Sprouts Farmers Market Inc (SFM) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Sprouts Farmers Market second quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Sprouts Farmers Market 2025 年第二季財報電話會議。（操作員指示）

I would not like to hand the conference over to your speaker today, Susannah Livingston, Vice President of Investor Relations and Treasury.

我不想將今天的會議交給你們的發言人、投資者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 are with me today. Nick Konat, our President and Chief Operating Officer, had a family commitment and not be joining us for this quarter.

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。今天和我在一起的有執行長傑克辛克萊 (Jack Sinclair) 和財務長柯蒂斯瓦倫丁 (Curtis Valentine)。我們的總裁兼營運長尼克·科納特 (Nick Konat) 因家庭事務需要，本季無法加入我們。

The earnings release announcing our second 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.

公佈我們 2025 年第二季業績的收益報告。本次電話會議的網路直播和財務投影片可透過我們網站 investors.sprouts.com 的投資者關係板塊觀看。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。

These statements involve several risks and uncertainties that could cause results to differ materially from those described in the forward-looking statements. 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.

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描述的結果有重大差異。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的前瞻性陳述評論。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，我就把它交給傑克。

Thanks Susanna, and good afternoon, everyone. At Sprouts, we remain committed to our purpose, to help people live and eat better, in an environment where consumers are becoming more mindful about what they eat and where it comes from, Sprouts stands apart. Our focus on fresh, local, and innovative natural and organic products, along with our knowledgeable team members and approachable stores continues to resonate with our target customer.

謝謝蘇珊娜，大家下午好。在 Sprouts，我們始終致力於我們的目標，幫助人們生活得更好、吃得更好，在消費者越來越關注自己吃什麼、食物來自哪裡的環境中，Sprouts 脫穎而出。我們專注於新鮮、本地和創新的天然和有機產品，加上我們知識淵博的團隊成員和平易近人的商店，繼續引起目標客戶的共鳴。

In the second quarter, we delivered strong results driven by our strategy to market to our target customers with a differentiated assortment, disciplined operations, an advantaged supply chain, and ongoing store growth. Our sales increased 17%, supported by comparable store sales of 10.2% and robust new store performance. Our diluted earnings per share reached $1.35 reflecting a 44% increase compared to the same period last year.

在第二季度，我們取得了強勁的業績，這得益於我們透過差異化的產品組合、嚴謹的營運、優勢的供應鏈和持續的門市成長向目標客戶進行行銷的策略。我們的銷售額成長了 17%，這得益於同店銷售額成長 10.2% 以及新店業績強勁。我們的每股攤薄收益達到 1.35 美元，比去年同期成長 44%。

We're proud of how our team continues to execute, focusing on our customers, which in turn continues to deliver strong results. Today we'll walk you through our performance highlights, update you on our strategic initiatives and share how we're positioning Sprouts for continued success in the second half of the year and beyond. We're excited about our progress and remain focused on delivering innovative, fresh and healthy foods that meets the evolving needs of our health conscious consumers. I want to thank the team for their ongoing commitment to supporting our customers on their health journey.

我們為我們的團隊持續執行、關注客戶並繼續取得強勁成果而感到自豪。今天，我們將向您介紹我們的業績亮點，向您介紹我們的策略舉措，並分享我們如何讓 Sprouts 在下半年及以後繼續取得成功。我們對我們的進步感到非常興奮，並將繼續致力於提供創新、新鮮和健康的食品，以滿足注重健康的消費者不斷變化的需求。我要感謝團隊一直以來致力於支持我們的客戶的健康之旅。

For now, I'll hand it to Curtis to review our second 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二季財務業績以及我們更新的 2025 年展望。柯蒂斯？

Thanks, Jack, and good afternoon everyone. In the second quarter, total sales were $2.2 billion, up $327 million or 17% compared to the same period last year. This growth was driven by a 10.2% increase in comparable store sales and the strong results from our new stores. The performance of our comps across categories, channels, and geography remains balanced, supported by new stores entering the comp base.

謝謝，傑克，大家下午好。第二季總銷售額為22億美元，比去年同期成長3.27億美元，成長17%。這一成長得益於同店銷售額成長 10.2% 以及新店的強勁業績。在進入同店市場的新店的支持下，我們在各個類別、通路和地區的同店業績保持平衡。

Traffic was strong and accounted for the majority of our comp. As anticipated, it slightly moderated from the first quarter, which is not surprising given traffic was the main driver of last year's acceleration. Our e-commerce sales grew 27%, representing approximately 15% of our total sales for the quarter with good performance from all partners.

客流量很大，占我們公司客流量的大部分。正如預期的那樣，它比第一季略有放緩，這並不奇怪，因為交通量是去年加速的主要驅動力。我們的電子商務銷售額成長了 27%，約佔本季總銷售額的 15%，所有合作夥伴都表現良好。

Additionally, Sprout's brand contributed 24% to our total sales for the quarter. Our second quarter gross margin was 38.8%, an increase of 91 basis points compared to the same period last year. This increase was primarily due to leveraging our inventory and category management improvements as well as leverage from our sales performance.

此外，Sprout 品牌為我們本季的總銷售額貢獻了 24%。我們第二季的毛利率為38.8%，比去年同期成長了91個基點。這一成長主要得益於我們庫存和品類管理的改進以及銷售業績的提升。

SG&A for the quarter totaled $645 million an increase of $89 million and 33 basis points of leverage compared to the same period last year. Our strong comp performance led to leverage mainly in labor and occupancy.

本季銷售、一般及行政費用總計 6.45 億美元，與去年同期相比增加了 8,900 萬美元，槓桿率增加了 33 個基點。我們強勁的業績主要導致了勞動力和入住率的槓桿作用。

Store closure and other costs totaled approximately $2 million for the quarter. These are primarily due to costs associated with exiting leases related to our 2023 store closures. Depreciation and amortization, excluding depreciation included in the cost of sales, was $37 million.

本季門市關閉和其他費用總計約 200 萬美元。這些主要是由於與我們在 2023 年關閉門市相關的退出租約所產生的成本。折舊和攤提（不包括銷售成本中包含的折舊）為 3,700 萬美元。

For the second quarter, our earnings before interest and taxes were $179 million. Interest income was approximately $431,000 and our effective tax rate was 26%. Net income was $134 million and diluted earnings per share were $1.35 an increase of 44% compared to the same period last year.

第二季度，我們的息稅前利潤為 1.79 億美元。利息收入約為 431,000 美元，我們的有效稅率為 26%。淨收入為 1.34 億美元，每股攤薄收益為 1.35 美元，比去年同期成長 44%。

During the second quarter, we opened 12 new stores, ending the quarter with 455 stores across 24 states. A strong and healthy balance sheet has underpinned our financial performance. Year-to-date, we generated $410 million in operating cash flow, which allowed us to self-fund our investments of $138 million in capital expenditures net of landlord reimbursement to grow our business.

第二季度，我們開了 12 家新店，至此，我們在 24 個州的門市總數達到 455 家。強勁而健康的資產負債表支撐了我們的財務表現。年初至今，我們產生了 4.1 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 1.38 億美元的資本支出，以發展我們的業務。

We have also returned $292 million to our shareholders by repurchasing 2 million shares. We have $158 million remaining under our current share repurchase authorization. We ended the second quarter with $261 million in cash and cash equivalents, and $23 million of outstanding letters of credit.

我們也透過回購 200 萬股股票向股東返還了 2.92 億美元。我們目前的股票回購授權還剩餘 1.58 億美元。截至第二季末，我們擁有 2.61 億美元的現金和現金等價物，以及 2,300 萬美元的未償還信用證。

As you probably saw on July 25, we closed the $600 million revolving credit facility, which replaced our previously existing $700 million revolver. The terms and conditions are substantially similar to our previous agreement with the new expiration date of July 2030.

正如您可能在 7 月 25 日看到的那樣，我們關閉了 6 億美元的循環信貸額度，以取代我們之前現有的 7 億美元循環信貸額度。該條款和條件與我們先前的協議基本相似，新的到期日為 2030 年 7 月。

While we plan to fund our operations and unit growth through our robust cash flow generation, this facility provides Sprouts with financial flexibility as we grow. An increasing number of customers are emphasizing the importance of quality, healthy food options, and this positive trend, along with continued new store performance is inspiring our plans to expand into new markets.

雖然我們計劃透過強勁的現金流為我們的營運和單位成長提供資金，但該設施為 Sprouts 的發展提供了財務靈活性。越來越多的顧客開始強調優質、健康食品選擇的重要性，這種積極的趨勢以及新店持續的業績激勵著我們拓展新市場的計劃。

Looking ahead to the remainder of 2025, we are dedicated to achieving significant earnings growth while capitalizing on these emerging opportunities. For 2025 we expect total sales growth to be 14.5% to 16% and comp sales in the range of 7.5% to 9%. We still anticipate comp sales to moderate as we cycle the higher comps from late 2024.

展望 2025 年剩餘時間，我們致力於利用這些新興機遇，實現顯著的獲利成長。我們預計 2025 年總銷售額成長率將達到 14.5% 至 16%，同店銷售額成長率將在 7.5% 至 9% 之間。我們仍預計，隨著 2024 年底開始同店銷售額上升，同店銷售額將會放緩。

We plan to open at least 35 new stores, earnings before interest and taxes are expected to be between $675 million and $690 million and earnings per share are expected to be between $5.20 and $5.32 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%.

