Zumiez Inc (ZUMZ) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Zumiez, Inc. first-quarter fiscal 2024 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 concerning Zumiez, Inc. business outlook and contains forward-looking statements, of 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.

女士們、先生們，下午好，歡迎參加 Zumiez, Inc. 2024 財年第一季財報電話會議。（操作員說明） 在我們開始之前，我想提醒大家公司的安全港語言。今天的電話會議包括有關Zumiez, Inc. 業務前景的評論，並包含前瞻性陳述，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不基於歷史事實的陳述均面臨風險和不確定性。實際結果可能存在重大差異。

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

Zumiez 向 SEC 提交的文件中提供了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資訊。此時，我將把電話轉給執行長 Rick Brooks。布魯克斯先生？

Hello, and thank you, everyone, for joining us on today's call. With me today is Chris Work, our Chief Financial Officer. I'll begin with a few remarks about our first quarter performance before touching on our strategic priorities for 2024. Chris will then take you through the financials and our outlook for the balance of the year. After that, we'll open the call to your questions.

大家好，謝謝大家參加今天的電話會議。今天和我在一起的是我們的財務長克里斯沃克 (Chris Work)。我將首先對我們第一季的業績進行一些評論，然後再討論我們 2024 年的策略重點。然後克里斯將向您介紹財務狀況和我們對今年剩餘時間的展望。之後，我們將打開電話回答您的問題。

Our first quarter performance represented an encouraging start to 2024. While total sales of $177 million were down 3% from the same quarter last year, both sales and earnings per share were above the high end of our guidance range, showing continued improvement in year-over-year trends and demonstrating our progress in positioning the business for growth. First quarter top-line results were driven by North America, as comparable sales for the region inflected positive. This performance was led by our men's business, which was up year over year for the second consecutive quarter, after accelerating from its positive finish to fiscal 2023.

我們第一季的業績為 2024 年帶來了令人鼓舞的開端。雖然總銷售額為 1.77 億美元，較去年同期下降 3%，但銷售額和每股收益均高於我們指導範圍的上限，表明同比趨勢持續改善，並展示了我們在定位業務增長。第一季的營收業績主要由北美地區推動，該地區的可比銷售額呈正值。這項業績由我們的男裝業務引領，在 2023 財年實現積極成長後，連續第二季年增。

Our women's business also contributed to sales performance turning positive for the quarter. As expected, hardgoods remained under pressure, giving back some on quarter four's improvement as we exited the snow season. Overall, we experienced increases in both average unit retail and units per transaction for the first three months of fiscal '24, which was offset by a decline in transactions. Meanwhile, merchandise margins were higher than a year ago and ahead of quarterly guidance as our heightened focus on driving full price selling in Europe fueled our consolidated core product margin growth.

我們的女裝業務也為本季的銷售業績轉正做出了貢獻。正如預期的那樣，耐用品仍然面臨壓力，隨著雪季的結束，第四季的改善有所回升。整體而言，24 財年的前三個月，我們的平均零售單位數和每筆交易單位數均有所增加，但被交易量下降所抵消。同時，商品利潤率高於一年前，並且高於季度指引，因為我們更加重視推動歐洲全價銷售，推動了我們綜合核心產品利潤率的成長。

This helped drive the overall improvement in our bottom-line results, despite our sales decline to a loss of $0.86 per share compared to a loss of $0.96 per share last year. This is meaningfully better than our guidance of a loss of $1.09 to $1.19 per share. Our first quarter results are a further indication that we are progressing toward positive comparable sales and improved profitability. That said, we recognize that we still have a considerable amount of work ahead of us to achieve both the levels of top-line revenue and bottom-line profitability that we expect from the business.

儘管我們的銷售額下降至每股虧損 0.86 美元，而去年為每股虧損 0.96 美元，但這有助於推動我們淨利潤的整體改善。這明顯好於我們每股虧損 1.09 美元至 1.19 美元的指引。我們第一季的業績進一步表明我們正在朝著積極的可比銷售額和盈利能力的提高邁進。儘管如此，我們認識到，要實現我們對業務的預期收入和底線盈利水平，我們仍有大量工作要做。

As we continue to navigate a challenging retail environment, we stay focused on the items within our control to grow sales and drive the business back to its historical operating performance and beyond. As shared on our fourth quarter call in March, our focus continues to be the following strategies: first, we're concentrated on reinvigorating our top line through investments to ensure we continue to win with consumers. Some of these initiatives include infusing our product assortments with fresh offerings. We launched over 100 brands in 2022 and over 150 brands in 2023, with plans to launch similar levels in 2024.

