Sprouts Farmers Market Inc (SFM) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Sprouts Farmers Market Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded.

各位來賓，感謝您的耐心等待，歡迎參加 Sprouts Farmers Market 2023 年第四季財報電話會議。 （操作說明）。請注意，本次會議正在錄音。

I would now like to hand the conference over to your speaker today, Susannah Livingston, Vice President, Investor Relations and Treasurer. You may begin.

現在我謹將會議交給今天的發言人，投資者關係副總裁兼財務主管蘇珊娜·利文斯頓女士。您可以開始了。

Thank you, and good afternoon, everyone. We are pleased you are joining Sprouts on our fourth quarter and full year 2023 earnings call. Jack Sinclair, Chief Executive Officer; and Curtis Valentine, Chief Financial Officer, are with me today.

謝謝大家，下午好。我們很高興各位參加 Sprouts 2023 年第四季及全年財報電話會議。今天，執行長 Jack Sinclair 和財務長 Curtis Valentine 出席了會議。

The earnings release announcing our fourth quarter and full year 2023 results, the webcast of this call and financial slides can be accessed through the Investor Relations section of our website at investors.sprouts.com.

公佈我們 2023 年第四季和全年業績的收益報告、本次電話會議的網路直播以及財務幻燈片可透過我們網站 investors.sprouts.com 的投資者關係部分取得。

During this call, management may make certain forward-looking statements, including statements regarding our expectations for 2024 and beyond. These statements involve several risks and uncertainties that could cause results to differ materially from those described in the forward-looking statements.

在本次電話會議中，管理階層可能會做出某些前瞻性陳述，包括我們對2024年及以後的預期。這些陳述涉及若干風險和不確定性，可能導致實際結果與前瞻性陳述中所述的結果有重大差異。

For more information, please refer to the risk factors discussed in our SEC filings and the commentary on forward-looking statements at the end of our earnings release. Our remarks today include references to non-GAAP measures. Please see the tables in our earnings release to reconcile our non-GAAP measures to the comparable GAAP figures.

更多信息，請參閱我們提交給美國證券交易委員會（SEC）文件中討論的風險因素，以及盈利報告末尾關於前瞻性陳述的評論。我們今天的演講提及了非GAAP財務指標。請參閱獲利報告中的表格，以了解我們的非GAAP財務指標與對應的GAAP財務指標的調節。

With that, let me hand it over to Jack.

那麼，就讓我把麥克風交給傑克吧。

Thanks, Susannah, and good afternoon. As we review our year-end accomplishments, I'm once again pleased with our performance and encouraged about our future. We grew sales 7% for the year while maintaining our stable margin with a slight expansion in 2023.

謝謝蘇珊娜，下午好。回顧我們年終的業績，我再次對我們的表現感到滿意，並對未來充滿信心。我們全年銷售額成長了7%，同時維持了穩定的利潤率，並預計2023年利潤率將略有成長。

Moreover, our adjusted diluted earnings per share rose 19%, demonstrating attractive profit growth. Our strategic approach and specialty positioning allow us to focus on a highly profitable slice of the $1.6 trillion food-at-home space instead of competing with everyone for every customer. And we believe these results clearly indicate that this strategic shift is resonating with our target customers.

此外，我們調整後的稀釋每股盈餘成長了19%，展現出令人矚目的獲利成長。我們的策略方針和專業定位使我們能夠專注於價值1.6兆美元的家庭食品市場中利潤豐厚的細分領域，而不是與所有競爭對手爭奪每位客戶。我們相信，這些業績清楚地表明，這項策略轉變引起了目標客戶的共鳴。

We are becoming a leading specialty food retailer. We continue to focus on our target customers, striving to deliver more of what they want, a broad assortment of differentiated, healthy, fresh, high-quality products that are hard to find anywhere else. Approximately 15% of our assortment was new, including 400 new Sprouts brand products. We ended the year with the company's best customer service scores by focusing on the customer experience through better service and improving our in-stocks.

我們正逐步成為領先的特色食品零售商。我們始終專注於目標客戶，並努力提供更多他們想要的產品，包括種類繁多、品質優良、與眾不同的健康新鮮食品，這些產品在其他地方很難找到。我們約有15%的產品是新品，其中包括400種新的Sprouts品牌產品。透過提升服務品質和改善庫存，我們專注於提升客戶體驗，最終獲得了公司有史以來最佳的客戶服務評分。

As part of expanding access to our differentiated assortment, we opened 30 new stores in our new smaller prototype, and we experienced good momentum, especially so in Florida. We created capacity in the supply chain to support our long-term growth by establishing a new distribution center in Southern California, expanding our Texas DC and adding ripening rooms to improve product quality. None of this will be possible without our amazing team.

為了擴大我們差異化產品組合的覆蓋範圍，我們開設了30家採用新型小型門市模式的新店，並取得了良好的發展勢頭，尤其是在佛羅裡達州。我們透過在南加州建立新的配送中心、擴大德州的配送中心以及增設催熟室來提升產品質量，從而增強了供應鏈的產能，以支持我們的長期成長。這一切都離不開我們優秀的團隊。

In 2023, we continued fostering a workplace culture that we believe will maintain a sustainable and profitable business for years to come. We enhanced our development programs for team members so that everyone can grow a great career at Sprouts. We created approximately 3,000 new jobs and promoted 20% of our 32,000 team members in 2023.

2023年，我們繼續致力於營造一種我們相信能夠確保公司未來多年可持續發展和盈利的職場文化。我們加強了團隊成員的發展計劃，讓每位員工都能在Sprouts獲得良好的職涯發展。 2023年，我們新增了約3,000個工作崗位，並提拔了32,000名團隊成員中的20%。

I'm also pleased to announce another internal promotion to our executive leadership team. Dustin Hamilton has replaced Dan Sanders as our Chief Stores Officer. Dustin had been serving as our original VP of California, delivering great results and building a team steeped in our values. Dan has decided to retire in March after 8 years at Sprouts and many more years in the industry. I want to thank Dan for his lasting impact on Sprouts.

我很高興地宣布，我們的高階主管團隊又迎來了一位內部晉升。達斯汀漢密爾頓 (Dustin Hamilton) 將接替丹桑德斯 (Dan Sanders) 擔任首席門市官。達斯汀先前擔任加州副總裁，業績斐然，並打造了一支秉承我們價值觀的團隊。丹在 Sprouts 工作了八年，並在業界多年，他決定在三月退休。我要感謝丹對 Sprouts 的深遠貢獻。

In summary, our achievements in 2023 have positioned us well for the future, and we will continue working to unlock Sprouts full potential. I'll talk more about our journey in 2024 in a few moments.

總而言之，我們在2023年所取得的成就為我們未來的發展奠定了堅實的基礎，我們將繼續努力，充分發揮Sprouts的潛力。稍後我將詳細介紹我們2024年的發展規劃。

For now I'll hand it over to Curtis to review our 2023 financial performance in the fourth quarter, the full year and our 2024 outlook. Curtis?

現在我把這項工作交給柯蒂斯，讓他回顧一下我們2023年第四季的財務表現、全年業績以及2024年的展望。柯蒂斯？

Thanks, Jack, and good afternoon, everyone. For the fourth quarter, total sales were $1.7 billion, up $122 million or 8% from the same period last year. This increase was driven by comparable store sales growth of 3.3% and the addition of new stores. Traffic was positive both in store and online throughout the quarter. As expected, average unit retails and units per basket continued to stabilize sequentially.

謝謝傑克，大家下午好。第四季總銷售額為17億美元，較去年同期成長1.22億美元，增幅為8%。這一成長主要得益於同店銷售額成長3.3%以及新店開業。整個季度，實體店和線上客流量均保持良好動能。如預期，平均單價和每單商品數量較上季持續穩定。

Our e-commerce sales grew approximately 17%, representing 12.4% of our total sales for the quarter. During the quarter, we also launched our partnership with Uber Eats to acquire new customers and expand their access to Sprouts. Along with Instacart and DoorDash, we now have 3 e-commerce partnerships performing well, highlighting the appeal of our differentiated assortment.

我們的電商銷售額成長約17%，佔本季總銷售額的12.4%。本季度，我們還與Uber Eats建立了合作關係，旨在吸引新客戶並擴大他們購買Sprouts產品的管道。加上Instacart和DoorDash，我們目前共有三家表現良好的電商合作夥伴，凸顯了我們差異化產品組合的吸引力。

We continue to see strong performance in categories with the most differentiation, including grocery, dairy, frozen and meat. Sprouts has experienced exceptional growth in attribute-driven categories within these departments such as grass-fed beef and no-antibiotics-ever proteins. These categories have gained popularity due to their superior quality and health benefits, making them a top choice for our customers who prioritize healthy eating. This was true during the holidays with strong growth from the return of Sprouts brand seasonal favorites and our convenient attribute-based holiday meal bundles.

我們持續看到差異化程度最高的品類表現強勁，包括食品雜貨、乳製品、冷凍食品和肉類。在這些品類中，Sprouts 在一些以產品屬性為導向的品類（例如草飼牛肉和無抗生素蛋白質）實現了卓越的成長。這些品類因其卓越的品質和健康益處而廣受歡迎，成為注重健康飲食的顧客的首選。在假期期間，Sprouts 品牌季節性熱門產品的回歸以及我們便利的、以產品屬性為導向的節日套餐組合，進一步推動了這一趨勢，實現了強勁增長。

Sprouts brand made up 21% of our total sales in the fourth quarter as our unique products continue to appeal to our target customers. Our fourth quarter gross margin was 36.5%, an increase of nearly 20 basis points from the same period last year. Favorable merchandise margins were partially offset by the expected pressure from our new and recently expanded distribution centers.

