Leslie's Inc (LESL) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the fiscal second-quarter 2026 earnings conference call for Leslie's. (Operator Instructions)

下午好，歡迎參加 Leslie's 2026 會計年度第二季財報電話會議。(接線員指示)

As a reminder, this conference call is being recorded and will be available for replay later today on the company's website.

提醒各位，本次電話會議將被錄音，並將於今日稍晚在公司網站提供重播。

I would like to remind everyone the comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause a company's actual results to differ materially from management's current expectations.

我想提醒大家，今天的評論可能包含前瞻性陳述；此類陳述存在重大風險與不確定性，可能導致公司實際結果與管理層目前預期出現重大差異。

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.

這些陳述僅截至今日，若情況改變，未來不會更新。請查閱公司財報新聞稿及近期向美國證券交易委員會（SEC）提交文件中所載的警示性聲明與風險因素。

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.

在今天的電話會議中，管理層將提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表可見於公司財報新聞稿；該新聞稿已於今日提交予 SEC，並發布於 Leslie's 網站投資人關係專區 ir.lesliespool.com。

On the call today is Jason McDonell, Chief Executive Officer; and Jeff White, Chief Financial Officer.

今天與會者包括執行長 Jason McDonell，以及財務長 Jeff White。

With that, I will turn the call over to Jason.

接下來我把電話交給 Jason。

Good afternoon, and thank you for joining us today to discuss our second-quarter fiscal 2026 results.

下午好，感謝各位今天加入我們，一同討論 2026 會計年度第二季的業績表現。

I'm pleased to report that our comprehensive transformation plan to position Leslie's for sustainable, profitable growth delivered results in our Q2 performance, demonstrates that the strategic actions we've implemented worked on multiple levels.

我很高興報告，我們為使 Leslie's 實現可持續且具獲利性的成長所推動的全面轉型計畫，已在第二季表現中交出成果，並證明我們已落實的策略行動在多個層面都發揮了效果。

Compared to last year, in the second quarter, we delivered overall revenue growth of 4.3%, a comparable sales increase of 6.6%, improved year-over-year adjusted EBITDA by 26%, and registered total customer count growth of 8%.

與去年相比，第二季我們實現整體營收成長 4.3%、同店銷售成長 6.6%、調整後 EBITDA 年增 26%，並錄得總客戶數成長 8%。

We have strong conviction in our long-term business model and the strategic initiatives we have underway, from executing our pricing strategy, reactivating customers, enhancing our store operations, continuing our cost optimization, and improving our asset utilization, all of which we believe will drive meaningful margin expansion, sustainable revenue growth, and enhanced shareholder value over time.

我們對長期商業模式與正在推進的策略舉措深具信心，包括執行定價策略、喚回客戶、強化門市營運、持續成本優化以及提升資產使用效率；我們相信，這些將隨時間推動顯著的毛利率擴張、可持續的營收成長，並提升股東價值。

We entered 2026 with a clear goal: to reduce customer churn, which was a significant driver of a net loss of residential customers in 2025. I'm pleased to say we're off to a great start with broad-based customer growth in the second quarter.

我們以明確目標進入 2026 年：降低客戶流失率；客戶流失是 2025 年住宅客戶淨減少的重要原因。我很高興地表示，第二季我們在客戶成長方面已取得良好開局，呈現廣泛性的成長。

What's particularly encouraging is the mid-single-digit growth we're seeing across both new and retained customers, and greater than 25% growth in reactivated customers, who are those that didn't shop with Leslie's last year, but did shop with us in the periods between 2021 and 2024.

尤其令人鼓舞的是，我們在新客與留存客戶兩端都看到中個位數成長，而再啟用客戶的成長更超過 25%；所謂再啟用客戶，是指去年未在 Leslie's 消費，但在 2021 至 2024 年期間曾於我們購物的客戶。

These customer statistics became even more pronounced as we capitalized on favorable weather with the launch of our price drop initiative in the Sunbelt markets in March.

隨著我們在 3 月於陽光帶市場推出降價計畫並把握有利天候，這些客戶統計表現更加突出。

While we have many critical weeks ahead as the peak pool selling season kicks into high gear, I'm very pleased with the customer feedback on our price drop initiative, our strong Q2 revenue and gross margin improvement and our team's relentless focus on cost optimization to fund these customer-facing investments.

雖然在泳池銷售旺季全面升溫之際，接下來仍有許多關鍵週需要努力，但我對客戶對我們降價計畫的回饋、第二季強勁的營收與毛利率改善，以及團隊為支應這些面向客戶的投資而持續專注成本優化的決心，感到非常滿意。

We are fundamentally reimagining how Leslie's serves our customers and communities, creating a more efficient business model in the process. As we have mentioned for multiple quarters, customer centricity, convenience, asset utilization and cost optimization are the core strategic pillars supporting our comprehensive transformation plan.

