Zumiez Inc. (ZUMZ) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Zume Inc fourth quarter fiscal 2025 earnings conference call (Operator Instructions)

女士們、先生們，下午好，歡迎參加Zume公司2025財年第四季財報電話會議。（操作說明）

Today's conference call includes comments concerning Zuma Inc. Business outlook, and contains forward-looking statements. These forward-looking statements and all other statements that may be made on this call are not based on historical facts are subject to risk and uncertainties. Actual results may differ materially additional information concerning a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zuma's filings with the SEC.

今天的電話會議包含有關 Zuma 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作出的所有其他陳述均不基於歷史事實，並存在風險和不確定性。實際結果可能與本文將要討論的信息存在重大差異，有關可能導致實際結果與本文將要討論的信息存在重大差異的諸多因素的更多信息，請參閱 Zuma 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. You may begin.

此時，我想把電話交給執行長里克·布魯克斯。你可以開始了。

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 remarks about our fourth quarter performance and the successful holiday season we just completed before reflecting on our strong full year 2025 results and discussing our strategic priorities. Chris will then take you through the financials and our outlook for fiscal 2026.

大家好，感謝各位參加今天的電話會議。今天陪我一起的是我們的財務長克里斯沃克。首先，我將談談我們第四季度的業績以及剛結束的成功假期季，然後再回顧我們強勁的 2025 年全年業績，並討論我們的戰略重點。接下來，克里斯將帶您了解財務狀況以及我們對 2026 財年的展望。

After that, we'll open the call to your questions. We're pleased with our 4th quarter results, which capped off a second consecutive year of important progress forum. Q4 results were highlighted by robust full price selling in North America during the important holiday season, which fueled mid-single-digit comparable sales growth in the region and meaningful growth, margin expansion.

之後，我們將開放問答環節。我們對第四季度的業績感到滿意，這標誌著我們連續第二年取得了重要的進展。第四季業績亮點在於北美地區在重要的假期季節期間強勁的全價銷售，這推動了該地區同店銷售額的中等個位數增長以及利潤率的顯著增長。

In addition, the work we've done focused on assortment and full price selling in our European business drove 660 basis points of year over year product market improvement. This coupled with discipline expense management resulted in 380 basis points of operating margin growth despite sales being down high single-digits year over year in local currency for the quarter.

此外，我們在歐洲業務中專注於產品組合和全價銷售的工作，推動了產品市場比去年同期改善 660 個基點。再加上嚴格的費用管理，儘管該季度銷售額按當地貨幣計算同比下降了近兩位數，但營業利潤率仍增長了 380 個基點。

Our performance in both regions reflects the continued effectiveness of our full price selling and cost saving strategies, even as we faced regional headwinds. From a category perspective, men's led our positive comparable sales growth during the holiday period, followed by women's accessories and hard goods. This broad-based strength across multiple categories validates our merchandizing approach and the investments we've made in product newness and private level expansion throughout the year.

我們在兩個地區的業績都反映了我們全價銷售和成本節約策略的持續有效性，即使我們面臨區域性的不利因素。從品類角度來看，男裝在假期期間引領了我們同店銷售的正面成長，其次是女裝配飾和五金製品。這種在多個品類上的廣泛優勢，驗證了我們的商品銷售策略以及我們全年對產品創新和私人通路拓展的投資。

Reflecting on fiscal 2025, we took important steps towards returning to historical levels of sales and earnings. Our merchandise assortments and customer experience initiatives generate positive content every quarter, ranging from low single-digits to high single-digits, and a 4.3% comparable sales team for the year on top of a 4% increase in 2024.

展望 2025 財年，我們採取了重要措施，力求恢復到歷史銷售額和獲利水準。我們的商品種類和客戶體驗舉措每季都能產生正面的內容，成長率從個位數到個位數不等，今年的可比銷售團隊成長率為 4.3%，預計 2024 年將成長 4%。

Our North American businesses demonstrate consistent momentum, registering 8 consecutive quarters of comparable sales growth. A strategic shift in Europe implemented just one year ago gained momentum as you move through the year. This consists of bringing newness, strong inventory management, full price selling, and expense management that we believe will drive the business to better results in the near term.

我們的北美業務展現出持續成長勢頭，連續 8 個季度實現同店銷售成長。歐洲一年前實施的一項策略轉變，隨著時間的推移，勢頭越來越強勁。這包括引入新產品、加強庫存管理、實施全價銷售以及控製成本，我們相信這些措施將在短期內推動業務取得更好的績效。

The combined impact of our initiatives helped to improve full year earnings per share to $0.78 from a loss of $0.09 last year. These results validate the strategic initiatives we've been executing and position us well for continued success in 2026. As you look ahead, we remain focused on the same three strategic parties that have driven our success throughout 2025.

我們各項舉措的綜合影響使全年每股收益從去年的虧損 0.09 美元改善至 0.78 美元。這些結果驗證了我們一直在執行的策略性舉措，並為我們在 2026 年繼續取得成功奠定了良好的基礎。展望未來，我們將繼續專注於推動我們在 2025 年取得成功的這三個策略夥伴。

First, driving revenue growth through consumer focused strategic initiatives. Our commitment to refreshing our product mix with innovative, distinctive offerings has proven to be a cornerstone of our success. In 2025, we launched over 150 new and emerging brands across our banners, and this newness continues to generate exceptional customer response.

首先，透過以消費者為中心的策略措施推動收入成長。我們致力於不斷推出創新、獨特的產品，更新我們的產品組合，事實證明，這是我們成功的基石。2025年，我們在旗下各品牌中推出了150多個新興品牌，這種創新持續獲得客戶的正面回饋。

Private level penetration reached its highest level in company history in 2025. At approximately 30% of sales, up from 12% 5 years ago, this sustained expansion demonstrates our orientation ability to identify emerging trends and create compelling products that resonate with our customers, while simultaneously enhancing our margin profile.

2025年，私人領域的滲透率達到了公司歷史上的最高水準。銷售額約佔總銷售額的 30%，高於 5 年前的 12%，這一持續增長表明我們有能力識別新興趨勢並創造出能引起客戶共鳴的引人注目的產品，同時提高我們的利潤率。

Our investments in delivering exceptional customer experiences across both physical and digital touch points continue to yield strong results. Enhanced staff development programs and technological capabilities we've implemented allow us to engage with customers where they want, when they want, and in more personalized ways, strengthening the relations we have that have long served as another cornerstone of our success.

我們在實體和數位觸點上持續投入，致力於提供卓越的客戶體驗，並取得了顯著成效。我們實施的強化員工發展計畫和技術能力使我們能夠隨時隨地以更個人化的方式與客戶互動，從而加強我們與客戶的關係，而這種關係長期以來一直是我們另一個成功的基石。

Second, sustaining our rigorous commitment to profitability optimization across our geographic footprint. Within North America, our premium pricing strategies continue to support both margin expansion and market share growth, but the operational improvements we've executed throughout 2025 are keeping sales growth well ahead of our expense growth.

其次，我們將繼續嚴格致力於在我們業務涵蓋的各個地區實現獲利能力優化。在北美，我們的高端定價策略繼續支持利潤率擴張和市場份額成長，但我們在 2025 年實施的營運改善措施使銷售成長遠遠超過支出成長。

Our continued focus in this area has established a more efficient and profitable framework that positioned the business for a strong flow throughout incremental sales to fuel operating margin gains. Our international operations, while Europe continues to face challenging market conditions, our disciplined approach to new assortments, full price selling, and expense management is starting to show results.

我們持續專注於這一領域，建立了一個更有效率、更有利潤的框架，使業務能夠透過不斷增長的銷售額實現強勁的成長，從而推動營業利潤率的提高。儘管歐洲市場持續面臨挑戰，但我們的國際業務在新產品上市、全價銷售和費用管理方面採取的嚴謹方法已開始取得成效。

The significant product market improvements we achieved in the 4th quarter and full year demonstrate the effectiveness of our strategy, and we remain committed to our long-term vision for the countries in which we operate. We continue to see tremendous value in our ability to identify trends locally in each market before they expand internationally.

