AKA Brands Holding Corp (AKA) 2026 Q1 法說會逐字稿

Greetings, and welcome to the AKA Brands Holding Corp first-quarter and fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, the conference is being recorded.

各位好，歡迎參加 AKA Brands Holding Corp 2026 會計年度第一季暨 2026 會計年度財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Emily Schwartz, Vice President of Investor Relations. Please go ahead.

現在我很榮幸為各位介紹投資人關係副總裁 Emily Schwartz。請開始。

Good afternoon. Thank you for joining AKA Brands to discuss our first quarter 2026 results released this afternoon, which can be found on our website at ir.aka-brands.com.

各位午安。感謝您加入 AKA Brands，一同討論我們於今日下午發布的 2026 年第一季業績，相關資料可於我們網站 ir.aka-brands.com 查閱。

With me on the call today is Ciaran Long, Chief Executive Officer and Kevin Grant, Chief Financial Officer. 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.

今天與我一同參與電話會議的有執行長 Ciaran Long 與財務長 Kevin Grant。在開始之前，我想提醒各位公司之「安全港」聲明。管理團隊可能會做出前瞻性陳述，涉及對未來事件的預期、推估及其他描述，包括財測指引及其所依據的假設。

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 hear our filings with the SEC. Adjusted gross margin and constant currency net sales. 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.

前瞻性陳述涉及風險與不確定性，可能導致實際結果與所表達內容出現重大差異。關於與我們業務相關風險的進一步討論，請參閱我們向美國證券交易委員會（SEC）提交的文件。調整後毛利率與固定匯率淨銷售額。這些非 GAAP 指標與最可比 GAAP 指標之調節表已包含於本次新聞稿中，並已提供給 SEC，亦可於我們網站取得。

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

接下來我把電話交給 Ciaran。

Good afternoon, and thank you for joining us to discuss our first quarter 2026 results. We delivered a strong start to the year with net sales of $132.5 million, up 3%, and adjusted EBITDA of $5.1 million, ahead of expectations. More importantly, our results reflect significant gross margin expansion year over year as the structural improvements we've made to the business begin to take hold.

各位午安，感謝各位參加並與我們一同討論 2026 年第一季業績。我們在年初交出強勁開局，淨銷售額為 1.325 億美元，年增 3%，調整後 EBITDA 為 510 萬美元，優於預期。更重要的是，我們的結果反映出毛利率較去年同期顯著擴張，顯示我們對業務所做的結構性改善開始發揮效果。

Gross margin, excluding one-time adjustments related to tariffs and strategic charges, primarily related to legacy streetwear inventory, reached 59%, which expanded by approximately 180 basis points year over year.

毛利率（不含與關稅及策略性費用相關的一次性調整，該等費用主要與傳統街頭服飾庫存相關）達到 59%，較去年同期約擴張 180 個基點。

The margin expansion was driven by improved inventory discipline, stronger full price sell-through and the continued rollout of our test and repeat model. Importantly, the majority of that underlying gross margin expansion came from our streetwear brands.

毛利率擴張主要由更佳的庫存紀律、更強的正價售罄率，以及我們測試與補貨（test and repeat）模式的持續推行所帶動。重要的是，這些基礎毛利率擴張的大部分來自我們的街頭服飾品牌。

For several years, the Culture Kings transition has been a priority strategic initiative, moving on to test and repeat, rebuilding the in-house brand portfolio, resetting inventory and elevating product quality. This quarter, that work translated into financial performance, with streetwear delivering meaningful gross margin improvement year over year.

數年來，Culture Kings 的轉型一直是優先的策略性計畫，包括導入測試與補貨模式、重建自有品牌組合、重置庫存並提升產品品質。本季，這些工作轉化為財務表現，街頭服飾業務的毛利率較去年同期出現顯著改善。

We view this as the single clearest proof point that the structural changes are working. Over the past three years, we've fundamentally repositioned AKA brands to improve profitability and durability. We've expanded distribution of our brands across stores, wholesale and marketplace. We've strengthened our operational foundation and we've instilled a greater level of financial discipline across the business.

我們將此視為結構性變革正在奏效的最明確單一佐證。過去三年，我們從根本上重新定位 AKA Brands，以提升獲利能力與韌性。我們已擴大品牌在門市、批發與市集平台的通路布局；強化營運基礎；並在全公司導入更高程度的財務紀律。

I believe we're now just starting to see the payoff of that work, and 2026 will be a meaningful proof point in our trajectory. First, while we continue to grow our e-commerce presence, we've expanded beyond our historical direct-to-consumer roots into a diversified omnichannel model across retail, wholesale and marketplaces.

我認為我們現在才剛開始看到這些努力的回報，而 2026 年將是我們發展軌跡中的重要驗證點。首先，在持續擴大電商版圖的同時，我們也已從過往以 DTC（直面消費者）為主的根基，拓展為涵蓋零售、批發與市集平台的多元全通路（omnichannel）模式。

Princess Poly now operates 13 stores across the US and opened its first store in Australia at Bondi Beach in December, with more to come in both regions in 2026. We also launched with multiple wholesale partners in multiple countries and marketplace channels, which continue to exceed our expectations. These channels are now meaningful contributors and are expanding our total addressable market, while improving brand visibility and customer acquisition.

Princess Polly 目前在美國營運 13 家門市，並於 12 月在澳洲邦迪海灘（Bondi Beach）開出首家門市；2026 年在兩個地區都將有更多展店。我們也在多個國家與多家批發合作夥伴及多個市集通路上線，表現持續超出預期。這些通路如今已成為重要貢獻來源，擴大我們的整體可觸及市場（TAM），同時提升品牌能見度與客戶獲取。

Second, we built the operational foundation and added team members in key functions to support this expansion, setting the stage for a scalable business model with strong profit flow-through. We've brought inventory down by approximately $45 million over the past three years, primarily in our streetwear business. This achievement has transformed the structure of our operating model, delivering healthier inventory turns, stronger full-price selling and the financial flexibility to invest aggressively in growth.

