Zumiez Inc (ZUMZ) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Zumiez Inc's fourth-quarter fiscal 2024 earnings conference call. (Operator Instructions) Before we begin, we would like to remind everyone of the company's Safe Harbor language.

女士們、先生們，下午好，歡迎參加 Zumiez Inc 2024 財年第四季財報電話會議。（操作員指示）在開始之前，我們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. These forward-looking statements and all other statements 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 cause actual results to differ materially from the information that will be discussed is available in Zumiez's filings with the SEC.

今天的電話會議包括有關 Zumiez Inc 業務前景的評論以及前瞻性陳述。這些前瞻性陳述以及本次電話會議上所做的所有其他非基於歷史事實的陳述均存在風險和不確定性。實際結果可能存在重大差異。有關導致實際結果與將要討論的資訊有重大差異的多種因素的更多信息，請參閱 Zumiez 向美國證券交易委員會提交的文件。

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

現在，我想將電話轉給執行長 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 fourth quarter performance before touching on our strategic priorities for 2025. Chris will then take you through the financials and our outlook for the year ahead. After that, we'll open the call to your questions.

大家好，感謝大家參加今天的電話會議。今天和我一起的是我們的財務長克里斯沃克 (Chris Work)。在談到我們 2025 年的策略重點之前，我將先談談第四季的表現。克里斯將向您介紹財務狀況以及我們對未來一年的展望。之後，我們將開始回答您的問題。

Our fourth quarter results demonstrate meaningful progress on our efforts to improve profitability despite an unexpected lull in demand during the middle of the holiday season. Comparable sales increased 5.9%, marking our third consecutive quarter of positive comparable sales growth.

儘管假期期間需求意外低迷，但我們第四季度的業績表明，我們在提高盈利能力方面的努力取得了有意義的進展。可比銷售額成長 5.9%，這是我們連續第三個季度可比較銷售額正成長。

Total sales were $279 million, which was $7 million below the midpoint of our initial guidance range and $2 million above the high end of our revised guidance provided at the beginning of January. The overall shortfall to our original guidance was primarily driven by the lower-than-planned sales in mid-to late December in our North America business.

總銷售額為 2.79 億美元，比我們最初指引的中點低 700 萬美元，比我們 1 月初提供的修訂指引的高端高出 200 萬美元。我們最初預期的整體差距主要是由於 12 月中下旬北美業務的銷售額低於計劃。

What is particularly encouraging about our fourth quarter performance was a substantial improvement in operating profitability. Driven by significant gross margin expansion and meaningful reductions in operating expenses, operating profit more than doubled to $20 million and EPS increased 95% to $0.78 after adjusting prior-year numbers for the $41.1 million onetime goodwill impairment charge worth $2.13.

我們第四季業績尤其令人鼓舞的是營業獲利能力大幅提升。受毛利率大幅提高和營運費用大幅減少的推動，在扣除上年同期 4,110 萬美元的一次性商譽減損費用（價值 2.13 美元）後，營運利潤增加了一倍多，達到 2,000 萬美元，每股收益成長 95%，達到 0.78 美元。

This improvement reflects the successful execution of our strategic initiatives throughout 2024, which has positioned us to better navigate the challenging retail environment while delivering enhanced value for our shareholders.

這項改善反映了我們在 2024 年全年策略性舉措的成功執行，這使我們能夠更好地應對充滿挑戰的零售環境，同時為股東創造更高的價值。

Looking at our performance by category, we continued to see strength in our core businesses. Our men's category maintained its positive momentum through year-end, delivering growth for the fifth consecutive quarter. Our women's category, which has shown tremendous momentum since turning positive in Q1, continue to post strong results, becoming our largest growth category for the quarter.

從各類別的表現來看，我們的核心業務持續保持強勁。我們的男裝類別在年底保持了積極的勢頭，連續第五個季度實現成長。我們的女性類別自第一季轉為正值以來表現出巨大的發展勢頭，繼續取得強勁業績，成為本季成長最大的類別。

Footwear also positively contributed for the third quarter in a row. While hardgoods faced some pressure due to continued downturn in skate hardgoods, this was partially offset by gains in our snow category. As we reflect on fiscal 2024, I'm pleased with the progress we've made recapturing a portion of the sales and earnings we had given back over the preceding couple of years and returning to positive operating profitability.

鞋類也連續第三個季度做出了積極貢獻。雖然由於滑冰耐用品的持續低迷，耐用品面臨一些壓力，但這部分被雪地類別的成長所抵消。當我們回顧 2024 財年時，我很高興看到我們的進展，重新奪回了前幾年所損失的部分銷售額和收益，並恢復了正的營運獲利能力。

That said, there is still much work to be done to realize the growth, profitability and cash flows that our business can generate. As we look ahead to 2025, we will continue to focus on the following strategies: accelerating global top line expansion through strategic investments to ensure we are winning with consumers.

話雖如此，要實現我們的業務所能產生的成長、獲利能力和現金流，還有很多工作要做。展望2025年，我們將持續專注於以下策略：透過策略投資加速全球營收擴張，確保我們贏得消費者的青睞。

These strategies continue to focus on three key areas: injecting assortments with newness. We successfully launched over 120 new brands in 2024, following the launch of 150 brands in 2023. These new brands constitute a larger portion of our sales this year compared to last year, demonstrating that they resonate with our customers. We recognize that our customers rely on Zumiez to discover new and unique products, and we remain committed to continuing to fill that -- to fulfill that expectation.

