Zumiez Inc. (ZUMZ) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Zumiez Inc. second-quarter fiscal 2026 earnings conference call. (Operator Instructions)

各位女士、先生，下午好，歡迎參加 Zumiez Inc. 2026 會計年度第二季財報電話會議。(接線員指示)

Before we begin, I would like to remind everyone of the company's Safe Harbor language. This 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 that are not based on historical facts are subject to risks and uncertainties. Actual results may differ materially.

在開始之前，我想提醒各位注意公司「安全港」聲明。本次電話會議包含有關 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提出的所有其他非基於歷史事實的陳述，均存在風險與不確定性。實際結果可能出現重大差異。

Additional information concerning a number of these factors that could casue actual results to differ materially from the information that will be disclosed is available in Zumiez's filings with the SEC.

有關可能導致實際結果與將披露資訊出現重大差異之多項因素的更多資訊，請參閱 Zumiez 向美國證券交易委員會（SEC）提交的文件。

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

現在，我想把電話交給執行長 Rick Brooks。Brooks 先生？

With me today is Chris Work, our Chief Financial Officer. I'll provide some commentary on our second-quarter results and the trends we are seeing so far in the third quarter before providing an update on our strategic priorities for the remainder of the year. Chris will then take you through our financial results (technical difficulty) along with our outlook for the third quarter.

今天與我一同出席的是我們的財務長 Chris Work。我將先就第二季業績以及我們目前在第三季所觀察到的趨勢提供一些評論，接著更新我們在今年剩餘期間的策略重點。之後 Chris 將帶各位回顧我們的財務結果（技術問題），並說明我們對第三季的展望。

After that, we will open the call to your questions.

之後，我們將開放提問。

Our second-quarter sales decreased 2.5% from the prior year. While we are disappointed that results are short of expectations due to softness in the US, we are encouraged by the diversification of our global business where our international entities provided positive sales growth for the quarter.

我們第二季銷售額較去年同期下降 2.5%。由於美國市場疲弱導致結果不如預期，我們感到失望；但我們也受到鼓舞，因為我們全球業務的多元化使得國際事業體在本季帶來正向的銷售成長。

Our current quarter-to-date trends through Labor Day have shown similar results to the second quarter. The US is trending down after very strong performance over a similar period in the two prior years, growing 14.1% in 2024 and 13.2% in 2025. Our international entities have seen low single-digit positive comparable sales in the same timeframe this year.

截至目前，本季自開季至勞動節的趨勢與第二季相近。在過去兩年同一期間表現非常強勁之後，美國目前呈現下滑趨勢；2024 年成長 14.1%，2025 年成長 13.2%。在今年相同期間，我們的國際事業體則呈現低個位數的同店銷售正成長。

Current overall sales results have been meaningfully impacted by our US sales deceleration, driven by softness in footwear and an overall drop in transactions. We know from experience that these down cycles are generally temporary, and we are actively working to refine our merchandise assortments and further lean into our customer experience initiatives to improve the trajectory.

目前整體銷售結果受到美國銷售增速放緩的顯著影響，主因是鞋類疲弱以及交易筆數整體下滑。依我們的經驗，這些下行週期通常是暫時的；我們正積極精進商品組合，並進一步加碼客戶體驗相關措施，以改善走勢。

As we move forward, we are executing on both our domestic and international strategies to continue advancing the business.

展望未來，我們正同時推進國內與國際策略，以持續推動業務向前。

First, domestically, we are evaluating all areas of business to positively impact the customer through the important holiday cycle and into 2027. As we reflect on the US business second quarter and back-to-school results through Labor Day, the footwear category has been the most significant headwind, accounting for 70% of the total US sales decline from the prior year through that timeframe.

首先在國內方面，我們正在評估業務的各個面向，以在關鍵的假期銷售週期以及邁向 2027 年期間，對顧客帶來正向影響。回顧美國業務第二季以及截至勞動節的返校季表現，鞋類品類是最主要的逆風因素；在該期間，美國銷售較去年同期的總降幅中，有 70% 來自鞋類。

Footwear has been challenged since the second quarter of 2025, and the year-over-year comparisons get easier as we head into the fourth quarter of this year.

