(ZUMZ) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Zumiez, Inc. fourth-quarter fiscal 2023 earnings conference call.

女士們、先生們，下午好，歡迎參加 Zumiez, Inc. 2023 財年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

Before we begin, I'd like to remind everyone of the company's Safe Harbor language.

在開始之前，我想提醒大家注意公司的安全港語言。

Today's conference call includes comments concerning Zumiez, Inc. business outlook and contains forward-looking statements.

今天的電話會議包括有關 Zumiez, Inc. 業務前景的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 are a subject to risks and uncertainties.

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非歷史陳述均面臨風險和不確定性。

Actual results may differ materially.

實際結果可能存在重大差異。

Additional information concerning the 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.

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，請參見 Zumiez 向 SEC 提交的文件。

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

此時，我將把電話轉給執行長 Rick Brooks。

Mr. Brooks?

布魯克斯先生？

Hello, everyone, and thank you for joining us on today's call.

大家好，感謝您參加今天的電話會議。

With me today is Chris Work, our Chief Financial Officer.

今天和我在一起的是我們的財務長克里斯沃克 (Chris Work)。

I'll begin with a few remarks about our fourth quarter and full-year performance before discussing some of our strategic priorities for 2024.

在討論我們 2024 年的一些策略重點之前，我將首先對我們第四季和全年的業績進行一些評論。

Chris will then take you through the financials and our outlook for the coming year.

然後克里斯將向您介紹財務狀況和我們對來年的展望。

After that, we'll open the call to your questions.

之後，我們將打開電話回答您的問題。

The fourth quarter represented an encouraging finish to what was a challenging year.

第四季是充滿挑戰的一年的令人鼓舞的結束。

As was the case throughout fiscal 2023, we faced headwinds in the fourth quarter, including highly promotional activity across the soft lines retail sector, and an increase in selective consumer pressured by the multi-year inflationary impact on discretionary income.

與 2023 財年的情況一樣，我們在第四季度面臨阻力，包括整個軟線零售行業的大力促銷活動，以及由於多年通貨膨脹對可自由支配收入的影響而造成的選擇性消費者的增加。

That said, our men's business turned positive in November and growth accelerated in both December and January.

儘管如此，我們的男裝業務在 11 月轉好，並且在 12 月和 1 月均加速成長。

Overall, momentum built throughout the quarter with total sales trends improving month to month, culminating in January turning to positive comparable sales, fueling fourth-quarter sales and adjusted EPS that were both above the high end of our guidance ranges.

總體而言，整個季度的勢頭增強，總銷售趨勢逐月改善，最終在 1 月份轉為正可比銷售額，推動第四季度銷售額和調整後每股收益均高於我們指導範圍的上限。

Many ways, the fourth-quarter monthly sales trends were a microcosm of the trend we've seen throughout the year.

從許多方面來說，第四季的月度銷售趨勢都是我們全年所見趨勢的縮影。

To recap our improving trend line, year-over-year total sales were down 7% in first quarter, down 12% in the second quarter, down 9% in the third quarter, and down less than 4% in the fourth quarter, excluding the benefit of the 53rd week, which drove sales slightly positive for the quarter.

回顧我們不斷改善的趨勢線，第一季總銷售額年減 7%，第二季下降 12%，第三季下降 9%，第四季下降不到 4%，不包括第53 週的收益推動了該季度的銷售小幅增長。

As we enter 2024, we have continued to see some areas of strength in our business.

進入 2024 年，我們繼續看到我們業務的一些優勢領域。

While total sales trends for February were not yet positive, we did see sequential strength as we move through the month, and noted that the primary headwind was tied to seasonal snow sales in Europe that turned negative in February after being significantly positive in January due to the timing of promotions.

雖然2 月份的總銷售趨勢尚未呈積極趨勢，但隨著整個月的推移，我們確實看到了連續的強勁勢頭，並指出主要阻力與歐洲的季節性雪銷售有關，由於1 月份顯著為正，該銷售在2 月轉為負值。促銷的時機。

For October through February, Europe snow sales were down low-single digits despite significant variability across periods that pushed our seasonal snow comparable sales positive in January and negative in February.

10 月至 2 月，歐洲雪銷量下降了低個位數，儘管各個時期的差異很大，導致我們的季節性雪可比銷售額在 1 月份為正，在 2 月份為負。

To be clear, 2023 was a disappointing year overall, and we're not satisfied with our results.

需要明確的是，2023 年總體而言是令人失望的一年，我們對結果並不滿意。

With two years of meaningful negative comparable sales trends, the business has delevered significantly.

由於兩年來可比較銷售呈現顯著的負成長趨勢，該業務已大幅縮減。

And we experienced the first annual net loss in our history this last year.

去年我們經歷了史上首次的年度淨虧損。

As we look to 2024, we expect the macro climate to remain a headwind in the near term, as Chris will detail in our outlook, however, we are optimistic that the work we're doing will inflect our trend line positive.

展望2024 年，我們預計宏觀氣候在短期內仍將是不利因素，正如克里斯將在我們的展望中詳細介紹的那樣，但我們樂觀地認為，我們正在做的工作將使我們的趨勢線產生積極的影響。

Overall, we will focus on items within our control to grow sales and drive the business back to profitability.

總體而言，我們將專注於我們控制範圍內的項目，以增加銷售額並推動業務恢復盈利。

To that end, we plan to take specific actions to adjust portions of our strategy in the new year.

為此，我們計劃在新的一年採取具體行動，調整部分策略。

I'll quickly take you through the most significant changes starting with a shift in focus for the European business.

我將快速帶您了解最重大的變化，首先是歐洲業務重點的轉變。

The last few years have been particularly challenging for profitability in the European market.

過去幾年歐洲市場的獲利能力尤其面臨挑戰。

The business is close to achieving breakeven in 2019 before the onset of the pandemic.

2019年疫情爆發前，該業務已接近實現損益平衡。

However, the longer and stricter pandemic area closures in Europe combined with the inflationary impact of the consumer and instability in the region in there since, have resulted in earnings declines for our European business since 2020.

然而，歐洲疫區封鎖時間更長、更嚴格，加上消費者的通膨影響以及該地區此後的不穩定，導致我們歐洲業務自 2020 年以來的利潤下降。

To correct this negative trend, we're pivoting our focus away from store expansion to enhancing the productivity of the existing European business.

為了糾正這種負面趨勢，我們正在將重點從商店擴張轉向提高現有歐洲業務的生產力。

The solid foundation, nearly 90 stores across nine countries and a pan-European web business, we believe we have adequate penetration today in the relevant European markets to unlock the potential for the concept and then create value as we work through what has been a difficult cycle.

堅實的基礎、遍布九個國家的近90 家商店和泛歐洲網絡業務，我們相信我們今天在相關歐洲市場有足夠的滲透力，可以釋放這一概念的潛力，然後在我們克服困難的過程中創造價值循環。

By focusing on increasing the productivity of our current business in Europe, we'll improve our near-term profitability and cash flow, while also creating a profitable platform for long-term growth in the future.

透過專注於提高歐洲當前業務的生產力，我們將提高短期獲利能力和現金流，同時也為未來的長期成長創造獲利平台。

We have seen positive signs, such as double-digit comparable sales growth in Germany, the Netherlands, Norway, and Sweden during the year, which gives us confidence that we can achieve profitability in Europe as we've done in other international markets, like Canada and Australia.

我們看到了積極的跡象，例如今年德國、荷蘭、挪威和瑞典的可比銷售額實現兩位數增長，這讓我們相信我們可以在歐洲實現盈利，就像我們在其他國際市場一樣加拿大和澳大利亞。

There's no doubt that trends emerge locally and grow globally.

毫無疑問，趨勢在本地出現並在全球範圍內發展。

We may be relevant in these markets as a significant advantage to Zumiez over the long term and serving both our customers and our brand partners.

從長遠來看，我們可能會在這些市場中發揮重要作用，為 Zumiez 提供重要優勢，並為我們的客戶和品牌合作夥伴提供服務。

This heightened emphasis on profitability extends beyond Europe.

這種對獲利能力的高度重視超出了歐洲範圍。

In 2023, we closed 20 underperforming North American stores and expect to close an additional 20 to 25 locations in 2024 should results continue to be challenged.

2023 年，我們關閉了 20 家表現不佳的北美門市，如果業績繼續受到挑戰，預計 2024 年將再關閉 20 至 25 家門市。

As a result, we have reduced field and corporate staffing levels to align with reduced store count.