這些策略繼續關註三個關鍵領域：為產品組合注入新鮮感。繼 2023 年推出 150 個品牌後，我們於 2024 年成功推出了 120 多個新品牌。與去年相比，這些新品牌今年在我們銷售額中所佔的比例更大，顯示它們引起了我們客戶的共鳴。我們認識到我們的客戶依靠 Zumiez 來發現新的獨特產品，我們將繼續致力於滿足這一期望。

Private label expansion. Our private label businesses continued to grow, reaching nearly 28% of total sales for the year, up from 23% in 2023 and compared to 11% just five years ago. This growth demonstrates our ability to meet both trend and value conscious consumers' needs.

自有品牌擴張。我們的自有品牌業務持續成長，佔全年總銷售額的近 28%，高於 2023 年的 23%，而五年前這一比例僅為 11%。這種成長證明了我們有能力滿足注重潮流和價值的消費者的需求。

And customer engagement. We maintained our commitment to delivering best-in-class service, both in stores and online, enhancing our customer relationships through continued investments in training and technology.

以及客戶參與度。我們始終致力於在店內和線上提供一流的服務，並透過持續投資培訓和技術來增強我們的客戶關係。

North America, these strategies has been the backbone of our improvement with comparable sales for the year up 6.2%. Beyond sales, we've also made meaningful progress improving our cost structure. In 2024, we closed 31 underperforming locations and implemented comprehensive operational efficiencies across our business.

北美，這些策略一直是我們改進的支柱，全年可比銷售額成長了 6.2%。除了銷售之外，我們在改善成本結構方面也取得了重大進展。2024 年，我們關閉了 31 家業績不佳的門市，並在整個業務範圍內實施了全面的營運效率提升。

These include optimizing store labor through targeted staffing model adjustments, executing structural changes to reduce shipping and logistics costs, significantly reducing discount selling compared to previously elevated levels and driving overall expense management practices aimed at maximizing efficiency. These cost management initiatives are part of our broader effort to streamline operations and improve margin performance.

這些措施包括透過有針對性的人員配置模式調整來優化店內勞動力、執行結構性變革以降低運輸和物流成本、大幅減少與先前較高水準相比的折扣銷售，以及推動旨在最大限度提高效率的整體費用管理實踐。這些成本管理措施是我們簡化營運和提高利潤率的更廣泛努力的一部分。

With a more difficult backdrop, Europe sales were challenging in fiscal 2024, with comparable sales down 4.1% for the year. However, sales trends improved each quarter throughout the year, with the fourth quarter of 2024 turning positive at 3.7%.

在更困難的背景下，2024財年歐洲的銷售面臨挑戰，全年可比銷售額下降4.1%。然而，全年每季的銷售趨勢都有所改善，2024 年第四季的銷售成長率達到 3.7%。

We knew the top line would be a challenge. As we discussed, our focus in Europe is returning to full-price, full-margin sales, and we're able to improve product margins by over 100 basis points from the prior year. Improved product margins and tight expense controls resulted in a smaller operating loss in 2024 despite the decline in sales.

我們知道收入將是一個挑戰。正如我們所討論的，我們在歐洲的重點是恢復全價、全利潤銷售，並且我們能夠將產品利潤率比上一年提高 100 個基點以上。儘管銷售額下降，但產品利潤率的提高和嚴格的費用控制導致 2024 年的營運虧損縮小。

While there's still much hard work ahead the improving sales trends, product margins and operating results indicate that we are making progress. While consumer purchasing patterns continue to be volatile and the macroeconomic environment uncertain, our path forward is clear, stay the course and focus on bring unique and trend-right product to the customer with engagement initiatives that fueled our positive comparable sales growth and enhanced profitability in 2024.

儘管未來仍有許多艱苦的工作要做，但銷售趨勢、產品利潤率和經營業績的改善表明我們正在取得進展。儘管消費者購買模式持續波動且宏觀經濟環境不確定，但我們的前進道路是明確的，堅持既定方針，專注於透過參與計劃為客戶帶來獨特且符合潮流的產品，從而推動我們在 2024 年實現積極的可比銷售額增長並提高盈利能力。

Our strong balance sheet and robust cash position provide us with the flexibility to navigate near-term challenges while continuing to invest in long-term growth opportunities. We've demonstrated our ability to navigate challenging cycles and emerge stronger throughout our 47-year history. I'm confident that we are on the right course to repeat this accomplishment.

我們強大的資產負債表和穩健的現金狀況使我們能夠靈活地應對短期挑戰，同時繼續投資於長期成長機會。在我們 47 年的發展歷程中，我們已經證明了我們有能力渡過充滿挑戰的周期並變得更強大。我堅信我們正走在正確的道路上，並再次取得這項成就。

Before I turn the call over to Chris, I want to thank our entire team for their dedication and hard work throughout 2024. Your commitment to our culture and our customers has been instrumental in the progress we've made this year and will continue to be the foundation of our success going forward.

在將電話轉給克里斯之前，我想感謝我們整個團隊在 2024 年的奉獻和辛勤工作。您對我們的文化和客戶的承諾對我們今年的進步起到了重要作用，並將繼續成為我們未來成功的基礎。

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

說完這些，我會把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 fourth quarter and full year 2024 results. I'll then provide an update on our first quarter-to-date sales trends before providing some perspective on the full year.

