(ZUMZ) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Zumiez's Inc. Second 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 call includes comments including Zumiez's Inc. business outlook and contains forward-looking statements.

女士們、先生們，下午好，歡迎參加 Zumiez's Inc. 2023 財年第二季財報電話會議。 （操作員說明）。在開始之前，我想提醒大家注意公司的安全港語言。今天的電話會議包括 Zumiez's Inc. 業務前景等評論，並包含前瞻性陳述。

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 a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez's filings with the SEC. At this time, I would like to turn the call over to Rick Brooks, Chief Executive Officer. Mr. Brooks, the floor is yours.

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資訊有重大差異的許多因素的其他信息，請參閱 Zumiez 向 SEC 提交的文件。現在，我想把電話轉給執行長里克·布魯克斯(Rick Brooks)。布魯克斯先生，請發言。

Hello, everyone. 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 second quarter and the start of the back-to-school season before handing the call over to Chris, who will take you through the financials and some thoughts on the third quarter and the rest of the year.

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財務長克里斯沃克 (Chris Work)。我將在今天的電話會議開始時對第二季度和返校季節的開始進行一些評論，然後將電話交給克里斯，他將帶您了解財務狀況以及對第三季度和其餘部分的一些想法今年的。

After that, we'll open up the call to your questions. As we forecasted back in May, our results have continued to track below prior year levels. That said, our second quarter sales improved from the previous quarter trend line and finished ahead of our guidance. The operating environment in the U.S. remains challenging with significant multiyear inflationary impacts weighing on consumer discretionary spending, continued competition with spending on travel and experiences and higher levels of discounting to clear excess inventories.

之後，我們將打開電話詢問您的問題。正如我們五月的預測，我們的業績繼續低於去年同期水準。也就是說，我們第二季的銷售額較上一季的趨勢線有所改善，並且超出了我們的指導。美國的經營環境仍然充滿挑戰，多年通膨影響對消費者可自由支配支出造成壓力，旅行和體驗支出的持續競爭以及為清理過剩庫存而進行的更高水平的折扣。

While this backdrop does not set up well for our full-price selling model, we know from experience that these down cycles are temporary. And our focus is on best positioning the business to capitalize on market conditions as market conditions improve. This means staying close to our customers, adjusting our assortments to ensure we have diverse and differentiated merchandise they seek and providing the world-class customer service they've come to expect from us.

雖然這種背景不適合我們的全價銷售模式，但我們從經驗中知道，這些下行週期是暫時的。我們的重點是隨著市場狀況的改善，對業務進行最佳定位，以充分利用市場狀況。這意味著與我們的客戶保持密切聯繫，調整我們的品種，以確保我們擁有他們尋求的多樣化和差異化的商品，並提供他們期望從我們這裡得到的世界一流的客戶服務。

While we're not where we want to be from a results perspective, we made progress in the second quarter. And the work we've done this year against the plan we outlined in our earnings call in March has positioned the business for further improvement in the second half of 2023. The sequential moderation in our sales trend in Q2 has continued in the third quarter as we move into the back-to-school season and higher volumes.

雖然從結果的角度來看，我們沒有達到我們想要的目標，但我們在第二季取得了進展。我們今年根據 3 月的財報電話會議中概述的計劃所做的工作，使我們的業務在 2023 年下半年得到進一步改善。第二季度的銷售趨勢在第三季度繼續放緩，我們進入了返校季節和更高的銷量。

Through Labor Day, third quarter-to-date sales are down 7.7% compared with down 11.6% in Q2 and 17.1% in Q1. Given that back-to-school has historically been a good indicator for holiday demand, we're optimistic about continued improvement in the business through the peak selling period this coming holiday season. For the tough first half, but I'm confident that by staying the course, we will emerge from this turbulent period even stronger.

截至勞動節，第三季迄今的銷售額下降了 7.7%，而第二季和第一季分別下降了 11.6% 和 17.1%。鑑於返校歷來是假期需求的良好指標，我們對即將到來的假期銷售高峰期業務的持續改善持樂觀態度。儘管上半年很艱難，但我相信，透過堅持到底，我們將在這個動盪的時期變得更加強大。

This means being diligent with our spending, focusing on the strategic investments that we believe will create significant long-term benefit for our customers and our shareholders while managing carefully in the short term what we can control. 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; optimizing trade area 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 serve them as quickly as possible; continuing to work with brands to increase speed and flexibility, while increasing margins; investing in innovative approaches to generate human-to-human connections with our customers and engage with them in new ways that enhance the shopping experience; continuing our international expansion, with a focus on Europe and Australia.

這意味著要勤勉地支出，專注於我們相信將為我們的客戶和股東創造重大長期利益的策略投資，同時在短期內謹慎管理我們可以控制的事情。我們認為推進的一些長期策略投資非常重要，包括： 透過一流的培訓和指導對我們的員工進行持續投資；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他們提供服務，從而優化貿易區績效；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，與客戶建立人與人之間的聯繫，並以新的方式與他們互動，從而增強購物體驗；繼續我們的國際擴張，重點是歐洲和澳洲。

We know that brands emerge locally and grow globally, and our international presence provides us 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 this year, where first half comparable sales in our other international businesses increasing 8% and total sales increasing over 14%.

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客戶和品牌合作夥伴的機會。雖然我們透過在北美已經證明的許多舉措繼續優化這些運營，但我們對今年在國際上取得的進展感到滿意，上半年我們其他國際業務的可比銷售額增長了8%，總銷售額增長了14%以上%。

Before I turn the call over to Chris, I would like to thank everyone in our organization for their continued hard work and dedication. You're the foundation of our unique culture and the reason I'm certain that Zumiez's history of delivering long-term value for its shareholders will continue for years to come. With that, Chris will now discuss the financials.

在將電話轉接給克里斯之前，我要感謝我們組織中的每個人的持續辛勤工作和奉獻精神。你們是我們獨特文化的基礎，也是我確信 Zumiez 為股東提供長期價值的歷史將在未來幾年繼續下去的原因。克里斯現在將討論財務狀況。

Thanks, Rick, and good afternoon, everyone. I'm going to start with a review of our second quarter results. I'll then provide an update on our third quarter-to-date sales trends before providing some perspective on how we're thinking about the full year. Second quarter net sales were $194.4 million, down 11.6% from $220 million in the second quarter of 2022.

