Monro Inc (MNRO) 2026 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Monro Incorporated's earnings conference call for the first-quarter of fiscal 2026. (Operator Instructions) As a reminder, this conference call is being recorded and may be reproduced in a whole or in part without permission from the company.

女士們、先生們，早安，歡迎參加 Monro Incorporated 2026 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，未經公司許可，不得全部或部分複製。

I would now like to introduce Felix Veksler, Vice President of Investor Relations at Monro. Please go ahead. Thanks.

現在我想介紹 Monro 投資者關係副總裁 Felix Veksler。請繼續。謝謝。

Thank you. Hello everyone, and thank you for joining us on this morning's call. Before we get started, please note that as part of this call, we will be referencing a presentation that is available on the Investors section of our website at corporate.monro.com/investors. If I could draw your attention to the Safe Harbor statement on slide 2, I'd like to remind participants that our presentation includes some forward-looking statements about Monro's future performance.

謝謝。大家好，感謝您參加今天上午的電話會議。在開始之前，請注意，作為本次電話會議的一部分，我們將參考我們網站 corporate.monro.com/investors 的「投資者」板塊提供的一份簡報。請您注意幻燈片2上的「安全港」聲明，並提醒各位與會者，我們的簡報中包含一些關於 Monro 未來業績的前瞻性陳述。

Actual results may differ materially from those suggested by our comments today. The most significant factors that could affect future results are outlined in Monro's filings with the SEC and in our earnings release. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise except as required by law.

實際結果可能與我們今天評論所暗示的結果有重大差異。可能影響未來績效的最重要因素已在 Monro 向美國證券交易委員會提交的文件和我們的收益報告中列出。除非法律要求，否則本公司不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性聲明的意圖或義務。

Additionally, on today's call, management statements include a discussion of certain non-GAAP financial measures which are intended to supplement and not be substitutes for comparable GAAP measures. Reconciliations of such supplemental information to the comparable GAAP measures will be included as part of today's presentation and in our earnings release.

此外，在今天的電話會議上，管理層聲明中討論了某些非 GAAP 財務指標，這些指標旨在補充而不是替代可比較的 GAAP 指標。此類補充資訊與可比較 GAAP 指標的對帳將包含在今天的演示和收益報告中。

With that, I'd like to turn the call over to Monro's President and Chief Executive Officer, Peter Fitzsimmons.

接下來，我想將電話轉給 Monro 總裁兼執行長 Peter Fitzsimmons。

Thank you, Felix, and thanks to everyone for joining us. Great to be here with you today. This morning I'd like to update you on the progress we've made in the four key areas identified as opportunities for performance improvement during our initial assessment of the business as shown on slide 3 of our presentation materials. As a reminder, these include closing unprofitable stores, increasing merchandizing productivity, which includes mitigating tariff risk, driving profitable customer acquisition and activation and improving our store location-based customer experience and selling effectiveness.

謝謝你，菲利克斯，也謝謝大家的參與。很高興今天能和你們在一起。今天上午，我想向大家通報我們在對業務進行初步評估時確定的四個績效改進機會的關鍵領域所取得的進展，如我們的演示材料第 3 張幻燈片所示。提醒一下，這些措施包括關閉無利可圖的商店、提高商品生產率（包括降低關稅風險）、推動有利可圖的客戶獲取和激活以及改善我們商店基於位置的客戶體驗和銷售效率。

After that, I'll briefly touch upon our fiscal first quarter results which serve as a solid foundation to build upon as we implement our performance improvement plan to enhance Monro's operations, drive profitability, and increase operating income and total shareholder returns.

之後，我將簡要介紹我們第一財季的業績，這些業績為我們實施績效改進計劃奠定了堅實的基礎，以增強 Monro 的運營、提高盈利能力、增加營業收入和股東總回報。

Let's start with closing unprofitable stores. During the first quarter, we successfully completed the closing of 145 underperforming stores, which included repositioning our inventory. To summarize quickly, we announced the closings on our May 28 earnings call. All of the stores were dark by the end of May. We then completed the removal of the vast majority of our inventory and IT equipment from these locations by the end of June.

讓我們從關閉無利可圖的商店開始。第一季度，我們成功關閉了 145 家業績不佳的門市，並重新調整了庫存。簡單總結一下，我們在 5 月 28 日的財報電話會議上宣布了收盤消息。五月底，所有商店都陷入一片黑暗。然後，我們在六月底之前完成了從這些地點清除絕大多數庫存和 IT 設備的工作。

As a reminder, the closure of these stores will have limited impact on our total sales, but is expected to deliver meaningful improvement to our profitability. The 145 stores generated approximately 5% of our total sales in fiscal 2025, and we are likely to recapture some of the sales in other Monro locations near the closed stores. We've now started a process to exit the real estate at these locations, which includes 40 owned stores. This process is expected to generate positive cash flow and be largely completed over the next 12 months. Importantly, and as discussed previously, this enables us to focus on improving performance in our 1,115 continuing locations for the remainder of fiscal 2026.