當我們繼續應對充滿挑戰的零售環境時，我們將繼續專注於我們控制範圍內的產品，以增加銷售額並推動業務恢復到歷史經營業績甚至更高。正如我們在三月第四季電話會議上所分享的那樣，我們的重點仍然是以下策略：首先，我們專注於透過投資重振我們的營收，以確保我們繼續贏得消費者的青睞。其中一些舉措包括為我們的產品種類注入新鮮的產品。我們在 2022 年推出了 100 多個品牌，在 2023 年推出了 150 多個品牌，並計劃在 2024 年推出類似級別。

We're already seeing our newly launched brands in the past couple of years, accounting for a larger portion of current sales than we have seen historically, indicating they are resonating well with our customers. We're also expanding our private label brand portfolio this year. Private labels represented approximately 23% of sales in 2023, up from 18% in 2022 and 13% in 2021. This growth showcases our team's ability to capitalize on both trend and value-conscious consumers, providing another avenue for growth.

我們在過去幾年中已經看到我們新推出的品牌，在當前銷售額中所佔的比例比我們歷史上所看到的要大，這表明它們與我們的客戶產生了良好的共鳴。今年我們也擴大了我們的自有品牌組合。自有品牌約佔 2023 年銷售額的 23%，高於 2022 年的 18% 和 2021 年的 13%。這一增長展示了我們團隊利用趨勢和注重價值的消費者的能力，提供了另一條成長途徑。

And we're maintaining our best-in-class service in stores and online, with continued investment in training and technology. Combined, these efforts aim to enhance our customer relationships and engage with them in more personalized and relevant ways. Along with these new top-line initiatives, we are enhancing our focus on profitability, both in Europe and in North America. In Europe, our plan involves a pivot from our growth strategy.

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。這些努力相結合，旨在增強我們的客戶關係，並以更個人化和相關的方式與他們互動。除了這些新的頂線計劃外，我們還加強了對歐洲和北美盈利能力的關注。在歐洲，我們的計劃涉及成長策略的支點。

We have slowed store expansion this year, and instead, we'll focus on enhancing the productivity of nearly 90 stores across nine countries and our pan-European web business that currently serves the European market. With a focus on full price selling for our existing footprint, we believe we can unlock the potential for the business and create value as we work through what has been a difficult cycle in Europe. There is no doubt that trends emerge locally and grow globally and our current penetration of the relevant markets is a significant advantage to Zumiez over the long term. Overall, we believe we can achieve profitability in Europe with this new focus as we have done in other international markets like Canada and Australia.

今年我們放慢了商店擴張速度，相反，我們將專注於提高九個國家近 90 家商店的生產力以及目前服務於歐洲市場的泛歐洲網路業務。透過專注於現有業務的全價銷售，我們相信，在我們度過歐洲困難週期的過程中，我們可以釋放業務潛力並創造價值。毫無疑問，趨勢在本地出現並在全球範圍內發展，從長遠來看，我們目前對相關市場的滲透對 Zumiez 來說是一個重大優勢。總體而言，我們相信，透過這一新的重點，我們可以在歐洲實現盈利，就像我們在加拿大和澳大利亞等其他國際市場所做的那樣。

Beyond Europe, we're focused on profitability in other markets as well. In 2023, we closed 18 underperforming North American stores and expect to close an additional 20 to 25 locations in 2024. As a result, we decreased field and corporate staffing levels to align with the reduced store count. We're also further optimizing store labor through several initiatives, including adjustments to staffing models at lower-volume stores.

除了歐洲之外，我們也關注其他市場的獲利能力。2023 年，我們關閉了 18 家表現不佳的北美門市，預計 2024 年將再關閉 20 至 25 家門市。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。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 reduce our shipping and logistic costs companywide, reduced discount selling compared with last year's elevated levels, and continue to implement other cost-saving opportunities in many areas throughout the organization. While we'll not be able to improve earnings on negative sales results over the long term, it's a combination of these initiatives that helped us reduce the loss per share in the first quarter despite the sales decline. Overall, these adjustments in our operating strategy, combined with our strong balance sheet, with more than $145 million in cash, position us well to navigate the current environment and emerge a stronger and more profitable company. Before I turn the call over to Chris, I just would like to thank each of our team members for their hard work and dedication.

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，與去年的高水準相比減少了折扣銷售，並繼續在整個組織的許多領域實施其他節省成本的機會。雖然從長遠來看，我們無法因負銷售業績而提高收益，但這些措施的結合幫助我們減少了第一季的每股虧損，儘管銷售額有所下降。總體而言，我們營運策略的這些調整，加上我們強大的資產負債表和超過 1.45 億美元的現金，使我們能夠很好地應對當前的環境，並成為更強大、利潤更高的公司。在將電話轉給克里斯之前，我只想感謝我們每個團隊成員的辛勤工作和奉獻精神。

Your collective efforts were the key to our continued progress this quarter, and I'm truly appreciative to all you do. I look forward to further advancing our strategic objectives in the year ahead, as we work toward delivering greater value for our shareholders. With that, I'll turn the call over to Chris to discuss the financials.