我們在第四季度和全年取得的顯著產品市場改善證明了我們策略的有效性，我們將繼續致力於我們在營運所在國家的長期願景。我們始終認為，在各個市場本地趨勢擴展到國際市場之前，我們能夠識別這些趨勢，這具有巨大的價值。

Third, capitalize on our solid financial foundation to manage volatility by funding strategic expansion. Our financial position remains exceptionally strong, providing us with the flexibility to continue investing in our strategic objectives while delivering value to shareholders. This financial stability enables us to navigate ongoing uncertainties in the macro environment while simultaneously positioning the company for long-term growth and continued market share gains.

第三，利用我們穩固的財務基礎，透過為策略擴張提供資金來因應市場波動。我們的財務狀況仍然非常強勁，這使我們能夠靈活地繼續投資於我們的策略目標，同時為股東創造價值。這種財務穩定性使我們能夠應對宏觀環境持續存在的不確定性，同時為公司的長期成長和持續的市場份額提升奠定基礎。

Despite operating in an environment characterized by economic volatility and evolving global dynamics, I'm increasingly confident in our ability to generate value for all of our stakeholders. The fundamental strategies that have powered our performance throughout 2025 continue to demonstrate their relevance, and our team's proven adaptability and execution capabilities fuel my optimism about our trajectory in the fiscal 2026.

儘管我們身處經濟波動和全球情勢不斷變化的環境中，但我對我們為所有利害關係人創造價值的能力越來越有信心。2025 年推動我們取得優異業績的基本策略繼續證明其有效性，我們團隊展現出的適應能力和執行能力也讓我對我們在 2026 財年的發展前景充滿信心。

Our direction remains clear and consistent. Maintain our dedication delivering distinctive fashion forward merchandise through the customer connection strategies that have driven our growth, by preserving the operational discipline that has strengthened our financial performance. We demonstrate our resilience and ability to execute through various market cycles, and I'm confident we're strategically positioned to continue building on this momentum.

我們的方向始終清晰明確。我們將繼續秉持為客戶提供獨特時尚商品的概念，並透過客戶關係策略推動公司發展；同時，我們將繼續保持營運紀律，以增強財務表現。我們展現了在各種市場週期中的韌性和執行能力，我相信我們已經做好了策略部署，能夠繼續保持這一發展勢頭。

Before turning things over to Chris, I want to express my appreciation to our entire organization for the continued commitment and exceptional execution throughout 2025. Their dedication to our values and our customers remains the foundation for all of our achievements and positions us well for continued success in the year ahead.

在將工作交給克里斯之前，我想對我們整個組織在 2025 年的持續投入和出色執行表示感謝。他們對我們的價值觀和客戶的忠誠仍然是我們所有成就的基礎，並為我們在未來一年繼續取得成功奠定了良好的基礎。

With that, let me hand things over to Chris for our financial review.

接下來，我將把財務回顧工作交給克里斯。

Thanks Rick and good afternoon everyone. I'm going to start with a review of our fourth quarter and full year 2025 results. I'll then provide an update on our first quarter to date sales trends before providing some perspective on the full year. Net sales for the fourth quarter of 2025 increased 4.4% to $291.3 million compared to $279.2 million in the fourth quarter of 2024. Comparable sales were up 2.2% for the quarter.

謝謝里克，大家下午好。我將首先回顧我們2025年第四季和全年的業績。接下來，我將介紹我們第一季至今的銷售趨勢，然後再對全年情況進行一些展望。2025 年第四季淨銷售額成長 4.4%，達到 2.913 億美元，而 2024 年第四季為 2.792 億美元。本季同店銷售額成長2.2%。

As Rick mentioned, the primary driver was our North America business, which showed outside strength even as macroeconomic uncertainty spurred by global trade policy continues. For the fourth quarter, North America net sales were $224.4 million an increase of 4.8% from 2024. Other international net sales, which consist of Europe and Australia, were $66.9 million up 3% from last year.

正如里克所提到的，主要驅動力是我們的北美業務，儘管全球貿易政策引發的宏觀經濟不確定性持續存在，但北美業務仍展現出強勁的外部實力。第四季度，北美淨銷售額為 2.244 億美元，比 2024 年成長 4.8%。其他國際淨銷售額（包括歐洲和澳洲）為 6,690 萬美元，比去年增長 3%。

Excluding the impact of foreign currency translation, North American net sales increased 4.6%, and other international net sales decreased 7.1% year over year. Comparable sales for North America were up 5.5%, marking the eighth consecutive quarter of comparable sales growth in this region. Other international comparable sales declined 7.5% in the fourth quarter.

剔除外幣折算的影響，北美淨銷售額年增 4.6%，其他國際淨銷售額較去年同期下降 7.1%。北美同店銷售額成長5.5%，這是該地區連續第八個季度實現同店銷售額成長。第四季其他國際同店銷售額下降了7.5%。

From a category perspective, men's was our largest positive comping category, followed by women's accessories and hard goods. Footwear was our only negative comping category. The consolidated increase in comparable sales was driven by an increase in dollars per transaction, partially offset by a decrease in transactions.

從品類角度來看，男裝是我們最大的正向比較品類，其次是女裝配飾和硬商品。鞋類是我們唯一業績不佳的類別。同店銷售額的綜合成長主要得益於每筆交易金額的成長，但部分被交易筆數的減少所抵銷。

Dollars per transaction were up for the quarter driven by an increase in a in a retail and an increase in units per transaction. Fourth quarter gross profit was $111.4 million compared to $101 million in the fourth quarter of last year. Gross margin was 38.2% of sales for the quarter compared with 36.2% in the fourth quarter of 2024.

本季每筆交易的美元金額有所增加，這主要得益於零售業的擴張和每筆交易的商品數量增加。第四季毛利為 1.114 億美元，去年同期為 1.01 億美元。本季毛利率為銷售額的 38.2%，而 2024 年第四季為 36.2%。

The 200 basis point increase in gross margin was primarily driven by 180 basis points of improvement in product margin and 50 basis points of leverage in store ocracy costs on higher sales and the closure of underperforming stores. These benefits were partially offset by 20 basis points related to increased incentive costs on improved results.

毛利率成長 200 個基點，主要得益於產品毛利率提高 180 個基點，以及銷售額成長和關閉業績不佳的門市，從而降低了門市營運成本 50 個基點。這些收益被業績提升帶來的激勵成本增加所抵銷了 20 個基點。

SG&A expense for the fourth quarter of 2025 was $86.4 million or 29.6% of net sales compared with $80.9 million or 29% of net sales in 2024. The 60 basis point improvement. And SDA expenses of the percentage of net sales was driven by 100 basis points of increased incentive costs on improved results, and 20 basis points related to corporate wage costs.

2025 年第四季銷售、一般及行政費用為 8,640 萬美元，佔淨銷售額的 29.6%，而 2024 年同期為 8,090 萬美元，佔淨銷售額的 29%。提高了60個基點。SDA 費用佔淨銷售額的百分比，其中 100 個基點是由於業績改善帶來的激勵成本增加，20 個基點是由於公司工資成本增加。

These cost increases were partially offset by 50 basis points of leverage in store wages related to increased sales and hours management, and 20 basis points of leverage in other store operating costs. Operating income in the fourth quarter was $25 million or 8.6% of net sales, compared to prior year operating income of $20.1 million or 7.2% of net sales.