因此，我們減少了現場和公司人員配置，以適應商店數量的減少。

We're also further optimizing store labor through several initiatives, including adjustments to staffing models at lower volume stores.

我們也透過多項措施進一步優化商店勞動力，包括調整小批量商店的人員配置模式。

We have made structural changes to reducing shipping and logistic costs company-wide, and continued to implement other cost savings opportunities in many areas throughout the organization.

我們進行了結構性改革，以降低全公司範圍內的運輸和物流成本，並繼續在整個組織的許多領域實施其他成本節約機會。

While we heighten our focus on profitability company-wide, we're also making investments to ensure we continue to win with customers, including injecting assortments with newness.

在我們加強對全公司獲利能力的關注的同時，我們也在進行投資，以確保我們繼續贏得客戶，包括注入新鮮的品種。

In 2023, we launched nearly 200 new brands, almost double a typical year.

2023 年，我們推出了近 200 個新品牌，幾乎是正常年份的兩倍。

And we expect this newness with relevant and desired brands to continue to attract a broader customer set into 2024 and beyond.

我們預計，到 2024 年及以後，相關且受歡迎的品牌的這種新鮮感將繼續吸引更廣泛的客戶。

We're already seeing our new brands launched in the last couple of years represent a larger portion of our sales than we've historically seen, which we believe is an indication that they are resonating with our customers.

我們已經看到過去幾年推出的新品牌在我們銷售額中所佔的比例比以往任何時候都要大，我們認為這表明它們正在與我們的客戶產生共鳴。

We're also growing our private label brands.

我們還在發展我們的自有品牌。

Private label represented approximately 23% of sales in 2023, compared to 18% in 2022, and 13% in 2021, which is a testament to our teams in capturing both the trend and value customer and provides another significant runway for growth.

自有品牌約佔2023 年銷售額的23%，而2022 年為18%，2021 年為13%，證明了我們的團隊在抓住趨勢和價值客戶方面的能力，並提供了另一條重要的增長跑道。

And we're maintaining our best-in-class service in stores and on the web, with continued investment in training and technology that combined or aimed at enhancing our relationship with customers and connecting with them in a more personalized and relevant way.

我們在商店和網路上保持一流的服務，並持續投資於培訓和技術，這些培訓和技術結合或旨在加強我們與客戶的關係，並以更個人化和相關的方式與他們建立聯繫。

After two challenging years, we're ending 2024 with a strong balance sheet and over $170 million in cash that will allow us to weather the current environment.

經過充滿挑戰的兩年後，我們將在 2024 年結束時擁有強勁的資產負債表和超過 1.7 億美元的現金，這將使我們能夠應對當前的環境。

Before I close the call and turn the call over to Chris, I'd like to thank our teams and our brand partners for their efforts and partnerships in 2023.

在我結束通話並將通話轉交給 Chris 之前，我要感謝我們的團隊和品牌合作夥伴在 2023 年所做的努力和合作。

Our talented and dedicated people have been a bright spot how we navigated recent challenges and will be the driving force behind the company's return to sustainable growth in the quarters and years ahead.

我們才華橫溢、敬業的員工是我們應對近期挑戰的亮點，並將成為公司在未來幾季和幾年恢復永續成長的驅動力。

I remain confident in our ability to serve our customers and drive back to profitability and positive cash flow, and look forward to updating you on our progress in the quarters ahead.

我對我們服務客戶、恢復獲利和正現金流的能力仍然充滿信心，並期待向您通報我們在未來幾季的進展。

With that I'll turn the call to Chris to discuss the financials.

然後我會打電話給克里斯討論財務問題。

Thanks, Rick, and good afternoon, everyone.

謝謝瑞克，大家下午好。

I'm going to start with a review of the fourth quarter and full-year 2023 results.

我首先回顧 2023 年第四季和全年業績。

I'll then provide an update on our first quarter to date sales trends before providing some perspective on the full year.

然後，我將提供第一季迄今為止銷售趨勢的最新信息，然後提供對全年的一些看法。

Net sales for the fourth quarter of 2023 which was a 14-week period increased 0.6% to $281.8 million compared to $280.1 million in the fourth quarter of 2022, which was a 13-week period.

2023 年第四季（為期 14 週）的淨銷售額成長了 0.6%，達到 2.818 億美元，而 2022 年第四季（為期 13 週）的淨銷售額為 2.801 億美元。

Comparable sales were down

可比銷售額下降

[3.9%].

[3.9%]。

The decrease in comparable sales was driven by continued inflationary pressure on the consumer, continued challenges and competition for the discretionary dollars, and tougher trends in certain categories of our business.

可比銷售額的下降是由於消費者持續面臨的通膨壓力、對可自由支配資金的持續挑戰和競爭以及我們業務的某些類別的更嚴峻趨勢造成的。

From a regional perspective, comparing the 14-week period in the current year to the 13-week period in the prior year, North American net sales were $212.4 million, a decrease of 3.4% from 2022.

從地區角度來看，將今年 14 週與前一年 13 週相比，北美淨銷售額為 2.124 億美元，較 2022 年下降 3.4%。

Other international net sales, which consist of Europe and Australia were $69.4 million, up 15.2% from last year.

其他國際淨銷售額（包括歐洲和澳洲）為 6,940 萬美元，比去年增長 15.2%。

Excluding the impact of foreign currency translation, North America net sales decreased 3.4%, and other international net sales increased 12.3% compared with 2022.

剔除外幣換算的影響，北美淨銷售額較2022年下降3.4%，其他國際淨銷售額較2022年成長12.3%。

Comparable sales for North America were down 5.4% and comparable sales for other national were up 0.9% for the 14 weeks ended February 3, 2024.

截至 2024 年 2 月 3 日的 14 週內，北美地區的可比銷售額下降了 5.4%，其他國家的可比銷售額增長了 0.9%。

For from a category perspective, men's was the only category with positive comparable sales for the quarter while all other categories were down from the prior year.

從品類角度來看，男裝是本季唯一可比銷售額為正的品類，而所有其他品類均較上年下降。

Women's was our most negative category, followed by accessories, hard goods, and footwear.

女裝是我們最負面的類別，其次是配件、耐久財和鞋類。

The decrease in comparable sales was driven by a decrease in transactions, partially offset by an increase in dollars per transaction.

可比較銷售額的下降是由交易量減少造成的，但部分被每筆交易美元的增加所抵消。

Dollars per transaction were up for the quarter, driven by an increase in units per transaction and an increase in average unit retail.

由於每筆交易數量的增加和平均零售量的增加，本季每筆交易的美元有所上升。

Fourth-quarter gross profit was $96.7 million compared to $95.3 million in the fourth quarter of last year.

第四季毛利為 9,670 萬美元，去年第四季為 9,530 萬美元。

Gross profit was 34.3% of sales for the quarter, compared with 34% in the fourth quarter of 2022.

該季度毛利佔銷售額的 34.3%，而 2022 年第四季為 34%。

The 30 basis point increase in gross margin was primarily driven by 70 basis points of benefit in shipping costs related to better outbound shipping rates, 60 basis points positive impact related to a mix shift away from service and related shipping revenue in the prior year results, which carried a negative margin during the prior year quarter, and 30 basis points of leverage in store occupancy costs related to a reduction in total expense year over year combined with the modest increase in sales related to the 53rd week.

毛利率成長 30 個基點主要是由於與更好的出境運費相關的運輸成本效益提高了 70 個基點，與上一年業績中服務和相關航運收入的混合轉變相關的 60 個基點的積極影響，去年同期利潤率為負，由於總費用年減以及第53 週銷售額小幅增長，門市入住成本槓桿增加了30 個基點。

These benefits were offset by 110 basis point reduction in product margin due to discounted selling to manage age inventory, which was generally in line with our expectations, and a 20 basis points of deleverage in fixed and other costs included in gross margin.

這些收益被產品利潤率下降110 個基點所抵消，這是由於管理庫存的折扣銷售導致的產品利潤率下降（這總體上符合我們的預期），以及毛利率中包含的固定成本和其他成本下降了20 個基點。

SG&A expense for the fourth quarter of 2023 was $129.4 million or 45.9% of net sales for fiscal 2023, compared with $80.1 million or 28.6% net sales in 2022.

2023 年第四季的銷售管理及行政費用為 1.294 億美元，佔 2023 財年淨銷售額的 45.9%，而 2022 年為 8,010 萬美元，佔淨銷售額的 28.6%。

This includes a $41.1 million non-cash goodwill impairment charge that resulted from our decision to slow growth in Europe and focus on profitability.