你們的集體努力是我們本季持續進步的關鍵，我衷心感謝你們所做的一切。我期待在未來一年進一步推進我們的策略目標，並努力為股東創造更大的價值。這樣，我會將電話轉給克里斯，討論財務問題。

Thanks, Rick, and good afternoon, everyone. I'm going to start with a review of our first quarter results. I'll then provide an update on our May sales trends and some perspective on how we're thinking about the full year. First quarter net sales were $177.4 million, down 3% from $182.9 million in the first quarter of 2023. Comparable sales were down 2.4% for the quarter.

謝謝瑞克，大家下午好。我將首先回顧我們第一季的業績。然後，我將提供有關五月銷售趨勢的最新資訊以及我們對全年的看法。第一季淨銷售額為 1.774 億美元，比 2023 年第一季的 1.829 億美元下降 3%。本季可比銷售額下降 2.4%。

As Rick mentioned, our North America business comparable sales were up year-over-year, marking the first time we've seen growth in the region since 2021. This was offset by a decline in international sales, as we put greater emphasis on full price selling in Europe, which benefited margins, but pressured our top-line revenue. From a regional perspective, North America net sales were $142.7 million, a decrease of 0.9% from 2023. Other international net sales, which consists of Europe and Australia were $34.7 million down 10.8% from last year.

正如 Rick 所提到的，我們的北美業務可比銷售額同比增長，這是我們自 2021 年以來首次看到該地區的增長。這被國際銷售的下降所抵消，因為我們更加重視歐洲的全價銷售，這有利於利潤率，但對我們的營收構成壓力。從地區來看，北美淨銷售額為1.427億美元，較2023年下降0.9%。其他國際淨銷售額（包括歐洲和澳洲）為 3,470 萬美元，比去年下降 10.8%。

Excluding the impact of foreign currency translation, North America net sales decreased 0.9% and other international net sales decreased 10.6% year over year. Comparable sales for North America were up 0.3% and comparable sales for other International were down 13% for the quarter. From a category perspective, men's with our largest positive comping category, followed by women's. Hardgoods was our largest negative comping category, followed by accessories and footwear.

剔除外幣換算的影響，北美淨銷售額較去年同期下降0.9%，其他國際淨銷售額較去年同期下降10.6%。本季北美地區的可比銷售額成長 0.3%，其他國際地區的可比銷售額下降 13%。從類別的角度來看，男性是我們最大的正向競爭類別，其次是女性。耐用品是我們最大的負面競爭類別，其次是配件和鞋類。

The consolidated decrease in comparable sales was driven by a decrease in transactions, partially offset by an increase in dollars per transaction. Dollars per transaction were up for the quarter, driven by an increase in average unit retail and an increase in units per transaction. First quarter gross profit was $51.9 million compared to $49.4 million in the first quarter of last year. Gross profit as a percentage of sales was 29.3% for the quarter compared with 27% in the first quarter of 2023.

可比銷售額綜合下降是由交易量減少造成的，但每筆交易美元的增加部分抵消了這一下降。由於平均零售單位數增加和每筆交易單位數增加，本季每筆交易金額有所上升。第一季毛利為 5,190 萬美元，去年第一季毛利為 4,940 萬美元。本季毛利佔銷售額的百分比為 29.3%，而 2023 年第一季為 27%。

The 230-basis point increase in gross margin was primarily driven by an improvement of 70 basis points in product margin, 70 basis points of leverage in shipping costs, 20 basis points of leverage in distribution center costs, 20 basis points of leverage in store occupancy costs, and a benefit of 60 basis points related to a mix shift away from service and related shipping revenue in the prior year's results, which carried a negative margin during the prior-year quarter. SG&A expense was $72.1 million or 40.6% of net sales in the first quarter compared to $70.7 million or 38.7% of net sales a year ago. The 190-basis point increase in SG&A expenses as a percent of net sales resulted from the following: 60 basis points increase in annual incentive compensation, 50 basis points due to timing of employee training that is expected to be a benefit in the second quarter, 50 basis points due to nonstore wages, and 40 basis points due to store wages tied to both deleverage on lower sales, as well as wage rate increases.

毛利率成長230個基點主要是因為產品利潤率提高70個基點、運輸成本槓桿提高70個基點、配送中心成本槓桿提高20個基點、商店入住率槓桿提高20個基點成本，以及與去年業績中服務和相關運輸收入混合轉移有關的60 個基點的收益，該收入在上年季度出現了負利潤。第一季的 SG&A 費用為 7,210 萬美元，佔淨銷售額的 40.6%，而去年同期為 7,070 萬美元，佔淨銷售額的 38.7%。SG&A 費用佔淨銷售額的百分比增加了 190 個基點，原因如下：年度激勵薪酬增加 60 個基點，由於員工培訓時間預計將在第二季度帶來效益而增加 50 個基點，由於非商店工資上漲了50 個基點，由於商店工資上漲了40 個基點，這與銷售額下降的去槓桿化以及工資上漲有關。

Operating loss in the first quarter of 2024 was $20.2 million or 11.4% of net sales compared with operating loss of $21.4 million or 11.7% net sales last year. Net loss for the first quarter was $16.8 million or $0.86 per share. This compares to a net loss of $18.4 million or $0.96 per share for the first quarter of 2023. Our effective tax rate for the first quarter of 2024 was a 14.4% benefit compared with the 12.6% benefit in the year-ago period.

