Leslie's Inc (LESL) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the fiscal first quarter 2025 earnings conference call for Leslie's. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay later today on the company's website. I will now turn the call over to Matt Skelly, Vice President of Investor Relations.

下午好，歡迎參加 Leslie's 2025 財年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音，今天晚些時候可在公司網站上重播。現在我將電話轉給投資者關係副總裁 Matt Skelly。

Thank you and good afternoon. I would like to remind everyone that comments made today may include forward-looking statements which are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from management's current expectations. These statements speak as of today and will not be updated in the future. If circumstances change, please review the cautionary statements and risk factors contained in the company's earnings press release and recent filings with the SEC.

謝謝您，下午好。我想提醒大家，今天的評論可能包括前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致公司的實際結果與管理層目前的預期有重大差異。這些聲明僅代表今日的觀點，將來不會更新。如果情況發生變化，請查看公司收益新聞稿和最近向美國證券交易委員會提交的文件中含有的警示聲明和風險因素。

During the call. Today, management will refer to certain non-GAAP financial measures. A reconciliation between the GAAP and non-GAAP financial measures can be found in the company's earnings press release, which was furnished to the SEC today and posted to the investor relations section of Leslie's website at ir.lesliespool.com on the call today are Jason McDonell, Chief Executive Officer; and Scott Bowman, Chief Financial Officer. With that, I will turn the call over to Jason.

通話過程中。今天，管理階層將參考某些非 GAAP 財務指標。在公司的收益新聞稿中可以找到 GAAP 和非 GAAP 財務指標之間的對賬，該新聞稿已於今天提交給美國證券交易委員會 (SEC)，並發佈到 Leslie 網站 ir.lesliespool.com 的投資者關係部分，今天參加電話會議的有首席執行官 Jason McDonell；以及財務長 Scott Bowman。說完這些，我會把電話轉給傑森。

Thanks Matt and thank you for joining us this afternoon. Before we begin. There are many people I want to thank since I joined Leslie's in September from our frontline field leaders, providing me thoughtful feedback when I'm out in the field to our corporate team members being all in and to our board of directors for their level of partnership perspective and support. I say thank you.

謝謝馬特，感謝您今天下午加入我們。在我們開始之前。自從我去年九月加入 Leslie's 以來，我要感謝很多人，從我們的一線現場領導，到在我外出時為我提供周到反饋的公司團隊成員，再到我們董事會的合作夥伴觀點和支持。我說謝謝。

As I mentioned during my first quarterly call last November. As soon as I joined the company, I embarked on a listening and learning tour. I spent time in stores listening to our valued customers, team members and suppliers. After reporting year end fiscal 2024 results, I spent time with fellow shareholders and analysts, and they shared thoughtful questions, perspectives and feedback.

正如我在去年 11 月第一次季度電話會議上提到的那樣。我一進公司，就踏上了聆聽、學習之旅。我花了一些時間在商店裡傾聽我們尊貴的客戶、團隊成員和供應商的意見。在報告 2024 財年年終業績後，我與其他股東和分析師一起度過了一段時光，他們分享了深思熟慮的問題、觀點和回饋。

I've continued my tour over the past couple of months, bringing my stores visited to over 65 across nine states. This has been a critical part of my time spent at Leslie's my listening and learning tour, also took me to the recent pool and spa show in Atlantic City where I met with suppliers and customers. My experience there reinforced my confidence in the pool and spa industry and its future potential.

過去幾個月我繼續我的巡演，參觀了九個州的 65 多家商店。這是我在萊斯利聆聽和學習之旅中度過的重要部分，也帶我去了最近在大西洋城舉辦的游泳池和水療展，在那裡我會見了供應商和客戶。在那裡的經驗增強了我對泳池和水療產業及其未來潛力的信心。

These experiences have also helped us confirm our strategic themes and prioritize this resulting set of initiatives that I will outline for you. Today, I mentioned during the last earnings call that our team is going to be laser focused on the fundamentals, putting the customer at the center of everything we do. And as I mentioned, we intend to perform while we transform.

這些經驗也幫助我們確認了我們的策略主題，並確定了我將向你們概述的一系列舉措的優先順序。今天，我在上次財報電話會議上提到，我們的團隊將專注於基本面，並將客戶放在我們所做的一切的中心。正如我所提到的，我們打算在轉型的同時實現績效。

Before I review some initiatives on how Leslie's will transform. I will give you a high-level summary of our performance. From the first quarter of our fiscal year, our revenue came in at the top end of our guidance with sales of $175 million up 0.7% compared to the first fiscal quarter of 2024.

在我回顧 Leslie's 將如何轉型的一些舉措之前。我將對我們的表現做一個概括的總結。從本財年第一季開始，我們的營收達到了預期的最高水平，銷售額為 1.75 億美元，與 2024 財年第一季相比成長 0.7%。

Even excluding a few million dollars of sales, we estimate from the serious storms in Florida in the quarter, our results still would have fallen within the guidance range across our consumer groups on a year over year basis. Pro pool sales grew 9%. Residential pool sales declined 1% and residential hot tub sales declined 5%.

我們估計，即使剔除本季度佛羅裡達州的嚴重風暴造成的數百萬美元的銷售額，與去年同期相比，我們的業績仍然在我們消費者群體的指導範圍內。Pro Pool 的銷售額成長了 9%。住宅泳池銷售額下降 1%，住宅熱水浴缸銷售額下降 5%。

Our adjusted EBITDA was at the bottom end of our guide. At a loss of $29 million. We would have been at the middle of the guide, but we made additional inventory optimization decisions and incurred additional professional fees to support the transformation as we lay the foundation for growth in the pool season. As a reminder, Q1 and Q2 are seasonably small quarters for us where we typically produce losses, digging deeper into our sales results. We saw improvement in a number of key areas.

我們的調整後 EBITDA 處於指導水準的底端。虧損2900萬美元。我們本來應該處於指南的中間位置，但我們做出了額外的庫存優化決策，並產生了額外的專業費用來支持轉型，為泳池季節的成長奠定了基礎。提醒一下，第一季和第二季對我們來說都是季節性較小的季度，我們通常會產生虧損，對我們的銷售業績造成更深的影響。我們在許多關鍵領域看到了進步。

This past quarter, we produced sales growth for the first time in two years that said this is early days and we are on a continued journey of transformation at Leslie's traffic at Leslie's improved to flat compared to down mid-single digits both a year ago and into the fourth quarter of 2024 conversion was up in the first quarter by over 160 basis points versus the year ago period. This is driven by the great work from our team members to ensure we meet the needs of our customers every day helping our conversion rate. You may recall from our last earnings call. We have challenged our team members to be more focused on the fundamentals of retailing and they are answering the challenge.

過去一個季度，我們兩年來首次實現了銷售成長，但這只是開始，我們將繼續推進 Leslie 的轉型，Leslie 的客流量由去年同期的中個位數下降轉為持平，到 2024 年第四季度，轉換率在第一季度比去年同期上升了 160 個基點以上。這是由我們團隊成員的出色工作所推動的，他們確保我們每天滿足客戶的需求，從而幫助我們提高轉換率。您可能還記得我們上次的財報電話會議。我們要求團隊成員更加關注零售業的基本面，他們正在應對這項挑戰。

Most notably, a key initiative was driving precision inventory to improve our in-stock position our TOP600 items which include our newly defined never outs or critical skews. I'm pleased to share that we've already seen significant improvement and in stock levels with most categories up over 300 basis points since the end of fiscal 2024. This improvement is helping us convert more customers.

最值得注意的是，一項關鍵措施是推動精準庫存，以改善我們的庫存狀況，包括我們新定義的永不缺貨或關鍵偏差。我很高興地告訴大家，自 2024 財年末以來，我們已經看到顯著的改善，大多數類別的庫存水準都上漲了 300 個基點以上。這項改進幫助我們吸引更多客戶。

I'm also pleased to report that even with increased in stocks, we've lowered our overall inventory by $63 million or 19% versus EUR this is due to a sharp focus on inventory improvement throughout the year as we look to improve our working capital and pay down our debt with excess free cash flow.

我還很高興地報告，即使庫存增加，我們仍將整體庫存降低了 6,300 萬美元，即 19%（相對於歐元），這是由於我們全年都高度關注庫存改善，因為我們希望改善營運資金並用多餘的自由現金流償還債務。

Turning to our core categories, our core chemical sales were positive in both dollars and volume versus the same period a year ago. The same was true for our specialty chemicals, equipment sales are stabilizing versus a year ago and sequentially versus last quarter, equipment sales were down 4% compared to down 18% a year ago and down 15% last quarter excluding post storm demand in Florida, equipment sales still showed an improving trend in both cases. Lastly, we were pleased with our pro results at 9% growth. The results were driven by our better in stock positions and our double digit increase in pro partner contracts.

談到我們的核心產品類別，與去年同期相比，我們的核心化學品銷售額無論在金額上或銷售上都實現了正增長。我們的特種化學品也是如此，設備銷售與去年同期相比趨於穩定，與上一季相比，設備銷售額下降 4%，而去年同期下降 18%，上季下降 15%（不包括佛羅裡達州風暴後的需求），設備銷售在兩種情況下仍呈現改善趨勢。最後，我們對 9% 的成長表現感到滿意。這一業績得益於我們更好的庫存狀況和我們的專業合作夥伴合約的兩位數增長。

In summary, our team remained focused to start fiscal 2025. I would like to credit the whole Leslie's team for their performance this quarter, which I'm pleased with considering we are executing on a transformational change at Leslie's now that we've covered perform. I would now like to update you on the transform part of our efforts. When it comes to Leslie's transformation, it starts with a principal appreciation of the Leslie's legacy.

