Sportsman's Warehouse Holdings Inc (SPWH) 2024 Q3 法說會逐字稿

Hello, everyone and welcome to Sportsman's Warehouse third quarter earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to participate. (Operator instructions)

大家好，歡迎參加Sportsman's Warehouse 第三季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節供大家參與。（操作員指令）

I will pass the call over to the head of Investor relations. Riley Timmer. Please go ahead.

我會將電話轉接給投資者關係主管。萊利·蒂默。請繼續。

Thank you operator. Participating on our Q3 call. Today is Paul Stone, our Chief Executive Officer and Jeff White, our Chief Financial Officer. I will now remind everyone of the company's safe harbor language.

謝謝接線生。參加我們的第三季電話會議。今天是我們的執行長 Paul Stone 和財務長 Jeff White。現在，我要提醒大家注意公司的安全港條款。

The statements we make today contain forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1,995 which includes statements regarding expectations about our future results of operations, demand for our products and growth of our industry. Actual results may differ materially from those suggested in such statements due to a number of risks and uncertainties including those described in the company's most recent form10K and the company's other filings made with the SEC.

我們今天所做的聲明包含 1995 年私人證券訴訟改革法案所定義的前瞻性聲明，其中包括關於我們未來經營業績、我們產品的需求以及我們行業成長的預期的聲明。由於存在多種風險和不確定因素，包括公司最新的 10K 表格和公司向美國證券交易委員會提交的其他文件中所述，實際結果可能與此類聲明中建議的結果有重大差異。

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 991 to the form eight K we furnished to the SCC today, which is also available on the investor relations section of our website at sportsmans.com. I will now turn the call over to Paul.

我們還將在今天的電話會議中披露非公認會計準則財務指標的定義以及與最直接可比較的公認會計準則 (GAAP) 的調節表。財務指標作為補充財務資訊提供在我們的新聞稿中，作為我們今天向 SCC 提供的 8K 表的附件 991，該附件也可在我們的網站 sportsmans.com 的投資者關係部分查閱。現在我將電話轉給保羅。

Thank you, Riley and good afternoon everyone. First, I want to acknowledge the work being done by our teams all across sportsman's warehouse. I'm proud of the collective efforts of our teams which has enabled us to achieve meaningful progress towards our strategic goals, their commitment to great gear and great service as we execute our strategy was instrumental in delivering improved top line performance for the third quarter.

謝謝你，萊利，大家下午好。首先，我要感謝運動員倉庫各團隊所做的工作。我為我們團隊的共同努力感到自豪，這使我們能夠在實現戰略目標方面取得有意義的進展，他們在我們執行戰略時對優質裝備和優質服務的承諾對於實現第三季度營收業績的提高起到了重要作用。

When we started this strategic journey. Early in 2024 we laid out a plan that included the refinement of our merchandizing and inventory. This process started with the rationalization and clean up of skews. Last quarter, we strategically expanded our inventory to ensure our stores were stocked with the products our customers wanted most for our two largest seasons, hunting and holiday.

當我們開始這一戰略旅程時。2024 年初，我們制定了一項計劃，其中包括改進我們的商品和庫存。這個過程從合理化和清理偏差開始。上個季度，我們策略性地擴大了庫存，以確保我們的商店備有客戶在狩獵和假期這兩個最大的季節最需要的產品。

We implemented new and targeted promotions and Ad campaigns aligned with normal seasonal demand to drive customer traffic and increase transactions. We continue to see a customer that is shopping for value and we will further refine our marketing efforts and product sell campaigns to align with these consumer behaviors.

我們實施了新的、有針對性的促銷和廣告活動，與正常的季節性需求一致，以推動客戶流量並增加交易。我們不斷看到客戶追求價值，我們將進一步完善我們的行銷工作和產品銷售活動，以適應這些消費者行為。

While total sales were down 5% in the third quarter. We were pleased that our fishing and camping department along with our gift bar category, which includes optics, electronics, and cutlery. All comp positive for the quarter with fishing up 13% over last year. We also outpaced the adjusted mix in Q3 as we continue to lean into firearms and solidify our position as a leader in this category. It's important to note that we were lapping some unique events from last year that impacted our year over year comparisons. Jeff will address in greater detail in his prepared remarks in the three departments where we saw growth.

第三季總銷售額下降了5%。我們很高興我們的釣魚和露營部門以及我們的禮品吧類別，其中包括光學、電子產品和餐具。本季所有業績均呈現正面態勢，捕魚量較去年同期成長 13%。由於我們繼續傾向於槍支並鞏固我們在該類別的領先地位，我們在第三季的調整後產品組合也超過了預期。值得注意的是，我們回顧了去年的一些獨特事件，這些事件影響了我們同比的比較。傑夫將在他的準備好的發言中更詳細地談到我們看到成長的三個部門。

We worked strategically over the last year to meet the needs of our customers and reduce non performing inventory. This has been part of our ongoing merchandizing and inventory productivity strategy to provide our customers with the core goods they are looking for at the right time of year, strong performance in these three categories underscores the importance of being in stock the entire season, a muscle that we continue to develop as we transform sportsman's warehouse.

去年，我們採取了策略性措施來滿足客戶的需求並減少不良庫存。這是我們正在進行的商品銷售和庫存生產力策略的一部分，目的是在一年中的正確時間為我們的客戶提供他們正在尋找的核心商品，這三個類別的強勁表現凸顯了整個季節都有庫存的重要性，這是我們在改造運動員倉庫時不斷發展的一項能力。

As we deepen the partnership with our key vendors, we're using data and analytics to assist us in being ready for the outdoor season including key micro seasons that are geographically unique given the current consumer environment and the emphasis on value and promotion driven shopping. We were more aggressive with our sales driving initiatives which pressured gross margins this quarter.

隨著我們與主要供應商的合作不斷加深，我們正在使用數據和分析來幫助我們為戶外季節做好準備，包括考慮到當前消費環境以及對價值和促銷驅動購物的重視而具有地理獨特性的關鍵微季節。我們採取了更積極的銷售推動舉措，這給本季的毛利率帶來了壓力。

We also saw pressure from a shift in product mix to more firearms. Additionally, we made a commitment to in each season with clean merchandise ensuring that our stores remain fresh, highlighting newness and staying relevant with our customers. While this approach requires a price mark down cadence, it allows us to significantly minimize excess seasonal inventory and reinvest those dollars into our core products. Lastly, we continue to clean up small pockets of localized inventory which is also impacting gross margins in the fourth quarter. By doing this, we create a more steady and predictable pattern of markdowns as we move through the different seasons.

我們也看到產品結構轉向更多槍支的壓力。此外，我們承諾每個季節都提供乾淨的商品，確保我們的商店保持新鮮，突出新鮮感並與客戶保持相關性。雖然這種方法需要降價節奏，但它使我們能夠大幅減少多餘的季節性庫存，並將這些資金重新投資到我們的核心產品中。最後，我們繼續清理少量本地庫存，這也影響了第四季的毛利率。透過這樣做，我們可以隨著不同季節的變化創造出更穩定且可預測的降價模式。

While we expect pressure on gross margins to persist in Q4, we look to grow top line and improve our margins next year. One of our strategic objectives is the continued investment, build out and implementation of it systems and tools. Once in place, these tools will assist in our improvement of overall in stocks, gross margin and inventory productivity. These investments are a key part of resetting and rebuilding our business fundamentals to enhance our operational effectiveness.

