Sprouts Farmers Market Inc (SFM) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to Sprouts' fourth-quarter and full year 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 Sprouts 2025 年第四季及全年財報電話會議。（操作員說明）請注意，本次會議正在錄音。

Now it's my pleasure to turn the call over to the Vice President of Investor Relations, Susannah Livingston. Please proceed.

現在我很高興將電話轉交給投資者關係副總裁蘇珊娜·利文斯頓。請繼續。

Thank you, and good afternoon, everyone. We are pleased you are joining Sprouts on our fourth-quarter and full year 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，大家下午好。我們很高興您能參加 Sprouts 2025 年第四季及全年財報電話會議。今天與我在一起的有：執行長傑克·辛克萊爾、財務長柯蒂斯·瓦倫丁以及總裁兼營運長尼克·科納特。

The earnings release announcing our fourth-quarter and full year 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.

公佈我們 2025 年第四季和全年業績的收益報告、本次電話會議的網路直播以及財務幻燈片可透過我們網站 investors.sprouts.com 的投資者關係部分取得。

During this call, management may make certain forward-looking statements, including statements regarding our expectations for 2026 and beyond. 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.

在本次電話會議中，管理階層可能會發表一些前瞻性聲明，包括關於我們對 2026 年及以後的預期聲明。這些聲明涉及若干風險和不確定性，可能導致實際結果與前瞻性聲明中所述的結果有重大差異。如需了解更多信息，請參閱我們在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我們在盈利報告末尾對前瞻性陳述的評論。

Our remarks today include references to non-GAAP financial measures. Please see the tables in our earnings release for a reconciliation of our non-GAAP financial measures to the comparable GAAP figures.

我們今天的演講中會提及非GAAP財務指標。請參閱我們獲利報告中的表格，以了解我們的非GAAP財務指標與可比較GAAP資料的調節情況。

With that, let me hand it over to Jack.

那麼，就讓我把麥克風交給傑克吧。

Thanks, Susannah. Good afternoon, everyone. In 2025, Sprouts delivered over 7% comp sales growth and achieved more than 40% earnings per share growth, reflecting the strength of our strategy. These strong results are a testament to the team's focus on our target customers and Sprouts' positioning to capitalize on the ongoing trends in healthy living. These are outstanding full year results.

謝謝你，蘇珊娜。大家下午好。2025 年，Sprouts 實現了超過 7% 的同店銷售額成長和超過 40% 的每股盈餘成長，這反映了我們策略的強大實力。這些強勁的成績證明了團隊對目標客戶的關注，以及 Sprouts 抓住健康生活持續趨勢的市場定位。這是非常出色的全年業績。

However, we are not happy with how the year finished as our comp momentum slowed. In 2025, we made progress on a number of key initiatives. New stores exceeded expectations. We launched our loyalty program and our expanded self-distribution supported both service levels and freshness. We introduced more than 7,000 new items including more than 600 new products under the Sprouts brand.

然而，我們對今年的收官結果並不滿意，因為我們的競爭勢頭有所放緩。2025年，我們在多項關鍵措施上取得了進展。新店開幕效果超乎預期。我們推出了會員忠誠度計劃，擴大了自營配送範圍，從而提高了服務水準和產品新鮮度。我們推出了超過 7000 種新產品，其中包括 Sprouts 品牌下的 600 多種新產品。

In addition, disciplined cost management and our continued system enhancement helped us build a margin profile that has seen significant expansion. This performance builds on what has been a remarkable multiyear journey for the business. Over that time, we've driven strong new customer growth, reinforced our business foundation, and made meaningful progress towards our purpose of helping people live and eat better.

此外，嚴格的成本管理和持續的系統改進幫助我們建立了利潤率顯著提升的利潤結構。這項業績建立在公司多年來的卓越成就之上。在此期間，我們實現了強勁的新客戶成長，鞏固了業務基礎，並在幫助人們生活和飲食得更好的目標上取得了實質進展。

At the same time, the macro environment remains uneven and consumers are increasingly value focused. Against this backdrop, the health and wellness landscape continues to evolve. What began as a focus on natural and fresh has expanded into more targeted outcome-driven solutions with customers becoming more discerning, seeking innovation, quality, and transparency while also being highly value conscious. We believe our purpose and strategy position us well to address affordability and access, two of the most important challenges in healthy living today.

同時，宏觀環境依然不平衡，消費者越來越注重性價比。在此背景下，健康和保健領域不斷發展演變。最初專注於天然和新鮮產品，如今已擴展到更有針對性、以結果為導向的解決方案，因為客戶越來越挑剔，追求創新、品質和透明度，同時又非常注重價值。我們相信，我們的宗旨和策略使我們能夠很好地應對負擔能力和可近性問題，這是當今健康生活面臨的兩大最重要挑戰。

While our conviction in the long-term algorithm remains strong, 2026 will be a challenging year as we lap some big numbers. We are very pleased with our new stores, our investments in self-distribution, our growing depth of customer data, and the continued advancement of our differentiated assortment.

儘管我們對長期演算法的信心依然堅定，但2026年將是充滿挑戰的一年，因為我們將超越一些龐大的數字。我們對我們的新店、對自營分銷的投資、不斷增長的客戶數據深度以及差異化產品組合的持續進步感到非常滿意。

At the same time, we are disappointed with transactions and still learning how we can shape customer behavior through loyalty and personalization. In 2026, we are investing in the capabilities needed to fully exploit our loyalty data. We know we can do more.

同時，我們對交易情況感到失望，並且仍在學習如何透過忠誠度和個人化來塑造客戶行為。2026年，我們將投資於充分利用我們忠誠度數據所需的能力。我們知道我們還能做得更多。

We also have the capacity in our P&L to help address the affordability challenges that many of our customers are facing. The team remains excited and confident in our ability to support our health enthusiast customers and drive growth in the years ahead.

我們的損益表也足以應付許多客戶面臨的支付能力挑戰。團隊依然充滿熱情和信心，相信我們有能力支持熱愛健康的客戶，並在未來幾年推動業務成長。

In a moment, I'll talk more about our plans for 2026, but for now, I'll hand it to Curtis to review our fourth-quarter and full year financial results as well as our 2026 outlook. Curtis?

稍後我會詳細介紹我們 2026 年的計劃，但現在，我將把發言權交給柯蒂斯，讓他回顧一下我們第四季度和全年的財務業績以及我們對 2026 年的展望。柯蒂斯？

Thanks, Jack, and good afternoon, everyone. In the fourth quarter, total sales were $2.1 billion, up $152 million or 8% compared to the same period last year. This growth was driven by a 1.6% increase in comparable store sales and the strong results from new stores. Our key points of differentiation continued to drive our sales with attribute forward products growing faster than our core business.

謝謝你，傑克，大家下午好。第四季總銷售額為 21 億美元，比去年同期成長 1.52 億美元，增幅為 8%。這一成長主要得益於同店銷售額成長 1.6% 以及新店的強勁業績。我們的關鍵差異化優勢持續推動銷售成長，其中屬性導向產品的成長速度超過了我們的核心業務。

E-commerce sales grew 15%, representing approximately 15.5% of our total sales for the quarter. Additionally, Sprouts brand continues to resonate, now making up nearly 26% of our total sales for the quarter. Basket drove our comp with traffic ending slightly negative after a disappointing holiday season and finish to the quarter. We effectively managed costs and margins against this backdrop.

電子商務銷售額成長了 15%，約佔本季總銷售額的 15.5%。此外，Sprouts 品牌持續受到歡迎，目前已佔本季總銷售額的近 26%。購物籃帶動了我們的競爭對手，但由於假期和季度末表現令人失望，流量最終略有下降。在此背景下，我們有效地控制了成本和利潤。

Gross margin for the fourth quarter was 38.0%, a decrease of 10 basis points compared to the same period last year, primarily due to shrink, partially offset by the benefits from our move to self-distribution in meat. In addition, the rapid adoption of our loyalty program did put some pressure on gross margins. We look forward to utilizing this data to further engage our target customers and drive sales behavior.

第四季毛利率為 38.0%，比去年同期下降 10 個基點，主要原因是萎縮，部分被肉類自營分銷帶來的收益所抵消。此外，我們會員忠誠度計畫的快速推廣也給毛利率帶來了一些壓力。我們期待利用這些數據進一步吸引目標客戶並促進銷售行為。

SG&A for the quarter totaled $653 million, an increase of $38 million and 41 basis points of leverage compared to the same period last year. This improvement was largely driven by lower incentive compensation expense and effective cost management.

本季銷售、一般及行政費用總計 6.53 億美元，比去年同期增加了 3,800 萬美元，槓桿率提高了 41 個基點。這項改善主要得益於激勵性薪酬支出的降低和有效的成本管理。

Depreciation and amortization, excluding depreciation included in the cost of sales was $39 million. For the fourth quarter, our earnings before interest and taxes were $123 million. Interest income was approximately $581,000 and our effective tax rate was 27%. Net income was $90 million and diluted earnings per share were $0.92, an increase of 16% compared to the same period last year.

折舊和攤提（不包括計入銷售成本的折舊）為 3,900 萬美元。第四季度，我們的息稅前利潤為 1.23 億美元。利息收入約為 581,000 美元，實際稅率為 27%。淨利潤為 9,000 萬美元，稀釋後每股收益為 0.92 美元，比去年同期成長 16%。

For fiscal year 2025, total sales increased nearly 14% to $8.8 billion, driven by comparable store sales growth of 7.3% and strong new store performance. Our focus on innovation and differentiation resonated well with our target customers, driving overall sales. Additionally, we were happy to see that our new stores exceeded our expectations for the second consecutive year.