總而言之，我們的團隊將繼續專注於 2025 財年的開始。我想對 Leslie's 團隊本季的表現表示讚賞，我對此感到高興，因為我們已經討論過了績效問題，現在我們正在 Leslie's 進行轉型變革。現在，我想向大家介紹一下我們在轉型方面所做的努力。說到張國榮的轉變，首先要從對張國榮遺產的欣賞開始。

Since 1963, our company has had a strong history of market leadership stemming from a simple notion, leveraging our pool and water expertise through elevated care for our customers to help them achieve a clean, safe and beautiful pool.

自 1963 年以來，我們公司一直擁有強大的市場領導地位，這源於一個簡單的理念，即利用我們在泳池和水上方面的專業知識，透過為客戶提供更優質的服務，幫助他們獲得一個乾淨、安全和美麗的泳池。

As I mentioned last quarter, Leslie's does a lot more than just sell pool supplies. We provide customized pool solutions to a broad range of DIY and pro customers on a national scale. Our scale and footprint are unmatched by any other provider in the United States. We are also closest to the pools. This means we are able to serve a customer or pro more conveniently and quicker than anyone else.

正如我在上個季度提到的，Leslie 的業務不僅僅是銷售泳池用品。我們為全國廣泛的 DIY 和專業客戶提供客製化泳池解決方案。我們的規模和足跡是美國其他供應商無法比擬的。我們也離泳池最近。這意味著我們能夠比任何人都更方便、更快地為客戶或專業人士提供服務。

A great differentiator for Leslie's is our potential to leverage our national omni channel capabilities. We expect to continue to expand these capabilities and drive same store sales growth with our leading product portfolio and best in class service and installation expert advice and a personalized relationship with our customers.

Leslie's 的一大差異化優勢是我們有能力利用我們的全國全通路能力。我們希望透過我們領先的產品組合、一流的服務和安裝專家建議以及與客戶的個人化關係，繼續擴大這些能力並推動同店銷售額的成長。

Our goal is to not just win the customer during that visit but to win them for life of their pool and spa care needs with that backdrop. I want to remind you from last quarter that our transformation initiatives are going to be pursued with three key strategic themes in mind, customer Centricity, convenience and asset utilization. I mentioned that I would update you with a set of initiatives to begin our transformation.

我們的目標不僅是在顧客光臨期間贏得他們的青睞，而且在此背景下贏得他們對泳池和水療護理終身需求的滿足。我想提醒大家，從上個季度開始，我們的轉型計畫將圍繞著三個關鍵策略主題進行，即以客戶為中心、便利性和資產利用率。我提到過，我將向你們通報一系列啟動我們轉型的舉措。

I shared one of these last quarter which had to do with our focus on inventory optimization including reducing overall inventory while also getting to a place of precision inventory.

我在上個季度分享了其中一個內容，它與我們的庫存優化重點有關，包括減少整體庫存，同時達到精準庫存的目的。

This includes introducing our new never outs category or critical skews that we expect to always have in stock. We have had strong improvement already on in stocks and with continued reduction in inventory levels.

這包括推出我們新的永不缺貨類別或我們期望始終有庫存的關鍵偏差。我們的庫存狀況已經大幅改善，庫存水準持續下降。

Now I will detail the next set of initiatives that are currently underway. The first initiative I would like to share with you is that we are establishing local fulfillment centers known as LFCS in some retail subsectors. This is also known as a hub network. There are two main goals of LFCS.

現在我將詳細介紹目前正在進行的下一組舉措。我想與大家分享的第一個舉措是，我們正在一些零售子行業建立稱為 LFCS 的本地履行中心。這也稱為集線器網路。LFCS 有兩個主要目標。

One consolidates additional quantities of key skews in our hub or LFC locations and two leverage our inventory in a market and the store network to better serve our customers. Our initial plan entails enhancing 12 commercial service centers and 14 stores from our existing footprint to also make them local fulfillment centers.

一是整合我們樞紐或 LFC 位置的額外數量的關鍵偏差，二是利用我們在市場中的庫存和商店網路來更好地服務我們的客戶。我們最初的計劃是在現有基礎上增強 12 個商業服務中心和 14 家商店，使它們成為本地履行中心。

We believe our store network and our proximity to pools are a key competitive advantage for Leslie's to serve our DIY and pro customers. This further enhances disadvantage. I'll share an anecdote on why this is important. You know, early on I visited a store on the west side of Phoenix that was out of a key product in our portfolio.

我們相信，我們的商店網路和與泳池的距離是 Leslie's 為 DIY 和專業客戶提供服務的關鍵競爭優勢。這進一步加劇了劣勢。我將分享一個軼事來解釋為什麼這很重要。你知道，早些時候我參觀了鳳凰城西側的一家商店，那裡缺貨我們產品組合中的一種關鍵產品。

That same day, I visited a store on the east side of Phoenix that had plenty of the same key products. Why wait for the next shipment from A DC? Let's solve this locally. It is clear we need a more flexible network to overcome this challenge.

同一天，我去了鳳凰城東區的一家商店，那裡有很多相同的主要產品。為什麼要等待 A DC 的下一批貨物？讓我們在本地解決這個問題。顯然，我們需要一個更靈活的網路來克服這項挑戰。

This is a clear opportunity for us and local fulfillment centers will help us capture it for decades. Leslie's has operated under a traditional model of using distribution centers to send large trucks to different regions of the country to supply our stores. This can be inefficient and sometimes in between shipments, we risk being caught out of stock on items that can impact winning the sale with our DIY or pro customers. This is especially true when our business significantly increases during our peak pool season.

這對我們來說是一個明顯的機會，而本地履行中心將幫助我們在未來幾十年內抓住這個機會。Leslie's 採用傳統模式運營，利用配送中心將大型卡車運送到全國各地為我們的商店供貨。這可能效率低下，有時在出貨之間，我們可能會面臨缺貨的風險，這可能會影響我們與 DIY 或專業客戶的銷售。在泳池旺季，我們的業務量大幅增加時，尤其如此。

In peak season, it is critical that we have a localized solution to ensure our stores are in stock all the time with LFCS. In key markets, we can serve DIY and pro customers better by being in stock more consistently. We expect this to improve customer frequency and in turn help traffic to our stores and improve conversion rates.

在旺季，我們必須擁有本地化的解決方案來確保我們的商店始終有 LFCS 庫存。在主要市場，我們可以透過更穩定地供應庫存來更好地服務 DIY 和專業客戶。我們希望這能提高顧客頻率，進而增加我們商店的客流量並提高轉換率。

This initiative of establishing local fulfillment centers or LFCS touches on all of our three strategic themes. The solution makes it possible to better serve our customer be more convenient for the DIY or the pro. And as you will hear is a good example of asset utilization specific to asset utilization. We believe this initiative will help us move some of the stock depth in slower turning and higher ticket inventory from our stores to the LFCS to be perfectly clear.

建立本地履行中心或 LFCS 的舉措涉及我們所有三個戰略主題。此解決方案使我們能夠更好地服務客戶，為 DIY 或專業人士提供更多便利。正如您將聽到的，這是資產利用率特定的一個很好的例子。我們相信，這項措施將幫助我們將一些週轉較慢、價格較高的庫存從我們的商店轉移到 LFCS，以實現完全清晰的庫存。

We are not adding new locations for our LFCS or reducing selling square footage or adding net inventory. Overall, these locations will also continue as a commercial service center or retail store, and they serve dual purposes as an LLC. We are utilizing our existing footprint to leverage proximity to better serve our customers with little capital expenditure required.

我們不會為 LFCS 增加新地點，也不會減少銷售面積或增加淨庫存。總體而言，這些地點也將繼續作為商業服務中心或零售店，並且作為有限責任公司發揮雙重作用。我們正在利用現有的業務覆蓋範圍，以較少的資本支出，更好地服務我們的客戶。

We also do not expect it to materially impact our SDNA through better asset utilization. We will use our store and supply chain network more efficiently and better serve our customers. The initial markets we've chosen for LFCS are high volume markets that will benefit most from this initiative. I am pleased that we have already completed many of the changes necessary to enable these capabilities and look forward to having ALL26 locations open in advance of pool season.

我們也不希望它透過更好的資產利用率對我們的 SDNA 產生重大影響。我們將更有效地利用我們的商店和供應鏈網絡，更好地服務我們的客戶。我們為 LFCS 選擇的初始市場是將從這項措施中受益最多的大容量市場。我很高興我們已經完成了實現這些功能所需的許多變革，並期待在泳池季節到來之前開放所有 26 個地點。

We will also be looking at other locations in the future to further add LFCS where needed. We expect the use of LFCS to be a key initiative to meet the needs of our customers over time. Our next initiative supports a strategic growth area for us winning with the pro customer in connecting with our team members and talking to pool owners about their customer journey. It is clear that the customer chooses how they are going to keep their pool clean, safe and beautiful.

我們還將在未來尋找其他地點，以便在需要的地方進一步添加 LFCS。我們期望，使用 LFCS 將成為滿足客戶長期需求的關鍵措施。我們的下一個計劃支援一個策略性成長領域，以便我們與專業客戶建立聯繫並與泳池業主討論他們的客戶旅程，從而贏得勝利。很明顯，顧客選擇如何保持泳池的清潔、安全和美觀。

They choose to do it themselves because they have the capability or want to save money. Others are looking to have weekly pro service for their pool as they may not have the time or the experience to get the job done right. We need to be focused on serving the D wire or the Pro in any way they like, as mentioned last quarter, we have the largest footprint in our stores are within 20 miles of 80% of the pools in America.

他們選擇自己做，因為他們有能力或想省錢。其他人則希望每週為他們的游泳池提供專業服務，因為他們可能沒有時間或經驗來正確完成工作。我們需要專注於以他們喜歡的任何方式為 D wire 或 Pro 提供服務，正如上個季度提到的那樣，我們最大的門市覆蓋了美國 80% 游泳池 20 英里範圍內。

That means we believe we have the ability to win a larger portion of the pro-business as we meet their needs. Over the past number of years, we have converted some stores to Leslie's Pro stores.