提醒一下，這些商店的關閉對我們的總銷售額的影響有限，但預計會顯著提高我們的獲利能力。這 145 家門市在 2025 財年創造了我們總銷售額的約 5%，我們很可能會在已關閉門市附近的其他 Monro 門市重新獲得部分銷售額。我們現在已經啟動了退出這些地點的房地產的流程，其中包括 40 家自有商店。預計此過程將產生正現金流，並在未來 12 個月內基本完成。重要的是，正如先前所討論的，這使我們能夠在 2026 財年剩餘時間內專注於提高我們 1,115 個持續營運地點的表現。

Now, turning to performance improvement, let's first address merchandizing including mitigating tariff risk. In early June we were very pleased to announce that Katy Chang joined Monro as our senior Vice President of Merchandizing and will lead the merchandizing team. Katy has significant experience in both the automotive aftermarket and retail, having previously served in senior roles at American Tire Distributors and the home improvement retailer Lowe's. With just two months under her belt, Katy's already making a significant impact.

現在，談到績效改進，我們首先來討論商品銷售，包括降低關稅風險。六月初，我們非常高興地宣布 Katy Chang 加入 Monro 擔任我們的商品銷售資深副總裁，並將領導商品銷售團隊。Katy 在汽車售後市場和零售業擁有豐富的經驗，曾在 American Tire Distributors 和家居裝飾零售商 Lowe's 擔任高階職位。凱蒂上任僅兩個月，但已經產生了重大影響。

Together with others on the Monro team, Katy has spent time with all of our largest vendors and tire distributors. We've had constructive discussions during which we have addressed a wide range of priorities for both Monro and our valued suppliers, including product availability, resetting our assortment, product training in the stores, price and go forward marketing support. We will continue our dialogue during the remainder of the summer and expect to be well-positioned with the right product to meet our customers' needs in the current fiscal year and beyond.

Katy 與 Monro 團隊的其他成員一起與我們所有最大的供應商和輪胎經銷商進行了交流。我們進行了建設性的討論，期間我們解決了 Monro 和我們尊貴的供應商的一系列優先事項，包括產品可用性、重新設定我們的產品組合、商店中的產品培訓、價格和未來的行銷支援。我們將在夏季剩餘時間繼續對話，並期望能夠以合適的產品滿足客戶在本財年及以後的需求。

As it relates to tariffs, our team continues to conduct fact-based negotiations with top suppliers to mitigate as much of the tariffs, actual and anticipated as possible. We've experienced some materials cost-based and tariff related increases. However, the impact on our first quarter was not as significant as originally anticipated. As it relates to tires, some cost increases to Monro were offset with minimum advertised pricing adjustments to our customers, which mitigated the impact on our gross margin rate. Given continued uncertainty around where tariff increases will shake out, we will closely monitor and manage the impact on us and on our customers.

就關稅而言，我們的團隊繼續與頂級供應商進行基於事實的談判，以盡可能減輕實際和預期的關稅。我們經歷了一些基於材料成本和關稅相關的成長。然而，對我們第一季的影響並不像最初預期的那麼大。就輪胎而言，Monro 的部分成本增加透過向客戶公佈的最低價格調整而被抵消，從而減輕了對我們毛利率的影響。鑑於關稅上調的最終結果仍存在不確定性，我們將密切監控和管理其對我們和客戶的影響。

Now let's turn to driving customer acquisition and activation. As previously discussed during our May earnings call, we've identified Monro's highest value customers. As a reminder, these customers deliver significantly more profit per customer than our lowest tier of customers. They are repeat customers that visit us over a number of years, and they choose us because we provide both the tires they want and the auto aftermarket services that meet their vehicle needs.

現在讓我們來談談推動客戶獲取和啟動。正如我們之前在 5 月財報電話會議上討論的那樣，我們已經確定了 Monro 的最高價值客戶。提醒一下，這些客戶為我們帶來的每位客戶的利潤比我們最低級別的客戶要高得多。他們是多年來光顧我們的回頭客，他們選擇我們是因為我們既提供他們想要的輪胎，也提供滿足他們車輛需求的汽車售後服務。

During the first quarter, we advanced our targeting efforts through marketing tests that have been conducted at a significant number of store locations. We have deployed a wide range of digital tools to reach our target audience, but we've also selectively reinvigorated local media such as radio and direct mail. We are now implementing our refined targeting in a representative sample across several 100 stores in our chain.

在第一季度，我們透過在大量門市進行的行銷測試，推進了我們的目標定位工作。我們部署了各種各樣的數位工具來接觸我們的目標受眾，但我們也有選擇地重振廣播和直郵等當地媒體。我們目前正在我們連鎖店的幾百家商店中對具有代表性的樣本實施精細定位。

The full impact of a more systematic approach to traffic generation won't be felt until later this fiscal year, but when assessing markets where our approach has already been implemented, the early results are encouraging. The precision with which we are deploying this targeting may also enable us to leverage our learnings in the development of future marketing programs to reach different customers and in different markets.

更系統化的流量產生方法的全部影響要到本財年晚些時候才能感受到，但在評估已經實施我們方法的市場時，早期結果是令人鼓舞的。我們部署這一目標的精確性也可能使我們能夠在未來的行銷計劃的製定中利用我們的經驗來接觸不同的客戶和不同的市場。

Finally, let's address things we are doing to improve the customer experience and selling effectiveness in our stores. Many of you have heard us talk a lot about the ConfiDrive digital courtesy inspection process. It's a tremendous tool that allows us to improve communications and educational selling to build trust, as well as further solidify relationships with our customers. The progress we continue to make with ConfiDrive can clearly be seen in our first quarter results as evidenced by the sales and unit growth that we drove in our tire category in our high margin service categories including front end shocks, brakes, batteries, and maintenance services. While we've made progress, we have opportunities to be more effective with this tool going forward.

