AKA Brands Holding Corp (AKA) 2024 Q2 法說會逐字稿

Greetings, and welcome to the a.k.a. Brands Holding Corp. second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, K.C White. Thank you. You may begin.

您好，歡迎參加 Brands Holding Corp. 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人 K.C White。謝謝。你可以開始了。

Good afternoon. Thank you for joining a.k.a. Brands second quarter fiscal 2024 conference call to discuss the results released this afternoon, which can be found on our website at ir.aka-brands.com. With me on the call today is Ciaran Long, Interim Chief Executive Officer and Chief Financial Officer.

午安.感謝您參加 a.k.a. Brands 2024 財年第二季電話會議，討論今天下午發布的業績，該業績可在我們的網站 ir.aka-brands.com 上找到。今天與我一起參加電話會議的是臨時執行長兼財務長 Ciaran Long。

Before we get started, I'd like to remind you of the company's Safe Harbor language. Management may make forward-looking statements, which refer to expectations, projections, and other characterizations of future events including guidance and underlying assumptions.

在我們開始之前，我想提醒您公司的安全港語言。管理階層可能會做出前瞻性陳述，這些陳述涉及未來事件的預期、預測和其他特徵，包括指導和基本假設。

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed. For a further discussion of risks related to our business, please see our filings with the SEC. Please note, we assume no obligation to update any such forward-looking statements.

前瞻性陳述涉及風險和不確定性，可能導致實際結果與所表達的結果有重大差異。有關我們業務相關風險的進一步討論，請參閱我們向 SEC 提交的文件。請注意，我們不承擔更新任何此類前瞻性陳述的義務。

This call will contain non-GAAP financial measures such as adjusted EBITDA and adjusted EBITDA margin. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the release furnished to the SEC and available on our website.

此次電話會議將包含非公認會計原則財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些非 GAAP 衡量標準與最具可比性的 GAAP 衡量標準的調整包含在向 SEC 提供的新聞稿中，並可在我們的網站上取得。

With that, I'll turn the call over to Ciaran.

這樣，我就把電話轉給 Ciaran。

Thanks, K.C. Good afternoon, everyone, and thanks for joining our second quarter earnings call. Before I review a few key highlights from the quarter, I would like to again take a moment to thank our team for their continued commitment to building on our portfolio of next-generation brands for the next generation of consumers.

謝謝，K.C.大家下午好，感謝您參加我們的第二季財報電話會議。在回顧本季的一些關鍵亮點之前，我想再次花一點時間感謝我們的團隊持續致力於為下一代消費者打造我們的下一代品牌組合。

This was another quarter in which the team's agility and flexibility in executing our strategic priorities while keeping our customers at the center of every decision we make enabled us to deliver strong quarter top-line and operating results that exceeded our expectations.

在這個季度，團隊在執行策略優先事項時表現出敏捷性和靈活性，同時將客戶置於我們所做的每項決策的中心，使我們能夠提供超出我們預期的強勁季度營收和營運業績。

I continue to be very confident in our team's ability to execute and in the many profitable future growth opportunities we see for a.k.a. Brands to expand our brand portfolio reach and total addressable markets. Before I go through the results in more detail, let me share a few highlights from the second quarter. Net sales far exceeded the high end of our guidance as we achieved year-over-year growth of more than 9%.

我仍然對我們團隊的執行能力以及我們為 a.k.a. Brands 看到的許多有利可圖的未來成長機會充滿信心，以擴大我們的品牌組合範圍和總體目標市場。在更詳細地介紹結果之前，讓我先分享第二季的一些亮點。淨銷售額遠遠超出了我們指導的上限，年成長超過 9%。

Momentum in our US business meaningfully accelerated with year-over-year net sales growth of more than 19%. We delivered a strong gross margin of 57.7%, up 80 basis points from the prior year, which combined with marketing expense leverage of 120 basis points contributed to adjusted EBITDA of $8 million, a year-over-year increase of 44%, exceeding the high end of our guidance.

我們美國業務的成長動能明顯加快，淨銷售額年增超過 19%。我們實現了 57.7% 的強勁毛利率，比上年增長 80 個基點，加上 120 個基點的營銷費用槓桿，調整後 EBITDA 達到 800 萬美元，同比增長 44%，超過去年同期我們指導的高端。

Despite the late in the quarter build of inventory as we chased into demand, we generated $3.5 million of operating cash flow. We registered another strong quarter of active customer growth of 11.7% on a trailing 12-month basis.

儘管我們在本季末因追逐需求而增加了庫存，但我們仍產生了 350 萬美元的營運現金流。我們的活躍客戶在過去 12 個月中又實現了 11.7% 的強勁成長。

We ended the quarter with net debt down 13% from the prior year and up 20% on a two year stack. In addition to planned new Princess Polly store openings in Scottsdale, Fashion Square and Ann Street in Boston and in the Fashion Valley Mall in San Diego, we signed two new leases for additional locations in Irvine and Santa Clara, California, which we expect will bring the Princess Polly physical presence to six locations by year-end, and more expected to come in 2025 and beyond.

本季結束時，我們的淨債務比去年同期下降了 13%，兩年來增加了 20%。除了計劃在斯科茨代爾、波士頓時尚廣場和安街以及聖地亞哥時尚谷購物中心開設新的Princess Polly 商店外，我們還簽署了兩項新租約，在加州歐文和聖克拉拉的其他地點開設新店，我們預計這將帶來到年底，波莉公主將在六個地點開設實體店，預計 2025 年及以後將開設更多店。

Petal & Pup's expanded omni-channel presence has exceeded expectations, setting the stage for continued growth and brand expansion. Leveraging the successful experience of Petal & Pup, our streetwear brand, Minimal, launched a small test on Nordstrom.com. And lastly, Culture Kings US delivered another strong quarter of double-digit net sales growth on top of strong results last year.

Petal & Pup 擴大的全通路影響力超出了預期，為持續成長和品牌擴張奠定了基礎。借鑒 Petal & Pup 的成功經驗，我們的街頭服飾品牌 Minimal 在 Nordstrom.com 上進行了小測試。最後，Culture Kings US 在去年強勁業績的基礎上，又實現了兩位數淨銷售額強勁成長。

Turning now to more details on the second quarter, we generated $149 million of net sales, a 10% constant currency increase over last year, far exceeding our expectations. The momentum in the US business accelerated, with net sales growing 19.3% over the prior year period, reaching $95 million and accounting for 64% of net sales for the quarter, up from 54% last year. We remain very pleased by the accelerated strength we are seeing in the US region, which remains our fastest-growing and most profitable growth region.

現在轉向第二季的更多細節，我們實現了 1.49 億美元的淨銷售額，以固定匯率計算比去年增長 10%，遠遠超出了我們的預期。美國業務動能加速，淨銷售額較上年同期成長 19.3%，達到 9,500 萬美元，佔本季淨銷售額的 64%，高於去年的 54%。我們對美國地區的加速成長感到非常高興，該地區仍然是我們成長最快和利潤最高的成長地區。

Our success remains broad-based, with strong product acceptance across our brands, coupled with growing brand awareness and attracting many new customers. Our Australia and New Zealand region results sequentially improved, ending the period with a net sales year-over-year contraction of only 5%.