謝謝，里克，大家下午好。我將首先回顧我們 2024 年第四季和全年的業績。然後，我將提供我們第一季迄今為止的銷售趨勢的最新情況，然後再提供一些全年的看法。

Net sales for the fourth quarter of which was a 13-week period, decreased 0.9% to $279.2 million compared to $281.8 million in the fourth quarter of 2023, which was a 14-week period. The decrease in total sales was driven by the incremental 53rd week in the prior year with approximately $12 million.

第四季（為期 13 週）的淨銷售額為 2.792 億美元，而 2023 年第四季（為期 14 週）的淨銷售額為 2.818 億美元，下降 0.9%。總銷售額的下降是由於去年第 53 週的銷售額增加了約 1200 萬美元。

Comparable sales for the 13-week period ended February 1, 2025 compared to the same 13-week period in the prior year, increased 5.9%. Comparable sales exclude the impact of new stores, closed stores and the 53rd week in the prior year and are generally a better measure of operating performance.

截至 2025 年 2 月 1 日的 13 週期間可比銷售額與去年同期的 13 週相比增長了 5.9%。可比銷售額不包括新店、關閉店和上年第 53 週的影響，通常可以更好地衡量經營業績。

From a regional perspective, comparing the 13-week period in the current year to the 14-week period in the prior year, North America net sales were $214.2 million, an increase of 0.8% from 2023. Other international net sales, which consist of Europe and Australia, were $65 million, down 6.4% from last year.

從區域角度來看，將本年度的 13 週與去年同期的 14 週進行比較，北美淨銷售額為 2.142 億美元，比 2023 年增長 0.8%。包括歐洲和澳洲在內的其他國際淨銷售額為 6,500 萬美元，比去年下降 6.4%。

Excluding the impact of foreign currency translation, North America net sales increased 1.2% and other international net sales decreased 2.7% compared with 2023. Comparable sales for North America were up 7.2%, marking the fourth consecutive quarter of comparable sales growth. Our other international comparable sales were up 1.9% for the quarter.

剔除外幣折算的影響，與2023年相比，北美淨銷售額成長1.2%，其他國際淨銷售額下降2.7%。北美地區可比銷售額成長 7.2%，這是可比銷售額連續第四個季度成長。本季度，我們其他國際可比銷售額成長了 1.9%。

From a category perspective, women's was our largest positive comping category, followed by men's and then footwear. Accessories was our largest negative comping category, followed by hardgoods. The consolidated increase in comparable sales was driven by an increase in dollars per transaction, partially offset by a decrease in transactions. Dollar per transaction were up for the quarter, driven by an increase in average unit retail, partially offset by a decrease in units per transaction.

從類別角度來看，女裝是我們最大的正向競爭類別，其次是男裝，然後是鞋類。配件是我們最大的負面比較類別，其次是耐用品。可比銷售額的合併成長是由每筆交易金額的增加所推動的，但部分被交易量的減少所抵消。本季度每筆交易的金額有所增加，這得益於平均零售單位數量的增加，但每筆交易的單位數量的減少部分抵消了這一增長。

Fourth quarter gross profit was $101.0 million compared to $96.7 million in the fourth quarter of last year. Gross margin was 36.2% of sales for the quarter compared to 34.3% in the fourth quarter of 2023. The 190 basis point increase in gross margin was primarily driven by 160 basis points of improvement in product margin and 30 basis points of benefit in web shipping costs.

第四季毛利為 1.01 億美元，去年同期為 9,670 萬美元。本季毛利率為銷售額的 36.2%，而 2023 年第四季為 34.3%。毛利率增加 190 個基點，主要因為產品利潤率提高 160 個基點以及網路運輸成本收益增加 30 個基點。

SG&A expense in the fourth quarter of 2024 was $80.9 million or 29% of net sales compared with $129.4 million or 45.9% of net sales in 2023, which includes a $41.1 million noncash goodwill impairment charge that resulted from our decision to slow store growth in Europe and focus on profitability.

2024 年第四季的銷售、一般及行政費用為 8,090 萬美元，佔淨銷售額的 29%，而 2023 年為 1.294 億美元，佔淨銷售額的 45.9%，其中包括 4,110 萬美元的非現金商譽減損費用，這是由於我們決定減緩歐洲門市成長並專注於歐洲門店的專注能力。

The 1,690 basis point decrease in SG&A expenses as a percent of net sales was driven by the following: 1,470 basis point benefit, driven primarily by the impact of goodwill impairment charges booked in 2023 related to Europe; a 70 basis point of leverage in non-wage store operating costs, 70 basis points of leverage in other corporate costs, 40 basis point benefit related to store wages and a 40 basis point benefit related to incentive compensation.

銷售、一般及行政費用佔淨銷售額的百分比下降 1,690 個基點，原因如下：1,470 個基點的收益，主要受 2023 年與歐洲相關的商譽減損費用的影響；非工資門市營運成本的槓桿率為 70 個基點，其他公司成本的薪酬率為 70 個基點薪資，與基門市的薪資收益為 40 個點

Operating income in the fourth quarter was $20.1 million or 7.2% of net sales compared to the prior-year operating loss of $32.8 million or 11.6% of net sales, inclusive of the $41.1 million goodwill impairment charge.