這意味著我們相信，只要我們滿足了他們的需求，我們就能有能力贏得更大份額的親商。在過去的幾年裡，我們已經將一些商店改造了 Leslie's Pro 商店。

In my travels. I've observed that these conversions really meant opening these stores a bit earlier and we added a pro sign to the Leslie logo on the front of the store to send a message in the market that we were in the pro-business.

在我的旅行中。我觀察到，這些轉變實際上意味著要早一點開這些商店，我們在商店前面的 Leslie 標誌上添加了專業標誌，向市場傳達我們從事專業業務的訊息。

It is clear to me we have the capability to cater to pros, not just in our Leslie's Pro stores, but in our entire 1,000 store footprint today, the majority of our stores have some pro customers, whether it has a Leslie's Pro sign out front or not with a customer centric approach and a focus on enhanced omni channel capabilities. We aim to make it clear that we are open for business with all pools across America, whether serviced by a pro or a dire.

我很清楚，我們有能力滿足專業人士的需求，不僅僅是在我們的 Leslie's Pro 商店，而且在我們今天的全部 1,000 家商店中，我們的大多數商店都有一些專業客戶，無論商店前面是否有 Leslie's Pro 的標誌，我們都採用以客戶為中心的方法並注重增強全通路功能。我們旨在明確表示，我們向全美所有游泳池開放業務，無論是由專業人士還是普通人提供服務。

In essence, we have shifted our mindset from our previously defined 100 plus pro stores to now leveraging our entire 1,000 store footprint to serve pros our year-to-date performance in pro has been strong and we want to continue that momentum as a part of this initiative we have already put a focus on pro assortment with a customized list of never out pro skews. And we're looking to expand our assortment further to fill in any remaining gaps by leveraging our new LFC network.

實質上，我們已經將思維模式從之前定義的 100 多家專業商店轉變為現在利用我們整個 1,000 家商店足跡來為專業人士提供服務，我們今年在專業方面的表現一直很強勁，我們希望繼續保持這種勢頭，作為這項計劃的一部分，我們已經將重點放在專業分類上，並製定了一份永不過時的專業偏差列表。我們希望利用新的 LFC 網路進一步擴大我們的產品種類，以填補任何剩餘的空白。

As you can see similar to our introduction of LFCS. Our rethinking of our pro-business covers all three of our strategic themes as well. We're increasing our customer Centricity for the pro adding a higher level of convenience with store level assortment changes and leveraging our footprint more effectively to drive same store sales.

正如您所看到的，這與我們對 LFCS 的介紹類似。我們對親商的重新思考也涵蓋了我們所有的三個策略主題。我們正在增強以客戶為中心的理念，透過商店層級的商品組合變化為專業人士提供更高水準的便利，並更有效地利用我們的足跡來推動同店銷售。

In addition, our LFC initiative also provides a valuable local resource for our pros so we can better meet their needs. We're excited to deploy this new holistic way of thinking about serving our pro customers in advance of the pool season. Our next initiative is focusing on winning in DIY by building DIY omni channel loyalty to accomplish this. We've enhanced our Leslie's mobile app.

此外，我們的 LFC 計劃還為我們的專業人士提供了寶貴的本地資源，以便我們能夠更好地滿足他們的需求。我們很高興能夠在泳池季節到來之前採用這種全新的整體思維方式來為我們的專業客戶提供服務。我們的下一個計劃是專注於透過建立 DIY 全通路忠誠度來贏得 DIY 勝利。我們增強了 Leslie 的行動應用程式。

We believe this is a key area to build stronger relationships with our DIY customers. We saw strong growth and performance in mobile app purchases in fiscal year 2024 and our conversion rate on this platform was over 30% higher than the website alone.

我們相信這是與 DIY 客戶建立更牢固關係的關鍵領域。我們在 2024 財年的行動應用程式購買量實現了強勁成長和業績，我們在這個平台上的轉換率比單獨的網站高出 30% 以上。

Our latest update on our mobile app has added multiple benefits for our customers including new and improved search and shopping with a recommendation engine, new voice search to find products faster and get order status updates, easier access on the home page to see pull pos rewards including personal barcodes for quicker checkout in store and that base technology upgrades to improve the experience and reduce load times.

我們對行動應用程式的最新更新為我們的客戶增加了多項好處，包括使用推薦引擎進行新的和改進的搜尋和購物、新的語音搜尋以更快地找到產品並獲取訂單狀態更新、在主頁上更輕鬆地訪問以查看拉式 pos 獎勵（包括個人條碼以便在商店更快地結帳）以及基礎技術升級以改善體驗並減少加載時間。

In addition to the mobile app upgrades to help drive DIY loyalty, we are looking to continue to connect with our DIY customer and build future technology enhancements to better meet their needs at Leslie's to enable this. We have refreshed a couple of key senior executives to help bring this to life. Scott Davis, our new senior Vice President of Marketing and Ecommerce and Mary Anne, be our new senior Vice President of Technology. In addition to heading their respective departments will oversee additional DIY focused initiatives and we will share additional information about those initiatives in the future.

除了透過行動應用程式升級來幫助提高 DIY 忠誠度之外，我們還希望繼續與我們的 DIY 客戶保持聯繫，並建立未來的技術增強功能，以更好地滿足他們在 Leslie's 的需求。我們已調換了幾位關鍵的高階主管來幫助實現這一目標。斯科特戴維斯（Scott Davis）擔任我們的新行銷和電子商務高級副總裁，瑪麗安妮（Mary Anne）擔任我們的新技術高級副總裁。除了領導各自的部門之外，還將監督其他以 DIY 為重點的舉措，我們將來也將分享更多有關這些舉措的資訊。

In conclusion, I mentioned last quarter that there were three strategic themes that were going to be key focus areas for our customer Centricity, convenience and asset utilization inside those strategic themes are key initiatives that I've just outlined. In summary, they include precision inventory with never outs launching local fulfillment centers, growing pro and building DIY omni channel loyalty.

總之，我在上個季度提到，有三個策略主題將成為我們以客戶為中心、便利性和資產利用率的重點領域，這些主題中是我剛才概述的關鍵舉措。總而言之，它們包括精準庫存、永不放棄推出本地履行中心、發展專業業務和建立 DIY 全通路忠誠度。

With these initiatives. We expect to deliver on our vision of Leslie's being the number one choice for customized pool care solutions for the DIY and the pro customer. We expect these initiatives to contribute to our results this year.

透過這些舉措。我們希望實現我們的願景，讓 Leslie 成為 DIY 和專業客戶客製化泳池護理解決方案的首選。我們期望這些措施能夠促進我們今年的業績。

While we are not going to quantify the impacts of these initiatives in these early days, we will provide progress updates and proof points of those benefits. As we move forward, our team is laying the foundation for future benefit during this smaller volume quarter, and we expect the fruits of our labor to be more visible when higher volumes materialize during the peak second half of our fiscal year. Our financial focus is crystal clear, continue executing against strategic initiatives that support sustainable revenue growth and margin dollar expansion to drive incremental cash flow to strengthen our balance sheet.

雖然我們不會在早期量化這些舉措的影響，但我們將提供進展更新和這些好處的證明點。隨著我們不斷前進，我們的團隊正在為這個銷量較小的季度中未來的利益奠定基礎，我們預計，當我們財政年度下半年的高峰期銷量增加時，我們的勞動成果將更加明顯。我們的財務重點非常明確，繼續執行支持可持續收入成長和利潤率擴大的策略舉措，以推動增量現金流並加強我們的資產負債表。

I will now turn it over to Scott for his prepared remarks. Scott?

現在我將把時間交給史考特，讓他發表準備好的發言。史考特？

Thank you, Jason and good afternoon everyone. I would like to remind everyone that my comments on our quarterly performance are on a year over year basis unless otherwise indicated.

謝謝你，傑森，大家下午好。我想提醒大家，除非另有說明，我對我們季度業績的評論都是基於同比的。

Overall, we finished the first quarter within our guidance. We were at the top end of our revenue guidance and we're at the bottom of our range on adjusted EBITA. I will share specifics on this during my commentary as well as provide our second quarter and full year guidance. But first, I'll take you through our first quarter performance.

整體而言，我們第一季的業績表現符合預期。我們的收入處於預期的最高水平，但調整後的 EBITA 卻處於預期範圍的最低水平。我將在評論中分享有關這方面的具體信息，並提供我們第二季度和全年的指導。但首先，我將向您介紹我們第一季的表現。

We reported total sales of $175 million. An increase of 0.7% driven primarily by strength in pro and growth in core chemicals. Our comparable sales increased 0.2% with respect to sales trends by consumer group pro pool increased 9%. Residential pool declined 1% and residential hot tub declined 5%. The results were driven by better in stock positions and a double digit increase in pro-art contracts.

我們報告的總銷售額為 1.75 億美元。成長 0.7%，主要由於專業化學品業務的強勁成長。我們的可比較銷售額成長了 0.2%，而按消費者群體劃分的專業池的銷售額成長了 9%。住宅泳池數量下降了 1%，住宅熱水浴缸數量下降了 5%。這一業績得益於股票狀況的改善和專業藝術合約的兩位數增長。

As Jason mentioned, we will continue to focus on pro as a strategic area of growth in the future. Another area of strength in the core was in core chemicals sales were up approximately 4% which included positive unit volumes. The key driver was our strong improvement in stocks in our focus on supply chain to meet the needs of our customers.

