Zumiez Inc. (ZUMZ) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Zumiez, Inc., first-quarter fiscal 2026 earnings conference call.

各位女士、先生，下午好。歡迎參加 Zumiez, Inc. 2026 會計年度第一季財報電話會議。

(Operator Instructions) We will conduct a question-and-answer session towards the end of this conference.

(接線員指示) 我們將在本次會議接近尾聲時進行問答環節。

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

在開始之前，我想提醒各位注意公司「安全港」聲明：

Today's conference call includes comments concerning Zumiez, Inc's, 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 risks and uncertainties.

今天的電話會議包含有關 Zumiez, Inc. 業務展望的評論，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，並非基於歷史事實；且受到風險與不確定性的影響。

Actual results may differ materially. Additional information concerning a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez filings with the SEC.

實際結果可能出現重大差異。有關可能導致實際結果與將討論之資訊出現重大差異的多項因素之更多資訊，請參閱 Zumiez 向美國證券交易委員會（SEC）提交的文件。

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

現在，我將把電話會議交給執行長 Rick Brooks。Brooks 先生？

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

大家好，感謝各位參加今天的電話會議。

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

今天與我一同出席的是我們的財務長 Chris Work。

I'll begin with remarks about our first-quarter performance and the operating environment we're navigating, before discussing our strategic priorities for the remainder of fiscal 2026. Chris will then take you through the financials and our outlook for the second quarter. After that, we'll open the call to your questions.

我將先就第一季的表現以及我們正在因應的營運環境發表一些看法，接著討論 2026 會計年度剩餘期間的策略重點。之後 Chris 將帶各位回顧財務數字以及我們對第二季的展望。接著我們將開放提問。

We continue to make important progress towards sustained profitable growth. First -quarter comparable sales increased 4%, marking our eighth consecutive quarter of positive comparable sales growth.

我們持續在邁向可持續的獲利成長方面取得重要進展。第一季同店銷售成長 4%，為連續第八季同店銷售正成長。

This performance was driven by ongoing strength in our North American business, which posted a 4.4% comparable sales gain, coupled with 5.5% comparable sales gains in Europe, as strategic work we began last year continues to gain traction.

此表現主要來自北美業務持續強勁，北美同店銷售成長 4.4%；同時歐洲同店銷售成長 5.5%，我們自去年開始推動的策略工作持續發酵並逐步見效。

Our first-quarter results were largely in line with our expectations, even as the operating environment became more dynamic, as the quarter progressed. We observed increasing pressure on consumers during the latter part of the quarter.

第一季的結果大致符合我們的預期，儘管隨著季度推進，營運環境變得更為多變。我們在季度後段觀察到消費者壓力增加。

Despite these headwinds, our merchandise assortments and customer-experience initiatives continue to resonate with our core customer base, demonstrating the resilience of our business model and the strength of our strategic positioning.

儘管面臨這些逆風，我們的商品組合與顧客體驗相關措施仍持續獲得核心客群的認同，展現出我們商業模式的韌性以及策略定位的優勢。

What's particularly encouraging is the progress we're making in Europe. While still in the early innings, the work we're doing to replicate our full-price selling model in the region is gaining traction, contributing to year-over-year improvements in both sales and margins, as well as meaningful bottom-line improvements for the last two quarters.

尤其令人鼓舞的是我們在歐洲取得的進展。雖然仍在初期階段，但我們在該地區複製全價銷售模式的工作正逐步奏效，帶動銷售與毛利率的年對年改善，並在過去兩季帶來顯著的獲利改善。

This validates our disciplined approach to new assortments, full-price selling, and expense management that we implemented just over a year ago.

這驗證了我們在一年多前導入、對新品組合、全價銷售與費用管理所採取的嚴謹做法。

From a category perspective, our first-quarter departments were broad-based. Men's led our positive comparable sales growth, followed by Hardgoods, Women's, and Accessories.

從品類角度來看，第一季各部門表現普遍向好。男裝帶動同店銷售正成長，其次是硬商品（Hardgoods）、女裝與配件。

This diversified strength across multiple categories reinforces the effectiveness of our merchandising approach; and the investments we've made in product newness and private-label expansion.

多個品類的多元強勁表現，進一步印證我們商品策略的有效性，以及我們在產品新鮮度與自有品牌擴張上的投資成果。

As we look ahead to the remainder of the year, we remain focused on the same three strategic priorities that have driven our success:

展望今年剩餘期間，我們仍聚焦於推動成功的三項策略重點：

First, driving revenue growth through consumer-focused strategic initiatives. Our commitment to refreshing our product mix with innovative, distinctive offerings continues to be a cornerstone of our success.

第一，透過以消費者為核心的策略性措施推動營收成長。持續以創新且具差異化的商品更新產品組合，是我們成功的基石。

The momentum from introducing over 150 new-and-emerging brands in fiscal 2025 has carried forward into 2026. This newness continues to generate strong customer response and represents an increasingly important component of our sales mix.

2025 會計年度引進超過 150 個新興品牌所帶來的動能，已延續至 2026 年。這些新品持續獲得顧客強烈回響，並在我們的銷售組合中占比日益重要。

Private-label performance remains a standout success story. At 34% of sales in the first quarter, we've maintained the highest-penetration levels in company history.

自有品牌的表現仍是一大亮點。第一季自有品牌占銷售比重達 34%，維持公司史上最高滲透率水準。

The sustained expansion demonstrates our organization's ability to identify emerging trends and create compelling products that resonate with our customers, while simultaneously enhancing our margin profile.

這種持續擴張展現了我們組織辨識新興趨勢並打造能引起顧客共鳴之產品的能力，同時也提升了我們的毛利結構。

Our private-label business provides us with important flexibility, while delivering the distinctive products our customers expect.

自有品牌業務為我們提供重要的彈性，同時交付顧客所期待的獨特產品。

Our investment in delivering exceptional customer-service experiences across both physical and digital touchpoints continues to yield results.

我們在實體與數位各接觸點提供卓越顧客服務體驗的投資，持續帶來成果。

The enhanced staff-development programs and technological capabilities we've implemented allow us to engage with customers in increasingly personalized ways, strengthening our relationships that have long served as the foundation of our success.

我們所導入的強化員工培訓計畫與技術能力，使我們能以更個人化的方式與顧客互動，強化長期以來作為我們成功基礎的關係連結。

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.

