Sportsman's Warehouse Holdings Inc (SPWH) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Sportsman's Warehouse third-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Sportsman's Warehouse 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Riley Timmer, Vice President of Investor Relations. Thank you, Riley. You may begin.

現在我很高興向您介紹主持人，投資者關係副總裁 Riley Timmer。謝謝你，萊利。你可以開始了。

Thank you, operator. Participating with me on the call today is Paul Stone, our Chief Executive Officer; and Jeff White, our Chief Financial Officer.

謝謝你，接線生。今天與我一起參加電話會議的是我們的執行長保羅·斯通 (Paul Stone)；和我們的財務長傑夫懷特。

I will now remind everyone of the company's Safe Harbor language. The statements we make today contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which includes statements regarding expectations about our future results of operations, demand for our products, and growth of our industry.

我現在要提醒大家注意公司的安全港語言。我們今天發表的聲明包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明，其中包括有關我們未來經營業績、產品需求和行業增長的預期的聲明。

Actual results may differ materially from those suggested in such statements due to a number of risks and uncertainties. Those are described in the company's most recent Form 10-K and the company's other filings made with the SEC.

由於存在許多風險和不確定性，實際結果可能與此類聲明中建議的結果有重大差異。這些內容在該公司最新的 10-K 表格以及該公司向 SEC 提交的其他文件中進行了描述。

We will also disclose non-GAAP financial measures during today's call. Definitions of such non-GAAP measures, as well as reconciliations to the most directly comparable GAAP financial measures, are provided as supplemental financial information in our press release included as Exhibit 99.1 to the Form 8-K we furnished to the SEC today, which is also available on the Investor Relations section of our website at sportsmans.com.

我們也將在今天的電話會議上揭露非公認會計準則財務指標。此類非GAAP 指標的定義，以及與最直接可比較的GAAP 財務指標的調節，作為補充財務資訊在我們的新聞稿中提供，其中包括我們今天向SEC 提供的表格8-K 的附件99.1，該表格是也可在我們網站 sportsmans.com 的投資者關係部分取得。

I will now turn the call over to Paul.

我現在將把電話轉給保羅。

Thank you, Riley, and good afternoon, everyone. It's an honor to be here, and I'm excited to lead the Sportsman's Warehouse team as the next CEO. As one of the leading specialty outdoor retailers, I look forward to partnering with our more than 5,000 dedicated associates across the organization for what I believe is a very promising future.

謝謝你，萊利，大家下午好。我很榮幸來到這裡，我很高興能夠作為下一任執行長領導 Sportsman's Warehouse 團隊。作為領先的專業戶外零售商之一，我期待與整個組織 5,000 多名敬業的員工合作，共創我認為非常有前途的未來。

The mission of Sportsman's Warehouse is clear. We provide outstanding gear and exceptional service to inspire outdoor memories. This is the core of who we are as a retailer and one of the key reasons why I chose to join and lead this great company.

運動員倉庫的使命很明確。我們提供出色的裝備和卓越的服務，激發戶外回憶。這是我們作為零售商的核心，也是我選擇加入並領導這家偉大公司的關鍵原因之一。

During my time with the competing large outdoor retailer, I quickly learned that all those who participate in the outdoor share a passion that is unmatched. When one of our customers walk through our doors, they expect to talk with someone knowledgeable and feel their passion for the outdoors, whether it be hunting, fishing, or camping.

在與競爭對手的大型戶外零售商合作期間，我很快就了解到所有參與戶外活動的人都擁有無與倫比的熱情。當我們的一位客戶走進我們的大門時，他們希望與知識淵博的人交談並感受到他們對戶外活動的熱情，無論是狩獵、釣魚還是露營。

As a company who prides itself on having that local, homegrown image and feel, it's critical that we serve our customers with vigor and passion. We will continue to build on being the outdoor company of choice, not for retail theatrics, but for the value, the deep assortment, and the absolute unmatched service we provide.

作為一家以擁有本土形象和感覺而自豪的公司，我們以活力和熱情為客戶服務至關重要。我們將繼續致力於成為首選的戶外公司，不是為了零售戲劇，而是為了我們提供的價值、豐富的品種和絕對無與倫比的服務。

Looking now at our Q3 results. Sales for the quarter came in above our stated expectation, led by our hunting and shooting sports category. However, the difficult microenvironment continues to pressure consumer discretionary spend, creating a continued headwind for the business.

現在來看看我們第三季的業績。在我們的狩獵和射擊運動類別的帶動下，本季的銷售額超出了我們的預期。然而，困難的微觀環境持續對消費者可自由支配支出帶來壓力，為企業帶來持續的阻力。

While there were some bright spots in our hunting and fishing categories during the months of August and September, soft sales trends persisted during these two months of Q3. In early October, unfortunate world events resulted in sales improvements in our shooting sports category, which was the key contributor to our beat of expectations.

雖然我們的狩獵和釣魚類別在 8 月和 9 月出現了一些亮點，但第三季這兩個月的銷售趨勢持續疲軟。十月初，不幸的世界事件導致我們的射擊運動類別的銷售有所改善，這是我們超出預期的關鍵因素。

While we are, no doubt, faced with some short-term challenges, the careful execution on the key areas of the company has never been more important. It is critical that we carefully navigate and adjust the business to the current environment. Our objective is to further position the business for a successful future.

毫無疑問，我們面臨一些短期挑戰，但在公司關鍵領域的認真執行從未如此重要。我們必須謹慎地引導和調整業務以適應當前的環境，這一點至關重要。我們的目標是進一步定位業務，邁向成功的未來。

To that end, during the third quarter, we made significant progress on our short-term initiatives. The team did a great job executing at a high level of success at each of the key areas, which is reflected in our Q3 results.

為此，在第三季度，我們的短期舉措取得了重大進展。該團隊在每個關鍵領域都表現出色，並取得了高水準的成功，這反映在我們第三季的業績中。

I'm going to be focused along with the team on a successful closeout of the fiscal year. This includes providing customers with a positive holiday shopping experience and further execution on the following areas of the business: inventory management, specifically the reduction of our apparel and footwear inventory; omni-channel and e-commerce; cost reduction and control measures; and capital allocation priorities.