我們正從根本上重新想像 Leslie's 服務客戶與社區的方式，並在此過程中打造更有效率的商業模式。如同我們在過去多個季度所提到的，以客戶為中心、便利性、資產使用效率與成本優化，是支撐我們全面轉型計畫的核心策略支柱。

We're rebuilding Leslie's as America's one-stop for pool care, leveraging our competitive advantages and taking decisive action in areas where performance has fallen short. We are focused on improving Leslie's value proposition through a combination of our price drop campaign, targeted marketing efforts to reactivate lapsed customers, and enhance service levels at our stores.

我們正重塑 Leslie's，成為美國泳池護理的一站式首選，善用我們的競爭優勢，並在表現未達標的領域採取果斷行動。我們專注於透過降價活動、針對性行銷以喚回流失客戶，以及提升門市服務水準的組合，來強化 Leslie's 的價值主張。

These efforts successfully drove customer growth during the quarter and improved margins.

這些努力在本季成功帶動客戶成長並改善利潤率。

Our new pricing strategy is designed to drive traffic, increase conversion rates, and build customer loyalty by improving our pricing on key items while maintaining the high-quality our customers expect from Leslie's. These targeted objectives were achieved in quarter two as we launched price drop in March.

我們新的定價策略旨在透過改善關鍵品項的價格，同時維持客戶對 Leslie's 所期待的高品質，以帶動來客、提高轉換率並建立客戶忠誠度。隨著我們於 3 月推出降價措施，這些明確目標已在第二季達成。

The response from customers was positive. Our retail stores experienced double-digit increase in transactions and more than a 350 basis points improvement in our overall conversion rate.

客戶反應正面。我們零售門市的交易筆數出現雙位數成長，整體轉換率也提升超過 350 個基點。

Customers also leveraged our proprietary 10-point water testing system with double-digit growth in water tests conducted in quarter two compared to a year ago.

客戶也更常使用我們專有的 10 點水質檢測系統；第二季的水質檢測次數較去年同期呈現雙位數成長。

We are supporting the price drop launch with a comprehensive integrated marketing campaign. This campaign leverages our zero-party data to target core Leslie's customers and bring back those that have lapsed.

我們以全面的整合行銷活動來支持降價方案的推出。此活動運用我們的零方資料（zero-party data）鎖定 Leslie's 核心客群，並帶回已流失的客戶。

Leveraging marketing mix analytics. We then strategically prioritize the marketing mediums from digital media to targeted direct mail to engage our customer base and drive the best return on investment.

我們運用行銷組合分析（marketing mix analytics）。接著從數位媒體到精準直郵等管道，策略性地優先配置行銷媒介，以觸及客群並取得最佳投資報酬率。

Adding to our targeted marketing, we also elevated the in-store value messaging and refreshed our category navigation signage for greater ease of shopping. The elevated value messaging includes prominent price drop signage strategically placed throughout the store to ensure customers immediately recognize the value we're delivering, while the refreshed category navigation signage showcases our broad assortment.

除精準行銷外，我們也提升了店內價值訊息傳達，並更新品類導引標示，讓購物更便利。升級後的價值訊息包含在店內各處策略性設置醒目的降價標示，確保顧客能立即感受到我們提供的價值；而更新後的品類導引標示則展現我們豐富的商品組合。

To further expand our value proposition beyond improved pricing on core chemicals, we've developed an exciting seasonal product line anchored on opening value price points.

為了在核心化學品降價之外進一步擴大我們的價值主張，我們開發了一條令人期待的季節性產品線，以具吸引力的入門價位作為主軸。

Launched late in Q2, this tiered value price assortment across a broad range of our discretionary seasonal products is resonating strongly with customers and will help us build baskets throughout the pool season.

這套分層的價值價位商品組合於第二季末推出，涵蓋多種非必需的季節性產品，正強烈引起客戶共鳴，並將協助我們在整個泳池季提升客單組合（basket）。

To support our price investment and integrated marketing plan, we are pleased to share that our restructured field organization is now operational. This is a market leadership model integrating stores, service, commercial, and trade operations under a unified local management.

為支持我們的價格投資與整合行銷計畫，我們很高興分享，重整後的前線組織現已正式運作。這是一種市場領導模式，將門市、服務、商用（commercial）與專業交易（trade）營運整合於統一的在地管理之下。

We also changed our compensation structure at the store level. This new monthly compensation plan is focused on their sales growth and incentivizes the team to take ownership of their ZIP code on sales across service, pro-trade, commercial and retail stores.