2024 年第一季的營運虧損為 2,020 萬美元，佔淨銷售額的 11.4%，而去年的營運虧損為 2,140 萬美元，佔淨銷售額的 11.7%。第一季淨虧損為 1,680 萬美元，即每股虧損 0.86 美元。相比之下，2023 年第一季的淨虧損為 1,840 萬美元，即每股淨虧損 0.96 美元。我們 2024 年第一季的有效稅率為 14.4%，而去年同期為 12.6%。

Turning to the balance sheet, the business ended the quarter in a strong financial position. We had cash and current marketable securities of $146.6 million as of May 4, 2024 compared to $155.3 million as of April 29, 2023. The $8.7 million -- decrease in cash and current marketable securities over the trailing 12 months was driven primarily by capital expenditures of $17.5 million offset by $9.1 million in cash provided by operating activities. As of May 4, 2024, we have no debt on the balance sheet.

談到資產負債表，該公司在本季結束時財務狀況良好。截至 2024 年 5 月 4 日，我們的現金和流動有價證券為 1.466 億美元，截至 2023 年 4 月 29 日為 1.553 億美元。過去 12 個月現金和當前有價證券減少 870 萬美元，主要是由於 1,750 萬美元的資本支出被經營活動提供的 910 萬美元現金抵消。截至2024年5月4日，我們的資產負債表上沒有債務。

On June 5, 2024, the Board approved the repurchase of up to 25 million of common stock. The repurchase program is expected to continue through June 30, 2025, unless the time period is extended or shortened by our Board of Directors. We ended the quarter with $146.8 million in inventory, down 0.7% compared with $147.9 million last year. On a constant-currency basis, our inventory levels were down 0.1% from last year.

2024年6月5日，董事會批准回購最多2,500萬股普通股。回購計畫預計將持續到 2025 年 6 月 30 日，除非董事會延長或縮短期限。本季末，我們的庫存為 1.468 億美元，比去年的 1.479 億美元下降了 0.7%。以固定匯率計算，我們的庫存水準比去年下降了 0.1%。

Given the sales backdrop, we are happy with our ending inventory balance for the first quarter and I expect to continue to bring in newness, as we move into the important back-to-school season and throughout 2024. Now, to our fiscal May sales results. Net sales for the four-week period ended June 1, 2024, increased 1.8% compared to the four-week period ended May 27, 2023. Comparable sales for the four-week period ended June 1, 2024, were down 0.2% from a comparable period in the prior year.

考慮到銷售背景，我們對第一季的期末庫存平衡感到滿意，我預計隨著我們進入重要的返校季節和整個 2024 年，我們將繼續帶來新的東西。現在，我們來看看我們五月的銷售業績。截至2024年6月1日的四週​​期間的淨銷售額比截至2023年5月27日的四週期間成長了1.8%。截至 2024 年 6 月 1 日的四週期間的可比銷售額比去年同期下降了 0.2%。

From a regional perspective, net sales for our North America business for the four weeks ended June 1, 2024, increased 2.5% compared to the four-week period ended May 27, 2023, while our other international business decreased 1.1%. Excluding the impact of foreign currency translation, North America net sales for the four weeks ended June 1, 2024, increased 2.6% from the prior year, while other International net sales decreased 0.4% compared with 2023. Comparable sales for North America increased 1.5% for the four-week period ended June 1, 2024 compared to the same weeks in the prior year, while comparable sales for international business declined 7.3%. From a category perspective in fiscal May 2024, men's was our largest positive comparable sales growth category followed by women's.

從地區角度來看，截至2024 年6 月1 日止的四周內，我們的北美業務淨銷售額較截至2023 年5 月27 日止的四周期間增長了2.5%，而我們的其他國際業務則下降了1.1%。排除外幣換算的影響，截至 2024 年 6 月 1 日的四周內，北美淨銷售額較上一年增長 2.6%，而其他國際淨銷售額較 2023 年下降 0.4%。截至 2024 年 6 月 1 日的四周內，北美地區的可比銷售額與去年同期相比增長了 1.5%，而國際業務的可比銷售額下降了 7.3%。從 2024 年 5 月財年的類別角度來看，男裝是我們可比銷售成長最大的類別，其次是女裝。

The accessory category was our largest decline in comparable sales, followed by hardgoods and footwear. The comparable sales decrease was driven by a decrease in transactions, partially offset by an increase in dollars per transaction. Dollars per transaction increased for the four-week period due to an increase in average unit retail and an increase in units per transaction. With respect to our outlook for the second quarter of fiscal 2023, I want to remind everyone that formulating our guidance involves some inherent uncertainty and complexity in estimating sales, product margin, and earnings growth, given the variety of internal and external factors that impact our performance.