第二，我們建立了營運基礎，並在關鍵職能增補團隊成員以支援擴張，為可擴展的商業模式奠定基礎，並具備強勁的利潤流入（profit flow-through）。過去三年，我們將庫存降低約 4,500 萬美元，主要來自街頭服飾業務。此一成果改變了我們營運模式的結構，帶來更健康的庫存周轉、更強的正價銷售，以及可積極投資成長的財務彈性。

This disciplined inventory approach has also enabled us to accelerate our transition to a test-and-repeat merchandising model across our streetwear brands. As I mentioned, moving Culture Kings and Minimal fully onto this model has been a multi-year effort, and the results are increasingly evident. Our year over year gross margin improvements directly reflects a more focused assortment that customers are positively reacting to and better buying discipline.

這種有紀律的庫存策略也使我們得以加速在街頭服飾品牌導入測試與補貨的商品企劃模式。如我所述，讓 Culture Kings 與 Minimal 完全轉向此模式是一項多年工程，而成果正日益明顯。我們的毛利率年增改善，直接反映出更聚焦的商品組合獲得客戶正向回應，以及更佳的採購紀律。

Third, we accomplished a comprehensive transformation of our sourcing network in 2025, diversifying our sourcing across multiple geographies and vendors. It was a remarkable amount of work to have accomplished in such a short period of time, and I'm very grateful to the teams who delivered on the task. We know operating sourcing (technical difficulty) the ongoing trade environment and our next phase of growth.

第三，我們在 2025 年完成了供應採購網路的全面轉型，將採購分散至多個地理區域與供應商。在如此短的時間內完成如此龐大的工作量，實屬不易，我非常感謝完成任務的團隊。我們知道在持續的貿易環境下進行採購營運（技術性困難），以及我們下一階段的成長。

And lastly, taken together, we've been able to strengthen our financial foundation, reducing our debt by 17% over the past three years, which positions us to accelerate our growth and profitability in the years ahead. Heading into the balance of the year, our focus remains on three priorities. Attracting and retaining customers through exclusive trend-driven product and innovative marketing across our direct-to-consumer channels, expanding brand awareness and our total addressable market through continued investment in physical retail and strategic wholesale partners, and continuing to streamline our operations and strengthen our financial foundation.

最後，綜合以上，我們得以強化財務基礎，過去三年將負債降低 17%，使我們能在未來幾年加速成長與提升獲利。展望今年剩餘期間，我們仍聚焦三大優先事項：透過獨家、趨勢導向的產品與創新行銷，在 DTC 通路吸引並留住客戶；持續投資實體零售與策略性批發夥伴，以擴大品牌知名度與整體可觸及市場；以及持續精簡營運並強化財務基礎。

As discussed last quarter, we're also increasing our investment in AI across the platform. With early applications already improving product imagery, marketing efficiency and inventory optimization. While still early, we expect these initiatives to contribute meaningfully to margin expansion over time.

如同上季所討論，我們也正在加大對整個平台的 AI 投資。早期應用已在產品影像、行銷效率與庫存最佳化方面帶來改善。雖仍在初期階段，我們預期這些計畫將隨時間推進，對毛利率擴張做出有意義的貢獻。

Turning now to our brand highlights. Starting with Princess Polly, our largest brand, Princess Polly delivered strong performance in the quarter, driven by disciplined execution of its test-and-repeat model and consistent weekly newness, supporting strong full-price sell-through.

接下來談品牌重點。先從我們最大的品牌 Princess Polly 開始。Princess Polly 本季表現強勁，主要受惠於其測試與補貨模式的紀律性執行，以及每週持續上新，支撐了強勁的正價售罄率。

Dresses continue to drive volume tied to key seasonal moments, and Swim was a standout category that continues to grow as we enter the second quarter. We're also seeing good traction in basics and knits expanding share of wardrobe, and supporting a more consistent demand across categories.

洋裝持續在關鍵季節性時點帶動銷量；泳裝（Swim）是表現突出的品類，並在進入第二季之際持續成長。我們也看到基本款與針織品類的良好動能，衣櫥占比提升，並支撐各品類更一致的需求。

Key seasonal events, including Valentine's Day, Festival, and Graduation, drove meaningful growth with Graduation delivering record performance across sales, inventory turns, and margins. From a marketing standpoint, the team continued to scale its TikTok presence in the quarter, expanding paid investment and going live up to 100 hours per week.

包括情人節、音樂節（Festival）與畢業季等關鍵季節性活動帶動了顯著成長，其中畢業季在銷售、庫存周轉與毛利率方面皆創下紀錄。行銷方面，團隊本季持續擴大 TikTok 佈局，增加付費投放，並將直播時數提升至每週最多 100 小時。

We're now leveraging thousands of affiliate and creator videos per month, and February and March were both record months on the platform. TikTok Shop also continues to drive new customer acquisition efficiently, and the team is scaling it with conviction heading into Q2.

我們目前每月運用數千支聯盟夥伴與創作者影片，而 2 月與 3 月在該平台皆創下單月新高。TikTok Shop 也持續以高效率推動新客獲取，團隊在進入第二季時正有信心地擴大規模。

We're also seeing strong momentum in omnichannel expansion. We're excited to announce that Princess Polly will open a 1,000 square foot pop-up at The Grove in Los Angeles, which will run from the end of this month through the end of July. With eight new US store releases fully executed, with four expected to open by year-end, I'm really confident in the momentum of the retail expansion.

我們也看到全通路擴張的強勁動能。我們很高興宣布，Princess Polly 將在洛杉磯 The Grove 開設一間 1,000 平方英尺的快閃店，營運期間自本月底至 7 月底。隨著 8 家新的美國門市開設計畫已全面落地，且預計年底前再開 4 家，我對零售擴張的動能非常有信心。

The Bondi Beach store has also been very well received since opening in December, and the brand will open another Australian store at Pacific Fair slated to open in the back half of the year with more to come. Internationally, the UK distribution hub launched in March is off to a strong start with immediate sales acceleration driven by improved speed and customer experience, establishing a foundation for further growth in the back half and over the long-term.

