Sprouts Farmers Market Inc (SFM) 2025 Q1 法說會逐字稿

Hello, and welcome to the Sprouts Farmers Market, first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 Sprouts Farmers Market 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce Vice President - Investor Relations and Treasury, Susannah Livingston.

現在我很高興介紹投資人關係和財務副總裁蘇珊娜‧利文斯頓 (Susannah Livingston)。

Thank you and good afternoon, everyone. We are pleased you are joining Sprouts on our first-quarter 2025 earnings call. Jack Sinclair, Chief Executive Officer; Curtis Valentine, Chief Financial Officer; and Nick Konat, President and Chief Operating Officer, are with me today.

謝謝大家，下午好。我們很高興您能參加 Sprouts 2025 年第一季財報電話會議。傑克·辛克萊（Jack Sinclair），執行長；柯蒂斯·瓦倫丁 (Curtis Valentine)，財務長；以及總裁兼營運長尼克·科納特 (Nick Konat) 今天也和我在一起。

The earnings release announcing our first-quarter 2025 results, the webcast of this call, and financial slides can be accessed through the Investor Relations section of our website at investors.sprouts.com. During this call, management may make certain forward-looking statements, including statements regarding our expectations for 2025 and beyond. These statements involve several risks and uncertainties that could cause results to differ materially from those described in the forward-looking statements.

您可以透過我們網站 investors.sprouts.com 的投資者關係部分存取宣布我們 2025 年第一季度業績的收益報告、本次電話會議的網路直播和財務幻燈片。在本次電話會議中，管理階層可能會做出某些前瞻性陳述，包括有關我們對 2025 年及以後的預期的陳述。這些聲明涉及若干風險和不確定性，可能導致結果與前瞻性聲明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 financial measures. Please see the tables in our earnings release to reconcile our non-GAAP financial measures to the comparable GAAP figures.

欲了解更多信息，請參閱我們提交給美國證券交易委員會的文件中討論的風險因素以及收益報告末尾對前瞻性陳述的評論。我們今天的評論中提到了非公認會計準則財務指標。請參閱我們的收益報告中的表格，以將我們的非 GAAP 財務指標與可比較 GAAP 數據進行協調。

With that, let me hand it over to Jack.

說完這些，讓我把它交給傑克。

Thanks, Susannah, and good afternoon, everyone.

謝謝，蘇珊娜，大家下午好。

We're delighted with our strong first-quarter results, marking a positive start to the year. Our sales increased 19%, supported by comparable store sales of 11.7%, and robust new store performance. Our diluted earnings per share reached $1.81 reflecting a 62% increase compared to the same period last year. These results highlight the effectiveness of our differentiated strategy and the excellent execution by our teams across the business.

我們對第一季的強勁業績感到非常高興，這標誌著今年有一個良好的開端。我們的銷售額成長了 19%，這得益於同店銷售額 11.7% 的成長以及新店業績的強勁成長。我們的每股攤薄收益達到 1.81 美元，比去年同期成長 62%。這些結果凸顯了我們差異化策略的有效性以及我們整個業務團隊的出色執行力。

In the past five years, more consumers have embraced a movement towards health and wellness, leading to a significant growth in our target market opportunity. Now estimated at approximately $290 billion of the $1.6 trillion spent on food at home. Our strategic commitment to our health enthusiast target customer is clearly resonating, driving both traffic and sales. Our specialty attribute driven products are performing well, and our knowledgeable team members are ready to assist customers in making informed choices to achieve their health goals.

在過去的五年裡，越來越多的消費者開始關注健康和保健，從而帶動我們的目標市場機會顯著成長。目前估計，在家庭食品支出 1.6 兆美元中，約有 2,900 億美元用於食品生產。我們對健康愛好者目標客戶的策略承諾顯然得到了共鳴，推動了流量和銷售。我們以特色屬性為主導的產品表現良好，我們知識淵博的團隊成員隨時準備協助客戶做出明智的選擇，以實現他們的健康目標。

Customer engagement remains central to our strategy, which is why we're excited to launch our new loyalty program this year. This initiative, combined with our continued store-growth plans, will improve access to fresh, healthy products for our customers across the country.

客戶參與仍然是我們策略的核心，這就是我們今年很高興推出新的忠誠度計劃的原因。這項措施與我們持續的門市擴張計畫相結合，將為全國各地的顧客提供更多新鮮、健康的產品。

In the first quarter, we made a significant move to begin self-distributing fresh meat and seafood through our distribution centers. This step allows greater control over our products, enhancing freshness and optimizing the capacity we've built in our supply chain the past few years. We're just beginning to unlock our potential, and I look forward to sharing more about our journey in a few moments.

第一季度，我們採取了重大舉措，開始透過我們的配送中心自行配送新鮮肉類和海鮮。此舉使我們能夠更好地控制產品，提高新鮮度並優化我們過去幾年在供應鏈中建立的產能。我們才剛開始釋放我們的潛力，我期待著稍後分享更多關於我們旅程的資訊。

For now, I'll hand it to Curtis to review our first-quarter financial results, as well as our updated 2025 outlook. Curtis.

現在，我將交給柯蒂斯來審查我們的第一季財務表現以及我們更新的 2025 年展望。柯蒂斯。

Thanks, Jack, and good afternoon, everyone. In the first quarter, total sales were $2.2 billion, up $353 million, or 19% compared to the same period last year. This growth was driven by an 11.7% increase in comparable store sales and the strong results from new stores. The comp performance across categories, channels, and geography was once again balanced and broad-based, while also being supported by new stores entering into the comp base at a strong rate.

謝謝，傑克，大家下午好。第一季總銷售額為22億美元，比去年同期成長3.53億美元，增幅為19%。這一成長得益於同店銷售額成長 11.7% 以及新店業績強勁。跨類別、通路和地理區域的比較業績再次達到平衡且基礎廣泛，同時也受到新店強勁進入比較基礎的支持。

Traffic grew, particularly in our brick-and-mortar locations. Our e-commerce sales grew approximately 28%, representing 15% of our total sales for the quarter, with strong performance from all partners. Additionally, Sprouts brand contributed 24% to our total sales for the quarter.

客流量有所增長，尤其是在我們的實體店。我們的電子商務銷售額成長了約 28%，佔本季總銷售額的 15%，所有合作夥伴都表現出色。此外，Sprouts 品牌為我們本季的總銷售額貢獻了 24%。

A few notable events in the first quarter also boosted sales. Our stores in Colorado benefited from a strike at a conventional grocer, and our vitamin department saw increased sales due to the harsh cold and flu season this past winter. We estimate these events accounted for approximately 50 basis points of the comp sales growth.

第一季的一些值得注意的事件也促進了銷售。我們在科羅拉多州的商店受益於傳統雜貨店的罷工，由於去年冬天嚴酷的感冒和流感季節，我們維生素部門的銷售額也出現了增長。我們估計這些事件約佔同店銷售額成長的 50 個基點。

Our first-quarter gross margin was 39.6%, an increase of 129 basis points compared to the same period last year. This increase was primarily due to leveraging our improvements in inventory management and category management. Supply constraints and strong sales continue to put pressure on our in-stocks, resulting in additional shrink leverage.

我們第一季的毛利率為39.6%，比去年同期成長了129個基點。這一增長主要得益於我們在庫存管理和品類管理方面的改進。供應限制和強勁的銷售繼續對我們的庫存造成壓力，導致額外的收縮槓桿。

SG&A for the quarter totaled $623 million an increase of $83 million and $0.79 basis points of leverage compared to the same period last year. Our strong comp performance led to leverage mainly in labor and occupancy. Store closure and other costs total approximately $2 million for the quarter. These are primarily related to costs associated with exiting leases related to our 2023 store closures, as well as disaster recovery charges from the California wildfires.

本季銷售、一般及行政費用總計 6.23 億美元，與去年同期相比增加了 8,300 萬美元，槓桿率增加了 0.79 個基點。我們強勁的業績主要體現在勞動力和入住率方面的槓桿作用。本季門市關閉和其他費用總計約 200 萬美元。這些主要與我們 2023 年關閉門市相關的退出租約的成本以及加州野火的災難復原費用有關。

Depreciation and amortization, excluding depreciation included in the cost of sales was $35 million. For the first quarter, our earnings before interest and taxes were $226 million. Interest income was approximately $1 million and our effective tax rate was 21%. Net income was $180 million and diluted earnings per share was $1.81, an increase of 62% compared to the same period last year.

折舊和攤提（不包括銷售成本中包含的折舊）為 3500 萬美元。第一季度，我們的息稅前利潤為 2.26 億美元。利息收入約為 100 萬美元，我們的有效稅率為 21%。淨收入為1.8億美元，每股攤薄收益為1.81美元，較去年同期成長62%。

During the first quarter, we opened three new stores, ending the quarter with 443 stores across 24 states. A strong and healthy balance sheet has underpinned our financial performance. During the first quarter of 2025, we generated $299 million in operating cash flow, which allowed us to self-fund our investments of $49 million in capital expenditures net of landlord reimbursement to grow a business.

第一季度，我們開設了三家新店，截至本季末，我們在美國 24 個州共擁有 443 家店。強勁而健康的資產負債表支撐了我們的財務表現。在 2025 年第一季度，我們產生了 2.99 億美元的營運現金流，這使我們能夠在扣除房東補償金後自籌資金投資 4,900 萬美元的資本支出，以發展業務。

We have also returned $219 million to our shareholders by repurchasing 1.6 million shares. We have $232 million remaining under our current share repurchase authorization. We ended the quarter with $286 million in cash and cash equivalents, zero balance on our $700 million revolver, and $22 million of outstanding letters of credit.

我們也透過回購 160 萬股股票向股東返還了 2.19 億美元。我們目前的股票回購授權還剩餘 2.32 億美元。本季結束時，我們的現金和現金等價物為 2.86 億美元，7 億美元循環信貸的餘額為零，未償還信用證為 2,200 萬美元。

More customers are prioritizing quality, healthy options, driving growth faster than the overall food at home market. This momentum fuels our ambition to enter new markets. As we look ahead towards the rest of 2025, we're committed to achieving strong earnings growth and seizing these opportunities.

越來越多的顧客優先考慮優質、健康的選擇，推動家庭食品市場的成長速度快於整體市場。這種勢頭激發了我們進軍新市場的雄心壯志。展望 2025 年剩餘時間，我們致力於實現強勁的獲利成長並抓住這些機會。

For 2025, we expect total sales growth to be 12% to 14% and comp sales in the range of 5.5% to 7.5%. We anticipate comp sales to start the year stronger and moderate as we cycle the higher comps from late 2024. We plan to open at least 35 new stores. Earnings before interest and taxes are expected to be between $640 million and $660 million and earnings per share are expected to be between $4.94 and $5.10 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 24%.