我們的成功仍然是廣泛的，我們的品牌的產品接受度很高，品牌知名度不斷提高，吸引了許多新客戶。我們的澳洲和紐西蘭地區業績連續改善，截至該期間淨銷售額年僅收縮 5%。

With a combination of reduced inventories in the region and our shift to a test-and-repeat merchandising strategy, we expect to experience second half year-over-year gross margin expansion. And as I mentioned, our operating performance well exceeded the high end of our expectations as we registered adjusted EBITDA of $8 million, a year-over-year increase of 44%.

隨著該地區庫存的減少以及我們向測試重複銷售策略的轉​​變，我們預計下半年毛利率將同比增長。正如我所提到的，我們的經營業績遠遠超出了我們的預期上限，調整後 EBITDA 為 800 萬美元，年增 44%。

Looking at our first-half performance, our momentum is accelerating, and our results are being fueled by the transformational work we started in 2023. We registered first-half year-over-year net sales growth of 3.6% with strong flow-through, resulting in EBITDA growth of 15%.

看看我們上半年的表現，我們的勢頭正在加速，我們的成果正在受到我們2023年開始的轉型工作的推動。我們上半年淨銷售額年增 3.6%，現金流強勁，EBITDA 成長 15%。

Although there is much work ahead of us, with our strong first-half results, I'm even more confident in the opportunity we see in the US to expand our brand portfolio and total addressable market. We are committed to our strategic priorities as we continue to build on our portfolio of next-generation brands for the next generation of consumers.

儘管我們還有很多工作要做，但憑藉我們上半年的強勁業績，我對我們在美國看到的擴大我們的品牌組合和整體目標市場的機會更加充滿信心。我們致力於我們的策略重點，繼續為下一代消費者打造下一代品牌組合。

Just as in our first-quarter call, I will take a moment to reiterate our strategic operating framework for 2024, including our three key strategic priorities. Priority number one, retain existing and attract new customers. Over the last 12 months, we added 420,000 new customers, which included the addition of 180,000 new customers during the second quarter, resulting in our active customers for the quarter increasing by nearly 12% over the prior year.

正如我們在第一季電話會議中一樣，我將花點時間重申我們 2024 年的策略營運框架，包括我們的三個關鍵策略重點。第一要務是保留現有客戶並吸引新客戶。在過去 12 個月裡，我們新增了 42 萬新客戶，其中第二季新增了 18 萬名新客戶，導致本季的活躍客戶比去年同期成長了近 12%。

As our teams remain disciplined in adhering to our test-and-repeat merchandising approach and staying close to our customers, our level of product newness has never been higher. Our assortments are strongly resonating, enabling a greater level of full-price selling, which is fueling expanded gross margin results. We're very pleased with the quality and composition of our inventory, and marketing efforts are yielding strong return on investments, positioning us well for continued active customer growth across our brand portfolio.

由於我們的團隊始終嚴格遵守測試和重複的銷售方法並與客戶保持密切聯繫，因此我們的產品新穎性達到了前所未有的水平。我們的產品種類引起了強烈反響，從而實現了更高水準的全價銷售，從而推動了毛利率的擴大。我們對庫存的品質和組成非常滿意，行銷工作正在產生強勁的投資回報，使我們能夠在我們的品牌組合中實現持續活躍的客戶成長。

Priority number two, we remain committed to showing up for our customers wherever they choose to shop with us. In addition to enhancing our online channels, we continue to test and expand our omni-channel strategies, including experiential stores, wholesale, and marketplaces.

第二要務是，我們仍然致力於為客戶提供服務，無論他們選擇在我們這裡購物。除了增強我們的線上管道外，我們還繼續測試和擴展我們的全通路策略，包括體驗店、批發和市場。

I will touch on each of our omni-channel strategies by brand momentarily, but I'm pleased to report that we are seeing success across all channels of distribution, another clear signal that our brands are meaningfully underpenetrated in the US market. As our awareness increases, we continue to expand our total addressable market.

我將暫時按品牌討論我們的每一個全通路策略，但我很高興地報告，我們在所有分銷管道上都取得了成功，這是我們的品牌在美國市場的滲透率明顯不足的另一個明顯信號。隨著我們意識的提高，我們將繼續擴大我們的潛在市場總量。

Priority number three, continue to streamline our operations to deliver financial benefits. The strong second quarter flow-through in which our net sales growth of 9.5% contributed to adjusted EBITDA growth of 44% as compared to the same period in the prior year, showcases our ability to drive outsized profitability.

第三要務是繼續簡化我們的營運以帶來經濟效益。第二季的強勁現金流，我們的淨銷售額成長了 9.5%，調整後的 EBITDA 與去年同期相比成長了 44%，這表明我們有能力推動超額獲利。

This is a direct result of the transformational work we started in 2023 as well as the instilled culture to always look for ways to improve overall efficiencies, share best practices and leverage the a.k.a platform to drive additional improvements in our results.

這是我們在 2023 年開始的轉型工作的直接結果，也是我們灌輸的文化的直接結果，即始終尋找提高整體效率的方法、分享最佳實踐並利用又名平台來推動我們成果的進一步改進。

Now let me share some highlights from our brands. Our largest brand, Princess Polly, which focuses on trend-based fashion targeting Gen Z and millennial women posted another strong quarter of growth.

現在讓我分享我們品牌的一些亮點。我們最大的品牌 Princess Polly 專注於針對 Z 世代和千禧世代女性的潮流時尚，該品牌又實現了強勁的季度增長。

Princess Polly strong second quarter performance was broad-based with particular strength in dresses. We're also very pleased with the brand's category expansion efforts, including our newest product launches in sleepwear, loungewear, and active work. And just in time for back to college, Prince Polly is now offering an assortment of everyday vents such as fleets, quarters of sweatshirts, shorts and more.

波莉公主第二季度的強勁表現涉及廣泛領域，尤其是服裝領域。我們也對品牌的品類擴張努力感到非常滿意，包括我們在睡衣、家居服和運動服領域推出的最新產品。正好趕上回到大學，Prince Polly 現在推出了各種日常通風透氣產品，例如短裙、運動衫、短褲等。

I am also pleased to report that approximately 35% of the brand's new styles were made with lower environmental impact materials, which is up from 30% a year ago. Same close to our customers focusing on product innovation and leveraging our test and repeat model to provide fresh, new, and affordable merchandise daily remain key brand tenets of the Princess Polly DNA which continues to fuel a high level of product newness and a higher hit rate on winners.