第四季營業收入為 2,010 萬美元，佔淨銷售額的 7.2%，而去年同期營業虧損為 3,280 萬美元，佔淨銷售額的 11.6%，其中包括 4,110 萬美元的商譽減損費用。

Net income for the fourth quarter was $14.8 million or $0.78 per share. In the year-ago period, we reported a net loss of $33.5 million or $1.73 per share, including the goodwill impairment charge, which on an after-tax basis was $41.1 million or $2.13 per share.

第四季淨收入為 1,480 萬美元，即每股 0.78 美元。去年同期，我們報告的淨虧損為 3,350 萬美元，即每股 1.73 美元，其中包括商譽減損費用，按稅後計算為 4,110 萬美元，即每股 2.13 美元。

Our effective tax rate for the current quarter was 26.1%. A year ago, we recorded a tax expense of $2.2 million or 7% despite our pretax operating loss due to the distribution of pretax income across our different tax jurisdictions.

本季的有效稅率為26.1%。一年前，儘管我們的稅前營業虧損，但由於稅前收入分佈在不同的稅收管轄區，我們仍記錄了 220 萬美元或 7% 的稅費。

Looking at our full-year results, net sales for the 52 weeks for fiscal 2024 were $889.2 million, an increase of 1.6% from $875.5 million for the 52 weeks of fiscal 2023, despite one less week in 2024 and closures of 33 stores this past year. The 53rd week in 2023 was worth roughly $12 million, while the impact of closed stores was worth approximately $9 million.

縱觀我們的全年業績，2024 財年 52 週的淨銷售額為 8.892 億美元，較 2023 財年 52 週的 8.755 億美元增長 1.6%，儘管 2024 年減少了一周，並且去年關閉了 33 家門市。2023 年第 53 週的影響價值約為 1,200 萬美元，而關閉門市的影響價值約為 900 萬美元。

Comparable sales for the full year were up 4%. The consolidated increase in comparable sales was driven by an increase in dollars per transaction, partially offset by a decrease in transactions. Dollars per transaction were up for the year, driven by an increase in average unit retail and an increase in units per transaction.

全年可比銷售額成長4%。可比銷售額的合併成長是由每筆交易金額的增加所推動的，但部分被交易量的減少所抵消。由於平均零售單位數和每筆交易單位數增加，今年每筆交易的金額均有所增加。

From a category perspective, for the full year, men's was our largest positive comping category, followed by women's and then footwear. Accessories was our largest negative comping category, followed by hardgoods.

從類別角度來看，全年來看，男裝是我們最大的正向競爭類別，其次是女裝，然後是鞋類。配件是我們最大的負面比較類別，其次是耐用品。

From a regional perspective, North America net sales were $720 million, an increase of 3.2% from 2023. Other international net sales were $169.2 million, down 4.8% from last year. Excluding the impact of foreign currency translation, North America net sales increased 3.4% and other international net sales decreased 3.8% compared with 2023. Comparable sales for North America were up 6.2%, and comparable sales for other international were down 4.8% for the full year.

從區域來看，北美淨銷售額為7.2億美元，較2023年成長3.2%。其他國際淨銷售額為 1.692 億美元，較去年下降 4.8%。剔除外幣折算的影響，與2023年相比，北美淨銷售額成長3.4%，其他國際淨銷售額下降3.8%。全年北美可比銷售額成長 6.2%，其他國際可比銷售額下降 4.8%。

2024 gross margin was 34.1% compared with 32.1% in 2023. The 200 basis point increase was driven by 80 basis points of improvement in web shipping costs, 70 basis points of improvement in product margin, 50 basis points of leverage in store occupancy costs and 30 basis of improvement in distribution and logistics costs. These benefits were partially offset by 20 basis points of negative impact related to increased inventory shrinkage.

2024 年毛利率為 34.1%，而 2023 年為 32.1%。200 個基點的成長是由於網路運輸成本改善了 80 個基點、產品利潤率改善了 70 個基點、商店佔用成本槓桿提高了 50 個基點、分銷和物流成本改善了 30 個基點。這些收益被與庫存損耗增加相關的 20 個基點的負面影響部分抵消。

SG&A expense was $301.1 million or 33.9% of net sales for fiscal 2024 compared to $345.7 million or 39.5% of net sales in 2023. The 560 basis point decrease as a percentage of net sales was driven by 480 basis points due to the noncash goodwill impairment charge in 2023, 30 basis points improvement in store wages, 30 basis points of leverage on non-store wage store operating costs and 30 basis points of leverage on other corporate costs. These benefits were partially offset by a 20 basis point increase in incentive compensation.

2024 財年的銷售、一般及行政費用為 3.011 億美元，佔淨銷售額的 33.9%，而 2023 年為 3.457 億美元，佔淨銷售額的 39.5%。淨銷售額百分比下降 560 個基點，其中 480 個基點是由於 2023 年的非現金商譽減值費用、門市工資提高 30 個基點、非門市工資門店營運成本槓桿提高 30 個基點以及其他公司成本槓桿提高 30 個基點造成的。這些福利被激勵薪資增加 20 個基點所部分抵銷。

Operating income in 2024 was $2 million or 0.2% of net sales compared to an operating loss of $64.8 million or 7.4% of net sales in the prior year, inclusive of the $41.1 million goodwill impairment charge. The fiscal 2024 net loss was $1.7 million or $0.09 per share compared to a net loss of $62.6 million or $3.25 per share in the prior year, including the noncash goodwill impairment charge booked in the fourth quarter of 2023 worth $41.1 million or $2.13 per share.