2025 財年總銷售額成長近 14%，達到 88 億美元，主要得益於同店銷售額成長 7.3% 以及新店業績強勁。我們對創新和差異化的重視引起了目標客戶的共鳴，從而推動了整體銷售成長。此外，我們很高興地看到，我們的新店連續第二年超出了我們的預期。

Gross margin was 38.8%, an increase of 70 basis points compared to gross margin in the prior year. This was predominantly driven by improvements in shrink and our investments in inventory management over the last couple of years as well as leverage from increased sales early in the year.

毛利率為 38.8%，比去年毛利率提高了 70 個基點。這主要得益於過去幾年我們在庫存管理方面加大投入，減少了損耗，以及年初銷售成長帶來的槓桿效應。

SG&A expenses for the year totaled $2.6 billion, an increase of $283 million or 45 basis points of leverage compared to SG&A last year. This leverage is mainly attributable to sales leverage from strong comp performance early in the year. Store closures and other costs totaled $5.6 million due to ongoing occupancy costs from our 2023 store closures and disaster recovery costs. Depreciation and amortization, excluding depreciation included in the cost of sales was $150 million.

本年度銷售、一般及行政費用總計 26 億美元，比前一年增加了 2.83 億美元，槓桿率為 45 個基點。這種槓桿作用主要歸功於年初強勁的同店銷售業績帶來的銷售槓桿。由於 2023 年門市關閉產生的持續佔用成本和災後復原成本，門市關閉和其他成本總計達 560 萬美元。折舊和攤提（不包括計入銷售成本的折舊）為 1.5 億美元。

For 2025, our earnings before interest and taxes were $686 million. Interest income was $2.6 million, and our effective tax rate was approximately 24%. Net income was $524 million and diluted earnings per share were $5.31, an increase of 42% compared to the prior year's diluted earnings per share.

2025 年，我們的息稅前利潤為 6.86 億美元。利息收入為 260 萬美元，實際稅率約為 24%。淨利潤為 5.24 億美元，稀釋後每股收益為 5.31 美元，比上年稀釋後每股收益成長 42%。

Sprouts ended the year with 477 stores across 24 states. Looking ahead, there are over 140 approved new stores and more than 95 executed leases in our pipeline. A strong and healthy balance sheet has underpinned our financial performance. For the year, we generated $716 million in operating cash flow which enabled self-funding of investments and capital expenditures of $224 million, net of landlord reimbursement.

Sprouts 年底在 24 個州擁有 477 家門市。展望未來，我們有超過 140 家已獲批准的新店和超過 95 份已簽署的租賃協議正在籌備中。穩健的資產負債表是我們財務表現的堅實基礎。本年度，我們產生了 7.16 億美元的營運現金流，扣除房東補償後，我們能夠自籌資金進行投資和資本支出 2.24 億美元。

We also returned $472 million to our shareholders by repurchasing 4 million shares and have $836 million remaining under our new $1 billion share repurchase authorization. The year ended with $257 million in cash and cash equivalents and $23 million of outstanding letters of credit.

我們也透過回購 400 萬股股票向股東返還了 4.72 億美元，根據我們新的 10 億美元股票回購授權，還有 8.36 億美元剩餘。年底時，公司持有現金及現金等價物2.57億美元，未償信用證金額為2,300萬美元。

We have been encouraged by our strong sales and customer growth in recent years. However, the challenge of lapping this growth has been more difficult than anticipated, particularly with our lower engaged customers who are visiting less often and purchasing fewer items as they navigate economic challenges. We are encouraged to see our loyalty members increasing their frequency and spend but know that there is still significant opportunity ahead.

近年來，我們強勁的銷售額和客戶成長令我們倍受鼓舞。然而，要跟上這種成長的步伐比預期的要困難得多，尤其是對於那些參與度較低的客戶而言，他們在應對經濟挑戰時，訪問頻率降低，購買的商品數量也減少。我們很高興看到忠誠會員的消費頻率和消費額不斷提高，但也知道未來仍有很大的發展空間。

Our customer engagement and personalization capabilities are still maturing, and our customer is telling us they need greater support in making healthy living more affordable. We are well positioned to do more for our customers as we look ahead to 2026.

我們的客戶互動和個人化能力仍在不斷完善，我們的客戶告訴我們，他們需要更多支持，才能讓健康生活更經濟實惠。展望 2026 年，我們已做好充分準備，為客戶提供更多服務。

As for our outlook, it's important to note that fiscal year 2026 will be a 53-week year, with the extra week falling at the end of the fourth quarter. We estimate the impact from the 53rd week to be approximately $200 million in sales, $28 million in income before interest and taxes and $0.21 in diluted earnings per share. For the full year, on a 52-week basis, we expect total sales growth to be between 4.5% and 6.5% and comp sales to be between negative 1% and positive 1%.

至於我們的展望，需要注意的是，2026 財年將有 53 週，多出的一週位於第四季末。我們估計第 53 週的影響約為：銷售額 2 億美元，息稅前收入 2,800 萬美元，稀釋後每股收益 0.21 美元。預計全年（52 週）總銷售額成長將在 4.5% 至 6.5% 之間，同店銷售額成長將在 -1% 至 +1% 之間。

We plan to open at least 40 stores in 2026. Earnings before interest and taxes are expected to be between $675 million and $695 million, and earnings per share are expected to be between $5.28, and $5.44, which includes some share repurchases. With our strong cash generation, we plan to utilize our free cash flow to repurchase our shares and would expect to spend at least $300 million on this program in 2026, which is included in our EPS outlook.

我們計劃在 2026 年開設至少 40 家門市。預計息稅前利潤將在 6.75 億美元至 6.95 億美元之間，每股收益預計將在 5.28 美元至 5.44 美元之間，其中包括一些股票回購。憑藉強勁的現金流，我們計劃利用自由現金流回購股票，預計 2026 年將在該計劃上花費至少 3 億美元，這已計入我們的每股收益預期。

Year to date, we have already deployed $100 million towards share repurchase, and we'll continue to take a disciplined, opportunistic approach when we see a disconnect between our share price and our long-term fundamentals.

今年迄今為止，我們已經投入 1 億美元用於股票回購，當股價與長期基本面脫節時，我們將繼續採取審慎、機會主義的方法。

We also expect our corporate tax rate to be approximately 25.5%. During the year, we expect capital expenditures, net of landlord reimbursements, to be between $280 million and $310 million. For the first quarter, we expect comp sales to be in the range of negative 3% to negative 1% and earnings per share to be between $1.66 and $1.70, which includes the impact of a higher tax rate due to year-over-year share price changes and the related stock-based compensation tax impacts.

我們預計公司稅率約為 25.5%。我們預計，本年度扣除房東補償後的資本支出將在 2.8 億美元至 3.1 億美元之間。我們預計第一季同店銷售額將下降 3% 至 1%，每股收益將在 1.66 美元至 1.70 美元之間，其中包括由於同比股價變動和相關的股票期權激勵稅收影響而導致的較高稅率的影響。

In the first quarter, we expect EBIT margin pressure of approximately 85 basis points due to fixed cost deleverage and the impact of our loyalty program.

第一季度，由於固定成本槓桿化和忠誠度計畫的影響，我們預計息稅前利潤率將面臨約 85 個基點的壓力。

To add some additional color to the full year guide, we expect the first half of the year to be challenging as we lap double-digit comp comparisons. We anticipate sequential comp improvement thereafter as we rebuild towards our long-term financial algorithm late in the year.

為了讓全年預測增添一些色彩，我們預計上半年將充滿挑戰，因為我們將面臨兩位數以上的同業比較。我們預計，隨著我們在今年稍後重建長期財務演算法，業績將逐步改善。

EBIT margins are expected to face some early year headwinds due to fixed cost deleverage and higher-than-expected sign-ups for our loyalty program. We expect that this will stabilize later in the year as we leverage our investments in self-distribution and anniversary the loyalty rollout while still experiencing modest new store growth pressure in the second half as our pipeline is weighted more heavily to Q3 and Q4.

由於固定成本槓桿化以及忠誠度計畫註冊人數超出預期，預計年初息稅前利潤率將面臨一些不利因素。我們預計，隨著我們利用在自營分銷方面的投資以及週年紀念忠誠度推廣活動，這種情況將在今年晚些時候趨於穩定，同時由於我們的業務計劃更多地集中在第三季度和第四季度，下半年仍將面臨適度的新店增長壓力。

While we expect to experience short-term growth headwinds as we stabilize our business after two years of significant growth, we remain confident in our strategy and our ability to return to our long-term growth algorithm.

儘管我們預計在經歷了兩年顯著成長後，業務穩定過程中會面臨短期成長阻力，但我們仍然對我們的策略和恢復長期成長模式的能力充滿信心。

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

好了，現在我把麥克風交還給傑克。

Thanks, Curtis. While we're not happy with our current business performance and our 2026 outlook, we believe strongly in the long-term potential of Sprouts and our ability to take the necessary steps to reaccelerate growth.

謝謝你，柯蒂斯。雖然我們對目前的業務表現和 2026 年的展望並不滿意，但我們堅信 Sprouts 的長期潛力，以及我們採取必要措施重新加速成長的能力。

Over the years, Sprouts has built a strong foundation for sustainable long-term value creation. As always, we recognize the future is more important than the past. The exceptional growth we've seen over the last two years was supported in part by the broad expansion of the US health and wellness movement where Sprouts is uniquely positioned with the right products and customer experience to serve as a top destination for healthy discovery.