最後，讓我們談談我們正在採取哪些措施來改善顧客體驗和商店的銷售效率。你們中的許多人都聽過我們談論很多關於 ConfiDrive 數位禮貌檢查流程的事情。這是一個非常棒的工具，它使我們能夠改善溝通和教育銷售，以建立信任，並進​​一步鞏固與客戶的關係。我們第一季的業績清楚地表明了我們在 ConfiDrive 方面不斷取得的進步，這從我們在輪胎類別中推動的高利潤服務類別（包括前端減震器、煞車、電池和維護服務）的銷售和單位增長中可以看出。雖然我們已經取得了進展，但我們仍有機會在未來更有效地利用這項工具。

Another area in which we are systematically enhancing the customer experience is through better preparation for our customers before they even arrive at our stores. When guests schedule appointments by calling our stores, our call center, or through our online appointment system, we have opportunities to communicate with them in a variety of ways, including phone, text messages, and emails, so that we can fully understand and confirm their tire and vehicle service needs prior to their store visit. We believe that consistent use of these tools will lead to a better customer experience.

我們有系統地提升客戶體驗的另一個方面是，在客戶到達我們的商店之前為他們做好更好的準備。當客人透過致電我們的商店、呼叫中心或透過我們的線上預約系統安排預約時，我們有機會透過各種方式與他們溝通，包括電話、簡訊和電子郵件，以便我們能夠在他們造訪商店之前充分了解並確認他們的輪胎和車輛服務需求。我們相信，持續使用這些工具將帶來更好的客戶體驗。

To accelerate the implementation of an enhanced guest experience, we've established a task force aimed at piloting potential improvements including hands-on coaching and training in a range of locations across our store network. Now let me briefly touch upon several key highlights of our fiscal first quarter results, which Brian will cover in more specific details in just a few moments.

為了加速實施增強型客戶體驗，我們成立了一個工作小組，旨在試行潛在的改進措施，包括在我們門市網路的多個地點進行實踐指導和培訓。現在，讓我簡要介紹一下我們第一財季業績的幾個關鍵亮點，布萊恩稍後將更詳細地介紹這些亮點。

Turning to slide 4 of our presentation materials, the Monro team drove mid-single digit comparable store sales growth in the quarter, which has enabled us to report two consecutive quarters of positive comps for the first time in a couple of years. We maintain prudent operating cost control as reflected in lower store direct costs in the quarter.

翻到我們簡報資料的第 4 張投影片，Monro 團隊在本季度推動了中等個位數的同店銷售額成長，這使我們能夠在幾年內首次連續兩個季度報告正成長。我們維持審慎的營運成本控制，這反映在本季較低的門市直接成本上。

We reduced inventory levels across the system by approximately $10 million primarily as a result of reducing our store count. And our profitability on an adjusted diluted earnings per share basis was in line with our prior year first quarter. Further and encouragingly, our preliminary fiscal July comp store sales are up 2%, which would result in our six consecutive month of consistent comp store sales growth.

由於減少了門市數量，我們將整個系統的庫存水準降低了約 1000 萬美元。我們的調整後每股攤薄收益的獲利能力與去年第一季持平。此外，令人鼓舞的是，我們 7 月初步財報同店銷售額成長了 2%，這將使我們的同店銷售額連續六個月保持成長。

To summarize, we're pleased with the progress we've made implementing the four key areas of focus identified during our initial assessment of the business, which we believe will allow us to accelerate the pace of the company's performance improvement as well as better capitalize on positive industry trends to unlock Monro's full potential. Our fiscal first quarter results serve as a solid foundation that we believe we can build upon to drive enhanced profitability and increased operating income and total shareholder returns in fiscal 2026. Before I hand the call over to Brian, I'd like to thank our teammates for their dedication to achieving our business objectives as well as their commitment to our customers.

總而言之，我們對在初步業務評估中確定的四個重點關注領域所取得的進展感到滿意，我們相信這將使我們能夠加快公司業績改善的步伐，並更好地利用積極的行業趨勢來釋放 Monro 的全部潛力。我們第一財季的業績為我們奠定了堅實的基礎，我們相信我們可以在此基礎上進一步提高盈利能力，並在 2026 財年提高營業收入和股東總回報。在我將電話交給 Brian 之前，我想感謝我們的隊友為實現我們的業務目標所做的貢獻以及對客戶的承諾。

And with that, I'll now turn it over to Brian, who will provide an overview of Monro's first quarter performance, strong financial position, and some additional color regarding the remainder of fiscal 2026. Brian?

現在，我將把時間交給 Brian，他將概述 Monro 第一季的業績、強勁的財務狀況，以及有關 2026 財年剩餘時間的一些額外資訊。布賴恩？

Thank you, Peter, and good morning everyone. Turning to slide 5, sales increased 2.7% to $301 million in the first quarter. This was primarily driven by a 5.7% increase in comparable store sales, which was partially offset by a reduction in sales due to closed stores. For reference, comps were up 7% in April, up 6% in May, and we exited the quarter up 4% in June. Tire units were up 3% in the first quarter. We also gained tire market share in our higher margin tiers in the quarter.