第四季度，Sprouts品牌銷售額佔總銷售額的21%，這得益於我們獨特的產品持續受到目標客戶的青睞。第四季毛利率為36.5%，較去年同期成長近20個基點。商品毛利率的提升部分被新建和近期擴建的配送中心所帶來的預期壓力所抵銷。

SG&A for the quarter totaled $513 million, an increase of $41 million or approximately 25 basis points of deleverage from the same period of the prior year. We continue to see pressure from wages and benefits. This was partially offset by a positive impact from holiday pay with the New Year's Day shifting into fiscal 2024.

本季銷售、管理及行政費用總計5.13億美元，較上年同期增加4,100萬美元，槓桿率下降約25個基點。我們持續面臨薪資和福利方面的壓力。由於元旦假期延至2024財年，假日薪資的增加部分抵銷了這項壓力。

Store closure and other costs totaled approximately $5 million for the quarter. This is primarily related to noncash store asset impairments and ongoing occupancy costs from store closures.

本季門市關閉及其他相關費用總計約500萬美元。這主要包括非現金門市資產減損和門市關閉造成的持續租金支出。

For the quarter, our earnings before interest and taxes were $69 million. Interest expense was $400,000 and our effective tax rate was 27%. Net income was $50 million and diluted earnings per share were $0.49, an increase of 17% from the same period last year.

本季度，我們的息稅前利潤為6900萬美元。利息支出為40萬美元，實際稅率為27%。淨利為5000萬美元，稀釋後每股收益為0.49美元，較去年同期成長17%。

For the fiscal year 2023, total sales increased 7% to $6.8 billion driven by comparable store sales growth of 3.4% and new stores. Comp sales for the full year were also supported by an increase in basket due to retail inflation and positive traffic, partially offset by a slight reduction of items in the basket.

2023財年，總銷售額成長7%至68億美元，主要得益於同店銷售額成長3.4%以及新店開業。全年同店銷售額的成長也得益於零售通膨和客流量增加帶來的客單價上漲，但部分被客單價略為下降的商品數量所抵銷。

Our e-commerce sales grew 15%, which accounted for 12.2% of our total sales for the year. Our focus on innovation and assortment differentiation continues to resonate with our target customers and drive our sales. Attribute-driven products such as organic, grass-fed, vegan and keto, grew faster than the company average throughout the year.

我們的電商銷售額成長了15%，佔全年總銷售額的12.2%。我們對創新和產品差異化的持續關注，持續受到目標客戶的青睞，並推動了銷售成長。有機、草飼、純素和生酮等屬性驅動型產品，全年成長速度均高於公司平均。

Gross margin, both on a GAAP basis and adjusted to exclude the impact of special items, was 36.9%, an increase of approximately 25 basis points compared to adjusted gross margin in the prior year. The year-over-year increase resulted from continued promotion optimization and category mix shifts, slightly offset by pressure from higher distribution costs from our new and recently expanded warehouses.

依美國通用會計準則（GAAP）計算及剔除特殊項目影響後的調整後，毛利率為36.9%，較上年同期調整後毛利率成長約25個基點。年比成長主要得益於持續的促銷優化和品類組合調整，但部分被新建和擴建倉庫帶來的更高配送成本所抵消。

SG&A expenses for the year, both on a GAAP basis and adjusted to exclude the impact of special items, totaled $2 billion, an increase of $136 million or approximately 15 basis points of deleverage on an adjusted basis. The increase in cost is mainly attributable to the opening of new stores, and increased investments in team member wages, restructured store bonuses and training.

本年度銷售、管理及行政費用（SG&A），不論以美國通用會計準則（GAAP）計算，或經調整剔除特殊項目影響後計算，總計20億美元，較上年增加1.36億美元，調整後槓桿率下降約15個基點。成本增加主要歸因於新店開幕、增加員工薪資投入、調整門市獎金制度、培訓投入。

In addition, we experienced higher e-commerce and credit card fees linked to higher sales. Labor efficiencies and contract savings partially offset this as the team continued to find ways to manage costs despite the challenging inflationary environment.

此外，銷售額成長也帶來了更高的電商和信用卡手續費。儘管面臨嚴峻的通膨環境，團隊仍不斷尋求成本控制方法，因此，提高勞動效率和節省合約成本在一定程度上抵消了上述影響。

For fiscal year 2023, store closures and other costs totaled $39 million, primarily related to the charges associated with the decision to close 11 stores earlier in the year. Excluding the impact of special items, store closures and other costs were $11 million.

2023財年，門市關閉及其他相關費用總計3,900萬美元，主要與年初決定關閉11家門市相關的費用有關。若不計特殊項目的影響，門市關閉及其他相關費用為1100萬美元。

Depreciation and amortization, excluding depreciation included in the cost of sales was $132 million. Excluding the impact of special items associated with the store closing decision, the adjusted depreciation and amortization totaled $126 million.

不包括計入銷售成本的折舊，折舊和攤提總額為 1.32 億美元。剔除與門市關閉決定相關的特殊項目的影響後，調整後的折舊和攤銷總額為 1.26 億美元。

For the year, our earnings before interest and taxes were $350 million. Interest expense was $6.5 million. Our effective tax rate was 25%. Net income was $259 million and diluted earnings per share were $2.50. Excluding the impact of special items, adjusted earnings before interest and taxes were $396 million, and adjusted net income was $293 million. Adjusted diluted earnings per share were $2.84, an increase of 19% compared to the prior year.

本年度，我們的息稅前利潤為3.5億美元。利息支出為650萬美元。實際稅率為25%。淨利為2.59億美元，稀釋後每股收益為2.50美元。剔除特殊項目的影響後，調整後的息稅前利潤為3.96億美元，調整後的淨利為2.93億美元。調整後的稀釋後每股收益為2.84美元，較上年增長19%。

During the year, we opened 30 new stores, acquired 2 previously licensed stores and closed 11 stores. All 30, 2023 openings were our new smaller format store. We ended the year with 407 stores across 23 states.

年內，我們新開了30家門市，收購了2家已獲授權的門市，並關閉了11家門市。所有30家新開店均為我們新推出的小型門市模式，預計2023年開幕。截至年底，我們在23個州共擁有407家門市。

Our financial performance has been underpinned by a strong and healthy balance sheet. We generated $465 million in operating cash flow, which allowed us to invest $213 million in capital expenditures, net of landlord reimbursement to grow our business. With our robust cash flow, we also paid down $125 million of our bank revolver and returned $203 million to our owners by repurchasing 5.9 million shares.

我們穩健的財務表現得益於強勁的資產負債表。我們創造了4.65億美元的營運現金流，扣除房東補償後，我們得以將2.13億美元用於資本支出，以促進業務成長。憑藉充裕的現金流，我們也償還了1.25億美元的銀行循環貸款，並透過回購590萬股股票，向股東返還了2.03億美元。

We ended the year with $202 million in cash and cash equivalents, $125 million outstanding on our $700 million revolver and $22 million of outstanding letters of credit. Our diluted weighted average shares outstanding were down 5.3% compared to the last year, and we have $208 million remaining under our current share repurchase authorization.

截至年底，我們持有現金及現金等價物2.02億美元，7億美元循環信貸額度中未償還1.25億美元，未償信用證金額為2,200萬美元。稀釋後加權平均流通股數較上年下降5.3%，我們目前的股票回購授權額度仍有2.08億美元剩餘。

Since 2019, we have made significant improvements to our business operations. We changed our strategy, streamlined our store labor model and implemented key systems to support our growth. We also increased compensation and added training hours for our store team members, a critical investment to create the differentiated store experience our target customers love. As a result, our gross margins have improved by 300 basis points and our adjusted EBIT margins improved by approximately 190 basis points.

自 2019 年以來，我們對業務營運進行了重大改進。我們調整了策略，優化了門市勞動力模式，並實施了關鍵系統以支援業務成長。此外，我們還提高了門市團隊成員的薪酬，並增加了培訓時間，這是一項至關重要的投資，旨在打造目標客戶喜愛的差異化門市體驗。因此，我們的毛利率提高了 300 個基點，調整後的息稅前利潤率提高了約 190 個基點。

Our 4-year adjusted diluted earnings per share CAGR was 23%, and our adjusted EBIT per square foot increased by 59%. Our ROIC has also improved by 320 basis points, All in line with our strategic targets.

我們過去四年的調整後稀釋每股盈餘複合年增長率為23%，調整後每平方英尺息稅前利潤成長了59%。我們的投資報酬率也提高了320個基點，所有這些都符合我們的策略目標。

While we're pleased with our progress, significant opportunities remain. As we look ahead to our expectations for 2024, we remain focused on delivering earnings growth while investing to unlock our opportunities and drive sustainable growth for years to come. We are planning to invest approximately $15 million, primarily focused on the build-out of our loyalty program. We also continue to invest in our technology and data foundation to improve our inventory management and scale our personalization capabilities.

儘管我們對所取得的進展感到滿意，但仍存在著許多機會。展望2024年，我們將持續專注於實現獲利成長，同時加大投資以把握機遇，推動未來數年的永續成長。我們計劃投資約1500萬美元，主要用於完善我們的會員忠誠度計劃。此外，我們還將繼續投資於技術和數據基礎建設，以改善庫存管理並擴展個人化服務能力。

For the full year, we expect total sales growth to be 5.5% to 7.5% and comp sales in the range of 1.5% to 3.5%. We plan to open approximately 35 new stores all in our current prototype. Adjusted earnings before interest and taxes are expected to be between $397 million and $412 million. And adjusted earnings per share are expected to be between $2.85 and $2.95 assuming no additional share repurchases. That said, we do expect to continue to repurchase shares opportunistically. We also expect our corporate tax rate to be approximately 26%.