這些成本增加部分被以下因素抵銷：與銷售成長和工時管理相關的門市薪資槓桿作用 50 個基點，以及其他門市營運成本槓桿 20 個基點。第四季營業收入為 2,500 萬美元，佔淨銷售額的 8.6%，而上年同期營業收入為 2,010 萬美元，佔淨銷售額的 7.2%。

Net income for the fourth quarter was $19.6 million or $1.16 per share. In the year ago period, we reported net income of $14.8 million or $0.78 per share. Our effective tax rate for the current quarter was 26.3% versus 26.1% a year ago. Looking at our full year results, net sales for fiscal 2025 were 9.9.1 million dollars, an increase of 4.5% from $889.2 million for 2024.

第四季淨利為 1,960 萬美元，即每股 1.16 美元。去年同期，我們報告淨收入為 1,480 萬美元，即每股 0.78 美元。本季實際稅率為 26.3%，去年同期為 26.1%。從全年業績來看，2025 財年的淨銷售額為 991 萬美元，比 2024 年的 8.892 億美元成長了 4.5%。

Comparable sales for the full year were up 4.3%. 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 quarter, driven by an increase in a unit retail and an increase in units per transaction.

全年同店銷售額成長4.3%。同店銷售額的綜合成長主要得益於每筆交易金額的成長，但部分被交易筆數的減少所抵銷。本季每筆交易的美元金額增加，主要原因是零售單位數量增加以及每筆交易的單位數量增加。

From a category perspective, for the full year, women's was our largest positive comping category, followed by men's, hard goods, and accessories. Footwear was our only negative comping category. From a regional perspective, North American net sales were $757 million an increase of 5.1% from 2024. Other international net sales were $172 million up 1.7% from last year.

從品類角度來看，全年來看，女裝是我們業績成長最快的品類，其次是男裝、耐久財和配件。鞋類是我們唯一業績不佳的類別。從區域角度來看，北美淨銷售額為 7.57 億美元，比 2024 年成長 5.1%。其他國際淨銷售額為 1.72 億美元，比去年成長 1.7%。

Excluding the impact of foreign currency translation, North American net sales increased 5.2%, and other international net sales decreased 4.2% compared with 2024. Comparable sales for North America were up 6.7% and comparable sales for international were down 5.4% for the whole year. 2025 gross margin was 35.8% of sales compared to 34.1% in 2024.

剔除外幣折算的影響，北美淨銷售額較 2024 年成長 5.2%，其他國際淨銷售額較 2024 年下降 4.2%。全年北美同店銷售額成長6.7%，國際同店銷售額下降5.4%。 2025年毛利率為銷售額的35.8%，而2024年為34.1%。

The 170 basis point increase was primarily driven by 90 basis points of improvement in product margin and 70 basis points of leverage and storrocracy costs on higher sales and the closure of underperforming stores. SG&A expenses of $315.5 million or 34% of net sales for fiscal 2025, compared with $301.1 million or 33.9% of net sales in 2024.

170 個基點的成長主要由產品利潤率提高 90 個基點以及銷售額成長和關閉業績不佳的門市帶來的槓桿和倉儲成本增加 70 個基點所驅動。2025 財年銷售、一般及行政費用為 3.155 億美元，佔淨銷售額的 34%，而 2024 年為 3.011 億美元，佔淨銷售額的 33.9%。

The 10 basis point increase of the percentage of net sales was driven by 50 basis points of increased incentive costs on improved results, and 40 basis points related to wage and hour litigation settlements in California. These benefits were partially offset by 60 basis points to leverage in non-wage store operating costs and 30 basis points to leverage in store wages on increased sales and hours management.

淨銷售額佔比上升 10 個基點，其中 50 個基點是由於業績改善帶來的激勵成本增加，40 個基點是由於加州工資和工時訴訟和解協議造成的。這些收益部分被以下措施抵消：60 個基點用於提高非工資門市營運成本，30 個基點用於提高門市工資以促進銷售和工時管理。

Fiscal 2025 operating income was $17 million or 1.8% of net sales compared to operating income of $2 million or 0.2% of net sales in the prior year. Net income in fiscal 2025 was $13.4 million or $0.78 per share compared to a net loss of $1.7 million or $0.09 per share in the prior year. Fiscal 2025 was negatively impacted by approximately $0.15 per diluted share related to a wage an hour litigation settlement in California.

2025 財年營業收入為 1,700 萬美元，佔淨銷售額的 1.8%，而前一年營業收入為 200 萬美元，佔淨銷售額的 0.2%。2025 財年淨收入為 1,340 萬美元，即每股 0.78 美元，而上一財年淨虧損為 170 萬美元，即每股 0.09 美元。2025 財年受到加州一起工資小時訴訟和解相關的每股攤薄收益約 0.15 美元的負面影響。

During the balance sheet, the business ended the year in a strong financial position. We had cash and current marketable securities of $160.6 million as of January 31, 2026, up from $147.6 million as of February 1st, 2025. The increase in cash and current marketable securities over the last year was primarily driven by cash flow from operations of $53.5 million. A $2.9 million benefit from foreign currency fluctuation and the release of $2.7 million in restricted cash, partially offset by common stock repurchases of $38.3 million and capital expenditures of $11.1 million.

從資產負債表來看，該公司年底財務狀況良好。截至 2026 年 1 月 31 日，我們的現金和流動有價證券為 1.606 億美元，高於 2025 年 2 月 1 日的 1.476 億美元。過去一年現金及流動有價證券的增加主要得益於經營活動產生的現金流量 5,350 萬美元。外匯波動帶來的收益為 290 萬美元，同時釋放了 270 萬美元的受限現金，但部分被 3,830 萬美元的普通股回購和 1,110 萬美元的資本支出所抵銷。

As of January 31, 2026, we have no debt on the balance sheet and continue to maintain our full unused credit facility. The company repurchased 2.7 million shares during fiscal 2025 at an average cost of $14.18 per share and a total cost of $38.3 million. On March 11, 2026, the board of directors approved the repurchase of up to an aggregate of $40 million of common stock.

截至 2026 年 1 月 31 日，我們的資產負債表上沒有任何債務，我們繼續保持全部未使用的信貸額度。該公司在 2025 財年回購了 270 萬股股票，平均每股成本為 14.18 美元，總成本為 3,830 萬美元。2026 年 3 月 11 日，董事會批准回購總額高達 4,000 萬美元的普通股。

The repurchase program is expected to continue through January 29, 2028, unless the time period is extended or shortened by the board of directors. This repurchase program supersedes the prior authorized approval, approved on board of directors on June 4, 2025. It was set to expire on June 30, 2026. We ended the year with $147 million in inventory compared to $146.6 million last year. Growth is 0.2% year over year.

除非董事會延長或縮短回購計畫期限，否則該計畫預計將持續到 2028 年 1 月 29 日。該回購計畫取代了先前經董事會於 2025 年 6 月 4 日批准的授權。該協議原定於2026年6月30日到期。本年度末庫存為 1.47 億美元，去年同期為 1.466 億美元。較去年同期成長0.2%。

On a constant currency basis, our inventory levels were down 3.8% from last year. We feel good about our current inventory position. Now to our 1st quarter to date results. Total sales for the four-week fiscal period ended February 28, 2026 increased 9.8% compared to the four-week fiscal period ended March 1st, 2025. Comparable sales over the same period increased 7.5%.

以固定匯率計算，我們的庫存水準比去年下降了3.8%。我們對目前的庫存狀況感到滿意。現在來看我們第一季至今的業績。截至 2026 年 2 月 28 日的四週財政期間的總銷售額比截至 2025 年 3 月 1 日的四周財政期間的總銷售額增長了 9.8%。同期同店銷售額成長7.5%。

From a regional perspective, North American net sales for the four-week period ended February 28, 2026 increased 5.6% over the four-week period ended March 1st, 2025, while our other international business increased 27.6%. Excluding the impact of foreign currency translation, North American net sales increased 5.3%, and other international net sales increased 12% compared with 2025.