我還很高興地報告，該品牌大約 35% 的新款式採用對環境影響較低的材料製成，這一比例高於一年前的 30%。同樣貼近客戶，專注於產品創新，並利用我們的測試和重複模型每天提供新鮮、新穎且價格實惠的商品，這仍然是波莉公主DNA 的關鍵品牌宗旨，繼續推動高水平的產品新穎性和更高的命中率關於獲勝者。

Shifting to physical stores. We believe stores serve as a powerful customer acquisition tool and provide customers unique and immersive brand experience, creating a halo effect beyond each store, expanding our surrounding digital reach.

轉向實體店。我們相信商店是強大的客戶獲取工具，可為客戶提供獨特且身臨其境的品牌體驗，在每家商店之外創造光環效應，擴大我們周圍的數位覆蓋範圍。

Princess Polly's first store opening in Century City, LA, back in September 2023 continues to perform strongly. We're excited for the five new Princess Polly store openings expected to occur in the second half of 2024 and with two schedules in the third quarter and three in the fourth quarter, all in time for the holiday season.

波莉公主於 2023 年 9 月在洛杉磯世紀城開設的第一家商店繼續表現強勁。我們對 2024 年下半年預計將開設 5 家波莉公主新店感到興奮，其中 2 家計劃在第三季度，3 家在第四季度，所有這些都在假期期間進行。

The team remains focused on developing and executing unique in-store immersive brand experiences, engaging influencers, college ambassadors and customers all designed to expand Princess Polly's brand awareness and attract new to file customers to the brand. Headlands our other women's fashion brand focused on elevated trends and event-based fashion for all of the little and big moments in her life with more than 70% of the customers between the age of 25 to 34.

團隊仍然專注於開發和執行獨特的店內沉浸式品牌體驗，吸引影響者、大學大使和客戶，所有這些都是為了擴大波莉公主的品牌知名度並吸引新客戶加入品牌。Headlands 是我們的另一個女性時尚品牌，專注於提升潮流和基於活動的時尚，適合她一生中的所有大小時刻，超過 70% 的顧客年齡在 25 至 34 歲之間。

Petal & Pup second quarter performance was outstanding, with particular acceleration and strength across the brand's omnichannel efforts. Petal & Pup is now being offered on nordstrom.com, macys.com, and target.com, and the brand saw a significant uptake in new default customers in the second quarter, in part fueled by the fact that a high percentage of their omnichannel customers or first-time branch shoppers, which bodes well for continued brand growth.

Petal & Pup 在第二季業績非常出色，品牌的全通路努力尤其加速和強勁。Petal & Pup 現已在 Nordstrom.com、macys.com 和 target.com 上提供，該品牌在第二季度新預設客戶數量顯著增加，部分原因是其全通路客戶比例很高客戶或首次在分店購物的人，這預示著品牌的持續成長。

We remain very pleased with Petal's launch as a modern romance or wedding collection and the May launch of Eurodiaries collection, with many styles selling out in the first few weeks. Although dresses represent the dominant portion of the category mix, the growing appeal of Petal & Pup is a lifestyle brand sets the stage for expanded product tests in the near future that could further accelerate the brand reach widening the total addressable market.

我們對 Petal 作為現代浪漫或婚禮系列的推出以及 5 月推出的 Eurodiaries 系列感到非常滿意，許多款式在最初幾週內就售罄。儘管連身裙在品類組合中佔據主導地位，但 Petal & Pup 作為一個生活方式品牌日益增長的吸引力為在不久的將來擴大產品測試奠定了基礎，這可能會進一步加速品牌影響力，擴大整個潛在市場。

Turning now to our streetwear brands. As I mentioned earlier, Culture Kings US delivered another quarter of strong double-digit net sales growth on top of strong results last year. We remain thrilled with the consistent strong sales performance and forward profitability in the US flagship Las Vegas location as well as the growth in the online business.

現在轉向我們的街頭服飾品牌。正如我之前提到的，Culture Kings US 在去年強勁業績的基礎上，又實現了強勁的兩位數淨銷售額成長。我們對美國旗艦店拉斯維加斯店持續強勁的銷售業績和預期盈利能力以及在線業務的成長感到興奮。

Culture Kings is disrupting the streetwear market. There is simply nothing like the immersive experience of our Culture Kings store and our offerings across channel span a curated assortment from over 100 leading third party streetwear brands as well as a large and growing portfolio of in-house design brands and exclusive products that embody the relationship between music, sports, arts and fashion.

Culture Kings 正在顛覆街頭服飾市場。沒有什麼比我們的Culture Kings 商店帶來的身臨其境的體驗更好的了，我們跨渠道的產品涵蓋100 多個領先的第三方街頭服飾品牌的精選品種，以及龐大且不斷增長的內部設計品牌和體現文化的獨家產品組合。

Our first-party brands such as Lauder, American Thrift and Minimal continue to be top performers with first-party brands accounting for more than 50% of total Culture Kings US sales. On the engagement front, Culture King has developed and hosted another phenomenal lineup of events in the second quarter.

我們的第一方品牌，如 Lauder、American Thrift 和 Minimal 繼續表現最佳，第一方品牌佔 Culture Kings 美國總銷售額的 50% 以上。在參與方面，文化之王在第二季度開發並舉辦了另一場精彩的活動。

Ahead of EDC weekend, one of the largest electronic music festivals in the world, CK teams up with heat DJ, Metrola web and Insomniac records for an incredible live DJ set on the ground floor of the Las Vegas flagship store. For the Milestone USC300 event, CK launched an exclusive capsule collection in collaboration with UFC and also created a one-of-a-kind varsity jacket with celebrity designer, Jeff Hamilton.

在世界上最大的電子音樂節之一 EDC 週末之前，CK 與 heat DJ、Metrola web 和 Insomniac Records 合作，在拉斯維加斯旗艦店一樓舉辦了令人難以置信的現場 DJ 表演。為了紀念 Milestone USC300 賽事，CK 與 UFC 合作推出了獨家膠囊系列，並與名人設計師 Jeff Hamilton 合作打造了一款獨一無二的校隊夾克。

Culture King is also teamed up again with Lyrical Lemonade Summer Smash festival in Chicago with another limited edition merchandise collaboration. Going deeper on Minimal, Minimal spring collection achieved record-breaking seasonal sales highlighting Minimal’s ability to swiftly identify and deliver on emerging customer demand and bring fresh ideas to market faster than traditional brands.

Culture King 也再次與芝加哥 Lyrical Lemonade Summer Smash 音樂節合作，推出另一款限量版商品。深入了解 Minimal，Minimal 春季系列取得了破紀錄的季節性銷售記錄，突顯 Minimal 能夠快速識別和滿足新興客戶需求，並比傳統品牌更快地將新鮮創意推向市場。

Following a successful spring and summer test phase with retailer DTLR, minimal effect to expand to all of their locations in August, representing a major step for minimal wholesale strategy. As I mentioned, minimal launched on Nordstrom.com in July with a limited number of SKUs.