我們預估全年總銷售額成長5.5%至7.5%，同店銷售額成長1.5%至3.5%。我們計劃開設約35家新店，全部採用我們目前的樣品店設計。調整後息稅前利潤預計在3.97億美元至4.12億美元之間。假設不進行額外的股票回購，調整後每股盈餘預計在2.85美元至2.95美元之間。儘管如此，我們仍計劃擇機回購股票。我們預計公司稅率約為26%。

During the year, we expect capital expenditures net of landlord reimbursements to be between $225 million and $245 million. To add a bit more color, we expect gross margins to be up and as we continue to focus on initiatives to improve shrink and annualize the promotional optimization work from 2023.

年內，我們預計扣除房東補償後的資本支出淨額將在 2.25 億美元至 2.45 億美元之間。此外，我們預計毛利率將有所提高，同時我們將繼續專注於改善損耗控制的各項舉措，並從 2023 年開始將促銷優化工作納入年度計畫。

On the cost front, we expect ongoing wage increases and our strategic investments to pressure SG&A resulting in additional deleverage in 2024. Most of our CapEx spend will be for new stores with the remainder focused on technology enhancements, merchandising initiatives and store refresh and maintenance.

在成本方面，我們預期持續的薪資成長和策略投資將對銷售、管理及行政費用帶來壓力，從而在2024年進一步降低槓桿率。我們的資本支出大部分將用於新店建設，其餘部分將用於技術升級、商品推廣以及門市翻新和維護。

For the first quarter of the year, we expect comp sales in the range of approximately 2.5% to 3.5% and adjusted earnings per share between $0.98 and $1.02. Our SG&A will face additional pressure in quarter 1 due to strategic initiative investment and the timing shift of holiday pay for New Year's Day, which fell on the first day of fiscal 2024.

今年第一季度，我們預期同店銷售額將成長約2.5%至3.5%，調整後每股盈餘在0.98美元至1.02美元之間。由於策略性措施投資以及元旦假期工資時間調整（元旦適逢2024財年第一天），我們的銷售、管理及行政費用將在第一季面臨額外壓力。

And with that, I'll turn it back to Jack.

好了，現在我把麥克風交還給傑克。

Thanks, Curtis. Our initiatives for 2024 will continue to strengthen our foundation while setting the table for sustainable long-term growth. This year, we plan to drive even more innovation in Sprouts brand and across the store, winmore loyalty from our target customers, strengthen and improve our advantaged supply chain, develop a best-in-class team across the business and build exceptional stores.

謝謝柯蒂斯。我們2024年的各項措施將繼續鞏固現有基礎，並為可持續的長期成長奠定基礎。今年，我們計劃在Sprouts品牌和門市營運中推動更多創新，贏得目標客戶的更多忠誠度，加強並完善我們優勢顯著的供應鏈，打造一支全公司一流的團隊，並建立卓越的門市。

Our intent is to become a leading provider in attribute, health-driven categories, such as organic, vegan, grass-fed and keto, prioritizing winning and gaining market share in these differentiated categories. To achieve this, our forging team is searching far and wide for new health trends and working with niche vendors to find differentiated products such as low caffeine InoTea, Popadelics, a snackable mushroom chip and Matcha bubble tea drops.

我們的目標是成為有機、純素、草飼和生酮等健康導向品類的領導供應商，優先贏得並擴大這些差異化品類的市場份額。為了實現這一目標，我們的研發團隊正在廣泛搜尋新的健康趨勢，並與小眾供應商合作，開發差異化產品，例如低咖啡因的InoTea、Popadelics（一種方便食用的蘑菇片）和抹茶珍珠奶茶滴劑。

Looking ahead, we will continue launching new Sprouts brand products, expand our seasonal in and out programs, leverage our innovation centers in store and engaging more sampling to drive trial and basket. This focuses on our Sprouts brand continuing to deliver growth ahead of company performance and provide customers with products they value and trust.

展望未來，我們將持續推出Sprouts品牌的新產品，拓展季節性產品進出管道，充分利用店內創新中心，並進行更多試吃活動以促進產品試用和提升客單價。我們的目標是確保Sprouts品牌持續實現高於公司整體水準的成長，並為顧客提供他們重視和信賴的產品。

In 2024, we have an opportunity to gain new health enthusiasts and increase our share of wallet among existing customers. We'll continue to prioritize store execution to provide great in-store experience and exceptional customer service while maintaining an omnichannel approach to meet customers wherever they are.

2024年，我們有機會吸引更多新的健康愛好者，並提升現有客戶的消費份額。我們將繼續把門市營運放在首位，力求提供卓越的店內體驗和優質的客戶服務，同時堅持全通路策略，隨時隨地滿足客戶的需求。

I'm particularly excited about our plans to introduce the first iteration of our new loyalty program this summer. We see a big opportunity to grow share of wallet with our target customers by getting them to visit more often and add additional items to their basket. The program is designed to grow our identifiable customer base and gather valuable data on their preferences, enabling us to personalize the experience to their specific needs.

我對我們今年夏天即將推出的全新會員忠誠度計畫的第一版感到非常興奮。我們看到了一個絕佳的機會，那就是透過鼓勵目標客戶更頻繁地光顧並增加購物籃中的商品數量，從而提升他們的消費份額。該計劃旨在擴大我們的目標客戶群體，並收集有關他們偏好的寶貴數據，以便我們能夠根據他們的特定需求提供個人化的體驗。

We're also optimistic about how the data will potentially unlock value across our business by deepening our insights on customers, aiding Sprouts brands product development, improving customer acquisition and providing a new asset to utilize with our vendors to grow our mutual business.

我們也樂觀地認為，這些數據將透過加深我們對客戶的了解、幫助 Sprouts 品牌進行產品開發、改善客戶獲取以及為我們的供應商提供新的資產以發展我們共同的業務，從而釋放我們業務的潛在價值。

We are investing to develop a long-term value driver for Sprouts. 2024 will be dedicated to testing the concept, listening to our customers' feedback and establishing a program ready for full launch in 2025.

我們正在投資開發Sprouts的長期價值驅動因素。 2024年我們將致力於測試這個概念，傾聽顧客的回饋，並建立一個準備在2025年全面推出的專案。

We've made significant progress in creating an advantaged supply chain to support our future growth. In 2024, we will improve our in-stocks by adding PICAO to our deli, meat and bakery departments. We will also enhance our supply chain data and technology foundation. Over the last years, we've improved our systems for production planning, computer-assisted ordering and produce replenishment. There's now an opportunity to connect the data and processes that rely on these systems to improve our overall forecasting and ordering. This will enable a more disciplined inventory management process, allowing us to further leverage our supply chain in the future.

我們在建立優勢供應鏈以支持未來成長方面取得了顯著進展。 2024年，我們將透過在熟食、​​肉類和烘焙部門引入PICAO系統來提升庫存管理水準。同時，我們也將加強供應鏈數據和技術基礎建設。過去幾年，我們不斷改進生產計劃、電腦輔助訂購和產品補貨系統。現在，我們有機會將依賴這些系統的數據和流程整合起來，從而提升整體預測和訂購能力。這將有助於我們建立更規範的庫存管理流程，並在未來進一步發揮供應鏈的優勢。

Our team is the most important part of our business, and we have concentrated on building a best-in-class workplace, culture and values over the past few years. While it is always ongoing process, we have made significant improvements. As a result, our team member retention rate improved by more than 20% in 2023, which has led to improved store performance and supports our continued store growth. To provide more opportunities to our team while driving for results, we restructured our store bonus plan, prioritizing customer service, being in stock and faster growth.

我們的團隊是我們業務中最重要的組成部分，過去幾年我們一直致力於打造一流的工作場所、企業文化和價值觀。雖然這是一個持續改進的過程，但我們已經取得了顯著的進步。因此，2023年我們的團隊成員留存率提高了20%以上，這提升了門市業績，並支持了我們門市的持續成長。為了在推動業績成長的同時為團隊成員提供更多機會，我們調整了門市獎金計劃，優先考慮客戶服務、庫存充足和快速成長。

This year, our main focus is to develop our leaders for growth. We will improve our training, focus on talent development and create clear career paths for leaders at all levels. This is critical for achieving our growth aspirations. We have blended fresh perspectives and external expertise with internal promotions at the Executive VP and Director levels to create a deep bench to support our growth. Our team is coming together to execute our strategic priorities and support our stores and customers.

今年，我們主要的工作是培養領導者，協助公司發展。我們將改善培訓，注重人才培養，並為各級領導者制定清晰的職涯發展路徑。這對於實現我們的成長目標至關重要。我們透過引入新鮮視角和外部專家，並提拔執行副總裁和總監級別的內部人才，打造一支實力雄厚的後備力量，以支持公司的發展。我們的團隊正齊心協力，貫徹落實各項策略重點，並為門市和顧客提供支援。

Lastly, we will accelerate unit growth again in 2024. In the first quarter of this year, we have already opened 4 new stores and plan to open approximately 35 total for the year. We have a robust pipeline of over 100 approved stores and nearly 70 executed leases. And we intend -- continue to improve our site selection process to maintain a strong pipeline moving forward.

最後，我們將在2024年再次加快門市擴張速度。今年第一季度，我們已開設了4家新店，並計劃全年開設約35家。我們擁有超過100家已獲批准的門市和近70份已簽署的租賃協議，這些項目儲備充足。我們將繼續改善選址流程，以維持強勁的專案儲備。

In closing, our main focus is executing our strategy to establish Sprouts as an exceptional specialty retailer with a differentiated better-for-you offering. Our results demonstrate that our strategic initiatives are paying off, and I'm confident these principles will guide us through another successful year. Our collected efforts are resonating well with our customers and our team is ready to face the many opportunities ahead. I'm excited to share our progress as the year unfolds.

最後，我們的主要目標是執行策略，將 Sprouts 打造成一家提供差異化、更健康產品的卓越專賣零售商。我們的業績表明，這些策略舉措正在取得成效，我相信這些原則將指引我們再創佳績。我們共同的努力得到了顧客的認可，我們的團隊也已準備好迎接未來的許多機會。我期待在接下來的日子裡與大家分享我們的進展。

And with that, I'd like to turn it over for questions. Operator?