正如 Jason 所說，我們將繼續以專業作為未來的策略成長領域。核心業務的另一個優勢領域是核心化學品銷售額成長約 4%，其中包括正的單位銷售量。關鍵驅動因素是我們專注於供應鏈以滿足客戶需求，從而大幅改善庫存。

Gross profit was $48 million compared to $50 million in the same period last year. And gross margin rate decreased 180 basis points to 27.2%. The decline in rate was mainly due to 95 basis points of increased inventory adjustments as we optimize our inventory and 75 basis points of deleverage on occupancy and distribution costs.

毛利為4800萬美元，去年同期為5000萬美元。毛利率下降180個基點至27.2%。費率下降主要是因為我們優化庫存導致庫存調整增加 95 個基點，以及入住和分銷成本去槓桿增加 75 個基點。

SGA was $87 million for the quarter and was negatively impacted by payroll costs and professional fees offset by favorability and equity based compensation and executive transition costs. As mentioned, our first quarter of just, but I was a loss of $29 million compared to a loss of $24 million in the same period last year.

本季的 SGA 為 8,700 萬美元，受到薪資成本和專業費用的負面影響，但被青睞和股權薪酬以及高階主管過渡成本所抵消。如前文所提到的，我們第一季的虧損為 2,900 萬美元，而去年同期的虧損為 2,400 萬美元。

The decline was due to higher occupancy costs, payroll and benefits. And as Jason mentioned, higher transformational costs that included inventory adjustments and professional fees, interest expense was $16 million in the quarter down $1.3 million versus a year ago due to reduced debt levels and lower interest rates adjusted net loss was $41 million compared to a loss of $37 million in the same period last year, an adjusted diluted loss per share was $0.22 compared to a loss of $0.20 in the same period. Last year, the looted weighted average shares outstanding were $185 million.

下降的原因是入住成本、薪資和福利增加。正如傑森所提到的，包括庫存調整和專業費用在內的更高的轉型成本，本季度的利息支出為 1600 萬美元，較去年同期下降 130 萬美元，原因是債務水平降低和利率降低，調整後淨虧損為 4100 萬美元，而去年同期的虧損為 3700 萬美元，調整後每股虧損 20.20 美元的虧損。去年，被掠奪的加權平均流通股數為 1.85 億美元。

Moving to the balance sheet. We ended the first quarter with cash and cash equivalents of $12 million compared to $8 million in the first quarter of 2024. The sequential decrease in cash versus the fourth quarter of last year is typical for our business and it is mainly due to investment and inventory as we build for pool season.

轉到資產負債表。我們第一季的現金和現金等價物為 1,200 萬美元，而 2024 年第一季為 800 萬美元。與去年第四季相比，現金環比減少是我們業務的典型特徵，主要是因為我們為泳池季節進行投資和庫存。

In addition, we paid down $27 million of debt in the quarter. Also, as Jason mentioned, we are focused on in stocks and continued inventory optimization. Our inventory ended the quarter at $271 million, a decrease of $63 million or 19% compared to the prior year quarter. Even as our in-stock position service metrics and net promoter scores remained very strong.

此外，我們本季償還了 2,700 萬美元的債務。此外，正如 Jason 所提到的，我們專注於庫存和持續的庫存優化。本季末我們的庫存為 2.71 億美元，比去年同期減少 6,300 萬美元，即 19%。即使我們的庫存狀況服務指標和淨推薦值仍然非常強勁。

At the end of the quarter, we had $757 million outstanding on our secured term loan and $40 million outstanding on our revolving credit facility. This compares to $788 million our term loan and $38 million our revolver. At the same time last year overall, our debt levels were $29 million lower than a year ago. And the effective interest rate on our term loan was 7.6% compared to 8.2% in the prior year.

截至本季末，我們的擔保定期貸款未償還金額為 7.57 億美元，循環信貸貸款未償還金額為 4,000 萬美元。相比之下，我們的定期貸款為 7.88 億美元，循環貸款為 3800 萬美元。去年同期，我們的債務水準比一年前降低了 2,900 萬美元。我們的定期貸款實際利率為 7.6%，而前一年為 8.2%。

With that, I'd like to turn to our fiscal 2025 outlook. We've had a constructive start to the year with top line growth showing much improvement sequentially. And versus a year ago, we realize that our 1st and 2nd fiscal quarters are smaller in terms of full year contribution but are very important as we lay the foundation for us to win during pool season. We are looking forward to the early initiatives that were rolled out during the quarter and to further improvements as we prepare for the start of pool season.

接下來我想談談我們對 2025 財年的展望。我們今年有一個良好的開端，營收成長較上一季有了很大的改善。與一年前相比，我們意識到第一季和第二季對全年的貢獻較小，但卻非常重要，因為我們為在游泳池季節獲勝奠定了基礎。我們期待本季推出的早期舉措以及在為泳池季節開始做準備時取得的進一步改進。

Given the timing of our new initiatives that Jason articulated and to provide perspective on year over year comparables, we have decided to give both second quarter and full year guidance. At this time, our outlook reflects a balanced view of year-to-date company performance, the current macroeconomic environment and a realistic view of the timing of costs and benefits from a recently undertaken initiative. Additionally, our outlook includes favorable comparisons for the fourth quarter as we cycle onetime impacts related to rebates and warranties from the prior year.

考慮到 Jason 所闡述的新措施的時機，以及為了提供與去年同期相比的觀點，我們決定提供第二季和全年指引。目前，我們的展望反映了對今年迄今公司業績、當前宏觀經濟環境的平衡看法，以及對最近採取的措施的成本與收益時機的現實看法。此外，由於我們循環了去年與回扣和保固相關的一次性影響，我們的展望包括對第四季度的有利比較。

Turning to our 2025 outlook. Our main financial goal remains to maximize free cash flow and reduce our overall debt levels for the second quarter of fiscal 2025. We expect sales of $179 million to $189 million implying a range of flat to negative 5% versus the prior year gross profit of $44 million to $48 million inclusive of higher inventory adjustments and DC costs and negative impact from rebate timing and a higher degree of fixed cost leverage due to a lower volume quarter adjusted even of negative $38 million to negative $33 million, which reflects a lower gross margin rate and includes increased professional fees and a higher incentive compensation. Accrual adjusted net loss of $46 million to $42 million and adjusted diluted earnings per share of a loss of $0.25 to a loss of $0.23.

展望 2025 年。我們的主要財務目標仍然是最大化自由現金流並降低 2025 財年第二季的整體債務水準。我們預計銷售額為 1.79 億美元至 1.89 億美元，意味著與去年同期 4,400 萬美元至 4,800 萬美元的毛利潤相比，銷售額將持平至負 5%，其中包括更高的庫存調整和 DC 成本以及回扣時間帶來的負面影響以及由於銷量較低而導致的更高程度的固定成本專業費用和更高的激勵性薪酬。應計調整後淨虧損為 4,600 萬美元至 4,200 萬美元，調整後每股攤薄收益為虧損 0.25 美元至虧損 0.23 美元。

As we shift from the smaller first half to the more meaningful second half, we expect better operating leverage, favorable impacts from the timing of rebates, lower transformational costs and the cycling of onetime impacts from last year for full year fiscal 2025. We expect the following sales of $1.3 billion to $1.37 billion implying revenue in the range of a decline of 2%. A growth of positive 3% year over year.

隨著我們從規模較小的上半年轉向意義更為重大的下半年，我們預計經營槓桿將有所改善，回扣時機將帶來有利影響，轉型成本將降低，去年一次性影響將循環至 2025 財年全年。我們預計接下來的銷售額將在 13 億美元至 13.7 億美元之間，這意味著收入將下降 2%。較去年同期成長3%。

This includes an estimated contribution of approximately 1.5% due to the 53rd week in fiscal 2025 first profit of $473 million to $505 million adjusted EBITDA of $96 million to $116 million adjusted net income of negative $2 million to positive $13 million adjusted diluted earnings per share of negative $0.01 to positive $0.07 and CapEx of $35 million to $40 million.

這包括由於 2025 財年第 53 週的首筆利潤為 4.73 億美元至 5.05 億美元、調整後的 EBITDA 為 9600 萬美元至 1.16 億美元、調整後的淨收入為負 200 萬美元至正 1300 萬美元、調整後的每股收益 300 萬美元為負 100 萬美元、正100 萬美元00 萬美元而估計的約 1.5% 的貢獻。

From a balance sheet perspective, we will continue to look for opportunities to optimize our inventory with the goal of having better in stock positions as we pursue our new precision inventory approach. While reducing our overall inventory levels in fiscal 2025 our number one capital allocation priority remains reducing our overall debt and lowering our leverage profile. We will keep a sharp focus on maximizing free cash flow to pursue this objective from a growth standpoint. We will pause on M&A activity but we'll continue with our prior commitment to open three new stores in fiscal 2025.

從資產負債表的角度來看，我們將繼續尋找機會優化庫存，以期在推行新的精準庫存方法的同時，擁有更好的庫存狀況。在降低 2025 財年整體庫存水準的同時，我們的首要資本配置重點仍是減少整體債務和降低槓桿率。我們將高度重視最大化自由現金流，並從成長的角度來實現這一目標。我們將暫停併購活動，但我們將繼續履行先前的承諾，在 2025 財年開設三家新店。

I am looking forward to the future and I'm confident we have the right plan to execute on our initiative. I will now turn it back over to Jason for closing remarks.

我對未來充滿期待，並堅信我們有正確的計劃來執行我們的倡議。現在我將把發言權交還給傑森，請他作最後發言。

Thanks Scott. I've laid out on this call. The first wave of initiatives we are executing on. As you can see, Leslie's has embarked on a transformation journey with a clear focus on the fundamentals of retailing. We are being very deliberate on both the choices we're making and the initiatives we are pursuing.

