Monro, Inc. (MNRO) 2026 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Monro Inc.'s earnings conference call for the fourth-quarter and full year of fiscal 2026. (Operator Instructions) And as a reminder, this conference call is being recorded and may not be reproduced in whole or in part without permission from the company.

各位女士、先生，早安，歡迎參加 Monro Inc. 2026 會計年度第四季及全年財報電話會議。(接線員指示) 另外提醒各位，本次電話會議將被錄音，未經公司許可不得全部或部分重製。

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

現在我想介紹 Monro 投資人關係副總裁 Felix Veksler。請開始。

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.

謝謝。各位好，感謝各位參加今天早上的電話會議。在開始之前，請注意，本次會議將引用一份簡報，該簡報可於我們網站 corporate.monro.com/investors 的「投資人」專區取得。

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. 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.

請各位留意第 2 頁投影片的「安全港」聲明，我想提醒與會者，我們的簡報包含若干關於 Monro 未來表現的前瞻性陳述。實際結果可能與我們今天的評論所暗示者有重大差異。可能影響未來結果的最重要因素，已載明於 Monro 向美國證券交易委員會（SEC）提交的文件以及我們的財報新聞稿中。

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. Additionally, on today's call, management's 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 are included as part of today's presentation and in our earnings release.

除法律要求外，公司不承擔亦不意圖因新資訊、未來事件或其他原因更新或修訂任何前瞻性陳述之義務。此外，在今天的電話會議中，管理階層的發言包含對若干非 GAAP 財務衡量指標的討論，該等指標旨在補充而非取代可比較的 GAAP 指標。此等補充資訊與可比較 GAAP 指標之調節表，已包含於今日簡報及我們的財報新聞稿中。

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

接下來，我想把電話交給 Monro 總裁兼執行長 Peter Fitzsimmons。

Thank you, Felix, and thanks to everyone for joining us. Great to be with you today. This morning, I'd like to update you on our progress and the momentum we've continued to build at Monro despite a challenging fourth quarter. Since we completed our store closure program nearly a year ago, my comments today will focus on the three remaining key performance improvement initiatives you are already familiar with, which are driving profitable customer acquisition and activation, improving our store-based customer experience and selling effectiveness and increasing merchandising productivity, which includes mitigating tariff risk.

謝謝你，Felix，也感謝各位參加。很高興今天與各位相聚。今天早上，我想向各位更新我們的進展，以及儘管第四季充滿挑戰，Monro 仍持續累積的動能。自我們在近一年前完成門市關閉計畫後，我今天的評論將聚焦於各位已熟悉、仍在推進的三項關鍵績效改善措施：推動具獲利性的客戶獲取與啟動、改善以門市為核心的顧客體驗與銷售效能，以及提升商品營運生產力（其中包含降低關稅風險）。

After that, I'll briefly touch upon our fiscal fourth quarter results as we continue to implement our performance improvement plan to enhance Monro's operations, drive profitability and increase shareholder returns. Let's start with driving customer acquisition and activation on slide 3.

之後，在我們持續推動績效改善計畫、以強化 Monro 營運、提升獲利能力並增加股東報酬之際，我也會簡要談及我們的 2026 會計年度第四季業績。我們先從第 3 頁投影片的「推動客戶獲取與啟動」開始。

During the fourth quarter, we continued to refine our marketing program by adjusting digital marketing spend, further refining our CRM outreach and optimizing call center support to more than 830 stores. We are more knowledgeable today about how to adjust our ad spending as a result of all the information we have gathered since we first introduced digital marketing last July. We use industry standard and company-specific metrics to determine where our marketing dollars have the most impact. Our objective is not to only continue driving new guests to our store locations, but also to improve our ability to retain existing customers, especially those of highest value to Monro.

在第四季，我們持續透過調整數位行銷支出、進一步精進 CRM 觸達，以及優化對超過 830 家門市的客服中心支援，來完善我們的行銷計畫。自去年 7 月首次導入數位行銷以來，基於我們蒐集到的所有資訊，我們如今更了解如何調整廣告投放。我們使用產業標準及公司特定的指標，判斷行銷預算在哪些地方能產生最大影響。我們的目標不僅是持續為門市據點帶來新客，也要提升留住既有客戶的能力，尤其是對 Monro 而言價值最高的客群。

And as a reminder, these are repeat customers that visit us over a number of years, and they choose us because we provide both the tire and auto aftermarket services that meet their vehicle needs. We have also enhanced our ability to allocate the appropriate method of advertising, that is digital, CRM and other media as well as the specific content, Tires, Front/end Shocks, et cetera, to meet specific market or customer needs.

提醒各位，這些是多年來反覆回訪的客戶；他們選擇我們，是因為我們同時提供輪胎與汽車售後服務，能滿足其車輛需求。我們也強化了分配適當廣告方式的能力，也就是數位、CRM 與其他媒體，以及特定內容（輪胎、前/後避震器等），以滿足特定市場或客戶需求。

For example, extra tire marketing in one district, incremental oil traffic building in another and cross-category marketing through CRM, that is brakes, tire, oil to the multiservice need customers that we've already identified as particularly attractive. This does not require us to increase marketing spend from our current run rate, and our efforts to optimize may trim current spend. 9 months ago, our marketing effort was similar across our entire store network. Now we have the capabilities to customize our approach to a variety of regional needs.

例如，在某一區域加強輪胎行銷、在另一區域增加機油相關的引流活動，並透過 CRM 進行跨品類行銷，也就是針對我們已辨識為特別具吸引力、具有多項服務需求的客戶推送煞車、輪胎、機油等內容。這不需要我們在目前的常態支出水準上增加行銷費用，而且我們的最佳化努力可能還會削減現有支出。9 個月前，我們的行銷作法在整個門市網路中大致相同。現在，我們已具備依不同區域需求客製化策略的能力。

Now let's discuss the things we are doing to improve the customer experience and selling effectiveness in our stores. Our ConfiDrive inspection tool has become the cornerstone of our customer experience transformation. We successfully expanded its usage to nearly every customer vehicle that enters our service base, ensuring comprehensive vehicle assessments across our entire network.

接下來談談我們為提升門市顧客體驗與銷售效能所做的工作。我們的 ConfiDrive 檢測工具已成為顧客體驗轉型的基石。我們已成功將其使用範圍擴大到幾乎每一輛進入我們維修服務體系的客戶車輛，確保在整個網路中進行全面的車況評估。

During the fourth quarter, we intensified our training efforts with technicians to guarantee both the completion and accuracy of these critical inspections. The ConfiDrive process enables our store managers to provide transparency about vehicle condition to our customers. Our goal is to help our guests identify and prioritize what they need to do to keep their vehicles safe.