雖然我們預計第四季毛利率仍將面臨壓力，但我們希望明年營收能成長，利潤率能夠提高。我們的策略目標之一是持續投資、建立和實施 IT 系統和工具。一旦到位，這些工具將幫助我們提高整體庫存、毛利率和庫存生產力。這些投資是重置和重建我們的業務基礎以提高營運效率的關鍵部分。

As part of our ongoing store reset strategy of Great Gear Great Service. We continue to enhance product displays and provide additional training to our outfitters. The focus on elevated customer experience not only improves satisfaction but also provides an opportunity to improve sales through better attachment. We continue to see a OV from attachment at an all time high from the in store work being done around great service, e-comm driven sales comp positive in the quarter as we continue to refine and improve our overall marketing and media mix model to drive incremental sales through the channel. As part of our omni channel strategy, we continue to test learn and understand through data driven consumer insights, the impact of different marketing activities on sales, customer acquisition and brand awareness.

作為我們正在進行的「優質裝備優質服務」商店重置策略的一部分。我們將繼續加強產品展示，並為我們的裝備供應商提供額外的培訓。專注於提升客戶體驗不僅可以提高滿意度，還可以透過更好的依戀來提供提高銷售的機會。我們繼續看到附件的 OV 達到歷史最高水平，這得益於店內圍繞優質服務開展的工作，電子商務推動的本季度銷售業績呈積極態勢，因為我們將繼續完善和改進我們的整體營銷和媒體組合模型，以推動通過渠道增加銷售。作為全通路策略的一部分，我們不斷透過數據驅動的消費者洞察來測試、學習和了解不同行銷活動對銷售、客戶獲取和品牌知名度的影響。

Looking ahead as we move through the holiday season, we remain optimistic about our growth potential and the strategies in place to achieve our short and long term objectives. We will continue to emphasize newness and value as we look to win the balance of the holiday season to improve our holiday relevancy and capture incremental traffic. During the season, we introduced a new omni channel marketing campaign this year. This campaign highlights great gear that is perfect for gifting or for treating yourself and marks a fresh approach to engaging with our customers during the holidays. Our in store experience has also been upgraded to reflect the fully integrated campaign, creating a cohesive and exciting shopping experience.

展望假期，我們對我們的成長潛力以及實現短期和長期目標的策略仍然持樂觀態度。我們將繼續強調新鮮感和價值，力求在假期季節贏得平衡，從而提高我們的假期相關性並吸引增量流量。在本賽季期間，我們今年推出了新的全通路行銷活動。這次活動重點介紹了適合送禮或犒勞自己的優質裝備，標誌著我們在節日期間與客戶互動的全新方式。我們的店內體驗也已升級，以反映全面整合的活動，創造出一種有凝聚力和令人興奮的購物體驗。

We are encouraged by our early holiday sales results including Black Friday and Cyber Week where we experienced our highest ever E-comm transaction count. This gives us confidence that the new marketing strategies, we implemented our showing promise. However, like other retailers, we continue to see a shift in how customers shop more than ever. Our customers are shopping value and they're willing to wait for the right promotion to make a purchase. As we continue to navigate the balance of the holiday season and complex consumer environment, we'll continue to prioritize traffic driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management.

我們對早期假期銷售業績感到鼓舞，包括“黑色星期五”和“網絡週”，這兩項銷售均創造了有史以來最高的電子商務交易量。這使我們相信，新的行銷策略將實現我們的承諾。然而，與其他零售商一樣，我們看到顧客購物方式正在發生前所未有的轉變。我們的客戶重視購物，他們願意等待合適的促銷活動再購買。在我們繼續平衡假期和複雜的消費環境的同時，我們將繼續優先考慮流量驅動行銷和產品定價措施、卓越的客戶服務和審慎的庫存管理。

As I conclude, I want to emphasize the importance of disciplined expense management and reducing total inventory levels to generate positive free cash flow for the year. We will prioritize the pay down of our debt as the primary use of excess cash flow. Maintaining a strong balance sheet is the top priority as we manage the business for improved performance.

最後，我想強調嚴格的費用管理和降低總庫存水準以在全年產生正的自由現金流的重要性。我們將優先償還債務作為過剩現金流的主要用途。當我們管理業務以提高業績時，保持強勁的資產負債表是首要任務。

Thank you. And with that, I'll turn the call over to Jeff to review our financial results in greater detail.

謝謝。說完這些，我會把電話轉給傑夫，讓他更詳細地回顧我們的財務結果。

Thank you, Paul and good afternoon everyone. I'll begin my remarks today with a review of our third quarter. fiscal 2024 financial results provide additional color on the balance sheet. Then cover our updated outlook for fiscal 2024 net sales for the third quarter of fiscal 2024 were $324.3 million compared to $340.6 million in the third quarter of 2023. A decline of 4.8% same store sales decreased 5.7% compared to the third quarter of 2023. This is the second straight quarter of improved same store sales trends and an improvement of 320 basis points versus the prior quarter.

謝謝你，保羅，大家下午好。今天的發言我將從回顧我們的第三季開始。 2024 財年的財務表現為資產負債表提供了更多色彩。接著介紹我們對 2024 財年的最新展望，2024 財年第三季的淨銷售額為 3.243 億美元，而 2023 年第三季為 3.406 億美元。同店銷售額下降4.8%，與2023年第三季相比下降5.7%。這是同店銷售額連續第二季改善，較上一季提高了 320 個基點。

As Paul mentioned, we lacked event driven demand during the quarter, primarily from our footwear and apparel clearance and liquidation events last year, as well as the spike in firearms and ammunition demand from the tragic events in Israel leading to the war and social unrest in October. This tough comp led to a decline on a year over year basis. In these categories.

正如保羅所提到的，本季我們缺乏事件驅動的需求，主要是來自去年鞋類和服裝清倉和清算活動，以及十月份導致戰爭和社會動蕩的以色列悲慘事件導致的槍支和彈藥需求激增。這種嚴峻的競爭導致了同比下滑。在這些類別中。

Gross margin for the third quarter was 31.8% versus 30.3% in the prior year. Comparable period, gross margins for the quarter came in below where we expected due to category and product mix as well as from customers shopping and buying more of our value and promotional products. The category mix shift was driven by higher than expected penetration of firearms and ammo in October which carries a lower overall gross margin.

第三季毛利率為31.8%，去年同期為30.3%。與同期相比，本季的毛利率低於我們的預期，原因是產品類別和產品組合以及顧客購物和購買更多我們的價值和促銷產品。品類組合變動的原因是，10月份的槍枝和彈藥滲透率高於預期，導致整體毛利率較低。

Additionally, we underperformed our expectation in sales and penetration in our apparel and footwear departments. Two of our highest margin categories SG&A expense as a percentage of net sales was 30.8% or $100 million compared with 29.4% or $100.1 million in the third quarter of last year.

此外，我們的服裝和鞋類部門的銷售和滲透率也低於預期。我們利潤率最高的兩個類別是銷售、一般及行政費用，佔淨銷售額的百分比為 30.8% 或 1 億美元，而去年第三季為 29.4% 或 1.001 億美元。

This is the first quarter where we comp our cost reduction initiatives implemented last year as evident in the smaller year over year decline versus previous quarters that said payroll preopening and depreciation expenses were all down on a year over year basis. These were offset. However, by the settlement of an outstanding lawsuit in the state of California, net loss for the third quarter was $0.4 million or negative $0.01 per diluted share compared to net loss of $1.3 million or $0.04 per diluted share in the prior year period.