多年來，Sprouts 為永續的長期價值創造奠定了堅實的基礎。我們始終認為未來比過去更重要。過去兩年我們所取得的卓越成長，部分得益於美國健康產業的蓬勃發展，Sprouts 憑藉其合適的產品和客戶體驗，在健康探索領域佔據了獨特的地位。

Growing from this elevated base of new customers now requires sharper execution, deeper customer engagement, and better affordability for our customers. In 2026, we are focused on preparing for our next phase of growth by leveraging our operational strengths and advancing our foraging, customer engagement, real estate and supply chain initiatives along with targeted investments in talent, technology, and affordability that reinforce our unique value proposition.

現在，要在此基礎上發展壯大，就需要更精準的執行、更深入的客戶互動以及為客戶提供更實惠的價格。2026 年，我們將專注於為下一階段的成長做好準備，充分利用我們的營運優勢，推進我們的覓食、客戶互動、房地產和供應鏈計劃，同時有針對性地投資於人才、技術和可負擔性，從而強化我們獨特的價值主張。

We are positioning Sprouts for long-term success. Our top priority is serving the needs of our target customer. Launched last year, our loyalty program exceeded sign-up expectation and significantly broadened our customer insights. We expect the program to deliver a behavioral shift over time.

我們正在為 Sprouts 的長期成功做好準備。滿足目標客戶的需求是我們的首要任務。我們的會員忠誠度計劃於去年推出，註冊人數超出預期，並顯著拓寬了我們對客戶的了解。我們期望該專案能夠隨著時間的推移帶來行為上的轉變。

We are pleased to see our most engaged customers increasing their frequency and to see some customers join our rewards program and significantly increase both frequency and spend at Sprouts. Yet we see opportunities to deepen engagement further, whether by driving additional frequency, expanding participation across more categories or encouraging trial of innovative new items.

我們很高興看到我們最活躍的顧客增加了光顧頻率，也看到一些顧客加入我們的獎勵計劃，並在 Sprouts 顯著增加了光顧頻率和消費額。但我們看到了進一步加深參與的機會，無論是透過提高參與頻率、擴大參與範圍到更多類別，或是鼓勵嘗試創新產品。

Beginning in 2026, we've enhanced our loyalty program to provide more value and are investing in our personalization capabilities to increase program effectiveness. As we have spoken about many times, our customers come to us for a variety of solutions to support their healthy living journey. Better understanding these customer cohorts and personalizing how we engage with their needs remains a critical growth lever.

從 2026 年開始，我們將加強會員忠誠度計劃，以提供更多價值，並投資於個人化能力，以提高計劃的有效性。正如我們多次談到的那樣，我們的客戶前來尋求各種解決方案，以支持他們的健康生活之旅。更了解這些客戶群並個性化我們與他們互動的方式，仍然是關鍵的成長槓桿。

In 2026, we're adding new talent with deep expertise in data analytics and customer engagement to fully unlock this potential. Health and wellness continues to provide tailwinds in the marketplace, and we will stay ahead by offering more unique products. The foraging team continues to source products from around the world and is leading in evolving trends.

2026年，我們將引進在數據分析和客戶互動方面擁有深厚專業知識的新人才，以充分釋放這項潛力。健康養生產業持續為市場帶來發展動力，我們將透過提供更多獨特的產品來保持領先地位。覓食團隊持續從世界各地採購產品，並引領不斷變化的趨勢。

We've established ourselves as the retailer of choice for launching new health and wellness products, supported by our commitment to nurturing and growing emerging brands as they scale. We'd like to thank all our vendors for their partnership especially those who have trusted us to launch their trending products. Their innovation, combined with our customers' growing appetite for discovery in health and wellness continues to be a key driver of our success.

我們已成為推出全新健康保健產品的首選零售商，這得益於我們致力於培育和發展新興品牌，協助它們實現規模化成長。我們要感謝所有供應商的合作，特別是那些信任我們並委託我們推出其熱門產品的供應商。他們的創新精神，加上我們客戶對健康和保健領域探索的日益增長的需求，仍然是我們成功的關鍵驅動力。

By the end of 2025, our organic sales mix grew to more than 30% of our total sales, and this trend remains a key focus for us. On the docket for 2026 are more products with on-trend attributes such as no seed oils, gut health, and longevity. Also, you will see organic grass-fed whey protein, functional hydration beverages such as Tractor's modern take on the haymaker,and products like Elevate Organics, formulated to heal the body and the planet through regenerative farming practices.

到 2025 年底，我們的有機銷售額佔總銷售額的比例成長到 30% 以上，這一趨勢仍然是我們關注的重點。2026 年的計畫中將推出更多具有潮流屬性的產品，例如不含植物油、有益腸道健康和延年益壽。此外，您還會看到有機草飼乳清蛋白、功能性補水飲料（例如 Tractor 對 haymaker 的現代詮釋）以及 Elevate Organics 等產品，這些產品透過再生農業實踐配製而成，旨在治癒身體和地球。

These are just a few examples of what this team is delivering to our customers.

以上僅是該團隊為客戶提供的服務中的幾個例子。

Sprouts brands have now surpassed $2 billion, continuing to outperform overall company performance. Rather than replicating national brands, our goal is to offer customers products that complement their favorites while delivering something distinctly Sprouts, high-quality innovation at a great value.

Sprouts旗下品牌銷售額現已超過20億美元，持續跑贏公司整體業績。我們的目標不是複製全國性品牌，而是為顧客提供與他們喜愛的產品相輔相成的產品，同時帶來 Sprouts 獨有的高品質創新和超值體驗。

The team has developed a robust three-year innovation pipeline designed to meet the evolving needs of our health-orientated customers, focusing on products they trust and actively seek out. The launch of our new Wellness Bowls is a terrific example of the intersection of health and affordability. The success of this new offering shows that customers respond when we deliver both in a compelling way.

該團隊制定了一項強大的三年創新計劃，旨在滿足我們以健康為導向的客戶不斷變化的需求，並專注於他們信任和積極尋找的產品。我們新推出的健康餐碗完美地詮釋了健康與實惠的結合。這項新產品的成功表明，當我們以引人入勝的方式同時提供這兩項服務時，客戶會有積極的回應。

Next week, customers will see our new Sweet Heat seasonal event come to life across our stores with an exciting set of limited time products only found at Sprouts. We continue to drive market-leading healthy innovation and our stores help bring it to life for our customers. Our teams remain focused on delivering our unique customer experience, educating shoppers, and showcasing our differentiated assortment. I continue to be so proud of how our teams execute in stores for our customers.

下週，顧客們將在我們的門市看到我們全新的「甜蜜熱辣」季節性活動，屆時將推出一系列令人興奮的限時產品，這些產品僅在 Sprouts 有售。我們持續推動市場領先的健康創新，而我們的門市則幫助顧客將這些創新理念變為現實。我們的團隊始終專注於提供獨特的客戶體驗、教育購物者以及展示我們差異化的產品系列。我為我們團隊在門市為顧客提供的服務感到無比自豪。

New stores continue to perform well. This strong performance reinforces our confidence in our growth path. Our robust new store pipeline now includes over 140 approved locations and plans to open 40-plus new stores in 2026. We are also excited to have entered a new state earlier this year with the addition of our first New York store, expanding our presence in the Northeast.

新店業績持續良好。這一強勁的業績增強了我們對自身發展道路的信心。我們強大的新店籌備計畫目前包括超過 140 個已獲批准的地點，並計劃在 2026 年開設 40 多家新店。今年早些時候，我們非常高興地宣布，隨著我們在紐約開設第一家門市，我們正式進入了一個新的州，擴大了我們在東北地區的業務。

While nearly all of our 2026 openings will be in our existing footprint, the team is also looking forward to 2027 and beyond. And we are approving sites in both the Midwest and the Northeast to lay the foundation for further future growth.

雖然我們 2026 年幾乎所有的新店都將位於我們現有的店址內，但團隊也對 2027 年及以後充滿期待。我們正在批准中西部和東北部的選址，為未來的進一步發展奠定基礎。

On the supply chain front, the transition to self-distribution for fresh meat is progressing very well, strengthening our control over our fresh categories. Today, 75% of our stores are serviced with fresh meat from our distribution centers. Our Northern California facility is on track to be fully operational by early in the second quarter, completing our self-distribution rollout.

在供應鏈方面，鮮肉自營配送的轉型進展非常順利，加強了我們對鮮肉品類的控制。目前，我們75%的門市都使用來自我們配送中心的鮮肉。我們在北加州的工廠正按計劃進行，預計將於第二季度初全面投入運營，完成我們的自主分銷計劃。

Stores are already benefiting from increased delivery frequency with fresh meat products now arriving alongside daily produce shipments. We're also continuing to invest in our forecasting and replenishment capability that we expect will enable Sprouts to scale and grow. We believe the cost efficiencies from these initiatives and other investments will allow us to support our customers with a more affordable, healthy living journey while also maintaining our strong margin profile in the long term.

由於送貨頻率提高，新鮮肉類產品現在與每日新鮮農產品一起送達，商店已經從中受益。我們也持續投資於預測和補貨能力，我們預計這將使 Sprouts 能夠擴大規模並實現成長。我們相信，這些措施和其他投資帶來的成本效益將使我們能夠以更實惠的價格為客戶提供更健康的生活，同時在長期內維持我們強勁的利潤率。

Lastly, the Sprouts team remains the heart of the organization, with ongoing investments in their development to drive the business and key initiatives forward. We continue to invest in our talent engine pipeline to support our future growth. Our ongoing investments in our team have helped maintain a low turnover, and that stability is reflected in the consistently exceptional customer experience scores we receive, many of whom tell us time and again, I love Sprouts.

