Savers Value Village, Inc. (SVV) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Savers Value Village's conference call to discuss financial results for the first quarter ending April 4, 2026. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will follow at that time. Please note that this call is being recorded, and a replay of this call and related materials will be available on the company's investors relations website. The comments made during this call and the Q&A that follows are copyrighted by the company and cannot be reproduced without written authorization from the company.

下午好，歡迎參加 Savers Value Village 的電話會議，討論截至 2026 年 4 月 4 日止第一季的財務結果。目前所有與會者皆處於僅收聽模式。稍後我們將進行問答環節。屆時將提供相關指示。請注意，本次電話會議將被錄音，會議重播及相關資料將於公司投資人關係網站提供。本次電話會議及隨後問答中的評論內容均為公司著作權所有，未經公司書面授權不得複製。

Certain comments made during this call may constitute forward-looking statements, which are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from expectations or historical performance. Please review the disclosure on forward-looking statements included in the company's earnings release and filings with the SEC for a discussion of these risks and uncertainties. Please be advised that statements are current only as of the date of this call, and while the company may choose to update these statements in the future, it is under no obligation to do so unless required by applicable law or regulation.

本次電話會議中的部分評論可能構成前瞻性陳述，該等陳述受重大風險與不確定性影響，可能導致公司實際結果與預期或歷史表現存在重大差異。請查閱公司新聞稿及向美國證券交易委員會（SEC）提交之文件中關於前瞻性陳述的揭露，以了解相關風險與不確定性之討論。請注意，相關陳述僅截至本次電話會議當日為準；公司未來可能選擇更新該等陳述，但除非適用法律或法規要求，否則公司並無義務更新。

The company may also discuss certain non-GAAP financial measures. A reconciliation of each of the historical non-GAAP measures to the most directly comparable GAAP financial measure can be found in today's earnings release and SEC filings.

公司亦可能討論若干非 GAAP 財務衡量指標。各項歷史非 GAAP 指標與最直接可比之 GAAP 財務衡量指標的調節表，可於今日的財報新聞稿及 SEC 申報文件中查閱。

Joining from management on today's call are Mark Walsh, Chief Executive Officer; Jubran Tanious, President and Chief Operating Officer; Michael Maher, Chief Financial Officer; and Ed Yruma, Vice President of Investor Relations and Treasury.

今日與會的管理團隊成員包括：執行長 Mark Walsh；總裁兼營運長 Jubran Tanious；財務長 Michael Maher；以及投資人關係與財務資金部副總裁 Ed Yruma。

Mr. Walsh, you may go ahead, sir.

Walsh 先生，請您開始。

Thank you. Good afternoon, everyone. We appreciate you joining us today. We are pleased with our first-quarter results as we once again delivered strong sales performance and continued our earnings inflection for the second consecutive quarter of year-over-year adjusted EBITDA growth. We increased segment profit in both of our major markets through a combination of continued strength in our US comp store fleet, the ongoing maturation of our new stores, profit improvement initiatives, and tremendous operational discipline. We also made continued progress on our innovation agenda, which is already delivering benefits to our business. Let me start with a few highlights from the quarter. Sales in our US business grew 11.2% with comps up 6.4%, driven by both average basket and transactions.

謝謝。各位下午好。感謝各位今天加入我們。我們對第一季的表現感到滿意；我們再次交出強勁的銷售表現，並延續獲利拐點，連續第二個季度實現經調整 EBITDA 的年對年成長。我們在兩個主要市場皆提升了事業部利潤，主要來自美國同店門市群持續強勁、新店持續成熟、獲利改善計畫，以及卓越的營運紀律。我們在創新議程上也持續取得進展，且已開始為業務帶來效益。我先分享本季幾項重點。我們美國業務銷售成長 11.2%，同店成長 6.4%，成長動能同時來自平均客單價與交易筆數。

The secular trend towards thrift remains a powerful tailwind, and our maturing new store fleet is in the early stages of contributing to comp sales growth. In Canada, our sales trends were largely as expected, with a 0.6 comp decrease during the quarter, reflecting a roughly 70-basis-point headwind due to an early Easter. I'm especially proud of our Canadian team's execution this quarter. Despite flat comps, we grew Canadian segment profit almost 24% as we tightly managed production levels and benefited from some significant and sustainable profit improvement initiatives. We opened three new stores during the quarter, all of which were in the US, and we continue to expect around 25 total new store openings this year. Our new store portfolio continues to perform in line with expectations, giving us confidence in our ability to drive profitable sales growth as these stores mature. Financially, we generated $44 million of adjusted EBITDA in the quarter, or 11% of sales. Finally, we are reaffirming our outlook for 2026, which Michael will address in more detail.

長期趨勢顯示消費者轉向二手／平價購物（thrift）仍是強勁的順風，而我們逐步成熟的新店群也正處於開始貢獻同店銷售成長的早期階段。在加拿大，我們的銷售趨勢大致符合預期，本季同店下滑 0.6%，反映復活節提前帶來約 70 個基點的不利影響。我特別為加拿大團隊本季的執行力感到自豪。儘管同店持平，我們仍將加拿大事業部利潤提高近 24%，因為我們嚴格管理產出水準，並受惠於一些重大且可持續的獲利改善措施。本季我們新開三家門市，皆位於美國；我們仍預期今年合計約開出 25 家新店。我們的新店組合表現持續符合預期，讓我們對這些門市成熟後推動具獲利性的銷售成長更具信心。在財務方面，本季我們創造 4,400 萬美元的經調整 EBITDA，約占銷售額的 11%。最後，我們重申 2026 年展望，Michael 將進一步說明。

Turning to our results by geography, let's start in the US, where we believe that we are still in the early innings of consumer thrift adoption. Our 6.4% comp, despite some unusually disruptive weather, was broad-based with strong growth across regions, categories, and income cohorts. We continue to see the strongest growth in our younger and more affluent consumer cohorts, which speaks to the power of our model and its ability to resonate with shoppers across demos. We feel very good about our competitive positioning and value gaps as new clothing and footwear prices continue to face upward pressure.

接著按地區來看我們的表現，先從美國開始；我們認為消費者採用 thrift 的趨勢仍處於早期階段。我們的同店成長 6.4%，儘管遭遇一些異常且具干擾性的天候影響，成長仍相當廣泛，涵蓋各地區、各品類與各收入族群。我們持續看到年輕且較富裕的消費族群成長最為強勁，這凸顯我們商業模式的力量，以及其能跨不同人口結構與客群產生共鳴的能力。隨著新品服飾與鞋類價格持續面臨上行壓力，我們對自身競爭定位與價值差距（value gaps）感到非常有信心。

Additionally, on-site donation growth continues to be robust, which helps power our flywheel, enabling our compelling assortment. In short, the US business is firing on all cylinders. We are excited about our continued expansion in this market. In Canada, our 0.6 comp decrease was largely in line with our flattish comp expectation, with the Easter shift negatively impacting our comp by roughly 70 basis points. Macro conditions remain stable but sluggish, particularly in our key Southern Ontario market, including the Greater Toronto Area and Windsor, where we have roughly 35% of our Canadian store fleet. We do not expect a material change in the economic conditions in Canada in the near term. We continue to plan our business around a roughly flat comp. Having said this, our first quarter results demonstrated our ability to drive meaningful profit improvement in Canada despite limited top-line growth.

此外，現場捐贈（on-site donation）的成長仍然強勁，這有助於驅動我們的飛輪效應，進而支撐我們具吸引力的商品組合。簡言之，美國業務正全速運轉。我們對在此市場持續擴張感到振奮。在加拿大，我們同店下滑 0.6% 大致符合我們對同店接近平坦的預期；復活節時點移動對同店造成約 70 個基點的負面影響。總體環境仍穩定但偏疲弱，尤其在我們的核心南安大略市場，包括大多倫多地區與溫莎；我們約有 35% 的加拿大門市位於該區。我們預期短期內加拿大的經濟狀況不會出現重大變化。我們仍以同店大致持平作為營運規劃基礎。即便如此，我們第一季的結果展現了：即使營收成長有限，我們仍能在加拿大推動具意義的獲利改善。

Canadian segment profit increased $6 million over last year, and profit margin expanded 310 basis points, which we attribute to our continued focus on productivity and tight management, matching demand and production. We also have a number of tests and initiatives underway to drive meaningful improvements in sales yield and cost per unit in our off-site facilities. We are quickly sharing learnings and best practices across our central processing centers and expect incremental benefits in the coming quarters.

