(ZUMZ) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Zumiez Inc. First Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) Before we begin, I'd like to remind everyone of the company's safe harbor language. Today's conference includes comments concerning Zumiez Inc.'s business outlook and contains forward-looking statements. These forward-looking statements and all other statements that may be made on this call that are not based on historical facts are subject to risks and uncertainties. Actual results may differ materially. Additional information concerning the numbers of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez filings with the SEC.

女士們、先生們，下午好，歡迎參加 Zumiez Inc. 2023 財年第一季度收益電話會議。 （操作員說明） 在我們開始之前，我想提醒大家公司的安全港語言。今天的會議包括有關 Zumiez Inc. 業務前景的評論和前瞻性陳述。這些前瞻性陳述以及本次電話會議中可能做出的所有其他並非基於歷史事實的陳述都面臨風險和不確定性。實際結果可能存在重大差異。有關可能導致實際結果與將要討論的信息存在重大差異的因素數量的更多信息，請參閱 Zumiez 向 SEC 提交的文件。

At this time, I will turn the call over to Rick Brooks, Chief Executive Officer. Mr. Brooks?

此時，我將把電話轉給首席執行官里克·布魯克斯 (Rick Brooks)。布魯克斯先生？

Hello, everyone, and thank you for joining us on the call. With me today is Chris Work, our Chief Financial Officer. I'll begin today's call with a few remarks about the first quarter before handing the call over to Chris, who will take you through the financials and some thoughts on this quarter and rest of the year. After that, we'll open the call to your questions.

大家好，感謝您加入我們的通話。今天和我在一起的是我們的首席財務官克里斯·沃克 (Chris Work)。我將在今天的電話會議開始時對第一季度進行一些評論，然後將電話交給克里斯，他將向您介紹財務狀況以及對本季度和今年剩餘時間的一些想法。之後，我們將打開電話回答您的問題。

As anticipated, the first quarter was challenging as we saw similar domestic trends to those experienced in the fourth quarter of last year. Our operating performance was in line with our outlook and reflects a significant change the broader U.S. economy and retail, in particular, has undergone over the past 12 months. The continued effects of inflation weighing on consumer discretionary spending combined with heightened promotional activity across the industry to clear excess inventory levels our full-price selling model has been under pressure. We're not pleased with our recent results. That said, we aren't discouraged either.

正如預期的那樣，第一季度充滿挑戰，因為我們看到了與去年第四季度類似的國內趨勢。我們的經營業績與我們的前景一致，反映了美國經濟和零售業在過去 12 個月中發生的重大變化。通貨膨脹對消費者可自由支配支出的持續影響，加上整個行業為清除過剩庫存水平而加強的促銷活動，我們的全價銷售模式一直面臨壓力。我們對最近的結果並不滿意。也就是說，我們也不氣餒。

Our team has navigated economic down cycles before, and while each cycle has some unique characteristics. The one constant is that they eventually turned positive. And Zumiez has historically outperformed the market on the way up. We are confident that the connections we've forged with our customers through our distinct brand, culture and diverse and differentiated merchandise offering, [pushing] highly sought-after hard-to-find brands and world-class service are as strong as ever.

我們的團隊之前曾經歷過經濟下行週期，而每個週期都有一些獨特的特徵。唯一不變的是他們最終變得積極。從歷史上看，祖米茲的上漲表現一直跑贏大盤。我們相信，通過我們獨特的品牌、文化以及多樣化和差異化的商品供應、[推動]備受追捧的難以找到的品牌和世界一流的服務，我們與客戶建立的聯繫將一如既往地牢固。

The year unfolding as we anticipated thus far, we're staying the course with the plan we outlined on our Q4 call in March. This includes being diligent with our spending, focusing on strategic investments that we believe will create significant long-term benefit for our customers, our business and our shareholders by managing carefully in the short term, what we can control.

今年的發展正如我們迄今為止所預期的那樣，我們將堅持我們在 3 月份第四季度電話會議上概述的計劃。這包括勤勉支出，專注於戰略投資，我們相信這些投資將通過在短期內謹慎管理我們能夠控制的事情，為我們的客戶、我們的業務和我們的股東創造重大的長期利益。

Some of the long-term strategic investments we believe are important to push forward include: continued investment in our people through best-in-class training and mentoring. In 2022, we were able to execute all 3 of our in-person national events that are focused on intense training, connection and recognition. This has included the return of our January 100k event celebrating the best of our sales teams and connecting them with our key brands.

我們認為推進的一些長期戰略投資很重要，包括：通過一流的培訓和指導對我們的員工進行持續投資。 2022 年，我們能夠舉辦所有 3 場面對面的全國性活動，這些活動的重點是強化培訓、聯繫和認可。其中包括我們 1 月 100k 活動的回歸，慶祝我們最優秀的銷售團隊並將他們與我們的主要品牌聯繫起來。

We've continued with this trend in 2023, executing our annual management [treat] just a few weeks ago, focused on development and leadership. Optimizing trade air performance by ensuring that we have the right number of stores to serve our customers in each market and getting the right product in the right places to best serve customers as quickly as possible. Continuing to work with brands to increase speed and flexibility while increasing margins. Investing in innovative approaches to generate human-human connections with our customers and engage with them in new ways that enhance the shopping experience and continue our international expansion with a focus on Europe and Australia.

我們在 2023 年繼續保持這一趨勢，幾週前執行了年度管理[治療]，重點關注發展和領導力。確保我們擁有適當數量的商店來為每個市場的客戶提供服務，並在正確的地方提供正確的產品，以盡快為客戶提供最佳服務，從而優化貿易空運績效。繼續與品牌合作以提高速度和靈活性，同時增加利潤。投資創新方法，與客戶建立人與人的聯繫，並以新的方式與他們互動，從而增強購物體驗，並繼續以歐洲和澳大利亞為重點的國際擴張。

We know that brands emerge locally and grow globally and our international presence provides us the opportunity to better serve both our customers and our brand partners while we continue to optimize these operations with many of the initiatives we have proven across North America. We feel good about the progress we made internationally in the first quarter with comparable sales in Europe and Australia, increasing 12.8% and 8.7%, respectively. It was a tough quarter, but I continue to be confident that we have the right team and necessary experience to weather these turbulent times and emerge well positioned to accelerate market share gains when conditions improve.

