《2025 年美国零售与消费者物流满意度报告》由美国客户满意度指数（ACSI）编制，基于 2024 年 1 月至 12 月期间 41850 份消费者调查，聚焦一般商品零 售、专业零售、线上零售、超市、加油站及消费者物流六大领域，以 0-100 分制呈现满意度表现及行业趋势。 整体零售行业满意度小幅回升，消费需求聚焦价值与便利。2025 年美国零售行业整体满意度微涨 0.4% 至 78.3 分，2024 年假日季销售额同比增长 3.8%（2023 年为 3.1%），但增长存在结构性差异：感恩节线上销售额激增 8.8%，而实体店 "黑色星期五" 影响力减弱，超市、服装店等业态表现承压。消 费者核心诉求集中于两点：一是性价比，尽管通胀放缓，但累计涨价仍促使购物者精打细算；二是便利性，全渠道体验成熟化背景下，"线上下单、门店提 货" 模式普及，线上线下体验一致性成为关键竞争力。 各零售细分领域表现分化，头部企业凭借技术与细分需求突围。一般商品零售满意度上涨 1% 至 78 分，山姆会员店（Sam's Club）借助 "扫码支付跳过结 账" 等技术升级，满意度飙升 5% 至 85 分，登顶该品类；TJX 集团（旗下 M ...

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were $389.2 million, a 2.2% decline from $397.9 million in Q4 2024, with the 53rd week contributing an estimated $18.3 million in net sales [26][27] - Same-store sales decreased by 6.8% in Q4 2025 compared to the same period in 2024, with chemicals down approximately 7.1% and equipment down 7.6% [27] - Adjusted EBITDA for Q4 increased to $45.2 million from $43 million in Q4 2024, while the net loss for Q4 was $162.8 million compared to a net loss of $9.9 million in the prior year [30][31] Business Line Data and Key Metrics Changes - The company experienced a net loss of over 160,000 residential customers in 2025, with a decline in residential traffic of 8.6% [6][30] - The company is focusing on improving the price-value equation on key items to regain lost customers and improve traffic performance [6][11] Market Data and Key Metrics Changes - The competitive landscape saw aggressive pricing strategies from competitors, impacting the company's pricing and sales performance [58] - The company is adjusting its pricing strategy to ensure competitiveness, particularly in the chemicals category, which is a key focus area [50][51] Company Strategy and Development Direction - The company is undergoing a transformation to achieve sustainable, profitable growth, focusing on cost optimization, cash management, and capital structure [4][24] - Key initiatives include closing 80-90 underperforming stores, optimizing inventory, and enhancing customer value propositions through targeted marketing [7][18][34] - The company aims to become America's one-stop shop for pool care by integrating services and improving customer relationships [12][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment and its impact on consumer spending, emphasizing the need for strategic pricing and operational efficiency [39][41] - The outlook for fiscal 2026 includes expected sales of $1.1 billion to $1.25 billion and adjusted EBITDA of $55 million to $75 million, with a focus on long-term value creation [40][41] Other Important Information - The company is committed to transparent communication and has engaged advisors to identify opportunities for enhancing profitability and optimizing operations [41][42] - A significant impairment charge of $184 million was recorded in Q4, primarily related to goodwill and store closures [29][30] Q&A Session Summary Question: Are supplier partners supporting the turnaround efforts? - Management confirmed strong support from vendor partners, which has been crucial for maintaining inventory levels and improving in-stock positions [46][47] Question: What is the expected free cash flow conversion for this year? - The midpoint of the EBITDA guidance assumes free cash flow positivity for the year, although specific guidance was not provided [48] Question: Where do you see the most opportunity in pricing? - The focus is on optimizing prices for key value items, particularly in the chemicals category, to remain competitive against other retailers [49][50] Question: What is the impact of store closures on revenue? - The closure of 80-90 underperforming stores is expected to impact annual sales by approximately $25-$35 million, but will improve net EBITDA by $4-$10 million [34][55] Question: How will the company regain lost customers? - The company plans to target lost customers with personalized marketing efforts, leveraging data from the Pool Perks Loyalty Program to efficiently allocate marketing spend [56] Question: What are the competitive dynamics observed in Q4? - Management noted high competitive pricing in the marketplace, which led to aggressive pricing strategies to maintain competitiveness [58] Question: What are the biggest learnings from the strategic pillar framework? - The strategic framework has unified the team around a common vision, with a focus on improving price value to regain market share [60][61]