鞋類自 2025 年第二季以來一直面臨挑戰，而隨著我們進入今年第四季，年對年比較基期將變得更容易。

We have also seen evolution in apparel trends that have positively driven the business for over two years. These changes created a sense of urgency to work with our brand partners as well as our own private label brands to bring newness and changes to our assortment.

我們也看到服飾趨勢的演變，這些趨勢在過去兩年多來一直正向帶動業務。這些變化使我們更迫切地與品牌合作夥伴以及自有品牌合作，為我們的商品組合帶來新品與調整。

On the service front, we continue to invest in our people with training focused on capturing every sale. We are learning more about our customers through our data initiatives, which are enhancing our ability to communicate with them in relevant ways to improve the effectiveness of marketing initiatives and evaluate where operational changes are needed in the business to enhance the customer experience.

在服務方面，我們持續投資於人才，訓練重點放在把握每一筆銷售。透過資料相關計畫，我們對顧客的了解持續加深，這提升了我們以更貼近需求的方式與顧客溝通的能力，進而改善行銷活動的成效，並評估業務中哪些營運調整有助於提升顧客體驗。

As we have said for some time, our job is to meet consumers where they are and continue to move with them in this important stage of their life. Identifying and leading on trends has been at the core of Zumiez's success throughout our history, and we have confidence that our teams will deliver as we move through this transitional period.

正如我們一段時間以來所說，我們的工作是到消費者所在之處與他們相遇，並在他們人生這個重要階段持續與他們同步前進。辨識並引領趨勢一直是 Zumiez 歷史上成功的核心；我們有信心，團隊將在這段轉型期持續交出成果。

Second, internationally, we remain focused on the key strategic priorities that have helped us improve the business, dating back to the fourth quarter last year. This includes driving revenue through refreshing our product mix with innovative, distinctive offerings, continued growth of private label that supplemented our branded product and resonated with our customers, enhancing our margin profile, and maintaining a rigorous commitment to profitability optimization in each market.

第二，在國際方面，我們仍聚焦於自去年第四季以來協助我們改善業務的關鍵策略重點。這包括：透過以創新且具差異化的產品更新產品組合來帶動營收、持續成長自有品牌以補強品牌商品並引起顧客共鳴、提升毛利結構，以及在各市場維持對獲利最佳化的嚴謹承諾。

This includes executing a premium pricing strategy to drive margin expansion while managing expenses to grow the bottom line. With the positive inflection in our sales, we are making traction on this initiative in each of the international markets.

這也包括執行高端定價策略以推動毛利擴張，同時控管費用以提升淨利。隨著銷售出現正向轉折，我們在各個國際市場推動此項計畫已取得進展。

Lastly, we continue to maintain our solid financial foundation, which is the backbone of our ability to manage volatility while funding initiatives aimed at serving our customer. Our financial position remains a source of real strength, giving us the flexibility to continue investing in our strategic objectives, while also delivering value to shareholders through our share repurchase program.

最後，我們持續維持穩健的財務基礎，這是我們在管理波動的同時，仍能為服務顧客而投入各項計畫的支柱。我們的財務狀況依然是實質的強項，使我們能夠在持續投資策略目標的同時，也透過股票回購計畫為股東創造價值。

Financial flexibility matters more than ever in a consumer environment where the speed of trend cycles has never been faster. And it underpins confidence in our ability to navigate whatever comes next while continuing to build long-term shareholder value.

在消費環境中，趨勢週期的速度前所未有地加快，財務彈性比以往任何時候都更重要。這也支撐我們的信心：無論接下來發生什麼，我們都有能力因應，同時持續建立長期股東價值。

Let me be clear, I am disappointed with our current results, and our people are working hard to improve the business. I have confidence in our team to make the changes needed to positively impact the fourth quarter and 2027.