我們也調整了門市層級的薪酬結構。新的每月薪酬方案聚焦於銷售成長，並激勵團隊對其郵遞區號（ZIP code）範圍內、涵蓋服務、專業交易（pro-trade）、商用與零售門市的銷售表現負起責任。

The restructuring also accelerates our customer-centric strategy by combining our customer data with local market leadership, giving managers the tools and authority to capture growth opportunities among thousands of pool owners.

此次重整也透過結合客戶資料與在地市場領導，加速我們以客戶為中心的策略，賦予管理者工具與權限，以掌握數以千計泳池屋主的成長機會。

To further support the field organization, we've also implemented extensive training to strengthen customer engagement and organization success.

為進一步支持前線組織，我們也實施了廣泛的訓練，以強化客戶互動並提升組織成功。

In partnership with select vendors, we've rolled out localized in-person training programs across key markets, elevating product expertise and enabling more effective consultative selling experience.

我們與部分供應商合作，已在重點市場推出在地化的實體訓練計畫，提升產品專業度，並促成更有效的顧問式銷售體驗。

In Q2, we continue to see strong NPS scores as our store associates are supporting and representing the compelling customer value proposition at Leslie's. This new program is designed to build local customer relationships, drive transaction growth, while maintaining our consultative selling approach.

在第二季，隨著門市同仁支持並傳達 Leslie's 具吸引力的客戶價值主張，我們持續看到強勁的 NPS 分數。此新計畫旨在建立在地客戶關係、帶動交易成長，同時維持我們的顧問式銷售方式。

Going into peak season, our field teams are aligned, accountable, and ready to continue to help customers with all their pool care needs.

進入旺季之際，我們的前線團隊已對齊目標、責任明確，並準備好持續協助客戶滿足所有泳池護理需求。

As part of our integrated customer-centric approach, we continue to focus on convenience. At Leslie's, we offer buy online, pick up in store, or BOPIS, and same-day delivery through Uber. We're seeing strong growth in adoption of our BOPIS service, which serves as a key traffic driver to our stores and creates a valuable opportunity to engage with our customers.

作為我們整合式、以客戶為中心的方法之一，我們持續聚焦於便利性。在 Leslie's，我們提供線上購買、到店取貨（BOPIS），以及透過 Uber 的當日配送。我們看到 BOPIS 服務的採用率強勁成長；該服務是帶動門市來客的重要驅動因素，也創造了與客戶互動的寶貴機會。

In quarter two, we also completed the nationwide rollout of our Uber delivery platform, providing same-day delivery on a wide range of products. We are pleased with the initial results and look forward to being more convenient for customers for this pool season.

在第二季，我們也完成 Uber 配送平台的全美上線，提供多樣產品的當日配送。我們對初步成果感到滿意，並期待在本泳池季為客戶帶來更高的便利性。

In addition to our residential customers, we're also seeing success growing our Pro business, which increased approximately 5% during the quarter. Our Pro customers are responding to our improved value offerings on core items, as well as the availability of the products they need.

除了住宅客戶之外，我們也在專業（Pro）業務的成長上看到成果，本季約成長 5%。我們的 Pro 客戶對核心品項更佳的價值方案，以及所需產品的供應可得性，反應良好。

In Q2, we simplified our trade program by refining pricing across all categories and streamlining enrollment, which is improving the Pro customer experience.

在第二季，我們透過精簡各品類的定價並簡化加入流程，來簡化我們的商用客戶（Pro）交易方案，這正在改善 Pro 客戶體驗。

In parallel, we enhanced our internal processes and targeted outreach to drive improved customer engagement with our Pro customers.

同時，我們也強化內部流程並進行更具針對性的外展，以提升 Pro 客戶的互動與參與度。

Now an update on our network optimization initiatives. We remain confident in an annualized net EBITDA benefit of $4 million to $10 million, despite an annual sales impact of approximately $25 million to $35 million from the 80 stores that we have closed in fiscal 2026.

接下來更新我們的網路優化計畫。儘管我們在 2026 會計年度已關閉的 80 家門市對年度銷售造成約 2,500 萬至 3,500 萬美元的影響，我們仍對年度化淨 EBITDA 帶來 400 萬至 1,000 萬美元的效益充滿信心。

What's particularly encouraging is the favorable customer transfer rates we're seeing to both existing stores and our digital channels, which are exceeding our expectations.

特別令人鼓舞的是，我們看到客戶轉移至既有門市與數位通路的比率相當理想，且超出我們的預期。

We had valuable zero-party data with over 85% of our customers' information that has enabled us to reach out to customers of closed stores and invite them to visit another nearby store or our digital assets.