在第四季，我們加強了對技師的訓練，以確保這些關鍵檢測的完成度與準確性。ConfiDrive 流程讓門市經理能向客戶透明呈現車輛狀況。我們的目標是協助顧客辨識並排序其為維持行車安全所需處理的事項。

Our ConfiDrive process is designed to build trust with our customers through a quality diagnostic supported with pictures to truly show areas that require attention. Safety, trust and confidence on the road is what we want to deliver for our customers. This transparency isn't just about building trust. It's about fundamentally changing how customers perceive automotive service. When customers can understand exactly what we're seeing through detailed visual documentation, it eliminates the skepticism that has historically plagued our industry. In addition to ConfiDrive, we have further developed our district manager toolkit, which we first described on a recent earnings call to more precisely identify which levers to pull to generate incremental sales, improve gross margin or just adjust staffing levels.

ConfiDrive 流程旨在透過高品質診斷並以照片佐證，真實呈現需要關注的部位，以建立客戶信任。我們希望為客戶帶來的是道路上的安全、信任與信心。這種透明不只是為了建立信任。更是要從根本上改變客戶對汽車維修服務的認知。當客戶能透過詳盡的視覺化紀錄，清楚理解我們所看到的狀況時，就能消除長期以來困擾本產業的疑慮與不信任。除了 ConfiDrive 之外，我們也進一步完善了區域經理工具組；我們在近期一次財報電話會議中首次提到該工具組，目的在更精準地辨識應採取哪些槓桿，以帶動增量銷售、改善毛利，或僅是調整人力配置水準。

We believe this has allowed us to evolve our analysis from simply identifying sales trends to a more holistic view of how we would improve store contribution by enabling our district managers to better coach each of their store teams. These tools, coupled with our efforts to steadily increase the quality and capabilities of our field teams will allow us to drive greater accountability with sales improvement and higher store contribution over time.

我們相信，這使我們的分析得以從單純辨識銷售趨勢，進化為更全面的視角：透過讓區域經理更有效地指導各門市團隊，來提升門市貢獻。這些工具，加上我們持續提升外勤團隊品質與能力的努力，將使我們能隨時間推進，在銷售改善與更高的門市貢獻方面建立更強的問責機制。

For example, we have recently rolled out an enhanced district manager toolkit to approximately 150 stores. This enhancement focuses on gross margin opportunities at underperforming stores and enables us to adjust operating performance at the local level. We are encouraged by the profit improvement we've seen in many of these store locations. We expect this process to improve store profitability across the network as we roll this initiative out further.

例如，我們最近已將強化版的區域經理工具組推廣至約 150 家門市。此項強化聚焦於表現不佳門市的毛利機會，並使我們能在地方層級調整營運表現。我們對於在其中許多門市據點所看到的獲利改善感到鼓舞。隨著我們進一步推廣此項措施，我們預期該流程將提升整個網路的門市獲利能力。

Now let's turn to merchandising, including mitigating tariff risk. During the fourth quarter, we nearly completed the reset of our tire inventory across stores, shifting to a more focused assortment and guest-aligned offering that is resonating with customers despite challenging market conditions. The new assortment has helped us navigate an ongoing customer shift to lower-cost Tier 4 and opening price point tires. -- a trend that continues to pressure the overall industry.

現在讓我們轉向商品策略，包括降低關稅風險。在第四季期間，我們幾乎完成了全門市輪胎庫存的重整，轉向更聚焦的品項組合與更貼近顧客需求的產品供應，即使在具挑戰性的市場環境下，仍獲得顧客良好回響。新的品項組合也協助我們因應顧客持續轉向較低成本的第4級（Tier 4）與入門價位輪胎——此一趨勢仍持續對整體產業造成壓力。

To the fourth quarter, we turned our focus to improving assortments and offerings across our parts categories, applying a strategic category management framework to develop consumer-centric product and service offerings. This isn't just about having products on shelves. It's about ensuring we have the right products available when customers need them, backed up by strong in-stock and on-demand inventory availability. A key driver of our assortment progress has been our intensified work with vendor partners.

進入第四季，我們將重點放在改善各零件品類的品項組合與產品供應，運用策略性的品類管理架構，打造以消費者為中心的產品與服務方案。這不只是把商品擺上貨架而已。而是要確保在顧客需要時，我們能提供正確的產品，並以強勁的現貨供應與按需庫存可得性作為支撐。推動我們品項組合進展的一項關鍵動能，是我們與供應商夥伴更密切且更強化的合作。

We strengthened strategic relationships with our core suppliers while simultaneously working with our supplier base to improve inventory availability to ensure stores remain consistently stocked. -- we're investing in new demand and inventory planning capabilities, which are enabling us to manage supply more precisely at the same time as we expand in-store and same-day availability.

我們強化與核心供應商的策略關係，同時也與供應商體系合作提升庫存可得性，以確保門市能維持穩定補貨——我們正投資新的需求與庫存規劃能力，使我們在擴大門市內與當日可得性之際，也能更精準地管理供應。

This balance requires sophisticated forecasting and rapid response capabilities that we're still building out. As it relates to potential pricing adjustments, we continue to work closely with suppliers to understand and manage costs in what has become an exceptionally dynamic environment. As in the past, we expect to deliver competitive prices for the services we offer, also taking into account market conditions. We're closely monitoring potential product cost impacts from new tariffs as well as ongoing geopolitical tensions in the Middle East. And we're proactively developing strategic pricing scenarios to protect profitability while also remaining competitive.

這樣的平衡需要更成熟的預測與快速回應能力，而我們仍在持續建置中。就潛在的價格調整而言，我們持續與供應商緊密合作，以了解並管理成本；在這個已變得極度動態的環境中尤其重要。如同以往，我們預期將在所提供的服務上維持具競爭力的價格，同時也會考量市場狀況。我們也正密切關注新關稅可能對產品成本造成的影響，以及中東地緣政治緊張局勢的持續發展。此外，我們正主動制定策略性定價情境，以在維持競爭力的同時保護獲利能力。

We're particularly focused on expanding our share in tires and oil, two of our key traffic-driving categories, but we're doing so in an environment where consumers are demonstrably continuing to defer their spend on high-ticket categories such as tires. This creates a challenging dynamic where we need to drive volume while managing margin pressure. Pricing will continue to be a critical lever as we work to maintain the right balance between customer value and margin performance.

我們特別聚焦於提升輪胎與機油兩大關鍵導流品類的市占率，但我們所處的環境是：消費者明顯仍在延後對輪胎等高單價品類的支出。這形成一種具挑戰性的動態：我們需要拉動銷量，同時管理毛利壓力。在我們努力維持顧客價值與毛利表現之間的適當平衡時，定價將持續是關鍵槓桿。

Now let me briefly touch on our fiscal fourth quarter results, which Brian will cover in more specific detail in just a few moments. Turning to slide 4 of our presentation materials. Our fourth quarter was challenging with comparable store sales declining 2% -- this performance reflects the difficult operating environment in the full-service auto aftermarket we've been navigating, but it also demonstrates the resilience of our operational improvements in the face of significant headwinds.