這是我們首次對去年實施的成本削減措施進行對比，與前幾季相比，年減幅較小，即薪資預開業和折舊費用均較去年同期下降。這些被抵消了。然而，由於加州一項未決訴訟的和解，第三季的淨虧損為 40 萬美元，即每股攤薄虧損 0.01 美元，而去年同期的淨虧損為 130 萬美元，即每股攤薄虧損 0.04 美元。

Adjusted net income in the third quarter of 2024 was $1.3 million or $0.04 per diluted share. Compared to adjusted net loss of $0.2 million or $0.01 per diluted share. In the third quarter of the prior year, adjusted EBITDA for the third quarter was $16.4 million compared to $16.2 million in the prior year period.

2024 年第三季調整後淨收入為 130 萬美元，即每股攤薄收入 0.04 美元。相比之下，調整後的淨虧損為 20 萬美元，即每股攤薄虧損 0.01 美元。去年同期第三季的調整後 EBITDA 為 1,640 萬美元，去年同期為 1,620 萬美元。

Turning to our balance sheet and liquidity. Third quarter ending inventory increased versus last quarter and was $438.1 million compared to $446.3 million at the end of the third quarter of 2023 on a per store basis. Inventory was down 2.5% versus last year's third quarter.

轉向我們的資產負債表和流動性。第三季期末庫存較上一季增加，以每家門市計算為 4.381 億美元，而 2023 年第三季末的每家門市庫存為 4.463 億美元。庫存與去年第三季相比下降了 2.5%。

In the third quarter, we made strategic investments in our inventory to drive sales in an effort to one, ensure a solid in stock position our core products. Two add newness in our stores and three effectively support the hunting and holiday selling seasons.

第三季度，我們對庫存進行了策略性投資，以推動銷售，一是確保核心產品的穩固庫存。其中兩個為我們的商店增添了新鮮感，三個有效地支持了狩獵和假期銷售季節。

As expected, this created a seasonal peak for our inventory levels as we ended the third quarter, we are confident that we will end fiscal 2024 with an inventory balance less than $350 million as we continue to execute on our holiday strategy and clean up pockets of unproductive localized inventory across our stores. Regarding liquidity, we ended the third quarter with a total debt balance of $154 million and total liquidity of $151 million. We have approximately $148 million available under our credit facilities for borrowing.

正如預期的那樣，這導致我們的庫存水準在第三季結束時出現季節性高峰，我們有信心，隨著我們繼續執行假日策略並清理我們門市中低效的本地化庫存，到 2024 財年結束時，我們的庫存餘額將低於 3.5 億美元。關於流動性，截至第三季末，我們的總債務餘額為 1.54 億美元，總流動性為 1.51 億美元。我們的信貸額度下有大約 1.48 億美元可供借貸。

We expect the outstanding balance on our line of credit to end the year below $130 million as we continue to reduce inventory and closely manage expenses. Careful management of the balance sheet remains the priority and all. And although the company is not yet generating profits, we still expect positive free cash flow for the full year 2024 any excess cash will go directly to that pay down.

由於我們繼續減少庫存並嚴格管理費用，我們預計今年年底我們的信用額度未償還餘額將低於 1.3 億美元。謹慎管理資產負債表仍是首要任務。儘管該公司尚未產生利潤，但我們仍預計 2024 年全年自由現金流將為正，任何多餘的現金都將直接用於償還債務。

Turning now to our guidance. As Paul mentioned in his remarks, the underlying business continues to experience persistent pressure from the difficult consumer environment weighing on discretionary spending which is impacting our sales and gross margins while I am pleased at how the team has executed thus far during holiday, given the shift in consumer spending, we will continue to use targeted promotions and value driving campaigns to improve store traffic and top line sales. Similar to last quarter. We expect this to weigh on our gross margins in Q4 which is factored into our updated guidance.

現在來談談我們的指導。正如保羅在演講中提到的那樣，艱難的消費環境給基礎業務帶來了持續的壓力，從而影響了可自由支配的支出，進而影響了我們的銷售和毛利率。儘管我對團隊在假期期間的表現感到滿意，但考慮到消費者支出的轉變，我們將繼續使用有針對性的促銷和價值驅動活動來改善門市流量和營收。與上一季類似。我們預計這將對我們第四季的毛利率產生影響，這已計入我們更新的指引中。

Now looking at our updated full year 2024 guidance, we now expect fiscal year 2024 net sales to be in the range of $1.18 billion to $1.2 billion adjusted EBITDA to be in the range of $23 million to $29 million and total inventory to be below $350 million to reiterate the low end of our adjusted EBITDA range still assumes positive free cash flow for the full year. We also now expect capital expenditures for 2024 to be in the range of $17 million to $20 million primarily consisting of maintenance on our fleet and technology investments relating to merchandizing and store productivity.

現在查看我們更新的 2024 年全年指引，我們現在預計 2024 財年的淨銷售額在 11.8 億美元至 12 億美元之間，調整後的 EBITDA 在 2300 萬美元至 2900 萬美元之間，總庫存低於 3.5 億美元，重申我們調整後的 EBITDA 範圍的低端仍然正。我們現在也預期 2024 年的資本支出將在 1,700 萬至 2,000 萬美元之間，主要包括車隊維護以及與商品銷售和商店生產力相關的技術投資。

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

我們的準備好的演講到此結束。今天，我現在將把電話轉回給接線員，以方便回答任何問題。

(Operator instructions)

（操作員指令）

And it comes from the line of Matt Koranda with Roth. Please proceed.

它源自於馬特·科蘭達 (Matt Koranda) 和羅斯 (Roth) 的傳承。請繼續。

Hey guys, good afternoon. Thanks for taking the questions. Here, if maybe you could just cover sort of the cadence of comps that you saw during the third quarter by month. It sounds like maybe we leaned on, leaned in a bit more on promotions. Wondering what the response was your customer's response was to that, during the quarter and then maybe just we can cover what we're being courted a date. I guess your, your fourth quarter implied comp would suggest down call it like 5% to 6% year over year. Are we tracking in line with that level that you're guiding to for the fourth quarter? Maybe just a little more cover there as well.

大家下午好。感謝您回答這些問題。這裡，您可能只是按月介紹一下第三季的業績節奏。聽起來我們可能更依賴促銷。想知道您的客戶對此的反應是什麼，在本季度，也許我們可以涵蓋我們正在追求的日期。我猜你的第四季隱含收益將比去年同期下降 5% 到 6%。我們的追蹤是否符合您預期的第四季水準？或許那裡也只需要多一點掩護。

Yeah, Matt, hey, it's Jeff. Thanks for the question. You know, as we look at the calls for Q3, first thing I would say is we saw sequential improvement month over month, all through Q3. We were being more promotional in effort to offset some of the tough comps that we had Q3 is where we lapped the liquidation of apparel and footwear last year and then the Israel Hamas war that broke out. So we were proactively trying to address those with being more promotional, but we did see that trend improvement and, as we said in our prepared remarks, it did surprise us with the performance that we had where we outperformed expectations walking into the month of October specifically.