到 2025 年，我們預計總銷售額成長率將達到 12% 至 14%，同店銷售額成長率將在 5.5% 至 7.5% 之間。我們預計，隨著 2024 年底開始同店銷售額的上升，今年年初同店銷售將更加強勁且溫和。我們計劃開設至少35家新店。假設不進行額外的股票回購，預計息稅前利潤將在 6.4 億美元至 6.6 億美元之間，每股收益將在 4.94 美元至 5.10 美元之間。儘管如此，我們確實希望繼續適時回購股票。我們也預計我們的企業稅率約為 24%。

During the year, we expect capital expenditures, net of landlord reimbursements to be between $230 million and $250 million. For the second quarter of the year thus far, we have continued to see solid customer engagement and expect comp sales to be in the range of approximately 6.5% to 8.5%. And earnings per share between $1.19 and $1.23. Year-over-year margin rate in both gross margin and SG&A will start to normalize in the second quarter, and we anticipate continued EBIT margin expansion of approximately 60 basis points year over year.

我們預計今年扣除房東補償後的資本支出將在 2.3 億美元至 2.5 億美元之間。今年第二季迄今為止，我們繼續看到穩固的客戶參與度，預計同店銷售額將成長約 6.5% 至 8.5%。每股收益在 1.19 美元至 1.23 美元之間。毛利率和銷售、一般及行政費用的年比利潤率將在第二季開始正常化，我們預計息稅前利潤率將繼續同比擴大約 60 個基點。

To add some perspective for the back half of 2025, we believe our strong financial position and execution of our strategic initiatives gives us flexibility to navigate uncertainties that may arise from the macro environment. We are effectively managing our expenses while continuing to look for investment opportunities that will drive long-term sustainable earnings growth.

為了對 2025 年下半年進行一些展望，我們相信，我們強大的財務狀況和策略性舉措的執行使我們能夠靈活地應對宏觀環境中可能出現的不確定性。我們正在有效地管理我們的開支，同時繼續尋找能夠推動長期可持續獲利成長的投資機會。

We believe that our momentum and execution will result in comps towards the high end of our low-single-digit comp algorithm and continued expansion of our bottom-line margin in the second half, even as we cycle the robust performance from the last year.

我們相信，即使我們延續了去年的強勁表現，我們的勢頭和執行力仍將使同店銷售額達到低個位數同店銷售額演算法的高端，並在下半年繼續擴大我們的底線利潤率。

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

說完這些，我就把話題轉回給傑克。

Thanks, Curtis. In 2025, we will build on the strong foundation we've established over the past few years as we invest and grow our business. In the midst of uncertainty this year, we will concentrate on continuing our successful initiatives, and we are confident that we are well-positioned to compete in any environment. We're committed to enhancing our offerings, increasing customer engagement, optimizing our supply chain, and building stores that provide pleasant shopping experiences.

謝謝，柯蒂斯。2025年，我們將在過去幾年建立的堅實基礎上繼續投資和發展業務。在今年充滿不確定性的情況下，我們將專注於繼續我們的成功舉措，並且我們相信我們在任何環境中都具備競爭優勢。我們致力於增強我們的產品、提高客戶參與度、優化我們的供應鏈並打造提供愉快購物體驗的商店。

Additionally, we're focused on developing a dedicated team that is committed to serving our valued customers now and into the future. We're focused on our greatest strength, our differentiation, as has been the case, attribute-driven products continue to lead our sales and are growing faster than the rest of our business. Trends such as high-protein and heritage meats, grass-fed options, and products free-from-seed oils are driving our success with our target customers.

此外，我們致力於組建一支專門的團隊，致力於現在和將來為我們的尊貴客戶提供服務。我們專注於我們最大的優勢，我們的差異化，正如一直以來的情況一樣，屬性驅動的產品繼續引領我們的銷售，並且比我們其他業務的成長速度更快。高蛋白質和傳統肉類、草飼選擇以及不含種子油的產品等趨勢正在推動我們在目標客戶中取得成功。

The foraging team, in collaboration with our merchants, has developed a robust innovation pipeline for both our Sprouts brand and branded products. Our ability to quickly launch and build brands has attracted entrepreneurial vendors from across the country who are eager to partner with us and offer their products in our stores. Additionally, we showcased our differentiation and created assortment through unique events such as the lemon event we hosted in the first quarter, as well as Discovery Day that highlight the attributes of our Sprouts brand products.

覓食團隊與我們的商家合作，為我們的 Sprouts 品牌和品牌產品開發了強大的創新管道。我們快速推出和建立品牌的能力吸引了來自全國各地的創業供應商，他們渴望與我們合作並在我們的商店提供他們的產品。此外，我們還透過獨特的活動展示了我們的差異化並創造了產品組合，例如我們在第一季舉辦的檸檬活動以及突出我們 Sprouts 品牌產品屬性的探索日。

In the first quarter, our marketing efforts collectively drove traffic, highlighting our unique value proposition through our storytelling and media strategy. We launched our new brand campaign in January, sharing That Sprouts Feeling and distinguishing ourselves from the typical resolution messages.

在第一季度，我們的行銷努力共同推動了流量，透過我們的故事敘述和媒體策略突出了我們獨特的價值主張。我們於一月份啟動了新的品牌活動，分享“那種萌發的感覺”，並將我們自己與典型的決議信息區分開來。

At the same time, we continue to leverage our market-based media investment strategy. Social media remains a strong channel for us with both reach and engagement increasing. Additionally, our e-commerce business and partnerships continue to grow, allowing us to support our omnichannel customers on their preferred shopping platforms with Sprouts.

同時，我們繼續利用基於市場的媒體投資策略。社群媒體仍然是我們強大的管道，其影響力和參與度都在不斷提高。此外，我們的電子商務業務和合作夥伴關係不斷發展，使我們能夠透過 Sprouts 在全通路客戶首選的購物平台上為他們提供支援。

We're also enhancing the in-store customer experience by offering more sampling opportunities, improving in stocks, continuing to improve customer service, and enhancing freshness. Our personalization and loyalty journey continued in the first quarter. Following our expansion to 35 stores in December, we continue to see positive results and strong customer engagement, including increased scans and sign-ups.

我們也透過提供更多的品嚐機會、增加庫存、持續改善客戶服務和提高新鮮度來提升店內顧客體驗。我們的個人化和忠誠度之旅在第一季繼續進行。繼 12 月擴展到 35 家門市之後，我們繼續看到積極的成果和強勁的客戶參與度，包括掃描和註冊量的增加。

We're continued to be more data driven as we analyze new customer information during our test-and-learn phase. In the second quarter, we plan to enhance the customer experience and prepare for our planned launch in the third quarter. We're increasingly confident that loyalty customers engage more frequently, grow faster, and spend more.

在測試和學習階段，我們分析新客戶資訊時，會繼續更依賴數據。我們計劃在第二季提升客戶體驗，為第三季的計畫推出做好準備。我們越來越有信心，忠誠的客戶會參與得更頻繁、成長得更快、消費更多。

Over the past few years, we've implemented new systems, expanded existing space, and built new facilities to prepare our supply chain for greater self-distribution in various categories. This proactive approach has unlocked exciting opportunities as we scale Sprouts for growth. Our systems and process work has already improved our in-stock, shrink, and our produce distribution, increasing freshness for our customers.

在過去的幾年裡，我們實施了新系統，擴大了現有空間，並建造了新設施，為我們的供應鏈在各個類別中實現更大程度的自主分銷做好準備。隨著我們擴大 Sprouts 的成長規模，這種積極主動的方法已經釋放出令人興奮的機會。我們的系統和流程工作已經改善了我們的庫存、收縮和產品分銷，為我們的客戶提高了新鮮度。

Additionally, we're taking control of our own destiny by laying the groundwork to self-distribute our meat and seafood alongside our produce. While every transition presents challenges, particularly with a fresh category, our dedicated team is rising to the occasion and are making progress. We're on track to begin insourcing from our first Sprouts DC in the third quarter.

此外，我們正在透過奠定基礎來掌握自己的命運，自行分配我們的肉類和海鮮以及農產品。儘管每次轉型都會帶來挑戰，尤其是新類別的轉型，但我們敬業的團隊正在迎接挑戰並取得進步。我們計劃在第三季從我們的第一個 Sprouts DC 開始內部採購。

Additionally, we have begun the process to expand our Northern California DC capacity in 2026, which will complete the initial meat and seafood insourcing journey, as well as supporting future growth in that region. We plan to open at least 35 stores for the year and continue to expand our strong pipeline, with nearly 120 stores approved and more than 85 leases signed.

此外，我們已開始在 2026 年擴大北加州 DC 產能，這將完成最初的肉類和海鮮內部採購之旅，並支持該地區未來的成長。我們計劃今年至少開設 35 家門市，並繼續擴大我們強大的管道，目前已批准開設近 120 家門市，並簽署了 85 多份租約。

While the openings in 2025 will enhance store density in our existing footprint, we are also looking towards expansion in new regions as we develop market plans for the Midwest and the Northeast. Our new stores continue to perform exceptionally well and are experiencing strong comps as they enter into the base. We're seeing the success from sea to shining sea, which gives us confidence that our offering will resonate with our target customer in any market.

2025 年的開幕將增強我們現有門市的密度，同時，我們在製定中西部和東北部市場計畫的同時，也尋求在新地區的擴張。我們的新店繼續表現優異，並且在進入基地時獲得了強勁的業績。我們見證了從大海到閃亮大海的成功，這讓我們有信心，我們的產品將在任何市場引起目標客戶的共鳴。

None of this would be possible without our amazing team. We're committed to our purpose and our values, and our annual team member survey reflects our progress, showing improvements in every metric. When our values align with those of our customers, community, and team members, great things happen.

如果沒有我們出色的團隊，這一切都不可能實現。我們致力於我們的目標和價值觀，我們的年度團隊成員調查反映了我們的進步，顯示每個指標都有改善。當我們的價值觀與客戶、社群和團隊成員的價值觀一致時，就會發生偉大的事情。

We recently published our 2024 impact report, which highlights areas that matter to all these stakeholders, such as our partnership with 400 local food banks to which we don't donated almost 30 million fresh meals. Our efforts to reduce plastic have resulted in about 75% of our customers bringing their own reusable bags at the checkout. And the support of our Healthy Communities Foundation provided 500 local nonprofit partners and schools in our communities, brought to us by our team members and our customers in the local stores.