謝謝斯科特。我已經在這通電話中說明了一切。我們正在執行的第一波舉措。如您所見，Leslie's 已踏上轉型之旅，明確關注零售業的基本面。我們對所做的選擇和所推行的措施都非常慎重。

There will be more to come. Every decision we make every day is done with putting the DIY and pro customer at the center of everything we do, the next three months will be critical to make sure we are set up to win the pool season better than before.

接下來還會有更多。我們每天做出的每一個決定都是以 DIY 和專業客戶為中心，接下來的三個月對於確保我們比以前更好地贏得泳池季節至關重要。

I am humbled and proud to lead this positive change. And I'm appreciative of all of our team members continue to perform while we transform. It's a new era at Leslie's and I'm looking forward to our future.

我很榮幸能夠領導這項積極的變革。我很感激我們團隊的所有成員在我們轉型的過程中繼續表現出色。萊斯利步入了一個新紀元，我對我們的未來充滿期待。

I will now turn it back over to the operator for Q&A Please proceed.

我現在將把它交還給操作員進行問答，請繼續。

(Operator Instructions) Jonathan Matuszewski, Jeffries.

（操作員指示）喬納森·馬圖舍夫斯基（Jonathan Matuszewski），傑弗里斯（Jeffries）。

Great, good afternoon and thanks for taking my questions. So you know Jason A as you look at the initiatives you laid out for us on the transformation journey. Do you have any early signs of progress you're seeing from their implementation? You can share.

非常好，下午好，感謝您回答我的問題。因此，當您看到您在轉型過程中為我們制定的舉措時，您就會認識 Jason A。您是否看到其實施過程中出現任何早期進展跡象？你可以分享。

Yeah, thanks, Jonathan. Thanks for the question. You know, obviously, we've been very deliberate to share information with initiatives once they've actually started being implemented. So I am seeing some nice progress on some of the initiatives. So maybe I'll take you through some of those.

是的，謝謝，喬納森。謝謝你的提問。你知道，顯然，一旦這些計劃真正開始實施，我們就會非常謹慎地與其分享資訊。因此我看到一些舉措取得了良好進展。所以也許我可以帶你來了解其中的一些。

Firstly, as a reminder, our initiatives are directly tied to support our three key strategic themes of customer Centricity, convenience and asset utilization. So I'll give you a couple of examples of where we're starting to see some green shoots of performance as we look to the future, the first ones in the area of asset utilization. So we've established our local fulfillment centers, and our teams are already adjusting the depth levels of the inventory in the stores, you know. So over the past year, we've teams made nice progress on improving inventory turns per store and we plan on making this, doing this going forward.

首先，提醒一下，我們的措施與支持我們的三大關鍵策略主題直接相關，即以客戶為中心、便利性和資產利用率。所以我會給你們舉幾個例子，說明我們在展望未來時開始看到一些業績的復甦跡象，第一個例子是在資產利用方面。因此，我們建立了本地履行中心，我們的團隊已經在調整商店庫存的深度水準。因此，在過去的一年裡，我們團隊在提高每家商店的庫存週轉率方面取得了良好的進展，我們計劃在未來繼續這樣做。

The team is currently pulling larger higher ticket equipment that's like a say like a heater back from our stores to the LFC and our DC. So specifically, we don't need to have four heaters in the store, we could have one and it can get replenished the next day or even the same day from an LFC. So LF CS cover about 20 stores in the market as a backstop.

團隊目前正在將更大、更高價位的設備（例如加熱器）從我們的商店運回 LFC 和我們的 DC。具體來說，我們不需要在商店中配備四個加熱器，我們可以配備一個加熱器，並且可以在第二天甚至當天從 LFC 進行補充。因此，LF CS 為市場上約 20 家商店提供後盾。

So what this is going to allow us to do in the future is it's going to allow us to improve our working capital, obviously reduce inventory per store and it's going to free cash up because our number one capital priority is to make sure that we're paying down the debt. And then as a reminder, you know we didn't adding new new stores here. This is LF CS are not new builds, they are using the existing footprint, so and low capital investment at that.

因此，這將使我們能夠在未來改善營運資本，顯然可以減少每個商店的庫存，並釋放現金，因為我們的首要資本優先事項是確保我們償還債務。然後提醒一下，您知道我們沒有在這裡添加新店。這是因為 LF CS 不是新建的，而是利用現有的空間，因此資本投資較低。

So it's a good example of asset utilization that we're already seeing some green shoots on the other one would be convenience. I've seen this firsthand in the marketplace. If you if we just look at the data, the 300 basis point improvement that we mean we mentioned in the prepared remarks on in stocks has been helpful. In addition, our in stocks are improving overall in a variety of key categories. So that's going to make us more reliable and this is a need based category.

這是資產利用的一個很好的例子，我們已經看到了一些復甦的跡象，另一個例子是便利。我在市場上親眼目睹過這種現象。如果我們只看數據，我們在準備好的評論中提到的股票 300 個基點的改善是有幫助的。此外，我們各主要類別的庫存整體都在改善。所以這會讓我們更可靠，這是一個基於需求的類別。

So it's one that you get more reliable, you have the opportunity to help people solve their problems in minutes and hours and that's a critical focus for us. The LFC on convenience, I've already witnessed having been in stores has an advantage. First LFC. I went to here in Arizona, Arizona and Ngr General Manager told me that the LFC helped the market already helped the market that day where we could have. She got a call and a and a notification to for two more pumps.

因此，您會變得更加可靠，您有機會在幾分鐘或幾小時內幫助人們解決他們的問題，這是我們關注的重點。在便利性方面，我已經親眼見證利物浦足球俱樂部在實體店的優勢。第一個利物浦足球俱樂部。我去了亞利桑那州，亞利桑那州的 Ngr 總經理告訴我 LFC 已經為市場提供了幫助，我們當時已經為市場提供了幫助。她接到了一個電話和一封通知，要她再抽兩次奶。

As a store in the local market needed two pumps and we had those pumps in the LFC. So instead of waiting for the next truck, we were able to satisfy and not lose that sale. So, we are witnessing signs of progress both from an inventory efficiency standpoint or asset utilization and obviously in inconvenience from an in stock standpoint. We're at the early stages and we are laying the foundation right now and we anticipate a larger benefit to come in the height of the pool season in Q3 and Q4.

由於當地市場的一家商店需要兩台泵，我們在 LFC 就有這些泵。因此，我們不用等待下一輛卡車，就能滿足客戶需求，而且不會失去這筆銷售。因此，無論是從庫存效率還是資產利用率的角度來看，我們都看到了進步的跡象，但從庫存的角度來看，顯然也存在不便之處。我們尚處於早期階段，目前正在打基礎，我們預計在第三季和第四季的泳池季節高峰期將帶來更大的收益。

That's really helpful. Thanks for that color and, and I guess that leads to my next, question, you know, out of stocks and I'm not sure if you can, help, help us put our arms around just, just the size of that issue in terms of rampant out of stocks. You know, I guess theoretically, if even if it's a pro customer, if they need 10 items and, and maybe you guys are out of stock on one, theoretically, you could lose that entire sale. So, how common is an occurrence like that in a typical store? And I guess relatedly, you mentioned the 26 LF CS this year, I think you mentioned each LFC can service 20 stores. So do, do you imagine over time, dozens and dozens of more LF CS to service the entire fleet? Thanks so much.

這真的很有幫助。謝謝你的顏色，我想這引出了我的下一個問題，你知道，缺貨問題，我不確定你是否可以幫助我們了解缺貨現象猖獗的程度。你知道，我想從理論上講，即使是專業客戶，如果他們需要 10 件商品，而你們可能缺貨一件，那麼從理論上講，你可能會失去整個銷售。那麼，在典型的商店中發生這種情況有多常見？我想相關的是，您提到今年有 26 個 LF CS，我想您提到每個 LFC 可以為 20 家商店提供服務。那麼，您是否可以想像隨著時間的推移，將有數十艘 LF CS 為整個艦隊提供服務？非常感謝。

Yeah, thanks John. Good question. First on stocks to me that the sorry, the reliability and inventory availability is critical to this, to this business in this category. Because you're it's one of the key elements of building trust with the customer. And you know, whether it be because of the length of the pool season, especially if you're up in the north, you, you're, you have, you're under time pressure and the time pressure is making sure that when you have a problem, you need to solve it fast. So therefore, for us, I just, we just put a lot of focus on it. We talked about 300 basis points of improvement that we've already seen. I'm very pleased to, to where we're at right now. We've had never, never outs are in a much better position. Those are the most highest priority in stock position. We need to have across our skews. And I'm actually also pleased where we are right now as we are about to enter the pool season. So we believe that this is a critical focus area for us and provides a good opportunity to build loyalty with our customer, both for the pro and the DIY.

是的，謝謝約翰。好問題。首先關於庫存，對我來說很抱歉，可靠性和庫存可用性對於此類別的此業務至關重要。因為這是與客戶建立信任的關鍵要素之一。你知道，無論是因為游泳池開放季節的長度，特別是如果你在北方，你，你，你有，你有時間壓力，而時間壓力確保當你遇到問題時，你需要快速解決它。因此，對我們來說，我只是非常關注它。我們討論了已經看到的 300 個基點的改進。我很高興，我們現在處於這個位置。我們從來沒有處於如此有利的位置。這些是庫存狀況中優先順序最高的。我們需要克服我們的偏見。事實上，我很高興我們現在所處的情況，因為我們即將進入泳池季節。因此，我們相信這是我們關注的關鍵領域，並為專業人士和 DIY 客戶提供了建立客戶忠誠度的良好機會。

What LF CS do is they allow us to maintain the level of depth that we need in a market. And what takes place especially during pool season is you get a vri variability in demand and when you have that variability of demand, it's important that it's not just centered and that pressure of that variability sits in the store, it needs to sit in the market so that the market as a team can work together to satisfy the needs of the customer. We've decided to start with 26 LF CS at current. We're going to capture the learnings in those critical markets. We've prioritized them in the sunbelt region over time, we'll expand more, but we want to learn from our ability to do so out of these before we announce a further expansion of more LF CS. So, but thanks for the question.

