

但我們也令人鼓舞地看到，在客單價下降的情況下，每筆交易的件數（units per transaction）有所改善。當你在思考指引時，我認為我們的方式是——就 Q3 而言，如 Ian 所指出的，-1 到持平，那 100 個基點的 Cyclospora 影響是顯著的。

And just a couple of points there I'd like to make on that. Our produce business was running very healthy and running well above inflation prior to the outbreak. We're continuing to monitor it. We've got. And understanding what's happening category to category. We think that that's going to moderate a bit into Q4, but right now estimating about 100 bps.

關於這點我想再補充幾點。在爆發之前，我們的生鮮蔬果業務表現非常健康，且增長遠高於通膨。我們會持續監測。我們已經——並理解各品類之間正在發生的情況。我們認為到 Q4 會稍微趨緩，但目前估計約 100 個基點。

Clearly, we can see things like bagged salads, a fairly large impact, but we feel that this is a temporary headwind, and the underlying performance of the business continues to improve, and we're encouraged by what we see going forward for Q4.

很明顯，我們看到像袋裝沙拉這類商品影響相當大，但我們認為這是暫時性的逆風；而業務的基本面表現仍在持續改善，我們也對 Q4 往前看的表現感到鼓舞。

Okay. That's very helpful. And I just wanted to understand where the opportunistic product is mixing today versus Q1, and then like where you'd like to see that by year end, and then what sort of total comp benefit you'd expect to see from that change in mix from the beginning of the year?

好的。這非常有幫助。我想了解一下，目前機會型商品（opportunistic product）的組合占比相較 Q1 的情況如何；以及你們希望在年底前達到什麼水準；另外，從年初到現在這個組合變化，預期會帶來多少整體同店（total comp）的效益？

Yeah, certainly. First and foremost, we're -- our pursuit of OP has everything to do with creating value for customers. There's a very high correlation between OP comps and our total comp business. We can see that in our store cohorts. It's the value and sales generating engine in the business, as you know. It's the heart of what drives our unique treasure hunt experience.

好的，當然。首先也是最重要的，我們追求 OP 完全是為了替顧客創造價值。OP 的同店表現與我們整體同店業務高度相關。我們在門店分群（store cohorts）中可以看到這點。如你所知，這是公司內部創造價值與帶動銷售的引擎。它是驅動我們獨特「尋寶式」購物體驗的核心。

And the plan that we developed is meant to create a sustainable quality of sales and margin. What we've seen through this first half of the year, comp accelerated meaningfully in Q2, up about 500 basis points relative to the start of Q1. Our mix expanded well over 300 basis points and continues to accelerate.

而我們制定的計畫，是為了打造可持續的銷售品質與毛利水準。在今年上半年，我們看到同店在 Q2 顯著加速，相較 Q1 初期提升約 500 個基點。我們的組合占比擴大超過 300 個基點，且仍在加速。

As I mentioned, we have this headwind with Cyclospora but expect that to be temporary. And we've got some really bright lights. We've executed this plan. One great example is grocery, our largest and most important category. I know you may be curious about this. Our comps finished at 3.5% in Q2.

如我提到的，我們受到 Cyclospora 的逆風影響，但預期這是暫時性的。同時我們也看到一些非常亮眼的成果。我們已經在執行這個計畫。一個很好的例子是雜貨（grocery），這是我們最大、也最重要的品類。我知道你可能對此很好奇。我們 Q2 的同店最終為 3.5%。

And that playbook being executed by Paul Miller is now we're seeing advancing sales momentum in the next two most important areas, both deli and frozen right now. Seeing good inventory flow, we've expanded our range of branded op. And again, the confidence we have in the plan, the supplier engagement, supplier acquisition, what's happening in our basket, we see the momentum in the business and again reflected in where we see the business going in the back half.

而由 Paul Miller 執行的那套作戰手冊，現在也讓我們在接下來兩個最重要的領域——熟食（deli）與冷凍（frozen）——看到銷售動能正在提升。我們看到良好的庫存流動，也擴大了品牌 OP 的範圍。再者，我們對這個計畫的信心、供應商的投入與新增供應商、以及我們客單中的變化，都讓我們看到業務動能，並再次反映在我們對下半年走勢的判斷上。

Appreciate the color. Thank you.

感謝補充說明。謝謝。

Cory Carlo, Jefferies.

Jefferies 的 Cory Carlo。

Great. Thanks, Jason. Appreciate the time. I was wondering if you could talk just broadly around kind of what specific milestones you're using to measure in the improvements in the business. And when do you feel like you can shift to perhaps like a more offensive posturing, if you will.

很好。謝謝你，Jason。感謝撥冗。我想請你更宏觀地談談，你們用哪些具體里程碑來衡量業務改善。以及你們何時覺得可以轉向更偏進攻性的姿態（如果可以這麼說的話）。

And how are you kind of measuring that internal cultural shift back toward the traditional kind of treasure hunt model that Grocery Outlet tends to thrive in?

另外，你們如何衡量內部文化的轉變，回到 Grocery Outlet 往往最能發揮的、傳統的「尋寶式」模式？

Yes. I think the things that we've been measuring and holding ourselves account to, we've made progress across all what we think are the most important KPIs, continued traffic growth, which is really important, we saw some basket expansion, we think is important. We also noted improving net promoter scores from the beginning of the year right through to the end of the quarter.

是的。我們一直在衡量並要求自己負責的事項上，我們在所有我們認為最重要的 KPI 都取得進展：持續的客流成長（這非常重要）、我們也看到一些客單擴張（我們認為同樣重要）。我們也提到，從年初到本季末，淨推薦值（NPS）持續改善。

Our op mix has expanded. The comps have expanded. We see a lot of improvement in execution related to our reporting and visibility that's helped folks across the supply chain manage the flow of inventory, both when they're writing POs, when they're meeting with suppliers, helping us execute with speed and more precision, which is really important.

