Natural Grocers by Vitamin Cottage Inc (NGVC) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Natural Grocers fourth-quarter and fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，大家好。歡迎參加 Natural Grocers 2025 財年第四季及全年財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

I'd now like to turn the conference over to Ms. Jessica Thiessen, Vice President, Treasurer for Natural Grocers. Ms. Thiessen, you may begin.

現在我謹將會議交給 Natural Grocers 的副總裁兼財務主管傑西卡·蒂森女士。蒂森女士，您可以開始了。

Good afternoon, and thank you for joining us for the Natural Grocers by Vitamin Cottage fourth-quarter and fiscal year 2025 earnings conference call. On the call with me today are Kemper Isely, Co-President; and Richard Hallé, Chief Financial Officer.

下午好，感謝各位參加 Natural Grocers by Vitamin Cottage 2025 財年第四季及全年財報電話會議。今天和我一起通話的是聯合總裁肯珀·伊塞利和財務長理查德·哈雷。

As a reminder, certain information provided during this conference call, including the company's outlook for fiscal 2026 contains forward-looking statements based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from those described in the forward-looking statements due to a variety of factors, including the risks and uncertainties detailed in the company's most recently filed Forms 10-Q and 10-K. The company undertakes no obligation to update forward-looking statements.

提醒各位，本次電話會議中提供的某些信息，包括公司對 2026 財年的展望，包含基於當前預期和假設的前瞻性陳述，並受風險和不確定性的影響。由於各種因素，包括公司最近提交的 10-Q 表格和 10-K 表格中詳述的風險和不確定性，實際結果可能與前瞻性聲明中描述的結果有重大差異。本公司不承擔更新前瞻性聲明的義務。

Our remarks today include references to adjusted EBITDA, which is a non-GAAP measure. Please see our earnings release for a reconciliation of adjusted EBITDA to net income. Today's earnings release is available on the company's website, and a recording of this call will be available on the website at investors.naturalgrocers.com.

我們今天的發言中提到了調整後的 EBITDA，這是一個非 GAAP 指標。請參閱我們的獲利報告，以了解調整後 EBITDA 與淨利潤的調節情況。今天的收益報告已發佈在公司網站上，本次電話會議的錄音也將在公司網站 investors.naturalgrocers.com 上提供。

Now I will turn the call over to Kemper.

現在我將把電話交給肯珀。

Thank you, Jessica, and good afternoon, everyone. We are pleased with our fourth-quarter performance with sales in line with guidance and diluted earnings per share above guidance. On today's call, I will highlight our financial results, including performance drivers and provide an update on our key operational initiatives. Then Rich will discuss our fourth quarter results in greater detail and review our fiscal year 2026 outlook.

謝謝你，潔西卡，大家下午好。我們對第四季的業績感到滿意，銷售額符合預期，稀釋後每股盈餘高於預期。在今天的電話會議上，我將重點介紹我們的財務業績，包括業績驅動因素，並介紹我們的關鍵營運舉措的最新進展。接下來，Rich 將更詳細地討論我們第四季的業績，並回顧我們 2026 財年的展望。

Our fourth-quarter sales were in line with guidance. Daily average comparable store sales increased 4.2%, and on a two-year basis, increased 11.3%. The moderation in fourth quarter sales comps compared to the third quarter was driven by several factors. We cycled 7% comps in each of the fourth quarters of the previous two fiscal years. As previously disclosed, UNFI's June 2025 cybersecurity incident constrained UNFI's ability to fulfill orders and distribute products to our stores and had a direct impact on our sales in June and July.

我們第四季的銷售額符合預期。每日平均同店銷售額成長 4.2%，兩年內成長 11.3%。第四季銷售額年增速放緩是由多種因素造成的。在過去兩個財年的第四季度，我們的同店銷售額均實現了 7% 的成長。正如先前所揭露的那樣，UNFI 於 2025 年 6 月發生的網路安全事件限制了 UNFI 履行訂單和向我們的門市分發產品的能力，並對我們 6 月和 7 月的銷售額產生了直接影響。

Additionally, uncertainty in the economic environment has persisted and we saw consumer behavior shift toward more cautious retail spending in the fourth quarter. Over the past several years, we have focused on operational execution, including refining targeted promotions and store productivity initiatives. That ongoing effort combined with expense leverage from higher sales resulted in an operating margin improvement of 90 basis points for the fourth quarter, driving our fiscal year 2025 diluted earnings per share to a record $2 per share.