我們最近發布了 2024 年影響報告，其中重點介紹了所有利益相關者都關心的領域，例如我們與 400 家當地食品銀行的合作，我們向這些食品銀行捐贈了近 3000 萬份新鮮餐食。我們為減少塑膠的使用所做的努力已使大約 75% 的顧客在結帳時自備可重複使用的袋子。我們的健康社區基金會為我們的社區提供了 500 個當地非營利合作夥伴和學校的支持，這些支持是由我們的團隊成員和當地商店的客戶帶給我們的。

We remain focused on scaling our workforce for our future growth. We continue to recruit, develop, and engage Sprouts team members. We've invested in developing our team members through several leadership programs, including Assistant Store Manager university program, our fast track for internal assistant store managers, in addition to our leadership programs for new hire seasoned assistant managers and store managers. These programs support our retention efforts while filling our leadership pipeline to support our future growth.

我們將繼續致力於擴大員工隊伍以實現未來的成長。我們將繼續招募、培養和聘用 Sprouts 團隊成員。我們透過多項領導力計劃投資培養我們的團隊成員，包括商店經理助理大學計劃、內部商店經理助理的快速通道，以及針對新聘用經驗豐富的助理經理和商店經理的領導力計劃。這些計劃支持我們的保留工作，同時填補我們的領導人才庫以支持我們未來的發展。

In summary, we are excited about the future of Sprouts and the growth opportunities ahead as we continue to execute our strategic initiatives. Our strong business momentum places us in a position of strength, enabling us to navigate an uncertain macro environment while investing in unlocking Sprouts full potential.

總而言之，隨著我們繼續執行策略性舉措，我們對 Sprouts 的未來和未來的成長機會感到興奮。我們強勁的業務發展勢頭使我們處於優勢地位，使我們能夠應對不確定的宏觀環境，同時投資釋放 Sprouts 的全部潛力。

Over the past five years, our clear strategy has proven successful, and we are committed to staying on that path. As our target market expands and the demand for healthier option increases, we are witnessing growth that outpaces the overall food-at-home market. This momentum reinforces our commitment to prioritizing our customer needs and helping people live and eat better across the country. We look forward to sharing our journey with you throughout the year.

在過去的五年裡，我們明確的策略已被證明是成功的，我們致力於繼續沿著這條道路前進。隨著我們的目標市場不斷擴大，對更健康選擇的需求不斷增加，我們見證了超過整體家庭食品市場的成長。這一勢頭加強了我們優先考慮客戶需求並幫助全國人民改善生活和飲食的承諾。我們期待全年與您分享我們的旅程。

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

現在，我想把這個問題交給大家來回答。操作員。

(Operator Instructions)

（操作員指示）

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Thank you. Good afternoon. So you guys had really nice gross-margin expansion this quarter. So as you look at the decelerating trend in your comp outlook, even on a two-year basis, plus some uncertainty in the macro backdrop, just. How are you thinking through potential reinvestment at this point?

謝謝。午安.所以你們本季的毛利率確實成長得很好。因此，當您看到公司前景呈減速趨勢時，即使是按兩年計算，再加上宏觀背景中的一些不確定性，也是如此。您現在如何考慮潛在的再投資？

It sounded like Curtis, you said that you were looking for some investment this year, maybe more color on what you were referring to there, or just how are you thinking about the trade-offs between balancing top line and bottom-line growth at this point?

聽起來像柯蒂斯，你說你今年正在尋找一些投資，也許你所指的內容更加詳細，或者你現在如何考慮平衡頂線和底線增長之間的權衡？

Hi, Leah. Good afternoon. Yeah, so we are investing in the business, similar to a level that we invested in last year, but it's into things like loyalty, the supply chain systems, IT, self-distribution. It's still those same pieces, our talent engine getting ready for growth. So it's those areas and if we can find ways to accelerate that we'll look for ways to do that for the long-term sustainable-earnings growth.

你好，利亞。午安.是的，我們正在對業務進行投資，投資水準與去年類似，但投資方向包括忠誠度、供應鏈系統、IT、自我分銷等面向。我們的人才引擎仍是那些相同的部分，為成長做好準備。所以就是這些領域，如果我們能找到加速的方法，我們就會尋找方法來實現長期可持續的獲利成長。

As we look ahead, on the growth side, I think we'll start to see that moderate as the year progresses. Have some one-timers in there in Q1 that'll start to normalize, but we see continued expansion here in the second quarter. And again, it'll just start to moderate as we get through the rest of the year.

展望未來，在成長方面，我認為隨著時間的推移，我們將開始看到成長放緩。第一季的一些一次性事件將開始正常化，但我們看到第二季將繼續擴張。而且，隨著我們度過今年剩餘的時間，這種情況將開始緩和。

Very helpful, thank you. And then just Jack, you called out the ongoing consumer shift to health and wellness. It's something we see too. But just given continued outsized growth for the category, do you think this broader trend is becoming too hard for maybe other retailers to ignore at this point? Are you seeing any shift from your competitors or how confident are you that you can retain your differentiated position?

非常有幫助，謝謝。然後傑克，您提到消費者正在轉向健康和保健。這也是我們看到的。但是，鑑於該類別的持續高速成長，您是否認為這種更廣泛的趨勢對於其他零售商來說已經變得難以忽視了？您是否看到競爭對手的任何轉變，或者您對保持差異化地位有多大信心？

Well, we're very focused on Sticking to our own agenda, Leah, and making sure that what we do is we maximize the offer for those health-enthusiast customers that we've been so focused on over the last few years, and we'll continue to do that. As we look at other people are clearly bringing some products in across this marketplace, but it doesn't bring them any access to the bit of the market that we've chosen not to approach. And as we've watched this market, it's gone from 200 to 290 billion as we've referenced the total available market in this space.

好吧，利亞，我們非常注重堅持我們自己的議程，並確保我們所做的就是最大限度地為那些我們在過去幾年中一直關注的健康愛好者客戶提供服務，我們將繼續這樣做。我們看到其他人顯然正在向這個市場推出一些產品，但這並沒有讓他們進入我們選擇不進入的市場部分。正如我們所觀察的，這個市場的規模已經從 2000 億美元增長到了 2900 億美元，我們參考了該領域的總可用市場。

We're still only 8 billion of that, so there's plenty of room for us to grow, and the reality is there's $1.3 trillion roughly that we're not focusing in on that the other guys will always be focusing in on more than us. And we're doubling down on what we can do in terms of the attribute. The attributes that are working with this health-enthusiast customer, organic, gluten-free, vegan, vegetarian, dairy free. Those kind of drivers, gluten-free, these drivers are the ones that are that we can be very good at, and the team are continuing to double down. But we'll be as good as we are at this, and the team are focused very much on it. And I think from a competitive point of view, we're in a good place.

我們仍然只有 80 億美元，所以我們有足夠的成長空間，而現實情況是，我們還沒有集中精力在大約 1.3 兆美元的領域，而其他人將永遠比我們更關注這些領域。我們正在加倍努力，發揮我們在屬性方面所能發揮的作用。適合這位健康愛好者顧客的屬性是有機、無麩質、純素、素食、無乳製品。這些類型的驅動程序，無麩質的，這些驅動程序是我們非常擅長的，團隊正在繼續加倍努力。但我們會盡力做好這件事，整個團隊都非常專注於此。我認為從競爭的角度來看，我們處於有利地位。

Great, thank you.

太好了，謝謝。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good afternoon and thanks for taking my question. So I guess the first one just on new stores, so it's at least in my mind, new store productivity seem again very strong. So just any surprises, any I guess, even more incremental positive surprises as you continue to roll out new stores.

下午好，感謝您回答我的問題。所以我猜第一個只是關於新店，所以至少在我看來，新店生產力似乎再次非常強勁。因此，隨著您繼續推出新店，我想任何驚喜，甚至是更多漸進的積極驚喜都會隨之而來。

No, not incremental, Rupesh, just really good performance. The '24's came out strong as we talked about on the last call, and they're continuing to perform well. The '22 and '23 vintages have comps really well, and they're maintaining strong comps. The overall business is good, and they're outperforming that even. And so we've only opened three here in Q1, so it's not a huge change from where we were 60 days ago, but the new stores are performing really well and that's driving that number.

不，不是增量，Rupesh，只是表現非常好。正如我們在上次通話中談到的那樣，24 支球隊表現強勁，而且他們繼續表現良好。'22 和 '23 年份的葡萄酒具有非常好的可比性，並且保持著強勁的可比性。整體業務良好，而且他們的表現甚至超乎預期。因此，我們在第一季只開設了三家店，與 60 天前相比變化並不大，但新店的表現非常好，這就是推動這一數字成長的原因。

Right. And then maybe it's on the loyalty program, so the commentary, still seems upbeat from your team. So same thing there like if you continue to roll it out like any positive surprises you're seeing and I know it's still early, but I don't know if there's a [comp] or anything you can share in terms of what you may be seeing with that small batch of stores. Thank you.

正確的。然後也許是關於忠誠度計劃，所以從你的團隊的評論來看，似乎仍然很樂觀。所以同樣的事情，如果你繼續推出它，你會看到任何積極的驚喜，我知道現在還為時過早，但我不知道是否有[comp]或任何你可以分享的關於你可能會看到的那小批商店的情況。謝謝。

And Nick, you can take that one because we're having a lot of confidence in this.

尼克，你可以接受這一點，因為我們對此非常有信心。

Yeah, (inaudible) Nick, Jack mentioned in his comments, we feel very good about where loyalty is. We're really happy with what we're seeing in the 35 stores we're currently in right now across our kind of KPIs in the business. We're meeting or and slightly exceeding those. Jack alluded to some really good uptake on scans and or sign ups and scans.

是的，（聽不清楚）尼克，傑克在他的評論中提到，我們對忠誠度感到非常滿意。我們對目前 35 家門市的業務 KPI 表現感到非常滿意。我們正在達到或略微超過這些目標。傑克提到，掃描和註冊以及掃描確實取得了一些良好的進展。

Our plan moving forward here is to begin the national launch in the second half of the year, starting with our market here in Arizona. We've got a few things to tidy up as far as getting the enterprise lined up and technology put together, but there's a lot of energy behind it here at Sprouts. Team members can't wait to see it come out, and we're excited to share it with them and all of you guys in the second half.

我們下一步的計劃是在今年下半年開始在全國範圍內推出，首先從亞利桑那州的市場開始。在企業組建和技術整合方面，我們還有一些事情需要整理，但 Sprouts 在這方面投入了大量精力。團隊成員迫不及待地想看到它的發布，我們很高興在下半年與他們和大家分享它。

Great thank you I'll pass it on.

非常感謝，我會傳達的。

Thanks, Rupesh.

謝謝，魯佩什。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Hi, thank you, I wanted to ask about household additions. I know it's only one data source, but in numerator data that we look at, it seems that your rate of additions is huge to over 20% and seems to be accelerating, and I don't want to suggest that that's the necessarily exact accurate number, but it's far bigger than what we're seeing at other grocers.