我們知道，品牌在本地湧現並在全球發展，我們的國際影響力為我們提供了更好地服務我們的客戶和品牌合作夥伴的機會，同時我們通過我們在北美已經證明的許多舉措繼續優化這些運營。我們對第一季度在國際上取得的進展感到滿意，歐洲和澳大利亞的可比銷售額分別增長了 12.8% 和 8.7%。這是一個艱難的季度，但我仍然相信，我們擁有合適的團隊和必要的經驗來度過這些動蕩的時期，並在情況改善時做好準備，加速市場份額的增長。

With that, I'll turn the call over to Chris, who will discuss the financials. Chris?

這樣，我會將電話轉給克里斯，他將討論財務狀況。克里斯？

Thanks, Rick, and good afternoon, everyone. I'm going to start with a review of our first quarter results. I'll then provide an update on our May sales trends before providing some perspective on how we're thinking about the full year.

謝謝瑞克，大家下午好。我將首先回顧我們第一季度的業績。然後，我將提供有關我們五月份銷售趨勢的最新信息，然後提供有關我們如何看待全年的一些觀點。

First quarter net sales were $182.9 million, down 17.1% from $220.7 million in the first quarter of 2022. Comparable sales were down 18.8% for the quarter. The decrease in sales was driven by the North America business, offset by more favorable fall results for Europe and Australia. During the quarter, we continued to see softer sales, primarily driven by ongoing inflationary pressures on the consumer. Growth was also negatively impacted by 87 basis points related to unfavorable changes in foreign currency.

第一季度淨銷售額為 1.829 億美元，比 2022 年第一季度的 2.207 億美元下降 17.1%。該季度可比銷售額下降 18.8%。銷售額下降是由北美業務推動的，但被歐洲和澳大利亞更有利的秋季業績所抵消。在本季度，我們繼續看到銷售疲軟，這主要是由於消費者持續面臨的通脹壓力。增長還受到與外匯不利變化相關的 87 個基點的負面影響。

From a regional perspective, North America net sales were $144 million, a decrease of 22.7% from 2022. Other international net sales, which consists of Europe and Australia, were $38.9 million, up 13.3% from last year. Excluding the impact of foreign currency translation, North America net sales decreased 22.4% and other international net sales increased 17.1% compared with 2022. Comparable sales for North America were down 24.2% and comparable sales for other international were up 12.2% for the quarter.

從地區角度來看，北美淨銷售額為 1.44 億美元，較 2022 年下降 22.7%。其他國際淨銷售額（包括歐洲和澳大利亞）為 3890 萬美元，較去年增長 13.3%。排除外幣換算的影響，與 2022 年相比，北美淨銷售額下降 22.4%，其他國際淨銷售額增長 17.1%。本季度北美可比銷售額下降 24.2%，其他國際可比銷售額增長 12.2%。

From a category perspective, all categories were down in comparable sales from the prior year during the quarter with men's being our most negative followed by footwear, accessories, hardgoods and women's. Total dollars per transaction were up for the quarter, driven by an increase in average unit retail, partially offset by a decrease in units per transaction. First quarter gross profit was $49.4 million compared to $72.4 million in the first quarter of last year. Gross profit as a percentage of sales was 27% for the quarter compared with 32.8% in the first quarter of 2022. The 580 basis point decrease in gross margin was primarily driven by lower sales in the quarter, driving deleverage on our fixed costs.

從品類角度來看，本季度所有品類的可比銷售額均較上年同期下降，其中男裝受到的負面影響最大，其次是鞋類、配飾、耐用品和女裝。本季度每筆交易的總金額有所增加，這是由於平均單位零售量的增加所推動的，但部分被每筆交易單位數的減少所抵消。第一季度毛利潤為 4940 萬美元，去年第一季度毛利潤為 7240 萬美元。本季度毛利潤佔銷售額的百分比為 27%，而 2022 年第一季度為 32.8%。毛利率下降 580 個基點主要是由於本季度銷售額下降，推動了我們固定成本的去槓桿化。

The key areas driving the change were as follows: store occupancy costs deleveraged by 290 basis points on lower sales volumes, product margins decreased by 70 basis points, web shipping costs increased by 60 basis points, distribution center costs deleveraged by 50 basis points, buying and private label costs deleveraged by 40 basis points and inventory shrinkage increased by 40 basis points. SG&A expense was $70.7 million or 38.7% net sales in the first quarter compared to $71.9 million or 32.6% of net sales in the year ago period.

推動這一變化的關鍵領域如下：由於銷量下降，商店佔用成本降低了 290 個基點，產品利潤率下降了 70 個基點，網絡運輸成本增加了 60 個基點，配送中心成本降低了 50 個基點，購買自有品牌成本去槓桿化40個基點，庫存收縮增加40個基點。第一季度的 SG&A 費用為 7070 萬美元，占淨銷售額的 38.7%，而去年同期的 SG&A 費用為 7190 萬美元，占淨銷售額的 32.6%。

The 610 basis point increase in SG&A expense as a percent of net sales resulted from the following: 270 basis point increase due to both deleverage of store wages on lower sales as well as increases in wage rates that could not be offset by hours reductions, 180 basis points due to a onetime German government subsidy received in the first quarter of fiscal 2022. The a 160 basis point increase due to deleverage of non-wage store operating costs, 90 basis point increase in non-store wages, 20 basis point increase in stock compensation expense, 20 basis point increase in annual incentive compensation and 20 basis point increase in other corporate costs. These increases were partially offset by a 150 basis point reduction due to the timing of our 100k event which was held in the first quarter of last year, but not in the first quarter of fiscal 2023.