LF CS 的作用是讓我們維持市場所需的深度水準。尤其是在泳池開放季節，需求會出現很大的變化，當需求出現這種變化時，重要的是，這種變化的壓力不僅集中在商店，還應該集中在市場，這樣市場才能作為一個團隊共同努力，滿足客戶的需求。目前我們決定從 26 LF CS 開始。我們將從這些關鍵市場中汲取經驗。隨著時間的推移，我們優先考慮陽光地帶地區，我們會進一步擴大，但我們希望在宣布進一步擴大更多 LF CS 之前，先從這些地區吸取經驗教訓。所以，謝謝你的提問。

Thank you. Best of luck.

謝謝。祝你好運。

Shaun Calnan, Bank of America.

美國銀行的肖恩卡爾南 (Shaun Calnan)。

Hi guys. Thank you for taking my question. Just first, can you walk us through the assumptions in your revenue outlook because it seems like pretty flat. So just anything on what you're expecting for market volumes, share gain or loss and then price on equipment versus chemicals.

嗨，大家好。感謝您回答我的問題。首先，您能否向我們介紹一下您的收入前景中的假設，因為它看起來相當平淡。因此，您對市場容量、份額增減以及設備價格與化學品價格的預期是什麼。

Maybe I'll start just from a, from a, we were very purposeful in on and deliver it on making sure that we provided not only the Q2 guide, but also the full year guide. Q2 as reference is one of the smallest quarters that we have and it's also a very unique quarter in that because what quarter two does is we actually majority of our sales and volume actually come in the back end of this quarter. So I'll let Scott talk to specifically around the revenue in terms of the year I want to give you a bit of context on Q2.

也許我會從一個開始，從一個開始，我們非常有目的性地實現它，確保我們不僅提供第二季指南，還提供全年指南。作為參考，第二季度是我們最小的季度之一，也是一個非常獨特的季度，因為第二季度我們的大部分銷售和銷售實際上都出現在本季度的後端。因此，我將讓斯科特具體談談今年的收入情況，我想給你一些第二季的背景資訊。

And why it's important for us to why we shared a Q2 guide and a full year on this question. Yeah.

為什麼我們分享第二季指南和全年的指南來解決這個問題對我們來說很重要。是的。

Thanks Jason, a couple comments on the full year guide related to sales. You know, I think, I think the important thing is is we're not expecting a significant impact from our initiatives in the back half. And, and really the reason for that is, number one, we feel really confident about these initiatives, but what's a little more uncertain is just the timing and the magnitude of the benefits, especially with shopping patterns and, frequency of our customers. And so we're, we're being a little careful there just to make sure that, you know, we do see some green shoots and, as we get more traction, we'll feel more comfortable, forecasting that out. It's just early days right now.

謝謝 Jason，我對全年銷售指南有幾個評論。你知道，我認為，我認為重要的是我們不期望我們的舉措在下半年產生重大影響。而真正的原因是，首先，我們對這些舉措非常有信心，但有點不確定的是這些舉措帶來的效益和效益的大小，尤其是購物模式和顧客的頻率。因此，我們在這裡要小心一些，以確保我們確實看到一些綠芽，而且隨著我們獲得更多的牽引力，我們會更放心地預測這一點。現在還處於早期階段。

And so, we kind of had that thought going into our guidance. We also looked at, just last last year's results and, last year, our first half of the year was down around 11% and then in the back half, it improved to down seven. And so we take that into account too, we kind of look at a two year, kind of stack on growth and so that, had a place to play as well. And so as you think about it, you know, the midpoint of our guide, me on the surface look a little conservative, but if you look at the high point of our guidance, it does reflect, more robust growth and, in our thinking, if our initiatives take off, you know, a little bit quicker than expected, then there's possibility on the upside in the high end of the guidance.

所以，我們在指導過程中就考慮到了這個想法。我們也查看了去年的業績，去年上半年我們的利潤下降了 11% 左右，而下半年則有所改善，下降了 7%。因此，我們也考慮到了這一點，我們大致可以看一下兩年內的成長情況，這樣也有一個可以發揮作用的地方。所以，如果你想一想，你知道，我們指引的中點，表面上看起來有些保守，但如果你看看我們指引的高點，它確實反映出更強勁的增長，而且在我們看來，如果我們的舉措比預期的起步快一點，那麼指引的高端就有可能出現上行。

Okay. Got it. And then chemicals are obviously very important for you guys. So how should we think about the potential impact of tariffs on that market? And then do you have any exposure to imported chemicals? And how does that compare to like your estimate of the industry overall?

好的。知道了。那麼化學品對你們來說顯然非常重要。那麼我們該如何看待關稅對該市場的潛在影響呢？那麼您有接觸過進口化學品嗎？這與您對整個行業的估計相比如何？

Yeah, from a tariff standpoint, obviously it's a fluid conversation right now, but our exposure from a tariff standpoint is minimal. We are domestically sourced. So that is, that's, that's therefore the impact is, is small and minimal on that. We'll pay attention to indirect costs when it comes to a a tariff situation. But we'll, we'll manage that and work with our vendor partners to minimize the impact of the customer.

是的，從關稅的角度來看，顯然現在的談話內容很不穩定，但從關稅的角度來看，我們受到的影響很小。我們是國內採購的。所以，這就是說，這就是說，其影響很小，而且是微乎其微的。當談到關稅情況時，我們會關注間接成本。但我們會管理這一點，並與我們的供應商合作夥伴合作，盡量減少對客戶的影響。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Hey, everyone. Thanks for taking the questions I wanted to ask on gross margins. You know, we had a little bit of a miss this quarter and, it's been a, it's been a source of miss for the company for a while. Are, should we be comfortable that you finally, you know, in a place where you think you can start expanding gross margins? And Scott, you mentioned a few things. Could you just walk us through that again because the guidance sort of assumes that gross margins kind of start to increase year over year in the second half and just haven't seen that in a while.

嘿，大家好。感謝您回答我關於毛利率的問題。您知道，本季我們的業績略有下滑，而且這已經成為公司一段時間以來的虧損根源。我們是否應該感到放心，因為您最終認為可以開始擴大毛利率了？史考特，你提到了一些事情。您能否再向我們介紹一下這一點，因為指引假設毛利率在下半年將開始同比增長，但這種情況已經有一段時間沒有出現了。

Yeah. Sure, sure, Ryan. And you know, by the way, that's one of the reasons why we gave Q2 guidance in full year because there are some timing difference differences here that are important so quickly on Q1 margin. Two main impacts. Number one was inventory adjustments. Number two was the leverage on fixed costs. So the deleverage on fixed cost, that's obvious our occupancy costs don't change. Although our sales are, much lower in the first half versus the back half, on the inventory adjustment side, they were higher and, we have a laser focus on our inventory right now, right, both in the reduction of our inventory and making sure the quality of our inventory is high. And so it's gotten more focus this year. And so in the past, I mean, we always have done inventory adjustments. I would say that we're taking a look at our inventory more frequently now. And so we're making those adjustments as we go along. And so what that does is, that limits the impact of those inventory adjustments because last year they're more concentrated in the back half, especially right before physical inventory.

是的。當然，當然，瑞安。順便說一句，這就是我們全年給出第二季業績指引的原因之一，因為這裡有一些時間差異，這些差異對第一季的利潤率非常重要。兩個主要影響。第一是庫存調整。第二是固定成本的槓桿作用。因此，固定成本的去槓桿化，顯然我們的入住成本不會改變。儘管我們上半年的銷售額比下半年低得多，但在庫存調整方面，我們的銷售額卻更高，而且我們目前非常關注我們的庫存，既要減少庫存，又要確保庫存的質量。因此今年它受到了更多的關注。所以在過去，我的意思是，我們總是做庫存調整。我想說的是，我們現在會更頻繁地查看我們的庫存。因此，我們會在推進過程中不斷做出調整。這樣做的目的是限制庫存調整的影響，因為去年庫存調整更集中在下半年，尤其是在實體庫存之前。

And so I think that's a good thing for us, but it does cause, some timing differences.

所以我認為這對我們來說是件好事，但確實會導致一些時間差異。

And so as you look at, the guidance for the full year and the implied guidance for the back half, you can see pretty significant improvement in margin, okay? And actually, well above last year for the back half and for the full year. So, all good things to do right now, it gives us more visibility, on our inventory. And it does spread those costs out over the year versus, more concentration in the back half.

因此，當您查看全年指引和下半年隱含指引時，您會發現利潤率有相當顯著的提高，好嗎？實際上，下半年和全年的業績都遠高於去年。所以，現在做的所有好事都讓我們對庫存有了更多的了解。而且它確實將這些成本分攤到了全年，而不是更多地集中在下半年。

So let me kind of transition that conversation into the Q2 guide. So, first of all, first off SG&A will have, some, some pressure, with professional fees and some incentive comp rules, especially as we, get some of the initiatives kicked off, those those additional expenses will mostly dissipate in the back half.

因此，讓我將該對話過渡到 Q2 指南。因此，首先，銷售、一般及行政開支會面臨一些壓力，包括專業費用和一些激勵性補償規則，尤其是當我們啟動一些措施時，這些額外費用大部分會在後半年消散。

But let me kind of hinos margin specific to the Q2 guide. So similar to first quarter, the overriding reason for the shortfall in the Q2 guide is the timing of rebates and inventory adjustments. Which as I said, both of those will be offset, in the back half.