我將與團隊一起專注於本財年的成功收尾。這包括為客戶提供積極的假期購物體驗，並進一步執行以下業務領域：庫存管理，特別是減少我們的服裝和鞋類庫存；全通路與電子商務；降低成本和控制措施；和資本配置的優先順序。

During the third quarter, the team took swift action to address each of these areas with meaningful results achieved. First, in regards to inventory management, we made significant progress through a series of promotions and markdowns to reduce our apparel and footwear inventory.

在第三季度，團隊迅速採取行動解決每個領域的問題，並取得了有意義的成果。首先，在庫存管理方面，我們透過一系列促銷和降價活動，減少服裝鞋類庫存，取得了顯著進展。

Starting in early Q3, the team laid out a solid plan to move through this inventory during the back half of the year, and I'm pleased with the progress. However, given the tough micro-environment and the deep markdowns we are seeing by competitors, we will be more aggressive in Q4 to move this inventory.

從第三季初開始，團隊制定了一項可靠的計劃，將在今年下半年清理這些庫存，我對進展感到滿意。然而，考慮到嚴峻的微觀環境和競爭對手的大幅降價，我們將在第四季更加積極地轉移庫存。

These aggressive markdowns will put additional pressure on our Q4 gross margins. It is critical to end the year with healthy inventory so we can invest in the right merchandise that appeals to our core customer. I am pleased that during the quarter, we reduced our total inventory and paid down our debt by approximately $20 million versus last quarter, improving our total liquidity.

這些大幅降價將為我們第四季的毛利率帶來額外壓力。在年底保持健康的庫存至關重要，這樣我們就可以投資於吸引核心客戶的正確商品。我很高興的是，與上個季度相比，本季度我們減少了總庫存並償還了約 2000 萬美元的債務，從而改善了我們的總流動性。

We will continue our plans to refine how we manage inventory across our wide range of locations in order to leverage our strengths in omni-channel and keep our deep assortment of brands locally and seasonally relevant. Our goal is to continue refining our processes, invest in better tools, and build stronger partnerships with our key vendors to improve the overall customer experience and deepen brand loyalty.

我們將繼續制定計劃，完善我們在各個地點的庫存管理方式，以利用我們在全通路的優勢，並保持我們豐富的品牌品種與本地和季節性的相關性。我們的目標是繼續完善我們的流程，投資更好的工具，並與我們的主要供應商建立更牢固的合作夥伴關係，以改善整體客戶體驗並加深品牌忠誠度。

Second, e-commerce, which once again outpaced the performance of the overall business in the third quarter and continued to comp positive. This is an area where we will continue to improve our capabilities, evolve our programs, and invest strategically. These are all critical pieces to enable us to leverage our omni-channel platform to drive additional sales and serve more customers outside of our geographic areas.

其次，電子商務，第三季再次超越整體業務表現，持續保持正向成長。我們將在這一領域繼續提高我們的能力、發展我們的計劃並進行策略性投資。這些都是關鍵部分，使我們能夠利用我們的全通路平台來推動額外銷售並為我們地理區域之外的更多客戶提供服務。

Third, in regards to our cost reduction effort, I am proud of the team for how swiftly they reacted to rightsize SG&A costs to our current business trends. We will continue to closely manage the business, look for areas where we can further reduce expenses, and invest only in areas that are value-add and provide a measurable return on investment. I am proud of our employees for how they reacted to these difficult changes and continued providing passionate service to our customers.

第三，關於我們降低成本的努力，我為我們的團隊感到自豪，因為他們根據我們當前的業務趨勢迅速調整了 SG&A 成本。我們將繼續密切管理業務，尋找可以進一步減少開支的領域，並只投資於增值領域並提供可衡量的投資回報。我為我們的員工對這些困難的變化做出的反應並繼續為我們的客戶提供熱情的服務感到自豪。

And fourth, capital allocation priorities. On November 16, we opened our final store for 2023 in South Tucson, Arizona. As we look forward on new stores, we reviewed our capital allocation priorities and considered the current macroeconomic conditions and its impact on our sales.

第四，資本配置的優先順序。 11 月 16 日，我們在亞利桑那州南圖森開設了 2023 年最後一家商店。當我們展望新店時，我們審查了我們的資本配置優先事項，並考慮了當前的宏觀經濟狀況及其對我們銷售的影響。

Given these conditions, we've made the decision not to open any new stores during fiscal 2024. However, as I think about the future for our new store growth for Sportsman's Warehouse, I do see meaningful opportunity and significant white space across the country.

鑑於這些條件，我們決定在 2024 財年期間不再開設任何新店。然而，當我考慮 Sportsman's Warehouse 新店增長的未來時，我確實看到了全國各地的有意義的機會和巨大的空白空間。

I believe our unique store size flexibility, which allows us to open stores in areas that our competitors simply cannot, provides us with a distinct competitive advantage. This, coupled with the significant white space available, leaves new store openings as a significant piece of our in-development long-term growth plans.

我相信，我們獨特的商店規模靈活性使我們能夠在競爭對手無法開設的地區開設商店，這為我們提供了明顯的競爭優勢。再加上大量的空白空間，新店開幕成為我們正在製定的長期成長計畫的重要組成部分。

I am truly excited to be part of Sportsman's Warehouse as we carefully but swiftly adjust, adapt, and refine our business to the current demands of our passionate customer. As I continue my review of the business and the efficiency and effectiveness of our systems, people, and internal processes, it's critical that we have all the foundational pieces firmly in place to successfully support our stores and the customers we serve.

我真的很高興能成為 Sportsman's Warehouse 的一員，因為我們會仔細且迅速地調整、適應和完善我們的業務，以滿足熱情客戶的當前需求。當我繼續審查業務以及我們的系統、人員和內部流程的效率和有效性時，至關重要的是，我們必須牢固地落實所有基礎部分，以成功支援我們的商店和我們服務的客戶。

Having spent nearly 28 years in stores and overseeing operations with a Fortune 1 retailer, spending time in our stores, meeting with our associates and customers is critical. We have a unique company and opportunity. I firmly believe we will make the necessary improvements to grow this company and increase shareholder value.

我們在一家財富 1 號零售商的商店工作了近 28 年，負責監督運營，花時間在我們的商店中與我們的員工和客戶會面至關重要。我們擁有獨特的公司和機會。我堅信我們將做出必要的改進來發展公司並增加股東價值。

On our year-end earnings call in March, I will provide an update to our shareholders and analysts on the short- and long-term strategy for Sportsman's Warehouse. The foundation of this company is strong, and I'm very excited to be here to lead us through our next evolution of growth.