那麼，接下來我將把發言權交給接線生，請問各位有什麼問題？

(Operator Instructions) And our first question comes from John Heinbockel from Guggenheim Partners.

（操作說明）我們的第一個問題來自古根漢合夥公司的約翰·海因博克爾。

So Jack, I wanted to start with -- you're adding assortment. At the same time, right, you're cutting square footage. So maybe talk about the foraging process and the planogramming process and sort of managing that in terms of taking out items that are not moving. And is there any -- I don't think you're going to more vertical with your space. So is it kind of one in, one out? Or how are you dealing with that?

傑克，我想先問你一個問題──你在增加商品種類，但同時，對吧？你又在減少營業面積。所以，你能不能談談你的商品搜尋過程、商品陳列圖設計過程，以及如何管理這些，例如清理掉那些滯銷的商品？還有，我記得你好像沒打算增加垂直空間，所以是依照進出貨的原則來安排嗎？還是你是怎麼解決這個問題的？

Yes, it's a great question. It's right to the heart of how we think about our business. When we reduced the square footage from 32,000 down to 23,000, we were very focused on losing not selling space, but actually cutting back on noncustomer-facing space, which allowed us to retain the SKU count that we had, apart from in our vitamins and [arbor] department, which we took a few out in that department.

是的，這是一個很好的問題。它直指我們業務的核心理念。當我們把麵積從32,000平方英尺減少到23,000平方英尺時，我們非常注重的不是減少銷售空間，而是真正削減非面向顧客的空間。這使我們能夠保持原有的SKU數量，除了維生素和[arbor]部門——我們在這個部門減少了一些SKU。

Going forward with the foraging team, we introduced an innovation center in our stores, which is allowing us to move really fast with items that the foraging team are finding. And we put it into the stores into the innovation center. So that's extra skews to what we would have had without the innovation center. What that then does gives us a couple of months to see whether the products sell, how the customers react to that [section]. I've been delighted the way the customers have interfaced with that. It's creating this treasure hunt of new items coming into the store, customers looking at the items, checking and really being -- curating their own assortment from that and the discernment of our customers in that space is something that I think we're -- what we're doing there is appealing to us.

為了推動新品搜尋團隊的工作，我們在門市設立了創新中心，這讓我們能夠迅速將搜尋團隊發現的商品引入門市。我們會把這些商品放到創新中心。這與沒有創新中心的情況截然不同。創新中心讓我們有幾個月的時間來觀察產品的銷售情況以及顧客對該區域的反應。我很高興看到顧客與創新中心的互動方式。它營造了一種尋寶的氛圍，顧客可以瀏覽、查看並真正從中挑選自己喜歡的商品。我認為，顧客在這個領域的這種鑑賞力正是我們所追求的──我們在這方面所做的一切都令我們感到欣慰。

So in terms of the planograms, as those sales happen or don't happen on the innovation center, the ones that are selling really well automatically flow into the original planograms, other products fall by the wayside. But effectively, we're kind of -- we've got a little bit of an increased SKU count because of the innovation center as they get put in and come out the overall number. There are products coming out so that we can fit them into the planogram within the base fixture.

所以就貨架陳列圖而言，隨著創新中心的銷售情況，那些銷售火熱的產品會自動融入原有的陳列圖，而其他產品則會被淘汰。但實際上，由於創新中心的產品不斷湧入和退出，我們的SKU數量略有增加。有些產品被移除，是為了讓我們能夠將它們融入基礎貨架的陳列圖中。

But -- that's -- so that's kind of part of how we've been operating this. And our business is all about broad assortment. It's really important that we don't compromise that assortment going forward. And so we're always kind of trying to get more into the stores, to be honest with you rather than less.

但是——這就是——這算是我們一直以來的經營方式之一。我們的業務核心在於品類豐富。未來我們絕不能降低品類豐富度，這一點至關重要。所以坦白說，我們始終致力於增加門市的商品種類，而不是減少。

Yes. No, that was great. And one quick one on the loyalty program. So the $15 million, I assume that's an operating -- an OpEx item as opposed to capital. Is there a cost beyond '24 that kind of correlates to the $15 million? And then I assume for the business case, you thought about what the top line uplift would be? You're probably not going to tell us, but I don't know if you can size it to get you comfortable with the ROI?

是的。沒錯，那太好了。關於會員忠誠度計劃，還有一個問題。那1500萬美元，我猜是營運支出（OpEx）而不是資本支出。 2024年之後，還有其他成本與這1500萬美元有關嗎？另外，我猜在商業計畫書中，你們考慮過營收成長會是多少？你們可能不會告訴我們，但我不知道你們能否估算一下，讓你們對投資報酬率感到滿意？

So the way we -- the $15 million isn't all about loyalty. There's some other things within that. But all of that is about investing in the business for the future, some infrastructure issues, some fundamental issues and investment in IT and the loyalty program that we're working on. We're very excited about it. The benefits for that will flow through in 2025. We clearly do have the numbers around the benefits of that. And as you'd say, we're probably not going to share that with you today.

所以，我們這1500萬美元的投資並非完全是為了提升客戶忠誠度，其中還包含其他一些內容。但這一切都是為了公司未來的發展投資，包括一些基礎建設、一些根本性問題，以及對IT和我們正在開發的忠誠度計劃的投資。我們對此感到非常興奮。這些投資的效益將在2025年顯現。我們顯然已經掌握了相關的具體數據。正如您所說，我們今天可能不會與您分享這些數據。

And John, it is all -- the $15 million is OpEx. And as always as we go forward -- yes, we'll manage it and plan into it as we go forward.

約翰，這1500萬美元都是營運支出。而且，我們會一如既往地妥善管理並做好規劃，逐步推進各項工作。

And our next question comes from Mark Carden from UBS.

下一個問題來自瑞銀集團的馬克卡登。

So to start, you guys have now outgrown the broader census category for several consecutive quarters. At this stage, are you still seeing much pressure from mainstream players adding to the natural organic offerings? Has that largely played out at this point? And then what else jumps out at you with respect to your ability to really buck the trend and grow sales faster than the overall channel?

首先，你們的銷售額已經連續幾季超過了整體普查類別。目前，主流品牌不斷增加天然有機產品，你們是否仍感受到很大的壓力？這種壓力是否已經基本消退？此外，你們還有哪些優勢能夠真正逆勢而上，實現比整體通路更快的銷售成長？

Well, I think we've talked a lot about this over the last few quarters, Mark, is that we don't -- we try to have such a differentiated assortment that what the other guys are doing -- kind of we watch with interest. But what we found is that our niche, if you like, is something that we can really manage and be comfortable that we're leading the way in that niche, as I said in our remarks earlier.

嗯，馬克，我想過去幾季我們已經多次討論過這個問題了，那就是我們——我們努力打造差異化的產品組合，所以對其他競爭對手的動向——我們只是饒有興趣地關注著。但我們發現，我們目前的細分市場，如果你願意這麼說的話，是我們能夠真正掌控並自信地引領這個細分市場的領域，正如我之前所說。

What's happening with the other guys is, yes, they are bringing the odd keto thing in, they are bringing the odd item in. But they can't -- for the target customers that we have, they simply can't have the breadth of assortment to allow them to kind of be relevant to that customer. And it's such a small proportion of the overall total. It doesn't give the -- there's no real benefit for the conventional guys to chase after this too hard because it would mean compromising some of their planograms and compromising what they're able to do. And that's how we've observed this over the course of the last few quarters, that it's not something that we're seeing -- it's certainly been a dialogue and we watch it, but it's not something that we're seeing as compromising our ability to be very relevant with our assortment to our target customers.

其他零售商的情況是，他們確實會引進一些零星的生酮產品，或其他一些零星商品。但對我們的目標客戶而言，他們根本無法提供足夠豐富的產品種類來滿足這些客戶的需求。而且，這些產品在整體產品中所佔的比例非常小。對傳統零售商來說，過度追求生酮產品並沒有什麼實際意義，因為這意味著要調整他們的商品陳列方案，影響他們的經營能力。在過去幾個季度以來，我們觀察到，雖然我們一直在關注並討論這個問題，但生酮產品並沒有影響我們為目標客戶提供精準的產品組合。

Got it. That makes sense. And then as a quick follow-up, how did your comp trend from month to month? And what have you seen in 1Q to date?

明白了，有道理。那麼，我再補充一下，你們的同店銷售環比走勢如何？第一季至今的情況如何？

Yes. Comp trends through the fourth quarter is pretty stable, Mark. It's been a good solid performance, no major ups and downs, and we're pleased with the business and where it's running. We're not going to talk about the intra-quarter here, but it's certainly baked into our guidance.

是的。馬克，第四季同店銷售趨勢相當穩定。業績表現穩健，沒有大幅波動，我們對公司業務及其發展方向感到滿意。我們在這裡不討論季度內的具體情況，但這無疑已納入我們的業績預期。

And our next question comes from Edward Kelly from Wells Fargo.

下一個問題來自富國銀行的愛德華‧凱利。

This is Anthony on for Ed. So just taking a step back on the comp guidance, you guided to 2.5% growth at the midpoint this year, which looks like -- it's actually about in line with where you started guidance last year despite a less constructive inflation outlook. I know there's an idiosyncratic angle here and you'll likely see some elasticity benefit. But can you just talk a little bit more about what's giving you confidence there as we think about the underlying drivers?

這裡是安東尼，替艾德回答。我們先來回顧一下業績指引，您今年的預期成長率中位數為2.5%，這看起來——實際上與您去年最初的預期基本一致，儘管通膨前景並不樂觀。我知道這裡面有一些特殊因素，您可能會看到一些彈性收益。但是，在考慮根本驅動因素時，您能否再詳細談談是什麼讓您對這項預期充滿信心？

Yes, we were just watching the business, it has been pretty solid for us, pretty steady. And so we're doing a nice job driving traffic, and you can expect that to continue. We're seeing the units in the AUR stabilize sequentially as we expected. And certainly, as you pointed out, the elasticity we're seeing the units come back and stabilize as the AUR comes down, well, the rate comes down from disinflation. So we're pretty pleased with where the business is running and expect that we can continue that forward. From a 2-year stack perspective, it's pretty steady to where we've been running the last couple of quarters.