我想說清楚，我對目前的結果感到失望，而我們的同仁正努力改善業務。我對團隊有信心，能做出必要的改變，對第四季以及 2027 年帶來正向影響。

In closing, I want to thank our entire organization for the continued hard work and dedication to our customers. It remains the foundation of everything we do.

最後，我要感謝整個組織持續的辛勤付出，以及對顧客的投入。這仍是我們所做一切的基礎。

Let me hand things over to Chris for the finance review.

接下來我把時間交給 Chris 進行財務回顧。

Thanks, Rick, and good afternoon, everyone. I am going to start with a review of our second-quarter fiscal 2026 results. I will then provide an update on our quarter-to-date sales trends before providing an outlook for the third quarter.

謝謝你，Rick，各位下午好。我將先回顧我們 2026 會計年度第二季的業績。接著在提供第三季展望之前，我會更新本季截至目前的銷售趨勢。

Net sales for the second quarter of fiscal 2026 decreased 2.5% to $209 million, compared with $214.3 million in the second quarter of fiscal 2025. Comparable sales were down 2.1% for the quarter, with Canada, Europe, and Australia all having positive comparable sales growth for the quarter. The negative comp was driven by softness in the US, as Rick previously covered.

2026 會計年度第二季淨銷售額較 2025 會計年度第二季的 2.143 億美元下降 2.5% 至 2.09 億美元。本季同店銷售下降 2.1%，其中加拿大、歐洲與澳洲本季同店銷售皆呈正成長。同店銷售為負主要係由美國市場疲弱所致，如 Rick 先前所述。

For the second quarter, North American net sales were $173.9 million, a decrease of 3.4% from fiscal 2025.

第二季北美淨銷售額為 1.739 億美元，較 2025 會計年度下降 3.4%。

Other international net sales, which consist of Europe and Australia, were $35.1 million, up 2.5% from last year. Excluding the impact of foreign currency translation, North American net sales decreased 3.3%, and our international net sales were up 0.8% year over year.

其他國際淨銷售額（由歐洲與澳洲構成）為 3,510 萬美元，較去年成長 2.5%。若排除外幣換算影響，北美淨銷售額年減 3.3%，國際淨銷售額則年增 0.8%。

Comparable sales for North America were down 2.9%, while our international comparable sales increased 2.1% in the second quarter.

北美同店銷售下降 2.9%，而國際同店銷售於第二季成長 2.1%。

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

以品類來看，配件為同店表現最強的正成長品類，其次為男裝。鞋類為同店表現最弱的負成長品類，其次為硬商品與女裝。合併同店銷售下滑主要由交易筆數下降所致，部分被每筆交易金額上升所抵銷。

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

本季每筆交易金額上升，主要由每筆交易件數增加帶動，但部分被平均單件零售價格下降所抵銷。

The second-quarter gross profit decreased to $73.9 million compared to $76.1 million in the second quarter of last year. Gross margin was 35.3% of sales for the quarter, compared with 35.5% in the second quarter of fiscal 2025. The 20 basis point decrease in gross margin was primarily driven by 60 basis points of deleverage in store occupancy costs due to lower sales, partially offset by 50 basis points of benefit from tariff refunds.

第二季毛利降至 7,390 萬美元，去年同期為 7,610 萬美元。本季毛利率為銷售額的 35.3%，相較 2025 會計年度第二季的 35.5%。毛利率下降 20 個基點，主要係因銷售下滑導致門市占用成本去槓桿 60 個基點，部分被關稅退稅帶來的 50 個基點效益所抵銷。

SG&A expense for the second quarter of fiscal 2026 was $75.2 million, or 35.9% of net sales, compared with $75.9 million, or 35.4% of net sales in fiscal 2025. The 50 basis point increase in SG&A as a percentage of net sales was driven by a 50 basis points increase in non-wage store operating costs, 40 basis points of deleverage in store wages on lower sales, 40 basis points of deleverage related to non-store wages, and 20 basis points of deleverage in other corporate costs.

