AKA Brands Holding Corp (AKA) 2025 Q1 法說會逐字稿

Greetings. Welcome to a.k.a. Brands Holding first quarter 2025 earnings conference call.

問候。歡迎參加 a.k.a. Brands Holding 2025 年第一季財報電話會議。

[Operator Instructions] I will now turn the conference over to our host, Emily Schwartz, Investor Relations. Thank you. You may begin.

[操作員指示] 現在，我將會議交給我們的主持人、投資者關係部門的 Emily Schwartz。謝謝。你可以開始了。

Good afternoon. Thank you for joining a.k.a. Brands to discuss our first quarter 2025 results released this afternoon, which can be found on our website at ir.akabrands.com. With me on the call today is Ciaran Long; Chief Executive Officer, and Kevin Grant; Chief Financial Officer.

午安.感謝您加入 a.k.a. Brands 討論我們今天下午發布的 2025 年第一季度業績，您可以在我們的網站 ir.akabrands.com 上查看。今天和我一起通話的是 Ciaran Long；首席執行官，以及 Kevin Grant；財務長。

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. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed. For further discussion of risks related to our business, please see our filings with the SEC.

在我們開始之前，我想提醒您注意公司的安全港語言。管理階層可能會做出前瞻性陳述，涉及預期、預測和對未來事件的其他描述，包括指導和基本假設。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。有關我們業務的風險的進一步討論，請參閱我們向美國證券交易委員會提交的文件。

Please note we assume no obligation to update any such forward-looking statements. This call will also contain non-gap financial measures such as adjusted EBITDA and adjusted EBITDA margin. Reconciliations of these non-gap measures to the most comparable GAAP measures are included in the release, furnished to the SEC, and available on our website. With that, I'll turn the call over to Kieron.

請注意，我們不承擔更新任何此類前瞻性陳述的義務。此次電話會議還將包含非差距財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些非差距指標與最具可比性的 GAAP 指標的對帳已包含在提供給美國證券交易委員會 (SEC) 的新聞稿中，並可在我們的網站上查閱。說完這些，我將把電話轉給 Kieron。

Good afternoon everyone, and thank you for joining us today to discuss our first quarter 2025 results. I'm pleased to report that we delivered a strong start to the year with outstanding first quarter performance that reflects our team's strong execution across our brands and business. This marks our fourth consecutive quarter of growth, underscoring the effectiveness of our strategic initiatives and operational discipline.

大家下午好，感謝您今天加入我們討論 2025 年第一季的業績。我很高興地報告，我們今年開局強勁，第一季業績出色，反映了我們團隊在品牌和業務方面的強大執行力。這是我們連續第四個季度實現成長，凸顯了我們的策略舉措和營運紀律的有效性。

Before reviewing the quarter, I want to acknowledge and thank our talented teams whose commitment to our brands and customers continue to drive our success. Their consistent performance has been instrumental in delivering these solid first quarter results and navigating the current environment.

在回顧本季之前，我想感謝我們才華橫溢的團隊，他們對我們的品牌和客戶的承諾繼續推動我們的成功。他們一貫的表現對於取得第一季的穩健業績和應對當前環境起到了重要作用。

Now let me share some highlights from the first quarter. We grew net sales approximately 12% on a constant currency basis to USD129 million with continued strength in the US, which grew 14%. As mentioned, this marks our fourth consecutive quarter of growth overall and the seventh consecutive quarter of growth in the US.

現在讓我分享一下第一季的一些亮點。以固定匯率計算，我們的淨銷售額成長了約 12%，達到 1.29 億美元，其中美國市場持續保持強勁成長，成長了 14%。如上所述，這標誌著我們整體業務連續第四個季度實現成長，也是美國業務連續第七個季度實現成長。

In the Australian and New Zealand region, we registered first quarter revenue growth of more than 6%. The success stems from a combination of the extensive strategic work our teams have been actioning in the region, particularly in the Culture King's brand, leveraging our highly effective test and repeat model and an improved macro environment.

在澳洲和紐西蘭地區，我們第一季的營收成長超過 6%。成功源自於我們的團隊在該地區的廣泛策略工作，特別是在 Culture King 品牌方面，利用我們高效的測試和重複模型以及改進的宏觀環境。

We strengthen our customer connections and deliver nearly 8% growth in our active customer base over the training 12 months, underscoring that demand for our brands is strong. Our omnichannel expansion plans are on track and exceeding expectations. Princess Polly opened its seventh store in [Soho] in the first quarter, which was their strongest opening to date, and early reads from Princess Polly and Petal and Pup's debuts [chainide at Nordstrom] are encouraging.

我們加強了與客戶的聯繫，並在 12 個月的培訓期間實現了活躍客戶群成長近 8%，這凸顯了對我們品牌的強勁需求。我們的全通路擴張計畫進展順利，超乎預期。第一季度，Princess Polly 在 [Soho] 開設了第七家店，這是迄今為止最強勁的一次開業，而 Princess Polly 和 Petal and Pup 在 [Nordstrom 的連鎖店] 首次亮相的早期數據也令人鼓舞。

And rounding out the quarter, benefiting from the strong top line growth, healthy gross margin performance, and continued operating discipline, we exceeded our profitability expectations and delivered USD2.7 million of adjusted EBITDA.

在本季末，受益於強勁的營收成長、健康的毛利率表現以及持續的經營紀律，我們超越了獲利預期，實現了 270 萬美元的調整後 EBITDA。

On the heels of the solid first quarter, I want to address the current microenvironment and the uncertainty surrounding trade and tariffs. As we approach the evolving trade policies, we continue to lean into our goals of building brands for the long term, delivering high quality fashion to our customers, and balancing growth and profitability. We're confident that our proactive approach, flexible business model, and speed of execution will allow us to navigate through this period and position us to emerge stronger on the other side.

在第一季表現穩健之後，我想談談當前的微觀環境以及圍繞貿易和關稅的不確定性。隨著我們應對不斷變化的貿易政策，我們將繼續致力於打造長期品牌、為客戶提供高品質時尚以及平衡成長和獲利的目標。我們相信，我們積極主動的方法、靈活的商業模式和執行速度將使我們能夠度過這段時期，並使我們在未來變得更加強大。

Let me walk you through a three-pronged approach to tariffs. First, we leverage our relationships and scale with our key partners in China to agree on discounts that allowed us to share the burden of the first round of tariffs. Second, over the past six months, we've been intensely working on diversifying our supply chain.

讓我向你們介紹一下解決關稅問題的三管齊下的方法。首先，我們利用與中國主要合作夥伴的關係和規模，就折扣達成一致，從而分擔第一輪關稅的負擔。第二，在過去的六個月裡，我們一直在努力實現供應鏈多元化。

We anticipate our US business will have minimal exposure to China in the fourth quarter, with production already shifting to countries such as Vietnam and Turkey. We are making this change in combination with our existing vendors who have operations outside of China and new partners that have a global footprint.

我們預計，第四季度我們的美國業務對中國的依賴將很小，因為生產已經轉移到越南和土耳其等國家。我們正在與在中國境外開展業務的現有供應商以及具有全球影響力的新合作夥伴共同進行這項變革。

We've teammates who are working on site in the new locations to ensure the quality of our products meets both our high standards and those of our customers. Lastly, where necessary, we have the ability to take strategic price increases, carefully designed to limit the impact on customer demand, uphold our commitment to accessible fashion and protect our margins.

我們的隊友正在新地點現場工作，以確保我們的產品品質既符合我們的高標準，也符合客戶的高標準。最後，在必要時，我們有能力採取策略性提價，精心設計以限制對客戶需求的影響，堅持我們對平易近人時尚的承諾並保護我們的利潤率。

Kevin will walk you through our outlook momentarily, but we continue to see solid demand trends in the first six weeks of the second quarter in line with our outlook for the year. The actions we're taking to diversify our supply chain are primarily focused on our US operations. We will leverage our non-US business to maintain our long-term vendor relationships that are based in China. Longer term this will allow us to leverage different regions as tariffs rebalance.

