Sprouts Farmers Market Inc (SFM) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Sprouts Farmers Market third-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您撥冗等候。歡迎參加 Sprouts Farmers Market 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker for today, Susannah Livingston. Please go ahead.

現在我想將會議交給今天的發言人 Susannah Livingston。請開始。

Thank you, and good afternoon, everyone. We are pleased you are joining Sprouts on our third quarter 2026 earnings call. Nick Konat, President, Chief Operating Officer and incoming Chief Executive Officer; Curtis Valentine, Chief Financial Officer; and Jack Sinclair, outgoing Chief Executive Officer, are with me today.

謝謝，各位下午好。我們很高興各位參加 Sprouts 2026 年第三季財報電話會議。今天與我一同出席的有：總裁、營運長暨即將上任的執行長 Nick Konat；財務長 Curtis Valentine；以及即將卸任的執行長 Jack Sinclair。

The earnings release announcing our third quarter 2026 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 2026 and beyond.

公布我們 2026 年第三季業績的財報新聞稿、本次電話會議的網路直播以及財務簡報，可透過我們網站 investors.sprouts.com 的投資人關係專區取得。在本次電話會議中，管理層可能會做出若干前瞻性陳述，包括關於我們對 2026 年及其後的預期之陳述。

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.

這些陳述涉及若干風險與不確定性，可能導致實際結果與前瞻性陳述中所描述者有重大差異。更多資訊請參閱我們向 SEC 提交文件中討論的風險因素，以及財報新聞稿末尾關於前瞻性陳述的說明。

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.

我們今天的發言包含對非 GAAP 財務衡量指標的引用。請參閱我們財報新聞稿中的表格，以了解非 GAAP 財務衡量指標與可比 GAAP 數字之調節。

With that, let me hand it over to Jack.

接下來，我把時間交給 Jack。

Thanks, Susannah, and good afternoon, everyone. Before we get into the quarter and an update on our business. I am looking forward to working with Sprouts in a different capacity as Executive Chairman. It has been the opportunity of a lifetime to be the CEO of Sprouts. We have grown the business, strengthened our competitive position and built a more resilient organization. I'm especially proud of the culture behind that progress and the thousands of team members who bring our purpose to life every day.

謝謝你，Susannah，各位下午好。在我們進入本季表現與業務更新之前，我很期待以執行董事長的不同身分繼續為 Sprouts 服務。能擔任 Sprouts 的執行長是我一生難得的機會。我們推動了業務成長、強化了競爭地位，並打造出更具韌性的組織。我尤其為支撐這些進展的企業文化，以及每天讓我們使命落地的數千名團隊成員感到自豪。

I feel very good about entrusting Sprouts next chapter to Nick. He knows our company, our customers and our opportunities well. The Board and I have great confidence in him, the broader leadership team and the long-term potential of Sprouts.

我非常放心把 Sprouts 下一個篇章交給 Nick。他非常了解我們的公司、客戶以及我們的機會。董事會與我對他、更廣泛的領導團隊，以及 Sprouts 的長期潛力都充滿信心。

We recognize that our recent performance needs to improve. While the consumer environment and the Cyclospora disruption affected the quarter, we also have work to do to strengthen our execution and customer proposition. In a few moments, Nick will outline the actions we are taking and the investments needed to support stronger performance.

我們認知到近期的表現需要改善。雖然消費環境以及 Cyclospora 事件的干擾影響了本季，但我們也必須加強執行力與客戶價值主張。稍後 Nick 將概述我們正在採取的行動，以及為支持更強勁表現所需的投資。

For now, I will turn it over to Curtis, who will discuss results and our updated outlook. Curtis?

現在我把時間交給 Curtis，他將說明本季結果與我們更新後的展望。Curtis？

Thanks, Jack, and good afternoon, everyone. Before I review the quarter, I want to thank Jack for his leadership of Sprouts and for the partnership over the years. I'm looking forward to working with him in his new role.

謝謝你，Jack，各位下午好。在我回顧本季之前，我想感謝 Jack 多年來對 Sprouts 的領導，以及一路以來的合作夥伴關係。我也期待在他的新職務上與他共事。

For the third quarter, after seeing progress in our sales trajectory through July, comparable sales softened in August and September and did not improve as comparisons eased. Total sales were $2.3 billion, up $104 million or 5% compared to the same period last year. This growth was driven by strong new store performance, partially offset by a 0.9% decline in comparable store sales.

第三季方面，在 7 月我們看到銷售走勢有所改善之後，可比銷售在 8 月與 9 月轉弱，且在比較基期趨於容易後也未見改善。總銷售額為 23 億美元，較去年同期增加 1.04 億美元或 5%。此成長主要由新店表現強勁所帶動，但部分被可比門市銷售下滑 0.9% 所抵銷。

The comp results reflect the Cyclospora disruption, which reduced comparable store sales by approximately 60 basis points during the quarter. The decline was driven by a 3.3% decrease in comp transactions, partially offset by a 2.5% increase in comp basket. These factors inform both our revised outlook and the investments we will discuss.

可比結果反映 Cyclospora 事件的干擾，該事件在本季使可比門市銷售約減少 60 個基點。下滑主要由可比交易筆數下降 3.3% 所致，部分被可比客單價（basket）上升 2.5% 所抵銷。這些因素同時影響我們修訂後的展望，以及我們將討論的投資。

New stores remain a key proof point around the overall potential of our model. Our 2026 vintage is outperforming our expectations and our recent vintages are comping positively, reinforcing our confidence in the long-term unit growth opportunity.

新店仍是驗證我們商業模式整體潛力的關鍵證據。我們 2026 年開店批次（vintage）的表現優於預期，而近期批次在可比基礎上也呈正成長，進一步強化我們對長期門市數量成長機會的信心。

E-commerce was another bright spot in the quarter, with sales growing 12% and representing more than 16% of total sales. This month, we also expanded our e-commerce reach with the launch of Shipt, our fourth platform. Sprouts brand also continued to outpace national brands in our stores and represented approximately 26% of sales. Both of these growth drivers benefit from our differentiated assortment and products customers often cannot find elsewhere.

電子商務是本季另一個亮點，銷售成長 12%，占總銷售超過 16%。本月我們也透過推出 Shipt（我們的第四個平台）擴大了電商觸及範圍。Sprouts 自有品牌在門市中也持續跑贏全國性品牌，約占銷售的 26%。這兩項成長動能都受惠於我們具差異化的商品組合，以及顧客經常在其他地方找不到的產品。

Gross margin for the third quarter was 38.2%, a decrease of 50 basis points compared to the same period last year. This primarily reflected higher shrink due to lower sales and the Cyclospora disruption, as well as higher fuel costs. These pressures were partially offset by the benefits from self-distribution.

第三季毛利率為 38.2%，較去年同期下降 50 個基點。主要反映因銷售較低與 Cyclospora 事件干擾而導致的耗損（shrink）上升，以及燃料成本上升。上述壓力部分被自營配送（self-distribution）帶來的效益所抵銷。

SG&A for the quarter totaled $683 million, an increase of $30 million and a decrease of 10 basis points as a percentage of sales compared to the same period last year. This was primarily driven by fixed cost deleverage from lower comparable store sales, partially offset by lower incentive compensation compared to the last year. We continue to pursue opportunities across the short, medium and long term to manage costs effectively while supporting our strategic priorities.

本季 SG&A（銷售、一般及行政費用）合計 6.83 億美元，較去年同期增加 3,000 萬美元；以銷售百分比計則下降 10 個基點。主要原因是可比門市銷售較低導致固定成本攤提不利（deleverage），部分被較去年降低的獎酬激勵費用所抵銷。我們將持續在短期、中期與長期尋求機會，在支持策略重點的同時有效管理成本。

Depreciation and amortization, excluding depreciation included in the cost of sales, was $45 million. For the third quarter, our earnings before interest and taxes were $153 million. Interest expense was approximately $1 million, and our effective tax rate was 25%. Net income was $113 million and diluted earnings per share were $1.21, down 1% compared to the same period last year.

折舊與攤銷（不含計入銷貨成本中的折舊）為 4,500 萬美元。第三季息稅前盈餘（EBIT）為 1.53 億美元。利息費用約為 100 萬美元，有效稅率為 25%。淨利為 1.13 億美元，稀釋後每股盈餘為 1.21 美元，較去年同期下降 1%。

Turning to unit growth, we opened 15 new stores, representing our largest quarterly opening cadence. We also closed 1 underperforming store at lease expiration, resulting in 504 stores across 25 states at the end of the quarter. Year-to-date, Sprouts has opened 27 net new stores. Our pipeline remains strong with more than 105 executed leases and over 160 approved new stores. We continue to expect 42 net new stores in 2026.

談到門市數成長，我們新開 15 家門市，為我們單季最高的開店節奏。我們也在租約到期時關閉 1 家表現不佳的門市，使季末在 25 個州共有 504 家門市。年初至今，Sprouts 淨新增 27 家門市。我們的開店管線仍然強勁，已簽署租約超過 105 件，且已核准的新店超過 160 家。我們仍預期 2026 年淨新增 42 家門市。

Our balance sheet and cash generation continue to provide flexibility. Year-to-date we have generated $555 million in operating cash flow and invested $275 million in capital expenditures net of landlord reimbursement. We returned $299 million to our shareholders through the third quarter by repurchasing 3.9 million shares and have $537 million remaining on our $1 billion share repurchase authorization.

我們的資產負債表與現金創造能力持續提供彈性。年初至今，我們已產生 5.55 億美元的營運現金流，並在扣除房東補償後投資 2.75 億美元的資本支出。截至第三季，我們透過回購 390 萬股股票向股東返還 2.99 億美元，且在 10 億美元股票回購授權額度下仍剩餘 5.37 億美元。

Based on current activity, we now expect full year share repurchases to exceed $300 million. We ended the quarter with $229 million in cash and cash equivalents and $22 million of outstanding letters of credit.

基於目前的活動情況，我們現在預期全年股票回購將超過 3 億美元。本季末我們持有 2.29 億美元的現金及約當現金，且未償信用狀（letters of credit）為 2,200 萬美元。

Turning to our outlook, recent trends support a more measured view for the remainder of the year. Traffic units and frequency are not recovering, even against easier compares that began late in the third quarter. This was an important signal that the pressure on the business was not cyclical and that a more meaningful response is required.

談到我們的展望，近期趨勢支持我們對今年剩餘時間採取更為審慎的看法。即使在第三季末開始出現較容易的比較基期之下，客流量單位與來店頻率仍未回升。這是一個重要訊號，顯示業務所承受的壓力並非週期性因素所致，而是需要更具實質意義的回應。

Our revised outlook reflects those recent trends and the actions we are taking to increase and accelerate investments to improve affordability and to strengthen the long-term health of the business. We are listening to our customer, and we need to respond now to help them live and eat better in a challenging backdrop.