謝謝瑞克，大家下午好。我將首先回顧我們第二季度的業績。然後，我將提供有關我們第三季度迄今為止的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。第二季淨銷售額為 1.944 億美元，比 2022 年第二季的 2.2 億美元下降 11.6%。

Comparable sales were down 13% for the quarter. The decrease in sales was primarily driven by our North America business, offset by more favorable results for our other international business. During the quarter, we continued to see softer sales, primarily driven by ongoing inflationary pressure, increased competition for discretionary spending and higher levels of discounting in the market.

本季可比銷售額下降 13%。銷售額的下降主要是由我們的北美業務推動的，但被我們其他國際業務更有利的業績所抵消。本季度，我們繼續看到銷售疲軟，這主要是由於持續的通膨壓力、可自由支配支出的競爭加劇以及市場折扣水準提高所致。

From a regional perspective, North America net sales were $159.7 million, a decrease of 15.9% from 2022. Other international net sales, which consist of Europe and Australia, were $34.8 million, up 15.5% from last year. Excluding the impact of foreign currency translation, North America net sales increased 15.7% and other international net sales increased 11.8% compared with 2022.

從區域角度來看，北美淨銷售額為 1.597 億美元，較 2022 年下降 15.9%。包括歐洲和澳洲在內的其他國際淨銷售額為 3,480 萬美元，較去年增長 15.5%。剔除外幣換算的影響，與 2022 年相比，北美淨銷售額成長 15.7%，其他國際淨銷售額成長 11.8%。

Comparable sales for North America were down 15.8%, and comparable sales for other international were up 3.7% for the quarter. From a category perspective, all categories were down in comparable sales from the prior year during the quarter with hardgoods being our most negative, followed by footwear, accessories, women's and men's.

本季北美地區的可比銷售額下降 15.8%，其他國際地區的可比銷售額成長 3.7%。從品類角度來看，本季所有品類的可比銷售額均較上年同期下降，其中耐久財的負面影響最大，其次是鞋類、配件、女裝和男裝。

Total dollars per transaction were up for the quarter, driven by an increase in average unit retail, partially offset by a decrease in unit per transaction. Second quarter gross profit was $61.7 million compared to $75.1 million in the second quarter of last year. Gross profit as a percentage of sales was 31.7% for the quarter compared with 34.1% in the second quarter of 2022.

本季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的減少所抵消。第二季毛利為 6,170 萬美元，去年第二季毛利為 7,510 萬美元。本季毛利佔銷售額的百分比為 31.7%，而 2022 年第二季為 34.1%。

The 240 basis point decrease in gross margin was primarily driven by lower sales in the quarter, driving deleverage on our fixed costs. The key areas driving this change were as follows: store occupancy costs deleveraged by 210 basis points on lower sales volumes, product margins decreased by 70 basis points and buying and private label costs deleveraged by 20 basis points.

毛利率下降 240 個基點主要是由於本季銷售額下降，推動了我們固定成本的去槓桿化。推動這項變革的關鍵領域如下：由於銷售下降，商店佔用成本降低了 210 個基點，產品利潤率下降了 70 個基點，採購和自有品牌成本降低了 20 個基點。

These decreases to gross margin were partially offset by a decrease of 30 basis points in web shipping costs and a 30 basis point decrease in inventory shrinkage. SG&A expense was $72.2 million or 37.1% of net sales in the second quarter compared to $70.1 million or 31.8% of net sales a year ago. The 530 basis point increase in SG&A expenses as a percent of net of sales was driven by the following: 210 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 reduction; 160 basis point increase due to deleverage of non-wage store operating costs; 80 basis point increase in non-store wages; and a 60 basis point increase in training and events due to event timing.

毛利率的下降被網路運輸成本下降 30 個基點和庫存收縮下降 30 個基點部分抵消。第二季的 SG&A 費用為 7,220 萬美元，佔淨銷售額的 37.1%，而去年同期為 7,010 萬美元，佔淨銷售額的 31.8%。 SG&A 費用佔銷售額淨額的百分比增長了 530 個基點，其驅動因素如下： 增長 210 個基點，原因是銷售額下降導致商店工資去槓桿化，以及無法通過工時減少抵消的工資率增長;由於非工資商店營運成本去槓桿化，增加160個基點；非商店工資增加 80 個基點；由於活動時間安排，培訓和活動增加了 60 個基點。

Operating loss in the second quarter of 2023 was $10.5 million or 5.4% of net sales compared with operating profit of $5 million or 2.3% of net sales last year. Net loss for the second quarter was $8.5 million or $0.44 per share. This compares to net income of $3.1 million or $0.16 per diluted share for the second quarter of 2022.

2023 年第二季的營運虧損為 1,050 萬美元，佔淨銷售額的 5.4%，而去年的營運利潤為 500 萬美元，佔淨銷售額的 2.3%。第二季淨虧損為 850 萬美元，即每股虧損 0.44 美元。相比之下，2022 年第二季的淨利潤為 310 萬美元，即稀釋後每股收益 0.16 美元。

Our effective tax rate for the second quarter of 2023 was 8.5% benefit compared with 44.7% provision for income taxes in the year ago period. The decrease in our effective tax rate was primarily due to increase in net losses and allocation of those losses across the jurisdictions in which we operate. Turning to the balance sheet.

我們 2023 年第二季的有效稅率為 8.5%，而去年同期的所得稅撥備為 44.7%。我們的有效稅率下降主要是由於淨虧損增加以及這些虧損在我們經營所在司法管轄區的分配。轉向資產負債表。

The business ended the quarter in a strong financial position. We had cash and current marketable securities of $140 million as of July 29, 2023, compared to $166.2 million as of July 30, 2022. The $26.2 million increase in cash and current marketable securities over the trailing 12 months was driven primarily by capital expenditures of $27.3 million.

該業務在本季結束時財務狀況良好。截至2023 年7 月29 日，我們的現金和流動有價證券為1.4 億美元，而截至2022 年7 月30 日為1.662 億美元。過去12 個月現金和流動有價證券增加2620 萬美元，主要是由資本支出推動的2730萬美元。

As of July 29, 2023, we have no debt on the balance sheet and continue to maintain our full unused credit facility. We ended the quarter with $156.7 million in inventory, up 3.7% compared to $151.1 million last year. Inventory growth was driven primarily by store count increases in our international business, while inventory in North America is down 3.5% from the prior year.