在三月的年終收益電話會議上，我將向我們的股東和分析師提供有關 Sportsman's Warehouse 短期和長期策略的最新資訊。這家公司的基礎非常牢固，我很高興能夠在這裡領導我們的下一個發展。

With that, I'll turn the call over to Jeff.

這樣，我就把電話轉給傑夫。

Thank you, Paul. I'll begin my remarks today with a review of our third-quarter fiscal 2023 financial results, then cover our outlook for the fourth quarter of 2023.

謝謝你，保羅。我今天的演講將首先回顧我們 2023 年第三季的財務業績，然後介紹我們對 2023 年第四季的展望。

Net sales for the third quarter of fiscal 2023 were $340.6 million compared to $359.7 million in the third quarter of 2022, a decline of 5.3%. Same-store sales decreased 11.4% compared to the third quarter of 2022.

2023 財年第三季的淨銷售額為 3.406 億美元，較 2022 年第三季的 3.597 億美元下降 5.3%。同店銷售額較 2022 年第三季下降 11.4%。

In looking at comparable sales by department, our hunting department same-store sales were down 10.6% versus last year. Breaking it down further, ammunition comp sales were down 10.6%, with firearms down 5.2% in the quarter.

從各部門的可比較銷售額來看，我們狩獵部門的同店銷售額比去年下降了 10.6%。進一步細分，本季彈藥銷售下降 10.6%，其中槍支下降 5.2%。

While the first two months of Q3 saw pressure from the macroeconomic environment and consumer discretionary spending, sales in early October turned positive in these two categories due to the tragic events that took place in Israel, leading to war and social unrest. These events led to the majority of our guidance beat on a top- and bottom-line basis for Q3 2023 compared to guidance.

雖然第三季前兩個月受到宏觀經濟環境和消費者可自由支配支出的壓力，但由於以色列的悲劇導致戰爭和社會動盪，這兩個類別的銷售在十月初轉為正值。這些事件導致我們 2023 年第三季的大部分指導意見在營收和利潤方面都超出了指導意見。

Looking now at our other departments. On our last call, we highlighted the need to begin strategically promoting and marking down portions of our apparel and footwear inventory as we move through the second half of this year.

現在看看我們的其他部門。在上次電話會議中，我們強調，在今年下半年，我們需要開始策略性地促銷和削減部分服裝和鞋類庫存。

I am pleased with our progress. However, we are executing a more aggressive strategy with our promotions during Q4 to ensure that we achieve our planned inventory goals and end the year in a much healthier position.

我對我們的進展感到滿意。然而，我們在第四季度的促銷活動中執行了更積極的策略，以確保我們實現計劃的庫存目標，並以更健康的狀態結束今年。

It's important to note that this is a one-time effort to quickly eliminate non-go-forward brands, styles, and slow-moving inventory that does not resonate with our customer. This will, however, allow us to expand the breadth and depth of the products and brands that our customers are seeking when they shop our stores and websites.

值得注意的是，這是一項一次性的工作，旨在快速消除無法與客戶產生共鳴的非進取品牌、款式和滯銷庫存。然而，這將使我們能夠擴大客戶在我們的商店和網站上購物時尋求的產品和品牌的廣度和深度。

When looking at total apparel sales, we were down slightly at 2.1% versus last year, with footwear up 1.8% over the prior year. These were both significantly better than the run rate of the company, given the promotional activity to clear out inventory, but was the main contributor to the 330-basis-point decline in gross margins over the prior year.

從服裝總銷售額來看，我們比去年略有下降 2.1%，而鞋類則比去年增長 1.8%。考慮到清理庫存的促銷活動，這兩項指標都明顯優於公司的運作率，但也是導致毛利率較前一年下降 330 個基點的主要原因。

While our fishing department was down 5.8% versus last year on a comparable store basis, trends in this department outpaced our other departments with total fishing sales up 2.7% versus prior year. This is a department where we see future opportunities to capture additional market share, and we'll make strategic investments in inventory going forward.

雖然我們的漁業部門以可比商店計算，與去年相比下降了 5.8%，但該部門的趨勢超過了我們的其他部門，漁業總銷售額比去年增長了 2.7%。在這個部門，我們看到了未來獲得額外市場份額的機會，並且我們將在未來的庫存方面進行策略性投資。

Turning now to our other key items on the P&L. Gross margin was 30.3% for the third quarter versus 33.6% in the prior-year comparable period. Gross margins for the quarter came in as we expected, given the aggressive promotional activity in our apparel and footwear departments as we cleaned up inventory. Lower margins on ammunition compared to last year also contributed to the decline in gross margin as ammo margins have normalized and category inventory is now readily in-stock and available.

現在轉向損益表中的其他關鍵項目。第三季毛利率為 30.3%，去年同期毛利率為 33.6%。鑑於我們在清理庫存時服裝和鞋類部門開展了積極的促銷活動，本季的毛利率符合我們的預期。與去年相比，彈藥利潤率下降也導致毛利率下降，因為彈藥利潤率已經正常化，而且類別庫存現在很容易有庫存和可用。

SG&A expense as a percentage of net sales was 29.4% or $100.1 million compared to 28.4% or $102.3 million in the third quarter of last year. While we increased as a percentage of net sales, in absolute dollars, operating expenses were down $2.2 million versus last year, which includes the expenses of 15 additional stores in our fleet.

SG&A 費用佔淨銷售額的百分比為 29.4%（即 1.001 億美元），而去年第三季為 28.4%（即 1.023 億美元）。雖然我們佔淨銷售額的百分比有所增加，但以絕對美元計算，營運費用比去年減少了 220 萬美元，其中包括我們車隊中另外 15 家商店的費用。

Last quarter, we laid out a plan to reduce and streamline our operating costs. We made significant progress in our cost-cutting efforts, with payroll and other OpEx down $8.4 million versus Q3 of last year. We will continue to execute on our planned expense cuts and manage our other variable expenses very closely to keep costs aligned with the current trends in the business.