我們修訂後的展望反映了這些近期趨勢，以及我們正在採取的行動：增加並加速投資，以提升可負擔性並強化業務的長期健康度。我們正在傾聽客戶的聲音，在充滿挑戰的環境下，我們需要立即回應，協助他們過得更好、吃得更好。

As a reminder, 2026 is a 53-week year, with the extra week falling at the end of the fourth quarter. For the full year, on a 52-week basis, we now expect total sales growth of approximately 4.3% and comparable store sales of approximately negative 1.7%. We continue to expect to open 42 net new stores.

提醒一下，2026 年為 53 週年度，額外的一週落在第四季末。以全年 52 週口徑計算，我們目前預期總銷售成長約 4.3%，同店銷售約為負 1.7%。我們仍預期淨新增開設 42 家門市。

Earnings before interest and taxes are expected to be approximately $605 million. We expect our corporate tax rate to be approximately 25% and capital expenditures net of landlord reimbursements to be approximately $310 million. Diluted earnings per share are expected to be approximately $4.80, assuming more than $300 million in share repurchases.

預期息稅前盈餘（EBIT）約為 6.05 億美元。我們預期公司有效稅率約為 25%，扣除房東補償後的資本支出約為 3.10 億美元。在假設回購股票超過 3.00 億美元的情況下，預期稀釋後每股盈餘約為 4.80 美元。

For the fourth quarter, we expect comparable store sales to be between negative 2% to negative 4%, and diluted earnings per share to be between $0.47 and $0.51. This includes gross margin deleverage of approximately 90 basis points driven by deeper investments in affordability and SG&A deleverage of approximately 170 basis points driven by fixed cost deleverage due to lower-than-expected comps and higher store labor and benefits costs.

就第四季而言，我們預期同店銷售介於負 2% 至負 4%，稀釋後每股盈餘介於 0.47 至 0.51 美元。這包含約 90 個基點的毛利率負向槓桿（deleverage），主要由於加大可負擔性投資；以及約 170 個基點的銷管費（SG&A）負向槓桿，主要由於同店表現低於預期導致固定成本負向槓桿，以及門市人力與福利成本上升。

Our full year outlook is presented on a 52-week basis. We now expect the additional 53rd week to contribute approximately $190 million of sales, $20 million in EBIT and $0.16 of diluted earnings per share. As Nick will discuss more in a moment, we know our challenges and are taking significant actions to address our performance for the long term.

我們的全年展望以 52 週口徑呈現。我們目前預期額外的第 53 週將貢獻約 1.90 億美元的銷售額、2,000 萬美元的 EBIT，以及 0.16 美元的稀釋後每股盈餘。如同 Nick 稍後將進一步說明，我們清楚自身的挑戰，並正採取重大行動，以從長期角度改善我們的表現。

These actions include investments in affordability, technology and supply chain. While we plan for near-term margin pressure as we reset the business for long-term growth, we expect EBIT margins to remain above 5%. From there, we remain committed to using the self-help opportunities we've previously discussed to rebuild our margin profile over time. Over the next several months, we will assess customer response and refine the scale and pace of our investments accordingly.

這些行動包括在可負擔性、科技與供應鏈方面的投資。雖然在我們重整業務以追求長期成長的過程中，短期內我們預期毛利率將承受壓力，但我們預期 EBIT 利潤率仍將維持在 5% 以上。在此基礎上，我們仍致力於運用先前討論過的自助（self-help）機會，隨時間重建我們的利潤率結構。在接下來幾個月，我們將評估客戶反應，並相應調整投資的規模與節奏。

And with that, let me hand it over to Nick.

接下來，我把時間交給 Nick。

Thank you, Curtis. And Jack, thank you for your leadership, your partnership and your commitment to Sprouts. I look forward to continuing working together in our new capacities.

謝謝你，Curtis。Jack，也謝謝你的領導、你的合作夥伴關係，以及你對 Sprouts 的承諾。我期待在我們新的職務角色中，繼續一起合作。

For the past four years, I have had the opportunity to help shape and execute our strategy. That experience has given me a deep understanding of what makes Sprouts distinctive, where we need to improve and how much potential remains ahead of us.

過去四年，我有機會協助塑造並執行我們的策略。這段經驗讓我對 Sprouts 的獨特之處、我們需要改進的地方，以及我們前方仍有多大的潛力，有了深刻的理解。

We operate in the health and wellness market with a target customer who is focused on healthy, fresh and innovative ways to meet their nutrition needs. These customers remain an attractive and growing segment of the US food-at-home market with an estimated market opportunity of more than $290 billion.

我們在健康與保健市場營運，目標客群專注於以健康、新鮮且創新的方式滿足其營養需求。這些客戶仍是美國居家飲食（food-at-home）市場中具吸引力且持續成長的族群，估計市場機會超過 2,900 億美元。

We have a unique position in the market. Our curated assortment and product innovation continue to differentiate Sprouts. Strong recent store openings across established and newer markets reinforce the appeal of our proposition, while our strong store pipeline and smaller format model provide a long runway for disciplined growth. These strengths give us confidence in our model.

我們在市場上擁有獨特定位。我們精選的商品組合與產品創新持續讓 Sprouts 脫穎而出。近期在成熟市場與新市場的強勁展店表現，強化了我們價值主張的吸引力；同時，我們強勁的展店管線與較小型的店型模式，為有紀律的成長提供了長期跑道。這些優勢讓我們對自身模式充滿信心。

At the same time, our recent performance is not where it needs to be. We understand why. We are taking actions to improve it. Competition is intensifying. Affordability is a bigger driver of choice and the target customers' needs are constantly evolving.

同時，我們近期的表現未達到應有水準。我們理解原因。我們正在採取行動加以改善。競爭正在加劇。可負擔性成為更重要的選擇驅動因素，而目標客群的需求也在不斷演變。

Sprouts must evolve faster as well. Our level of innovation, investment and execution must rise to meet the customer and market opportunity in front of us. Our customers continue to tell us they love Sprouts, particularly our shopping experience and the differentiated products that help meet their individual needs. At the same time, they're looking for us to make healthy eating more affordable to help them meet their evolving nutrition and health goals.

Sprouts 也必須更快進化。我們的創新、投資與執行水準必須提升，以迎接眼前的客戶與市場機會。客戶持續告訴我們，他們喜愛 Sprouts，特別是我們的購物體驗，以及能滿足其個別需求的差異化產品。同時，他們也期待我們讓健康飲食更可負擔，協助他們達成不斷演進的營養與健康目標。

That is the larger opportunity for Sprouts to become an even more relevant and trusted partner, leveraging our strengths with innovative products, practical meal and health solutions and greater value, giving them more reasons to shop with us.

這是 Sprouts 更大的機會：成為更具相關性且更值得信賴的夥伴，運用我們在創新產品、實用的餐食與健康解決方案，以及更高價值方面的優勢，讓客戶有更多理由到我們這裡購物。

As I step into the CEO role, we have more work to do, but our immediate priorities are clear, improving comparable sales and customer traffic. We are already taking actions that will affect the fourth quarter and shape our plan for 2027.

當我接任 CEO 一職時，我們仍有更多工作要做，但我們的當務之急很明確：改善同店銷售與客流量。我們已經在採取行動，這些行動將影響第四季，並形塑我們 2027 年的計畫。

Today we need to do more to support our customers and strengthen the Sprouts proposition to be more accessible and affordable. Our efforts to date have not been enough, and our current pricing strategy has not delivered against that goal. This means making more meaningful price investments across a broader range of products.

今天，我們需要做得更多，以支持客戶並強化 Sprouts 的價值主張，使其更易取得且更可負擔。我們迄今的努力仍不足，而我們目前的定價策略也未能達成該目標。這意味著需要在更廣泛的產品範圍內，進行更具實質意義的價格投資。

To that end, we are rebuilding our pricing strategy, and we'll roll it out nationally in January, when Sprouts is most top of mind for healthy solutions. This is not a shift to broad-based discounting or an effort to compete on price alone. Our objective is to offer more compelling value within our differentiated proposition by offering a greater role for Sprouts brand, innovative products across price points, value on healthy essentials, convenient meal solutions, and a personalized experience to help customers discover and save.

為此，我們正在重建我們的定價策略，並將於一月在全國推行，屆時 Sprouts 在健康解決方案方面最能被客戶想起。這並非轉向全面性折扣，也不是只在價格上競爭的作法。我們的目標是在我們差異化的價值主張之內，提供更具吸引力的價值：讓 Sprouts 自有品牌扮演更重要角色、提供跨不同價位帶的創新產品、在健康必需品上提供價值、提供便利的餐食解決方案，以及提供個人化體驗，協助客戶探索並節省。

We have seen encouraging customer response to assortment innovations such as wellness goals, price below $10, $29.99 family meals for four, and fresh baked organic sourdough for $4. These are examples of how Sprouts can combine differentiation, quality, convenience and value in ways meaningful to our customers.

我們已看到客戶對商品組合創新的正向回應，例如：健康目標（wellness goals）、10 美元以下價格帶、29.99 美元四人家庭餐，以及 4 美元的新鮮烘焙有機酸種麵包。這些例子展現了 Sprouts 如何以對客戶有意義的方式，結合差異化、品質、便利與價值。

We need to build that response and go further. For the holidays, we are going to be reducing prices on healthy and holiday staples across the country, a deeper investment on the key items most important to our customer and what drives them into stores.

我們需要在此基礎上擴大這樣的回應並更進一步。針對假期檔期，我們將在全國範圍內調降健康與節慶必備品的價格，對關鍵品項投入更深的價格投資，這些品項對我們的客戶最重要，也最能驅動他們走進門市。

Supply chain will remain a significant self-help lever to drive profitability. Greater control over freshness, service levels, inventory and shrink will help us respond faster to changes in demand and improve execution over time. We are now planning the next phase of self-distribution with a selection of Sprouts brand products representing a logical next step as we look to expand the benefits of our network.

供應鏈仍將是推動獲利能力的重要自助（self-help）槓桿。對新鮮度、服務水準、庫存與損耗（shrink）有更高的掌控度，將幫助我們更快回應需求變化，並隨時間改善執行。我們目前正規劃自營配送（self-distribution）的下一階段，選擇部分 Sprouts 自有品牌產品作為合乎邏輯的下一步，以擴大我們網路的效益。

Technology will also be another critical enabler. Modernizing our systems and selectively applying AI will help us connect data across the business, move faster and scale more efficiently. The growing amount of first-party data captured through loyalty will deepen our understanding of customers while giving our marketing teams better insights into reaching prospective customers who most resemble our loyal shoppers.

科技也將是另一項關鍵推動力。將我們的系統現代化並有選擇性地應用 AI，將有助於我們在全公司範圍內串聯資料、加快速度並更有效率地擴大規模。透過會員忠誠計畫所蒐集的第一方資料持續增加，將加深我們對顧客的理解，同時讓行銷團隊更洞察如何觸及與我們忠誠顧客最相似的潛在顧客。

We recognize these investments will affect our near-term margins. Our immediate priority is to strengthen the customer proposition and support healthier traffic and sales. Over time, we believe stronger sales performance, together with expanded self-distribution, improved retail media, vendor partnership, sourcing initiatives and continued cost savings can help us rebuild profitability and create long-term shareholder value.