我們計劃開設至少 35 家新店，預計息稅前利潤在 6.75 億美元至 6.9 億美元之間，假設不進行額外的股票回購，每股收益預計在 5.20 美元至 5.32 美元之間。話雖如此，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 third quarter, we expect comp sales to be in the range of 6% to 8% and earnings per share to be between $1.12 and $1.16.

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。對於第三季度，我們預計同店銷售額將在 6% 至 8% 之間，每股收益將在 1.12 美元至 1.16 美元之間。

As we have begun to lap last year's comp step changes, we continue to see consistent two year stack performance of approximately 15%. In the second quarter, we also benefited from some external tailwinds that pushed the two year stack above our run rate in May and June. While those tailwinds come and go, the approximately 15% two year stack remains consistent and gives us confidence in our increased comp guidance.

當我們開始回顧去年的補償步驟變化時，我們繼續看到兩年的堆疊效能持續保持在約 15% 的水平。在第二季度，我們也受益於一些外部順風，使得兩年期累積收益在 5 月和 6 月超過了我們的運行率。儘管這些順風來來去去，但大約 15% 的兩年累積收益仍然保持一致，並讓我們對增加的補償指導充滿信心。

Year over year margin rate in both gross margin and SG&A are expected to start normalizing in the third quarter as we compare to last year's improved shrink performance, and we work to de-risk our supply chain, providing more flexibility and capacity. We anticipate continued EBIT margin expansion of approximately 40 basis points to 50 basis points year-over-year. For the rest of 2025, we are confident in our strong financial foundation and successful execution of our strategic initiatives, which position us to deliver strong earnings growth in the second half.

與去年改善的收縮業績相比，毛利率和銷售、一般及行政費用的同比利潤率預計將在第三季度開始正常化，並且我們致力於降低供應鏈風險，提供更大的靈活性和產能。我們預計息稅前利潤率將年比持續擴大約 40 個基點至 50 個基點。對於 2025 年剩餘時間，我們對強大的財務基礎和策略舉措的成功執行充滿信心，這將使我們能夠在下半年實現強勁的獲利成長。

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. We leveraged our strategic initiatives in the second quarter, which delivered excellent results and set us up for an exciting future. We keep reinvesting in our business by developing innovative products and enhancing our operations both in stores and across the supply chain.

謝謝，柯蒂斯。我們在第二季度充分利用了我們的策略舉措，取得了優異的成績，並為我們帶來了令人興奮的未來。我們透過開發創新產品和加強商店和整個供應鏈的運作來不斷對我們的業務進行再投資。

Additionally, we're driving engagement with our customers through targeted service strategies and carefully chosen store locations. We also continue to prioritize investing in our team members who play a vital role in driving these results.

此外，我們還透過有針對性的服務策略和精心選擇的商店位置來推動與客戶的互動。我們也將繼續優先投資在推動這些成果方面發揮至關重要作用的團隊成員。

Customers are increasingly drawn to Sprouts due to our strengths in identifying trendy offerings, providing fresh and quality food, and launching innovative products rich in health-driven attributes. Innovation is a cornerstone of our strategy, and our consistent launch of new products keeps our selection fresh and exciting.

由於我們擅長識別流行產品、提供新鮮優質的食品以及推出富含健康屬性的創新產品，Sprouts 越來越受到顧客的青睞。創新是我們策略的基石，我們不斷推出新產品，使我們的選擇保持新鮮和令人興奮。

Our innovation center continues to grow in sales with baskets that contain innovation items being more than double the size of our overall company basket. We remain focused on the categories that matter to our target customers. The Sprouts brand continues to excel with plans to release over 350 new products this year alone. Our success is driven by our strong emphasis on attributes, high quality items, and the discovery of products through seasonally themed events.

我們的創新中心的銷售額持續成長，裝有創新產品的購物籃的規模是我們公司整體購物籃的兩倍以上。我們仍然專注於對我們的目標客戶來說重要的類別。Sprouts 品牌持續表現出色，光是今年就計劃推出 350 多種新產品。我們的成功源自於我們對產品屬性、高品質產品以及透過季節性主題活動發現產品的高度重視。

Growth in organic products is on the rise, now accounting for nearly a third of our total sales and over 50% of our produce sales, thanks to our organic-first merchandise initiative. Additionally, we continue to expand our SKU count in trending categories such as no seed oils and high protein items. We now offer more than 3,700 high protein products with 450 new items set to be released this year.

由於我們實施了「有機優先」商品計劃，有機產品銷售量正在不斷增長，目前占我們總銷售額的近三分之一，占我們農產品銷售額的 50% 以上。此外，我們繼續擴大流行類別（如無種子油和高蛋白產品）的 SKU 數量。我們目前提供 3,700 多種高蛋白產品，今年也將推出 450 種新產品。

Our focus on attribute-driven products is resulting in increased sales that surpass the rest of the business and outpace overall grocery industry growth. These efforts reinforce and strengthen Sprout's leadership in the better-for-you segment, allowing us to capitalize quickly on key market trends.

我們專注於屬性驅動的產品，從而使銷售額的成長超過了其他業務，並且超過了整個雜貨行業的成長。這些努力鞏固並加強了 Sprout 在「為您更有益」領域的領導地位，使我們能夠迅速利用關鍵的市場趨勢。

As you know we've been building an advantage supply chain that is a strategic priority, enabling scalable growth for the future. Fresh is the most important category for us. We've been building capacity over the years to take on more self-distribution. This includes expanding capacity in existing markets such as our Northern California, DC in early 2026 and building new capacity in our expansion markets.

如您所知，我們一直在建立優勢供應鏈，這是一項策略重點，旨在實現未來的可擴展成長。新鮮對我們來說是最重要的類別。多年來，我們一直在增強能力，以承擔更多的自我分銷。這包括在 2026 年初擴大現有市場（例如北加州、華盛頓特區）的產能，以及在擴張市場建立新的產能。

By taking control of key product categories such as meat and seafood, we are taking critical steps towards self-sufficiency. This approach allows us more control over our supply chain while minimizing operational and supply chain risk. Although there's significant work to do, we will begin insourcing fresh meat and seafood this quarter in Orlando and continue the work through the second quarter of 2026. We will continue to focus on new DC expansion in the next three to five years to support our continued growth.

透過控制肉類和海鮮等主要產品類別，我們正在朝著自給自足邁出關鍵一步。這種方法使我們能夠更好地控制我們的供應鏈，同時最大限度地降低營運和供應鏈風險。儘管還有很多工作要做，但我們將於本季在奧蘭多開始採購新鮮肉類和海鮮，並將持續到 2026 年第二季。我們將在未來三到五年內繼續專注於新的 DC 擴張，以支持我們的持續成長。

The Sprout reward loyalty program launched in Arizona this month, marking an important step in our Sprouts customer engagement and personalization journey. The results of our test and pilot programs have boosted our confidence in the program's potential, showing that loyalty members are shopping more frequently, growing at a faster rate, and spending more.

Sprout 獎勵忠誠度計劃本月在亞利桑那州啟動，標誌著我們的 Sprout 客戶參與和個人化之旅邁出了重要一步。我們的測試和試點計畫的結果增強了我們對該計畫潛力的信心，顯示忠誠會員的購物頻率更高、成長速度更快、消費更多。

Our teams are excited and prepared to support the full rollout, which remains on track for the end of this year. This initiative presents a significant opportunity for us to better understand and serve our target customers, ultimately using these insights across our business to enhance the customer experience and create long term value.

我們的團隊非常興奮並準備好支持全面推出，該計劃將在今年年底前順利完成。這項措施為我們提供了一個重要的機會，讓我們能夠更好地了解和服務我們的目標客戶，最終在我們的業務中運用這些見解來提升客戶體驗並創造長期價值。

Currently we are seeing strong customer acquisition and an increase in share of wallet. Our customer experience is improving across all channels. In-store performance has strengthened due to better in-stocks, fresher products, and superior service. Additionally, our e-commerce platform continues to grow, with shop.sprouts.com experiencing the fastest increase in penetration.

目前，我們看到客戶獲取量強勁成長，錢包份額不斷增加。我們所有管道的客戶體驗都在不斷改善。由於庫存充足、產品更新鮮、服務更優質，店內業績增加。此外，我們的電子商務平台也在不斷發展，其中 shop.sprouts.com 的滲透率成長最快。

It has been exciting to witness the evolution of our marketing approach, which has transitioned from paper to digital to targeted marketing and now to genuinely personalized outreach, leveraging customer data to foster more meaningful and engaging customer experiences.

我們很高興見證了我們的行銷方法的演變，從紙本行銷到數位行銷，再到定向行銷，現在又轉變為真正的個人化推廣，利用客​​戶數據來創造更有意義、更具吸引力的客戶體驗。

Building great stores remains the foundation of our growth strategy, and we're on track to open 35 locations this year. New stores this year are opening with solid top and bottom line results, and last year's vintage is entering the comp based strong, reinforcing the effectiveness of our model.

打造優質商店仍然是我們成長策略的基礎，今年我們計劃開設 35 家門市。今年新開的店面均取得了穩健的營收和利潤，而去年的葡萄酒也進入了強勁的同店銷售，這進一步證明了我們模式的有效性。

We continue to expand our footprint to enhance accessibility for more customers across the country, with a robust pipeline of over 130 approved locations, including recent approvals in the Midwest and the Northeast. We are poised for continued momentum. from sea to shining sea, new stores are delivering strong performance, underscoring the strength of our brand and the scalability of our format.

