Sportsman's Warehouse Holdings Inc (SPWH) 2026 Q1 法說會逐字稿

Thank you for standing by and welcome to Sportsman's Warehouse First Quarter 2026 Earnings Conference Call.

感謝您耐心等候，歡迎參加 Sportsman's Warehouse 2026 會計年度第一季財報電話會議。

Currently, all participants are in a listen-only mode.

目前所有與會者皆處於僅收聽模式。

After the speaker's presentation, there will be a question-and-answer session.

在講者簡報結束後，將進行問答環節。

To ask a question during the session, you will need to press *11 on your telephone.

若要在問答環節提問，請在電話上按下 *11。

To remove yourself from the queue, you may press *11 again.

若要退出排隊，您可再次按下 *11。

I would now like to hand the call over to Riley Timmer, Vice President of Strategic Programs and IR. Please go ahead.

接下來我想把電話交給策略專案與投資人關係副總裁 Riley Timmer。請開始。

Thank you, operator. Participating on our Q1 2026 call today is Paul Stone, our Chief Executive Officer, and Jennifer Paul Young, our Chief Financial Officer. I will now take a moment and remind everyone of the company's safe harbor language.

謝謝，接線員。今天參與我們 2026 年第一季電話會議的有執行長 Paul Stone，以及財務長 Jennifer Paul Young。我先花一點時間提醒各位公司之安全港聲明。

The statements we make today contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995, which include 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 Form 10-K. And the company's other filings made with the SEC.

我們今天所作之陳述包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，其中包括對我們未來營運成果、產品需求以及產業成長的預期。由於多項風險與不確定性，實際結果可能與此類陳述所暗示者有重大差異，其中包括公司最近一期 Form 10-K 所述之風險因素。以及公司向 SEC 提交的其他文件。

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.

我們也將在今天的電話會議中揭露非 GAAP 財務衡量指標。此類非 GAAP 指標之定義，以及與最直接可比之 GAAP 財務衡量指標的調節表，已作為補充財務資訊載於我們的新聞稿中；該新聞稿以附件 99.1 形式包含於我們今日提供給 SEC 的 Form 8-K 之中。

Which is also available on the Investor Relations section of our website at sportsmans.com. I'll now turn the call over to Paul.

該資料亦可於 sportsmans.com 網站的投資人關係專區取得。現在我把電話交給 Paul。

Thank you, Riley, and good afternoon, everyone. Before we begin, I want to recognize our dedicated outfitters across the country.

謝謝你，Riley，各位下午好。在開始之前，我想先表揚我們遍布全國、盡心投入的門市夥伴。

Every day they deliver on our promise of great gear and great service, strengthening our connection with customers and supporting the progress to transform Sportsman's Warehouse.

他們每天都兌現我們提供優質裝備與卓越服務的承諾，強化我們與顧客的連結，並支持推動 Sportsman's Warehouse 的轉型進程。

I'm pleased that the same-store sales in the first quarter were up just over 2% compared to last year, despite ongoing consumer microeconomic pressure and higher fuel prices. This increase is on top of the 2% growth we achieved in Q1 of last year.

我很高興第一季同店銷售較去年成長略高於 2%，儘管消費者仍面臨持續的微觀經濟壓力以及較高的燃油價格。這項成長是在去年第一季已達成 2% 成長的基礎之上。

We continue to refine our assortment to meet the current needs of the customer with regionally specific products and brands that strategically align to our core pursuits.

我們持續精進商品組合，以區域性產品與品牌滿足顧客當前需求，並在策略上與我們的核心戶外活動高度契合。

First quarter sales in our hunting and shooting sports department increased over 7% versus last year.

第一季我們的狩獵與射擊運動部門銷售較去年成長超過 7%。

During Q1, we executed a successful spring range days event, showcasing pursuit-led solutions for the shooting sports customer through curated products and accessories. While event-driven demand further support itself with firearms and ammunition during the quarter, we will continue to strategically build on our authority as a leader in both shooting sports and personal protection.

在第一季，我們成功舉辦春季靶場日活動，透過精選產品與配件，向射擊運動顧客展示以活動需求為導向的解決方案。雖然活動帶動的需求在本季進一步由槍枝與彈藥品類支撐，但我們將持續以策略方式鞏固我們在射擊運動與個人防護兩大領域的領導權威地位。

Sales in our fishing department increased nearly 6% in Q1 and is up about 17% on a two-year comp stock. Although a softer than expected ice fishing season put pressure on the category in Q1, we are confident in our assortment and position in the market to continue to capture share during the late spring and summer seasons.