2026 會計年度第二季 SG&A 費用為 7,520 萬美元，占淨銷售額 35.9%；相較之下，2025 會計年度為 7,590 萬美元，占淨銷售額 35.4%。SG&A 占淨銷售額比重上升 50 個基點，主要由非薪資門市營運成本上升 50 個基點、因銷售下滑導致門市薪資去槓桿 40 個基點、與非門市薪資相關的去槓桿 40 個基點，以及其他公司成本去槓桿 20 個基點所致。

This is partially offset by 70 basis points of benefit related to lower annual incentive compensation and 30 basis points benefit related to a litigation settlement recorded in the second quarter of last year.

上述影響部分被兩項因素抵銷：年度激勵獎金較低帶來 70 個基點效益，以及去年第二季認列之訴訟和解帶來 30 個基點效益。

Operating loss in the second quarter was $1.3 million or 0.6% of net sales compared to a prior year operating income of $0.1 million or 0.1% of net sales. Net loss for the second quarter was $2.7 million, or 17 cents per share. In the year-ago period, we reported a net loss of $1 million, or 6 cents per share.

第二季營業損失為 130 萬美元，占淨銷售額 0.6%；去年同期營業利益為 10 萬美元，占淨銷售額 0.1%。第二季淨損為 270 萬美元，合每股 0.17 美元。去年同期我們報告淨損 100 萬美元，合每股 0.06 美元。

Our effective tax rate for the current quarter was negative 91.5% versus 210% a year ago. The unusual tax rates in the second quarter this year and last year were primarily due to the allocation of losses across the jurisdictions in which we operate.

本季有效稅率為負 91.5%，去年同期為 210%。今年與去年第二季出現異常稅率，主要係由於我們在各營運司法管轄區之間分配損失所致。

Lastly, due to our repurchase activity over the past 12 months, our share count is down approximately 6% since the second quarter of last year, which will positively benefit full-year EPS, but is a headwind in the 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二季約下降 6%，這將對全年 EPS 產生正面效益，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 $97.3 million as of August 1, 2026, compared with $106.7 million as of August 2, 2025. The decrease in cash and current marketable securities from the second quarter of last year was primarily driven by $34.5 million in share repurchases and $10.6 million in capital expenditures, partially offset by $35.7 million in cash flow from operations.

接著看資產負債表，本業務於本季末維持強勁的財務狀況。截至 2026 年 8 月 1 日，我們持有現金及流動性有價證券 9,730 萬美元；相較截至 2025 年 8 月 2 日為 1.067 億美元。相較去年第二季，現金及流動性有價證券減少主要係因 3,450 萬美元的股票回購與 1,060 萬美元的資本支出，部分被營運活動現金流入 3,570 萬美元所抵銷。

As of August 1, 2026, we have no debt on the balance sheet, and we continue to maintain our full $25 million unused credit facility.

截至 2026 年 8 月 1 日，我們資產負債表上無任何負債，並持續維持 2,500 萬美元的未動用信用額度。

During the second quarter, we repurchased 1.2 million shares at a total cost of $23.2 million under the authorization provided by the Board of Directors on March 11, 2026. Year to date through the second quarter, we have repurchased a total of 1.5 million shares at a total cost of $29.5 million.

第二季期間，依據董事會於 2026 年 3 月 11 日核准之授權，我們以總成本 2,320 萬美元回購 120 萬股。截至第二季止之年初至今，我們累計回購 150 萬股，總成本 2,950 萬美元。

We ended the quarter with $157.3 million in inventory, compared with $157.7 million in inventory last year.

本季末存貨為 1.573 億美元，去年同期存貨為 1.577 億美元。

On a constant currency basis, our inventory levels were down 0.6% from last year. We feel good about our current inventory position and the quality of our inventory on hand.

以固定匯率基礎計算，我們的存貨水位較去年下降 0.6%。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 third quarter-to-date results through Labor Day. Net sales for the 37-day period ended September 7, 2026 decreased 4.3% compared to the 37-day period in the prior year ended September 8, 2025. Comparable sales for the 37-day period ended September 7, 2025, were down 3.5% from the comparable period in the prior year. This was on top of a two-year stack of positive 21.8%.