謝謝你，彼得，大家早安。翻到投影片 5，第一季銷售額成長 2.7%，達到 3.01 億美元。這主要得益於同店銷售額成長 5.7%，但因門市關閉導致的銷售額下降被部分抵銷。作為參考，4 月份可比銷售額增長了 7%，5 月份增長了 6%，6 月份本季結束時可比銷售額增長了 4%。第一季輪胎銷量成長了3%。本季度，我們還在利潤率較高的輪胎市場中獲得了份額。

Gross margin decreased 170 basis points compared to the prior year. This primarily resulted from higher technician labor costs, mostly due to wage inflation and higher material costs largely due to mixed within tires from a value oriented consumer that traded down more of their tire purchases to our Tier 3 offerings as well as an increased level of self-funded promotions. These were partially offset by lower occupancy costs as a percentage of sales. Total operating expenses were $113 million or 37.5% of sales as compared to $95.9 million or 32.7% of sales in the prior year period.

毛利率較上年下降170個基點。這主要是由於技術人員勞動成本上升（主要是由於工資上漲）和材料成本上升（主要是由於價值導向的消費者將更多的輪胎購買轉向我們的 3 級產品以及自籌資金促銷水平的提高）造成的。但這些影響被佔銷售額的入住成本的下降部分抵消。總營運費用為 1.13 億美元，佔銷售額的 37.5%，而去年同期為 9,590 萬美元，佔銷售額的 32.7%。

Importantly, the increase was principally due to $14.8 million of store closing costs related to the closure of 145 underperforming stores and $4.7 million of costs incurred in connection with third party consultants related to our operational improvement plan. Operating loss for the first quarter was $6.1 million or negative 2% of sales was negatively impacted by the store closing and third party consulting costs just discussed. This is compared to operating income of $13.2 million or 4.5% of sales in the prior year period.

重要的是，這一增長主要是由於與關閉 145 家業績不佳的商店有關的 1,480 萬美元的商店關閉成本，以及與我們的營運改善計劃相關的第三方顧問產生的 470 萬美元的成本。第一季的營業虧損為 610 萬美元，佔銷售額的負 2%，受到剛才討論的門市關閉和第三方諮詢費用的負面影響。相比之下，去年同期的營業收入為 1,320 萬美元，佔銷售額的 4.5%。

Adjusted operating income, a non-GAAP measure for the first quarter was $14 million or 4.7% of sales as compared to $14.7 million or 5% of sales in the prior year period. That interest expense decreased to $4.8 million as compared to $5.1 million in the same period last year. This was principally due to a decrease in weighted average debt. Income tax benefit was $2.7 million or an effective tax rate of 24.8%, which is compared to income tax expense of $2.3 million or an effective tax rate of 28.5% in the prior year period.

第一季非公認會計準則調整後營業收入為 1,400 萬美元，佔銷售額的 4.7%，而去年同期為 1,470 萬美元，佔銷售額的 5%。與去年同期的 510 萬美元相比，利息支出減少至 480 萬美元。這主要是由於加權平均債務減少。所得稅收益為 270 萬美元，有效稅率為 24.8%，而去年同期的所得稅支出為 230 萬美元，有效稅率為 28.5%。

The year-over-year difference in effective tax rate is primarily related to the discrete tax impact related to share-based awards and other adjustments, none of which are significant. Net loss was $8.1 million as compared to net income of $5.9 million in the same period last year. Diluted loss per share was $0.28. This is compared to diluted earnings per share of $0.19 for the same period last year. Adjusted diluted earnings per share, a Non-GAAP measure was $0.22. This is compared to adjusted diluted earnings per share of $0.22 in the first quarter of fiscal 2025.

有效稅率的年比差異主要與股權獎勵和其他調整相關的單獨稅收影響有關，這些影響均不顯著。淨虧損為 810 萬美元，而去年同期的淨收入為 590 萬美元。每股攤薄虧損為0.28美元。去年同期每股攤薄收益為0.19美元。調整後稀釋每股盈餘（非公認會計準則）為0.22美元。相較之下，2025財年第一季調整後稀釋每股收益為0.22美元。

Please refer to our reconciliation of adjusted operating income, adjusted net income, and adjusted diluted EPS in this morning's earnings press release and on slides 9, 10, and 11 in the appendix to our earnings presentation for further details regarding excluded items in the first quarter of both fiscal years.

有關兩個財年第一季排除項目的更多詳細信息，請參閱我們今天上午的收益新聞稿中調整後的營業收入、調整後的淨收入和調整後的稀釋每股收益的對賬，以及收益報告附錄中的第 9、10 和 11 張幻燈片。

As highlighted on slide 6, we continue to maintain a strong financial position. At the end of the first quarter, we had net bank debt of $64 million availability under our credit facility of approximately $398 million and cash and equivalent of approximately $8 million. Our AP to inventory ratio was 175% at the end of the first quarter versus 177% at the end of fiscal 2025.