上季度，我們制定了一項降低和精簡營運成本的計畫。我們在削減成本方面取得了重大進展，與去年第三季相比，薪資和其他營運支出減少了 840 萬美元。我們將繼續執行計劃的費用削減，並密切管理其他可變費用，以保持成本與當前業務趨勢保持一致。

Net loss for the third quarter was $1.3 million or negative $0.04 per diluted share compared to net income of $12.9 million or $0.33 per diluted share in the prior-year period. Adjusted net loss in the third quarter of 2023 was $0.2 million or negative $0.01 per diluted share compared to adjusted net income of $13.1 million or $0.34 per diluted share in the third quarter of the prior year. Adjusted EBITDA for the third quarter was $16.2 million or 4.8% of net sales compared to $27.7 million or 7.7% of net sales in the prior-year period.

第三季淨虧損為 130 萬美元，即稀釋後每股虧損 0.04 美元，而去年同期淨利為 1,290 萬美元，即稀釋後每股虧損 0.33 美元。 2023 年第三季調整後淨虧損為 20 萬美元，即稀釋後每股負 0.01 美元，而前一年第三季調整後淨利為 1,310 萬美元，即稀釋後每股負 0.34 美元。第三季調整後 EBITDA 為 1,620 萬美元，佔淨銷售額的 4.8%，而去年同期為 2,770 萬美元，佔淨銷售額的 7.7%。

Turning to our balance sheet and liquidity. Third-quarter ending inventory was $446.3 million compared to $485.2 million at the end of the third quarter of 2022. On a per-store basis, inventory was down 8% versus last year's third quarter and 2.4% compared with Q2 2023.

轉向我們的資產負債表和流動性。第三季末庫存為 4.463 億美元，而 2022 年第三季末為 4.852 億美元。以每家商店計算，庫存比去年第三季下降 8%，比 2023 年第二季下降 2.4%。

We are pleased with the progress made to our inventory in Q3, and we'll continue to reduce our inventory levels through the balance of the year. Our plan as we move through the end of the year is to reduce our on-hand inventory to a level below $375 million.

我們對第三季庫存的進展感到滿意，我們將在今年剩餘時間內繼續降低庫存水準。我們的計劃是在年底將現有庫存減少至 3.75 億美元以下的水平。

Regarding liquidity, we ended the third quarter with $185.4 million on our $350 million line of credit and $2.9 million of cash on hand. We have approximately $111 million available under our credit facility for borrowing. We expect the outstanding balance on our line of credit to end the year below $135 million, as we continue to reduce inventory and closely manage expenses.

關於流動性，第三季結束時，我們的信貸額度為 3.5 億美元，手頭現金為 290 萬美元，金額為 1.854 億美元。我們的信貸安排下約有 1.11 億美元可供借款。隨著我們繼續減少庫存並密切管理開支，我們預計年底信貸額度的未償餘額將低於 1.35 億美元。

With over $45 million of capital invested in our new store and store refreshes this year, our primary focus in terms of capital allocation heading into 2024 will be the paydown on our line of credit. We will continue to prioritize the best use of capital, and we'll provide more details on this when we announce our strategic plan for 2024 on our year-end earnings call in March.

今年我們在新店和店面翻新上投資了超過 4500 萬美元的資本，我們在 2024 年資本分配方面的主要關注點將是償還我們的信貸額度。我們將繼續優先考慮資本的最佳利用，當我們在 3 月的年終收益電話會議上宣布 2024 年戰略計劃時，我們將提供更多相關細節。

Looking at cash flow for the first nine months of 2023. Cash used in operating activities was $16.6 million versus cash provided by operating activities of $14.5 million for the first nine months of 2022. The increase in our cash outflows was primarily due to additional inventory for our 15 new stores and a net loss in the first nine months of this year compared to net income during the prior-year nine-month period.

看看 2023 年前 9 個月的現金流。經營活動使用的現金為 1,660 萬美元，而 2022 年前 9 個月經營活動提供的現金為 1,450 萬美元。我們現金流出的增加主要是由於額外的庫存我們的15 家新店和今年前9 個月的淨虧損與去年9 個月期間的淨利潤相比。

Turning now to our guidance. The underlying business continues to see pressure from the difficult macroeconomic environment weighing on consumer discretionary spend and our top-line sales. We will continue our efforts to drive both store and online traffic with additional promotional activities planned for the balance of the quarter.

現在轉向我們的指導。困難的宏觀經濟環境持續給基礎業務帶來壓力，影響消費者可自由支配支出和我們的營收。我們將繼續努力推動商店和線上流量，並計劃在本季度剩餘時間進行更多促銷活動。

I am pleased at how the team has executed thus far during holiday, and we are seeing positive trends in our inventory reduction efforts and debt paydown. And we'll end 2023 in a much healthier position.

我對團隊迄今為止在假期期間的表現感到高興，我們看到庫存減少工作和債務償還的積極趨勢。到 2023 年，我們將以更健康的狀態結束。

Now focusing on our fourth-quarter guidance. We expect net sales to be in the range of $365 million to $390 million. We expect that our more aggressive promotional activities during the fourth quarter will reduce gross margins between 600 basis points to 800 basis points versus the prior year.

現在重點關注我們的第四季度指導。我們預計淨銷售額將在 3.65 億美元至 3.9 億美元之間。我們預計，第四季更積極的促銷活動將使毛利率比去年同期下降 600 個基點至 800 個基點。

Same-store sales in the fourth quarter are anticipated to be in the range of down 11% to down 6%. And adjusted EPS for the fourth quarter is expected to be in the range of negative $0.35 to negative $0.25 per diluted share, driven primarily by the reduction in gross margin. This reduction in gross margin will be partially offset as we continue to implement our cost-saving initiatives throughout the quarter.

預計第四季同店銷售額將下降 11% 至 6%。預計第四季度調整後每股攤薄每股收益將在負 0.35 美元至負 0.25 美元之間，主要是由於毛利率下降。隨著我們在整個季度繼續實施成本節約舉措，毛利率的下降將被部分抵銷。

As a reminder, the fourth quarter of 2023 will include a 53rd week, which we have included in our guidance. We anticipate this extra week will add between $14 million and $17 million in additional top-line sales and run at an EPS loss of between $0.04 and $0.06.

提醒一下，2023 年第四季將包括第 53 週，我們已將其納入我們的指導中。我們預計額外一週的營收將增加 1,400 萬至 1,700 萬美元，每股收益損失將在 0.04 至 0.06 美元之間。

That concludes our prepared remarks today. I will now turn the call back over to the operator to facilitate any questions.

