Build-A-Bear Workshop Inc (BBW) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Build-A-Bear Workshop's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gary Schnierow, Build-A-Bear's Investor Relations. Thank you, sir. You may begin.

您好，歡迎參加 Build-A-Bear Workshop 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，Build-A-Bear 投資者關係部門的 Gary Schnierow。謝謝您，先生。你可以開始了。

Thank you. Good morning, everyone, and welcome to Build-A-Bear's second-quarter 2025 earnings conference call. With us today are Sharon John, Build-A-Bear's Chief Executive Officer; Chris Hurt, Chief Operating Officer; and Voin Todorovic, Chief Financial Officer. During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially.

謝謝。大家早安，歡迎參加 Build-A-Bear 2025 年第二季財報電話會議。今天與我們一起出席的有 Build-A-Bear 執行長 Sharon John、營運長 Chris Hurt 和財務長 Voin Todorovic。在本次電話會議中，我們將提及具有風險和不確定性的前瞻性陳述。實際結果可能存在重大差異。

Please refer to our forms 10-K and 10-Q, including the Risk Factors section. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release. which is distributed and available to the public through our Investor Relations website.

請參閱我們的 10-K 和 10-Q 表格，包括風險因素部分。我們不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了非 GAAP 與 GAAP 指標的對賬，該新聞稿透過我們的投資者關係網站分發給公眾。

And now I'll turn the call over to Sharon.

現在我將把電話轉給莎倫。

Thank you, Gary. Good morning, and thanks for joining us for Build-A-Bear's second quarter fiscal 2025 earnings call. Today, we are pleased to report the best second quarter and first-half results in Build-A-Bear's history, achieving record revenue while simultaneously expanding pretax margin and earnings per share.

謝謝你，加里。早安，感謝您參加 Build-A-Bear 2025 財年第二季財報電話會議。今天，我們很高興地報告 Build-A-Bear 歷史上最好的第二季度和上半年業績，實現了創紀錄的收入，同時擴大了稅前利潤率和每股收益。

This unprecedented start to the year is largely a result of a long-term focus on monetizing Build-A-Bear's unique position in the marketplace, multi-generational appeal and exceptional brand recognition to scale the business with innovative initiatives across three strategic pillars.

今年前所未有的開局很大程度上得益於公司長期致力於將 Build-A-Bear 在市場上的獨特地位、多代人的吸引力和卓越的品牌認知度轉化為現實，並透過三大戰略支柱上的創新舉措來擴大業務規模。

For example, the use of our unique capital-light partner-operated retail model to accelerate our global expansion strategy, the focused effort on developing social media initiatives to drive omnichannel sales with a broadened consumer base as a part of our digital transformation strategy and the introduction of new concept like our Mini Beans collection as a representation of our strategy to invest in leveraging our powerful brand equity to evolve beyond our traditional retail and product space.

例如，利用我們獨特的輕資本合作夥伴營運零售模式來加速我們的全球擴張策略，集中精力開發社交媒體計劃以擴大消費者基礎來推動全通路銷售，這是我們數位轉型策略的一部分，並推出像 Mini Beans 系列這樣的新概念，代表了我們投資於利用強大的品牌資產來超越傳統零售和產品領域的策略。

Simply put, we are building on the iconic status of the brand to introduce it to more people in more places with more types of product for more purposes, all with a strategic vision to drive profitable growth. Before I provide more information regarding these ongoing initiatives, let's review some financial highlights from the second quarter and first half of 2025, all of which set new records for the company.

簡而言之，我們正在鞏固品牌的標誌性地位，以便將品牌介紹給更多地方的更多人，提供更多類型的產品，滿足更多用途，所有這些都具有推動盈利增長的戰略願景。在我提供有關這些正在進行的舉措的更多資訊之前，讓我們回顧一下 2025 年第二季度和上半年的一些財務亮點，所有這些都為該公司創下了新紀錄。

Specifically, in the second quarter, revenues grew 11% to over $124 million. Pretax income increased by 33% to over $15 million and EPS rose by 47% to $0.94. For the first half, revenues grew more than 11% to over $252 million. Pretax income increased over 31% to almost $35 million, and EPS rose approximately 45% to $2.11.

具體而言，第二季營收成長 11%，達到 1.24 億美元以上。稅前利潤成長33%，超過1,500萬美元；每股收益成長47%，達0.94美元。上半年營收成長超過11%，超過2.52億美元。稅前收入成長超過 31%，達到近 3,500 萬美元，每股盈餘成長約 45%，達到 2.11 美元。

Additionally, during the first half of the fiscal year, we returned more than $13 million in capital to shareholders. After posting multiple quarters of record results over the past 4.5 years, Build-A-Bear's most recent performance clearly supports the benefits of our very purposefully evolved and diversified business model and executional discipline.

此外，在本財年上半年，我們向股東返還了超過 1,300 萬美元的資本。在過去 4.5 年中，Build-A-Bear 連續多個季度創下業績記錄，而最近的表現也清楚地證明了我們精心發展和多樣化的商業模式和執行紀律帶來的好處。

As an example of our progress from a profitability perspective, our first-half EBITDA margin rate of nearly 17% more than tripled versus the first half of 2019, the last pre-COVID year, driven by annual store contribution margins of over 25%, combined with the growth of our higher-margin commercial segment. When considering these results were achieved in a wide variety of economic challenges and geopolitical shifts, they serve as a valuable source of confidence in our team, our brand, our plans and the company's future.

舉例來說，從獲利能力角度來看，我們取得的進步是這樣的：我們的上半年 EBITDA 利潤率接近 17%，較 2019 年上半年（即疫情爆發前的最後一年）增長了兩倍多，這得益於超過 25% 的年度門市貢獻率，加上我們利潤率更高的商業部門的增長。考慮到這些成果是在各種經濟挑戰和地緣政治變化中取得的，它們成為我們對團隊、我們的品牌、我們的計劃和公司未來的寶貴信心來源。

With that in mind, while we understand a meaningful portion of the year remains and acknowledge the potential for some economic uncertainty ahead, we also believe it is appropriate to increase our 2025 guidance at this juncture. Specifically, we shared in today's press release, our increased revenue and pretax income guidance based on the current tariff rates as well as higher expectations for net new unit growth.

考慮到這一點，雖然我們知道今年還剩下相當長一段時間，並且承認未來可能存在一些經濟不確定性，但我們也認為，在這個關鍵時刻提高 2025 年的預期是合適的。具體來說，我們在今天的新聞稿中分享了基於當前關稅稅率增加的收入和稅前收入預期以及對淨新單位成長的更高預期。

Therefore, when considering our business momentum, historical ability to respond to shifting marketing conditions, solid balance sheet, strong cash flow and a focus on controlling the controllables, we remain confident in our continued efforts to drive our three strategic pillars of: One, the expansion and evolution of our experiential retail footprint; two, the advancement of our comprehensive digital transformation; and three, the continued investment to leverage the powerful equity of the Build-A-Bear brand, while simultaneously returning capital to shareholders.

因此，考慮到我們的業務發展勢頭、應對不斷變化的市場條件的歷史能力、穩健的資產負債表、強勁的現金流量以及對控制可控因素的關注，我們仍然有信心繼續努力推動我們的三大戰略支柱：第一，擴大和發展我們的體驗式零售足跡；第二，推進我們全面的數位化轉型；第三，繼續投資以利用 Build-A-Bear 資產的強大，同時向 資本化。

Now Chris Hurt, Build-A-Bear's Chief Operations Officer, will provide some additional information about our first strategic pillar, the expansion of our retail footprint. Chris?