第一季我們的釣魚部門銷售成長近 6%，以兩年同店比較約成長 17%。儘管冰釣季節表現較預期疲弱，對第一季該品類造成壓力，我們仍對自身的商品組合與市場定位充滿信心，可在晚春與夏季持續擴大市占。

As we've discussed on prior calls. Last year, we strategically reduced inventory and the assortment in our camping and soft line departments. This decision was intentional to eliminate slow moving and low gross margin return on investment products from our assortment that didn't align with our core pursuits, causing a short-term softening of sales. However, this allowed us to free up working capital dollars to buy into the product and brand these two departments that now align to our core pursuits of hunting, fishing.

如同我們在先前電話會議中所討論的。去年我們策略性地降低了露營與軟性商品部門的庫存與商品組合。此決策是有意為之，旨在將不符合我們核心戶外活動、周轉緩慢且毛利率與投資報酬偏低的商品自商品組合中剔除，因而在短期內使銷售趨於疲弱。然而，這也讓我們得以釋放營運資金，投入採購這兩個部門中、如今與我們核心戶外活動（狩獵、釣魚）相契合的產品與品牌。

Shooting and personal protection. Newness for the summer season is now landing in our stores with the focus on quality and value with name brands that customers recognize. We will continue to build out these two complementary categories to provide a full solution for our passionate outdoor customers.

射擊與個人防護。目前夏季新品正陸續進店，聚焦於品質與價值，並引進顧客熟悉的知名品牌。我們將持續擴充這兩個互補品類，為熱愛戶外活動的顧客提供完整解決方案。

Our e-commerce business outperformed again with e-com-driven sales up over 6% in the quarter. This underscores the strength of our omnichannel model and the growth potential in our core pursuits, because firearms and in certain states ammunition require in-store pickup, our e-com business naturally drives traffic into our stores.

我們的電商業務再次優於整體表現，本季由電商帶動的銷售成長超過 6%。這凸顯我們全通路模式的優勢與核心戶外活動的成長潛力；由於槍枝以及在部分州的彈藥需到店取貨，我們的電商業務自然能為門市導入人流。

We continue to strategically leverage this advantage to support growth across both digital and store sales. We once again saw improvements in both units per transaction and average order value driven by our merchandising strategy, better in-stocks and our strategic shift to solution selling.

我們持續策略性地運用此優勢，支持數位與門市銷售的雙向成長。在商品策略、更佳的到貨率（in-stocks）以及我們策略性轉向「解決方案式銷售」的帶動下，我們再次看到每筆交易件數與平均訂單金額皆有所改善。

Close management of inventory remains a key priority in our transformation strategy. I'm pleased with how the team is timing our flow of merchandise to ensure we are regionally and seasonally relevant to meet shopper demand. This will continue to be a focus as we expect to improve turns and inventory efficiency in 2026.

嚴密的庫存管理仍是我們轉型策略的關鍵優先事項。我很高興團隊能掌握商品進貨節奏，確保在區域與季節上皆具相關性，以滿足消費者需求。隨著我們預期在 2026 年提升周轉率與庫存效率，這將持續是重點工作。

On our call last quarter, we outlined the next phase of our business transformation, centering on strengthening our leadership position in our core pursuits of hunting, fishing and shooting and personal protection.

在上一季的電話會議中，我們概述了業務轉型的下一階段，核心在於強化我們在狩獵、釣魚、射擊與個人防護等核心戶外活動上的領導地位。

These are the core pursuits that make up the DNA of Sportsman's Warehouse.

這些核心戶外活動構成了 Sportsman's Warehouse 的 DNA。

During the first quarter, we made meaningful improvements to our website to enhance the online fishing experience. Early results have been encouraging, contributing to strong e-commerce sales growth in the quarter.

第一季期間，我們對網站進行了重要改善，以提升線上釣魚體驗。初步成果令人鼓舞，並促成本季電商銷售的強勁成長。

We will continue to integrate content with commerce to help anglers more easily build their fishing solutions. With participation rates continuing to grow each year, we believe this category represents significant growth upside for the business.

我們將持續把內容與商務整合，協助釣客更容易建立其釣魚解決方案。隨著參與率逐年提升，我們相信此品類為公司帶來可觀的成長上行空間。

Additionally. During the first quarter, we entered into a partnership with one of the top fishing and hunting lifestyle brands, Build and String. Together, we are working with leading fishing influencers to create shareable content that enhances our brand exposure, showcases trending new products, and drives traffic to Sportsman's Warehouse. While we are in the early stages of this partnership, we are encouraged by the early results.