你好，謝謝，我想問一下家庭增建的情況。我知道這只是一個數據來源，但在我們查看的分子數據中，似乎您的添加率非常高，超過 20%，似乎還在加速，我不想說這是必然準確的數字，但它比我們在其他雜貨店看到的要大得多。

And I'm just curious, is it still in line just roughly or at least directionally with kind of what you're seeing in terms of just adding households at a quicker pace than what you're used to. And then how often are these new households becoming loyal customers in comparison to your legacy customers?

我只是好奇，這是否仍然大致或至少在方向上與您所看到的情況一致，即家庭數量以比以往更快的速度增加。那麼與你的老客戶相比，這些新家庭成為忠實客戶的頻率有多高呢？

Hey, Ken, it's Nick. Thanks for the question. You're right, we're seeing really healthy custom metrics overall. So I'd start with both our new customers and existing customers. We're seeing strong behavior. We are seeing strong new customer growth, and what excites me is that we're seeing it both in our new and emerging markets, but also in existing markets where we've been for a while. So we're certainly excited to see that customers like what we're doing in across the country.

嘿，肯，我是尼克。謝謝你的提問。你說得對，我們總體上看到了非常健康的客製化指標。因此，我將從我們的新客戶和現有客戶開始。我們看到了強烈的行為。我們看到了強勁的新客戶成長，令我興奮的是，我們不僅看到了新興市場的成長，也看到了我們已經存在一段時間的現有市場的成長。因此，我們很高興看到客戶喜歡我們在全國各地所做的事情。

The other piece of this I would mention is with our existing customers, we're seeing higher engagement, in turn driving a higher share of wallets. So they're also, certainly, liking what we're doing and voting with their wallet.

我想提到的另一點是，我們的現有客戶參與度有所提高，從而推動了錢包份額的提高。所以他們當然也喜歡我們所做的事情並用他們的錢包投票。

We'll continue to drive both of these. Our focus is on continuing to acquire customers across the board and as Jack mentioned with the market size and market segment growing, we think there's an opportunity for us to continue to acquire new and with the customer engagement work we're doing, deep in the engagement we have with our existing customers to drive growth.

我們將繼續推動這兩項工作。我們的重點是繼續全面吸引客戶，正如傑克所提到的，隨著市場規模和細分市場的不斷增長，我們認為我們有機會繼續吸引新客戶，並透過我們正在進行的客戶參與工作，深入我們與現有客戶的互動來推動成長。

Great thank you. And then quick follow up. You know some of the other data that we have would suggest that in times when consumers are a little more challenged, they will you know shop in more stores to buy all their groceries. I don't think that's controversial.

非常感謝。然後快速跟進。您知道，我們掌握的其他一些數據表明，當消費者面臨更多挑戰時，他們會去更多的商店購買所有雜貨。我認為這沒有什麼爭議。

But I just wanted to make sure that, going ahead, is there a possibility that if consumers do struggle a little bit more if we head into a recession, that you could potentially pick off even more households just from consumers who are saying look. I got to go to three or four stores instead of one, just, and my fuel costs are really low so maybe I can do that. It's one of the bull feces we hear on you guys ahead is that you can benefit in a recessionary period and I'm just trying to get a little sense of if you would agree with that.

但我只是想確保，展望未來，如果我們陷入經濟衰退，消費者確實會面臨更多困難，那麼你可能會從那些說「看」的消費者那裡奪走更多家庭。我只需要去三四家商店而不是一家，而且我的燃料成本真的很低，所以也許我可以這樣做。我們聽到的關於你們的胡說八道之一就是你們可以在經濟衰退時期受益，我只是想知道你們是否同意這一點。

Well, I think the context of my remarks a little while ago, Ken, where we think we can thrive in any circumstances going forward. And if there is consumer pressure, the one thing that's clear is people have got to eat and they'll carry on eating, and people with specialist diets are continuing to -- if you're a vegan, you stay being a vegan. So we're pretty confident that the offer we've got in front of people is going to be important even in difficult circumstances.

嗯，肯，我認為我剛才的言論的背景是，我們認為我們可以在未來的任何情況下蓬勃發展。如果有消費者壓力，那麼很明顯的一點是人們必須吃東西，而且他們會繼續吃下去，而有特殊飲食習慣的人會繼續吃下去——如果你是素食主義者，你就會一直做素食主義者。因此，我們非常有信心，即使在困難的情況下，我們向人們提供的提議也將發揮重要作用。

The other thing that tends to happen when consumers are under pressure, they eat more at home than eating out of home. So we think that's a benefit, potential benefit within the context of the question you've asked there. So yeah, I think we kind of feel almost, if it's tough, we'll do fine, and if it's not tough, we'll do fine. So we're pretty feeling as if that the proposition we're put in front of our target customers is allowing us to be successful in the context of people shopping more or less number of grocery stores.

當消費者面臨壓力時，常發生的另一件事是，他們在家吃飯的次數比在外用餐的次數還多。因此，我們認為這是一個好處，根據您所提出的問題來看，這是一個潛在的好處。是的，我想我們幾乎都感覺到，如果困難的話，我們會做得很好，如果不困難的話，我們也會做得很好。因此，我們非常有信心，我們向目標客戶提出的建議能夠讓我們在人們購物數量或多或少的雜貨店的背景下取得成功。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Ken.

謝謝，肯。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Hey, Jack, or Nick. You guys clearly building on the last question, right? Opportunity with what's for dinner tonight, and I think you think you are under index in that trip. So what do you think is the unlock there? Does that run through the loyalty program you think something else?

嘿，傑克，或者尼克。你們顯然是在回答最後一個問題，對吧？機會與今晚的晚餐有關，我想您認為您在那次旅行中處於劣勢。那您認為那裡的解鎖是什麼？您認為這是否貫穿忠誠度計畫的其他面向？

Well, I'll let you take that, Nick, a little bit. We're certainly confident in the work that we're doing around meals and the investment in space and product and that. But maybe that you can expand on that.

好吧，尼克，我讓你接受這一點，一點點。我們對我們在餐飲方面所做的工作以及在空間和產品方面的投資充滿信心。但也許你可以進一步闡述這一點。

Yeah, hey, John. I think a lot of what we're doing is aimed at tacking kind of the thrust of your question. We believe there's a lot of opportunities to gain more share of wallet from our existing customers, and that's by talking to them, sharing them with the things that are important to them from an attribute standpoint, and getting the shop more of our store.

是的，嘿，約翰。我認為我們所做的許多工作都是為了解決您問題的核心。我們相信，有很多機會可以從現有客戶那裡獲得更多的錢包份額，那就是透過與他們交談，從屬性的角度與他們分享對他們重要的東西，並讓商店更多地光顧我們的商店。

So if you, for instance, if you see our new format, meets at the front of the store intentionally, it's super important to our target customer. They're looking for attribute driven grass-fed, organic protein options. We've been intentional in trying to serve that as a way to take care of the customer, but also to drive more of center of the plate and then turn a larger shop. And as you noted, certainly the loyalty work is aimed at customizing and personalizing everything we do around our vegan shoppers, our organic shoppers, or gluten-free shoppers so we can gain more of their spend and more of their trips.

因此，例如，如果您看到我們的新格式，並有意在商店前面見面，這對我們的目標客戶來說非常重要。他們正在尋找以草飼和有機蛋白質為特徵的選擇。我們一直致力於透過這種方式來照顧客戶，同時也是為了推動更多的中心業務，然後擴大商店規模。正如您所說，忠誠度工作的目的當然是針對我們的素食購物者、有機購物者或無麩質購物者定制和個性化我們所做的一切，以便我們可以獲得更多的消費和更多的旅行。

And I think it's fair to say John, loyalty will play a role in that as we get further down and understanding the customers and communicating some of the attributes that Nick was talking about.

我認為可以公平地說，約翰，隨著我們進一步深入了解客戶並傳達尼克所談論的一些屬性，忠誠度將在其中發揮作用。

Maybe building on that, I know you want to upgrade, improve, right the loyalty experience as you start to roll this out. What do you think -- what's not in the program today that the shoppers want, if anything, right? And how do you enhance the experience?

也許在此基礎上，我知道您在開始推行這項計劃時想要升級、改善忠誠度體驗。您認為今天的節目中有什麼是購物者不想要的嗎？對嗎？您如何提升體驗？

Sure, where we are -- the good news is we've been asking our customers about the loyalty program in those 35 markets, and we're getting really good marks on the program from the standpoint of getting our customers what they are looking for tailored to their unique needs. I'll be able to answer that question in two pieces short term, John.

當然，就我們目前的情況而言——好消息是，我們一直在向客戶詢問這 35 個市場的忠誠度計劃，從滿足客戶獨特需求的角度來看，該計劃獲得了非常好的評價。約翰，我很快就能用兩個部分來回答這個問題。

I need to -- we're looking to streamline the omnichannel experience for loyalty so that the online experience, the in-store experience, the transfer of the experience across channels is really seamless in the test today it's not quite the level I think we can be. So that's one short term change that will help our customer.

我需要——我們正在尋求簡化全通路忠誠度體驗，以便線上體驗、店內體驗、跨通路體驗的轉移在今天的測試中真正無縫銜接，但我認為我們還沒有達到我們可以達到的水平。所以這是一個對我們的客戶有幫助的短期改變。

Long term, I think we're going to continue to go where the customer takes us as we learn through this process and use the data and use our insight to do so. I will tell you we will always be committed to making sure we find ways to help customers find and get access to new and unique products as they told us that's what's most important to them.

從長遠來看，我認為我們將繼續按照客戶的意願行事，因為我們將透過這個過程學習，並利用數據和我們的洞察力來做到這一點。我會告訴你，我們將始終致力於確保我們找到方法來幫助客戶找到並獲得新的獨特產品，因為他們告訴我們這對他們來說是最重要的。

They look to us for as the place that can introduce them to the unique items that they're looking for. So whether that be through technology, experiences, other ways to engage the customer, that's something you'll continue to see us invest in.

他們把我們視為可以向他們介紹他​​們正在尋找的獨特物品的地方。因此，無論是透過技術、經驗或其他方式來吸引客戶，您都會繼續看到我們進行投資。

Thank you.

謝謝。

Thanks, John.

謝謝，約翰。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Yeah. Hi, good morning, everybody, or good afternoon, everybody. I wanted to ask you, probably I guess a follow up maybe on to Ken's question, and it kind of pertains to one cadence of the compliment throughout the quarter. I mean, it seems like it's probably pretty steady. But I'm curious because consumer confidence seems to be changing and as part of that I'm just wondering if you're seeing any behavioral change at all in the store that might pertain to private label or anything else that you potentially would note.