接下來我簡要談一下我們會計年度第四季的業績表現，Brian 會在稍後提供更具體的細節。請看簡報資料第4頁。我們第四季表現具挑戰性，同店銷售下滑2%——這反映了我們在全方位汽車售後市場（full-service auto aftermarket）所面臨的艱困營運環境，但也展現了在重大逆風下，我們營運改善措施的韌性。

As we believe was the case with other tire sellers, the primary driver of our comp store sales decline was persistent weakness in tire units that began in fiscal January and continued throughout the quarter. We experienced a 5% decline in tire units during the quarter, which we believe aligns with broader industry trends. Our tire category was pressured as consumers continue to defer spending in higher ticket categories and gravitated toward lower-cost alternatives.

我們認為，與其他輪胎銷售商的情況相同，造成同店銷售下滑的主要因素，是自會計年度1月開始並延續整季的輪胎銷量持續疲弱。本季輪胎銷量下滑5%，我們認為這與更廣泛的產業趨勢一致。在輪胎品類方面，因消費者持續延後高單價品類支出並轉向較低成本替代方案而承受壓力。

Further, fiscal February presented additional challenges when severe winter weather across our geographic footprint forced temporary store closures and significantly reduced customer traffic. Similar to what other automotive service companies experienced, the extreme weather disrupted normal service patterns and kept customers off the roads during what would have been a busy winter maintenance period. However, we saw improvement as we progressed through the quarter.

此外，會計年度2月也帶來額外挑戰：我們營運版圖內的嚴重冬季天候迫使部分門市暫時關閉，並大幅降低顧客來店人流。與其他汽車服務公司所經歷的情況類似，極端天候打亂了正常的服務節奏，並使顧客在原本應是繁忙的冬季保養期間減少上路。不過，隨著季度推進，我們看到情況有所改善。

Both comparable store sales and tire units showed sequential improvement in fiscal March, partially recovering from the February weather disruptions. Store traffic also improved sequentially, giving us confidence that the underlying demand for our services remains intact despite a challenging backdrop.

同店銷售與輪胎銷量在會計年度3月皆呈現逐月改善，部分回補了2月天候干擾所造成的影響。門市來客數也呈現逐月改善，讓我們更有信心：即使在具挑戰性的背景下，對我們服務的基本需求仍然存在。

One of our most significant accomplishments during the quarter was the transformation of our tire screen across our store network. This wasn't simply a cosmetic change. We fundamentally reimagined how we present tire options to customers, making the selection process more intuitive and aligned with customer needs and budgets.

本季我們最重要的成果之一，是在全門市網路完成輪胎展示介面的轉型。這不只是外觀上的改變。我們從根本重新思考如何向顧客呈現輪胎選項，使選購流程更直覺，並更符合顧客需求與預算。

Despite the overall sales challenges, our higher-margin service categories continued to deliver value to our many full-service customers and reinforces our strength as a full-service provider. This capability serves as proof that our store teams are effectively utilizing ConfiDrive to identify and communicate service needs to customers. When customers can see documented evidence of their vehicle's condition, they're more likely to spend on necessary maintenance and repairs even in a constrained spending environment.

儘管整體銷售面臨挑戰，我們高毛利的服務品類仍持續為眾多全方位服務顧客創造價值，並強化我們作為全方位服務供應商的優勢。這項能力也證明我們的門市團隊正有效運用 ConfiDrive 來辨識並向顧客溝通服務需求。當顧客能看到其車況的具體佐證時，即使在支出受限的環境下，也更可能為必要的保養與維修買單。

Our gross margin performance was a bright spot, expanding 90 basis points year-over-year to 33.9%. This improvement demonstrates productivity gains from our labor force even as we navigate cost pressures and shifting consumer preferences towards lower-tier products. Importantly, we maintained our marketing investment throughout the quarter despite the sales headwinds.

我們的毛利率表現是一大亮點，年增90個基點至33.9%。這項改善顯示，即使我們面對成本壓力與消費者偏好轉向較低階產品，我們的人力仍帶來生產力提升。重要的是，儘管銷售承壓，我們在整個季度仍維持行銷投資。

While it might have been tempting to reduce marketing spend during uncertain times, we firmly believe that backing away from marketing during challenging periods would be counterproductive to our long-term growth objectives. Our customers need to know we're here and available to serve them, particularly when economic uncertainty makes them more selective about where they spend their automotive dollars.

在不確定時期，降低行銷支出或許很有誘惑，但我們堅信在艱困期間縮減行銷，將不利於我們的長期成長目標。顧客需要知道我們就在這裡並隨時可提供服務，尤其在經濟不確定使他們對汽車相關支出更為挑剔之際。

As a reminder, Monro delivered positive comp store sales in fiscal 2026 for the first time in three years, closed 145 stores that were not going to reach our performance expectations and dramatically improved our inventory position. And while the fourth quarter tested our resolve, our results for the full year of fiscal 2026 also validate that our strategic initiatives are working well over time and position us to capitalize when market conditions improve. And while our business rebounded in April with comp store sales that were up almost 1%, our May month-to-date comps are down approximately 3%.

提醒一下，Monro 在會計年度2026年同店銷售三年來首次轉為正成長，關閉了145家無法達到我們績效預期的門市，並大幅改善了我們的庫存狀況。儘管第四季考驗了我們的決心，但會計年度2026年全年的結果也驗證：我們的策略性措施隨時間推進運作良好，並使我們在市場狀況改善時具備把握機會的定位。此外，雖然我們的業務在4月回升、同店銷售成長接近1%，但5月至今的同店表現約下滑3%。

We believe the primary driver is that certain customers are feeling increased pocketbook pressure as a result of recent increases in gas prices as well as other related costs. Before I hand the call over to Brian, I'd like to take a moment to say that none of the progress we've made would be possible without our more than 6,000 valued teammates across 1,115 stores who execute these initiatives every day.

我們認為主要原因是，部分顧客因近期油價上漲以及其他相關成本增加，而感受到更大的荷包壓力。在把電話交給 Brian 之前，我想花點時間表示：若沒有我們在1,115家門市、超過6,000位珍貴的團隊夥伴每天落實這些措施，我們不可能取得目前的進展。

They're the ones implementing ConfiDrive inspections, having difficult conversations with customers about needed repairs and maintaining service excellence despite a challenging macroeconomic environment. Their commitment during this transformation period has been exceptional. We've also significantly strengthened our leadership team in the last year, adding key talent and promoting from within across merchandising, marketing, stores and finance.

他們負責執行 ConfiDrive 檢測，與顧客就必要維修進行艱難的溝通，並在具挑戰性的總體經濟環境下仍維持卓越的服務品質。他們在這段轉型期間的投入表現非常出色。過去一年我們也大幅強化領導團隊，在商品、行銷、門市與財務等領域延攬關鍵人才並推動內部晉升。

These additions haven't just filled positions. They've elevated our capabilities and brought fresh perspective to long-standing challenges. The depth of our leadership bench today is substantially stronger than it was when we began this transformation. Finally, the traction we're seeing in some districts across our chain in tires and service categories reinforces that we have the ability to drive significant value for our customers that we believe will translate to sales and profit growth.