我們的 OP 組合占比已擴大。同店也擴大。我們看到在執行面有許多改善，與我們的報表與可視性相關；這幫助供應鏈各環節的人員管理庫存流動——無論是在開立採購單（PO）、或與供應商會議時——讓我們能以更快速度、更高精準度執行，這點非常重要。

So seeing good inventory flow, good quality of opportunistic product, which is something we're measuring. We measure things like the amount of variety and balancing that as well as things like turns or Gemroy. Those are all important elements to measure and ultimately.

因此我們看到良好的庫存流動、良好的機會型商品品質，這也是我們在衡量的項目。我們也衡量例如品項多樣性並兼顧平衡，以及像周轉（turns）或 Gemroy 之類的指標。這些都是重要的衡量要素，最終——

Looking at what the customers are doing and the trips it's generating and what that means for things like NPS and value score. And ultimately, we expect to have that show up in a higher level of comp sales in terms of both traffic and basket.

我們會看顧客的行為、它帶來的來店次數（trips），以及這對 NPS 與價值評分（value score）等指標意味著什麼。最終，我們預期這會反映在更高水準的同店銷售上，包含客流與客單兩方面。

That's helpful. And then just as a follow-up, a number of your competitors have highlighted investing into price. Throughout the back half so it feels as if the grocery environment will be getting more competitive as we look over the next several months. I'm curious how you think about your strategy in light of how some of your competitors are going to be posturing their pricing. Thanks.

這很有幫助。接著追問一下，你們一些競爭對手提到會在下半年加大價格投資。因此看起來未來幾個月雜貨零售環境會更具競爭性。我想了解，考量到部分競爭對手的定價姿態，你們如何思考自身策略。謝謝。

Yes. Great question. Look, it's always competitive out there in my 30 years. You're always fighting it out to win the customer's hearts. And we're obviously alert to the competitive activity, and some of the announcements that have been made as well as in the syndicated data seeing a recent uptick in promotion.

是的。問得很好。你看，我 30 年來的經驗是，市場一直都很競爭。你永遠都在為贏得顧客的心而拚搏。我們當然也密切關注競爭動態，以及已發布的一些公告；同時在彙總數據（syndicated data）中也看到近期促銷活動有所升溫。

We know the customer is searching for value, customers under pressure, we all read the news and can see what happens at the pump and so on. I think what we've done to grow opportunistic this year, our positioning there, the plan we're executing against is right on the money, so to speak, to deal with this issue.

我們知道顧客正在尋找價值，顧客承受壓力；我們都看新聞，也能看到油價等在加油站發生的情況等等。我認為我們今年在擴大機會型商品方面所做的事、我們在那裡的定位、以及我們正在執行的計畫，正好切中要點（可以這麼說）來應對這個問題。

And if you look at kind of what happened in our business in this first half and specifically in Q2, our retail inflation was a little bit below 1%, and that has a lot to do with what we're doing with op. And when we think about competition or price. There's many things to evaluate.

如果你看我們上半年、特別是 Q2 的業務表現，我們的零售通膨略低於 1%，這與我們在 OP 上的作為有很大關係。而當我們思考競爭或價格時——有很多事情需要評估。

We're continually monitoring and measuring our pricing against a number of different competitors across major MSAs. We continue to see a nice price gapping on a basket of goods for us, 15% to 20% below mass, 30% to 40% against conventional. I think that's important to note.

我們持續在主要都會統計區（MSA）中，針對多家不同競爭對手監控並衡量我們的定價。我們仍然看到在一籃子商品上，我們的價格差距表現不錯：相較於大賣場低15%到20%，相較於傳統通路低30%到40%。我認為這點很重要。

And for us, when we're dealing with these kinds of things, the best way to deal with it is through OP. Opportunistic is a pretty magical thing for us. It drives sales and margins. It drives value for the customer. Paul came to me this week and shared an example of 50-plus o a well-known relevant branded drink still for $8 in the market that will be selling for under $1 in the market sometime next week.

對我們而言，當我們在處理這類事情時，最好的方式就是透過OP。機會型（Opportunistic）對我們來說相當神奇。它帶動銷售與毛利。它為顧客帶來價值。Paul這週來找我，分享了一個例子：市面上一款知名且相關的品牌飲料，50多盎司的規格在市場上仍賣8美元，但下週某個時候在市場上我們將以不到1美元的價格販售。

Those kinds of things just really displace comparisons and is a big part of what drives customers to our stores. And I think staying competitive and making sure that we're paying attention to what's happening in the market is always going to be an important element of what we do here but continue to see that.

這類事情確實會大幅改變可比性，是驅動顧客來我們門市的一大因素。我認為保持競爭力並確保我們關注市場正在發生的事情，永遠都會是我們在這裡所做事情的重要要素，而我們也持續看到這點。

We're being reinforced and encouraged by our work on opportunistic supply, variety, quality, distribution, and inventory flow and terms.

我們在機會型供應、品類多樣性、品質、配送，以及庫存流轉與條款方面的工作，正持續強化並鼓舞我們。

Very helpful. Thanks so much and best of luck.

非常有幫助。非常感謝，祝你們好運。

Thank you.

謝謝。

Robbie Ohmes, Bank of America.

Robbie Ohmes，美國銀行。

Oh, hey, Jason. Hey, I was hoping as a follow-up. Can you help us, can you maybe parse out, it sounds like you've really got opportunistic is an important initiative, and it's working and you're seeing great things, but you also have the store refresh program.

喔，嗨，Jason。嗨，我想追問一下。你能不能幫我們拆解一下：聽起來機會型（opportunistic）是一項很重要的倡議，而且運作良好、你們看到很好的成果，但你們同時也有門市翻新（store refresh）計畫。

And when we think of those two things, can you sort of help us think about the, what kind of, how much each of those two things are going to drive and how much are they interrelated with each other?