截至 2023 年 7 月 29 日，我們的資產負債表上沒有債務，並繼續維持全部未使用的信貸額度。本季末，我們的庫存為 1.567 億美元，比去年的 1.511 億美元成長了 3.7%。庫存成長主要是由我們國際業務的商店數量增加所推動的，而北美的庫存較上年下降了 3.5%。

On a current constant currency basis, our inventory levels were up 2.3% from last year. Now from -- to our third quarter-to-date results. Net sales for the 37-day period ended September 4, 2023 decreased 7.7% compared to the same 37-day period in the prior year ended September 5, 2022. Comparable sales for the 37-day period in September 4, 2023 were down 8.6% from the comparable period in the prior year.

以目前固定匯率計算，我們的庫存水準比去年增加了 2.3%。現在是我們第三季迄今的業績。截至2023年9月4日的37天期間的淨銷售額與截至2022年9月5日的上一年同期的37天期間相比下降了7.7%。截至2023年9月4日的37天期間的可比較銷售額下降了8.6%與上年同期相比的百分比。

From a regional perspective, net sales for our North America business for the 37-day period ended September 4, 2023, decreased 10.1% over the comparable period last year. And other international business increased 14.7% versus last year. Excluding the impact of foreign currency translation, North America net sales decreased 9.9% and other international net sales increased 8.5% compared with 2022.

從地區角度來看，截至2023年9月4日的37天期間，我們的北美業務淨銷售額比去年同期下降了10.1%。其他國際業務較去年增長14.7%。剔除外幣換算的影響，與 2022 年相比，北美淨銷售額下降 9.9%，其他國際淨銷售額成長 8.5%。

From a category perspective, the men's category had a positive comp for the 37-day period ended September 4, 2023, while all other categories were negative. Footwear was our most negative category followed by women's, accessories and hardgoods. Total dollars per transaction were up for the period, driven by an increase in both average unit retail and units per transaction. With respect to our outlook for the third quarter of fiscal 2023, I want to remind everyone that formerly in our guidance involves some inherent uncertainty and complexity in estimated sales, product margin and earnings growth given the variety of internal and external factors that impact our performance.

從類別角度來看，截至 2023 年 9 月 4 日的 37 天期間，男子類別的收入為正，而所有其他類別均為負。鞋類是我們最負面的類別，其次是女裝、配件和耐用品。由於平均零售單位數和每筆交易單位數的增加，該期間每筆交易的總金額有所增加。關於我們對2023 財年第三季的展望，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，我們先前的指導意見涉及預計銷售額、產品利潤率和盈利增長的一些固有的不確定性和複雜性。

Our Q3-to-date results have continued to show incremental progress to the trends experienced in the first and second quarter, but are still trending below year ago levels as consumer demand remains under pressure from the continued impact of high inflation on discretionary spending.

我們第三季迄今的業績繼續顯示出第一季和第二季所經歷的趨勢的逐步進展，但仍低於去年同期的水平，因為高通膨對可自由支配支出的持續影響，消費者需求仍然面臨壓力。

With that in mind, we are planning total sales for the third quarter will be between $211 million and $216 million. We expect that our third quarter 2023 product margins will be down slightly from the third quarter of fiscal 2022, due primarily to the mix of sales year-over-year. Consolidated operating margins for the third quarter are expected to be between negative 1.5% and negative 2.5%.

考慮到這一點，我們計劃第三季的總銷售額將在 2.11 億美元至 2.16 億美元之間。我們預計 2023 年第三季的產品利潤率將比 2022 財年第三季略有下降，這主要是由於同比銷售情況的影響。第三季綜合營業利潤率預計在負 1.5% 至負 2.5% 之間。

And we anticipate a loss of $0.15 to $0.25 per share. Similar to the first half, the decline in earnings is largely due to deleveraging 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 store that are driven by mall operating hours, fixed payroll costs across the business and other corporate costs.

我們預計每股虧損 0.15 至 0.25 美元。與上半年類似，獲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掛鉤，例如佔用費用、商店的基本營業時間（由商場營業時間驅動）、整個業務的固定工資成本和其他企業成本。

As has been our practice this year, we are refraining from giving specific annual financial guidance due to the uncertainty and volatility in the macro environment, but I do want to provide some context around how we currently believe the business will trend throughout the year. We have seen the trend line of sales results to prior year get stronger as we have moved through 2023 and expect that to continue as we move through the back half of the year when compared to fiscal '22 results.

正如我們今年的做法一樣，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財務指導，但我確實想提供一些有關我們目前認為全年業務趨勢的背景資訊。隨著 2023 年的到來，我們看到與前一年相比的銷售業績趨勢線變得更強，並且與 22 財年的業績相比，預計到今年下半年，這種趨勢線將繼續下去。

In fiscal 2022, product margins were down 50 basis points from the prior year after 6 consecutive years of growth. The majority of this year-over-year decrease was driven by our fourth quarter 2022 product margin, which was impacted by increased discounting as we work to rightsize the inventory balance. We anticipate the front half of 2023 would also run down in product margin as we continue to work through aged inventory, and the market remains promotional.

2022財年，產品利潤率在連續6年成長後較上年下降50個基點。年比下降的主要原因是我們 2022 年第四季的產品利潤率，這受到我們努力調整庫存餘額時折扣增加的影響。我們預計 2023 年上半年產品利潤率也將下降，因為我們繼續處理老化庫存，而且市場仍在促銷。

For the first 6 months of fiscal 2023, margin decreased 70 basis points from the first half of 2022, which included the mix impact of our international business, which has a lower product margin and is growing as a percentage of total sales. As we transition to the back half of the year, we believe that product margins could stabilize as inventories come in line and comparisons get easier.

2023 財年的前 6 個月，利潤率比 2022 年上半年下降了 70 個基點，其中包括我們國際業務的綜合影響，該業務的產品利潤率較低，但佔總銷售額的百分比正在增長。隨著下半年的過渡，我們相信，隨著庫存趨於一致且比較變得更加容易，產品利潤率可能會趨於穩定。

Our model is sensitive to sales fluctuations, and we have seen deleverage as sales decline in fiscal 2022 and also year-to-date in fiscal 2023, while the opposite was true in 2021 when we experienced record sales and operating margin driven by meaningful leverage. We continue to diligently manage expenses as we navigate this current environment and are positioned to take advantage when conditions improve.