這些增補不僅僅是填補職缺。它們提升了我們的能力，並為長期存在的挑戰帶來了新的觀點。如今我們的領導梯隊深度，較我們開始這項轉型時已顯著更強。最後，我們在輪胎與服務類別的部分地區門市所看到的動能，進一步印證我們有能力為客戶創造可觀價值，而我們相信這將轉化為銷售與獲利成長。

And with that, I'll now turn it over to Brian, who will provide an overview of Monro's fourth quarter performance, strong financial position and additional color regarding fiscal 2027. Brian?

接下來，我把時間交給 Brian，他將概述 Monro 第四季的表現、強勁的財務狀況，並就 2027 會計年度提供更多說明。Brian？

Thank you, Peter, and good morning, everyone. Turning to our results, Sales decreased 7.2% to $273.8 million in the fourth quarter. This was primarily driven by a reduction in sales from the closure of 145 underperforming stores in the first quarter of fiscal 2026 as well as a 2.4% decrease in comparable store sales from continuing store locations.

謝謝你，Peter，各位早安。回到我們的業績，第四季銷售額下滑 7.2% 至 2.738 億美元。這主要是因 2026 會計年度第一季關閉 145 家表現不佳門市導致銷售減少，以及持續營運門市的同店銷售下滑 2.4%。

For reference, comp sales were up 1% in January, down 5% in February, and we exited the quarter down 2% in March. Our tire category was down 2%, driven by a 5% decline in tire units in the quarter. Gross margin increased 90 basis points compared to the prior year. This primarily resulted from lower technician labor costs as a percentage of sales, which were partially offset by higher material costs and higher occupancy costs as a percentage of sales.

供參考，同店銷售 1 月成長 1%，2 月下滑 5%，而 3 月在季末時為下滑 2%。輪胎品類下滑 2%，主要因本季輪胎銷量（units）下降 5%。毛利率較去年同期提升 90 個基點。這主要來自技師人力成本占銷售比重下降，但部分被材料成本上升及店面占用成本占銷售比重上升所抵銷。

Total operating expenses were $98.1 million or 35.8% of sales as compared to $121.1 million or 41.1% of sales in the prior year period. The decrease was primarily driven by $22.5 million of higher store impairment costs in the prior year period related to certain owned and leased assets, $6.9 million of lower costs from the closure of 145 underperforming stores in the first quarter of fiscal 2026 and a decrease of $1.8 million in management restructuring and transition costs.

總營業費用為 9,810 萬美元，占銷售額 35.8%，相較去年同期為 1.211 億美元，占銷售額 41.1%。下降主要來自去年同期與部分自有及租賃資產相關的門市減損費用較高（2,250 萬美元）、2026 會計年度第一季關閉 145 家表現不佳門市帶來的成本降低（690 萬美元），以及管理層重整與交接成本減少 180 萬美元。

These were partially offset by $6.9 million of increased marketing costs to support our top line and $2.7 million of costs incurred in connection with consultants related to our operational improvement plan. Operating loss for the fourth quarter was $5.2 million or negative 1.9% of sales. This is compared to operating loss of $23.8 million or negative 8.1% of sales in the prior year period.

上述影響部分被為支撐營收而增加的行銷費用 690 萬美元，以及與營運改善計畫相關、聘請顧問所產生的 270 萬美元成本所抵銷。第四季營業損失為 520 萬美元，占銷售額為負 1.9%。相較之下，去年同期營業損失為 2,380 萬美元，占銷售額為負 8.1%。

Adjusted operating loss, a non-GAAP measure, for the fourth quarter was $2.6 million or negative 0.9% of sales as compared to adjusted operating income of $1.4 million or 0.5% of sales in the prior year period. Net interest expense decreased to $4.1 million as compared to $4.4 million in the same period last year. This was principally due to a decrease in weighted average debt. Income tax benefit was $2.6 million or an effective tax rate of 28.6%, which is compared to an income tax benefit of $6.8 million or an effective tax rate of 24.3% in the prior year period.

第四季調整後營業損失（Adjusted operating loss，非 GAAP 指標）為 260 萬美元，占銷售額為負 0.9%；相較去年同期調整後營業利益為 140 萬美元，占銷售額 0.5%。淨利息費用降至 410 萬美元，去年同期為 440 萬美元。這主要是因加權平均負債下降。所得稅利益為 260 萬美元，有效稅率 28.6%；相較去年同期所得稅利益為 680 萬美元，有效稅率 24.3%。

The year-over-year difference in effective tax rate is primarily related to a decrease in unrecognized tax benefits as well as the impact from other adjustments, none of which are significant on the change in pretax loss. Net loss was $6.6 million as compared to net loss of $21.3 million in the same period last year. Diluted loss per share was $0.23. This is compared to diluted loss per share of $0.72 for the same period last year.

有效稅率的年對年差異，主要與未認列稅務利益（unrecognized tax benefits）減少，以及其他調整的影響有關；這些因素對稅前虧損變動的影響皆不重大。淨損為 660 萬美元，相較去年同期淨損 2,130 萬美元。稀釋後每股虧損為 0.23 美元；去年同期稀釋後每股虧損為 0.72 美元。

Adjusted diluted loss per share, a non-GAAP measure, was $0.16. This is compared to adjusted diluted loss per share of $0.09 in the fourth quarter of fiscal 2025. Please refer to our reconciliation of adjusted operating loss and income, adjusted net loss and adjusted diluted loss per share 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 fourth quarter of both fiscal years.

調整後稀釋每股虧損（非 GAAP 指標）為 0.16 美元；相較 2025 會計年度第四季調整後稀釋每股虧損為 0.09 美元。關於兩個會計年度第四季所排除項目的更多細節，請參閱今早的財報新聞稿，以及我們財報簡報附錄中的第 9、10 與 11 頁所提供的調整後營業損失與利益、調整後淨損以及調整後稀釋每股虧損之調節表。

As highlighted on slide 6, our financial position is strong. We generated $70 million of cash from operations during fiscal 2026. Our AP to inventory ratio was 202% at the end of fiscal 2026 versus 178% at the end of 2025. We received $3 million in divestiture proceeds, invested $32 million in capital expenditures, spent $39 million in principal payments for financing leases and distributed $35 million in dividends. As it relates to our closed store real estate dispositions, we have continued our process to exit the real estate at these locations, which includes 40 owned stores.

如第 6 頁投影片所示，我們的財務狀況穩健。2026 會計年度我們由營運活動產生 7,000 萬美元現金。2026 會計年度期末，我們的應付帳款（AP）對存貨比率為 202%，相較 2025 年期末為 178%。我們收到 300 萬美元的資產處分收入，投入 3,200 萬美元資本支出，支付融資租賃本金 3,900 萬美元，並發放 3,500 萬美元股利。就已關閉門市的不動產處置而言，我們持續推進退出這些據點不動產的流程，其中包含 40 家自有門市。

During fiscal 2026, we successfully exited a total of 72 leases and sold 26 locations, which resulted in cumulative proceeds of $25 million. This leaves us with a remaining balance of 47 stores that have the potential to be monetized during the next several quarters. At the end of the fourth quarter, we had net bank debt of $45 million, availability under our credit facility of approximately $410 million with cash and cash equivalents of approximately $15 million.