最後，Sprouts 團隊仍然是公司的核心，公司持續投資於他們的發展，以推動業務和關鍵舉措向前發展。我們將繼續投資人才儲備，以支持未來的發展。我們對團隊的持續投入幫助維持了較低的員工流動率，這種穩定性體現在我們始終如一的卓越客戶體驗評分上，許多客戶一次又一次地告訴我們：“我喜歡 Sprouts。”

We extend our gratitude to our more than 36,000 team members for their commitment to serving customers every day. I also want to thank Scott Neal and wish him the very best in his retirement. As our Chief Merchant, Scott has driven outstanding growth in our business while furthering our strategy of differentiation.

我們衷心感謝超過 36,000 名團隊成員每天為客戶服務所做的貢獻。我還要感謝史考特·尼爾，並祝福他退休生活一切順利。作為我們的首席商務官，Scott 推動了我們業務的卓越成長，同時推動了我們的差異化策略。

As well, we welcome both Don Clark, our Chief Merchandising Officer; and Mandy Rassi, our new Chief Customer Officer. We look forward to their contributions as we scale our business for continued growth.

此外，我們歡迎唐·克拉克擔任首席商品官；以及曼迪·拉西擔任新的首席客戶長。我們期待他們為我們擴大業務規模、實現持續成長做出貢獻。

In summary, while the near-term backdrop is challenging, the steps we are taking today are strengthening the business and reinforcing our ability to grow our $290 billion total addressable health and wellness market. It's amazing to reflect on our growth from a single store in Chandler, Arizona in 2002 to more than 500 stores by the year-end, serving over 14 million customers walking through our doors every quarter.

總而言之，儘管近期情況充滿挑戰，但我們今天採取的措施正在加強業務，並鞏固我們拓展 2,900 億美元潛在健康和保健市場的能力。回顧我們從 2002 年在亞利桑那州錢德勒市的一家門市發展到年底擁有 500 多家門市，每季接待超過 1,400 萬顧客，這真是令人驚嘆。

The health and wellness movement remains strong, and Sprout's unique positioning continues to set us apart. By managing costs with discipline and investing behind the capabilities that differentiate us, we are confident in our ability to create long-term growth and value for our shareholders. We appreciate your continued interest in Sprouts and look forward to keeping you updated on our progress throughout the year.

健康養生潮流依然強勁，Sprout 獨特的市場定位也讓我們脫穎而出。透過嚴格控製成本，並投資於使我們脫穎而出的能力，我們有信心為股東創造長期成長和價值。感謝您一直以來對 Sprouts 的關注，我們期待在一年中持續向您報告我們的最新進展。

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

接下來，我想把時間交給各位提問。操作員？

(Operator Instructions) Ed Kelly, Wells Fargo.

（操作員說明）艾德凱利，富國銀行。

I guess I wanted to start with current comp momentum. You talked about some slowdown into holiday disappointing into the year, and it seems like that's continued into Q1. I was hoping maybe you could unpack what you think is driving that additional stepdown, where you are running currently versus the comp guidance that you've given for the quarter?

我想先從目前的競爭勢頭入手。你提到假期期間業務有所放緩，導致年初業績令人失望，而這種情況似乎延續到了第一季。希望您能詳細解釋一下，您認為導致此次業績進一步下滑的原因是什麼？您目前的營運狀況與您先前給出的季度業績預期相比如何？

And then as part of this, Jack, you have mentioned the idea of maybe investing in some value for your customers. And I think that's an idea that maybe price and promo, you've kind of resisted that idea historically. Just curious as to how deep of an investment do you think you will be making there?

然後，傑克，作為其中的一部分，你提到了或許可以投資一些能為你的客戶創造價值的想法。我認為，或許在價格和促銷方面，你們過去一直比較抵制這種想法。我只是好奇，你覺得你會在那裡投入多大的投資？

I'll let Curtis talk specifically on the numbers, Ed. First and foremost, what's happening, there's an uncertain macro environment. There's clearly some tough lapping that we're going. And the toughest lapping does actually come in Q1 in terms of the numbers that we got last year for a variety of kind of -- a variety of reasons that are not going to be repeated this quarter. So that's one of the reasons for it.

艾德，關於具體數字，就讓柯蒂斯來談談吧。首先，也是最重要的是，目前宏觀環境充滿不確定性。顯然，我們要跑一些難度很高的單圈速度。而最艱難的挑戰實際上出現在第一季度，因為去年由於各種原因，我們得到了各種各樣的數字，而這些原因在本季度不會重演。這是原因之一。

And the other context of it in this affordability, the affordability issue, our customers are saying to us, look, we really love your business. We really love what you do. But can you help us a little bit on this affordability? Can you help us just a little bit on what you're doing? And it's caused us to take a really good look at what are the options in terms of pricing, what are the options in terms of promotions.

而從價格負擔能力的角度來看，我們的客戶告訴我們，我們真的很喜歡你們的業務。我們非常喜歡你所做的一切。但是，您能否就價格承受能力方面提供一些幫助？您能稍微透露一下您正在進行的工作嗎？這促使我們認真檢視定價方面的選擇，以及促銷方面的選擇。

And the great thing about the business today from where it's been over the years is we've got the capacity to invest going forward if we need to invest to support the customer in the particular circumstances that are existing at the moment. So we just got more capacity to do, we got more options in terms of how we think about it. And Nick and the team are thinking really hard about how we can pick the right actions to support the customer and this affordability issue.

如今，這項企業最大的優勢在於，與過去幾年相比，我們有能力在未來進行投資，以便在當前特殊情況下為客戶提供支援。所以我們有了更大的能力去做事，我們在思考問題的方式上有了更多的選擇。尼克和他的團隊正在認真思考如何採取正確的措施來支持客戶並解決價格承受能力問題。

And some of it will be promotions. Some will be about personalization. Some of it will be about pricing. So we're looking at it in a bit of detail across the board, and we'll be taking some action and we can -- we've got the capacity to do that.

其中一些會是促銷活動。有些內容將與個人化有關。其中一些內容與定價有關。所以我們正在全面、詳細地研究這個問題，我們將採取一些行動，而且我們有能力這樣做。

Do you want to talk numbers, Curtis?

柯蒂斯，你想談談數字嗎？

Yes. On the stepdown at -- really, the primary thing is that customer lapping issue as we kind of look back, it's a low engaged customer that we really brought in with new customers, with reactivated customers at the New Year last year, in the fourth quarter last year. And there were some of those viral moments and eggs and things like that, that were driving customers our way.

是的。逐步減少——實際上，主要問題是客戶流失問題，回顧過去，我們發現去年新年和去年第四季度，我們引入的新客戶和重新激活的客戶，參與度都很低。當時出現了一些病毒式傳播的事件，像是雞蛋之類的東西，這些都為我們帶來了顧客。

So as we get up against it, it's just been challenging. And I don't think the macro helps in that respect. It makes it more challenging. And the combination of factors has made it difficult. Year to date, we are right at the midpoint of the guide. We're about a little over halfway through the quarter, and we are past the King Soopers strike lapping that we had last year. That's behind us, but we're right at the midpoint of the guide here year to date.

所以當我們遇到困難時，確實充滿挑戰。我不認為宏在這方面能起到幫助作用。這增加了挑戰性。多種因素疊加，使得情況變得困難。今年到目前為止，我們正好完成了本指南的中點。現在已經過了季度的一半多一點，我們也度過了去年 King Soopers 罷工的難關。那件事已經過去了，但我們現在正好處於今年迄今為止這份指南的中點。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

I just wanted to ask about the comp guide. See if you can just walk through how you're thinking about traffic versus ticket as we go through the year, what have you assumed of any contribution from loyalty? And then I understand you have the difficult lap in the front half, but at the end of the day, natural and organic category is still growing pretty nicely across grocery.

我只是想問一下關於競技指南的問題。請您簡要說明一下，在這一年中，您是如何看待交通流量與罰單之間的關係的，您認為忠誠度會做出哪些貢獻？我知道前半程比較難熬，但總的來說，天然和有機食品類別在整個食品雜貨領域仍然保持著相當不錯的成長動能。

So I guess, why do you think you've been more challenged in this current backdrop? And has anything changed in the competitive landscape? Or just more detail on what gives you the confidence that you can get back to that positive growth in the back half?

所以我想問，你認為在目前的背景下，你面臨的挑戰為什麼更大？競爭格局是否發生了變化？或者您能否詳細說明一下，是什麼讓您有信心在下半年恢復到正面成長狀態？

Yes. Leah, it's Curtis. On the guide front, from a traffic basket perspective, we'll see on the full year guide, slight pressure on traffic should get sequentially better as the year progresses. The first half will be challenged and then we'll see sequential improvement as the compares soften a bit. And then the basket will be just the flip of that, slightly up and offsetting to the flat midpoint in the guidance.

是的。莉婭，我是柯蒂斯。從交通流量的角度來看，在全年交通流量預測中，我們將看到，隨著時間的推移，交通壓力應該會逐漸減輕。前半程會比較艱難，但隨著比較結果的緩和，我們會看到情況逐漸改善。然後籃框的位置正好與之相反，略微向上偏移，與指導圖中的平坦中點相對應。

As far as the confidence to get back to where we've been before, it's really just we have good strength in pieces of our strategy right now. New stores are performing really well, attribute-based SKUs are performing really well. We continue to be pleased with the innovation and forging piece and the partnership with emerging brands and vendors. Those are all still going strong for us.

至於我們是否有信心重回巔峰，目前我們策略的某些方面確實很強大。新店表現非常出色，基於物業的 SKU 表現非常出色。我們對創新和鍛造環節以及與新興品牌和供應商的合作感到滿意。這些產品目前在我們這裡都運作良好。

We've had two great years of growth, we had two really strong years of sequential improvement prior to that, too. And so we feel like those are the building blocks for how we'll get back to where we need to go. As we mentioned earlier, we need to do a little bit more for the customer in this moment. We're going to be working on our personalization and customer engagement capabilities throughout the year and accelerating some resource there.