是的。大家好，早安，或是大家下午好。我想問您，我想這可能是對肯的問題的後續回答，它有點涉及整個季度的讚美節奏。我的意思是，它看起來可能相當穩定。但我很好奇，因為消費者信心似乎正在發生變化，作為其中的一部分，我只是想知道您是否看到商店中任何可能與自有品牌或您可能注意到的其他事物有關的行為變化。

Hey, it's Curtis. The cadence, just a little bit better February than the other two months, but that was really around the height of the cold and flu season and a couple of things we call out in the script, the strike that sent some business our way. Outside of that, it was pretty steady throughout. Really, no dramatic changes from the fourth quarter as far as the shape of the comp. It was broad, it was balanced, geography channels, etc. Everything kind of played out as we'd hoped it would and it was pretty steady throughout the quarter.

嘿，我是柯蒂斯。節奏上，二月比其他兩個月稍微好一點，但那實際上是在感冒和流感季節的高峰期，我們在劇本中提到了幾件事，罷工給我們帶來了一些生意。除此之外，一切始終相當穩定。確實，就公司的情況而言，與第四季度相比並沒有發生重大變化。它很廣泛，很平衡，有地理管道等等。一切都按照我們所希望的那樣進行，並且整個季度都相當穩定。

And no note of like behavioral changes at all related to, just you know the macro and the way the consumer's feeling.

而且根本沒有註意到與之相關的行為變化，你只是知道宏觀和消費者的感受方式。

I think probably somewhat surprisingly we haven't seen any impact from the consumer confidence either regionally or category wise or trading down or different dynamics within it. So that's probably the surprise in some ways. Who knows where consumer confidence is going to lead to in terms of behavior going forward, and we're watching it really carefully, but we haven't seen any significant change in behavior.

我認為可能有些令人驚訝的是，我們還沒有看到消費者信心產生任何影響，無論是地區性影響、類別性影響、交易減少影響或其中的不同動態。所以從某種程度上來說這可能令人驚訝。誰知道消費者信心在未來的行為方面將會帶來什麼結果，我們正在密切關注，但我們還沒有看到任何顯著的行為變化。

Okay, and just to follow up on, self-distribution. Jack, you had mentioned something about just beginning to sort of unlock, the benefits associated with that. And I was curious if you could provide a bit more color on both like the margin and the operational benefits, what you're doing on the meat and seafood side. And I'm curious as to whether there is further opportunity beyond those categories down the road.

好的，只是為了跟進自我分銷。傑克，你剛剛提到了關於剛開始解鎖的事情以及與之相關的好處。我很好奇，您是否可以提供更多關於利潤和營運效益的信息，以及您在肉類和海鮮方面所做的工作。我很好奇，除了這些類別之外，未來是否還有更多的機會。

Well, I'll let Nick go into some detail, but the reality of this, we've been investing in space to be able to add in more categories to self-distribution over the last few years, and as we've put DCs, we've built three DCs on the ground and expanded some other ones. As we've done that, the intention was always to bring more categories to bear, and the fresh categories are the most important ones are so important to our customer base.

好吧，我會讓尼克詳細說明一下，但事實上，過去幾年來，我們一直在投資空間，以便能夠在自我分銷中添加更多類別，而且隨著我們建立 DC，我們在地面上建立了三個 DC，並擴展了一些其他 DC。我們這樣做的目的始終是推出更多的類別，而新類別對我們的客戶群來說是最重要的。

So the work that we've been doing and we're building, as we talked about in the script is getting our meat and seafood business under our own auspices so that we've got, we can manage it ourselves, and the aspiration behind that will be to have better in stocks, better working dynamic with our vendor base, and enable us to potentially just get more in stock and be better at providing a service to the customer, and we're very hopeful that that's going to help us in both the top line and the bottom line within the meat category. That's not going to pull through until next year when we get this thing fully up and running, and we're working our way through that. The teams are doing a great job.

因此，正如我們在腳本中討論的那樣，我們一直在做和正在建設的工作是將我們的肉類和海鮮業務置於我們自己的主導之下，以便我們能夠自己管理，而這背後的願望是擁有更好的庫存，與我們的供應商基礎更好地合作，並使我們能夠獲得更多的庫存並更好地為客戶提供服務，我們非常希望這將有助於我們在肉類類別方面取得更好的空間和底線。直到明年我們完全啟動並運行這個專案後，這個問題才能解決，我們正在努力解決這個問題。這些團隊表現非常出色。

But maybe, Nick, you could build on that.

但是，尼克，也許你可以以此為基礎。

Yeah. Hey, Ed. The protein focus for us is important strategically because it, as I mentioned, I think in John's earlier question, we have a very differentiated meat-and-protein business in the seafood, meat and seafood side. We offer only attribute-driven products in that space, and the importance of, freshness, control, quality, and in turn also profitability is really important for us in that business. So we chose that we wanted to invest there and bring that in-house with, run that self-distribution and we had the capacity to do so.

是的。嘿，艾德。對我們來說，蛋白質重點在策略上非常重要，因為正如我所提到的，我認為在約翰之前的問題中，我們在海鮮、肉類和海鮮方面擁有非常差異化的肉類和蛋白質業務。我們在該領域僅提供屬性驅動的產品，新鮮度、控制、品質以及盈利能力對於我們在該業務中非常重要。因此，我們選擇在那裡投資，並將其引入公司內部，進行自我分銷，我們有能力這樣做。

We're going to be, as we mentioned, we're going to be spending this year making that transition. And we've already started that process and we'll, as Jack mentioned, continue it towards the end of the year and early in 206. So we're not going to see a ton of the benefit this year, but we should see some of that next year. And right now for me and my team, that's what we're really focused on is how do we execute that really well and not create any major issues for the business and so far, we're doing just that.

正如我們所提到的，我們將在今年完成這項轉變。我們已經啟動了這一進程，正如傑克所提到的，我們將在今年年底和 206 年初繼續這一進程。因此，今年我們不會看到大量的好處，但明年應該會看到一些。現在，對於我和我的團隊來說，我們真正關注的是如何真正出色地執行這一目標，並且不給業務帶來任何重大問題，到目前為止，我們正在這樣做。

And with regard to further opportunities, there may be as we come down the line on this side, further categories. It's something we're looking at but at the moment we're really doubling down and getting the meat and seafood thing, right?

至於進一步的機會，隨著我們在這方面取得進展，可能會有更多的類別。這是我們正在考慮的事情，但目前我們正在加倍努力並獲取肉類和海鮮，對嗎？

Great, thank you.

太好了，謝謝。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi, good afternoon, thanks for taking the question. So Jack, I wanted to ask on attribute-based products and the momentum that you continue to see there. Can you talk about the plants queue launches that you have for 2025 and just plans to further leverage the momentum of the Sprouts brand in particular.

大家好，下午好，感謝您回答這個問題。所以傑克，我想問一下基於屬性的產品以及你在那裡繼續看到的勢頭。您能否談談 2025 年植物系列的發布計劃，以及進一步利用 Sprouts 品牌發展勢頭的計劃。

And then two, some of the reformulation efforts that are out there under the new health secretary removing some of the harmful ingredients like dyes. What are your general views on potential changes in competitors' offerings and how that might change your go-to-market strategy?

其次，新任衛生大臣正在努力改進配方，去除染料等一些有害成分。您對競爭對手產品的潛在變化有何整體看法，以及這些變化將如何改變您的行銷策略？

That's a good question. And we're spending a lot of time looking. The one great thing about our company is we're well ahead of most of these kind of dynamics about what's in our food and what the dyes and these kind of things. We've got some work to do, which I'll talk about in a second. With regard to our Sprouts brand business, we've been delighted at the progress that we've made on that. Our Sprouts brand is very clean, relative to the rest of the marketplace. In fact, I don't think we've got any work to do on the Sprouts brand.

這是個好問題。我們花了很多時間去找。我們公司最棒的一點是，我們在食品成分、色素和諸如此類物質的動態方面處於領先地位。我們有一些工作要做，我馬上就會談到。關於我們的 Sprouts 品牌業務，我們對所取得的進展感到非常高興。相對於市場上的其他品牌，我們的 Sprouts 品牌非常乾淨。事實上，我認為我們在 Sprouts 品牌上沒有什麼可做的。

Our business, the business there has been very focused on bringing those attributes to bear. Organic's been a big plus for us. Gluten-free's been a big plus for us, and they're doubling down. The team are doubling down on that. And as we've said, we're not trying to aspire to a bigger percentage of sales in Sprouts brand, but without doing that, we've gone from 16% to 24% of Sprouts brand because we're bringing products that relate to that attribute-based business that you're alluding to.

我們的業務，那裡的業務一直非常注重發揮這些屬性。有機食品對我們來說是一大優勢。無麩質食品對我們來說是一大優勢，他們正在加倍努力。該團隊正在加倍努力。正如我們所說，我們並不追求 Sprouts 品牌銷售額的更大比例，但是即使不這樣做，我們的 Sprouts 品牌銷售額也從 16% 上升到了 24%，因為我們推出的產品與您所提到的基於屬性的業務相關。

With regard to ingredients and where this goes, as I said, we're in good place relative to that. There's one or two things that we're taking a really close look at and, I think we'll be better placed than most in terms of managing it. I don't think it's going to change our go to market strategy because I think we're ahead of this relative to the rest of the market.

至於原料和去向，正如我所說，我們在這方面處於有利地位。有一兩件事我們正在密切關注，我認為我們在管理方面比大多數人做得更好。我認為這不會改變我們的行銷策略，因為我認為我們相對於其他市場處於領先地位。

How it's going to play out with regard to the branded goods and the rest of the market, I think it's going to be an interesting one, but less relevant to us than it will be to many others.

我認為，對於品牌商品和其他市場而言，這將會產生怎樣的影響，這將是一個有趣的問題，但與我們的關係不如對其他許多人那麼密切。

Great and if I can just follow up, I have one for Curtis. Just gross margin continues to the price to the upside you obviously noted improvement, and inventory and category management, maybe if you can talk about the sustainability of these, how much is left there to further unlock just trying to understand, the overall ceiling of gross margins that we can see because you continue to just manage that line item really well. Thank you.

太好了，如果我可以跟進的話，我有一個給柯蒂斯的。只是毛利率繼續隨著價格上漲而上漲，你顯然注意到了改善，還有庫存和品類管理，也許你可以談談這些的可持續性，還剩下多少可以進一步解鎖，只是想了解，我們可以看到的毛利率整體上限，因為你繼續很好地管理那個項目。謝謝。

Yeah. Thanks, Krisztina. Yeah, the teams are doing a great job there. They continue to find more opportunities. We talked a lot in the last four, five, six calls about being a fairly immature business and still having opportunities ahead of us. We're capturing some of those as we go here quarter to quarter to quarter. But we still believe there's leverage to pull there. There's ways to get better, certainly in how we order, how we allocate products, things like that, we'll continue to get better. How we manage the in and out of 7,000 SKUs that we're bringing in and taking out every year, can be better.