是的，馬特，嘿，我是傑夫。謝謝你的提問。你知道，當我們回顧第三季的通話量時，我首先要說的是，我們看到整個第三季呼叫量逐月連續改善。我們進行了更多的促銷，以抵消第三季度面臨的一些嚴峻挑戰，去年我們遭遇了服裝和鞋類的清算，隨後又爆發了以色列哈馬斯戰爭。因此，我們積極嘗試透過更多促銷來解決這些問題，但我們確實看到了趨勢的改善，正如我們在準備好的發言中所說的那樣，我們的表現確實讓我們感到驚訝，特別是在進入 10 月份後，我們的表現超出了預期。

As you look at Q4 the one thing on your comment of the down 5 to 6 comps that I think you need to consider is the 53rd week from last year rolling that over. And then what that does in terms of the comp that it creates because you're taking a week of January and moving it into a week comparable against a week of October. So you have a very high revenue week last year versus a low revenue week. So there is just some nuance there on that that I would say go back and look at in your numbers.

當您回顧第四季度時，關於您所說的下滑 5 到 6 個可比較數字，我認為您需要考慮的一件事是，這是從去年開始的第 53 週滾動計算的。那麼這對它所創造的比較有什麼影響呢？因為你將一月份的一周移到與十月份的一周相比較的一周。因此，去年這一週的收入很高，而今年這一週的收入很低。因此，這其中存在一些細微差別，我建議您回頭看看您的數字。

Yeah, remind us maybe just I think with the calendar shift, Jeff the 53rd week last year. You had in the past said that contributed something like $15 million but just help us with the math really quickly if you could.

是的，提醒我們也許只是我認為日曆的變化，傑夫去年是第 53 週。您過去曾說過捐贈了大約 1500 萬美元，但如果可以的話，請幫我們快速算一下。

Yeah, the $15 million is what that one week, the 53rd week contributed. But again, when you're looking at now at a year over year comp you have that an additional week that's falling into a January time frame, which is a much slower time of year being compared against a week last year in Q4. That was inclusive of an October week, which is a much higher revenue week. I would say that as we look at Q4 with those adjustments being made, we're looking at continual sequential improvement in comp store sales through the end of the year.

是的，1500 萬美元是那一周，第 53 週的貢獻。但是，當您現在查看同比數據時，您會發現，一月份的時間範圍內又多出了一周，與去年第四季度的一周相比，這一年中的增長速度要慢得多。其中包括十月份的一周，這是收入較高的一周。我想說的是，當我們展望第四季並做出這些調整時，我們預計到今年年底同店銷售額將持續連續改善。

No, that's helpful. And then maybe just, could you guys unpack a little bit more about the new approach to promos that we're talking about? Maybe just a little bit more clarity around what we're doing in terms of everyday value in the gifting, that you mentioned earlier. I know like historically, at least over the last about 6 to 12 months, you guys have highlighted sort of running a promotion that might be around the shooting sports item that drives traffic and then you work to get attach off of that. Are we still, is that playbook still in place? And this is just layering on top of that, maybe just a little bit more on the promotional sort of posture that we have here.

不，這很有幫助。那麼也許，你們能否進一步闡述我們正在談論的促銷新方法？也許我們對您之前提到的送禮日常價值方面所做的事情更加清楚一些。我知道從歷史上看，至少在過去的 6 到 12 個月裡，你們一直強調開展一種圍繞射擊運動項目的促銷活動，以吸引流量，然後你們努力從中吸引關注。我們是否仍然、那個劇本是否仍然有效？這只是在此基礎上的延伸，可能只是我們在這裡的促銷姿態的延伸。

I would say Matt is Paul, October, the same approach we took there as we were going against the firearms AMO you know, bump that we had as we've gotten into November, December, it's really been promotional around being able to drive people to traffic around gifting, which was an arm. We didn't have last year, but as we had left open to buy and so I think strategically, if we looked at it and we planned on it as we came into spring to ensure that we're able to look at true gifting and, and to be able to take that into consideration as we get into November and December.

我想說馬特是保羅，十月，我們採取了同樣的方法，因為我們反對槍支 AMO，你知道，當我們進入十一月、十二月時，我們遇到了困難，這真的是一種促銷方式，能夠吸引人們進行贈送禮物的流量，這是一種武器。去年我們沒有，但是因為我們留有購買空間，所以我認為從戰略上講，如果我們在春季來臨時就考慮它並製定計劃，以確保我們能夠看到真正的禮物，並且能夠在進入十一月和十二月時考慮到這一點。

So I think a little different look than what we've had in October, what I would tell you. And just to reiterate, I mean, the team's really done a nice job around the attach. And as we've used this from an AOV and attachment standpoint as we draw people in, from the promotion, the teams well exceeded our expectation what we've been able to do from a tax rate and an AOV to be able to give a total solution to the consumer when they come into the stores.

因此，我認為這與 10 月的情況略有不同，我想告訴大家這一點。我再重申一下，團隊在附加方面確實做得很好。當我們從 AOV 和配件的角度吸引顧客時，從促銷來看，團隊的表現遠遠超出了我們的預期，從稅率和 AOV 來看，我們能夠在消費者進入商店時為他們提供完整的解決方案。

And I think the other component would be just to touch on is we've really looked at marketing completely different than Susan and team has come on to the organization. It's really been focused around, removing the print and be extremely directional and digital. And we're super excited about what that's looked like, the fact that we can measure, our row as versus really with no visibility with row ads on print and what that looks like. So both of those things I think come into play and more digital, focused approach to where we could be extremely targeted on what that looks like and then to be able to play in different channels from a digital standpoint that the company is not played in. So bullish on both of those and what they're doing in particular from an AO being attached.

我認為另一個需要提及的因素是，我們對行銷的看法與蘇珊和團隊加入組織時的看法完全不同。它真正致力於消除印刷品，並具有極強的定向性和數位化特徵。我們對於這種效果感到非常興奮，事實上我們可以測量我們的行廣告，而實際上沒有印刷版行廣告的可見性。因此，我認為這兩件事都發揮了作用，而且更加數位化、更加集中的方法使我們能夠非常有針對性地了解情況，然後能夠從公司尚未涉及的數位角度在不同的管道中發揮作用。因此，我對這兩者以及他們在附加 AO 方面所做的事情非常樂觀。

Okay. Very helpful. Maybe just if I could sneak one more in for Jeff on the SG&A side of things, sounds like we're lapping some of the cost cutting initiatives that we had from last year. Does that mean that we're sort of winding down on the savings on SGNA on a year over year basis? Is there more to come that maybe we see in another sort of round of cost cutting, maybe just help us understand sort of where we have some levers to drive that SG&A line item lower in the fourth quarter.

好的。非常有幫助。也許我可以在銷售、一般及行政管理方面為傑夫再多說一點，聽起來我們正在實施去年採取的一些成本削減措施。這是否意味著我們在 SGNA 上的節省逐年減少？我們是否會看到另一輪成本削減，這也許有助於我們了解在第四季度我們可以採取哪些措施來降低銷售、一般及行政費用 (SG&A) 項目的成本。

Yeah, Matt, great question. Paul and I have made the commitment and we've talked about it in previous calls as we go through these cost cutting exercises in order to meet our great service guaranteed to our customers, we need to start investing back into store labor. So we will always be looking for additional cost savings in the organization. There's still more cost savings to be had in various back office type functions of the organization and we'll keep exploring those. But as we realize those savings, we're going to be investing back into the service component, the customer facing components of the organization. So as you think about go forward, you know, SG&A, Q3 and what your models are going to imply for Q4 is kind of steady state as I would think about it.