在 2026 會計年度，我們成功退出合計 72 份租約並出售 26 個據點，累計取得 2,500 萬美元收入。這使我們尚有 47 家門市，未來數季仍具備變現（monetized）的潛力。第四季期末，我們的銀行淨負債為 4,500 萬美元；在信貸額度下可動用額度約 4.10 億美元，現金及約當現金約 1,500 萬美元。

Now turning to our expectations for the full year of fiscal 2027 on slide 7. We expect to deliver year-over-year comparable store sales growth in fiscal 2027, primarily driven by our performance improvement initiatives. We expect the results of our store optimization plan will reduce total sales by approximately $9 million in the first quarter of fiscal 2027.

接著看第 7 頁投影片，談我們對 2027 會計年度全年的展望。我們預期 2027 會計年度同店銷售將呈現年對年成長，主要由我們的績效改善措施所帶動。我們預期門市優化計畫的成果，將使 2027 會計年度第一季總銷售額約減少 900 萬美元。

Given continued cost inflation, we expect that our gross margin for the full year of fiscal 2027 will be consistent with fiscal 2026. We expect higher selling, general and administrative expenses as we invest in additional marketing to support top line growth. We expect to generate sufficient cash flow and have ample liquidity to fund our capital allocation priorities during fiscal 2027..Regarding our capital expenditures, we expect to spend $25 million to $35 million.

鑑於成本通膨持續，我們預期 2027 會計年度全年的毛利率將與 2026 會計年度一致。隨著我們加碼行銷投資以支撐營收成長，我們預期銷售、一般及管理費用將提高。我們預期將產生足夠的現金流，並具備充裕流動性，以在 2027 會計年度支應我們的資本配置優先事項。至於資本支出，我們預期將投入 2,500 萬至 3,500 萬美元。

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

接下來，我把電話會議交回給 Peter，請他做一些結語。

Thanks, Brian. Through our national retail network, economies of scale and durable business model, we continue to believe we can both provide our customers with the services they need and generate meaningful value for our shareholders in any economic environment. Our balance sheet is strong, and our business generates healthy cash flow. We remain encouraged by the progress we have made on executing our plan to improve operations, drive profitability and enhance total shareholder returns.

謝謝，Brian。憑藉我們的全國零售網絡、規模經濟與具韌性的商業模式，我們仍然相信，在任何經濟環境下，我們都能同時為客戶提供所需服務，並為股東創造具意義的價值。我們的資產負債表穩健，且業務能產生健康的現金流。我們對於在執行改善營運、提升獲利能力並增進股東總報酬之計畫上所取得的進展，仍感到鼓舞。

But consistent with that and as part of our commitment to continuously evaluate opportunities that enhance shareholder value, our Board determined that now is the right time to conduct a broad review of strategic alternatives, which we also announced this morning.

但與此一致，且作為我們持續評估可提升股東價值之機會承諾的一部分，我們董事會認定現在是進行廣泛策略替代方案檢視的適當時機，我們也在今早對外宣布。

Before we turn to Q&A, I would like to take a moment to address this announcement. With the support of our independent financial and legal advisers, the Board will consider a full range of potential opportunities, including, but not limited to, asset sales, refinancing of the business, strategic acquisitions and operational improvements or sale of the company.

在進入問答之前，我想花一點時間說明這項公告。在我們獨立財務與法律顧問的支持下，董事會將考量各種潛在機會的完整範圍，包括但不限於資產出售、業務再融資、策略性併購與營運改善，或出售公司。

We are in the early stages and as is typical in this type of process, there's no deadline or definitive time line set for the completion of the strategic review, and there can be no assurance that the review will result in any particular transaction or other strategic outcome.

我們目前仍處於初期階段，且如同此類流程的慣例，策略檢視的完成並未設定截止日或明確時間表，亦無法保證該檢視將促成任何特定交易或其他策略性結果。

We do not intend to make any further public comments on the process unless and until we determine that further disclosure is appropriate or necessary. We remain focused on delivering great service for our customers while we explore all options to maximize value for our shareholders.

除非且直到我們認定進一步揭露屬適當或必要，否則我們不打算就此流程再作任何公開評論。在我們探索所有可使股東價值最大化的選項之際，我們仍專注於為客戶提供優質服務。

As such, please note that the purpose of today's call is to discuss our fourth quarter and fiscal 2026 financial results and our expectations for the full year of fiscal 2027, and we ask that you keep your questions focused on these topics.

因此，請注意今日電話會議的目的在於討論我們第四季與2026會計年度的財務結果，以及我們對2027會計年度全年的展望；也請各位將提問聚焦於這些主題。

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

接下來，我將把時間交給接線員進行提問。

(Operator Instructions)

(接線員指示)

Thomas Wendler, Stephens.

Thomas Wendler，Stephens。

I just want to kick things off with what you're seeing in retail material costs right now? Have you seen any increases in pricing from the increases in crude flowing through? And then maybe what your expectations are as that does eventually flow through to material costs and the impacts to your gross margin?

我想先從你們目前看到的零售端材料成本談起。原油上漲傳導下來，你們是否看到定價有任何上調？另外，隨著這些因素最終反映到材料成本上，你們的預期為何，以及對毛利率的影響？

Sure. Thanks for the question, Tom. I think as everybody probably knows, there's a likely increase in oil costs. And so we're expecting that to have an impact. We also have very good relationships with all of our vendors, and we're watching, as we said in our presentation, where we might see other inflation or input cost increases, and we're prepared to adjust whatever we need to in order to continue to make money.

好的。謝謝你的問題，Tom。我想大家可能都知道，油價很可能上升。因此我們預期這會帶來影響。我們也與所有供應商維持非常良好的關係，並且如同我們在簡報中所說，我們正密切觀察是否會出現其他通膨或投入成本上升；我們也已準備好視需要進行調整，以確保持續獲利。

Perfect. And then maybe just touching on fiscal quarter 1Q '27. As you mentioned, you saw some strength in April, but May looks a little bit soft. Maybe can you provide any additional color there, the drivers on the traffic and the ticket front?

很好。接著談一下2027會計年度第一季（1Q '27）。如你提到的，4月表現有些強勁，但5月看起來稍微偏弱。你能否補充一些背景，例如來客數（traffic）與客單（ticket）方面的驅動因素？

Well, as we indicated and as we know from what's going on in the industry, there's certainly pressure on certain customers. And the impact of that on our business is that we have some increased volume in Tier 4 tires. I would point out that we're also doing quite well in selling Tier 1 tires.

嗯，正如我們所指出的，也如同我們從產業現況所了解的，某些客群確實面臨壓力。這對我們業務的影響是，第4級（Tier 4）輪胎的銷量有所增加。我也要指出，我們在銷售第1級（Tier 1）輪胎方面同樣表現相當不錯。

So not unlike past times, there's a barbell effect here in play. So that's one factor. We know that the combination of tires and service that we offer is valuable to our customers. They may have deferred some maintenance in the last month or two, but we continue to see significant strength in a number of our districts and regions across the country. And so we're optimistic that as time passes, we'll get through this current uncertainty and the value of our service offering will continue to be powerful to our customers.