加拿大事業部利潤較去年增加 600 萬美元，利潤率擴張 310 個基點；我們將此歸因於持續聚焦生產力與嚴謹管理，使需求與產出相匹配。我們也正在推動多項測試與計畫，以在場外設施（off-site facilities）提升銷售產出率（sales yield）並降低單位成本（cost per unit）。我們正快速在各中央處理中心分享學習成果與最佳實務，並預期未來幾季將帶來額外效益。

Moving on in these stores, we opened three new store locations in the US during the quarter and continue to be pleased with the results as they are performing in line with our expectations. As I indicated earlier, we are excited to continue growing our store fleet in the US and believe we can expand the current rates for years to come.

接著談到門市方面，本季我們在美國新開三個門市據點，且其表現符合我們的預期，令我們持續感到滿意。如我先前所述，我們很期待持續擴大美國門市群，並相信未來多年我們都能在現有基礎上提高擴張速度。

For 2026, we are planning to open around 25 new stores, over 20 of which will be in the United States across 11 states with a nice mix of infill and new markets. An upcoming highlight this quarter is our first North Carolina store, as our Burlington location opens later this month. Repeating our theme, our new store growth remains the highest return and most important use of our capital, and we are excited to bring our value offering to more consumers. Shifting now to innovation, where our key priority areas are strengthening our price value equation, driving efficiency and cost reduction, and expanding our data science and business insights. Last quarter, we announced the launch of ABP Lite, an asset-light extension of our Automated Book Processing or ABP system.

針對 2026 年，我們規劃新開約 25 家門市，其中超過 20 家將位於美國、分布於 11 個州，並兼具加密布局（infill）與新市場的良好組合。本季即將到來的一項亮點是我們在北卡羅來納州的首家門市，位於 Burlington 的據點將於本月稍晚開幕。重申我們的主軸，新店成長仍是我們資本運用中報酬最高且最重要的方向；我們也很期待將我們的價值主張帶給更多消費者。接著談創新，我們的關鍵優先領域包括：強化價格價值方程式、提升效率並降低成本，以及擴展我們的資料科學與商業洞察能力。上季我們宣布推出 ABP Lite，這是我們自動化書籍處理系統（Automated Book Processing，簡稱 ABP）的輕資產延伸方案。

I am pleased to report that we have completed our rollout plans ahead of schedule, with the vast majority of the fleet now leveraging our ABP capability. We expect these stores will now reap the proven benefits of ABP. I think this is a great example of how we can deploy technology in a cost-effective and high-return way across our store portfolio. We also continue to significantly strengthen the foundation of our data science and business insights. The team has been working hard to transition to a more robust data state, structuring operating data that allows us to translate and communicate insights to drive field action, thus improving our ability to, one, react to changes in sales trends; two, improve productivity; three, support margin discipline; and finally to help us continually refine our value proposition for consumers.

我很高興報告，我們已提前完成展店推行計畫，目前絕大多數門市車隊已運用我們的 ABP 能力。我們預期這些門市現在將能收穫 ABP 已被驗證的效益。我認為這是我們如何以具成本效益且高報酬的方式，將科技部署到整體門市組合中的絕佳例子。我們也持續大幅強化資料科學與商業洞察的基礎。團隊一直努力轉型至更健全的資料狀態，將營運資料結構化，使我們能將洞察轉化並傳達以推動前線行動，進而提升我們的能力：第一，因應銷售趨勢變化；第二，提高生產力；第三，支持毛利紀律；最後，協助我們持續精進對消費者的價值主張。

I would like to highlight the progress we're making through a strategic partnership with Microsoft. For several months, Microsoft has had a team of forward-deployed engineers working closely with Savers to embed AI agents directly into our operating model. Our first agentic AI capability monitors our loyalty program, empowering our field organization with insights that boost consumer engagement and drive productivity. Our loyalty program is a strategically important part of our business as it represents roughly 73% of our sales and is a key focus as we continue to grow our store fleet. This deployment also provides us an agentic template for an agile future rollout of AI capabilities and insights across our enterprise. We have already identified several other use cases for AI agents across our business and are either deploying or finalizing for implementation as part of our broader innovation roadmap.

我想強調我們透過與微軟的策略合作所取得的進展。過去幾個月，微軟派出一支前線部署工程師團隊與 Savers 緊密合作，將 AI 代理（agents）直接嵌入我們的營運模式。我們第一項代理式 AI 能力會監控我們的會員忠誠計畫，為前線組織提供洞察，以提升消費者互動並推動生產力。我們的會員忠誠計畫在策略上對業務至關重要，因為其約占我們銷售額的 73%，也是我們持續擴張門市車隊時的重點。此一部署也為我們提供一個代理式範本，讓未來能以敏捷方式在全企業推行 AI 能力與洞察。我們已在業務中辨識出數個 AI 代理的其他使用情境，並正依我們更廣泛的創新藍圖，進行部署或完成導入前的最後定案。

We look forward to sharing more updates on future calls. I'd like to thank our nearly 24,000 team members for their efforts in driving a strong start to 2026 and helping us deliver our commitments to our customers, nonprofit partners, and shareholders. Our mission is to make secondhand second nature, and that continues to gain momentum. We are well-positioned to build on this momentum and deliver continued success.

我們期待在未來的電話會議中分享更多更新。我要感謝我們近 24,000 位團隊成員的努力，推動 2026 年強勁開局，並協助我們兌現對顧客、非營利合作夥伴與股東的承諾。我們的使命是讓二手成為自然而然的選擇，而這股動能仍在持續增強。我們已做好充分準備，在此動能基礎上再接再厲，並交付持續的成功。

I'll now hand the call over to Michael to discuss our first-quarter financial performance and the outlook for the remainder of 2026.

接下來我把電話交給 Michael，請他說明我們第一季的財務表現，以及 2026 年剩餘期間的展望。

Thank you, Mark, and good afternoon, everyone. As Mark indicated, we had a solid first quarter. Total net sales increased 8.9% to $403 million. On a constant currency basis, net sales increased 6.9% and comparable store sales increased 3.5%. We are especially pleased with our sales results in the US, where net sales increased 11.2% to $234 million. Comparable store sales increased 6.4%, fueled by both average basket and transactions, with broad-based gains across categories, regions, and income cohorts. Given the breadth of our sales performance and the fact that we have yet to see a material lift from our new store openings, we remain very confident in our ability to grow the US business.

謝謝你，Mark，各位下午好。如 Mark 所指出，我們第一季表現穩健。淨銷售總額成長 8.9% 至 4.03 億美元。以固定匯率計，淨銷售成長 6.9%，同店銷售成長 3.5%。我們對美國市場的銷售成果尤其滿意，淨銷售成長 11.2% 至 2.34 億美元。同店銷售成長 6.4%，由平均客單價與交易量共同帶動，且在各品類、各地區與各收入族群均呈現廣泛成長。鑑於我們銷售表現的廣度，以及我們尚未看到新店開幕帶來的顯著拉升，我們對美國業務的成長能力仍然非常有信心。

We also saw continued stability in Canada, where net sales increased 6.7%. On a constant currency basis, Canadian net sales increased 2% to $131 million, and comparable store sales decreased 0.6%, reflecting an earlier Easter that negatively impacted comp by 70 basis points due to store closures on Good Friday. In the near term, we do not assume any material improvement in the Canadian economy. And as such, we'll be planning our Canadian business conservatively. However, as Mark mentioned, we did successfully expand segment margins and grow profit contribution even without comp sales growth through strong execution, efficiency gains, and the continued maturation of our new stores. All things considered, we believe this quarter is a good model for how we will continue to grow segment profit contribution even with limited sales growth going forward.

我們也看到加拿大持續保持穩定，淨銷售成長 6.7%。以固定匯率計，加拿大淨銷售成長 2% 至 1.31 億美元，而同店銷售下滑 0.6%，反映復活節較早，因耶穌受難日門市休業使同店表現受到 70 個基點的負面影響。短期內，我們不假設加拿大經濟會有任何實質改善。因此，我們將以保守方式規劃加拿大業務。不過，如 Mark 所提，即使同店銷售未成長，我們仍透過強勁執行、效率提升，以及新店持續成熟，成功擴大了部門毛利率並提高獲利貢獻。綜合而言，我們認為本季是未來在銷售成長有限的情況下，仍能持續提升部門獲利貢獻的良好範例。

Cost of merchandise sold as a percentage of net sales decreased 10 basis points to 45.4% due to comp leverage and efficiency initiatives as well as growth in on-site donations, partially offset by the impact of new store openings. Salaries, wages, and benefits expense was $86 million. Excluding IPO related stock-based compensation, salaries, wages, and benefits as a percentage of net sales was roughly flat at 20.5%. Selling, general, and administrative expenses increased 13% to $98 million, and as a percentage of net sales increased 80 basis points to 24.4%, primarily due to growth in our store base, increased routine maintenance costs, namely higher snow removal expenses, and increased occupancy costs. Depreciation and amortization increased 18% to $23 million, reflecting investments in new stores.