我們的模型對銷售波動很敏感，隨著2022 財年和2023 財年迄今為止的銷售額下降，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經歷了創紀錄的銷售和營業利益率。在應對當前環境的過程中，我們將繼續努力管理費用，並準備在情況改善時利用這一優勢。

We have seen a reduction in our bottom line results during 2022 and 2023, creating significant variability in our consolidated tax rate. This is tied to the distribution of income across our current tax jurisdictions. Given this, we are expecting a tax expense could be in excess of pretax income for the full year.

我們發現 2022 年和 2023 年的利潤有所下降，導致我們的綜合稅率顯著變化。這與我們目前稅收管轄區的收入分配有關。有鑑於此，我們預計全年稅收支出可能超過稅前收入。

We are planning to open 19 new stores during the year, including approximately 5 stores in North America, 10 stores in Europe and 4 stores in Australia. We expect capital expenditures for the full 2023 fiscal year to be between $19 million and $21 million compared to $26 million in 2021 -- 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. With that, operator, we'd like to open the call up for questions.

我們計劃在年內開設 19 家新店，其中北美約 5 家，歐洲 10 家，澳洲 4 家。我們預計2023 年整個財年的資本支出將在1,900 萬至2,100 萬美元之間，而2021 年至2022 年為2,600 萬美元。我們預計，不包括非現金租賃費用的折舊和攤提將約為2,300萬美元。我們目前預計全年稀釋後股票數量約為 1,950 萬股。接線員，我們想就此開始提問。

(Operator Instructions). Our first question for today will be coming from Mitch Kummetz of Seaport.

（操作員說明）。我們今天的第一個問題將來自 Seaport 的 Mitch Kummetz。

I've got 3 of them. Chris, on the sales guide, I think the range you gave that has sales down. And I think that's -- let's see here, 9% to 11%, and you're running better than that quarter-to-date. So that obviously implies that you expect tougher results in the rest of September and into October. Could you maybe just address that? And I'm also curious, now that you're kind of post peak back-to-school, have you seen some softening maybe in the weekly numbers since possibly kind of mid-August?

我有 3 個。克里斯，在銷售指南上，我認為你給出的範圍導致銷量下降。我認為——讓我們看看，9% 到 11%，而且你們的運行情況比本季迄今為止要好。因此，這顯然意味著您預計 9 月剩餘時間和 10 月的結果會更艱難。你能解決這個問題嗎？我也很好奇，現在你已經回到學校高峰期了，你是否看到自八月中旬以來每週的數據有所放緩？

Sure, Mitch. I'll try to take a crack at that. So -- and you're right, the guide that we gave is down 9% to 11%, which is slightly worse than what our run rate has been. And I think as we've worked through August and kind of the back-to-school season, I would tell you, we are encouraged that our trend line has accelerated from where we were in Q2, but it was choppy.

當然，米奇。我會嘗試一下。所以——你是對的，我們給的指導值下降了 9% 到 11%，這比我們的運行率略差。我認為，隨著我們度過了八月和返校季節，我會告訴你，我們的趨勢線從第二季的水平開始加速，但很不穩定，這讓我們感到鼓舞。

And I think it started a little softer. Weeks 2 and 3 were our best weeks and in the last couple of weeks have been a little bit softer. And we've looked at that a few different ways. Obviously, the timing of when different markets go back to school have some pull on kind of what the overall results were. But we're also looking at it from a greater sense of knowing the need base of back-to-school shopping and where that's at.

我認為它開始時有點柔和。第 2 週和第 3 週是我們表現最好的幾週，而過去幾週的情況則有所緩和。我們用幾種不同的方式來看待這個問題。顯然，不同市場重返校園的時間會對整體結果產生一定的影響。但我們也從更廣泛的意義上來看待它，了解返校購物的需求基礎及其所在。

And our historical results would tell us that typically, when you get out of peak, you'll see a little bit less demand. And so we're sort of buffering the current run rate for that under the assumption of just kind of where the market's at. And hopefully, as we try to do is it's the guidance that we can beat.

我們的歷史結果告訴我們，通常情況下，當你擺脫高峰時，你會發現需求會稍微減少。因此，我們在假設市場所處位置的情況下緩衝了目前的運行速度。希望我們能夠超越這項指導。

Okay. And then I know you're not providing specific guidance beyond 3Q, but you talked about kind of the improvement in the run rate. When I look at the trajectory on your sales growth down 17% 1Q, down 12% 2Q, the midpoint of 3Q is down 10%. Are you thinking that 4Q sales growth will land somewhere kind of in the, I don't know, upper mid- to lower high single-digit negative range? Is that kind of the trajectory that you think the business is on?

好的。然後我知道您沒有提供第三季度之後的具體指導，但您談到了運行率的改進。當我觀察你們的銷售成長軌跡時，第一季下降了 17%，第二季下降了 12%，第三季的中點下降了 10%。您是否認為第四季的銷售成長將落在（我不知道）中上至下高個位數負值範圍內？您認為這就是企業的發展軌跡嗎？

Yes. I'm going to stay away from giving specific fourth quarter guidance. I think what I would say is this, as we look at Q4, we've historically been able to take a lot away from back-to-school, kind of in the trends of the business and what we've seen happening. And I'll tell you, even though this is a softer back-to-school for us, we look back at the quarter-to-date and what we've learned and I think it would continue to tell us that we have a good trend line going into Q4.

是的。我將不再提供具體的第四季指引。我想我想說的是，當我們看到第四季時，我們歷來能夠從返校中學到很多東西，在業務趨勢和我們所看到的情況方面。我會告訴你，儘管這對我們來說是一個較為溫和的返校季，但我們回顧本季度至今以及我們所學到的東西，我認為這將繼續告訴我們，我們有一個進入第四季度的良好趨勢線。

So as we think about the sequential sales improvement from Q3 to Q4, we're currently planning Q4, which should be much stronger than what we've seen from Q1 to Q2 and now from Q2 to the Q3 guidance that we've given. So we do expect this trend line to improve. Those beliefs are based on a few things: first, I think our continued ability to drive stronger results.