我們了解這些投資將影響我們短期的利潤率。我們當前的首要任務是強化顧客價值主張，並支持更健康的來客數與銷售表現。隨著時間推進，我們相信更強勁的銷售表現，加上擴大自營配送、改善零售媒體、供應商合作、採購計畫以及持續的成本節省，將有助於我們重建獲利能力並創造長期股東價值。

As we look ahead to 2027 and beyond, we have three jobs to do, all grounded in serving our customers better and giving them more reasons to choose Sprouts. First is to grow our reach. We will continue opening high-quality new stores and expanding e-commerce, bringing Sprouts to more customers and making it easier for them to find the unique items they need.

展望 2027 年及更長遠的未來，我們有三項工作要做，核心都在於更好地服務顧客，並給他們更多選擇 Sprouts 的理由。第一是擴大觸及範圍。我們將持續開設高品質新店並擴展電商，讓更多顧客接觸到 Sprouts，也讓他們更容易找到所需的獨特商品。

Second is strengthening our model. We need to accelerate the differentiation that brings customers to Sprouts and make healthy eating more affordable. That means increasing the pace and impact of innovation, investing where value matters most, and improving freshness and availability, all while preserving the distinctive experience our customers value. We are also evaluating opportunities to refresh the experience in our stores and make our products and solutions easier to discover.

第二是強化我們的營運模式。我們需要加速形成差異化，吸引顧客來到 Sprouts，並讓健康飲食更可負擔。這意味著提升創新速度與影響力、在最重要的價值領域加大投資，並改善新鮮度與供應可得性，同時保留顧客所重視的獨特體驗。我們也在評估更新門市體驗的機會，並讓顧客更容易發現我們的產品與解決方案。

And third, build what's next. We have the potential to become a stronger partner in our customers' health journeys. Our forging team will keep Sprouts at the forefront for their health and wellness needs, partnering with emerging brands early in their journey in developing practical solutions, their evolving priorities through our Sprouts brand. Connecting that differentiated assortment with deeper customer insights and more personalized engagement will help us deliver practical solutions that are relevant and easy to discover.

第三是打造下一步。我們有潛力在顧客的健康旅程中成為更強的夥伴。我們的 forging 團隊將持續讓 Sprouts 站在顧客健康與福祉需求的最前線，並在新興品牌發展初期就與其合作，開發實用解決方案，並透過我們的 Sprouts 品牌回應顧客不斷演進的優先事項。將這套差異化商品組合與更深入的顧客洞察及更個人化的互動連結起來，將幫助我們提供相關且容易被發現的實用解決方案。

In addition, our culture will remain a fundamental differentiator in how we win. Our approachable, knowledgeable team members and their personal connections with customers are central to what makes Sprouts distinctive.

此外，我們的企業文化仍將是我們致勝方式中的根本差異化因素。我們親切且專業的團隊成員，以及他們與顧客之間的個人連結，是 Sprouts 與眾不同的核心。

As we grow, we will continue to strengthen that culture, both in the experience we deliver to customers and in the opportunities we create for team members to learn, grow and build careers. That commitment underpins the freshness, service and consistent executions customers experience in every store.

隨著我們成長，我們將持續強化這種文化，不僅體現在我們帶給顧客的體驗上，也體現在我們為團隊成員創造的學習、成長與職涯發展機會上。這項承諾支撐了顧客在每一家門市所體驗到的新鮮度、服務品質與一致的執行力。

In summary, we are clear on our direction, put the customer at the center, extend our differentiation, improve affordability and build the capabilities to unlock value for our customer and our business. We are clear on our priorities and are moving with urgency, while continuing to refine our longer-term plans. Sprouts has a differentiated model, a large and growing customer segment, compelling unit growth, and a great team and culture that's hard to replicate. This gives me confidence in our next chapter and our ability to create long-term value for our customers, team members and shareholders.

總結來說，我們清楚自己的方向：以顧客為中心、延伸差異化、提升可負擔性，並建立能力以釋放對顧客與公司而言的價值。我們也清楚優先事項，正以緊迫感推進，同時持續精進更長期的規劃。Sprouts 擁有差異化的模式、龐大且持續成長的顧客族群、具吸引力的單店成長，以及難以複製的優秀團隊與文化。這讓我對我們的下一個篇章，以及為顧客、團隊成員與股東創造長期價值的能力充滿信心。

Now I will turn the call back to Jack.

現在我把電話交回給 Jack。

Thanks, Nick. Before we close, I want to thank our team members across the company. The progress we have made in helping people live and eat better is a tribute to the thousands of team members who show up every day committed to our purpose, our customers and each other. My greatest privilege has been working alongside this team and watching what can be accomplished when we work together.

謝謝你，Nick。在結束之前，我想感謝公司各地的團隊成員。我們在幫助人們活得更健康、吃得更好方面所取得的進展，要歸功於數以千計每天到崗、致力於我們使命、顧客以及彼此的團隊成員。我最大的榮幸是能與這個團隊並肩工作，並見證當我們同心協力時能完成的成果。

As Executive Chairman, I'm aligned with Nick and the leadership team on the challenges we need to solve and the actions we are taking. These changes are required to meet the needs of our customer. We will be working closely over the next few months on our short and long-term actions that will reposition Sprouts for future growth.

作為執行董事長，我與 Nick 及領導團隊在我們需要解決的挑戰與正在採取的行動上保持一致。這些改變是為了滿足我們顧客的需求所必須的。接下來幾個月，我們將就短期與長期行動密切合作，以重新定位 Sprouts，為未來成長做好準備。

And with that, we would like to turn it over for questions to the operator.

那麼，接下來我們想把時間交給接線員進行提問。

(Operator Instructions)

(接線員指示)

Seth Sigman, Barclays.

Seth Sigman，巴克萊（Barclays）。

Hey, everyone. Thanks for taking my question. A few key questions here. So when we look at the fourth quarter guidance and the implications beyond, it's a really big change in margins versus what was implied before. It looks like a 100 basis point swing at least on the gross margin. I understand the urgency. But what gives you confidence to make such an aggressive change now? Maybe if you could speak to the testing, the case studies that you've seen that give you confidence to make the big changes in the investments that you're speaking to here in the fourth quarter. Thank you.

嗨，各位。謝謝讓我提問。我這裡有幾個關鍵問題。當我們看第四季的財測指引以及其後續影響時，利潤率相較先前暗示的水準出現非常大的變化。看起來毛利率至少有 100 個基點的擺動。我理解你們的急迫性。但你們有什麼信心現在就做出如此激進的調整？也許你們可以談談測試情況、你們看到的案例研究，讓你們有信心在第四季進行你們所提到的這些重大投資變更。謝謝。

Yes, Seth. It's Nick. We've been paying very close attention to what's going with our customer. And as we look at what's happening in business right now, as I mentioned in the call, we are focused right now on getting our customer back in our stores and driving sales and transactions. And as we look at what we've seen from the customer, both in what they tell us and how they respond through their wallet, affordability is the key current issue we need to address and solve.

是的，Seth。我是 Nick。我們一直非常密切關注顧客的狀況。就目前業務正在發生的事情而言，正如我在電話會議中提到的，我們現在的重點是把顧客帶回門市，推動銷售與交易筆數。而從我們所看到的顧客反應來看，不論是他們告訴我們的，或是他們用錢包投票的方式，可負擔性是我們目前需要面對並解決的關鍵議題。

We -- they made it clear to us that what we are doing isn't far enough. We have confidence in what we're doing, because a lot of the things we did early in the year have shown promise. Like I mentioned, we've been invested in innovation with health and value together. We've seen the customer respond. But it wasn't deep enough or broad enough to move the customer and move transactions as we need.

我們——他們已經清楚告訴我們，我們目前所做的還不夠。我們對正在做的事情有信心，因為我們在年初做的許多措施已展現出希望。如我提到的，我們一直在健康與價值並重的創新上投入。我們看到顧客有所回應。但投入的深度或廣度仍不足以如我們所需地帶動顧客與交易筆數。

And so rather than wait over a longer period of time, we're acting with conviction now because we believe in the long-term health of the model. We're not going to let the customer fade away from us. We're going to make moves to get them here and to get the business back on track and recognize the potential of the long-term model with a healthy customer, strong market, great performance in new stores and additional growth.

因此，我們不是在更長的時間裡等待，而是現在就堅定採取行動，因為我們相信這個模式的長期健康。我們不會讓顧客逐漸遠離我們。我們會採取行動把他們帶回來，讓業務重回正軌，並認清長期模式的潛力——在顧客健康、強勁市場、新店表現優異以及額外成長的支撐下。

And Seth, this is Curtis. I'd just add, I mean, the other part of Q4 is shrink is not where we want it to be right now either. So we expected that to be a tailwind, and it's continuing to be a challenge. So from a year-over-year perspective, again, shrink isn't where we want it to be. And then obviously, we've got the fuel challenge that continues to be elevated. So a couple of other pieces within the fourth quarter. But again, we feel to take bold action now to take care of the customer and keep moving forward with that.

Seth，我是 Curtis。我再補充一點：第四季的另一部分是，損耗（shrink）目前也還沒達到我們希望的水準。所以我們原本預期它會成為順風因素，但它仍持續是一項挑戰。因此從年對年的角度來看，損耗仍未達到我們想要的狀態。另外很明顯地，燃料成本的挑戰仍然偏高。所以第四季還有幾個其他因素。但再次強調，我們認為現在採取大膽行動、照顧顧客並持續向前推進是必要的。

Okay. That's helpful. Look, I guess the message is that this is not a one quarter dynamic. So some of these investments are going to wrap into next year. Can you give us some perspective today on what the total level of investment should look like from a gross margin perspective? I guess the concern would be that your gross margins are still significantly above where a lot of other folks in the industry are today. And so where does that need to get reset to?

好的。這很有幫助。聽著，我想重點訊息是：這不是單一季度的動態。因此，其中一些投資會延續到明年。你今天能否從毛利率的角度，給我們一些對總投資水準應該呈現何種樣貌的看法？我想擔憂在於，你們的毛利率目前仍明顯高於業界許多同業。那麼這需要被重新調整到什麼水準？

And then -- and just the last piece related to that, maybe you could speak to the ways that you can fund that, whether it's through media or vendor funding or supply chain. How should we be thinking about those as potential offsets to these investments? Thank you.

然後——以及與此相關的最後一點，也許你可以談談你們可以用哪些方式來支應這些投資，不論是透過媒體、供應商資金或供應鏈。我們應該如何把這些視為對這些投資的潛在抵銷來源？謝謝。

Yes. Seth, it's Curtis again. Yes, so when we put the kind of the 5% in there to help understand what the level could be, obviously, we're going to take dramatic action here with the gross margin bit and get the affordability investments and the next wave of those going in the very near term and short term. What we'll watch closely is the customer responds to that. And that will help us pace the timing and the depth from a gross margin perspective.