從區域角度來看，截至 2026 年 2 月 28 日的四周期間，北美淨銷售額比截至 2025 年 3 月 1 日的四周期間增長了 5.6%，而我們的其他國際業務增長了 27.6%。剔除外幣折算的影響，北美淨銷售額較 2025 年成長 5.3%，其他國際淨銷售額較 2025 年成長 12%。

Comparable sales for our North America business increased 6% for the four week period ended February 28, 2026 compared to the same week in the prior year, while comparable sales in our other international business increased 13.2%. From a category perspective, according to date, hard goods is our largest positive comping category, followed by men's, women's, and accessories. Footwear was our only negative comping category.

截至 2026 年 2 月 28 日的四周內，我們北美業務的同店銷售額比上年同期增長了 6%，而我們其他國際業務的同店銷售額增長了 13.2%。從品類角度來看，截至目前，硬商品是我們最大的正收益品類，其次是男裝、女裝和配件。鞋類是我們唯一業績不佳的類別。

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 quarter, driven by an increase in a unit retail and an increase in units per transaction. With respect to our outlook for the first quarter of fiscal 2026, 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.

同店銷售額的綜合成長主要得益於每筆交易金額的成長，但部分被交易筆數的減少所抵銷。本季每筆交易的美元金額增加，主要原因是零售單位數量增加以及每筆交易的單位數量增加。關於我們對 2026 財年第一季的展望，我想提醒大家，由於影響我們業績的各種內部和外部因素，制定我們的業績指引在估算銷售額、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。

Our comparable sales results in early fiscal 2026 have maintained positive momentum, and we are cautiously optimistic that we will continue to deliver top and bottom line improvements in the first quarter, assuming no significant economic impact on the business from the current global conflicts or tariff changes. For the first quarter, we are anticipating total sales to be between $189 million and $193 million for the 13 weeks ending May 2, 2026, representing growth of 3% to 5%.

我們在 2026 財年初期的可比銷售業績保持了積極的成長勢頭，我們謹慎樂觀地認為，在當前全球衝突或關稅變化不會對業務造成重大經濟影響的情況下，我們將繼續在第一季度實現營收和利潤的改善。我們預計，截至 2026 年 5 月 2 日的 13 週內，第一季總銷售額將在 1.89 億美元至 1.93 億美元之間，成長 3% 至 5%。

Comparable sales for the same time period are expected to be between 2% and 4%. Consolidated operating loss for the first quarter is expected to be between $-15.6 million and $-17.8 million compared to a loss of $19.9 million in the prior year. Included in this reduction of our operating loss is continued product margin expansion in North America and Europe, as well as a benefit related to a 2.9 million one-time wage an hour litigation settlement incurred in the first quarter of 2025.

預計同期可比銷售額將成長 2% 至 4%。預計第一季綜合營業虧損將在-1,560萬美元至-1,780萬美元之間，而上年同期虧損為1,990萬美元。此次營業虧損減少包括北美和歐洲產品利潤率的持續成長，以及與 2025 年第一季一次性支付的 290 萬美元薪資訴訟和解金相關的收益。

This is an improvement of between 140 to 270 basis points as a percentage of sales. We expect this improvement to be driven by 130 to 200 basis points of gross margin expansion and 10 to 70 basis points of SG&A leverage. Before providing our first quarter EPS guidance, I'd like to point out that our loss per share comparison to the prior year is negatively impacted by favorable foreign exchange valuation and interest income items in the first quarter of 2025 that did not repeat in the first quarter of 2026.

這相當於銷售額提高了 140 到 270 個基點。我們預計，毛利率將提高 130 至 200 個基點，銷售、一般及行政費用槓桿率將提高 10 至 70 個基點，從而推動業績改善。在提供我們第一季每股收益預期之前，我想指出，由於 2025 年第一季有利的匯率估值和利息收入項目在 2026 年第一季沒有重現，因此我們與去年同期相比的每股虧損受到不利影響。

Also, due to share buybacks in fiscal 2025, we have reduced our basic shares outstanding by approximately 10%, negatively impacting our loss per share guidance by an additional $0.07 per share. With that, we anticipate that our loss per share will be between $0.77 and $0.87 compared to a loss of $0.79 in the prior year.

此外，由於 2025 財年的股票回購，我們已將流通股數量減少了約 10%，這將使我們的每股虧損預期額外增加 0.07 美元。因此，我們預計每股虧損將在 0.77 美元至 0.87 美元之間，而上一年每股虧損為 0.79 美元。

As we consider the outlook for the full fiscal year 2026, with seven consecutive quarters of positive comparable sales behind us and momentum into the new year, we are confident in our strategy and execution. However, caution is warranted given the ongoing volatility in the macro environment. We will refrain from giving specific annual guidance, but we'll provide some context around how we see the business trending throughout the year.

展望 2026 財年，我們已連續七個季度實現同店銷售額正增長，並且這一勢頭延續到了新的一年，因此我們對我們的戰略和執行充滿信心。然而，鑑於宏觀環境持續波動，謹慎行事是必要的。我們將不給予具體的年度業績指引，但會提供一些關於我們對公司全年業務發展趨勢的看法。

Top-line strength continues in North America, and we have lapsed a promotional period in our European business last year that along with a difficult snow season contributed to the 4th quarter sales decline in the region. Both North America and Europe are trending positive in the first quarter to date. With relative stability in the macroenviron, we believe we can grow total sales in the low single-digits for the year, inclusive of the negative impact of closed stores worth approximately $12 million in sales.

北美地區的營收持續強勁成長，而我們去年在歐洲的業務促銷期已經結束，加上艱難的雪季，導致該地區第四季銷售額下降。第一季至今，北美和歐洲的經濟均呈現正面態勢。在宏觀環境相對穩定的前提下，我們相信今年的總銷售額可以實現個位數低成長，這也包括了關店帶來的約 1,200 萬美元的銷售額損失。

From a product margin perspective, 2025 was at a high point, excluding the stimulus-driven 2021 results. We believe that we will continue to grow product margin year over year in 2026 through steady improvements in North America and continued pricing discipline in our international entities. We believe that our private label business will continue to grow, helping drive the overall results, including potential tariff benefits, should the current situation hold throughout the year.

從產品利潤率的角度來看，2025 年是利潤率最高的一年，不包括受刺激政策影響的 2021 年業績。我們相信，到 2026 年，透過北美市場的穩定改善和國際實體持續的價格紀律，我們將繼續實現產品利潤率逐年增長。我們相信，如果當前情況持續到年底，我們的自有品牌業務將繼續成長，從而推動整體業績，包括潛在的關稅優惠。

In addition to product margin growth, we believe further leverage exists in our costs and other components that will drive gross margin expansion. With sales growth discussed, we would anticipate leverage of our SG&A costs further contributing to operating margin expansion with the previously mentioned assumptions. We anticipate operating margin growth in the 50 to 100 basis point range in fiscal 2026.

除了產品利潤率成長外，我們相信成本和其他組成部分也存在進一步的槓桿作用，這將推動毛利率的擴張。鑑於銷售成長，我們預計，在先前提到的假設下，銷售、一般及行政費用的槓桿作用將進一步促進營業利潤率的擴大。我們預計 2026 財年營業利潤率將成長 50 至 100 個基點。

While effective tax rates will fluctuate by quarter, we anticipate that a full year effective tax rate will be roughly 35 to 40% in fiscal 26, compared to an effective tax rate of 44.4% in 2025. We are planning to open 5 new stores in 2026, all within the US. This compares to 6 total stores opened in 2025 and seven stores in 2024. We plan to close approximately 25 stores during fiscal 2026, including 20 in North America and 5 internationally.

雖然實際稅率會按季度波動，但我們預計 2026 財年的全年實際稅率約為 35% 至 40%，而 2025 年的實際稅率將達到 44.4%。我們計劃在 2026 年開設 5 家新店，全部位於美國境內。相比之下，2025 年共開設了 6 家門市，2024 年開設了 7 家門市。我們計劃在 2026 財年關閉約 25 家門市，其中 20 家位於北美，5 家位於國際市場。

And we closed 17 stores during fiscal 2025. We expect our capital expenditures for 2026 to be between $14 million and $0.16 million dollars compared to $11.1 million in fiscal 2025 and $15 million in 2024. We expect that depreciation and amortization, excluding non-cash lease expense, will be approximately $18.9 million down from $21.3 million in 2025.