我們經歷了兩年強勁的成長，在此之前，我們也經歷了兩年非常強勁的連續成長。因此，我們覺得這些是我們重回正軌的基石。正如我們之前提到的，此時此刻，我們需要為客戶多做些事情。今年我們將致力於提升個人化和客戶互動能力，並加速這方面的資源投入。

Those are the pieces that should help us get back. And yes, we're expecting to be a part of that sequential improvement. The things that we're doing, we're assuming will help us get back to where we want to be and embedded in the guide. And then there's obviously just a lot of uncertainty in a long year ahead of us as it relates to the consumer pressure in our customer lapping conversations. So a balance of those things embedded in the guidance.

這些要素應該可以幫助我們重整旗鼓。是的，我們期望能夠參與這循序漸進的改進過程。我們正在做的事情，我們認為將幫助我們回到我們想要到達的地方，並融入指南中。顯然，在未來漫長的一年裡，我們面臨著許多不確定因素，尤其是在與客戶溝通時，消費者的壓力方面。因此，指導方針中體現了對這些因素的平衡。

So with regard to the competitive scenario, Leah, that you're referring to, I think the great thing about our company is it's all in our own hands. We've got the capacity to do what it needs to do in the marketplace. We're not seeing anything really dramatic coming at us from different -- we think this is a kind of lapping challenge and an affordability challenge that everybody is having to look at carefully and the consumer uncertainty that's come from the affordability, it's not really reflected itself in a huge competitive space.

莉亞，關於你提到的競爭情勢，我認為我們公司最大的優勢在於一切都掌握在我們自己手中。我們有能力在市場上完成它需要做的事情。我們沒有看到來自其他方面的任何真正劇烈的變化——我們認為這是一種競爭性的挑戰和負擔能力方面的挑戰，每個人都必須認真對待，而消費者因負擔能力而產生的不確定性，並沒有真正反映在巨大的競爭領域中。

We are watching really closely whether the products that we have, the differentiated products that we have are priced appropriately within the market. But it's not about what other people are pricing because they don't sell these things. And it's about how do we get the right balance of the assortment, the right balance of price points, the right balance, and that's what we think we've got to do in the context of this affordability.

我們正在密切關注我們擁有的產品，特別是我們的差異化產品，在市場上的定價是否合理。但這與其他人如何定價無關，因為他們根本不賣這些東西。關鍵在於我們如何在產品種類、價格點等方面取得適當的平衡，而這正是我們認為在可負擔性的前提下必須做到的。

Inflation has clearly driven some significant increases on pricing on coffee, on meat. It's affected some of the less -- the customer who doesn't come that as often. It's clearly affected in some of those categories, and we're watching that closely, and we'll take the action that we need to take. But the great thing is it's all in our own hands.

通貨膨脹顯然導致咖啡和肉類價格大幅上漲。對一些不太常光顧的顧客造成了一定影響。顯然，其中一些類別受到了影響，我們正在密切關注，並將採取必要的行動。但最棒的是，這一切都掌握在我們自己手中。

Okay. That's very helpful. So I mean, it sounds like the lap is a big issue here. So that kind of leads to my next question around the right margin profile for this business. So you've had some really nice expansion over the last couple of years. And I think when we talked before is, hey, we wouldn't really be giving that back. But today's guide is implying a notable margin decline.

好的。那很有幫助。所以，聽起來圈速是個大問題。這就引出了我的下一個問題，這家企業的合適利潤率是多少。所以，你們在過去幾年裡取得了非常好的擴張。我覺得我們之前討論過，嘿，我們其實不會把那些東西還回去。但今天的指南暗示利潤率將顯著下降。

We're hearing more about investing in value in the last question and in the prepared remarks. So I guess assuming you look back on algo in the back half, what is the right margin profile for this business? How do you think about the ongoing level of investment that's needed here?

在最後一個問題和準備好的演講中，我們更聽到了關於價值投資的內容。所以，假設你回顧後半段的演算法，那麼這家企業的適當利潤率是多少呢？您認為這裡需要持續的投資水準如何？

And just kind of the pressures that you're seeing today, what is temporary investment versus deleverage? Just kind of how do we think about the long-term margin profile?

而如今我們所面臨的各種壓力，究竟是暫時性投資還是去槓桿化？我們該如何看待長期利潤率狀況呢？

Leah, it's Curtis. Yes, so I think, yes, the midpoint of the guide, there's a pressure on EBIT margins. That's primarily, if we look at the full year fixed cost deleverage, occupancy depreciation deleverage as we think about the full year. Around that, still fairly stable. And obviously, there'll be a shape of it from first half and second half.

莉婭，我是柯蒂斯。是的，所以我認為，是的，在指南的中點，息稅前利潤率面臨壓力。如果我們從全年固定成本去槓桿化和佔用折舊去槓桿化的角度來看，這主要是因為全年固定成本去槓桿化的問題。大致如此，目前仍相當穩定。很顯然，上半場和下半場會呈現不同的格局。

But we've made investments in the business over the last few years to create some space in inventory management, self-distribution. We've talked a lot about those. And then as we look ahead, we also feel like there's plenty of things left for us to go after and levers to pull in the longer term. And so continued improvement, inventory management, category management, additional self-distribution down the line.

但過去幾年，我們對業務進行了投資，以在庫存管理和自主分銷方面創造一些空間。我們已經多次討論過這些問題了。展望未來，我們也覺得長遠來看，還有很多事情值得我們去追求，還有很多方法可以運用。因此，需要不斷改進、庫存管理、品類管理，並在未來增加自主分銷。

There's lots of opportunity for us to go. And in fact, the challenges we've seen the business go up and then the business come back down. And that just highlights that there's still room and maturity for us to go get in the business and inefficiencies for us to capture.

我們有很多機會可以去。事實上，我們所經歷的挑戰包括業務上升，然後業務下降。這恰恰表明，我們在這個行業中還有很大的發展空間和成熟度，還有提升的空間，以及可以挖掘的效率低下之處。

So in the medium and long term, we still think there's investments to be made that can drive profitability that we can use to address affordability and take care of our customer. And that's how we're thinking about it.

因此，從中長期來看，我們仍然認為有一些投資可以提高獲利能力，我們可以利用這些獲利能力來解決價格承受能力問題，並照顧好我們的客戶。我們就是這麼想的。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Just going to store openings and new store productivity. Just curious how they continue to perform as you got into Q4? And then new store productivity does look a little lighter in Q4. Just curious if it's timing or if there's anything else to discuss there?

只是去參加新店開幕和新店營運情況的考察。只是好奇他們進入第四季後的表現如何？而且，第四季新店的生產力似乎略有下降。我只是好奇這是時間問題，還是有其他需要討論的地方？

Rupesh, it's Curtis. Yes, really pleased with the new stores. The performance continues to be strong there. The '25 vintage outperformed our box economics expectations, not quite as strong as the '24 vintage, but still really strong. The performance has been consistent with our expectations as it relates to established markets, non-established markets, kind of East Coast, West Coast.

魯佩什，我是柯蒂斯。是的，我對新店非常滿意。那裡的業績依然強勁。2025 年的葡萄酒表現超出了我們的預期，雖然不如 2024 年那麼強勁，但仍然非常出色。無論是在成熟市場、非成熟市場，或是東岸、西岸，業績都符合我們的預期。

It's been pretty consistent, and we're really pleased to see the response we're getting when we when we bring this to new communities. And it really reinforces for us the confidence in the long term and our ability to return to our algorithm.

情況一直相當穩定，當我們把這項服務帶到新的社區時，我們非常高興地看到所得到的迴響。這確實增強了我們對長期發展以及回歸我們演算法能力的信心。

And then the new store productivity, that does get a little bit bouncy from quarter-to-quarter mix of stores and where we're opening them and year-over-year comparisons. But overall, really pleased with the new store performance.

此外，新店的生產力會因季度間門市組合、門市開設地點以及同比數據而出現一些波動。但整體而言，我對新店的業績非常滿意。

And the fact that we're consistently now building all the new V6 that we started a little while ago. We've now got more than 100 of those. We can start to make them even more efficient going forward as the team are working on learning how to do, how to build them a little bit cheaper how to execute them a little bit faster and how we can operate them a little bit more effective.

而且，我們現在一直在持續生產我們不久前開始研發的所有新型 V6 引擎。我們現在已經擁有超過100個這樣的專案了。隨著團隊努力學習如何以更低的成本建造它們、如何更快地執行它們以及如何更有效地操作它們，我們可以開始讓它們在未來變得更有效率。

So there's a lot of really good work going on behind. And when you've got the customers responding well to the new stores, it gives us a lot of scope to improve the efficiencies.

所以幕後有很多非常出色的工作正在進行中。當顧客對新店的反應良好時，我們就有很大的空間來提高效率。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

I had a two-parter. One was, can you share the new store opening cadence by quarter for the year? And then the other question was, if you look at 4Q, can you just parse out what you saw in terms of inflation versus transaction counts? And is the 300 bps softening you've had sequentially so far, is that basically all transaction counts?

我寫了一個分成兩個部分的故事。其中一個問題是，能否分享一下本年度各季度的新店開幕計畫？另一個問題是，如果你看第四季度，能否分析通貨膨脹與交易數量之間的關係？到目前為止，你們連續300個基點的降幅，基本上是指所有交易筆數的下降嗎？

Yes, Mike, it's Curtis. I'll take them in reverse order there on the softening. It's primarily traffic in the fourth quarter at a little bit of units. We are starting to see some unit pressure again, back to that affordability concept and some of the challenges from inflation that we're seeing.