其中包括 4,110 萬美元的非現金商譽減損費用，該費用是由於我們決定放慢歐洲成長並專注於獲利能力而產生的。

This change in our modeling had a direct impact on the future cash flow projections of our Blue Tomato business that have been tied to increased store growth and improved performance as we grow the business.

我們模型的這種變化對我們藍番茄業務的未來現金流預測產生了直接影響，隨著我們業務的發展，現金流預測與商店成長的增加和業績的提高密切相關。

The 1,730 basis point increase in SG&A expenses as a percent of net sales was driven by the following: 1,440 basis point increase driven by the impairment of goodwill in Europe; 140 basis point increase related to store wages deleveraging on the decrease in comparable sales, as well as wage rate increases; 70 basis point increase in non-wage store operating costs; 50 basis point increase in other corporate costs; and 30 basis point increase in non-store wages.

SG&A 費用佔淨銷售額的百分比成長 1,730 個基點，其驅動因素如下： 歐洲商譽減損推動成長 1,440 個基點；由於可比銷售額下降以及工資率上漲，商店工資去槓桿化，導致商店工資上漲140個基點；非工資商店營運成本增加70個基點；其他企業成本增加 50 個基點；非商店工資增加 30 個基點。

Operating loss in the fourth quarter, inclusive of the $41.1 million goodwill impairment charge, was $32.8 million or 11.6% of net sales, compared with operating profit of $15.2 million or 5.4% of net sales last year.

第四季的營運虧損（包括 4,110 萬美元的商譽減損費用）為 3,280 萬美元，佔淨銷售額的 11.6%，而去年的營運利潤為 1,520 萬美元，佔淨銷售額的 5.4%。

Net loss for the fourth quarter was $33.5 million or $1.73 per share.

第四季淨虧損為 3,350 萬美元，即每股虧損 1.73 美元。

This includes a goodwill impairment charge, which on an after-tax basis was $41.1 million or $2.13 per share.

其中包括商譽減損費用，稅後金額為 4,110 萬美元，即每股 2.13 美元。

In the year-ago period, we reported net income of $11.4 million or $0.59 per diluted share.

去年同期，我們公佈的淨利潤為 1,140 萬美元，即稀釋後每股收益 0.59 美元。

We had tax expense in the current quarter despite our pre-tax operating loss due to distribution of pre-tax income across our different tax jurisdiction.

儘管由於稅前收入在不同稅務管轄區的分配而導致稅前營業虧損，但我們在本季度仍存在稅務費用。

This compares to an effective tax rate of 29.2% in the fourth quarter last year.

相比之下，去年第四季的有效稅率為 29.2%。

Looking at our full-year results, net sales for the 53 weeks of fiscal 2023 were $875.5 million, a decrease of 8.6% from $958.4 million in 2022.

從我們的全年業績來看，2023 財年 53 週的淨銷售額為 8.755 億美元，比 2022 年的 9.584 億美元下降了 8.6%。

Comparable sales for the full year were down 10.6%.

全年可比銷售額下降 10.6%。

The decrease in comparable sales was related to continued inflationary pressures on the consumer, continued challenges and competition for the discretionary dollar, and tougher trends in certain categories of our business.

可比銷售額的下降與消費者持續的通膨壓力、可支配美元的持續挑戰和競爭以及我們業務的某些類別的更嚴峻趨勢有關。

From a regional perspective, North America net sales were $697.6 million, a decrease of 13.1% from 2022, while the international net sales were $177.9 million, up 14% from last year.

從區域來看，北美淨銷售額為6.976億美元，較2022年下降13.1%，而國際淨銷售額為1.779億美元，較去年成長14%。

Excluding the impact of foreign currency translation, North American net sales decreased 12.9%, and other international net sales increased 11.8%, compared with 2022.

排除外幣換算的影響，與 2022 年相比，北美淨銷售額下降 12.9%，其他國際淨銷售額成長 11.8%。

Comparable sales for North America were down 13.5%, and comparable sales for other international were up 3.4% for the 53-week year ended February 3, 2024.

在截至 2024 年 2 月 3 日的 53 週年度中，北美地區的可比銷售額下降了 13.5%，其他國際地區的可比銷售額增長了 3.4%。

From a category perspective, all categories were down from the prior year and comparable sales.

從品類角度來看，所有品類的銷售額均較上年度及可比銷售額下降。

Footwear was our most negative category, followed by women's, accessories, hard goods, and men's.

鞋類是我們最負面的類別，其次是女裝、配件、耐久財和男裝。

The decrease in net sales included a decrease in transactions, partially offset by an increase in dollars per transaction.

淨銷售額的下降包括交易量的減少，但部分被每筆交易美元的增加所抵消。

The increase in dollars per transaction was driven by an increase in average in a retail, partially offset by a decrease in units per transaction.

每筆交易美元的成長是由零售平均金額的成長所推動的，但部分被每筆交易單位的減少所抵消。

2023 gross margin was 32.1% compared with 33.9% in 2022.

2023年毛利率為32.1%，而2022年為33.9%。

The 180-basis point decrease was driven by deleverage in our fixed costs, as well as rate increases in several areas.

180 個基點的下降是由於我們固定成本的去槓桿化以及多個領域的利率上升所致。

The key areas driving the decline were 130 basis points of deleverage in store occupancy costs, and a 70-basis point decline in product margin.

推動下降的關鍵因素是門市入住成本去槓桿化130個基點，以及產品利潤率下降70個基點。

These decreases were partially offset by a 20 basis points of efficiencies in distribution costs.

這些下降被分銷成本效率提高 20 個基點部分抵消。

SG&A expense was $345.7 million or 39.5% of net sales for fiscal 2023, compared with $293.6 million or 30.7% of sales in 2022.

2023 財年，SG&A 費用為 3.457 億美元，佔淨銷售額的 39.5%，而 2022 年為 2.936 億美元，佔銷售額的 30.7%。

This includes the $41.1 million of goodwill impairment mentioned in our quarterly update.

這包括我們季度更新中提到的 4,110 萬美元商譽減損。

The 880 basis point increase as a percentage of net sales was driven by 470 basis points due to the non-cash goodwill impairment, 180 basis points increase related to store wages deleveraging on the decrease in comparable sales as well as wage rate increases, 110 basis point increase in non-wage related store operating costs, and 80 basis points in non-wage related corporate costs, and 60 basis points in non-store wage costs, which includes the benefit in the prior year of 40 basis points related to a $3.6 million European government stimulus payments.

佔淨銷售額的百分比增加了880 個基點，其中470 個基點歸因於非現金商譽減值，180 個基點的增長與可比銷售額下降和工資率上漲導致的商店工資去槓桿化有關，110個基點非工資相關的商店營運成本增加 80 個基點，非工資相關的企業成本增加 80 個基點，非商店工資成本增加 60 個基點，其中包括上一年與 3.6 美元相關的 40 個基點的收益百萬歐洲政府刺激付款。

These increases were partially offset by a 20 basis point decrease in training and events.

這些增長被培訓和活動減少 20 個基點部分抵消。

Operating loss in 2023 was $64.8 million or 7.4% of net sales, inclusive of the $41.1 million goodwill impairment charge, compared with operating income of $31.1 million or 3.2% of net sales last year.

2023 年的營業虧損為 6,480 萬美元，佔淨銷售額的 7.4%，其中包括 4,110 萬美元的商譽減損費用，而去年的營業收入為 3,110 萬美元，佔淨銷售額的 3.2%。

Full-year net loss of $62.6 million or $3.25 per share, including the non-cash goodwill impairment charge booked in the fourth quarter of 2023 worth $41.1 million or $2.13 per share.

全年淨虧損為 6,260 萬美元，即每股 3.25 美元，其中包括 2023 年第四季計入的非現金商譽減損費用，價值 4,110 萬美元，即每股 2.13 美元。

This is compared to net income of $21 million or $1.08 per diluted share in 2022.

相比之下，2022 年淨利潤為 2,100 萬美元，即稀釋後每股收益 1.08 美元。

Turning to the balance sheet, the business ended the year in a strong financial position, with cash and current marketable securities of $171.6 million as of February 3, 2024, compared to $173.5 million as of January 28, 2023.

就資產負債表而言，該公司年底財務狀況強勁，截至2024 年2 月3 日，現金及流動有價證券為1.716 億美元，而截至2023 年1 月28 日，現金及流動有價證券為1.735億美元。

The slight decrease in cash and current marketable securities over the last year was driven primarily by capital expenditures of $20.4 million, partially offset by cash flow from operations of $14.8 million.