正如幻燈片 6 所強調的，我們繼續保持強勁的財務狀況。截至第一季末，我們的信貸額度約為 3.98 億美元，可用銀行淨債務為 6,400 萬美元，現金及等價物約為 800 萬美元。我們第一季末的應付帳款與庫存比率為 175%，而 2025 財年末為 177%。

Our cash from operations was slightly negative in the quarter, primarily due to timing of vendor payments. We received $3 million in divestiture proceeds, invested $7 million in capital expenditures, spent $10 million in principal payments for financing leases, and distributed $9 million in dividends.

本季我們的經營現金流略為負值，主要原因是供應商付款的時間安排。我們獲得了 300 萬美元的資產剝離收益，投資了 700 萬美元的資本支出，花費了 1000 萬美元的融資租賃本金，並分配了 900 萬美元的股息。

Now turning to our expectations for the full year of fiscal 2026 on slide 7. Given the uncertainty surrounding a fluid tariff situation and macro environment, we are not providing guidance for fiscal 2026 at this time. However, we are providing the following assumptions to assist in your modeling.

現在轉到投影片 7 上我們對 2026 財年全年的預期。鑑於流動關稅情況和宏觀環境的不確定性，我們目前不提供 2026 財年的指導。但是，我們提供以下假設來協助您的建模。

We continue to expect to deliver year over year comparable store sales growth in fiscal 2026, primarily driven by our improvement plan, as well as any tariff-related price adjustments to our customers. We continue to expect that the results of our store optimization plan will reduce total sales by approximately $45 million in fiscal 2026.

我們繼續預期 2026 財年可比店面銷售額將年增，這主要得益於我們的改進計劃以及針對客戶的任何關稅相關價格調整。我們繼續預計，我們的店鋪優化計畫的結果將使 2026 財年的總銷售額減少約 4,500 萬美元。

Given expected baseline cost inflation as well as our exposure to tariff-related cost increases, we expect that our gross margin for the full year of fiscal 2026 will continue to remain pressured. We continue to expect to partially offset some of this baseline cost inflation, as well as some of the tariff-related cost increases with benefits from our store closures and operational improvements from our improvement plan.

鑑於預期的基準成本通膨以及我們面臨的關稅相關成本上漲，我們預計 2026 財年全年的毛利率將繼續承壓。我們仍然期望透過關閉門市和改進計劃帶來的營運改善來部分抵消部分基準成本通膨以及部分與關稅相關的成本增加。

We believe this will allow us to deliver year-over-year improvement in our adjusted diluted earnings per share in fiscal 2026. We continue to expect to generate sufficient operating cash flow that will allow us to maintain a strong financial position and to fund all of our capital allocation priorities, including our dividend during fiscal 2026. Regarding our capital expenditures, we continue to expect to spend $25 million to $35 million.

我們相信，這將使我們在 2026 財年實現調整後每股攤薄收益的年增率。我們繼續期望產生足夠的經營現金流，這將使我們能夠保持強勁的財務狀況，並為我們所有的資本配置優先事項提供資金，包括 2026 財年的股息。關於我們的資本支出，我們預計仍將花費 2500 萬至 3500 萬美元。

And with that, I will now turn the call back over to Peter for some closing remarks.

現在，我將把電話轉回給彼得，請他發表一些結束語。

Thanks, Brian. As previously indicated, we believe our business model is durable, with Monro able to provide an important service to our customers in any economic environment. Our balance sheet and cash flow profile remains strong. We are encouraged by the recent positive momentum and expect that the three remaining pillars of our plan will improve operations, drive incremental profitability, and enhance total shareholder returns this fiscal year.

謝謝，布萊恩。如前所述，我們相信我們的商業模式是持久的，Monro 能夠在任何經濟環境下為我們的客戶提供重要的服務。我們的資產負債表和現金流狀況依然強勁。我們對最近的積極勢頭感到鼓舞，並預計我們計劃的其餘三大支柱將改善運營，推動增量盈利，並提高本財年股東總回報。

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

現在，我將把時間交給接線員來回答問題。

(Operator Instructions) Thomas Wendler, Stephens.

（操作員說明）Thomas Wendler，Stephens。

Just wanted to dig into SG&A here. Once you pull out some of the one-time items, there's some really nice improvement year-over-year. Can you give me a little color on how much that improvement was from closing the unprofitable stores and then how should we be thinking about kind of SG&A as a percent of revenue moving forward?

只是想深入了解銷售、一般和行政費用 (SG&A)。一旦你拿出一些一次性物品，你會發現逐年有非常好的改善。您能否稍微解釋一下這種改善在多大程度上來自於關閉無利可圖的商店，然後我們應該如何看待銷售、一般和行政費用佔未來收入的百分比？

Yeah, that's a great question. We had great cost control in the quarter. The team did a good job of managing store direct costs as well as our corporate costs. Some of that benefit was related to the closed doors, but as a reminder, we only had that benefit for one month in June, but we saw better SG&As percent of sales in April and May as well prior to the closures. As we think about the balance of the year, we're still looking at flattish G&A for the remaining quarters compared to the prior year.

是的，這是一個很好的問題。本季我們的成本控制得很好。團隊在管理商店直接成本以及公司成本方面做得很好。其中一些好處與關門有關，但提醒一下，我們僅在 6 月份一個月內享受了這一好處，但在關門之前的 4 月和 5 月，我們的銷售、一般及服務費佔銷售額的百分比也有所提高。當我們考慮今年的平衡時，我們仍然認為剩餘季度的 G&A 與前一年相比持平。

And then maybe just one more from me, just touching on the same store sales, 2% in July. How should we be thinking about same sort of sales for the back half of the year?