2024 年營業收入為 200 萬美元，佔淨銷售額的 0.2%，而上一年的營業虧損為 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。2024 財年淨虧損為 170 萬美元，即每股 0.09 美元，而前一年的淨虧損為 6,260 萬美元，即每股 3.25 美元，其中包括 2023 年第四季提列的非現金商譽減損費用 4,110 萬美元，即每股 2.13 美元。

Turning to the balance sheet, the business ended the year in a strong financial position. We had cash and current marketable securities of $147.6 million as of February 1, 2025, compared to $171.6 million as of February 3, 2024.

從資產負債表來看，該企業在年底的財務狀況十分強勁。截至 2025 年 2 月 1 日，我們的現金和流動有價證券為 1.476 億美元，截至 2024 年 2 月 3 日為 1.716 億美元。

The decrease in cash and current marketable securities over the last year was driven primarily by common stock repurchases of $25.2 million and capital expenditures of $15 million partially offset by cash flow from operations of $20.7 million. As of February 1, 2025, we have no debt on the balance sheet and continue to maintain our full unused credit facility.

去年現金和流動有價證券的減少主要是由於 2,520 萬美元的普通股回購和 1,500 萬美元的資本支出，但部分被 2,070 萬美元的營運現金流所抵銷。截至 2025 年 2 月 1 日，我們的資產負債表上沒有任何債務，並繼續維持我們全部未使用的信貸額度。

On March 12, the Board of Directors approved the repurchase of up to $25 million of common stock. The repurchase program is expected to continue through March 31, 2026, unless the time period is extended or shortened by our Board of Directors. We ended the year with $146.6 million in inventory, up $17.8 million or 13.8% compared with $128.8 million last year, driven primarily by our North America business.

3月12日，董事會批准回購最多2,500萬美元的普通股。回購計畫預計將持續到 2026 年 3 月 31 日，除非董事會延長或縮短期限。我們今年的庫存總額為 1.466 億美元，比去年的 1.288 億美元增加了 1,780 萬美元，增幅為 13.8%，這主要得益於我們北美業務的推動。

On a constant currency basis, our inventory levels were up 15.6% from last year. As we discussed in our third quarter earnings call, we pulled inventory receipts forward in the fourth quarter in anticipation of the tariffs planned to go into effect late in the quarter. This pull-forward accounts for approximately $7.4 million of the inventory increase at year-end.

以固定匯率計算，我們的庫存水準比去年增長了 15.6%。正如我們在第三季財報電話會議上所討論的那樣，我們提前了第四季的庫存收貨，以應對計劃於本季末生效的關稅。這項提前導致年底庫存增加約 740 萬美元。

Beyond that amount, our inventory is still higher than we would have anticipated, primarily due to the sales shortfall leading into the Christmas holiday. Though we are carrying more than we would prefer, we believe in the quality of our inventory on hand and are planning product margin increases in fiscal 2025.

除了這個數字之外，我們的庫存仍然高於我們的預期，這主要是由於聖誕節假期前的銷售短缺。儘管我們的庫存量超出了我們的預期，但我們相信庫存的質量，並計劃在 2025 財年提高產品利潤率。

Now to our first quarter-to-date results. Total sales for the four-week period ended March 1, 2025 increased 1.7% compared to the four-week period ended March 2, 2024. Our comparable sales increased 4.3% over that same period.

現在來看看我們第一季迄今為止的業績。截至 2025 年 3 月 1 日的四週總銷售額與截至 2024 年 3 月 2 日的四週相比成長了 1.7%。同期我們的可比較銷售額成長了 4.3%。

From a regional perspective, North America net sales for the four-week period ended March 1, 2025 increased 3.9% over the four-week period ended March 2, 2024, while our other international business decreased 6.5%. Excluding the impact of foreign currency translation, North America net sales increased 4.2% and other international net sales decreased 3.1% compared with 2024.

從區域角度來看，截至 2025 年 3 月 1 日的四周，北美淨銷售額比截至 2024 年 3 月 2 日的四周增長了 3.9%，而我們的其他國際業務則下降了 6.5%。剔除外幣折算的影響，與2024年相比，北美淨銷售額成長4.2%，其他國際淨銷售額下降3.1%。

Comparable sales for North America increased 6.4% for the four-week period ended March 1, 2025, compared to the same weeks in the prior year; while comparable sales for our other international business decreased 3.7%.

截至 2025 年 3 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 6.4%；而我們其他國際業務的可比銷售額下降了 3.7%。

From a category perspective, women's was our largest positive comping category, followed by men's and then footwear. Hardgoods was our largest negative comping category, followed by accessories. The consolidated increase in comparable sales was driven by an increase in dollars per transaction, while comparable transactions were relatively flat.

從類別角度來看，女裝是我們最大的正向競爭類別，其次是男裝，然後是鞋類。耐用品是我們最大的負面比較類別，其次是配件。可比較銷售額的綜合成長是由於每筆交易金額的增加，而可比交易金額相對持平。

Dollars per transaction were up for the quarter, driven by an increase in average unit retail, with units per transaction flat to the prior year. With respect to our outlook for the first quarter of fiscal 2025, 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.