第二，在我們的各地理市場範圍內，持續以嚴謹承諾推動獲利最佳化。在北美，我們的溢價定價策略持續支持毛利率擴張與市占率提升。

The operational improvements we've executed are keeping sales growth ahead of expense growth, establishing a more efficient and profitable framework that positions the business for strong flow-through on incremental sales.

我們所執行的營運改善，使銷售成長維持領先費用成長，建立更有效率且更具獲利性的架構，讓業務在增量銷售上具備更強的利潤流入（flow-through）能力。

In Europe, we're encouraged by continued progress. The significant product-margin improvements we've achieved in the fourth quarter of fiscal 2025 have continued into 2026. We're seeing positive comparable sales, for the first time, in several quarters.

在歐洲，我們對持續進展感到鼓舞。我們在 2025 會計年度第四季達成的顯著商品毛利改善，已延續至 2026 年。我們在數個季度以來首次看到同店銷售轉為正成長。

While market conditions remain challenging, our disciplined approach is demonstrating results. We remain committed to our long-term vision for the countries in which we operate and continue to see tremendous value in our ability to identify trends locally in each market, before they expand internationally.

儘管市場狀況仍具挑戰，我們的紀律性做法正展現成效。我們仍致力於在營運所在國家的長期願景，並持續看見我們在各市場就地辨識趨勢、並在其國際擴散前掌握先機的能力所帶來的巨大價值。

Third, capitalize on our solid financial foundation to manage volatility, while funding strategic expansion. Our financial position remains exceptionally strong.

第三，運用我們穩健的財務基礎來管理波動，同時為策略性擴張提供資金。我們的財務狀況依然非常強健。

We did the first quarter with cash and marketable securities of $124 million, up from $101 million a year ago. This financial flexibility enables us to continue investing in our strategic objectives, while delivering value to shareholders through our share-repurchase program.

第一季期末現金與有價證券為 1.24 億美元，高於一年前的 1.01 億美元。這樣的財務彈性使我們得以持續投資於策略目標，同時透過庫藏股回購計畫為股東創造價值。

We're encouraged with our start to fiscal 2026 and look forward to further deploying our strong cash generation to drive growth and enhance shareholder value.

我們對 2026 會計年度的開局感到鼓舞，並期待進一步運用強勁的現金創造能力來推動成長並提升股東價值。

Despite operating in an environment characterized by evolving economic pressures, I am confident in our ability to generate value for all our stakeholders.

儘管我們所處的環境面臨不斷演變的經濟壓力，我仍對我們為所有利害關係人創造價值的能力充滿信心。

The fundamental strategies that have powered our performance through fiscal 2025 and into 2026 continue to demonstrate their relevance.

推動我們在 2025 會計年度並延續至 2026 年表現的核心策略，持續證明其重要性與適用性。

Our team's proven adaptability and execution capabilities, combined with our strong financial foundation, fuel my optimism about weathering any near-term headwinds and cap lays it on our opportunities, especially during the key back-to-school and holiday season, when the consumer has a reason to come out and shop.

我們團隊經驗證的適應力與執行能力，加上穩健的財務基礎，讓我對於度過任何短期逆風並把握機會保持樂觀，尤其是在關鍵的返校季與假期旺季，當消費者有理由走出家門購物時。

Our direction remains clear: We maintain our dedication to delivering distinctive, fashion-forward merchandise through the customer and connection strategies that have driven our growth, while preserving the operational discipline that has strengthened our financial performance.

我們的方向依然明確：我們將持續致力於透過推動成長的顧客與連結策略，提供具特色、引領潮流的商品，同時維持強化我們財務表現的營運紀律。

We demonstrate our resilience and ability to execute through various market cycles. I'm confident we're strategically positioned to continue building on this track record.

我們在不同市場循環中展現出韌性與執行能力。我相信我們在策略上已做好準備，能持續在此基礎上再接再厲。

Before turning things over to Chris, I want to express my appreciation to our entire organization for the continued commitment and exceptional execution. Your dedication to our values and our customers remains a foundation for all our achievements and positions us well for continued success throughout fiscal 2026.

在把時間交給 Chris 之前，我想向全體同仁表達感謝，感謝大家持續的投入與卓越的執行。各位對我們價值觀與顧客的投入，始終是我們所有成就的基礎，也讓我們在 2026 會計年度持續成功方面具備良好定位。

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

接下來，我把時間交給 Chris 進行財務回顧。

Thanks, Rick. Good afternoon, everyone.

謝謝你，Rick。各位下午好。

I'm going to start with a review of our first-quarter fiscal 2026 results. I'll then provide an update on our May sales trends, before providing our outlook for the second quarter.

我將先回顧 2026 會計年度第一季的業績結果。接著在提供第二季展望之前，我會先更新我們 5 月的銷售趨勢。

Net sales for the first quarter of fiscal 2026 increased 4.9% to $193.3 million compared with $184.3 million in the first quarter of fiscal 2025.

2026 會計年度第一季淨銷售額較 2025 會計年度第一季的 1.843 億美元成長 4.9%，至 1.933 億美元。

Comparable sales were up 4% for the third quarter, with the solid mid-single-digit growth in both North America and Europe, even as consumer pressure intensified during the quarter.

第三季同店銷售成長 4%，即使本季消費者壓力加劇，北美與歐洲仍皆呈現穩健的中個位數成長。

For the first quarter, North America net sales were $155.6 million, an increase of 3.9% from fiscal 2025. Other international net sales, which consists of Europe and Australia, were $37.8 million, up 9.1% from last year.

第一季北美淨銷售額為 1.556 億美元，較 2025 會計年度成長 3.9%。其他國際淨銷售額（包含歐洲與澳洲）為 3,780 萬美元，較去年成長 9.1%。

Excluding the impact of foreign-currency translation, North America net sales increased 3.7% and other international net sales were down 0.1%, year over year.

若排除外幣換算影響，北美淨銷售額年增 3.7%，其他國際淨銷售額則年減 0.1%。

Comparable sales for North America were up 4.4%, marking the ninth consecutive quarter of comparable sales growth in this region.

北美同店銷售成長 4.4%，為該地區連續第九季同店銷售成長。

Other international comparable sales increased 2.2% in the first quarter, representing a significant improvement from recent quarters and reflecting the traction we're gaining with our strategic initiatives in Europe.

第一季其他國際同店銷售成長 2.2%，較近幾季顯著改善，反映我們在歐洲推動策略性計畫所取得的進展與成效。

From a category perspective, Men's was our largest positive comping category, followed by Hardgoods, Women's, and Accessories. Footwear was our only negative comping category.