配件類別是我們可比銷售額下降幅度最大的類別，其次是耐久財和鞋類。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。由於平均零售單位數的增加和每筆交易的單位數的增加，每筆交易的美元在四個星期內有所增加。關於我們對2023 財年第二季度的展望，我想提醒大家，考慮到影響我們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。

We are anticipating total sales for the second quarter to be between $199 million and $204 million or 2.5% to 5% sales increase. The second quarter will benefit from the calendar shift, which will pull one week of heavier back to school volume into the second quarter and out of the third quarter. Adjusting for this shift, we are estimating second quarter sales to be negative low single digits to flat for the quarter when compared to the same week in the prior year. We expect our second quarter 2024 product margins will be slightly positive.

我們預計第二季的總銷售額將在 1.99 億美元至 2.04 億美元之間，即銷售額將成長 2.5% 至 5%。第二季將受益於日曆調整，這將使第二季和第三季之後一週的返校量增加。根據這一轉變進行調整，我們預計第二季銷售額與去年同期相比將出現負低個位數甚至持平。我們預計 2024 年第二季的產品利潤率將略有上升。

Consolidated operating loss as a percent of sales for the second quarter is expected to be between negative 4.5% and negative 3%, and we anticipate our loss per share will be between negative $0.30 and negative $0.40 compared to a loss of negative $0.44 in the prior year. As we consider the full year outlook, we still believe there to be uncertainty and volatility in the macro environment. Given this, we will refrain from giving specific financial guidance, but do want to share our expectations for the year that are unchanged from our March release earlier this year. We have 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.

第二季綜合營運虧損佔銷售額的百分比預計將在負4.5% 至負3% 之間，我們預期每股虧損將在負0.30 美元至負0.40 美元之間，而上一季的虧損為負0.44美元年。在考慮全年前景時，我們仍然認為宏觀環境存在不確定性和波動性。有鑑於此，我們將避免提供具體的財務指導，但確實希望分享我們對今年的預期，這些預期與今年稍早 3 月發布的預期沒有變化。在過去的兩年裡，由於疫情、通貨膨脹、對可自由支配的美元的競爭、負面的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 multiyear decline, we believe that we're beginning to see the impact of those negative business trends moderate, and our current results are showing that new trends are taking hold. This includes our men's category being positive across the last two quarters and our women's category turning positive in the first quarter. At this time, we believe we can build upon these trends throughout 2024 and see total sales growth for the full year. After two years of difficult performance in product margin, we believe that with a more stable sales environment, we will grow product margin in 2024.

考慮到多年下降的幅度，我們相信我們開始看到這些負面商業趨勢的影響有所緩和，而我們目前的結果表明新趨勢正在佔據主導地位。這包括我們的男性類別在過去兩個季度的積極增長以及我們的女性類別在第一季的積極增長。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。經過兩年產品利潤率的艱難表現，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'll leverage SG&A costs year-over-year beyond the benefit we will receive from moving past the $41.1 million goodwill impairment charge we recorded in the fourth quarter of 2023. With the previously mentioned assumptions, we believe we will return to positive operating margins for the full year. While effective tax rates are likely to fluctuate significantly by quarter, we anticipate that our full year effective tax rate will be roughly 47% in fiscal 2024. We are planning to open 10 new stores during the year, including three in North America, three in Europe, and four stores in Australia.

隨著 2024 年銷售額的成長，我們預計我們將逐年利用 SG&A 成本，超出我們從 2023 年第四季記錄的 4,110 萬美元商譽減損費用中獲得的收益。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。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 47%。我們計畫年內開設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. We are planning to close approximately 20 to 25 stores in fiscal 2024, with most of our closures in North America. The number of closures could go up or down, depending on the operating results in each location, as well as our ability to work with our landlord partners. 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.

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。我們計劃在 2024 財年關閉約 20 至 25 家商店，其中大部分關閉在北美。關閉的數量可能會增加或減少，這取決於每個地點的營運表現以及我們與房東合作夥伴合作的能力。我們預計 2024 年的資本支出將在 1,400 萬美元至 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 openings. We expect that depreciation and amortization, excluding noncash lease expense, will be approximately $23 million and consistent with the prior year. We are currently projecting our diluted share count for the full year to be approximately 19.8 million shares. Any shares repurchased during the year will reduce the share count from this estimate. And with that, operator, we would like to open the call up for your questions.