邦迪海灘門市自 12 月開幕以來也獲得非常好的回響；品牌將在今年下半年於 Pacific Fair 再開一家澳洲門市，後續還會有更多。國際方面，3 月啟用的英國配送樞紐開局強勁，受惠於速度與客戶體驗改善，銷售立即加速，為下半年及長期的進一步成長奠定基礎。

Turning now to Petal & Pup. The brand continues to gain traction with its core customer, and the progress the team has made expanding the business across channels and geographies has been significant. Petal & Pup delivered solid performance in Q1, with event dressing remaining the highest growth category across all regions and channels, particularly for event dresses at accessible price points.

接下來談 Petal & Pup。該品牌持續在核心客群中獲得更多關注，而團隊在跨通路與跨地理區域擴張業務方面的進展相當顯著。Petal & Pup 第一季表現穩健，活動穿搭（event dressing）仍是所有地區與通路中成長最快的品類，尤其是具可負擔價格帶的宴會洋裝。

Customers also continue to expand into additional product categories as Petal & Pub grows the separates offering, with tops and bottoms now representing a meaningfully higher share of the mix. Wholesale momentum continues to build with strong performance at key partners and successful expansion into new accounts across both the US and international markets.

隨著 Petal & Pub 擴大單品（separates）產品供給，顧客也持續拓展至更多產品類別，其中上衣與下身（tops and bottoms）目前在產品組合中的占比已顯著提高。批發業務動能持續累積，在關鍵合作夥伴處表現強勁，並在美國及國際市場成功拓展至新客戶。

Nordstrom's performance remained strong through the quarter. With the brand well-established in Nordsom's trend section across the dresses and casual styles, Van Mauer launched in February with stores already chasing into top-performing styles following a strong initial sell-through.

Nordstrom 在本季度的表現仍然強勁。隨著品牌在 Nordstrom 的潮流專區中於洋裝與休閒風格品類已建立穩固基礎，Van Mauer 於 2 月上市，且在初期銷售快速去化（sell-through）表現強勁後，門市已針對表現最佳的款式進行追加採購（chasing）。

[Dillard's] completed its first store test shipment in Q1 and will go live across nine locations in the second quarter. Petal & Pop also opened a new showroom in Los Angeles during March market week and secured 30 new specialty accounts within the first month, ranging from independent boutiques to multi-location retailers. The breadth of distribution Petal & Pop is building gives me a lot of confidence in the strength and trajectory of the brands.

[Dillard's] 已於第一季完成首次門市測試出貨，並將於第二季在九個據點正式上線。Petal & Pop 亦於 3 月市場週期間在洛杉磯開設新的展示間（showroom），並在首月內新增 30 個專業零售客戶（specialty accounts），涵蓋獨立精品店到多店型零售商。Petal & Pop 正在建立的廣泛通路布局，讓我對品牌的實力與發展軌跡充滿信心。

Turning now to our streetwear brands. Culture Kings continues to differentiate through its highly immersive retail experience and curated mix of in-house and third-party brands. A key focus with the team has been strengthening the in-house brand portfolio, including Loiter, 73 Studio, Carre and Saint. Morta, evolving the merchandising approach, relaunching priority brands and elevating product quality.

接著談我們的街頭服飾品牌。Culture Kings 持續透過高度沉浸式的零售體驗，以及精選的自有品牌與第三方品牌組合來強化差異化。團隊的一項重點工作是強化自有品牌組合，包括 Loiter、73 Studio、Carre 與 Saint。Morta 也在推進商品策略（merchandising）調整、重新推出重點品牌並提升產品品質。

That work is now delivering measurable results with full price mix and gross margin, both improving materially year over year. 73 Studio delivered a strong quarter, anchored by launches across Marvel and Xbox, with the brand now established as one of the largest revenue contributors in the US.

這些工作如今已帶來可衡量的成果：正價銷售占比（full price mix）與毛利率（gross margin）皆較去年同期顯著改善。73 Studio 本季表現強勁，主力來自與 Marvel 及 Xbox 的系列上市，該品牌目前已成為美國市場最大的營收貢獻者之一。

Loiter also delivered a strong quarte with the Marvel collection resonating well with customers and key styles already being reordered ahead of the upcoming Spider-Man and Avengers releases later this year. Minimal also continued its positive trajectory, driven by disciplined execution of the test-and-repeat model and a more focused assortment.

Loiter 亦繳出強勁季度表現，Marvel 系列深受顧客喜愛，且在今年稍晚即將推出的《蜘蛛人》與《復仇者聯盟》系列上市前，部分關鍵款式已開始被追加訂購。Minimal 也延續正向成長趨勢，主要受惠於嚴謹執行「測試與重複」（test-and-repeat）模式，以及更聚焦的商品組合。

Brand activations and cultural partnerships remain an important driver of traffic and engagement. During the quarter, the team executed activations across NBA All-Star Weekend in Los Angeles, partnered with Atlassian Williams Racing around the Formula One Melbourne Grand Prix, and recently launched a WWE collaboration tied to WrestleMania in Las Vegas.

品牌活動（brand activations）與文化合作夥伴關係仍是帶動流量與互動的重要驅動因素。本季度，團隊在洛杉磯 NBA 全明星週末期間執行多項活動，並在 F1 墨爾本大獎賽期間與 Atlassian Williams Racing 合作，近期也推出與 WWE 的聯名合作，並與拉斯維加斯的 WrestleMania 相關聯。

These initiatives continue to reinforce Culture King's positioning at the intersection of streetwear and culture. On the stores front, the relocated Brisbane store in Australia continues to demonstrate the potential of the refined store model. The store is now the strongest performing location in the Australia fleet with gross margin, full price mix and traffic all improving material year over year. We're actively pursuing a second US store location using the learnings from the Brisbane store and I look forward to updating you on the progress.

這些舉措持續強化 Culture Kings 在街頭服飾與文化交會點的品牌定位。在門市方面，澳洲布里斯本搬遷後的新店持續展現精進後門市模型的潛力。該店目前已成為澳洲門市群中表現最強的據點，毛利率、正價銷售占比與來客數（traffic）皆較去年同期顯著提升。我們正積極運用布里斯本門市的經驗，尋找美國第二家門市據點，並期待後續向各位更新進展。

Looking ahead, Culture Kings has a strong pipeline of collaborations and activations tied to global events, including the World Cup, UFC, and Formula One, and the team remains focused on continuing to scale in-house brands, drive margin expansion, and further strengthen the overall model.