當我們把這兩件事放在一起看時，你能否幫我們理解一下：這兩者各自會帶來多大的推動力？以及它們彼此之間有多大的關聯？

Yeah. Great question, Robbie. Clearly, we continue to believe in improving the in-store experience is an essential part of the strategy. And what we've done in the first half of this year is to make sure that everybody in the company's priority is restoring off across the network. That's what's driving improvement in our business.

可以。很好的問題，Robbie。很明顯，我們仍然相信改善店內體驗是策略中不可或缺的一部分。而我們今年上半年所做的，是確保公司內每個人的優先事項都是在整個網路中把基礎工作恢復到位。這正是推動我們業務改善的原因。

Clearly, refresh is an important component of that. Like I said, on the recording 100 stores by the end of the year is on track. We continue to get great feedback from customers and operators. We think that what's important here and one of the calibrations we made as we focus on improving value and improving op is to make sure that we're supporting operators with the tools and the assistance to ensure a consistent execution as we do these rollouts.

很明顯，翻新是其中一個重要組成。如我所說，今年底前完成100家門市翻新正按計畫推進。我們持續收到顧客與營運團隊的良好回饋。我們認為這裡重要的是：當我們聚焦於提升價值、提升OP時，我們做的一項校準是確保為營運團隊提供工具與支援，以在推進這些展店/導入時確保一致的執行。

We had more variability in the last couple cohorts than we'd like, and we wanted to shorten the disruption period to optimize the results. And so we've calibrated that slightly. And so we continue to think that that's going to be an important long-term element of our turnaround story.

在過去幾個批次中，我們看到的變異性比我們希望的更大，而我們希望縮短干擾期以最佳化成果。因此我們做了些微調整。我們仍然認為，這將是我們轉型故事中一個重要的長期要素。

But the main event here for us is improving value through opportunistic supply, and that's going to continue to be the focus of the company in the back half.

但對我們而言，這裡的主軸是透過機會型供應來提升價值，而這將在下半年持續成為公司的重點。

That's really helpful. And then my follow-up on that is you mentioned earlier in the call the supplier partnerships, improving or recovering or something like that. What happened with the supplier partnerships and how much improvement is there to come from here?

這真的很有幫助。接著我想追問：你在電話會議前面提到供應商夥伴關係、改善或恢復之類的。供應商夥伴關係發生了什麼事？從現在起還能帶來多少改善？

Look, I think I just want to say we're really proud of how the teams engage with suppliers and the relationships that the company has built with the supply community over many decades, frankly. It's a critical point of difference for Groche Outlet and part of our strategic moat.

你看，我想先說，我們對團隊與供應商互動的方式感到非常自豪；坦白說，公司在過去數十年與供應鏈社群建立的關係也是如此。這是Grocery Outlet的一個關鍵差異點，也是我們策略護城河的一部分。

Paul Miller in his leadership brings a special understanding of supplier connection. I don't think we lost that connection, but I think as we really outlined the plan for what we're going to do with opportunistic, it's an important point to call out that engaging with suppliers, face-to-face meetings.

Paul Miller在其領導下，對供應商連結有特別的理解。我不認為我們失去了那種連結，但當我們真正把機會型策略的計畫勾勒出來時，值得強調的一點是：與供應商的互動、面對面會議。

Being a one-stop solution for our supply community, taking quick care of their brands, being good brand stewards and responding in a rapid way is all part of Paul's philosophy. And we're seeing good results there. New supplier acquisitions up above 11% this year.

成為供應鏈社群的一站式解決方案，快速處理他們的品牌需求，成為良好的品牌管理者（brand steward），並以迅速的方式回應，這些都是Paul理念的一部分。而我們在這方面看到不錯的成果。今年新增供應商的取得量成長超過11%。

And we're seeing just kind of great results across the board as the deals come in. And it's just a doubling down of something that we've always done well. And just make sure that the entire company under Paul's leadership is focused on it.

而且隨著交易進來，我們在各方面都看到相當好的成果。這只是把我們一向做得好的事情再加倍投入。並確保在Paul的領導下，全公司都聚焦於此。

That sounds great. Thank you.

聽起來很棒。謝謝。

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行。

Yeah. Hi. Good afternoon, everyone. So business certainly seems to be starting to turn the corner. As we think about guidance, you didn't flow much of the upside this quarter or your better optimism, I guess, into the full year guide. Is that just Cyclospora or are there some other incremental offsets?

是的。嗨。各位下午好。所以業務看起來確實開始轉好。談到財測，你們並沒有把本季較多的上行空間或更樂觀的看法，太多反映到全年指引中。這只是Cyclospora（環孢子蟲）因素嗎？還是還有其他額外的抵銷因素？

And then related to the Cyclospora and the 100 basis point impact. Is that just July through August so far, has that impacted that you expect that to continue all quarter? Just kind of curious as to how you came up with that.

另外，關於Cyclospora以及100個基點的影響。那只是截至目前7月到8月的情況嗎？你們預期會影響整個季度嗎？我只是好奇你們是如何得出這個數字的。

Yeah. Hey. This is Ian, I'll take that. So if you look at the B for Q2, and we are pleased with where the performance ended up, we beat the midpoint by about $9 million. Roughly half of that was due to outperformance on comp and gross margin rate.

是的。嗨。我是Ian，我來回答。如果你看第二季的B（我理解為業績/結果），我們對最終表現感到滿意；我們比指引中點高出約900萬美元。其中大約一半來自同店（comp）與毛利率的超預期表現。

Of the remaining $4.5 million, two-thirds of that is SG&A dollars that will actually shift into the back half of the year, primarily the third quarter. And then one and a half was just good cost discipline versus plan. So the way that I would think about the quarter is.