我們今天準備好的演講到此結束。我現在將把電話轉回給接線員，以解答任何問題。

(Operator Instructions) Ryan Sigdahl, Craig Hallum.

（操作員說明）Ryan Sigdahl、Craig Hallum。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

Hey, Ryan.

嘿，瑞安。

Curious on -- you mentioned competitors are promoting as well. Curious how much of that is them trying to reduce inventory into the holiday season. Really a temporary kind of reset, or do you think it's necessary based on the health of the consumer today?

很好奇——你提到競爭對手也在促銷。很好奇他們在多大程度上試圖減少假期期間的庫存。這確實是一種暫時的重置，還是您認為基於當今消費者的健康狀況有必要進行重置？

I think it's twofold. I do think that out in the industry, out in retail, we see retailers overstocked and moving through inventory.

我認為這是雙重的。我確實認為，在行業中，在零售業中，我們看到零售商庫存過剩，並正在清理庫存。

But also, if you look at the health of the consumer as we look at the patterns that we've seen from our customer coming into the stores, they are seeking the deals, and they are buying the deals. And then they're moving on to their next purchase. So I think all retailers are seeing that -- in the industry -- as we sit here today.

而且，如果你觀察消費者的健康狀況，就像我們觀察顧客進入商店的模式一樣，他們正在尋求優惠，他們正在購買優惠。然後他們就會繼續進行下一次購買。所以我認為，當我們今天坐在這裡時，行業內所有零售商都看到了這一點。

Quick one and then I have one more. Was ammo and firearms, were they -- did they remain positive in November?

快一份，然後我還有一份。彈藥和槍支是嗎？11 月的情況是否仍呈陽性？

Are you saying -- so we saw a nice lift in October from the unfortunate events in Israel. The event-driven demand cycles, as we see them today, are much shorter-lived.

你是說——所以我們在十月看到了以色列不幸事件帶來的良好提振。正如我們今天所看到的，事件驅動的需求週期的壽命要短得多。

So I would say that that was a short-lived event-driven demand cycle that we saw really benefit October. And then, we've returned back to normal consumer behavior in November.

所以我想說，這是一個短暫的事件驅動的需求週期，我們看到十月真正受益。然後，我們在 11 月恢復了正常的消費者行為。

Good. Last one for me. Just on the store opening, how much flexibility do you have with -- none planned in 2024. But did that trigger any one-time terminations of leases and other costs? And are you able to hold any of those locations, basically deferring them until 2025 or later?

好的。最後一張給我。就開店而言，你們有多少彈性——2024 年沒有計劃。但這是否會導致一次性終止租賃和其他成本？您是否能夠保留這些地點中的任何一個，基本上將其推遲到 2025 年或更晚？

Yeah. As we think about the no-new-store openings in '24, we didn't exit out of any leases that we were in for 2024. We just chose not to execute on signing leases for 2024.

是的。當我們考慮 24 年不會開設新店時，我們沒有退出 2024 年的任何租約。我們只是選擇不執行 2024 年簽署的租約。

So our pipeline that we have is currently working on the 2025 opening schedule. We were able to keep the deals that we had going, working, and able to extend them into a 2025 timeline.

因此，我們現有的管道目前正在製定 2025 年開放時間表。我們能夠保持現有的交易繼續進行、有效實施，並能夠將其延長到 2025 年的時間表。

Great to hear. Thanks, Jeff. Welcome, Paul. Thanks.

很高興聽到。謝謝，傑夫。歡迎，保羅。謝謝。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thanks. Good afternoon, everybody. I guess, first, just a couple follow-up questions on the new store opening or no-new-store opening guidance for '24, I guess.

謝謝。大家下午好。我想，首先，我想只是關於 24 年新店開業或無新店開業指導的幾個後續問題。

Will the decision to restart development and openings in '25, is that driven solely by your comfort with a balance sheet sometime during '24? Or do you actually need to see sales and margins improve from current trends before you want to open additional store? Because in another way -- are store opening returns still attractive to you at current operating levels?

在 25 年重新啟動開發和開業的決定是否僅僅是因為您對 24 年某個時候的資產負債表感到滿意？或者，在您想開設更多商店之前，您是否確實需要看到銷售額和利潤率較當前趨勢有所改善？因為從另一個角度來說，在目前的營運水準下，開店回報對您仍然有吸引力嗎？

Hey, Eric. It's Paul. Yeah, thanks for the question. I think as we looked at it and we've had the discussions over the last 30 or 40 days and trying to build out what the '24 pipeline looks like, I think we looked at it twofold.

嘿，艾瑞克。是保羅。是的，謝謝你的提問。我認為，當我們審視這個問題並在過去 30 或 40 天進行討論並試圖構建 '24 管道的樣子時，我認為我們從雙重角度審視了它。

One, the opportunity to pay down debt being a huge focus for the organization. And two, I think us really working on the fundamentals and the details of retail as we continue to move through the inventory and the distressed inventory and to really put focus on -- with our buying team and being regional and aligning with where we need to be.

第一，償還債務的機會是該組織的一個重點關注點。第二，我認為我們真正致力於零售的基本面和細節，因為我們繼續處理庫存和不良庫存，並真正把重點放在我們的採購團隊和區域性上，並與我們需要的地方保持一致。

So I think it gives us twofold: the opportunity, one, to work on the fundamentals; at the same time, working behind the scenes on real estate for '25 because we truly think that it's a competitive advantage we have. It's to be able to be in these small markets and open stores.

所以我認為它給了我們雙重的機會：一是在基礎上工作的機會；二是。同時，我們在 25 年從事房地產的幕後工作，因為我們確實認為這是我們擁有的競爭優勢。它能夠進入這些小市場並開設商店。

But I think for us, it gives us the opportunity to sell down the distress, get in a much better position from an inventory level with new inventory and buying deep on the 80/20 principle that we have here, while we're working to be able to pay down debt.

但我認為對我們來說，這讓我們有機會拋售困境，透過新庫存從庫存水平獲得更好的位置，並根據我們這裡的 80/20 原則深入買入，同時我們正在努力能夠償還債務。

Got it. I guess, my last question, I mean, is opening a store in the current levels still mature and attractive, or would you actually want to see things improve?