我們掌握了具價值的零方資料（zero-party data），涵蓋超過 85% 的客戶資訊，使我們能聯繫已關閉門市的客戶，並邀請他們前往附近的其他門市或使用我們的數位資產。

We are leveraging precision marketing to reengage lapsed customers and deepen loyalty with our core base, while educating both of them on the full breadth of our product and our service portfolio available through leslies.com and our mobile app.

我們運用精準行銷重新喚回流失客戶，並深化核心客群的忠誠度，同時教育這兩類客戶了解可透過 leslies.com 與我們的行動 App 取得的完整產品與服務組合。

This local multi-channel outreach, spanning digital marketing, direct mail, and outbound calling, ensures customers remain connected to our brand and aware that nearby stores stand ready to meet all their pool care needs.

這種在地的多通路外展，涵蓋數位行銷、直郵與外撥電話，確保客戶持續與我們品牌保持連結，並了解附近門市已準備好滿足其所有泳池保養需求。

Turning to our distribution network, we have largely ceased operations at our Illinois facility and have successfully transitioned to a five distribution center network for the 2026 pool season. We now operate distribution centers in Texas, Florida, Kentucky, California, and New Jersey.

談到我們的配送網路，我們已大致停止伊利諾伊州設施的營運，並已成功在 2026 泳池季轉型為五個配送中心的網路。我們目前在德州、佛羅里達州、肯塔基州、加州與新澤西州設有配送中心。

Our network optimization is yielding annualized savings and inventory efficiencies, and we will continue evaluating future opportunities to drive further network improvements.

我們的網路優化正帶來年度化節省與庫存效率提升，我們也將持續評估未來機會，以推動進一步的網路改善。

As mentioned, we have continued our focus on inventory optimization and improving inventory turns. In Q2, we reduced inventory by greater than 20% in the quarter and are still delivering above-target in-stock performance overall and on our never-out SKUs.

如先前所述，我們持續聚焦於庫存優化並提升庫存周轉率。在第二季，我們單季庫存降幅超過 20%，同時整體以及在我們「永不缺貨」（never-out）SKU 上，仍維持高於目標的到貨率表現。

In another part of our focus on asset utilization, our SKU rationalization strategy is on track and goes beyond simple SKU elimination. We're strategically reshaping our assortment to maximize profitability and customer value.

在資產運用的另一個重點上，我們的 SKU 精簡策略進展順利，且不僅僅是單純刪減 SKU。我們正策略性地重塑商品組合，以最大化獲利能力與客戶價值。

By removing 2,000 long-tail SKUs from our e-commerce and marketplace offerings fulfilled through our distribution centers, we are confident we can deliver approximately $4 million to $5 million in annualized EBITDA improvement while simultaneously strengthening our product portfolio.

透過從由我們配送中心履約的電商與市集（marketplace）供應中移除 2,000 個長尾 SKU，我們有信心可帶來約 400 萬至 500 萬美元的年度化 EBITDA 改善，同時強化我們的產品組合。

In summary, our Q2 results demonstrate the strategic actions we're taking are working on multiple levels: revenue growth, EBITDA improvement, and broad-based customer growth. By delivering greater value while managing cost effectively, we believe we are fundamentally transforming Leslie's operations for long-term profitable growth.

總結而言，我們第二季的結果顯示，我們採取的策略行動在多個層面奏效：營收成長、EBITDA 改善，以及廣泛的客戶成長。透過在有效控管成本的同時提供更高價值，我們相信我們正從根本上改造 Leslie's 的營運，以實現長期的獲利成長。

Grounded in our four strategic pillars: customer centricity, convenience, asset utilization, and cost optimization, we are restoring Leslie's as America's trusted one-stop destination for pool care.

以四大策略支柱為基礎：以客為本、便利性、資產運用與成本優化，我們正重塑 Leslie's，成為美國值得信賴的一站式泳池保養首選。

With that, I will turn it to Jeff for a more detailed review of our second-quarter results. Jeff?

接下來我把時間交給 Jeff，請他更詳細回顧我們第二季的業績。Jeff？

Thank you, Jason. I'll begin my remarks today with a review of our second-quarter financial results, then move to our liquidity and capital allocation plans, and finally, review our outlook for 2026.

謝謝你，Jason。我今天的發言將先回顧第二季財務結果，接著談我們的流動性與資本配置計畫，最後回顧我們對 2026 年的展望。

Net sales for the second quarter increased 4.3% to $184.7 million, compared to $177.1 million in the second quarter of the year and ahead of our expectations. Sales through our retail stores were strong with notable strength in residential and Pro, especially in March and across the Western United States.