SG&A 費用占淨銷售額的百分比增加了 610 個基點，原因如下： 由於銷售額下降而去槓桿化商店工資以及無法通過工時減少抵消的工資率增加，增加了 270 個基點，180由於 2022 財年第一季度收到的德國政府一次性補貼，非工資商店運營成本增加 160 個基點，非商店工資增加 90 個基點，非工資商店運營成本增加 20 個基點，股票薪酬費用、年度激勵薪酬增加 20 個基點以及其他公司成本增加 20 個基點。這些增長被 150 個基點的減少部分抵消，原因是我們的 100k 活動的時間安排在去年第一季度，而不是在 2023 財年第一季度。

Operating loss in the first quarter of 2023 was $21.4 million or 11.7% of net sales compared with operating profit of $0.5 million or 0.2% of net sales last year. Net loss for the first quarter was $18.4 million or $0.96 per share. This compares to a net loss of $0.4 million or $0.02 per share for the first quarter of 2022. Our effective tax rate for the first quarter of 2023 was 12.6% benefit compared with 134.2% provision for income taxes in the year ago period, which was inflated primarily due to the allocation of income across entities and the exclusion of net losses in certain jurisdictions.

2023 年第一季度的營業虧損為 2140 萬美元，占淨銷售額的 11.7%，而去年營業利潤為 50 萬美元，占淨銷售額的 0.2%。第一季度淨虧損為 1,840 萬美元，即每股虧損 0.96 美元。相比之下，2022 年第一季度的淨虧損為 40 萬美元，即每股 0.02 美元。我們 2023 年第一季度的有效稅率為 12.6%，而上年同期的所得稅撥備為 134.2%，誇大的主要原因是各實體之間的收入分配以及排除某些司法管轄區的淨虧損。

Turning to the balance sheet. The business ended the quarter in a strong financial position. We had cash and current marketable securities of $155.3 million as of April 29, 2023. And compared to $173.0 million as of April 30, 2022. This $17.7 million decrease in cash and current marketable securities over the trailing 12 months was driven primarily by capital expenditures of $27.5 million, offset by $11.2 million in cash provided by operating activities. As of April 29, 2023, we have no debt on the balance sheet and continue to [maintain] our full unused credit facility.

轉向資產負債表。該業務在本季度結束時財務狀況良好。截至 2023 年 4 月 29 日，我們的現金和流動有價證券為 1.553 億美元。而截至 2022 年 4 月 30 日，我們的現金和流動有價證券為 1.730 億美元。過去 12 個月，現金和流動有價證券減少 1,770 萬美元，主要是由資本支出造成的2,750 萬美元，被經營活動提供的 1,120 萬美元現金抵消。截至 2023 年 4 月 29 日，我們的資產負債表上沒有債務，並繼續[維持]我們全部未使用的信貸額度。

We ended the quarter with $147.9 million in inventory, up 4.2% compared with $141.9 million last year to end the first quarter. The inventory growth was driven by store count increases in our international business, while the inventory in North America is down 3% from the prior year. On a constant currency basis, our inventory levels were up 3.7% from last year. And while more aged compared to the same quarter in 2022, we are more current than we were to end the fourth quarter of 2022.

本季度末，我們的庫存為 1.479 億美元，比去年第一季度末的 1.419 億美元增加了 4.2%。庫存增長是由國際業務門店數量增加推動的，而北美庫存較上年下降了 3%。按固定匯率計算，我們的庫存水平比去年增加了 3.7%。雖然與 2022 年同一季度相比，我們的老化程度更高，但我們比 2022 年第四季度結束時的情況更具活力。

Now to our fiscal May sales results. Net sales for the 4-week period ended May 27, 2023, decreased 12.8% compared to the 4-week period ended May 28, 2022. Comparable sales for the 4-week period ended May 27, 2023, were down 14.3% and from the comparable period in the prior year. From a regional perspective, net sales for our North America business for the 4 weeks ended May 27, 2023, decreased 17% over the comparable period last year. Meanwhile, our other international business decreased 12.7% versus last year. Excluding the impact of foreign currency translation, North American net sales for our 4 weeks ended May 27, 2023, decreased 16.7% from the prior year, while other international net sales increased 10.4% compared with 2022. Comparable sales for North America were down 17.5% and comparable sales for other international were up 4.2% for the same 4-week period compared to the prior year.

現在我們來看看我們五月份的銷售業績。截至 2023 年 5 月 27 日的 4 週期間的淨銷售額比截至 2022 年 5 月 28 日的 4 週期間下降了 12.8%。 截至 2023 年 5 月 27 日的 4 週期間的可比銷售額下降了 14.3%，上年可比期間。從地區角度來看，截至 2023 年 5 月 27 日的 4 週，我們的北美業務淨銷售額較去年同期下降 17%。與此同時，我們的其他國際業務比去年下降了12.7%。排除外幣換算的影響，截至 2023 年 5 月 27 日的 4 周北美淨銷售額較上一年下降 16.7%，而其他國際淨銷售額較 2022 年增長 10.4%。北美可比銷售額下降 17.5%與去年同期相比，其他國際市場的 % 和可比銷售額在 4 週內增長了 4.2%。

From a category perspective, in fiscal May 2023, all categories were down in comparable sales from the prior year. Footwear was our most negative category followed by hardgoods, accessories, men's and women's. Total dollars per transaction were up for fiscal May 2023, driven by an increase in average unit retail, partially offset by a decrease in units per transaction. With respect to our outlook for the second quarter of fiscal 2023, I want to remind everyone that formulating our guidance involves some inherent uncertainty, complexity in estimated sales, product margin and earnings growth given the variety of internal and external factors that impact our performance.