減少的主要原因是計劃開設的商店減少。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。我們目前預計全年稀釋後股數約為 1,980 萬股。年內回購的任何股票都將減少此估計的股票數量。接線員，我們現在開始電話詢問您的問題。

(Operator instructions) Mitch Kummetz, Seaport.

（操作員指示）Mitch Kummetz，海港。

Yeah, thanks for taking my questions. Rick, on the strength of the men's business, and now you're seeing some positives on women's, is it largely brand related or is it tied to any particular categories? Can you just maybe provide a little bit more color on what's happening apparel to where you're seeing the improvement there?

是的，謝謝你回答我的問題。Rick，就男裝業務而言，現在您看到了女裝業務的一些積極因素，這主要是與品牌相關還是與任何特定類別相關？您能否就服裝方面正在發生的事情以及您看到的改進提供更多的資訊？

Sure. Mitch, I'm glad to do that. And I'm going to tell you, it's really the same for both men's and women's. There are really two things driving the improvement in our business: it's the performance of our private label relative to trend. I think our teams have done just a really good job there.

當然。米奇，我很高興這麼做。我要告訴你，這對男性和女性來說都是一樣的。實際上有兩件事推動了我們業務的改善：我們的自有品牌相對於趨勢的表現。我認為我們的團隊在那裡做得非常好。

Private label performed well actually for a couple of years in a row now and it continues to resonate. I believe that what we're doing is really taking share, particularly, in the bottoms business in the market, so I think that's been really strong. And the second thing is, in apparel is new brands, it's the freshness of the offering that we're offering with new and emerging brands in the market. It's both those things for both men's and women's is what really is driving the business is newness and being on the trend cycles and that's where we're really seeing the traction.

自有品牌實際上已經連續幾年表現良好，並且繼續引起共鳴。我相信我們正在做的事情確實正在佔據份額，特別是在市場的底部業務中，所以我認為這非常強大。第二件事是，服裝領域是新品牌，這是我們為市場上新興品牌提供的產品的新鮮度。對於男裝和女裝來說，真正推動業務發展的是新鮮感和潮流週期，這就是我們真正看到的吸引力。

And then on the new brand side of it, if I recall correctly, several years ago, you had a trio of brands that really emerged to become pretty powerful on the apparel side. Like, how does this stack up to that? Do you see the same trajectory that we're just early innings? Or is there any takeaways from that, that might inform you as to what's happening here?

然後在新品牌方面，如果我沒記錯的話，幾年前，有三個品牌真正在服裝方面崛起並變得非常強大。就像，這怎麼樣？你看到的軌跡與我們剛開始的幾局相同嗎？或從中可以得到什麼訊息，可以讓您了解這裡發生的事情？

Sure, Mitch, and I can take it away more broadly because the last few years have been pretty crazy about how we want to look at them. But, typically, what we've seen historically as we've seen ourselves concentrate volume in the top 10 and top 20 brands, and then, deconcentrate as new brands come up and we lose volume from the ones that are trending down. And then, what we find is which of those new brands become the next big brands and then we reconcentrate volume back in the top 10 and top 20 vendor base. So, for me, this is consistent with that historical pattern now, where we really had a dirt of new brands during the pandemic.

當然，米奇和我可以更廣泛地理解它，因為過去幾年我們對如何看待它們非常著迷。但是，通常情況下，我們歷史上所看到的情況是，我們將銷量集中在前10 名和前20 名品牌中，然後，隨著新品牌的出現，我們的注意力會分散，而我們會因趨勢下降的品牌而失去銷售。然後，我們發現哪些新品牌將成為下一個大品牌，然後我們將銷售量重新集中在前 10 名和前 20 名供應商基礎上。所以，對我來說，這與現在的歷史模式是一致的，在疫情期間我們確實有很多新品牌。

I think that was definitely as Chris said, there's a myriad of things over the last few years that made our business tough; that is another one of them that I'd say was a challenge coming out of the pandemic. And so we just didn't have that pool of new brands and none of those brands that did launch then have really worked at all for us. It's really the strength has been in the last two years and particularly last year, with the brands we've launched. So, I expect that we're going to, hopefully, now return to that pattern.

我認為這絕對是克里斯所說的，過去幾年發生了很多事情讓我們的生意變得艱難；我想說的是，這是大流行帶來的另一個挑戰。因此，我們沒有那麼多新品牌，而且當時推出的品牌都沒有真正對我們有用。這確實是過去兩年，尤其是去年我們推出的品牌的優勢。因此，我希望我們現在能夠回到這種模式。

And as I said in the comments, we're seeing that where these new brands are at, they are historically ahead of pace, relative to what we've seen in this now growing and constantly, now they're going to grow, and we'll find out which one of those become really top-tier brands here over the next couple of years.