剩下的450萬美元中，約三分之二是SG&A費用，實際上會移到下半年，主要是在第三季。另外150萬則是相較於計畫更好的成本紀律。所以我看待本季的方式是：

Roughly a $6 million versus midpoint on an organic basis with $3 million shifting and then as you think about Q3, there will be a sequential step down in gross margins even though we are further tapering promotional investment and there's a little bit of store closure costs that roll off.

以有機基礎來看，大約比中點高出600萬美元，其中300萬會遞延/移轉。

Produce issues that Jason highlighted do come with elevated shrink and that will be a meaningful hit in the third quarter that will flow through into gross margins and we also have just a modest level of seasonality. So when you net all that out and then we look at the balance of the year, we felt like the guidance that we gave is appropriate and we want to be prudent with our outlook.

Jason提到的生鮮農產品問題會伴隨較高的耗損（shrink），這將在第三季造成顯著衝擊，並反映在毛利率上；此外我們也有一些溫和的季節性因素。因此把這些因素相互抵銷後，再看今年剩餘期間，我們認為所給出的指引是合適的，也希望在展望上保持審慎。

Yeah, of the cycles for we're basically assuming that the pressure is going to be with us through the end of the quarter.

是的，就週期而言，我們基本上假設這種壓力會一路持續到本季末。

Okay. And then, Jason, I wanted to ask you, talk about the promotion, just sort of going back into the back half of the year, but then.

好的。接著，Jason，我想問你談談促銷，算是回到下半年，但然後。

Sorry, you're breaking up there. I don't operator, if you can just make sure the line is clear there. We just didn't hear anything. We're getting a few words in there. Sorry.

抱歉，你那邊斷斷續續的。我不知道接線員是否可以確保線路清楚一點。我們剛剛什麼都沒聽到。只聽到幾個字。抱歉。

Yeah, sorry, maybe it was the speaker. So, Jason, I wanted to ask you on the promotional side, you talked about maybe pulling back or normalizing to some extent in the back half, and then some of that void gets filled. I guess, with value communication and maybe it's increased op as well, but the backdrop is competitive.

是的，抱歉，可能是喇叭的問題。所以，Jason，我想問你在促銷面向，你提到下半年可能會在某種程度上收斂或回歸常態，然後其中一些空缺會被補上。我想，可能透過價值溝通，也許營運也會提升，但大環境是競爭激烈的。

I'm just kind of curious as to how you feel about sustaining some of the momentum that's improved while. You normalize on a promo side.

我只是有點好奇，當你在促銷面回歸常態時，你對於維持這段期間改善後的動能有什麼看法。你在促銷面回歸常態。

Yeah. No, great question. So a couple of things to say, Grocery Outlet has not been traditionally a promotional company and we don't intend to continue that. We create excitement and value through, obviously, the branded op deals and as you pointed out, the treasure hunt experience.

是的。不錯的問題。所以有幾點要說，Grocery Outlet 傳統上並不是一家以促銷為主的公司，我們也不打算一直這樣做。我們透過（顯然）品牌的 OP 特價交易，以及你提到的「尋寶式」購物體驗，來創造興奮感與價值。

We did establish early in the year this $20 million promotional bridge, this synthetic bridge that was designed to. Supplement our op offering as we rebuilt the offering. Now we're on track with that plan to rebuild our op offering, which is why the focus of the company is everyone's attention has turned there.

我們在年初確立了這個 2,000 萬美元的促銷橋接，這個合成式的橋接設計是為了。在我們重建 OP 供給的同時，補強我們的 OP 供應。現在我們正按計畫重建 OP 供給，這也是為什麼公司焦點、大家的注意力都轉向那裡。

And we're on track to taper those promotions, those replacement promotions, if you will, as op mix is fully sort of restored by the end of the third quarter. So a couple of things there. When I look at the weight of OP, the number of deals at various levels of savings and the KPIs that associate to call it promotion, our plan is also on track.

而且我們也按計畫逐步縮減那些促銷、也就是你可以說是替代性促銷，因為到第三季末 OP 組合將大致完全恢復。所以這裡有幾點。當我看 OP 的權重、不同省幅層級的交易數量，以及與所謂促銷相關的 KPI，我們的計畫也在軌道上。

So pleased with the progress on growing OP, we don't expect to see the need for more promotional investment beyond what we've already discussed. And to your point, we remain disciplined but responsive. Obviously, maintaining the right competitive price gaps is critical, but I just want to reinforce we think we're on the right track and we'll monitor if anything changes, but expect that our plan is prudent and appropriate for the back half of the year.

因此我們對 OP 成長的進展感到滿意，我們不預期在已討論的範圍之外還需要更多促銷投資。也如你所說，我們會保持紀律但也會因應。顯然，維持適當的競爭性價差至關重要，但我想再次強調，我們認為方向正確；若有任何變化我們會監控，但預期我們的計畫對下半年而言是審慎且合宜的。

Oliver Chen, Cowen and Company LLC.

Oliver Chen，Cowen and Company LLC。

Hi, good afternoon. This is Iris Stankich on for Oliver. We described Grocery Outlet as a countercyclical model that can benefit when consumers come under greater pressure. And I'm just wondering, as we've moved through the quarter, have you seen any change in customer behavior that gives you confidence that the value perception is becoming more visible to shoppers? Whether it's through a new customer acquisition trip frequency or basket.

嗨，下午好。我是 Iris Stankich，代替 Oliver 發言。我們將 Grocery Outlet 描述為一種逆週期模式，當消費者承受更大壓力時可以受益。我想請教，隨著本季推進，你們是否看到任何顧客行為的變化，讓你們更有信心價值認知正變得更容易被購物者看見？不論是新客獲取、來店頻率或客單（basket）。

Thank you Yeah, thanks for the question. Yeah, clearly generally what we've seen in the past is You'll see pressure in the basket first and then obviously that with when trade down happens we get traffic We haven't seen that yet, but we think the work we're doing positions us well for that as I mentioned Traffic did increase.