本季每筆交易的金額有所增加，這得益於平均零售單位數量的增加，每筆交易的單位數量與去年持平。關於我們對 2025 財年第一季的展望，我想提醒大家，考慮到影響我們業績的內部和外部因素多種多樣，制定我們的指引在估計銷售額、產品利潤率和盈利增長方面存在一些固有的不確定性和復雜性。

As our comparable sales results in early fiscal 2025 are maintaining positive momentum, we are cautiously optimistic that we'll continue to deliver top and bottom line improvement year-over-year in the first quarter. For the first quarter, we are anticipating total sales to be between $179 million and $183 million for the 13 weeks ended May 3, 2025, representing growth of 1% to 3%.

由於我們 2025 財年初期的可比銷售業績保持積極勢頭，我們謹慎樂觀地認為，第一季我們的營收和利潤將繼續同比改善。對於第一季度，我們預計截至 2025 年 5 月 3 日的 13 週內總銷售額將在 1.79 億美元至 1.83 億美元之間，成長率為 1% 至 3%。

Comparable sales for the same period are expected to be between 3% and 5%. For the first quarter, we are expecting product margin to be down slightly to flat from the first quarter of last year. Consolidated operating loss for the first quarter is expected to be between negative $16.5 million and negative $18.5 million.

預計同期可比銷售額將在3%至5%之間。對於第一季度，我們預計產品利潤率將與去年第一季相比略有下降或持平。預計第一季綜合營業虧損在負 1,650 萬美元至負 1,850 萬美元之間。

And we anticipate loss per share will be between a negative $0.72 and negative $0.82 compared with a loss of a negative $0.86 in the prior year. This EPS guidance reflects a tax benefit for the quarter of approximately 10% of pretax earnings, based upon the estimated distribution of earnings across our entities. As we consider the outlook for the full fiscal year 2025, there remains uncertainty and volatility in the macro environment.

我們預計每股虧損將在負 0.72 美元至負 0.82 美元之間，而去年每股虧損為負 0.86 美元。該每股收益指引反映了本季約 10% 的稅前收益稅收優惠，該優惠基於我們各實體的收益分配估計。當我們考慮 2025 財年全年前景時，宏觀環境仍存在不確定性和波動性。

Given that 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. After two difficult years of sales declines, fiscal 2024 represented a stabilizing year, with positive comparable sales growth each quarter in North America and our international business turning positive in the fourth quarter.

鑑於我們不會給出具體的年度財務指導，但我們確實想補充一些關於我們目前認為全年業務趨勢的背景資訊。在經歷了兩年艱難的銷售額下滑之後，2024 財年是趨於穩定的一年，北美地區每個季度的可比銷售額均實現正增長，而我們的國際業務在第四季度也實現了正增長。

While there is uncertainty in the macro environment that requires caution, we believe that we will grow total sales in fiscal 2025 despite the closure of 33 stores in fiscal 2024 and expected 20 stores in 2025. These closures will have a negative impact on growth in 2025 of approximately $14.7 million.

儘管宏觀環境存在不確定性，需要謹慎對待，但我們相信，儘管 2024 財年關閉了 33 家門市，2025 年預計關閉 20 家門市，但 2025 財年的總銷售額仍將成長。這些關閉將對 2025 年的成長產生約 1,470 萬美元的負面影響。

We grew product margin by 70 basis points in 2024. We believe that the sustained strength of our higher-margin private label business, combined with continued focus on full price selling, will allow us to grow product margins again in fiscal 2025.

2024 年，我們的產品利潤率將提高 70 個基點。我們相信，我們高利潤率自有品牌業務的持續強勁，加上對全價銷售的持續關注，將使我們在 2025 財年再次提高產品利潤率。

In addition to product margin benefits, based upon cost-saving efforts and store closures, we anticipate further leverage in other expense items, including gross margin, such as occupancy, distribution and logistics.

除了產品利潤率收益外，基於成本節約努力和門市關閉，我們預計其他費用項目（包括毛利率，如入住率、分銷和物流）將進一步提高槓桿率。

We believe that we can hold our fiscal 2025 SG&A costs relatively flat as a percentage of sales with our fiscal 2024 results. We believe that we can accomplish this through continued focus on expense management and driving efficiencies while also continuing to invest in important long-term strategic initiatives.

我們相信，我們可以將 2025 財年的銷售、一般及行政費用佔銷售額的百分比與 2024 財年的業績保持相對平穩。我們相信，透過持續關注費用管理和提高效率，同時繼續投資於重要的長期策略舉措，我們可以實現這一目標。

With the previously mentioned assumptions, we believe we will increase operating margins in fiscal 2025. While effective tax rates, they are likely to fluctuate significantly by quarter, we anticipate that our full-year effective tax rate will be roughly 60% to 70% in fiscal 2025.

根據前面提到的假設，我們相信 2025 財年的營業利潤率將會提高。雖然有效稅率可能每季都會大幅波動，但我們預計 2025 財年的全年有效稅率將在 60% 至 70% 左右。

We are planning to open nine new stores during the year, including six in North America, two in Europe and one store in Australia. This compares to 7 stores in 2024 and 19 stores in 2023. And we expect our capital expenditures for 2025 to be between $14 million and $16 million compared to $15 million in fiscal 2024 and $20.4 million in 2023.