現在，Build-A-Bear 營運長 Chris Hurt 將提供有關我們的第一個策略支柱——擴大零售足跡——的一些更多資訊。克里斯？

Thanks, Sharon. We are committed to bringing our signature workshop experience, the cornerstone of the Build-A-Bear brand to new markets through three retail business models: corporately managed, partner-operated and franchise. In the quarter, 14 net new experience locations were opened, of which 86% were international, expanding the brand experience to 32 countries across North America, South America, Europe, Australia, Asia and Africa.

謝謝，莎倫。我們致力於透過三種零售業務模式（公司管理、合作夥伴經營和特許經營）將我們標誌性的工作室體驗（Build-A-Bear 品牌的基石）帶入新市場。本季度，淨增14個體驗點，其中86%位於國際，將品牌體驗拓展至北美、南美、歐洲、澳洲、亞洲及非洲的32個國家。

As a testament to the enthusiasm for the brand, specifically our domestic partners continue to expand their Build-A-Bear presence as Girl Scouts introduced two new locations, bringing their total to 33. And Great Wolf Lodge opened a workshop in their new Connecticut location, which brings our experience to all 22 of their US lodges. Our international partners and franchisees also continue to expand by entering two new countries, Georgia and Uzbekistan and opening locations in Colombia, Mexico, Australia, BG, Denmark, Qatar, Kuwait and the UAE.

為了證明對該品牌的熱情，特別是我們的國內合作夥伴繼續擴大他們的 Build-A-Bear 影響力，因為女童子軍推出了兩個新地點，使他們的總數達到 33 個。Great Wolf Lodge 在其位於康乃狄克州的新址開設了一個工作室，將我們的經驗帶到了其在美國所有 22 家旅館。我們的國際合作夥伴和特許經營商也繼續擴張，進入了格魯吉亞和烏茲別克兩個新國家，並在哥倫比亞、墨西哥、澳洲、保加利亞、丹麥、卡達、科威特和阿聯酋開設了分店。

We are also thrilled to announce that the Build-A-Bear brand will be returning to Germany in the third quarter, operated by one of our current partners, Inner Stores. Additionally, we have both continued to grow and have plans for future evolution of our corporately operated footprint, ranging from more traditional formats and select mall-based locations, tourist-focused workshops, innovative concept like November's successful debut of our Hello Kitty Inference workshop, the remodel and significant expansion of our POWERHOUSE FAO Schwartz location in Rockefeller Plaza and the recently announced plans for a multi-level one-of-a-kind Build-A-Bear Workshop at ICON Park in Orlando, Florida, which is scheduled to open in the second half of 2026.

我們也很高興地宣布，Build-A-Bear 品牌將於第三季重返德國，由我們目前的合作夥伴之一 Inner Stores 經營。此外，我們在不斷發展壯大，並計劃未來拓展公司運營的版圖，包括更傳統的模式和精選的商場地點、以遊客為中心的工作坊、創新概念（例如 11 月成功推出的 Hello Kitty 推理推理）、位於洛克菲勒廣場的 POWERHOUSE FAO Schwartz 地點的改造和重大建築工作坊，以及最近的擴建和重大的佛羅裡達州建工作坊的計劃，該工作坊計劃於 2026 年下半年開放。

We are pleased to say we kicked off this remarkable adventure with a groundbreaking ceremony last month. As noted, given that our 2025 expansion plans are exceeding expectations, we are increasing our net new unit growth guidance for the year to at least 60 locations from the previous 50. We continue to expect the majority of the new unit growth to be driven by our partner-operated model, mainly with international partners. In fact, we ended the quarter with 157 partner-operated units now totaling 25% of our total location count. As these new experienced locations continue to open around the globe, there is no question that we are adding a little more heart to life in more places and for more people.

我們很高興地說，我們上個月舉行了奠基儀式，拉開了這場非凡冒險的序幕。如上所述，鑑於我們的 2025 年擴張計畫超出預期，我們將今年的淨新單位成長預期從先前的 50 個地點提高到至少 60 個地點。我們仍然預計，新單位的成長大部分將由我們的合作夥伴營運模式推動，主要是與國際合作夥伴合作。事實上，截至本季末，我們擁有 157 個合作夥伴營運的單位，占我們總門市數量的 25%。隨著這些新的體驗場所在全球範圍內不斷開放，毫無疑問，我們正在為更多地方、更多人的生活增添更多樂趣。

Now I will turn the call back over to Sharon.

現在我將把電話轉回給莎倫。

Thank you, Chris. Our experienced locations are truly the crux of our brand essence. For our second strategic pillar, as noted, our ongoing digital transformation includes the advancement of social media initiatives across platforms like Instagram, TikTok, Facebook and YouTube as well as the amplification of an impressive amount of user-generated content for the brand. With social media having an increasingly and critical role in the broader media landscape, it is now a key element in the way we showcase products, tell brand stories and spark trends for our teen and adult consumers now often referred to as Tdults.

謝謝你，克里斯。我們經驗豐富的地點確實是我們品牌精髓的關鍵。對於我們的第二個策略支柱，如前所述，我們正在進行的數位轉型包括推進 Instagram、TikTok、Facebook 和 YouTube 等平台上的社交媒體計劃，以及為品牌擴大大量用戶生成的內容。隨著社群媒體在更廣泛的媒體領域中發揮越來越重要的作用，它現在已成為我們向青少年和成年消費者（現在通常稱為 Tdults）展示產品、講述品牌故事和引領潮流的關鍵要素。

As an example, our effective marketing campaign to support this summer's fruit stand assortment created a fully integrated launch of a nonholiday, non-licensed collection that drove triple-digit growth in media impressions and was a significant contributor to our second quarter success. We efficiently generated awareness and sales for the entire offering, including our Make Your Own Water Milling frog, Dragon Fruit Dragon and Pineapple (inaudible). We further enhanced the fruit with Mini Beans, including fan Kiia which contributed to the 80% year-on-year revenue increase for the Mini Beans collection.

例如，我們為支持今年夏季水果攤的商品而開展的有效行銷活動，創造了一個非假日、非授權系列的全面整合發布，推動了媒體印象的三位數增長，並為我們第二季度的成功做出了重要貢獻。我們有效地提升了整個產品的知名度和銷量，包括自製水磨蛙、火龍果和菠蘿（聽不清楚）。我們進一步豐富了迷你豆系列水果，其中包括扇形Kiia，它為迷你豆系列帶來了同比增長80%的收入。

Importantly, we see the continued investment in social listening tools, superfan research, AI, influencers, algorithms and trend watching to inform and create comprehensive dialed-in product stories supported by engaging shareable content, especially for the growing adult market, who often tend to be higher-value collectors, gift givers and viral product purchasers.