正如我在評論中所說，我們看到這些新品牌所處的位置，相對於我們現在看到的不斷增長和不斷增長的情況，它們在歷史上處於領先地位，現在它們將會增長，並且我們將在未來幾年內找出其中哪一個成為真正的頂級品牌。

And then, Chris, you mentioned the calendar shift in 2Q. By my math, it looks like you're talking about $10 million, does that sound about right? I know you're not giving 3Q guidance, but I would guess, an equivalent, if not maybe bigger hit to the third quarter, can you maybe address that so that we get our models right?

然後，克里斯，您提到了第二季度的日曆變化。根據我的計算，您所說的似乎是 1000 萬美元，聽起來對嗎？我知道您沒有給出第三季度的指導，但我猜，第三季度的打擊即使不是更大，也是相當的，您能否解決這個問題，以便我們得到正確的模型？

Yeah. Yes, happy to do that. I mean when we look at the year and what's remaining in the year, your number around $10 million is pretty much spot on. It works out to be right around 5% of growth just tied to the calendar shift. Again, this is back-to-school weeks moving into the second quarter as the calendar shifted with the moving past the 53rd week.

是的。是的，很高興這樣做。我的意思是，當我們看看這一年以及這一年的剩餘金額時，您的數字約為 1000 萬美元，這一數字幾乎是準確的。結果表明，與日曆變化相關的成長率約為 5%。同樣，這是進入第二季度的返校週，因為日曆隨著第 53 週的過去而變化。

The vast majority of that or actually all of that will really come back in the third quarter. And then, as we all know, in the fourth quarter, we just have another detriment because the 53rd week goes away from having an extra week in 2023 that we don't have in 2024. So, those are the main calendar shifts that we'll experience here. I will point out, as you look at May results, it is probably better to focus on the comp in May as well.

其中絕大多數或實際上全部將在第三季真正恢復。然後，眾所周知，在第四季度，我們會遇到另一個損失，因為 2023 年第 53 週將不再有 2024 年沒有的額外一周。這些是我們將在這裡經歷的主要日曆變化。我要指出的是，當您查看五月份的結果時，最好也關註五月份的比較。

You'll see a little bit of actually just the volume shift even starts in those May reported comps or reported sales trends, so, comparable sales are the real key barometer to measure the business.

您會看到實際上只是銷量變化，甚至在 5 月報告的比較或報告的銷售趨勢中就開始了，因此，可比銷售額是衡量業務的真正關鍵晴雨表。

Great, thanks, guys. Good luck.

太好了，謝謝你們。祝你好運。

Thanks, Mitch.

謝謝，米奇。

Richard Magnusen, B. Riley.

理查德·馬格努森，B.萊利。

Hello, thank you for taking our call. First, can you provide more details around your plans to manage inventory during back to school, -- any strategy on managing any type of promotional or discounted merchandise packages throughout that period? And then, further, are there any outstanding trends that you believe you could capitalize during that period?

您好，感謝您接聽我們的電話。首先，您能否提供有關返校期間管理庫存計劃的更多詳細資訊——在此期間管理任何類型的促銷或折扣商品套餐的任何策略？然後，更進一步，您認為在此期間是否有任何可以利用的突出趨勢？

All right, I'll start and then Chris can add on. So, first, yes, we believe we have to make them really working and you're going to see us be aggressive in those areas, appropriately aggressive on inventory positions during those periods. And again, I think our teams have done whether you're looking here at the inventory results at the end of Q1 or through last year. I think our team had done a really good job managing inventories, but we're going to make the appropriate investments in inventory that we believe we should based on what's driving the business forward.

好吧，我先開始，然後克里斯可以補充。所以，首先，是的，我們相信我們必須讓它們真正發揮作用，你會看到我們在這些領域積極進取，在這些時期對庫存頭寸採取適當積極的態度。再說一次，我認為我們的團隊已經做到了，無論您是在這裡查看第一季末還是去年的庫存結果。我認為我們的團隊在庫存管理方面做得非常好，但我們將根據推動業務發展的因素對庫存進行適當的投資。

And of course, back to school, those apparel categories are more important to us on a relative basis in terms of mix. So, yes, we will be making investments there, but I think we have good and appropriate risk mitigation strategies in place for those investments, but we believe we have some good opportunity there to drive volume relative to taking some inventory positions. We do also, though, expect that back-to-school be as promotional as ever. And I think that we'll see our competitors be traditionally probably more promotional than we are.