以品類來看，男裝是同店表現最強的正成長品類，其次為硬商品、女裝與配件。鞋類是唯一同店為負成長的品類。

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 average unit retail and an increase in units per transaction.

整體同店銷售的成長主要來自每筆交易金額增加，但部分被交易筆數下降所抵銷。本季每筆交易金額上升，主要由平均單品零售價提高及每筆交易件數增加所帶動。

First-quarter gross profit increased to $61.3 million compared to $55.3 million in the first quarter of last year. Gross margin was 31.7% of sales for the quarter compared with 30% in the first quarter of fiscal 2025.

第一季毛利增至 6,130 萬美元，去年同期為 5,530 萬美元。本季毛利率為銷售額的 31.7%，相較 2025 會計年度第一季的 30%。

The 170 basis points increase in gross margin was primarily driven by 70 basis points increase in product margin, 50 basis points of leverage in store-occupancy costs, 30 basis points of benefit in web-shipping costs, and 20 basis points of benefit from decreased inventory shrinkage.

毛利率提升 170 個基點，主要來自產品毛利率提升 70 個基點、店舖占用成本槓桿效益 50 個基點、網路出貨成本改善帶來 30 個基點效益，以及存貨耗損下降帶來 20 個基點效益。

SG&A expense in the first quarter of fiscal 2026 was $76.5 million or 39.6% net sales compared with $75.2 million or 40.8% net sales in fiscal 2025.

2026 會計年度第一季 SG&A 費用為 7,650 萬美元，占淨銷售額 39.6%；相較之下，2025 會計年度為 7,520 萬美元，占淨銷售額 40.8%。

The 120 basis points improvement in SG&A as a percentage in net sales was driven by 150 basis points related to a one-time $2.9 million litigation settlement that occurred in the first quarter of fiscal 2025, 50 basis points of efficiency in store wages, 40 basis points in non-wage store operating-cost leverage, partially offset by 70 basis points detriment from vendor credits received in the first quarter of 2025, 20 basis points increase in non-store wages, and 20 basis points of increase in other corporate costs.

SG&A 占淨銷售額比例改善 120 個基點，主要由以下因素帶動：與 2025 會計年度第一季一次性 290 萬美元訴訟和解相關的 150 個基點、店舖薪資效率提升 50 個基點、非薪資店舖營運成本槓桿 40 個基點；但部分被以下不利因素抵銷：2025 年第一季取得供應商回饋所造成的 70 個基點不利影響、非店舖薪資增加 20 個基點，以及其他公司成本增加 20 個基點。

Operating loss in the first quarter was $15.2 million or 7.9% net sales compared to prior-year operating loss of $19.9 million or 10.8% net sales. This represents a 290 basis points improvement in operating margin.

第一季營業損失為 1,520 萬美元，占淨銷售額 7.9%；去年同期營業損失為 1,990 萬美元，占淨銷售額 10.8%。這代表營業利益率改善 290 個基點。

Net loss for the first quarter was $13.3 million or $0.82 per share. In the year-ago period, we reported a net loss of $14.3 million or $0.79 per share.

第一季淨損為 1,330 萬美元，每股虧損 0.82 美元。去年同期淨損為 1,430 萬美元，每股虧損 0.79 美元。

As a reminder: The prior-year first quarter included the $2.9 million legal settlement, which negatively impacted earnings per share by approximately $0.13., as well as $3.4 million favorable charges to the foreign-exchange valuation and interest-income items that did not repeat in the first quarter of 2026.

提醒一下：去年第一季包含 290 萬美元法律和解，約使每股盈餘減少 0.13 美元；此外，還包含 340 萬美元對外匯評價與利息收入項目的有利入帳，而該等項目並未在 2026 會計年度第一季重複發生。

Our effective tax rate for the current quarter was 8.2% versus 9.1% a year ago.

本季有效稅率為 8.2%，去年同期為 9.1%。

Lastly, due to our repurchase activity over the past 12 months, our share count is down approximately 11% since the first quarter last year, which will positively benefit full-year EPS but it's a headwind in quarters, where we record a loss.

最後，由於過去 12 個月的庫藏股回購活動，我們的流通股數較去年第一季約下降 11%，這將對全年每股盈餘（EPS）帶來正面效益，但在我們認列虧損的季度則會形成逆風。

Turning to the balance sheet, the business ended the quarter in a strong financial position. We had cash and current marketable securities of $124.2 million, as of May 2, 2026, up from $101 million, as of May 3, 2025.

接著看資產負債表，本季末公司財務狀況依然強健。截至 2026 年 5 月 2 日，我們的現金及流動性有價證券為 1.242 億美元，高於截至 2025 年 5 月 3 日的 1.01 億美元。

The increase in cash and current marketable securities from the first quarter of last year was primarily driven by $47.5 million in cash flow from operations and our lease of $3 million in restricted cash, partially offset by $19 million in share repurchases and $10.5 million of capital expenditures.

相較去年第一季，現金及流動性有價證券增加主要來自營運活動現金流入 4,750 萬美元，以及受限制現金 300 萬美元的解除（lease），但部分被 1,900 萬美元的股票回購與 1,050 萬美元的資本支出所抵銷。

As of May 2, 2026, we have no debt on the balance sheet. We continue to maintain our full $25 million unused credit facility.

截至 2026 年 5 月 2 日，我們的資產負債表上沒有任何負債。我們仍維持 2,500 萬美元的循環信用額度，且目前全數未動用。

During the first quarter, we repurchased 0.3 million shares to the total cost of $6.2 million, under the authorization approved by the Board of Directors on March 11, 2026.

第一季期間，我們依據董事會於 2026 年 3 月 11 日核准的授權，以總成本 620 萬美元回購 30 萬股。

We ended the quarter with $153.2 million in inventory, up 2.2%, compared with $149.9 million, last year. On a constant-currency basis, our inventory levels were up 0.7% from last year.

本季末存貨為 1.532 億美元，較去年的 1.499 億美元增加 2.2%。以固定匯率計算，我們的存貨水位較去年增加 0.7%。

We feel good about our current inventory position and the quality of our inventory on hand.

我們對目前的存貨部位以及手上存貨的品質感到滿意。

Now, to our May sales results:

接著說明我們 5 月的銷售結果：

Net sales for the four-week period ended May 30, 2026, increased 0.1% compared to the four-week period ended May 31, 2025.