謝謝。是的，謝謝你的問題。是的，很明顯地，一般我們過去看到的是：壓力會先反映在客單上，然後當消費者開始降級消費（trade down）時，我們就會看到客流。

Just about 2% in the quarter. That's been sort of running above that 2% mark, which is the intent of our plan this year. We also saw improvement in our basket, and we did see improvement in UPT relative to op in the basket. So our customers are recognizing value. They're seeing more of it in the store. That's showing up in the underlying metrics.

本季大約增加了 2%。這個表現一直略高於 2% 的水準，這也是我們今年計畫的目標。我們也看到客單改善，並且相較於客單中的 OP，我們看到 UPT 有所改善。因此顧客正在認知到價值。他們在店內看到更多價值。這也反映在底層指標上。

And we believe and they're convinced that that's what's driving our sales. And the relationship between op value and comps are connected and drives the heart of the differentiation that we have in the business. So that's what I would share today on that front.

我們相信，而且我們也確信，這正是推動我們銷售的原因。而 OP 價值與同店成長（comps）之間的關係是相互連動的，並驅動我們業務差異化的核心。所以在這方面，今天我能分享的大概就是這些。

Okay, got it. And then just as a follow-up, I know that last quarter you noted. For United Grocery Outlet and expected it to be a 2026 discussion. Are you able to provide an update on where that process stands today and whether your view of the strategic fit of the business has evolved since then?

好的，了解。接著追問一下，我知道你們上季提到。關於 United Grocery Outlet，並預期會是 2026 年的討論。你們能否更新一下目前流程進展，以及你們對該業務策略契合度的看法是否自那時以來有所演變？

Yeah. Hey, Iris, this is Anne. I can take that. So you're right. We do think it's a 2026 conversation. There's work ongoing. We're looking at a variety of options. When that work concludes, we'll update you as soon as that happens. But no update today of any, no.

是的。嗨，Iris，我是 Anne。我可以回答這題。所以你說得對。我們確實認為那會是 2026 年的對話。目前仍有工作在進行中。我們正在評估多種選項。當那項工作告一段落，我們會在第一時間向你們更新。但今天沒有任何更新，沒有。

Got it. Thank you.

了解。謝謝。

John Heinbockel, Guggenheim Securities LLC.

John Heinbockel，Guggenheim Securities LLC。

Hey, Jason, I wanted to ask, as you lean more into OP, so what is changing, if anything, with planograms and space allocation? Toward that. And then, if you think about balance leaning into op heavier, I think historically, right, you guys have been pretty good about avoiding markdowns, even on close code product.

嗨，Jason，我想問，當你們更著重於 OP 時，平面圖（planograms）與空間配置有沒有任何改變？朝那個方向。然後，如果你從平衡的角度來看、把 OP 比重拉得更高，我想歷史上你們一直很擅長避免降價出清（markdowns），即使是接近效期（close code）的商品也是。

Maybe talk about that tension, leaning in and trying to avoid markdowns.

能否談談這種拉高投入與避免降價出清之間的拉扯？

Yeah. Great question, John. So we don't, we have kind of, call it planograms as sort of a. An industry term where you've got obviously every item is allocated in the space, we have space allocation. And so what we did in the first half of the year, we did mention that we would be discontinuing 400 to 500 MTO and private label items to make space for more opportunistic variety.

是的。好問題，John。所以我們不太——我們有點把 planograms 當作一個。業界用語，意思是每個品項都被分配到固定空間；我們這邊是做空間配置。因此我們在上半年做的事情之一，我們確實提過，會停掉 400 到 500 個 MTO 與自有品牌品項，以騰出空間給更多機會型的多樣化商品。

I'm pleased to report that we did get that done, made those transitions that's shown up in sales and in store. And the vast majority of those markdowns, if there were any, were done already in the first half. We always have some markdowns when we're changing product out. The business year-to-year will sell 80,000 to 100,000 unique SKUs as products come and go. And so it is a normal cadence for the business to manage and we're happy how that first half has gone, John.

我很高興回報，我們已經完成了，完成那些轉換，這也反映在銷售與店內呈現上。而那些降價出清（如果有的話）絕大多數也都已在上半年完成。當我們更換商品時，總會有一些降價出清。這個業務每年會隨著商品進出，賣出 80,000 到 100,000 個獨特 SKU。因此這是業務正常的管理節奏；我們對上半年的進展很滿意，John。

Maybe as a follow-up, I think you talked about a lot of the 27 openings where a bigger percentage will be in existing markets. Is the plan to open more than you did this year, right, in 27 or about the same? And then I think the idea when you did UGO is to have volume sufficient on the East Coast to really lean into.

再追問一下，我想你提到 27 家開店中，有更高比例會在既有市場。計畫是明年開得比今年更多嗎（也就是超過 27 家），還是差不多？另外，我想當初你們做 UGO 的想法，是要在美東有足夠的量，才能真正加大投入。

OP product, I think you're probably there. We don't need to open that many more on the East Coast to get access to OP. Is that fair?

OP 產品，我想你大概已經到位了。我們不需要在東岸再開那麼多店就能取得 OP 的供應。這樣說公平嗎？

Yeah, on your first question, we're not prepared yet to release sort of a store count for next year, but it is our intent to open much more infill. Obviously, as we stated, we're excited about the long-term white space and growth, potential of the business. And in the near term, we've made some tough decisions to make sure that we're focused on infill opportunities and that really allows us to leverage the brand, power the brand locally, the people power.