重要的是，我們看到對社交聆聽工具、超級粉絲研究、人工智慧、影響者、演算法和趨勢觀察的持續投資，以告知和創建由引人入勝的可共享內容支援的全面撥入產品故事，特別是針對不斷增長的成人市場，他們往往是更高價值的收藏家、送禮者和病毒式產品購買者。

The third pillar is to invest in ideas and opportunities to leverage our brand power to drive incremental growth, notably because of our more sustainable and more consistent revenue and cash flow, Build-A-Bear has been able to make concerted efforts and longer-term initiatives over the past few years, including the scalable reinterpretation of the Build-A-Bear Workshop experience with meaningful license partners, like our successful Hello Kitty and Friends Los Angeles location, the multichannel expansion of the brand into potentially thousands of additional points of sale across geographies through a wholesale business model, leveraging new product types like Mini Beans and the evolution of our organizational structure and the elevation of talent to enable these and other strategic growth initiatives.

第三大支柱是投資創意和機會，利用我們的品牌力量來推動增量成長，特別是由於我們更可持續、更穩定的收入和現金流，Build-A-Bear 在過去幾年中能夠齊心協力、實施長期計劃，包括與有意義的授權合作夥伴（例如我們成功的 Hello Kitty and Friends 洛杉磯門市）對 Build-A-Beard-A-Beard-A-Bear工作坊體驗進行可擴展的重新詮釋，透過批發業務模式將品牌多通路擴展到潛在的數千個跨地域額外銷售點，利用 Mini Beans 等新產品類型以及我們組織結構的演變和人才的提升來實現這些和其他戰略增長計劃。

You may recall that during our third quarter 2024 earnings call, we noted that we enjoyed the best Halloween performance in our history. Today, we are pleased to announce positive comparisons for Halloween 2025 and quarter-to-date sales as our Q2 momentum continues. Key contributors thus far include the return of Vault favorite, Pumpkin Kitty, the ScarycuteZombi Axalto and our new on-trend Imposable Bat, which currently looks like it may be a surprise early sell-out. And yes, we also expanded the collection with fun Halloween-themed Mini Beans, including a candy corn Longhorn.

您可能還記得，在我們 2024 年第三季的收益電話會議上，我們指出，我們享受了歷史上最好的萬聖節表現。今天，我們很高興地宣布，隨著我們第二季度的勢頭持續，2025 年萬聖節和本季迄今的銷售額取得了積極的比較。迄今為止，主要貢獻者包括 Vault 最受歡迎的 Pumpkin Kitty、ScarycuteZombi Axalto 的回歸，以及我們新推出的 Imposable Bat，目前看來，它可能會意外地提前售罄。是的，我們還擴大了收藏範圍，增加了有趣的萬聖節主題迷你豆，包括糖果玉米長角牛。

Looking ahead, we believe we have a robust pipeline for the remainder of 2025, kicking off with special plans for National Teddy Bear Day on September 9, an October launch tied to the upcoming sequel for last year's blockbuster Wicked for Good, and of course, a strong holiday lineup, including the tenth anniversary version of our famous Listen, The Magical Snow Deer.

展望未來，我們相信我們在 2025 年剩餘時間裡擁有強大的儲備資源，首先是 9 月 9 日全國泰迪熊日的特別計劃，10 月推出與去年大片《魔法壞女巫》續集相關的活動，當然還有強大的假日陣容，包括我們著名的《聆聽，神奇的雪鹿》十週年紀念版。

In closing, to reiterate, for the full year, assuming tariffs hold at current levels and the economic environment remains relatively stable. Our updated guidance reflects increased expectations for fiscal 2025, and we anticipate record results for the fifth consecutive year. Voin will provide more details in his remarks.

最後，重申一下，對於全年而言，假設關稅維持在當前水平，經濟環境保持相對穩定。我們更新後的指引反映了對 2025 財年的預期提高，我們預計連續第五年將創下創紀錄的業績。Voin 將在他的演講中提供更多細節。

With that, I would like to thank the entire Build-A-Bear family, our hundreds of partners and millions of amazing guests for helping us achieve a record first half for fiscal 2025, as we strive to continue delivering on our corporate mission of adding a little more heart to life. Voin?

在此，我要感謝整個 Build-A-Bear 大家庭、數百名合作夥伴和數百萬位出色的賓客，感謝他們幫助我們在 2025 財年上半年取得了創紀錄的業績，我們將繼續努力履行我們的企業使命，為生活增添一絲溫暖。沃因？

Thank you, Sharon, and good morning, everyone. I will discuss the quarterly results and then share more about our updated full-year outlook. This was the most profitable second quarter and first half in the company's history. For the first half, both our Retail and Commercial segment grew double digits, 11% and 22%, respectively. Both segments delivered improved gross profit margins and with disciplined expense management, we achieved higher pretax income margins.

謝謝你，莎倫，大家早安。我將討論季度業績，然後分享更多有關我們更新的全年展望的資訊。這是該公司歷史上利潤最高的第二季和上半年。上半年，我們的零售和商業部門均實現了兩位數的成長，分別為 11% 和 22%。兩個部門的毛利率均有所提高，並且透過嚴格的費用管理，我們實現了更高的稅前收入利潤率。

These results underscore the effectiveness of our strategic initiatives implemented over the past several years. We remain committed to returning capital to shareholders. During the quarter, we returned $6 million through dividends and share repurchases, bringing our year-to-date total to $13.1 million. We also maintained significant flexibility with about $80 million remaining under our Board-approved repurchase authorization. Moving to a more detailed review of our second quarter results.

這些結果強調了我們過去幾年實施的策略措施的有效性。我們仍然致力於向股東返還資本。本季度，我們透過股息和股票回購返還了 600 萬美元，使我們年初至今的總額達到 1,310 萬美元。我們也保持了極大的彈性，董事會批准的回購授權下還剩餘約 8,000 萬美元。更詳細地回顧我們的第二季業績。

Total revenues were $124.2 million, an increase of 11.1%. Net retail sales were $114.6 million, an increase of 10.8%. Our stores delivered strong performance in the quarter, with transaction growth driven by continued positive traffic trends. Domestic store traffic rose 3% significantly outperforming the national benchmark, which saw a 3% decline. Dollars per transaction were up, supported by higher average unit retail mostly benefiting from reduced promotional activity and selective price increases, partially offset by a decline in units per transaction.

總收入為1.242億美元，成長11.1%。淨零售額為1.146億美元，成長10.8%。我們的門市在本季表現強勁，交易量的成長得益於持續積極的客流量趨勢。國內門市客流量成長 3%，大幅超過全國基準（下降 3%）。每筆交易的金額有所上漲，這主要得益於平均單位零售額的提高，這主要得益於促銷活動的減少和選擇性價格上漲，但每筆交易單位數量的下降部分抵消了這一影響。

E-commerce demand increased 15.1%, driven by strong consumer response to key product launches. The timing of these launches was more favorable compared to last year when similar releases occurred at the beginning of the third quarter, allowing us to capture demand earlier and contribute meaningfully to second quarter performance. Commercial revenue, which primarily represents wholesale sales to our partner operators, continues to be the fastest-growing segment of our business with 18.3% growth in the quarter.

受消費者對主要產品發布的強烈反應推動，電子商務需求增加了 15.1%。與去年第三季初發布的類似產品相比，這些產品的發佈時機更為有利，使我們能夠更早地抓住需求，並為第二季的業績做出有意義的貢獻。商業收入主要代表對合作營運商的批發銷售，繼續成為我們業務中成長最快的部分，本季成長了 18.3%。

Gross margin was 57.6%, an improvement of 340 basis points compared to last year, reflecting margin strength across both retail and commercial segments. Retail gross margin expansion was primarily driven by improved merchandise margin, supported by reduced promotional activity and selective price increases as well as the fact that we saw significant leverage of our fixed cost with strong revenue growth.