是的。謝謝，克里斯蒂娜。是的，這些團隊在那裡做得很好。他們繼續尋找更多的機會。在過去的四、五、六次通話中，我們多次談到，儘管我們是一家還不成熟的企業，但我們面前仍有機會。隨著我們每個季度的進展，我們正在捕捉其中的一些內容。但我們仍然相信，這裡有可以推動的槓桿作用。有很多方法可以變得更好，當然在我們如何訂購、如何分配產品等方面，我們會繼續做得更好。我們可以更好地管理每年進出的 7,000 個 SKU。

And so there's still room to go, clearly not as much as is behind us, but we still have opportunities there, and it's great. It gives us the opportunity to invest in things like loyalty and self-distribution and the things that we're putting our money into, to grow the business in the long term. So expecting it to moderate for sure in the second half of the year, as we go forward and, hopefully, the teams will continue to surprise us with upside, but for now, we're expecting that to come back closer to normal.

因此，我們仍有前進的空間，顯然不如過去那麼多，但我們仍有機會，這很好。它使我們有機會投資於忠誠度和自我分銷等事物以及我們投入資金的事物，以長期發展業務。因此，預計下半年這種情況肯定會有所緩和，隨著我們繼續前進，希望各支球隊能夠繼續給我們帶來驚喜，但就目前而言，我們預計這種情況將恢復到接近正常水平。

Great. Thank you. Best of luck.

偉大的。謝謝。祝你好運。

Thanks, Krisztina.

謝謝，克里斯蒂娜。

Mark Carden, UBS.

瑞銀的馬克卡登。

Good afternoon. Thanks so much for taking the questions. So to start in recent quarters you guys have talked about the opportunity to capture more trade-in from the food away from home channel. Do you think you've seen much of a step up here just given some of the soft restaurant-traffic data that's been out there over the past few months and then do you approach retention any differently with these customers you might be bringing in?

午安.非常感謝您回答這些問題。因此，從最近幾季開始，你們就談到了從外送管道獲得更多以舊換新的機會。您是否認為，根據過去幾個月公佈的一些餐廳客流量數據，我們已經取得了很大進展？對於您可能帶來的這些顧客，您是否採取了不同的留存方法？

Hey, Mark, it's Nick. We certainly have seen that we believe we're getting some of that food-at-home purchase, again, especially from our core target customer who's looking for convenient meals, that are driven by health and attributes, and we're seeing, as I mentioned, some of our center of the plate and meal-driven offerings, certainly perform well, and so we are working hard to capture some of that spend and share.

嘿，馬克，我是尼克。我們當然已經看到，我們相信我們正在獲得一些在家購買食品的機會，特別是來自我們的核心目標客戶，他們尋求方便的飯菜，這些飯菜以健康和屬性為導向，而且正如我所提到的，我們看到我們的一些餐盤中心和餐食驅動的產品確實表現良好，因此，我們正在努力爭取一些支出和份額。

As far as the question on retention of that, this is where I get back to our opportunity with loyalty. And when people come in and engage with us, whether it's the first time or 10th time, and we understand what they're purchasing and why we can start to serve them all sorts of great options to keep them coming back and expand their baskets. So we're looking forward to that as the loyalty program launches and our capabilities there improve.

至於保留這個問題，這就是我要回到我們的忠誠機會的地方。當人們來與我們互動時，無論是第一次還是第十次，我們都了解他們購買什麼以及為什麼購買，我們可以開始為他們提供各種優質的選擇，以讓他們再次光臨並擴大他們的購物籃。因此，我們期待忠誠度計劃的推出以及我們能力的提升。

That's great, thanks. And then on tariffs, you guys appear to be pretty well-positioned on the food side. How do you think about any potential impacts it could have on your pace of unit growth going forward relative to your algo just given the potential for higher cost to build?

太好了，謝謝。然後關於關稅，你們在食品方面似乎處於相當有利的地位。考慮到建設成本可能更高，您如何看待它會對您未來的單位成長速度相對於您的演算法產生的潛在影響？

Again, it's something we're paying a lot of attention to, Mark. As you say, with regard to the operating selling of our food, we we're pretty well protected in that and that most of our stuff comes from the US and the stuff that comes from Mexico has been protected more and more or less unless something changes. But we're in a relatively good place there.

再說一次，這是我們非常關注的事情，馬克。正如您所說，就我們食品的經營銷售而言，我們受到了很好的保護，而且我們的大部分產品來自美國，而來自墨西哥的產品受到的保護或多或少都比較嚴格，除非情況發生變化。但我們目前的情況相對較好。

The thing we are paying attention to is the cost of building our stores. So far, I don't think it's going to have an impact on us this year, but we're going to have to think pretty hard about what the long-term impact might be on that. At this stage we've got plenty of space within our returns that gives us confidence that whatever happens in terms of steel tariffs and lumber tariffs and other things that we're well protected in it. But we are paying a lot of attention to it, as you can imagine.

我們關注的是建造商店的成本。到目前為止，我認為這不會對我們今年產生影響，但我們必須認真考慮其可能產生的長期影響。現階段，我們的回報空間很大，這讓我們有信心，無論鋼鐵關稅、木材關稅和其他方面發生什麼變化，我們都能得到很好的保護。但正如您所想像的，我們對此非常關注。

Great thanks so much. Good luck, guys.

非常好，非常感謝。祝大家好運。

Thanks.

謝謝。

Thank you.

謝謝。

Mike Montani, Evercore ISI.

麥克·蒙塔尼，Evercore ISI。

Hey, good afternoon. Thanks for taking the question. I just wanted to ask if I could follow up on the comp side. Can you guys provide some incremental information in terms of transaction size versus transaction count that you experienced within the quarter to drive the comp? And then as we look at the start of, 2Q results, are you comping within the range or does the guidance provide cushion if things were to moderate from here?

嘿，下午好。感謝您回答這個問題。我只是想問我是否可以跟進公司方面的情況。你們能否提供一些關於交易規模與交易數量方面的增量信息，以幫助您在本季度推動公司發展？然後，當我們查看第二季度業績時，您是否在範圍內競爭，或者如果情況從現在開始緩和，指導是否會提供緩衝？

Hi, Mike, Curtis. Yeah, so traffic in basket, about 70% traffic in Q1, so we continue to see strong traffic results and a pretty normal basket. And the business is in good shape here as we start the quarter. Excuse me, sorry. Q2 is off to a good start and looking similar to Q1, but we're feeling comfortable with the guidance and we'll see where the world goes here over the next few months.

你好，麥克，柯蒂斯。是的，購物籃的流量，第一季的流量約為 70%，因此我們繼續看到強勁的流量結果和相當正常的購物籃。本季開始時，這裡的業務狀況良好。不好意思，抱歉。第二季開局良好，與第一季類似，但我們對指引感到滿意，我們將觀察未來幾個月世界情勢的發展。

Got it. And if I could just follow up on the margin side. We were getting to about 60 bps of EBIT margin improvement in 2Q and then 40 to 50 bps in the back half. So you had mentioned some moderation in the pace of gross margins. Should we basically look at that and say, it could be roughly equal gross margin expansion versus SG&A leverage or anything you'd say to keep in mind there?

知道了。我是否可以跟進一下利潤方面的問題。我們第二季的息稅前利潤率提高了約 60 個基點，下半年則提高了 40 至 50 個基點。所以您提到了毛利率成長速度有所放緩。我們是否應該從根本上看待這個問題，並說它可能與毛利率擴張與銷售、一般及行政費用槓桿率大致相等，或者您要記住的任何事情？

Yeah, I think spot on for Q2 in about the 60 range. I think the majority of that will be gross as we continue to see strong results there and some of the supply, things we talked about will probably leak into Q2. As we get to the back half, it'll be probably a little bit more split between the two. We should see leverage in SG&A throughout the year as well, and it'll be a little more balanced between the two as we talk about the second half.

是的，我認為第二季的準確率大約在 60 左右。我認為其中大部分將是糟糕的，因為我們繼續看到強勁的結果，我們談到的一些供應可能會洩漏到第二季。當我們進入後半部分時，兩者之間的分歧可能會更大一些。我們也應該看到全年銷售、一般及行政費用中的槓桿率，當我們談論下半年時，兩者之間會更加平衡。

Great, thanks for taking the question and good luck.

太好了，感謝您回答這個問題，祝您好運。

Thanks, Mike.

謝謝，麥克。

Bill Kirk, Roth Capital Partners.

羅斯資本合夥公司的比爾‧柯克 (Bill Kirk)。

Hey, good afternoon, everybody. So you just posted a quarter with almost 12% EBITDA margins, and I don't think you've ever had a quarter over 10. So I guess my question is, longer term, can Sprouts be a double-digit EBITDA-margin business?

嘿，大家下午好。因此，您剛剛公佈的季度業績顯示，EBITDA 利潤率接近 12%，而我認為您從未有過一個季度的利潤率超過 10。所以我想我的問題是，從長遠來看，Sprouts 能否成為兩位數 EBITDA 利潤率的企業？

Hey Bill, it's Curtis. Certainly we're aspiring to continue to improve the business quarter after quarter and year after year. Obviously, we think about it in terms of stable. We're going to continue to invest in the business to drive those long-term results. And as we've said before, as we kind of catch new watermarks, new high watermarks, we don't expect to go backwards.

嘿，比爾，我是柯蒂斯。當然，我們希望逐季、逐年持續改善業務。顯然，我們從穩定的角度來考慮這個問題。我們將繼續投資該業務以推動長期成果。正如我們之前所說的那樣，當我們捕捉到新的水位線、新的高水位線時，我們不希望倒退。

And so I'm really pleased with how the business is performing and how the teams are performing and taking care of our target customer, and we're going to continue to drive inefficiency out of our model and look to improve the business, but we're going to continue to invest in the business as well. You can count on us for stable and if it gets better than that, we'll maintain it.

因此，我對業務表現、團隊表現以及對目標客戶的照顧感到非常滿意，我們將繼續消除模式中的低效率並尋求改善業務，但我們也將繼續對業務進行投資。您可以信賴我們保持穩定，如果情況變得更好，我們也會維持下去。

I think the exciting thing for us at the moment, Bill, is that we're in the place where, as I've always said, we're a relatively immature business, so there's opportunities for us to improve our business. And as we continue to do that, to reinvest this for the future is so exciting in terms of the work we can do in IT and supply chain and making our better and really investing in our team members as we create this differentiated experience in store.