去年現金和流動有價證券略有減少，主要是由於 2,040 萬美元的資本支出，部分被 1,480 萬美元的營運現金流所抵消。

As of February 3, 2024, we have no debt on the balance sheet and continue to maintain our full unused credit facility.

截至 2024 年 2 月 3 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。

We ended the year with $128.8 million in inventory, down 4.4% compared with $134.8 million last year.

截至年底，我們的庫存為 1.288 億美元，比去年的 1.348 億美元下降了 4.4%。

On a constant currency basis, our inventory levels were down 4.1% from the last year, with decreases in both our North America and European businesses.

以固定匯率計算，我們的庫存水準比去年下降了 4.1%，其中北美和歐洲業務均出現下降。

Given the sales backdrop, we are happy with our ending inventory balance for 2023 and expect to continue to bring newness in as we move through 2024.

考慮到銷售背景，我們對 2023 年期末庫存餘額感到滿意，並預計在 2024 年繼續引入新產品。

Looking forward to 2024, it is important to remind everyone that 2023 was a 53-week year, while 2024 is a 52-week year.

展望2024年，需要提醒大家的是，2023年是53週的一年，而2024年是52週的一年。

With the calendar shift, we expect sales and profit movement between quarters across 2024 creating comparability challenges year over year in our commentary.

隨著日曆的變化，我們預計 2024 年各季度之間的銷售額和利潤變動將在我們的評論中帶來逐年可比性挑戰。

As such, we will provide actual comparable sales to like periods as we move through the year, which will represent a better measure of current performance.

因此，我們將提供全年中類似時期的實際可比銷售額，這將更好地衡量當前業績。

Additionally, with the closures in 2023 and anticipated closures in 2024, we expect our store count will be down year over year on a quarter-to-quarter basis, which will negatively impact total sales growth while having more muted impact on earnings due to the performance of those closures.

此外，隨著 2023 年的關閉以及預計 2024 年的關閉，我們預計我們的門市數量將逐季度逐年下降，這將對總銷售額增長產生負面影響，同時對盈利的影響更為溫和。這些關閉的性能。

Now, to our first quarter to date results.

現在，讓我們來看看第一季迄今為止的結果。

Total net sales for the four-week fiscal period ended March 2, 2024, decreased 3.1%, compared to the four-week fiscal period ended February 25, 2023.

與截至 2023 年 2 月 25 日的為期 4 週的會計期間相比，截至 2024 年 3 月 2 日的為期 4 週的會計期間的淨銷售額總額下降了 3.1%。

Our comparable sales decreased 6.2% during the four-week period ended March 2, 2024, from the comparable weeks in the prior year.

截至 2024 年 3 月 2 日的四周內，我們的可比銷售額比去年同期下降了 6.2%。

From a regional perspective, North America net sales for the four week period ended March 2, 2024, increased 2% over the four week period ended February 25, 2023, while our other international business decreased

從區域角度來看，截至 2024 年 3 月 2 日止的四周內，北美淨銷售額較截至 2023 年 2 月 25 日止的四周內增長了 2%，而我們的其他國際業務則有所下降

[18.6%].

[18.6%]。

Excluding the impact of foreign currency translation, North America net sales increased 2.1%, and other international sales decreased [18.5%] compared with 2023.

排除外幣換算的影響，北美淨銷售額與 2023 年相比成長 2.1%，其他國際銷售額下降 [18.5%]。

Comparable sales for North America decreased 2.6% for the four-week period ended March 2, 2024, compared to the same weeks in the prior year, while comparable sales for our other international business declined 17.8%.

截至 2024 年 3 月 2 日的四周內，與去年同期相比，北美地區的可比銷售額下降了 2.6%，而我們其他國際業務的可比銷售額下降了 17.8%。

From a category perspective, the men's category was our largest positive comparable sales growth category followed by footwear.

從品類角度來看，男裝品類是我們可比銷售成長最大的品類，其次是鞋類。

The hard goods category was our largest decline in comparable sales followed by accessories and women's.

耐久財類別是我們可比銷售額降幅最大的類別，其次是配件和女裝。

The comparable sales decrease was driven by a decrease in transactions, partially offset by an increase in dollars per transaction.

可比較銷售額的下降是由交易量減少造成的，但部分被每筆交易金額的增加所抵消。

Dollars per transaction increased for the four-week period due to an increase in units per transaction, partially offset by a decrease in average unit retail.

由於每筆交易的單位數增加，每筆交易的美元在四個星期內有所增加，但部分被平均單位零售量的下降所抵消。

With respect to our outlook for the first quarter of fiscal 2024, I want to remind everyone that formulating our guidance involves some inherent uncertainty and complexity in estimating sales, product margin, and earnings growth, given the variety of internal and external factors that impact our performance.

關於我們對2024 財年第一季的展望，我想提醒大家，考慮到影響我們的內部和外部因素的多樣性，制定我們的指導意見在估計銷售額、產品利潤率和盈利增長方面涉及一些固有的不確定性和複雜性。表現。

With our sales results in early fiscal 2024 showing a small step back from our Q4 trends, we entered 2024 with some caution.

由於我們 2024 財年初的銷售業績顯示較第四季的趨勢略有回落，因此我們在進入 2024 年時持謹慎態度。

While we are optimistic that we could see continued improvement in the business as fiscal March-to-date sales have trended better with new spring receipts, we are planning more conservatively anticipating total sales for the first quarter between $167 million and $172 million.

雖然我們樂觀地認為，隨著春季新收入的出現，截至3 月份財年的銷售趨勢更好，我們可以看到業務持續改善，但我們計劃更加保守地預計第一季的總銷售額將在1.67 億美元至1.72 億美元之間。

We expect that our first-quarter 2024 product margins will be down year over year against the current backdrop, but an improvement from our Q4 run rate.

我們預計，在當前背景下，2024 年第一季的產品利潤率將年減，但較第四季的運行率有所改善。

We believe that the first quarter of 2024 will see a continued negative impact on product margin related to a mix shift away from service and related shipping revenue in the prior year results.

我們認為，由於上一年業績中服務和相關運輸收入的混合轉移，2024 年第一季將對產品利潤率產生持續的負面影響。

While the product margin impact of this mix shift is negative, the overall impact to gross profit is negligible.

雖然這種組合轉變對產品利潤率的影響是負面的，但對毛利的整體影響可以忽略不計。

We do not anticipate this mix shift will have a material impact beyond our first quarter of 2024.

我們預計這種組合轉變不會對 2024 年第一季之後產生重大影響。

Consolidated operating loss as a percentage of sales for the first quarter is expected to be between negative 15% and negative 17%, and we anticipate our loss per share will be between $1.09 and $1.19 compared to a loss of $0.96 in the prior year.

第一季合併營業虧損佔銷售額的百分比預計將在負 15% 至負 17% 之間，我們預計每股虧損將在 1.09 美元至 1.19 美元之間，而去年同期虧損為 0.96 美元。

As we consider the outlook for the full-year 2024, there remains uncertainty and volatility in the macro environment.

展望2024年全年，宏觀環境仍存在不確定性與波動性。

Given this, we will refrain from giving specific annual financial guidance, but do want to add some context around how we currently believe the business will trend throughout the year.

有鑑於此，我們將避免提供具體的年度財務指導，但確實希望添加一些有關我們目前認為全年業務趨勢的背景資訊。

We had experienced several negative sales trends over the past two years, driven by the pandemic, inflation, competition for the discretionary dollar, negative brand trends, and general global instability.

在過去的兩年裡，由於流行病、通貨膨脹、可自由支配的美元競爭、負面品牌趨勢和全球普遍不穩定的推動，我們經歷了幾次負面的銷售趨勢。

Given the magnitude of the multi-year decline, we believe that we are beginning to see the impact of those negative business trends moderate.

考慮到多年下降的幅度，我們相信我們開始看到這些負面業務趨勢的影響有所緩和。

And our current results are showing the new trends are taking hold.

我們目前的結果顯示新趨勢正在形成。

This includes our men's category being positive across Q4 and into February.

這包括我們的男士類別在第四季度和二月期間表現積極。

At this time, we believe we can build upon these trends throughout 2024 and see total sales growth for the full year.

目前，我們相信我們可以在 2024 年以這些趨勢為基礎，並看到全年總銷售額的成長。

After two years of difficult performance and product margin, we believe that with a more stable sales environment, we will grow product margin in 2024.