知道了。我想，我的最後一個問題，我的意思是，在目前的水平上開店是否仍然成熟和有吸引力，或者你真的希望看到事情有所改善嗎？

Yeah, Eric. This is Jeff. I'll tell you that, as we look at the real estate market and the competitiveness in the market, there is a -- we're at an all-time low in terms of retail space availability. So there are deals being done out there in the market where a few years ago, we would have been able to find an attractive location. And those deals now are not hitting the hurdles that we expect out of our new stores in terms of productivity.

是的，埃里克。這是傑夫。我告訴你，當我們審視房地產市場和市場競爭力時，我們發現零售空間的可用性處於歷史最低水平。因此，幾年前，市場上正在進行一些交易，我們本可以找到一個有吸引力的地點。現在這些交易並沒有達到我們對新店生產力的預期障礙。

So for me, focusing on new store productivity, hitting those minimum thresholds of 10% four-wall EBITDA and 20% ROIC is key to our real estate strategy. And as I look at the space and our plan going forward, focusing on those return metrics is going to be key into our real estate strategy.

因此，對我來說，專注於新店生產力、達到 10% 四面牆 EBITDA 和 20% ROIC 的最低門檻是我們房地產策略的關鍵。當我審視這個空間和我們未來的計劃時，關注這些回報指標將成為我們房地產策略的關鍵。

Thank you. That's helpful. And then, without any new stores next year, I guess, excluding -- if you start building towards the end of year for a store to open '25 -- excluding that, just what is kind of the CapEx plans for next year? Are you still doing any remodels, upgrades, what kind of maintenance?

謝謝。這很有幫助。然後，明年沒有任何新店，我想，排除——如果你在年底開始建造一家25年開店的商店——排除這一點，明年的資本支出計劃是怎樣的？您還在進行任何改造、升級或什麼樣的維護嗎？

Yeah, we'll have to do normal maintenance. And if you look into the script, I gave a range of what we spent on new stores this year. We've invested more than $45 million in new stores and refreshes this year.

是的，我們必須進行正常的維護。如果你看一下劇本，我會列出今年我們在新店的支出範圍。今年我們在新店和翻新方面投資了超過 4500 萬美元。

And then, if you bump that up against the CapEx guidance that I've given, that'll give you kind of an understanding of what normal maintenance CapEx looks like in a year. We're going to have to maintain the fleet next year. But in terms of big amounts invested in refreshes and new stores, I don't think you'll see that coming through the pipeline.

然後，如果您將其與我給出的資本支出指南進行比較，這將使您對一年內的正常維護資本支出有一定的了解。明年我們將不得不維護機隊。但就更新和新商店的大量投資而言，我認為你不會看到這一點。

I do think there'll be a piece from a technology standpoint as we look at us being able to invest and continue our investment as far as merchandising, planograms, how we operate the stores, and then just for ease for the customer that these are things that we'll have to invest in. But I would just add that to the everyday, day in and day out, CapEx that you would typically have.

我確實認為，從技術的角度來看，我們會在商品推銷、貨架圖、商店運營方式等方面進行投資並繼續投資，然後只是為了讓客戶放心，這些是但我只想將其添加到您通常擁有的日常資本支出中。

Okay. Final question, if I may. I know you mentioned, Jeff, that the aggressive discounting you'll be doing in the fourth quarter is playing into that 600- to 800-basis-point reduction in margins year over year. How much of that is one-time from these actions versus maybe structural that needs to continue in the next year?

好的。最後一個問題，如果可以的話。 Jeff，我知道您提到過，您將在第四季度進行大幅折扣，導致利潤率同比下降 600 至 800 個基點。這些行動中有多少是一次性的，而明年可能需要繼續進行結構性的行動？

Eric, that's a good question. I want to emphasize all of that degradation in margin is relating to this one-time event of us clearing through this inventory. We are hitting it very aggressive in the fourth quarter to ensure that we're clean of it by year-end and we start 2024 in a much better position, so we can position Sportsman's Warehouse for success.

艾瑞克，這是個好問題。我想強調的是，保證金的下降與我們清理庫存這一一次性事件有關。我們在第四季度非常積極地打擊它，以確保我們在年底前解決這個問題，並以更好的狀態開始 2024 年，這樣我們就可以為 Sportsman's Warehouse 取得成功做好準備。

Perfect. Thank you, guys. Appreciate it.

完美的。感謝你們。欣賞它。

Mark Smith, Lake Street Capital Markets.

馬克史密斯，湖街資本市場。

Hi, guys. Just want to follow up a little more in depth on that last question. As we think about the 600- to 800-basis-point decline here in Q4 versus 300-plus in Q3, is it really -- is it purely just clearing out and finding -- getting rid of this excess inventory and apparel and footwear? Or how do you compare kind of the holiday, Black Friday promotional environment this year versus last year?

嗨，大家好。只是想更深入地跟進最後一個問題。當我們思考第四季度下降了 600 到 800 個基點而第三季度下降了 300 多個基點時，是否真的——純粹只是清理和發現——擺脫多餘的庫存以及服裝和鞋類？或是您如何比較今年的假期、黑色星期五的促銷環境與去年？

Hi, Mark. This is Jeff. That's a good question. If we look at just the overall holiday environment, I think most retailers are coming out, and Sportsman's included, with the issue of driving traffic. So in order -- in effort for us to drive traffic, we're really focusing on heavily discounting the apparel and footwear, making it known.

嗨，馬克。這是傑夫。這是個好問題。如果我們只看整個假期環境，我認為大多數零售商（包括 Sportsman's）都在解決增加客流量的問題。因此，為了吸引流量，我們真正專注於對服裝和鞋類進行大幅折扣，讓人們知道。

If you're subscribed to our advertising campaigns, you'll see that we're going to hit it heavily over the next three weeks before Christmas. So we're using that as a traffic driver to get people in the stores and shopping the other products. So I'll frame up again that the 600 to 800 basis points is driven primarily by the reduction in margin in the apparel and footwear that we're moving through the end of the year.

如果您訂閱了我們的廣告活動，您會發現我們將在聖誕節前的接下來三週內對其進行大力宣傳。因此，我們將其用作流量驅動因素，吸引人們進入商店並購買其他產品。因此，我將再次指出，600 至 800 個基點主要是由我們在年底進行的服裝和鞋類利潤率下降所推動的。

Okay. And if you could maybe tell us what percent or how you feel about as of today that you've moved through of that inventory and maybe how much it has moved since the end of Q3?