但是，請容許我具體介紹一下 Q2 指南中的 hinos 利潤率。因此，與第一季類似，第二季指南不足的主要原因是回饋和庫存調整的時間安排。正如我所說的，這兩者都將在後半部分得到抵消。

And so the bit point of our guide for, for the full year will be about 70 basis points higher than last year. And then if you look at the trailing four quarters of margin will be about 100 basis points higher than the trailing four quarters. So first off the, so the timing of rebates, that's about a third of the difference. And this is mainly because last year rebate contracts were more heavily weighted in the first half.

因此，我們全年的預期基點將比去年高出約 70 個基點。如果你看過去四個季度，利潤率將比過去四個季度高出約 100 個基點。首先，回扣的時間大約佔差異的三分之一。這主要是因為去年上半年的回饋合約比重更大。

This year, we have some new agreements and that gives us a more even spread of those rebates, more aligned with our sales cadence. So the headwind that we'll see in Q2 will be a tailwind in the back half.

今年，我們達成了一些新協議，這使我們能夠更均勻地分配回扣，這更加符合我們的銷售節奏。因此，我們在第二季度看到的逆風在後半年將會變成順風。

The remainder of the margin impact in Q2 will be distribution center costs and inventory adjustments. When you think about DC costs, those are going to be higher in Q2 because Q1 was used to build inventory.

第二季利潤率的剩餘影響將是配送中心成本和庫存調整。當你考慮 DC 成本時，這些成本在第二季會更高，因為第一季用於建立庫存。

You know, just keep in mind that we started this year with almost $80 million less in inventory than the prior year. And so what that means is we were building inventory for most of Q1.

你知道，請記住，我們今年的庫存比前一年減少了近 8000 萬美元。這意味著我們在第一季的大部分時間都在累積庫存。

And so now in Q2, we're shipping that inventory to the stores to prep for pool season. And so that time window is a little bit more compressed this year because we had to build it first. And now we're shipping it and so much more activity in the distribution centers and giving that freight to the stores. And so again, that is more of a timing difference. And, that will normalize in the back half. And then the inventory adjustment, as I mentioned, same type of impact in the second quarter that we saw in the, in the first quarter. But you know, that will offset in the back in the back half of the year specifically in the fourth quarter.

現在，在第二季度，我們正在將庫存運送到商店，為泳池季節做準備。因此，今年的時間窗口會壓縮一些，因為我們必須先建造它。現在我們正在運送它，並在配送中心進行更多活動，並將貨物運送到商店。所以，這更多的是一個時間差異。並且，這將在下半年恢復正常。然後，正如我所提到的那樣，庫存調整在第二季度產生了與我們在第一季看到的影響相同的影響。但你知道，這將在今年下半年，特別是第四季得到抵銷。

Got it. Okay. That's encouraging. Thanks for all that. And then I wanted to ask on the pro it stood out to me, it was a nice growth rate this quarter and just was there anything driving that in particular? And then what's the rollout look like for, serving both, do it yourself and pro out of all the stores, when does that happen? And will it impact growth this season?

知道了。好的。這令人鼓舞。謝謝你們。然後我想問一下，對我來說最突出的優點是本季的成長率很高，有什麼特別的因素推動了這一成長嗎？那麼，在所有商店中，為 DIY 和專業人士提供的服務推出的情況是什麼樣的呢？這會影響本季的成長嗎？

Yeah. So thanks for that. The, I think from a growth standpoint for the, we got really good focus in the quarter from the team on the pro customer in the early stages of focusing on never out through that quarter. And, I'd like to say some of the in stock benefits that we've been, we've been seeing in the quarter, since the end of the quarter, four of last year has helped impact it. So that would be a critical area of focus that not in addition to the focus, but also having inventory in stock has been a help. As we look to the future, the one of the best things about this initiative is today in all of our 1,000 stores, we do currently have pro-business.

是的。非常感謝。我認為，從成長的角度來看，我們團隊在本季度非常關注專業客戶，而在該季度的早期階段，我們從未放棄過這一關注點。我想說的是，自本季末以來，我們已經看到了一些庫存優勢，去年的四個季度都對它產生了影響。因此，這將是一個關鍵的關注領域，除了關注之外，擁有庫存也有幫助。展望未來，這項措施最棒的地方之一就是，如今，在我們所有的 1,000 家門市中，我們確實擁有親商的服務。

The thought here is how do we make sure that we are leveraging the entire network of 1,000 stores to be able to do so? And so therefore, it's a really clean focus on NASA utilization around being where they are and we are where they are, right? We have, we're, we have 80% we're near, we're 20 miles away from 80% of the pools in America. The other part that's already being done is from a convenience standpoint is around assortment.

這裡的想法是，我們如何確保能夠利用整個 1,000 家商店網路來做到這一點？因此，我們真正關注的是 NASA 的利用情況，即他們在哪裡，我們也在哪裡，對嗎？我們距離美國 80% 的游泳池都有 20 英里。已經完成的另一部分是從便利性的角度進行分類。

You know, we have not only added never out pro skews into the mix, but we've also had pro assortment breadth that is also improving. And then we're looking at the LF CS are going to help support it. And then the other piece is looking at hours of operation. So this is already in progress and we do believe the benefit of this initiative and the benefit of all the initiatives will take place more in the 3rd and 4th quarter as we roll these out across the, across the country. So, but thanks for the question.

您知道，我們不僅在產品組合中加入了永不淘汰的專業偏差，而且我們的專業產品組合廣度也在不斷提高。然後我們正在研究 LF CS 將會如何幫助支持它。另一部分是查看營業時間。這項工作已經在進行中，我們確實相信，隨著我們在全國範圍內推行這些舉措，這項舉措以及所有舉措的好處將在第三季度和第四季度得到更多體現。所以，謝謝你的提問。

All right, thanks. I'll pass it on. Best of luck.

好的，謝謝。我會傳達的。祝你好運。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Hey, good afternoon, everyone. Thanks for taking the questions just first to follow up on the pro business. Can you break down the 9% growth between transactions and, and a OV? And then, and then what, what's your outlook assume for pro pi excuse me, pro pricing as we move across the peak pool season this year?

嘿，大家下午好。首先感謝您回答問題，以便跟進專業業務。您能解釋一下交易和 OV 之間的 9% 增長嗎？那麼，當我們今年進入泳池旺季時，您對專業 PI 的前景有何看法，對不起，專業定價如何？

Yeah, just I'll take the first part of that. You know, the increase in pro is, is predominantly transactions. And so that's, that's what's encouraging about that. And so we feel like we have some good momentum there and, more importantly, we have a lot more to do, to reduce friction and to make sure that we're in stock for the pro. And that means having kind of the job, lot quantities. So there's much more to do, but we're encouraged, by the early sign.

是的，我只講第一部分。您知道，專業度的提升主要是交易量。這就是令人鼓舞的事。因此，我們覺得我們在那裡有一些良好的勢頭，更重要的是，我們還有很多工作要做，以減少摩擦並確保我們為專業人士提供庫存。這意味著要有某種工作，有大量的數量。所以還有很多事情要做，但是早期的跡象讓我們感到鼓舞。

And then on the, I think on the pricing side for us is when it comes to the pro, we are, we don't plan on any changes right now to pricing strategy that we've done historically, we're very focused on the fundamentals of making sure that we are in stock available and providing the best service for the pro. And it's really about those focus areas of fundamentals versus any, any other customized promotional strategy at this time.

然後，我認為在定價方面，對於專業人士來說，我們現在不打算對過去的定價策略進行任何改變，我們非常專注於確保有現貨的基本原則，並為專業人士提供最好的服務。目前，這實際上是關乎基本面的重點領域，而不是任何其他客製化的促銷策略。

Got it. Thanks for that. My follow up is just on the, you talked about the transformational expenses that are included in the profit guide for the full year.

知道了。謝謝。我的後續問題是，您談到了全年利潤指南中包含的轉型費用。

I don't know, Scott, can you size the dollar impact for us from these expenses? Just as we think about what maybe the right go forward. I do base should, should look like as we move into to fiscal '20 six.

我不知道，史考特，你能衡量一下這些費用對我們造成的美元影響嗎？正當我們思考什麼是正確的前進之路。我確實認為基礎應該是，應該看起來像我們進入 2020 財年。

Can't give you an exact dollar amount Justin but you know, what I can say is, some of those expenses will, just to pay, in the back half. And I think as we get in, I think the way to think about it is, if you kind of look at our run rate, especially with what I talked about with rebates and inventory adjustments. We're kind of setting a kind of a new normal there, I think, and having a more even flow of those expenses throughout the year.

賈斯汀，我無法給你一個確切的金額，但你知道，我可以說的是，其中一些費用將在後半部分支付。我認為，當我們進入時，我認為思考這個問題的方式是，如果你看看我們的運行率，特別是我談到的回扣和庫存調整。我認為，我們正在建立一種新的常態，使全年的支出更加均衡。

And so I think the cadence that we finished the year with those two big expense line items, should be relatively consistent as we go into the next year. And then, the other transformational expenses that we see, you know, those will dissipate a bit in the, in the back half and, even a tick lower as we enter. 2026 I think the takeaway here is that you kind of look at the construct of the back half of the year that's implied by the full year guide, should set us up really well, especially the margin profile going into 2026. And you know, probably getting more traction these initiatives should give us, you know, a really good, opportunity to start strong in 2026.

因此，我認為，我們在今年年底完成這兩項大額支出項目的節奏，在進入下一年時應該會相對一致。然後，我們看到的其他轉型費用，你知道，這些費用將在後半段有所減少，甚至在我們進入時會更低。2026 我認為這裡的要點是，您可以查看全年指南所暗示的下半年結構，這應該會為我們做好充分準備，尤其是 2026 年的利潤率狀況。而且這些舉措可能會得到更多的支持，這將為我們在 2026 年提供一個非常好的開始的機會。

All right, fair enough. Thanks guys and best of luck.