是的，Seth，我是 Curtis，再次回答。是的，所以當我們把大約 5% 放進去，來幫助大家理解水準可能會是什麼樣子時，顯然我們會在毛利率這一塊採取大幅度行動，並在非常近期與短期內推進可負擔性投資以及下一波相關措施。我們會密切觀察顧客對此的反應。而這將幫助我們從毛利率角度來掌握節奏，包括時點與力度。

As you highlighted, we have lots of self-help opportunities, we talked about over several quarters now and the things that we'll be landing here in 2027 and beyond. And so self-distribution, the retail media, the opportunity with the data from the loyalty program and vendor partnership there, all opportunities all still in front of us to go unlock value in the P&L and create some offset to the affordability investment. Again, what we need to understand now is how is the customer is going to respond to this next wave, and that will give us a lot of clarity into February and into 2027 guidance.

如你所強調的，我們有很多自助改善的機會——我們已經談了好幾個季度——以及我們將在 2027 年及以後落地的事項。因此，自建配送、零售媒體、忠誠計畫所帶來的數據機會，以及與供應商在那方面的合作，這些機會都仍在我們面前，等待我們去解鎖損益表（P&L）中的價值，並為可負擔性投資提供一些抵銷。再次強調，我們現在需要理解的是顧客會如何回應這下一波措施，而這將讓我們在二月以及 2027 年展望指引方面獲得更清晰的判斷。

Thank you, both.

謝謝你們兩位。

(Operator Instructions)

（接線員指示）

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

Good afternoon and thanks for taking my question. So first, I guess, on unit growth as we look to FY27 and beyond, just given some of the challenges in the core business, how does your team think about potentially slowing unit growth to maybe improve or stabilize profitability even faster?

下午好，謝謝讓我提問。首先，我想就 FY27 及以後的門店數（unit）成長來問：考量核心業務的一些挑戰，你們團隊如何看待可能放緩門店數成長，以便更快改善或穩定獲利能力？

Rupesh, it's Curtis. Yes, I mean, clearly, we're going to have to think about that as we look ahead. It's going to be a strong part of our story going forward. We continue to be pleased with the new stores as they've opened well, they're comping in their year two, three for the last few vintages. So it's a high-return vehicle for us. But we've got to balance that with the other needs of the business. And we need to balance our investment portfolio to address traffic in the core store challenges. But we do believe new stores is going to continue to be a strong opportunity for us.

Rupesh，我是 Curtis。是的，我的意思是，顯然我們在往前看時必須思考這點。這將會是我們未來敘事中很重要的一部分。我們仍對新店感到滿意，因為它們開店表現良好，而且在過去幾個批次中，第二年、第三年的同店表現也在延續。所以對我們而言，這是一個高回報的載體。但我們必須在這與業務的其他需求之間取得平衡。我們需要平衡投資組合，以因應核心門店的客流挑戰。但我們確實相信，新店仍將持續是我們的重要機會。

Great. And then my follow-up question, just on traffic. So as you look at some of the new efforts that you're doing, are you seeing any green shoots or just your overall confidence you have in actually being able to improve traffic with the new efforts underway?

很好。那我的追問是關於客流。當你們推動一些新的舉措時，有看到任何回溫跡象（green shoots）嗎？或者你對於在這些新舉措進行中，實際能改善客流的整體信心如何？

Yes, Nick. We are. What we've seen is some of our efforts that we've made across either pricing affordability investments or affordability investments in the product side have seen some fruit. As I mentioned in the previous question, it just hasn't been enough to move enough traffic to our stores. We've seen really good category response and item response, but it hasn't been broad enough or deep enough to do so.

是的，Nick。我們有看到。我們看到，我們在定價可負擔性投資，或在產品端的可負擔性投資等方面所做的一些努力，已經看到一些成果。如我在前一個問題中提到的，只是這還不足以把足夠的客流帶進我們的門店。我們看到某些品類與單品的反應非常好，但覆蓋面不夠廣、力度也不夠深，因此還無法達成。

And that's what gives me confidence that the investment we're making in some of the things that are most important to our customers that builds trust, that provides access to key health categories and the items that hear about most is going to continue to drive traffic.

而這也讓我對我們正在投入、那些對顧客最重要、能建立信任、能提供關鍵健康品類與顧客最常提到的商品的事項更有信心，因為這些將持續帶動客流。

I also go back to what I said in the call, we've seen good results with e-commerce. We've seen strong results with our new stores. And so we know the model and the proposition is very strong. Our customers tell us that. So you'll see us continue to lean into that.

我也回到我在電話會議中說過的：我們在電商方面看到不錯的成果。我們在新店方面也看到強勁的成果。因此我們知道這個模式與價值主張非常強。我們的顧客也這麼告訴我們。所以你會看到我們持續加大投入。

And then we still have a lot of areas where we can continue to focus on how we win. Our innovation is growing in our stores. The areas where we've innovated continues to show strong growth. As I mentioned, we've got really good marks on our store experience, and that will continue to be a key area. E-commerce, Sprouts brand and then the continued development of loyalty and personalization all give me a lot of confidence in our ability to continue to grow.

另外，我們仍有很多領域可以持續聚焦在如何取勝。我們門店內的創新正在成長。我們已經創新的領域持續展現強勁成長。如我提到的，我們在門店體驗方面獲得非常好的評價，而這將持續是關鍵領域。電商、Sprouts 自有品牌，以及忠誠度與個人化的持續發展，都讓我對我們持續成長的能力非常有信心。

Great. Thank you for all the color.

很好。謝謝你提供這麼多細節。

John Heinbockel, Guggenheim.

John Heinbockel，Guggenheim。

Nick, to start off, can you -- when you think about breadth and depth of -- you didn't go deep enough or broad enough, which I'm not sure both are equally an opportunity, but where do you see, which one is more important? And then I know the unengaged member or the unengaged customer was not responding. Have you seen weakness spread to the more engaged customer?

Nick，先從這裡開始：當你思考覆蓋面（breadth）與力度（depth）——你提到做得不夠深或不夠廣——我不確定兩者是否同等都是機會，但你認為哪一個更重要？另外，我知道未參與的會員或未參與的顧客沒有反應。你有看到疲弱擴散到更高參與度的顧客嗎？

Yes, thanks, John. I think as we look at the -- what we've learned and also what we're looking at as we rebuild our pricing strategy, I think I'd kind of put it into three buckets when I think about breadth. Number one is there's an opportunity for us to provide more affordable entry points in the categories. So think about that as really a place where Sprouts brand can play, things like cage-free eggs or and in areas where we haven't been as affordable entering in new -- some key categories for us.

是的，謝謝，John。我想當我們看——我們所學到的，以及我們在重建定價策略時所看的內容——談到覆蓋面（breadth）時，我大致會分成三個面向。第一，我們有機會在各品類提供更可負擔的入門選項。所以可以把這視為 Sprouts 自有品牌可以發揮的地方，例如非籠飼雞蛋（cage-free eggs），以及在一些我們過去入門價格不夠可負擔、但對我們很關鍵的新——某些關鍵品類。

The second part of the breadth on the strategy is around trust builders, those kind of higher frequency, more competitive items. Think, in our case, like conventional produce. I think we've got room to be much sharper there. We've done a great job on organic, but that's an area where I see a lot of opportunity for us.

第二個關於覆蓋面的策略部分，是圍繞「信任建立者」（trust builders）——也就是那些購買頻率更高、競爭性更強的商品。以我們的情況來說，例如一般（非有機）蔬果（conventional produce）。我認為我們在那裡還有空間可以做得更犀利。我們在有機方面做得很棒，但我認為那一塊對我們而言有很大的機會。

And then the third bucket around breadth is the -- as I -- we're calling the target customer KPIs. These are the items that drive customer choice in their healthy options and selections, Think of these as things like organic grass-fed beef. And that's where I look at the breadth and where we're pointing our pricing strategy. The depth will just depend more, John, on market, and we're going to make sure that we're right by market and be more focused there. Some we're in a good place and some we have more work to do.

第三個關於覆蓋面的面向是——如我——我們稱之為目標顧客 KPI。這些是驅動顧客在健康選擇上做出取捨的商品；可以把它們想成像是有機草飼牛肉（organic grass-fed beef）這類產品。而這就是我看覆蓋面、以及我們定價策略所指向的地方。至於力度（depth），John，就更取決於各個市場，我們會確保按市場做對，並在那裡更聚焦。有些市場我們做得不錯，有些市場我們還需要做更多工作。

The second question on the customer. You're right, the less engaged customer has been the biggest driver of our traffic decline and footsteps into the store. But to your point, we have started to see it a little bit more with our core customer. They're still stronger, but we've seen a little bit of softening in behavior, which was one of the key indicators for me and for us that we need to take action now.

關於顧客的第二個問題。你說得沒錯，參與度較低的顧客一直是我們客流下滑與進店人次下降的最大驅動因素。但如你所說，我們也開始在核心顧客身上看到一些跡象。他們仍然相對更強，但我們看到行為上出現些許轉弱，這也是對我以及對我們而言的關鍵指標之一，顯示我們需要現在就採取行動。

And then my follow-up real quick, when you think about the spread, right, between new store productivity, has remained very, very good, the comps have softened, how do you assess that, that increasing spread between the two. Usually, they kind of track together at least a little bit.

接著我很快追問一下，當你想到這個差距時，也就是新店生產力仍然維持非常、非常好，但同店銷售（comps）已轉弱，你如何評估兩者之間不斷擴大的差距？通常它們至少會有點同步。

Yes, John, it's Curtis. It's unique. I think it's not what you would expect to see. And that's -- again, the new stores have continued to perform well, and we're seeing good response when we open new stores. And so on the one side, that's positive for us, that the new stores are performing the way that they are, and we haven't seen as much of a challenge in the new store portfolio. It's the core stores that we've got to do a better job with, and the things that Nick spoke about there and what we're getting after here in the very short term we're really addressing that core store challenge to improve the comps.

是的，John，我是Curtis。這很特殊。我認為這不是你會預期看到的情況。而且再說一次，新店持續表現良好，我們在開新店時也看到不錯的回應。所以一方面，這對我們是正面的：新店的表現如同現在這樣，而且我們在新店組合上沒有看到那麼多挑戰。我們必須把核心店做得更好；Nick剛才提到的那些，以及我們在非常短期內要推動的事情，都是在真正解決核心店的挑戰，以改善同店銷售。

Thank you.

謝謝。

Thomas Palmer, JPMorgan.

Thomas Palmer，摩根大通（JPMorgan）。

Hey, guys. Thanks for the question. Curtis, if I heard you right, you noted that you expect EBIT margin to remain above 5%. The 4Q outlook, obviously, implies something quite a bit lower. I'm just trying to think about, maybe the progression of EBIT margin. Should we be thinking about 4Q is kind of the low point for margins and then you return to this 5% plus? Just any color there given that 5% comment?