凱文將立即向您介紹我們的展望，但我們繼續看到第二季前六週的需求趨勢穩健，這與我們對今年的展望一致。我們為實現供應鏈多元化而採取的行動主要集中在美國業務。我們將利用我們的非美國業務來維持我們在中國長期的供應商關係。從長遠來看，這將使我們能夠在關稅重新平衡時利用不同地區。

We believe the actions we're taking will enhance our agility, resilience, and long-term competitiveness. We faced challenges before and we're well prepared to adapt as the landscape evolves. And as we've seen in the past, we come out stronger than before. While this work is well underway, we are committed to growing our brands for the near and long term. As a reminder, building on the success of last year, we laid out three key priorities for 2025, grounded in expanding our total addressable market.

我們相信，我們正在採取的行動將增強我們的敏捷性、彈性和長期競爭力。我們以前面臨過挑戰，我們已做好充分準備來適應情況的變化。正如我們過去所見，我們比以前更強大。雖然這項工作正在順利進行，但我們致力於近期和長期發展我們的品牌。提醒一下，基於去年的成功，我們制定了 2025 年的三大關鍵優先事項，旨在擴大我們的整體目標市場。

First, we will attract and retain customers on our direct consumer channels through on trend, exclusive merchandizing, and differentiated marketing strategies. In the first quarter, our merchandizing team successfully optimized our inventory mix to align with current trends and evolving customer preferences, and our innovative marketing approach deeply resonated with our customers, leading to solid growth in our direct consumer channels.

首先，我們將透過流行趨勢、獨家銷售和差異化行銷策略吸引和留住直接消費者管道的客戶。第一季度，我們的銷售團隊成功優化了庫存組合，以適應當前趨勢和不斷變化的客戶偏好，我們的創新行銷方法引起了客戶的深刻共鳴，從而推動了直接消費者管道的穩健成長。

Second, we will expand our brand awareness through physical retail and growing wholesale partnerships. Investments in our omnichannel expansion continue as planned, and as mentioned in the first quarter Princess Polly held its grand opening for its New York store, and both Princess Polly and Petal and Pup expanded to all Nordstroms. And lastly, we remain committed to streamlining our operations and strengthening our financial foundation.

其次，我們將透過實體零售和不斷增長的批發合作夥伴關係來擴大我們的品牌知名度。我們對全通路擴張的投資繼續按計劃進行，正如第一季所提到的，Princess Polly 為其紐約店舉行了盛大的開幕典禮，並且 Princess Polly 和 Petal and Pup 都擴展到了所有 Nordstroms。最後，我們將繼續致力於精簡營運並加強財務基礎。

I'm very proud of our ability to adapt to the rapidly changing macro environment while protecting the core of our business. We ended the first quarter with a healthy inventory position and improved operating cash compared to the same period last year. Now let me share some highlights from our brands from the first quarter as well as upcoming strategic drivers.

我對我們能夠適應快速變化的宏觀環境同時保護業務核心的能力感到非常自豪。與去年同期相比，我們第一季的庫存狀況良好，經營現金也有所增加。現在，讓我分享一下我們品牌在第一季的一些亮點以及即將到來的策略驅動力。

Starting with Princess Polly, the largest brand in our portfolio, which accounts for approximately 50% of the portfolio's revenue, Princess Polly is a leading fashion brand known for its trendor styles and strong connection with its next generation customers. With a growing digital business and expanding retail footprint, the brand continues to deliver strong performance, demonstrating its constant pulse on its customers' preferences. In the first quarter, Princess Polly's fashion forward approach capitalized on emerging trends in classic prints such as polka dots, gingham, and modern animal prints.

從我們投資組合中最大的品牌 Princess Polly 開始，該品牌約佔投資組合收入的 50%，Princess Polly 是一個領先的時尚品牌，以其潮流風格和與下一代客戶的緊密聯繫而聞名。隨著數位業務的成長和零售足跡的擴大，該品牌繼續保持強勁表現，顯示其始終關注客戶的喜好。在第一季度，Princess Polly 的時尚前衛理念充分利用了波爾卡圓點、方格花布和現代動物圖案等經典印花的新興趨勢。

Dresses continue to be a leading category, with emphasis on key moments, including prom and graduation, with the collections driving Dublin digit revenue growth compared to last year. Princess Polly also continues to expand its lifestyle category offerings, including new arrivals such as activewear and sleepwear, as well as swim, which has seen a significant growth year-to-date.

禮服繼續成為主要類別，重點放在舞會和畢業典禮等關鍵時刻，與去年相比，禮服系列推動了都柏林數字收入的成長。Princess Polly 也持續擴大其生活方式類別的產品，包括運動服、睡衣和泳衣等新品，泳衣今年迄今已實現顯著增長。

And heading into the back to school season, basics such as tea and denim will further round out the lifestyle assortment strategy. Princess Polly's marketing success is rooted in a deep understanding of where its customers spend their time, showing up wherever they stroll, stream, or shop.

進入返校季，茶和牛仔布等基本款將進一步完善生活方式分類策略。Princess Polly 的行銷成功源自於對顧客在哪裡度過時間的深刻理解，無論顧客在哪裡散步、散步或購物。

In the first quarter, this customer first approach led to early success in TikTok shop, where the brand is blending content and commerce in fresh, innovative ways. At the end of March, Princess Polly launched a five-day campaign highlighting its new arrivals, featuring TikTok banners, a live shopping event on TikTok, and in-store activations at a Los Angeles store.

第一季度，這種客戶至上的方法使 TikTok 商店取得了早期的成功，該品牌以新穎、創新的方式將內容和商業融合在一起。3 月底，Princess Polly 發起了為期五天的新品推廣活動，其中包括 TikTok 橫幅廣告、TikTok 上的直播購物活動以及在洛杉磯一家商店的店內活動。

The campaign exceeded revenue targets and notably more than 75% of TikTok shop orders during the quarter came from new customers. The first quarter also marked a significant period of high impact marketing activations with the likes of an exclusive edit with influencer Ashton Earl, in-store events, and the highly anticipated Soor store opening, which drew lines on Broadway and featured Times Square billboards and a large scale influencer event.

該活動超出了收入目標，值得注意的是，本季超過 75% 的 TikTok 商店訂單來自新客戶。第一季也標誌著高影響力行銷活動的重要時期，其中包括與影響者 Ashton Earl 的獨家編輯、店內活動以及備受期待的 Soor 商店開業，該開業在百老匯上引起轟動，並在時代廣場設有廣告牌和大型影響者活動。

In addition to its strong online presence, Princess Polly is expanding its physical footprint with plans to open seven new stores in 2025, bringing the total to 13 by the year end. All existing locations are outperforming revenue expectations, creating a halo effect on surrounding online markets, and serving as a powerful customer acquisition channel. With each new opening, the team continues to optimize operations, enhancing inventory flow, reconfiguring store layouts to increase capacity, and broadening the assortment of new style and accessories.

除了強大的線上業務外，Princess Polly 還在擴大其實體店規模，並計劃在 2025 年開設 7 家新店，到年底門市總數將達到 13 家。所有現有門市的收入均超出預期，對週邊的線上市場產生了光環效應，並成為強大的客戶獲取管道。每開設一家新店，團隊都會繼續優化運營，增強庫存流動，重新配置商店佈局以增加容量，並擴大新款式和配件的種類。

New stores in Florida, Ohio, and California are slated to open in the second quarter, with three additional locations in New York and Pennsylvania planned for the second half of the year. In addition to its own store rollout, Princess Polly is also leveraging wholesale partnerships to expand brand awareness. As mentioned, Princess Polly debuted in all Nordstrom stores in the first quarter, and early results are exceeding expectations in both the stores and on Nordstrom.com, particularly in formal addresses.