我們將繼續擴大業務範圍，為全國更多客戶提供便利，目前已擁有超過 130 個獲批地點，包括最近在中西部和東北部獲得的批准。我們已準備好繼續保持這種勢頭。從一片大海到另一片閃亮的大海，新店正在提供強勁的業績，凸顯了我們品牌的實力和我們模式的可擴展性。

The great results and strong execution of our initiatives are possible because of our team members across the business. At the heart of our culture, our team believes in our purpose and values, which serves as the basis for long-term success. To support our future growth, we have developed a robust talent engine that focuses on our team members recruitment, development, and engagement.

我們的計劃之所以能夠取得巨大成果並得到強有力的執行，得益於我們整個企業的團隊成員的努力。在我們的文化核心中，我們的團隊相信我們的目標和價值觀，這是長期成功的基礎。為了支持我們未來的發展，我們開發了一個強大的人才引擎，專注於團隊成員的招募、發展和參與。

Key initiatives include the Fast Track program to develop future store managers, the Assistant Store Manager University, and our robust onboarding process. We have also implemented monthly talent planning reviews for our field to ensure we remain ahead of our needs and opportunities.

主要舉措包括培養未來店長快速通道計畫、店長助理大學以及我們強大的入職流程。我們也對我們的領域實施了每月的人才規劃審查，以確保我們始終滿足我們的需求和機會。

As a result of these intentional culture building and training efforts, we have significantly reduced turnover, creating a more stable, engaged and high performing team. I want to express my gratitude to our 35,000 team members for their hard work, which continues to deliver outstanding results.

透過這些有意識的文化建構和培訓工作，我們大大減少了人員流動，創造了一支更穩定、更投入和更有效率的團隊。我要向我們35,000名團隊成員表示感謝，感謝他們的辛勤工作，不斷取得優異的成果。

As we look ahead, we remain confident in our strategic direction and Sprout's unique position within the specialty food retail landscape. Our journey is not just about growing stores or improving margins. It's about deepening our connection with customers who seek real food, fresh quality ingredients, and innovative products that meet their unique needs.

展望未來，我們對我們的策略方向以及 Sprout 在特色食品零售領域的獨特地位充滿信心。我們的旅程不僅僅是擴大門市或提高利潤率。這是為了加深我們與尋求真正的食物、新鮮優質的食材以及滿足其獨特需求的創新產品的客戶的聯繫。

We've been making progress, but we know there's much more to do, whether it's expanding our footprint, strengthening our supply chain, or continuing to innovate. We're committed to building a resilient, purpose-driven company that delivers long term value to our shareholders and positively impacts the communities we serve. Thank you for joining us today. We look forward to sharing more of this journey in the quarters to come.

我們一直在取得進步，但我們知道還有很多工作要做，無論是擴大我們的足跡，加強我們的供應鏈，還是繼續創新。我們致力於打造一家有韌性、有目標的公司，為股東創造長期價值，並對我們服務的社區產生正面影響。感謝您今天加入我們。我們期待在未來幾季分享更多這段旅程的故事。

With that, I'd like to turn it over to the operator for questions.

說完這些，我想把問題交給接線生。

(Operator Instructions)

（操作員指示）

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Thank you. Hi, Jack and Curtis, great job to you and the team on the quarter. Just wanted to see if you could provide some more detail on the loyalty program. I know it's been rolling out across the country still more to go, but I guess what has surprised you so far as you've rolled it out to more regions and then, maybe what have you adapted now in your approach and any learnings over the past few months as it's been in some of your initial locations for longer?

謝謝。嗨，傑克和柯蒂斯，你們和團隊在本季度表現出色。只是想看看您是否可以提供一些有關忠誠度計劃的更多細節。我知道它已經在全國範圍內推廣，但我想，當您將它推廣到更多地區時，令您感到驚訝的是什麼？然後，也許您在方法上做了哪些調整？在過去的幾個月裡，由於它在您的一些初始地點已經運行了很長時間，您有什麼經驗教訓嗎？

Yeah. Well, Leah, the first iteration of this is it was in 35 stores. Last week we rolled out all of our stores in Arizona, so we're now up to close to 70 stores or 75 stores in terms of across. So we're still on the rollout across the nation. We've been learning.

是的。嗯，Leah，第一次迭代是在 35 家商店。上週，我們在亞利桑那州開設了所有門市，因此現在我們的門市總數已接近 70 家或 75 家。所以我們仍在全國推廣。我們一直在學習。

The encouraging thing is the number of people who are signing up and the way the consumers are scanning is ahead of what our expectations were, so we're encouraged by that. We're encouraged by the way it's working for -- we spent a lot of time and money making sure, the execution and the experience for the customer was good and worked well and we're comfortable that, that's we've learned a lot about how to make sure there isn't any clunkiness in the signing off and the making it work.

令人鼓舞的是，註冊人數和消費者掃描方式都超出了我們的預期，因此我們對此感到鼓舞。我們對它的運作方式感到鼓舞——我們花費了大量的時間和金錢來確保客戶的執行和體驗良好並且運作良好，我們對此感到滿意，我們已經學到了很多關於如何確保在簽署和使其運作過程中不會出現任何笨拙之處的知識。

We're very confident in where we're at. We're going to roll this -- will all be rolled out by the end of October, so we're feeling like the program's ready to roll out, and we think it'll bring us some big benefits next year. So I think the learning's been about execution and making it work effectively. And with the data that we're getting and the information, we're going to be in a very good position to evolve all aspects of our communication aspects of our merchandizing, aspects of where we should put store. So we're going to learn a lot from it going forward, and we're excited by the journey we're in the middle of Leah.

我們對目前的狀況非常有信心。我們將在 10 月底之前全面推出這項計劃，因此我們感覺該計劃已經準備好推出，並且我們認為它將在明年為我們帶來巨大的好處。所以我認為學習的重點在於執行並使其有效運作。利用我們獲得的數據和訊息，我們將處於非常有利的位置來改善我們的溝通方面、商品銷售方面以及我們應該重視的方面。因此，我們將從中學到很多東西，並且對 Leah 的旅程感到興奮。

That's very helpful. Thank you, and we'll look forward to hear more on that. I guess for a follow up I just wanted to switch over to digital. It continues to be very strong for you guys. Just more color on the trends there and also curious how engagement maybe is different for each of your partners and is there any divergence as they mature at different rates?

這非常有幫助。謝謝，我們期待聽到更多相關資訊。我想，為了後續行動，我只是想切換到數位方式。對你們來說，它仍然非常強大。只是想更多地了解那裡的趨勢，同時也很好奇你們每個合作夥伴的參與度可能有何不同，以及隨著他們以不同的速度成熟，是否存在分歧？

And then on your comments and the prepared remarks you talked about Sprouts.com being the fastest increase in penetration. So curious what you're doing differently there that's driving that. Thank you.

然後，根據您的評論和準備好的發言，您談到 Sprouts.com 的滲透率增長最快。我很好奇你做了什麼不同的事情來推動這個進程。謝謝。

Sure. I think it's been pretty -- hi, Leah, this is Curtis. It's been pretty kind of consistent and balanced, the same story continues to play out as we go from quarter to quarter. Three really good partners all growing. All growing well. I think our team on the shop.sprouts.com front just continues to learn about how to engage the customer there and work with our partners to do that well and so they continue to make good solid progress and that was probably the channel that was coming from the lowest space and so they continue to see really strong growth.

當然。我認為這很漂亮——嗨，利亞，我是柯蒂斯。它一直相當一致且平衡，每季都會上演同樣的故事。三個非常好的合作夥伴都在不斷成長。一切都進展順利。我認為我們 shop.sprouts.com 團隊正在繼續學習如何吸引客戶，並與我們的合作夥伴一起做好這件事，因此他們繼續取得良好而紮實的進展，這可能是來自最低空間的管道，因此他們繼續看到真正強勁的成長。

And I think the only real difference is, I think we've talked about it before, but Instacart -- the Instacart basket tends to be about 2x. The Brick & Mortar basket's a little bit bigger, and the Uber Eats and DoorDash baskets are a little bit more convenience-based, kind of what's for dinner tonight, milk, eggs, bread, staples.

我認為唯一真正的區別是，我想我們之前已經討論過這個問題，但 Instacart——Instacart 購物籃往往大約 2 倍。實體店的購物籃稍微大一點，而 Uber Eats 和 DoorDash 的購物籃則更注重便利性，例如今晚的晚餐要買什麼，牛奶、雞蛋、麵包、主食。

But outside of that, the mix is pretty consistent up and down the different categories. And again they're all growing really well and providing good service to the customer and good partners for us.

但除此之外，不同類別的混合相當一致。而且他們都發展得很好，為客戶提供了良好的服務，並為我們提供了良好的合作夥伴。

We're encouraged by the shop.sprouts.com evolution and development because it gives us some confidence that the customers are navigating directly to the Sprouts brand as part of that context, and that's something that the team have been working on for a number of years now, and it's really beginning to come together and we think that'll build more loyalty going forward.

shop.sprouts.com 的演變和發展讓我們感到鼓舞，因為它讓我們有信心，客戶會直接瀏覽 Sprouts 品牌，這也是團隊多年來一直致力於的事情，現在它真的開始走到一起，我們認為這將在未來建立更多的忠誠度。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi, good afternoon, everyone. Nice quarter. I wanted to ask you about the comp and the cadence and momentum. So you talked about a stable sort of 15 percentage, two year before a May and June acceleration. So I was hoping you could speak to that acceleration, curious if it was related to the disruption, across the industry, with UNFI.