截至 2026 年 5 月 30 日止的四週期間，淨銷售額較截至 2025 年 5 月 31 日止的四週期間增加 0.1%。

Comparable sales for the period decreased 0.1% for the comparable period in the prior year.

該期間同店銷售較去年同期下降 0.1%。

From a regional perspective, North America net sales for the four weeks ended May 30, 2026, decreased 1.9% compared to the four-week period ended May 31, 2025, while our other international business increased 10.7%.

以區域來看，截至 2026 年 5 月 30 日止四週期間，北美淨銷售額較截至 2025 年 5 月 31 日止四週期間下降 1.9%，而其他國際業務成長 10.7%。

Excluding the impact of foreign-currency translation, North America net sales for the period decreased 2% from the prior year, while other international net sales increased 5.3% compared to 2025.

若排除外幣換算影響，該期間北美淨銷售額較去年下降 2%，而其他國際淨銷售額較 2025 年成長 5.3%。

Comparable sales for North America decreased 1.5% during the period, while comparable sales for our other international business increased 7.2%.

該期間北美同店銷售下降 1.5%，而其他國際業務同店銷售成長 7.2%。

From a category perspective, quarter to date, Men's was our largest positive comping category, followed by Accessories, Women's, and Hardgoods. Footwear was our only negative comping category.

以品類來看，截至目前（quarter to date），男裝是同店表現最強的正成長品類，其次為配件、女裝與硬商品。鞋類是唯一同店為負成長的品類。

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 period, driven by an increase in units per transaction, partially offset by a decrease in average unit retail.

整體同店銷售的成長主要來自每筆交易金額增加，但部分被交易筆數下降所抵銷。該期間每筆交易金額上升，主要由每筆交易件數增加所帶動，但部分被平均單品零售價下降所抵銷。

With respect to our outlook for the second quarter of fiscal 2026, I want to remind everyone that formulating our guidance involves some inherent uncertainty and complexity in estimated sales, product margin, and earnings growth, given the variety of internal and external factors that impact our performance.

關於我們對 2026 會計年度第二季的展望，我想提醒大家，我們在制定財測指引時，因影響公司表現的內外部因素多元，對於銷售、產品毛利率與獲利成長的估計本就存在一定的不確定性與複雜性。

This is particularly true in the current environment, where we're seeing increased pressure on consumer discretionary spending.

在目前環境下尤其如此，因為我們看到消費者可支配支出面臨更大的壓力。

While our business continued to perform well in Q1, we are taking a measured approach to our outlook, given the evolving macroeconomic pressures we observed building, as the first quarter progressed and continuing into May.

儘管我們的業務在第一季仍維持良好表現，但鑑於我們在第一季進行期間逐步形成、並延續至 5 月的宏觀經濟壓力變化，我們對展望採取審慎的態度。

We believe it's prudent to look forward with an appropriate level of conservatism, given these consumer headwinds.

鑑於這些消費者逆風，我們認為以適度保守的態度向前看是審慎之舉。

We are anticipating total sales to be between $210 million and $215 million for the 13 weeks ended August 1, 2026, representing growth of negative 2% to positive 0.5% compared to the prior year.

我們預期截至2026年8月1日止的13週，總銷售額將介於2.10億至2.15億美元，較去年同期為負2%至正0.5%的成長。

Comparable sales for the same time period are expected to be consistent with the overall sales trend.

同店銷售在相同期間預期將與整體銷售趨勢一致。

For the second quarter, we are expecting product margin to be down slightly to up slightly from the second quarter of last year.

就第二季而言，我們預期產品毛利率將較去年第二季略降至略升。

Consolidated operating income for the second quarter is expected to be between negative 1.5% of sales and breakeven.

第二季合併營業利益預期介於銷售額的負1.5%至損益兩平。

We anticipate earnings per share will be between a loss of $0.23 and $0.08 compared to a loss of $0.06 in the prior year.

我們預期每股盈餘將介於虧損0.23美元至虧損0.08美元之間，去年同期為虧損0.06美元。

Regarding our full-year fiscal 2026 outlook, as we discussed in our fourth-quarter fiscal 2025 earnings call, we remain confident in our strategy and execution. However, with the increased consumer pressures we're observing, we believe appropriate caution is warranted.

關於我們2026會計年度全年展望，如同我們在2025會計年度第四季法說會中所討論的，我們仍對自身策略與執行力充滿信心。然而，鑑於我們觀察到消費者壓力加劇，我們認為有必要採取適度審慎的態度。

We will refrain from providing specific full-year earnings guidance, at this time. But we'll provide some context around how we see the business trending throughout the year.

目前我們將暫不提供全年每股盈餘的具體指引。但我們會提供一些背景，說明我們如何看待全年業務走勢。

With the momentum we built over eight consecutive quarters of positive comparable sales, we believe we can grow total sales for the year, inclusive of the negative impact of closed stores worth approximately $12 million in sales.

憑藉我們連續八個季度同店銷售為正所累積的動能，我們相信全年總銷售額仍可成長，並已納入關店帶來約1,200萬美元銷售額的負面影響。

This directional guidance is inclusive of our softer start to the second quarter, the difficult macro environment, and an assumption the back half of the year is down slightly from our original expectations.

此方向性指引已包含第二季較疲弱的開局、艱困的總體環境，以及我們假設下半年表現將較原先預期略為下修。

We believe we will continue to grow product margin year over year in fiscal 2026 through steady improvements in North America; and continued pricing discipline and and full-price selling in our international entities.

我們相信在2026會計年度，透過北美地區的持續改善，以及國際事業體持續的定價紀律與正價銷售，我們將能持續推升產品毛利率、實現年對年成長。

Our private-label business, now at over 30% of sales, will continue to be an important driver of margin expansion.

我們的自有品牌業務目前已占銷售額逾30%，將持續成為毛利率擴張的重要推動力。

In addition to product-margin growth, we believe further leverage exists that will drive modest growth margin expansion for the year. With

除了產品毛利率成長之外，我們也認為仍有進一步的槓桿可帶動全年整體毛利率小幅擴張。隨著

anticipated sales growth, we expect to generate some leverage of our SG&A costs, further contributing to operating-margin expansion. Through this, we'll be dependent on the pace of sales growth throughout the year.