繼與零售商 DTLR 成功進行春季和夏季測試階段後，8 月擴展到所有地點的影響微乎其微，這是最小批發策略的重要一步。正如我所提到的，minimal 於 7 月在 Nordstrom.com 上推出，SKU 數量有限。

Initial selling is strong, and we look forward to potentially expanding the SKU availability over the coming quarters. We remain bullish on our streetwear brand long-term growth potential in the US as well as globally. Now, I'll provide more detail on the P&L before taking your questions.

初始銷售強勁，我們期待在未來幾季擴大 SKU 的供應量。我們仍然看好我們的街頭服飾品牌在美國乃至全球的長期成長潛力。現在，在回答您的問題之前，我將提供有關損益表的更多詳細資訊。

For the second quarter, as I mentioned, net sales increased 9.5% to $149 million and 10.1% on a constant currency basis compared to the same period last year, driven by strength in our US business, in which net sales increased 19.3% compared to the second quarter of last year.

正如我所提到的，第二季度的淨銷售額增長了9.5%，達到1.49 億美元，與去年同期相比，按固定匯率計算增長了10.1%，這得益於我們美國業務的強勁增長，其中淨銷售額與去年同期相比成長了19.3%。

We also experienced meaningfully sequential improvements as our brands gained momentum in the US. While we saw softer sales in Australia and New Zealand as compared to the second quarter of 2023, ending down 5% for the period, sales trends generated significant sequential improvement.

隨著我們的品牌在美國勢頭強勁，我們也經歷了有意義的連續改進。雖然我們看到澳洲和紐西蘭的銷售較 2023 年第二季疲軟，期間下降了 5%，但銷售趨勢較上季出現了顯著改善。

Net sales in the rest of the world declined 1.5% as compared to the second quarter of last year. Total orders for the second quarter were $1.9 million, increasing 16.4% as opposed to the second quarter last year. In the US, we saw order growth of 31%, driven by the impact of our US stores and omni-channel initiatives, which was offset by lower demand in the Australia and New Zealand region, where orders declined 7%.

與去年第二季相比，全球其他地區的淨銷售額下降了1.5%。第二季訂單總額為190萬美元，較去年第二季成長16.4%。在美國，受美國商店和全通路計畫影響的推動，我們的訂單增加了 31%，但澳洲和紐西蘭地區的需求下降抵消了這一成長，該地區的訂單下降了 7%。

As I mentioned, our trailing 12-month active customer count rose to $4 million by the end of the second quarter, a 12% increase compared to a year ago. Our second quarter average order value was $78, down 4.9% compared to the second quarter last year due to softer sales in Australia and New Zealand and the actions we've taken to improve our inventory position at Culture Kings in Australia and move them to our test a repeat merchandising model.

正如我所提到的，到第二季末，我們過去 12 個月的活躍客戶數量已增至 400 萬美元，比一年前增加了 12%。我們第二季的平均訂單價值為78 美元，比去年第二季下降4.9%，這是由於澳洲和紐西蘭的銷售疲軟以及我們採取的行動來改善澳洲Culture Kings 的庫存狀況並將其轉移到我們的倉庫。

Turning now to profitability. Gross margin expanded 80 basis points in the second quarter to 57.7% compared to 56.9% in the same period last year, driven by lower airfreight costs and strong full price selling. This was slightly offset by the channel mix shift to wholesale and planned promotions at Culture Kings Australia. Selling expenses were $41.2 million, compared to $35.9 million in the second quarter of 2023.

現在轉向獲利能力。在空運成本下降和全價銷售強勁的推動下，第二季毛利率擴大了 80 個基點，達到 57.7%，而去年同期為 56.9%。這被通路組合轉向批發和澳洲文化之王計畫的促銷活動所略微抵消。銷售費用為 4,120 萬美元，而 2023 年第二季為 3,590 萬美元。

Selling expenses were 27.7% of net sales, compared to 26.4% a year ago due primarily to the impact from growing marketplace initiatives and additional stores. Marketing expenses in the quarter were flat year-over-year.

銷售費用佔淨銷售額的 27.7%，而去年同期為 26.4%，這主要是由於不斷增長的市場計劃和更多商店的影響。該季度的營銷費用與去年同期持平。

As a percentage of net sales, marketing expenses leveraged 120 basis points to 12.3%, compared to 13.5% in the second quarter of 2023. We experienced enhanced marketing efficiencies driven by strong performance at Petal & Pup, Princess Poly and Culture Kings US as well as leverage from higher sales at wholesale and in stores.

行銷費用佔淨銷售額的百分比上升了 120 個基點，達到 12.3%，而 2023 年第二季為 13.5%。在 Petal & Pup、Princess Poly 和 Culture Kings US 的強勁業績以及批發和商店銷售額增長的推動下，我們的行銷效率得到了提高。

General and administrative expenses were $25.9 million, compared to $24.2 million in the second quarter of 2023. As a percentage of net sales, G&A expenses decreased to 17.4% from 17.8% in the second quarter of last year due to leverage from higher net sales.

一般及管理費用為 2,590 萬美元，而 2023 年第二季為 2,420 萬美元。由於淨銷售額增加的槓桿作用，一般及行政費用佔淨銷售額的百分比從去年第二季的 17.8% 下降至 17.4%。

We delivered adjusted EBITDA of $8 million compared to $5.6 million in the same period last year, ahead of expectations. Adjusted EBITDA margin for the second quarter of 2024 increased 130 basis points to 5.4% compared to 4.1% in the same period last year.

我們的調整後 EBITDA 為 800 萬美元，而去年同期為 560 萬美元，超出預期。2024 年第二季調整後 EBITDA 利潤率成長 130 個基點，達到 5.4%，去年同期為 4.1%。

Turning now to the balance sheet. We ended the quarter with $25.5 million in cash and cash equivalents, debt totaling $106.9 million at the end of the quarter compared to $120 million a year ago. On inventory, we ended the quarter with $107 million in inventory, flat with a year ago. During the quarter, we made continued progress reducing our culturing inventory levels and we are comfortable with our inventory levels as our investments are in our strongest trading brands.

現在轉向資產負債表。本季末，我們的現金和現金等價物為 2,550 萬美元，季末債務總額為 1.069 億美元，而去年同期為 1.2 億美元。在庫存方面，本季末我們的庫存為 1.07 億美元，與去年同期持平。本季度，我們在降低培養庫存水準方面取得了持續進展，並且我們對庫存水準感到滿意，因為我們投資於我們最強大的貿易品牌。

A quick update on our stock repurchase program. In the second quarter, we repurchased 11,046 shares for a total cost of approximately [$100,000]. As of the end of the quarter, we have [$1.7 million] remaining in our share repurchase authorization.