因此，當我們考慮從第三季度到第四季度的連續銷售改善時，我們目前正在規劃第四季度，這應該比我們從第一季到第二季度以及現在從第二季度到我們給出的第三季的指導要強得多。因此，我們確實預期這條趨勢線將會改善。這些信念是基於以下幾點：首先，我認為我們有持續取得更強勁成果的能力。

I think as we kind of break down back-to-school, further, we're really encouraged. Men's is our largest category, 50% of the business, was our best-performing category in Q2. And then turned positive during back-to-school. And we view that as a really a good indicator for where the business is at. I mean, Mitch, you've followed the company for some time.

我認為，當我們回到學校時，我們會更加崩潰，我們真的受到了鼓舞。男裝是我們最大的品類，佔業務的 50%，是我們第二季表現最好的類別。然後在返校期間轉為陽性。我們認為這確實是衡量業務狀況的一個很好的指標。我的意思是，米奇，你關注公司已經有一段時間了。

I mean, if we look back at '08 and '09 and kind of how we climbed out of those times and even 2015 and '16, which were softer for us, men's was a huge catalyst for that. So I think we're really encouraged by that. We're encouraged by what we saw from the customer during the period. I mean, transactions was our problem during back-to-school.

我的意思是，如果我們回顧 08 年和 09 年，以及我們如何走出那些時代，甚至是 2015 年和 16 年，這對我們來說比較溫和，男裝是一個巨大的催化劑。所以我認為我們對此感到非常鼓舞。在此期間從客戶那裡看到的情況讓我們深受鼓舞。我的意思是，交易是我們返校期間的問題。

We saw increased AUR and actually units when the consumer was shopping, which I think was another good turn that we saw in the back-to-school season. So that gives us some confidence heading in. And then obviously, as we think about just the compares and how we move into the fourth quarter, Q4 of 2022 was our softest compared to really historical kind of pre-pandemic results.

當消費者購物時，我們看到了 AUR 和實際單位的增加，我認為這是我們在返校季節看到的另一個好轉。因此，這給了我們一些信心。顯然，當我們考慮比較以及如何進入第四季度時，與疫情前的歷史結果相比，2022 年第四季是我們最疲軟的。

And so we do believe that some of the bigger drags on the business that have been more challenged around footwear and hardgoods, they just soften as we get into the fourth quarter. So I think that gives us some comfort that we could see a good incremental step up in the fourth quarter. And obviously, not giving guidance at this time, but we'll give more -- honed in on that here when we report at the end of November.

因此，我們確實相信，鞋類和耐用品方面對業務造成的一些更大的拖累受到更大的挑戰，隨著進入第四季度，它們只會減弱。因此，我認為這給了我們一些安慰，我們可以看到第四季度的良好增量。顯然，目前不會提供指導，但我們將在 11 月底報告時提供更多指導。

All right. That's helpful color. I appreciate that. And then lastly, just on the SG&A, especially thinking about it from a dollar standpoint. So SG&A dollars were up $2 million in 2Q versus last year. That follows, I think, 4 consecutive quarters where the dollar SG&A was actually down year-over-year. So how are you thinking about that in 3Q like from a dollar standpoint?

好的。這是有用的顏色。我很感激。最後，關於SG&A，特別是從美元的角度來考慮。因此，第二季的 SG&A 費用比去年增加了 200 萬美元。我認為，接下來的四個季度，美元銷售管理及管理費用實際上比去年同期下降。那麼，從美元的角度來看，您如何看待第三季的情況？

And is there sort of a run rate to kind of think about SG&A dollars going forward? Like I know you're not giving 4Q guidance, so you probably don't want to talk about next year, but -- like should we be thinking about SG&A dollars higher next year than this year? Or is there a chance that you can actually take that down just from like a cost-cutting standpoint? So I guess a couple of questions there.

是否有某種運行率來考慮未來的SG&A 美元？就像我知道你沒有給出第四季度的指導，所以你可能不想談論明年，但是——例如我們是否應該考慮明年的銷售管理費用比今年更高？或者你有可能從削減成本的角度真正將其取消？所以我想有幾個問題。

Yes. Yes, there's quite a bit there. So what I'll try to do is kind of talk high level about how we think about SG&A and then obviously, how it pertains to where we're at today. So as I think about SG&A, we have a highly fixed business. Fixed costs, both within the store system as well as our corporate overhead and web and things like that.

是的。是的，那裡有很多。因此，我將嘗試做的是從高層角度討論我們如何看待 SG&A，然後顯然，它與我們今天的處境有何關係。因此，在我看來，SG&A 是一個高度固定的業務。固定成本，包括商店系統內以及我們的公司管理費用和網路等。

So this has created some challenges, as you know, in 2022 and 2023 of just -- with the sales coming down, the deleverage in the business also is part of the reason we were able to leverage so well in 2021 when we saw increased sales. I think as we look at 2022 SG&A, and I do think sometimes it's important to step back and look at full year SG&A, it was up 1.8% compared to 2021 -- I'm sorry, down 1.8% compared to 2021.

因此，正如您所知，這在2022 年和2023 年帶來了一些挑戰——隨著銷售額的下降，業務的去槓桿化也是我們能夠在2021 年看到銷售額增長時如此良好地利用槓桿的部分原因。我認為，當我們審視 2022 年的 SG&A 時，我確實認為有時退後一步看看全年的 SG&A 很重要，它比 2021 年增長了 1.8%——很抱歉，比 2021 年下降了 1.8%。

And it was up 4.6% compared to 2019, which as we look back and we looked at inflation and where the cost structures have gone over that time period, I think we saw that as being fairly positive. As we looked at the first 6 months of this year, SG&A was up about 0.6%. So I think, again, we're feeling pretty good. The Q3 guide includes a little higher run rate, which is really around some timing of spend things, and we are continuing to invest in the business.

與 2019 年相比，增長了 4.6%，當我們回顧通貨膨脹以及該時期的成本結構時，我認為我們認為這是相當積極的。據我們觀察，今年前 6 個月，SG&A 成長了約 0.6%。所以我想，我們感覺很好。第三季指南包括稍高的運行率，這實際上是圍繞一些支出時間安排的，我們將繼續投資於該業務。

I think that's an important distinction for where we're at. Obviously, our results are tougher, but we do continue to believe there's good value long term in investing through these cycles. We've built a really strong balance sheet. I think we're in a good financial position. That being said, we're being very prudent about how we think about it, too.