好的。您是否可以告訴我們，截至今天，您已經移動了該庫存的百分比或您的感受，以及自第三季末以來移動了多少？

I will say, look --

我會說，看——

Maybe a different way to look at that is, do you feel like (multiple speakers) done by the end of the year?

也許換個角度來看，您覺得（多位發言者）在今年年底前完成了嗎？

We moved through a very good portion of the inventory in Q3. What we have left to move through in Q4 is items that we have to take deeper discounts on, which makes the margin impact more significant than it did in Q3.

我們在第三季消耗了很大一部分庫存。我們在第四季度剩下要做的就是必須採取更大折扣的項目，這使得利潤率影響比第三季度更加顯著。

I was very happy with the team's execution in Q3 on moving through the clearance apparel and footwear. I'm very pleased with the progress. But the items that we have left over are going to need much deeper discounting in order to move through the remainder of it by the end of the year.

我對團隊在第三季在清倉服裝和鞋類方面的執行力感到非常滿意。我對進展感到非常滿意。但我們剩下的商品將需要更大的折扣，以便在年底前完成剩餘的商品。

Okay. And then I think you guys may be called out a little bit within the ammunition category, some margin pressure. Can you walk us through maybe anything that's going on, just as we look specifically at that?

好的。然後我認為你們可能會在彈藥類別中受到一些影響，一些利潤壓力。正如我們專門關注的那樣，您能否向我們介紹一下正在發生的任何事情？

Is that just inventory being back fully stocked and need to move some of that? Or any additional insights into the ammo space would be great.

這是否只是庫存恢復充足，需要轉移其中一些？或者任何對彈藥空間的額外見解都會很棒。

Yeah, I think the big driver on the margin degradation there is just the supply being fully back in-stock. We saw a little bump in ammo during October with some of the demand-driven events. But that was really focused on very specific types of ammunition.

是的，我認為利潤率下降的主要原因是供應完全恢復庫存。十月份，由於一些需求驅動的事件，我們看到彈藥量略有增加。但這實際上專注於非常特定類型的彈藥。

Holistically, across the ammo category, we are in a well in-stock position. The manufacturers are pumping it out, and the industry is very well in-stock. So we're seeing the pressures from that across the board.

總體而言，在整個彈藥類別中，我們的庫存狀況良好。製造商正在大量生產，行業庫存充足。所以我們看到了來自全面的壓力。

Okay. And then, Jeff, I think you said -- I think you quantified kind of an inventory goal at the end of the year, $375 million; correct me if I'm wrong. And then, talk about your comfort level of getting there?

好的。然後，傑夫，我想你說過——我想你量化了年底的庫存目標，即 3.75 億美元；如我錯了請糾正我。然後，談談您到達那裡的舒適程度？

Yeah, you're correct, Mark. It was $375 million. That was somewhere below $375 million if we get specific. I am very comfortable with us hitting that target and achieving that target.

是的，你是對的，馬克。金額為 3.75 億美元。如果具體的話，這個數字低於 3.75 億美元。我對我們實現這一目標感到非常滿意。

There is nothing more important as we think about our year-end strategy than moving through inventory, getting it into a healthy position, and getting productivity out of that inventory as we move into 2024. So as we sit here today, I am very confident in hitting that target.

當我們考慮年終策略時，沒有什麼比清理庫存、使其處於健康狀態並在進入 2024 年時提高庫存生產力更重要的了。因此，當我們今天坐在這裡時，我非常有信心達到這個目標。

Okay. And the last one for me. Just as we think about cost cutting, SG&A, you guys have done a good job thus far. Maybe just talk about where you're at in this total program? Are we kind of middle innings or are we still early, or if you worked through a lot of this cost cutting so far?

好的。最後一張對我來說。正如我們考慮削減成本、SG&A 一樣，到目前為止你們做得很好。也許只是談談你在整個計劃中所處的位置？我們是處於中局階段還是還處於早期階段，或者到目前為止您是否已經完成了許多成本削減工作？

Hey, Mark. It's Paul. I'll take that. As we kind of made this assessment and the work has been done early on as far as efficiency and productivity gains that I think will continue, I mean, to push to simplify the business, and I think as we continue to simplify the business both for the employees, whether they be in the stores, distribution centers, here at corporate, that we have an opportunity clearly to continue the momentum that we have from an SG&A.

嘿，馬克。是保羅。我會接受的。由於我們進行了這種評估，而且工作已經在早期完成，就效率和生產力的提高而言，我認為這將繼續推動簡化業務，而且我認為，隨著我們繼續簡化業務，員工，無論他們是在商店、配送中心還是在公司，我們顯然都有機會繼續我們從SG&A 中獲得的動力。

But I think our message is really around simplification of the business. So we're going to continue to work at that. So I would just kind of sum it up by saying we're not -- we think we have a lot of room to go here. And the fact of the matter is that we just want to simplify the business both for the employee and the customer.

但我認為我們的訊息實際上是圍繞業務的簡化。所以我們將繼續努力。所以我想總結一下，我們不是——我們認為我們還有很大的發展空間。事實上，我們只是想為員工和客戶簡化業務。

Okay. Thank you.

好的。謝謝。

Mark Herrmann, R5 Capital.

馬克·赫爾曼，R5 Capital。

Hey, guys. Thanks for taking my question. Just to dig a little deeper on the promo situation in Q4 and kind of looking back at what happened already, would you say that the activity that you've had has been more successful at actually driving new traffic or more at driving attachments for firearms customers who are already coming in the store, if you can break that down?

大家好。感謝您提出我的問題。只是為了更深入地了解第四季度的促銷情況並回顧已經發生的事情，您是否會說您所做的活動在實際推動新流量或為槍支客戶推動附件方面更加成功誰已經來店裡了，你能分解一下嗎？

Yeah. Hey, Mark. It's Paul. I think as we look at it, it's kind of a mixture of both. But we don't look at it and say, exclusively, that it was driving traffic to the store. But I think that the opportunity we had is once we had them in the store with the attractive discounts that was there, that it was able to help on attachment.