展望未來，Culture Kings 擁有與全球性活動連動的強勁合作與活動管線（pipeline），包括世界盃、UFC 與一級方程式（Formula One）。團隊仍聚焦於持續擴大自有品牌規模、推動毛利率擴張，並進一步強化整體營運模型。

In closing, the first quarter results and the progress across our brands demonstrate that the strategic work is translating into financial results. And I believe we are at a genuine inflection point in the trajectory of the business. The foundation is in place, the channels are scaling, and the brands are well-positioned for growth ahead.

總結而言，第一季的成果以及各品牌的進展顯示，我們的策略性工作正轉化為財務成果。我相信我們正處於業務發展軌跡的真正轉折點。基礎已就位、各通路正在擴張，品牌也已為未來成長做好布局。

I want to thank our teams for the continued hard work and commitment. Our recent performance is a direct reflection of their dedication to our brands and customers.

我要感謝各團隊持續的努力與投入。我們近期的表現，直接反映了他們對品牌與顧客的奉獻。

With that, I'll turn it over to Kevin.

接下來我把時間交給 Kevin。

Thanks, Ciaran. We are pleased with our solid start to the year with first quarter net sales and EBITDA coming in ahead of our expectations.

謝謝你，Ciaran。我們對今年穩健的開局感到滿意，第一季淨銷售額與 EBITDA 皆高於我們的預期。

Before turning to results, I want to provide more context on the tariff adjustment. As reflected in our filings, we paid $25.8 million in IEPA tariffs since their inception, $18.6 million flowing through COGS and the remaining $7.2 million capitalized in inventory.

在談到業績之前，我想就關稅調整提供更多背景。正如我們的申報文件所示，自 IEPA 關稅實施以來，我們已支付 2,580 萬美元，其中 1,860 萬美元計入銷貨成本（COGS），其餘 720 萬美元資本化計入存貨。

Following the Supreme Court's decision to overturn the tariffs and our successful refund submission to CBP, we recognize the benefit of this adjustment as a receivable in our first quarter results. As part of the IEPA reversal, we also recognized approximately $2 million of charges related to the reversal of duty drawback benefits and other anticipated charges.

在最高法院裁定推翻該關稅、且我們向 CBP 成功提交退稅申請後，我們在第一季業績中將此調整的利益認列為應收款。作為 IEPA 撤銷的一部分，我們亦認列約 200 萬美元費用，與退還關稅回饋（duty drawback）利益的沖回及其他預期費用相關。

As of yesterday, we've already received approximately $6 million of the $25.8 million of expected IEPA refunds. We also made a strategic decision to write off $12 million of legacy streetwear inventory as we finalized the transition to the test and repeat model.

截至昨日，我們已收到預期 2,580 萬美元 IEPA 退稅中的約 600 萬美元。我們也做出策略性決定，在完成向「測試與重複」（test and repeat）模式的轉型之際，將 1,200 萬美元的既有街頭服飾存貨予以沖銷（write off）。

We view this as a one-time opportunity to reset the business and align inventory with our model, positioning us for improved margins and returns going forward. For the first quarter, net sales increased 3% to $132.5 million, slightly ahead of our outlook, driven by a 3.2% increase in US sales.

我們將此視為一次性的機會，用以重置業務並使存貨與我們的營運模型一致，從而為未來的毛利率與報酬率改善奠定基礎。第一季淨銷售額成長 3% 至 1.325 億美元，略高於我們的展望，主要由美國銷售成長 3.2% 所帶動。

We're also pleased with our performance in Australia with sales increasing 3.8% to $36.9 million. Total orders were $1.7 million, up to 4.2% year over year. Trailing 12-month active customers, excluding wholesale, increased 3.1% to $4.26 million compared to $4.13 million a year ago. And average order value was $77.

我們也對澳洲市場的表現感到滿意，銷售額成長 3.8% 至 3,690 萬美元。總訂單數為 170 萬筆，年增 4.2%。過去 12 個月活躍客戶數（不含批發）成長 3.1% 至 426 萬，較一年前的 413 萬增加。平均客單價為 77 美元。

Let me give more color on the adjusted gross margin for the quarter. Starting from prior year, gross margin is 57.2%. Our underlying business delivered approximately 180 basis points of expansion to 59%, which as Ciaran mentioned, was driven by improved inventory discipline, stronger full-price sell-through and the continued rollout of test and repeat in our streetwear brands.

我再補充本季調整後毛利率（adjusted gross margin）的細節。以去年同期為起點，毛利率為 57.2%。我們的核心業務帶來約 180 個基點的擴張至 59%；如 Ciaran 所提，主要受惠於更佳的存貨紀律、更強的正價銷售去化，以及在街頭服飾品牌中持續推進「測試與重複」模式。

From there, the IUPA tariff recovery added approximately 1,400 basis points. The legacy streetwear inventory write-up was a 900 basis point headwind and the duty drawback reversal and related charges were about 80 basis points of headwind that bridges to reported gross margin of 63.1%.

在此基礎上，IUPA 關稅回收增加約 1,400 個基點。既有街頭服飾存貨沖銷帶來 900 個基點的不利影響（headwind），而關稅回饋（duty drawback）沖回及相關費用約造成 80 個基點的不利影響，最終銜接至報告毛利率 63.1%。

We believe the 59% underlying figure is the right number to anchor on for the run rate of the business. Selling expenses were $41 million or 30.9% of net sales compared to 29.7% a year ago, resulting from the increase in store selling expenses as we grow our retail footprint.

我們認為 59% 的核心水準是衡量公司營運常態（run rate）時最適合的基準。銷售費用為 4,100 萬美元，占淨銷售額 30.9%，高於去年同期的 29.7%，主要因我們擴大零售據點而帶動門市銷售費用增加。

Marketing expenses were $16.8 million or 12.6% of net sales. General and administrative expenses were $30 million or 22.7% of net sales. G&A expenses increased year-over-year due to an increase in headcount to support our channel expansion strategy and technology investments. Our adjusted EBITDA increased to $5.1 million compared to $2.7 million a year ago, and our adjusted EBITDA margin grew 180 basis points to 3.9%.