嗨，各位。謝謝讓我提問。Curtis，如果我沒聽錯，你提到你預期EBIT利潤率會維持在5%以上。但第4季（4Q）的展望顯然暗示會低很多。我只是想理解一下，也許EBIT利潤率的走勢。我們是否應該把4Q視為利潤率的低點，之後再回到5%以上？就你提到的5%這點，能否補充一些說明？

Yes. Q4 is always our kind of lowest quarter from that perspective. We're typically -- we've got the full weight of the new store vintage out there. It's a lower sales quarter for us. January is our Super Bowl, as we say, and that's our fresh start to the new year. And so we see our strongest sales in January. And we're a little bit softer usually in the holidays where we're less top of mind maybe for customers. And so that's a typical kind of historical phenomenon.

是的。從這個角度來看，第4季一向是我們相對最低的季度。通常——我們有新店「成熟期（vintage）」的完整負擔在那裡。對我們而言這也是銷售較低的季度。我們常說一月是我們的超級盃（Super Bowl），那是新一年的全新開始。因此我們在一月會看到最強的銷售。而在假期期間我們通常會稍微疲弱一些，因為顧客可能不會那麼常想到我們。所以這是一種典型的歷史現象。

And then within that, you've got some of those unique challenges. Last year, we saw the business slowing in the fourth quarter and we took some action, pulled forward some changes from a labor perspective, accelerated some of the investments in that space to try and manage it. As we talked about throughout the quarter, we can kind of work our way through a few quarters at those lower comps, but the longer you go, the more challenging that gets.

此外，在這之中你還有一些獨特的挑戰。去年我們看到業務在第四季放緩，因此採取了一些行動，從人力角度把一些調整提前，並加速在該領域的一些投資，試圖加以管理。正如我們整個季度所談到的，我們可以在同店較低的情況下撐過幾個季度，但時間拖得越久，就越具挑戰。

And so we got our new stores opening up, we've got our investments landing, and the comp just simply isn't where we need it to be. So I don't expect that to be indicative of the shape of Q1 or where we're headed. It's a little bit more of a 2026 Q4 phenomenon.

因此我們有新店持續開出、投資也陸續落地，但同店表現就是沒有達到我們需要的水準。所以我不認為這能代表第一季（Q1）的樣貌或我們前進的方向。這比較像是2026年第四季（2026 Q4）的現象。

And as I just mentioned a couple of questions ago, shrink is not where we want it to be either. That is higher than it should be. Some of that is the sales and some of that is we got to continue to a better job managing our inventory and our SKUs and in and out and all those things. So a few different kind of Q4 '26 specific type phenomenon, not particularly indicative of where Q1 or Q2 or Q3.

另外，如同我在前面幾個問題提到的，損耗（shrink）也不在我們希望的水準。它比應有的更高。其中一部分與銷售有關，另一部分則是我們必須持續把庫存與SKU管理得更好，以及進出貨與所有相關事項。所以有幾個不同的、屬於2026年第四季特有的現象，並不特別能代表第一季或第二季或第三季的情況。

Thank you for that. Okay. One more follow-up, I guess, on kind of this 4Q versus 2027 dynamic. There was the reference to some planned actions really coming in January, but also mention of some deeper investments as we think about the holidays. So presumably kind of November, December. Is that like the experiment time where you kind of over-invest in price and see what sticks, and that's where January you start to institute more permanent changes? I mean, what's really, I guess, in mind for this nearer term versus what comes in January?

謝謝你的說明。好，我再追問一個，關於這種4Q相對於2027年的動態。有提到一些計畫中的行動會在一月真正上線，但也提到在假期期間會有一些更深度的投資。所以推測是大概在11月、12月。那是否像是一個實驗期，你們在價格上加大投入，看看哪些有效，然後到一月再開始推行更永久性的改變？我的意思是，對於近期與一月之後的安排，你們實際上是怎麼想的？

Yes, Tom, a couple of things. So first off, as we have mentioned, we're rebuilding a pricing strategy, and we're putting some of those elements into market now, to help us kind of learn to be prepared for January overall. So we're rebuilding now with the input or the belief or the plan, excuse me, to launch in Jan. So we are doing things in market right now to test and learn.

是的，Tom，有幾點。首先，如我們提過的，我們正在重建定價策略，並且已把其中一些要素投入市場，幫助我們學習，以便整體上為一月做好準備。所以我們現在就在重建，並以一月推出為目標——更正，是以一月上線的信念或計畫為前提。因此我們目前正在市場上做一些測試與學習。

And the other thing I mentioned is we are making action now on items that we know right now drive transactions for our customer on the healthy holiday essentials that matter most. These are areas that we can go deeper right now where a customer needs it for the holidays and to help drive more traffic into the store.

我提到的另一件事是，我們現在就針對那些我們已知能帶動顧客交易的品項採取行動，聚焦在最重要的健康假期必需品。這些是我們現在就能加深投入的領域，因為顧客在假期需要它們，也能幫助帶動更多客流進店。

As Curtis noted, January is our -- is kind of our win time. That's when we're most top of mind for our customers. And so that's why we wanted to go national with the strategy with all the noise in the holidays in November, December. We're using this to get ourselves ready to take care of the customer in Jan, but at the same time making moves right now to serve them within the things they need most over the holidays.

如Curtis所說，一月是我們——算是我們的勝利時刻。那時我們最能被顧客想起。因此，在11月、12月假期期間雜訊很多的情況下，我們才希望把這個策略推向全國。我們利用這段時間讓自己準備好在一月照顧顧客，但同時也在現在就採取動作，在假期期間以他們最需要的品類來服務他們。

Understood. Thank you.

了解。謝謝。

Mark Carden, UBS.

Mark Carden，瑞銀（UBS）。

Thanks so much for taking our question. So I wanted to start with a follow-up on shopper behavior by customer type. It sounds like it's starting to impact your core customer a bit as well. When you think about it from an income cohort perspective, are you seeing pressure across the board? Or has it been more isolated to call it the lower third? In other words, are headwinds starting to creep up even the income chain?

非常感謝讓我們提問。我想先就不同顧客類型的購物者行為追問一下。聽起來這也開始對你們的核心顧客造成一些影響。從收入族群（income cohort）的角度來看，你們是否看到全面性的壓力？還是比較集中在所謂的較低三分之一？換句話說，逆風是否也開始沿著收入階梯往上蔓延？

Hey, Mark, so what we're seeing -- what hasn't changed at all is that the less engaged customers is still where we're seeing the biggest leakage. So that's been the case. And within that customer set, there is a -- it's a larger impact with slightly lower income. So we are seeing that.

嗨，Mark，我們看到的是——完全沒有改變的是，參與度較低的顧客仍然是我們看到流失（leakage）最大的地方。一直都是如此。而在那一群顧客之中，收入略低的族群受到的影響更大。所以我們確實有看到這點。

What's changed recently is we've seen a little bit more of an impact on our core customer, slightly fewer units in the basket, a little bit of softening on the trip side. And we see it generally across the board. It's not strictly based on income level, but we're seeing it overall with that customer, which is, as I mentioned earlier, why I just said that we need to make a change and make a move now to take care of the customer and get the margin set up to allow us to do that.

最近改變的是，我們看到對我們核心客戶的影響稍微更明顯一些：購物籃中的件數略少、到店購物（trip）端也有些走弱。而且我們普遍在各方面都看到了這種情況。這並不完全取決於收入水準，但我們在整體上都看到這位客戶族群出現這樣的變化；正如我先前提到的，這也是我剛才說我們需要現在就做出改變、採取行動，照顧客戶，並把毛利結構調整到位，讓我們能夠做到這些的原因。

Great. Thanks. And then on competition, you talked about it accelerating in the space. Are you seeing it both at natural organic focused retailers as well as the conventional players? Do you think more customers are shifting their natural organic spend over to mass and conventional just because of where prices are at, even if it's not necessarily something they prefer to do? And how do you think about best approach for advertising your new strategy and making sure they're aware of what you guys are able to do on that front?

很好。謝謝。接著談到競爭，你提到這個領域的競爭正在加速。你們是否同時在以天然有機為主的零售商，以及傳統零售商那邊都看到這種情況？你認為是否有更多顧客只是因為目前的價格水準，而把原本在天然有機上的支出轉向量販與傳統通路，即使那不一定是他們偏好的選擇？另外，你們如何看待宣傳新策略的最佳方式，並確保顧客知道你們在這方面能做到什麼？

Yes. I think there's three factors in this that I think all play together. We are seeing competition across a number of channels, continue to chase the health of the customer, which we think validates the opportunity in the space that we believe in the long term. So we're not surprised by that. We are seeing it happen.

是的。我認為這裡有三個因素，而且彼此交互作用。我們看到多個通路的競爭者都在持續爭取「顧客健康」這個訴求，我們認為這反而驗證了我們長期看好的這個領域所存在的機會。所以我們並不意外。我們確實看到這正在發生。

As we've talked about, affordability is a challenge for the customers in this space. And then the third piece is the macro is not helping, right? I think that's only exacerbating, making it tougher for us, making it tougher for the customers. So those three things together, I think, are what's impacting the customer.

如同我們談過的，對這個領域的顧客而言，「可負擔性」是一項挑戰。第三個部分是總體環境並沒有幫上忙，對吧？我認為這只會讓情況更惡化，讓我們更難做，也讓顧客更難。所以我認為這三件事加在一起，就是影響顧客的原因。

From a competitive standpoint, I'm not surprised that they're continuing to play more in the space. I think it's, overall, we're seeing customers migrate to value channels, which is another indicator that affordability is a key opportunity for us. But I feel really good about our ability to win and compete in this environment because our whole model is built to serve the needs of this unique customer, not just about the items that some of the other people will carry.

從競爭角度來看，我不意外他們持續加大在這個領域的投入。整體而言，我們看到顧客正在移往更偏價值型的通路，這也是另一個指標，顯示可負擔性對我們而言是一個關鍵機會。但我對我們在這個環境中取勝與競爭的能力非常有信心，因為我們整個商業模式就是為了服務這位獨特顧客的需求而打造的，不只是提供某些其他人也會販售的商品而已。

So as I look at our core competencies of innovating, a really fantastic store experience, those are our strongest muscles, and we need to flex them faster and stronger to serve the customer where they are now. And I know we can do that to help offset any competitive challenges. And as I mentioned right now, invest in affordability to help the customer mood that is a barrier to come to stores.

因此，當我看我們的核心能力：創新、非常出色的門市體驗，這些是我們最強的肌肉；我們需要更快、更有力地運用它們，去服務顧客當下所在的位置。我知道我們能做到，來幫助抵消任何競爭上的挑戰。而且如我剛才提到的，現在要投資在可負擔性上，來改善顧客情緒——那是他們走進門市的一個障礙。

Appreciate all the color. Thanks so much. Good luck, guys.

非常感謝你提供的所有細節。謝謝。祝你們好運，各位。

Kelly Bania of BMO Capital Markets.