佛羅裡達州、俄亥俄州和加州的新店預計將於第二季開業，紐約和賓州的另外三家門市也計劃在今年下半年開業。除了開設自己的商店外，Princess Polly 還利用批發合作夥伴關係來擴大品牌知名度。如上所述，Princess Polly 於第一季在所有 Nordstrom 門市首次亮相，無論是在門市還是在 Nordstrom.com 上，早期業績都超出預期，尤其是在正式場合。

Princess Polly is also seeing an uptick in organic search from customers that have previously purchased on Nordstrom.com, confirming the thesis that putting our products on multiple channels helps expand awareness and drive customer acquisition. Petal and Pup also delivered solid performance in the quarter. The brand continues to resonate with its core 25 to 40 year old female customer through a curated assortment of feminine fashion, everyday essentials, and occasion ready styles at accessible price points.

Princess Polly 也發現，曾在 Nordstrom.com 上購買過的顧客的自然搜尋量有所上升，這證實了將我們的產品投放到多個管道有助於擴大知名度並推動客戶獲取的論點。Petal 和 Pup 在本季也表現穩健。該品牌透過精選各種女性時尚、日常必需品和適合各種場合的款式，且價格實惠，繼續引起 25 至 40 歲核心女性顧客的共鳴。

In the quarter during Australia's summer months, customers responded well to tropical florals and vibrant prints, while offerings in the US were tailored to capture modern feminine spring trends, including waffles and lace details. Pet and pop's approach of launching collections in Australia before bringing successful styles to the US remains valuable.

在澳洲夏季的這個季度，顧客對熱帶花卉和鮮豔的印花反響良好，而美國的產品則根據現代女性春季潮流量身定制，包括華夫格和蕾絲細節。Pet and pop 先在澳洲推出系列產品，然後再將成功的款式引進美國，這種做法仍然很有價值。

Providing insight into emerging trends and improving merchandizing decisions. In addition to its strength and occasional wear, Petal and Pup is also expanding its assortment to capitalize on the growing demand for basics and locks everyday pieces, including fine knits, denim, and soft workwear details. Petal and Pop's innovative marketing and storytelling initiatives are transforming how customers are engaging with the brand, creating social narratives around tropical gateways, romantic occasions, and everyday elegance.

深入了解新興趨勢並改善商品銷售決策。除了強度高和偶爾穿著外，Petal and Pup 還擴大了其產品種類，以滿足對日常基本款和鎖扣件日益增長的需求，包括精細針織、牛仔布和柔軟工作服細節。Petal and Pop 的創新行銷和故事敘述舉措正在改變客戶與品牌的互動方式，圍繞著熱帶門戶、浪漫場合和日常優雅創造社交敘事。

This focus on authentic connections has driven social traffic up 6% year over year, with Pinterest inspirational boards and TikTok content such as styling videos and user generated content bringing the brand to life. Building on the momentum, Petal and Pup is launching a TikTok shop in the second quarter, creating a seamless path from inspiration to purchase.

這種對真實聯繫的關注推動了社交流量同比增長 6%，Pinterest 勵志板和 TikTok 內容（如造型視頻和用戶生成的內容）讓品牌煥發生機。藉此勢頭，Petal and Pup 將在第二季推出 TikTok 商店，打造從靈感到購買的無縫路徑。

I'm really excited that Petal and Pup expanded omnichannel presence continues to be a driving force for the brand. As noted, Petal and Pup rolled out to all Nordstrom stores in March, and we're seeing incredibly strong results out of the gate in terms of sell through. As well as views on Nordstrom.com.

我很高興 Petal and Pup 擴大全通路業務並繼續成為品牌發展的驅動力。如上所述，Petal and Pup 於 3 月在所有 Nordstrom 商店推出，而且我們在銷售方面看到了令人難以置信的強勁業績。以及對 Nordstrom.com 的看法。

Petal and Pup's high quality styles at accessible price points, tap into a white space opportunity at Nordstrom and really resonate with customers. Petal and Pup is bringing the brand to light this spring through stand-alone expanded branding throughout all Nordstrom stores from mid-May through June. Designed to build awareness and engage new customers. They will also have four immersive pop-up shops in select Nordstroms which will feature a brand of coffee bar alongside activations with influencers and customers.

Petal and Pup 的款式品質上乘，價格親民，充分利用了 Nordstrom 的空白市場機會，真正引起了顧客的共鳴。今年春季，Petal and Pup 將在 5 月中旬至 6 月期間在所有 Nordstrom 商店透過獨立擴展品牌宣傳，讓品牌脫穎而出。旨在提高知名度並吸引新客戶。他們還將在部分諾德斯特龍百貨公司開設四家沉浸式快閃店，其中將設有咖啡吧品牌，並與有影響力的人和顧客進行活動。

In addition to this exciting expansion at Nordstrom, Petal and Pup launched new wholesale partnerships with Dillard and Stitch Fix in the first quarter. Turning to our streetwear brands, Culture Kings and Minimal. I'm thrilled to report that the Australian New Zealand region is back to growth driven in large part by improvements in the [Cul King's business] over the last 18 months.

除了諾德斯特龍百貨的此次激動人心的擴張之外，Petal and Pup 還在第一季與 Dillard 和 Stitch Fix 建立了新的批發合作夥伴關係。談到我們的街頭服飾品牌，Culture Kings 和 Minimal。我很高興地報告，澳洲紐西蘭地區恢復了成長，這在很大程度上得益於過去 18 個月 [Cul King 業務] 的改善。

As noted on our last call, in the first quarter, we strengthened the global culture King's leadership team with strategic hires, and the teams have already hit the ground running, optimizing the current business as well as driving strategic growth opportunities for the future. Colin's unique differentiator in the streetwear space is its fashion forward in-house design brands, including loiter, Minimal, Kari, and Saint Martha, which consistently rank as bestsellers in both the US and Australia.

正如我們上次電話會議中提到的，在第一季度，我們透過策略性招募加強了 King 的全球文化領導團隊，這些團隊已經開始行動，優化當前業務並推動未來的策略成長機會。Colin 在街頭服飾領域的獨特優勢在於其時尚前衛的內部設計品牌，包括 loiter、Minimal、Kari 和 Saint Martha，這些品牌在美國和澳洲一直名列暢銷榜。

As a reminder, [Kings] began shifting its merchandizing strategy to the test and repeat approach for its in-house brands last year, and we're already seeing really strong results. In Australia, revenue for in-house brands grew over 40% in the first quarter, a testament to the power of the test and repeat model. Leaving the growth in both regions is in-house brands lighter. Which continued to accelerate through its fashion forward on trend collections, including the highly anticipated motor launch.

提醒一下，[Kings] 去年開始將其行銷策略轉向針對其自有品牌的測試和重複方法，我們已經看到了非常強勁的成果。在澳大利亞，第一季自有品牌的收入成長了 40% 以上，證明了測試和重複模式的威力。這兩個地區的成長都因自有品牌的銷售較弱而放緩。該公司透過其引領潮流的時尚系列（包括備受期待的汽車發布會）繼續加速發展。

In addition to its in-house brands, roughly half of Culture King's assortment comprises a legacy and emerging third party brands to complete the streetwear outfit. Culture Kings continues to see meaningful growth in its collaborations with leading brands such as New Era and AI in the US and Ed Hardy in Australia. Culture King's signature retail fa concept comes to life through high energy marketing activations, including live music, celebrity, and athlete hosted events, making each visit to Culture King store a unique experience.