經過兩年艱難的業績和產品利潤率，我們相信，憑藉著更穩定的銷售環境，我們將在 2024 年實現產品利潤率的成長。

With sales growth in 2024, we anticipate that we will leverage SG&A costs year over year beyond the benefit we will receive of moving past the $41.1 million goodwill impairment charge we recorded in the fourth quarter of 2023.

隨著 2024 年銷售額的成長，我們預期我們將逐年利用 SG&A 成本，超出我們在 2023 年第四季記錄的 4,110 萬美元商譽減損費用後所獲得的收益。

With the previously mentioned assumptions, we believe will turn returned to positive operating margins for the full year.

根據前面提到的假設，我們相信全年營業利潤率將恢復正值。

While effective tax rates are likely to fluctuate significantly by quarter, we anticipate that our full year effective tax rate will be roughly 40% in fiscal 2024.

雖然有效稅率可能會按季度大幅波動，但我們預計 2024 財年全年有效稅率將約為 40%。

We are planning to open 10 new stores during the year, including three in North America, three in Europe and four stores in Australia.

我們計劃在年內開設 10 家新店，其中北美 3 家、歐洲 3 家、澳洲 4 家。

This is down from 19 stores in 2023 and 32 stores in 2022, as we focus on optimizing our current footprint.

這比 2023 年的 19 家商店和 2022 年的 32 家商店有所減少，因為我們專注於優化當前的足跡。

We expect our capital expenditures for 2024 to be between $14 million and $16 million, compared to $20.4 million in fiscal 2023 and $25.6 million in fiscal 2022.

我們預計 2024 年的資本支出將在 1,400 萬至 1,600 萬美元之間，而 2023 財年和 2022 財年的資本支出分別為 2,040 萬美元和 2,560 萬美元。

The reduction is primarily due to fewer planned store reopenings or store openings.

減少的主要原因是計劃重新開業或開業的商店減少。

We expect that depreciation and amortization, excluding non-cash lease expense, will be approximately $23 million and consistent with the prior year.

我們預計折舊和攤提（不含非現金租賃費用）約為 2,300 萬美元，與前一年持平。

We are currently projecting our diluted share count for the full year to be approximately 19.8 million shares.

我們目前預計全年稀釋後股數約為 1,980 萬股。

And with that, operator, we'd like to open the call up for questions.

接線員，我們想就此開始提問。

(Operator Instructions) Corey Tarlowe, Jefferies.

（操作員說明）Corey Tarlowe，Jefferies。

Great.

偉大的。

Thanks, and good afternoon.

謝謝，下午好。

As it relates to Europe, where are you seeing green shoots?

就歐洲而言，您在哪裡看到了萌芽？

And then where are you seeing opportunities to improve as we look ahead and you assess the viability of certain regions or areas in which you're currently present, as you think about the go-forward outlay for that region for your business?

然後，當我們展望未來並評估您目前所在的某些地區或領域的可行性時，當您考慮該地區的業務未來支出時，您在哪裡看到了改進的機會？

Right.

正確的。

I'll start, Corey, and then Chris can add on his comments, too.

我先開始，科里，然後克里斯也可以添加他的評論。

I think there really is -- what's important in this conversation is a pivot in Europe away from store growth, because obviously we were growing sales in Europe over the last few years.

我認為確實存在 - 在這次談話中重要的是歐洲遠離商店增長，因為顯然我們在過去幾年中在歐洲的銷售額不斷增長。

But sales have been challenged relative to our expectations for the sales growth that we expect to see in Europe and opening new markets at an expensive proposition.

但相對於我們對歐洲銷售成長的預期以及以昂貴的價格開闢新市場的預期，銷售受到了挑戰。

So what you're really seeing us do here is that we need to cut -- we need to really refocus our team's efforts on going back and giving them the time and the bandwidth to go back and really focus on building out profitability in our existing markets.

所以你真正看到我們在這裡做的是我們需要削減——我們需要真正重新集中我們團隊的努力，讓他們有時間和頻寬回去，真正專注於在我們現有的業務中建立盈利能力。市場。

And that's our focus.

這就是我們的重點。

As we commented in the script, we've seen some good results, particularly in Germany last year, which is, I think, our biggest market in terms of unit count in Europe.

正如我們在腳本中評論的那樣，我們看到了一些好的結果，特別是去年在德國，我認為就歐洲的單位數量而言，這是我們最大的市場。

We've got a double-digit gain in the year.

今年我們實現了兩位數的成長。

We made significant progress relative to profitability in that market, but we have more progress to make, Corey.

科里，我們在該市場的盈利能力方面取得了重大進展，但我們還有更多進步要做。

And I guess that's what you're seeing us say here is, we're going to put a pause on growth, build a profitable base, and then reconsider where we go from there.

我想這就是你在這裡看到的我們所說的，我們將暫停成長，建立一個獲利基礎，然後重新考慮我們的發展方向。

So this is more about basics.

所以這更多的是基礎知識。

It's about the fundamentals and tactics.

這是關於基本面和戰術的。

And we have markets that are profitable in Europe to be clear.

需要明確的是，我們在歐洲的市場是有利可圖的。

But this is about getting them all moving in the right direction, getting back at what do our teams look like every location, driving better product margins across the business, controlling and managing expenses more effectively by not, again, reducing the cost of entering new markets and example.

但這是為了讓他們都朝著正確的方向前進，回顧我們的團隊在每個地點的情況，提高整個業務的產品利潤率，更有效地控制和管理費用，而不是再次降低進入新市場的成本。市場和例子。

So we're back to basic, and I would tell you much the same thing about here in our North American business too.

所以我們回到了基礎，我也會告訴你關於我們北美業務的很多相同的事情。

So I think of more about a perspective of, we have opportunity there, we have opportunity to grow the profitability on a four-wall basis across those markets, and win our web business in Europe.

因此，我更多地考慮了這樣一個觀點：我們在那裡有機會，我們有機會在這些市場的四面牆基礎上提高盈利能力，並贏得我們在歐洲的網絡業務。

So it's really about the pivot, slowing growth, focusing on building a profitable base, doing and executing the base and putting all of our efforts into that.

因此，這實際上是一個重心，減緩成長，專注於建立一個獲利的基礎，建立和執行這個基礎，並將我們所有的努力投入其中。

Great.

偉大的。

Thanks.

謝謝。

And then I have two more, if I can.

如果可以的話，我還有兩個。

On North America, the men's business, it seems to have made a turn.

在北美，男士業務似乎出現了轉折。

How do you think about the prospects for that to potentially drive maybe perhaps a more widespread momentum across the other categories of the business now that you've seen the turn there?

既然您已經看到了這一領域的轉變，您如何看待這一前景可能會在其他業務類別中推動更廣泛的勢頭？

And then just briefly on store count on the -- I believe, 10 openings that you're anticipating, what would be the net number for the full year?

然後簡單介紹一下您預計將開設 10 家商店的數量，全年的淨數量是多少？

All right.

好的。

Great.

偉大的。

I'll take the first part, and then again I'll let Chris add on as he'd like.

我將完成第一部分，然後我將再次讓克里斯根據他的意願添加。

So North American business -- the good news is -- I have good news for you on North America, is the improvement in our North American business is directly related to the comments we made in the script earlier.

北美業務——好消息是——我有關於北美的好消息，我們北美業務的改善與我們之前在劇本中所做的評論直接相關。

Our private label business is dead on.

我們的自有品牌業務正在蓬勃發展。

I think the trends we're doing really fun, creative things there.

我認為我們正在做的趨勢非常有趣且有創意。

Multiple trends are working for us in private label and private label is growing in absolute dollars, despite the overall sales decline.

儘管整體銷售額下降，但自有品牌的多種趨勢正在對我們產生影響，而且自有品牌的絕對美元仍在增長。

We're not declining in private label on a relative basis, not against on a relative basis.

我們並沒有相對地減少自有品牌，而不是相對地反對。

It's a gain in absolute dollars in our business and private label.

這是我們業務和自有品牌的絕對美元收益。

So we have a lot of momentum there and I think we're on the early edge.

所以我們在那裡有很大的動力，我認為我們處於早期邊緣。

I think we've been, not just on the trends, but we've been leading the trend cycles that we're seeing out there in the market.

我認為我們不僅關注趨勢，而且一直引領我們在市場上看到的趨勢週期。

So that is a huge driver for private label.

所以這是自有品牌的巨大推動力。

It also has, I think, a positive benefit of women's we'll see play out over time, in terms of what we're doing on the women's side with our private label brands.