BMO Capital Markets 的 Kelly Bania。

Hi, thanks for taking the question. Also I just wanted to go back to gross margin here, and two questions. I guess as you look at the fourth quarter, I think you said 90 basis points of deleverage. How much price is in that because you mentioned shrink, fuel, I'm guessing some sales deleverage impact, so just trying to understand how much price is in the fourth quarter?

嗨，謝謝讓我提問。我也想回到毛利率這裡，有兩個問題。我想就第四季而言，我記得你說有 90 個基點的槓桿不利（deleverage）。其中有多少是價格因素？因為你提到損耗（shrink）、燃油，我猜還有一些銷售槓桿不利的影響，所以想了解第四季裡價格因素占了多少？

And this comment that you are committed to maintaining EBIT margins above 5%, I mean, how can you commit to that? Where do we -- where do gross margins -- where do you think gross margins can settle out here?

另外，你提到你們承諾將 EBIT 利潤率維持在 5% 以上，我的意思是，你們怎麼能做出這樣的承諾？我們——毛利率——你們認為毛利率最終可以落在什麼水準？

Hy, Kelly, it's Curtis. Yes, the gross margin will go maybe in reverse order. I mean certainly, that 5% creates a lot of space between where we are today and that mark. So it gives us a lot of room to assess the things that we're going to go do. We're going to make some investments in the gross margin. I think the lion's share of the P&L impact will come through gross margin and that affordability investment, the technology and the supply chain activity, a little bit of SG&A, but a lot of capital in that space. And that's -- some of that's already kind of built into the model and the way we think about capital going forward.

嗨，Kelly，我是 Curtis。是的，毛利率我可能倒過來回答。我的意思是，當然，5% 這個門檻在我們目前的水準與那個目標之間留出了很大的空間。因此它給了我們很大的餘裕，去評估我們接下來要做的事情。我們會在毛利率上做一些投資。我認為損益表（P&L）影響的大部分會透過毛利率反映，包括可負擔性投資、科技與供應鏈的相關作為，另外也會有一點點的 SG&A，但在那個領域會投入不少資本支出。而且其中一部分其實已經某種程度上納入模型，以及我們對未來資本配置的思考方式之中。

So those are things that we're going to go after and we'll see what the customer response is. Obviously, we're talking about traffic being a priority and traffic first and repairing that with the customer, and then we go from there. So the investments we'll make here between the holiday activity and the January pricing, and then we'll see how the customer responds.

所以這些是我們要去推進的事情，然後我們會看顧客的反應如何。很明顯地，我們談到「客流」是優先事項、客流優先，先把與顧客之間的關係修復好，然後再往下走。因此，我們會在節慶檔期活動與一月的定價之間做出投資，接著觀察顧客如何回應。

And then all those self-help levers we have over time become optionality for us to continue to go further if we need to. So we feel like we've got some space now to do what we need to do. We'll see how the customer responds and we'll again adjust the pace and the scale accordingly.

然後，隨著時間推進，我們所有這些自助式（self-help）的槓桿會變成我們的選擇權（optionality），如果需要的話，我們可以繼續加大力度。所以我們覺得目前有一些空間可以去做我們必須做的事。我們會看顧客的反應，並再次依此調整推進的速度與規模。

And when you see how the customer responds, are you targeting any specific price gap to competition? Or do you just kind of monitor it and say, once traffic kind of stabilizes, that's how we'll see how the customer responds, if things start to stabilize? Or do you have a specific price gap in mind?

當你說要看顧客的反應時，你們是否有鎖定相對於競爭對手的特定價差目標？還是你們就是持續監測，然後說一旦客流開始穩定，我們就能看出顧客的反應、看事情是否開始穩定？或者你們心中有一個特定的價差目標？

Hey, Kelly, it's Nick. We do have a more competitive position how we're looking at the strategy and by market and by category, but most importantly, by the things that are most valued by our customer on the gaps we want to have. I think if you look at it, we were at more of an item elasticity model in the past, and we're shifting to a customer and solution model across the products.

嗨，Kelly，我是 Nick。我們確實有在策略上、按市場與按品類來看，建立更具競爭力的定位；但最重要的是，針對我們顧客最重視的那些項目，去設定我們希望維持的價差。我想如果你回頭看，過去我們比較偏向以單品彈性（item elasticity）為核心的模型，而我們正在轉向以顧客與解決方案（customer and solution）為核心、跨產品的模型。

As I mentioned, I think, in John's question around the areas of focus for investment around entry points, trust builders and our key items for target customers, that you'll see us invest in. And then we'll measure it based on units, transactions in the store and the customers coming back to our site in store, and that's how we'll measure and they'll tell us when we're in the right spot.

如我在回答 John 的問題時提到的，我們投資的重點領域包括入門價位（entry points）、建立信任的品項（trust builders），以及目標客群的關鍵商品；你們會看到我們在這些地方投入。接著我們會用件數（units）、門市交易筆數（transactions），以及顧客回到我們網站與門市的情況來衡量；我們會用這些指標來衡量，而它們會告訴我們是否處在正確的位置。

Krisztina Katai, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Krisztina Katai。

Hi, good afternoon and thanks for taking the question. So I wanted to follow up on the test, right? You've said a strong item and category responses, but did the stores where you tested these actions generate better total store transactions and frequency versus the control stores, just how much of the unit lift is incremental versus customers simply shifting purchases to the lower-priced items?

嗨，午安，謝謝讓我提問。我想追問一下測試（test），對吧？你們說單品與品類的反應很強，但在你們測試這些作法的門市，相較於對照門市（control stores），是否帶來更好的整體門市交易筆數與到店頻率？另外，這些件數提升（unit lift）中，有多少是增量（incremental），而不是顧客只是把購買轉移到較低價的商品上？

And then as you're thinking about the broader price investment, just how should we think about how broad that is in terms of what percentage of the assortment do you realistically need to touch for the consumer to really respond through increased trip frequency? Thank you.

另外，當你們在思考更廣泛的價格投資時，我們應該如何看待其覆蓋範圍——也就是說，為了讓消費者真的透過提高到店頻率來做出反應，你們現實上需要調整的品項組合（assortment）大約要占多少百分比？謝謝。

Yes, Krisztina, it's Nick. If you think about your second question on where we'll look at it, I think as I've said, what we learned from the tests that we've run in the past is that we weren't brought enough in the number of items that we needed to focus on, and it wasn't broad enough to make an impact on the overall customer traffic to store.

是的，Krisztina，我是 Nick。若你思考第二個問題，也就是我們會在哪些面向著手，我想如我先前所說，我們從過去所做的測試中學到的是：我們納入的品項數量不足，未能聚焦在我們需要關注的品項上，而且覆蓋面也不夠廣，因而無法對整體到店客流產生影響。

We saw a movement within, again, item and category, but we didn't see enough to the customer, and the ability to tell the story and make sure they understood what we were doing to invest in them. And so that -- some of those learnings that we've captured is what's informed, as I've mentioned, a broader investment across the business.

我們確實看到在品項與品類層面出現變動，但在顧客端的感受不夠明顯；同時，我們也缺乏把故事講清楚、並確保顧客理解我們是在為他們加大投入的能力。因此——我們所彙整的一些學習重點，正如我提到的，已促使我們在全公司範圍內進行更廣泛的投資。

As I mentioned earlier, there's a number of key areas around entry, trust and the key items for our core customer that we're investing in. It's a much more substantial part of our assortment than we've done in the past, which is why we reflected in the margin and the guidance we've had for you today.

如我先前提到的，我們正在投資於幾個關鍵領域，包括入門價位（entry）、信任（trust），以及核心顧客最關鍵的品項。這在我們的商品組合中所占的比重，遠比過去更為可觀；這也是為什麼我們在毛利率以及今天提供給各位的指引中反映了這一點。

Got it. And then just as a follow-up, should we interpret the above 5% EBIT margin comment as a conservative 4%, so likely the trough? Or is that a reasonable planning range for 2027? And what level of comp rate would that also assume? Thank you, guys.

了解。那再追問一下，我們是否應將「高於 5% 的 EBIT 利潤率」這段評論解讀為保守的 4% 左右、也就是可能的谷底？還是說，這是 2027 年合理的規劃區間？另外，這也假設了怎樣的同店成長率（comp）水準？謝謝各位。

Yes. I think right now, Krisztina, I think, again, 5%, yes, we would hope that that would be the floor, and that's the idea. We've got the room now, but we've got to really assess this next wave of activities? And is it enough? And could it be better than that if the customer really responds? That's what we'd hope to see.

是的。我想目前，Krisztina，我認為——同樣地，5%，是的，我們希望那會是底部，這就是我們的想法。我們現在有空間，但我們必須真正評估下一波行動。它是否足夠？如果顧客反應非常正面，是否可能優於這個水準？這是我們希望看到的。

But we've got to put those things in market. We've got to work our way through the holidays and into the January time frame and see how the customer responds to that. And so we're not ready to guide for 2027 or speak to the comp as it relates. But that's the idea now, is we're investing now, we're going to see the customer response and then we'll have, obviously, a much more specific answer in February for guidance for '27 and beyond.

但我們必須把這些措施推向市場。我們必須走過假期檔期，進入一月的時間點，看看顧客對此的反應如何。因此，我們還沒準備好對 2027 年給出指引，或就相關的同店（comp）做出說明。但目前的想法是：我們現在先投資，觀察顧客反應，然後在二月時，針對 2027 年及之後的指引，顯然會給各位更具體的答案。

Great. Best of luck.

很好。祝你們好運。

Robert Ohmes, Bank of America.

美國銀行（Bank of America）的 Robert Ohmes。

Hey, guys. Two quick follow-ups. I think my first question is just on -- what -- can you give any more color on marketing changes you might be making to drive traffic or maybe educate people out some of the pricing changes you're making?

嗨，各位。兩個簡短的追問。第一個問題是關於——你們是否能再多分享一些你們可能會做的行銷調整，以帶動客流，或是讓大家更了解你們正在進行的一些定價變動？

And then the follow-up question would be ahead of time, which is just Cyclospora from here, what kind of a headwind is it to comps? Thanks.

第二個追問是關於 Cyclospora（環孢子蟲）接下來的影響：從現在起，它對同店（comp）會造成多大的逆風？謝謝。

Robbie, it's Nick. I'll take the first question and pass to Curtis. On the marketing changes side, as I mentioned, January is a key month for us, both for acquiring new customers and then traffic with existing customers. And so as we look at how do we go to market in January, the affordability investment and the pricing will be part of our go-to-market story and the marketing story we tell as we do so in Q1.

Robbie，我是 Nick。我先回答第一個問題，然後交給 Curtis。在行銷調整方面，如我提到的，一月對我們而言是關鍵月份，既關乎新客獲取，也關乎既有顧客的客流。因此，當我們思考一月如何推向市場時，可負擔性投資與定價將會成為我們第一季（Q1）上市策略與行銷敘事的一部分。

I think the other thing I would tell you on the marketing side is one thing that is really clear to me and you're going to hear a lot from me in the future is we have got to continue to understand our customer better, serve them better and run our business through them more. And so we are at a place where we can start to unlock more insight in the customer data we've been capturing and use that to drive not just the market, but even the merchandising and product development work we have.