是的，馬特，這個問題問得很好。保羅和我已經做出了承諾，我們在之前的電話會議中也談到了這一點，為了實現我們向客戶提供的優質服務的承諾，我們正在進行這些成本削減措施，我們需要開始對店內勞動力進行投資。因此，我們將始終尋求在組織內節省額外的成本。組織的各個後台職能部門仍有進一步成本節約的空間，我們將繼續探索。但當我們實現這些節省時，我們將重新投資到服務元件，即組織面向客戶的元件。因此，當您考慮向前發展時，您知道，銷售、一般和行政費用、第三季度以及您的模型對第四季度的預測都是一種穩定狀態，正如我所想的那樣。

Okay. Makes a lot of sense. I'll leave it there. Thank you.

好的。非常有道理。我就把它留在那裡。謝謝。

Our next question comes from the line of Anna Glaessgen with B. Riley. Please proceed.

我們的下一個問題來自 B. Riley 的 Anna Glaessgen。請繼續。

Hey Guys, good evening. Thanks for taking my questions. I guess I'd like to start on gross margin. You noted that it came in a little softer than expected in the quarter, but still, a nice expansion year over year, seems to suggest that the refined approach to merchandizing has reduced the risk of end of season clearance even though you noted that, it's clearly a priority to end each season clean maybe. Can you speak to that and the extent to which you're seeing that as well?

嘿，大家晚上好。感謝您回答我的問題。我想先從毛利率開始談。您注意到本季的銷售額比預期略微疲軟，但與去年同期相比仍實現了良好的擴張，這似乎表明，精細化的商品銷售方式降低了季末清倉的風險，儘管您注意到，清倉促銷顯然是每個季節結束時的首要任務。您能談談這一點嗎？您對此的看法如何？

Good question as we looked at Q3 and we called it out a little bit. We outperformed in areas of the business like the hunt category, specifically firearms and ammo where in our initial forecast, we did not expect that outperformance. So when you outperform in that area, the rate that you're going to drive there is going to drive gross margins lower. Also, if you look at our inventory build during Q3, it was a significant build and there was some freight cost cost of bringing that merchandise in that not a large, but it was more significant than what we would have seen in the past I impact the gross margin.

這個問題問得好，我們在研究 Q3 時對它做了一些探討。我們在狩獵類別等業務領域的表現優異，特別是槍枝和彈藥，在我們最初的預測中，我們沒有預料到會有這樣的優異表現。因此，當你在某個領域表現出色時，你在該領域的成長速度將會導致毛利率下降。此外，如果您查看我們第三季度的庫存積累，您會發現這是一個顯著的積累，並且運輸這些商品產生的運費成本雖然不大，但比我們過去看到的對毛利率的影響更大。

So that, looking at the rate, looking at the mix of the sales where we are driving the promotions to it was a targeted approach to drive traffic into the stores and then just the freight build and getting in stock for the holiday. Ultimately led to the, less than expected result for gross margins for Q3.

因此，從費率來看，從我們推動促銷的銷售組合來看，我們採取了有針對性的方法，以吸引客流進入商店，然後只是增加貨運量並為假期備貨。最終導致第三季的毛利率低於預期。

Got it. And then as we turn our eyes to four Q, similar question, but guidance assume seems to imply a little bit of a step up in year over year expansion and growth margin. As you sit here today, a level of confidence based on that inventory build that, you're not going to have to have intense discounting at the end of the quarter.

知道了。然後，當我們將目光轉向四個問題時，問題是類似的，但指導假設似乎意味著同比擴張和成長將略有提升。今天當您坐在這裡時，基於庫存建立的信心水平，您不必在季度末進行大幅折扣。

Yeah, we're very confident in our ability to execute on the guidance we gave to hit end of quarter inventory and the guidance we gave for top line sales and bottom line profitability. We were addressing the what is a distressed consumer market and aggressive holiday season and we're making the right moves and we're being promotional where we need to in order to make sure we end the year clean and we drive the right traffic into the stores to meet our expectations for the full year. So, I would say that we have a lot of confidence in hitting our, our year end numbers that we went out with today.

是的，我們對執行季度末庫存目標以及營收和利潤獲利目標非常有信心。我們正在應對低迷的消費市場和激烈的假期季節，我們正在採取正確的舉措，在需要的地方進行促銷，以確保我們以乾淨的姿態結束這一年，並為商店帶來正確的客流，以滿足我們對全年的期望。因此，我想說，我們對實現今天公佈的年終數字非常有信心。

Great. And then just sort of a housekeeping. I believe your exposure to tariffs or direct imports would be limited to private label, which is a low single digit percent of sales. Is that the case?

偉大的。然後就只是一些家事了。我相信您受到的關稅或直接進口影響僅限於自有品牌，其銷售額僅佔個位數的低百分比。是嗎？

Yeah, you're correct it. It's a little, it's under 3% would be our direct exposure on our private brands to those tariffs. We've been actively looking and monitoring and finding out ways to reduce, any increase in tariffs and the exposure we have there. The other areas of the business, obviously from the branded side, our manufacturers, we're looking at their supply chains.

是的，你說得對。有點兒像，我們的自有品牌直接受到的關稅影響在 3% 以下。我們一直在積極尋找、監控並尋找減少關稅增加和降低我們面臨的風險的方法。業務的其他領域，顯然是從品牌方面，也就是我們的製造商方面，我們正在關注他們的供應鏈。

One thing I'll call out is we probably do penetrate higher from a branded product perspective and products that are made in the United States than other retailers. But that doesn't mean that we wouldn't be impacted or have to look at different pricing measures as those tariffs come into effect and moving into 25. So it's something that we're going to actively monitor but from a private brand perspective, you're correct in that. It's very little exposure there.

我要指出的一點是，從品牌產品角度和美國製造的產品來看，我們的滲透率可能比其他零售商更高。但這並不意味著，隨著這些關稅生效並進入 25 強，我們不會受到影響或必須考慮不同的定價措施。所以這是我們要積極監控的事情，但從自有品牌的角度來看，你說的對。那裡的曝光率很低。

Great. Thanks. That's it for me.

偉大的。謝謝。對我來說就是這樣了。

Thank you so much. Our next question comes from the line of Justin Kleber with Baird. Please proceed.

太感謝了。我們的下一個問題來自貝爾德的賈斯汀·克萊伯 (Justin Kleber)。請繼續。

Hey, good afternoon guys. Thanks for taking the questions. First one, Jeff just can you put a finer point for us on fourth quarter, gross margin based on your response to the SG&A question. And if I look at the midpoint of your, of your E dot guide, it seems to imply four Q gross margin, sub 30%. I just want to make sure I have that math.

嘿，大家下午好。感謝您回答這些問題。首先，Jeff，您能否根據您對銷售、一般及行政開支問題的回答，就第四季度的毛利率問題，為我們更詳細地說明一下？如果我看一下你的 E 點指南的中點，它似乎意味著 4 個季度的毛利率低於 30%。我只是想確保我了解這些數學知識。

Correct, just in while we didn't give specific guidance, I would say that if you look at the degradation that we had last year with the clearancing activity, we do not foresee an anniversarying of that. So you can look at what we lost in margin last year during four Q on the, on the liquidation and clearancing and assume that we're going to gain that back as you think about the Q4 results without giving you specifics that, that, that's probably the way that I would guide you on Q4 margin.

正確的，就在我們沒有給出具體指導的同時，我想說的是，如果你看看去年我們清理活動的惡化情況，我們預計不會再出現週年紀念日。因此，您可以看看我們去年第四季度在清算和出清過程中損失的利潤，並假設我們會在考慮第四季度業績時收回這部分利潤，而無需向您提供具體信息，這可能是我對第四季度利潤的指導方式。

Okay, So then maybe I'll ask going back to the SG&A question if I carve out the items, you know, I guess on an adjusted basis, right? Your SGA dollars were around $98 million this quarter. And it sounds like you're saying that's the new base that we should be thinking about in four Q and into 25.