我們計劃在年內開設 9 家新店，其中北美 6 家、歐洲 2 家、澳洲 1 家。相比之下，2024 年有 7 家門市，2023 年有 19 家門市。我們預計 2025 年的資本支出將在 1,400 萬美元至 1,600 萬美元之間，而 2024 財年為 1,500 萬美元，2023 年為 2,040 萬美元。

We expect that depreciation and amortization, excluding noncash lease expense, will be approximately $21 million, down from $22 million in the prior year. And we are currently projecting our diluted share count for the full year to be approximately 19.1 million shares. This share count does not include the impact of any future share repurchases, including the repurchase agreement announced today.

我們預計，不包括非現金租賃費用的折舊和攤提將約為 2,100 萬美元，低於上年的 2,200 萬美元。我們目前預計全年稀釋股數約為 1,910 萬股。該股票數量不包括任何未來股票回購的影響，包括今天宣布的回購協議。

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

接線員，現在我們開始回答問題。

(Operator Instructions)

（操作員指示）

Mitch Kummetz, Seaport.

米奇·庫梅茨，海港。

Yes, thanks for taking my questions. I guess just starting off, just big picture, can you just kind of walk us through what you're seeing in terms of the impact of tariffs? How is that impacting your private label business, where you have direct exposure? And what are you seeing kind of across the brands and how they might be dealing with it from a pricing standpoint, where you've got, I guess, more indirect exposure? Just kind of big-picture thoughts there.

是的，感謝您回答我的問題。我想這只是一個開始，只是一個總體情況，您能否向我們簡單介紹一下您所看到的關稅的影響？這對您直接接觸的自有品牌業務有何影響？您在各個品牌中看到了什麼？從定價的角度來看，他們是如何應對的？我猜，您是否獲得了更多的間接曝光？這只是一些宏觀的想法。

Yeah. Thanks, Mitch. I'll go ahead and try to answer this and let Rick jump in. I mean, obviously, like many retailers, we've been trying to stay up to date on all the tariff information that's come out since last November. Our current sourcing strategy is largely to work with our brands. That represents just over 70% of our business, and we're in the high 20s as a percent of the brands that we control within our own private label grouping of brands.

是的。謝謝，米奇。我會繼續嘗試回答這個問題，然後讓 Rick 來回答。我的意思是，顯然，像許多零售商一樣，我們一直在努力了解自去年 11 月以來發布的所有關稅資訊。我們目前的採購策略主要是與我們的品牌合作。這占我們業務的 70% 多一點，而我們在自己的自有品牌集團中控制的品牌所佔比例高達 20% 以上。

So we're trying to be as diversified as possible, as we exited 2024 our North America receipts. We're more concentrated than we had hoped with China, they're right around 50%. And I kind of harken back to when we went through this before in the last administration. We were around 60% in 2018. We moved to about 45% in 2019 and then we got to 40% coming from China in 2020.

因此，我們正努力實現盡可能的多元化，因為我們將在 2024 年退出北美市場。我們對中國的關注度比我們預期的要高，約 50%。我有點回想起上屆政府經歷過的這種情況。2018 年這一比例約為 60%。2019 年，這一比例升至約 45%，而 2020 年，這一比例達到 40%。

Ultimately, this kind of landed in the high 30s. I think over the last four years, since the first term of President Trump, we saw our private label grow a little bit in China, just based on the speed and ability to really move quickly and the functionality of what they were able to do in China.

最終，這個數字達到了 30 多歲。我認為，自從川普總統第一任期以來的過去四年裡，我們看到我們的自有品牌在中國有了一點增長，這僅僅基於其速度和快速行動的能力以及他們在中國所能做到的功能。

That being said, we've already started the process of moving production and diversifying more into 2025. We expect that rate of roughly 50% of our entire goods base coming from China in North America to come down pretty meaningfully as we move through 2025.

話雖如此，我們已經開始將生產轉移到 2025 年並實現更加多樣化。我們預計，到 2025 年，北美約 50% 的商品來自中國的比例將大幅下降。

As we indicated on the call, with inventory, we also pulled some forward ahead of the tariffs. So we feel good about where we are in our media receipts through spring. And we've got some more work to do here. But as you know, this is a complex topic because there are other locations that are getting tariffs as well. And so I think the smartest thing we can do over the long term is just diversify as much as possible, so that we're able to move quickly, should this continue into the future.

正如我們在電話會議上指出的那樣，在關稅實施之前，我們還提前儲備了一些庫存。因此，我們對春季媒體收入的狀況感到滿意。我們這裡還有一些工作要做。但如你所知，這是一個複雜的話題，因為其他地方也要徵收關稅。因此，我認為從長遠來看，我們能做的最明智的事情就是盡可能地多樣化，這樣如果這種情況持續下去，我們就能迅速採取行動。

That's helpful, thanks. And then just as a follow-up question, because I know you're not giving specific guidance for '25, but you talked a little bit about leverage. And I'm curious, what are your leverage points unlike [BDO] versus SG&A? And then maybe could you also address what the flow-through rate might look like, assuming you could comp better than what those leverage points are?

這很有幫助，謝謝。然後作為後續問題，因為我知道您沒有給出針對 25 年的具體指導，但您談到了槓桿作用。我很好奇，與 [BDO] 和 SG&A 相比，您的槓桿點是什麼？然後，也許您還可以解決流通率可能會是什麼樣子，假設您可以比那些槓桿點更好地補償？

Sure, yeah, I mean I think as we look at the entire year, what we did try to push is that we think we'll grow sales. And we'll grow operating profit. I know that's not a great detail in guidance, but that's what we're pushing despite the fact that we've closed a fair amount of stores.