大家好，下午好。不錯的季度。我想問你關於比賽、節奏和動量的問題。所以您談到了在五月和六月加速之前的兩年內穩定的 15% 的成長率。所以我希望您能談談這種加速，並好奇它是否與 UNFI 給整個行業帶來的混亂有關。

And then I'm curious what you've seen so far in July, and that kind of dovetails into guidance because, the guidance for 6% to 8% in Q3, 6% is 15%, right? So you've got it the midpoint, a little bit better than that. I'm just kind of curious about sustainability of current trend and how you were thinking about it all with guidance.

然後我很好奇你在 7 月看到了什麼，這與指導意見相吻合，因為指導意見是第三季成長 6% 到 8%，6% 就是 15%，對嗎？所以你已經得到了中間點，比那稍微好一點。我只是有點好奇當前趨勢的可持續性以及您是如何思考這一切的。

Sure. Thanks. This is Curtis. Yeah, two things really in May and June, really the biggest driver was we had a really strong produce season. So we've seen some really good organic crops and availability, yeah, and so the team again has done a great job. We're well positioned. They work really closely with the growers. We're focused on local. They're focused on organic first.

當然。謝謝。這是柯蒂斯。是的，五月和六月確實有兩件事，最大的驅動力是我們迎來了非常強勁的農產品季節。所以我們看到了一些非常好的有機作物和可用性，是的，所以團隊再次做得很好。我們處於有利地位。他們與種植者密切合作。我們專注於本地。他們首先關注的是有機產品。

And so when we have a good season, particularly in organic, they're able to capitalize on it. And that's what we really saw through May and June as the seasons evolved, that's kind of normalized a bit, but in May and June we saw a nice pop in the produce business.

因此，當我們迎來一個好季節，特別是有機季節時，他們就能利用這一點。這就是我們在五月和六月看到的情況，隨著季節的變化，這種情況有點正常化，但在五月和六月，我們看到農產品業務出現了良好的增長。

And then the second piece, sure. There was quite a significant disruption in the natural organic space, and we had a limited impact there just because we have a smaller portion of our business there. And so that was a helper too. We had some people come our way when they couldn't find things elsewhere and that also boosted them, that's a little bit more of the June, but the May, June story in total was a little bit better than that 15%.

然後是第二件，當然。天然有機領域出現了相當大的混亂，而我們在那裡的影響有限，因為我們在那裡的業務份額較小。所以這也是一個幫手。當一些人在其他地方找不到東西時，他們就來找我們，這也給了他們很大的鼓舞，這比 6 月份的情況要好一些，但 5 月和 6 月份的整體情況比那 15% 要好一些。

And then as far as how that's all quarter to date, both of those things have kind of settled and normalized a bit and so we're kind of back into that 15% to your stack run rate and really quarter to date through July, it's right at the midpoint from a two year stack perspective and so that's what gives us the confidence and the guide.

然後就本季迄今為止的情況而言，這兩件事都已經穩定下來並正常化了一點，所以我們的堆疊運行率又回到了 15% 的水平，而實際上截至 7 月份的本季度迄今為止，從兩年堆棧的角度來看，它正好處於中點，所以這給了我們信心和指導。

It's been -- since we jumped up last September, it's been 7 of the 11 periods have been in that 15% range with just a few periods where we've seen some external factors that we've capitalized and seen stronger numbers. And so just the consistency of what we've seen, I think gives us the confidence to guide where we guide it.

自從去年 9 月我們開始上漲以來，11 個時期中有 7 個時期都處於 15% 的範圍內，只有幾個時期我們看到了一些外部因素，我們利用這些因素並看到了更強勁的數字。因此，我認為我們所看到的一致性給了我們信心引導它的方向。

Great, thank you. That's a good color. And then just a quick follow up on the gross margin, another strong quarter. You talked about trends of normalizing, kind of from here into the back half, but self-distribution and meat and seafood is rolling in, and I'm curious as to how that impacts gross margin and then loyalty is also ramping. And I'm not sure if there is some investment that takes place as that rolls out too. So if you could just maybe speak to the outlook for the gross margin and how those things might impact it.

太好了，謝謝。這顏色不錯。然後快速跟進一下毛利率，又是一個強勁的季度。您談到了從現在到下半年的正常化趨勢，但自我分銷、肉類和海鮮正在湧入，我很好奇這對毛利率有何影響，然後忠誠度也在上升。而且我不確定隨著該計劃的實施是否會帶來一些投資。因此，您是否可以談談毛利率的前景以及這些因素可能對其產生的影響。

With regard to self-distribution, there's -- we're going through a transition period, so we will get long term benefit on the margin, but that's not going to come through this year to the extent that it will in the future. So that's something that as we manage the transition, we've got some issues that we're trying to deal with and dealing with effectively in terms of how we're managing the margin.

關於自我分銷，我們正在經歷一個過渡期，因此我們將獲得長期的邊際利益，但今年的實現程度不會像未來那麼大。因此，當我們管理過渡時，我們遇到了一些問題，我們正在嘗試處理這些問題，並在如何管理利潤方面有效地處理這些問題。

And loyalty will take a -- we're given points in the loyalty. So there will be some element of cost around the loyalty that we've taken into account in all the margin forecasts for going forward. But ultimately loyalty will be about driving the top line, and we think the margin in due course as we get support for the initiatives will enable us to neutralize any margin impact from loyalty going forward.

忠誠度會帶來－我們會在忠誠度中獲得積分。因此，在未來的所有利潤預測中，我們都會考慮到與忠誠度相關的一些成本因素。但最終忠誠度將推動營收成長，我們認為，隨著我們獲得對這些舉措的支持，利潤率將使我們能夠抵消未來忠誠度對利潤率的任何影響。

Curtis, you maybe talk about there.

柯蒂斯，你也許可以談論那裡。

Yeah. Just kind of cadence. I mean, it's kind of playing out as we expected, Ed. I mean, the first half was a little bit better. Certainly the supply disruptions that we've seen in both quarters helps on the shrink line a little bit as we talked about last quarter.

是的。只是一種節奏。我的意思是，事情的發展和我們預期的差不多，艾德。我的意思是，上半場稍微好一點。當然，正如我們上個季度所討論的那樣，我們在兩個季度看到的供應中斷對收縮線有一點幫助。

We're expecting that to stabilize and normalize here in the second half, and then the comps for us normalize, so a little less supply chain leverage. We've got the distribution investments and then we're up against the tougher compares and shrink and so. Those are the kind of key factors, but really it's playing out as we'd expected.

我們預計下半年這種情況會穩定下來並恢復正常，然後我們的比較也會恢復正常，因此供應鏈槓桿會稍微減少一些。我們進行了分銷投資，然後又面臨更嚴峻的競爭和萎縮等等。這些都是關鍵因素，但實際上它的發展正如我們所預期的。

Great. Thanks, guys.

偉大的。謝謝大家。

Thanks, Ed.

謝謝，艾德。

Mike Montani, Evercore ISI.

麥克·蒙塔尼，Evercore ISI。

Yes, hey. Thanks for taking the questions. Just wanted to ask if I could on the margin front first, could you discuss if there was any kind of impact either on the COGS front or even in SG&A due to some of the UNFI issues that they had in the supply chain and then similarly from the loyalty program.

是的，嘿。感謝您回答這些問題。我只是想先問一下利潤率方面的問題，您能否討論一下由於他們在供應鏈中遇到的一些 UNFI 問題以及忠誠度計劃中遇到的一些問題，是否會對 COGS 甚至 SG&A 產生任何影響。

Yeah. So, no, loyalties just rolling out here in the third quarter, so no impact there. We had the same 30 -- low 30 stores that were on the pilot that they were on as of Q1. So no change in the loyalty story for Q2. On the disruption front, first off, it was great. Partnership with UNFI was really great. It was a difficult, challenging period, but they worked really closely with the teams.

是的。所以，忠誠度只是在第三季推出，所以沒有影響。截至第一季度，我們參與試點的商店數量與去年同期相同，只有 30 家左右。因此第二季的忠誠度情況並沒有改變。從顛覆性方面來看，首先，它很棒。與 UNFI 的合作真的很棒。那是一段艱難而充滿挑戰的時期，但他們與團隊密切合作。

We were able to flow product through the entirety of it, albeit manually. So it was helpful to be able to do that and so it was pretty minimally disruptive to us. It's a small portion of our business, again, just the product flow a little bit challenging. We didn't promote as much in the second quarter as a result. So some of those types of issues arose, but largely we're able to mitigate through it and we're kind of on the other side of it.

儘管是手動操作，我們仍能夠讓產品流經整個流程。因此，能夠做到這一點很有幫助，而且對我們的干擾很小。這只是我們業務的一小部分，產品流程只是有點挑戰性。因此，我們在第二季度沒有進行太多的推廣。因此，出現了一些此類問題，但基本上我們能夠緩解它，並且我們已經處於另一面。

Got it. And then --

知道了。進而--

There was no margin impact. There was no margin impact from the disruption.