從品類角度來看，2023年5月財年，所有品類的可比銷售額均較上年下降。鞋類是我們最負面的類別，其次是耐用品、配飾、男裝和女裝。 2023 年 5 月財年，每筆交易的總金額有所增加，原因是平均零售單位數增加，但部分被每筆交易單位數的減少所抵消。關於我們對 2023 財年第二季度的展望，我想提醒大家，考慮到影響我們業績的各種內部和外部因素，制定我們的指導意見涉及一些固有的不確定性以及估計銷售額、產品利潤率和盈利增長的複雜性。

Our May sales results were slightly better than our first quarter trends, but still well below year ago levels as consumer demand remains under pressure from the continued impact of high inflation on discretionary spending. With that in mind, we are planning total sales in the second quarter to be between $187 million and $192 million. We expect that our second quarter 2023 product margins will be down between 50 basis points and 70 basis points from the second quarter of fiscal 2022 as we continue to work through a challenging sales environment.

我們 5 月份的銷售業績略好於第一季度趨勢，但仍遠低於去年同期水平，因為高通脹對可自由支配支出的持續影響，消費者需求仍然面臨壓力。考慮到這一點，我們計劃第二季度的總銷售額在 1.87 億美元至 1.92 億美元之間。我們預計，隨著我們繼續應對充滿挑戰的銷售環境，我們 2023 年第二季度的產品利潤率將比 2022 財年第二季度下降 50 個基點到 70 個基點。

Consolidated operating loss as a percent of sales for the second quarter is expected to be between negative 7.7% and negative 9.2%. We anticipate loss per share will be between negative $0.63 and negative $0.73.

第二季度綜合運營虧損佔銷售額的百分比預計將在負 7.7% 至負 9.2% 之間。我們預計每股虧損將在負 0.63 美元至負 0.73 美元之間。

Similar to the first quarter, the decline in earnings is largely due to deleverage in the cost structure on lower sales base coupled with margin pressure. Our biggest areas of deleverage continue to be tied to fixed costs such as occupancy expense, base hours in our stores that are driven by mall operating hours and other corporate costs. As Rick said, the year is unfolding as we expected and our view on the remainder of 2023 hasn't changed. As with our practice back in March, we are refraining from giving specific annual guidance due to the uncertainty and volatility in the macro environment but do want to provide some context around how we currently believe the business will trend throughout the year.

與第一季度類似，盈利下降主要是由於銷售基礎較低、成本結構去槓桿化以及利潤率壓力所致。我們最大的去槓桿化領域仍然與固定成本相關，例如佔用費用、商店的基本營業時間，這些成本由商場營業時間和其他企業成本驅動。正如 Rick 所說，這一年的發展正如我們預期的那樣，我們對 2023 年剩餘時間的看法沒有改變。與我們三月份的做法一樣，由於宏觀環境的不確定性和波動性，我們不會提供具體的年度指導，但確實希望提供一些有關我們目前認為業務全年趨勢的背景信息。

Sales results in fiscal 2022 became more challenged each quarter as the year progressed when compared to a more normalized historical sales trends. We believe we will continue to experience top line pressure, particularly as we wrap up the first half. The quarterly comparisons become easier throughout the year, suggesting more opportunity in the back half of the year when compared to fiscal 2022 results.

與更加正常化的歷史銷售趨勢相比，隨著時間的推移，2022 財年每個季度的銷售業績都面臨著更大的挑戰。我們相信，我們將繼續承受營收壓力，尤其是在上半年結束時。全年的季度比較變得更加容易，這表明與 2022 財年業績相比，今年下半年存在更多機會。

Product margins were down 50 basis points in fiscal 2022 after 6 consecutive years of growth. The majority of this year-over-year decrease was driven by our fourth quarter of 2022 product margins, which was impacted by increased discounting as we work to rightsize the inventory balance. For fiscal 2023, we believe that product margin will be tougher in the first half of the year as we work through aged inventory and the market remains promotional with retailers continuing to drive inventory in line with current sales trends. We believe that margins may stabilize and possibly expand in the back half of the year as inventories come online and comparisons get easier.

產品利潤率在連續 6 年增長後，2022 財年下降了 50 個基點。同比下降的主要原因是我們 2022 年第四季度的產品利潤率，這受到我們努力調整庫存餘額時折扣增加的影響。對於 2023 財年，我們認為上半年的產品利潤率將更加嚴峻，因為我們正在處理老化庫存，而且市場仍在促銷，零售商繼續根據當前的銷售趨勢增加庫存。我們認為，隨著庫存上線且比較變得更加容易，下半年利潤率可能會穩定並可能擴大。

Our model is sensitive to sales fluctuations, and we have seen deleverage as sales declined in fiscal 2022 and also the first quarter of 2023. While the opposite was true in 2021 when we experienced record sales in operating margin driven by meaningful leverage. We continue to diligently manage expenses as we navigate the current environment and are positioned to take advantage when conditions approve.

我們的模型對銷售波動很敏感，隨著 2022 財年和 2023 年第一季度的銷售額下降，我們看到了去槓桿化。而 2021 年情況恰恰相反，當時我們在有意義的槓桿作用下實現了創紀錄的營業利潤率銷售。在當前環境下，我們將繼續努力管理費用，並準備在條件允許時利用這一優勢。

We are currently planning our business assuming an annual effective tax rate of approximately 50%. It is important to note that we expect our tax rate to fluctuate significantly from quarter-to-quarter based on the pretax results and distribution of income between different jurisdictions throughout the year. We are planning to open up to 23 new stores during the year, including approximately 8 stores in North America, 10 stores in Europe and 5 stores in Australia. These openings are contingent on finding the right locations with complementary economics. While that is our normal practice, challenging circumstances, such as those we are currently experiencing may cause us to reduce our store openings if we are unable to negotiate deals that achieve our financial targets.