好的，那麼我可能會回到銷售、一般及行政費用問題上問一下，我是否應該在調整後的基礎上剔除這些項目，對嗎？本季您的 SGA 金額約為 9,800 萬美元。聽起來你說這是我們應該在 4 季和 25 季考慮的新基礎。

Yeah, for Q, maybe just a little bit more with holiday and the staffing that we have to do in the store. But back to the previous comment that that's pretty much steady state as we move forward.

是的，對於 Q 來說，可能只會多一點假期和我們必須在商店中安排人員的時間。但回到先前的評論，隨著我們繼續前進，這基本上是穩定狀態。

Okay and then Paul, can you just expand a bit more on the omni channel marketing campaign? Is this more top of funnel spend to drive brand awareness or are you more focused on, targeting existing customers just any more color on what you're doing and what seems to be working best for you?

好的，保羅，您能否進一步詳細介紹全通路行銷活動？這是更多的漏斗頂部支出來提高品牌知名度，還是您更專注於針對現有客戶，只是想讓大家更了解您正在做的事情以及什麼對您最有效？

Yeah, It's clearly bottom and we've got a lot of runway just from an exposure standpoint as we think about it is for us to be able to attack the bottom of the funnel to move up from a search standpoint. And I think we're truly saw the benefits of it from an E-comm as we went through the holidays and the entire cyber week of the investments being made versus the print component of it.

是的，它顯然是底部，而且從曝光的角度來看，我們已經有很大的發展空間，我們認為這是為了能夠攻擊漏斗的底部，以便從搜尋的角度向上移動。我認為，我們確實從電子商務中看到了它的好處，因為我們經歷了假期和整個網路週的投資，而不是印刷部分的投資。

So I would say right now as we look at it, we have a lot of different channels where we were active in social. And we've been able to take a couple of different ones and even working with affiliates as we think about different programs that gives us more exposure to a big part of our business where we have an opportunity to be able to reinvest what those print dollars would have looked like in the past and be able to re put that into work and really work hard for us. But to answer your question originally that the majority of it is coming in bottom funnel.

所以我想說，就目前情況來看，我們有很多不同的社群活躍管道。我們已經採取了幾種不同的方案，甚至與附屬公司合作，考慮不同的計劃，讓我們更多地接觸我們業務的很大一部分，我們有機會能夠重新投資過去的印刷資金，並能夠將其重新投入到工作中，真正為我們努力工作。但首先要回答你的問題，大部分資金都來自底部漏斗。

Okay. Thanks for the color guys. Appreciate it. Best of luck for the rest of the holiday.

好的。感謝你們的顏色。非常感謝。祝您假期剩餘時間一切順利。

Thank you. Our next question comes from the line of Ryan Sigdahl with Craig Hale Capital Group. Please proceed.

謝謝。我們的下一個問題來自 Craig Hale Capital Group 的 Ryan Sigdahl。請繼續。

Hey, good afternoon guys.

嘿，大家下午好。

Want to stay on, want to focus on hunting. So good to see fishing growth, camping, gift bar hunting was one that you guys had commented kind of after fishing was the focus area to right size inventory, strategy, store layout, etcetera. Some peers called out some better results in both camp and hunt earlier today, but I was a little surprised to see that wasn't one of the categories that had growth in the quarter. I just can you kind of put a finer point on kind of performance in the quarter. And where you guys are at from a strategic standpoint in that category.

想留下來，想專心狩獵。很高興看到釣魚、露營和禮品吧狩獵等業務的成長，大家曾評論說，釣魚之後的重點領域是調整庫存規模、制定策略、商店佈局等。今天早些時候，一些同行在露營和狩獵方面都取得了更好的成績，但我有點驚訝地發現這並不是本季度實現增長的類別之一。我只是可以更詳細地說明本季的表現。從策略角度來看，你們在這個類別中處於什麼位置？

I'll let Jeff start and then I'll add some.

我先讓傑夫開始，然後我再添加一些。

Comments there on the performance for the quarter. We had, we had a big headwind with the lapping of the Israel Hamas specifically in the AMMO category. You know, if, when you compare that it was, it was a really big headwind. So from a firearm perspective, we're very pleased with what we performed in Q3. We outperformed the run rate of knicks for the quarter and continue to do so in the Q4. So we were very pleased to actually walk out of Q3 with the performance of the hunt category, knowing the headwind that we were up against. So, you know, I know that others have reported differing results, but knowing the headwind we walked into, we were, we were very pleased with the results in terms of strategy. I'll let Paul cover kind of where we're at on the merchandise reset and, and that from a strategic perspective.

對本季的表現進行評論。我們面臨著巨大的阻力，特別是在彈藥方面，我們落後於以色列哈馬斯。你知道，當你比較它時，它確實是一個很大的逆風。因此，從槍枝角度來看，我們對第三季的表現非常滿意。我們本季度的表現超過了尼克斯隊的運行率，並且在第四季度繼續保持這一勢頭。因此，我們很高興在第三季度取得了狩獵類別的良好表現，同時也知道我們面臨的阻力。所以，你知道，我知道其他人報告了不同的結果，但知道我們面臨的逆風，我們對策略方面的結果非常滿意。我會讓保羅從策略角度介紹我們在商品重置方面的進展。

Yeah, the one thing that I would add to is as we think about knowing in particular with the October Comp was and the weight that it has, in particular from in our overall business that they think the teams did an extremely nice job of being able to offset that. I will also say, we took, an opportunity there as we went from promotional to drive people into the stores to really be able to clean up on our firearms.

是的，我想補充的一點是，當我們想到特別是 10 月份的銷售額以及它對我們的整體業務的影響時，他們認為團隊在抵消這一影響方面做得非常好。我還要說的是，我們抓住了一個機會，從促銷到吸引人們進店，真正能夠清理我們的槍支。

So a non go forward firearms to be able to help us to be able to pull down our inventory levels, to allow us to be able to reinvest back into AO which is much greater from a consumable standpoint to be able to drive people to the store. So, as we look at it, we're not calling out as a positive comp but overall from an organization standpoint and the lapping that we had, we felt really good with the performance mix on a strong over perform on next on the firearms piece of it and then holding our own from an ammo allowing us to be able to reinvest back into that inventory to drive trips to the store.

因此，非前進式槍支可以幫助我們降低庫存水平，使我們能夠重新投資於 AO，從消耗品的角度來看，這要大得多，可以吸引人們到商店。因此，當我們看它時，我們並沒有稱之為積極的比較，但總體從組織的角度和我們所擁有的重疊來看，我們對性能組合感到非常滿意，其次是槍支部分的表現強勁，然後保持我們自己的彈藥，使我們能夠重新投資到該庫存中以推動人們去商店。

Maybe Jeff just quick clarification question. Firearms are down year over year for you guys, but I think mix was plus one in the quarter. So can you reconcile those two? And then secondly, you guys ran a second amendment focused ad kind of ahead of the election, I guess. Did you see what did you see from a foot traffic conversion standpoint, etcetera? And did you have any OEM support on those discounts and rebates?