除了自有品牌外，Culture King 大約一半的商品由傳統品牌和新興的第三方品牌組成，以完善街頭服飾。Culture Kings 與美國 New Era 和 AI 以及澳洲 Ed Hardy 等領先品牌的合作繼續取得有意義的成長。Culture King 的標誌性零售理念透過高能量的行銷活動得以實現，包括由現場音樂、由名人和運動員主持的活動，使每次造訪 Culture King 商店都成為獨特的體驗。

In the first quarter, the brand hosted events in stores across both regions with partners including F1, the UFC, and the NFL, driving store traffic, viral moments across social media, and positive customer experiences. In the US, Culture Kings recently partnered with WWE during WrestleMania 41 in Las Vegas, which included an exclusive capsule collection and a large scale instore event, with over 1,000 attendees lined up outside Culture King.

第一季度，該品牌與 F1、UFC 和 NFL 等合作夥伴在兩個地區的門市舉辦了活動，推動了門店客流量、社交媒體熱度和積極的客戶體驗。在美國，Culture Kings 最近與 WWE 在拉斯維加斯舉行的第 41 屆摔角狂熱大賽期間展開合作，其中包括獨家膠囊系列和大型店內活動，超過 1,000 名參與者在 Culture King 外排隊。

The activation includes celebrity WWE wrestlers, a cage installation, and exclusive merchandise, leading to one of the biggest sales day at the Culture King Las Vegas store since its grand opening, showcasing the power of the immersive brand events and cultural relevance. As mentioned last quarter, we're viewing locations for our next Culture King store in the US, and I'm confident that there is significant runway for the brand both in the US and globally.

這場活動包括名人 WWE 摔角手、籠式裝置和獨家商品，成為文化之王拉斯維加斯店自盛大開幕以來最大的銷售日之一，展示了沉浸式品牌活動和文化相關性的力量。正如上個季度所提到的，我們正在美國尋找下一個 Culture King 商店的地點，我相信該品牌在美國和全球都有著重要的發展空間。

In closing, I'm proud of our strong first quarter performance and our execution against our growth initiatives. I'm also very impressed by the team's speed and agility in navigating the current environment. As mentioned, we believe the impact of the tariffs to our business is transitory, and while distracting, it does give us the opportunity to showcase our resilience.

最後，我為我們第一季的強勁表現和成長計畫的執行感到自豪。團隊在當前環境中的導航速度和敏捷性也給我留下了深刻的印象。如上所述，我們認為關稅對我們業務的影響是暫時的，雖然分散注意力，但它確實給了我們展示韌性的機會。

Our brands and teams have successfully navigated multiple macro environment challenges before, and I'm confident that we will emerge in a position of strength and we'll be well positioned from both a brand and operational standpoint to capture additional market share through this transition. Now, I'll hand it over to Kevin to walk you through the financials in more detail.

我們的品牌和團隊之前已經成功應對了多重宏觀環境挑戰，我相信我們將佔據優勢地位，並且從品牌和營運的角度都處於有利地位，可以透過這次轉型獲得更多的市場份額。現在，我將交給凱文 (Kevin) 更詳細地介紹財務狀況。

Thanks, Caron. We're incredibly pleased with our first quarter results as both sales and adjusted EBITDA came in ahead of our expectations, driven by strong customer response to our product offerings, as well as our team's ability to execute at the highest levels.

謝謝，卡隆。我們對第一季的業績感到非常滿意，因為銷售和調整後的 EBITDA 都超出了我們的預期，這得益於客戶對我們產品的強烈反應，以及我們團隊的最高執行能力。

For the first quarter, net sales increased 10.1% to USD129 million and 12.3% on a constant currency basis compared to the same period last year. This was driven by continued strength in our US business, which increased 14.2% year over year.

第一季度，淨銷售額與去年同期相比成長 10.1%，達到 1.29 億美元，以固定匯率計算成長 12.3%。這是由於我們美國業務持續強勁成長，年成長 14.2%。

As Ciaran mentioned, we're really pleased that Australia is back to growth and delivered 6.2% growth in the first quarter, a result of the hard work that teams have done over the last 18 months, and an improved macro environment in the region.

正如 Ciaran 所提到的，我們非常高興澳洲恢復成長，第一季實現了 6.2% 的成長率，這是團隊在過去 18 個月辛勤工作的成果，也是該地區宏觀環境改善的結果。

Total orders for the first quarter were 1.66 million, increasing 9.2% as compared to the first quarter last year. Our brands continue to resonate as we acquire new customers and retain our existing customers. I'm pleased that our trailing 12 month active customer count rose to 4.13 million by the end of the first quarter, which is a 7.8% increase compared to a year ago.

第一季總訂單量為166萬份，較去年第一季成長9.2%。隨著我們獲得新客戶並留住現有客戶，我們的品牌繼續引起共鳴。我很高興看到，截至第一季末，我們過去 12 個月的活躍客戶數量上升至 413 萬，比去年同期成長了 7.8%。

Our first quarter average order value was USD78 increasing 1.3% compared to the first quarter last year. Turning now to our profitability metrics, gross margin expanded 100 basis points in the first quarter to 57.2% compared to 56.2% in the same period last year, which was in line with our expectations. The increase in gross margin was driven by a higher penetration of full price selling and an improved inventory position, partially offset by the impact of our growing wholesale business.

我們第一季的平均訂單價值為 78 美元，與去年第一季相比成長了 1.3%。現在來看看我們的獲利指標，第一季毛利率擴大了 100 個基點，達到 57.2%，而去年同期為 56.2%，符合我們的預期。毛利率的成長得益於全價銷售滲透率的提高和庫存狀況的改善，但部分抵消了我們不斷增長的批發業務的影響。

Selling expenses were USD38.2 million compared to USD34.2 million in the first quarter of 2024. The increase was due to the opening of new stores as we record pre-opening rent costs and selling expenses. As a reminder, we're slated to open six additional stores this year. As a percentage of net sales, selling expenses were 29.7% compared to 29.3% a year ago.

銷售費用為 3,820 萬美元，而 2024 年第一季為 3,420 萬美元。成長的原因是，我們記錄了開業前的租金成本和銷售費用，從而開設了新店。提醒一下，我們計劃今年再開設六家商店。銷售費用佔淨銷售額的百分比為 29.7%，去年同期為 29.3%。

Marketing expenses in the quarter were USD15.2 million compared to USD14.9 million in the first quarter of 2024. As a percentage of net sales, marketing expenses were 11.8% compared to 12.7% in the first quarter of 2024, in line with our expectations. General and administrative expenses were USD25.7 million compared to USD22.7 million in the first quarter of 2024 due to an increase in wages and incentive compensation.

本季行銷費用為 1,520 萬美元，而 2024 年第一季為 1,490 萬美元。佔淨銷售額的百分比為 11.8%，而 2024 年第一季為 12.7%，符合我們的預期。由於薪資和獎勵薪酬增加，一般及行政開支為 2,570 萬美元，而 2024 年第一季為 2,270 萬美元。

As a percentage of net sales, GNA expenses increased to 20% from 19.4% in the first quarter of last year. As noted, we're proud that our strong top line results flowed through the P&L and yielded a better than expected USD2.7 million adjusted EBITDA metric, which compares to USD0.9 million in the same period last year.

作為淨銷售額的百分比，GNA 費用從去年第一季的 19.4% 上升至 20%。如上所述，我們很自豪，我們強勁的營收業績體現在損益表中，並產生了好於預期的 270 萬美元調整後 EBITDA 指標，而去年同期為 90 萬美元。

Adjusted EBITDA margin for the first quarter of 2025 increased 140 basis points to 2.1% compared to 0.7% in the same period last year, showcasing the power of our model when we scale on the top line. Turning now to the balance sheet, we ended the quarter with USD26.7 million in cash and cash equivalents compared to USD24.2 million at the end of the first quarter of 2024. Net debt at the end of the quarter was USD93.2 million compared to USD81.6 million a year ago.