我們目前正在規劃我們的業務，假設年有效稅率約為 50%。值得注意的是，我們預計，根據稅前結果以及全年不同司法管轄區之間的收入分配，我們的稅率將逐季度大幅波動。我們計劃年內開設多達 23 家新店，其中北美約 8 家、歐洲 10 家、澳大利亞 5 家。這些職位空缺取決於找到經濟互補的合適地點。雖然這是我們的正常做法，但如果我們無法協商實現財務目標的交易，例如我們目前正在經歷的充滿挑戰的情況，可能會導致我們減少開店數量。

We expect capital expenditures for the full 2023 fiscal year to be between $20 million and $22 million compared to $26 million in 2022. We expect that depreciation and amortization, excluding noncash lease expense, will be approximately $23 million. We are currently projecting our share count for the full year to be approximately 19.5 million diluted shares.

我們預計 2023 年整個財年的資本支出將在 2000 萬至 2200 萬美元之間，而 2022 年為 2600 萬美元。我們預計，不包括非現金租賃費用的折舊和攤銷將約為 2300 萬美元。我們目前預計全年稀釋後股票數量約為 1,950 萬股。

With that, operator, we would like to open the call up for questions.

接線員，我們想就此開始提問。

(Operator Instructions) Our first question comes from the line of Jeff Van Sinderen with B. Riley.

（操作員說明）我們的第一個問題來自 Jeff Van Sinderen 和 B. Riley 的線路。

This is Richard Magnusen, in for Jeff Van Sinderen. Can you speak more about how you planned inventory for back-to-school this year? And if you could also speak to how you are evolving your approach to promotional or just kind of merchandise packages before back-to-school?

我是理查德·馬格努森，接替傑夫·範·辛德倫。您能詳細談談今年返校庫存的計劃嗎？您能否談談在返校前如何改進促銷方式或商品包裝？

Sure. Yes, I'll try to give a little bit of color there. Obviously, Richard, as you can tell, we've really been trying to manage inventory and I give our buying teams a lot of credit here because this has been a really challenging environment. Obviously, with sales moving the way they are. So I think as we said on the call, we feel good about our inventory here leaving Q1. We talked about it being a little more aged than we were a year ago, but in a better spot than we were at the end of the year.

當然。是的，我會嘗試在那裡添加一點顏色。顯然，理查德，正如你所知，我們一直在努力管理庫存，我在這裡給予我們的採購團隊很大的信任，因為這是一個非常具有挑戰性的環境。顯然，隨著銷售的發展。因此，我認為正如我們在電話中所說，我們對第一季度的庫存感到滿意。我們談到它比一年前要老一些，但比年底時的情況更好。

So if we look at that even deeper, and then I'll get to the heart of your question, and we were to bifurcate all the categories, I think we feel even better about our inventory when we look at just the trending areas and the things that are performing pretty well. If we were -- if we look at areas like footwear, they've been a little more challenged, a little more aged, which I think kind of makes sense with what you're hearing in the marketplace.

因此，如果我們更深入地研究這個問題，然後我將觸及您問題的核心，我們要將所有類別一分為二，我認為當我們只關注趨勢領域和表現良好的事情。如果我們——如果我們看看鞋類等領域，它們會面臨更多的挑戰，更加老化，我認為這與你在市場上聽到的情況是有道理的。

So as we think about back-to-school our job as it is every year at this time is to really make those bets and things that we think are trending. And so the teams are really focused on that. They're focused on it across our offering of men's and women's and accessories and footwear and really trying to find those things that are those hot next brands.

因此，當我們考慮重返校園時，每年這個時候我們的工作就是真正做出那些我們認為流行的賭注和事情。所以團隊非常關注這一點。他們專注於我們提供的男裝、女裝、配飾和鞋類產品，並真正努力尋找那些成為熱門下一個品牌的東西。

As you know, Richard, we talked about for a long time, we'll launch 100 to 150 brands every year. So the team is focused both on the newness as well as the brands that we've been partners with for quite some time. So we're really driving that direction. We're really focused on having lots of flexibility within our inventory buying, keeping it open to buy, so we have that ability to chase trending items and then managing seasonal inventory really closely to make sure that we can move quickly. But I think we're in an advantageous position. A lot of what we do is screenable, which is pretty quick turn. So we're in a good spot there, especially with back-to-school coming up, and we're doing our best to really drive the top performance we can during a real peak season.

正如你所知，理查德，我們討論了很長時間，我們每年將推出 100 到 150 個品牌。因此，團隊既關注新鮮事物，也關注我們已經合作了一段時間的品牌。所以我們確實正在朝這個方向前進。我們非常注重庫存購買的靈活性，保持購買的開放性，這樣我們就有能力追逐流行商品，然後密切管理季節性庫存，以確保我們能夠快速行動。但我認為我們處於有利地位。我們所做的很多事情都是可以篩選的，這是非常快的轉變。因此，我們處於有利位置，尤其是在返校即將到來之際，我們正在盡最大努力在真正的旺季期間真正發揮出最佳表現。

And Richard, in terms of promotional environment, I mean, of course, we're going to anticipate that we'll see some promotional environment during the back-to-school cycle. I think that's just a good common sense at this phase. I think we feel pretty good about our position outside of -- as Chris said, there's a few areas where I think there's a glut of product in a particular category like footwear that has to be worked through. But we're going to do promotions the way we do, which is greatly honoring our brands and those brands have equity. So you will not see us do the 40% of the store thing. That's not our model. That's not what we do. And we'll be targeted in it, and we'll look at the perspective of promotions about how we provide value for our customers. And I guess, to your comment then about the bundles.

理查德，就促銷環境而言，我的意思是，當然，我們預計在返校期間會看到一些促銷環境。我認為這只是現階段的一個很好的常識。我認為我們對自己的地位感到非常滿意——正如克里斯所說，我認為在某些領域，特定類別（例如鞋類）的產品過剩需要解決。但我們將以我們的方式進行促銷，這將極大地尊重我們的品牌，而這些品牌擁有資產。所以你不會看到我們做 40% 的商店工作。那不是我們的模型。那不是我們做的。我們將以此為目標，從促銷的角度來看待我們如何為客戶提供價值。我想，對於你對捆綁包的評論。

We've also been experimenting with different ways over the last month, and we'll continue to experiment as we approach back-to-school with different ways to encourage and incent customers and employees around promoting and driving sales in the stores. So think about that from that perspective for us is we're going to honor the integrity of the quality of the brands we have, and we don't want to discount those brands that have that equity, but we'll try to work through those areas where there is an overstock and then provide value will be the perspective of us to how we provide value for our customers.