第二季淨銷售額成長 4.3% 至 1.847 億美元，相較去年第二季的 1.771 億美元，且優於我們的預期。我們零售門市的銷售表現強勁，住宅與 Pro 需求尤為突出，特別是在 3 月以及美國西部地區。

Comparable total company sales, which removes closed stores, increased 6.6% in the second quarter compared with the same time period of fiscal year 2025.

可比的全公司銷售（排除已關閉門市）在第二季較 2025 會計年度同期成長 6.6%。

We saw strength in sanitizers and shock and specialty chemicals in conjunction with the launch of our price drop campaign slightly offset by softness in equipment, cleaning and maintenance.

配合我們降價活動的推出，消毒劑、震盪劑（shock）與特殊化學品表現強勁，但部分被設備、清潔與維護品類的疲弱所抵銷。

We also saw expected softness in safety in solar as we anniversaried a clearance event in the second quarter of last year.

由於去年第二季有一次清倉活動形成較高基期，我們也看到安全與太陽能品類出現符合預期的疲弱。

Gross profit margin for the second quarter was 28.9% versus 24.8% in the prior-year period, driven by leverage of higher sales volumes. Margin expansion was also supported by favorable distribution and occupancy costs, as well as reductions in inventory reserves, reflecting continued improvement in overall inventory health.

第二季毛利率為 28.9%，相較去年同期的 24.8%，主要受惠於較高銷售量帶來的規模效益。毛利率擴張亦受到有利的配送與店面占用成本，以及庫存備抵減少的支持，反映整體庫存健康度持續改善。

SG&A for the second quarter decreased $0.1 million or 0.1% to $92.2 million compared to $92.3 million in the second quarter of the prior year due to lower labor costs and store costs, partially offset by higher technology and marketing spend as we invested incremental dollars on a year-over-year basis in conjunction with the launch of our price drop campaign.

第二季 SG&A 費用較去年同期減少 10 萬美元或 0.1%，至 9,220 萬美元（去年同期為 9,230 萬美元），主因為人力與門市成本降低；但部分被科技與行銷支出增加所抵銷，因我們配合降價活動推出，較去年同期增加投入。

While the year-over-year difference is small, this represents an over 220 basis points improvement as a percentage of sales.

雖然年對年差異不大，但以銷售額百分比計算，這代表改善超過 220 個基點。

Net loss for the second quarter was $52.5 million, compared with a net loss of $51.3 million in the second quarter of the prior year. Adjusted net loss in the second quarter was $50 million, compared with an adjusted net loss of $48.3 million in the second quarter of the prior year.

第二季淨損為 5,250 萬美元，相較去年同期淨損 5,130 萬美元。第二季調整後淨損為 5,000 萬美元，相較去年同期調整後淨損 4,830 萬美元。

Adjusted EBITDA for the second quarter improved $9.2 million to negative $26.8 million, compared with negative $36.1 million in the second quarter of 2025. This improvement was driven primarily by higher sales volumes and improved pricing during the quarter, as well as lower distribution and occupancy costs and lower SG&A expenses.

第二季調整後 EBITDA 改善 920 萬美元至負 2,680 萬美元，相較 2025 年第二季的負 3,610 萬美元。此改善主要由較高銷售量與本季定價改善所帶動，並受惠於較低的配送與店面占用成本，以及較低的 SG&A 費用。

Inventory at the end of the quarter was $262.4 million compared to $335.1 million at the end of the second quarter of 2025 due to inventory optimization initiatives and store closures.

季末庫存為 2.624 億美元，相較 2025 年第二季季末的 3.351 億美元，主要因庫存優化計畫與門市關閉所致。

Despite a favorable year-over-year inventory reduction of 22%, in-stocks on key products remain at all-time highs.

儘管庫存年對年有利地下降 22%，關鍵產品的到貨率仍維持在歷史新高。

Capital expenditures for the second quarter. $9.5 million compared to $11.2 million in the second quarter of the prior year, primarily relating to maintenance of our stores and distribution centers.

第二季資本支出為 950 萬美元，相較去年同期的 1,120 萬美元，主要用於門市與配送中心的維護。

Regarding liquidity, we ended the quarter with $99 million of outstanding borrowings on our line of credit versus $101.5 million in the prior year.

就流動性而言，我們在季末的循環信用額度（line of credit）未償借款為 9,900 萬美元，相較去年同期為 1.015 億美元。

We also had $753 million of long-term debt.

我們亦有 7.53 億美元的長期負債。

As of quarter end, we had approximately $97.1 million of availability from cash on hand and borrowings available under our line of credit facility.