是的，針對你的第一個問題，我們目前還沒準備好公布明年的門市數量規劃，但我們的意圖是要開出更多的補點型門市（infill）。顯然，如同我們所說，我們對於長期的白地空間與業務成長潛力感到興奮。而在短期內，我們做了一些艱難的決策，以確保我們聚焦在補點機會上，這也確實讓我們能夠槓桿品牌、在當地強化品牌，以及人力動能。

Our IO community is really important and the density of stores helps with that, distribution strength obviously, which the core markets. We've got a well-oiled machine there and supported by disciplined underwriting we think is the right approach in the near term.

我們的 IO 社群非常重要，而門市密度對此很有幫助；當然還有配送能力的強度，尤其是在核心市場。我們在那裡已經是一套運轉順暢的機器，並且在我們看來，以嚴謹的承作審核（underwriting）作為支撐，是短期內正確的做法。

To your point on the East, we just opened a new DC to support that group of stores, and we feel that that's absolutely helping our results in the East. We're pleased with the performance of the stores post-closure work. Those stores are running profitably as a group and ahead of plan. And positive comps already this year. So all of those elements, we're feeling good about those decisions, John.

就你提到的東岸而言，我們剛開了一座新的配送中心（DC）來支援那一群門市，我們認為這確實正在幫助我們在東岸的業績表現。我們對於門市在關店整頓（closure work）後的表現感到滿意。這些門市整體而言目前是獲利運營，且優於計畫。而且今年到目前為止同店也已轉正。所以綜合這些因素，我們對這些決策的感受是正面的，John。

Thank you.

謝謝。

You're welcome.

不客氣。

Joseph Feldman,Telsey Advisory Group LLC.

Joseph Feldman，Telsey Advisory Group LLC。

Hey, guys. Thanks for taking the question. I wanted to ask, dig in on that field operations changes you've made. Can you share just a little more color on that? Like what's actually different that the field operations, I guess field managers or whatever they're called, are doing in the stores and how they're helping in a different way and what maybe sales and costs are related to that?

嗨，各位。謝謝讓我提問。我想深入問一下你們在門市營運（field operations）方面做的調整。你們能否再多分享一些細節？例如門市端的營運團隊，我想是區域經理或類似職稱的人，實際上在店內做了哪些不同的事、他們如何以不同方式提供協助，以及這些變化可能對銷售與成本帶來哪些影響？

Thanks.

謝謝。

Yeah, no. It's a great question. Look, first and foremost. The I/O model is a unique competitive advantage for us. We know that it's essential for us in the long term to continue to improve support for our operators. Execution is a huge component of the customer experience, and the intent of the team is double down on communication and collaboration with our operators.

好的，沒問題。這是個很好的問題。首先也是最重要的，I/O 模式對我們而言是一項獨特的競爭優勢。我們知道，從長期來看，持續改善對我們營運商（operators）的支援至關重要。執行力是顧客體驗的關鍵組成，而團隊的目標是加倍強化與營運商之間的溝通與協作。

Specifically, we're adding field support that's been done. We've implemented things like dynamic routing that I mentioned in my opening remarks. That really helps with op flow and in-stocks, so there's support there. Implementing things like store-level POS, customer feedback reporting to give our IOs much more salient information about specific customer feedback, trends, and the DSMs work directly with them on action plans to help make improvements where needed.

具體來說，我們正在增加已完成的前線支援配置。我們也導入了我在開場談到的動態路線規劃（dynamic routing）等措施。這確實有助於營運流程與在庫率（in-stocks），因此在那方面有支援。另外也在推動像是店級 POS、顧客回饋報告，讓我們的 IO 能取得更具關聯性的資訊，了解特定顧客回饋與趨勢，而 DSM 會直接與他們合作制定行動計畫，在需要之處協助改善。

And then one of the biggest ones we've had this year is really unlocking some of the data. We have this process we call an annual business review, but it's really using fleet white data that field teams provide our operators a ranking against another group of stores, similar state, similar volumes, and allow them to see in a way margin, sales, underlying cost drivers.

此外，今年我們做得最大的一件事之一，是把部分數據真正解鎖出來。我們有一個流程稱為年度業務回顧（annual business review），但實際上是運用我們稱為 fleet white data 的資料，讓前線團隊提供營運商一個與另一組門市的排名比較（例如同州、相近銷量），並讓他們能看見毛利、銷售，以及底層成本驅動因素。

And then supported with a suite of reporting that helps them dial in on opportunities to drive sales, to drive margins, to drive improvement in their business. This more frequent and ongoing collaboration and communication is definitely a change, and I think everybody in the company, including the operators, are excited about that support and direction.

並且搭配一整套報表，幫助他們鎖定機會點，以帶動銷售、提升毛利，並改善其業務表現。這種更頻繁、持續性的協作與溝通確實是一項改變；我想公司內部每個人，包括營運商，都對這樣的支援與方向感到振奮。

That's really helpful. Thank you. Maybe as a follow-up. I probably asked you guys this in the past, but how are you communicating the changes to your existing base or prior customers? Like I know in the past people used to love the opportunistic goods. Now that you have them back, and you're flowing it into the store, like are you how are those the customer finding out about it and maybe recapture some of the ones that may have left Grocery Outlet? Thanks.

這真的很有幫助。謝謝。我再追問一下。我以前可能問過你們：你們如何把這些改變傳達給既有客群或過去的顧客？例如我知道以前大家很喜歡機會型商品（opportunistic goods）。現在你們把它們帶回來、也把供應導入門市，那顧客是怎麼知道的？以及你們如何可能把那些曾經離開 Grocery Outlet 的顧客再拉回來？謝謝。

Great question. Clearly, driving value is key. We introduced extreme value in the front half of the year across channels, but we think it's a clear price messaging, clear value communication. We've updated some signage and we have actually a kit going out to all stores this quarter to support our 80th anniversary. We think that's going to be a helpful additional support piece.