因此，與過去的情況類似，這裡出現了「兩端增長（barbell）」效應。這是一個因素。我們知道我們提供的輪胎加服務組合對客戶很有價值。他們可能在過去一兩個月延後了一些保養維修，但我們仍在全國多個區域與地區看到顯著的強勁表現。因此我們樂觀認為，隨著時間推進，我們將度過目前的不確定性，而我們服務方案的價值將持續對客戶具有強大吸引力。

Perfect. Maybe I'll try to sneak one more in here quick, actually. You mentioned the trade down into the Tier 4 tires. Can you maybe provide us some color on what percent of the tires were in Tier 4 in 4Q '26? And then maybe just remind us the price difference between those Tier 1s and the Tier 4 tires.

了解。我再快速補問一題。你提到消費者往第4級（Tier 4）輪胎降級選購。能否提供一下在2026會計年度第四季（4Q '26），第4級輪胎約占輪胎銷售的百分比？另外也請提醒我們，第1級與第4級輪胎之間的價差大概是多少。

Sure. No problem. Brian, do you want to take that one?

當然。沒問題。Brian，你要回答這題嗎？

Yes. Our percentage in Q4 was about 30% in Tier 4. Just for reference, historically, in a year ago, that was about 25%. So we have seen, as Peter said, growth in the Tier 4 category. And the price differential across tiers is typically $20 to $30 up and down the assortment.

好的。我們第四季第4級（Tier 4）的占比約為30%。供參考，歷史上在一年前大約是25%。因此如Peter所說，我們確實看到第4級品類的成長。而各級距之間的價差通常在產品組合中上下約為20到30美元。

David Lantz, Wells Fargo.

David Lantz，Wells Fargo。

In light of quarter-to-date comps tracking down, let's say, 1% or so, curious if you can walk through the drivers of your expectations for positive comps for the full year.

鑑於本季迄今同店（comps）追蹤大約下滑1%左右，我想了解你們能否說明一下，為何仍預期全年同店能夠轉為正成長的驅動因素。

David, thanks for the question. The combination of our initiatives, marketing, merchandising and store performance, we think, enables us to drive positive comp store sales for the year. That is our goal, hasn't changed. So while the realities of the current market have interfered with the timing, we still expect to generate positive comps for the full year.

David，謝謝你的問題。我們的各項計畫、行銷、商品策略（merchandising）以及門市營運表現的綜合作用，我們認為能讓我們在今年推動同店銷售正成長。這是我們的目標，並未改變。因此，儘管目前市場現實影響了時點，我們仍預期全年將能達成同店正成長。

Got it. That's helpful. And then SG&A dollars are expected higher year-over-year. So curious if you can talk through kind of the shape of the year in terms of Q1 through Q4.

了解。很有幫助。另外，SG&A費用金額預期將年增。因此想請你談談全年在第一季到第四季的走勢與分布。

Yes, absolutely, David. Thanks for the question. As you know, our marketing really started to increase year-over-year in our Q3 and Q4. So I think it will be in our Q3 that we lap that incremental spend. So I would say that there's probably a little bit more opportunity for SG&A pressure in the first half of the year until we lap that marketing spend.

好的，當然可以，David。謝謝你的問題。如你所知，我們的行銷支出是在第三季與第四季開始出現明顯的年增。因此我認為到第三季我們就會「跨過」那筆增量支出（lap）。所以我會說，在上半年、直到我們跨過那段行銷支出之前，SG&A可能會有較多一些的壓力。

Got it. That's helpful. And then can you just break out ticket and traffic for the quarter as well?

了解。很有幫助。另外，你能否也拆分一下本季的客單（ticket）與來客數（traffic）表現？

Sure. Ticket was up kind of mid- to high and traffic was down high single.

當然。客單上升約中到高個位數，而來客數下降高個位數。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

On slide 7, you talk about cash flow to fund capital allocation priorities. Where does the dividend play out here if we're looking at sort of some pressure on EBIT margin in '27?

在第7頁投影片中，你們提到以現金流來支應資本配置的優先事項。如果我們看到2027年EBIT利潤率承壓，那股利在這裡會如何安排？

Yes, Bret, I appreciate the question. As you know, our Board looks at the dividend on a quarterly basis. As we look at our cash flows, we have the intention to continue to fund our historical capital allocation priorities, including the dividend, but the Board will review that on a quarterly basis, look at our current performance, projected performance, obviously, compliance with debt facility, all those things and make a determination on a quarterly basis. That hasn't changed. That's how it's been and that won't change.

是的，Bret，感謝你的提問。如你所知，我們的董事會會以季度為基礎檢視股利。在檢視我們的現金流時，我們的意圖是持續支持我們一貫的資本配置優先事項，包括股利；但董事會將按季度進行審查，檢視我們目前的表現、預期表現，當然也包括對債務融資契約的遵循等所有因素，並按季度作出決定。這一點沒有改變。一直以來都是如此，未來也不會改變。

Okay. And I guess when we think about the ConfiDrive and sort of the push to marketing of service, what percentage of cars that you're seeing are in for service only versus getting service attached to a tire sale? Like what's the traction on the service initiative? Or has that changed?

好的。那我想，當我們思考 ConfiDrive 以及推動服務行銷時，你們看到進廠的車輛中，有多少比例是只做服務、而不是在輪胎銷售時附帶服務？也就是說，這項服務倡議的推進成效如何？或者有沒有變化？

Not really. As you know, on an annual basis, about half of our business is tires and half of our business is service. We probably have a little bit more service traffic, and that's important to driving the overall value to our customers.

沒有太大變化。如你所知，以年度來看，我們大約一半的業務是輪胎，另一半是服務。我們的服務進廠量可能略多一些，而這對於提升我們為客戶提供的整體價值很重要。

Okay. Great. And then I guess just the timing of the conversion, I think it's coming up this summer. Is that -- what's the date that, that Class C will go away?

好的。很好。接著我想問一下轉換的時間點，我記得是今年夏天要進行。那是——Class C 會在什麼日期取消？

That will be when we -- at the announcement date of our annual meeting, which is typically end of June or early July.

那會在我們——於年度股東會公告日期時生效，通常是在 6 月底或 7 月初。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

I apologize, I'm joining the call a little later. So my questions may be repetitive, so I apologize. Just as you look at the business, I mean, look, there's been a lot of talk about the kind of the health of the consumer broadly and then within your category. This most recent quarter, did the overall consumer environment, consumer demand environment get more challenging for Monro? Or is it about the same?