2025 年第一季調整後 EBITDA 利潤率較去年同期的 0.7% 增加 140 個基點至 2.1%，展現了我們的模型在擴大營收時的強大功能。現在來看資產負債表，本季末我們的現金和現金等價物為 2,670 萬美元，而 2024 年第一季末為 2,420 萬美元。本季末的淨債務為 9,320 萬美元，而去年同期為 8,160 萬美元。

The increase was related to additional inventory to meet demand, as well as to invest in new Princess Polly stores in the US. We will continue to invest in new Princess Folly stores with three stores opening in late Q2, 1 in Q3, and 2 in Q4. We're especially pleased that we brought our leverage down to 3.7% compared to 6.4% in the first quarter of last year.

此次增長與增加庫存以滿足需求以及在美國投資新的 Princess Polly 商店有關。我們將繼續投資新的 Princess Folly 商店，第二季末將開設三家商店，第三季將開設一家商店，第四季將開設兩家商店。我們特別高興的是，我們的槓桿率從去年第一季的 6.4% 降至 3.7%。

On inventory, our test and repeat merchandizing model allows us to optimize our inventory to meet current trends, and we're proud that we ended the quarter with USD94.4 million in inventory, which is an increase of 3% compared to a year ago and well below our 10% net sales growth. A quick update on our stock buyback program. In the first quarter, we purchased nearly 16,000 shares for a total cost of approximately USD250,000.

在庫存方面，我們的測試和重複銷售模式使我們能夠優化庫存以滿足當前趨勢，我們很自豪本季末的庫存為 9,440 萬美元，比去年同期增長了 3%，遠低於我們 10% 的淨銷售額增長。關於我們的股票回購計劃的快速更新。第一季度，我們購買了近16,000股，總成本約為250,000美元。

As at the end of Q1, we have USD1.1 million remaining in our share repurchase authorization. Turning now to our guidance, as Ciaran mentioned, we continue to see solid demand trends in the first six weeks of the second quarter. We're confident that our demand for our brands is strong, and we're continuing to deliver on on trend fashion that our customers love while broadening our reach and acquiring new customers through omnichannel initiatives.

截至第一季末，我們的股票回購授權餘額還剩下 110 萬美元。現在談談我們的指導，正如 Ciaran 所提到的，我們在第二季的前六週繼續看到穩固的需求趨勢。我們相信，我們的品牌需求強勁，我們將繼續提供客戶喜愛的流行時尚，同時透過全通路計畫擴大我們的覆蓋範圍並吸引新客戶。

We believe the current tar tariff environment will have a brief and transitory impact on our business, primarily as we shift production out of China in the second and third quarter. For the full year, we're reaffirming our top line outlook for net sales to be between USD600 to USD610 million representing growth in the 4% to 6% range. Given the current uncertainty surrounding trade negotiations and the impact of the heightened tariffs over the last month, we're adjusting the range of our adjusted EBITDA outlook to be between USD24million to USD27.5 million.

我們認為，目前的焦油關稅環境將對我們的業務產生短暫的影響，主要是因為我們將在第二季和第三季將生產轉移出中國。對於全年而言，我們重申我們的預期：淨銷售額將在 6 億至 6.1 億美元之間，成長率介於 4% 至 6% 之間。鑑於目前貿易談判的不確定性以及上個月關稅上調的影響，我們將調整後的 EBITDA 預期範圍調整為 2,400 萬美元至 2,750 萬美元之間。

Our outlook contemplates no changes to the tariff rates in place as of today, May 13th. For the full year of 2025, we anticipate gross margin to be between 56.4% and 56.7%, with the other expense rates relatively in line with our prior outlook. Importantly, the tariffs will have an outsized impact in the 2nd and 3rd quarters as we work through our three-pronged action plan.

我們的展望是，自 5 月 13 日起，現行關稅稅率不會改變。對於 2025 年全年，我們預計毛利率將在 56.4% 至 56.7% 之間，其他費用率與我們先前的預測相對一致。重要的是，隨著我們實施三管齊下的行動計劃，關稅將在第二季和第三季產生巨大影響。

As Kon noted, we anticipate limited exposure to China in the fourth quarter. For modeling purposes, we anticipate fiscal 2025 stock-based compensation of approximately USD8million to USD10 million, depreciation and amortization expense of roughly USD19million to USD21 million. Interest and other expense of approximately USD15million to USD17 million. An effective tax rate of negative 40%, CapEx between USD12million to USD14 million, and weighted average diluted share count of approximately USD10.8 million.

正如 Kon 所指出的，我們預計第四季度對中國的曝險有限。為了建立模型，我們預計 2025 財年的股票薪酬約為 800 萬美元至 1,000 萬美元，折舊和攤提費用約為 1,900 萬美元至 2,100 萬美元。利息和其他費用約為1500萬美元至1700萬美元。有效稅率為負 40%，資本支出在 1,200 萬美元至 1,400 萬美元之間，加權平均稀釋股數約為 1,080 萬美元。

For the second quarter, as noted, we continue to see strong demand for our brands. We expect net sales to be between USD154million and USD158 million, which includes the impact of lower promotional activity in the 2nd quarter as we navigate the current macro environment. We expect gross margin in the range of 57.2% to 57.4% and adjusted EBITDA to be between USD7million to USD8 million. For modeling purposes for the second quarter, we anticipate stock-based compensation of approximately USD1.5million to USD2.5 million.

如前文所述，第二季我們持續看到市場對我們品牌的強勁需求。我們預計淨銷售額將在 1.54 億美元至 1.58 億美元之間，其中包括在當前宏觀環境下第二季促銷活動減少的影響。我們預計毛利率在 57.2% 至 57.4% 之間，調整後 EBITDA 在 700 萬美元至 800 萬美元之間。為了對第二季進行建模，我們預計股票薪酬約為 150 萬美元至 250 萬美元。

Depreciation and amortization USD4.5million to USD5.5 million. Interest and other expense of USD4.5million to USD5.5 million. An effective tax rate of negative 40%. CapEx be between USD3million to USD5 million and weighted average deleted shares of USD10.7 million in the second quarter.

折舊和攤提450萬美元至550萬美元。利息及其他費用為450萬美元至550萬美元。有效稅率為負40%。資本支出在 300 萬美元至 500 萬美元之間，第二季加權平均刪除股份為 1,070 萬美元。

In closing, we're really proud of our first quarter performance and a strong start to the year. While the recent tariff changes and uncertainty pose a near term challenge, we're confident that we have a comprehensive plan in place and are taking swift action to not only mitigate the current tariff levels, but to emerge with a stronger, healthier foundation. We're operating with discipline as we approach the remainder of the year, and we're laser focused on controlling what we can control.

最後，我們對第一季的業績和今年的強勁開局感到非常自豪。雖然最近的關稅變化和不確定性構成了短期挑戰，但我們相信我們已經制定了全面的計劃，並迅速採取行動，不僅可以降低當前的關稅水平，而且可以建立更強大、更健康的基礎。隨著今年剩餘時間的臨近，我們將嚴格執行操作，並專注於控制我們能夠控制的事情。

We remain committed to building durable and resilient fashion brands for the near and long term and delivering value for all of our stakeholders. With that, we'll open it up for questions.

我們將繼續致力於在短期和長期內打造持久且有彈性的時尚品牌，並為所有利害關係人創造價值。接下來，我們將開始回答問題。

Thank you. [Operator Instructions]

謝謝。[操作員說明]

And your first question comes from Dana Telsey with Telsey Advisory Group. Please state your question.

您的第一個問題來自 Telsey Advisory Group 的 Dana Telsey。請陳述您的問題。

Hi, good afternoon, everyone, and good to hear that Australia returned to growth. As you think about the guidance provided, the revenues and the adjusted EBITDA, can you give us the puts and takes on margins as we go through and how much is the headwind from tariffs, how you're mitigating the tariffs, and what's different in this 2.0 tariff environment from 1.0 and also thoughts on price increases and then just the other topic on average order value, active customers, what are you seeing there in terms of customer behavior and how is the cadence of the quarter?