我認為，隨著時間的推移，我們將看到我們在女裝方面透過自有品牌所做的事情，這對女裝也有積極的好處。

And again, it's both about the freshness we can offer the consumer and being on those trends, building those trends for our customer, as well as the value proposition we have by the move, the ability we have with private label to do bundling and things like that for customers provide more value for them beyond just cheap prices.

再說一次，這既是關於我們可以為消費者提供的新鮮感，也是關於這些趨勢，為我們的客戶構建這些趨勢，以及我們通過這一舉措所擁有的價值主張，我們通過自有品牌進行捆綁和其他事情的能力這樣一來，為客戶提供的不僅是便宜的價格，還有更多的價值。

That's never been our strategy.

這從來都不是我們的策略。

The second thing on men's, that's really, I think, again, directly correlated to the results we're seeing.

關於男士的第二件事，我認為，這確實與我們看到的結果直接相關。

And we comment on this in the script, too, is that emerging brands in '22 and '23.

我們在劇本中也對此進行了評論，即「22」和「23」中的新興品牌。

And I will tell you, particularly in '23, the brands we launched in '23.

我會告訴你，特別是 23 年，我們在 23 年推出的品牌。

And in some cases, that brands we launched in the back half of 2023 are gaining significant share in our business and have been doing so month over month and better, deeper penetration in Q4 than Q3.

在某些情況下，我們在 2023 年下半年推出的品牌在我們的業務中獲得了可觀的份額，並且逐月如此，第四季度的滲透率比第三季度更好、更深。

And so this is the newness -- when we talk about injecting newness into the business, this is what we're talking about.

這就是新鮮感——當我們談論為業務注入新鮮感時，這就是我們所談論的。

And we're seeing it resonate and that these trends that we're seeing are the exact things that are driving our positive trend in the men's business.

我們看到它引起了共鳴，我們看到的這些趨勢正是推動我們在男裝業務上的積極趨勢的因素。

So as we think about that with new brands, Corey, what we'll look to do there in terms of brought them into category, is we'll look to do exactly that, which is how can we take a screen or brand and get them into accessories -- in different accessories categories?

因此，當我們考慮新品牌時，科里，我們將在將它們納入類別方面要做的就是我們將尋求做到這一點，這就是我們如何才能透過螢幕或品牌獲得將它們分成不同的配件類別中的配件？

How can we partner with collabs of that with these brands to help drive more sales for them?

我們如何與這些品牌合作，幫助他們提高銷售量？

How can we expand down to new categories of business?

我們如何才能擴展到新的業務類別？

These were the things we'll be working with -- again, not all of them, but select brand partners to try to drive even more sales results.

這些是我們將要合作的事情——同樣，不是全部，而是選擇品牌合作夥伴來嘗試推動更多的銷售業績。

And I just think these are -- again, we're new in a lot of these.

我只是認為這些都是——再說一次，我們在很多方面都是新手。

These are brands that have just continued to gain share.

這些品牌的市場佔有率剛剛持續成長。

And again, we intend to launch a lot more new brands throughout 2024.

再次強調，我們打算在 2024 年推出更多新品牌。

That's always our goal every year.

這始終是我們每年的目標。

So I just want to be clear.

所以我只想說清楚。

There's a direct correlation between what we're seeing and improving trend results in the new brands and the efforts we put into private label.

我們所看到的新品牌的趨勢結果和我們在自有品牌方面所付出的努力之間存在直接的相關性。

So they're directly correlated and they're driving the better results.

因此，它們是直接相關的，並且正在推動更好的結果。

And I think we can expand it to other categories, absolutely.

我認為我們絕對可以將其擴展到其他類別。

And potentially, we'll be able to lever some of that benefit for other departments within the business too.

並且有可能，我們也將能夠為企業內的其他部門帶來一些好處。

Yeah.

是的。

And I'd just add a couple of quantification points to men's before I answer your question around store count that -- men's, as a percentage of our total sales, grew from 43% to 47%, which I think is a strong metric for our business.

在回答您關於商店數量的問題之前，我只想對男裝添加幾個量化點——男裝占我們總銷售額的百分比從 43% 增長到 47%，我認為這是一個強有力的指標我們的業務。

And it ties into some of the thoughts we gave annually as far as the belief that we think we can grow sales for the year.

這與我們每年提出的一些想法有關，因為我們相信我們可以增加今年的銷售額。

What I think is really good about the men's business is it turned positive in back to school.

我認為男士業務真正好的一點是，它在回到學校後變得積極起來。

While it wasn't positive for all of Q3, it was positive during that six-week period.

雖然第三季的整個季度都不是積極的，但在那六週期間卻是積極的。

And then, again, turned positive in November and December during the peak and now has remained positive in January and February.

然後，在 11 月和 12 月的高峰期再次轉為正值，現在 1 月和 2 月仍保持正值。

I bring that up, because as we look back on the business and we look at other periods that have been a little more challenging from a financial perspective for us, the last one being 15 and 16, men's really was -- and specifically, men's T-shirts, was really was the driver for us coming out in growth of 17, 18, 19.

我之所以提出這一點，是因為當我們回顧業務時，我們會看到從財務角度來看對我們來說更具挑戰性的其他時期，最後一個時期是15 歲和16 歲，男裝確實是— —具體來說，男裝T 卹確實是我們 17、18、19 歲成長的動力。

So again, I give our buying teams a lot of credit here.

再次強調，我對我們的採購團隊給予高度評價。

This is about finding newness and brands that will stick and men's really is the driving category.

這是為了尋找新的東西和能夠堅持下去的品牌，而男裝確實是驅動類別。

So I think it's a good call out from you to ask.

所以我認為你提出這個問題是一個很好的選擇。

From a store count perspective, I guess, what we plan to do right now, what we said in the script is that we would probably open 10 stores and close 20 to 25 stores.

從商店數量的角度來看，我想，我們現在計劃要做的，我們在劇本中所說的是，我們可能會開設 10 家商店，關閉 20 到 25 家商店。

But in answering that question, I do want to step back, because we also noted that we closed 21 stores in 2023.

但在回答這個問題時，我確實想退一步，因為我們也注意到我們在 2023 年關閉了 21 家商店。

So as you think about that on a two-year combined closure, it is a pretty significant closure cycle for us and really not a territory we've been in before.

因此，當你考慮到為期兩年的聯合關閉時，這對我們來說是一個非常重要的關閉週期，而且確實不是我們以前經歷過的領域。

So I want to be careful in giving closure numbers.

所以我在給出關閉數字時要小心。

Because of the 20 to 24 closures in 2024, I mean, this could increase or decrease as we move through the year, depending on how our results go and our ability to work both with our landlord partners, as well as internally on some of the things that we control.

我的意思是，由於2024 年將有20 至24 家門市關閉，隨著這一年的推移，這一數量可能會增加或減少，具體取決於我們的業績進展情況以及我們與房東合作夥伴以及內部某些問題的合作能力。我們控制的事情。

And when it comes to closures, it's not a process we really take lightly either.

當談到關閉時，我們也不會掉以輕心。

I mean, we have a pretty detailed process to look at closures.

我的意思是，我們有一個非常詳細的流程來查看關閉情況。

We try to factor in things, obviously, the sales and profitability levels of the specific location in question.

顯然，我們試圖考慮特定地點的銷售和盈利水平。

But we also look at what does that store mean to its trade area and as we think about serving that customer, what other opportunities do we have around that store to impact that customer.

但我們也會考慮該商店對其貿易區域意味著什麼，以及當我們考慮為該客戶提供服務時，我們在該商店周圍還有哪些其他機會來影響該客戶。

We look at the condition of the center, and how the landlords plans for the center are playing into the location in regards to vacancies and the ability to bring newness to a location, and then we look at peak performance.

我們會研究中心的狀況，以及業主對中心的計劃如何在空置率和為某個地點帶來新鮮感的能力方面發揮作用，然後我們會考慮峰值表現。

And working through some of the declines we see in our business right now, are permanent or temporary based on the current state of the market.

根據目前的市場狀況，我們目前在業務中看到的一些下滑是永久性的或暫時的。

I think that's a really important thing that we do and then what else we can do about the store economics.

我認為這是我們所做的一件非常重要的事情，然後我們還可以對商店經濟做些什麼。

So we go through a pretty diligent process, I think, after factoring in all of those things.

因此，我認為，在考慮了所有這些因素之後，我們經歷了一個相當勤奮的過程。

If we make the determination if a store to close, it probably means that it's in a location or a mall that is one of the declining centers that we have in our country and something that will close.