然後我再說一點，關於同一家商店的銷售額，7 月成長了 2%。我們該如何考慮下半年的同類銷售情況？

So I think we feel pretty good about six consecutive months of positive comps, and remember in the first or in the last quarter of the prior fiscal year, our comps were up 2.8%. So 2.8% and then 5.7%, we think establishes us in achieving what we proposed, which is to steadily increase our comp sales year-over-year. Doesn't mean it's going to be consistent, but steadily over the quarters, I think we're looking at positive comp store sales. So we would suggest people look less at the monthly and more at the trend, which has been pretty positive.

因此，我認為我們對連續六個月的正增長感到非常滿意，並且記得在上一財年的第一季或最後一個季度，我們的同店銷售額增長了 2.8%。因此，我們認為 2.8% 和 5.7% 可以讓我們實現我們的目標，即穩步提高我們的同店銷售額。這並不意味著它會保持一致，但我認為，在各個季度內，我們會看到同店銷售額呈正成長。因此，我們建議人們少關注月度數據，多關注趨勢，而趨勢一直非常正面。

David Lantz, Wells Fargo.

富國銀行的戴維‧蘭茨。

I was just curious if you could dive into the gross margin in a little more detail. So obviously, declined 170 basis points year-over-year, but was curious if you could give us more commentary on the trajectory of the year as well as how much higher technician labor costs and material costs were in the quarter and what the DNL leverage looked like.

我只是好奇您是否可以更詳細地介紹一下毛利率。因此，顯然，與去年同期相比下降了 170 個基點，但我很好奇您是否可以給我們更多關於今年的發展軌蹟的評論，以及本季度技術人員勞動力成本和材料成本上漲了多少，以及 DNL 槓桿率是什麼樣的。

Absolutely, thanks for the question. So if you look at the components of the 170 basis point decline in gross margin year-over-year, and just as a reminder that that Q1 gross margin in the prior year is our hardest comp of the year in terms of gross margin percentage, but that decline of 170 basis points was driven by 170 basis points higher technician labor costs as a percent of sales, primarily driven by wage inflation year-over-year. There was about 120 basis points of material cost.

當然，謝謝你的提問。因此，如果您看一下毛利率同比下降 170 個基點的組成部分，需要提醒的是，就毛利率百分比而言，去年第一季的毛利率是我們今年最難比擬的，但 170 個基點的下降是由於技術人員勞動力成本佔銷售額的百分比上升了 170 個基點，這主要是由於工資同比上漲所致。材料成本約120個基點。

Higher percentage of sales really driven by the continued trade down into Tier 3 in the tire category as well as the effect of higher self-funded promotions year-over-year. And then finally, we saw a 120 basis point benefit of leverage on occupancy costs related to the higher comps, but also we had some benefit of the store closures for one month of the quarter.

銷售額百分比的提高實際上是由於輪胎類別繼續向三級市場發展，以及自籌資金促銷活動逐年增加的影響。最後，我們看到與較高的可比較價格相關的入住成本槓桿效益提高了 120 個基點，而且我們也從本季一個月的門市關閉中獲得了一定的好處。

If it relates to the go forward, I think that we'll see some of the technician labor cost pressure dissipate as the comps in that category get a little bit easier as the year goes on. Same thing with the material costs from a year-over-year perspective, the promotional activity and the trade down will start to lap that. We really didn't experience that too much in Q1 of last year, but we'll experience in lap -- prior year trade down and prior year promotions. And then obviously, if we continue to deliver increased comparable store sales and see the continued benefit from the store closures, we'd expect to continue to leverage on DNL.

如果這與未來有關，我認為我們會看到一些技術人員勞動成本壓力消散，因為隨著時間的推移，該類別的比較會變得更容易一些。從同比角度來看，材料成本也是如此，促銷活動和降價將開始抵銷這一成本。我們在去年第一季確實沒有經​​歷過太多這樣的情況，但我們會在之後經歷——去年的降價和去年的促銷。顯然，如果我們繼續實現同店銷售額的成長，並看到關閉門市帶來的持續利益，我們預計將繼續利用 DNL。

So all in, I would say that we expect our gross margin compared to the prior year to narrow and then ultimately to meet as we get to the latter part of the second half.

總而言之，我想說，我們預計與上年相比，我們的毛利率將會縮小，並最終在下半年後半段達到平衡。

And then on the Q1 comps, can you just talk about traffic and ticket in a little more detail and also what that looks like on a quarter-to-date basis?

然後，關於第一季的比較，您能否更詳細地談談流量和票務情況，以及本季迄今為止的情況？

Traffic has been pretty steady but we have seen an increase in ticket, which we're pretty happy about and we're optimistic that some of the things that we're putting into place to drive incremental traffic will take hold as the year progresses, and with some luck we'll continue to see strong ARO.

流量一直很穩定，但我們看到票務量有所增加，我們對此感到非常高興，並且我們樂觀地認為，隨著時間的推移，我們為推動流量增長而採取的一些措施將會奏效，如果幸運的話，我們將繼續看到強勁的 ARO。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

With regards to traffic, you said traffic was steady, is that up? Was traffic and ticket bolts up in the quarter?