也許傑夫只是想快速澄清一下問題。你們的槍支數量同比下降了，但我認為本季的混合槍支數量增加了。那麼你能調和這兩者嗎？其次，我想，你們在選舉前就投放了一則以第二修正案為重點的廣告。從客流量轉換的角度等等，您是否看到了什麼？這些折扣和回扣你們有得到 OEM 支持嗎？

Yeah, on the Nick's perspective, Ryan one clarification there. So, Nick is a unit basis report out and our units outperformed Nick. So that goes to you're seeing a trade down in price point by the consumer and that's the pressure consumer environment that we're in. We've been talking about that all year, but on a unit basis, we outperformed the Knicks substantially for the third quarter.

是的，從尼克的角度來看，瑞安對此做了澄清。因此，Nick 是一個單位基礎報告，我們的單位表現優於 Nick。所以你會看到消費者降低價格，這就是我們所處的壓力消費環境。我們整年都在談論這個問題，但從整體來看，我們在第三季的表現遠遠優於尼克隊。

So just to clarify there, what we have from the vendor side. I would say that we are seeing better deals come to market, especially in the categories that have slowed down maybe after the election cycle. You're seeing, you're seeing more deals from the firearm and animal manufacturers. Fish for us is a good performer in terms of OEM support and what we're seeing there from the vendor side.

因此，我只想澄清一下，我們從供應商方面得到了什麼。我想說的是，我們看到更好的交易進入市場，特別是在選舉週期後可能已經放緩的類別。您會看到，您會看到來自槍支和動物製造商的交易越來越多。就 OEM 支援以及我們從供應商方面看到的情況而言，Fish 對我們來說表現良好。

Yeah, we were happy both with second amendment, I'll reiterate, we didn't see a run up with election. This was an absolute non event for us from any type of run up from a firearms or MO standpoint. We didn't see any spikes in the business as we got to the election. And we like both how the Second Amendment performed as well as really our first time and being able to engage with our veterans and what the Veterans day, promotional activity look like and connecting with that consumer that we really haven't paid as much attention to is what we need to. So for both of those, I would say we felt good with what that performance look like.

是的，我們對第二修正案感到滿意，我重申一下，我們並沒有看到選舉出現任何延遲。從任何類型的槍械或 MO 角度來看，這對我們來說都絕對不是一件大事。在選舉期間，我們並沒有看到業務出現任何高峰。我們既喜歡《第二修正案》的實施，也喜歡我們第一次與退伍軍人接觸，以及退伍軍人節的促銷活動，並與我們真正沒有給予太多關注的消費者建立聯繫，這是我們需要做的。所以對於這兩者，我想說我們對它們的表現感到滿意。

Thanks Paul Jeff. That's it for me. Good luck guys.

謝謝 Paul Jeff。對我來說就是這樣了。祝大家好運。

(Operator instructions)

（操作員指令）

Our last question is from the line of Mark Smith with Lake Street. Please proceed.

我們的最後一個問題來自 Lake Street 的 Mark Smith。請繼續。

Hi guys. First question for me is is really just around consumer behavior. It sounds like at the low end still really need to be promotional to kind of drive transactions. I'm curious if you've seen change in behavior for the higher end customers, has it been similar, do you need to kind of prompt them to come in and spend or have you seen kind of the higher end hold up?

嗨，大家好。對我來說，第一個問題其實只是有關消費者行為。聽起來，低端市場仍然需要促銷來推動交易。我很好奇，您是否看到高端客戶的行為發生了變化，是否類似，您是否需要促使他們進來消費，或者您是否看到高端客戶的行為有所改變？

Okay, the one thing I would just say on that mark is just the ability now to be able to target our consumers. And as we get much more granular and being able to go out through digital that we have that opportunity to be able to kind of parse that out future state on what that's going to look like on how we go to market both, from a price point standpoint, I would say overall, I know others that have reported that they've seen uptick from the higher end consumer.

好的，關於這一點我只想說，我們現在能夠瞄準我們的消費者了。隨著我們變得更加細緻，並能夠透過數位化方式進行推廣，我們就有機會對未來的狀態進行分析，了解我們如何從價格角度進入市場，總的來說，我知道其他人已經報告說他們已經看到高端消費者的人數有所增加。

And that's not something that, that we have seen, but I think it, in our opinion, we have an opportunity to just be much more precise on the consumers. And already the information we have on our consumers is to be a much more targeted approach to them future state than what we have been in the past mark to be able to communicate with them regularly.

這不是我們所看到的，但我認為，在我們看來，我們有機會更精準地了解消費者。而且，我們已掌握的有關消費者的資訊將比我們過去更能針對性地了解他們的未來狀況，以便能夠定期與他們溝通。

Okay, then I want to dig back in a little bit more on primarily firearms, but it also hits ammo, maybe your confidence level as we look at Q4 on being able to outperform next in that kind of unit to unit basis. And you know, if you do feel like you can outperform next, continue to outperform next is it at a big expense to margin within that category? Or do you feel like you can strategically promote product to drive unit sales without hurting margin too much in that category?

好的，然後我想更深入地談談主要的槍支問題，但也涉及彈藥，也許當我們展望第四季度時，您的信心水平能夠在這種單位對單位的基礎上超越下一個單位。你知道，如果你確實覺得自己可以跑贏下個季度，那麼繼續跑贏下個季度，是否會對該類別的利潤造成很大的損失？或者您覺得您可以策略性地推銷產品以推動單位銷售，而不會對該類別的利潤造成太大的損害？

And it's a good question and Paul mentioned it on one of the previous questions. We've been really pleased with the attachment rate specifically on firearms. So well, while we've been more promotional from a firearm standpoint, the margin degradation is not such that we're not offsetting it or being more accretive with how high the attachment rate has become. We've become really good at making sure we get that additional purchase when someone's coming in for a firearm, we're no longer viewing it just as transactional in nature, meaning they come and pick up the firearm, we send them out the door. It's more of a solution type selling thing where we're selling them all the ancillary goods that go with that firearm and making sure we get additional margin, accretive items attached to just the firearm.

這是個好問題，保羅在之前的一個問題中提到過它。我們對槍支的附著率感到非常滿意。因此，雖然我們一直在從槍支的角度進行更多的促銷，但利潤率的下降並不會抵消它，也不會隨著附加率的提高而增加。我們已經非常擅長確保當有人來買槍時，我們會獲得額外的購買，我們不再將其視為交易性質的，這意味著他們來取槍，我們就把他們送出門。這更像是一種解決方案類型的銷售，我們向他們出售與該槍支配套的所有附屬產品，並確保我們獲得與槍支相關的額外利潤和增值物品。

I think the dotcom performance from a firearm standpoint and just the investment, we continue to make in dotcom and knowing that that's ultimately going to drive the majority of those firearm purchases to the stores to allow us to be able to capture the attach. And the AOV is something that we think this is a competitive advantage and allows our outfitters in the stores to really do their jobs and to be able to serve the customers and attach and to grow the AOV. So pleased with what the teams have been able to do from an E-comm standpoint to be able to drive those firearms to the stores and allow us to be able to give the total solution to the consumer.