如果我們決定商店是否要關閉，這可能意味著它所在的位置或購物中心是我們國家正在衰落的中心之一，並且即將關閉。

So for 2023, the majority of our closures were in North America.

因此，到 2023 年，我們大部分的關閉地點都在北美。

In 2024, we anticipate that will hold true, although we do expect some closures in Europe as well.

到 2024 年，我們預計這一情況將會成立，儘管我們確實預計歐洲也會有一些工廠關閉。

It does have an impact on overall sales, although, again, I mean despite this which we estimate to be about $10 million and the 53rd week, we still think we can grow sales in excess of those amounts.

它確實對整體銷售額產生了影響，不過，我的意思是，儘管我們估計在第 53 週的銷售額約為 1000 萬美元，但我們仍然認為我們的銷售額增長可以超過這些金額。

Very helpful.

很有幫助。

Thank you so much and best of luck.

非常感謝你，祝你好運。

Thank you.

謝謝。

Mitch Kummetz, Seaport.

米奇·庫梅茨，海港。

Yes.

是的。

Thanks for taking my questions.

感謝您回答我的問題。

I've got maybe a few housekeeping, and then maybe a couple little more strategic.

我可能需要一些家務管理工作，然後可能還有一些更具策略性的工作。

Because I think, you maybe probably answered my first question.

因為我認為，你可能回答了我的第一個問題。

Just on 53rd week, what was the sales and earnings impact in '23?

就在第 53 週，23 年的銷售和獲利影響如何？

Was that the $10 million in sales that you just referenced?

這就是您剛才提到的 1000 萬美元銷售額嗎？

Maybe I didn't hear that correctly.

也許我沒聽錯。

No.

不。

The $10 million in sales is referencing the closures, the amount that the 21 stores we closed are worth in sales.

1000 萬美元的銷售額指的是關閉的門市，也就是我們關閉的 21 家商店的銷售額。

The 53rd week is going to be worth about $12 million.

第 53 週的價值約為 1200 萬美元。

And what about on the earnings?

那麼收入方面呢？

It's about $1.8 million of operating profit.

營業利潤約 180 萬美元。

Okay.

好的。

That's helpful.

這很有幫助。

And then on the 1Q guide, you gave us a sales range.

然後在第一季指南中，您給了我們一個銷售範圍。

Is there a comp assumption that's embedded in that range?

該範圍內是否存在嵌入的補償假設？

Yeah.

是的。

The comp assumption in this year will have a little bit of a negative spread, obviously, because of how the closures impact it.

顯然，由於關閉的影響，今年的補償假設將有一點負價差。

But it won't be that significantly different than the range we gave.

但它不會與我們給出的範圍有太大不同。

Okay.

好的。

And then on the full year, again, you expect sales growth and I want to say that that's inclusive of the 53rd week in '23.

然後，在全年中，您再次期望銷售成長，我想說這包括 23 年的第 53 週。

So maybe just to confirm that.

所以也許只是為了確認這一點。

But then also, given the net store closures that you're anticipating, I assume that you're expecting comp growth for the year.

但考慮到您預計的網店關閉，我認為您預計今年的業績成長。

Can you just confirm that?

能確認一下嗎？

Correct.

正確的。

Yeah.

是的。

When we talked about -- we didn't give specific guidance for the year or number, obviously, just given the uncertainty and what's ahead.

當我們談論時——顯然，我們沒有給出年份或數字的具體指導，只是考慮到不確定性和未來的情況。

But we are planning the business with sales growth factoring in both the 53rd-week challenge that we'll have, as well as the $10 million in store closures.

但我們在規劃業務時，將銷售成長考慮到我們將面臨的第 53 週的挑戰以及 1000 萬美元的商店關閉費用。

So if there's comp growth in '24, do you anticipate some of that coming from just like -- now that you slowed the growth or shut down the growth of stores in Europe, is there an opportunity for comp growth in Europe, just from the standpoint of like a mature ramp?

因此，如果 24 年出現比較增長，您是否預計其中一些增長會來自於 - 既然您放慢了增長速度或關閉了歐洲商店的增長，那麼歐洲是否有機會實現比較增長，僅來自於像一個成熟的坡道的立場？

Or do you see that as an opportunity?

或者您認為這是一個機會？

Yeah.

是的。

I think I would look at this -- I'm going to take your question a little bit higher level, and then I'll come into Europe.

我想我會看看這個——我會把你的問題提升到一個更高的層次，然後我會進入歐洲。

I think when we're looking at this business, we think we have opportunity for comp growth really across the business.

我認為，當我們審視這項業務時，我們認為我們確實有機會在整個業務中實現薪酬成長。

Specifically because of what we know this business has been able to do and where we have landed here these last couple of years, which is pretty disappointing to us, to be quite frank.

具體來說，因為我們知道這家企業已經能夠做到這一點，而且我們在過去幾年中取得了進展，坦白說，這對我們來說非常令人失望。

But we're looking at many of these locations, knowing we've got good locations.

但我們正在考慮其中的許多地點，知道我們有好的地點。

We've got buyers that are really honed in on finding the right product for what's next.

我們的買家非常注重為未來尋找合適的產品。

We've got good sales teams that are out there to serve the customers.

我們擁有優秀的銷售團隊，隨時為客戶提供服務。

And so as we tie this together and we think about 2024, we think we have a good opportunity.

因此，當我們將這些聯繫在一起並思考 2024 年時，我們認為我們有一個很好的機會。

Now earlier in this call, we talked about men's as being an opportunity.

在這次電話會議的早些時候，我們談到了男裝是一個機會。

And I think that's a really good place for our business to start.

我認為這對我們的業務來說是一個非常好的起點。

I think each of our other categories have had some challenges as well.

我認為我們的其他每個類別也都面臨一些挑戰。

So as we look at those and we look at some of these new brands that Rick spoke to, and the fact that we've continued to bring a lot of newness into the business, we think we have opportunity in our other categories as well.

因此，當我們審視這些以及瑞克談到的一些新品牌時，事實上我們一直在為業務帶來很多新鮮事物，我們認為我們在其他類別中也有機會。

Geographically, we know that North America has been challenged.

從地理上看，我們知道北美受到了挑戰。

It has been just as much, if not more, than Europe.

它與歐洲一樣多，甚至更多。

So we know that in the US, we've got opportunity.

所以我們知道在美國，我們有機會。

We believe we have opportunity in Canada.

我們相信我們在加拿大有機會。

And as it comes to Europe, I think you're absolutely right.

說到歐洲，我認為你是絕對正確的。

We've got a lot of new units.

我們有很多新單位。

We've been very focused on new markets and growth.

我們一直非常關注新市場和成長。

And as Rick said, we're sort of pausing that with the idea that we need to grow comp, and we need to focus on the customer and get back to basics to drive the profitability and cash flow, right, within that region.

正如里克所說，我們有點暫停了這一點，因為我們需要提高競爭力，我們需要專注於客戶並回到基礎，以推動該地區的獲利能力和現金流。

And then I think once we get to that level, we have the opportunity to rethink about growth, because there still is a lot of growth in Europe.

然後我認為一旦我們達到這個水平，我們就有機會重新考慮成長，因為歐洲仍然有很大的成長。

I don't want to give the impression that the growth is not there.

我不想給人留下沒有成長的印象。

We just have to be able to do it in a profitable way with cash flow.

我們只需要能夠利用現金流以獲利的方式做到這一點。

And as we think about Europe individually, I mean, despite the pullback we saw in overall sales, I mean, Europe did comp in 2023.

當我們單獨考慮歐洲時，我的意思是，儘管我們看到整體銷售額有所回落，但歐洲在 2023 年確實實現了成長。

It just did not comp to a level that we needed it to, especially in light of what you've seen with wage inflation and some of the other costs that have gone up in Europe.

它只是沒有達到我們需要的水平，特別是考慮到你所看到的工資通膨和歐洲其他一些成本的上升。

So I believe there's comp opportunity across the business, and I think that's why you're hearing us be pretty confident about the ability to grow sales, despite the fact that we've got the 53rd week in closures that we've got to overcome.

因此，我相信整個企業都存在競爭機會，我認為這就是為什麼您聽到我們對增加銷售額的能力非常有信心，儘管我們已經進入了第 53 週的停業期，但我們必須克服這一困難。

Okay.

好的。

And then maybe two last ones that are a bit more strategic.

最後兩個可能更具戰略意義。

One on the new brands.

一是關於新品牌。

It sounds like the benefit that you're seeing there is mostly on the men's side.