此外，經濟環境的不確定性持續存在，我們看到消費者行為在第四季度轉向更謹慎的零售支出。過去幾年，我們一直專注於營運執行，包括改善有針對性的促銷活動和提高門市生產力的措施。這項持續努力，加上銷售額成長帶來的費用槓桿效應，使得第四季度的營業利潤率提高了 90 個基點，推動我們 2025 財年的稀釋後每股收益達到創紀錄的 2 美元。

We are proud that fiscal 2025 represented another year of record sales and earnings. Additionally, fiscal 2025 was our 22nd consecutive year of positive comparable store sales growth. Consumers continue to be drawn to our differentiated offering of high-quality natural and organic products, reflecting their prioritization of health and wellness, including food and nutrition. We believe that consumers' prioritization of health and wellness will prove to be resilient.

我們很自豪，2025財年又是一個銷售額和利潤創紀錄的年份。此外，2025 財年是我們連續第 22 年實現同店銷售額正成長。消費者持續被我們差異化的高品質天然有機產品所吸引，這反映了他們對健康和福祉（包括食品和營養）的重視。我們相信，消費者對健康和福祉的重視將具有持久性。

While we are seeing some macro pressures affecting the broader retail landscape, we believe that our commitment to always affordable prices provides compelling value for our customers, strengthening our competitive position during periods of economic uncertainty.

儘管我們看到一些宏觀壓力影響著更廣泛的零售業格局，但我們相信，我們始終堅持提供實惠的價格，為我們的客戶帶來極具吸引力的價值，從而在經濟不確定時期增強我們的競爭地位。

Next, I will share an update on our key priorities that have fueled recent growth and are expected to drive our long-term success. We continue to enhance the personalization and interactivity of our {N}power rewards program offerings.

接下來，我將分享我們近期推動成長並有望推動我們長期成功的關鍵優先事項的最新進展。我們將繼續提升 {N}power 獎勵計劃的個人化和互動性。

During the fourth quarter, {N}power net sales penetration held strong at 82%. The maturity and high penetration of our {N}power Rewards program enables efficient and relevant customer engagement, including communicating our differentiation to new members, personalizing offers to tenured members or presenting special offers to customers who haven't engaged with us recently. Our Natural Grocers branded products continue to experience elevated growth.

第四季度，{N}power 淨銷售滲透率維持在 82% 的強勁水準。我們 {N}power Rewards 計劃的成熟度和高滲透率能夠實現高效且相關的客戶互動，包括向新會員傳達我們的差異化優勢，向老會員提供個人化優惠，或向最近沒有與我們互動的客戶提供特別優惠。我們的Natural Grocers品牌產品持續保持高速成長。

In the fourth quarter, our House branded products accounted for 8.8% of total sales, up from 8.4% a year ago. During fiscal 2025, we extended our Natural Grocers brand offerings with the launch of 119 new items, all of which exhibit premium quality at compelling prices. Accelerating new store growth is another core element of our strategy. In fiscal 2025, we opened two new stores, relocated two stores and remodeled one store.

第四季度，我們的自有品牌產品佔總銷售額的 8.8%，高於去年同期的 8.4%。在 2025 財年，我們透過推出 119 款新產品擴展了 Natural Grocers 品牌的產品線，所有這些產品都以極具吸引力的價格展現了優質品質。加速新店擴張是我們策略的另一個核心要素。在 2025 財年，我們開了兩家新店，搬遷了兩家店，並翻新了一家店。

Today, we are reiterating our plan of opening 6 to 8 new stores in fiscal 2026, underscoring the quality of our pipeline and execution capabilities. We are committed to 4% to 5% annual new store unit growth for the foreseeable future. We also remain committed to enhancing value for our stockholders by maintaining a balanced approach to capital allocation.

今天，我們重申了在 2026 財年開設 6 至 8 家新店的計劃，強調了我們專案儲備的品質和執行能力。在可預見的未來，我們將致力於實現每年 4% 至 5% 的新店數量成長。我們也將持續致力於透過維持資本配置的平衡方式來提升股東價值。

In addition to investing in our business to drive faster unit growth, we are proud to announce that we are increasing the quarterly cash dividend by 25% to $0.15 per common share, reflecting our strong fiscal 2025 operating performance and financial position as well as confidence in our ability to create long-term stockholder value.