接著說明截至勞動節為止的第三季迄今表現。截至 2026 年 9 月 7 日止 37 天期間的淨銷售額，較去年截至 2025 年 9 月 8 日止同為 37 天期間下降 4.3%。截至 2025 年 9 月 7 日止 37 天期間的同店銷售，較前一年可比期間下降 3.5%。此係建立在兩年合計（two-year stack）正成長 21.8% 的基礎之上。

From a regional perspective, net sales for North America business for the 37-day period ended September 7, 2026 decreased 4.7% compared to the 37-day period ended September 8, 2025, while our other international business decreased 0.9%. Excluding the impact of foreign currency translation, North American net sales for the 37-day period ended September 7, 2026 decreased 4.7% from the prior year, while our international net sales decreased 2% compared to 2025.

以區域來看，截至 2026 年 9 月 7 日止 37 天期間，北美業務淨銷售額較截至 2025 年 9 月 8 日止 37 天期間下降 4.7%，而其他國際業務下降 0.9%。若排除外幣換算影響，截至 2026 年 9 月 7 日止 37 天期間北美淨銷售額較去年下降 4.7%，而國際淨銷售額較 2025 年下降 2%。

Comparable sales for North America decreased 3.9% for the 37-day period ended September 7, 2026, compared to the same weeks in the prior year. Comparable sales for our other international business increased 0.5%.

截至2026年9月7日止的37天期間，北美同店銷售較去年同期的相同週數下降3.9%。我們其他國際業務的同店銷售則成長0.5%。

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

從品類角度來看，配件是我們唯一同店成長為正的品類。鞋類是我們同店下滑幅度最大的品類，其次依序為女裝、男裝與硬商品。合併同店銷售的下滑主要由交易筆數下降所致，部分被每筆交易金額上升所抵銷。

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.

本期間每筆交易金額上升，主要由每筆交易件數增加所帶動，但部分被平均單件零售價下降所抵銷。

With respect to our outlook for the third 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 a variety of internal and external factors that impact our performance.

關於我們對2026會計年度第三季的展望，我想提醒各位，在制定我們的財測指引時，鑑於多項影響我們表現的內外部因素，在估計銷售、產品毛利率與獲利成長方面，存在一定的內在不確定性與複雜性。

Given the softness and back-to-school results, we believe it's prudent to look forward with an appropriate level of conservatism. We are anticipating total sales to be between $222 million and $226 million for the 13 weeks ended October 31, 2026, representing a decline in sales of 5.5% to 7% compared to the prior year. Comparable sales are expected to be between negative 5% and negative 6.5%.

鑑於需求疲弱以及返校季表現，我們認為以適度保守的態度向前看是審慎之舉。我們預期截至2026年10月31日止的13週期間，總銷售額將介於2.22億至2.26億美元，較去年同期下降5.5%至7%。同店銷售預期介於負5%至負6.5%。

For the third quarter, we are expecting product margin to be down 20 basis points to 40 basis points due to decline in our US business, and higher penetration of international sales that operate at a lower margin. Consolidated operating income for the third quarter is expected to be between 1% and 1.7% of sales, and we anticipate earnings per share will be between $0 and $0.10 compared to earnings per share of $0.55 in the prior year.

就第三季而言，我們預期產品毛利率將下降20至40個基點，原因在於美國業務下滑，以及毛利率較低的國際銷售占比提高。第三季合併營業利益預期約占銷售額的1%至1.7%，我們預期每股盈餘將介於0至0.10美元，相較去年同期每股盈餘為0.55美元。

Regarding our full fiscal 2026, with the slowdown in our business and the increased consumer pressures we are observing, we believe caution is warranted when considering our outlook for the full year. Given this, we will refrain from providing specific full-year earnings guidance at this time, but we will provide some high-level context around how we see the business.