預期銷售成長，我們預計可在SG&A費用上取得一定的營運槓桿，進一步促進營業利益率擴張。在此過程中，我們將取決於全年銷售成長的速度。

With the previously mentioned assumptions and barring significant deterioration in the consumer environment, we continue to anticipate operating margin growth in the 50 basis points to 100 basis points range in fiscal 2026, as we outlined on our fourth-quarter call.

在前述假設成立且消費者環境未出現顯著惡化的前提下，我們仍預期2026會計年度營業利益率將成長50至100個基點，正如我們在第四季法說會所概述。

While effective tax rates will fluctuate by quarter, we anticipate that our full-year effective tax rate will be roughly 40% to 45% in fiscal 2026 compared to an effective tax rate of 44.4% in fiscal 2025.

雖然有效稅率將按季波動，我們預期2026會計年度全年有效稅率約為40%至45%，相較之下，2025會計年度有效稅率為44.4%。

We are planning to open five new stores in fiscal 2026, all within the US. We plan to close approximately 26 stores during fiscal 2026, including 20 in North America and 6, internationally.

我們計畫在2026會計年度新開五家門市，皆位於美國。我們計畫在2026會計年度關閉約26家門市，其中北美20家、國際6家。

We expect our capital expenditures for fiscal 2026 to be between $14 million and $16 million compared to $11 million in the prior year.

我們預期2026會計年度資本支出將介於1,400萬至1,600萬美元，去年為1,100萬美元。

We expect that depreciation and amortization, excluding non-cash lease expense, will be approximately $19.1 million, down from $21.3 million in fiscal 2025.

我們預期折舊與攤銷（不含非現金租賃費用）約為1,910萬美元，較2025會計年度的2,130萬美元下降。

We are currently projecting our diluted share count for the full year to be approximately 16.9 million shares. The share count does not include the impact of any potential share repurchases after May 2, 2026, under the $40 million repurchase program approved by the Board on March 11, 2026.

我們目前預估全年稀釋後加權平均股數約為1,690萬股。該股數未包含在董事會於2026年3月11日核准的4,000萬美元庫藏股回購計畫下，於2026年5月2日之後任何潛在回購所帶來的影響。

We will continue to monitor the consumer environment closely and provide updates, as we progress through the year.

我們將持續密切關注消費者環境，並在全年推進過程中提供最新資訊。

Our strong financial position and proven ability to execute give us confidence in our ability to navigate the current environment, while continuing to invest in our long-term strategic priorities.

我們強健的財務狀況與經驗證的執行能力，使我們有信心在持續投資長期策略重點的同時，順利因應目前的環境。

With that, operator, we would like to open the call for your questions.

接下來，接線員，我們想開放電話會議進入提問環節。

(Operation Instructions)

(操作說明)

Mitch Kummetz, Seaport.

Mitch Kummetz，Seaport。

Yes. Thanks for taking my questions.

是的。謝謝讓我提問。

To start, on the QoQ guide, Chris, I think you said that same store sales is basically in line with your projected sales growth.

先從你們的季度對季度指引談起，Chris，我想你提到同店銷售基本上與你們預估的銷售成長一致。

Is there any way you can maybe parse that out between North America and other international? What underlying comps are you expecting for those regions in the quarter?

你能否把它拆分一下，分別談談北美與其他國際地區？你們預期本季這些地區的同店表現各是多少？

Sure. I'll just back up a little bit; and talk about the overall guide; and then, make sure I cover that, Mitch.

當然。我先稍微退一步，先談整體指引，然後我會確保回答到你的問題，Mitch。

Obviously, we've laid out today: This is below, I think, what the expectations were out there and our own expectations.

顯然，我們今天提出的指引低於我認為外界的預期，也低於我們自身的預期。

Obviously, as we look at Q2 for the last couple of years, I will tell you, it's been a really challenging quarter for us to guide.

很明顯地，回顧過去幾年第二季，我可以告訴你，這一直是我們最難給出指引的季度之一。

As we look back on 2024 and 2025, we have just seen the slow start to Q2, highlighted by pretty strong closes and then, really phenomenal back-to-schools.

回顧2024與2025年，我們看到第二季開局偏慢，但期末收尾相當強勁，接著開學季表現非常亮眼。

If we look back to 2024, May was down 0.2%; June was up 2.4%; July was up 7.6%. We ended up right around 3.6% comp for the quarter. And then, we were up 12.3% in August.

若回顧2024年，5月下滑0.2%；6月成長2.4%；7月成長7.6%。該季同店約為3.6%。而8月我們成長12.3%。

If I look at last year, we started May at 1.4%; June was 1.5%; July was 4.3%, 2.5% for the quarter; and then, we were up 11.4%, back-to-school.

若看去年，5月一開始為1.4%；6月為1.5%；7月為4.3%，整季為2.5%；接著開學季我們成長11.4%。

As we approach this guide and our Q2, we took our normal approach of looking at the trend lines of the business -- and trying to think about some forward-looking estimates; obviously, based on how the categories are performing, which we're pretty happy with.

在制定這次指引與第二季展望時，我們採取一貫的方法，檢視業務趨勢線，並嘗試提出一些前瞻性估計；當然也基於各品類的表現，而我們對此相當滿意。

Really, all categories, up; except for footwear. We thought of the newness they were bringing to the market and then, the comparable metrics from the prior year.

基本上所有品類都在成長；只有鞋類例外。我們也考量他們帶到市場上的新品，以及去年同期的可比指標。

That put us at the guide we'd laid out, which is sales growth of negative 2% to 0.5%. We believe the comp growth is going to play right around in that same spot.

這讓我們得出先前提出的指引，也就是銷售成長為負2%至正0.5%。我們認為同店成長大致也會落在相同區間。

The reason that is it's because we are assuming a total comp growth of 0.5%. Our closed stores are worth about 0.5% in the quarter. And then, FX is a positive 0.5%.

原因在於我們假設整體同店成長為0.5%。本季關閉門市約影響0.5%。而匯率（FX）則帶來正0.5%的貢獻。

You end up in this unique spot, with the way that the foreign-exchange rate is working -- that they're in very similar positions.

在這種外匯匯率運作方式下，你會落在一個相當特殊的位置——兩者的影響非常接近。

Now, what that means by entity: We do believe that the North America run rate will improve from what we disclosed in May and be roughly flat the rest of the way.

就各事業體而言：我們確實認為北美的運行率將較我們在5月揭露的情況有所改善，並在接下來大致持平。

And then, Europe, while decelerating a little bit from May, would still be a positive comparable sale, as we think about what June and July could be.