是的，麥克，我是柯蒂斯。我會按照軟化的相反順序來處理它們。第四季主要是交通流量，銷售量略低。我們又開始看到一些單位壓力，這又回到了可負擔性問題以及我們目前看到的通貨膨脹帶來的一些挑戰。

Inflation kind of continues to play out the way we've expected. It's low single digits in line with CPI and then you have -- we've got our mix towards premium products, that's driving up our AUR in organic and things like that, that drive it up a bit and some of the value pack stuff that we've done over time.

通貨膨脹的走勢基本上符合我們的預期。與 CPI 相比，這是個位數的低位增長，然後——我們的產品組合向高端產品傾斜，這推高了我們有機產品的平均售價，諸如此類，這些因素都會略微推高售價，還有我們隨著時間的推移推出的一些超值包裝產品。

And then you do have some categories like coffee and meat that are inflationary that also drive that up a bit. And then, yes, so we're seeing the unit pressure a little bit across the board for all customers. And then the traffic challenges is primarily that lower engage customer that we've seen.

此外，像咖啡和肉類這類受通貨膨脹影響的類別也會推高價格。是的，我們看到所有客戶普遍面臨一定的單位壓力。而流量方面的挑戰主要體現在我們看到的客戶參與度較低。

On the new store opening cadence, backloaded again, as I mentioned in the script, six here in the first quarter, should be nine in the second quarter and then pretty balanced in Q2 and Q3 to get us to our 40 for the year. And 2027 is shaping up pretty strong, and that should be a more balanced kind of quarterly spread of new store openings, but one more back-weighted vintage here in 2026.

關於新店開業的節奏，正如我在腳本中提到的，再次採取後置策略，第一季度開設六家，第二季度開設九家，然後第二季度和第三季度保持相對平衡，使我們全年達到 40 家的目標。2027 年的情況相當強勁，新店開業的季度分佈應該會更加均衡，但 2026 年又會出現一個相對滯後的年份。

And we try and avoid -- I think we're going to avoid really having anything in November and December after the -- certainly after Thanksgiving, trying to avoid those. And that's something that we're pretty confident we'll do this year.

我們盡量避免──我想我們會盡量避免在11月和12月感恩節之後──當然是在感恩節之後，盡量避免那段時間。我們非常有信心今年能夠做到這一點。

Mark Carden, UBS.

瑞銀集團的馬克卡登。

So just building on the topic of affordability, you guys have mentioned in the past that you tend to be more of a secondary or a tertiary shop for customers. I know your assortment is largely unique, but do you believe you see much in the way of wallet share shift on some of the categories where you might overlap with the Costco or another grocer where they tend to shop?

就價格實惠這個話題而言，你們之前提到過，你們對顧客來說更像是一家二線或三線商店。我知道你們的商品種類非常獨特，但是你們認為在某些商品類別上，當你們的商品與 Costco 或其他顧客常去的雜貨店的商品重疊時，顧客的錢包份額會發生很大的變化嗎？

I know you called out eggs perhaps in the lap, but does anything else jump out? Or do you think it's more just a function of consumers controlling their own shrink, so to speak, as conditions remain challenging?

我知道你提到雞蛋可能會放在腿上，但還有其他什麼特別之處嗎？還是您認為這比較是消費者在市場環境依然充滿挑戰的情況下，自行控制消費縮水的結果？

I'll let Nick have a go at that one, Mark.

馬克，我讓尼克試試看。

Mark, it's Nick. So what we're seeing on the customer side, from a share of wallet standpoint, our share of wallet is holding pretty flat. We saw just a little tiny bit of a loss in Q4 in share of wallet, but overall holding strong, which means if you think about our innovation and differentiation continues to win and we're not seeing significant any kind of real share of wallet declines to some of the more conventional channels that you would expect or maybe allude to in your question.

馬克，我是尼克。所以從客戶的角度來看，從錢包份額的角度來看，我們的錢包份額基本上保持不變。我們在第四季度只看到了錢包份額的輕微下滑，但總體上保持強勁，這意味著，如果你考慮到我們的創新和差異化繼續取得勝利，我們並沒有看到像你預期或在你的問題中提到的那樣，在一些更傳統的渠道出現任何實質性的錢包份額下降。

So we're holding our own there. We are certainly seeing the consumer navigate towards value, which is part of what you hear from us on how do we meet our customers where they are and provide the value that we can do to help them. I think it's important to note it's not just about price. I know I think that's a place people go. But for us, it starts with what we're great at, which is our innovation and differentiation.

所以，我們在那裡還算站得住腳。我們確實看到消費者越來越注重價值，這也是我們一直在強調的，如何滿足客戶的需求，並提供我們能為他們帶來的價值。我認為需要指出的是，這不僅僅是價格的問題。我知道，我覺得那是人們會去的地方。但對我們來說，一切都始於我們的優勢，那就是我們的創新和差異化。

And what we're seeing in our business is when we can provide health board products at a really strong value like our (inaudible) program under $10, our Sprouts brand organic program, our $5 sandwiches, we're seeing a really, really strong purchase from customers.

我們在業務中發現，當我們能夠以極具競爭力的價格提供健康委員會產品時，例如我們 10 美元以下的（聽不清楚）項目、我們的 Sprouts 品牌有機項目、我們的 5 美元三明治，我們看到顧客的購買量非常非常高。

We just need to innovate more in that space at this given point in time, in addition to leaving on things like personalization and loyalty, our always sharp produce pricing and offering, and as Jack mentioned, being smart about how we price and promote to continue to maintain and grow share in this time.

在目前這個階段，除了繼續推動個人化和忠誠度計劃、我們一貫的優惠產品定價和供應之外，我們還需要在這個領域進行更多創新。正如傑克所提到的，我們需要在定價和促銷方面更加精明，才能在這個時期繼續保持和擴大市場份額。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

I wanted to ask on shrink. It was not mentioned as one of the potential margin headwinds for this year. I know last year, it was called out as a pretty substantial tailwind, especially in the first couple of quarters of the year. And I think there was a little bit of a question of how much of that was double-digit comps driving shrink lower versus all your work with inventory management.

我想問心理醫生。它並未被列為今年潛在的利潤率不利因素之一。我知道去年，這被認為是一股相當大的順風，尤其是在年初的前兩個季度。我認為這裡有個問題，那就是兩位數同店銷售額的成長究竟有多少降低了損耗，又有多少是由於庫存管理方面的努力造成的。

So now as you lap that, I guess, any update on what you're seeing with shrink and maybe how much of it you're holding on to versus your expectation?

所以現在，在你完成這項工作之後，我想問一下，你對縮水的情況有什麼新的了解嗎？例如，你實際上保留了多少，與你的預期相比如何？

Tom, it's Curtis. Yes, it was a little bit of pressure on shrink or a favorability last year as we had strong comps. We are up against that certainly in the fourth quarter. That's part of the story. And then in the first and second quarter, we'll be up against that a little bit. But we do feel like we've made sequential improvement there over the years and that the team has prepared for that.

湯姆，我是柯蒂斯。是的，去年由於同業比較強勁，我們在縮減成本方面確實面臨一些壓力或利多因素。我們在第四季肯定會面臨這個問題。那是故事的一部分。然後在第一季和第二季度，我們會稍微遇到一些困難。但我們確實感覺到這些年來我們在這方面取得了持續的進步，而且團隊也為此做好了準備。

I think where it really gets challenging is when you get those whipsaws in sales, right? The big acceleration that we saw and now the bit of the deceleration that we've seen as the business is settled and moderated, that's where it's really challenging. I think we've got a good handle on where we are here as we're sitting here in the first quarter, and the teams are continuing to put work and investment into that to prepare us for later in the year.

我認為真正具有挑戰性的是銷售過程中遇到的那些劇烈波動，對吧？我們之前看到的快速成長，以及現在隨著業務穩定和放緩而出現的放緩，這才是真正的挑戰所在。我認為，我們現在對目前的處境已經有了很好的把握，因為我們正處於第一季度，各支隊伍都在繼續投入時間和精力，為今年晚些時候的比賽做好準備。

And so on the balance for the year, we do expect shrink to be fairly stable, and it will just be a little bit choppy quarter to quarter.

因此，就全年而言，我們預期虧損將相當穩定，只是每季之間會有一些波動。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯，美國銀行。

Curtis, I was hoping you could give a little more color on the gross margin assumptions you guys have in the guidance for 2026? I would love to see if you could give us a little more on -- should we just think about it as occupancy deleverage in the weaker comp quarters and some more pressure on gross margin? Or can you give us some help on how much merchandise margin might change or go down in 2026?

柯蒂斯，我希望你能更詳細地解釋一下你們在2026年業績指引中對毛利率的假設？我想請您再詳細解釋一下——我們是否應該將其視為業績較差季度入住率下降以及毛利率面臨更大壓力？或者您能幫我們預測一下，到 2026 年商品毛利率可能會變動或下降多少？

Yes. Sure, Robbie. The first half will be a bit pressured. I'll talk about it in terms of EBIT margins and the drivers there, and you'll get a little bit of color on both sides underneath that. But yes, the fixed cost deleverage certainly pressured with the negative comp here in the first half. That will be challenging, primarily occupancy and depreciation.

是的。當然可以，羅比。上半場會有點緊張。我將以息稅前利潤率及其驅動因素來談談這個問題，下面你會了解到正反兩方面的一些細節。但沒錯，上半年負成長確實給固定成本去槓桿化帶來了壓力。這將是一個挑戰，主要在於入住率和折舊。

There's lots of moving parts. We've got cost work that we've done that will help and other new store growth pressure and things like that. But net-net, it's really a fixed cost story.