此外。第一季期間，我們與頂尖釣魚與狩獵生活風格品牌之一 Build and String 建立合作夥伴關係。我們正與領先的釣魚影響者合作製作可分享的內容，以提升品牌曝光、展示熱門新品，並為 Sportsman's Warehouse 導入流量。雖然此合作仍處於早期階段，我們對初步成果感到振奮。

Turning now to our firearm solution bundling strategy. We made solid progress in Q1 on this initiative with a full solution offering now available online for top selling products.

接著談到我們的槍枝解決方案組合銷售策略。第一季在此項計畫上取得穩健進展，目前針對熱銷商品已可在線上提供完整解決方案式的組合選購。

Many of our customers are first-time firearm owners, so offering carefully selected pairings like gun safe, hearing and eye protection, and our firearm service plan, helping first-time buyers feel confident in their initial purchase decisions.

我們的許多顧客都是首次購買槍枝的持有人，因此我們提供經過精心挑選的搭配組合，例如槍枝保險箱、聽力與眼部防護用品，以及我們的槍枝服務方案，協助首次購買者對其初次購買決策更有信心。

That experience then carries into our stores. Where customers can build on those pairings with support from our experienced outfitters, tailored to local needs and pursuits. This experience supports responsible ownership while increasing the attachment and basket size. By combining curated e-commerce pairings with in-store experience, we believe we can expand gross margins in the hunting and shooting sports category while reinforcing our leadership in these key pursuits.

這樣的體驗也會延伸到我們的門市。顧客可以在我們經驗豐富的裝備顧問協助下，依據當地需求與活動追求，在這些搭配之上進一步加購與完善。這種體驗在支持負責任持有的同時，也提升了黏著度與客單價。透過結合精選的電商搭配與門市體驗，我們相信能在狩獵與射擊運動品類擴大毛利率，同時鞏固我們在這些關鍵活動領域的領導地位。

Reinventing our loyalty program is a key step in Sportsman's Warehouse's efforts to build a more durable, higher-value customer model, and our partnership with Epsilon, a leading loyalty and personalization consultancy, marks an important move forward in that transformation.

重塑我們的會員忠誠計畫，是 Sportsman's Warehouse 打造更具韌性、價值更高的顧客模型的重要一步；而我們與 Epsilon（領先的忠誠度與個人化顧問公司）的合作，標誌著這項轉型向前邁出關鍵一步。

The initiative is designed to improve retention, increase customer lifetime value, and drive more efficient marketing while supporting stronger repeat purchase behavior and a more disciplined promotional strategy.

此項計畫旨在提升留存率、提高顧客終身價值，並推動更有效率的行銷，同時支持更強的重複購買行為與更具紀律的促銷策略。

Looking ahead.

展望未來。

The US consumer remains under pressure with high fuel costs adding additional weight to discretionary spending.

美國消費者仍承受壓力，高油價進一步加重對可自由支配支出的負擔。

We feel optimistic about our position in the market, our curated assortment of iconic American brands and our summer readiness, where we will celebrate and showcase red, white and blue for America's 250th anniversary.

我們對自身在市場中的定位、精選的美國經典品牌組合，以及夏季備戰狀態感到樂觀；屆時我們將為美國 250 週年慶祝並展示紅、白、藍的主題。

Our focus remains on driving profitable growth, disciplined management of inventory, generating positive free cash flow to pay down debt and executing against our strategic priorities.

我們的重點仍是推動獲利性成長、以紀律方式管理庫存、創造正向自由現金流以償還債務，並落實我們的策略優先事項。

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

接下來，我把電話交給 Jennifer。

Thank you, Paul, and good afternoon, everyone. Net sales for the first quarter were $256.1 million, a 2.8% increase from $249.1 million in the same period last year.

謝謝你，Paul，各位下午好。第一季淨銷售額為 2.561 億美元，較去年同期的 2.491 億美元成長 2.8%。

Our same store sales in Q1 increased 2.1% versus last year. This represents a solid start to the year and reflects continued progress against our strategic and operational priorities.

我們第一季同店銷售較去年成長 2.1%。這代表今年有個穩健的開局，也反映我們在策略與營運優先事項上持續取得進展。

Our performance was driven by 6.3% same-store sales growth in our hunting, shooting sports department led by firearms, ammunition and less lethal personal protection.

我們的表現主要由狩獵與射擊運動部門帶動，同店銷售成長 6.3%，其中以槍枝、彈藥以及較低致命性的個人防護產品為主。

Fishing also continues to perform, growing 6% in Q1. This is a key category where we see significant growth upside for the business.