我們的股票回購計劃的快速更新。第二季度，我們回購了 11,046 股股票，總成本約為[100,000 美元]。截至本季末，我們的股票回購授權尚有 [170 萬美元]。

Now turning to our outlook for 2024. Given the strength in our first half results, we are adjusting our outlook and now expect to deliver between $560 million to $565 million in net sales for the full year. For the year, we expect gross margin between 56% and 57%, and we anticipate selling expenses to be approximately 27% of net sales and marketing expenses of approximately 12.5%. We expect G&A expense between $100 million and $110 million for the full year 2024.

現在轉向我們對 2024 年的展望。鑑於上半年業績強勁，我們正在調整前景，目前預計全年淨銷售額將在 5.6 億至 5.65 億美元之間。我們預計今年的毛利率將在 56% 至 57% 之間，我們預計銷售費用約為淨銷售費用的 27%，行銷費用約為 12.5%。我們預計 2024 年全年的一般管理費用將在 1 億至 1.1 億美元之間。

As a reminder, as we continue to expand into other channels, such as wholesale and marketplace, we expect it will impact the composition of our expenses. While the EBITDA contributions are similar to a core business, our wholesale and marketplace initiatives have lower gross margin with a corresponding benefit in selling and marketing expenses. We expect to see more of an impact in the back half of 2024 as these channels grow.

提醒一下，隨著我們繼續擴展到其他管道，例如批發和市場，我們預計這將影響我們的支出組成。雖然 EBITDA 貢獻與核心業務相似，但我們的批發和市場計劃的毛利率較低，因此在銷售和行銷費用方面具有相應的優勢。隨著這些管道的成長，我們預計將在 2024 年下半年看到更大的影響。

For the year, we now expect adjusted EBITDA of between $20 million and $22 million, weighted average diluted share count of $10.6 million, capital expenditures between $12 and $14 million, and an effective tax rate of 10%.

目前，我們預計今年調整後的 EBITDA 為 2,000 萬至 2,200 萬美元，加權平均稀釋股份數為 1,060 萬美元，資本支出為 1,2 至 1,400 萬美元，有效稅率為 10%。

For the third quarter, we expect net sales between $141 million and $145 million, and adjusted EBITDA of between $6 million and $7 million. In summary, as you've heard, we delivered a very strong quarter with double-digit constant currency top-line growth with healthy flow-through, resulting in EBITDA growth of 44% over the prior year period.

我們預計第三季的淨銷售額將在 1.41 億美元至 1.45 億美元之間，調整後的 EBITDA 將在 600 萬美元至 700 萬美元之間。總而言之，正如您所聽到的，我們的季度表現非常強勁，貨幣收入保持兩位數的恆定增長，資金流狀況良好，EBITDA 較上年同期增長 44%。

The transformational work we started in 2023, combined with our culture of innovation, is driving meaningful improvement across the business. We remain committed to building our portfolio of next-generation brands for the next generation of consumers, while being relentlessly focused on executing our strategic priorities to enable a.k.a Brands to fuel consistent, long-term, profitable growth, capitalizing on the tremendous opportunity we see to expand our total addressable market.

我們在 2023 年開始的轉型工作與我們的創新文化相結合，正在推動整個業務的有意義的改進。我們仍然致力於為下一代消費者打造下一代品牌組合，同時堅持不懈地專注於執行我們的戰略重點，使 a.k.a Brands 能夠推動持續、長期、盈利的增長，充分利用我們看到的巨大機遇擴大我們的總目標市場。

We operate with the mindset of continuous improvement. So while we recognize there is more work ahead of us, we're encouraged and motivated by the momentum in our business, and I'm excited to continue executing our strategies as we head into the back half of the year.

我們以持續改善的心態開展業務。因此，雖然我們認識到我們還有更多的工作要做，但我們的業務勢頭使我們受到鼓舞和激勵，我很高興在進入今年下半年時繼續執行我們的策略。

Now, I will open up the call to your questions.

現在，我將打開電話詢問大家的問題。

Thank you. We will now conduct a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

Yeah, thanks a lot, and good evening. You guys are seeing a lot of success with the multi-channel approach you've been undertaking, whether it's stores, wholesale and obviously DTC with the e-comm. I guess my question is, if you kind of think about over the next few years, let's say the next three years to five years, how do you think about the optimal channels kind of mix in the business if we were to think through over those next few years? That would be super helpful. Thanks.

是的，非常感謝，晚上好。你們已經看到，你們一直在採取的多通路方法取得了巨大的成功，無論是商店、批發還是電子商務的 DTC。我想我的問題是，如果您考慮未來幾年，比如說未來三年到五年，如果我們要考慮這些，您如何考慮業務中的最佳管道組合未來幾年？那會非常有幫助的。謝謝。

Yeah. Thanks, Randy. I appreciate the question. I think, yeah, we are seeing just really nice success. I think we're really happy to see the progress and the results from the transformation work we really started, I suppose, over the last couple of years. With overall sales up 9.5% and the US up 19%. I think as we think about those different channels, I feel we really look to them. If there are opportunities to elevate our brands and if the economics are at the level we expect them to be, we're happy to lean into those channels.

是的。謝謝，蘭迪。我很欣賞這個問題。我想，是的，我們看到了非常好的成功。我認為我們真的很高興看到我們在過去幾年中真正開始的轉型工作所取得的進展和成果。整體銷售額成長 9.5%，美國成長 19%。我認為當我們考慮這些不同的管道時，我覺得我們真的很關注它們。如果有機會提升我們的品牌，並且經濟效益達到我們預期的水平，我們很樂意利用這些管道。

If it's missing one of those two things, we won't. I think we've learned a lot from the tests that we've done over the last 12 months or 18 months, I think and where did we see just tremendous opportunities across the brands. I think the culturing store in Vegas is doing really well. The Poly store is ahead of expectations on sales and profits and Petlin pop is just a really strong performance as they have leaned into some of these wholesale opportunities.

如果缺少這兩件事之一，我們就不會。我認為我們從過去 12 個月或 18 個月所做的測試中學到了很多東西，我認為我們在哪裡看到了各個品牌的巨大機會。我認為維加斯的文化商店做得非常好。Poly 商店的銷售額和利潤超出了預期，而 Petlin pop 的表現非常強勁，因為他們已經抓住了其中一些批發機會。

I think, look, we're going to continue to drive into those. I think long term, we certainly feel that we're still going to be predominantly a direct-to-consumer business, but we certainly see opportunities for us to continue with all of the brands kind of expanding into these omnichannel opportunities and just continuing to lean into kind of really strong profitable growth across each of the brands.

我想，看，我們將繼續推進這些工作。我認為從長遠來看，我們當然認為我們仍將主要是直接面向消費者的業務，但我們當然看到了我們繼續所有品牌擴展到這些全通路機會的機會，並繼續每個品牌都致力於實現真正強勁的獲利成長。

Super helpful. My last question is when we look at the landscape out there in apparel, one thing that is starting to kind of become more clear is the fashion-based businesses are almost starting to come back, your business, revolve, et cetera, while we're starting to see continued deceleration in the athleisure athletic type businesses.