是的，我們一直在關注業務，目前為止業務相當穩健，非常穩定。我們在引流方面做得很好，預計這種情況會持續下去。正如我們預期的那樣，我們看到平均使用率（AUR）的銷售量正在逐步趨於穩定。當然，正如您所指出的，隨著平均使用率下降（即通膨率下降），銷量彈性也隨之回升並趨於穩定。因此，我們對目前的業務狀況非常滿意，並預計能夠繼續保持這種勢頭。從兩年的整體來看，目前的業績與過去幾季相比相當穩定。

Okay. That's helpful. And then just on the private brand growth. I know that's been a strength for you guys these last few quarters and beyond, really. But can you just give us your updated thoughts on where that can ultimately go? And as you think about new product launches or additional SKUs in the pipeline, just how to think about growth in that category in '24?

好的，這很有幫助。接下來是關於自有品牌成長的問題。我知道這在過去幾個季度以及更長的時間裡一直是你們的優勢所在。但能否分享一下對自有品牌未來發展方向的最新看法？考慮到即將推出的新產品或新增SKU，你們如何看待2024年該品類的成長？

Yes. Well, we're really pleased the way the Sprouts brand has been evolving and developing over the last few quarters. The focus is very much about playing to the attribute, the attributes that focus on our target customers. I've been pleased with how the seasonal programs come together, which has been a significant evolution and development for our Sprouts brand business. I've been pleased with the redesign that the team have put in place, which I think is working well for us, and we see pretty significant growth when we redesign items and make them look the way our modern Sprouts brand looks like. So I'm comfortable with that.

是的。我們非常高興看到 Sprouts 品牌在過去幾季的發展和演變。我們一直專注於發揮品牌特質，也就是那些能吸引目標客戶的特質。我對季節性活動的發展非常滿意，這對 Sprouts 品牌業務而言是一項意義重大的變革和發展。我也對團隊的重新設計感到滿意，我認為它非常有效。當我們重新設計產品，使其符合我們現代 Sprouts 品牌形象時，我們看到了顯著的成長。所以我對目前的狀況感到很滿意。

So -- and then the focus in terms of what will happen with our Sprouts brand going forward, we see -- we'll see it grow. We'll continue to launch products. The focus of our business isn't about the percentage of sales that is Sprouts brand. The focus of our business is, whether it be branded items or Sprouts branded items, how do we ensure that we're differentiated. So the products we're bringing to the marketplace. What I've been really pleased about on the Sprouts brand is, I think it's becoming -- if the right word is decommoditized. We're becoming less commodity focused on the items that we sell. So the everything that we're selling is differentiated. And that's the focus of the team and they're doing a terrific job.

所以——接下來，關於Sprouts品牌未來的發展，我們預期它會成長。我們會繼續推出新產品。我們業務的重點不在於Sprouts品牌銷售額的佔比，而在於，無論是自有品牌商品或Sprouts品牌商品，我們如何確保產品差異化。也就是說，我們推向市場的產品。我非常欣慰的是，Sprouts品牌正在——如果用「去商品化」這個詞來形容的話——逐漸擺脫同質化。我們銷售的商品不再那麼趨於同質化，而是更重視差異化。這正是團隊的工作重點，他們做得非常好。

And our next question comes from Leah Jordan from Goldman Sachs.

下一個問題來自高盛的莉亞喬丹。

I first wanted to ask about gross margin. I'm seeing if you could provide more detail on the drivers to the merch margin expansion that you saw in the fourth quarter. And then you also mentioned that gross margin should be up in '24. Just any color on the magnitude we should expect there or any detail on puts and takes that you're thinking about?

我首先想問毛利率的問題。我想請您詳細解釋一下第四季商品毛利率擴張的驅動因素。您也提到2024年毛利率應該會上升。您能否透露一下我們預計毛利率會上升多少？或者您有什麼關於期權和期權策略的想法？

Sure, it's Curtis. For Q4, yes, the difference there, we had -- shrink was a little bit challenged in Q3. And again, ours is a little different. It's more about the fresh than it is the broader retail trends you're seeing around, but had some challenges in the third quarter as we spoke about last time, and the team has done a nice job bringing that back in line. So that was really the difference from Q3 to Q4.

當然，是柯蒂斯。第四季的情況確實有所不同——第三季我們的損耗控制遇到了一些挑戰。而且，我們的情況也略有不同。我們更注重生鮮，而不是像其他零售業一樣受整體趨勢的影響。正如我們上次提到的，第三季我們也遇到了一些挑戰，但團隊已經很好地解決了這個問題。這就是第三季和第四季之間的主要區別。

Outside of that, we're still experiencing the pressure from the expanded DCs and the merch teams are doing a nice job managing the product margins.

除此之外，我們仍然感受到來自擴大的配送中心的壓力，商品團隊在管理產品利潤方面做得很好。

As we look ahead to 2024, expecting those things to continue as well, I think from how much will it expand in '24, I think we're probably looking at about 20, 25 basis points of the gross margin expansion for 2024.

展望 2024 年，預計這些情況還會持續下去，我認為 2024 年毛利率將成長約 20 到 25 個基點。

Okay. Great. And then for my follow-up, I just wanted to ask about labor. You had mentioned you're still seeing pressure there. Just any update on what you're seeing in the labor market overall? Maybe some color on California specifically would be helpful. And what are ways you're thinking through of mitigating that cost pressure as you move throughout the year?

好的，太好了。接下來我想問一下勞動力方面的問題。您之前提到過勞動市場仍然面臨壓力。能否就整體勞動力市場狀況提供一些最新資訊？特別是加州的情況，如果能具體說說就更好了。另外，您打算如何應對這一年中的成本壓力？

I'll let Curtis go through some numbers in a second, Leah. But in terms of how we think, they're such an important group of people, as obvious in terms of our team members, and we've been working hard as we identified in our remarks. That, when we changed the bonus program, which has given people significant opportunities to earn more than they would have done otherwise, and we're encouraged by the reaction to that.

莉亞，我一會兒讓柯蒂斯講一些數據。但就我們的想法而言，他們是一群非常重要的人，這點從我們團隊成員的組成中就能看出來。正如我們剛才所說，我們一直在努力。我們調整了獎金制度，這為員工提供了比以往更高的收入機會，我們對大家的回饋感到鼓舞。

As I said, when you get less -- when you don't have as much rotation than the team member workforce, it actually saves us a lot of money and builds up customer service as well. So part of it is how do we retain people more effectively. Part of it is how we do the bonus program.

正如我所說，人員流動減少——也就是團隊成員的輪調頻率降低——實際上可以為我們節省大量資金，同時也能提升客戶服務水準。所以，問題的一部分在於我們如何更有效地留住人才，另一部分則在於我們如何實施獎金制度。

And with specifics to California, with which clearly something we're watching. Most -- all of our people, we're north of the $20 thing that is so prevalent in the conversations around California. So we're in good shape there. We're getting strong applications, more -- the applications for jobs in our company is a kind of all-time high and the quality of the applications we're getting is high, we're very encouraged by as well. So we think we're in good shape with that. Having said that, there's some numbers associated with what's happened, which I'll get at Curtis deal with.

至於加州的具體情況，我們顯然正在密切關注。我們大部分員工的收入都高於加州普遍討論的20美元/小時的水平。所以我們在加州的情況良好。我們收到了大量高品質的求職申請，公司目前的職位申請數量達到了歷史新高，申請者的品質也很高，這讓我們非常鼓舞。因此，我們認為這方面情況不錯。話雖如此，目前的情況也與一些數據有關，我會在柯蒂斯那裡詳細說明。

Yes. So we're certainly carrying some additional cost into the year as it relates to the year-over-year and we'll expect that to continue. So we're planning into just slightly less mid-single digits on the lower end to mid-single digits for our year-over-year growth in wages. As it relates to kind of how do we mitigate? Well, we're constantly looking really under every rock as it relates to SG&A, looking for ways to be more efficient. The team works really hard at it, and we'll continue to work hard at it and look for offsets in our business.

是的。所以，與去年同期相比，我們確實將一些額外的成本計入了今年，我們預計這種情況還會持續下去。因此，我們計劃薪資年增幅略低於預期，在個位數中段到個位數中段之間。至於我們如何應對？我們一直在深入研究銷售、管理及行政費用（SG&A）的各個方面，尋找提高效率的方法。團隊為此付出了很多努力，我們也會繼續努力，並在業務中尋找抵銷因素。

And our next question comes from Rupesh Parkih from Oppenheimer & Co.

下一個問題來自奧本海默公司的魯佩什·帕基赫。

Congrats on a nice quarter. So just going back to your new store commentary, it sounds like [a lot of] the stores are doing really well. But as you look at your collective class of new store openings, just curious how they're performing? Any surprises thus far? And then are they meeting your expectations from a ramp perspective?

恭喜你本季業績不錯。回到你之前對新店的評論，聽起來很多店的經營狀況都很好。但你整體來看，這些新店的業績如何？目前為止有沒有什麼意料之外的情況？從業績成長的角度來看，它們是否達到了你的期望？

Yes. Rupesh, thanks. Yes, they're right in line with how we're expecting to perform. So the new stores, we're pleased with them. We've talked about it a little over the last few quarters, no major deviations from the trends we're seeing there. We're starting a little lower, particularly in the places we have lower awareness and we're ramping faster. That's really been the story in Florida. We're seeing really strong comps in Florida. Overall, they're performing as expected, and we're seeing good results across the country.