行銷費用為 1,680 萬美元，占淨銷售額 12.6%。一般及行政費用（G&A）為 3,000 萬美元，占淨銷售額 22.7%。G&A 費用年增，係因為為支持通路擴張策略與科技投資而增加人力編制。我們的調整後 EBITDA 提升至 510 萬美元，較去年同期的 270 萬美元增加；調整後 EBITDA 利潤率提升 180 個基點至 3.9%。

Turning to the balance sheet, we ended the quarter with $12.9 million in cash and cash equivalents. The year-over-year decline primarily reflects continued investment in retail expansion and working capital optimization. Total debt at the end of the quarter was $109.6 million, down from $119.9 million a year ago, reflecting a continued progress in reducing our leverage and strengthening the financial foundation of the business.

接著看資產負債表，本季末現金及約當現金為 1,290 萬美元。年減主要反映我們持續投資零售擴張與營運資金優化。本季末總負債為 1.096 億美元，低於一年前的 1.199 億美元，顯示我們在降低槓桿並強化公司財務基礎方面持續取得進展。

We ended the quarter with $67.7 million in inventory, down 28% from $94.4 million a year ago, reflecting the continued benefits of our disciplined buying approach and the inventory write-off.

本季末存貨為 6,770 萬美元，較一年前的 9,440 萬美元下降 28%，反映我們嚴謹採購策略的持續效益以及存貨沖銷的影響。

Turning now to our outlook. For fiscal 2026, we continue to expect net sales to be between $625 million to $635 million and adjusted EBITDA between $30 million to $32 million. For the back half of the year, our outlook reflects tariff rates at the pre-Supreme Court ruling.

接著談展望。對於 2026 會計年度，我們仍預期淨銷售額介於 6.25 億至 6.35 億美元之間，調整後 EBITDA 介於 3,000 萬至 3,200 萬美元之間。對於下半年，我們的展望反映的關稅稅率為最高法院裁定前的水準。

For the second quarter, we expect net sales to be between $100 million and $164 million, reflecting a low single-digit growth rate. We expect adjusted EBITDA of between $8.5 million and $9 million in the second quarter.

針對第二季，我們預期淨銷售額將介於 1 億美元至 1.64 億美元之間，反映低個位數的成長率。我們預期第二季調整後 EBITDA 介於 850 萬美元至 900 萬美元之間。

To give you some more color for modeling purposes in the second quarter, we expect gross margin around 60%. For modeling purposes for the full year, we anticipate fiscal 2026 stock-based compensation of approximately $6.5 million to $7 million, depreciation and amortization expense of roughly $20 million to $21 million, interest and other expense of approximately $16 million to $18 million, an effective tax rate of negative 10%, CapEx between $18 million to $20 million, and weighted average diluted share count of approximately $11 million.

為了讓你在第二季建模時有更多參考，我們預期毛利率約為 60%。就全年建模而言，我們預估 2026 會計年度的股票基礎薪酬約為 650 萬美元至 700 萬美元，折舊與攤銷費用約為 2,000 萬美元至 2,100 萬美元，利息及其他費用約為 1,600 萬美元至 1,800 萬美元，有效稅率為負 10%，資本支出（CapEx）介於 1,800 萬美元至 2,000 萬美元之間，加權平均稀釋後股數約為 1,100 萬股。

In closing, our first quarter results demonstrate that the structural changes we've made to the business are translating into improved profitability and earnings power. While the macro environment remains dynamic, we believe we are significantly better positioned today with a more flexible model, stronger margins and multiple growth levers to deliver sustainable long-term value.

最後，我們第一季的結果顯示，我們對業務所做的結構性調整正轉化為更佳的獲利能力與盈餘創造力。儘管總體環境仍具動態變化，我們相信，憑藉更具彈性的模式、更強的毛利率以及多元的成長槓桿，我們如今的定位已顯著更佳，能夠創造可持續的長期價值。

With that, we'll open the call for questions.

接下來，我們將開放提問。

Thank you. We'll now be conducting a question-and-answer session.(Operator Instructions)

謝謝。我們現在將進行問答環節。(Operator Instructions)

Ryan Meyers, Lake Street Capital Market.

Ryan Meyers，Lake Street Capital Market。

Hey, guys. Thanks for taking my questions. First one for me, I just want to make sure I'm understanding this correctly. Kevin, the commentary you just gave us on gross margin for the second quarter, that 60%, I assume that's adjusted gross margin and there's none of the kind of tariff inventory-related impacts that we saw in the first quarter here. And then if so, what are the main drivers of that roughly 100 basis points or so that you're seeing here from Q1 to Q2?

嗨，各位。謝謝讓我提問。第一個問題，我只是想確認我理解正確。Kevin，你剛才對第二季毛利率的說明，那個 60%，我假設那是調整後毛利率，而且不包含我們在第一季看到的那種與關稅、庫存相關的影響。若是如此，那麼你們看到從 Q1 到 Q2 約 100 個基點左右變化的主要驅動因素是什麼？

Yeah, thanks for the question, Ryan. Yeah, so for the first quarter, just to recap that real quick, adjusted for all the one-time impacts of the [AEPA] refund and the strategic inventory charge, it was a normalized 59% gross margin. And that's really the number I think we're trying to anchor on from a long-term perspective, that's where we think we can operate.

是的，謝謝你的問題，Ryan。是的，第一季我先快速回顧一下：若把 [AEPA] 退款以及策略性庫存費用等一次性影響都調整掉，標準化的毛利率是 59%。從長期角度來看，我認為我們想要錨定的就是這個數字，我們認為我們可以在這個水準運作。

For Q2, your rise to guide is 60% and is a bit of a step up from that. And what that reflects is really no idea in the Q2 reflects the refund being taking effect as well as the current 10% Section 122 tariffs that are still in place.