至於歐洲，雖然相較5月會稍微放緩，但在我們評估6月與7月可能的表現時，仍將維持同店銷售為正。

Now, obviously, our goal is to beat our guidance. We've run eight positive quarters of comps, now, across our consolidated business. We've run nine positive quarters of comp across our North America business.

當然，我們的目標是超越指引。我們的合併業務同店已連續八個季度為正。我們北美業務同店已連續九個季度為正。

As Rick laid out in his commentary, we really believe in the progress we're making in Europe. That said, we know our consumer is pushed, right now, in regards to discretionary income. Things are just tighter, right?

正如 Rick 在他的評論中所闡述的，我們確實相信我們在歐洲所取得的進展。話雖如此，我們也知道目前消費者在可支配所得方面承受壓力。整體就是更吃緊，對吧？

As a full-price retailer, this does put probably more pressure on our business. Again, to your question: We are assuming the US gets better than the May run rate.

作為一家以正價銷售為主的零售商，這確實可能會讓我們的業務承受更大的壓力。再回到你的問題：我們假設美國市場會比 5 月的銷售運行率更好。

We think Europe will still be a positive comp. That gets us to that 0.5% we laid out in the guide.

我們認為歐洲仍會是正向的同店成長。這也讓我們達到我們在指引中提出的 0.5%。

Very helpful. Just to be clear: The expected improvement in the US really hinges on back-to-school, I assume? Can you say what percent of the quarter is back-to-school?

非常有幫助。我想確認一下：你們預期美國的改善主要取決於返校季，我的理解對嗎？你能說一下返校季占本季的百分之多少嗎？

I assume you're thinking the last two weeks of July. But what is that as a percentage of the quarter?

我猜你指的是 7 月最後兩週。但那占整個季度的比例是多少？

Yeah. We have 75% of the way to go. As we think about the sales and the mix, those last couple weeks, it's going to keep building all the way through.

對。我們還有 75% 的路要走。就銷售與組合來看，最後那幾週會一路持續走高。

As we think about the quarter, itself, for the US business, 40% of the quarter is in the last four weeks of the period, which is pretty substantial, when you think about the fact that June's a five-week month and is only 34% of the period.

就季度本身而言，以美國業務來看，本季度有 40% 的銷售發生在期間最後四週，這相當可觀；尤其考量到 6 月是五週月份，但只占期間的 34%。

We've got a lot of volume there, at the end. Like a lot of retailers, we would not really know how the quarter ends up until we get to the end of July.

我們在期末有很大的銷量。像許多零售商一樣，在 7 月底之前，我們其實不太會知道這一季最終會如何收尾。

Okay. And then, I think it can -- I can't remember if it was your prepared remarks or Rick's but there was a comment that -- I think it was yours, Chris -- you, now, are assuming that the back half is worse than your prior expectations.

了解。接著，我想——我不記得是你事先準備的發言還是 Rick 的——有提到一點：我想是你，Chris——你們現在假設下半年會比先前預期更差。

Can you just elaborate on that? Can you say how much worse? Because I think, previously, on the year, you were seeing the sales be up low single-digits. You're still expecting positive sales growth for the year.

你能再多說明一下嗎？能否量化一下會差多少？因為我記得先前你們對全年是看到銷售成長低個位數。你們仍然預期全年銷售會有正成長。

It seems like there's a pretty fine line between those two assumptions.

看起來這兩個假設之間的界線其實很細。

Yeah. I think that your call-out from the script is appropriate and how we're thinking through things. When we put the full-year thoughts -- obviously, not total guidance, here, together -- in March, what we talked about was sales growth in the low single-digit range.

是的。我認為你從講稿中點出的那段很貼切，也符合我們目前的思考方式。當我們在 3 月提出對全年看法——當然這裡不是完整指引——我們談到的是銷售成長落在低個位數區間。

That was inclusive of the closures that we had out there, which we've identified of about $12 million. In all transparency, that would have put us right about at that 3% level.

其中也包含我們已經指出的門店關閉影響，約 1,200 萬美元。坦白說，如果不含這些影響，我們大概會在約 3% 的水準。

Obviously, this quarter guide is below where our expectations are. In reformulating our thoughts and seeing some of the softness we saw in Q1 and to start this quarter, if we keep that same trajectory -- we took some dollars out of the back half, as well. But still ended up with a sales gain.

顯然，本季的指引低於我們原先的預期。在重新整理我們的想法、並看到第一季以及本季初的疲軟後，如果沿著同樣的軌跡走——我們也從下半年拿掉了一些金額。但最終仍然得到銷售增加的結論。

I think that's the important piece we're driving to. I think what's unique about our business here -- especially, as we look at the last two years of our recovery -- is what I laid out in your previous question of, we've done okay in these off-cycles.

我認為這是我們最重要想達成的部分。我覺得我們業務在這裡的獨特之處——尤其回顧過去兩年的復甦——就是我在你前一個問題中提到的：在這些非旺季週期，我們表現還可以。

We've done really well in back-to--school and done pretty well in holidays. This business has really shown, it's about the peak, the last couple of years.

我們在返校季表現非常好，在假期檔期也表現不錯。過去幾年這個業務其實已經顯示出，關鍵在於旺季高峰。

We took a little bit of sales out to give that full-year direction. We wanted to make sure we were generally clear that, based on how we're thinking about things and the newness we're bringing to the business, we still believe in a sales gain for the year but, probably, a little softer than what we had in March.

我們稍微下修了一點銷售，以給出全年方向。我們希望能清楚表達：基於我們目前的思考方式，以及我們為業務帶來的新鮮度，我們仍相信全年銷售會成長，但可能會比 3 月時的預期稍微疲弱一些。

Let me ask one last one: As far as the Middle East conflict is concerned and the related inflationary pressures, are you seeing a bigger impact on the consumer in the US or in Europe?

我再問最後一題：就中東衝突及其相關的通膨壓力而言，你們看到對消費者的影響在美國比較大，還是在歐洲比較大？

At least, from a top-line standpoint, your European numbers seem to be better. But it would seem like, maybe, that consumer was more pressured. But what are your thoughts there?

至少從營收端來看，你們的歐洲數字似乎更好。但看起來也許那邊的消費者承受的壓力更大。你們怎麼看？

Yeah. It's a really good call-out. It's one, obviously, we're spending a lot of thinking, too. Because, if you look at the more macro data, the European customer definitely seems more challenged, right?