釣魚品類也持續表現良好，第一季成長 6%。這是我們認為業務仍有顯著成長上行空間的關鍵品類。

Our other categories declined in Q1, partially offset by overall growth. Gross margin for the quarter was 29.6% compared to 30.4% in Q1 last year. The decline was primarily driven by category mix with a higher penetration of firearms and ammunition and lower sales in our higher-margin categories.

我們其他品類在第一季下滑，但整體成長部分抵銷了影響。本季毛利率為 29.6%，去年第一季為 30.4%。下滑主要由品類組合所致：槍枝與彈藥占比提高，而高毛利品類銷售較低。

SG&A expenses were $93.9 million or 36.7% of net sales versus $95.3 million or 38.2% in Q1 last year the decrease in SG&A expense was driven by disciplined cost management, overall lower payroll expense and decreased depreciation.

SG&A 費用為 9,390 萬美元，占淨銷售額 36.7%，去年第一季為 9,530 萬美元，占 38.2%；SG&A 費用下降主要來自嚴格的成本管理、整體薪資費用較低以及折舊減少。

Net loss for the first quarter was $21.8 million or negative $0.56 per diluted share compared with a net loss of $21.3 million or negative $0.56 per diluted share in the first quarter of the prior year.

第一季淨虧損為 2,180 萬美元，或每股稀釋虧損 0.56 美元；相較之下，去年第一季淨虧損為 2,130 萬美元，或每股稀釋虧損 0.56 美元。

Adjusted net loss in the first quarter was $15.1 million or negative $0.39 per diluted share compared with adjusted net loss of $15.6 million or negative $0.41 per diluted share in the first quarter of last year. Adjusted EBITDA for the first quarter was negative $8.1 million compared with adjusted EBITDA of negative $9 million in the first quarter of 2025 an improvement of $900,000. Turning now to the balance sheet. Total inventory at the end of Q1 was $387.1 million, down $25.1 million or 6.1% versus Q1 of last year.

第一季調整後淨虧損為 1,510 萬美元，或每股稀釋虧損 0.39 美元；去年第一季調整後淨虧損為 1,560 萬美元，或每股稀釋虧損 0.41 美元。第一季調整後 EBITDA 為負 810 萬美元，相較 2025 年第一季調整後 EBITDA 為負 900 萬美元，改善 90 萬美元。接著談資產負債表。第一季末總庫存為 3.871 億美元，較去年第一季減少 2,510 萬美元，或 6.1%。

The decrease in year-over-year inventory is part of our ongoing inventory efficiency strategy, including the refinement of receipt timing to match seasonal demand.

庫存年減是我們持續推動庫存效率策略的一部分，包括調整進貨時點以符合季節性需求。

We expect average inventory to be lower throughout the year as we improve seasonal inventory timing and eliminate slow-moving inventory, resulting in better overall turns. We continue to expect to end the year with less total inventory than 2025.

隨著我們改善季節性庫存時點並清理滯銷庫存、提升整體周轉，我們預期全年平均庫存將維持較低水準。我們仍預期年底總庫存將低於 2025 年。

In regards to liquidity, we ended the first quarter with a net debt balance of $148.4 million and a total liquidity of $116.7 million. Our liquidity position remains strong, and we continue to actively manage working capital to ensure flexibility as we navigate through the year.

就流動性而言，我們第一季末淨負債餘額為 1.484 億美元，總流動性為 1.167 億美元。我們的流動性狀況仍然穩健，並持續積極管理營運資金，以確保在全年推進過程中保持彈性。

Tight manage of variable expenses and inventory efficiency remain a key focus. We remain committed to generating positive free cash flow. And using excess cash to reduce debt and strengthen the balance sheet with debt reduction as our top capital alloation priority.

嚴格管理變動費用與提升庫存效率仍是重點。我們仍致力於創造正向自由現金流。並將多餘現金用於降低負債、強化資產負債表，其中降債是我們資本配置的首要優先事項。

Finally, let me speak to our full year guidance. Despite the continued pressure on the U.S. consumer, which is weighing on our camping and softline departments and elevated fuel prices.

最後，我談一下我們的全年財測指引。儘管美國消費者持續承壓，這正影響我們的露營與服飾軟性商品部門，加上油價仍處高位。

We are reiterating our guidance for the full year, we continue to expect fiscal 2026 net sales to range between down 1% to up 2% compared to last year.

我們重申全年指引：我們仍預期 2026 會計年度淨銷售額相較去年介於下滑 1% 至成長 2% 之間。

Adjusted EBITDA to be between $30 million and $36 million, driven by better gross margin performance, ongoing expense management and improved inventory discipline and capital expenditures.