商品銷售成本占淨銷售比重下降 10 個基點至 45.4%，主要受惠於同店槓桿與效率措施，以及現場捐贈成長；但部分被新店開幕的影響所抵銷。薪資、工資與福利費用為 8,600 萬美元。排除 IPO 相關的股份基礎給付後，薪資、工資與福利占淨銷售比重約持平於 20.5%。銷售、一般及行政費用增加 13% 至 9,800 萬美元，占淨銷售比重增加 80 個基點至 24.4%，主要因門市基數擴大、例行維護成本上升（尤其是除雪費用增加），以及租用成本上升。折舊與攤銷增加 18% 至 2,300 萬美元，反映對新店的投資。

Net interest expense decreased 15% to $13 million, primarily due to the impact of our debt refinancing last fall. GAAP net loss for the quarter was $5 million or $0.03 per diluted share. Adjusted net income was $2 million or $0.02 per diluted share. First-quarter adjusted EBITDA was $44 million, and adjusted EBITDA margin was 11%. US segment profit was $43 million, an increase of $4 million, primarily due to increased profit from our comparable stores. Canada segment profit was $31 million, or up $6 million due to disciplined management of production and expenses and the CPC productivity and efficiency initiatives Mark mentioned earlier. Our new stores continue to perform in line with our expectations and mature on schedule as their contribution ramps.

淨利息費用下降 15% 至 1,300 萬美元，主要由於去年秋季我們進行債務再融資的影響。本季 GAAP 淨損為 500 萬美元，或每股稀釋虧損 0.03 美元。調整後淨利為 200 萬美元，或每股稀釋盈餘 0.02 美元。第一季調整後 EBITDA 為 4,400 萬美元，調整後 EBITDA 利潤率為 11%。美國部門獲利為 4,300 萬美元，增加 400 萬美元，主要來自同店門市獲利提升。加拿大部門獲利為 3,100 萬美元，增加 600 萬美元，歸因於對產能與費用的紀律化管理，以及 Mark 先前提到的 CPC 生產力與效率措施。我們的新店表現持續符合預期，並按計畫成熟，隨著貢獻度逐步提升。

However, as we mentioned last quarter, a more balanced store opening schedule this year means more front-loaded pre-opening expenses. While we expect pre-opening expenses for the year to be roughly flat with last year at approximately $14 million to $16 million, first quarter pre-opening expenses were approximately $1 million higher than last year. Our balance sheet remains strong with $62 million in cash and cash equivalents and a net leverage ratio of 2.5 times at the end of the quarter. We also repurchased 1.2 million shares at a weighted average price of $8.51. Our capital allocation strategy remains unchanged as we continue to prioritize organically funding new store growth, repaying debt as we target a net leverage ratio under 2 times by the end of next year, and opportunistically repurchasing shares.

然而，如同我們上季所提，今年較為均衡的開店時程意味著更多前置的開店前費用。雖然我們預期全年開店前費用約與去年持平，約為 1,400 萬至 1,600 萬美元，但第一季的開店前費用較去年約高出 100 萬美元。我們的資產負債表仍然強勁，季末現金及約當現金為 6,200 萬美元，淨槓桿比率為 2.5 倍。我們也以加權平均價格 8.51 美元回購 120 萬股。我們的資本配置策略維持不變：持續優先以內生資金支持新店成長、償還債務（目標在明年年底前將淨槓桿比率降至 2 倍以下），並在適當時機進行股票回購。

I'd like to now turn to our guidance and discuss our outlook for fiscal 2026, which remains unchanged from the previous full year guidance we gave back in February. We continue to expect net sales of $1.76 billion to $1.79 billion, comparable store sales growth of 2.5% to 4%, net income of $66 million to $78 million or $0.41 to $0.48 per diluted share, adjusted net income of $73 million to $85 million or $0.45 to $0.53 per diluted share, adjusted EBITDA of $260 million to $275 million, capital expenditures of $125 million to $145 million, and approximately 25 new store openings.

接下來我想談談我們的財測，並說明 2026 會計年度的展望；該展望與我們在 2 月提供的前次全年指引一致，維持不變。我們仍預期淨銷售為 17.6 億至 17.9 億美元，同店銷售成長 2.5% 至 4%，淨利為 6,600 萬至 7,800 萬美元或每股稀釋盈餘 0.41 至 0.48 美元，調整後淨利為 7,300 萬至 8,500 萬美元或每股稀釋盈餘 0.45 至 0.53 美元，調整後 EBITDA 為 2.60 億至 2.75 億美元，資本支出為 1.25 億至 1.45 億美元，並約開設 25 家新店。

Our outlook for net income assumes net interest expense of approximately $50 million and an effective tax rate of approximately 28%. For adjusted net income, we're assuming an effective tax rate of approximately 27%. We're projecting weighted average diluted shares outstanding to be approximately 163 million for the full year. This does not contemplate any potential future share repurchases.

我們對淨利的展望假設淨利息費用約為5,000萬美元，且有效稅率約為28%。就調整後淨利而言，我們假設有效稅率約為27%。我們預估全年加權平均稀釋流通股數約為1.63億股。此預估未納入任何未來可能的庫藏股回購。

Finally, I'd like to briefly touch on our expectations for the second quarter. We expect total revenue growth to be 100 to 200 basis points lower than the first quarter due to the impact of foreign exchange rates. We expect constant currency total revenue and comp sales growth similar to the first quarter. We also expect Q2 adjusted EBITDA growth to be similar to Q1, with the cadence of earnings through the balance of the year to resemble 2025. We plan to open six new stores during the quarter, in line with our goal of more ratably opening stores throughout the year.

最後，我想簡要談談我們對第二季的預期。由於外匯匯率的影響，我們預期總營收成長將比第一季低100到200個基點。我們預期以固定匯率計算的總營收與同店銷售成長將與第一季相近。我們也預期第二季調整後EBITDA成長將與第一季相近，而今年其餘期間的獲利節奏將類似2025年。我們計畫在本季開設六家新店，符合我們希望全年更平均地開店的目標。

This concludes our prepared remarks. We would now like to open the call for questions. Operator?

以上為我們事先準備的發言。接下來我們將開放提問。接線員？

(Operator Instructions) Matthew Boss, JPMorgan.

(接線員指示) Matthew Boss，摩根大通。

Mark, can you elaborate on the step-up in comp trends that you're seeing in the US business in particular? Two straight quarters of double digits, same store sales on a two-year stack. Maybe if you can touch on new customer acquisition, secular thrift tailwinds, and just any puts and takes to consider with the second-quarter comp trend, maybe relative to the mid-single digit full year guide.

Mark，你能否特別就你們在美國業務看到的同店趨勢加速，進一步說明？連續兩季在兩年疊加基礎上，同店銷售達到雙位數。也許你可以談談新客獲取、長期的二手/節儉消費趨勢助力，以及第二季同店趨勢可能有哪些拉動與拖累因素，尤其是相對於全年指引的中個位數成長。

Yeah. Thanks, Matt. Look, I think it starts with what we've seen is widespread growth across geographies and merchandise categories, and that obviously plays into a great experience, value, and selection winning. On top of that, we're seeing accretive adoption trends amongst our younger and higher income households. We've seen that continue, so we're seeing trade down, trade in.

是的。謝謝你，Matt。我認為首先是我們看到各地區與各商品品類都呈現廣泛成長，而這顯然反映出我們在體驗、價值與選擇上勝出。此外，我們也看到較年輕且收入較高的家庭採用度呈現增益性的提升趨勢。這種趨勢持續，因此我們看到消費者「向下轉換」與「以舊換新/轉入」的行為。

I would also say that that demand is really healthy across a broad base of all income demographics, and I think that's a key difference versus Canada. The secular trend certainly remains a tailwind. What's really great is basket and transactions have driven comp. And as we mentioned around the agentic initiative, the loyalty program is an important element in how we consider and drive growth, and we continue to see really nice growth in our loyalty program in the US.