超有幫助。我的最後一個問題是，當我們審視服裝領域的前景時，有一件事開始變得更加清晰，那就是基於時尚的業務幾乎開始捲土重來，你的業務、旋轉等等，而我們'我們開始看到運動休閒運動類型業務的持續減速。

So it looks like there's a real fashion shift happening in a big way. Are you seeing that? Is that partly why that's kind of coming on a more tailwind to your business in addition to just better product, better execution, et cetera. Just your thoughts on the kind of the fashion environment would be super helpful as well.

所以看起來時尚正在發生一場真正的重大轉變。你看到了嗎？這就是為什麼除了更好的產品、更好的執行等之外，這對你的業務來說會帶來更大的推動力嗎？只要您對時尚環境的想法也會非常有幫助。

Yeah. Thanks, Randy. Look, I think we're very fortunate that we've four great brands that people love. I think within that for each of the brands, pretty much all of the product that they have is proprietary and exclusive to us. So I think one of the big advantages that we have is just our product just being exclusive.

是的。謝謝，蘭迪。聽著，我認為我們非常幸運，我們有四個深受人們喜愛的偉大品牌。我認為對於每個品牌來說，他們擁有的幾乎所有產品都是我們專有的和獨家的。所以我認為我們擁有的一大優勢就是我們的產品是獨一無二的。

I think then just the kind of the power of the test and repeat model, I think we clearly see it in the business. We clearly see the brands. And when you're able to stay so close to being on trend, you can really lean into what you see is just being really resonating with customers and you can do that from a merchant perspective, but also has huge benefits as you look from a marketing perspective as well.

我認為，我們在業務中清楚地看到了測試和重複模型的力量。我們清楚地看到品牌。當你能夠如此接近潮流時，你可以真正依靠你所看到的真正與客戶產生共鳴，你可以從商家的角度做到這一點，但從商家的角度來看，也有巨大的好處行銷角度也是如此。

And I think, look, we see that resonating with our customers with our active customers are up 12% year-over-year, nearly 420,000 customers. I think we've seen broad-based kind of success, really, I would say, across the categories, Randy.

我認為，我們看到，與我們的客戶產生共鳴的活躍客戶年增了 12%，接近 42 萬客戶。我認為我們已經看到了廣泛的成功，真的，我想說，跨類別，蘭迪。

Certainly for Princess poly, petal and pulp, they are both very strong in dresses, and we certainly saw a lot of success there in Q2, but also really happy with the new category expansion print it probably has done in the first quarter and is continuing to do into lounge where sleep or other areas. I think we feel there's a lot of opportunities and I think just leveraging on that test and repeat model, really listening to the customer is going to continue to pay advantages in the future.

當然，對於公主聚酯纖維、花瓣和紙漿來說，它們在連身裙方面都非常強大，我們當然在第二季度看到了巨大的成功，但也對它可能在第一季度完成並正在繼續的新類別擴展印花感到非常滿意做進休息室或其他睡覺的地方。我認為我們覺得有很多機會，而且我認為只要利用測試和重複模型，真正傾聽客戶的意見，未來就會繼續帶來優勢。

Super helpful. Thanks so much.

超有幫助。非常感謝。

Eric Beder, SCC Research.

貝爾德 (Eric Beder)，SCC 研究中心。

Good afternoon. Congratulations on the upside for the quarter.

午安.恭喜本季的成長。

Thanks, Eric.

謝謝，埃里克。

I want to talk about Culture Kings. So we are entering the period now where you're going to be shifting that business over to the test and repeat mode. How should we be thinking about the opportunities for that going forward? And how does that work in respect with the exclusive and the first and third-party providers to the brand?

我想談談文化之王。因此，我們現在正在進入一個時期，您將把業務轉移到測試和重複模式。我們該如何思考未來的機會？對於該品牌的獨家供應商、第一供應商和第三方供應商來說，這是如何運作的？

Yeah, sure. Thanks, Eric. I think, look, we're really happy with the progress that Culture Kings continues to make. And as I talked in my prepared remarks, it continues to be up double-digits in the US on top of strong results last year. We see tremendous opportunity for us.

是的，當然。謝謝，埃里克。我認為，看，我們對文化之王持續取得的進展感到非常高興。正如我在準備好的演講中所說，繼去年的強勁業績之後，美國的銷售額繼續以兩位數成長。我們看到了巨大的機會。

It is -- we're making nice progress moving their first-party brands to test and repeat. And just as a reminder, that's about 50% of their revenue comes from those first-party brands and really seeing strong response from customers from Lloyds or [Caray] or what they're doing in their T-shirt and printable business is going really strong.

我們在測試和重複他們的第一方品牌方面取得了很大進展。提醒一下，他們大約50% 的收入來自這些第一方品牌，並且確實看到來自Lloyds 或[Caray] 的客戶的強烈反響，或者他們在T 恤和可打印業務中所做的事情真的正在取得進展強的。

I think as we think about that heading into the back half of the year, we are focused on from that change on test and repeat is very much focused on margin expansion in the back half. We do know we're up against strong promotional activity we took last year to rightsize Culture Kings inventory. So that will be somewhat of a headwind, but are expecting to get margin expansion.

我認為，當我們考慮進入今年下半年時，我們將重點放在測試和重複方面的變化，並專注於下半年的利潤擴張。我們確實知道我們面臨著去年為調整文化之王庫存規模而採取的強有力的促銷活動。因此，這將是一定程度的阻力，但預計利潤率將擴大。

I think as we see kind of the progress they're making on test to repeats, it's we see it working. For each week you're bringing on new products, you're picking the winners and then repeating into them. So I think it takes time to build that cohort of winners, right? And can take quite a bit of time, but it's just a really powerful flywheel when it gets going. And we see the benefit it has across our three brands and are certainly kind of going to continue to lean into it. And are happy with the progress Culture Kings are making.

我認為，當我們看到他們在重複測試方面取得的進展時，我們看到它正在發揮作用。每週推出新產品時，您都會挑選出獲勝者，然後重複使用它們。所以我認為建立獲勝者隊伍需要時間，對嗎？可能需要相當長的時間，但當它啟動時，它只是一個非常強大的飛輪。我們看到了它對我們三個品牌的好處，並且肯定會繼續依賴它。對文化之王所取得的進展感到高興。

Great. And in terms of Princess Polly, I know you added the new stores to the mix. What should we be for people of Century City stores? What is going to change in these other stores. That was a great test. It really continues to do really well. What's going to be the evolution out of the Princess Polly store as we see these new other ones come on?

偉大的。就波莉公主而言，我知道您新增了新商店。對於世紀城店的人來說，我們該做什麼？這些其他商店將會發生什麼變化。那是一個很好的考驗。它確實繼續表現得很好。當我們看到這些新的商店出現時，波莉公主商店會發生什麼演變？

Yeah. I think we're really excited to continue to expand Princess Polly to Princess Polly stores. The LA store has done really well is one of the drivers of -- and kind of one of the drivers and also just helps build awareness for Princess Poly from an online perspective as well. And a key part of the driver of that [90%] growth in the US that we saw last quarter.