毛利率為 57.6%，較去年同期提高 340 個基點，反映出零售和商業部門的利潤率均有所提升。零售毛利率的擴大主要得益於商品利潤率的提高，促銷活動的減少和選擇性價格上漲，以及我們的固定成本顯著利用，收入成長強勁。

While tariffs started to impact our cost of goods sold during the quarter, last year's strategic decision to pull forward inventory reduced our tariff exposure to about $1 million. SG&A expenses were $56.4 million or 45.4% of total revenues compared to 44% last year. Higher store level compensation, corporate costs and general inflationary pressures, partially offset by the timing of marketing expenses contributed to the 140 basis point increase.

雖然關稅在本季開始影響我們的銷售成本，但去年提前庫存的策略決策將我們的關稅風險降至約 100 萬美元。銷售、一般及行政費用支出為 5,640 萬美元，佔總收入的 45.4%，而去年同期為 44%。更高的門市級薪資、企業成本和普遍的通膨壓力，部分抵消了行銷費用的時機，導致了 140 個基點的成長。

Pretax income grew 32.7% to its second quarter record of $15.3 million and 12.3% of total revenues. EPS was $0.94, an increase of 46.9%, reflecting higher pretax income, a lower income tax rate and a reduced share count. The lower income tax rate in the quarter reflects the benefit of discrete items. Our EPS for the first half of the year was $2.11, up 44.5% year-over-year.

稅前收入成長 32.7%，達到第二季創紀錄的 1,530 萬美元，佔總營收的 12.3%。每股收益為 0.94 美元，成長 46.9%，反映出稅前收入增加、所得稅率降低以及股票數量減少。本季較低的所得稅率反映了離散項目的好處。我們上半年的每股盈餘為 2.11 美元，年增 44.5%。

Turning to the balance sheet. At second quarter end, cash and cash equivalents totaled $39.1 million, an increase of 55.4% compared to the same period last year. This was after returning $31 million to shareholders over the past 12 months. The company finished the quarter with no borrowings under its revolving credit facility.

轉向資產負債表。第二季末，現金及現金等價物總額為3,910萬美元，較去年同期成長55.4%。此前，該公司在過去 12 個月內已向股東返還 3,100 萬美元。本季末，該公司在循環信貸安排下沒有借款。

Inventory at quarter end was $81.8 million, an increase of $14.8 million. About half of the dollar increase is attributable to tariffs, with the remainder driven by accelerated purchase of our core products and investments to support elevated commercial segment sales, in line with our expectations. We remain comfortable in both the level and composition of our inventory, which positions us well to meet demand and execute our growth strategy for the balance of the year.

季度末庫存為 8,180 萬美元，增加了 1,480 萬美元。美元成長的約一半歸因於關稅，其餘部分則源自於我們加速購買核心產品和投資以支持商業部門銷售額的成長，這符合我們的預期。我們對庫存水準和組成都感到滿意，這使我們能夠很好地滿足需求並執行今年剩餘時間的成長策略。

Turning to the outlook. We have increased our revenue and pretax income guidance, and we raised our net new unit growth expectations. Specifically, following double-digit first half growth and a solid start to the third quarter, we have increased our guidance for revenue growth to be in the range of mid-single to high single digits. However, as a reminder, we have more challenging comparisons for the second half of the year. Also, we have increased the pretax income guidance to be in the range of $62 million to $70 million, which assumes the current tariff rates to be in effect for the rest of our fiscal year.

轉向展望。我們提高了收入和稅前收入預期，並提高了淨新單位成長預期。具體來說，繼上半年實現兩位數成長和第三季強勁開局之後，我們已將營收成長預期上調至中個位數至高個位數之間。然而，需要提醒的是，今年下半年我們面臨的比較挑戰更大。此外，我們還將稅前收入預期提高到 6,200 萬美元至 7,000 萬美元之間，假設目前的關稅稅率在本財年剩餘時間內有效。

Let me add some more commentary on tariffs as they relate to Build-A-Bear. While the current US tariff policy is impacting our North American business, the tariffs should not directly affect the cost of products sold outside of North America. Also, please note that our retail cost of goods include merchandise, rent, warehousing and distribution expenses. However, the merchandise portion is the only cost directly impacted by tariffs.

讓我對與 Build-A-Bear 相關的關稅再補充一些評論。雖然目前的美國關稅政策正在影響我們的北美業務，但關稅不應直接影響北美以外銷售產品的成本。另外，請注意，我們的零售商品成本包括商品、租金、倉儲和配送費用。然而，商品部分是唯一直接受到關稅影響的成本。

As a reminder, the current 30% US tariff on Chinese imports was in place at the time of our Q1 '25 call. It was recently extended through November 10. Since the first quarter call, the tariff on Vietnamese imports have increased to 20%, doubling the rate that had taken effect on April 5. Because we had already expanded our sourcing capabilities to include both Vietnam and China, many of our products are dual sourced, providing production and global distribution flexibility. Accordingly, we now expect tariffs and the associated cost impact on our fiscal 2025 income statement, net of mitigation, to be less than $11 million, of which about $1 million was reflected in our Q2 results as previously noted.

提醒一下，在我們召開 2025 年第一季電話會議時，美國對中國進口產品徵收 30% 的關稅。該期限最近延長至 11 月 10 日。自第一季以來，對越南進口產品的關稅已提高至20%，較4月5日生效的稅率翻了一番。由於我們已經將採購能力擴展到越南和中國，因此我們的許多產品都是雙重來源，從而提供了生產和全球分銷的靈活性。因此，我們現在預計關稅及其相關成本對我們 2025 財年損益表的影響（扣除緩解措施）將低於 1,100 萬美元，其中約 100 萬美元反映在我們之前提到的第二季業績中。

Also, our pretax guidance continues to include approximately $5 million of additional medical and labor costs, as previously mentioned on our last call. Of note, these costs collectively create a headwind of almost $16 million for the year. In closing, we are pleased with our strong performance on a year-to-date basis. As we look ahead, our focus remains on executing our strategy, expanding our global footprint, accelerating our digital transformation and investing in high-return capital projects, while delivering consistent value to shareholders through disciplined capital allocation.

此外，正如我們上次電話會議中提到的那樣，我們的稅前指引繼續包括約 500 萬美元的額外醫療和人力成本。值得注意的是，這些成本總計為今年帶來了近 1,600 萬美元的損失。最後，我們對今年迄今的強勁表現感到滿意。展望未來，我們的重點仍然是執行我們的策略，擴大我們的全球影響力，加速我們的數位轉型並投資高回報的資本項目，同時透過嚴格的資本配置為股東提供持續的價值。

Finally, I want to extend my sincere thanks to our store and warehouse associates, corporate team members and valued partners around the world. Their dedication and collaboration were instrumental in delivering a record first half results, and they continue to be the driving force behind our success.

最後，我要向我們在世界各地的商店和倉庫員工、公司團隊成員和尊貴的合作夥伴表達誠摯的感謝。他們的奉獻和合作對於實現創紀錄的上半年業績至關重要，他們將繼續成為我們成功的驅動力。

This concludes our prepared remarks. We will now turn the call back over to the operator for questions. Operator?

我們的準備好的演講到此結束。我們現在將把電話轉回給接線員以回答問題。操作員？

(Operator Instructions)

（操作員指示）

Eric Beder, SCC Research.