我們在 2025 財年關閉了 17 家門市。我們預計 2026 年的資本支出將在 1,400 萬美元至 16 萬美元之間，而 2025 財年為 1,110 萬美元，2024 財年為 1,500 萬美元。我們預計，不包括非現金租賃費用在內的折舊和攤提將比 2025 年的 2,130 萬美元減少約 1,890 萬美元。

We're currently projecting our diluted share count for the full year to be approximately 17.1 million shares. The share count does not include the impact of any future share repurchases, including those under the repurchase agreement announced today.

我們目前預計全年稀釋後股份數量約為 1,710 萬股。股份數量不包括任何未來股份回購的影響，包括今天宣布的回購協議項下的回購。

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

接下來，我們將透過這位接線生開啟問答環節。

(Operator Instructions) Mitch Kummetz, Sea Port.

（操作員說明）米奇·庫梅茨，海港。

Yes, thanks for taking my questions. Let me begin with Europe. I just want to better understand what's going on there. In the, in the fourth quarter, other international was, I think it was a 75 comp, and I know that you guys shifted your focus to more full price selling in the quarter. And now I think, Chris, you said you're running up a 13.2 quarter date for other international.

是的，謝謝您回答我的問題。讓我先從歐洲說起。我只是想更好地了解那裡發生了什麼。在第四季度，其他國際業務的同店銷售額好像是 75%，我知道你們在這個季度把重點轉向了全價銷售。現在我想，克里斯，你說過你正在為其他國際市場設定 13.2 季度目標。

So did something change in terms of the full price selling focus, or was it just not, were you not lapping, that issue in like quarter to date, what, help me understand why we're seeing such a big swing in the comp performance from 4th quarter to Q1 to date and other international. I assume it's Europe that's driving that.

所以，在全價銷售方面是否發生了什麼變化？或者根本沒有變化？你們是否沒有解決這個問題？請幫我理解一下，為什麼我們看到同店銷售業績從第四季到第一季至今以及其他國際市場出現瞭如此大的波動。我猜想是歐洲在推動這件事。

Yes, thanks, Mitch, and you are right in your assumption is this is Europe that's driving it. I think as Mitch, following as closely as you have, I mean, we started this kind of change in strategy in late 2024, really trying to kind of reimagine what was happening in Europe as we were growing at quite a clip, but not getting to where we wanted to be from a profitability and cash flow perspective.

是的，謝謝你，米奇，你的假設是對的，正是歐洲在推動這件事。我認為，米奇，你一直密切關注著，我的意思是，我們在 2024 年末開始進行這種戰略變革，真正試圖重新構想我們在歐洲的發展狀況，當時我們的增長速度相當快，但從盈利能力和現金流的角度來看，我們還沒有達到我們想要的目標。

So our determination at that time was really to slow growth and focus on growing the core business, and striving to profitability and cash. Cash flow, as things don't move as quickly as you like sometimes, but the team put a plan together. It included some, change of people within the entity, and that took some time to kind of gain traction.

因此，我們當時的決心是放慢成長速度，專注於發展核心業務，努力實現獲利和現金流。現金流方面，事情有時進展不如你所願，但團隊制定了一個計劃。其中包括實體內部人員的一些變動，而這需要一些時間才能達到成效。

So as we moved across 2025, we saw that business shrink from about $135 million to just under €135 million I should say. This included across 2025 product margin growth of 250 basis points with Q4 of 660 basis points I think. A big win for us as we really reimagined the product portfolio and how we're buying inventory was even though, sales were down pretty meaningfully in Q4, high single-digits, we still saw $1.8 million of operating profit growth on the back of, really strong.

因此，到了 2025 年，我們看到這項業務從大約 1.35 億美元縮減到略低於 1.35 億美元。這其中包括到 2025 年產品利潤率成長 250 個基點，我認為第四季成​​長了 660 個基點。對我們來說，最大的勝利是，我們真正重新構想了產品組合以及我們購買庫存的方式，儘管第四季度的銷售額大幅下降（接近兩位數），但我們仍然實現了 180 萬美元的營業利潤增長，這得益於我們非常強勁的業績。

Selling and and expense control and this is really despite a pretty soft winter overall for Q4 so also really focused on inventory management, more relevant product and I think it put us in a spot to start 2026 just in a way better position than we were a year earlier, as you mentioned, we have, just under 90 stores now operating in nine countries.

銷售和費用控制，儘管第四季度冬季整體表現較為疲軟，但我們仍然非常注重庫存管理和更相關的產品。我認為這讓我們在2026年伊始就處於比一年前更好的位置。正如您所提到的，我們現在在九個國家/地區擁有近90家門市。

2026 is off to a really strong start. The 13.2% international comp is really all driven by Europe, we're not immune to the macro forces here, but we're just really laser focused on operating profit and cash flow, and that, includes really trying to drive a high concentration of sales out of our existing units and online where possible, rationalizing the business.

2026年開局非常強勁。13.2% 的國際銷售成長實際上完全是由歐洲市場推動的，我們無法免受宏觀經濟因素的影響，但我們確實非常專注於營業利潤和現金流，這包括盡可能地將銷售額集中到我們現有的門市和線上，並對業務進行合理化調整。

So it's really most core tasks around just how do we bring great product into the business and serve the customer, improving product margin, managing and reducing expenses where possible and just laser focused on inventory levels. So I think all of that has really led to what we. See now is really four-months in a row of much better results, but we have a long way to go, so we're encouraged by what we've seen over the last four-months.

所以，最核心的任務其實就是如何為企業帶來優質產品並服務客戶，提高產品利潤率，盡可能地管理和降低成本，並專注於庫存水準。所以我覺得這一切最終都促成了我們現在所看到的。現在確實已經連續四個月取得了更好的成績，但我們還有很長的路要走，所以我們對過去四個月所取得的成績感到鼓舞。

But, like I said, there's still a lot of work to be done and hopefully we've laid a good framework for that to be done in 2026. I think, at the end of the day, we continue to believe that, this international growth is a positive thing for us and it's. It really is our best way to serve our customers which exists all around the world and our brands and how we bring brands around the world and then you know just as importantly how we identify trends because trends do emerge locally and grow globally and if we are in.

但是，就像我說的，還有很多工作要做，希望我們已經為 2026 年完成這些工作奠定了良好的基礎。我認為，歸根結底，我們仍然相信，這種國際成長對我們來說是一件好事。這確實是我們服務全球客戶的最佳方式，也是我們服務品牌、將品牌推廣到世界各地的方式，而且同樣重要的是，我們是如何識別趨勢的，因為趨勢會在本地出現，然後發展到全球，如果我們參與其中。

More locations that allows us to see those trends and help them move around the world. So, we're definitely encouraged with the last four-months, in February for sure, and we're hoping to build some continued momentum into 2026.

更多地點讓我們能夠看到這些趨勢，並幫助它們在全球範圍內傳播。所以，過去四個月，尤其是二月的業績，讓我們倍感鼓舞，我們希望能夠將這種勢頭延續到 2026 年。

And then as far as the comp guide for the quarter, I think you're, you said a two to four comp quarter to date you're running +75. I know February is a fairly small month, but why are you anticipating, worst comp performance over the balance of the of the quarter and then, maybe as you, address that question, can you also maybe speak to what you're seeing in terms of like tax refunds so far. And then how are you thinking about, higher gas prices potentially, impacting your consumers.