截至季末，我們可用資金（包含手上現金與循環信用額度可動用借款）約為 9,710 萬美元。

We remain focused on executing and delivering on our initiatives and continue to expect our pricing strategy to impact annual gross margins by 100 basis points to 150 basis points.

我們仍專注於推動並落實各項計畫，並持續預期我們的定價策略將對年度毛利率造成 100 至 150 個基點的影響。

Our store optimization strategy to have an annual net sales impact of $25 million to $35 million and generate a net EBITDA improvement of $4 million to $10 million annually. As of note, we have completed our store closure plans for the year and do not anticipate any additional closures for the balance of fiscal 2026.

我們的門市優化策略預計對年度淨銷售造成 2,500 萬至 3,500 萬美元的影響，並每年帶來 400 萬至 1,000 萬美元的淨 EBITDA 改善。另外說明，我們已完成本年度的門市關閉計畫，預期在 2026 會計年度剩餘期間不會再有額外關閉。

We continue to expect our expense reduction initiative to drive $7 million to $12 million of annualized savings, with benefits starting to be realized in the second half of 2026.

我們仍預期費用削減計畫可帶來 700 萬至 1,200 萬美元的年度化節省，效益將自 2026 年下半年開始逐步顯現。

Furthermore, we anticipate our inventory optimization strategy to result in a one-time reduction of approximately 100 to 200 basis points to annualized gross margins. We expect this impact to occur in our Q3 and Q4 periods.

此外，我們預期庫存優化策略將使年度化毛利率一次性下降約 100 至 200 個基點。我們預期此影響將發生在第三季與第四季。

And finally, our SKU rationalization initiative to generate $4 million to $5 million in EBITDA savings by optimizing our product assortment over time.

最後，我們的 SKU 精簡計畫將透過隨時間優化商品組合，帶來 400 萬至 500 萬美元的 EBITDA 節省。

Combined, these initiatives should drive a $5 million to $10 million improvement to EBITDA in fiscal 2026 as we reinvest some of the savings back into our price drop strategy.

綜合而言，這些計畫在 2026 會計年度應可推動 EBITDA 改善 500 萬至 1,000 萬美元，因為我們會將部分節省再投資回降價策略。

We remain confident in our ability to drive sales and traffic by delivering the right product in the right place at the right time and at the right price for our customers. We have identified significant cost savings opportunities across our operations that will strengthen our financial position.

我們對於透過在正確的地點、正確的時間、以正確的價格，為客戶提供正確的產品來帶動銷售與客流量的能力，仍然充滿信心。我們已在整體營運中辨識出可觀的成本節省機會，將強化我們的財務狀況。

Consistent with our historical performance, we expect to generate the large majority of our sales and earnings in the second half of the year due to the seasonal nature of the business.

與我們過往的表現一致，由於業務具有季節性，我們預期全年絕大部分的銷售與獲利將在下半年產生。

In fiscal 2026, which is a 52-week year compared to a 53-week year in fiscal 2025, we are reiterating our guidance of sales of $1.1 billion to $1.25 billion and adjusted EBITDA of $55 million to $75 million. We continue to expect CapEx to be in the range of $20 million to $25 million in 2026 as we focus on maintenance and productivity investments as well as providing positive free cash flow for fiscal year 2026.

在2026會計年度（52週），相較於2025會計年度（53週），我們重申先前指引：銷售額為11億至12.5億美元，調整後EBITDA為5,500萬至7,500萬美元。我們仍預期2026年的資本支出（CapEx）將落在2,000萬至2,500萬美元區間，重點投入維護與生產力投資，同時在2026會計年度提供正向自由現金流。

We continue to evaluate capital structure opportunities and are actively working with our incumbent lenders as well as third-party capital providers to finance a series of incremental initiatives that could further accelerate our growth and shorten the path to profitability. The company has ample liquidity and is well positioned to capitalize on the 2026 pool season.

我們持續評估資本結構的機會，並正積極與現有貸款機構以及第三方資金提供者合作，為一系列增量計畫提供融資，這些計畫可望進一步加速成長並縮短達成獲利的時間。公司流動性充裕，且已做好準備把握2026年泳池旺季。

In closing, we are executing with focus, growing sales, driving transaction volume, expanding profitability, and preserving financial flexibility. Our priorities are clear and we believe these actions will support shareholder value over the long-term.

總結來說，我們專注執行、提升銷售、推動交易量、擴大利潤能力，並維持財務彈性。我們的優先事項很明確，我們相信這些行動將在長期支持股東價值。

I will now turn the call back over to Jason for closing remarks.