調整後 EBITDA 預期介於 3,000 萬至 3,600 萬美元，主要由較佳的毛利率表現、持續的費用管理，以及更嚴謹的庫存紀律與資本支出所帶動。

Between $20 million and $25 million, primarily relating to technology investments to improve store service and merchandising productivity as well as normal store maintenance.

介於 2,000 萬至 2,500 萬美元，主要用於技術投資，以提升門市服務與商品陳列生產力，以及例行的門市維護。

To reiterate our priorities for 2026 are driving profitable comp store sales growth through the execution of our strategic initiatives, managing our inventory efficiently and using excess free cash flow to pay down our debt and strengthen our balance sheet. That concludes our prepared remarks for today.

再次重申，我們 2026 年的優先事項是：透過執行策略性計畫推動獲利性的同店銷售成長、有效率地管理庫存，並運用多餘的自由現金流償還債務、強化資產負債表。以上是我們今天的準備發言。

I will now turn the call back to the operator to facilitate questions.

我現在把電話交回給接線員，以進行提問。

Thank you. As a reminder, to ask a question, you will need to press *11 on your telephone. To remove yourself from the queue, you may press *11 again. Please stand by while we compile the Q&A roster.

謝謝。提醒各位，如要提問，請在電話上按 *11。若要退出排隊，您可以再按一次 *11。請稍候，我們正在彙整問答名單。

Our first question comes from the line of Anna Glaessgen of B. Riley Securities. Your line is open, Anna.

我們的第一個問題來自 B. Riley Securities 的 Anna Glaessgen。Anna，您的線路已開通。

Hi, good afternoon. Thanks for taking my questions. I'd love to take a little... Hey. I'd love to dig a little deeper into the trends you're seeing and shoot. Obviously, you called out, there is some event-driven demand that's helping the category, but with the data you have in front of you, could you maybe share to what extent is underlying strengthening of the category? Maybe you guys gaining share versus maybe the event-driven benefit? Thanks.

嗨，下午好。謝謝讓我提問。我想稍微……嘿。我想更深入了解你們在狩獵與射擊方面看到的趨勢。顯然你們提到有一些事件驅動的需求在支撐這個品類，但就你們手上的數據來看，能否分享一下：這個品類基本面走強的程度有多大？以及你們是否在提升市占，還是更多來自事件驅動的利多？謝謝。

Yeah.

是的。

Thanks, Anna. This is Jennifer. So what we saw in Q1, as we talked about a little bit on our previous call about February, we did see strength across the quarter in this category. February in and of itself, we actually walked away from one of our events to really focus on strategic profitable growth.

謝謝你，Anna。我是Jennifer。所以我們在第一季看到的情況，正如我們在先前2月那次電話會議上稍微談到的，我們確實看到這個品類在整個季度都展現出強勁表現。就2月本身而言，我們其實從其中一個活動中抽身，將重心放在策略性的獲利成長上。

So February wasn't as strong as March and April combined. And for March and April, we do look at them combined simply because of the Easter shift. So they did outperform prior year in April and March combined. As we're looking towards May, what we're seeing is a little bit more of the stabilization. I think as we talked about before, sometimes you see the event-driven or external-driven demand that we do see a little. Visualization post that, and we're experiencing that right now, but feel really good about where the category is, how it performed in Q1, and what it will do in Q2.

所以2月沒有3月與4月合計那麼強。而對於3月與4月，我們會把它們合併來看，單純是因為復活節檔期的移動。因此，3月與4月合計在4月與3月的表現都優於去年同期。展望5月，我們看到的是更進一步的穩定。我想如同我們之前談過的，有時候會出現事件驅動或外部因素驅動的需求，我們確實也會看到一些。在那之後的可視化（趨勢）變化我們現在正在經歷，但我們對這個品類目前的狀況、第一季的表現，以及第二季將會有的表現都感到非常有信心。

Got it. That makes sense. I guess that leads into the next question. Can you share -- put a little bit more of a finer point on the trends you're seeing overall in May?

了解。這很合理。我想這就引出下一個問題。你能否分享一下——更精準地說明你們在5月整體看到的趨勢？

Yeah, we're seeing, we still have a very healthy business. Hunt and Shoot are really driving our Q1 business. We have a big month of June ahead of us. If you look at our quarters, that's one of our largest months of the quarter. So with Father's Day playing into that, that's who our customer is. And that's where, we have a lot of advertising and promotional events to really make sure we deliver on June as well.

是的，我們看到的是，我們的業務仍然非常健康。狩獵與射擊（Hunt and Shoot）確實在帶動我們第一季的業務。我們接下來6月會是一個大月。如果你看我們的季度結構，6月是該季度最大的月份之一。再加上父親節的帶動，這也符合我們的客群。因此我們會有大量的廣告與促銷活動，確保我們在6月也能達成目標。

Great. Thanks. I'll hop back in the queue.