我也會說，這個需求在各收入族群的廣泛基礎上都非常健康，我認為這是相較加拿大的一個關鍵差異。長期趨勢確實仍是順風。非常好的一點是，帶動同店成長的是客單價與交易量。而如同我們在代理型（agentic）計畫中提到的，會員忠誠計畫是我們思考並推動成長的重要要素，我們也持續看到美國會員忠誠計畫非常不錯的成長。

And then Matt, to your question about how we think about Q2. So far what we've seen in April in the US is actually a little bit of acceleration in the US comps, but we do expect those comps get a little tougher to lap as we progress through the year. Still thinking about a mid-single digit. And Canada really haven't seen much change, remains roughly flattish as we've now lapped the Easter shift.

另外Matt，回到你關於我們如何看待第二季的問題。截至目前，我們在4月於美國看到的同店其實略有加速，但我們確實預期隨著今年推進，同店比較基期會變得更具挑戰。我們仍然維持中個位數的看法。而加拿大方面，在我們已經跨過復活節時點移動的影響後，並沒有看到太多變化，仍大致持平。

That's great color. Michael, maybe just as a follow-up, could you update us on the new store waterfall and maturity curve and just the expected contribution from the waterfall in this year's comp outlook relative to multi-year as more of the store cohorts mature?

這些說明很有幫助。Michael，作為追問，你能否更新一下新店的「瀑布」貢獻與成熟曲線，以及隨著更多店群逐步成熟，今年同店展望中新店瀑布的預期貢獻，相較於多年度會是如何？

Sure. New stores continue to perform in line with our expectations and consistent with the waterfall, as you describe it, that we've laid out here for the last year or so. Just as a reminder for everyone, typically in year one, we see about $3 million in top line sales. We do lose money, both from the pre-opening expenses that we incur, as well as in the first year of operations, as we're still ramping volume and developing, building that on-site donation foundation. Profitability, we typically pass break even in the second year, and then continues to ramp as the sales improve. Ultimately, we target a five-year -- excuse me, a year five top line of about $5 million and something close to a 20% contribution margin, so so far, our new store classes continue to perform in line with that waterfall.

當然。新店表現持續符合我們的預期，也與你所說、我們在過去一年左右所說明的「瀑布」一致。提醒大家，一般在第一年，我們通常看到約300萬美元的營收。我們確實會虧損，原因包括開店前費用，以及營運第一年仍在拉升量能、並建立/發展現場捐贈基礎。獲利能力方面，我們通常在第二年跨過損益兩平，之後隨著銷售提升而持續爬坡。最終，我們的目標是在第五年——抱歉——第五年的營收約為500萬美元，且貢獻毛利率接近20%；截至目前，我們的新店批次持續符合該瀑布模型的表現。

And thus far, Matt, we're still too early in that pipeline for those stores to be meaningfully contributing to our comps. So the comps that we're posting in the US really are mature store comps. Recall now that we only started opening new stores at this pace in the last couple of years, and really only the 24 class at this point has entered the comp base. It's less than 50 basis points in total benefit to the comp, but we expect that's going to continue to build as more of those stores enter the comp base going forward.

而且到目前為止，Matt，這條管線仍然太早，這些店對我們同店的實質貢獻還不明顯。因此，我們在美國公布的同店表現，確實主要來自成熟店的同店。請記得，我們也只是近幾年才開始以這樣的速度開新店，而目前真正納入同店基礎的也只有24年那一批。它對同店的總體助益不到50個基點，但我們預期隨著更多店納入同店基礎，這個貢獻未來會持續增加。

Let me supplement Michael's answer, Matt. It remains the highest and best use of our capital to open up new stores.

Matt，我補充一下Michael的回答。開設新店仍然是我們資本的最高且最佳用途。

Helpful color. Best of luck.

很有幫助的說明。祝你們一切順利。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

I was hoping you could unpack the improvement in profitability that you're seeing in your Canadian business. How should we expect that to continue for the rest of the year? And then more broadly, can you help us understand what the quantitative opportunities that you see from your AI capability monitors and your agents in profitability as you look on a multi-year basis?

我希望你們能拆解一下你們在加拿大業務看到的獲利能力改善。我們應該如何預期這種改善在今年其餘時間的延續性？另外更廣泛地，從多年度角度來看，能否協助我們理解你們的AI能力監測器與代理（agents）在獲利能力方面所看到的量化機會有哪些？

Yeah. Hi, Brooke. This is Jubran. I can take the Canadian profitability question. The first thing I'd say is actually, it's driven by a few factors. It's not one thing. The first of which is some of our initiatives in CPC, and Mark Walsh talked about those in his opening comments. Those continue to get better, more efficient, more effective through a variety of process improvements. We've been very pleased with that and proud of the team. We're in the midst of expanding that to all of our off-site locations. That's one.

好的。嗨，Brooke。我是Jubran。我可以回答加拿大獲利能力的問題。我首先要說的是，這其實是由幾個因素驅動的。不是單一因素。第一個因素是我們在CPC的一些計畫，Mark Walsh在開場致詞中談到過。透過各種流程改善，這些計畫持續變得更好、更有效率、更有效。我們對此非常滿意，也為團隊感到自豪。我們正在把這套做法擴展到所有的場外（off-site）據點。這是第一點。

The second thing, and we've talked about this on past calls, is striking the right balance in total pounds processed, right? The amount of production level and maintaining a good equilibrium so that we are feeding customers fresh products but also doing it in a very healthy gross margin way. We think the team did an excellent job at striking that equilibrium this past quarter.

第二點，我們在過去的電話會議也談過，就是在處理的總磅數之間取得適當平衡，對吧？也就是產出水準的量，以及維持良好的均衡，讓我們既能提供顧客新鮮商品，同時也能以非常健康的毛利率方式來做到。我們認為團隊在本季在達成這個均衡方面做得非常出色。

The third thing I'd cite is just ongoing refinement and improvement of our data and analytical tools. That's important because as you think about converting pounds into items, those improvements have helped us better align items that we supply to the customer at the category level. So it improves our ability to put the right thing at the right time in front of the customer, and that obviously benefits our sales yield.

第三點我要提的是，我們的數據與分析工具持續精進與改善。這很重要，因為當你思考如何把磅數轉換成件數時，這些改善幫助我們在品類層級更好地對齊我們供應給顧客的商品。因此，它提升了我們在正確時間把正確商品呈現在顧客面前的能力，而這顯然有助於提升我們的銷售產出率。

And then Brooke, the last thing I would cite is just the ongoing on-site donation growth, which we are seeing improve in a broad-based way. This past quarter, over three-quarters of our supply came from on-site donation and GreenDrop mix, nice year-on-year improvement and one that we expect to continue.

然後，Brooke，我最後想提到的是，現場捐贈（on-site donation）的持續成長，我們看到這項表現正以更廣泛的方式改善。在上一季，我們超過四分之三的供給來自現場捐贈與 GreenDrop 的組合，年對年有不錯的改善，而且我們預期這個趨勢會持續。

You put all that together, and yeah, we absolutely expect those trends to continue through the balance of the year and that's all contemplated in our guidance for Canada.

把這些因素綜合起來，是的，我們完全預期這些趨勢會在今年剩餘期間持續，而這些也都已反映在我們對加拿大的財測指引中。

And Brooke, on your question around AI and the agentic deployment, let me say that it's just one element of a much broader innovation approach that includes ABP Lite, it includes a number of process and efficiency improvements that we're driving in our offsite production centers, and then applying data science and business insights to what is a data-rich business. So from an AI-specific perspective, these efforts are primarily efficiency and productivity driven, and we will develop a better sense for how big of an impact it will be over time.

另外，Brooke，針對你關於 AI 與代理式（agentic）部署的問題，我想說這只是更廣泛創新策略中的一個要素；這個策略也包含 ABP Lite，包含我們在異地生產中心推動的多項流程與效率改善，並且把資料科學與商業洞察應用在這個資料非常豐富的業務上。因此，從 AI 的特定角度來看，這些努力主要是以效率與生產力為驅動，我們也會隨時間推進，更清楚它能帶來多大的影響。

Yeah. Brooke, Michael, just one closing thought on that. I think first of all, as Jubran stated, what we're seeing in Canada, really pleased with that. We do While we don't guide segment profits specifically, we do expect directionally that to continue, and we have contemplated that in the guidance for this year. I think longer term, to your question about innovation I think it just gives us added confidence in that longer term algorithm of getting back to that high-teens EBITDA margin as we continue to see the new stores mature, but also see the innovation initiatives really take root.