當然，回到學校，這些服裝類別在組合方面相對而言對我們來說更重要。所以，是的，我們將在那裡進行投資，但我認為我們為這些投資制定了良好且適當的風險緩解策略，但我們相信我們在那裡有一些很好的機會來推動相對於持有一些庫存頭寸的交易量。不過，我們也確實希望返校活動能像以往一樣推廣。我認為我們會看到我們的競爭對手傳統上可能比我們更促銷。

But what we're going to do is we're going to do what we do for customers, I think, really well, which is lead on trend, have to cool new brands in place, and then, use our private label and our bundling efforts to offer value as we package transactions for customers. And I think that's the way we always perceive we can really add that value for our consumer base: make them some good deals and lever the private label business to do that. So, with that, again, but that's actually an additive to margin if we can do that. So, it may be a good value for the customer, but it's also a good value for us and for our shareholders.

但我們要做的是，我們將為客戶做我們所做的事情，我認為，這真的很好，這是引領趨勢的，必須冷卻新品牌，然後使用我們的自有品牌和我們的品牌。當我們為客戶打包交易時，努力提供價值。我認為這就是我們始終認為我們可以真正為我們的消費者群增加價值的方式：為他們提供一些優惠的交易並利用自有品牌業務來做到這一點。因此，再次強調，如果我們能做到這一點，這實際上是利潤的補充。因此，這對客戶來說可能是一個很好的價值，但對我們和我們的股東來說也是一個很好的價值。

So, that's our thinking and how we're thinking about back-to-school at this point. Chris, I'll let you add anything else.

這就是我們的想法以及我們目前對重返校園的看法。克里斯，我會讓你添加其他內容。

Yeah, the only thing I'd add is as we quantify the numbers, this would be our third quarter in a row we've seen inventory declines. I think the teams are really focused on managing inventory at tight levels. You're seeing that in both the product margin trajectory we had in the first quarter, as well as what we're forecasting here for the second quarter. And the last thing I'd just add to what Rick is saying is just this idea that we have the ability to chase.

是的，我唯一要補充的是，當我們量化數字時，這將是我們連續第三個季度看到庫存下降。我認為團隊確實專注於嚴格管理庫存。您可以在我們第一季的產品利潤率軌跡以及我們對第二季的預測中看到這一點。我要補充的最後一件事是我們有能力追逐的想法。

I think that's something that our buying teams have done a good job in their management of inventory to be able to really find trends here and chase. And what's unique about our current trend line is, again, while not quite where we want to be yet by any means, it continues to get better. We're seeing that growth, as we've talked about here on this call in men's and women's we're seeing something like footwear that is down low single digits, not down as significantly as what we've seen over the last couple of years and the inventory positions are getting in a better spot. So, then you take all three of those together, and you're really talking about 75% of our business.

我認為我們的採購團隊在庫存管理方面做得很好，能夠真正找到這裡的趨勢並追逐。我們當前趨勢線的獨特之處在於，雖然無論如何還沒有完全達到我們想要的水平，但它仍在不斷變得更好。我們看到了這種成長，正如我們在男鞋和女鞋電話會議上談到的那樣，我們看到鞋類之類的產品下降了低個位數，但下降幅度不像過去幾年那樣顯著幾年來，庫存狀況正在變得更好。因此，如果將這三個因素加在一起，您實際上談論的是我們業務的 75%。

And that's important because if we look about the vast majority of our now 45-plus years that we've operated, we've operated across these five departments, and it's rare that we see them all comp positive. But here, we're in a spot where we're starting to see 75% of the business in a really good spot, and so, in a spot that we believe we can hopefully accelerate as we move through the year. So, happy with where the inventory stands happy that we have the ability to chase as we see trends that are really working here, and I think we've got some good brand partners behind us that are ready to chase as well.

這很重要，因為如果我們回顧一下我們現在 45 多年的經營歷程中的絕大多數時間，就會發現我們在這五個部門中開展業務，而且我們很少看到它們都取得積極的業績。但在這裡，我們開始看到 75% 的業務處於非常好的位置，因此，我們相信我們有望在這一年中加速成長。因此，對庫存狀況感到滿意，我們有能力追逐真正有效的趨勢，我認為我們身後有一些優秀的品牌合作夥伴，他們也準備好追逐。

All right, well, thank you. I'll get back in the queue.

好的，好的，謝謝。我會回到隊列中。

(Operator instructions) At this time, I would now like to turn the conference back to Rick Brooks for closing remarks. Sir?

（操作員指示）此時，我想將會議轉回由 Rick Brooks 進行閉幕致詞。先生？

Thank you. And again, I just want to offer my appreciation for everyone's interest in Zumiez and our continued challenge to work through what's been a really challenging year over the last few years, and I think we're feeling good about our quarter to quarter trends, and we were looking forward again to talking to you in September. Thanks, everybody.

謝謝。再次，我只想感謝大家對 Zumiez 的興趣，以及我們在過去幾年中持續面臨的挑戰，度過了充滿挑戰的一年，我認為我們對逐季度的趨勢感覺良好，並且我們期待在九月份再次與您交談。謝謝大家。

Now, this concludes today's conference call. Thank you for participating. You may now disconnect.

現在，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。