很好。謝謝。我回到提問隊列。

Thank you. Our next question comes from the line of Mark Smith of Lake Street. Please go ahead, Mark.

謝謝。下一個問題來自Lake Street的Mark Smith。Mark，請說。

Hi, guys. I wanted to dig into gross profit margin a little bit more here, down 80 bits. Can you just talk about maybe how much of that was driven by mix and then any other pressures that you're seeing?

嗨，各位。我想再深入問一下毛利率，下降了80個基點。你們能否談談其中有多少是由產品組合（mix）所驅動，以及你們看到的其他壓力有哪些？

Yeah, the majority of it was driven by mix. There is a little bit of pressure in some of the other categories. As we look across the borders, we're starting to take our marks a lot sooner than we have historically. So across the other categories, a little bit of pressure, but really it was mix having so much penetrated in hunt and shoot.

是的，其中大部分是由產品組合所驅動。在其他一些品類也有一點壓力。當我們檢視各品類時，我們開始比過往更早進行降價/折扣標記（marks）。所以其他品類有些許壓力，但主要還是因為狩獵與射擊的滲透率很高所造成的組合影響。

Okay. And then I also wanted to ask about e-commerce. Trends there look really solid. Just curious if you can give us maybe any more insight about, how that's continuing to tread, how you feel about that progression, and maybe where you think it can go over time?

好的。另外我也想問電商。那邊的趨勢看起來很穩健。想請教你能否再多分享一些洞見：目前的走勢如何延續、你對這個進展的看法，以及你覺得長期來看它可以走到哪裡？

Yes, so we've been really putting our elbow against our e-commerce business. We feel it's really well positioned. The team did a lot of work from an experiential perspective on the Fish business, and we're seeing great results from that. We're also focused on our search engine. We think there's work to do there, but we have some great plans in place to continue to drive that. I'll let Paul speak a little bit more to it, but we do have a lot of confidence in our e-com business, but we do think that some of the initiatives that we've put into place are what's helping drive that business.

可以，所以我們一直在大力推進我們的電商業務。我們認為它的定位非常好。團隊在釣魚（Fish）業務的體驗面做了很多工作，我們也看到很好的成果。我們也在聚焦搜尋引擎。我們認為那裡還有工作要做，但我們已經有一些很好的計畫來持續推動。我會讓Paul再多補充一些，不過我們對電商業務很有信心，也認為我們已經落地的部分措施正是在推動這項業務成長的關鍵。

I think overall, Mark, we know that we need to invest in it and really in a couple of different areas. One is fish and we know that we have a lot of upside there from a penetration and what it looks like and the ease of shock for the consumer. We made some significant changes over the last quarter and then even really digging into the fly component, which is extremely.

Mark，整體來說，我們知道需要在幾個不同領域加大投資。其中之一是釣魚（Fish），我們知道在滲透率、呈現方式以及消費者購物便利性方面都有很大的上行空間。我們在上一季做了一些重大調整，甚至也更深入地投入到飛蠅（Fly）這個組成部分，而這部分非常。

It's a big part of our business due to our location where we have the majority of our stores and the team over the last three weeks really went back and refined what that shopping experience can look like for the consumer. So we continue to lean into it. We've underinvested in the past in our e-com business. We're both, I think, looking at it from a fish and then from a solution standpoint on how we attach and as we get into the hunt season this year.

由於我們多數門市所在的地理位置，飛蠅（Fly）是我們業務中很重要的一部分，而團隊在過去三週也回頭重新精煉了消費者的購物體驗可以長什麼樣子。所以我們會持續加碼投入。過去我們在電商業務上的投資不足。我想我們同時從釣魚（Fish）以及解決方案（solution）的角度來看：我們如何做搭配、以及當我們今年進入狩獵季時。

We expect to have a much better product on our e-commerce platform to allow us to have solution-based selling for the first time to really take pressure off of our outfitters in the stores as consumers flow to the stores and will allow for solution-based selling online versus transactional selling that we've done in the past. So we'll continue to lean into it. We think the beauty of our business is that.

我們預期電商平台會有更好的產品呈現，讓我們首次能夠進行以解決方案為導向的銷售（solution-based selling），真正減輕門市裝備顧問（outfitters）的壓力，因為消費者會湧入門市；同時也能讓線上從過去偏交易型銷售（transactional selling）轉向解決方案型銷售。所以我們會持續加碼投入。我們認為我們業務的優勢在於。

70%, 75% of that consumer flows to the store to create traffic and it starts online. And the work's been done in the stores and putting them in a better position and allowing our outfitters to be able to serve the customers better. We've got to do a better job on the initial experience. And I think what we've seen already from overall Fish and then in particular Fly with the adjustments we've made and then on schedule by the time we get into hunt season to have a solution-based. For our firearm and our hunt business as well.