這對利潤率沒有影響。此次中斷並未對利潤率造成影響。

Okay. And then just to follow up was on the new stores, if you could talk about what you're seeing in terms of new store performance and obviously how to think about the opening cadence for the rest of the year.

好的。接下來是關於新店的問題，您可以談談您對新店業績的看法，以及如何考慮今年剩餘時間的開幕節奏。

Well, we're committed to the 35 stores for the rest of the year, and we opened 12 very successful stores. We're absolutely delighted with the way the new store format's working. I think we're up to 100 of our V6 format, now, in terms of we've opened all the -- all the stores have been opened in the new format, and that's given us some consistency in terms of execution and rollout.

嗯，我們承諾在今年剩餘時間內開設 35 家門市，我們已經開設了 12 家非常成功的門市。我們對新商店模式的運作方式感到非常滿意。我認為，就我們開設的所有商店而言，我們的 V6 格式已經達到了 100 家——所有商店都以新格式開設，這使我們在執行和推出方面具有一定的一致性。

We're feeling confident in the number of stores for the rest of the year. I think the encouraging thing, Mike, for us is we're seeing a strong performance in what has traditionally been markets that were not that well known. We've been very encouraged by the progress we're making in the mid-Atlantic. The Florida stores really coming alive now in terms of the new stores that are opening, and by and large we're hitting -- we're hitting -- what's the baseball expression? We're heading close to 100 on our new stores at the moment.

我們對今年剩餘時間內的門市數量充滿信心。麥克，我認為對我們來說令人鼓舞的事情是，我們在傳統上不太知名的市場中看到了強勁的表現。我們對在大西洋中部地區的進展感到非常鼓舞。就新開張的商店而言，佛羅裡達州的商店現在真的活躍起來了，總的來說，我們正在打擊——我們正在打擊——棒球表達是什麼？目前，我們的新店數量已接近 100 家。

Yeah. And cadence wise, Mike, it's -- we had 12 in the second quarter, 9 in the third quarter, 11 in the fourth quarter is kind of where we are. And then there's always this time of year, just the weather, and any kind of impacts from that will be the only thing that would change that.

是的。從節奏上來說，麥克，我們在第二節拿下 12 分，第三節拿下 9 分，第四節拿下 11 分，這就是我們現在的水準。然後每年的這個時候，只有天氣，以及由此產生的任何影響才會改變這一點。

Got it. Thank you and good luck.

知道了。謝謝，祝你好運。

Thanks, Mike.

謝謝，麥克。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good afternoon. Thanks for taking my question. Also, congrats on a nice quarter. I guess I'll start with maybe just -- I'll just kick it off with two macro questions. So just on inflation, just curious what you guys are seeing in the business and expectations going forward. And on the consumer front, your business continues to perform quite well. Just curious, if you're seeing any changes in dynamics around the consumer.

午安.感謝您回答我的問題。另外，恭喜您本季業績良好。我想我可能只是從兩個宏觀問題開始。所以就通貨膨脹而言，我只是好奇你們對未來的業務和期望有何看法。在消費者方面，您的業務持續表現良好。只是好奇，您是否看到消費者周圍的動態發生了任何變化。

On the inflation front, it's been pretty consistent from quarter to quarter. So we're seeing a similar, we're tracking CPI in line with the way we typically do. Obviously our fresh business is a little more volatile. But it's tracking in line with that. And then we've got some kind of mixed helpers as we move to organic and we work some of the value pack type things. So similar story to Q1 on the inflation and AUR front.

就通貨膨脹而言，各季度的通貨膨脹情況相當穩定。因此，我們看到了類似的情況，我們正在按照通常的方式追蹤 CPI。顯然，我們的新鮮業務波動性更大一些。但它的軌跡與此一致。然後，當我們轉向有機產品時，我們會得到一些混合助手，我們會製作一些價值包裝類型的東西。因此，通貨膨脹和 AUR 的情況與第一季類似。

In terms of the customer side of things, what we're seeing -- our customers seems to be being pretty resilient. There's still a lot of uncertainty going forward that we're not quite sure about, but if we look at the numbers and we look at how our customers are reacting. I think we've always said that our customer base is pretty focused on what they eat and how they eat and how they -- so I think we've got some resilience almost irrespective of what happens in the macroeconomy.

從客戶角度來看，我們看到我們的客戶似乎非常有韌性。未來仍存在許多不確定性，我們對此不太確定，但如果我們看看這些數字，看看我們的客戶是如何反應的。我想我們一直說，我們的客戶群非常關注他們吃什麼、怎麼吃以及他們如何——所以我認為無論宏觀經濟發生什麼，我們都有一定的韌性。

I think there's some uncertainty going forward. We're not seeing a lot of dynamics in our -- in the other grocery retailers in terms of changing things too much, and our business is proven pretty resilient, as you can see from the numbers.

我認為未來存在一些不確定性。在其他雜貨零售商中，我們並沒有看到太多的動態變化，而且事實證明，我們的業務具有相當強的彈性，正如您從數據中看到的那樣。

Great. Thank you. I'll pass it along.

偉大的。謝謝。我會傳達的。

Thanks, Rupesh.

謝謝，魯佩什。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

John, your line is now open.

約翰，你的線路現已開通。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

Thanks for taking my question. Jack, I was hoping you could talk about the new product flow outlook. It sounds like it continues to go great, but I mean -- how do you keep that same person of newness, and I was curious if are you seeing any competitors kind of moving faster to get in stock in some of the newer items you bring in. And also, relate to that on organic pricing, have you seen any increased competition or anybody trying to do anything there, like whole foods to make it tougher to keep the spread on the organic produce pricing.

感謝您回答我的問題。傑克，我希望你能談談新產品流程的前景。聽起來一切似乎都進展順利，但我的意思是——你如何保持同樣的新鮮感，我很好奇你是否看到任何競爭對手更快地進貨你帶來的一些新產品。另外，關於有機產品的定價，您是否看到競爭加劇或有人試圖採取任何措施，例如全食超市，以加大有機產品定價的差距。

Well, Robbie, as you can imagine, we watch our competitors all the time in terms of what they're doing in terms of product launches and pricing and things like that. The context we're for -- our energy is all about how do we bring new innovative entrepreneur driven products into the marketplace and the foraging team that we've talked a lot about are doing a fantastic job attending conferences, traveling around the world, as I think I've said in the past, they've got the best job in the world as far as I can see. It's the one I would like sometimes.

好吧，羅比，你可以想像，我們一直在關注競爭對手的產品發布、定價等舉措。我們所處的背景——我們的精力都集中在如何將新的創新型企業家驅動的產品推向市場，我們經常談論的覓食團隊在參加會議、環遊世界方面做得非常出色，正如我過去所說的那樣，據我所知，他們擁有世界上最好的工作。這是我有時想要的。

And the opportunities they're getting out there and really understanding where the opportunities are, and I think we're creating a reputation with the young entrepreneurial, people that are bringing new products to the marketplace, and we're hoping that they're coming to us first. We certainly see from -- we have a portal where people put new ideas into it. We get tens of thousands of applications into the portal every year, and we're looking almost our challenge is how do we bring more of them in. But there's plenty of opportunity for us to do it.

他們在那裡獲得機會並真正了解機會在哪裡，我認為我們正在為年輕的企業家、那些將新產品推向市場的人們建立聲譽，我們希望他們首先來找我們。我們當然看到——我們有一個門戶網站，人們可以在上面提出新的想法。我們每年都會收到數以萬計的申請，我們面臨的挑戰是如何吸引更多的申請者。但我們有很多機會可以做到這一點。

And I think we're seen as a place that committed to it because we've got an innovation center and we create space and give young entrepreneurs the opportunity to get started. So we're pushing very hard on that agenda. At the same time, we're pushing very hard on our Sprouts brand, and Sprouts brand that's innovative and different and based on attributes, no seed oils and vegetarian and vegan, and the process that we're going through in terms of bringing differentiation from our Sprouts brand, we think gives us a little bit even more of a moat in terms of the comp -- linking to what the competition might or might not do.

我認為我們被視為一個致力於此的地方，因為我們有一個創新中心，我們創造空間並為年輕企業家提供創業的機會。因此，我們正在大力推進這項議程。同時，我們正在大力推廣我們的 Sprouts 品牌，Sprouts 品牌具有創新性和差異性，並且基於其屬性，不含種子油，是素食主義者和純素食主義者，我們正在經歷與 Sprouts 品牌進行差異化的過程，我們認為，這為我們在競爭方面提供了更多的護城河 - 與競爭對手可能做或可能不會做的事情聯繫起來。

We watch them, and they're clearly that our sector health focused, innovative, attribute based products are going to be more important in the future than they are less important. But we think we're at the leading edge of that, and we're watching it pretty hard.

我們觀察他們，他們清楚地認識到，我們以產業健康為重點、創新、基於屬性的產品在未來將變得更加重要。但我們認為我們處於這一領域的前沿，並且我們正在密切關注。

Organic pricing, we've been pretty assertive, as you know about our organic pricing and forcing differentiation. We're working very hard at long-term contracts with our produce supply. To give us the opportunity to create this pricing position where the customer gets a good deal, we get a good deal and the farmer gets a good deal, and those long term plans are something that I think give us a point of difference in terms of the context of the marketplace, and we haven't seen too much from our competitors, either ups or downs in terms of what's happening on organic produce or anything else for that matter. But they're good questions, Robbie, thanks.