我認為從槍支的角度來看，互聯網的表現以及我們繼續在互聯網上進行的投資，並且知道這最終將推動大多數槍支購買到商店，使我們能夠捕獲附件。我們認為 AOV 是一種競爭優勢，它使我們商店中的裝備供應商能夠真正做好他們的工作，能夠為客戶提供服務，同時增加和提高 AOV。從電子商務的角度來看，我們對團隊所做的工作感到非常高興，他們能夠將這些槍支運送到商店，並使我們能夠為消費者提供完整的解決方案。

Okay. And then just looking at holiday season and as that applies to Q4, maybe if you can give us, it seems like you guys feel pretty confident at this point in the guidance that you gave, especially the inventory guidance on being able to get that down. Maybe if you can tell us whether historically or or today kind of at this point in the quarter are 70% towards your goal? It seems like last year, there's more catch up on promotions and trying to clear out inventory, later through December, do you feel like you're further along in the quarter so far on the kind of getting to your, your guidance numbers?

好的。然後只看假期，因為這適用於第四季度，也許如果您可以給我們，似乎你們在這一點上對給出的指導感到非常有信心，特別是能夠降低庫存指導。也許您可以告訴我們，從歷史上看，或者從目前的情況來看，本季的這個時候，您的目標是否已經實現 70% 了？似乎去年，我們在促銷方面做了更多努力，並試圖清理庫存，直到 12 月下旬，您是否覺得到目前為止，您在本季度在實現您的指導數字方面取得了更大的進步？

Yeah, Mark great question in terms of sales. We're tracking the current quarter sales model versus how 2019 was modeled. It's the same shortened holiday season. We have five less selling days this quarter for the holiday than we did last year. So, I would say we are happy with our progress versus that model. We are exceeding that model, but there's still a lot of sales left to occur, the last, these last two weeks for 14 days from Christmas Eve right now.

是的，馬克在銷售方面提出了一個很好的問題。我們正在追蹤當前季度的銷售模式，並與 2019 年的銷售模式進行比較。同樣是縮短的假期。與去年相比，本季的假期銷售天數減少了五天。因此，我想說，我們對相對於該模式所取得的進展感到滿意。我們已經超越了那個模型，但是仍然有很多銷售尚未完成，從現在的聖誕節前夕開始的最後兩週，總共 14 天。

So you're under your last 14 selling days, there's some big days between now and Christmas and we need to make sure that we're focused on achieving our sales targets. We're confident that we have the ability that we have the right inventory, the right in stock, the stores and our outfitters are ready to serve the customers and get the goods out the door. But there's, there's still some work to be done in terms of the size of revenue left for the quarter.

所以您已經處於最後 14 個銷售日內，從現在到聖誕節之間有一些重要的日子，我們需要確保專注於實現我們的銷售目標。我們相信，我們有能力擁有合適的庫存，合適的存貨，商店和我們的裝備供應商已準備好為客戶提供服務並將貨物發貨出去。但就本季剩餘的收入規模而言，還有一些工作要做。

Yeah, I would say that's our biggest concern is that, as we think about December and January, we've got, I think opportunistic on being able to close out. But at the same time, I don't think we're in a position where we're chasing the inventory in January and end of December as last year as we looked at and I'm out of the team and the work that's been done to ensure that we have the core goods that we're going to need the right merchandise as we get into January to where you're just not putting yourself in a position where it's completely clearance liquidation that you're allowed to be able to get the consumer really what they want as they come out as well.

是的，我想說，我們最大的擔憂是，當我們想到 12 月和 1 月時，我認為我們有機會結束這場危機。但與此同時，我認為我們不會像去年那樣在 1 月和 12 月底追逐庫存，我離開了團隊，所做的工作是為了確保我們擁有核心商品，進入 1 月份時我們需要正確的商品，而您不會把自己置於完全清倉清算的境地，您也能夠讓消費者真正得到他們想要的東西。

So, there's a big lift in front of us the next 14 days and we don't want to get in front of our skis too much. But I think ultimately, we think the position we're in from an inventory standpoint will allow us to be able to serve the customers the way we need to in January without having to be in AAA heavy clearance liquidation mode to be able to get that down, that inventory level down by the end of the queue.

所以，接下來的 14 天我們面前有一個很大的升降機，我們不想在滑雪板上走得太遠。但我認為，最終，從庫存的角度來看，我們所處的位置將使我們能夠在一月份以我們需要的方式為客戶提供服務，而不必處於 AAA 重型清倉清算模式，以便能夠降低庫存水平。

Okay. And the last one for me is just any additional thoughts around, around new stores? I think you guys said you expect to do one this next year. Can you give us any insight into timing? And then, as you look at this new store, will this be one where you're, testing and trying new things or will we see maybe more of a traditional format in a new store opening?

好的。最後一個問題是關於新店，您還有什麼其他想法嗎？我想你們說過希望明年能做一次。可以向我們介紹一下時間安排嗎？然後，當您看到這家新店時，它是否是您測試和嘗試新事物的地方，或者我們是否會看到新店開業時更多採用傳統形式？

Yeah, mark the new store timing next year will be kind of in the late Q2, early Q3 time frame. In terms of opening, it'll be a standard 30,000 square foot box. We'll incorporate what we've learned over the last year in terms of visual merchandizing store layout, sightlines, cleanliness, departmental sizes into that layout. But I would not say that you're going to see a drastic change that we're not going to test or look at trying something completely different from what our core, store footprint is. It's in an area of the country where we have a lot of other, it's in Arizona. So it's a state that we know what the consumer wants, we have the brand presence. So I think the go to market strategy, there is pretty set in terms of how we're looking at that.

是的，預計明年新店開幕時間將在第二季末或第三季初。從開放程度來看，它將是一個標準的 30,000 平方英尺的盒子。我們將把過去一年在視覺行銷商店佈局、視線、清潔度、部門規模等方面的經驗融入佈局中。但我不會說你會看到一個巨大的變化，我們不會測試或嘗試與我們的核心商店足跡完全不同的東西。它位於我們還有許多其他地區的亞利桑那州。所以，我們知道消費者想要什麼，我們有品牌影響力。因此，我認為，就我們看待市場的方式而言，市場進入策略已經相當確定了。

There's an opportunity to lean into and I think test and learn as we really focused on personal protection and what that looks like. And it's one of our best states for personal protection, as well as probably one of our toughest states from a fish. So as we lean into it and look at it, I mean that there be other cases where we could say we could really test learn and we'll do that in some of our existing fleet but this is a heavy personal protection and one of our best performing states that we'll be adding another, another store too.

這是一個值得關注的機會，我認為我們可以進行測試和學習，因為我們真正關注的是個人防護以及它是什麼樣子的。它是我們個人防護最好的州之一，也可能是我們防範魚害最嚴格的州之一。因此，當我們深入研究它並對其進行審視時，我的意思是，在其他情況下，我們可以說我們可以真正進行測試學習，並且我們會在我們現有的一些車隊中進行測試，但這是一種嚴密的個人防護，也是我們表現最好的狀態之一，我們還將增加另一家商店。

Excellent. Thank you guys.

出色的。謝謝你們。

Thank you. As I see no further questions in the queue. I will turn it back to Paul for closing remarks.

謝謝。因為我看到隊列中沒有其他問題。我將把話題交還給保羅，請他作最後發言。

Thank you operator. By way of note, we will be participating in the Roth Capital Deer Valley Conference this Thursday and we'll be at the ICR conference in Orlando in mid January where we will host in person, one on one and group meetings. Thank you for everyone for joining today's call.

謝謝接線生。值得注意的是，我們將於本週四參加 Roth Capital Deer Valley 會議，並將於 1 月中旬參加在奧蘭多舉行的 ICR 會議，屆時我們將主持面對面、一對一和小組會議。感謝大家參加今天的電話會議。

And thank you everyone for participating in today's conference and you may now disconnect.

感謝大家參加今天的會議，現在可以斷開連結了。