是的。Brooke、Michael，關於這點我再補充一個結語想法。我想首先，如 Jubran 所說，我們在加拿大看到的表現，確實讓我們很滿意。雖然我們不會針對各事業部的獲利做具體指引，但我們確實預期方向上會持續改善，而且我們已把這點納入今年的指引之中。我想更長期來看，回到你關於創新的問題，這讓我們對長期的路徑更有信心：隨著新店持續成熟，同時創新計畫真正落地生根，我們有望回到 EBITDA 利潤率達到十幾個百分點（high-teens）的水準。

Great. Thanks so much. I'll pass it on.

很好。非常感謝。我把問題交給下一位。

Randy Konik, Jefferies.

Randy Konik，Jefferies。

Yeah, thanks a lot. Michael, I just want to jump off of the last thing you said there in terms of segment profit or geographic profit margins continuing to move higher. Can you give us some perspective on where we sit with those Canadian margins versus history in the US? And are there things you're doing in Canada that you intend to apply to the US business to further take those margins higher? Just give us some thoughts on some of these profit initiatives you're working on and where they are in that life cycle. How much higher can we go from here?

好的，非常感謝。Michael，我想接續你剛才最後提到的部分，也就是事業部獲利或地區獲利率持續走高。你能否提供一些觀點，說明目前加拿大的利潤率相較於美國過去的歷史水準大概處於什麼位置？以及你們在加拿大做的事情，有哪些打算套用到美國業務，以進一步把利潤率推得更高？也請談談你們正在推動的這些獲利改善計畫，目前處於生命週期的哪個階段。從這裡開始，我們還能再往上走多少？

Sure, Randy. Why don't I start, and then maybe I'll let Jubran jump in and provide a little color too. First of all, we've long seen that we have structurally higher contribution margins in Canada than the US. I actually think that gap probably widens in the short term in 2026 because we continue to invest in growth in the US, which as we have said now for a while, does create a short-term headwind. Long-term, it's absolutely value accretive, but we know that there's some short-term margin pressure as a result of opening new stores.

當然可以，Randy。我先回答，然後也許再請 Jubran 補充一些細節。首先，我們長期以來就看到，加拿大的貢獻毛利率（contribution margins）在結構上高於美國。我其實認為，這個差距在 2026 年短期內可能會擴大，因為我們持續在美國投資成長；正如我們已經講了一段時間，這確實會在短期造成逆風。長期來看，這絕對是增值的，但我們也知道，開新店會帶來一些短期的利潤率壓力。

Now we're generating nice comp growth, and we're seeing healthy gains from on-site donations and yield improvements in the US as well, but you do have that headwind. Whereas in Canada, the focus really is on profit improvement and process optimization. We are not really investing meaningfully in new store growth in Canada at this point. We are a mature business there, much more highly penetrated obviously than we are in the US. And so that gives us a chance to really focus on the productivity and efficiency initiatives that Jubran described earlier and really see those flow through into the bottom line as you saw in here in the first quarter and the improvement in our Canadian segment profitability, so I do expect directionally that trend to continue this year.

目前我們在美國也有不錯的同店成長（comp growth），也看到現場捐贈與出貨率（yield）改善帶來的健康增益，但確實存在那個逆風。相較之下，在加拿大，我們的重點其實是獲利改善與流程最佳化。現階段我們在加拿大並沒有實質投入新店擴張。我們在那裡是成熟業務，滲透率顯然也比美國高得多。因此，這讓我們能真正聚焦在 Jubran 先前提到的生產力與效率計畫，並且如你在第一季看到的那樣，讓這些效益反映到最終獲利上、帶動加拿大事業部獲利能力的改善；所以我確實預期，今年這個趨勢在方向上會持續。

And I'll let Jubran speak to how we're thinking about leveraging that across both countries.

接下來我讓 Jubran 談談我們如何思考把這些做法在兩個國家之間加以運用。

Yeah. Hi, Randy. It's absolutely is. When we think about production, productivity, and efficiency improvements, that cuts across borders. The team does a very good job of working collaboratively on discovery, leveraging best practices, scaling that across all of our facilities. I'll take two of them that we talked about earlier. Offsites. The improvements that we have made in offsites are going to benefit all locations, not just in Canada.

好的。嗨，Randy。確實如此。當我們談到生產、產能（productivity）與效率改善時，這些是跨國界的。團隊在探索、借鏡最佳實務並把它擴展到我們所有設施方面，合作得非常好。我舉兩個我們先前提過的例子。異地（offsites）。我們在異地所做的改善，將會讓所有據點受益，不只是加拿大。

Data and analytics. That refinement that I mentioned where we have tools that are better than they have been in terms of putting the right thing, the right time in front of the customer, that cuts across all segments. So the short answer to your question is, yes, we expect goodness broad-based from that.

資料與分析。我提到的那項精進，也就是我們擁有比過去更好的工具，能在對的時間把對的商品呈現在顧客面前，這同樣適用於所有事業部。所以對你問題的簡短回答是：是的，我們預期這些正面效益會是廣泛性的。

Just to follow up, it looks like you managed payroll well in the quarter. I think you've had some deleveraging in that item in the last two quarters or less four to six quarters. Is that something where now we're turning the corner on that payroll side of things? We'll start to get some leverage going forward out into the balance of the year and into 2027 and beyond. How do you think about that?

再追問一下，看起來你們這一季在人事成本控管得不錯。我想在過去兩季，或更早的四到六季，你們在這個項目上有一些槓桿反向（deleverage）。那麼現在在人事成本這一塊，是不是已經開始轉折？接下來在今年剩餘期間，以及 2027 年與之後，是否會開始看到槓桿效益（leverage）？你們怎麼看這件事？

Well, Randy, a couple things on the OpEx line. So remember that we are on the SW, Salaries, Wages, and Benefits line I think you're referring to. So we are continuing to step down the IPO-related stock comp in that line. We've got one quarter left of that here in the second quarter. That's roughly $4 million in each of Q1 and Q2. That falls away completely in Q3 and beyond.

Randy，關於營業費用（OpEx）這條線，有幾點說明。先提醒一下，我想你指的是 SW，也就是薪資、工資與福利（Salaries, Wages, and Benefits）這一項。我們仍在逐步降低該項目中與 IPO 相關的股票薪酬（stock comp）。這部分在第二季還剩最後一季。第一季與第二季各約 400 萬美元。到了第三季以及之後就會完全消失。

So you will see that -- excuse me, excluding those sort of non-recurring items though, I think so. We do still have some pressure from new stores and those maturing and getting to scale there. I think you'll see that normalize as we go forward, get past the one-time items.

因此你會看到——不好意思——不過若排除這類非經常性項目，我認為是的。我們仍然會受到新店開設的壓力，以及這些店鋪成熟、達到規模的過程所帶來的影響。我想隨著時間推進、度過一次性項目之後，你會看到這些狀況趨於正常化。

I would expect actually more of the improvement this year to come from gross margin rather than the operating expense lines as we continue to see the new stores mature and the benefit of that and their related on-site donation ramp flowing through to the margin line.

我其實預期，今年更多的改善會來自毛利率，而不是營業費用各項；因為我們會持續看到新店成熟、帶來效益，且其相關的現場捐贈爬坡（ramp）也會反映到毛利率這一條線上。

Super helpful.

非常有幫助。

Michael Lasser, UBS.

Michael Lasser，UBS。

How long can you continue to grow the profitability in Canada on a flat comp? At some point, do you start to experience deleverage if the same-store sales do not grow and you need to take action to reinvigorate the same-store sales growth in that market?

在同店持平（flat comp）的情況下，你們還能在加拿大把獲利能力提升多久？到了某個時間點，如果同店銷售沒有成長，你們是否會開始出現槓桿反向（deleverage），並需要採取行動來重新帶動該市場的同店銷售成長？

Hey, Michael, Jubran. I'll grab the profitability question. Yes, I understand your question. Long term, I think there is merit to what you're saying, but we think there is still a tremendous amount of opportunity, certainly for the remainder of this year, on all the initiatives that we have to improve efficiency and effectiveness. And so the trends that we saw in Q1, we expect to continue this for the remainder of this year.

嗨，Michael、Jubran。我來回答獲利能力的問題。是的，我理解你的問題。長期來看，我認為你所說的確實有其道理，但我們認為仍有大量機會——當然在今年剩餘時間——透過我們所有提升效率與效能的各項計畫來把握。因此，我們在第一季看到的趨勢，預期會在今年剩餘時間持續。

Hey, Michael, thanks for the question. Look, we're not satisfied with a flat comp at all. We continue to test differential marketing approaches, whether it be using our influencers, to a higher degree, social, paid, and then broadcast opportunities. We're investing in the core fleet as well. We've got some renovations teed up, and we've also got some relocations planned. We just continue to focus on that price value equation to make sure that we're delivering a terrific experience to our Canadian consumers. Our goal is to not have that deleverage happen, and we're certainly not going to sit still with a flat comp.