我在行銷面還想補充的是：有一點對我來說非常清楚，而且你們未來會常常聽我提到——我們必須持續更了解顧客、更好地服務顧客，並且更以顧客為核心來經營我們的業務。因此，我們已經來到一個階段，可以開始從我們所蒐集的顧客數據中解鎖更多洞察，並用它來驅動的不只是行銷，甚至包括我們的商品企劃與產品開發工作。

And so that's an area that you'll see us use that will unlock media, unlock more retail media for us, unlock acquisition, and then certainly serve our innovation and forging work overall. That will be something that we take advantage of here as we begin 2027.

因此，這會是一個你們將看到我們運用的領域：它將為我們解鎖媒體資源、解鎖更多零售媒體（retail media）、解鎖獲客，並且當然也會支援我們整體的創新與打造（forging）工作。當我們開始邁入 2027 年時，這將是我們會加以利用的一項能力。

And then, Robbie, on the Cyclospora, we called out the 60 bps in the quarter. It kind of peaked for us in that August, early September time frame. It was a little bit higher than that, and it's gotten progressively a little bit better since. It's still a slight headwind as we sit here today quarter-to-date for the fourth quarter. But we are seeing it start to improve.

另外，Robbie，關於 Cyclospora（環孢子蟲），我們在本季指出其影響為 60 個基點（bps）。對我們而言，它大約在八月、九月初那段時間達到高峰。當時其實略高於這個水準，之後則逐步有所改善。就我們目前所處的第四季迄今（quarter-to-date）來看，它仍然是輕微的逆風。但我們確實看到它開始好轉。

Thank you.

謝謝。

Scott Marks, Jefferies.

Jefferies 的 Scott Marks。

Hey, good afternoon. Thanks for taking our question. First thing I wanted to ask about, Nick, on the previous question. You started to touch on data a little bit. And I don't think we've heard as much recently about the loyalty program. So wondering if you can just update us with where you are on that, what kind of engagement you're seeing from the customer and maybe how you've been leveraging that to this point if you have?

嗨，下午好。謝謝讓我們提問。我第一個想問的是，Nick，關於前一個問題。你開始稍微提到數據。而我覺得我們最近較少聽到你們談忠誠度計畫（loyalty program）。想請你更新一下目前進度、顧客的參與度如何，以及如果有的話，你們到目前為止是如何運用它的？

Hey, Scott, so as I mentioned, overall, I mean the data is going to be a key unlock for us. We are about a year into the launch of the program. As I look at it, I think we've made progress, but it's not as far as we need to be. We've been talking about our -- the work we've invested in that program to drive customer value and customer behavior.

嗨，Scott，如我提到的，整體而言，數據將是我們的一個關鍵解鎖點。我們推出該計畫大約已滿一年。以我的觀察，我認為我們有進展，但距離我們需要達到的程度仍不夠。我們一直在談——我們在該計畫上投入的工作，是為了提升顧客價值與影響顧客行為。

We've gotten -- we are now at a place we've got a good set of data and talent capabilities to then start to bring that into the organization in a bigger way. And we just barely cracked the surface of it, to be honest with you. That's why I'm excited about starting to do more of that moving forward, and understanding customer needs, understanding the key solutions and need states customers have.

我們已經——目前我們已經到了一個階段，擁有一套不錯的數據，以及人才與能力，接下來可以更大規模地把它帶入組織運作中。坦白說，我們才剛剛觸及皮毛。這也是為什麼我對未來能做更多感到興奮，並更深入理解顧客需求、理解顧客所處的關鍵解決方案與需求情境（need states）。

Look at the business, the importance of item and attribute is significant, but where the customer is moving is into how to use those to solve key need states. So I talked about we're going to continue winning gluten-free, but we also need to own gut health because that's the solutions where people are going, and we can start to use our data to unlock that.

從業務角度看，品項與屬性的重要性很高；但顧客的移動方向，是如何運用這些來解決關鍵的需求情境。所以我提到，我們會持續在無麩質（gluten-free）領域勝出，但我們也需要在腸道健康（gut health）上建立主導地位，因為那才是人們正在尋求的解決方案，而我們可以開始用數據把這件事解鎖出來。

And so you'll see us do that. And I think it's important to remember that for us, our value proposition starts with a target customer with healthy, innovative, fresh, convenient solutions for our customer. And then the affordability piece is going to be the layer on that removes a barrier to enjoy and come back to Sprouts and the stores they love. And we'll continue to go to market in that same way.

因此，你們會看到我們這麼做。我也認為要記住一點很重要：對我們而言，我們的價值主張始於鎖定目標顧客，為顧客提供健康、創新、新鮮且便利的解決方案。接著，可負擔性這一塊會作為疊加層，移除顧客享受並回到 Sprouts、回到他們喜愛門市的障礙。而我們也會持續以同樣的方式推向市場。

Appreciate the thoughts there. And then maybe just secondly, you've highlighted a number of areas where you think you need to invest in affordability. Wondering if you can just help us understand, maybe as we look across departments within the store, maybe what departments have you seen that have been more challenged versus ones that have been maybe a bit less impacted by some of these affordability challenges? Thanks.

感謝你剛才的想法。接著可能第二點，你提到有幾個你認為需要在可負擔性上加大投資的領域。想請你幫我們理解一下，當我們從店內各部門來看時，你們看到哪些部門相較之下受到這些可負擔性挑戰影響更大、哪些部門可能受影響較小？謝謝。

Yes. So a couple of things. I think let me start with what's relatively consistent across all categories, and that's where we are distinctive and innovative with where the customers' needs are, that's winning. And we're driving newness in those spaces, whether that be in frozen or in bakery and deli, innovation, newness around health, convenience, freshness and value is working across all categories.

是的。所以有幾點。我想先從各品類相對一致的部分談起：也就是我們在貼近顧客需求的地方做出差異化與創新，這是奏效的。我們在這些領域推動新品與新鮮感，不論是在冷凍、烘焙與熟食部門；圍繞健康、便利、新鮮與價值的創新與新品，在所有品類都運作良好。

I think where we've seen opportunities is in areas where we have maybe a little bit more overlap or similar overlap. We think about our produce business, to me is a key area of opportunity and focus. Our meat business is one where another area where we can continue to differentiate and win in that space, but I think we also -- that's where I look at meeting the customer where they are from an access and affordability standpoint is where we have a good amount of opportunity.

我認為我們看到機會的地方，是在一些我們可能有較多重疊或相似重疊的領域。以我們的生鮮蔬果業務來看，對我而言是關鍵的機會與聚焦領域。我們的肉品業務也是另一個我們可以持續差異化並在該領域勝出的地方；但我也認為——從可及性與可負擔性的角度來看，在顧客所在的位置滿足他們需求，這裡我們有相當多的機會。

Greg Melich, Evercore.

Greg Melich，Evercore。

Hi, thanks. I wanted to follow up on the e-commerce growth of 12%, now 16% of sales and adding Shipt under the platform. Can you maybe describe how that growth is accelerating and just what you're seeing in the baskets there? And when you think about the reset of margins, how you want to lean into e-commerce? Thanks, guys.

嗨，謝謝。我想追問一下電商成長12%，目前占銷售的16%，並把Shipt納入平台之下。你能否描述一下這個成長是如何加速的，以及你們在購物籃（basket）方面看到什麼？另外，當你們思考毛利率的重置時，你們希望如何加大在電商上的投入？謝謝各位。

Yes, Greg, I'll start, this is Nick, on e-com. We've mentioned this in the past, but I do believe that's a really strong indicator of the strength of our proposition where we have these items that are harder to find in other places. And for customers who can't make the trip to the store, e-com is a really great opportunity for them. And it continues to be a growth driver, and I think a proof point of the strength of our model.

好的，Greg，我先從電商開始，我是Nick。我們過去提過，但我確實認為這是我們價值主張強勁的一個很好的指標，因為我們有一些在其他地方更難找到的商品。對於無法到店的顧客而言，電商是非常好的機會。而且它持續成為成長動能，我認為這也是我們商業模式強度的一個佐證。

On the behavior itself, that basket is a bigger basket. That customer is an omnichannel customer. And as I mentioned in the call about the focus on grow, this is an area of a lot of opportunity for us. While it's 16% of our sales, it's still relatively low penetration on the number of our customers. And as people become more aware of what we can do in the e-commerce space, we provide more access with both our own channel and our partners. I think this is an area of continued growth because the customer tells us this is how they want to shop Sprouts when they can't make it to our store.

就行為本身而言，那個購物籃更大。那位顧客是全通路（omnichannel）顧客。如我在電話會議中談到「成長」的聚焦，這對我們而言是機會很大的領域。雖然它占我們銷售的16%，但在顧客數量的滲透率上仍相對偏低。隨著更多人了解我們在電商領域能做什麼，我們也透過自有通路與合作夥伴提供更多可及性。我認為這會是持續成長的領域，因為顧客告訴我們：當他們無法到店時，這就是他們想要購買Sprouts的方式。

Got it. Thanks. And then a follow-up on -- you said the newer stores are just doing better. I guess when you look at those, is there something in the store that you're seeing in those that you can -- you're thinking about rolling out to the existing chain, maybe a few things that stand out?

了解。謝謝。接著追問——你提到較新的門市表現就是更好。我想問的是，當你看那些門市時，你是否看到店內有什麼做法是你在考慮推廣到既有門市的？有沒有幾點特別突出的？

Yes. I think part of the credit to the new stores, we've -- I think we've done a really great job with putting those very close to our target customers, and the teams in the stores have done an amazing job. As I mentioned in the call, I think there's an opportunity for us, and we're actually moving now on looking at some of our more legacy stores and core stores and looking at ways to refresh some of the experience there and bringing together, whether it's more merchandise in the categories that are working, improved ways to find and discover our innovation and our forging work improved ways to highlight freshness in the stores, I think that's an opportunity for us. And we're starting to work there and putting some tests in the market soon, to look at the fleet and the existing fleet and ensure we keep up with what we're seeing in the new stores.

是的。我認為新店表現好的部分原因在於，我們——我想我們在把門市設在非常接近目標顧客的位置這件事上做得非常好，而店內團隊也做得非常出色。如我在電話會議中提到，我認為我們有機會，而且我們現在也正在推動：回頭檢視一些較舊的門市與核心門市，找出刷新體驗的方法；不論是把更多商品配置到表現良好的品類、改善顧客尋找與探索我們創新與採購（forging）成果的方式、以及改善在店內突顯新鮮度的方式，我認為這都是我們的機會。我們已開始著手，並將很快在市場上進行一些測試，來檢視整體門市群與既有門市群，確保我們能跟上新店所呈現的水準。

And Greg, I would just add, this is Curtis. Again, the same way that we've reshaped how we pick sites leveraging customer data and understanding the uniqueness across 72 Mosaic is an opportunity now as we look back into the core stores and identify the ones that aren't doing as well as others. And you use that same data to really understand the pockets of the customer that are struggling a little bit and where we need to do a little bit more. And so that's work that's ongoing as we continuously learn opening new stores and looking back at our fleet. I think that -- leveraging that data set the way we have to pick better sites will also be something that will help us to reinvigorate growth in the core.