我認為這是我們所處位置的一個重要區別。顯然，我們的結果更加艱難，但我們仍然相信，從長遠來看，在這些週期中進行投資具有良好的價值。我們已經建立了非常強大的資產負債表。我認為我們的財務狀況良好。話雖這麼說，我們對這個問題的看法也非常謹慎。

To your point, managing fixed costs everywhere, it's possible. I think we're really rethinking our store payroll model and where we have hours there to try to pull back as much as possible. And in certain departments and areas of the business, leaving open positions open. I think those are all things that we've looked at, while trying not to cut things that are long term for the business.

就您而言，管理各地的固定成本是可能的。我認為我們確實正在重新考慮我們的商店工資模式，以及我們在那裡有多少時間來嘗試盡可能減少工資。並在某些部門和業務領域保留空缺職位。我認為這些都是我們已經考慮過的事情，同時盡量不削減對業務長期有利的事情。

I think as we look forward, what you should expect from us is we've got to grow sales at a much greater growth factor than SG&A. And because we have not done tons of substantial cuts to SG&A, I think we still feel like we've got the right balance to be able to drive sales going forward. So that's really our focus. That will be our drive as we move into 2024.

我認為，當我們展望未來時，您應該對我們的期望是，我們必須以比 SG&A 更大的成長係數來成長銷售額。而且因為我們沒有大幅削減銷售、管理費用，我認為我們仍然覺得我們已經取得了適當的平衡，能夠推動未來的銷售。這確實是我們的重點。當我們進入 2024 年時，這將是我們的動力。

And I think as we look at SG&A overall, for 2023, we won't see huge growth. What we'll see is some of the inflationary pressures that are really hitting lots of people in the industry.

我認為，當我們整體審視 SG&A 時，2023 年我們不會看到巨大的成長。我們將看到一些真正打擊該行業許多人的通膨壓力。

And we have our next question will be coming from Jeff Van Sinderen of B. Riley.

我們的下一個問題將來自 B. Riley 的 Jeff Van Sinderen。

Wonder if you guys could talk a little bit about what you're seeing in the sales and margin performance of your private label product.

想知道你們是否可以談談你們所看到的自有品牌產品的銷售和利潤表現。

Yes. I'll go ahead and talk about it just kind of from a numbers perspective and obviously, welcome Rick to chime in. I think one of the things we've talked about throughout this year is our consumer really seeking value. And we are -- I think we've seen that in the external market, it's clearly -- surely been clear in our business too.

是的。我將繼續從數字的角度來討論這個問題，顯然，歡迎里克插話。我認為我們今年討論的事情之一是我們的消費者真正尋求價值。我認為我們已經在外部市場上看到了這一點，這在我們的業務中也很明顯。

Private label as a percent of the business has continued to climb. We've seen it from 2022 -- throughout 2022 and now into the first quarter and second quarter of this year and then pretty substantially here in the third quarter to date, which you'd expect in back-to-school and where we're at. And I think we are really proud of our teams and how they have executed here because while there's certainly a value play here, I think our teams have also done a really good job bringing great product to market.

自有品牌佔業務的百分比持續攀升。我們從2022 年開始就看到了這種情況——整個2022 年，現在進入今年第一季和第二季度，然後在第三季度迄今為止，這一情況相當明顯，這是您在返校時所期望的，我們在哪裡重新在。我認為我們真的為我們的團隊以及他們在這裡的執行方式感到自豪，因為雖然這裡肯定有價值，但我認為我們的團隊也做得非常好，將出色的產品推向市場。

So we've seen that really resonate both in our tops and bottoms business, but in other areas as well, but that's the primary drivers on the apparel side. So overall, I think seeing really good private label trends. I think we've been able to do some things with bundling and packages in our stores related to private label as well, which has been beneficial.

因此，我們看到這在我們的上衣和下裝業務以及其他領域確實引起了共鳴，但這是服裝方面的主要驅動力。總的來說，我認為看到了非常好的自有品牌趨勢。我認為我們已經能夠在我們的商店中透過捆綁和包裝做一些與自有品牌相關的事情，這是有益的。

And we're also seeing the growth internationally, too. And so we're encouraged by that with some of the brands really working in Europe. And our Fast Times and Australia team also has some private label that they're pushing as well. So overall, I think we're pretty encouraged by what we're seeing in that area of the business.

我們也看到了國際上的成長。因此，我們對一些在歐洲真正運作的品牌感到鼓舞。我們的 Fast Times 和澳洲團隊也正在推廣一些自有品牌。總的來說，我認為我們對該業務領域所看到的感到非常鼓舞。

And I'd only add, Jeff, that I think this -- what Chris has just described is what's driving. And the success of our bundling promotions is what's driving the UPT gains, and that's why I'm so proud of our sales teams is that they're using that with our customers coming in the door. And we generated not only how we had the AUR gains to continue, but we've seen, again, UPTs start to increase in back-to-school, which is, I think, a credit to our team -- our sales team to put those bundles, to sell those bundles and to have some of our highest now dollars per transaction (inaudible) ever at back-to-school, which I think speaks well to how we're positioned with our core consumer.

傑夫，我只想補充一點，我認為克里斯剛才描述的是驅動因素。我們捆綁促銷的成功推動了 UPT 收益，這就是為什麼我對我們的銷售團隊感到如此自豪，因為他們正在與我們的客戶一起使用這一點。我們不僅創造瞭如何繼續獲得 AUR 收益，而且我們再次看到 UPT 開始在返校期間增加，我認為這是我們團隊的功勞——我們的銷售團隊放置這些捆綁包，出售這些捆綁包，並在返校時獲得我們目前最高的每筆交易美元（聽不清楚），我認為這很好地說明了我們如何定位我們的核心消費者。

That's helpful. Just as a follow-up to that, and I don't know -- I'm not sure you really break this out often, but just wondering if there's any color you can give us on kind of where the concentration of private label is running at this point.

這很有幫助。作為後續行動，我不知道——我不確定你是否真的經常打破這個問題，但只是想知道你是否可以給我們一些關於自有品牌集中度的顏色此時正在運行。

Yes. I can speak to that. We are about 21.5% through the second quarter compared to about 17% last year. So it's about 450 basis point increase year-over-year as a penetration of total sales.

是的。我可以談談。到第二季度，我們的成長率約為 21.5%，而去年約為 17%。因此，總銷售額的滲透率年增約 450 個基點。

Okay. Interesting. And then I have sort of an off-tick -- off question for you guys. But I'm just wondering how you're handling getting people back to the office at this point. I know that out there, we're hearing some resistance. What's your latest policy to get folks back to the office?