有機定價，我們一直非常自信，正如您所知，我們的有機定價和強制差異化。我們正在努力與農產品供應商簽訂長期合約。讓我們有機會創造這樣的定價地位，讓客戶得到實惠，我們得到實惠，農民得到實惠，我認為這些長期計劃讓我們在市場環境中脫穎而出，而且我們還沒有看到競爭對手有太多變化，無論是有機農產品還是其他方面的情況有起有落。但這些都是很好的問題，羅比，謝謝。

No, thank you. And just a quick follow up. I apologize if I missed this, but the KeHE agreement and delays there and everything, can you talk about the status of that and what issues might or might not be there?

不，謝謝。並進行快速跟進。如果我錯過了這一點，我很抱歉，但是關於 KeHE 協議及其延遲等等，您能談談它的現狀以及可能存在或不存在的問題嗎？

Yeah. KeHE been a good partner for us. We'll continue to be a good partner for us. We're just working through the details as you can imagine with the long term deal. There's a lot to cover. So we're working through the details and we're planning for a long term extension here soon.

是的。KeHE 一直是我們的良好合作夥伴。我們將繼續成為我們的良好合作夥伴。正如您所想像的，我們正在處理長期協議的細節問題。有很多內容要講。因此，我們正在研究細節，並計劃很快在此進行長期擴展。

All right, great. Thank you.

好的，太好了。謝謝。

Thanks.

謝謝。

Mark Carden. UBS.

馬克卡登。瑞銀。

Good afternoon. Thanks so much for taking the questions. So to start, we've seen a few strikes at two of your largest conventional competitors over the past few months. Obviously some differences in structure, but have you seen these events lead to any pressure just in a broader underlying wage environment, or has it been pretty steady in your view? Thanks.

午安.非常感謝您回答這些問題。首先，在過去的幾個月裡，我們看到你們最大的兩個傳統競爭對手受到了幾次打擊。顯然結構上存在一些差異，但您是否看到這些事件僅在更廣泛的潛在工資環境中導致任何壓力，還是在您看來它已經相當穩定了？謝謝。

We work very hard to look after our team members, but I think we're the only retailer that gives the opportunity for every team member in the store to earn a bonus. We play pretty good, we look very hard about our wages and benefits relative to the other people. And we pay above the average in every market which we're operating in.

我們非常努力地照顧我們的團隊成員，但我認為我們是唯一一家為店內每位團隊成員提供賺取獎金機會的零售商。我們打得很好，我們非常重視與其他人相比的薪水和福利。在我們開展業務的每個市場中，我們的薪酬都高於平均水準。

So we're feeling -- and the HR team do a terrific job managing this regionally and locally to make sure we're in the right place and we're taking care of our people. We haven't seen any major change in terms of how people are thinking about, that kind of initiative around our space. And I think it's incumbent on us to look after our people appropriately and we're working very hard at that.

所以我們感覺——人力資源團隊在區域和本地管理方面做得非常出色，以確保我們處於正確的位置並照顧好我們的員工。就人們對我們這個領域的此類舉措的看法而言，我們還沒有看到任何重大變化。我認為我們有責任妥善照顧我們的人民，我們正在為此努力。

That's great. And then, we've seen restaurant traffic continue decline over the past three months, a bit more moderate pace versus earlier in the year. I know in the past you guys have talked about some potential trade-in from food away from home. Do you believe you're seeing any more of a tailwind there and are you seeing any lifts in your prepared food sales?

那太棒了。然後，我們看到餐廳客流量在過去三個月持續下降，但與今年稍早相比，下降速度略有緩和。我知道你們過去曾討論過一些外出用餐的潛在交易。您是否認為您在那裡看到了更多的順風？您是否看到您的熟食銷售有所提升？

We're working very hard on prepared foods. We've got a new salad program out there, a new meals program out there, so we're working hard at it, and the team are putting some really -- the deli team are doing some really good work in that space. I'm encouraged by that, and it might be helping us a little bit as you go through that, going forward. It's something that we'll continue to invest in.

我們正在努力研發預製食品。我們推出了新的沙拉計劃和新的膳食計劃，因此我們正在努力工作，團隊也確實在努力工作——熟食團隊在該領域做得非常好。我對此感到鼓舞，這可能會對我們今後經歷這些事情時有所幫助。我們將繼續對此進行投資。

Great. Thanks so much. And good luck guys.

偉大的。非常感謝。祝大家好運。

Thanks.

謝謝。

Thanks, Mark.

謝謝，馬克。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞 (Kelly Bania)，BMO 資本市場。

Hi, this is Kelly Bania from BMO. Thanks for taking our questions. Wanted to go back to the topic of the loyalty program and just more color on kind of the timing of when you would expect the Bennetts to accrue from that program. Is that something that is pretty immediate, or does that take more time to build as you build out the capabilities and the communication with your loyalty members?

大家好，我是 BMO 的 Kelly Bania。感謝您回答我們的問題。想回到忠誠度計劃的話題，並進一步說明您預計貝內特家族何時會從該計劃中獲益。這是可以立即實現的嗎？還是需要花費更多時間，隨著您不斷增強能力並與忠誠會員溝通？

And just trying to get a sense, if we should expect that this is a comp driver for 2026 as that gets rolled out by the end of the year, or if you could shed any light on how those kind of initial 30 -- or maybe 30 or 40 stores are comping relative to the existing store base.

只是想了解一下，我們是否應該預期這是 2026 年的競爭驅動力，因為它將在年底推出，或者您是否可以解釋一下最初的 30 家——或者可能是 30 家或 40 家商店相對於現有商店基礎的競爭情況。

Hey, Kelly, this is Curtis. Yeah, I think we'll -- we would certainly expect it to impact comps in 2026. We've been working hard at it for quite a while and we're really excited to get rolled out here. The team members are fired up, especially here in Arizona, where we just launched and so far so good on that front.

嘿，凱利，我是柯蒂斯。是的，我認為我們——我們肯定會預期它會對 2026 年的業績產生影響。我們已經為此努力了很長一段時間，並且非常高興能夠在這裡開展工作。團隊成員都很興奮，特別是在亞利桑那州，我們剛啟動，到目前為止一切順利。

And so I think it'll be a little bit different for us, and that's what we're interested to see as we do get rolled out, certainly as a secondary shop, our frequency isn't the same as a traditional conventional grocer and so it should take us a little bit longer to build our database and build our customer data just from that perspective.

所以我認為這對我們來說會有點不同，這就是我們在推出時感興趣的，當然作為二級商店，我們的頻率與傳統的常規雜貨店不同，因此從這個角度來看，我們應該花更長的時間來建立我們的資料庫並建立我們的客戶數據。

And then again, how it plays out from frequency to basket to retention, the key markers that we're going to be watching, will be a little bit different for us than a traditional program. And so, we'll know a lot more obviously we'll be rolled out here in the middle of Q4 and we'll be learning every day as we continue to roll out.

再說一次，從頻率到籃框到保留，我們要關注的關鍵標記，對於我們來說與傳統程序會有點不同。因此，我們顯然會在第四季度中期推出更多產品，並且隨著我們繼續推出產品，我們每天都會學習。

So we'll have better insight into that in the next call, but I think for now we're excited about it. It's certainly going to drive comp in '26, and then the question is just kind of pace and timing on when that comes in. It should start to help a little bit in Q4, but really we're thinking about it as a 2026 and forward type impact.

因此，我們將在下次電話會議中對此有更深入的了解，但我認為現在我們對此感到興奮。它肯定會在 26 年推動競爭，接下來的問題是它何時到來的速度和時機。它應該會在第四季度開始提供一些幫助，但實際上我們認為它會產生 2026 年及以後的影響。

And it takes a little while for it all to work through, given the frequency of shop to our stores. So it's going to take a little bit of time for us to really understand the exact numbers, but we're really -- as Curtis said, the team members are really pumped up about this, and the customers -- the feedback I've had for some customers is it's about time. Why have you not done it before now? So we're kind of excited about it and as we see it, the numbers will come through in 2026.

考慮到顧客到我們商店購物的頻率，這一切需要一段時間才能完成。因此，我們需要一點時間來真正了解確切的數字，但我們真的——正如柯蒂斯所說，團隊成員對此非常興奮，而客戶——我從一些客戶那裡得到的反饋是，是時候了。為什麼你到現在還沒有這樣做？因此我們對此感到很興奮，我們認為這些數字將在 2026 年實現。

And just to follow up, is that -- should we expect the opportunity is bigger on the units per basket or the traffic or maybe a little bit of both?

接下來的問題是——我們是否應該預期每籃的單位數或流量的機會會更大，或者兩者兼而有之？

Well, I think that's the other part that we're interested to see. We certainly expect it to help on frequency and traffic, and we'd expect it to help basket, and we'd expect it to help retention. The mix of how that plays out and the pace at which it impacts those three buckets, I think will be the piece that we'll learn as we go a little bit, just given the different nature of our shop.

嗯，我認為這是我們感興趣的另一部分。我們當然希望它能提高頻率和流量，我們希望它能幫助提高購物籃，我們希望它能幫助提高留存率。考慮到我們商店的不同性質，我認為，隨著我們不斷前進，我們會逐漸了解其如何發揮作用以及它對這三個方面的影響速度。

Thank you.