是的，Rupesh，謝謝。是的，他們的表現完全符合我們的預期。我們對新店的表現很滿意。過去幾季我們已經討論過這個問題，目前的發展趨勢與預期基本一致。我們起步稍低，尤其是在品牌知名度較低的地區，但我們正在加快擴張速度。佛羅裡達州的情況尤其如此。我們在佛羅裡達州的同店銷售額成長非常強勁。總體而言，他們的表現符合預期，我們在全國各地都看到了良好的表現。

Great. And then my follow-up question. And again, I'm not looking for explicit guidance for 2025. But as you look at the business, I know your longer-term algorithm is for low double-digit earnings growth. Clearly, you have a headwind related to the loyalty program this year. But is this business now in the position to get closer to that low double-digit earnings growth in the coming years?

好的。接下來是我的後續問題。再次聲明，我並不是想了解2025年的具體業績指引。但就您目前對業務的分析，我知道您的長期目標是實現兩位數的低點獲利成長。顯然，今年貴公司在會員忠誠度計畫方面面臨一些不利因素。但貴公司目前是否具備在未來幾年內實現兩位數低位獲利成長的條件呢？

Well, certainly, we talked a lot in the script about sustainable long-term growth. And so that's our goal as we move through 2024. We need to make some investments to keep the forward progress we've got moving and to set us up for that in the long term. Certainly not guiding into 2024 here yet, as you mentioned. But we're moving in that direction, and those investments are an important piece of that.

當然，我們在劇本中多次談到了可持續的長期成長。這也是我們展望2024年的目標。我們需要進行一些投資，以保持我們目前的進展，並為長遠發展奠定基礎。正如您所說，現在還不能確定2024年的具體情況。但我們正朝著這個方向努力，而這些投資是其中的重要部分。

Yes, it's early to give guidance for 2025, Rupesh. But having said that, we're very confident about our future and the investments we're making this year will certainly help us in 2025.

是的，現在預測2025年還為時過早，魯佩什。但即便如此，我們對未來充滿信心，今年的投資肯定會對2025年有所幫助。

And our next question comes from Ken Goldman from JPMorgan.

下一個問題來自摩根大通的肯‧戈德曼。

I didn't quite understand your response to the question about the $15 million in OpEx that you're spending this year? And how you think about that from an ongoing perspective. Could you just kind of repeat your answer or clarify it? I just didn't know if that was something that continues after 2024. And maybe I just misunderstood.

我不太明白您對今年1500萬美元營運支出的回答，以及您從長遠角度對此的看法。您能否再重複一下或解釋一下？我只是不確定這筆支出是否會持續到2024年以後。也許是我理解錯了。

No, I'll clarify, Ken. I think yes, $15 million in OpEx here in 2024, and that's really to get the loyalty program going along with some technology foundational investments. So not expecting that level of investment to continue going forward.

不，我澄清一下，肯。我認為是的，2024 年的營運支出是 1500 萬美元，這主要是為了啟動會員忠誠度計畫以及一些技術基礎的投資。所以預計未來不會繼續維持這種投資水準。

So just to build on -- again, this is going to be a question you can't necessarily answer, but I'm just curious if we're wrong here. Just to build on the prior question there. You have less than $15 million in terms of the investment for the loyalty card in '25. Wage inflation, you've talked about getting less -- becoming less of a headwind. Who knows where it is next year, but it's trending in that way. You'll have the benefits from the loyalty card. It just feels like you're setting up for an acceleration. And maybe you have better comps as well because you have these new stores that are accelerating this year, maybe at a lower base, that will help you with your comps next year. What are we missing in terms of -- there's a lot of tailwinds maybe as we think about '25? Are we wrong to think about that as kind of an accelerant year for you, even though it's way too early to really be specific?

所以，我想就此展開討論——我知道這個問題您可能無法直接回答，但我很好奇我們之前的理解是否正確。關於您2025年在會員卡上的投資不到1500萬美元。您之前提到過工資通膨的影響會減弱，不再是主要阻力。雖然明年薪資水平如何尚不可知，但目前的趨勢是這樣的。會員卡會帶來許多好處。感覺您似乎正在為加速發展做準備。而且，由於今年新店的快速擴張（儘管基數可能較低），明年的同店銷售額可能會有所提升。我們是否忽略了什麼？展望2025年，我們是不是忽略了很多有利因素？即使現在下結論還為時過早，但我們是否錯誤地認為2025年是您業務加速發展的一年？

I think you said it with your last remarks there. I think it is a little bit early for us to get very buoyant about it. But we certainly believe that understanding our customers more and navigating our way through trying to drive a larger share of wallet of our target customers will provide growth for us in the future. And that's certainly why we're investing this money this year with the premise that it's going to come in terms of top line in 2025 and beyond.

我想您剛才那番話已經表達清楚了。現在就對此過於樂觀還為時過早。但我們堅信，更深入了解客戶，並努力提高目標客戶的消費份額，將為我們未來的發展帶來成長。正因如此，我們今年才會投入這筆資金，並預期它將在2025年及以後轉化為營收成長。

And it's part of an ongoing process of how do we understand our customers better. If we're going to be a really great specialty grocer, we've got to understand that customer even better than we do at the moment. And that's the key work behind it. And we'll learn a lot this year from the work that we're putting in, in terms of what it will be able to do. And as we get towards the end of 2024, I think we'll be more able to have a conversation about what it's actually going to mean for us in '25 and '26.

這是我們不斷努力更了解客戶的一部分。如果我們想成為一家真正優秀的特色食品雜貨店，就必須比現在更深入地了解客戶。這才是關鍵所在。今年，我們將從投入的工作中學到很多，了解它能帶來哪些好處。到2024年底，我認為我們將能夠更好地探討它在2025年和2026年對我們究竟意味著什麼。

And our next question comes from Scott Mushkin from R5 Capital.

下一個問題來自 R5 Capital 的 Scott Mushkin。

And it's kind of along the same lines of what Ken and Rupesh were talking about. Kind of looking out at the kind of medium- and longer-term algorithm on growth here, especially with the new store builds, it's hard for me to kind of understand how you wouldn't normalize the comp at, at least 4%. And if the base stores are growing decently and with all the new stores coming in. And just trying to -- like talk me out of that, like why wouldn't that be the case?

這跟 Ken 和 Rupesh 討論的內容有點類似。從中長期成長演算法的角度來看，尤其是在新店建設的情況下，我很難理解為什麼同店銷售額的正常化水準低於 4%。如果基礎門市的成長勢頭良好，再加上所有新店的開設，情況就更是如此。我只是想說服我，為什麼不行？

Well, I don't -- Scott, I don't think we'll talk you out of that. I mean, certainly, we aspire to drive that type of comp as we look ahead. Again, a long ways off from 2025 and '26, some pressure on the consumer at the moment, and we've got to execute. We've got to deliver on the things that we're putting in and what we're investing in and do a good job here in 2024. But we're certainly angling to drive a sustainable comp for 2025 and beyond.

嗯，史考特，我覺得我們勸不動你。我的意思是，當然，展望未來，我們渴望實現那種規模的業績成長。不過，距離2025年和2026年還有很長一段時間，目前消費者面臨一些壓力，我們必須執行到位。我們必須兌現我們投入和投資的項目，並在2024年做好充分的準備。但我們肯定會努力在2025年及以後實現可持續的業績成長。

And you guys said you're happy with your new stores. I assume there's a maturation process going there and your -- and you're seeing that come through. But if you take a step back and now that you're getting a lot of the smaller box formats in the ground, like what's working better than maybe you thought? And maybe what's a little worse? And what are you going to tweak?

你們說對新店很滿意。我猜這其中肯定有一個成熟的過程，你們也正在看到成效。但如果退一步想想，現在你們已經開設了很多小型門市，哪些方面比預想的還要好？哪些方面又略有不足？你們打算做哪些調整？

Yes, I've been really pleased with frozen foods, which is something we talked about a lot when we introduced a new format. That's performing really well and I'm very pleased with the space that we invested in that. I'm very pleased with meals, how we're doing with prepared meals, and we put a lot of emphasis on that, in turn, new format stores, and that's flowing through well. We're encouraged by, as I said earlier, with our innovation center in terms of what that's doing for our stores. So there's kind of 2 or 3 high points in it. One of the areas that we invested in that hasn't been as strong maybe is the plant-based meat investment. Plant-based dairy is doing very well, and our dairy business is doing well. But plant-based meat was a big trend, and that's probably not come through as well as we would have liked it to do.

是的，我對冷凍食品的表現非常滿意，這也是我們在推出新業態時重點討論的領域。冷凍食品的銷售表現確實非常出色，我對我們在這方面投入的資源感到非常滿意。我對餐點的表現也很滿意，尤其是預製餐的銷售情況，我們非常重視這方面，並以此為基礎開發了新的門市模式，目前進展順利。正如我之前提到的，我們的創新中心也為門市的營運帶來了正面的影響，這讓我們倍感鼓舞。所以，這方面有兩三個亮點。在我們投資的領域中，植物肉的表現可能沒有那麼強勁。植物乳製品表現非常出色，我們的乳製品業務也發展良好。但植物肉曾經是一個很大的趨勢，而它的表現可能沒有達到我們的預期。

But overall, in total, it's coming through the way we'd like it. I like the fact that we've got to meet at front of the store in terms of what that's doing to drive center of plate. So I think, by and large, the things that we put in place have worked pretty well.

但總的來說，整體效果符合我們的預期。我很高興我們現在能在店面門口見面，討論如何利用這些措施來推動核心業務的發展。所以我覺得，總的來說，我們採取的措施都相當有效。

And our next question comes from Mike Montani from Evercore ISI.

下一個問題來自 Evercore ISI 的 Mike Montani。

I was just hoping to unpack a little bit for the quarter and then in the guidance for the full year. If you could just unpack a little bit what you saw in terms of traffic and how you're thinking about the traffic. Would that be up next year? And then also in terms of inflation, is that kind of 2% to 3% in the fourth quarter? And how much of that do you have baked into the guide for the comp?