有70%到75%的消費者會到店，帶來客流，而這個旅程是從線上開始的。門市端已經完成了相關工作，讓門市處於更好的位置，也讓我們的裝備顧問（outfitters）能更好地服務顧客。我們必須把初始體驗做得更好。我想我們已經看到整體釣魚（Fish），尤其是飛蠅（Fly）在我們調整後的成效；並且按計畫在進入狩獵季時，能提供以解決方案為導向的。也適用於我們的槍械與狩獵業務。

Perfect. And the last category I wanted to ask about was just camping. Curious if you can kind of rank or talk about kind of the moving parts there, from weather, pressure on the consumer, maybe your planned drawdown on the inventory and competition, kind of what's happening there and any focus or work that you think you could do to. To drive off camping.

很好。最後一個我想問的品類是露營（camping）。想請你們幫忙排序或談談其中的變動因素：天氣、消費者壓力、你們計畫中的庫存去化，以及競爭等——那邊目前發生了什麼，以及你們認為可以做哪些聚焦或工作來。來帶動露營品類。

Yeah, inventory is in a good position. I think I mentioned it last quarter, the way the team has bought, I think we're positioned well. It's been soft, the weather, and it's been cold to start the summer as well as wet in comparison to last year in the historical data that you see there. So it's been a little soft to start.

是的，庫存狀況良好。我想我在上一季提過，團隊的採購方式讓我們處於不錯的位置。表現偏弱主要是因為天氣；入夏以來偏冷，而且相較去年以及你看到的歷史數據，今年也更潮濕。所以開季表現有點偏軟。

And I think as we went and moved out of some of our low generally subcategories, in particular in camp, to where we could reinvest those back into our pursuits around hunting, fishing and personal protection shooting, we've invested those dollars into.

我認為，當我們逐步退出一些整體表現較弱的子類別，特別是露營品類，並將資源重新投入到我們在狩獵、釣魚以及個人防護射擊等領域的布局時，我們已把這些資金投入其中。

The categories that resonate with the customer. So as you're getting out of some of the subcats, it just didn't work that we tied up.

那些能引起顧客共鳴的品類。因此，當你退出部分子類別時，原本被占用的資源綁在那裡其實並不奏效。

If you're coming against that, you're comping that. But we feel really good with what the inventory position looks like for summer and with little to no risk as we get out of that product like we've had in the last two to three years in the past or we just continue to work to try to get out of these categories. I feel really good with what the team. To position ourselves well for the future.

如果你面臨那樣的情況，你就會在同店比較中受到影響。但我們對夏季的庫存狀況感到非常有信心，而且當我們退出這些產品時，幾乎沒有風險；不像過去兩到三年，我們一直在努力清理、退出這些品類。我對團隊的表現感到非常放心。讓我們能為未來做好良好布局。

Perfect.

太好了。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Matt Koranda of Roth Capital Partners. Your line is open, Matt.

謝謝。下一個問題來自 Roth Capital Partners 的 Matt Koranda。Matt，你的線路已開通。

Good afternoon. It's Joseph on for Matt.

下午好。我是 Joseph，代 Matt 提問。

I just want to see if you guys could talk about. Just SG&A here. It's nice to see the continued leverage on this line. Just want to see how the team's thinking about further savings on this line item. And it sounds like payroll efficiency was a driver and wanted to know if there's any other labor efficiencies we should be thinking about?

我想請你們談談。關於這裡的 SG&A（銷售、一般及行政費用）。很高興看到這一項目持續出現槓桿效益。想了解團隊如何看待在這個費用項目上進一步節省的空間。另外聽起來薪資效率是主要驅動因素，也想知道是否還有其他人力效率是我們應該關注的？

Hey, thanks for the question. Yes, we are continuing always focused on leveraging our SG&A. What you saw in this quarter was really the favorability in the payroll as we've gotten more efficient with our inventory as well as we continue to focus on our store labor. We saw a nice benefit there. That was partially offset by the bonus accrual that we did this quarter that we didn't have last quarter.

嗨，謝謝你的提問。是的，我們一直持續專注於提升 SG&A 的槓桿效益。你在本季看到的，主要是薪資費用的有利變化：我們在庫存管理上更有效率，同時也持續聚焦門市人力配置。因此我們看到不錯的效益。不過，這部分被本季提列的獎金應計所部分抵銷，而上季並沒有這項。

And that will be the one headwind as we move through the year from an SG&A perspective will be the bonus accrual just. Over year, assuming we continue to perform. That was really -- payroll is the biggest component of the savings there. It's not an SG&A, but I'll just go ahead and speak to it. It's more in the margin component.