至於本季的業績指導，我想你說過，到目前為止，兩到四個季度的業績指導是+75。我知道二月是個比較短的月份，但是為什麼你預期本季剩餘時間的業績會最差呢？另外，在回答這個問題的時候，你能否也談談你目前看到的退稅狀況？那麼，您認為汽油價格上漲可能會對您的消費者產生哪些影響？

Yes, all good questions. Let me start with kind of the guy, but I think these are going to sort of blend together, obviously, we had a great February, really across the business, internationally. Spoke about, but North America was very strong to up, 6 comp in across the four weeks of February. I, I'll tell you, as we started to see the global conflict unfold, we did see some softness in week five.

是的，都是很好的問題。讓我先從這個人說起，但我認為這些事情最終都會融合在一起，顯然，我們二月份的業務發展非常順利，無論是在國際上還是在公司內部。談到了，但北美市場表現非常強勁，2 月的四周內，競爭對手數量增加了 6 家。我告訴你，隨著全球衝突的展開，我們在第五週確實看到了一些緩和的跡象。

And have kind of guided the business into what we saw as a slowdown from where we were in February and so while still positive we we just saw some softness in the business and that's how we planned the quarter to come out now whether that's tied to. Rising fuel prices, and a little bit of uncertainty in the macro environment, I think that's to be determined and we just need more time to figure it out.

我們已經引導業務發展到我們認為比二月更慢的階段，所以雖然我們仍然保持樂觀，但我們確實看到業務出現了一些疲軟，這就是我們對本季業績的預期，無論這是否與…有關。燃油價格上漲，加上宏觀環境存在一些不確定性，我認為這還有待確定，我們需要更多時間來弄清楚。

But in relation to putting the guide together and how we saw our comp guide, this is really about kind of looking at what's our current run rate sort of post February and drawing that out across the rest of the quarter.

但就編制這份指南以及我們如何看待我們的競爭指南而言，這實際上是關於看看我們在二月份之後目前的運行速度，並將其延伸到本季度的剩餘時間。

All right, that's helpful, thanks.

好的，這很有幫助，謝謝。

Richard Magnuson, B. Riley.

理查德·馬格努森，B·萊利。

Hi, thank you for taking our call.So, first off, it looks like your, tibel penetration was strong in Q4, probably around 30%, but, during the holiday season, did you notice any, change in, certain categories regarding the performance of tier label versus, the branded products, or was it pretty much, the same trends in different categories that you saw throughout the year?

您好，感謝接聽我們的電話。首先，看來您第四季的自有品牌滲透率很強，可能在 30% 左右。但是，在假期季節期間，您是否注意到某些類別中自有品牌產品與品牌產品的表現有任何變化？或者，不同品類的趨勢與您全年觀察到的趨勢基本上相同？

I, I'll start, Richard, and Chris can add in, but give you some context, but I don't think we saw any major changes. There's certain categories of business that are really dominated by our private level, our own brands, and so sometimes it's hard to compare the branded portfolio where there's our private label brands, and, so it, I think you have to think of as each of them are targeted a bit different.

我先來，理查德，克里斯可以補充，但要先給你們一些背景信息，但我認為我們沒有看到任何重大變化。某些業務類別實際上由我們的自有品牌主導，因此有時很難將品牌組合與我們的自有品牌進行比較，所以，我認為你必須考慮到它們各自的目標客戶群略有不同。

Segment of our business and so I don't think I would call out any significant trend direction changes from a private label predictive that I can think of in terms of the category performance for the for the brands and they they performed well and but we also had some new brands that have performed really well too on the branded side.

這是我們業務的一部分，因此我認為就自有品牌品類表現而言，我不會指出任何重大的趨勢方向變化，就品牌而言，它們的表現都很好，而且我們也有一些新品牌在品牌方面表現得非常好。

So I think it's a combination of both and the new brands tend to be more focused on. The t-shirts and sleeves and hats and the more screenable portion of the business. So I think the private level is more dominated by the PEO departments within the business. So they're kind of a bit separated in that sense, but both have, I think have done well and contribute positively before.

所以我認為這是兩者的結合，而新品牌往往更注重後者。T恤衫、袖套、帽子以及更容易被媒體曝光的業務部分。所以我認為，私人企業層面更多是由企業內部的 PEO 部門主導的。所以從這個意義上講，他們之間有點分歧，但我認為他們之前都做得很好，並做出了積極的貢獻。

Okay. And then, my last, second question is, Easter is, it looks like just over three weeks away. Can you, what can you tell us about your expectations of timing regarding, your string assortments and any of the observed consumer preferences, and the impact of, recent weather in different parts of the US and the cadence of promo around Easter weekend.

好的。那麼，我的最後一個問題是，復活節看起來還有三週多一點的時間。您能否告訴我們您對產品上市時間的預期、您觀察到的消費者偏好，以及美國各地最近的天氣狀況和復活節週末促銷節奏的影響？

Sure. I'll kind of take a crack at it. This kind of falls into our planning arena and let Rick talk. Obviously Easter has pulled up, so we are, have kind of started our. Putting our product out in a way that will take advantage of that obviously and planning the business to have a little higher bump in the middle part of the quarter versus a little bit later in the quarter so we're certainly planning on that.

當然。我來試著試試。這屬於我們的計劃範疇，讓瑞克來說。顯然，復活節已經過去了，所以我們也算是開始了。顯然，我們會以能夠充分利用這一優勢的方式推出我們的產品，並計劃讓業務在季度中期比季度後期實現更高的增長，所以我們肯定會這樣計劃。

Richard, from a promotional perspective this is just not really our game we try to stay really full price and full margin. I think you see that within our our product. The margin results here across 2025 and really the last few years as we've really been able to grow product margin and that's not just our private label business that's our branded business as well really working with our partners to refine this so I I don't see anything specific there we do have a variety of what I would call sort of you know spring season initiatives that.

理查德，從促銷的角度來看，這真的不是我們的風格，我們盡量保持全價和全利潤。我認為您能從我們的產品中看到這一點。從2025年到現在，利潤率方面，以及過去幾年裡，我們都取得了顯著成長，產品利潤率也確實有所提高。這不僅體現在我們的自有品牌業務上，也體現在我們的品牌業務上。我們一直在與合作夥伴共同努力，不斷改進產品。因此，我沒有看到任何具體的措施。我們確實推出了一系列我稱之為春季促銷活動的舉措。

As you would imagine would play into the gift giving that happens around Easter, but also just into what you would expect from the seasonal floor set. So I'm not going to go into those in detail either. That's kind of part of our product and and secret sauce, but, we're always trying to bring you in. I think that's what the customer wants.

如你所想，這不僅會影響復活節期間的送禮習俗，還會影響人們對季節性地板佈置的預期。所以，我也不打算詳細討論這些內容。這算是我們產品的一部分，也是我們的秘訣，但我們一直在努力吸引你。我認為這正是顧客想要的。

That's what we're really happy we've been able to provide within private label and you know it kind of add on to your life. Last question too of what we've been able to do in our branded portfolio. I mean our branded, our TOP20 brands, really continue to gain traction this year as a percent of the total business which we view as a good thing.

這就是我們非常高興能夠透過自有品牌提供的服務，你知道，它能為你的生活增添一些東西。最後一個問題，關於我們在品牌組合方面取得了哪些成就。我的意思是，我們的品牌，尤其是排名前 20 名的品牌，今年在總業務中所佔的比例確實繼續增長，我們認為這是一件好事。

I mean we go through these cycles where, our biggest brands will kind of ebb and flow, and sometimes they disaggregate and we bring on a lot of new brands, and other times they aggregate and hopefully that leads to, really strong results as they grow and and. Breadth and depth, right, so I think all those things are playing into the business.

我的意思是，我們會經歷這樣的週期，我們最大的品牌會經歷起伏，有時它們會拆分，我們會引入很多新品牌，有時它們會合併，希望這能隨著它們的成長帶來非常強勁的業績。廣度和深度，對吧，所以我認為所有這些因素都會對業務產生影響。

You see it really across all of our categories whether we're talking about the Q4 or whether we're talking about February. We're up with the exception of footwear. Footwear continues to be the one area of challenge for us, but, that's our model, so we're really excited to be running a total comp and obviously running a big portion of the business positive. Thank you.