接下來我把電話交回給Jason做結語。

Thanks, Jeff. Our comprehensive transformation plan is delivering measurable results. Q2 performance demonstrates that our strategic actions are working. We delivered revenue growth, significantly improved adjusted EBITDA, and achieved total customer count growth with particularly strong momentum in reactivated customers.

謝謝，Jeff。我們全面性的轉型計畫正在帶來可衡量的成果。第二季的表現證明我們的策略行動正在奏效。我們實現營收成長、顯著改善調整後EBITDA，並達成總客戶數成長，其中回流（重新啟用）的客戶動能尤其強勁。

Our strategic initiatives advanced with both urgency and discipline in Q2. The price drop initiative launch drove traffic and customer growth, along with improved gross profit performance, while our cost optimization and asset utilization actions continue on schedule.

第二季我們以緊迫感與紀律並進，推動策略計畫。降價計畫的推出帶動客流與客戶成長，同時改善毛利表現；而我們的成本最佳化與資產運用行動也持續按計畫進行。

We've completed our store optimization, optimized our DC network, and our SKU rationalization is strengthening both profitability and inventory productivity. Most importantly, we're rebuilding customer relationships through improved value, enhanced convenience, and the consultative expertise that has always been Leslie's competitive advantage.

我們已完成門市最佳化、優化配送中心（DC）網路，而SKU精簡也正在強化獲利能力與庫存生產力。最重要的是，我們正透過更高的價值、更便利的體驗，以及一向是Leslie's競爭優勢的顧問式專業服務，重建客戶關係。

While we have many critical weeks ahead as peak season accelerates, the early Q2 success of our customer-facing investments, funded by operational efficiencies, validates our strategic direction. We remain committed to transparent communication as we execute Leslie's transformation, restore sustainable profitable growth, and rebuild stakeholder confidence through disciplined execution and measurable results.

雖然隨著旺季加速，我們前方仍有許多關鍵週需要努力，但第二季初期在面向客戶的投資所取得的成功（由營運效率所挹注資金）驗證了我們的策略方向。在推動Leslie's轉型、恢復可持續的獲利成長，並透過有紀律的執行與可衡量的成果重建利害關係人信心的過程中，我們仍致力於透明溝通。

Before we open the call to your questions. I want to express my sincere appreciation to our Leslie's team members across the country for their outstanding commitment during this transformational period. Your adaptability and determination in executing our strategic initiatives have been exceptional.

在我們開放提問之前。我想向全國各地的Leslie's團隊成員致上最誠摯的感謝，感謝大家在這段轉型期間展現卓越的投入。你們在執行我們策略計畫時所展現的適應力與決心，令人敬佩。

The progress we're making from the successful launch of our price drop initiative to the completion of our store optimization program is a direct result of your hard work and dedication to serving our customers.

從成功推出降價計畫到完成門市最佳化專案，我們所取得的進展，都是你們辛勤付出與致力服務客戶的直接成果。

I also want to thank our vendor partners for their continued collaboration and support as we strengthen Leslie's competitive position.

我也要感謝我們的供應商夥伴，在我們強化Leslie's競爭地位的同時，持續合作與支持。

Finally, to all our stakeholders, thank you for your ongoing support and confidence in our team's ability to execute this transformation.

最後，感謝所有利害關係人持續的支持，以及對我們團隊執行這項轉型能力的信心。

Together, we are building a stronger, more customer-focused Leslie's positioned for sustainable growth.

我們正攜手打造更強大、更以客戶為中心的Leslie's，並使其具備可持續成長的定位。

Operator, we're now ready to open the lines for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Jonathan Matuszewski, Jefferies.

(接線員指示) Jonathan Matuszewski，Jefferies。

Great. Good afternoon, Jason and Jeff, and thanks for the update and nice to see the comp inflection. I guess my question is on gross margin. So this result puts you at the highest gross margin for a second quarter since 2Q of '23, I believe, which is impressive.

很好。下午好，Jason和Jeff，謝謝更新，也很高興看到同店銷售（comp）出現轉折向上。我想我的問題是關於毛利率。我相信這個結果使你們的第二季毛利率達到自2023年第二季以來的最高水準，這很令人印象深刻。

Can you talk to the sustainability of some of these drivers like savings and occupancy and DC costs and then the inventory reserve adjustment? A lot of moving pieces here. So as we put them all together, just hoping for a clearer view of how you see gross margin trending in the second half?