第二季我們的指引上調至 60%，相較之下略有提升。這反映的是——第二季的情況包含退款開始生效，以及目前仍在實施的 10%《第 122 條》（Section 122）關稅。

It also reflects some headwinds we're seeing on inbound freight impacting the margins as well. So that's kind of how you bridge from that 59% to 60%. For the back half of the year, really no changes to what we previously discussed about gross margin. And as mentioned in the prepared comments, we're assuming that those duty rates will get back to Supreme Court levels, which is what the administration has talked about.

同時也反映我們在入境運輸（inbound freight）方面看到的一些逆風，對毛利率造成影響。因此，這就是從 59% 連結到 60% 的主要因素。至於下半年，毛利率方面與我們先前討論的內容沒有變化。如同在事先準備的講稿中提到的，我們假設這些稅率將回到最高法院層級（Supreme Court levels），這也是政府所談到的方向。

Okay, got it. And then just on the revenue side of the business, obviously performed well during the quarter and performing well enough to leave the guidance unchanged. So I'm just curious what you guys are seeing across your customer base and if you're seeing any impacts from just the sort of volatile macro environment that we've seen here the past couple of months?

好的，了解。接著談到營收端，顯然本季表現不錯，也好到足以讓你們維持指引不變。所以我想了解，你們在客戶群中看到什麼情況？以及在過去幾個月我們看到的這種波動的總體環境下，你們是否看到任何影響？

Yeah, Ryan, I think, excuse me, we are seeing some, I would say, some pressure on the consumer in US and Australia, but look, I think as we look across the business, as of now, Poly is having their best season from a grad perspective that they've had. We are delighted that within a month of (inaudible) opening their new showroom, they have 30 new accounts from the specialty retail perspective.

是的，Ryan，我想——抱歉——我們確實在美國與澳洲看到一些、我會說是消費者端的壓力。不過你看，從整體業務來看，截至目前，Poly 在畢業季（grad）方面正迎來他們有史以來最好的旺季。我們也很高興，在（聽不清）開設新展示間後的一個月內，他們在專業零售（specialty retail）方面新增了 30 個新客戶帳戶。

And I would say really just the progress we've made in with all the changes of moving the streetware businesses on to that test repeat model, certainly seeing the best response we've ever seen from a product sell-through and customer reaction there. So look, I think we feel good about the progress we've made really over the last number of years. Opening up new channel, opening up stores, wholesale, increasing the overall time. So feel good about where we are from as we head into Q2 and the rest of the year from a guidance perspective.

我也會說，真正關鍵的是我們在推動所有變革、把街頭服飾（streetware）業務轉到「測試與補單」（test and repeat）模式後所取得的進展；我們確實看到前所未有的產品售罄/銷售穿透（sell-through）表現，以及客戶端的反應。所以你看，我們對過去幾年取得的進展感到不錯：開拓新通路、開店、批發、提升整體節奏。因此，從指引角度來看，進入第二季與今年剩餘時間，我們對目前的狀態感到樂觀。

Got it. Thanks for taking my questions.

了解。謝謝回答我的問題。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Hi, good afternoon, everyone, and nice to see the progress. As you think about the rising cost of energy, where is it impacting your business? What have you seen, how you're projecting going forward? And for the first quarter, did you see any difference between the beginning of the quarter, the end of the quarter in terms of conversion or traffic or sales?

嗨，大家午安，也很高興看到進展。當你們思考能源成本上升時，它在哪些地方影響你們的業務？你們看到了什麼？以及你們如何預測未來走勢？另外，第一季在轉換率、來客數或銷售方面，你們是否看到季初與季末之間有任何差異？

And then just US and Australia, how did both the regions do in the first quarter? And just lastly, are your Princess Polly stores, how much better than your plan are they opening up? Is there any similarities by region or what you know better what to look for in terms of stores now, size or anything like that? Thank you.

再來，美國與澳洲兩個地區在第一季表現如何？最後，Princess Polly 的門市開店表現比你們的計畫好多少？是否有任何區域上的相似性，或是你們現在更知道在門市方面該看什麼，例如店面大小或其他因素？謝謝。

Yes, thanks, Dana. Let me kind of go through them one by one. I think, look, from input costs, I would say we're seeing just a little bit on synthetic materials for us, which is look at a really small percentage of the business. We've seen a bit there recently with the change in energy costs.

好的，謝謝，Dana。我逐一回答。首先，從投入成本來看，我會說我們在合成材料上看到一點點影響，但那其實只占我們業務中很小的一部分。隨著能源成本變動，最近在那方面確實有些變化。

We are also seeing increased air freight. And look, air freight for us being on a test and repeat model is core to the business. And we will continue to use airfreight, but we certainly feel with the guidance that we've given, all of those costs are contemplated in there. And look, with all of the work we've done from the sourcing perspective and super work from the team really over the last 18 months, we're well able to kind of navigate our way through those.

我們也看到空運費用上升。你看，對我們而言，採用「測試與補單」模式，空運是業務的核心。我們會持續使用空運，但我們在所提供的指引中，已將這些成本納入考量。而且，憑藉我們在採購端所做的所有工作，以及團隊在過去 18 個月的出色努力，我們有能力妥善因應並穿越這些變化。

From a pacing as we went through the quarter, we certainly saw a little bit of softness late in March that continued for us into April. We have seen improvements as we've gone as we've moved into May and through May. And look, Phil, as we head into the back half of the quarter and rest of the year, we really feel kind of product is in a good position and where we stand from a customer go-to-market perspective.

就季度進程而言，3 月下旬我們確實看到一些疲軟，並延續到 4 月。隨著進入 5 月以及 5 月期間，我們看到改善。你看，Phil，當我們進入本季後半段以及今年剩餘時間，我們確實覺得產品端處於良好位置，且在客戶端的上市/推廣（go-to-market）方面，我們的布局也很到位。

And look, I would say just being able to navigate through all the tariff headwinds that we had last year, keep going sales, keep going EBITDA, pay down debt, we certainly feel in good shape. From a region perspective, I would say we saw better growth in the US compared to Australia. Australia consumer probably a little bit more pressured than the US.