嗨，Michael，謝謝你的提問。你看，我們對同店持平（flat comp）一點也不滿意。我們持續測試差異化的行銷方式，不論是更高程度地運用我們的影響者（influencers）、社群、付費投放，以及廣播媒體的機會。我們也在投資核心門店組合（core fleet）。我們已安排一些翻新計畫，也規劃了一些搬遷。我們會持續聚焦在價格—價值（price value）方程式，確保為加拿大消費者提供極佳的體驗。我們的目標是不讓那種槓桿惡化（deleverage）發生，而且我們絕對不會在同店持平的情況下原地不動。

Okay. My follow-up question is on the delta between your sales yield and what you are paying for donations. What are you seeing in, with respect to the sales yield? How much is of the improvement in sales yield is being driven by like-for-like pricing? On the payment for donation, are you experiencing any inflation as a result of the overall environment and some of the strains that charities are under around the country?

好的。我的追問是關於你們的銷售收益率（sales yield）與你們為捐贈（donations）支付的成本之間的差距（delta）。就銷售收益率而言，你們看到了什麼？銷售收益率改善中，有多少是由同店可比的定價（like-for-like pricing）所驅動？至於捐贈支付成本，在整體環境以及全國各地慈善機構承受的一些壓力之下，你們是否正經歷任何通膨？

Why don't -- Michael, Jubran. I'll grab your supply cost question first. So reminder to the group that our supply costs, these are a set of contracts that we have with all of our great nonprofit partners across our three countries that are typically anywhere between one and three years. And they are deliberately relatively short to medium term because we are always evaluating what market is so that we can stay very competitive in terms of what we pay for, whether that is a delivered goods, a delivered product as we talk about, or on-site donation, which we have reliably continued to grow across all segments.

不如——Michael、Jubran。我先回答你關於供應成本的問題。提醒大家，我們的供應成本是我們與三個國家所有優秀的非營利合作夥伴所簽訂的一系列合約，期限通常介於一到三年。而我們刻意把期限設在相對短到中期，因為我們會持續評估市場狀況，以便在支付價格上保持高度競爭力——不論是我們所說的到貨商品（delivered goods）、到貨產品（delivered product），或是現場捐贈（on-site donation），而我們在各個區隔的現場捐贈也一直穩健成長。

So the short answer to your question is, are we experiencing any unexpected upward pressure or cost on supply? No, we're not. That's all very, very predictable. It's contract based, and we can see it clearly, and we plan for it many, many, many months in advance.

所以對你問題的簡短回答是：我們是否在供應端遇到任何非預期的上行壓力或成本？沒有，沒有。這一切都非常、非常可預測。它是以合約為基礎，我們看得很清楚，也會提前很多、很多、很多個月做規劃。

And then I'll just also take the opportunity to say that in terms of availability of supply, both for our comp stores and to feed new store growth, no concerns at all. The team continues to execute well. We see no ceiling on how high on-site donations can go, and that's what we're seeing in the business.

另外我也想藉此機會補充，就供應可得性而言——不論是支援同店成長的門店，或是供應新店擴張——我們完全沒有疑慮。團隊持續執行得很好。我們看不到現場捐贈能成長到多高的天花板，而這正是我們在業務中所看到的情況。

Yeah. Michael, this is Michael. I'll take your question on the sales yield. We were really pleased with the roughly 6.5% increase in sales yield that we delivered in the first quarter. There's an element of higher ASP in that. We strive to keep that, though, at or below inflation over time. That's sort of a normal recurring thing. Really what drove that outsized growth this quarter was things Jubran talked about earlier, being very careful about how we're managing production and lining that up to demand, especially in Canada, but also the productivity initiatives in our offsite processing facilities, which is helping us to drive getting the right item to the right location at the right time, and therefore, greater sales yields on those items as well.

是的。Michael，我是Michael。我來回答你關於銷售收益率的問題。我們對第一季實現約6.5%的銷售收益率提升感到非常滿意。其中有一部分來自更高的平均售價（ASP）。不過我們的目標是，長期來看把它維持在通膨水準或以下。那算是一個正常、反覆出現的因素。真正推動本季超常成長的，是Jubran先前提到的幾點：我們非常謹慎地管理生產並使其與需求對齊，特別是在加拿大；同時，我們在場外處理設施（offsite processing facilities）的生產力計畫也在發揮作用，幫助我們在正確的時間把正確的商品送到正確的地點，因此這些商品也帶來更高的銷售收益率。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Hey, guys. good afternoon. John, a couple questions for you. The first one is, when you look at I guess, energy cost impact can you talk about how you're being impacted throughout the business from that perspective? Then I guess the second question I have is just, can you expand a bit more just new store productivity and are you seeing any variations? As you more measured approach to this year five in the first quarter, six in the second, like the benefits to a more measured rollout from an execution perspective, what you're seeing there?

嗨，各位，下午好。John，我有幾個問題想請教你。第一個是，從能源成本影響來看，你能談談這對整個業務的影響情況嗎？第二個問題是，你能否再多談一點新店生產力（new store productivity），以及你們是否看到任何差異？你們今年採取較為審慎的展店節奏——第一季五家、第二季六家——從執行角度來看，較為審慎的展店帶來哪些好處？你們觀察到什麼？

Yeah. Bob, let me take the first question. I'll let Jubran take the new store one. Energy costs. Yeah the run-up in fuel costs came fairly late in the quarter for us, not really a material impact to our first quarter. At these levels, we think there is some modest pressure for the balance of the year. Nothing that we think we can't mitigate, obviously a fast evolving situation that we'll just continue to monitor. Jubran, you want to talk about the new store question?

好的。Bob，我先回答第一個問題。新店那題我讓Jubran來回答。能源成本方面。燃料成本的上升對我們來說是在本季較晚才出現，因此對第一季並沒有造成實質影響。在目前這些水準下，我們認為今年剩餘時間會有一些溫和的壓力。但我們認為這不是我們無法緩解的問題；顯然這是個快速變動的情勢，我們會持續監控。Jubran，你要談談新店的問題嗎？

Yeah. New stores have been very pleased, as Mark talked about in his opening comments, Bob, in line with our expectations.

好的。新店方面，我們非常滿意；如Mark在開場談到的，Bob，表現符合我們的預期。

I think our ability to pick winners and refine our modeling of new stores has just gotten better and better over the years, and we're seeing that in performance. To your question of are we seeing any outliers, it's been pretty consistent. We feel very good about our ability to predict and then also execute all the things that have to go into play to make a new store open on time and be successful. In terms of our ability to prospect and find attractive new locations and fill up that pipeline, that has only gotten stronger as we think about the remainder of this year and what we have committed to in 2027. We are right on track with where we hopefully would be.

我認為我們挑選勝出店點（pick winners）以及精進新店模型的能力，這些年來只會越來越好，而我們也在績效上看到了成果。就你問的是否有任何異常值（outliers），整體相當一致。我們對自身的預測能力，以及把新店準時開出並成功所需的所有事項之執行能力，都感到非常有信心。至於我們在開發（prospect）並找到具吸引力的新地點、以及充實選址管線（pipeline）的能力，隨著我們看向今年剩餘時間以及我們在2027年所承諾的目標，這方面只會更強。我們完全按計畫推進，達到我們希望所在的位置。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

I wanted to follow up on the price value framework you've been building on here in the last few calls. With the US comp now nicely in the mid-single digits and your competitive set continuing to take price, has anything in your testing changed your view on the AUR opportunity? Are you taking any incremental price tactically by category or by geography? How are you thinking about further opportunity if that value gap widens? Is it more about loyalty growth with new customer acquisition on that trade down, or is there maybe some incremental AUR contribution to comp as we move forward?