關於交通，您說交通穩定，是嗎？本季交通量和罰單數量是否增加？

Traffic was flat in the quarter, up some months, flat in others, and ticket was steadily up throughout the quarter.

本季客流量持平，部分月份客流量上升，其他月份客流量持平，整個季度客流量穩定上升。

And then I think you called out a 120 basis point benefit from occupancy leverage and closures. What was the net impact of closing the stores in the quarter 2 on the margin? I guess, you had the benefit of lower SG&A and the benefit of occupancy lever or lower occupancy. What did that -- what did the store closures contribute in the quarter?

然後我認為您提到了入住率槓桿和關閉帶來的 120 個基點的收益。第二季關閉商店對利潤率的淨影響是多少？我想，您既享受了較低的銷售、一般和行政費用，又享受到了入住率槓桿或較低入住率的好處。關閉商店對本季有何影響？

Yeah, without getting into specifics, I would say that it was a smaller piece of the benefit in those lines in the quarter, given the fact that we only had one month of those stores being closed. We expect it to be more meaningful, but it wasn't the bigger driver of the quarter for Q1.

是的，不必說具體細節，我想說這只是本季這些業務收益中較小的一部分，因為這些門市只有一個月關閉。我們預計它會更有意義，但它並不是第一季更大的推動力。

I was just going to say, Bret, I would add that when you look at the impact of a full quarter's worth of gross margin, the gross margin in the stores that we closed was definitely lower than the continuing stores. So that should help us as we go forward.

我只是想說，布雷特，我想補充一點，當你看一下整個季度的毛利率的影響時，我們關閉的商店的毛利率肯定低於繼續營業的商店。這應該會對我們前進有所幫助。

And then I guess how should we think about a second quarter costs on the closures and you said 40 properties were owned that you're going to divest. Were those mortgaged or is that a real chunk of cash flowed to come out of that.

然後我想我們應該如何考慮第二季的關閉成本，您說您擁有 40 處房產，而您打算剝離這些房產。這些是抵押的嗎？還是有大量現金從中流出？

Yeah, there's no mortgage there. All of our business is financed strictly through the revolver as well as the finance lease on our books. So we said that we thought that we would be able to generate positive cash flow related to the real estate activities that we have ahead of us, and we expected those to primarily be done over the year. So we expect to be a source of cash from here forward related to the store closures.

是的，那裡沒有抵押貸款。我們所有的業務都嚴格透過帳簿上的循環信貸和融資租賃來融資。因此，我們說，我們認為我們將能夠產生與我們未來的房地產活動相關的正現金流，並且我們預計這些活動將主要在一年內完成。因此，我們預計從現在起，關閉商店將成為我們的現金來源。

And I would add that one of the very good things about the closures is they're done. We announced at the end of May that we were going to close the stores. They were closed by the end of May. We moved all the inventory by the end of June, and there aren't going to be any incremental costs from store closures going forward. So as we said in our prepared remarks, it enables us to completely focus on those things that can drive improved performance in the continuing stores.

我想補充的是，關閉的一個非常好的事情是它們已經完成了。我們在五月底宣布要關閉這些商店。它們在五月底就關閉了。我們在六月底之前轉移了所有庫存，並且今後不會因關閉商店而產生任何增量成本。因此，正如我們在準備好的演講中所說的那樣，它使我們能夠完全專注於那些可以推動持續經營商店業績提高的事情。

Brian Nagel, Oppenheimer.

布萊恩·納格爾，奧本海默。

First I want to ask, I mean, it's a bit repetitive, so I apologize. But just if you look at the sales trajectory. So you clearly -- I mean, when you're talking about we've now had this nice period of positive comps, but above the positive, there's some volatility. Just look at what we went from Q4 to Q1 and then a modest moderation here at least early into the fiscal second quarter. So is there something -- is there a way to explain that? I mean, recognizing your business tends to lead to short term volatility. Is there some way to explain kind of what we're seeing that -- this trajectory in comps?

首先我想問一下，我的意思是，這有點重複，所以我很抱歉。但只要你看一下銷售軌跡。所以你很清楚——我的意思是，當你談論我們現在正處於一個積極的時期，但在積極的之上，存在一些波動。看看我們從第四季到第一季的情況，然後至少在第二財季初期出現適度放緩。那麼有什麼辦法可以解釋這一點嗎？我的意思是，認識到你的業務往往會導致短期波動。有什麼方法可以解釋我們所看到的這種軌跡嗎？

Well, I would say that as Brian has commented previously, the comps in the prior year were easier for us to perform well against than they are on a go forward basis. But I think it's also important to focus on the work streams that we think will drive incremental profit, and they are driving traffic steadily through improving the way we go to market and reach our customers using the digital tools that we put into place. This isn't something that happens in a few weeks, but over the course of the rest of the year. We're going to see, I think, some incremental traffic from that. We're seeing a little bit of it in the last few weeks by focusing on those customers that are repeat customers and do buy more product for us, product and services.