除了投資我們的業務以推動更快的單位成長外，我們很自豪地宣布，我們將季度現金股息提高 25%，至每股普通股 0.15 美元，這反映了我們 2025 財年強勁的經營業績和財務狀況，以及我們對創造長期股東價值能力的信心。

In closing, I would like to thank our good4u crew, their commitment to operational excellence and exceptional customer service were instrumental in driving our strong results. We are fortunate to have crew who share an affinity for our founding principles and are dedicated to ensuring that our stores, operations and supply chain reflect these values.

最後，我要感謝我們的 good4u 團隊，他們對卓越營運和優質客戶服務的執著追求，對我們取得優異成績起到了至關重要的作用。我們很幸運擁有認同我們創立原則並致力於確保我們的門市、營運和供應鏈體現這些價值觀的員工。

Now I will turn our call over to Rich to discuss our financial results in greater detail and fiscal 2026 guidance.

現在我將把電話交給 Rich，讓他更詳細地討論我們的財務表現和 2026 財年展望。

Thank you, Kemper, and good afternoon. We are pleased with our fourth-quarter results. Sales were in line with expectations and diluted earnings per share exceeded our outlook. Net sales increased 4.2% from the prior year period to $336.1 million. Daily average comparable store sales increased 4.2%, and on a two-year basis, increased 11.3%. Comps were at the lower end of our guidance range which we believe primarily reflects the shift in consumer retail spending.

謝謝你，肯珀，下午好。我們對第四季的業績感到滿意。銷售額符合預期，稀釋後每股盈餘超出預期。淨銷售額較上年同期成長4.2%，達3.361億美元。每日平均同店銷售額成長 4.2%，兩年內成長 11.3%。同店銷售額處於我們預期範圍的下限，我們認為這主要反映了消費者零售支出的變化。

Our daily average comparable transaction count increased 2.4%, and our daily average comparable transaction size increased 1.8% primarily due to annualized product inflation of approximately 2%. Items for basket were relatively flat year-over-year. In consideration of the broader macro environment, we continue to monitor consumer trends closely. We continued to see greater sales growth in our most differentiated offerings, including meat and dairy.

我們的每日均可比交易筆數增加了 2.4%，每日平均可比交易金額增加了 1.8%，這主要是由於年化產品通膨率約為 2%。購物籃中的商品種類與去年同期相比基本持平。考慮到宏觀環境的整體情況，我們將繼續密切關註消費者趨勢。我們最具差異化的產品，包括肉類和乳製品，繼續保持較大的銷售成長。

These are often considered premium offerings because our product standards include humanely and sustainably sourced meat, pasture-raised in non-confinement dairy and a minimum standard of free-range eggs. We saw a modest decline in the number of transactions using SNAP EBT in the fourth quarter. SNAP represents approximately 2% of net sales and the reduction in SNAP transactions was immaterial to our overall sales comp for the quarter.

這些產品通常被認為是優質產品，因為我們的產品標準包括人道和可持續來源的肉類、非圈養乳牛場放養的乳牛以及最低標準的放養雞蛋。第四季度，使用 SNAP EBT 的交易數量略有下降。SNAP 約佔淨銷售額的 2%，SNAP 交易量的減少對我們本季的整體銷售額影響不大。

Gross margin decreased 10 basis points to 29.5% driven by lower product margin. Store expenses as a percentage of net sales decreased 90 basis points primarily driven by lower long-lived asset impairment charges and expense leverage. This culminated in a net income increase of 31% to $11.8 million and diluted earnings per share of $0.51. Adjusted EBITDA increased 7.7% to $24.4 million.

受產品毛利率下降的影響，毛利率下降10個基點至29.5%。門市費用佔淨銷售額的百分比下降了 90 個基點，主要原因是長期資產減損費用和費用槓桿作用降低。最終，淨利潤成長 31% 至 1,180 萬美元，稀釋後每股收益為 0.51 美元。調整後 EBITDA 成長 7.7% 至 2,440 萬美元。

Briefly touching on the full year results. In fiscal 2025, total revenue increased 7.2% to $1.33 billion. Our daily average comparable store sales growth was 7.3% and 14.3% on a two-year basis. Gross margin improved 50 basis points compared to the prior year, driven by higher product margin primarily attributed to effective promotions, and store occupancy cost leverage. Store expenses as a percentage of sales were 50 basis points lower than the prior year, driven by expense leverage and lower long-lived asset impairment charges.