牽涉的環節很多。我們已經完成了一些成本控制方面的工作，這將有助於應對其他新店成長壓力等等問題。但總的來說，這其實是一個固定成本的故事。

On top of that, we've got the loyalty program that we saw a good adoption and uptake in people opting into the program that puts a little bit of pressure on the rewards and the points that we're absorbing there. So there'll be a little bit of pressure there that falls into the gross margin in the first half. And then as we get later in the year, we'll be leveraging those investments in self-distribution.

除此之外，我們還推出了忠誠度計劃，該計劃得到了很好的推廣和參與，這給我們的獎勵和積分帶來了一些壓力。因此，上半年毛利率會面臨一些壓力。然後，到了今年晚些時候，我們將利用這些投資進行自主分銷。

We'll be anniversary-ing the loyalty program and that compare will get a little easier. And we'll get back to kind of a more stable EBIT margin as we think about the second half.

我們將迎來會員忠誠計畫的周年紀念，屆時進行比較會變得更加容易。展望下半年，我們將恢復到較穩定的息稅前利潤率。

Robbie, as I said in the script, I think there's real capacity in our organization to make sure we can deliver the algorithm long term in terms of the net margin going forward. So we're feeling pretty confident about that in the future.

羅比，正如我在劇本裡所說的，我認為我們公司確實有能力確保我們能夠長期交付該演算法，從而保證未來的淨利潤。所以我們對未來相當有信心。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO資本市場。

I guess just to be frank, the outlook for '26 kind of earnings -- or at least EPS flattish, maybe up low single digit, I guess it doesn't really signal to me a major or even small investment in affordability for your customers. So I was just wondering if you can talk about what's really planned there, whether it be pricing promos? I know loyalty continues to roll out, and you made some tweaks there. But is that something that could evolve?

坦白說，2026 年的獲利前景——或至少每股盈餘持平，可能只有個位數的小幅成長——在我看來，這並沒有真正表明貴公司會在提高客戶購買力方面進行重大或哪怕是小規模的投資。所以我想問您能否談談那裡的具體計劃，例如價格促銷之類的？我知道忠誠度計畫仍在繼續推進，而且你們也做了一些調整。但這有可能發展演變嗎？

Are you still kind of analyzing what kind of investment and affordability you want to make for your customers? And I guess, do you think that removing -- do you think that some more affordable prices could remove the volatility that we're seeing in your comps and maybe insulate you more from the macro pressures that you are seeing?

您還在分析您想為客戶提供什麼樣的投資和價格負擔能力嗎？我想，您認為降低價格——您認為降低價格是否可以消除我們目前在您的可比較公司中看到的波動，並可能使您更好地抵禦您所面臨的宏觀壓力？

We certainly think that from a customer point of view that they're asking us to do a little bit more to help them, as I said in one of the other questions. The customers are very positive about our assortment and this -- the service they get in stores and the type of stores that they're going into. So there's confidence in that.

我們當然認為，從客戶的角度來看，他們希望我們能為他們提供更多幫助，正如我在其他問題中所提到的。顧客對我們的商品種類、店內服務以及他們所光顧的商店類型都非常滿意。所以對此是有信心的。

The customer is seeing in this challenging environment, we do a little bit more for them. And we're going through a number of tests to try and figure this out. So to that point, I'll pass you on to Nick to just talk a little bit more about what we're thinking about doing, but it's not fixed yet, and we're doing some tests to see where it goes.

在這種充滿挑戰的環境下，客戶看到了，我們會為他們做更多的事情。我們正在進行一系列測試，試圖找出原因。所以，接下來我會把麥克風交給尼克，讓他再詳細談談我們正在考慮的事情，但目前還沒有最終確定，我們正在進行一些測試，看看效果如何。

Kelly, it's Nick. To answer your question, affordability, there's multiple prongs there to get there. I think the biggest one is leaning into our strength and looking at our assortment and the offering we provide to the customer and making some changes. Candidly, I think you could argue, we might have gotten a little bit further on the premium spectrum over the last couple of years on our offering. And there's a lot of innovation and access to our healthy products that are a little bit more on the value side of the equation.

凱莉，我是尼克。要回答你的問題，關於價格是否實惠，有很多方法可以實現這一點。我認為最重要的一點是發揮我們的優勢，審視我們的產品組合以及我們為客戶提供的服務，並做出一些改變。坦白說，我認為可以說，在過去的幾年裡，我們在高端產品領域可能取得了更大的進展。而且，我們的健康產品在創新和價格方面也更勝一籌。

And that's just some good assortment work to make sure we have good balance across our categories and the teams are already working on that as we speak just to give access at every price point to every one of our customers. So that's a big piece of it. As I mentioned, we're seeing that work in things like what we do with our deli meals and bowls program and so on.

這只是良好的產品組合搭配工作，旨在確保我們在各個品類之間保持良好的平衡。我們的團隊目前正在努力，力求讓每位顧客都能以各種價位買到心儀的產品。這是其中很重要的一部分。正如我之前提到的，我們在熟食餐和沙拉碗計劃等方面已經看到了這種效果。

You're going to continue to see us stand tall with produce pricing. I think we're in a really good place there, and that strategy will continue. And then as Jack mentioned, I think there are some of the things that we carry that have a little bit of overlap. And the important thing for us is that we're competitive. We're never going to win on price. We're always going to win at assortment and innovation and differentiation.

我們將繼續在農產品定價方面保持領先地位。我認為我們目前處境非常好，而且這項策略將會持續下去。正如傑克所提到的那樣，我認為我們銷售的一些產品之間存在一些重疊。對我們來說，最重要的是我們要有競爭力。我們永遠不可能在價格上獲勝。我們在產品組合、創新和差異化方面始終會取得勝利。

But there's probably a handful of products that we want to be sure that we're right every day to just continue to maintain our trust. But we've got a lot of levers to pull to help support that. So we don't think we need to make any kind of massive investment to do that, which is what I think you're seeing reflected in our financials.

但對於少數幾種產品，我們可能希望每天都能確保我們的判斷是正確的，以繼續保持我們對它們的信任。但我們有很多方法可以為此提供支援。所以我們認為不需要任何大規模投資就能做到這一點，我想你們也從我們的財務報表中看到了這一點。

And obviously, the last piece of this is as we continue to improve our personalization capabilities. It's a great way to drive value for the customer and then the access to the things you're looking for.

顯然，最後一點是我們不斷改進個人化能力。這是為客戶創造價值並獲取所需物品的絕佳方式。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，北海岸研究公司。

When you're looking at the loyalty program, how has the vendor participation been? And I'm looking at as an offset to the strong sign-ups from customers. And is that something that is less than expected? And perhaps, is there any conflict with the vendors as they look to Sprouts' own brands product introductions as part of the loyalty program?

在檢視會員忠誠度計畫時，供應商的參與情況如何？我認為這可以抵消客戶註冊量強勁成長帶來的影響。這是否低於預期？供應商是否會因為希望將 Sprouts 自有品牌產品納入忠誠度計畫而產生衝突？

Chuck, it's Nick. To be honest with you, we are just starting to unlock vendor participation in the loyalty and personalization program in the beginning of this year. '26 or '25 was focused on launching the capability, building it out, starting to get some -- the data, the testing, the learnings. And this year, it really is a great opportunity for us to start to unlock more value for it.

查克，我是尼克。坦白說，我們今年年初才開始逐步開放供應商參與忠誠度和個人化計畫。 2025年或2026年，我們的重點是推出這項功能、完善它，並開始收集數據、進行測試和總結經驗。今年，這確實是一個讓我們開始釋放其更多價值的絕佳機會。

And so we're just starting into the fiscal year with getting vendor participation. The good news is this is a win-win for our vendors and for us. Our vendors, especially the emerging players are looking to find their target audience, customers who might fit the key attributes, whether they're in the organic space or a gluten-free space. And so we can provide great access to those customers that are really strong ROI that helps them get trial for their products.

所以，我們才剛開始進入新財年，開始爭取供應商的參與。好消息是，這對我們的供應商和我們來說都是雙贏的。我們的供應商，尤其是新興企業，正在尋找他們的目標受眾，即符合關鍵屬性的客戶，無論他們身處有機食品領域還是無麩質食品領域。因此，我們可以為那些真正具有強大投資報酬率的客戶提供良好的管道，幫助他們獲得產品的試用機會。

And for us, obviously, certainly introducing these products to our customers who tell us they want newness from us and driving value and long-term value. So we're in the early innings, so to speak, Chuck, on that effort. And I think we'll continue to see ways to unlock value for our vendors and us through the course of this year.

對我們來說，顯然，向那些告訴我們他們想要我們帶來新鮮感、創造價值和長期價值的客戶推出這些產品，無疑是至關重要的。所以，查克，可以說，我們在這項工作上還處於初期階段。我認為在今年裡，我們將繼續找到為供應商和我們自己創造價值的方法。

Nick, I would probably say that the idea that we're much -- there's no real conflict going on with the vendors about Sprouts brand. It's the opposite of that, Chuck. I think we've got ourselves in a place where we're kind of the place that people want to come to bring innovation and differentiation, and we're working really hard at that.

尼克，我大概會說，我們之間並沒有太多關於 Sprouts 品牌的真正衝突——供應商之間並沒有任何真正的衝突。恰恰相反，查克。我認為我們已經把自己置於一個人們想要來這裡帶來創新和差異化的地方，我們正為此付出巨大的努力。

The foraging team are doing really well. We're launching a lot of products. And we're giving people opportunity and a starting point for their brands. And so as I said, we're not having any cut, it's the exact opposite.

覓食小組表現非常出色。我們將推出很多產品。我們正在為人們提供機會和品牌發展的起點。所以正如我所說，我們不會裁員，情況恰恰相反。

Scott Marks, Jefferies.