上個月我們也一直在嘗試不同的方式，隨著返校的臨近，我們將繼續嘗試以不同的方式鼓勵和激勵顧客和員工來促進和推動商店的銷售。因此，從這個角度考慮，對我們來說，我們將尊重我們擁有的品牌質量的完整性，我們不想低估那些擁有這種資產的品牌，但我們會努力解決這個問題那些庫存過剩然後提供價值的領域將是我們如何為客戶提供價值的視角。

Our next question comes from the line of Mitch Kummetz with Seaport.

我們的下一個問題來自 Mitch Kummetz 與 Seaport 的對話。

Let's start with the consumer and the stress that they're seeing on their discretionary spend. Are you seeing that having any disproportionate impact on categories. I think the footwear as being a higher price point category also hardgoods, and those were two of the more challenged categories for May. I don't know if that's the issue like but where does it really -- just go back to the glut of inventory that's in the channel.

讓我們從消費者以及他們在可自由支配支出上看到的壓力開始。您是否發現這對類別產生了不成比例的影響？我認為鞋類是價格較高的類別，也是耐用品，而這些是 5 月份面臨更大挑戰的兩個類別。我不知道這是否是問題所在，但它到底在哪裡——只要回到渠道中庫存過剩的問題上來。

I'll have -- I'll take a shot at that one, Mitch. And the high-level answer for me relative to consumers and stress by category and something like footwear is I don't believe that's actually the case. It's more trend driven. And we do have some footwear that's working. And those are areas that we'll buy, as Chris said, we'll be marketing instead going after it and buying it more deeply. And -- or we have bought it more deeply, I should say. And so I think it's a trend-driven issue as opposed to the consumer and price and inflation pressure there.

我會——我會嘗試一下，米奇。對於我來說，相對於消費者和按類別以及鞋類等產品所承受的壓力，我的高級答案是，我不相信事實確實如此。它更受趨勢驅動。我們確實有一些有效的鞋類。正如克里斯所說，這些是我們將購買的領域，我們將進行營銷，而不是追求它並更深入地購買它。而且——或者我應該說，我們已經更深入地購買了它。因此，我認為這是一個趨勢驅動的問題，而不是那裡的消費者、價格和通脹壓力。

So I think the broader discretionary pressure is about the more macroeconomic issues for our consumer. And our job, as you know, is to provide the coolest stuff, the best stuff, the best from the best brands and that's trend right and in cycle right now. So I don't think that the price point is a reflection of the challenge of, for example, a footwear category relative to the consumer.

因此，我認為更廣泛的自由裁量權壓力與我們消費者面臨的更多宏觀經濟問題有關。正如您所知，我們的工作是提供最酷的東西、最好的東西、來自最好品牌的最好東西，這是目前的趨勢和循環。因此，我不認為價格點反映了鞋類產品相對於消費者的挑戰。

And with regard to some of this...

關於其中一些...

Go ahead, Chris.

繼續吧，克里斯。

I was just going to -- the only thing I would add to that is just you asked kind of how their shopping patterns are. And I just continue -- we have seen a continued trend of what we saw across 2022 where we saw private label increase as a percent of the business, almost 600 basis points in total sales, which is really, really massive growth for us. We have seen private label in our past go over 20% and then drop down to 12% as the consumers kind of opted for branded product. And we are certainly in a cycle where that is reversing, and we're seeing kind of private label be much more sought after and I think that price conscious consumer is looking for that discount.

我只是想——我唯一要補充的是，你問了他們的購物模式是怎樣的。我繼續說，我們看到了 2022 年持續的趨勢，我們看到自有品牌佔業務的百分比有所增加，總銷售額幾乎增加了 600 個基點，這對我們來說確實是巨大的增長。我們過去看到自有品牌的比例超過 20%，然後隨著消費者選擇品牌產品而下降至 12%。我們確實處於一個正在逆轉的周期中，我們看到自有品牌更受追捧，我認為對價格敏感的消費者正在尋找這種折扣。

Great. And then, Rick, just speaking to some of the trends, you mentioned buying into some things that are working. I mean just looking at your website, you're featuring the Adidas Samba, which is a hot shoe right now. It looks like a lot of it's sold out. You've got Chunky Skate, which is kind of -- I don't want to say unique to you guys, but that would potentially play well if there's a trend there, like even on the accessories side, you're deep in (inaudible) sunglasses. It feels like there are a lot of little things that might be well positioned for you guys? I mean, how do you think about that?

偉大的。然後，里克，在談到一些趨勢時，您提到購買一些有效的東西。我的意思是只要看看你的網站，你就會看到阿迪達斯桑巴舞鞋，它現在很熱門。好像很多都賣完了你們有厚實的滑板，這有點——我不想說對你們來說是獨一無二的，但如果有一種趨勢，那麼它可能會發揮很好的作用，就像即使在配飾方面，你們也很深入（聽不清）太陽鏡。感覺有很多小事情可能適合你們？我的意思是，你對此有何看法？

Again, there are definitely things working in our business, Mitch, that the question is getting them and building the momentum around those things. And long bottoms like Chris was talking about our private label have been a tremendous success for us. And not actually at a price point, we're driving full price, full margin business there. It's the bundles that are providing the value for the consumers in that set. So there are things that are working, Mitch. And of course, as Chris said, those are the areas that we look at inventory where we're going after it. We're buying more deeply based upon what we're seeing in the patterns in the business.