簡要介紹全年業績。2025財年，總營收成長7.2%，達13.3億美元。我們的每日平均同店銷售額成長率為 7.3%，兩年成長率為 14.3%。毛利率較上年同期提高 50 個基點，主要得益於有效的促銷活動帶來的產品毛利率提高，以及門市租金成本的槓桿作用。門市費用佔銷售額的百分比比去年降低了 50 個基點，這主要得益於費用槓桿作用和長期資產減損費用的降低。

For fiscal 2025, diluted earnings per share increased 36.1% to $2 compared to $1.47 in fiscal 2024. And adjusted EBITDA increased 17.5% to $97.9 million.

2025 財年稀釋後每股收益成長 36.1% 至 2 美元，而 2024 財年為 1.47 美元。調整後 EBITDA 成長 17.5% 至 9,790 萬美元。

Turning to the balance sheet and cash flow. We ended the fourth quarter in a strong liquidity position including $17.1 million in cash and cash equivalents, no outstanding borrowings and $70.1 million available for borrowing on our revolving credit facility. During fiscal 2025, we generated cash from operations of $55.3 million and invested $31 million in net capital expenditures primarily for new and relocated stores, resulting in free cash flow of $24.3 million.

接下來來看資產負債表和現金流量表。第四季末，我們的流動性狀況良好，擁有 1,710 萬美元現金及現金等價物，沒有未償還借款，且循環信貸額度中可藉款 7,010 萬美元。在 2025 財年，我們從經營活動中產生了 5,530 萬美元的現金，並將 3,100 萬美元的淨資本支出主要用於新建和搬遷門市，從而產生了 2,430 萬美元的自由現金流。

Now I would like to review the company's outlook, which reflects both the opportunities we see in our differentiated market position and appropriate caution given the current consumer environment. We believe our value proposition will continue to be compelling during periods of economic uncertainty. For fiscal year 2026, we expect to open six to eight new stores, relocate or remodel two to three existing stores, achieve daily average comparable store sales growth between 1.5% and 4%, achieve diluted earnings per share between $2 and $2.15 and direct $50 million to $55 million towards capital expenditures to support our growth initiatives.

現在我想回顧一下公司的前景，這不僅反映了我們從自身差異化的市場地位中看到的機遇，也反映了考慮到當前消費環境而應有的謹慎態度。我們相信，即使在經濟不確定時期，我們的價值主張仍將具有吸引力。2026 財年，我們預計將開設 6 至 8 家新店，搬遷或改造 2 至 3 家現有門市，實現每日平均同店銷售額增長 1.5% 至 4%，實現稀釋後每股收益 2 美元至 2.15 美元，並投入 5000 萬美元至 5500 萬美元用於增長支出，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們的資本計劃，以支持我們為資本計劃。

In addition, our outlook includes the benefits of our new store growth, targeted marketing focused on our value proposition and differentiation and initiatives focused on driving higher productivity across our operations. The pace of new store openings will be weighted towards the back half of the fiscal year. Our current expectation is that sales comps will be at the low end of our outlook range in the first half of the year as we cycle relatively strong comps in the prior year while increasing slightly in the second half of the year as we cycle lower comps.

此外，我們的展望還包括新店成長帶來的益處、以我們的價值主張和差異化為重點的有針對性的行銷，以及旨在提高我們營運效率的各項措施。新店開幕的步伐將主要集中在財年的後半段。我們目前的預期是，由於去年同期銷售額相對較高，上半年銷售額將處於預期範圍的低端；而下半年銷售額將略有增長，因為同期銷售額較低。

Additionally, the comp range reflects the uncertainty in the consumer environment. We expect modest inflation throughout the year in line with current trends. Our outlook anticipates that year-over-year gross margin will be relatively flat, primarily depending on the level of promotional activity. We expect that year-over-year store expenses as a percentage of net sales will be relatively flat to slightly lower.

此外，比較範圍反映了消費環境的不確定性。我們預計全年通膨將保持溫和水平，與當前趨勢一致。我們預計，年比毛利率將相對持平，主要取決於促銷活動的水平。我們預計，門市費用佔淨銷售額的百分比將與去年同期相比基本持平或略有下降。

Lastly, we are investing approximately $0.12 of diluted earnings per share in new store openings, primarily through higher preopening expenses and store expenses. We continue to believe that we have significant opportunity to achieve sustainable long-term growth due to our alignment with consumer trends, strong customer engagement through our {N}power Rewards program, expansion of the Natural Grocers branded products, existing store productivity initiatives and investment in new store unit growth.