大家下午好，很高興聽到澳洲恢復成長。當您考慮所提供的指導、收入和調整後的 EBITDA 時，您能否告訴我們利潤率的利弊，關稅的阻力有多大，您如何降低關稅，以及 2.0 關稅環境與 1.0 有何不同，還有對價格上漲的看法，然後是關於平均訂單價值、活躍客戶的另一個話題，您在客戶行為方面看到了什麼，以及本季度的節奏如何？

Thank you.

謝謝。

Hey, thanks Dana. Yeah, it is great to see Australia back to growth at the 6% and look the US growth of 14% as well is great. And maybe if I take the tariff question and I suppose. Talk first about really how we have approached this this tariff environment now is looking to really end up, as we come through this with a very diversified, robust supply chain that sets us up for the next stage of growth, I would say kind of with that, going back six months ago last November, we started, intensively working at looking at how do we diversify outside of China.

嘿，謝謝達娜。是的，很高興看到澳洲的經濟成長率回到 6%，美國的經濟成長率也達到 14%。如果我回答關稅問題，我想也許可以。首先談談我們如何應對目前的關稅環境，隨著我們透過一個非常多樣化、強大的供應鏈為下一階段的成長做好準備，我想說，早在六個月前的去年 11 月，我們就開始集中精力研究如何在中國以外實現多元化。

And for us very focused on finding vendors that can work in our test and repeat models. And also at the quality that we expect and the quality that our customers expect, we've kind of spent that last period finding those and really happy with the new vendors that we're bringing on, working through the process with them, and scaling now with those vendors, some in Vietnam, some in Turkey, some new to us, and some of our existing suppliers.

我們非常注重尋找能夠在我們的測試和重複模型中工作的供應商。此外，對於我們期望的品質以及我們的客戶期望的質量，我們花了一段時間來尋找這些，並且對我們引入的新供應商感到非常滿意，與他們一起完成整個流程，現在與這些供應商一起擴大規模，有些在越南，有些在土耳其，有些對我們來說是新的，也有些是我們現有的供應商。

We feel that we will be predominantly out of China by Q4 of this year and with that just a much more robust supply chain and kind of set us up for the next stage of growth. And the other actions we've taken as it relates to the tariff environment was working with existing vendors that are in China getting discounts from them to where we could kind of share the initial tariff rounds that came out in that kind of period.

我們認為，到今年第四季度，我們的業務將主要離開中國，屆時我們將擁有更強大的供應鏈，為下一階段的成長做好準備。我們在關稅環境方面採取的其他行動是與中國現有的供應商合作，從他們那裡獲得折扣，以便我們能夠分享在那個時期出台的初始關稅。

And also, we have, I would say very selectively taken some pricing actions in the last number of weeks you know across the brands, but I would say very focused on us looking at, where do we have op opportunity against our competitive set. We are very fortunate with pretty much all all of the product exclusive to us, we do feel we have pricing opportunities.

而且，我想說，過去幾週我們非常有選擇地對各個品牌採取了一些定價行動，但我想說，我們非常關注的是，我們在哪些方面擁有與競爭對手抗衡的機會。我們非常幸運，幾乎所有產品都是我們獨家銷售的，我們確實覺得我們有定價機會。

We hadn't taken pricing action since 2021, so, I would say very selectively and taking it across the brands, I think that sets us up well to kind of achieve that guidance that we've put out there for Q4 and for the rest of the year.

自 2021 年以來，我們還沒有採取過定價行動，所以，我想說，我們會非常有選擇性地在所有品牌中採取定價行動，我認為這為我們實現第四季度和今年剩餘時間的預期打下了良好的基礎。

Yeah just to just to add on to that from a gross margin perspective, Dana, very happy with the Q1 performance, up 100 basis points year over year, and that really does reflect the strategy that we have to move Culture Kings to a test and repeat, really a solid inventory position across all of our brands, as well as a great product offering really helped drive the full price selling performance in Q1.

是的，從毛利率的角度來看，Dana 對第一季度的業績非常滿意，同比增長了 100 個基點，這確實反映了我們必須讓 Culture Kings 進行測試和重複的策略，我們所有品牌的穩固庫存狀況以及出色的產品供應確實有助於推動第一季度的全價銷售業績。

And with the three pronged approach to tariffs that Ciaran just walked through, that of course is incorporated into the guidance for gross margin, and we feel very confident. We expect the impact to really be most pronounced in Q2 and Q3. It's a transitory impact and then we'll kind of return to more normalized margins in Q4.

而且，Ciaran 剛剛提出的三管齊下的關稅方針當然也納入了毛利率指引中，我們對此非常有信心。我們預計影響將在第二季和第三季最為明顯。這只是暫時的影響，到第四季度，利潤率將恢復到更正常的水平。

We do see Q3 is the most impacted quarter due to the timing of inventory purchases. And then also just to touch on your AOV question. Again, I think this quarter we saw AOV as relatively flat, and most of the sales growth really driven by order growth, and that's how we've been modeling really the balance of the year as well.

我們確實看到，由於庫存採購的時間安排，第三季是受影響最嚴重的季度。然後也要談談您的 AOV 問題。再次，我認為本季我們的 AOV 相對平穩，大部分銷售成長實際上是由訂單成長所推動的，這也是我們對全年平衡建模的方式。

Thank you. And your next question comes from Ryan Myers with Lake Street Capital Markets. Please state your question.

謝謝。您的下一個問題來自 Lake Street Capital Markets 的 Ryan Myers。請陳述您的問題。

Hey guys, I just wanted to make sure I clarified this, on the last question that you had answered Kiran. So it sounds like you guys will be completely out of China by the fourth quarter. I guess that's fast and I would assume you guys will have no exposure by the end of the year then.

嘿夥計們，我只是想確保我已經澄清了你回答 Kiran 的最後一個問題。所以聽起來你們到第四季就會完全退出中國市場。我想這很快，而且我認為到今年年底你們將不會有任何曝光。

Yeah, maybe to touch on that, Brian. I would say it's predominantly outright, and look, we are very fortunate that with, just over 30% of our business from the Australia and New Zealand are outside of the US, right, we will continue to service those regions from our existing Chinese suppliers, so continuing to hold on to those relationships.

是的，也許可以談談這一點，布萊恩。我想說這主要是直接的，你看，我們非常幸運，我們在澳洲和紐西蘭的業務有 30% 多一點是在美國以外的，對吧，我們將繼續透過現有的中國供應商為這些地區提供服務，從而繼續保持這些關係。

So for us again, kind of going back to just building a much more robust supply chain, so I think we'll have. Regions and as we see kind of the tariff environment settle down, we'll have the option to work across regions, but making sure we have vendors who can fit into that test and repeat model at the quality we want and obviously we work in a kind of lowest price with fully loaded, lowest price as we think about the different regions.

所以對我們來說，再次回到建立更強大的供應鏈，所以我認為我們會做到的。隨著我們看到關稅環境逐漸穩定下來，我們將可以選擇跨地區開展工作，但要確保我們擁有能夠以我們想要的品質適應測試和重複模型的供應商，並且顯然我們以最低的價格開展工作，當我們考慮不同的地區時，我們會以最低的價格滿載。

Okay, got it. And then, it sounds like you saw some positive improvements out of Australia and New Zealand.

好的，明白了。然後，聽起來你看到了澳大利亞和紐西蘭的一些積極進步。

So, I'm just curious as we think about the business as a whole, given what you saw in the first quarter, what you're seeing here in the second quarter, what sort of demand trends are you thinking in as we roll into the second half of the year and what's kind of incorporated in the guidance, obviously still, I would assume continued double digit growth in the US, but is there any areas of upside if we see positive traction in those two regions and maybe a return to growth in the rest of the world? Any commentary there would be.