斯科特馬克斯，傑富瑞集團。

I wanted to just follow up on this notion of some pressure on units, some of those comments earlier. Are you seeing maybe more impact on certain categories or departments or even attribute-based items than others? And wondering how that impacts margin mix.

我想就之前提到的一些關於單位面臨壓力的說法做一些補充說明。您是否發現某些類別、部門甚至某些屬性項目受到的影響比其他類別或部門更大？想知道這會對利潤率結構產生什麼影響。

And then obviously, as you work through kind of the ways to create value, how does that inform your thinking about changes across different parts of the store, let's say?

然後，很顯然，當你思考如何創造價值時，這會如何影響你對商店不同部分變化的思考？

We are seeing some differences across different categories. We're referring to coffee and meat where you're seeing significant inflation. You're seeing unit effects in that space. Produce business, I think people being careful with their shrink, buying a little bit less units in our produce business in what has been a volatile pricing environment in produce.

我們發現不同類別之間存在一些差異。我們指的是咖啡和肉類，這些商品的價格出現了明顯的上漲。你看到的是該領域的單位效應。我認為，在農產品價格波動較大的環境下，農產品產業的人們都在謹慎控制損耗，減少了農產品的採購。

So yes, we're seeing it and watching it pretty closely in terms of how that works. And part of our job is to make sure that we minimize the impact of categories that are seeing a lot of inflation. And we certainly see that as something that -- that's our job to try and take care of our customers when they're saying to us, look, this is costing a lot of money.

是的，我們正在密切關注此事，看看它是如何運作的。我們工作的一部分是確保將通貨膨脹嚴重的類別的影響降到最低。我們當然認為，當客戶告訴我們「這花了很多錢」時，我們的職責就是盡力照顧好他們。

So yes, we're seeing different things by different categories. And the unit -- we've got an elasticity model. And if things don't sell as well, we can take a really good look at the pricing. And that's kind of the way we're thinking about it.

是的，我們看到不同類別的情況確實有所不同。這個單元－我們有一個彈性模型。如果產品銷售狀況不佳，我們可以好好研究定價問題。我們也是這麼想的。

Scott, the only thing I would just add to your question, I think there's not really any mix pressure based on how the sales are moving. So there's not a pressure on the mix driven by our sales. I think the only other thing I'd add to Jack's comment is, for us, the biggest unit challenge is, there's some category piece but just in that less engaged customer. It's the customer we gained last year that are putting less units in the basket for that group is where we're seeing it more so than, say, our core customer.

Scott，關於你的問題，我只想補充一點，根據目前的銷售情況來看，我認為並沒有什麼產品組合的壓力。因此，我們的銷售業績不會對產品組合造成壓力。我覺得我唯一要補充的是，對我們來說，最大的挑戰在於，雖然存在一些品類因素，但僅限於那些參與度較低的客戶。我們發現，去年新加入的客戶群購買的商品數量減少，這種情況比我們的核心客戶群更為明顯。

John Heinbockel, Guggenheim Securities.

John Heinbockel，古根漢證券。

Jack, so to follow up on that last one. How are your target or core cohorts performing behaviorally, right? And their view on affordability. And then is affordability more an issue is in reality or perception and how you think about maybe altering marketing, the marketing message beyond personalization to address affordability?

傑克，所以，關於上一個問題。您的目標群體或核心群體在行為上表現如何？以及他們對價格負擔能力的看法。那麼，價格承受能力究竟是現實問題還是感知問題？以及您是否考慮過改變行銷方式，例如個人化以外的行銷訊息，來解決價格承受能力問題？

Well, we're certainly taking a good look at our marketing messaging and being -- focusing in on that. We think there's some real affordability issues rather than it being for the customers. And what we found is our loyalty data has given this really clearly. Those loyal customers to us are spending a little bit more money with us.

嗯，我們當然會認真審視我們的行銷訊息，並專注於這一點。我們認為這其中存在一些真正的價格承受能力問題，而不是顧客的問題。我們的客戶忠誠度數據已經非常清楚地表明了這一點。這些忠實顧客在我們這裡消費的金額略高一些。

It's the less engaged customers that Curtis outlined, I think, in the script, which is specifically, those are the customers that are drifting from us, coming less often and spending a little bit less from us. And the feedback we're getting from them is that's an affordability crisis in terms of -- or the affordability crisis that exists in the marketplace is affecting them more so than our loyal customers.

我認為，柯蒂斯在劇本中提到的就是那些參與度較低的客戶，具體來說，就是那些正在遠離我們、光顧頻率降低、消費額也減少的客戶。我們從他們那裡得到的回饋是，這是一種負擔能力危機——或者說，市場上的負擔能力危機對他們的影響比對我們的忠實客戶的影響更大。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

So I wanted to follow up on attribute-based products that continue to perform well for you guys. Can you talk about planned SKU launches for 2026? And then within that, how are you thinking about the price points where you want to add more products or you maybe double down a little bit to further deliver on the value that the customer is looking for?

所以我想跟進一下你們那些持續表現良好的基於屬性的產品。能否談談2026年的產品上市計畫？那麼，在此基礎上，您是如何考慮價格點的呢？您會在哪些方面增加更多產品，或是否會增加投入，以進一步滿足客戶所追求的價值？

Or just maybe just talk about how you see the current assortment within the stores. And just to what degree do you think that some of these assortment changes need to happen? I would love to get your thoughts there.

或者，你也可以談談你對商店目前商品種類的看法。您認為這些商品組合調整需要在多大程度上進行？我很想聽聽你的想法。

Yes. That's a great question. Nick just touched on it, so I'll let Nick expand on how to explain what we're doing there.

是的。這是一個很好的問題。Nick 剛才已經簡單提了一下，所以我就讓 Nick 來詳細解釋我們在那裡做的事情。

Krisztina, I think as a starting point, I actually feel really good about our assortment mix across the key health attributes. Think about protein, fiber, grass-fed, gluten-free, organic. I mean, that is who we are is offering breadth and depth across those attributes in not just one part of the assortment in store but all over. So I actually feel we're really well positioned.

Krisztina，我認為，就目前而言，我對我們在關鍵健康屬性方面的產品組合感到非常滿意。想想蛋白質、纖維、草飼、無麩質、有機食品。我的意思是，我們就是這樣一家公司，我們提供的產品不僅涵蓋店內某一部分商品，而是涵蓋所有商品，兼具廣度和深度。所以我感覺我們其實處於非常有利的地位。

To my earlier comment, I think where we can improve is how do we make sure access to some of those attributes and some of those offerings are available at more price points. And so making sure that you have that at more entry-level price points in our category, the right opportunities for organic and gluten-free I think there's some opportunities for us to get just better balance for where the customer is right now, what they're asking for from us.

關於我之前的評論，我認為我們可以改進的地方在於，如何確保更多價位的用戶都能獲得這些功能和產品。因此，確保我們類別中更多入門價格點的產品，以及有機和無麩質產品，我認為我們有機會更好地平衡客戶現在的需求和他們對我們的要求。

So you'll see us spend more time on innovation and launches that continue to have balance and -- but continue to be focused on attributes. We're not going to make any changes and change what we carry. We're going to continue to lean into the health and wellness attributes that help us stand out.

因此，你會看到我們投入更多時間進行創新和產品發布，這些創新和發布將繼續保持平衡，但同時也將繼續專注於產品特性。我們不會做出任何改變，也不會改變我們銷售的產品。我們將持續著力發展那些能讓我們脫穎而出的健康和保健特質。

And then to those launches, I mean, you're going to see us continue to launch close to 6,000, 7,000 new items this year. You're going to see us continue to grow Sprouts brand. And as a reminder, Sprouts brand is focused in areas where our customers telling us they want innovation. We're not looking to do a national brand compared to a program. That's not our strategy.

至於這些新品發布，我的意思是，今年我們將繼續推出近 6000 到 7000 件新品。你會看到我們繼續發展壯大 Sprouts 品牌。再次提醒大家，Sprouts 品牌專注於顧客希望看到的創新領域。我們並不打算打造一個全國性品牌，而只是一個項目。那不是我們的策略。

So we'll continue to see hundreds of new items in Sprouts brand, both across our fresh businesses and our nonperishable. And I think you're going to see us also launch even stronger. We're really happy with what's happened with our partnership with the Haymaker product and Tractor and Elevate. And when we really line up behind some of these key brands, we're seeing really outstanding uptake with the customer. And I think you'll see our marketing and merchandising teams double down on some even bigger launches through the year as well.

因此，我們將繼續看到 Sprouts 品牌推出數百種新產品，涵蓋我們的生鮮業務和非易腐食品業務。而且我認為你們將會看到我們以更強勁的姿態回歸。我們對與 Haymaker 產品以及 Tractor and Elevate 的合作成果感到非常滿意。當我們真正團結起來支持這些關鍵品牌時，我們看到了消費者非常出色的接受度。而且我認為，你還會看到我們的行銷和商品銷售團隊在今年加強推出一些規模更大的產品。

Thank you. Ladies and gentlemen. This will conclude our Q&A session, and I will pass it back to Jack Sinclair for closing comments.

謝謝。女士們，先生們。問答環節到此結束，接下來我將把發言權交還給傑克·辛克萊，請他做總結發言。

Yes. Thanks, everybody, for your attention and your interest in working with Sprouts and talking to us today. So I wish you all the very best. Take care.

是的。感謝大家的關注，感謝大家對與 Sprouts 合作以及今天與我們交流的興趣。祝你一切順利。小心。

And this concludes our conference. Thank you for participating. You may now disconnect.

我們的會議到此結束。感謝您的參與。您現在可以斷開連線了。