最後，我們將約 0.12 美元的稀釋後每股收益投入到新店開業中，主要透過增加開業前費用和門市費用來實現。我們仍然相信，由於我們與消費者趨勢保持一致，透過我們的 {N}power 獎勵計劃與客戶建立了強大的聯繫，擴大了 Natural Grocers 品牌產品的範圍，提高了現有門市的生產力，並投資於新店的增長，我們有很大的機會實現可持續的長期增長。

In closing, we had a solid quarter to conclude a record-setting fiscal year. We are confident in our ability to continue to drive profitable long-term growth and enhance value for all stakeholders.

最後，我們以穩健的季度業績為創紀錄的財年畫上了圓滿的句號。我們有信心繼續推動獲利的長期成長，並為所有利害關係人創造價值。

Now we'd like to open the line for questions. Thank you.

現在我們開放提問環節。謝謝。

(Operator Instructions) Chuck Cerankosky, Northcoast Research.

（操作說明）查克·塞蘭科斯基，北海岸研究公司。

Given the increased price sensitivity right now in the consumer environment and the company's 8.8% owned brands penetration, is this a good time to get that number higher and to make customers more aware of the value in the Natural Grocers brands?

鑑於目前消費者對價格的敏感度較高，以及公司自有品牌滲透率僅為 8.8%，現在是否是提高該數字並讓消費者更加了解 Natural Grocers 品牌價值的好時機？

Yes. I think that that would be true. I mean, we definitely are marketing our own brand extensively right now. And we have some really compelling prices, particularly in our bulk items that we are promoting aggressively, and we don't have to discount those prices because they're already substantially better priced than our competitors.

是的。我認為確實如此。我的意思是，我們現在確實在大力推廣我們自己的品牌。我們有一些非常有競爭力的價格，特別是我們正在大力推廣的大宗商品，而且我們不需要打折，因為它們的價格已經比我們的競爭對手優惠得多。

Do you have any particular goals for the penetration over the next couple of years, like maybe 10%? I don't --

您對未來幾年的市場滲透率有什麼具體目標嗎，例如達到 10%？我不--

Our goal is to increase the penetration by 1 full percentage point per year. So we're at 8.8%, so in two years from now, we should be at 10.8% or even 11%.

我們的目標是每年將滲透率提高1個百分點。所以我們現在是 8.8%，那麼兩年後，我們應該可以達到 10.8% 甚至 11%。

Scott Mushkin, R5 Capital.

Scott Mushkin，R5 Capital。

So one of the things we hear from investors about just kind of generally the space of natural organic is that it's not the macro that it's similar to what we saw last decade that's kind of traditional supermarkets and others in the marketplace kind of caught up given what they saw with how stronger sales and others have been and are offering a lot of the same products at lower prices. What do you think about that thought process?

因此，我們從投資者那裡聽到的關於天然有機食品領域的普遍看法是，宏觀層面與上個十年我們看到的情況不太一樣，傳統超市和其他市場參與者已經迎頭趕上，因為他們看到了銷售額的強勁增長，而其他商家也以更低的價格提供許多相同的產品。你覺得這種思考過程怎麼樣？

I think that, that's been going on since 1978. And we've done a really good job of differentiating ourselves from those -- from the other supermarkets and have enough an authentic story and an authentic brand that resonates with consumers, and it's helped us to build our business to over $1 billion business. The conventional supermarkets in Costco and Walmart, they only sell the product because it sells.

我認為，這種情況從 1978 年就開始了。我們成功地將自己與其他超市區分開來，我們擁有足夠真實的品牌故事和品牌形象，能夠引起消費者的共鳴，這幫助我們將業務發展成為超過 10 億美元的業務。Costco 和 Walmart 這類傳統超市，他們賣東西只是因為東西好賣。

It isn't because of the story of the product. We sell the product because it is what we are. And so it makes a huge difference to our customers and keeps our customers incredibly loyal, and it also helps us to keep on growing and expanding our customer base. And companies like Whole Foods are kind of losing track of that by becoming, as they said, the Amazonification or whatever it was the Wall Street Journal article was the other day.