所以，我只是很好奇，當我們考慮整個業務時，鑑於您在第一季度看到的情況，在第二季度看到的情況，當我們進入下半年時，您認為需求趨勢是什麼樣的，以及在指導中納入了哪些內容，顯然，我仍然認為美國將繼續保持兩位數的增長，但如果我們看到這兩個地區出現積極的牽引力，並且世界其他地區可能存在恢復，那麼世界其他地區還可能存在牽引力？任何評論都會有。

Helpful. Yeah, thanks, Ryan. Yeah, look, I think it's great to see Australia back to growth up to 6%, and I think as we get more and more kind of progress on moving Culture King onto that test repeat model and getting all that product fully there, I feel really confident that we will see certainly positive growth in Australia for the full year.

很有幫助。是的，謝謝，瑞安。是的，看，我很高興看到澳洲的成長率回升至 6%，而且我認為，隨著我們在將 Culture King 轉移到測試重複模型並將所有產品完全轉移到該模型方面取得越來越多的進展，我非常有信心，我們一定會看到澳洲全年實現正成長。

But I think they are up against a particularly tough promotional lab in Q2 this year, so, we'll probably see, expect to see them a little bit negative in Q2, but then back to growth in Q3 and beyond. And then from a US perspective, just really happy with the continued growth and performance in the US, up 14%, we're seeing it across the brands. We're seeing it, indirect consumer, also great progress in the wholesale partnerships that we have, particularly in Nordstrom and how the Princess Polly stores are performing.

但我認為他們今年第二季的促銷活動將面臨特別嚴峻的考驗，因此，我們可能會看到，預計他們在第二季會出現一些負面表現，但在第三季及以後會恢復成長。從美國的角度來看，我們對美國市場的持續成長和表現感到非常高興，成長了 14%，我們在各個品牌中都看到了這一點。我們看到，間接消費者也看到了我們與批發商的合作關係取得了巨大進步，尤其是諾德斯特龍 (Nordstrom) 和 Princess Polly 商店的表現。

I think as we kind of went through Q2, we are, certainly saw that kind of strong performance from Q1 continue. And we did moderate some shipments from our vendors in April period. We've also, been much more selective on promotions as we've just managed through that tariff uncertainty, so that will have some impact in Q2. But look, feel good about the guidance that we have out there and really good about just continued kind of increasing tan and bigger and bigger opportunities for the brands.

我認為，當我們經歷第二季時，我們肯定會看到第一季的強勁表現得以延續。四月我們確實減少了一些供應商的出貨量。由於我們剛剛解決了關稅不確定性問題，因此我們在促銷方面也更加挑剔，這將對第二季產生一定影響。但是，看看，我們對現有的指導感到滿意，並且對持續增加的曬黑程度和品牌越來越大的機會感到非常滿意。

Awesome thanks for taking my questions.

非常感謝您回答我的問題。

Thank you. [Operator Instructions]

謝謝。[操作員說明]

Your next question comes from Ashley Owens with Key Bank Capital Markets. Please state your question.

您的下一個問題來自 Key Bank Capital Markets 的 Ashley Owens。請陳述您的問題。

Hi, good afternoon. Thanks for taking the questions. So, Quickly I think the US business as well as technically lapsing some more difficult comparative as we move through the balance of the year, would just love to gauge your thoughts as to how sustainable that growth is. We are lasting some of the initiatives from last year that did contribute to that strong 19% to 20% growth, give or take.

嗨，下午好。感謝您回答這些問題。因此，我認為，隨著我們度過今年的剩餘時間，美國業務在技術上以及在技術上都會經歷一些更困難的比較，只是想了解您對這種增長的可持續性的看法。我們將繼續執行去年的一些舉措，這些舉措確實對 19% 至 20% 左右的強勁成長做出了貢獻。

And then additionally I just wanted to touch on selling expenses here too. You mentioned these were up due to the additional store openings in the press release, and I know there's additional stores slotted for the remainder of the year, so I just wanted to double check if this is something we should still expect to see some modest leverage in this year. Thanks.

另外，我還想談談銷售費用。您在新聞稿中提到這些數字是由於新增門市開業而上漲的，而且我知道今年剩餘時間還會有新增門市，所以我只是想再確認一下，我們是否仍應該期望在今年看到一些適度的槓桿作用。謝謝。

Yeah, thanks Ashley. I'll take the first part of Kevin on selling expenses. So yeah, look, I think as we kind of go through the year, we certainly feel confident about that overall guidance that we have out there, Ashley, I think, particularly as it relates to the US. Really good performance in Q1, that 14%. And look, I think as we look at the the underlying metrics with that customer growth up strongly as well, or growth continuing and as we continue to introduce more and more new customers to the brand, whether through the wholesale relationships that we now have with Princess Polly and Petal & Pup in Nordstrom.

是的，謝謝阿什利。我將就銷售費用問題請 Kevin 發言的第一部分。是的，看，我認為隨著我們度過這一年，我們當然對我們所掌握的整體指導充滿信心，阿什利，我認為，特別是與美國有關的指導。第一季的表現確實很好，14%。而且，我認為，當我們查看基本指標時，客戶數量也會強勁增長，或者說增長仍在持續，而且我們將繼續為品牌引入越來越多的新客戶，無論是透過我們現在與 Princess Polly 和 Nordstrom 的 Petal & Pup 建立的批發關係。

And you also saw that Dillards and Stitch Fix are going to start doing some wholesale in with Petal & Pup and also just I suppose the confidence that we are seeing as we open more stores for Princess Polly, continuing to introduce new customers to the brand, continuing to get more share of wallets. I think we feel good, the brands are actively working on, some of the categories we started in.

而且您還看到，Dillards 和 Stitch Fix 將開始與 Petal & Pup 進行一些批發業務，而且我想，隨著我們為 Princess Polly 開設更多商店，繼續為該品牌引入新客戶，繼續獲得更多的錢包份額，我們看到了信心。我認為我們感覺很好，各品牌正在積極致力於我們開始涉足的一些類別。

Probably this time last year, whether it's active and sleep for Princess Polly or you know some of the work that Peter was doing in Basics and everyday looks, I think, feel good about the opportunities that we have and the teams are actively getting after it.

大概是去年的這個時候，無論是波莉公主的活動和睡眠，還是彼得在基礎和日常外觀方面所做的一些工作，我認為，對於我們所擁有的機會以及團隊正在積極爭取的機會，我們感到很高興。

Yeah, and to touch on the selling expense question, we made good progress in Q1 on our supply chain optimization, and we saw some lower costs related to outbound freight and fulfillment costs. Excluding one-time costs, we actually did leverage selling expenses in the quarter.

是的，談到銷售費用問題，我們在第一季的供應鏈優化方面取得了良好進展，並且我們看到與出站運費和履行成本相關的成本有所降低。除一次性成本外，我們實際上在本季度利用了銷售費用。

And with, even with the impact of pre-opening costs for stores incorporated into, the second quarter into the back half, we still feel good about the initial guidance that we provided on selling, and I think that's kind of around mid 26%. And so we reiterate that guidance for the year and for the quarter.

而且，即使考慮到第二季到下半年商店開業前成本的影響，我們仍然對我們提供的銷售初步指引感到滿意，我認為這個數字大約在 26% 左右。因此，我們重申今年和本季的指導。

Okay, great. Maybe just one follow up. So with the new partners you're moving to as you diverse away from diversify away from China, you've heard from others that just given the demand is high in those regions for sourcing and do some of the volatility, it's maybe not as favorable of the cost profile, especially with them being newer entrants into those markets. So we would be curious from your standpoint since, you are moving into them, just any color on the margin profiles there. Versus what we were seeing in China and if you've observed any differences.