當然，是的，我的意思是，我認為當我們回顧全年時，我們確實試圖推動的是，我們認為我們的銷售額會增加。我們的營業利潤也會增加。我知道這在指導中並不是一個非常詳細的信息，但儘管我們已經關閉了相當多的商店，但這就是我們正在推動的。

And the reason we feel comfortable with doing that is really looking at the trend lines of business. And certainly, there's a lot of uncertainty out there. I want to make sure I preface any answer here with that because as we know, uncertainty creates a little fear and fear can have the consumer pull back. So we've considered some of that, but obviously, it's hard to imagine everything with a crystal ball.

我們之所以願意這麼做，是因為確實看到了業務的趨勢線。當然，還存在著很多不確定性。我想確保我在這裡的任何答案前面都以此作為鋪墊，因為我們知道，不確定性會產生一點恐懼，而恐懼會讓消費者退縮。我們已經考慮了其中的一些，但顯然，很難用水晶球想像一切。

From a leverage perspective, what we did say is we think that we've got good opportunity within gross margin to continue to grow product margin and leverage items like occupancy and some of our distribution costs. I think we've shown across 2024, some good movement there, and we think we can continue to manage that into 2025.

從槓桿角度來看，我們確實說過，我們認為我們在毛利率方面有良好的機會繼續提高產品利潤率，並利用入住率和部分分銷成本等項目。我認為我們在 2024 年已經展現出了一些良好的勢頭，並且我們認為我們可以將這種勢頭延續到 2025 年。

On the SG&A front, we talked about really probably SG&A growing more in line with sales. And we when are saying growing sales, we're not talking about huge amounts at this point. But to your point, you're absolutely right. if we can exceed a low sales growth number, we would expect to see good flow-through.

在銷售、一般和行政費用方面，我們討論的是銷售、一般和行政費用的成長很可能與銷售額的成長更加一致。當我們說銷售額成長時，我們目前談論的並不是巨額銷售額。但就您的觀點而言，您完全正確。如果我們能夠超越較低的銷售成長數字，我們預計會看到良好的流通。

And the reason we think we'll see good flow through is I think we've done a good job over our last -- the two years of challenge, '22, '23, and now '24 being a little more of a stabilization year of really trying to manage some of the SG&A expenses around store labor being our largest cost, some of the other store costs and then, obviously, corporate SG&A as well.

我們認為我們會看到良好流通的原因是，我認為我們在過去兩年的挑戰中做得很好——2022 年、2023 年和現在的 2024 年是一個更加穩定的年份，我們真正試圖管理一些銷售、一般和行政費用，其中商店勞動力是我們最大的成本，還有一些其他商店成本，當然還有企業銷售、一般和行政費用。

I'm not going to say this has been easy. We all know there's been inflation in this area, wage inflation as well as other things that have had a higher cost. But we've tried to be smart and -- about how we manage hours in stores, how we manage what we're trying to do and the strategic initiatives of the business.

我不會說這很容易。我們都知道這個地區有通貨膨脹、薪資上漲以及其他成本上漲的情況。但我們一直努力做到明智——關於如何管理商店營業時間、如何管理我們要做的事情以及業務的策略性舉措。

With the closure of stores, we've had to make some difficult decisions in areas that do have a, I would say, sort of a fixed -- semi-fixed amount with stores when you think about things like our field team that overseas stores, some of the areas of the corporate office that are more variable with a number of stores. We've had to make some difficult decisions to cut back there, too, which has helped us manage SG&A.

隨著商店的關閉，我們不得不在一些地區做出一些艱難的決定，我想說，這些地區的商店數量有一定的固定或半固定，比如我們的實地團隊在海外的商店數量，公司辦公室的一些區域由於商店數量較多而變化較大。我們也必須做出一些艱難的決定來削減開支，這有助於我們管理銷售、一般和行政費用。

So a lot in the answer there, Mitch, but I think, overall, if we can grow sales beyond what we're planning, we would expect to see a high level of flow-through. And by high level of flow through, I would probably say 30%-plus.

米奇，答案有很多，但我認為，總的來說，如果我們能夠將銷售額成長到超出我們的計劃，我們預計會看到高水準的流通。而透過高水準的流通，我可能會說 30% 以上。

Let me just real quick follow-up to that. Can you grow operating margin on like a low single-digit comp, like a fairly low single-digit comp?

讓我快速跟進一下這個問題。您能否在低個位數的同店銷售額，例如相當低的個位數銷售額的情況下提高營業利潤率？

Yes.

是的。

Okay, thanks and good luck.

好的，謝謝，祝你好運。

Thank you. And I would now like to hand the conference back over to Rick Brooks for any further remarks.

謝謝。現在我想將會議交還給里克·布魯克斯，請他發表進一步的評論。

All right. Thank you very much. As always, we look forward to hearing from you and your questions. So we look forward to reporting you on first quarter results later this year. Thanks, everybody.

好的。非常感謝。像往常一樣，我們期待您的回覆和您的問題。因此，我們期待在今年稍後向您報告第一季的業績。謝謝大家。

This does conclude today's conference call. Thank you for participating, and you may all disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，現在您可以斷開連接了。祝大家有個愉快的一天。