這並非因為產品背後的故事。我們銷售這款產品，因為這就是我們。因此，這對我們的客戶來說意義重大，能夠讓我們的客戶保持極高的忠誠度，同時也有助於我們持續發展壯大客戶群。而像 Whole Foods 這樣的公司，正如他們所說，正在變成亞馬遜化，或者像《華爾街日報》前幾天文章裡所說的那樣，逐漸偏離正軌。

And then the Forbes article that followed up on it. And so that's making our brand all the stronger. And then you have the wannabes like Sprouts who doesn't really -- I mean they sell stuff because they -- it sells, but they don't really have the standards that we do or the ethics that we do about the products that we sell.

然後是《富比士》雜誌的後續報導文章。因此，這使得我們的品牌更加強大。然後還有像 Sprouts 這樣的模仿者，他們其實——我的意思是，他們賣東西是因為——東西賣得好，但他們並沒有我們這樣的標準，也沒有我們對所售產品的道德準則。

And then Kemper, what specifically -- or Richard, what specifically in the business do you see that would kind of make you gravitate towards, hey, it's things have become much more challenging in the economy, and that's the root of some of the more cautious comments?

那麼肯珀，或者理查德，你具體看到了商業中的哪些方面，讓你傾向於認為，經濟形勢變得更加嚴峻，而這正是某些較為謹慎的言論的根源？

Well, the people that are on the periphery of shopping in our stores that aren't our most loyal customers have definitely pulled back and gone. I don't know where they're shopping, but they pulled back. And that's made it so that we're just a little bit more cautious about our growth. But I think that some of our new marketing initiatives will start to gain traction in not this quarter, but next quarter, and we should see an uptick again in our growth.

嗯，那些在我們商店購物頻率不高、並非我們最忠實的顧客，已經明顯減少了光顧，甚至離開了。我不知道他們去哪裡購物，但他們撤退了。正因如此，我們對自身的發展更加謹慎了一些。但我認為，我們的一些新的行銷舉措不會在本季度，而是在下個季度開始取得成效，我們應該會看到成長再次回升。

I mean because it's no doubt, Scott, the economy is playing a factor today. I mean, we have massive economic uncertainty. Consumer sentiment is at historic lows, we've seen announcement of significant job layoffs, had the government shutdown, the loss of government benefits, tariffs and their impact on inflation. I mean the majority of Americans are expecting the tariffs will result in higher prices. You've had a pretty large --

我的意思是，斯科特，毫無疑問，經濟因素在今天發揮了作用。我的意思是，我們面臨著巨大的經濟不確定性。消費者信心處於歷史低位，我們看到了大量裁員消息，政府停擺，政府福利減少，關稅及其對通貨膨脹的影響。我的意思是，大多數美國人都預期關稅會導致物價上漲。你已經擁有相當大的--

Well, they are resulting in higher prices.

它們確實會導致價格上漲。

And they are. But there's an expectation of future higher prices from tariffs all of it is kind of creating this uncertainty, there's definitely, as you've heard, across all retail, a pullback by lower middle income consumers in a bifurcation in the consumer segment, where higher households are continuing to spend. But as we even heard this morning from Walmart, everybody is looking for value. And so we are going to lean in to our differentiation.

的確如此。但關稅預期未來物價上漲，所有這些都造成了不確定性。正如你所聽到的，在所有零售領域，中低收入消費者都在減少支出，消費者群體分化，高收入家庭仍在繼續消費。但正如我們今天早上從沃爾瑪那裡聽到的那樣，每個人都在追求性價比。因此，我們將更加重視差異化優勢。

Everybody is looking for value, part of our filing principles is always affordable prices. And we're going to continue to lean hard into that. And as Kemper said, we're also very highly differentiated in terms of the quality of our shopping experience. We provide access to nutrition education and we have high product standards that you can trust. So we're going to continue to lean into those things. Our core customer base is resilient.

每個人都在追求價值，而我們備案原則之一就是始終提供價格合理的商品。我們將繼續大力推進這一點。正如肯珀所說，我們在購物體驗的品質方面也具有非常高的差異化優勢。我們提供營養教育資源，並擁有您可以信賴的高標準產品。所以我們會繼續重視這些面向。我們的核心客戶群具有很強的韌性。

Our core customer base is growing at a healthy rate. So we have a lot of confidence that there is a lot of economic uncertainty that is certainly a driver. The natural and organics segment, yes, is pulling back. But so is the entire, I think, segment overall. And we still believe in the health and wellness trends. I mean, you look at GLP-1 penetration rates, they've doubled over the last year. There's significant interest in continuing for many more Americans to try those drugs.