好問題。很明顯，推動「價值」是關鍵。我們在今年上半年透過各個渠道推出「極致價值」（extreme value），我們認為這是清楚的價格訊息與清楚的價值溝通。我們更新了一些店內標示，而且本季也會發送一套物料包到所有門市，以支援我們的 80 週年。我們認為這會是額外且有幫助的支援。

We continue to adjust our media mix to reach customers more effectively related to the groups that really get excited about the treasure hunt. They love discovery. They love value. And we're seeing that that work is helping satisfaction scores and resonating with those groups of customers, including LAPS customers.

我們也持續調整媒體組合（media mix），以更有效觸及那些對「尋寶式購物」（treasure hunt）特別興奮的客群。他們喜歡發現。他們喜歡價值。我們看到這些工作正在提升滿意度分數，並與這些客群產生共鳴，包括 LAPS 顧客。

That's helpful. Thanks. Good luck with this third quarter.

很有幫助。謝謝。祝你們第三季順利。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，Morgan Stanley。

Hey, Jason. Hey, Ian. First, I want to ask about this improvement through the anatomy of your customer cohorts. So are you seeing best customers shop more, average ones stepping up, and then I don't know if there's a component of new customers coming to the brand?

嗨，Jason。嗨，Ian。首先我想問，關於你們顧客分群（customer cohorts）結構所帶來的改善。所以你們是看到最好的顧客買得更頻繁、一般顧客也在提升，另外我不確定是否也有新顧客進入品牌的成分？

Yeah. I think kind of high level, top level, Simeon, thanks for the question. Driving traffic was our first objective and I think that has proven to be effective in the first half. We're going to continue to lean in there with our plan. Obviously, some of what you do is to drive frequency and the other pieces that help long-term are continue to improve your business and your execution to work on things like the basket.

是的。Simeon，先從較高層次來看，謝謝你的問題。帶動來客數（traffic）是我們的第一個目標，我認為上半年已證明這是有效的。我們會依照計畫持續加大力道。當然，你做的一部分是提升來店頻次（frequency），而有助於長期的其他部分，則是持續改善你的業務與執行，去處理像是客單（basket）這類議題。

There's always a combination of things that you're trying to achieve. But our first objective is to really dial in the value piece, get recognition for that, drive frequency and drive the traffic. That's the key priority.

你總是在同時追求多個目標的組合。但我們的第一目標是把「價值」這一塊真正調到位，讓市場對此有認知，進而提升頻次並帶動來客數。這是最關鍵的優先事項。

And then related to it, you have transactions, it sounds like the basket is still down. You mentioned grocery is getting fixed or getting better, positive. I think you called out deli and frozen is works in progress. How impactful can opportunistic be there? Is that just inherently more of an everyday category?

接著相關地，你們的交易筆數（transactions）聽起來在走強，但客單（basket）仍在下滑。你提到雜貨（grocery）正在修復或變得更好、已轉正。我想你也點到熟食（deli）與冷凍（frozen）仍在改善中。機會型商品（opportunistic）在這方面能有多大影響？還是說那本質上更偏向日常型品類？

And what is that diagnosis? How do you change the basket from here? I know this company used to comp much higher than where we were. So what are the things that you need to finish to close the gap?

你們的診斷是什麼？接下來要如何把客單拉回來？我知道這家公司過去的同店成長（comp）曾經遠高於目前水準。所以你們還需要完成哪些事情，才能把差距補上？

Yes. We're just executing the same playbook. Those are the two next most important categories for OP. That's why I point them out. They're large. Important and op will play a huge role in the turnaround here and getting sales and those two categories are areas we see as the next most logical place to really drive sales and we're getting early good positive early results as the team has not totally tuned everything in, but definitely we're seeing momentum there and excited about what that's going to mean as we go forward.

是的。我們只是照著同一套作戰手冊在執行。那是 OP 接下來最重要的兩個品類。所以我才特別點出來。它們規模很大。很重要，而且 OP 將在這裡的扭轉局面、帶動銷售方面扮演非常關鍵的角色；而這兩個品類是我們認為下一個最合乎邏輯、能真正推動銷售的領域。我們已經看到一些早期、正向的初步成果；團隊雖然還沒有把所有事情完全調校到位，但我們確實看到那裡的動能，也很期待這在未來推進時會帶來什麼意義。

Michael Baker, DA Davidson.

Michael Baker，DA Davidson。

Kind of a follow-up on what Simeon was just asking or maybe getting to. Your guidance, even if you add back cycles for is about flat, yet grocery, a big part of your business is up 3%, I think you said. You're adding the playbook to other big categories.

算是延續 Simeon 剛剛在問、或想問到的問題。你們的指引，即使把 Cyclospora 的影響加回去，大概也只是持平；但雜貨是你們業務很大的一部分，我記得你說成長 3%。你們也把這套作戰手冊套用到其他大型品類。

I think opportunistic is now probably, if you said up to 20 basis points, that's about 48% now versus it will get to 50%, like you're getting there, you're doing all the things. When all those things are implemented, what do you think the long-term comp should be? I presume something better than flat to up 1% if you add back to Cyclospora.

我想 OP（opportunistic）現在大概，如果你說提升到 20 個基點左右，那現在占比約 48%，之後會到 50%，也就是你們正在接近目標、也在做所有該做的事。當這些事情都落地之後，你認為長期的同店（comp）應該是多少？我猜應該會比持平到成長 1% 更好（如果把 Cyclospora 的影響加回去）。

Yeah. Great question. We definitely see continued acceleration through the year, and we fully expect the business to get back to a healthy level of comps. Something well north of inflation. So I think in the past, this business comp three to five on a pretty regular basis, and we don't see a reason why we can't do that.