抱歉，我比較晚才加入這通電話會議。所以我的問題可能會重複，先說聲抱歉。就業務來看，我是說，外界一直在談整體消費者的健康狀況，以及你們品類內的情況。在最近這一季，Monro 所面對的整體消費環境、消費需求環境是否變得更具挑戰？還是差不多？

I think it's been similar in the quarter that just ended. As we indicated, one of the challenges we had in the quarter was the February weather disruption. And as we commented in our opening remarks, we saw an increase in -- a sequential increase in performance in March over February.

我認為在剛結束的這一季情況相近。如我們所指出，本季的一項挑戰是 2 月的天氣干擾。而且如我們在開場致詞中提到，我們看到 3 月相較於 2 月的表現出現環比提升。

I think the consumer has continued to prove to be resilient, but I think it's a reality that they're experiencing pressure on the pocketbook. And as a result, they're going to continue to evaluate exactly how to spend their automotive dollars very carefully.

我認為消費者持續展現韌性，但現實是他們的荷包正承受壓力。因此，他們會持續非常謹慎地評估要如何花費他們的汽車相關支出。

Then, I guess, my follow-up question related to that, with gas prices having now climbed significantly, I guess oil price may be pulling back a little bit at the moment. But I mean, still up significantly from where they were. I mean how do -- how should we think about higher gas prices as a factor for Monro, both from a consumer demand standpoint as well as from an input cost?

那我接著問一個相關的追問：目前汽油價格已大幅上升，我想油價此刻可能稍微回落一些。但整體仍明顯高於先前水準。那麼——我們應該如何看待較高油價對 Monro 的影響，包含對消費需求面，以及對投入成本面的影響？

Well, as it relates to input costs, we know that oil costs are going up, and that may affect oil pricing, and it could affect input prices on tires. We -- as we have mentioned previously and again today, expect that we'll continue to monitor the impact of cost increases on our overall strategy.

就投入成本而言，我們知道原油成本正在上升，這可能會影響機油定價，也可能影響輪胎的投入價格。我們——如先前以及今天再次提到的，預期會持續監控成本上升對我們整體策略的影響。

Brian, do you want to add to that?

Brian，你要補充一下嗎？

Yes. I would say that there's obviously other input costs outside of materials that are embedded in our material costs like freight and logistics costs. So those are all things that increase and we need to find places to pass along during the period of rising costs. But at the same time, to your point, you have a consumer who is dealing with higher energy across the board, not just in gas prices and higher other related costs across their budget that is more discerning about how they spend their money, particularly that lower to middle income consumer.

是的。我會說，除了原材料之外，還有其他投入成本也包含在我們的材料成本中，例如運費與物流成本。所以這些都是會上升的項目，而在成本上升期間，我們需要找到可以轉嫁的空間。但同時，如你所說，消費者正面臨全面性的能源成本上升，不只是汽油價格，還有預算中其他相關成本也在上升，因此他們在花錢時會更精打細算，尤其是中低收入的消費者。

And so I think that's why we're seeing the strength we are in Tier 4 and lower tiers. And at the top of that K-shaped kind of recovery, you see the barbell that Peter talked about in Tier 1 being a point of strength as well. So it's a balancing act like we mentioned in our comments about price and volume and attracting a consumer who is price sensitive while we're kind of facing some cost pressures. But we have the enhanced capabilities in our merchandising team and merchandising tools to be able to manage that.

因此我認為這也是為什麼我們在第 4 層級（Tier 4）以及更低層級看到我們目前的強勁表現。而在那種 K 型復甦的上端，你也會看到 Peter 提到的「槓鈴效應」，第 1 層級（Tier 1）同樣是一個強勢點。所以這是一種平衡，如我們在評論中提到的價格與量之間的取捨：在面臨一些成本壓力的同時，仍要吸引對價格敏感的消費者。但我們的商品團隊與商品工具能力已經提升，能夠去管理這件事。

And I would just add to that last point that in the fourth quarter and now, the combination of things that we've been doing for 9 or 12 months, which is investing in marketing, improving our performance in the store using our inspection tool and improving our assortment of tires is meeting customer needs. And I think that's really important.

我也想就最後一點補充：在第四季以及目前，我們過去 9 到 12 個月所做的一系列事情——包括加大行銷投資、透過檢測工具改善門市表現，以及改善輪胎品項組合——正在滿足客戶需求。我認為這點非常重要。

As you know, we enhanced our Tier 4 tire offering in the last few months, and that was timely because the market needed that tires. But again, at the same time, we enhanced our Tier 1 -- Tier 2 and 3 also, but Tier 1 tire offering, and we've seen growth there. So in order for us to continue to be successful, I think those initiatives that we put in place about nine months ago will need to impact our entire network. But we absolutely are seeing improvement and positive comp store sales in the fourth quarter and as we sit here today in a number of our regions and districts across the country.

如你所知，我們在過去幾個月強化了第 4 層級（Tier 4）的輪胎供應，這很及時，因為市場需要這類輪胎。但同時，我們也強化了第 1 層級——第 2 與第 3 層級也有強化，但特別是第 1 層級（Tier 1）的輪胎供應，而且我們看到那裡的成長。因此，為了讓我們能持續成功，我認為我們在大約九個月前所推動的那些倡議，需要在我們整個網路中發揮影響。但我們確實看到改善：在第四季，以及截至今天，我們在全國多個區域與分區都看到同店銷售成長為正。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

I -- would love to get your guys' thoughts about kind of what you saw through Q4 as it related particularly to weather. I think for a while, we've been hoping for a winter weather season that would spur demand and felt like we got it, but didn't see it in the industry. So trying to understand kind of why that didn't catch up. I understand stores could be closed, but you would think that the business would catch up in the week or two preceding it. And now in the six, seven weeks after even the spring has arrived here. So just what are your thoughts on weather? And why has it not helped the industry this calendar year?

我——很想聽聽你們對第四季期間、特別是與天氣相關的情況有何看法。我想一段時間以來，我們一直期待冬季天候能帶動需求，也覺得我們確實遇到了，但在產業數據上卻沒有看到。所以想了解為什麼需求沒有追上來。我理解門市可能會關閉，但你會以為在前後一兩週業務會補回來。而且現在即使春天已經到來，也過了六、七週。所以你們對天氣的看法是什麼？為什麼今年曆年迄今天氣沒有幫到這個產業？

So a comment or two about the cadence of the fourth quarter. We were up a little bit in January. But towards the end of the month, we began to see the impact of winter weather. Remember, our February is week weeks, and there was a storm in the very early part of our fiscal February and another storm that affected at least half the country in the last week of that five week month.

所以我想就第四季的節奏補充一兩點。我們在一月小幅成長。但到了月底，我們開始看到冬季天候的影響。請記得，我們的二月是五週，而在我們會計年度二月的非常早期有一場風暴，另外一場風暴在那個五週月份的最後一週影響了至少半個國家。

And our stores were closed for a short period of time. It was less store closings and more of the consumer just wasn't going to come out in many parts of the country given the severity of the winter weather. In March, we saw improvement. In April, we saw improvement. And so I think the weather impact on our fourth quarter was primarily the month of February and the way that February timing worked.