是的。這點提醒得很好。這也是我們顯然投入很多心力在思考的事情。因為如果你看更宏觀的數據，歐洲客戶確實看起來更具挑戰，對吧？

That would be our assumption, as well, Mitch. I think what's hard with retail -- and, obviously, this given point in time would add to this -- is there's not always one variable that you're managing.

這也是我們的假設，Mitch。我認為零售業困難之處——而且在這個時間點顯然更是如此——在於你要管理的變數不一定只有一個。

If you think about what we talked about in March and what we've been talking about for Europe, we've got a lot of different things going on in Europe, in regards to how we're managing that business; how we're thinking about product; how we're moving to full-price selling; how we've really brought new product into that business; how we're managing inventory.

如果你回想我們 3 月談到的、以及我們一直在談的歐洲情況，我們在歐洲有很多不同的事情同時在進行：我們如何經營那個業務；如何思考產品；如何轉向正價銷售；如何真正把新產品帶進那個業務；以及如何管理庫存。

The teams are just doing a much stronger job. I think you've seen that result here, now, in Q4 of last year and into the first quarter of this year.

團隊的執行力就是強很多。我想你也已經在去年第四季以及今年第一季看到這樣的成果。

We would agree with your assessment that consumer is looking, from a macro data, more pressured in Europe than here in North America. Our European results are better.

我們同意你的判斷：從宏觀數據來看，歐洲消費者比北美這邊承受更大壓力。但我們在歐洲的結果更好。

I think that that's how we're seeing it, too. I think it's probably a combination of some of the other things we're doing in Europe that are, hopefully, bucking that trend, even though the consumer might be more pressured there. We're performing better in Europe.

我想我們的觀察也是如此。我認為這可能是我們在歐洲所做的其他一些事情的綜合作用，讓我們有望逆勢而行；即使那邊的消費者可能承受更大壓力。我們在歐洲的表現更好。

I think, on the North America side, our business really slowed, when we started to see this conflict escalate. And so we definitely feel like there's some correlation there.

我認為在北美這邊，當我們開始看到這場衝突升級時，我們的業務確實明顯放緩。所以我們確實覺得兩者之間有一些關聯。

We do know that we're higher-priced and have some discretionary elements to what we're doing. We'll see what that means, as we get to the more peak seasons -- that people have more reason to go out and buy.

我們也知道我們的定價較高，而且我們所做的事情帶有一些可選擇性消費的元素。等到進入更旺的季節——人們有更多理由外出購買——我們再看看這會意味著什麼。

We think we've got a pretty good offering, right now, on what's been driving the business and the newness that we're bringing.

我們認為就目前推動業務的因素，以及我們帶來的新鮮度而言，我們的產品供給相當不錯。

All right. Thanks. Good luck for back-to-school.

好。謝謝。祝返校季順利。

Appreciate it.

感謝。

Jeff Van Sinderen, B Riley Securities.

Jeff Van Sinderen，B Riley Securities。

Yes. Hi, everyone.

是的。各位好。

Let me ask you: Just thinking about your inventory for a minute, how have you planned inventory for back-to-school, given the recent slowness within the context of the recent slower sales trend?

我想問一下：稍微談談你們的庫存，考量到近期銷售放緩、且整體銷售趨勢較慢，你們是如何為返校季規劃庫存的？

Is it a situation where you can cancel some orders; where you just discount more? Or did you plan with more open-to-buy or at-once that's more flexible?

是你們可以取消一些訂單、或是加大折扣？還是你們在規劃時保留了更多 open-to-buy（可動用採購額度）或更具彈性的現貨採購（at-once）？

First, let's start by saying, I think we feel pretty good about our inventory position now. That's the starting point.

首先，我先說，我認為我們對目前的庫存水位感覺相當不錯。這是起點。

I think we're in a pretty strong position. Again, I think, even more so in the US, right, is where I'm at? Because we've been chasing some of the growth in Europe and really investing in some of the areas that we've already built up in the US. I think we're starting in a really good position.

我認為我們目前處於相當有利的地位。再說一次，我覺得在美國更是如此，對吧，因為我主要在看美國？因為我們一直在追逐歐洲的一些成長，同時也確實在投資我們在美國已經建立起來的一些領域。我認為我們正處於一個非常好的起點。

We always plan some flexibility into our business, relative to the inventory planning, Jeff. That is clearly true, as we head towards the back-to-school season, because we have a lot of categories that are relatively quick-turn categories.

Jeff，相較於庫存規劃，我們一向會在業務中預留一些彈性。這點在我們邁向返校季時尤其明顯，因為我們有許多品類屬於周轉相對快速的品類。

We do have flexibility. We have great partners, too, that are willing to work with us, as business trends shape up.

我們確實有彈性。我們也有很棒的合作夥伴，願意在業務趨勢逐步明朗時與我們一起配合調整。

I think we always feel that, however we come through back-to-school, we also have the ability to make adjustments, looking forward, relative to heading into the peak of holiday.

我認為我們一直都覺得，不論返校季表現如何，我們在往前看、進入假期旺季之前，也都有能力做出調整。

I don't anticipate any different feelings. We obviously, as Chris said, started pretty slowly in Q2 a year ago; built; and were able to deliver on a really good back-to-school.

我不預期會有任何不同的看法。顯然，如 Chris 所說，我們去年第二季一開始相當慢；之後逐步拉升；並且在返校季交出非常好的成績。

I feel comfortable. We're using the same basic principles of management of our inventory processes. I think we'll be able to manage it on the upside, as well as the downside, pretty effectively.

我覺得很安心。我們沿用相同的基本原則來管理庫存流程。我認為我們能相當有效地管理上行與下行兩種情境。

Okay. Good to hear. And then, I think you said the private label was at 34% in Q1. Just wondering: Where do you go from here with private-label penetration?

好的。很高興聽到。另外，我想你提到第一季自有品牌占比是 34%。想請教：接下來自有品牌滲透率會往哪個方向走？

Yeah. I think, Jeff, what we'd say with private label is, we're going to go where the consumer wants us to go. Obviously, there are certain parts of our mix that private label just doesn't play as deeply in.

是的。Jeff，我們對自有品牌的看法是：消費者希望我們走到哪裡，我們就走到哪裡。當然，我們的產品組合中有些部分，自有品牌本來就不太能深入參與。

It's not something where we look at private label taking over the entire business, by any means.