從 SG&A 的角度來看，隨著今年推進，唯一的逆風會是獎金應計。以年對年來看，前提是我們持續維持表現。那裡節省的最大組成仍然是薪資。這不屬於 SG&A，但我也順便提一下。它更多反映在毛利（margin）項目中。

We did see -- we're seeing some headwinds in fuel, but we're able to offset those in some of our inventory efficiency. So just to kind of keep it straight, that is in margin, not in SG&A, but expense management is all one bucket, so just thought I'd kind of key on that one too.

我們確實看到——燃油成本有一些逆風，但我們能透過部分庫存效率來抵銷。所以為了釐清：那是在毛利中，而不是在 SG&A，但費用管理其實是一體的，所以我也一併點出這點。

The thing I would add to it is the efficiency of the flow of inventory and whether it's through distribution center or whether it be in the stores and kind of the ups and downs that we've had or front loading or back loading as we come into different seasons, the smoothing of that has allowed us to look at labor a lot differently than we have in the past and really the operations team in the field did a great job as far as being able to align sales per labor hour to what they were saying in the business. So feel good. And I think the core of that is how we're managing inventory and efficiency we're getting from inventory.

我想補充的是，庫存流動的效率——不論是透過配送中心，或是在門市端——以及我們在不同季節進出貨時曾出現的高低起伏、前置或後置備貨，現在把這些波動平滑化後，讓我們能以不同於以往的方式來看待人力配置；而且第一線的營運團隊做得非常好，能把每工時銷售額（sales per labor hour）與業務實際狀況對齊。所以感覺很好。我認為核心在於我們如何管理庫存，以及從庫存中取得的效率。

Got it. And then if we could just hop onto inventory then, in your prepared remarks, you mentioned that you're expecting a year-over-year decline on the full year in inventory. Just wanted to see where is that coming from. Should we be thinking about it as a.

了解。那我們接著談庫存：在你們的事先準備發言中，你提到預期全年庫存將年對年下降。想請問這主要是來自哪裡？我們是否應該把它視為一個……

Quicker seasonal clearance as a factor or is there anything else driving that tighter inventory management?

更快的季節性清倉是其中一個因素，還是有其他因素在推動更緊的庫存管理？

Yeah, I wouldn't say it's one silver bullet. It's multiple things that are really helping us here. It's getting the right inventory into the right stores to the right place that really helps our turns. It is a benefit of us making sure that we are taking our seasonal marks when we should be taking our seasonal marks, which I don't think historically we've been as great at doing so.

是的，我不會說有單一的「銀彈」。其實有多個因素在幫助我們。把正確的庫存放到正確的門市、正確的位置，確實能提升我們的周轉。另外，我們也確保在應該進行季節性降價（seasonal marks）時就確實執行；我認為過去在這方面我們的表現並沒有那麼好。

And then it's also just looking at, looking. At our SKUs, which SKUs aren't moving quickly and how do we look at the tails and not actually go deep into those, go deep into the quicker turning categories. So all those things kind of add up to really where we're getting efficiency. So again, it's not one thing, it's just we're constantly looking at it and we just, we know that that takes up working capital, so we want to be as efficient with it as possible.

此外，我們也在檢視——檢視。檢視我們的 SKU：哪些 SKU 走得不夠快，以及我們如何看待長尾商品（tails），不要在那些品項上壓太深，而是把深度放在周轉更快的品類上。所以這些因素加總起來，就形成我們目前取得的效率。再次強調，並非單一因素；我們持續檢視，且我們知道庫存會占用營運資金，所以希望盡可能提高效率。

Got it. We'll go ahead and take the rest offline.

了解。我們其餘問題會在會後再私下跟進。

Thank you.

謝謝。

Thank you. I would now like to turn the conference back to Paul Stone for closing remarks.

謝謝。現在我想把電話會議交回給 Paul Stone 作結語。

Thank you for joining the call today and thank you to all the passionate outfitters around the country for their commitment to Sportsman's Warehouse. Together, we look forward to providing our customers with great gear and exceptional service. Thank you.

感謝各位今天加入本次電話會議，也感謝全國各地充滿熱情的戶外裝備夥伴對 Sportsman's Warehouse 的投入與承諾。我們將攜手為顧客提供優質裝備與卓越服務。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

本次電話會議到此結束。感謝各位參與。您現在可以掛線。