我想追問你們在過去幾次電話會議中持續建立的價格—價值（price value）框架。在美國同店目前穩健落在中個位數成長、且你們的競爭同業持續漲價的情況下，你們的測試是否改變了你們對每筆交易平均收入（AUR）機會的看法？你們是否會按品類或按地理區域在戰術上進一步加價？如果價值差距擴大，你們如何看待後續的機會？這是否更偏向透過新客獲取來推動忠誠度成長、承接消費降級（trade down）的趨勢，還是說，隨著我們往前走，同店成長中可能會有一些額外的AUR貢獻？

Great question. Look, I think it starts with we are very focused on maintaining a super deliberate and very attractive price value relationship for our customer base. That's US and Canada, and we're focused on it. We've got great data set that informs our approach on where we're putting category pricing at a given geography. Critical element. As we think about watching the item ratio or our flow-through, that really informs us as to where there are certain opportunities and certain geographies and certain categories. Again, very analytically data science driven approach to how we're deploying pricing across our fleet. Again, that's US and Canada. The differences are obviously the geographies and the sensitivities to price relative to how quickly those garments or those goods sell. It is very data science oriented.

好問題。你看，我認為這要從我們非常專注於為客戶群維持一個非常審慎、且極具吸引力的價格與價值關係開始。這涵蓋美國與加拿大，而我們也一直聚焦在這件事上。我們擁有很棒的資料集，能指引我們在特定地理區域中，如何設定各品類的價格定位。這是關鍵要素。當我們觀察單品比率或我們的流轉（flow-through）時，這確實能告訴我們在某些地區與某些品類上有哪些機會。同樣地，我們以非常分析式、資料科學驅動的方法，在整個門店網絡中部署定價。同樣地，這涵蓋美國與加拿大。差異顯然在於地理區域，以及對價格的敏感度——相對於那些服飾或商品售出的速度。這是非常以資料科學為導向的。

We're monitoring our approach carefully, and in this environment, we seem to be winning. I mean, we're really pleased with the throughput that we've gotten in both in both countries when it comes to our price value relationship.

我們正謹慎監控我們的方法，而在這樣的環境下，我們看起來正在勝出。我的意思是，就我們的價格與價值關係而言，我們對兩個國家的銷售流轉表現都非常滿意。

Just a follow-up on the loyalty program, the loyalty file, can you size up where that is today and how much it grew in Q1? Trying to get a better understanding of how much the US strength is growth in that file versus deeper engagement with your existing base.

關於忠誠度計畫、忠誠度名單（loyalty file）再追問一下，你能否說明目前的規模，以及第一季成長了多少？我想更了解美國的強勁表現，有多少是名單規模成長帶來的， versus 你既有客群更深度的互動。

Yeah. The file is growing quite nicely. We're a little north of 6 million total loyalty members across North America. We continue to see nice growth. We're very pleased with I think the thing we're most pleased about is at that top loyalty cohort behavior really continues to outperform in both countries, and it represents roughly 73%, 74% of our sales. A great ability for us to connect with our consumers very cost efficiently at any given time.

是的。名單成長得相當不錯。我們在北美的忠誠度會員總數略高於600萬。我們持續看到良好的成長。我們非常滿意——我想我們最滿意的是，在最高忠誠度分群（cohort）中，其行為表現持續在兩個國家都優於其他分群，且約占我們銷售的73%、74%。這讓我們能在任何時間點，以非常具成本效率的方式與消費者連結。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Nice quarter, guys. I know you sound like Q2 has continued the trend, but with the backdrop of higher gas prices, in the past, you have spoken to a lower income element as a portion of your customer base. Wondering if with the loyalty program, are you seeing anything of note as it relates to sort of trade-in versus trade-out in this evolving economic backdrop?

各位這一季表現不錯。我知道聽起來第二季延續了這個趨勢，但在油價上漲的背景下，過去你們曾提到客群中有一部分屬於較低收入族群。想請問在忠誠度計畫方面，面對這個不斷演變的經濟背景，你們是否觀察到任何值得注意的現象，例如所謂的 trade-in 相對於 trade-out？

I'll take that one. Look, I think in both countries, we continue to see a real nice adoption trend amongst younger and higher income consumers. When you think about higher income consumers, certainly trade-in, trade-down is part of our growth mix in our loyalty platform. There are some differences, though, between the countries. We see in the US consistently that demand has remained healthy and broad-based across all income demographics. In Canada, where there is a little more of an economic sluggishness, sorry about that, we see our lower household income cohort disproportionately impacted. That's really the only difference we're seeing between the two countries and how they're engaging with us and through the loyalty program.

我來回答這題。你看，在兩個國家，我們持續看到年輕族群與較高收入消費者的採用趨勢非常不錯。談到較高收入消費者，當然，trade-in、trade-down 也是我們忠誠度平台成長組合的一部分。不過兩國之間確實有些差異。在美國，我們持續看到需求維持健康，且在所有收入族群中都相當廣泛。在加拿大，由於經濟稍微更疲弱一些——抱歉這麼說——我們看到較低家庭收入分群受到不成比例的影響。這基本上是我們在兩國之間看到的唯一差異：他們如何與我們互動，以及透過忠誠度計畫的參與方式。

Okay. Helpful. Mark, to follow up on the prepared remarks with, using AI and applying it to your loyalty program. I guess I was hoping you can unpack exactly what you guys are doing. It sounds like maybe something that would enhance sales, but I'd like to just get a better understanding of what's happening.

好的。很有幫助。Mark，延續你在準備稿中提到用 AI 並把它應用在忠誠度計畫上。我想請你更具體拆解一下你們到底在做什麼。聽起來可能會提升銷售，但我想更清楚了解實際發生了什麼。

Well, I think it's a really good question. I think what we're our goal is, and we're picking very important and critical strategic elements of our business model, and what the stores do. Obviously the loyalty program is an important element of our consumer engagement platform. Having our store managers, having our store leadership continually focus on this very critical element was a great starting point for us to kick off our agentic strategy. What this agent is doing is basically communicating to our store managers this is where you are relative to your peer set from a loyalty perspective. Could be great, could be depending on where you are in that continuum.

我覺得這是個非常好的問題。我想我們的目標是，挑選我們商業模式中非常重要且關鍵的策略要素，以及門店所做的事情。顯然，忠誠度計畫是我們消費者互動平台的重要一環。讓我們的店經理與門店領導團隊持續聚焦在這個非常關鍵的要素上，是我們啟動 agentic 策略的一個很好的起點。這個 agent 基本上是在向店經理溝通：就忠誠度表現而言，你相對於同儕（peer set）的位置在哪裡。可能很棒，也可能取決於你在那個連續光譜上的位置。

It gives you things to consider and actions to take relative to how you're engaging with the consumer at that moment when they could either sign up or the opportunity to get them signed up. We see this as the unlock for several more agents to come right behind that, again, to allow us to keep our team and our store managers focused on critical issues throughout the week, period, month. Then providing the information upward so that district managers, regional managers, Jubran and the country leads can drill down when appropriate to ensure that those key disciplines are being met and focused on throughout the year.

它會提供你一些需要考量的事項，以及可採取的行動，來改善你在當下與消費者互動的方式——在那個時刻，他們可能會註冊，或是你有機會讓他們完成註冊。我們把這視為解鎖更多後續 agents 的關鍵，讓我們能讓團隊與店經理在每週、每個期間、每個月都持續聚焦在關鍵議題上。接著再把資訊往上提供，讓區域經理、地區經理、Jubran 以及各國負責人能在適當時機深入檢視，確保這些關鍵紀律在全年都被落實並持續聚焦。

Okay. That sounds great.

好的。聽起來很棒。

Jeremy Hamblin, Craig-Hallum.

Jeremy Hamblin，Craig-Hallum。

Hey, this is Will on for Jeremy. Thanks for taking my questions. First, I was just wondering if you're able to quantify the weather impact you saw in Q1. Then you noted the 70-basis-point headwind from Easter. I guess should we be considering a similar magnitude of benefit here in Q2 from the late Easter last year?

嗨，我是代替 Jeremy 的 Will。謝謝讓我提問。首先，我想問你們是否能量化第一季天氣帶來的影響。另外你們提到復活節帶來70個基點的逆風。我想確認一下：由於去年復活節較晚，我們是否應該在第二季考慮類似幅度的正面效益？

Well, it's Michael. Yeah I don't know if I'd quantify a weather impact other than to say it really was more about how the quarter played out. Very lumpy in terms of the comps, just given the weather patterns this year versus last. February was our best comp because February last year had some really extreme weather. January was our softest comp because we had some really extreme storms in both the US and Canada this year. Actually, I would say that some degree of extreme weather is just par for the course in Canada in particular. It was probably more extreme than normal in the US and therefore arguably even a little bit more disruptive to our US comp which continued nevertheless to be strong.