我只是想請您稍微分析一下本季的情況，以及您對全年業績的展望。您能否簡要說明一下您觀察到的流量狀況以及您對流量的預期？明年流量會成長嗎？另外，關於通膨，第四季的通膨率預計在2%到3%之間嗎？您在業績展望中考慮了多少通膨因素？

Yes. So I'll take it from the fourth quarter. Yes, I saw positive traffic again in the fourth quarter. Really, the shape of it didn't change materially from the third quarter other than AUR and units stabilizing a bit. AUR is a little -- slightly higher than what you were describing there, Mike, in the fourth quarter. As we look ahead to '24, it will be a slight positive traffic again. We are expecting inflation and AUR to be slightly up. And then we'll have slightly lower units as the offset there. We're expecting units to flatten out as everything kind of normalizes and stabilizes finally, hopefully, in 2024. We've said that a couple of years running now. And not all the way there yet, but pretty close, and that's what we're expecting for 2024.

是的。那我就從第四季的情況來看。是的，我在第四季再次看到了正成長。實際上，除了平均入住率（AUR）和銷售量略有穩定外，第四季的流量結構與第三季相比並沒有實質變化。麥克，第四季的平均入住率比你剛才描述的略高一些。展望2024年，流量預計會再次略有成長。我們預計通貨膨脹率和平均入住率會略有上升。而銷量則會略有下降作為抵消。我們預期隨著一切逐漸正常化和穩定，銷量最終會在2024年趨於平穩。我們已經連續幾年這麼說了。雖然還沒有完全實現，但已經非常接近了，這就是我們對2024年的預期。

And our next question comes from Bill Kirk from ROTH MKM.

下一個問題來自 ROTH MKM 的 Bill Kirk。

So I think you've lapped adding DoorDash as an incremental e-commerce partner. So if 4Q e-commerce was up 17% year-over-year, I guess, what happens to that growth rate now that the partners are mostly the same year-over-year?

所以我覺得你們已經不再需要把 DoorDash 當作新增電商夥伴了。如果第四季電商銷售額年增 17%，那麼現在合作夥伴基本上保持不變，這個成長率會怎麼樣呢？

Well, we brought in another partner. So there's -- we've got the -- Uber Eats is coming -- sorry, I didn't remember that for a minute. We brought Uber Eats very recently into the business, so that will add to it. What I'm very encouraged about is how the omnichannel process that we're going through. It's really encouraging that when we get the kind of growth that we're getting in an e-comm environment because customers wouldn't be navigating to our assortment if there wasn't something differentiated in it. And the fact that we're -- we're doing so well in e-com gives me a lot of encouragement about the work that the merchants and the foraging team are doing in terms of bringing products to the marketplace.

嗯，我們又引進了一位合作夥伴。所以，我們——Uber Eats也要來了——抱歉，我剛才一時想不起來了。我們最近才把Uber Eats納入業務，這將進一步拓展我們的業務。讓我感到非常鼓舞的是，我們正在推動全通路策略。我們在電商領域取得如此顯著的成長真的令人振奮，因為如果我們的產品沒有差異化優勢，顧客就不會瀏覽我們的商品。事實上，我們在電商領域的成功也讓我對商家和採購團隊在產品上架所做的工作充滿信心。

In terms of going forward, it will be what it will be, the customer is going to take us where they want to take us. We're giving them now the option. They can do DoorDash, they can do Uber Eats and Instacart have been great partners for us as well. So we're very, very pleased with the partnerships we've got with all 3 of the e-com providers. So going forward, it will be what it's going to be, but it's within the guidance that Curtis talked. If you want to build on that?

至於未來發展，順其自然吧，顧客會引領我們走向他們想要的方向。我們現在為他們提供了選擇。他們可以選擇 DoorDash，也可以選擇 Uber Eats，Instacart 也一直是我們非常棒的合作夥伴。所以我們對與這三家電商平台的合作非常滿意。未來發展如何，我們拭目以待，但一切都在 Curtis 所說的指導方針之內。如果你們想在此基礎上繼續發展呢？

Yes. I just think, Bill, the timing of it is pretty close, right? I think we launched Uber about 1 year after DoorDash and DoorDash ramped up throughout the year. And so they'll continue to contribute to the comp, not to the same degree, clearly, as last year. But Uber has basically launched rate 1 year later. So those 2 things should kind of neutralize themselves.

是的。比爾，我覺得時間點確實很接近，對吧？我記得Uber是在DoorDash推出大約一年後才上線的，而DoorDash在那一年裡一直在快速發展。所以它們會繼續對同業競爭做出貢獻，當然，貢獻量肯定不如去年那麼多。但Uber基本上是在一年後才推出的。所以這兩件事的影響應該會互相抵銷。

Okay. Awesome. And then as a follow-up, it seems to me like produce input prices are a bit more deflationary than maybe your produce prices on the shelf. First, I guess, is that fair? And then if it is, is that dynamic in place as a way to refine a customer base towards more profitable households? Or would it be more of a like a temporary industry-wide dynamic and the two would eventually match?

好的，太棒了。接下來想問的是，我覺得農產品投入價格似乎比貨架上的農產品價格更具通貨緊縮性。首先，我想問的是，這種說法合理嗎？如果合理的話，這種價格波動是為了將客戶群轉向更富裕的家庭嗎？還是說這只是產業內的一種暫時現象，最終兩者會趨於一致？

Well, as we've talked a lot about in projects, there's a lot of volatility in pricing, and it's difficult to kind of be very definitive about exactly what's happened from one week to the next -- never mind one year to the next on that. Our produce business has been very -- we've been really pleased with organic produce, and that's something that we can -- we kind of own the mix that we have in organic of our total produce business. It's very different to how you would see in a conventional grocer or even in Walmart or club channel.

正如我們在專案中多次討論的那樣，價格波動很大，很難準確預測一周到下一周的價格走勢，更不用說一年到頭的價格走勢了。我們的生鮮業務一直非常出色——我們對有機生鮮產品的表現非常滿意，而且我們能夠掌控有機生鮮產品在我們整體業務中的佔比。這與傳統雜貨店，甚至是沃爾瑪或會員制超市的情況截然不同。

We're seeing a really strong organic business. And that's where pricing -- we think we've got really good long-term relationships with the vendor base and in organic produce, and I think we're in a strong place to kind of manage the ups and downs effectively in terms of what happens to the volatility of prices. I'm not sure if I'm answering your question, but certainly, organic produce and the differentiation of price that we have in organic produce, we think stands us in good stead going forward. And we're doing a lot of work to improve the quality and freshness of our produce, both in terms of investment in physical distribution and investment in our systems and our replenishment systems and our forecasting systems, to make sure that we get even better in terms of freshness for our customers.

我們看到有機產品業務發展勢頭強勁。在定價方面，我們認為我們與供應商建立了非常良好的長期合作關係，尤其是在有機產品領域，因此我們有能力有效應對價格波動。我不確定我是否回答了您的問題，但可以肯定的是，有機產品以及我們在有機產品方面採取的差異化定價策略，將使我們在未來的發展中佔據有利地位。我們正在大力提升產品的品質和新鮮度，包括增加對實體分銷、系統、補貨系統和預測系統的投入，以確保為客戶提供更優質的新鮮產品。

So again, it's probably too volatile for us to give a definitive kind of answer to your question there.

所以，鑑於情況可能過於不穩定，我們無法對您的問題給出明確的答案。

And I just add, Bill, we're going to look just a bit different because of that organic mix than everybody else. And so that will play a part in that, too.

我還要補充一點，比爾，因為我們採用了有機混合配方，所以我們的風格會和其他人略有不同。所以，這也會產生一定的影響。

And our next question comes from Kendall Toscano from Bank of America.

下一個問題來自美國銀行的肯德爾·托斯卡諾。

Congrats on a great quarter. My question was just basically about inflation and what you're seeing on center store. And I guess what you would expect heading into 2024, is there anything from suppliers that they're pushing back on price at all? Any color there?

恭喜你季度業績出色。我的問題主要是關於通貨膨脹以及你觀察到的中心市場狀況。我還想問你對2024年的預期，供應商方面是否有降價的跡象？有什麼相關資訊嗎？

And I think, I assume when you say center store, you mean in the nonperishables, which is different for us. But I think certainly, fresh is the more volatile piece, as Jack just alluded to. And so as we think about the nonperishables, I think that's a little bit more in line with what the macro newsprint is on that, and our fresh business tends to be the more volatile piece. As I mentioned earlier, we're on the higher end of low single digits is what we're experiencing current -- or in Q4, and we'll watch that stabilize here in 2024.

我想，您說的「中心貨架」是指非易腐品區，這和我們的情況有所不同。但正如傑克剛才提到的，生鮮事業的波動性確實更大。所以，當我們考慮非易腐品時，我認為這更符合宏觀新聞的報道，而我們的生鮮業務波動性更大。正如我之前提到的，我們目前的變動幅度在個位數百分比的較高水準──或者說是第四季的變動幅度──我們將觀察這種情況在2024年是否會趨於穩定。

And there remains a volatility in commodity pricing. I think if you look at things like cocoa and sugar, and people that are saying that those prices are going up pretty dramatically. And I think that will flow -- maybe flow through. Other commodities are going in the opposite direction. But certainly, the one difference with our business in center store, which is, again, it's not really a Sprouts expression center store. But for our nonperishable business, we have got a lot of differentiation in what we sell, and it's very unlikely that a lot of the drivers for commodities that are hitting the big CPG items being sold in conventional will affect us one way or the other. We've kind of managed to navigate our way through that without being dramatically affected by some of those swings and roundabouts.