好的，太好了。也許只需跟進一次。因此，隨著您在從中國轉向多元化的過程中結識新的合作夥伴，您從其他人那裡聽說，由於這些地區對採購的需求很高，而且存在一定的波動性，因此成本狀況可能不那麼有利，尤其是對於這些市場的新進入者而言。因此，從您的角度來看，我們會很好奇，因為您正在進入它們，那裡的邊緣配置文件上的任何顏色都是如此。與我們在中國看到的情況相比，您是否觀察到任何差異。

Sure, thanks Ashley. Yeah, I think, look, we've been, I suppose, actively working to find the right partners for us over the last six months now, and the team I feel has done a really good job of that, for us, the key attributes of that are can they work in our test and repeat model, right? So small MOQs and then scaling up to larger, do they have the right quality profile that we want that our customers want, and then obviously from a price point perspective.

當然，謝謝阿什利。是的，我想，看，我想，在過去的六個月裡，我們一直在積極努力地為我們尋找合適的合作夥伴，我覺得團隊在這方面做得非常好，對我們來說，關鍵的屬性是他們是否可以在我們的測試和重複模型中工作，對嗎？因此，從小的 MOQ 到更大的 MOQ，它們是否具有我們想要的、客戶想要的正確品質特徵，然後顯然從價格角度來看。

I think for us making sure they can work in that test and model and quality are certainly kind of the most important things and you know as it relates to price we see some slight differences and you know I think as we work through it though there's a lot of confidence with our team and with the partners that we're working with that we can get to, the equivalency of where we are today. And certainly, we'll end up with a much more robust supply chain and a lot of optionality depending on where various tariffs ends up for for different jurisdictions.

我認為對我們來說，確保它們能夠在測試中發揮作用，模型和品質無疑是最重要的事情，你知道，就價格而言，我們看到了一些細微的差別，你知道，我認為，隨著我們努力解決這個問題，我們的團隊和合作夥伴對我們可以達到與今天相當的水平充滿信心。當然，我們最終將擁有更強大的供應鏈和更多的可選性，這取決於不同司法管轄區的不同關稅。

Okay, great. Thanks and best of luck.

好的，太好了。謝謝，祝你好運。

Your next question comes from Eric Beer with SCC Research. Please say your question.

您的下一個問題來自 SCC Research 的 Eric Beer。請說出你的問題。

Good afternoon, congratulations.

下午好，恭喜。

We'll talk a little bit about the future with some of these cases here. So we're going to end the year with like 13 stores or approximately if I remember correctly, you know what should we be thinking about as a potential longer term for the amount of stores and I I see a follow up for that is, are you still seeing the store's ability to drive, new customers A to the stores and B to online.

我們將透過這裡的一些案例來談論未來。因此，如果我沒記錯的話，我們今年的門市數量大約是 13 家，您知道我們應該考慮門市數量的長期潛力嗎？我看到的後續問題是，您是否仍然看到門市吸引新客戶 A 到門市，B 到線上的能力。

Yeah, thanks Eric. I'm going to take the second part first, certainly seeing that new customer growth, I think you see it in the overall business and we're certainly seeing it from our omnichannel initiatives, in the stores what we're seeing is about 30% of the customers are new to the brand and we've seen. For each of the new store openings that we've done, so great to see that.

是的，謝謝艾瑞克。我首先要談第二部分，當然可以看到新客戶的成長，我想你可以在整體業務中看到這一點，我們也可以從全通路計畫中看到這一點，在商店中，我們看到大約 30% 的客戶是該品牌的新客戶，我們已經看到了。對於我們開設的每家新店，我們都很高興看到這一點。

But look, we're also seeing that in the wholesale relationships that we have, particularly with Nordstrom's for both Princess Polly and Petal and Pup. I think all of those giving us a lot of confidence to continue to build into these omnichannel opportunities, build on the brand awareness, put our product in front of customers wherever they are, and continue to go after the long term time for these brands.

但是，我們也看到，在我們與批發商的合作關係中，特別是與諾德斯特龍 (Nordstrom) 的 Princess Polly 和 Petal and Pup 合作。我認為所有這些都給了我們很大的信心，讓我們能夠繼續利用這些全通路機會，增強品牌知名度，將我們的產品展示在客戶面前，無論他們身在何處，並繼續追求這些品牌的長期發展。

You know, as it relates to new stores, look, we're really happy with the store performance that we've seen so far. They're ahead of sales plan. They're all profitable, we've modeled these on a 2 year less payback, so kind of all in line there. I think look, we are, we're fussy as we go look for new locations for all the brands because we've got great brands here, but look, we would look to kind of, I suppose at the moment, keep the pacing that we're at for next year and certainly as we kind of add new leases or new opportunities we share them on calls.

您知道，就新店而言，我們對迄今為止看到的店鋪表現感到非常滿意。他們的銷售計劃提前了。它們都是盈利的，我們以 2 年更少的回報為模型，所以一切都一致。我認為，我們在為所有品牌尋找新地點時非常挑剔，因為我們在這裡有很多優秀的品牌，但我認為，目前，我們會保持明年的節奏，當然，當我們增加新的租約或新的機會時，我們會在電話中分享它們。

Sure, and let's talk about Dillard's here. So Dillard's has a customer base in some respects, especially for pedal and pop, which you probably think it would be somewhat ideal. Is there the opportunity to have, pedal and pop kind of penetrate that chain as well as they've done here with Nordstrom's going forward, and are there You know what is the longer term thought process in wholesale in terms of where else you can go after this? Thank you.

當然，我們來談談迪拉德百貨吧。因此，迪拉德百貨在某些方面擁有客戶群，尤其是對於踏板音樂和流行音樂而言，您可能認為這在某種程度上是理想的。是否有機會讓踏板和流行音樂滲透到該連鎖店，就像他們在諾德斯特龍百貨公司所做的那樣，你知道批發業務的長期思考過程是什麼，在此之後你還可以去哪裡嗎？謝謝。

Yeah, thanks Eric. Look, I think the Petal and Pup team has done a really great job, with the brand that they have, developing great products for it and really bringing it to life in, not just direct to consumer but also in other channels, they've seen great success at Nordstrom, I think.what they are seeing there, other retailers are seeing and are eager to get the brand, I think. Looking to roll out now and Dillards is a really nice opportunity for them.

是的，謝謝艾瑞克。你看，我認為 Petal and Pup 團隊做得非常出色，他們憑藉自己的品牌開發出優秀的產品，並真正將其變為現實，不僅直接面向消費者，而且也透過其他管道，他們在諾德斯特龍取得了巨大的成功。我認為，他們在那裡看到的東西，其他零售商也看到了，並渴望獲得這個品牌。現在尋求推導，而 Dillards 對他們來說是一個非常好的機會。

I think, it will probably go a bit slow before it goes fast, but I think we're fine working at that pace and leaning into the long term opportunity there and we certainly feel it's there, with Dillards and regionally with the footprint that they have for the pedal and pop brand. So yeah, looking forward to executing against it.

我認為，在快速發展之前，它可能會先慢一點，但我認為我們可以按照這個速度工作，並傾向於那裡的長期機會，我們當然覺得它就在那裡，與 Dillards 一起，以及在地區範圍內，他們對踏板和流行品牌的影響力。是的，期待執行它。

Okay, thank you.

好的，謝謝。

Thank you. And ladies and gentlemen, that was our last question today. So at this point, we conclude a.k.a. Brands Holding first quarter 2025 earnings conference call. All parties may disconnect. Have a good day.

謝謝。女士們、先生們，這是我們今天的最後一個問題。因此，至此，我們結束了 Brands Holding 2025 年第一季財報電話會議。各方均可斷開連線。祝你有美好的一天。