再說一次，米奇，我們的業務中肯定有一些東西在起作用，問題是如何獲得它們並圍繞這些東西建立動力。像克里斯所說的我們自有品牌的長褲對我們來說是巨大的成功。實際上並不是在一個價格點上，我們正​​在推動全價、全利潤業務。正是捆綁包為該集合中的消費者提供了價值。所以有些事情正在發揮作用，米奇。當然，正如克里斯所說，這些是我們關注庫存的領域。我們根據我們在業務模式中看到的情況進行更深入的購買。

And we're -- but we just need more of those things, I think, is the answer. And relative to the drag on the business, like skate is still a drag on the business relative to the comp structure there in skate that, by the way, is a global issue, not just a North American issue. So we still have things that are dragging us backwards then when you need more of those things like you described, they're going to push us forward. And trust me, those things that you described, we're buying much more deeply. And as Chris said, anything is trending, we're going to be prepared, we'll be ready for back-to-school.

我認為，我們只是需要更多這些東西，這就是答案。相對於對業務的拖累，相對於滑板的薪酬結構而言，像滑板這樣的業務仍然是對業務的拖累，順便說一句，這是一個全球問題，而不僅僅是北美問題。因此，我們仍然有一些事情在拖我們倒退，然後當你需要更多像你所描述的那樣的事情時，它們就會推動我們前進。相信我，你所描述的那些東西，我們正在更深入地購買。正如克里斯所說，任何事情都是趨勢，我們將做好準備，為重返校園做好準備。

Okay. And then my last question, you guys continue to see strong performance in other international. And I'm just trying to better understand that. Is that you're taking a lot of market share in those markets? Are you seeing a better macro in those markets than you are in the U.S.? And then, I guess, lastly, Chris, just in terms of profitability on Blue Tomato. I know that, that's a business that's been unprofitable for a while now. I'm just curious how that's trending these days.

好的。我的最後一個問題是，你們繼續在其他國際比賽中看到強勁的表現。我只是想更好地理解這一點。您在這些市場上佔據了大量市場份額嗎？您認為這些市場的宏觀經濟狀況是否比美國更好？然後，我想，最後，克里斯，就藍番茄的盈利能力而言。我知道，這項業務已經有一段時間沒有盈利了。我只是好奇這些天的趨勢如何。

Let me start, Mitch, and then I'll let Chris jump in. All the markets, we're working on have some level of macro distress. And it's different in every market. And in some cases, it's different across countries in Europe relative to the -- what I would characterize as macro distress. And so there is in every market, but I think the difference that we have in our international markets, and again, talking about Europe and Australia is that we do, I believe, believe that we are gaining market share in these markets. And we are building units. We're opening new countries. We're seeing success as we open these new countries. So we're feeling good about that. Or in Australia, we're seeing success as we open in new states.

讓我開始吧，米奇，然後我會讓克里斯插話。我們正在研究的所有市場都存在一定程度的宏觀困境。每個市場的情況都不同。在某些情況下，歐洲各國的情況與我所說的宏觀困境有所不同。每個市場都是如此，但我認為我們在國際市場上的差異，再說一次，談到歐洲和澳大利亞，我相信我們確實相信我們正在這些市場上獲得市場份額。我們正在建造單位。我們正在開放新的國家。當我們開放這些新國家時，我們看到了成功。所以我們對此感覺良好。或者在澳大利亞，隨著我們在新州的開業，我們看到了成功。

So I feel pretty solid about where we're at there. I think our teams are executing well. So some of the sales that we've talked about in the gains are being driven by those new units that were coming into play. But we're getting gains both on the -- in the store base as well as in on the web in both, in Australia and Europe in aggregate.

所以我對我們目前的處境感到非常確定。我認為我們的團隊執行得很好。因此，我們在收益中談到的一些銷售是由那些正在發揮作用的新單位推動的。但我們在澳大利亞和歐洲的商店基礎和網絡上都獲得了收益。

So I think we feel like we're winning share. I'd like to think we're executing well. And yes, we have challenges too, relative to the economic factors. If we didn't see the distress in the markets or war in Ukraine, we could be doing a lot better in those marketplaces.

所以我認為我們感覺我們正在贏得份額。我想我們執行得很好。是的，相對於經濟因素，我們也面臨挑戰。如果我們沒有看到市場的困境或烏克蘭的戰爭，我們可能會在這些市場上做得更好。

Yes. Yes. And I just continue to add just a little bit of color to Q1 and then I'll talk a little bit more broadly about profitability. And just to remind everybody, we talked last year in 2022 about the business being up 8.8% from 2021, which was great to see gains in our business. But it was below our budgeted amount, which did cause some stress to the bottom line. And as you pointed out in your question, Mitch, we were not profitable. I think -- what was really nice to see here in Q1 is we have seen some acceleration of the business from a sales perspective, albeit we have had some challenges to margin as we tried to get inventory aligned.

是的。是的。我只是繼續為第一季度添加一點色彩，然後我會更廣泛地談論盈利能力。提醒大家一下，我們去年談到 2022 年業務將比 2021 年增長 8.8%，很高興看到我們的業務取得增長。但它低於我們的預算金額，這確實給利潤帶來了一些壓力。正如你在問題中指出的那樣，米奇，我們沒有盈利。我認為，第一季度真正令人高興的是，從銷售角度來看，我們看到了業務的一些加速，儘管在我們試圖調整庫存時，我們在利潤率方面遇到了一些挑戰。

But we're seeing some really good things within the business as we're really encouraged by some strong results in Germany and Austria, which are kind of our established markets within the region, but also really excited about some of our newer areas. We've seen Netherlands and Norway really performed quite well. and positive comparable sales in all categories in the quarter. So I think those are good things. We're operating in 8 countries now in Europe, and I think we're in a good position to grow the market as it relates to operating loss, obviously, like I said, being short of budget in 2022 created a little bit of a challenge. And we don't plan on commenting on what that's going to be this year, but we do expect, if we can stay on this current trajectory, we will definitely be ahead of where we were in 2022. And I think that sets up to the other piece of your question of just kind of long term, how we're looking at this.