好的。有趣的。然後我有一個不太重要的問題要問你們。但我只是想知道你現在如何處理讓人們回到辦公室。我知道我們聽到了一些阻力。讓員工重返辦公室的最新政策是什麼？

We have steadfastly, throughout the entire pandemic period and into where we're at today, Jeff, we've always considered ourselves to be an office environment where people are going to be here. Of course, our store players are in the office every day as are our DC teams in the office every day down in our DC facility.

傑夫，在整個大流行期間以及我們今天所處的位置，我們一直堅定不移地認為自己是一個人們將在這裡的辦公環境。當然，我們的商店員工每天都在辦公室，我們的 DC 團隊每天都在 DC 設施的辦公室。

So we believe that collaboration is key at central so that throughout the pandemic, whatever the rules were, we definitely follow them, but if we could have 50% capacity. We're rotating everyone in 50-50 over alternating weeks. And so pretty much for us, everyone's back. We have some exceptions for certain specific situations, but pretty much on the fall, we've been back.

因此，我們認為合作是關鍵，因此在整個大流行期間，無論規則是什麼，我們都一定會遵守它們，但前提是我們能夠擁有 50% 的產能。我們將每隔幾週對每個人進行 50 到 50 人的輪換。對我們來說，每個人都回來了。對於某些特定情況，我們有一些例外，但幾乎在秋天，我們又回來了。

Okay. Good to hear. And then I have one more sort of broader question for you. I think you were kind of running on average about an 8% to 10% operating margin, call it pre-COVID. But of course, we have elevated labor expenses now and other inflationary inputs. What do you think is a normalized operating margin for the company? Are we looking now probably mid-single digit, do you think?

好的。很高興聽到。然後我還有一個更廣泛的問題想問你。我認為你們的平均營業利潤率約為 8% 至 10%，稱之為新冠疫情之前。但當然，我們現在增加了勞動成本和其他通膨投入。您認為公司的正常營業利益率是多少？您認為我們現在的估值可能是中個位數嗎？

Or just assuming sort of modest sales recovery, call it, maybe a mid-single-digit positive comp, all else being roughly equal, how do you think about that?

或者只是假設某種程度的銷售復甦，稱之為，也許是中個位數的正補償，其他所有條件大致相同，您對此有何看法？

Yes. I mean, Jeff, we've done a lot of work around this. And obviously, the step back we've had in the last couple of years has been super challenging. But as we break it down, we've broken it down lots of different ways, I really believe it's generally sales related. And this is the bigger challenge in our business.

是的。我的意思是，傑夫，我們已經為此做了很多工作。顯然，我們在過去幾年中所經歷的退一步是非常具有挑戰性的。但當我們分解它時，我們用很多不同的方式分解它，我真的相信它通常與銷售有關。這是我們業務中更大的挑戰。

And we actually -- if you -- coming out of '14 and '15, we had talked about getting back to high single digits from an operating profit perspective. We were able to accomplish that. We actually got into double digits. And I think we still believe, over the long term, if we can get sales right and there are other things in the business that help offset some of the inflation, we've been able to drive product margin higher.

實際上，如果你從 14 年和 15 年走出來，我們曾討論過從營業利潤的角度回到高個位數。我們能夠做到這一點。我們實際上達到了兩位數。我認為我們仍然相信，從長遠來看，如果我們能夠實現正確的銷售，並且業務中還有其他事情有助於抵消部分通貨膨脹，我們就能夠提高產品利潤率。

We've been able to -- we have an international business that still has a lot of growth around it that I think that high single-digit goal is still achievable, and that's really our push. And that's our drive as we think about the business recovering and seeing the sales come back is trying to build a model that will get to that high single digits and obviously, hopefully, potentially beyond. But I think that still seems realistic in our heads.

我們已經能夠實現——我們的國際業務仍然有很大的成長，我認為高個位數的目標仍然可以實現，這確實是我們的推動力。當我們考慮業務復甦並看到銷售額回升時，這就是我們的動力，我們試圖建立一個模型，該模型將達到高個位數，並且顯然希望有可能超越這個數字。但我認為這在我們看來仍然是現實的。

(Operator Instructions). The next question will be coming from Corey Tarlowe from Jefferies.

（操作員說明）。下一個問題將由傑富瑞 (Jefferies) 的科里·塔洛 (Corey Tarlowe) 提出。

Great. I think you cited some encouraging trends in men's. I was wondering if there's anything into back-to-school or into the third quarter that has maybe surprised you from a category or fashion trend standpoint that you can talk about?

偉大的。我想你提到了一些令人鼓舞的男裝趨勢。我想知道，從類別或時尚趨勢的角度來看，返校或第三季是否有任何事情可能讓您感到驚訝，您可以談談？

I'll start and let Chris add in, Corey. And I guess our -- one of these we've already talked about, which is the strength of our private label business. And I think that is clearly a strong trend driven business. I think as Chris said earlier, our teams have done a really good job here of being on trend and on cycle.

我將開始並讓克里斯加入，科里。我想我們的——我們已經討論過的其中之一，就是我們自有品牌業務的優勢。我認為這顯然是一個強大的趨勢驅動業務。我認為正如克里斯之前所說，我們的團隊在緊跟潮流和循環方面做得非常好。

And of course, we had to plan for that. This isn't in our -- most of these private label categories are cut and sew categories. So this is something we planned for back-to-school, but I think executed well by our private label product teams and then executed really well with our overall team strategy and the bundling that worked both in stores and online for providing value for our customers and driving DPTs in the process as well as driving margin.

當然，我們必須為此做好計劃。這不在我們的範圍內——大多數自有品牌類別都是裁剪和縫紉類別。所以這是我們為返校計劃的事情，但我認為我們的自有品牌產品團隊執行得很好，然後我們的整體團隊策略以及在商店和網上都有效的捆綁銷售為我們的客戶提供了價值並推動流程中的DPT 以及利潤率。

The other I'd call out for you and -- so that's a big driver definitely for men's too. The other one I'd call out for here, I think that's important is -- and I think exciting for us is the emerging brands. And we feel very encouraged about our pipeline in emerging brands here in 2023, and we have seen sequential improvement month-over-month in terms of brands launched in '22 and '23, gaining share within our total sales mix.