聽起來您所看到的好處主要集中在男性方面。

Is there also -- I think, Rick, you mentioned the opportunity to do more in women's with private label, but there is also an opportunity to add brands to help the women's business?

我想，Rick，你是否還提到在女裝領域透過自有品牌做更多事情的機會，但也有機會增加品牌來幫助女裝業務？

So that would be my first question.

這是我的第一個問題。

And secondly, one month doesn't make a trend, but footwear, it looks like it was positive in February.

其次，一個月不會形成趨勢，但鞋類，看起來 2 月是正面的。

I'm just wondering, is that really a function of that you're just starting to lap easier compares?

我只是想知道，這真的是你剛開始比較容易比較的功能嗎？

Or have you also worked on pivoting with footwear assortment to try to drive better results there?

或者您也致力於調整鞋類品種以嘗試取得更好的結果？

All right.

好的。

Thanks for the question, Mitch.

謝謝你的提問，米奇。

First, I guess, just for clarity purposes around new brands.

首先，我想，只是為了清楚了解新品牌。

We have some brands that are new brands we've launched that are working well in women's.

我們推出的一些新品牌在女裝領域表現良好。

So I'll be clear about that.

所以我會澄清這一點。

And where it's really made a difference in the business, just not enough to tip it to the positive at this stage of the game.

它確實對業務產生了影響，但還不足以在遊戲的這個階段帶來正面的影響。

In the private label, we have a lot of good stuff there, too.

在自有品牌方面，我們也有很多好東西。

And then other brands that we're launching that are predominantly have benefited the men's.

然後我們推出的其他品牌主要使男士受益。

We know there's also a unisex aspect to how our customer buys products.

我們知道客戶購買產品的方式也存在著男女皆宜的因素。

So it becomes a little harder for me to quantify that for you to how it’s impacting women, but we see that throughout our business.

因此，對我來說，量化它對女性的影響變得有點困難，但我們在整個業務中都看到了這一點。

We see it with women buying boy shoes, as an example, would be another example where we know it's happening based upon the seismic we see playing out there.

作為一個例子，我們看到女性購買男鞋，這將是另一個例子，我們根據我們看到的地震知道它正在發生。

Or we see it in T-shirts where we're selling small size of the men's disproportionately to our typical business.

或者我們在 T 恤上看到了這一點，我們銷售的小尺寸男式 T 卹與我們的典型業務不成比例。

So it's a little bit hard to answer that question, Mitch, just because we know there's a unisex aspect to our business, particularly with women in the business.

因此，米奇，回答這個問題有點困難，因為我們知道我們的業務存在著男女皆宜的一面，尤其是對於該行業的女性而言。

But yes, we do have some brands that are specifically new in the women's business, and we're seeing some success just not enough to tip it to the positive at this point.

但是，是的，我們確實有一些在女性業務領域特別新的品牌，我們看到的一些成功還不足以在這一點上帶來正面的影響。

So we're always looking for brands across wide ranges that we think will really be relevant for all of our customers.

因此，我們一直在尋找各種我們認為真正與我們所有客戶相關的品牌。

I would guess it should be the message [you'd have] for you there.

我想這應該是給你的訊息。

On footwear, in February, yes, it was positive, but it was a promotionally driven positive number.

在鞋類方面，二月的數字是正面的，但這是一個促銷驅動的正面數字。

So what I will tell you about footwear, Mitch is, we have just been clearing footwear aggressively.

關於鞋類，米奇，我要告訴你的是，我們剛剛積極清理鞋類。

And we've had a lot of footwear, we've had some good help from our brand partners here in doing this.

我們有很多鞋類，在這方面我們得到了品牌合作夥伴的大力幫助。

But as you know, it's been an issue in a challenged department for a while now.

但如您所知，這在一個充滿挑戰的部門中已經成為一個問題有一段時間了。

And so what you're seeing us do is get inventory in position so they can really go after newness in footwear.

因此，您看到我們所做的就是確保庫存到位，以便他們可以真正追求鞋類的新穎性。

So I think, Chris, inventory in footwear was down

所以我認為，克里斯，鞋類庫存下降了

--?

——？

30%.

30%。

30% at the end of the year, Mitch, to give you a sense of where we're at on the footwear inventory.

米奇，年底 30%，讓您了解我們的鞋類庫存。

We have aggressively been aggressive about clearing it out.

我們一直在積極積極地清理它。

And again, great support from our brand partners in helping us do that and we've done it also through liquidation.

再次，我們的品牌合作夥伴提供了大力支持，幫助我們做到了這一點，我們也透過清算做到了這一點。

So what you're really seeing over the last month is aggressive liquidation in the footwear market.

因此，上個月你真正看到的是鞋類市場的激進清算。

Now, as we look forward, we definitely have some trends that are working and I'm sure you're identifying them on our footwear wall.

現在，正如我們展望的那樣，我們肯定有一些正在發揮作用的趨勢，我相信您在我們的鞋類牆上也能認出它們。

And so now it's about the right levels of inventory.

所以現在的問題是適當的庫存水準。

It's about we're going to ride the trends that we know are working that really actually go together with the trends that are in our private label business, particularly in long bottoms.

我們要順應我們所知的趨勢，這些趨勢實際上與我們自有品牌業務的趨勢一致，特別是長褲領域。

They're going to drive, I think, some that will drive improved business in footwear.

我認為，他們將推動一些鞋業業務的改善。

And then what our teams have done is we have -- basically, if you were to see our plan for footwear throughout 2024, I think we have a really solid plan for injecting newness throughout the year on a pretty regular basis.

然後我們的團隊所做的是——基本上，如果你看到我們在 2024 年全年的鞋類計劃，我認為我們有一個非常可靠的計劃，可以在全年定期注入新鮮感。

Period by period we're going to see us launch newness and build as we move -- really try to build and adjust as we move towards back-to-school and holiday with what works in the assortment and how we reposition our footwear wall to really hit those peak periods as best we can.

一個時期一個時期，我們將看到我們在行動中推出新產品和構建——當我們走向返校和假期時，真正嘗試構建和調整，了解分類中的有效內容以及我們如何重新定位鞋類牆以適應不同的需求。盡我們所能地真正抓住那些高峰期。

So I think the key takeaway off it is yes, it was, but it was promotionally-driven liquidation mode, I would say.

所以我認為關鍵的一點是，是的，確實如此，但我想說，這是促銷驅動的清算模式。

But as we look forward, we now have inventory in a position where we can really go out and make investments and really try -- as you know, footwear is top because of the sizing.

但正如我們展望的那樣，我們現在的庫存處於可以真正走出去進行投資並真正嘗試的位置 - 如您所知，由於尺碼，鞋類是頂級的。

You do have to be larger investments in each style of footwear you try.

您確實必須對您嘗試的每種鞋履進行更大的投資。

So what we're going to do now is just go out there and have some fun.

所以我們現在要做的就是出去玩得開心。

We're going to play our brand partners again that are being incredibly supportive here, and we have a lot of newness coming every period in footwear.

我們將再次與我們的品牌合作夥伴合作，他們在這裡給予了我們極大的支持，我們在鞋類的每個時期都會有很多新鮮事。

All right.

好的。

Thanks.

謝謝。

I look forward to seeing some size 14s in your stores.

我期待在你們的商店中看到一些 14 號的鞋子。

I appreciate you taking all my questions.

感謝您回答我所有的問題。

(laughter) Well, not that much new, Mitch, so

（笑聲）嗯，沒什麼新鮮事，米奇，所以

--

--

(Operator Instructions) That concludes the question-and-answer session.

（操作員說明）問答環節到此結束。

At this time, I would like to turn the call back to Rick Brooks for closing remarks.

此時，我想將電話轉回給里克·布魯克斯（Rick Brooks），讓其致閉幕詞。

All right.

好的。

Thank you, everyone, again.

再次謝謝大家。

We always appreciate your support of Zumiez greatly.

我們始終感謝您對 Zumiez 的支持。

And again, to our employees and all of our brand partners, we really, again -- as I said in the commentary earlier, we really appreciate the challenging year we've all worked through and we’re looking forward to hopefully a better and improved 2024.

再次對我們的員工和所有品牌合作夥伴說，正如我之前在評論中所說，我們真的很感激我們所經歷的充滿挑戰的一年，並且我們期待著更好的發展並於2024 年有所改善。

So thank you, everyone, and we look forward to talking to you after first-quarter results.

謝謝大家，我們期待在第一季業績公佈後與您交談。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。