是的。好問題。我們確實看到全年會持續加速，我們也完全預期業務會回到健康的同店成長水準。會明顯高於通膨。所以我想過去這個業務同店大多能穩定做到 3% 到 5%，我們看不出為什麼做不到。

Yeah. Fair enough. That would certainly help. One other question. You said something, if I caught it right, about variability and the most recent implementation of systems. So if you could talk a little bit and then swirling it down. I may have misunderstood, but can you talk about, can you flex that out a little bit?

好的。合理。那確實會很有幫助。另外一個問題。你提到一些內容，如果我沒聽錯的話，關於變異性以及最近一次系統導入。所以如果你能多談一點，然後再把它講得更具體一些。我可能誤解了，但你能不能把這部分再展開說明一下？

Yeah, no. I wasn't referring to systems. Happily, we have nothing to report on systems. We've planted the flag and our systems are stable. Good progress there. A couple of quarters ago. What I was referring to was the last couple of cohorts of refresh stores.

好的，不是。我不是在指系統。很高興地說，我們在系統方面沒有任何需要報告的。我們已經把旗子插下去了，系統很穩定。那方面進展良好。是在幾個季度前。我指的是最近幾批翻新門店（refresh stores）的群組。

And we found that just the length of time to make the changes was disrupting customers. And what the team is doing right now is dialing that down to make those changeovers much more rapidly with better support pre and post in order to make sure that we don't turn people away as we're making what we think are positive changes. So that's what I was referencing.

我們發現，做出這些變更所需的時間長度正在干擾顧客。團隊目前正在把這個時間縮短，讓這些轉換更快速，並在前後提供更好的支援，以確保我們在做我們認為是正向的改變時，不會把人趕走。所以我指的是這件事。

Understood.

了解。

Bill Kirk, Roth Partners.

Bill Kirk，Roth Partners。

Good evening, everyone. Jason and Ian, you both mentioned and even quantified the adverse impact of Easter timing in 2Q. What I was wondering, I guess, is at the end of 2Q, did you have a positive July 4 timing benefit? And if so, how large was that?

各位晚安。Jason 和 Ian，你們都提到、甚至量化了第二季復活節時點對業績的不利影響。我想問的是，在第二季結束時，你們是否有因 7 月 4 日時點而帶來正向效益？如果有，規模有多大？

It was immaterial.

影響不大。

And then Ian, in your prepared remarks, you talked about, I think you opened with the importance of building a durable model focused on creating long-term shareholder value. So philosophically speaking, how do you evaluate the decision to ease up on promotion and pricing in the context of your focus on helping build that durable, sustainable model?

然後 Ian，在你準備好的發言中，你談到——我想你一開始就提到——建立一個聚焦於創造長期股東價值的可長可久（durable）的模式的重要性。所以從理念上來說，在你們聚焦於建立那個可長可久、可持續的模式的背景下，你如何評估放鬆促銷與定價的決策？

Yeah. Good question. I mean, as you think about what drives long-term equity value creation, it's consistency of growth paired with improving returns on capital. We have a long way to go, but we think we're making progress along both of those fronts. I think the good news for us is that opportunistic really drives.

是的。好問題。我的意思是，當你思考什麼驅動長期股權價值創造時，關鍵在於成長的一致性，並搭配資本報酬率的提升。我們還有很長的路要走，但我們認為在這兩個面向都在取得進展。我想對我們來說的好消息是，OP（opportunistic）確實能帶動。

Benefit to everyone in the model, whether you're a customer, a shareholder or an IO. So there's great savings, it comes at a high margin, and it delivers good excitement for the customer. So, what we've seen is we've already started to taper the promotions.

讓模型中的每個人都受益，不論你是顧客、股東或是 IO。所以它能帶來很大的省錢效果，且毛利率高，也能為顧客帶來很好的新鮮感與興奮感。因此，我們看到我們已經開始逐步收斂促銷。

And the reason why we've been able to do that is because we've been increasing op. And the customer doesn't really understand the distinction between a promoted branded item or op. They just see deals. And so as you mix out some of the more promotional stuff and mix in op, it's not something that they notice. So we really did view that $20 million as a synthetic bridge.

而我們之所以能這麼做，是因為我們一直在提高 OP。而顧客其實不太理解「促銷的品牌商品」和 OP 之間的差別。他們只看到優惠。所以當你把一些更偏促銷的東西比例降低、並把 OP 的比例提高時，這不是他們會注意到的事情。因此我們確實把那 2,000 萬美元視為一座「人造的橋」。

We expect it to be done by the end of the third quarter. And as we look into 2027, perhaps we have a tailwind on gross margin to some extent, we expect to be back in a more normalized comp level. My philosophy as CFO is that we absolutely should be driving SG&A leverage. So as you look to next year, we certainly hope and it's our expectation we'll have a more normalized looking P&L.

我們預期在第三季末之前就會結束。而當我們展望 2027 年時，也許毛利率在某種程度上會有順風，我們預期同店會回到較正常化的水準。以我作為 CFO 的理念，我們絕對應該推動 SG&A 的槓桿效益。所以當你看明年，我們當然希望、也預期損益表會看起來更正常化。

Thank you, and that's what I was looking for. I'll pass it along.

謝謝，這就是我想了解的。我就把問題交給下一位。

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

（接線員指示）目前沒有其他問題。我想把時間交還給 Jason Potter 作結語。

Well, thanks very much for your questions today. I look forward to continued engagement and reporting continued improvement in our business in the future. So thanks everybody for today and wish you well.

好的，非常感謝各位今天的提問。我期待未來持續交流，並在之後持續回報我們業務的改善。所以謝謝大家今天參與，祝各位一切順利。

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。您現在可以掛斷電話。感謝您的參與。