比爾，我認為目前對我們來說令人興奮的事情是，正如我一直在說的，我們的業務還處於相對不成熟的階段，因此我們有機會改善我們的業務。隨著我們繼續這樣做，為未來進行再投資是如此令人興奮，因為我們可以在 IT 和供應鏈方面開展工作，並在我們在店內創造這種差異化體驗時，讓我們變得更好並真正投資於我們的團隊成員。

I'm really excited about where we're at. And giving us the fuel to do that is something that Curtis will navigate our way through how we think this one through. But it's an exciting place to be at the moment.

我對我們現在的處境感到非常興奮。而為我們提供實現這一目標的動力，正是柯蒂斯將引導我們思考這個問題的方式。但目前這是一個令人興奮的地方。

Thank you. And as a follow up, Curtis, I think you mentioned that tight in-stock levels had helped shrink leverage. Have they reached a point or has it reached a point where those tighter inventory levels are impacting sales in any way? Or are there any missed sales out there as those inventory levels that helped shrink leverage have gotten a little tighter?

謝謝。作為後續問題，柯蒂斯，我想您提到過，緊張的庫存水平有助於降低槓桿率。他們是否已經達到了庫存緊張程度對銷售產生影響的程度？或者，由於有助於降低槓桿率的庫存水準已經變得有些緊張，是否存在錯過的銷售情況？

Yeah, good question, Bill. I think, we feel good about we're getting the product we need to keep the sales going. Obviously, it was a good quarter in Q1 and pretty similar to Q2. I think we do want to get back in stock as best we can just to take care of the target customer, are we leaving a little bit on the table there perhaps, but we just really need to be in stock to take care of the customer and that's what we're focused on is getting back to break there.

是的，比爾，你問得好。我認為，我們很高興獲得了維持銷售所需的產品。顯然，第一季表現良好，與第二季非常相似。我認為我們確實希望盡可能地恢復庫存，以照顧目標客戶，我們是否在那裡留下了一點餘地，但我們確實需要有庫存來照顧客戶，這就是我們所關注的，就是恢復庫存。

I think it's there's a few categories, sorry, there's a few categories we've looked at that probably as the transition and self-distributions probably helped us a little bit in that space or hindered us whichever way you want to describe it.

我認為它有幾個類別，抱歉，我們已經研究過幾個類別，因為過渡和自我分佈可能在那個領域對我們有點幫助，或者阻礙我們，無論你想用什麼方式來描述它。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

Hi, this is Kendall Toscano on for Robbie. Thanks for taking my question. Curious, although grocers probably don't have as much exposure to tariffs we have in place right now, Curious if there's anything you're seeing from years in terms of pricing actions to maybe trying to get ahead of a future tariffs or manage rising costs in other areas.

大家好，我是 Kendall Toscano，為 Robbie 播報。感謝您回答我的問題。好奇的是，儘管雜貨商可能沒有像我們現在這樣受到關稅的影響，但好奇的是，從多年的定價行動來看，您是否看到了什麼，也許是為了領先於未來的關稅或管理其他領域的成本上升。

Hi Kendall, it's Nick. No, we're not seeing anything on the product side right now in any pre-emptive response to tariffs. Things have been pretty stable for us on the cost side.

你好，肯德爾，我是尼克。不，我們目前沒有看到產品方面對關稅採取任何先發制人的應對措施。就成本方面而言，我們的情況一直相當穩定。

Same on SG&A. It's early and I think people are trying to figure out exactly where it's going to be when it's all said and done, so we haven't seen much yet.

銷售、一般及行政費用 (SG&A) 也一樣。現在還為時過早，我認為人們還在試圖弄清楚當一切塵埃落定之後，事情究竟會發展到什麼程度，所以我們還沒有看到太多資訊。

Got it thanks. And then apologies if I missed it, but can you give us any more color in terms of the supply constraints you brought up before exactly what categories are driving that? And I know you also had that was a driver of some gross margin expansion, so is that something you expect to continue into the second quarter?

明白了，謝謝。然後，如果我錯過了，請原諒，但是您能否就您之前提到的供應限制問題給我們提供更多細節，究竟是哪些類別導致了供應限制？我知道這也是毛利率擴張的一個推動因素，那麼您預計這種情況會持續到第二季​​嗎？

Yeah, there's a few things going on there. One, well, clearly the meat transition and self-distribution that's just a challenge with fresh product. And so as we made that transition to kind of our bridge solution before we're ready to do it in our DCs, we had some empty shells and spots that contributed to shrink. And we pulled back a little bit on promo in the second half of the quarter as well as we were just managing supply and working through the transition.

是的，那裡發生了一些事情。首先，顯然肉類的轉化和自我分銷對於新鮮產品來說是一個挑戰。因此，在我們準備在 DC 中實施之前，當我們過渡到橋接解決方案時，我們遇到了一些空殼和斑點，這些都導致​​了收縮。我們在本季度的後半段稍微減少了促銷，同時我們只是在管理供應並努力完成過渡。

That piece is largely behind us. We're in good shape on the meat front. We've got our bridge solution in place. Our partner's doing great, and we're working through supply with them. And then the other piece is eggs, which just continues to be a challenge, with avian flu, that continues on here.

這件事基本上已經過去了。我們的肉類狀況良好。我們已經制定了橋樑解決方案。我們的合作夥伴做得很好，我們正在與他們合作供應。另一個問題是雞蛋，這仍然是一個挑戰，因為禽流感仍在繼續。

And then the third part is just generally the business is in great shape and we're running strong comps and so we're chasing inventory in a variety of areas across the business, and that's led to a little bit less shrink, so. We'll see how that plays out in the second quarter. A little bit of that, as I said earlier could leak into Q2, but we're working hard to try and get back to bright and shore those up.

第三部分是，總體而言，業務狀況良好，我們的業績表現強勁，因此，我們在整個業務的各個領域追逐庫存，這導致庫存縮減幅度略有減少。我們將看看第二季的情況如何。正如我之前所說，其中的一些可能會滲透到第二季度，但我們正在努力嘗試恢復光明並鞏固這些。

Great, thank you.

太好了，謝謝。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞 (Kelly Bania)，BMO 資本市場。

Hi, good evening, thanks for, fitting me in. Wanted to follow up on e-commerce. I think you said that your growth was consistent across your three kind of primary partners and just wanted to dig in a little bit more on Instacart and how that's going because I thought it was interesting that they lowered their minimum delivery threshold I believe to $10 recently.

嗨，晚上好，謝謝你給我安排時間。想要跟進電子商務。我想您說過，您的成長在三種主要合作夥伴中是一致的，我只是想更深入地了解 Instacart 及其發展情況，因為我認為有趣的是，他們最近將最低配送門檻降低到了 10 美元。

And so just curious if that contributed to any growth there or if there's any way change in the way that consumers can use Sprouts with that lower threshold there thinking of kind of prepared foods and convenient meal solutions in particular.

所以我很好奇這是否有助於那裡的成長，或者消費者使用 Sprouts 的方式是否會因為門檻降低而發生任何變化，尤其是考慮到預製食品和方便的膳食解決方案。

Hey Kelly, it's Nick. Yeah, as you mentioned, I mean, we did see really strong e-commerce growth of 28% overall. And I think we've talked about our e-commerce growth is driven first and foremost by the fact that we've got a really unique and differentiated offering that's hard to find other places and so people will certainly continue and we continue to see strong transactions and people looking for what we have on e-commerce. And I think as we've noted strategically for us, we're here to serve the customer wherever they want us to. And the good news is those e-commerce customers are omnichannel customers and also high value. So that that growth has a nice tailwind for us.

嘿凱利，我是尼克。是的，正如您所說，我們確實看到電子商務整體成長強勁，達到 28%。我認為，我們已經討論過，我們的電子商務成長首先是因為我們擁有真正獨特和差異化的產品，這在其他地方很難找到，因此人們肯定會繼續使用我們的產品，我們將繼續看到強勁的交易，人們將繼續尋找我們在電子商務上提供的產品。我認為，正如我們在策略上指出的那樣，我們會在客戶需要的任何地方為他們提供服務。好消息是，這些電子商務客戶都是全通路客戶，而且價值很高。因此，這種增長對我們來說是有利的。

Regarding Instacart, the good news is we're seeing strong growth across all three of our partners Instacart, DoorDash, and Uber Eats. We're certainly comping over some of the new launches with Uber Eats last year and DoorDash, but they continue to grow and Instacart is still the large majority of our e-commerce business and we're seeing strong growth.

關於 Instacart，好消息是我們看到我們的三個合作夥伴 Instacart、DoorDash 和 Uber Eats 都實現了強勁成長。我們當然會與去年的 Uber Eats 和 DoorDash 等一些新推出的產品進行競爭，但它們仍在繼續成長，而 Instacart 仍然是我們電子商務業務的絕大部分，而且我們看到了強勁的成長。

Some of the things you mentioned, we're seeing a little bit of help, but again, I think our customer is more focused on the unique products and attributes, more so than maybe the deal that others on that platform may be looking for. But so far, we're continuing to see strong growth of that partner in all three.

您提到的一些事情，我們看到了一點幫助，但我再次認為，我們的客戶更關注獨特的產品和屬性，而不是該平台上其他人可能正在尋找的交易。但到目前為止，我們仍然看到這三個合作夥伴的強勁成長。

Thank you.

謝謝。

Thanks, Kelly.

謝謝，凱利。

Thanks, Kelly.

謝謝，凱利。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Hey, good afternoon, guys. Thanks for taking our questions. First thing I want to ask about, you mentioned earlier that you've kind of seen broad-based growth across all categories, which I think is a little bit different from what we hear from maybe more traditional retailers and some of the suppliers. So I just wondering if you can talk maybe on a relative basis, maybe some areas that are doing a bit better and maybe some that are a little bit weaker.

嘿，大家下午好。感謝您回答我們的問題。我想問的第一件事是，您之前提到，您已經看到所有類別都出現了廣泛的增長，我認為這與我們從更傳統的零售商和一些供應商那裡聽到的情況略有不同。所以我只是想知道您是否可以從相對的角度來談談，也許有些領域做得比較好，也許有些領域做得比較弱。

Yeah, I think the reality for us is it's continuing to what we've seen over the course of the last few years. Those categories that are differentiated, those categories that have got different attributes in them. We're seeing a stronger growth in those categories than in categories that are more traditional. So our dairy business is really strong. Our frozen business is really strong, our grocery business is really strong.

是的，我認為現實情況是，它將繼續延續過去幾年來我們所看到的情況。那些有區別的類別，那些具有不同屬性的類別。我們發現這些類別的成長比更傳統的類別更強勁。所以我們的乳製品業務確實很強勁。我們的冷凍業務非常強勁，我們的雜貨業務也非​​常強勁。

Well, at the same time, I think one of the step ups we've had, Nick, has been what's happened in our vitamin business, which Curtis alluded to part of the reason being cold and flu. But part of it is just the way that world is changing in terms of products that are very -- those supplements that are coming in to help people with different issues and different things they're thinking about.