我是 Michael。是的，我不確定我會不會去量化天氣影響；只能說更像是這一季的走勢所致。在同店比較（comps）上非常不均勻，主要是因為今年與去年天氣型態不同。二月是我們同店表現最好的一個月，因為去年二月有一些非常極端的天氣。一月是我們同店表現最弱的一個月，因為今年一月美國與加拿大都有一些非常極端的風暴。其實我會說，某種程度的極端天氣在加拿大尤其算是常態。在美國可能比正常更極端，因此可以說對我們美國同店表現的干擾甚至更大一些——不過即便如此，美國同店仍然持續強勁。

Again, we're focused on what we can control and as we exit the quarter and see that all normalize, we're pleased with the re-acceleration in the US comp. As far as the Easter impact, yes, that headwind of roughly 70 basis points to Q1 will flip and benefit us in Q2 by a similar amount.

同樣地，我們專注在我們能控制的事情上；當我們走出本季並看到一切回歸正常時，我們對美國同店表現的再加速感到滿意。至於復活節影響，是的，第一季約70個基點的逆風，會在第二季反轉，並以類似幅度帶來助益。

Got it. That's helpful. Just wanted to touch on the ABP Lite rollout. It sounds like it's solidly a case here. It may be too early, but just curious if there's any quantifiable benefits you've been able to realize thus far from the rollout.

了解。很有幫助。我想再談一下 ABP Lite 的推廣。聽起來這是一個相當穩固的案例。可能還太早，但想請問截至目前，你們是否已能從這次推廣中看到任何可量化的效益？

Yeah. This is Jubran. It is a little bit early to cite the results, but very pleased with the rollout between our traditional Automated Book Processing, ABP, and now its derivative, ABP Lite. We've rolled it to roughly 85% of the fleet. Rollout has gone well. Reminder, Books is only about 5% of our business, but I think ABP Lite is a great example of our innovative process. Data intensive stress testing and a smart rollout plan that we feel good about. We'll continue to monitor it in the coming months.

是的。我是 Jubran。現在引用成果還稍早，但我們對傳統的自動化圖書處理（ABP）以及其衍生版本 ABP Lite 之間的推廣進展感到非常滿意。我們已將其推廣至約 85% 的車隊。推廣進行得很順利。提醒一下，圖書只約占我們業務的 5%，但我認為 ABP Lite 是我們創新流程的一個很好的例子。以數據密集的壓力測試，以及我們覺得很有把握的智慧推廣計畫。我們會在接下來幾個月持續監測。

Got it. Appreciate the color.

了解。感謝補充說明。

Owen Rickert, Northland Capital Markets.

Owen Rickert，Northland Capital Markets。

Hi, this is Keaton Schuelke on for Owen. You've called with the strength in the younger and more affluent cohorts, I was curious to hear how their basket size, purchase frequency, and category mix has been trending versus legacy customers and curious how you expect that to trend going forward.

你好，我是代 Owen 發言的 Keaton Schuelke。你提到較年輕且更富裕的客群表現強勁，我想了解他們的客單價、購買頻率與品類組合，相較於既有客戶的趨勢如何？也想請教你對未來趨勢的看法。

Pretty consistent. Nothing out of the ordinary, in terms of the trend lines that we're seeing from that particular customer cohort.

相當一致。就我們從該特定客群看到的趨勢線而言，沒有什麼異常。

Okay. Any early read on Tennessee and North Carolina stores, are those markets ramping faster or slower than prior cohorts, and what are you expecting out of those?

好的。田納西州與北卡羅來納州門市有沒有任何早期觀察？那些市場的爬坡速度相較於先前批次更快還是更慢？你們對它們的預期是什麼？

We're excited about those markets to be, to be sure. We have not yet opened those stores. Our first store in North Carolina will open later this month. And then our first store in Tennessee will be several months beyond that, maybe end of this year, early next year, that sort of thing. So nothing to report on that, but suffice to say very energized by the white space opportunity and the quality of the sites that we've secured.

我們對那些市場很興奮，這點毋庸置疑。我們尚未開出那些門市。我們在北卡羅來納州的第一家門市將於本月稍晚開幕。接著田納西州的第一家門市會在那之後幾個月，可能今年底或明年初之類。所以目前沒有可報告的內容，但可以說我們對市場空白（white space）機會以及已取得據點的品質感到非常振奮。

Dylan Carden, William Blair.

Dylan Carden，William Blair。

I guess I'm curious, is there any incremental or change in the competitive dynamic in Canada? I know that market tends to lag from an online migration standpoint, if that's a piece of it. To the extent that there isn't, just the line of sight you have into some of the improvement in that market or if it's more, if you're managing a business to a flat comp, that becomes more of a manifest destiny, you feel more comfortable with it. Thanks.

我想請教，加拿大的競爭態勢是否有任何增量變化？我知道就線上遷移而言，那個市場通常較落後，如果這是其中一部分的話。如果沒有的話，想了解你們對該市場改善的可視性；或者如果你們是以同店持平（flat comp）來管理業務，那就更像是一種必然結果（manifest destiny），你們會更有信心。謝謝。

Yeah. Ron, I can take a piece of that, and then guys can jump in. In terms of longer term expectation of growing the top line, I think Mark spoke to that earlier. We're not satisfied with the flat comp. We think there's a number of things that we can test and tinker with and trial. What we do know is that we can control what we can control now, and that is efficient and effective use of our material and labor to put the right thing at the right time in the right amount in front of the customer. I think doing that well in a more sophisticated way allowed us to have the gross margin improvement that we saw in Q1.

是的。Ron，我可以先回答一部分，然後其他人再補充。就長期營收成長（top line growth）的預期而言，我想 Mark 先前已談到。我們並不滿足於同店持平。我們認為有許多事情可以測試、微調與試行。我們知道的是，我們現在能控制的是我們能控制的部分，也就是高效率且有效地運用物料與人力，在正確的時間、以正確的數量，把正確的商品呈現在顧客面前。我認為以更精細、更成熟的方式把這件事做好，讓我們在第一季看到毛利率的改善。

In terms of competitive landscape, directly for us in Canada, nothing specific that we could point to that's materially changed that.

就競爭格局而言，在加拿大對我們來說，沒有什麼具體且可指出、並已實質改變的因素。

The not-for-profit is really our number one competitive set in the Canadian market. Being within 12 miles of 90% of the population, we're fairly saturated.

在加拿大市場，非營利機構其實是我們最主要的競爭對手組合。我們在 12 英里範圍內覆蓋了 90% 的人口，因此市場相當飽和。

We're highly competitive in every market in Canada. Again, we're not satisfied with our comp trends. We're doing a lot to try to improve those trends.

我們在加拿大每個市場都具有高度競爭力。再次強調，我們對同店趨勢並不滿意。我們正在做很多事情，試圖改善這些趨勢。

Yeah, Dylan, I think it's Michael. Just to put a bow on that. To your point, I just to underline what Mark and Jubran said, we continue to work to drive the business in all facets, including top line. In the near term, though, we are mindful of the macro environment, and we believe it's prudent to plan for a flattish comp for the balance of this year. We continue to believe that even with that backdrop, we can drive profit improvement on the order of what we saw in the first quarter.

是的，Dylan，我想我是 Michael。做個總結。如你所說，我想再次強調 Mark 和 Jubran 的說法，我們持續在各個面向推動業務，包括營收端（top line）。不過在短期內，我們也留意總體環境，並認為在今年剩餘期間以同店大致持平（flattish comp）來規劃是審慎的。我們仍然相信，即便在這樣的背景下，我們也能推動利潤改善，幅度大致可達第一季所見的水準。

On the AI technology side of things, any incremental thinking on how you might use that from an inventory management standpoint, pricing, decisions on what to keep versus donate? Yeah, I guess sort of an open-ended question there.

在 AI 技術方面，對於你們可能如何運用在庫存管理、定價、以及決定哪些保留、哪些捐贈等方面，有沒有任何新增想法？是的，我想這算是一個比較開放式的問題。

We've got a robust innovative pipeline for sure, and we've got a lot of promising initiatives in test. We're pretty conservative though about bringing them public. So once we get to a place where we're ready to deploy, we will certainly be sharing those opportunities.

我們確實有一個強健的創新管線，也有許多很有前景的計畫正在測試中。不過我們對於對外公開相當保守。因此一旦我們進展到準備部署的階段，我們一定會分享那些機會。

Understood.

了解。

And that concludes our Q&A session. I will now turn the conference back over to Mark Walsh for closing remarks.

以上為我們的問答環節。接下來我將把會議交回給 Mark Walsh 作結語。

Just want to thank everyone again for their interest, and we look forward to talking to you in roughly three months.

再次感謝各位的關注，我們期待大約三個月後再與各位交流。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。