另外，我會說，能夠在去年面對所有關稅逆風的情況下，仍持續推動銷售、推動 EBITDA、償還債務，我們確實覺得狀況良好。從區域來看，我會說美國的成長優於澳洲。澳洲消費者可能比美國承受更大的壓力。

I feel US consumers just certainly for us, we feel quite resilient and like I mentioned, a little bit of pressure in April, but got back at it pretty quickly. I think we will manage through both regions well. And then from the store perspective, look, I'd say just really happy with the performance at the Poly stores.

我覺得美國消費者——至少對我們而言——相當有韌性。如我提到的，4 月有些壓力，但很快就恢復。我認為我們能夠在兩個地區都妥善管理。至於門市方面，你看，我會說我們對 Poly 門市的表現非常滿意。

They're all ahead of our payback periods, forward, profitable, seeing really introducing us to new customers, a halo effect to the online business where we're opening stores. I think we have learned a lot since we've been opening them on from a size perspective and also I would say just the kind of regional differences from a merchandising perspective. So look, I think we're continuing to, I suppose, refine how we go to market in each one of the stores, learning a lot, I think, still plenty of opportunity for us to keep executing and upping the bar and getting more performance out of that channel for us.

它們全部都優於我們的回收期（payback period）預期，往前看也具備獲利性，並且確實讓我們接觸到新客戶；在我們開店的地區，對線上業務也有光環效應（halo effect）。我想自從開始開店以來，我們在店面大小等方面學到很多，同時也學到一些我會說是各區域在商品配置（merchandising）上的差異。所以你看，我們持續在精進每一家門市的上市策略，學到很多；我認為我們仍有大量機會持續執行、拉高標準，並從這個通路為我們帶來更好的表現。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

Hi, great. Thanks for taking our questions. So maybe just to start on AOV really quickly and that stepped down and it seems pretty consistent with what we're seeing across the broader apparel space. But as you look at 2Q so far, anything you'd highlight in terms of promotional intensity in the market and have you changed your own approach to promotions at all over the past few months?

嗨，很好。謝謝讓我們提問。那我可能先很快從 AOV 開始，AOV 有所下滑，而且看起來與我們在更廣泛的服飾產業所看到的情況相當一致。但就目前為止的 2Q 來看，您會特別強調市場促銷強度的哪些面向？以及過去幾個月你們在促銷策略上是否有任何調整？

Yeah, thanks, Ashley, for the question. Yeah, we saw AOV down a bit in the quarter, down 1%, which really is just a reflection of some of the mix dynamics there. More importantly for us, we really saw a great customer active customer growth over 3% in the quarter and then orders growth of over 4% as well. We continue to see that strong.

好的，謝謝 Ashley 的提問。是的，我們看到本季 AOV 小幅下滑，下降 1%，這主要反映了一些產品組合的動態。對我們來說更重要的是，本季活躍客戶數成長超過 3%，訂單數也成長超過 4%。我們持續看到這樣的強勁表現。

Order growth and customer growth continuing into Q2 and really not seeing too much of an impact on AOV as well. Kind of from a promotional perspective, we talked about the guide out there and gross margin that reflects the current market dynamics. We feel good about that 60% reflects the current tariff rates in place as well as some of the impacts of the inbound freight, but nothing that I would remark in terms of significant changes to the overall promotional environment.

訂單成長與客戶成長在 Q2 也持續延續，而且 AOV 也沒有看到太大的影響。從促銷角度來看，我們先前談到的指引以及毛利率，已反映目前的市場動態。我們對約 60% 的水準感到不錯，這也反映了目前實施中的關稅稅率，以及部分進口運費的影響；但就整體促銷環境而言，我沒有要特別指出有任何重大變化。

Got it. Okay. And then maybe just as a follow-up, so on TikTok and the spending there, just curious as to how that compares to your historical digital acquisition costs. And as that continues to scale, how are you thinking about marketing spend more broadly?

了解。好。那再追問一下，關於 TikTok 以及在那邊的投放支出，我想了解這與你們過去的數位獲客成本相比如何。隨著這個渠道持續擴大，你們更廣泛地如何思考行銷支出？

Yeah, I think TikTok has been a really interesting channel for us. We are pretty active on it now across all four of the brands, I would say kind of all of them in slightly different stages. And look, that's across TikTok Live and TikTok Shop, as we talked about, Princess Polly now doing about 100 hours a week on TikTok Live and Minimal are also getting up there from that as well. I think what we see is it's really good from a reach perspective, right? We're certainly seeing it introduce us to more and more new customers.

是的，我認為 TikTok 對我們來說是一個非常有意思的渠道。我們現在在四個品牌上都相當活躍，我會說各品牌所處階段略有不同。而且你看，這涵蓋了 TikTok Live 和 TikTok Shop，正如我們提到的，Princess Polly 現在每週在 TikTok Live 上大約做 100 小時，Minimal 也在逐步提升。我們看到的是，從觸及面來看它非常好，確實讓我們接觸到越來越多新客戶。

I think at the moment, a lot of that's staying within the TikTok platform and kind of people transacting either in a TikTok Live or on a TikTok Shop. I think we are working through how do we flex and bring them back to our own direct-to-consumer site. So I think it's early for us for learning a lot. We're continuing to lean into the platform, I think, and we'll continue to do that across the group.

我想目前其中很大一部分仍留在 TikTok 平台內，大家要嘛在 TikTok Live、要嘛在 TikTok Shop 完成交易。我們正在摸索的是，如何更有彈性地把他們帶回我們自有的 DTC（直面消費者）網站。所以對我們來說還在早期、學習很多。我們會持續加大在這個平台上的投入，並且會在整個集團範圍內持續推進。

Thank you.

謝謝。

Eric Beder, SCC Research.

Eric Beder，SCC Research。

Good afternoon. Congrats on a nice set of numbers. Let's talk on wholesale a little bit. When we look at Petal & Pop, what has been in terms of ability to expand categories beyond the core dresses? So what are you seeing and what are the opportunities going forward on that wholesale side to drive even further beyond the dress business?