無論我們談論的是第四季度還是二月份，你都會發現我們所有類別都存在這種情況。除了鞋類以外，其他都已補貨。鞋類仍然是我們面臨的一個挑戰領域，但這就是我們的商業模式，所以我們很高興能夠實現全面盈利，並且顯然很大一部分業務都實現了盈利。謝謝。

(Operator Instructions) Marcus Belanger, Williamm Blair.

（操作說明）馬庫斯·貝朗格，威廉·布萊爾。

Awesome awesome. I'm on for Dylan Carden just wanted to ask a follow-up to. An earlier question about international, obviously you've seen a lot of volatility in that area. Can you tell me what you guys are doing to, stabilize the area and have greater visibility into future growth, and then I have a follow-up.

太棒了！我支持 Dylan Carden，只是想問一個後續問題。之前有人問過國際市場的問題，顯然，你們已經看到了該領域很大的波動性。你們能告訴我你們正在採取哪些措施來穩定該地區並更好地了解未來的發展嗎？之後我還有一個後續問題。

Yeah, I'll just, I'll kind of add on to my earlier comment and let Rick jump in if he has anything to add. I mean, I think. Like all of our business, it really does start with product, so as we thought about reimagining the business at the end of 24, part of it was slowing growth just to make sure the focus was really laser focused, but it was about looking at products and saying how do we see trends, see where that customer.

是的，我就補充一下我之前的評論，如果里克有什麼要補充的，就讓他插話吧。我的意思是，我想。就像我們所有的業務一樣，一切都始於產品。因此，在 24 年底我們考慮重新構想業務時，其中一部分是放慢成長速度，以確保重點真正聚焦，但重點在於審視產品，思考我們如何看待趨勢，了解客戶在哪裡。

That see who that customer is and bring it to them in a way that they will adapt to and they they'll be excited about and of course we can sell it at full price so this was really about rethinking that really starting to look at our assortments and who we are carrying and how we're carrying them and what they were saying to the customer.

了解顧客是誰，並以他們能夠適應和感到興奮的方式將產品帶給他們，當然我們也可以全價出售。所以，這實際上是重新思考，開始審視我們的產品組合、我們正在銷售的產品、我們如何銷售這些產品以及他們向顧客傳達的訊息。

Starting to push that into the business in a different way than we've been doing, obviously as you can imagine that takes time when you buy seasons ahead of time so you know for us we knew in the turnover at the end of, late 2024 that it would be sort of a, back to school holiday time period where we start to see this take.

我們正在以不同於以往的方式開始將這種理念融入到業務中，顯然，正如你所想，提前購買幾季的商品需要時間，所以你知道，我們知道在 2024 年底的營業額中，將會有一個返校假期的時間段，屆時我們將開始看到這種趨勢。

Big shape and we were pretty encouraged by some of the early areas we reimagine and bet and what those meant going into Q4 and then you know some of those same items that we were dropping even late into Q4 that we're, driving into the 2026 so it's really about product. I mean there's a huge part of execution beyond that of, your store environment and the people in stores and how they bring the product to life, we.

情況很大，我們對一些早期重新構想和投資的領域感到非常鼓舞，也對它們在第四季的意義感到振奮。你知道，即使在第四季末，我們仍然會推出一些相同的產品，這些產品將持續到 2026 年，所以這真的與產品有關。我的意思是，除了這一點之外，執行力還很大一部分取決於你的店鋪環境、店員以及他們如何讓產品鮮活起來。

Continue to invest in that we continue to invest in our teams there just like we do here in North America. I mean this is really about driving a human to human relationship, right? How you connect with your customer and how you talk with them and so that's been part of what we've driven as well and we think, when you have the right product and you can bring it to them in a way that you really connect with them, I think that drives a different experience and hopefully one that brings that customer back again and again.

我們將繼續投資我們在那裡的團隊，就像我們在北美所做的那樣。我的意思是，這其實是為了促進人與人之間的關係，對吧？如何與客戶建立聯繫，如何與他們溝通，這也是我們一直在努力的方向之一。我們認為，當你擁有合適的產品，並且能夠以真正與他們建立聯繫的方式將產品帶給他們時，我認為這會帶來不同的體驗，並有望讓客戶一次又一次地光顧。

Can I just add that again just for context I think we we have looked deeply at every other every area of our business in Europe and as Chris said earlier that we we made some personnel changes in terms of some of the leadership in Europe and how we're leading, particularly in some really key areas and we, we're just leaving no stir, no stone unturned as we revisit every aspect of what we're doing and.

我再補充一點，為了提供背景信息，我認為我們已經深入審視了我們在歐洲業務的方方面面。正如克里斯之前所說，我們對歐洲的一些領導層以及我們的領導方式進行了一些人事調整，尤其是在一些非常關鍵的領域。我們正在不遺餘力地重新審視我們正在做的每一件事。

Again, I really encourage, as Chris has laid out for the Q4 performance, I just highlight again that that was against a very one of our worst snow years ever in Europe, and we have a very dominant position in the snow retailing business in Europe. So despite The difficult snow year we still were able to improve the bottom line results by a pretty good amount, so we're really encouraged.

我再次強調，正如克里斯在第四季度業績報告中所闡述的那樣，我們非常鼓勵大家，我只想再次強調，這是在歐洲有史以來雪況最差的年份之一取得的成績，而我們在歐洲的雪具零售業務中佔據著非常主導的地位。儘管今年雪況不佳，但我們仍能大幅提高最終的獲利結果，這讓我們備受鼓舞。

I think we're heading the right way, but as Chris said, we have a long ways to go and a lot of work to do and more work to come, and we're very focused on making sure that we are continuing to improve the assortments, bring newness into the business, make sure that we're really delivering great experience for customers and commercializing our offering as we think about delivering the customers across all channels.

我認為我們正朝著正確的方向前進，但正如克里斯所說，我們還有很長的路要走，還有很多工作要做，未來還有更多工作要做。我們非常專注於確保我們不斷改進產品種類，為業務注入新鮮血液，確保我們真正為客戶提供卓越的體驗，並在考慮如何透過所有管道為客戶提供服務的同時，實現我們產品的商業化。

Thank you, for stores, where are you guys in terms of, how many more years maybe do you guys think about closing stores and then. For the new stores that you are opening for this year, it looks like you're going to open up 5. How are, over the last couple of years, how have those new stores been performing? Are they at a higher, mature? Do you think that they're going to hit a higher, sales per store maturity curve than your other stores? Just any comments on basic productivity for the 1st 11 or 2 years for your new stores?

謝謝。就門市而言，你們打算如何安排？你們預計還會經營幾年才會關門店家？今年你們計畫開設的新店有 5 家。過去幾年裡，這些新店的經營狀況如何？他們的水平更高、更成熟嗎？你認為他們的單店銷售成熟度曲線會比其他門市更高嗎？對於新店開幕後的前11到2年的基本生產力，您有什麼看法？

Thank you.

謝謝。

Yes, sure, and let me, I'll talk about new stores real quickly and then we can talk about closures. I think, this is really, I would say post pandemic, you've seen our store close, our store openings, slow from historical levels which we kind of knew was going to be part of it obviously with. North America more built out and international being our area of further growth over the last few years, as we've talked about here on the call today, we have slowed international just from a standpoint of really focusing on profitability and cash flow.