是的。嘿，馬克。是保羅。我認為當我們看待它時，它是兩者的混合體。但我們不會只看它並說它正在增加商店的客流量。但我認為我們擁有的機會是，一旦我們將它們帶到商店並享受有吸引力的折扣，它就能夠幫助我們建立依戀關係。

But I wouldn't lean -- if I had to lean more one way, it would be helping us overall from attachments and what it looks like for the items in the basket versus the traffic to the store.

但我不會傾斜——如果我必須更多地傾斜一種方式，這將從整體上幫助我們從配件以及購物籃中的商品與商店的流量的對比中獲得幫助。

Okay, great. Thanks. And then looking forward, is there any -- can you break down the thought process into -- is it geared more towards private label or branded for 4Q? Is it more higher-end versus lower-end goods?

好的，太好了。謝謝。然後展望未來，有沒有——你能將思考過程分解為——它更適合自有品牌還是面向第四季的品牌？是高端商品還是低端商品？

And is it limited to apparel and footwear? Are you going to go outside of those areas for the promos?

僅限於服裝和鞋類嗎？您打算去這些地區以外的地方參加促銷活動嗎？

Yeah, I think it's -- when the team lined this up and really started at the beginning of Q3, end of Q2, and they started this process of cleaning up, it just wasn't only apparel and footwear. I mean, there was a lot of work done behind the scenes around a lot of different departments from a cleanup. And they moved a lot, lot more.

是的，我認為，當團隊將其安排好並在第三季初、第二季末真正開始時，他們開始了清理過程，不僅僅是服裝和鞋類。我的意思是，在清理工作中，許多不同部門在幕後做了很多工作。他們搬家了很多很多。

But as we get down to the end here, we have -- that's primarily what we have left and the reason for going deeper to be able to clean up in Q4 and get us to the position we need to be to start the fiscal year clean. I think Jeff said earlier, this is an opportunity.

但當我們到這裡結束時，我們已經——這主要是我們剩下的，也是深入進行清理的原因，以便能夠在第四季度進行清理，並使我們達到乾淨地開始新財年所需的位置。我想傑夫之前說過，這是一個機會。

We've seen some small wins out there with subcategories, where we've had really good work from SKU optimization, being able to pull back SKUs, condense where we're at, and get more productivity from less SKUs. And we really like what that looks like.

我們在子類別中看到了一些小勝利，我們在 SKU 優化方面做得非常好，能夠拉回 SKU，壓縮我們的現有位置，並從更少的 SKU 中獲得更高的生產力。我們真的很喜歡它的樣子。

But I think as we look at this, in most cases, we're looking at it and saying it's mostly -- it's not private label that we'd be looking at it. It's more name-driven as we think about it.

但我認為，當我們考慮這個問題時，在大多數情況下，我們會考慮並說我們會考慮的不是自有品牌。當我們思考它時，它更多是由名稱驅動的。

Okay, good. Thank you. And then just same as kind of Mark's question in more -- another detail. I think you said payroll was down 8.4%. Is that representative of in-store labor if you look at that only?

好的。謝謝。然後就像馬克的問題一樣 - 另一個細節。我記得你說過薪水下降了 8.4%。如果你只看這個，這是否代表了店內勞動力？

And then how do you think about how much further that could go before you really start impacting the customer experience that you talked about at the initial part of your presentation today?

那麼，您如何看待在真正開始影響您今天演講開頭部分談到的客戶體驗之前，還可以走多遠？

Yeah, Mark. That's a good question. I just want to clarify. I think on a per store -- if we're to break down our payroll expense for the quarter, on a per-store basis, we were down almost 22% versus prior year.

是的，馬克。這是個好問題。我只是想澄清一下。我認為，如果我們按每家商店來細分本季的薪資支出，我們會比去年同期下降近 22%。

So we made significant headway in the payroll reduction, rightsizing that line item for what we're seeing in current business trends. And I will say that that's where, if we look at the expense cuts, the majority of them were executed on during Q3.

因此，我們在削減工資方面取得了重大進展，根據我們在當前業務趨勢中看到的情況調整了該專案的規模。我想說的是，如果我們看看費用削減，其中大部分是在第三季執行的。

As we think about go-forward opportunities, continuing to simplify the business, as Paul stated, I think, is front and center in our mind. Whether that be looking at the contracts that we have outstanding, looking at some of our partners in terms of business operations, and then continuing to look at our staffing levels across the organization, not just in the stores, not just the distribution center, but everywhere to make sure that we're running as efficiently as we can.

當我們考慮前進的機會時，正如保羅所說，我認為繼續簡化業務是我們腦海中的首要和中心問題。無論是查看我們未履行的合同，請查看我們的一些合作夥伴的業務運營情況，然後繼續查看我們整個組織的人員配置水平，不僅僅是商店，不僅僅是配送中心，而是無處不在，以確保我們盡可能有效率地運作。

And I think to your earlier point, we want to get ourselves in a position -- I think the uniqueness of our brand and really what attracted me to Sportsman's was the employee base itself and the outfitter that connect with the consumer that we have there. And I look at that as a huge opportunity for us to be able to enhance what that experience looks like as we simplify the business.

我認為就你之前的觀點而言，我們希望讓自己處於一個有利的位置——我認為我們品牌的獨特性以及真正吸引我加入Sportsman's 的是員工基礎本身以及與我們那裡的消費者建立聯繫的服裝商。我認為這對我們來說是一個巨大的機會，可以在簡化業務的同時增強體驗。

So I don't want to put ourselves in a position where we're, like you said, we're at critical mass where you're in a position where you're hurting yourself more than being able to drive sales. But I think there's a fine balance there as you look at this, and we're not going to take sight off of the customer. And I think that has got to be the core of all the decisions we make as an organization around the customer.

所以我不想讓自己陷入這樣的境地，就像你說的那樣，我們已經到了臨界點，你對自己的傷害大於對推動銷售的能力。但我認為，當你看到這一點時，我們不會忽視客戶。我認為這必須成為我們作為一個組織圍繞著客戶所做的所有決策的核心。

Great. Thank you.

偉大的。謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to management for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給管理階層，以徵求結束語。

Thank you for joining the call today. And thank you to all the dedicated employees around the country for their commitment to Sportsman's Warehouse. Together, we look forward to providing our customers with the best experience and customer service in the outdoor industry. Thank you.

感謝您今天加入通話。感謝全國各地所有敬業的員工對 Sportsman's Warehouse 的承諾。我們共同期待為客戶提供戶外產業最佳的體驗和客戶服務。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。