是的。我認為我們非常高興能夠繼續將波莉公主擴展到波莉公主商店。洛杉磯商店做得非常好，是推動因素之一，也是推動因素之一，也有助於從線上角度提高保利公主的知名度。這是我們上季度看到的美國 [90%] 成長的關鍵驅動因素。

I think, Polly, that's their first store. They've learned a loss just from a merchandising perspective, the studies of the store, the new stores will be bigger than that ALA store and certainly changed from a visual merchandising perspective, expecting to put in more SKUs and really see how do they think that really compelling online experience that they have, leveraging that test repeat model, not just having newness online each week, but also newness in the store each week.

我想，波莉，那是他們的第一家店。他們僅僅從商品陳列的角度就已經嚐到了損失，對商店的研究，新店會比ALA商店更大，而且從視覺陳列的角度肯定會發生變化，期望投入更多的SKU，真正看看他們是怎麼想的他們擁有真正引人注目的線上體驗，利用測試重複模型，不僅每週都有新的線上內容，而且每週都有新的商店內容。

They see that customers are coming back each week to see to experience it in real life. So there are some of the changes. Look, I think it's great that the new plans to have. I think there's just huge opportunity for Princess Polly to continue executing and continue to build out their store footprint and really just introduce themselves to more and more new customers and get that halo in their online business as well.

他們發現客戶每週都會回來查看現實生活中的體驗。所以有一些變化。聽著，我認為新計劃很棒。我認為波莉公主有巨大的機會繼續執行並繼續擴大他們的商店足跡，並真正向越來越多的新客戶介紹自己，並在他們的線上業務中獲得光環。

Great. Good luck in the back half. Thank you.

偉大的。祝後半程好運。謝謝。

Thanks, Eric.

謝謝，埃里克。

Youssef Squali, Truist Securities.

優素福‧斯誇裡 (Youssef Squali)，Truist 證券公司。

Thank you. And Ciaran it's nice to see you guys do well. So congrats. A couple of questions. Maybe as you look at your performance this quarter versus Q1 and certainly throughout most of last year, what would you say were the two or three big unlocks this quarter that drove that performance maybe online versus offline, maybe your cross brands, certainly, geos I think the US has been clearly the outperformer.

謝謝。塞蘭，很高興看到你們表現出色。所以恭喜。有幾個問題。也許當您查看本季與第一季以及去年大部分時間的業績時，您會說本季推動業績成長的兩三個重大解鎖可能是線上還是線下，也許是您的跨品牌，當然，地理我認為美國顯然表現出色。

And then as I look at your Q3 guide, it basically implies a pre-maturity slowdown to something like 1% or 2% of the midpoint versus again, 9% or 10% in Q2. So what happened in Q2 that you don't certainly see happening in Q3.

然後，當我查看第三季指南時，它基本上意味著到期前放緩至中點的 1% 或 2%，而第二季則為 9% 或 10%。那麼，第二季發生的事情你在第三季肯定不會發生。

Sure. Thanks, Youssef. Yeah, look, I think we're really happy with that Q1 performance and certainly building on the actions we've been taking to over the last number of quarters. And just, I think, certainly, that US growth of 19%, a standout doing that with gross margins up 80% and inventory flat, just a great view of, I think, what this model can do.

當然。謝謝，尤瑟夫。是的，看，我認為我們對第一季的表現非常滿意，並且肯定會在我們過去幾季採取的行動的基礎上繼續發展。我認為，當然，美國的成長率為 19%，在毛利率上升 80% 且庫存持平的情況下，這一成績非常出色，我認為，這很好地體現了這種模式的作用。

I think as we think about the drivers, Youssef I would say, direct-to-consumer business was from a channel perspective, that the largest driver across the brands. And the various omni across the different brands coming up after that. From a brand perspective, I think Princess Poly is certainly very, very strong during the quarter, and we saw tremendous growth at Petal & Pup and on the omni-channel initiatives that they really leaned into.

我認為，當我們考慮驅動因素時，優素福我想說，直接面向消費者的業務是從通路角度來看的，這是跨品牌的最大驅動因素。此後出現了不同品牌的各種全能。從品牌角度來看，我認為保利公主在本季度確實非常非常強大，我們看到 Petal & Pup 以及他們真正傾向於的全通路計劃取得了巨大的成長。

I think as we think about the back half of the year really just the change in trend is we've promoted a period where we've been quite promotional in Australia to move through that Culture Kings inventory. I think you see kind of the comps somewhat improving there sequentially anyway in Q2.

我認為，當我們考慮今年下半年時，趨勢的變化實際上是我們在澳洲進行了相當大的促銷活動，以透過文化之王庫存。我認為無論如何，你會看到第二季的比較情況有所改善。

I think as we think of the back half, we feel like we're kind of -- we're predominantly past that and are more focused now on seeing that kind of gross margin expansion and really looking to for that in the back half of the year, certainly continuing to lean into the omnichannel opportunities, but do know it's more gross margin focused and that we do have probably a harder lap in the back half of last year when we were also very, very promotional, particularly in Australia.

我認為，當我們想到後半段時，我們覺得我們主要已經過去了，現在更專注於看到這種毛利率的擴張，並真正期待在後半段實現這一目標。利用全通路機會，但我們確實知道它更注重毛利率，去年下半年我們確實可能經歷了一段艱難的時期，當時我們也非常非常促銷，特別是在澳洲。

And then on the debt management, can you talk about any upcoming debt maturities and how you're planning on servicing them?

然後在債務管理方面，您能談談即將到期的債務以及您計劃如何償還這些債務嗎？

Yeah, sure. Our debt matures in September 2026. I think mid really, nice part was last year when we paid down $50 million of debt, about 35% there was some builds in the first half of this year as we leaned into some inventory at the stronger performing brands. It's also build there.

是的，當然。我們的債務將於 2026 年 9 月到期。我認為去年中期確實非常好的部分，當時我們還清了 5000 萬美元的債務，大約 35% 的債務在今年上半年進行了一些建設，因為我們傾向於表現更強勁的品牌的一些庫存。也建在那裡。

We do expect to pay down -- to continue to pay down or pay down more debt in the back half of this year. And certainly, we'll continue to do that going forward. We certainly don't want to be -- or look to be a highly leveraged business.

我們確實預計在今年下半年繼續償還或償還更多債務。當然，我們將繼續這樣做。我們當然不想成為——或者看起來成為一家高槓桿企業。

And I think, look, with the progress we've made now with EBITDA growing much faster than sales growth, up 44% year-over-year. And we certainly feel that the model is there where we can continue to pay down debt and bring our leverage.

我認為，看看我們現在取得的進展，EBITDA 的成長速度遠快於銷售成長，比去年同期成長 44%。我們當然認為這種模式可以讓我們繼續償還債務並發揮我們的槓桿作用。

That's great, Thank you very much.