關於2026會計年度全年，鑑於業務放緩以及我們觀察到消費者壓力加大，我們認為在評估全年展望時需要保持謹慎。因此，我們目前將不提供具體的全年獲利指引，但會提供一些我們對業務看法的高層次背景說明。

From sales, we are currently seeing stronger results in our international business and softer results in our domestic business. Considering these trend lines in the business and inclusive of our third quarter guidance, we now believe sales will be down low single digits to the prior year, which includes the $12 million of negative impact of closed stores. We believe consolidated product margin will be roughly flat to the prior year, with growth internationally, while our domestic business will be down slightly.

就銷售而言，我們目前看到國際業務表現較強，而國內業務表現較弱。考量這些業務趨勢並納入第三季指引後，我們現在認為銷售額將較去年下降低個位數百分比，其中包含關店帶來的1,200萬美元負面影響。我們認為合併產品毛利率將與去年大致持平，國際業務將成長，而國內業務將略為下滑。

With the anticipated product margin, we believe gross margin will be roughly flat to the prior year as a percent of sales.

在預期的產品毛利率下，我們認為以銷售額百分比計算的毛利率將與去年大致持平。

SG&A is expected to be down slightly in total dollars on lower levels of incentive compensation, and deleverage with sales down to the prior year. Operating margin, with the previously mentioned assumptions and barring significant deterioration in the consumer environment, we now believe operating margin will be down slightly in fiscal 2026 compared to previously communicated levels of 50 to 100 basis points of growth.

SG&A（銷售、一般及行政費用）預期在總金額上將因激勵性薪酬水準降低而略為下降，且在銷售較去年下滑的情況下將出現費用率去槓桿。在前述假設成立且消費環境未出現顯著惡化的前提下，我們現在認為2026會計年度的營業利益率將較去年略為下降，與先前所溝通的營業利益率成長50至100個基點的水準相比有所下修。

While effective tax rates will fluctuate by quarter, we anticipate that our full year effective tax rate will be roughly 55% in fiscal 2026, compared to an effective tax rate of 44% in fiscal 2025. We are planning to open five new stores in fiscal 2026, all within the US. We plan to close approximately 16 stores during fiscal 2026, including 10 in North America and 6 internationally.

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55%，相較2025會計年度的有效稅率44%。我們計畫在2026會計年度新開5家門市，全部位於美國。我們計畫在2026會計年度關閉約16家門市，其中北美10家、國際6家。

We expect our capital expenditures for fiscal 2026 to be between $13 million and $15 million. We expect that depreciation and amortization, excluding non-cash lease expense, will be approximately $19.2 million, down from $21.3 million in fiscal 2025.

我們預期2026會計年度的資本支出將介於1,300萬至1,500萬美元。我們預期折舊與攤銷（不含非現金租賃費用）約為1,920萬美元，低於2025會計年度的2,130萬美元。

And we are currently projecting our diluted share count for the full year to be approximately 15.8 million shares. This share count does contemplate full execution of the $40 million repurchase program approved by the Board on March 11, 2026, which was officially completed in early September.

此外，我們目前預估全年稀釋後流通股數約為1,580萬股。此股數假設已包含董事會於2026年3月11日核准的4,000萬美元庫藏股回購計畫的全面執行；該計畫已於9月初正式完成。

Our strong financial position and proven ability to execute gives 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，能夠因應當前環境。

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

接下來，接線員，我們想開放電話會議進入提問環節。

(Operator Instructions) Mitch Kummetz, Seaport.

(接線員指示) Mitch Kummetz，Seaport。

Rick, I was hoping to just get your take on what is happening in footwear. A number of retailers have already reported, not necessarily maybe the most direct competitors of yours, but there has been talk about weakness and legacy silhouettes.

Rick，我想請你談談鞋類目前發生了什麼事。有不少零售商已經公布業績，未必是你們最直接的競爭對手，但市場上一直在談論需求疲弱以及經典舊款鞋型（legacy silhouettes）的問題。

There has also been some talk about maybe a shift away from athletic to non-athletic. I do not know to what extent you are seeing some of that and how are you sort of planning to kind of pivot the assortment so that you are better aligned with any sort of strength that might be in footwear right now.