好吧，我想說，正如布萊恩之前評論的那樣，與去年的競爭對手相比，我們更容易取得好成績，而不是在未來取得好成績。但我認為，專注於那些我們認為能夠推動利潤成長的工作流程也很重要，它們透過改善我們進入市場的方式並使用我們實施的數位工具接觸客戶，穩步推動流量成長。這不是幾週內就能發生的事情，而是需要一年以上的時間才能實現。我認為，我們將會看到由此帶來的一些增量流量。在過去的幾周里，我們透過關注那些回頭客並為我們購買更多產品和服務的客戶，看到了一些這樣的情況。

And then the second thing that I think encourages us about increased sales on a go forward basis was is the use of the tools that we have in the stores, mainly ConfiDrive. So what ConfiDrive enables us to do when we do it well is inspect the vehicle and tell the customer what things the customer, he or she ought to be thinking about in order to keep their car safe.

我認為鼓勵我們繼續增加銷售額的第二件事是使用我們在商店中擁有的工具，主要是 ConfiDrive。因此，當我們做得好時，ConfiDrive 讓我們能夠檢查車輛並告訴客戶，客戶應該考慮哪些事情，以確保他們的車輛安全。

We suggested to you that in the first quarter we saw some really positive signs out of that. For example, We had a 26% increase in front end shocks. That's all coming from what we learn in the ConfiDrive process. So the combination on a go forward basis of the marketing effort and the ability to use ConfiDrive to drive incremental sales both in the moment when the car is on the rack and over time when we retarget the customer after we learn what they might need, I think we'll contribute to better sales performance in the latter part of the year.

我們向您建議，我們在第一季看到了一些非常積極的跡象。例如，我們的前端避震器增加了 26%。這些都是我們在 ConfiDrive 過程中學到的知識。因此，結合未來的行銷努力和使用 ConfiDrive 來推動增量銷售的能力，無論是在汽車上架時，還是在我們了解客戶可能需要什麼之後重新定位客戶時，我認為我們將有助於在今年下半年實現更好的銷售業績。

And then my follow up question, just on gross margins, given -- it seems like as the business is evolving here, there's different points and takes, but how should we think about what we're sort of playing for in gross margin both near and longer term? I mean, what levels should we be looking at to suggest that Monro's back to a healthy state there?

然後我的後續問題是，關於毛利率，鑑於——似乎隨著業務的發展，存在不同的觀點和看法，但我們應該如何考慮我們在短期和長期的毛利率方面所要爭取的目標？我的意思是，我們應該關注哪些水平才能表明 Monro 已經恢復健康狀態？

Well, I think that first of all, again, the decrease in Q1 is against our toughest compare of the year. We made comments in the outlook saying that we thought gross margin was going to remain pressured for FY26. I would kind of dimensionalize that as no better than prior year gross margins in FY26, and the components of that are some of the things that I talked about in a previous question related to lapping some more like for like compares on the promotional environment, the trade down environment, and the labor environment, but also knowing that we have baseline cost inflation and tariff costs building in and we're very conscious of the impact that could have on us and on our consumer. So that's the kind of look for us by '26.

嗯，我認為首先，第一季的下降與我們今年最艱難的比較相比是一致的。我們在展望中表示，我們認為 26 財年的毛利率仍將面臨壓力。我認為 2026 財年的毛利率不會比去年同期好，其中的一些組成部分是我在之前的問題中談到的，涉及促銷環境、降價環境和勞動力環境等方面的比較，但同時也知道我們有基準成本通膨和關稅成本，我們非常清楚這可能對我們和我們的消費者產生的影響。這就是我們 26 年的樣子。

As we think about longer term, we think this business can continue to expand margins on a growing sales number and that's really driven by leverage and occupancy costs as well as being able to use the merchandizing programs that we have in place with Katy's onboarding to find material margins and variable margins as well.

從長遠來看，我們認為這項業務可以在不斷增長的銷售額上繼續擴大利潤率，這實際上是由槓桿和占用成本推動的，同時能夠利用我們在 Katy 入職時實施的商品推銷計劃來尋找材料利潤率和可變利潤率。

Thank you. There are no further questions waiting at this time. I will now have to pass the call back over to our CEO for any closing remarks.

謝謝。目前沒有其他問題。我現在必須將電話轉回給我們的首席執行官，讓他發表結束語。

Well, thank you again to everyone for joining us today. I'm optimistic about the opportunities in front of us, and I really do believe that Monro is well-positioned to capitalize on positive industry trends as we focus on driving profitable growth this year. We still have further room for progress as we continue to implement our performance improvement plan, and we have a lot of work to do, but we've got a good foundation to create long-term value for all of our stakeholders. We look forward to keeping you updated on our progress in the quarters to come. Have a great day. Thanks again.

好吧，再次感謝大家今天的參加。我對我們面前的機會感到樂觀，我確實相信，當我們專注於推動今年的獲利成長時，Monro 已準備好利用積極的行業趨勢。隨著我們繼續實施績效改進計劃，我們仍有進一步進步的空間，我們還有很多工作要做，但我們已經擁有為所有利害關係人創造長期價值的良好基礎。我們期待在未來幾季向您通報我們的進展。祝你有美好的一天。再次感謝。

Thank you. At this time, we're going to conclude today's call. We appreciate your participation. We hope you all have a wonderful day. And at this time, you may now disconnect your line.

謝謝。現在，我們將結束今天的電話會議。感謝您的參與。我們希望大家有美好的一天。此時，您可以斷開線路了。