謝謝。

Thanks, Kelly.

謝謝，凱利。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Hey, good afternoon. Thanks guys for taking our questions. First one I wanted to ask about is we've heard a lot, I would say from more traditional branded food suppliers and food retailers about increasing attribute-based options, notably protein. So wondering, one how your team has been kind of approaching that and how you think it may be impacting your business, if at all.

嘿，下午好。感謝大家回答我們的問題。我想問的第一個問題是，我們聽到了很多關於增加基於屬性的選擇，特別是蛋白質的說法，我想說的是來自更傳統的品牌食品供應商和食品零售商的說法。所以我想知道，您的團隊是如何處理這個問題的，以及您認為這會對您的業務產生什麼影響（如果有的話）。

Yeah. Protein's going to be a really important part. If you go around some of the shows and the exhibitions, protein's one of the biggest and most clear driver of attributes and change in diets as people push that. We're very well placed in the number of protein products that we've got in our business, and we continue to expand it. And we're excited about it and we'll be talking a lot more about it going forward.

是的。蛋白質將會成為非常重要的一環。如果你去參觀一些展會和展覽，你會發現，隨著人們的推動，蛋白質是飲食屬性和變化的最大和最明顯的驅動因素之一。我們的蛋白質產品種類繁多，佔據了很大的市場份額，而且我們還在繼續擴大這一規模。我們對此感到非常興奮，並且我們將在未來更多地談論它。

I think what they're saying is the right trend that's an important trend, and we want to be the leading edge of these kind of trends, and I think our assortment and a number of SKUs we've got in our stores reflects that. And we'll start talking a little bit more assertively about it both in signage and store and externally about how -- why people should come to us for protein, but it is going to be a competitive dynamic going forward.

我認為他們所說的是正確的趨勢，是一個重要的趨勢，我們希望成為這種趨勢的前沿，我認為我們商店中的產品種類和 SKU 數量反映了這一點。我們將開始在標誌和商店以及外部更加積極地談論這個問題，解釋為什麼人們應該來找我們購買蛋白質，但這將成為未來的競爭動力。

Got it. Thank you for that. And then second question from me, maybe a bit more of a longer term question I guess as we think about the store expansion into areas like the Mid-Atlantic and the Northeast, how are you thinking about maintaining maybe produce, especially freshness in some of those regions, especially as we get through winter months or times of year or maybe it's a little more difficult to kind of get things as quickly form to store. Just wondering how you're thinking about maintaining the freshness of those products.

知道了。謝謝你。然後是我的第二個問題，也許是一個更長期的問題，我想當我們考慮將商店擴展到中大西洋和東北部等地區時，您如何考慮保持農產品，特別是這些地區的新鮮度，特別是當我們度過冬季或一年中的某些時間時，或者也許將東西快速從商店運送到商店有點困難。只是想知道您是如何考慮保持這些產品的新鮮度的。

Yeah. It's a good question, Scott. Our distribution philosophy has always been to try and get our stores within 250 miles of the distribution center. So -- and then we in each of the distribution centers, we will have a local sourcing team who will try their best to get all everything local that they possibly can. If they can't get it local, they'll get it regionally, and if they can't get it regionally, they'll get it nationally.

是的。這是個好問題，史考特。我們的分銷理念一直是嘗試將​​我們的商店設在距離分銷中心 250 英里以內。所以——然後我們在每個配送中心都會有一個本地採購團隊，他們會盡最大努力盡可能地在當地採購所有東西。如果他們無法在本地獲得，他們就會在區域內獲得，如果他們無法在區域內獲得，他們就會在全國範圍內獲得。

And so in a place like Colorado where we've got a distribution center, we've got a team of people there that have done a terrific job the last few months in terms of when it's appropriate in Colorado, have Colorado peaches and have Colorado melons and have the Colorado products that are relevant to that local community, and that will apply when we go to the Mid-Atlantic, when you look at Jersey tomatoes, when you look at those kind of dynamics, there's certain times of the year in New York apples, we've got to have the right products in store, and we want to be right and in pace with that.

因此，在科羅拉多州這樣的地方，我們有一個配送中心，我們在那裡有一支團隊，他們在過去的幾個月裡做了非常出色的工作，在科羅拉多州的適當時間，有科羅拉多州的桃子和甜瓜，有與當地社區相關的科羅拉多州產品，當我們去大西洋中部地區時，當你看到澤西西紅柿我們希望時，當你看到這些動態產品

And our distribution center program, when we get to the Midwest, we'll be thinking about what are the appropriate things to buy locally at the right time of year. Clearly, as you go North, things are a little bit different. And the process of getting product from the growing regions to the distribution center will also be doubling down on how we can do that faster and as fast as we possibly can.

當我們到達中西部時，我們的配送中心計劃會考慮在一年中的適當時間在當地購買哪些合適的東西。顯然，當你向北走時，情況會有所不同。將產品從種植區運送到配送中心的過程也將加倍努力，以盡可能快速地完成此過程。

But inevitably you have to bring things from California at certain times of the year that travel a long way, and we'd hope to be managing our inventory so well that the freshness and the rotation allows us to maintain the freshness on those kinds of products. But as you can imagine, it's a really important part of our business. We think a lot about it region by region, market by market, distribution center by distribution center, and we have got really good plans in place as we expand into the Midwest and the Northeast.

但不可避免的是，在一年中的某些時候，你必須從加州運送長途貨物，我們希望能夠很好地管理我們的庫存，以便新鮮度和輪換使我們能夠保持這些產品的新鮮度。但正如您所想像的，它是我們業務中非常重要的一部分。我們對每個地區、每個市場、每個配送中心都進行了深入的思考，在向中西部和東北部擴張的過程中，我們已經制定了非常好的計劃。

But it's a great question.

但這是一個很好的問題。

Yeah. I appreciate the thorough response. Thank you.

是的。我非常感謝您的詳盡回覆。謝謝。

Thanks, Scott.

謝謝，斯科特。

Chuck Cerankosky, Northcoast Research.

查克‧塞蘭科斯基 (Chuck Cerankosky)，Northcoast Research。

Good afternoon everyone. Great quarter, again. Curtis, I have a question for you. It doesn't involve merchandizing, but I noticed the 26% tax rate and you're talking about 24% later in the year or for the full year. Anything that Sprouts can do to get that tax rate down, to maybe even a long term number that's below 24%.

大家下午好。又是一個出色的季度。柯蒂斯，我有一個問題想問你。它不涉及商品銷售，但我注意到稅率是 26%，而您說的是今年晚些時候或全年的稅率為 24%。Sprouts 可以採取一切措施來降低稅率，甚至可能將其長期保持在 24% 以下。

Yeah. Good question, Chuck. I wasn't counting on that one. I think our tax team does a really good job, small but mighty team, and they're always looking at opportunities and how we leverage, tax credits, specifically around our food waste and how we can divert that and do good things with that and take advantage of that.

是的。問得好，查克。我並沒有指望這一點。我認為我們的稅務團隊做得非常好，團隊雖小但很強大，他們總是在尋找機會，尋找如何利用稅收抵免，特別是針對我們的食物浪費，以及如何轉移它，利用它做一些好事，並利用它。

So they're looking at those things always, and I think we'll continue to work on that, but I think that 25% to 26% kind of has been pretty consistent for us other than maybe the first quarter when we see some of the stock price impacts, so.

所以他們總是在關注這些事情，我認為我們會繼續努力，但我認為除了第一季我們看到的一些股價影響之外，25% 到 26% 對我們來說是相當穩定的。

All right. Thank you. Good luck for the rest of the year.

好的。謝謝。祝你今年餘下的時間一切順利。

Thank you.

謝謝。

Thanks.

謝謝。

Scott Mushkin, R5 Capital.

斯科特·穆甚金（R5 Capital）。

Hey guys, thanks for taking my question. So my first one, and it's just about the fourth quarter, thinking about Curtis, what you said about kind of a 15% to 16%, I guess stacked comp that implies a pretty low comp for the fourth quarter.

嘿夥計們，謝謝你們回答我的問題。所以我的第一個問題是關於第四季的，考慮到柯蒂斯，你所說的 15% 到 16% 左右，我猜堆積式的補償意味著第四季的補償相當低。

And I was just -- stacks are good until they're not good, and I was just wondering how you guys are thinking about the fourth quarter. I mean, it seems like as the business is running right now, 4% comp, even though it would get you a stack in the same place, just doesn't seem realistic.

我只是想知道，堆疊很好，直到它們不好，我只是想知道你們對第四季有何看法。我的意思是，就目前的業務運營情況而言，4% 的補償，儘管會讓你在同一個地方獲得一大筆收入，但似乎並不現實。

Yeah. I think -- Scott, I think what we'll be watching, we've talked kind of for the year, the three big things, right, as we comp the comp, two big step changes last year and we've cycled through the first one in May. The next big one's in September. And so we'll get a read on kind of your question, could it be a little better in the fourth quarter from a two year stack perspective, we'll have that answer when we get through September here later this quarter.