我們並不認為自有品牌會在任何程度上接管整個業務。

But I think what you're seeing in the current private-label trends and the growth we've seen there is really a testament to our teams in capturing trend, right; and really having their pulse out there to where the customer wants to go and maybe taking private label to, like, even a different approach than where we've been at historical peaks, where it was maybe just more off-brand cycles and people cared more about colors, to the point of -- I think our private label has some brand appeal.

但我認為，你在目前自有品牌趨勢與我們所看到的成長中看到的，確實反映了我們團隊掌握趨勢的能力；也就是他們真正把脈市場，了解顧客想往哪裡走，並且可能把自有品牌帶到一種不同於過往高峰期的做法——過去可能只是更多非品牌循環、大家更在意顏色——而現在到了一個程度：我認為我們的自有品牌具備一定的品牌吸引力。

People are recognizing what we're doing. Now, it's still -- is about fitting really well with your branding partners, too. The brands that we operate really carry a lot of equity. We can work together with them on how we manage our private-label portfolio.

大家正在認可我們所做的事情。當然，這仍然也關乎與你的品牌合作夥伴之間的良好契合。我們所經營的品牌本身具有很高的品牌資產。我們可以與他們一起合作，討論如何管理我們的自有品牌組合。

But we're really happy with where it's at and how it's working. I think our teams deserve a lot of credit to bring in a pretty compelling product into the market.

但我們對目前的狀態以及運作方式感到非常滿意。我認為我們的團隊值得高度肯定，能把相當有吸引力的產品帶進市場。

I'd just add to Chris's comments, Jeff, that I think, over the last five years, what we really saw was that we would need to own the cut-and-sell categories in a bigger way because of the speed of brand cycles.

我補充 Chris 的評論，Jeff。我認為在過去五年，我們真正看到的是：由於品牌循環速度加快，我們需要以更大的力度掌握 cut-and-sell（剪裁與縫製）品類。

A lot of the younger brands never -- cycles move so fast. Their focus isn't really on the cut-and-sell categories.

許多年輕品牌——循環變化太快了。他們的重點其實不太放在 cut-and-sell 品類上。

It is really, I think, required that our teams have had to step in and own more of the trend product in the cut-and-sell categories. As Chris said, that means some categories that are really brand-driven, we're not very active in.

因此我認為，這確實要求我們的團隊必須介入，並在 cut-and-sell 品類中掌握更多趨勢型產品。如 Chris 所說，這也意味著有些非常由品牌驅動的品類，我們參與度不高。

I would expect that we're going to see Footwear, at some point here, rebound. When we do, we may see private label -- perhaps, that's going to impact the penetration, from a sales perspective, on our business.

我預期鞋類（Footwear）在某個時間點會回升。當它回升時，從銷售角度來看，自有品牌可能——或許——會影響我們業務中的滲透率。

But it doesn't mean that I'm not sure that means that private label sales are going to decline. It may just be a mix shift, when Footwear bounces back.

但這不代表我認為自有品牌銷售會下滑。當鞋類反彈時，可能只是產品組合的結構轉移。

Okay. And then, if we could turn to real estate for a minute, just wondering: Do you think that the net closure trend will continue into 2027?

好的。接著如果可以談一下不動產（店舖）策略，想請教：你認為淨關店的趨勢會延續到 2027 年嗎？

Not asking you to give guidance for '27, specifically, but just wondering what your thought process is around what's the right number of stores. Are you still in that closer, going forward?

我不是要你特別提供 2027 年的指引，只是想了解你們對「合適的店舖數量」的思考邏輯。你們未來仍會持續偏向關店嗎？

Yeah. I think, in any time we're talking through closure, we just have to separate from the North America versus the international market. I think what you're going to see is two different cycles.

是的。我認為任何時候談到關店，我們都必須把北美與國際市場分開來看。我認為你會看到兩個不同的循環。

On the North America side, this is really about just refining the portfolio; looking at some of the lower-performing stores; and moving past how they're working.

在北美這邊，主要是精煉店舖組合；檢視一些表現較弱的門市；並且淘汰那些運作不佳的店點。

And so -- but I think we've seen -- we believe we've gotten to the peak of closures. We'll start to see -- we'll still have closures in '27 and beyond but not at the levels that we've had, more recently.

因此——但我認為我們已經看到——我們相信關店已達到高峰。我們仍會在 2027 年及之後關店，但不會像最近這段時間的規模那麼大。

I think, on the international side, this is really a function of trying to make these entities profitable.

我認為在國際市場方面，這主要取決於我們是否能讓這些營運單位達到獲利。

As we've laid out in our European remarks in the past, we are pushing really hard to get new product; drive through the existing units and comp; and make all these markets we've moved into work.

如同我們過去在歐洲的說明，我們正非常努力推進新品；透過既有店舖帶動營運並提升同店（comp）；讓我們進入的所有市場都能運作起來。

But, to the extent they don't, we will have to retract some. We have some markets that are definitely tougher than others.

但如果某些市場做不到，我們就必須收縮一些。有些市場確實比其他市場更具挑戰。

Our intention is to continue to grow there and maximize what we have. But, if things are not able to turn in some markets, you'll see us close a few more, internationally.

我們的意圖是持續在那裡成長，並把現有資產的效益最大化。但如果某些市場無法扭轉局勢，你會看到我們在國際市場再多關幾家店。

Okay. Thanks for taking my questions. Best of luck.

好的。謝謝回答我的問題。祝你們好運。

Thanks.

謝謝。

Thank you. This does conclude the question-and-answer session of today's program.

謝謝。今天節目的問答環節到此結束。

I'd like to hand the program back to Rick Brooks for any further remarks.

接下來我想把節目交回給 Rick Brooks，請他做進一步的說明。

Thank you. I just want to thank everyone for your continued interest in Zumiez and your questions today.

謝謝。我只想感謝各位持續關注 Zumiez，以及今天提出的問題。

We are going to look forward to talking to you, when we release the Q2 results, later this year.

我們期待在今年稍晚發布第二季（Q2）業績時，再與各位交流。

Thank you, everybody. Really appreciate your interest. We'll talk soon.

謝謝大家。非常感謝各位的關注。我們很快再聊。

Thank you, ladies and gentlemen, for your participation in today's conference.

感謝各位女士、先生參與今天的電話會議。

This does conclude the program. You may now disconnect. Good day.

本次節目到此結束。您現在可以掛線。祝您有美好的一天。