嗯，與此同時，尼克，我認為我們取得的進步之一就是我們的維生素業務所發生的事情，柯蒂斯暗示部分原因是感冒和流感。但部分原因在於世界在產品方面正在改變——這些補充劑可以幫助人們解決不同的問題和他們所考慮的不同事情。

I've been astonished that the new products are coming through there on how well they're doing. So as well as our base business, which is bulk and produce and our meat business, which we're feeling comfortable with. Those are probably the areas that are doing a little bit better.

我對這些新產品的出色表現感到驚訝。因此，我們對我們的基礎業務（即散裝農產品和肉類業務）感到滿意。這些可能是表現稍好的領域。

Yeah, I think you're right on, Jack. The only color I would add is where it's innovative and attribute forward for us, Scott, it's winning and our customers voting for that. That's maybe where the outsized growth is coming in those and when it's innovative and new and differentiated with an attribute, that's certainly winning for us overall.

是的，我認為你是對的，傑克。我要添加的唯一顏色是它的創新和屬性，對我們來說，史考特，它是成功的，我們的客戶也為此投票。這也許就是超額成長的來源，當它具有創新性、新穎性並且具有差異化屬性時，這對我們來說無疑是整體上的勝利。

Jack covered some of the categories. I think one of the thing I'm really happy with the work with the team is pockets of the country or parts of our categories that maybe were a little softer last year. We put a lot of work in and helped improve and so we're seeing all the businesses continue to grow. So there isn't a laggard where we look at and go, this is not working for us. There's been a lot of work on execution and the team's done a good job of growing all of our businesses right now.

傑克涵蓋了一些類別。我認為，我對與團隊合作感到非常高興的一件事是，去年我們在某些​​國家或某些類別中的表現可能稍微弱一些。我們投入了大量的工作並幫助改進，因此我們看到所有業務都在持續成長。因此，我們不會遇到落後者，這對我們來說是行不通的。我們在執行方面做了大量工作，目前團隊在發展所有業務方面做得很好。

Understood, thanks for that. And then just as a follow up, in your Investor Deck there was a comment in there about having kind of a same-store growth tailwind from some of the new stores, but that being partially offset by some cannibalization which is something I don't believe I've seen alluded to before so just wondering if you can kind of share some insights into that in terms of maybe magnitude and which markets. Thanks.

明白了，謝謝。然後作為後續問題，在您的投資者演示文稿中，有一條評論說，一些新店帶來了同店增長的順風，但是這種順風被一些同類相食所部分抵消，我認為我之前沒有見過這種說法，所以我只是想知道您是否可以就規模和市場方面分享一些見解。謝謝。

Yeah, I think the cannibalization, it's probably about 100 to 150 basis points, and it just depends on kind of where we're opening stores and how close they are to other stores. That tends to obviously lean a little bit more towards our more established markets in the west and Southwest. As we open stores in the east, we've got a little bit more space and a little bit less cannibalization, but blended together, you're in that 125 basis points.

是的，我認為蠶食大概在 100 到 150 個基點左右，這取決於我們在哪裡開設商店以及它們與其他商店的距離。這顯然更傾向於我們西部和西南地區更成熟的市場。當我們在東部開設商店時，我們獲得了更多的空間，並且蠶食的程度有所降低，但綜合起來，我們仍處於 125 個基點的範圍內。

And on the new-store side, they're coming in and they're folding into the comp really well, really pleased with the new store performance. We just don't have the number of vintages behind us, it was 8% last year, 8% the year before that. Prior to that, we only opened 12 and 16 stores in a couple of years. And so, once we get the full, kind of 10% growth over multiple years, that number will continue to grow. Well, I think the cannibalization will stay in that same range.

在新店方面，他們進駐並很好地融入了公司，對新店的表現非常滿意。我們只是沒有那麼多年份的葡萄酒，去年是 8%，前年是 8%。在此之前，我們在幾年內只開了12家和16家店。因此，一旦我們在多年內實現 10% 的成長，這個數字就會繼續成長。嗯，我認為蠶食程度將保持在同一範圍內。

Right now they're, a slight benefit if you net them together with the new store comps, partially offset by the cannibalization. I expect the new store comp impact to continue to grow as we get more stores in the base, and again, the cannibalization should stay pretty steady in that 100 to 150 range, as we open in that mix of new markets versus existing more established markets.

現在，如果將它們與新店合併計算，它們會有一定的收益，但會被部分蠶食所抵消。我預計，隨著我們在基礎上開設更多門市，新店競爭效應將繼續增長，而且，隨著我們在新市場與現有更成熟市場中開設新店，蠶食率應保持相當穩定的 100 至 150 的範圍內。

Understood, thanks so much. I'll pass it on.

明白了，非常感謝。我會傳達的。

Thanks, Scott.

謝謝，斯科特。

Scott Mushkin, R5 Capital.

斯科特·穆甚金（R5 Capital）

Hey, guys, thanks for fitting me in. So I wanted to go back to a question that kind of came up a little bit, which was just the idea of competition, if we're going to go back in time, I get this question from investors a lot with you guys. It reminds people of Whole Foods. And people ended up copying Whole Foods to a degree to push their margins back down quite a bit.

嘿，夥計們，謝謝你們給我安排。所以我想回到剛才提到的一個問題，那就是競爭的想法，如果我們要回顧過去，我常常從投資人那裡聽到這個問題。它讓人們想起了全食超市。人們最終在某種程度上模仿了 Whole Foods，從而將其利潤率壓低了不少。

So the question is, what else can you do to expand the moat from competitors because they're going to come, right? Product differentiation is key, what you're doing, but what else in your mind can really drive an increasingly unique customer experience is a much better customer service, for example, which would actually require some investment and maybe, keep the margins more, not growing as much. But I just want to get your thoughts on that.

所以問題是，你還能做些什麼來擴大與競爭對手的護城河，因為他們會來，對嗎？產品差異化是關鍵，這是你正在做的事情，但你認為還有什麼可以真正推動日益獨特的客戶體驗，例如更好的客戶服務，這實際上需要一些投資，也許可以保持更多的利潤率，而不是成長那麼多。但我只是想聽聽你對此的看法。

Well, we're very focused on, as I've used the expression, ploughing our own canoe. We're going to do our, I think everyone laughs at it because I don't quite understand it myself, but it certainly means we're trying to do our own thing and pushing that agenda down the road. I don't see the agenda changing significantly, Scott.

嗯，我們非常專注於，正如我所用到的表達，耕耘我們自己的獨木舟。我們要做我們的事，我想每個人都會嘲笑它，因為我自己也不太理解，但這確實意味著我們正在努力做我們自己的事情並推動這項議程。史考特，我認為議程不會發生重大變化。

We've got to double down on our produce business, which has always been the important part of it. Organic produce is on fire for us. And I don't see if you, if your organic business is growing as fast as it is for us relative to conventional, it's very hard for the other guys to chase after that. They're going to chase after the basic of that business rather than the organic side of it. So we're excited about the opportunity in that space and doubling down on it. I think we can do more and more in our launching of products. We launched 7.5, we talked to the last call we launched 7,500 products last year. That's an extraordinary number and keeping -- always refreshing our business.

我們必須加倍投入農產品業務，這一直是我們業務的重要組成部分。有機農產品對我們來說非常受歡迎。而且我不認為，如果您的有機業務相對於傳統業務的成長速度與我們一樣快，那麼其他人很難追趕。他們將追求業務的基本面，而不是有機面。因此，我們對該領域的機會感到非常興奮，並願意加倍努力。我認為我們在推出產品時可以做得更多。我們推出了 7.5，根據上次通話，我們去年推出了 7,500 種產品。這是一個非凡的數字，並且不斷刷新我們的業務。

I spent it yesterday with the innovation, with an innovation group in the beverage forum out in California and the number of products that are coming our way. And it literally is very difficult for the other guys to launch as many products as that, so we feel pretty confident in that space. With regard to pricing, we've always looked at pricing and having a price differential with everybody on our fresh produce business, and we continue to have that.

昨天我與加州飲料論壇的創新小組一起討論了創新問題以及即將推出的多種產品。對於其他人來說，推出如此多的產品確實非常困難，所以我們對這個領域非常有信心。關於定價，我們一直在關注定價，並與新鮮農產品業務上的每個人保持價格差異，並且我們將繼續保持這種狀態。

And with regard to the products we're selling, we're pretty well priced on the products outside of the fresh food space. So from a pricing point of view, we think we've got a moat. From a product point of view, we think we've got a moat. And then probably as important is how we create the atmosphere inside our stores. I've been absolutely delighted at the way operations team have taken on board the mantle of trying to be the best service you can possibly be and the best service in the grocery industry in the United States.

就我們銷售的產品而言，除新鮮食品領域外，我們的產品定價相當合理。因此從定價的角度來看，我們認為我們已經擁有了護城河。從產品的角度來看，我們認為我們已經有了護城河。同樣重要的是我們如何營造店內氛圍。我對營運團隊承擔起努力提供盡可能最好的服務和美國雜貨業最好的服務的重任感到非常高興。

And that involves sampling and saying hello to people and greeting people, and we've got some pretty tough measures to make sure our teams are doing that. And that that that I think is a really important part. There isn't a thing that a lot of grocers try to aspire to. And that's part of the reason that we feel confident that the work that we're doing to take -- drive some efficiency in our business that we can then convert back into service and convert back into product is something that will give us that differentiation going forward.

這包括採樣、向人們問好和問候，我們採取了一些非常嚴格的措施來確保我們的團隊做到這一點。我認為這是非常重要的部分。很多雜貨商並不想達成這樣的目標。這就是我們有信心所做的工作——提高業務效率，然後我們可以將其轉化回服務並轉化回產品，這將使我們在未來實現差異化。

So it's been working so far, and as I look at what's happening in the marketplace, Scott, I feel pretty confident that we're on the right track.

到目前為止，一切進展順利，當我觀察市場上發生的事情時，史考特，我非常有信心我們走在正確的軌道上。

That's perfect, Jack. That was actually a fantastic answer, so I appreciate it. Thank you.

太完美了，傑克。這確實是一個非常棒的答案，所以我很感激。謝謝。

Thanks.

謝謝。

Thank you. And I'm showing no further questions at this time. So with that, I'll hand the call back over to CEO Jack Sinclair for any closing remarks.

謝謝。我現在沒有其他問題了。因此，我將把電話轉回給執行長傑克辛克萊 (Jack Sinclair)，請他做最後發言。

Well, thanks, everybody, for your attention. We appreciate your support, appreciate your interest in our business and we look forward to updating it through the year. Thanks, everybody.

好吧，謝謝大家的注意。我們感謝您的支持，感謝您對我們業務的關注，我們期待全年不斷更新。謝謝大家。