Eric Beder，SCC 研究部。

Congratulations on the quarter and the guidance. Talk a little bit -- I know you've had a number of different ways to handle the issues with tariffs. Could you talk a little bit about kind of the response when you raise prices to what you're seeing from the consumer when they do that?

對本季和指導表示祝賀。說一點——我知道你們已經採取了許多不同的方法來處理關稅問題。能否談談當您提高價格時消費者的反應？

Thanks, Eric. Well, as Voin mentioned in his remarks, our price increases that we have taken very selective, very strategic, something that we've done for many years and our objective with that is to find the right price value for the consumer. And what we tend to do when we do choose to increase those prices selectively, it's related to when we reset the stores. So on a seasonal reset for products that aren't directly comparative, we might raise slightly versus what would have been sort of the slot equivalent of the previous season. And that provides a little more latitude in the way we think about it.

謝謝，埃里克。嗯，正如沃因在演講中提到的那樣，我們的價格上漲是非常有選擇性和策略性的，這是我們多年來一直在做的事情，我們的目標是為消費者找到合適的價格價值。當我們選擇有選擇地提高價格時，我們傾向於做的事情與我們重置商店的時間有關。因此，對於不直接比較的產品的季節性重置，我們可能會稍微提高與上一季的檔位相當的檔位。這給我們思考這個問題提供了更多的自由。

But the key to what we're doing is always managing both the entry-level price points with our birthday treat there. So that's still, as a reminder for those on the call that might not know, we provide a product that is -- it's called the Count Your Candles program, where you can come in on the month of your birthday, and pay your age that you're about to become. And we use that as a very valuable tool for us to acquire new consumers. It's necessary for you to be in the loyalty program to get that discount, so that levels out some of the, what might be considered, price increases for an average consumer has a broad array of different prices that they can participate in. We're very focused on maintaining our core animals.

但我們所做的關鍵始終是管理入門價格點和我們的生日禮物。因此，為了提醒那些可能不知道的人，我們仍然提供一種產品——它被稱為“數蠟燭”計劃，您可以在您生日的月份來參加，並支付您即將達到的年齡。我們將其作為獲取新消費者的非常有價值的工具。您必須加入忠誠度計劃才能獲得折扣，這樣才能平衡一些可能被視為價格上漲的部分，對於普通消費者來說，他們可以參與各種不同的價格。我們非常注重維護我們的核心動物。

There is some pricing changes on some of our core animals, but not to the degree that you might expect, given what we would intend -- we believe some of this tariff impact is going to be over time. But we want those to be attainable for our consumers and where you might see some of the larger price increases is generally where we have greater latitude with the consumers like our collectors, for example, or some of our more select licensed product partnerships where that makes sense. I'm going to add one little piece too here is that we have been in the business of telling stories, not just selling items. So we drive our dollars per transaction on more than just the unit cost and that's an important change in our entire strategy of the way we're building our business. Voin, you may want to add some color on that.

我們的一些核心動物的價格有一些變化，但考慮到我們的意圖，變化幅度可能不如您預期的那樣——我們相信這種關稅影響將隨著時間的推移而顯現。但我們希望我們的消費者能夠享受這些價格，而您可能會看到價格大幅上漲，這通常是因為我們對消費者（例如我們的收藏家）有更大的自由度，或者我們與一些更精選的授權產品合作夥伴有更大的自由度，這是合理的。我在這裡還要補充一點，我們的業務是說故事，而不僅僅是銷售物品。因此，我們不僅僅根據單位成本來決定每筆交易的收入，這是我們整個業務建設策略的重要變化。Voin，你可能會想添加一些顏色。

Yes. And as I mentioned in my remarks, also our transactions were up, driven by traffic. We significantly outperformed national traffic numbers that were down 3%. We were up 3%. So our -- traffic to our stores and transactions were up.

是的。正如我在演講中提到的那樣，受客流量的推動，我們的交易量也有所增加。我們的業績遠勝於全國下降 3% 的客流量。我們上漲了3%。因此，我們的商店客流量和交易量都增加了。

Our conversion numbers were slightly up versus last year in the quarter 2. So we really haven't seen a negative impact of some of the selective price changes that Sharon talked about. But again, as we are telling these more comprehensive stories and our marketing activities, our working, and we are driving more traffic to stores, we have been able to capture some of that traffic effectively and really drive additional business. And this also is a testament to some of the new product launches and collections like Mini Beans that we introduced as we drive more people to our stores. It drives higher ticket price. And we have those at relatively low price points because they are selling at about $10 a piece.

與去年第二季相比，我們的轉換率略有上升。因此，我們確實沒有看到莎倫談到的一些選擇性價格變化的負面影響。但是，當我們講述這些更全面的故事、進行​​我們的行銷活動、開展我們的工作，並且為商店帶來更多流量時，我們已經能夠有效地捕捉到部分流量，並真正推動更多業務。這也證明了我們推出的一些新產品和系列產品（例如 Mini Beans）能夠吸引更多人到我們的商店。這導致票價上漲。而且我們的價格相對較低，因為它們每件售價約為 10 美元。

That's very true. And you've also gone the other way with a super large giant product also. Third party, how should we be thinking about how these mature? I know that last year, the third-party stores went up by about 40 plus. This year, they're going to go up by 50, 60. How long does it -- I know there's an initial ramp, and then how long did -- what's kind of -- how should we be thinking about the maturity of those and how they can provide even -- how they will end up impacting you?

確實如此。而且您也採用了另一種方式，推出了超大型產品。第三方，我們應該怎麼去思考這些如何成熟？我知道去年第三方商店增加了大概40多家。今年，這一數字將上漲 50% 至 60%。我知道它需要多長時間——有一個初始的上升過程，然後需要多長時間——是什麼樣的——我們應該如何考慮它們的成熟度以及它們如何提供——它們最終會如何影響你？

I'll start, and I'll hand it over to Chris. That's his area. So -- but I just want to clarify, Eric, I know we used to call that third party. We now refer to that as partner-operated. So just for -- to be specific about what that's referring to.

我先開始，然後交給克里斯。那是他的領域。所以——但我只是想澄清一下，艾瑞克，我知道我們過去稱之為第三方。我們現在稱之為合作夥伴經營。所以只是為了--具體說明一下這指的是什麼。

Yes, our partner-operated is a big focus of our three-pronged strategy for evolution and expansion for our experienced location footprint. And it's been very successful for us, and we are starting to see it accelerate as we've gotten more focused on that and this cap light model has proven to be an incredibly successful approach for us to expand the brand outside -- particularly outside North America and the UK. Chris, do you want to add some color on that?

是的，我們的合作夥伴營運是我們經驗豐富的地理位置發展的三管齊下策略的重點。這對我們來說非常成功，而且隨著我們更加專注於此，我們開始看到它加速發展，這種輕量級模型已被證明是一種非常成功的方法，可以讓我們向外部擴展品牌 - 特別是在北美和英國以外。克里斯，你想添加一些顏色嗎？

Yes. Thanks, Sharon. Thanks, Eric. As these stores start to mature, we've seen very great response from our partners as they are adding more locations. There is an incredible amount of runway in all of our international areas and with our partners as we continue to add countries, as we continue to add partners going forward, the expansion of these locations, as you remember, A lot of these are shop-in-shops.