Greg，我再補充一下，我是Curtis。同樣地，我們運用顧客數據、並理解72個Mosaic細分之間的獨特性，來重新塑造我們選址的方式；而現在，當我們回頭看核心門市並辨識哪些門市表現不如其他門市時，這也成為一個機會。你可以用同一套數據，真正理解哪些顧客聚落（pockets）正面臨一些壓力，以及我們需要多做一些什麼。因此，這項工作會持續進行，因為我們在不斷學習——一邊開新店、一邊回頭檢視我們的門市群。我認為——以我們用來挑選更好店址的方式去運用那套數據，也將有助於我們在核心門市重新激發成長。

Thanks and good luck.

謝謝，祝順利。

Samuel Barton, Melius Research.

Samuel Barton，Melius Research。

Good afternoon. Thanks for taking my question. I just wanted to follow up on the data in the retail media. Wondering if you guys had a view on agentic shopping and how it might relate to less human traffic through the site if more shopping is done through an agent and just the quality of data as a result? Thanks so much.

下午好。謝謝讓我提問。我想追問一下零售媒體（retail media）中的數據。想請問你們對「代理式購物」（agentic shopping）有什麼看法？如果更多購物是透過代理完成，網站的人為流量可能會更少，這會如何影響數據品質？非常感謝。

Yes, you bet. We've certainly taken a look at it both on what's happening around us and in our space. We haven't seen anything to indicate that agentic shopping is having a negative impact on us. And rather, we're looking at how do we lean on that as a way to continue to help customers find the unique needs. I think that's where you'll see people, in our space, use that shopping is to help continue to solve the need states and solutions that we're uniquely positioned to deliver. And we're certainly looking at some things in the commerce experience right now that can help us stand out and do so. We're not ready to speak about at this point. But I don't believe there's any negative consequence that we've seen so far from the world of agentic shopping.

是的，當然。我們確實從周遭正在發生的事情以及我們所處的領域兩方面都做了觀察。我們尚未看到任何跡象顯示代理式購物對我們造成負面影響。相反地，我們在思考如何善用它，作為持續幫助顧客找到其獨特需求的一種方式。我認為你會看到在我們這個領域，人們使用這種購物方式，是為了持續解決需求情境（need states）與解決方案，而這正是我們具備獨特優勢能提供的。我們目前也正在商務體驗上研究一些做法，能幫助我們更突出並做到這一點。但現階段我們還不便對外說明。不過，就目前為止，我不認為我們從代理式購物的世界中看到任何負面後果。

And I'd just add as far as data goes, I mean that -- it's critical to have your data in the right place as we look ahead to leveraging AI across the business. And so that's -- as we talk about technology investments and modernizing what we're trying to do in the technology space, certainly, data is going to play a big role in making sure that we have that in the right place, and that will be a place of investment for us here going forward.

另外就數據而言，我補充一下：展望未來在全公司運用AI，將數據放在正確的位置是關鍵。因此，當我們談到科技投資以及我們在科技領域想做的現代化工作時，數據當然會扮演很重要的角色，以確保我們把它放在正確的位置；而這也會是我們未來持續投入的方向。

Scott Mushkin, R5 Capital.

Scott Mushkin，R5 Capital。

Hey, guys. Thanks for taking my question. I actually have two. I wanted to drill down on pricing just a little bit. It seems like when we look at our data that the pricing in produce, and I think, Nick, you alluded to this already, there's some challenges competitively in traditional or conventional produce. And I was just wondering as you think about margins going forward, I'm not sure that's going to go away. And so as you reset, do you think you've kind of accounted for that?

嗨，各位。謝謝讓我提問。我其實有兩個問題。我想稍微深入談一下定價。看起來從我們的數據來看，生鮮蔬果的定價——而且我想 Nick 你剛才也提到過——在傳統或一般（conventional）蔬果品類上，競爭面臨一些挑戰。我只是想問，當你們思考未來的毛利時，我不確定這種情況會消失。所以在你們重設（reset）之際，你們覺得已經把這點納入考量了嗎？

And then the second thing about pricing is just as we go through the rest of the store, the affordability with a lot of your stores in more middle-income areas how do we think about those items and the affordability there and what you can do? And then I have a follow-up.

然後第二個關於定價的問題是，當我們看向店內其他品類時，很多門店位於較中等收入的區域，那裡的可負擔性要怎麼看？對那些商品的可負擔性，以及你們能做些什麼？然後我還有一個追問。

Yes, thanks, Scott. Let me start with on the produce side. As I mentioned, it goes back to, I think, what we're seeing in the market. There is intensifying competition. That's one of the spaces in produce where we are seeing it. And then coupled with the affordability challenges in the market and the macro, I think the customer is making choices on what they buy there.

好的，謝謝你，Scott。我先從蔬果端開始。如我提到的，這回到我認為我們在市場上看到的情況。競爭正在加劇。蔬果就是我們看到競爭加劇的領域之一。再加上市場與總體環境中的可負擔性挑戰，我認為顧客在那裡會對購買內容做出取捨。

I look at producers again as a business of strength for us. We sell a lot of produce. It's core to who our customer is. It's core to our value proposition. We have a strong capability to source it and find good costs and deals to pass on to the customer.

我再次把蔬果視為我們的強項業務。我們賣出大量蔬果。這是我們顧客的核心需求。也是我們價值主張的核心。我們具備很強的採購能力，能找到好的成本與交易，並把這些讓利給顧客。

I think the opportunity for us is how do we be more balanced and how we do that across conventional organic, as I mentioned, for us, and the right commodities at the right time to do that. And the teams are working that and putting that in place as we speak.

我認為我們的機會在於，如何在一般（conventional）與有機（organic）之間做得更平衡；如我提到的，對我們而言，就是在對的時間提供對的品項（commodities），以達成這點。團隊此刻正在推進並落地這些工作。

On the affordability side, on kind of -- I think you were saying kind of mid markets. This goes back to, I think, what we're seeing from our customer is breadth of offering to help these customers who are health enthusiasts that may not have the highest income, giving them affordable entry points, as I mentioned. Like if you want to have a healthy specialty egg, we have an amazing Sprouts brand cage-free egg, we need to make sure it's affordable every day to get into.

在可負擔性方面，關於你提到的——我想你是在說中等市場（mid markets）。這回到我認為我們從顧客端看到的：提供更廣的商品選擇，來幫助這些熱衷健康、但收入未必最高的顧客，讓他們有可負擔的入門選項，如我所說。例如，如果你想買健康的特色雞蛋，我們有很棒的 Sprouts 自有品牌非籠飼（cage-free）雞蛋，我們需要確保它每天都維持可負擔的價格，讓顧客能夠入手。

I talked about the conventional produce space. And then as I've talked about these target customer items that are most -- that are drivers of choice for healthy options, that's the third area where whether you're higher middle or low income and you're looking for the healthy options for our unique customer, we just need to be right every day on that, and that's where -- one of the areas we're making an investment.

我談到了傳統（conventional）蔬果的領域。然後如我談到的，這些目標顧客商品——也就是最能驅動選擇、驅動健康選項的品類——是第三個領域；無論你是較高的中產或低收入，當你在尋找符合我們獨特顧客需求的健康選項時，我們每天都必須把它做到位，而這也是——我們正在投入資源的其中一個領域。

That's great. And then my second question is around execution and the consistency of that execution, particularly in the produce area. So we've seen obviously some of these -- I mean, it's not obvious, but we see it, some of the mass merchants, particularly Walmart have really improved their execution in produce in particular. So how do you think you guys fit into that? We've seen in our store business some inconsistency there. So how do we -- how do you compete and make sure your execution is where it needs to be in the marketplace?

很好。那我的第二個問題是關於執行力，以及執行的一致性，特別是在蔬果區。我們看到很明顯——我的意思是，這不一定對所有人都明顯，但我們看得到——一些大型量販商，尤其是 Walmart，在蔬果的執行上確實有很大提升。所以你們認為你們在其中的定位是什麼？我們在門店端看到一些不一致。所以我們要怎麼——你們要如何競爭，並確保你們的執行在市場上達到應有水準？

Yes, thanks, Scott. I think a couple of things. One, our customers tell us produce is still a really key reason why they choose us and why they love us. And I think there's always opportunities to improve execution, but our customer still tells us that they like our produce and they like the experience of it.

好的，謝謝你，Scott。我想有幾點。第一，我們的顧客告訴我們，蔬果仍然是他們選擇我們、喜歡我們的一個非常關鍵的原因。我認為執行力永遠有改善空間，但顧客仍然告訴我們，他們喜歡我們的蔬果，也喜歡購買蔬果的整體體驗。

I think as we mentioned, when we're not moving the units as fast as we need to, that challenges that model [and so on], on freshness and on shrink and the customer experience, and that's part of why, I think, being better on pricing across the board in produce will increase unit velocities, will increase freshness. Volume will drive freshness, as you know. And I think that's going to help both sales, but also the customer experience.

我想如我們提到的，當我們的銷量（units）沒有以我們需要的速度周轉時，就會對那個模式造成挑戰[等等]，包括新鮮度、耗損（shrink）以及顧客體驗；這也是為什麼我認為，在蔬果全面把定價做得更好，將提高單位銷售速度（unit velocities），也會提升新鮮度。如你所知，量能會帶動新鮮度。我認為這將同時有助於銷售，以及顧客體驗。

And there's some work we continue to do in assortment to make it easier for our stores to execute. I think we ask a lot of them in the differentiation we have. We'll continue to differentiate. I think we can get tighter and simpler in how we execute produce in stores to continue to be the leader that we are in the produce space.

另外，我們也持續在品項組合（assortment）上做一些工作，讓門店更容易執行。我認為在我們的差異化之下，我們對門店的要求確實很高。我們會持續差異化。我認為我們可以在門店蔬果的執行方式上做得更精準、更簡化，持續成為我們在蔬果領域所扮演的領導者。

Thanks, guys. Appreciate the color.

謝謝各位。感謝提供這些說明。

And this does conclude today's Q&A session. I would now like to turn the call back over to Nick Konat for closing remarks. Please go ahead.

今天的問答環節到此結束。接下來我想把電話會議交回給 Nick Konat 作結語。請開始。

I just want to thank everybody for joining us today, their interest in our business, and I look forward to connecting with many of you on our business in the future. Thank you.

我只想感謝大家今天加入我們、關注我們的業務；也期待未來能與各位中的許多人就我們的業務再度交流。謝謝。

Thank you so much for participating in today's programming. You may now disconnect.

非常感謝各位參與今天的活動。您現在可以斷線。