我們的核心客戶群正以健康的成長。因此，我們非常有信心，存在著許多經濟不確定性，這無疑是一個驅動因素。是的，天然和有機產品市場正在萎縮。但我認為，整個領域整體也是如此。我們依然相信健康和養生趨勢。我的意思是，看看 GLP-1 的滲透率，過去一年翻了一番。很多美國人對繼續嘗試這些藥物表現出濃厚的興趣。

We understand that those individuals are looking for more nutritious options post that. And so it's not linear, right? I mean as Kemper said, Natural & Organic has been going through multiple cycles over the last four, five decades, and we'll continue to do that. But we believe the trends, the long-term trends that they will continue to have 4% to 6% industry growth, it's just not going to be a straight line.

我們了解到，這些人之後會尋求更有營養的選擇。所以它並非線性關係，對吧？我的意思是，正如肯珀所說，在過去的四、五十年裡，天然有機產品經歷了許多週期，我們將繼續這樣做。但我們相信，從長遠來看，該行業將繼續保持 4% 到 6% 的成長，只是成長不會是一條直線。

Thanks for that color. And then I actually had just one more, and I apologize because my model is not in front of me. So I probably should know this answer off the top of my head. But are you guys thinking free cash flow next year will be positive, flat? And what's your thought process around '26 free cash flow?

謝謝你提供的顏色。然後我其實只剩下最後一個了，很抱歉，因為我的模型不在我面前。所以，我應該可以脫口而出這個問題的答案。你們覺得明年的自由現金流會是正值還是持平？您對2026年的自由現金流有何看法？

Yes. Free cash flow will be positive next year. Yes, that's our expectation. Yes, we are investing more in CapEx, right? We are talking about increasing store openings, continuing to do relocations and remodels. We are looking at -- we're guiding $50 million to $55 million in CapEx to support those initiatives.

是的。明年自由現金流將為正值。是的，這正是我們所期望的。是的，我們正在增加資本支出，對吧？我們正在討論增加新店開業數量，並繼續進行搬遷和改造。我們正在考慮——我們計劃投入 5,000 萬至 5,500 萬美元的資本支出來支持這些措施。

We're excited about the real estate pipeline that we have and about the growth prospects. And we've really refined our site selection process and are excited about the communities that we're going in and the positive impact that those communities will have to the overall business.

我們對現有的房地產項目儲備和成長前景感到興奮。我們已經真正改進了選址流程，對我們即將進入的社區以及這些社區將對整體業務產生的積極影響感到興奮。

And then also, we're strategically buying some of our buildings so just to add a little bit more color to the CapEx.

此外，我們也有策略地收購一些建築物，以便為資本支出增添一些色彩。

Yes.

是的。

All right. Well, guys, I appreciate it. And for the record, I kind of -- I definitely agree with you guys on the economy. I think it's a little bit tough sliding out there right now. But thanks for all the color.

好的。謝謝各位。順便說一句，我其實——我絕對同意你們對經濟的看法。我覺得現在滑出去有點困難。但還是要感謝你帶來的所有色彩。

I'm showing no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Kemper Isely for any closing remarks.

我不再提問。我們的問答環節到此結束。我謹將會議交還給肯珀·伊塞利，請他作總結發言。

Thank you for joining us to discuss our fourth quarter results. We take great pride in our sales and profitability growth in fiscal year 2025 and in recent years. We are committed to maximizing value for our stockholders. As we look forward to fiscal year 2026, we expect to build upon our momentum by executing to our founding principles, including highlighting our always affordable pricing strategy and differentiated product offering, emphasizing operational excellence and delivering on our new store unit growth plans.

感謝各位蒞臨本次研討會，共同探討我們第四季的業績。我們對2025財年以及近年來的銷售額和獲利能力成長感到非常自豪。我們致力於為股東創造最大價值。展望 2026 財年，我們希望在現有發展勢頭的基礎上，繼續秉承我們的創始原則，包括突出我們始終實惠的價格策略和差異化的產品供應，強調卓越的運營，並實現我們的新店增長計劃。

Thank you, and have a great day. Bye now.

謝謝，祝您今天過得愉快。再見了。

The conference call is now concluded. Thank you for attending the Natural Grocers fourth-quarter and fiscal year 2025 earnings conference call. You may now disconnect.

電話會議到此結束。感謝您參加 Natural Grocers 2025 財年第四季及全年業績電話會議。您現在可以斷開連線了。