是的。謝謝，莎倫。謝謝，埃里克。隨著這些商店開始成熟，我們看到合作夥伴的積極回應，他們正在增加更多的商店。我們在所有國際地區和合作夥伴中都擁有令人難以置信的發展空間，隨著我們繼續增加國家，隨著我們繼續增加合作夥伴，這些地點不斷擴大，正如你記得的那樣，其中很多都是店中店。

There are many more toy store locations in the rest of the world versus the United States where the Build-A-Bear brand can go in as a shop-in-shop location fully branded. So the opportunity for our partners to go into actually toy stores that they already own and operate and Build-A-Bear is an incredibly additive brand experience. They recognize that Build-A-Bear is the originator of retail experiential, and they want that in their locations. So this is an excellent opportunity for them to expand. And we're seeing that as these stores comp upon themselves.

與美國相比，世界其他地區有更多的玩具店，Build-A-Bear 品牌可以作為店中店全面進駐。因此，我們的合作夥伴有機會進入他們已經擁有和經營的玩具商店，而 Build-A-Bear 是一種令人難以置信的附加品牌體驗。他們認識到 Build-A-Bear 是零售體驗的鼻祖，並且他們希望在自己的門市也能實現這種體驗。所以這對他們來說是一個絕佳的擴張機會。我們看到這些商店正在相互競爭。

Yes. We've seen it also Yes. Thank you, and good luck with Halloween, it looks great.

是的。我們也看到了，是的。謝謝，祝萬聖節好運，看起來很棒。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Congrats on the results. As it relates to Mini Beans, wondering if you could give kind of an update there in terms of maybe how sales compared year-over-year? Anything else you can share in terms of metrics or like units sold? And along those lines, too, how has maybe progress trended on opportunities to get broader wholesale distribution of Mini Beans? How are discussions with retailers going?

恭喜取得成果。至於 Mini Beans，想知道您是否可以提供一些最新信息，例如銷售額與去年同期相比如何？您還能分享其他指標或銷售單位資訊嗎？那麼，沿著這個思路，獲得 Mini Beans 更廣泛批發分銷的機會可能有何進展？與零售商的討論進度如何？

Yes. So great question. Appreciate it. Well, Mini Beans collection, first of all, as a little bit of a background on that, we launched that in February of 2024. And we provide waves of collectible assortments.

是的。這個問題問得真好。非常感謝。好吧，首先，讓我們先介紹一下 Mini Beans 系列的背景，我們是在 2024 年 2 月推出的。我們也提供各種收藏品。

We're trying -- we are driving the collectibility of Mini Beans. People are seeking them out, the different styles and a lot of, I guess, engagement on this particular line. Some of them are takedowns as we would say, of our most beloved characters and a lot of them are unique to themselves. So -- and they are priced around $10, as Voin said. But we -- as I mentioned in my remarks, we've seen an 80% increase in Mini Beans on a year-on-year basis and we are seeing some continued -- I mean, the momentum is continuing.

我們正在努力——提高 Mini Beans 的收藏價值。人們正在尋找它們，不同的風格，我想，在這一特定係列中有很多參與。其中一些是我們最喜愛的角色的刪除，正如我們所說，其中許多都是獨一無二的。所以——正如 Voin 所說，它們的價格約為 10 美元。但是，正如我在發言中提到的那樣，我們看到迷你豆的銷量同比增長了 80％，而且我們還看到一些持續的——我的意思是，這種勢頭還在持續。

It's very exciting, particularly as we are now launching them in conjunction with big stories that are a part of our overarching workshop story, like I mentioned, Fruit Stand or with our holidays. So with all of those opportunities ahead of us, we do expect to continue to see that growth. We have had many discussions and we are having success with selling Mini Beans in wholesale channels. We had mentioned on our previous call that that's happening already outside the United States with some of the partners that Chris alluded to, who have toy stories of their own, where they are then putting Build-A-Bear inside of the toy stores. So they're selling those in their toy store, not necessarily associated -- while they are associated with Build-A-Bear, but not inside the Build-A-Bear experience.

這是非常令人興奮的，特別是因為我們現在將它們與我們整體研討會故事的一部分的大故事一起推出，就像我提到的《水果攤》或我們的假期一樣。因此，有了這些擺在我們面前的機會，我們確實希望繼續看到這種成長。我們進行了多次討論，並且在批發通路銷售迷你豆方面取得了成功。我們在之前的電話會議中提到，這種情況已經在美國以外發生，克里斯提到的一些合作夥伴有自己的玩具故事，然後他們把 Build-A-Bear 放在玩具商店裡。因此，他們在玩具店裡銷售這些玩具，並不一定相關——雖然它們與 Build-A-Bear 相關，但不在 Build-A-Bear 體驗範圍內。

So that's very positive for us. And we also have already placed Mini Beans in a number of locations and are in some very robust conversations with other wholesalers. Another exciting -- and Chris, do you want to mention some of those wholesellers, Applegreen?

這對我們來說非常有利。我們也已經在多個地方投放了 Mini Beans，並且正在與其他批發商進行非常密切的對話。另一個令人興奮的事情——克里斯，你想提一下一些批發商嗎，Applegreen？

Yes, that's exactly. We've had a relationship with Hudson that are in our airport locations. They started to expand their Mini Beans collections in those locations. We mentioned Applegreen is a convenience, an upscale convenience type of store that we have over 50 locations where Mini Beans have been placed. And as Sharon mentioned, our international partners, they have stores, toy stores where they don't have a Build-A-Bear Workshop shop-in-shops yet, and they're able to do many beans in those locations. So we're starting to see expansion internationally of our Mini Beans collection on a wholesale basis.

是的，確實如此。我們與哈德遜機場分店一直保持合作關係。他們開始在這些地方擴大他們的 Mini Beans 收藏。我們提到 Applegreen 是一家便利商店，是一家高檔便利商店，我們在 50 多個地點都放置了 Mini Beans。正如莎倫所提到的，我們的國際合作夥伴在有些商店、玩具店還沒有設立 Build-A-Bear Workshop 店中店，他們可以在這些地方製作很多豆子。因此，我們開始看到我們的 Mini Beans 系列以批發方式在國際上擴張。

Yes. That's very helpful. Yes, sorry, go ahead.

是的。這非常有幫助。是的，抱歉，請繼續。

Well, we just wanted to add that some Mini Beans news is that we are now -- will be -- actually are introducing our first licensed version of Mini Beans beans with the Mini Beam San Rio launch.

好吧，我們只是想補充一些關於 Mini Beans 的消息，那就是我們現在——將會——隨著 Mini Beam San Rio 的推出，我們實際上正在推出第一個授權版本的 Mini Beans 豆子。

Great. And yes, really nice to hear. That's impressive growth out of that unit. I appreciate that. And I guess I would just noting kind of the improved e-commerce demand or that certainly accelerated kind of quarter-over-quarter. Anything worth calling out there in terms of the success you're seeing with that any particular drivers of the strong growth within that channel?

偉大的。是的，很高興聽到這個消息。該部門的成長令人印象深刻。我很感激。我想我只是想指出電子商務需求有所改善，或者肯定是逐季加速成長。就您所看到的成功而言，有什麼值得一提的嗎？該通路強勁成長的具體驅動因素是什麼？

Well, as I mentioned, Greg, in my remarks, we saw over 15% strong demand in the quarter. There were some softer comps with last year as product launches year-over-year, and there was some shift between Q2 and Q3. But nonetheless, we are seeing an improvement in this portion of our business. We are focused on improving and growing this business, as well as similar to what we have seen in our brick-and-mortar locations. Online, our discounts have been lower.