而我們的門市有短時間關閉。與其說是門市關閉較多，不如說是在全國許多地區，因冬季天候嚴峻，消費者就是不願意出門。三月我們看到改善。四月我們看到改善。因此我認為天候對我們第四季的影響主要在二月，以及二月的時間安排所造成的影響。

Understood. And I wanted to ask about the SG&A dollars. For a long time, this has been a company that hasn't increased its SG&A spend annually for a number of years. I feel like it's always been in a pretty steady state. And I know you guys have had some success recently with same-store sales kind of popping up slightly positive on a quarterly basis.

了解。我想問一下 SG&A（銷售、一般及行政）費用金額。長期以來，這家公司多年來每年都沒有增加 SG&A 支出。我覺得一直都相當穩定。我也知道你們最近在同店銷售方面有一些成果，季度表現略微轉為正成長。

But for this business to really get what I would say, real same-store sales that can move the EBIT dollars, let's say, 4%, 5%, my guess is that's where you need to get to before you really grow earnings per se. What sort of like SG&A do you think the company needs to invest in the business to drive that? And when you spend on SG&A, how long does it take to actually get a return on it, do you think?

但若要讓這個業務真正達到我所說、能帶動 EBIT 金額的「實質」同店銷售成長，例如 4%、5%，我猜在你們真正意義上成長獲利之前，必須先達到那個水準。你認為公司需要在 SG&A 上投入哪些，才能推動那樣的成長？另外，當你們增加 SG&A 支出時，你認為大概需要多久才能看到回報？

Well, John, as it relates to SG&A, you're right, the company has done a good job of finding cost reductions, productivity improvements to offset inflationary pressures, particularly in that post-COVID time period where inflation was peaking.

嗯，John，就 SG&A 而言，你說得沒錯，公司一直做得很好，透過成本降低與生產力提升來抵消通膨壓力，特別是在 COVID 之後通膨達到高峰的那段期間。

We did things in the back office like offshoring and outsourcing some of our noncustomer-facing and transactional work across the business, and it had meaningful $10 million plus cost savings benefits over time. So you're seeing the benefit of a lot of that, I would call it, non-demand impacting SG&A is really where we've been able to save.

我們在後勤辦公室做了一些事，例如將部分非面向客戶與交易性工作離岸化並外包到整個業務中，隨時間推進帶來了具實質意義、超過 1,000 萬美元的成本節省效益。所以你看到的好處，應該說主要來自這些我稱之為「不影響需求」的 SG&A 領域，這正是我們能夠節省的地方。

I don't think that we've I would say, underspent in other areas outside of the places where the performance improvement plan has started to put investments in place, like people and tools around merchandising, marketing, the ConfiDrive tool and the field district manager toolkit.

我不認為我們在其他領域有我會稱之為「投入不足」的情況；除了在績效改善計畫開始推動投資的那些地方，例如商品規劃、行銷相關的人才與工具、ConfiDrive 工具，以及現場區域經理工具包。

And the largest of those being is the incremental marketing spend that we're now spending relative to where we were spending before. So I would say that the investments that we think that we need are baked into the outlook that I gave relative to higher SG&A expenses, particularly in the first half of the year until we lap the incremental marketing. And I think that we believe that, that marketing is important to keep in place in order to do exactly what you just said, which is to drive positive comparable store sales.

其中最大的一項是我們目前相較於過去所增加的行銷支出。因此我會說，我們認為所需的投資已反映在我所提供的展望之中，也就是 SG&A 費用較高，特別是在上半年，直到我們與新增的行銷支出形成可比基期（lap）為止。而且我們相信，為了達成你剛才所說的目標——推動同店銷售轉正——這項行銷投入必須持續。

Peter, I don't know if there's anything to add.

Peter，我不知道你是否還要補充。

Yes, I do have a comment, John. With respect to marketing investment, you'll remember that last year, we provided digital marketing support to more and more stores from July through December. And a lot of that was Google Search and pay-per-click, and that absolutely drove sales and gross margin dollars throughout the second half of last year.

是的，John，我有一些補充。關於行銷投資，你會記得去年我們在 7 月到 12 月期間，為越來越多門市提供數位行銷支援。其中很大一部分是 Google 搜尋與按點擊付費（pay-per-click），而那確實在去年下半年帶動了銷售與毛利金額的成長。

This year, in addition to continuing our investment in digital, we're investing in customer relationship marketing, which has always been part of what we do, but we're able to be more targeted. And so the interesting thing about what we've seen in the first number of months this year is the combination of different types of marketing is driving in many regions, incremental sales over prior year.

今年，除了持續投資數位行銷之外，我們也投資於客戶關係行銷（CRM）。這一直是我們工作的一部分，但我們現在能做得更精準、更有針對性。因此，有趣的是，我們在今年前幾個月看到，不同類型行銷的組合在許多地區帶來了相較去年增加的銷售。

It doesn't work every month, but when we say we're optimizing marketing, what we mean is we're using all that information we've collected over the last 9 or 10 months to make the right decisions about where we need to invest either digital or CRM or even more call center support to drive improved performance in those parts of the country that need it most.

它不是每個月都有效，但當我們說我們在優化行銷時，我們的意思是：運用過去 9 到 10 個月所蒐集的所有資訊，做出正確決策，判斷應該在哪些地方投資數位、CRM，甚至增加更多客服中心支援，以推動那些最需要改善的地區提升表現。

So I would say one thing we emphasized on our call today, it's really important for us to continue that very specific type of marketing investment. And as it relates to digital, we really didn't do much of that until July of last year. And we saw the impact in the second half of last year. We saw it in the first quarter, and we're continuing to invest, but we're able to make better decisions based on data about exactly how we allocate those marketing dollars.

所以我會說，我們今天在電話會議上強調的一點是：持續這種非常具體的行銷投資對我們非常重要。而就數位行銷而言，直到去年 7 月之前我們其實做得不多。我們在去年下半年看到了影響。我們在第一季也看到了，而且我們會持續投資；但我們能根據數據做出更好的決策，精準地分配這些行銷預算。

(Operator Instructions) We have no further questions. So I'd like to hand back to Peter for any closing remarks.

(接線員指示) 我們沒有其他問題。因此我想把時間交回給 Peter，請他做結語。

Thanks very much. And thanks again, everyone, for joining us today. We're pleased with the progress Monro has made in fiscal 2026, and we're optimistic about the opportunities in front of us. I'm confident that the company is well positioned to capitalize on the additions to the team and the operating improvements we've put in place during fiscal 2026. I look forward to keeping you updated on our progress in the quarters to come. Have a great day.

非常感謝。也再次感謝各位今天加入我們。我們對 Monro 在 2026 會計年度所取得的進展感到滿意，並對眼前的機會抱持樂觀。我有信心，公司已做好充分準備，能把握在 2026 會計年度期間我們所增補的團隊成員，以及我們已落實的營運改善措施所帶來的效益。我期待在接下來的幾個季度持續向各位更新我們的進展。祝各位有美好的一天。

Thank you. This now concludes today's call. Thank you all for joining, and you may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位參與，現在可以掛斷電話線。