另外也有人提到，可能正從運動風格轉向非運動風格。我不確定你們在多大程度上也看到這些現象，以及你們打算如何調整商品組合，以便更貼近目前鞋類可能存在的任何強勢趨勢。

Yes, I mean, thank you, Mitch. I think we are clearly seeing that. It has been a challenge for us for quite a number of quarters now, as we have said, and it is, I think, we are aligned around the idea that we are selling lifestyle athletic footwear. So it has been, I think, we are in kind of sweet spot that has really been struggling in terms of just, again, what our mix of products has always been.

是的，謝謝你，Mitch。我認為我們確實清楚地看到了這些情況。正如我們所說，這對我們來說已經是連續好幾個季度的挑戰；而且我想，我們的共識是：我們主要銷售的是生活風格的運動鞋。因此，我想我們所處的這個甜蜜點（sweet spot）一直相當吃力，因為這再次回到我們產品組合一向的結構。

So as we look at this niche, as we look forward, we are certainly trying a lot of different things. And we have some things that are working to offset, but it is not working at a level that is able to deal with the big brands that are trending down. So our goal looking forward as you look into the back half of this year and into next year is to continue to try, work with our partners, continue to drive uniqueness into the footwear -- into our footwear business. That is where we really see that we can have, we can, we can have success.

因此，當我們檢視這個利基市場並展望未來時，我們確實在嘗試許多不同作法。我們也有一些措施正在發揮作用、可以部分抵銷，但其效果還不足以應對那些走弱的大品牌。所以，展望今年下半年以及明年，我們的目標是持續嘗試、與合作夥伴共同努力，並持續在鞋類——在我們的鞋類業務中——推動差異化與獨特性。這正是我們真正認為能夠取得成功的地方。

Now, that is going to be easier for us to see, Mitch, because we are going to, I we feel that we are going to find the bottom of this cycle here as we anniversary these big negative comps in 4Q. I think it is as usual for us. It is going to be about uniqueness of product and then finding that next trend brand that is really going to drive us forward.

現在，Mitch，這會更容易讓我們看清楚，因為當我們在第四季（4Q）迎來這些大幅負向的同店比較基期（comps）周年時，我們認為我們將在這裡找到這一輪循環的底部。我想這對我們來說一如往常。關鍵將在於產品的獨特性，然後找到下一個真正能推動我們向前的趨勢品牌。

Yes, and there has also been a lot of talk among some of these retailers that this has been a particularly promotional back-to-school season around footwear, and I am just wondering, how are you guys addressing that? And to what extent is that putting pressure on your margins, if, you know, to the extent that you have to compete with some of those promotions?

是的，而且一些零售商之間也有很多討論，認為這次返校季在鞋類方面特別促銷激烈；我想請問你們是如何應對的？以及在你們必須與那些促銷競爭的情況下，這在多大程度上會對你們的毛利率造成壓力？

Yes, good question Mitch, and first, let me say, I think we feel pretty good about our position, our inventory position in footwear. We have been working closely because this has been with our partners over the last few quarters really to manage what our inventory exposure is here.

是的，Mitch，問得好。首先我想說，我們對自己在鞋類的庫存狀況、庫存水位感覺相當不錯。過去幾個季度，我們一直與合作夥伴密切合作，來管理我們在這裡的庫存曝險。

So, again, appreciate our partner support here. And I think I do not think we have a lot of risk around our inventory position, Mitch. So, we have not been as promotional as I think some of our competitor have been on price point.

所以，再次感謝合作夥伴在這方面的支持。而且我認為，Mitch，我不覺得我們在庫存狀況上有很大的風險。因此，在價格點上，我們沒有像我認為部分競爭對手那樣做那麼多促銷。

That said, we are, as you can see on our website, we are certainly trying to clear some footwear out and it has impacted margin some within these quarters. So I think we do not have a major inventory problem. We are having to deal with some of the issues left yet in terms of margin impact.