嗯，正如我所提到的，格雷格，我們在本季看到超過 15% 的強勁需求。由於產品推出量逐年增加，與去年同期相比，業績有所疲軟，第二季和第三季之間存在一些變化。但儘管如此，我們看到這部分業務有所改善。我們專注於改善和發展這項業務，就像我們在實體店看到的那樣。在網路上，我們的折扣更低。

And like our promotional cadence has been changing. We still continue to be very optimistic about our future plans and gifting initiatives that are going to be associated with our website. We continue to evolve in this area of the business. We are making some talent acquisitions really to help us create a new chapter in this particular portion of our business. And I think with some of the stuff that we have seen, they're still in the short run, there may be some choppiness, but over a longer haul, we feel good about the wholesale business and what we are trying to do.

我們的促銷節奏也在不斷改變。我們仍然對與我們的網站相關的未來計劃和贈送計劃非常樂觀。我們在該業務領域持續發展。我們正在進行一些人才招募，以幫助我們在這一特定業務領域開創新的篇章。我認為，就我們所看到的一些情況而言，短期內可能仍會存在一些波動，但從長遠來看，我們對批發業務以及我們正在努力做的事情感到滿意。

And again, as we said, many times in the past, we are agnostic to how consumers choose to shop in our stores or online, but we would love to see positive growth in all of our segments.

正如我們過去多次說過的那樣，我們不清楚消費者如何選擇在我們的商店或線上購物，但我們希望看到所有細分市場都實現積極成長。

I think it's also really critical to understand that we see our web business as a big piece and a strategic pillar as the digital transformation, but also more importantly, as a critical element in our omnichannel approach to business. While buildabear.com does drive sales, and it also, as you know, drive some of those sales through the store -- through our stores as these many warehouses which is great for our sales associates in that at that level. for us to distribute for the last mile. But it's important that you recognize that it also serves as an important communication and information tool for our guests. Most of our guests, from what we can tell, hard to give directional information.

我認為，同樣重要的是要理解，我們將網路業務視為數位轉型的重要組成部分和策略支柱，但更重要的是，它是我們全通路業務方法的關鍵要素。雖然 buildabear.com 確實推動了銷售，但正如您所知，它也透過商店推動了部分銷售——透過我們的商店和許多倉庫，這對我們在該級別的銷售人員來說非常有利，可以讓我們進行最後一英里的分銷。但重要的是您要認識到它也是我們的客人的重要溝通和資訊工具。據我們所知，大多數客人都很難提供方向性資訊。

They have a tendency to go online first, or find a store, plan a visit, plan a party, web pages are our largest visited web pages. So we know that the guests are using our buildabear.com as a source of information and planning for their store visits. And we love to see that engagement across both of our key channels of in-store and online. And that's the big ecosystem that we're working on towards the omnichannel solution.

他們傾向於先上網，或尋找商店、計劃參觀、計劃聚會，網頁是我們訪問量最大的網頁。因此我們知道客人正在使用我們的 buildabear.com 作為資訊來源並規劃他們的商店訪問。我們很高興看到店內和線上這兩個主要管道的互動。這就是我們正在努力實現全通路解決方案的大型生態系統。

Keegan Cox, D.A. Davidson.

基根‧考克斯 (Keegan Cox)、地方檢察官戴維森 (D.A. Davidson)。

Congrats on the great quarter. My question is on the implied second half guidance. Just kind of throwing it together and looking at the midpoint calls for a slowdown. Does that imply weaker margins in the back half? And if so, why?

恭喜本季取得如此出色的成績。我的問題是關於隱含的下半年指引。只是把它們放在一起並查看中點就要求放慢速度。這是否意味著下半年利潤率會下降？如果是的話，為什麼？

So thanks for the question, Keegan. First, I want to mention that our previous revenue guidance was in mid-single digits that we initiated several months ago. We raised that guidance now and expanded the higher end of the range to high single digits. We had a strong first half result, plus 11% or so that we saw in total revenue growth. But as we mentioned last year, second half, we had some really strong results, especially driven by Best Ever Halloween.

謝謝你的提問，基岡。首先，我想提一下，我們幾個月前就訂定的收入預期是中等個位數。我們現在提高了該指導價，並將範圍的高端擴大到高個位數。我們上半年的業績表現強勁，總營收成長了 11% 左右。但正如我們去年下半年提到的那樣，我們取得了一些非常強勁的業績，尤其是在「史上最佳萬聖節」的推動下。

So we had some -- so as we are going to have some tougher comps, that was implied in our initial guidance that the year is going to be at that level. Now we are excited about the progress that we are making. Clearly, there are some macroeconomic uncertainties that we are facing like every other company that are related to -- in particular to tariffs, and I'll cover that in a second to talk a little bit about challenges on the profitability side of the guidance. But as we think about revenue with some of the things that we have put in place, we believe we have inventory. We have belief that we have momentum that's currently taking us through the first month of third quarter.

所以我們有一些——因為我們將會有一些更艱難的競爭，這在我們最初的指導中暗示，今年將達到那個水平。現在我們對所取得的進展感到非常興奮。顯然，和其他公司一樣，我們也面臨一些與關稅相關的宏觀經濟不確定性，我稍後會談到這一點，並談談獲利能力方面的挑戰。但當我們考慮已實施的一些措施帶來的收入時，我們相信我們有庫存。我們相信，我們擁有良好的發展勢頭，可以順利度過第三季的第一個月。

And we are going to stay focused on things that are within our control. We have managed our promotional cadence. We have managed excellent customer service. Our conversion numbers, as I mentioned earlier, are up. So we are doing things that's within our control.

我們將繼續專注於我們能夠控制的事情。我們已經控制了我們的促銷節奏。我們提供優質的客戶服務。正如我之前提到的，我們的轉換率上升了。所以，我們所做的事情都是我們能夠控制的。

Now there are a lot of things that are outside of our control. One of those things are tariffs. Tariffs are a real cost that we are facing. Even though we are expecting to see additional negative impact of tariff, as I mentioned, the Vietnamese tariffs have gone -- have doubled from 10% to 20%. That's going to impact us even more in the second half of the year.

現在有很多事情是我們無法控制的。其中之一就是關稅。關稅是我們面臨的真正成本。儘管我們預計關稅將帶來額外的負面影響，但正如我所提到的，越南的關稅已經翻了一番，從 10% 上升到 20%。這將對我們下半年產生更大的影響。

And when you think about $11 million or just a little bit less than $11 million negative impact of tariffs, plus additional $5 million that we called out from medical and minimum wage labor cost at the beginning of the year, we have nearly $16 million that we are overcoming of headwinds. So when you look at our guidance, and like even like -- if you look about mid- to high end of that guidance, we are still close or slightly beating our last year full year profitability despite the $16 million headwind.