是的。我認為——斯科特，我認為我們將關注的是，我們已經談論了今年的三件大事，對吧，當我們比較比較時，去年有兩個重大的變化，我們在五月已經完成了第一個變化。下一個大型活動將在九月舉行。因此，我們將閱讀您的問題，從兩年堆疊的角度來看，第四季度的情況是否會更好一些，我們將在本季度晚些時候度過 9 月時得到答案。

The second piece was the new stores and particularly the comp impact from the 24 vintage. I think about a quarter of the 24 vintage stores are now in the comp base, so that's still largely ahead of us. And then loyalty will be some upside if it takes off a little bit quicker than we think or has a bigger impact early than we think it might, that's a piece that we've been watching as well, but is largely in front of us.

第二部分是新店，特別是 24 年來對企業的影響。我認為現在 24 家古董店中大約有四分之一都屬於同類商店，因此這在很大程度上仍然領先於我們。如果忠誠度比我們想像的更快起飛，或比我們想像的更早產生更大的影響，那麼忠誠度將會帶來一些好處，這也是我們一直在關注的一個方面，但很大程度上已經擺在我們面前。

And so I think we still have some questions to answer there and certainly we're going to go try to drive it higher and hope that it will be better, but for now I think it's prudent to kind of stick to the 15% that we've been seeing pretty consistently for several months now.

因此，我認為我們仍有一些問題需要回答，當然我們會嘗試提高它並希望它會更好，但就目前而言，我認為謹慎的做法是堅持我們幾個月來一直相當穩定地看到的 15% 的水平。

Yeah. It makes sense. But it's interesting -- it's going to be interesting to see, especially with all your initiatives. So my second question is actually also on comp, but more long term. So if you think about the industry growth rate, most things that we look at would say 5% to 6%, through the end of the decade, you look at your guidance initiatives, new store growth, maybe some cannibalization, but that would suggest at least a seven comp over the next three years of growth rates in the industry hold up. Where am I wrong on that?

是的。這是有道理的。但這很有趣——這將會很有趣，尤其是考慮到你們的所有舉措。所以我的第二個問題其實也是關於補償的，但更為長期。因此，如果您考慮行業增長率，我們所關注的大多數情況都會說是 5% 到 6%，到本世紀末，您可以看看您的指導計劃、新店增長、也許還有一些蠶食，但這表明未來三年該行業的增長率至少會保持七成。我哪裡錯了？

Yeah. I don't know that you're wrong, Scott. I think, we continue to look at things and again, the key markers that we've been looking at, the ones I just mentioned we'll have a really good clarity on that. Obviously seeing the third quarter guide, we're building our confidence in that storyline.

是的。我不知道你錯了，史考特。我認為，我們會繼續觀察事物，並且再次觀察我們一直在觀察的關鍵標記，即我剛才提到的那些，我們會對此有非常清晰的認識。顯然，看到第三季的指南，我們對故事情節的信心正在增強。

Certainly as we sit here today at August 1, we'd be looking for a stronger comp than our algorithm 2% to 4% as we think about 2026. And so we're excited to kind of see those key markers play out and maybe answer that question a little bit more directly when we get to kind of February 2026 guidance and beyond.

當然，當我們今天 8 月 1 日坐在這裡時，我們會期待比我們的演算法 2% 到 4% 更強勁的競爭，因為我們在考慮 2026 年。因此，我們很高興看到這些關鍵指標發揮作用，也許當我們獲得 2026 年 2 月及以後的指導時，可以更直接地回答這個問題。

And without changing guidance or talking about numbers, I think it's -- we certainly recognize there's a tailwind to this category. This healthy eating, people caring about where their food is growing, how their food's produced, people caring about what's in their food. So I think that's a tailwind trend that I think we'll begin to see and we've got a low share of wall of our customer base.

在不改變指導方針或談論數字的情況下，我認為——我們當然認識到這一類別存在順風。這種健康飲食，人們關心他們的食物在哪裡生長，他們的食物是如何生產的，人們關心他們的食物中含有什麼。所以我認為這是一個順風趨勢，我認為我們會開始看到，而且我們的客戶群中牆的份額很低。

So there should -- we're certainly ambitious to grow going forward, but what we're not going to do is put numbers down that put pressure on our SG&A, to be honest going forward, and we're very conscious of that.

所以應該——我們當然雄心勃勃地希望在未來實現成長，但我們不會做的是降低數字，這會給我們的銷售、一般和行政費用 (SG&A) 帶來壓力，老實說，我們非常清楚這一點。

,Okay guys. Great. Thanks for the answers.

，好的，夥計們。偉大的。謝謝您的回答。

Thanks Scott.

謝謝斯科特。

(Operator Instructions)

（操作員指示）

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Hey guys. Wanted to sort of follow up on that one. Jack, can you talk to wallet share right, where you think you are today and is 20%, an ambitious number to get to, it wouldn't seem to be. And if you were to do that, where do you think the biggest opportunities are, is it in prepared foods?

嘿，大家好。想要對此進行某種跟進。傑克，你能談談錢包份額嗎？你認為目前的錢包份額是 20%，這是一個雄心勃勃的數字，但似乎不是這樣。如果您要這麼做，您認為最大的機會在哪裡？是預製食品嗎？

Well, I think prepared foods is standing one of them, but I think it's as people switch their diets is the biggest thing, switch into what we sell, products that are more attribute-based, products that have got more health benefits to them and cleaner. That whole as people switch, which I think people will switch. You'll start to see us growing from the 13% that we talk about, whether it'll get to 20%. I'm not so sure, but we certainly think we can make a significant dent in the gap between 30% and 20%, partly because the people will trend towards it.

嗯，我認為預製食品是其中之一，但我認為隨著人們改變飲食習慣，轉向我們銷售的產品，轉向更具屬性的產品，轉向對他們更有益且更清潔的產品，這是最重要的事情。隨著人們的轉變，我認為人們會轉變。您將開始看到我們的成長從我們談論的 13% 開始，甚至達到 20%。我不太確定，但我們確實認為我們可以顯著縮小 30% 和 20% 之間的差距，部分原因是人們會傾向於這樣做。

And yes, we will develop better meals opportunities in terms of what people can get in that space and vitamins and supplements is another category that we talk a lot about that's going to, I think lead to -- I think more people are going to get into that going forward. So I think that will help us in terms of category growth. So there's a number of initiatives that I think will encourage us to believe that we can get a share of wallet growth from 13% to somewhere north of that.

是的，我們將為人們提供更好的膳食機會，維生素和補充劑是我們經常談論的另一個類別，我認為這將會導致——我認為未來會有更多的人參與其中。所以我認為這將有助於我們的品類成長。因此，我認為，一系列舉措將鼓勵我們相信，我們可以將錢包份額的成長從 13% 提高到更高的水平。

All right. And then sort of a follow up, right? So AUV is probably going to end up for a lot of reasons, right? Market growth and then your initiatives higher than perhaps you had thought at the same time you've reduced the size of the box. How do you think about capacity, right, within a typical box and is the answer is not bigger stores. The answer is more density, and then what -- which is fine, and what does that inevitably raise the cannibalization number within the comp?

好的。然後進行某種跟進，對嗎？那麼 AUV 可能會因為很多原因而終止，對嗎？市場成長，然後您的舉措可能比您想像的要高，同時您也縮小了盒子的尺寸。您如何看待典型盒子內的容量，答案不是更大的商店。答案是更高的密度，然後呢——這很好，但這不可避免地會增加公司內部的蠶食數量嗎？

Yeah. That's certainly think, that we're not going to change the size of the box. We're going to work harder at making the box more efficient, and the team are doing a really nice job on that. The team working in the operations space in terms of how we're utilizing the space behind the scenes in our stores, in terms of how we manage inventory, how we manage receiving, how we manage the flow of goods through the back room into the store.

是的。當然，我們不會改變盒子的大小。我們將更加努力地提高盒子的效率，團隊在這方面做得非常好。營運空間中的團隊負責研究如何利用商店幕後的空間、如何管理庫存、如何管理接收、如何管理貨物透過後台流入商店。

So there's a lot of work there that gives us some opportunities to expand capacity, even within the boxes that we have. And we continue to look at what are the right -- certainly we're not going to build bigger stores, so shall we build stores closer and closer, and as our volumes grow, it gets more and more attractive for us to cannibalize a little bit in terms of take some pressure off the stores that are doing well. So it's your observation's appropriate. We've not quite got there yet in terms of the worry on it. I'm looking forward to worrying that the stores are so busy that we have to build other ones next door to them.

因此，那裡有很多工作可以為我們提供一些擴大容量的機會，即使在我們現有的盒子內也是如此。我們將繼續研究什麼是正確的——當然，我們不會建造更大的商店，所以我們應該將商店建得越來越近，隨著我們銷量的增長，我們越來越願意蠶食一些表現良好的商店，以減輕一些壓力。所以你的觀察是正確的。就對此的擔心而言，我們還沒有到達那個程度。我擔心這些商店太忙了，我們不得不在它們隔壁再建一些商店。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you very much, John.

非常感謝，約翰。

Thank you. I would not like to turn the call back over to, Jack Sinclair for any closing remarks.

謝謝。我不想把電話轉回給傑克辛克萊 (Jack Sinclair) 做任何結束語。

Yeah. Thanks everyone for your attention. We really appreciate your interest in our business and we look forward to updating you in the future months to come. Thank you very much for your attention.

是的。謝謝大家的關注。我們非常感謝您對我們業務的關注，並期待在未來幾個月內向您通報最新情況。非常感謝您的關注。

Thank you. This concludes the conference. Thank you for your participation. You may not disconnect.

謝謝。會議到此結束。感謝您的參與。您不能斷開連線。