大宗商品價格依然波動。例如可可和糖，有人說這些商品的價格正在大幅上漲。我認為這種上漲趨勢可能會持續下去。其他大宗商品的價格走勢則相反。當然，我們中心門市的業務與傳統超市有所不同，畢竟它並不是Sprouts的核心門市。我們的非易腐商品業務在產品種類上有許多差異化，因此，那些影響傳統超市大型消費品價格的因素不太可能對我們產生任​​何影響。我們已經設法避開了這些價格波動所帶來的衝擊。

Got it. That's really helpful. And then as a follow-up, just could you remind me of the 35 stores you're opening next year, what the focus is between new and existing markets?

明白了，這很有幫助。另外，能否請您再跟我說一下，明年你們要開設的35家門市，在新市場和現有市場方面，你們的重點分別是什麼？

Kendall, it's about 50-50, about half in kind of existing established markets and then half on really the East Coast and Florida and the Mid-Atlantic as the drivers there.

Kendall，大概各佔一半，一半在現有的成熟市場，另一半則主要集中在東海岸、佛羅裡達州和大西洋中部地區，因為這些地區的市場成長速度很快。

We've opened 4 this year. One is that we -- when I think about it, we've just opened a really nice store, which we're very pleased with in [cuddy] Los Angeles. We've got a really nice store in Miami. So we're kind of opening stores all over the country at the moment, in Maryland. And so it's actually quite exciting to see us building the Sprouts brand from sea to shining sea.

我們今年開了四家店。其中一家——仔細想想，我們剛剛在洛杉磯開了一家非常棒的店，我們對此非常滿意。我們在邁阿密也有一家很不錯的店。所以目前我們正在全國各地，包括馬裡蘭州，開設新店。看到Sprouts品牌從東岸發展到西岸，真的令人非常興奮。

I think the only other note, Kendall, on the new stores for this year is they're going to be back half loaded about 2/3 of them will open in the second half of the year.

肯德爾，我認為關於今年新店的唯一補充說明是，它們將以半成品的形式回歸，大約三分之二的門市將在下半年開業。

And our next question comes from Krisztina Katai from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

I wanted to ask about the customer strategy. So you have a lot more insights into overall purchasing patterns, than you even did a year ago. So I was wondering if you could quantify, maybe how data is helping you in driving increased traffic or customer frequency? And just how do you think about the uplift opportunity, especially as you're gearing up for a loyalty program launch?

我想問一下關於客戶策略的問題。你們現在對整體購買模式的了解比一年前要深入得多。所以我想請教一下，你們能否量化一下，數據是如何幫助你們提升流量或顧客購買頻率的？你們又是如何看待提升機會的，尤其是在你們即將推出會員忠誠度計畫之際？

Well, we're still fairly immature in that space, right? We talked about kind of low double digits of identifiable customers and high double digits, call it, 19% of our transactions that we can identify. So -- we've got a long ways to go there. We're really excited for the opportunity with loyalty and getting the test out there in the middle of the year. But we've got a long ways to go on our ability to do that. I think the team has done some early work, some good work around some personalization testing. We've done some vitamins retargeting and things like that. We've gone after organic and attributes within segments of our customers. And so this year and part of the investment in loyalty about getting the foundation and the data foundation right to be able to really do that at scale. And so we'll be working hard on that this year, and we're excited for what that could do for us down the line.

嗯，我們在這個領域還相當不成熟，對吧？我們之前討論過，可辨識的客戶比例大概只有兩位數（低兩位數），而我們能辨識的交易比例大概只有兩位數（高兩位數），比如說，19%。所以，我們還有很長的路要走。我們對忠誠度計畫的機會感到非常興奮，並計劃在年中推出測試版。但我們在這方面的能力還有很長的路要走。我認為團隊已經做了一些初步工作，在個人化測試方面也取得了一些不錯的成果。我們進行了一些維生素重定向之類的嘗試。我們也針對客戶群中的自然流量和屬性進行了最佳化。因此，今年我們在忠誠度方面的投資重點之一是夯實基礎，建立完善的數據基礎，以便真正實現規模化應用。所以，今年我們會在這方面努力，並對它未來可能帶來的成果感到興奮。

And I was just wondering if you could give a bit more color in terms of what your actual mature stores are doing from a comp perspective. You obviously have a waterfall benefit. But just wondering how mature stores are comping versus the newer ones? And if there's any update on the waterfall benefit that we should keep in mind for the next couple of years.

我想請您更詳細地介紹一下您成熟門市的實際業績，特別是從同店銷售的角度來看。您顯然享有階梯式收益分成。但我想了解成熟門市的同店銷售業績與新門市相比如何？以及階梯式收益分成方面是否有任何更新，需要我們在未來幾年內關注？

Yes. No problem. So again, we've talked a lot -- good momentum in the newer markets and strong comps, especially in those places where we're not as established. They start a little lower and they're seeing a really strong comps. So it's contributing to our comp for sure, and the mature stores are comping well. I won't get into specifics per se. I think the only other thing to think about is just the newer stores, again, at a little bit lower volume as they start. Not as impactful on the comp base as the mature stores, so that will impact that kind of spread between the new and the comp stores or the mature stores.

是的，沒問題。我們之前也討論過很多——新市場的成長勢頭良好，同店銷售額也很高，尤其是在我們尚未完全站穩腳跟的地區。這些新店的起價略低，但同店銷售額成長非常強勁。這無疑對我們的同店銷售額有所貢獻，而成熟門市的同店銷售額也表現良好。我不會具體透露細節。我認為唯一需要考慮的是新店，由於起步階段銷量略低，它們對同店銷售額的影響不如成熟門市那麼大，因此會影響新店與成熟門市或同店銷售額之間的差距。

And our next question comes from Kelly Bania from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Kelly Bania。

Wanted to go back to the discussion of gross margin, I believe your long-term plan there was kind of for a flattish gross margin. You clearly see some opportunity to take that up this year. But I was just curious if you could talk about if anything has changed long term? Do you see more opportunity to continue to take that up? And maybe can you just help us understand the opportunity? I think you called out shrink and promotional optimization. Maybe you could just elaborate on the factors driving that this year and maybe long term?

我想回到毛利率的討論上來。我記得您之前的長期計劃是保持毛利率基本上持平。您顯然認為今年有機會提升毛利率。但我很好奇，您能否談談長期計劃是否有所改變？您是否認為今年還有更多提升毛利率的機會？您能否幫我們理解這個機會？我記得您提到了損耗控制和促銷優化。您能否詳細解釋一下今年以及長期來看，影響這些因素的具體原因？

Sure. Well, long term, I think we're still thinking about it as stable from holding our margins steady. I think what we've got going on a little bit right now is really just a little bit of a shrink story. So we had a rough second half from a shrink perspective. Ops team has done a really nice job late in Q4, kind of getting that back in line. And so we feel like there'll be some opportunity, particularly in the second half as we lap those numbers next year on the shrink line. So that will be a driver of it.

當然。從長遠來看，我認為我們仍然認為公司會保持穩定，因為我們的利潤率保持穩定。目前的情況略有不同，主要是因為利潤率略有下降。所以，從利潤率下降的角度來看，我們下半年的情況比較糟糕。營運團隊在第四季末做得非常出色，已經基本扭轉了局面。因此，我們認為會有一些機會，尤其是在下半年，因為我們明年的利潤率下降幅度會更大。這將是推動業績成長的主要因素。

And then we do -- merchants have done a nice job. So we continue to optimize promotions and manage the mix of the business, and that will have just a little bit of carryover from what's been working for us in 2023 in the first half of the year.

然後我們確實這麼做了——商家們做得很好。所以我們會繼續優化促銷活動並管理業務組合，而2023年上半年行之有效的一些做法，今年上半年只會略有延續。

I think the last piece is that the supply chain pressure we've experienced in the second half from the expanded square footage, we'll lap that through the first half of the year, and then that pressure will ease as we get into the second half.

我認為最後一點是，由於生產面積擴大，我們在下半年經歷了供應鏈壓力，這種壓力會在今年上半年有所緩解，然後隨著我們進入下半年，這種壓力將會減輕。

And can I just also follow-up on the guidance range, it's a pretty narrow kind of range for the full year. I was just curious if you can kind of talk about the puts and the take. I mean at the low end of the comp range, is that really -- can you still get to flat earnings on that kind of comp? Maybe just help us think about how your -- how you plan to manage that.

我可否再追問一下關於業績指引範圍的問題？這個全年指引範圍相當窄。我很好奇您能否談談業績預期。我的意思是，如果薪資水準達到指引範圍的下限，您真的還能在這種薪資水準下實現獲利持平嗎？能否請您幫我們分析一下您打算如何應對這種情況？

Yes. I think, again, we'll have to -- we had a little bit of gross margin expansion. We'll have to work hard on the cost side, as we've mentioned, and look for opportunities to offset some of the pressures we're experiencing. It does get harder, obviously, as it goes towards the low end of the range as you're starting to deleverage against some of the fixed costs, but we feel comfortable with the guidance and the ranges we have out there and being able to deliver.

是的。我認為，我們仍然需要——雖然我們的毛利率略有提升。正如我們之前提到的，我們必須在成本控制方面下功夫，並尋找機會來抵消我們目前面臨的一些壓力。顯然，隨著業績預期下限的降低，難度也會增加，因為我們需要降低一些固定成本的槓桿。但我們對目前的業績指引和預期範圍充滿信心，並相信能夠實現這些目標。

And thank you. And I'm showing no further questions. I would now like to turn the call back over to Jack Sinclair for closing remarks.

謝謝。我沒有其他問題了。現在我想把電話轉回給傑克辛克萊，請他做總結發言。

Yes. Thanks, everyone, for spending some time with us this afternoon. We appreciate your interest in our company, and we look forward to bringing you up to date through the year as our business evolves. Thanks ever so much.

是的。感謝各位今天下午抽空與我們交流。我們非常感謝您對我們公司的關注，並期待今年隨著業務的發展，持續向您報告最新情況。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。