另一個我會為你呼籲——所以這對男士來說絕對是一個巨大的推動力。我想在這裡提出的另一個問題是，我認為這很重要，而且我認為令我們興奮的是新興品牌。我們對 2023 年新興品牌的管道感到非常鼓舞，我們看到 22 年和 23 年推出的品牌逐月連續改善，在我們的總銷售組合中獲得了份額。

And that continued on into the back-to-school season. So that's the other aspect that turned our printables business positive in back-to-school. So that -- if you want to look at the real driver behind men's, it's though getting positive for the back-to-school season, it's those 2 things: the quality of our on-trend private label product; the quality of our sales teams in selling multiple units; and combine that with newness on the brand side and improved -- dramatic improvement in our screenable business.

這種情況一直持續到返校季。這是使我們的印刷品業務在返校後取得積極進展的另一個方面。因此，如果你想了解男裝背後的真正推動力，那就是返校季節的積極因素，那就是這兩件事：我們流行的自有品牌產品的品質；我們的銷售團隊銷售多個產品的品質；並將其與品牌方面的新穎性相結合，並改善我們的可放映業務的顯著改善。

And so I'm really -- I think that's another that's exciting for us as we think about this internally is we're hoping, of course, we can continue to see that month-over-month sequential growth and that these brands launched in '22 and '23 can continue to be growth drivers within the printable -- screenables areas of our business.

所以我真的 - 我認為這對我們來說是另一個令人興奮的事情，因為我們在內部思考這個問題，當然，我們希望我們能夠繼續看到逐月連續增長，並且這些品牌在“22”和「23」可以繼續成為我們業務的可印刷-可篩選領域的成長動力。

Great. That's very helpful. And just on product margins, you gave some helpful color as to how they've trended over the last couple of quarters, could you maybe unpack for us how you're thinking about promotions ahead and how you think about product margins into the back half and how that might unfold as we head into holiday?

偉大的。這非常有幫助。僅在產品利潤方面，您就過去幾季的趨勢提供了一些有用的信息，您能否為我們解釋一下您如何考慮未來的促銷活動以及您如何考慮後半段的產品利潤當我們進入假期時，這會如何展開？

Sure. Yes, just as we think about product margin, we mentioned in our prepared comments, we were down 70 basis points year-to-date. And what I would just add to that is, obviously, the mix component that we talked about is pretty significant. When you have an international business comping up and growing sales and obviously, our domestic business is more challenged.

當然。是的，就像我們在考慮產品利潤時一樣，我們在準備好的評論中提到，今年迄今我們下降了 70 個基點。我要補充的是，顯然，我們討論的混合組件非常重要。當國際業務不斷成長並增加銷售額時，顯然我們的國內業務面臨更大的挑戰。

And given that the international margin is quite substantially lower than our domestic margins. So when -- even when we say down 70 basis points, the lion's share of that is really a mix challenge versus actually product margin decline. So as we look forward, part of what we knew coming into this year is that we would have some product margin challenges.

鑑於國際利潤率遠低於我們的國內利潤率。因此，即使我們說下降 70 個基點，其中最大的部分實際上是混合挑戰與實際產品利潤率下降。因此，展望未來，我們知道今年我們將面臨一些產品利潤挑戰。

We had some inventory to clear out as of the end of last year, and we saw some of that even added into that 70 basis points down as we move through inventory in the first half. Now as we transition into the back half, we do think we have some opportunity in product margin. Now I think it'll be down slightly in the third quarter, again, tied to just mix and also tied to some clearing that we're doing specifically in the area of footwear.

截至去年年底，我們有一些庫存需要清理，而且我們在上半年清理庫存時發現其中一些庫存甚至下降了 70 個基點。現在，當我們過渡到後半部分時，我們確實認為我們在產品利潤方面有一些機會。現在我認為第三季會再次略有下降，這與混合以及我們專門在鞋類領域所做的一些清理有關。

If I look at the inventory overall, we feel really good about where our aging sits with the exception of footwear. And I don't think that's a surprise to anyone. It's been pretty well talked about out there of some of the challenges in footwear across the market. And so we're not immune to that.

如果我從整體上看庫存，我們對除鞋類之外的老化感到非常滿意。我認為這對任何人來說都不奇怪。市面上鞋類面臨的一些挑戰已經被廣泛討論。所以我們也不能倖免。

But I think our teams have done a good job kind of working through it and clearing it. And so that will be one thing that we continue to have planned into the model. It's planned into the Q3 guidance. And obviously, any thoughts we've given for the year, that being said, you've also seen private label increase as a percentage of sales, that's a benefit to us.

但我認為我們的團隊在解決和清理問題方面做得很好。因此，這將是我們繼續在模型中計劃的一件事。它計劃納入第三季指引。顯然，我們對今年的任何想法，也就是說，您也看到自有品牌佔銷售額的百分比增加，這對我們來說是有利的。

We think we have the ability to continue to drive margin here domestically as well as internationally. And most of our initiatives on the product side are built around trying to do that in addition to sales. So I think as we move forward, we are hoping that we'll have some more opportunity against prior year product margin versus what we saw in the front half, even with the mix shift that we've seen from where our sales are coming from.

我們認為我們有能力繼續提高國內和國際利潤率。我們在產品方面的大部分舉措都是圍繞著銷售之外的努力來實現的。因此，我認為，隨著我們前進，我們希望與前半年的產品利潤率相比，我們將有更多的機會，即使我們從銷售來源中看到了組合轉變。

That does conclude our Q&A session for today. I would like to turn the call back over to Rick Brooks, CEO, for closing remarks. Please go ahead.

我們今天的問答環節到此結束。我想將電話轉回給執行長里克·布魯克斯 (Rick Brooks)，讓其發表結束語。請繼續。

All right. Thank you very much, everyone, for your time today. We greatly appreciate your interest in Zumiez, and we look forward to talking to you in late November about third quarter results and early reads on the holiday season. Thank you, everybody.

好的。非常感謝大家今天抽出時間。我們非常感謝您對 Zumiez 的興趣，我們期待在 11 月下旬與您討論第三季業績和假日季節的早期報道。謝謝大家。

Thank you all for joining today's conference call. This does conclude today's call. You all may disconnect and have a great wonderful day.

感謝大家參加今天的電話會議。今天的電話會議到此結束。你們都可以斷開連接並度過美好的一天。