好吧，夠公平。謝謝大家，祝你好運。

Thank you.

謝謝。

David Bellinger, Mizuho Securities.

瑞穗證券的戴維貝林格 (David Bellinger)。

Hey, everyone. Thanks for the question. The first one I just wanted to address wage growth and within your new, your guidance. Can you talk about what's in there in terms of what you're looking at in terms of wages? And secondly, within the city, do you have exposure? Is there any way to quantify some of these states where you're, you're seeing the minimum wage rates start to move higher?

嘿，大家好。謝謝你的提問。第一個問題，我只想談談薪資成長以及你的新指引。能談談您在薪資方面關注的內容嗎？其次，在城市內，你有曝光率嗎？有沒有辦法量化您所處的一些州的最低工資標準開始上調的情況？

Yeah, thanks for the question. Yeah, we keep an eye on, states with minimum wage growth. And so, that's something we look at every year in terms of overall wage growth, pretty moderate, mid, mid single, maybe a touch lower than that. And so, you know, as we've kind of distance ourselves from kind of the COVID years, we're, we're seeing a pretty nice normalization of wage rates overall.

是的，謝謝你的提問。是的，我們密切關注最低工資成長的各州。因此，從整體薪資成長的角度來看，我們每年都會關注這一點，相當溫和，中等，中等單一，可能略低於這個水準。所以，你知道，隨著我們逐漸遠離新冠疫情時期，我們看到整體工資率相當正常化。

Great, thanks Scott. And then maybe just a bigger picture question. And Jason, I think you mentioned some of the square footage, you made a comment earlier on the call. But at this point, have you considered looking at any type of store closure program? Is, is there any way to think about stores that are under performers, whether you know, free cash flow negative or just unprofitable? And is that a source of potential capital unlock as you continue to pay down this debt quote?

太好了，謝謝斯科特。然後也許只是一個更大的問題。傑森，我想你提到了一些平方英尺，你之前在電話中發表了評論。但此時，您是否考慮過任何類型的商店關閉計劃？有沒有辦法考慮業績不佳的商店，無論您知道，自由現金流是負數還是無利可圖？當您繼續償還債務時，這是否是釋放潛在資本的來源？

Yeah, thanks for the question. A taking a taking a strategic capital approach to this business is something I'm really pleased that the team does on an ongoing basis in terms of how they look at all the assets. So when we looked at asset utilization as a key strategic theme for us, we're sort of looking at all areas.

是的，謝謝你的提問。我很高興團隊持續採用策略資本方法來審視這項業務，並對所有資產進行相應的調整。因此，當我們將資產利用率視為我們的關鍵策略主題時，我們會專注於所有領域。

So the team has a nice, disciplined approach as to how they look at the stores, how we think about future areas of opportunity of where we could expand but also areas where we may need to either move or close the store. We have nothing to share at this time, but it is, but it is something that we are continuously looking at and will be a key element. On either side as we look to the future about investments or changes that we make in our assets. So nothing to report at this time.

因此，團隊在看待商店、思考未來可以擴張的機會領域以及可能需要搬遷或關閉商店的領域方面採取了良好而嚴謹的方法。目前我們沒有什麼可以分享的，但這是我們正在持續關注的事情，並且將成為關鍵因素。當我們展望未來時，我們會考慮對資產的投資或改變。因此目前沒有什麼好報告的。

Got it. Thank you both.

知道了。謝謝你們兩位。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Hi, this is Lauren on for Simon. Our first question is just on the comp so comps in selected to positive 0.2% after eight quarters of declines, I guess, why should the run rate? They saw, you guys saw this quarter mean that you would be successful in, the critical pool season coming up and there have been false positive rates in the past, I guess. What do you see now? That might be a little bit different?

大家好，我是勞倫，代表西蒙。我們的第一個問題只是關於可比性，所以在經過八個季度的下滑之後，可比性選擇為正 0.2％，我想，為什麼運行率應該如此？他們看到，你們看到這個季度意味著你們會在即將到來的關鍵泳池季節取得成功，而且我猜過去也出現過假陽性率。你現在看到了什麼？那可能會有些不同？

Yeah, I can, I can start off on that good question. You know, a couple of things we're seeing that is encouraging, so Jason talked about the pro business, you know, big growth lever for us and we're super happy to see, some, some positive growth there and some momentum there. You know, even before, you know, we've kind of rolled out more initiatives to, to kind of spur that business. Secondarily, we noted some strength in core chemicals and so that's kind of the milk and bread of our business. And so whenever core chemicals inflect positive, that's always a good sign for us.

是的，我可以，我可以開始回答這個好問題。你知道，我們看到的一些事情令人鼓舞，所以傑森談到了專業業務，你知道，這對我們來說是巨大的成長槓桿，我們非常高興地看到那裡有一些積極的成長和一些發展勢頭。你知道，甚至在此之前，我們就已經推出了更多的舉措來刺激這項業務。其次，我們注意到核心化學物質具有一定的優勢，這是我們業務的支柱。因此，每當核心化學物質產生正面影響時，對我們來說總是一個好兆頭。

And so we're really pleased, to see that and then in some of the discretionary businesses as well, we've, we've seen some improvements and so, that, that's another indicator for us. Just kind of the health of the consumer, so, our discretionary, growth was about, negative three, for the quarter was negative 11 last year. And so when you think about, hot tubs, down 5% you know, last year and first quarter they were down 18%. And so we have, good examples of some of these discretionary categories doing better. And so you couple that with the strength and pro and our core chemicals business, gives us, a few different areas, to be more confident about the future.

因此，我們真的很高興看到這一點，並且在一些可自由支配的業務中，我們也看到了一些改進，所以，這對我們來說是另一個指標。這只是消費者健康狀況的問題，因此，我們的可自由支配支出成長率約為負 3，而去年該季度的成長率為負 11。所以當您想到熱水浴缸下降了 5% 時，您知道，去年第一季它們下降了 18%。因此，我們有一些可自由支配的類別表現較好的好例子。因此，您將其與我們的優勢和核心化學品業務結合起來，使我們在幾個不同的領域對未來更有信心。

Yeah, and just building on Scott's point would be the nice green shoots around the core chemical business of mid-single digits with the other pieces balancing. That is the, is also the non, the non-discretionary performance. We were at a minus eight a year ago and we're at plus two, this past quarter. So both of those are areas that we are looking at as green shoots, I guess, a promise for the future. As we start thinking about trends or trajectory. And you put that on top of our initiatives to get us ready for the pool season and period three, sorry quarter, three and quarter four.

是的，僅基於斯科特的觀點，核心化學業務將出現中等個位數的良好復甦跡象，而其他部分則保持平衡。這也是非、非自由裁量的表現。一年前，我們的利潤為負 8 倍，而這個季度，我們的利潤為正 2 倍。所以我想，這兩個領域都是我們認為的綠芽，是未來的希望。當我們開始思考趨勢或軌跡時。你把這當作我們為游泳池季節和第三期（對不起，第三季和第四季）做好準備的首要任務。

Thanks, that's helpful. And our follow up is just on the pro versus DIY segment. So it's nice to see the continued strength from pro while I think DIY still appears slightly pressured. Could you work out what's maybe driving the continued weakness in DIY? Are you maybe seeing any early signs to get back to positive growth for DIY? Thank you.

謝謝，這很有幫助。我們的後續關注點只是專業版與 DIY 版。因此，我很高興看到專業人士繼續保持強勁勢頭，但我認為 DIY 似乎仍然面臨些許壓力。您能找出導致 DIY 持續疲軟的可能原因嗎？您是否看到了 DIY 恢復正成長的早期跡象？謝謝。

Yeah, thanks for the question. For DIY, it will continue to be a key focus for us. I mentioned that with our just the focus of DIY and the focus on loyalty. I'm really pleased with our team's work on conversion rate, the conversion rate at the store when people are coming in. I think we said in our prepared remarks that we were up 160 basis points on conversion, feel strong about that. Our area of opportunity is traffic. So that's, that's a, that's an area. What's going to help us in the future is definitely going to be some of the work and the focus and dedication of the team on in stocks.

是的，謝謝你的提問。對於 DIY，它將繼續成為我們關注的重點。我提到過，我們只是專注於 DIY 和忠誠度。我對我們團隊在轉換率方面的工作感到非常滿意，也就是人們進店時的轉換率。我想我們在準備好的發言中說過，我們的轉換率上升了 160 個基點，對此我們感到十分強勁。我們的機會領域是交通。所以，這是一個區域。未來對我們有幫助的肯定是團隊在股票方面的一些工作、專注和奉獻。

We're not going to disappoint a customer when they come in, so it's going to help us up the conversion rate. The second is, you know, we look forward to in the next call and over the next quarter, talking more about the marketing initiatives that we put, look to put in place to kick start the full season. I'm excited about the new hire we made with Scott Davis.

我們不會讓顧客失望，所以這會幫助我們提高轉換率。第二，您知道，我們期待在下次電話會議和下一季中更多地討論我們制定的行銷舉措，並期待實施這些舉措以啟動整個賽季。我對我們聘用斯科特戴維斯 (Scott Davis) 這一新職位感到非常興奮。

He's bringing a new way of thinking in terms of how we bring marketing to this, this industry. And I'm excited about the team working together to develop those plans to get us off to a strong start in the pool season in a very efficient way, so pleased with that as well. And I think that's going to help us on our efforts to improve DIY traffic.

他為我們如何將行銷引入這個行業帶來了新的思維方式。我很高興看到團隊齊心協力製定這些計劃，讓我們以非常高效的方式在游泳池賽季有一個良好的開端，我對此也感到很高興。我認為這將有助於我們改善 DIY 流量。

Great. Thank you.

偉大的。謝謝。

Thank you. This concludes our question-and-answer session and today's call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。我們的問答環節和今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。