但我們在業務中看到了一些非常好的事情，因為我們對德國和奧地利的一些強勁業績感到非常鼓舞，這些市場是我們在該地區的成熟市場，但也對我們的一些新領域感到非常興奮。我們看到荷蘭和挪威的表現確實非常好。本季度所有類別的可比銷售額均為正值。所以我認為這些都是好事。我們現在在歐洲 8 個國家開展業務，我認為我們處於發展市場的有利位置，因為這與運營虧損有關，顯然，就像我說的，2022 年預算不足造成了一點挑戰。我們不打算評論今年的情況，但我們確實預計，如果我們能夠保持當前的軌跡，我們肯定會領先於 2022 年的水平。我認為這將導致你的另一個問題是從長遠來看，我們如何看待這個問題。

And I think -- this is where I think we can gain some momentum here as we see these markets turn. And obviously, we have said at the end of last year, this is where there's millions of dollars, not tens of millions of dollars. So we believe we can be in a position here if we keep this trajectory to get it to breakeven and then obviously to turn it on the profitability side. So that's what we're very focused on. I think we're happy with the directory where we're at right now and for Europe. And then as it relates to Australia, this is a profitable market for us right now. We've done really well there. I think -- we have a really core position in Australia. The team has done a phenomenal job of executing, working with their brands, even establishing a private label program there. And so we're really encouraged by what we've seen in Australia. That has not been a marketplace where everybody has reported positive gains. And so we're excited about what the teams have created there. And I think we've got a real good runway to go there with growth.

我認為，當我們看到這些市場發生轉變時，我認為我們可以在這裡獲得一些動力。顯然，我們在去年年底說過，這是數百萬美元，而不是數千萬美元。因此，我們相信，如果我們保持這一軌跡，使其實現盈虧平衡，然後顯然將其轉向盈利方面，我們就能處於有利地位。這就是我們非常關注的。我認為我們對目前歐洲的目錄感到滿意。就澳大利亞而言，目前這對我們來說是一個有利可圖的市場。我們在那裡做得非常好。我認為——我們在澳大利亞擁有真正的核心地位。該團隊在執行、與品牌合作、甚至在那裡建立自有品牌計劃方面做得非常出色。因此，我們對澳大利亞所看到的情況感到非常鼓舞。這並不是一個每個人都報告積極收益的市場。因此，我們對團隊在那裡創造的東西感到興奮。我認為我們有一條真正良好的跑道來實現增長。

Our next question comes from the line of Mantero Moreno-Cheek with Jefferies.

我們的下一個問題來自 Mantero Moreno-Cheek 和 Jefferies 的對話。

This is Mantero on for Corey Tarlowe. Can you discuss where you currently are with hardgoods penetration? And how should we think about the store opening cadence for the rest of the year?

這是科里·塔洛 (Corey Tarlowe) 的曼特羅 (Mantero)。您能討論一下您目前在耐用品滲透方面的情況嗎？我們應該如何考慮今年剩餘時間的開店節奏？

Sure. Yes, I'll go ahead and talk about hardgoods and just kind of where we're at. And as we have said now for a couple of years, this has been a challenged category. We saw amazing results in 2019 and 2020. And then as we started to turn into 2021, it started to get a little bit tough. We went from 19% of sales, which was really our peak to the last couple of years, we have dropped down to 13% of sales. So we've seen pretty massive decline as a percent of the total. The first quarter here has continued to be tougher, and we've seen continued decline. And I think if that plays out, it's hard to tell where the rest of the year is going to go, but I think we would kind of be near historical lows as a percent of sales in 2023, would be what we would predict at this point based on what we know. Obviously, this is challenging to predict where the trough is because we never had a peak that high in regards to where the business grew to. So -- but that's kind of how we're trending at this point.

當然。是的，我將繼續討論耐用品以及我們目前所處的情況。正如我們幾年來所說，這是一個充滿挑戰的類別。我們在 2019 年和 2020 年看到了驚人的成果。然後，當我們開始進入 2021 年時，情況開始變得有點艱難。我們的銷售額佔比從 19%（這確實是我們的巔峰）到過去幾年下降到了 13%。因此，我們看到佔總數的百分比大幅下降。第一季度的形勢繼續嚴峻，我們看到了持續下滑。我認為，如果這種情況發生，很難判斷今年剩下的時間會走向何方，但我認為我們在 2023 年的銷售額中所佔的百分比將接近歷史低點，這將是我們對此的預測根據我們所知道的情況。顯然，預測低谷在哪裡是具有挑戰性的，因為就業務增長而言，我們從未遇到過如此高的峰值。所以——但這就是我們目前的趨勢。

Cadence of store opening...

開店節奏...

And then cadence of store openings, yes. Thank you, Rick. Right now, we would expect to see a few more of those stores open in the back half. Typically, we would say that we would open kind of like a 60%, 40% cadence before back to school and after. And I would expect that to be a little more heavy on the back end.

然後是開店的節奏，是的。謝謝你，瑞克。目前，我們預計會在下半年看到更多這樣的商店開業。通常情況下，我們會說我們會在返校前和返校後以 60%、40% 的節奏開放。我預計後端會更重一些。

And I'm showing no further questions, and I'd like to turn the conference back over to Rick Brooks for any further remarks.

我不會再提出任何進一步的問題，我想將會議轉回給里克·布魯克斯（Rick Brooks），讓他發表進一步的評論。

All right. Thank you. And again, as always, we always appreciate your interest in Zumiez. So thank you, everyone on the call with us today. And we look forward to talking with you in early September about where we're at for Q2 and the early back-to-school read. So thanks, everybody.

好的。謝謝。與往常一樣，我們始終感謝您對 Zumiez 的興趣。謝謝今天與我們通話的所有人。我們期待在 9 月初與您討論第二季度的情況以及早期返校閱讀的情況。謝謝大家。

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

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。