太好了，非常感謝。

Ashley Owens, KeyBanc.

阿什利·歐文斯，KeyBanc。

Hi. Good afternoon. So just first, I want to talk about Australia and some of the choppiness there. Can you just talk about what's embedded in the forecast a bit and then based on the pressure, I guess, when are you kind of expecting that geography to return to growth? And how has that shifted at all? And then also just curious in terms of quarter-to-date trends, what you're seeing by region and by category as well.

你好。午安.首先，我想談談澳洲以及那裡的一些動盪。您能否簡單談談預測中包含的內容，然後根據壓力，我猜，您預計該地區何時會恢復成長？那麼這種情況又發生了怎樣的轉變呢？然後，我也對季度至今的趨勢感到好奇，以及您按地區和類別看到的情況。

Sure. Thanks, Ashley. Yeah. Look, I think certainly making progress in Australia. It was really nice to see the sequential improvement there. I think underneath that as well, we kind of see on just the day-to-day business, the progress Culture Kings are making moving on to that test and repeat model and how the newer product that they're bringing in is really resonating with customers, right?

當然。謝謝，阿什利。是的。看，我認為澳洲肯定會取得進展。很高興看到那裡的連續改進。我認為在這之下，我們也看到了日常業務、文化之王在測試和重複模式方面所取得的進展，以及他們引入的新產品如何真正引起共鳴。

And so for us, I think as we go into the back half of the year, we feel that should drive margin expansion and are certainly going to look to execute against that. And I think from a growth perspective, overall, look, we're really happy that the US is now 65% of the business, growing 19% in Q2. So I think really great progress there, which we will continue to lean into.

因此，對我們來說，我認為，當我們進入今年下半年時，我們認為這應該會推動利潤率擴張，並且肯定會尋求針對這一點執行。我認為從成長的角度來看，總的來說，我們真的很高興美國現在佔業務的 65%，第二季成長了 19%。所以我認為這方面確實取得了很大的進展，我們將繼續努力。

We do expect the comps in the back half to get worse from an Australian perspective, but really just because we're going to be more -- we've got a tougher lap and are more focused on margin expansion, and feel good about the guidance, and that is all contemplated in the guidance we've given for the back half of the year.

從澳洲的角度來看，我們確實預計後半段的比賽會變得更糟，但實際上只是因為我們會變得更艱難，並且更專注於利潤率擴張，並對指導，這都是我們在今年下半年給予的指導中考慮到的。

Okay. Great. And then I guess just on the Princess Polly stores again, as we look out to next year, how aggressive do you plan or want to in your rollout strategy for the brand. I guess, just in general, too, how many stores do you think you could see it growing over time. And then with that, anything if and when we should be expecting to see some more marketing to support these new stores?

好的。偉大的。然後我想再次在波莉公主商店，當我們展望明年時，您計劃或希望在該品牌的推出策略中採取多麼積極的行動。我想，一般來說，您認為隨著時間的推移，有多少家商店可以看到它的成長。那麼，我們是否以及何時應該期待看到更多的行銷來支持這些新商店呢？

Sure. Yeah, I think, look, we feel that there's just tremendous opportunity for Princess Polly and for all the brands in the US, clearly on the Fannie Mae being up 19% in the US and such strong active customer growth of 12%, really looking forward to having these five new stores opened this year. I think that's somewhat the pacing we would look to going forward and we certainly want to be very selective in the store locations.

當然。是的，我認為，看，我們覺得波莉公主和美國所有品牌都有巨大的機會，顯然房利美在美國增長了 19%，活躍客戶增長了 12%，真的很明顯期待今年這五家新店開幕。我認為這在某種程度上是我們希望向前發展的節奏，我們當然希望在商店位置上非常有選擇性。

We really lean into the customer data that we already have and also talk to our customers just to make sure we're picking great locations that we feel we can be very successful with these stores, and for Princess Polly, that’s pretty much what I think from a pacing perspective. And certainly, I think huge opportunity from a direct-to-consumer perspective, but also just across all of I suppose the omnichannel opportunities.

我們確實依靠我們已經擁有的客戶數據，並與客戶交談，以確保我們選擇了我們認為可以在這些商店中取得非常成功的好位置，對於波莉公主來說，這幾乎是從節奏的角度來看我的想法。當然，我認為從直接面向消費者的角度來看，這是一個巨大的機會，也涵蓋了所有我認為的全通路機會。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

[Andrea Bonello], [Robotti].

[安德里亞·博內羅]，[羅博蒂]。

Hi, there. Thanks for taking my question. I was wondering, looking ahead to upcoming elections and potential concerns around tariffs on goods from China, how will you manage rises in tariffs, given that the majority of your third-party suppliers and manufacturers are based in China? Will we see this in changes in prices or shifting manufacturing to other countries? Thank you.

你好呀。感謝您提出我的問題。我想知道，展望即將到來的選舉以及對中國商品關稅的潛在擔憂，考慮到你們的大多數第三方供應商和製造商都位於中國，你們將如何應對關稅上漲？我們會在價格變動或將製造業轉移到其他國家中看到這一點嗎？謝謝。

Yeah. Thanks, Andrea. Look, I think we're very focused on the strategy we have and really leaning into the opportunity we have to grow these brands in the US. And I think with clear indication of just the opportunity we have across all of these brands and these omni opportunities.

是的。謝謝，安德里亞。聽著，我認為我們非常關注我們現有的策略，並真正抓住我們在美國發展這些品牌的機會。我認為，明確表明我們在所有這些品牌和這些全方位機會中擁有的機會。

As it comes to our supply chain, we're certainly very focused on this and we have some actions in test at the moment, looking to diversify our supply chain. They're progressing as we go through the quarter. And I think we can share more next quarter on the results of those and any changes we're making to our supply chain.

就我們的供應鏈而言，我們當然非常關注這一點，目前我們正在測試一些行動，希望使我們的供應鏈多樣化。隨著我們整個季度的進行，它們正在取得進展。我認為我們可以在下個季度分享更多有關這些結果以及我們對供應鏈所做的任何改變的資訊。

Thank you.

謝謝。

Thank you. At this time, I would like to turn the call back over to Mr. Long for closing comments.

謝謝。此時，我想將電話轉回給龍先生進行總結評論。

Yeah. Thank you all. Really appreciate your engagement with a.k.a. Brands. We feel we'll make many great progress on executing against our strategies and really demonstrating the progress we've made it at each of our brands, and also the enormous opportunity we have to scale these brands in a profitable way. Thank you for your time.

是的。謝謝大家。非常感謝您與又名品牌的合作。我們認為，我們將在執行策略方面取得巨大進展，並真正展示我們在每個品牌上取得的進展，以及我們以盈利方式擴展這些品牌的巨大機會。感謝您抽出時間。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. You may now be bigger than that disconnect.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。你現在可能比那種脫節更大了。