話雖如此，正如你在我們網站上看到的，我們確實在嘗試清理一些鞋類庫存，這在這幾個季度對毛利率造成了一些影響。所以我認為我們沒有重大的庫存問題。但就毛利率影響而言，我們仍需要處理一些尚未完全解決的問題。

Okay. And then maybe last one for me. As far as the third quarter comp outlook is concerned, the range that you have provided is, I guess I would say worse than what you are seeing quarter to date. Maybe two questions. How much of the quarters is essentially in the books through September 7? And the expectation for that comp to deteriorate over the balance of the quarter.

好的。那也許最後一個問題。就第三季同店（comp）展望而言，你們提供的區間，我想可以說比你們目前截至本季迄今的表現還要差。也許兩個問題。截至9月7日，這一季大概有多少比例的業績已經入帳？以及你們預期在本季剩餘期間，同店表現會轉差到什麼程度？

How much of that is just sort of conservatism that you baked into your guide versus just the thought that, you know, the pattern that we have been in for a while, the consumer kind of disappears in between events and once we get through back to school there is not a whole lot that might be, you know, compelling the consumer to shop over the balance of the quarter?

其中有多少只是你們在指引中納入的保守性（conservatism），相較於你們認為——你知道——我們已經持續一段時間的那種模式：消費者在各種活動之間會「消失」，而一旦返校季結束，本季剩餘期間可能就沒有太多能——你知道——真正驅動消費者購物的因素？

Yeah, thanks, Mitch. I will go ahead and take that. I think you kind of hit on the 2 points we tried to factor into the guide. We are just over 50% of the way through from a sales in perspective. And as you can tell with a guide that is worse than where we are trending, we are expecting the back half of the quarter to be, you know, worse than what we experienced through back to school.

是的，謝謝，Mitch。我來回答這個問題。我想你確實點出了我們在指引中試圖納入的兩個因素。從銷售角度來看，我們目前已經走過略高於50%的進度。而且如你所見，我們給出的指引比目前趨勢更差，代表我們預期本季後半段——你知道——會比我們在返校季期間的表現更差。

That would be consistent with what we have seen the last, at least the last couple years, but actually for a number of years, where we have just performed much stronger in the back-to-school time period. And then when there is less of a reason to shop, it is slow. And we've also baked some conservatism in -- the second quarter, as you noted, was a mess to where we thought the second quarter was going to come in.

這與我們在過去——至少過去幾年、其實是很多年——所看到的情況一致：我們在返校季期間的表現明顯更強。然後當購物理由變少時，銷售就會放緩。另外我們也納入了一些保守性——如你所提到的，第二季一團亂，與我們原本以為第二季會落點在哪裡差距很大。

And we have identified that some of the trends that have really been driving this business have moved pretty quickly and so we are really focused on how to impact the fourth quarter and into 2027. And in those cycles, what we have learned in the past is when trends move, they move, and so we are trying to be cautious in how we are planning the rest of the quarter.

我們也已經辨識到，過去真正推動這門生意的一些趨勢變化得相當快，因此我們非常專注於如何影響第四季以及延伸到2027年。而在這些循環中，我們過去學到的是：當趨勢開始移動，它就會快速移動；因此我們在規劃本季剩餘時間時，正努力保持謹慎。

And hopefully, we can come back to you in early December and talk about how we were able to outperform this.

也希望我們能在12月初再回來跟你們分享，我們是如何做到優於這個表現的。

(Operator Instructions) This does conclude the question-and-answer session of today's program.

(接線員指示) 今天節目的問答環節到此結束。

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

我想把節目交回給Rick Brooks，請他做進一步的說明。

All right, as always, I just want to thank everyone for their interest in Zumiez, and we will look forward to talking to you in December with third quarter results. Thank you, everybody.

好的，一如往常，我只想感謝大家對Zumiez的關注，我們期待在12月與各位就第三季業績再度交流。謝謝大家。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝各位有美好的一天。