你們能談談其中一些驅動因素的可持續性嗎？例如節省、租賃占用成本、配送中心（DC）成本，以及庫存備抵調整？這裡有很多變動因素。因此把它們綜合起來看，希望能更清楚了解你們如何看待下半年毛利率的走勢？

And I guess looking beyond the second half, maybe if you could just talk to some of the levers for gross margin expansion into 2027 that you're excited about beyond potential leverage from higher sales volume? Thanks so much.

另外，若把視角放到下半年之後，也許你們可以談談一些你們感到興奮、可在2027年推動毛利率擴張的槓桿，除了更高銷售量帶來的規模效益之外？非常感謝。

Jonathan, this is Jeff. I'll take that. It's a good question. As we look at what really contributed to gross margin, I would say one of the largest drivers was the improvement in occupancy costs. So as I think about that is something that we can continue to leverage and make sure that it helps gross margin going forward.

Jonathan，我是Jeff。我來回答。這是個好問題。就毛利率的主要貢獻因素而言，我會說最大的驅動之一是租賃占用成本的改善。因此我認為這是我們可以持續運用的項目，並確保它在未來持續支持毛利率。

We did have some one-time adjustments, the difference in the inventory reserve that as we continue to get healthier and more productive with our inventory, those types of adjustments are going to be one-timers, so while not tremendously material for the quarter, it is something that contributed.

我們確實有一些一次性調整，例如庫存備抵的差異；隨著我們的庫存狀況更健康、周轉更有效率，這類調整將屬於一次性項目，因此雖然對本季影響並非特別重大，但確實有所貢獻。

Overall, we did see overall improvement, though, in our product margin. And those are, as we think about some of the cost initiatives that we undertook, going through the direct cost process, making sure that we're really working with our vendors to optimize our cost portfolio there as we continue to work through the flow of goods.

不過整體而言，我們也看到產品毛利率的整體改善。當我們思考所推動的一些成本計畫時，包括檢視直接成本流程，並確保我們確實與供應商合作以最佳化成本組合，同時持續推進商品流轉。

And on an average cost basis, we see those efforts flow through, there's room for continue movement as we move through the back half of '26 and continually move into '27.

以平均成本基礎來看，我們看到這些努力正在反映出來；隨著我們走過2026年下半年並持續進入2027年，仍有進一步改善的空間。

David Bellinger, Mizuho Securities.

David Bellinger，瑞穗證券（Mizuho Securities）。

Thank you for the question. I apologize if I missed this earlier, but maybe two questions together. Can you talk about the prices drops? I think you marked about $25 million for price investments earlier in the year. Is there any thinking of increasing that number just given the performance you've seen to date?

謝謝讓我提問。如果我先前漏聽了還請見諒，但我想把兩個問題一起問。你們能談談降價嗎？我記得你們在年初提到約2,500萬美元用於價格投資。鑑於目前看到的表現，你們是否有考慮提高這個金額？

And then second, is there any way you talk about the equipment category for the price drops there? Is that a business that's picked up post some of these storms that affected parts of the South and Southeast?

第二，能否談談設備品類的降價？在南部與東南部部分地區受到一些風暴影響之後，這個業務是否有所回升？

Yes, great question. As we think about the price drop, we're going to continue to look at areas of opportunity for us to expand the everyday value pricing and what categories we can move that into. As we rolled it out in March, it was heavily primarily focused on our core chemicals and our chemical categories, which is where we saw really good strength.

是的，這是個很好的問題。就降價而言，我們會持續尋找機會，擴大「日常價值定價」的覆蓋範圍，以及可以延伸到哪些品類。我們在3月推出時，主要高度聚焦在核心化學品與化學品類別，而那也是我們看到表現非常強勁的地方。

As we continue to move through and find opportunities, depending on market conditions, we'll look at other areas of opportunity.

隨著我們持續推進並尋找機會，會視市場狀況而定，評估其他可切入的領域。

In terms of equipment, the one thing I'll note there is a lot of that product is map protected. So it's hard to move on price there because you do have that map protection and ultimately, the price in the market is set by the vendors.

至於設備方面，我要指出的一點是，其中許多產品受到MAP（最低廣告價格）保護。因此在價格上很難調整，因為有MAP保護，最終市場價格是由供應商設定。

So we'll look for areas of opportunities in other parts of the business where we can be competitive but still be margin accretive as we further progress down the path on our price drop initiative.

因此，隨著我們在降價計畫上持續推進，我們會在業務的其他部分尋找機會，在保持競爭力的同時，仍能對毛利率帶來增益。

Great. Thank you.

很好。謝謝。

Thank you. This does conclude our question-and-answer session as well as today's conference. We thank you again for your participation, and you may now disconnect your lines.

謝謝。我們的問答環節以及今天的會議到此結束。再次感謝各位的參與，現在可以掛線。