當然可以，讓我先快速談談新店的狀況，然後再談談關店的狀況。我認為，這確實是疫情後的情況，你們也看到了我們的門市關閉和重新開業的速度都比歷史水平慢了很多，我們當然也預料到這種情況會發生。北美市場發展更為成熟，而國際市場是我們過去幾年進一步增長的領域，正如我們今天在電話會議上所討論的那樣，我們放緩了國際業務，主要是為了真正專注於盈利能力和現金流。

So, the store opening cadence is much less. I think when you think about opening approximately five stores a year in North America, the last few classes of stores have been really good. We've been able to be selective in where we're opening and really TRY to fill markets or fill opportunities we've wanted to get into for a long time, there's still a lot of, a fair amount of good assets in the country that we want to get in.

因此，商店的營業頻率大大降低。我認為，考慮到每年在北美開設大約五家門市，最近幾家店的業績都非常好。我們能夠有選擇地開設新店，並真正努力填補我們長期以來一直想進入的市場或機會，這個國家仍然有很多，相當多的優質資產是我們想要進入的。

We just have to find that right fit, right, that right location within the mall at the right economics, that makes sense for us to be able to invest in, and I'm quite happy with how the real estate team and our store operations team. Performed here in the last few years in our openings and you know each class having, more winners than tougher situations.

我們只需要找到合適的地點，在購物中心內找到合適的經濟效益，這樣我們才能進行投資。我對房地產團隊和我們的門市營運團隊的工作非常滿意。過去幾年，我們在開幕式上都表演過這些節目，你知道，每個班級都有獲勝者，而遇到困難的人則相對較少。

So that's a really good thing from a closure perspective, we started more significantly closing stores in 2023 and then in 2024 a few more and last year was around 17, we are forecasting we'll be ahead of that 17 number this year, although I'll tell you. Are forecasts. You're never quite sure what's going to happen in those markets and how malls will move or economics can change.

所以從關店的角度來看，這確實是件好事。我們從 2023 年開始更大規模地關閉門市，然後在 2024 年又關閉了幾家，去年大約關閉了 17 家，我們預測今年我們將超過 17 家，儘管我得告訴你。是預測。你永遠無法確定這些市場將會發生什麼，購物中心將如何發展，經濟狀況又將如何改變。

But we are expecting to close approximately 20 stores in North America and buy internationally and our closure process is, as you would expect, it's a diligent process, right? It's looking at each trade area we're in, each market we're in, are there underperformers? Are there opportunities for consolidation. Trying to figure out where those opportunities are we look at everything from sales and profitability, what the source impact on that trade area is in regards to how it helps fulfill product.

但我們預計將在北美關閉約 20 家門市，並從國際市場採購，而我們的關閉流程正如您所料，是一個嚴謹的過程，對吧？它會審視我們所處的每個貿易區域、每個市場，是否有表現不佳的參與者？是否存在整合的機會？為了找出這些機會，我們將從銷售和獲利能力等方面進行考察，也會考慮貨源對該貿易區域的影響，以及它如何幫助實現產品交付。

And, even kind of leverage with the centers in the market, obviously the conditions of the centers, who the landlords are, how they're investing in the center, we TRY to really manage the peak performance, and if that, peak performance was. 10 plus years ago sometimes it speaks to where that center is headed, right? And then obviously we try to do whatever we can around store economics before we walk away but you know all those things combined.

而且，我們甚至會利用市場上的購物中心，當然也會考慮購物中心的狀況、業主是誰、他們如何投資這些購物中心等等，我們會努力實現最佳業績。如果10多年前達到最佳業績，有時就能預示該購物中心未來的發展方向，對吧？然後，很顯然，在我們離開之前，我們會盡一切努力改善門市的經濟狀況，但你知道，所有這些因素加起來。

It's about sales growth, and I think that's why when we talk about 2026 we talk about growing sales in the low single-digits despite, closing some stores that are about $12 million impact. So at the end of the day. We're really just trying to consolidate. We've given ourselves a challenge for quite some time, but, we don't want to have one more store than we need in any given trade area, right?

關鍵在於銷售成長，我認為這就是為什麼當我們談到 2026 年時，我們談到儘管關閉了一些門市（影響約為 1200 萬美元），但銷售額仍將保持個位數低成長的原因。所以歸根結底。我們其實只是想整合資源。我們給自己設定了一個挑戰，但我們不想在任何特定的商圈內多開一家店，對吧？

That's just extra capital inventory you've got tied up. So we're really trying to be intentional about it internationally. This will be a few more closures than we've had historically in 2026 is expected, and that's really just kind of, I'll say trimming that portfolio as well, right? We're trying to look at stores and say. Okay, these ones are definitely working. They're great locations.

那隻是你佔用的額外資金而已。所以我們確實在努力在國際上對此採取有意識的行動。預計 2026 年的關停數量將比以往更多，這也算是對投資組合進行一些調整，對吧？我們正在嘗試查看商店並說。好的，這些肯定有效。地理位置絕佳。

There's a maybe a mid-class that is, that we're that we're happy with, but we think we can still do better. And there's a third class that's kind of the lower class of stores that we are like, all right, we really have to make movement here or we will see consolidation, and that's where we're kind of at at this point is kind of going, okay, some of these are not making the traction we need, and they're closures to make the overall business better.

或許存在一個中等程度的群體，我們對這個群體感到滿意，但我們認為我們還可以做得更好。還有第三類店鋪，算是比較低端的店鋪，我們覺得，好吧，我們真的必須在這裡採取行動，否則就會出現整合。這就是我們目前所處的階段，我們必須做出一些決定，例如，有些店鋪沒有達到我們所需的成長速度，為了改善整體業務，我們將關閉這些店鋪。

I just add in that again with a little bit longer context, as Chris said 1,015 years out, what we're seeing in the US is actually finally the end of, I think the final leg on a bunch of mall locations at the lower end, C&D volume mall locations where we had traditionally been able to make some money, but now they've just got to the point where they're just not working anymore.

我再補充一點，並附上更長的背景資訊。正如克里斯所說，1015年後，我們在美國看到的，實際上最終標誌著低端購物中心、C&D交易量較大的購物中心的終結，我認為這些地方已經到了無法盈利的地步。

But the important point in this is that as we saw in the results in 24 and 25 when we closed units, total sales grew. In North America, so what we're really talking about is how customer behavior has changed and moved to different centers within the trade areas, and I think that's this is kind of long-term tale of playing out of better malls are winning.

但關鍵在於，正如我們在 2024 年和 2025 年的業績中所看到的，當我們關閉一些單位時，總銷售額反而成長了。在北美，我們真正要討論的是顧客的行為發生了怎樣的變化，以及他們如何轉移到貿易區域內的不同中心。我認為這是一種長期趨勢，最終會演變成更好的購物中心贏得市場。

And the lesser malls are finally really losing to the point of closure, and we're often one of the last retailers to leave in some of these centers and but it's not about per se sales declining. It's about how customers are moving to the better retail experiences and the stronger and better malls. Thank you.

而規模較小的購物中心最終真的走向了倒閉，我們通常是這些購物中心裡最後離開的零售商之一，但這並非僅僅是銷售額下降的問題。這關乎顧客如何轉向更好的零售體驗和更強大、更優質的購物中心。謝謝。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Rick for closing remarks.

謝謝。女士們先生們，隊列中不再顯示任何問題。現在我想把電話轉回給瑞克，請他做總結發言。

All right, thank you again all for all of your questions today, and we always appreciate your great interest in what we're doing and the progress we're making towards building back towards our historical profitability levels. And as I said earlier, I think, really want to thank everyone on our team and our partners and our brand partners and the support as we really drive better results. So much appreciated from everybody and we'll talk to you again in June. Thank you.

好的，再次感謝大家今天提出的所有問題，我們一直非常感謝大家對我們工作的濃厚興趣，以及我們對恢復到歷史盈利水平所取得進展的關注。正如我之前所說，我真的要感謝我們團隊的每一位成員、我們的合作夥伴、我們的品牌合作夥伴以及所有支持我們的人，正是因為有了他們的支持，我們才能取得更好的成績。非常感謝大家的幫助，我們六月再見。謝謝。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，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了。