下午好。恭喜交出一組不錯的數字。我們聊一下批發業務。當我們看 Petal & Pop 時，在核心洋裝品類之外擴展品類的能力表現如何？你們看到了什麼？以及未來在批發端有哪些機會，能推動業務進一步超越洋裝品類？

Yeah, thanks, Eric. I think, look, it's really been super impressive for what the Paddle & Pump team has done to leverage their direct-to-consumer business, the great product that they design and develop and open up all of these wholesale channels and I would say really kind of are leading the group on what they're doing there, not just Nordstrom, where they've been there for a while and are executing really well, but also moving into Von Mower, Dillard's and now with what they're doing on the specialty side as well. I think we see tremendous opportunity there.

是的，謝謝 Eric。我想，你看，Petal & Pop 團隊所做的真的非常令人印象深刻：他們善用自家的 DTC 業務、他們設計與開發的優秀產品，並開拓出這些批發通路；我會說他們在這方面確實是集團的領頭羊。不僅是在 Nordstrom——他們已經進駐一段時間且執行得非常好——也拓展到 Von Maur、Dillard's，現在在專門店（specialty）通路方面也有所進展。我們認為那裡有非常大的機會。

I think it's interesting and we have seen and look, particularly in Nordstrom, where we've been in stores now for a 12-month period, the customers there are buying a different mix of assortment compared to the Paddle & Pump and direct-to-consumer websites. And that Nordstrom customer buying more tops, bottoms, separates, so really. Into much more category breadth there.

我覺得很有意思的是，我們也看到——尤其是在 Nordstrom——我們在門店已經營運 12 個月後，那裡的客戶購買的商品組合，與 Petal & Pop 的 DTC 網站相比是不同的。Nordstrom 的客戶會買更多上衣、下身、單品搭配（separates），因此在品類廣度上明顯更廣。

I think, look, it really shows us some of the opportunities we have as we move into these other wholesale accounts, but also just on the direct-to-consumer business itself. And so I think, look, the Pettl team has done a great job, and I think that we see that there's just lots of opportunity as well to continue to build into that channel.

我想，這確實讓我們看到，當我們進入其他批發客戶時有哪些機會，同時也反映在 DTC 業務本身的機會。所以我認為，Petal 團隊做得非常好，而我們也看到在這個渠道上仍有大量機會可以持續建設與擴張。

Kevin, when you look at Princess Polly and the wholesale side, I know that's a learning experience at Nordstrom. It looks like right now it's kind of getting to where it should have been, where you wanted it to be. What is the opportunity there? And when you have a store that have their own retail Princess Polly and Nordstrom, does that make a difference in terms of the ability, what you see in terms of performance there?

Kevin，當你看 Princess Polly 的批發端時，我知道在 Nordstrom 這是一個學習過程。看起來目前已經逐步回到你們原本希望達到的狀態。那裡的機會是什麼？另外，當同一個商場裡同時有 Princess Polly 自營門店以及 Nordstrom（也販售 Princess Polly）時，這會不會影響你們對那邊表現的觀察或能力？

Yeah, I think Poly is also, Light Petal has been in Nordstrom now for 12 months and I think executing fantastically there. I think it's great as well, right, that both brands are in the trend section and they both have meaningful kind of flow presence assortment breath inside Nordstrom's and doing well.

是的，我認為 Polly 也一樣，和 Petal 一樣已在 Nordstrom 進駐 12 個月，我們覺得在那裡執行得非常出色。我也覺得很棒的是，兩個品牌都在潮流（trend）區域，而且在 Nordstrom 內都有相當有份量的陳列與品項廣度，表現也很好。

We have seen there's multiple locations where Poly have now opened stores where they are also. In Nordstrom inside in the same mall, and I would say from our perspective that that's working well, they're both, gold places are introducing us to more and more new customers, right, increasing the overall time of the brand. And that's really what we're focused on, right, where I would say very early on in the growth opportunities we have in these brands and for us just getting our product in front of more customers wherever they are is what we're really what we're all about.

我們確實看到有多個地點，Polly 已經開了自營門店，同時也在同一個商場的 Nordstrom 內販售；從我們的角度來看，這樣的組合運作得很好。兩個據點都在把我們介紹給越來越多新客戶，提升品牌的整體觸及與曝光。這正是我們關注的重點：我會說，這些品牌的成長機會仍非常早期，對我們而言，讓更多客戶在他們所在的地方看到我們的產品，就是我們最核心的方向。

Okay. And how should we be thinking about, you mentioned about the opportunity with the DC in the UK. I know that the whole rest of the world segment has been kind of a decliner because this really hasn't been the focus, does this change the focus here and is this now, do you look upon that as kind of an emerging growth opportunity going forward? Thank you.

好的。那我們應該如何看待你提到的英國 DC 的機會？我知道「世界其他地區」這個分部一直在下滑，因為這並不是重點。這是否會改變你們的重點？你們是否把它視為未來的新興成長機會？謝謝。

Yeah, look, we've been executing and into the UK, Europe and rest of the world from our distribution sales center in the LA area, with that obviously you've kind of slightly longer lead times and taxes due to checkout complications for customers.

是的，你看，我們一直透過位於洛杉磯地區的配送中心，來執行英國、歐洲以及世界其他地區的出貨；在那樣的模式下，顯然會有較長的交期，以及因結帳流程複雜而產生的稅費等問題，對客戶體驗會有影響。

We're delighted to get the DC open for Princess Poly first in the UK, and that will open in March. Look, we're seeing a really nice response from customers, better conversion rate, better repeat rate. So kind of early days there, we certainly see it as the UK, Europe and the rest of the world as a growth opportunity. We're going to lean into the direct-to-consumer side of it first, but certainly would expect it to follow the same kind of strategy as we've had in the US, but as of right now and for 2026, it's very much direct-to-consumer.

我們很高興能先在英國為 Princess Polly 開設配送中心（DC），並將於 3 月啟用。你看，我們看到客戶反應非常不錯：轉換率更好、回購率也更好。所以目前還在早期階段，但我們確實把英國、歐洲以及世界其他地區視為成長機會。我們會先加大 DTC 端的投入，但也預期後續會沿用我們在美國採取的相同策略；不過就目前以及 2026 年而言，重點非常明確會放在 DTC。

Thank you.

謝謝。

Thank you. That is all the time we have for questions today. This concludes today's conference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天提問時間到此為止。今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。