當你考慮到關稅帶來的 1100 萬美元或略低於 1100 萬美元的負面影響，再加上年初我們從醫療和最低工資勞動力成本中扣除的 500 萬美元時，我們需要克服近 1600 萬美元的逆風。因此，當您查看我們的指導意見時，甚至如果您查看該指導意見的中高端，儘管面臨 1600 萬美元的逆風，我們仍然接近或略微超過了去年全年的盈利能力。

Got it. That's helpful. And then my next question is on the partner-operated locations. I know you mentioned earlier that the existing partners keep adding new stores. And I know you mentioned a new partner in Germany. I was just wondering how much momentum you're seeing with those new partners? And within your partner stores, do you find that your customer is different than maybe your corporate stores in America?

知道了。這很有幫助。我的下一個問題是關於合作夥伴運作的地點。我知道您之前提到過，現有的合作夥伴不斷增加新店。我知道您提到了德國的新合作夥伴。我只是想知道您認為這些新合作夥伴的發展勢頭有多大？在您的合作商店中，您是否發現您的客戶與您在美國的公司商店有所不同？

Yes, thanks. In talking to that, just one clarification. Our partner that will be opening our German locations is Inner Stores which is a current partner that has opened stores in the Nordics. So we're excited for them to be able to open those locations in Germany. They recently, in this quarter, also opened a stand-alone store in Copenhagen, which was very successful.

是的，謝謝。談到這一點，我只想澄清一點。我們將在德國開設門市的合作夥伴是 Inner Stores，該公司目前已在北歐開設了門市。因此，我們很高興他們能夠在德國開設這些門市。他們最近在本季還在哥本哈根開設了一家獨立商店，非常成功。

So they are really seeing -- the great thing that we always said that a Teddy Bear hug is understood in every language, and that is totally true. The guests really recognize the brand. The power of the brand has really grown globally through our franchise model originally and through our corporate models in the UK. And specifically in Regent Street hamlies, where we've seen incredible success where we expanded that location. Along with our social media reach of our partners, our own social media and our marketing of our brand, our experience and our stories are then delivered to our partners who then put their own country-specific take on those social media outreaches.

所以他們真的看到了——我們總是說泰迪熊擁抱在每種語言中都能被理解，這是完全正確的。客人們確實認可這個品牌。該品牌的力量最初是透過我們的特許經營模式以及我們在英國的企業模式在全球範圍內真正增長的。特別是在攝政街 (Regent Street) 的哈姆利斯 (hamlies)，我們在擴張該地點後取得了令人難以置信的成功。隨著我們合作夥伴的社交媒體影響力、我們自己的社交媒體影響力以及我們品牌的營銷影響力的增強，我們的經驗和故事也被傳遞給我們的合作夥伴，然後他們會在這些社交媒體上發表自己國家特色的觀點。

The other part of this that has really been incredible is that our guests are the ones that are driving this as well. Our user generated content is just incredible when guests themselves are coming into the stores, and they have such an incredible experience around the world that they want to showcase that experience to all of their friends and followers. So this just a combination of all these things happen in this incredible momentum with the brand based on the experience, and that's really the key part of this. This unique Build-A-Bear experience that we're able to replicate in all of these locations. And we look at partners that we believe and know and determine that they can deliver this experience has allowed them to grow and be able to have this momentum.

另一件真正令人難以置信的事情是，我們的客人也是推動這一切的人。當客人親自進入商店時，我們的用戶生成內容簡直令人難以置信，他們在世界各地擁有如此令人難以置信的體驗，以至於他們想向所有朋友和追隨者展示這種體驗。所以，這只是所有這些事情的結合，在這種令人難以置信的勢頭下，品牌基於經驗而發生的變化，而這才是真正關鍵的部分。我們能夠在所有這些地方複製這種獨特的 Build-A-Bear 體驗。我們專注於那些我們相信並了解的合作夥伴，並確定他們能夠提供這種經驗，使他們能夠成長並獲得這種動力。

(Operator Instructions)

（操作員指示）

Steve Silver, Argus Research.

史蒂夫·西爾弗（Steve Silver），阿格斯研究公司（Argus Research）

Congratulations on the result as well. My question is, I guess, given the fact that the balance sheet remains in great shape even with the tariff considerations and the company already initiating a dividend policy and returning capital to shareholders through buybacks. Even though the company is navigating multiple challenges across the global economy, if the global dynamics remain on the stable side, curious as to how that might play into any decision to expand company-operated stores outside the US during a time where partners are aggressively expanding the brand across multiple markets?

也祝賀你取得這樣的成績。我的問題是，考慮到即使考慮到關稅，資產負債表仍然狀況良好，而且公司已經啟動了股息政策並透過回購向股東返還資本。儘管該公司正應對全球經濟中的多重挑戰，但如果全球動態保持穩定，在合作夥伴積極向多個市場擴展品牌的時期，這將如何影響擴大美國以外公司經營商店的決定？

So thank you for the question. It's an interesting question as it relates to capital allocation and our investments in growth on a global basis. We are definitely open in considering operating stores. We are operating stores in Canada, in UK, in different international markets. There are some challenges with some of those things, setting up teams and the accounting implications.

謝謝你的提問。這是一個有趣的問題，因為它涉及資本配置和我們在全球範圍內的成長投資。我們絕對願意考慮經營商店。我們在加拿大、英國和不同的國際市場經營商店。其中一些事情存在一些挑戰，例如組建團隊和會計影響。

But at the end of the day, we want to have the highest ROI for the company. And if there are some opportunities down the road really to have different type of relationships with our partners in those respective markets to accelerate growth or to make additional investments at the appropriate time, especially, as you mentioned, with a solid balance sheet and healthy cash flows, we may consider some of those options.

但最終，我們希望公司獲得最高的投資報酬率。如果未來確實有機會與各個市場的合作夥伴建立不同類型的關係，以加速成長或在適當的時候進行額外投資，特別是如您所說，擁有穩健的資產負債表和健康的現金流，我們可能會考慮其中的一些選擇。

But we are still in early stages. And as Chris mentioned, we are in 32 countries. There are plenty of countries around the world that we are still not present in. So this is a big opportunity, and we will definitely be looking at ways to help our partners accelerate. But if there are some things to continue to make investments in markets that we are not currently present outside of US, it would be on a case-by-case decision that would be made.

但我們仍處於早期階段。正如克里斯所提到的，我們的業務遍及 32 個國家。世界上還有很多國家我們尚未進入。所以這是一個巨大的機會，我們一定會尋找方法來幫助我們的夥伴加速發展。但如果有一些事情需要我們繼續在美國以外目前尚未涉足的市場進行投資，那麼我們將根據具體情況做出決定。

I'd just add to that, that it is well within the realm of normal that a US-based company operates in countries that tend to -- where the market tends to act like the US. So we're in Canada and the UK, which is a very typical approach for a US-based organization. And while we may have opportunities, as Voin said, and we complete -- we've talked about this many times, to make some strategic investment in some of those partners, I would stop short of saying that we would want to be the unique operator in that country because it's important. The reason you have partners is because they know the market better than you. They know them mall operators better than you or the tourist locations better than you.

我只想補充一點，一家美國公司在市場行為傾向於與美國相似的國家開展業務，這完全屬於正常範圍。因此，我們在加拿大和英國開展業務，這對美國組織來說是一種非常典型的做法。正如沃恩所說，雖然我們可能有機會，而且我們已經多次談論過這個問題，對其中一些合作夥伴進行一些戰略投資，但我不會說我們希望成為該國獨特的運營商，因為這很重要。你擁有合作夥伴的原因是他們比你更了解市場。他們比你更了解商場經營者或旅遊景點。

And they also know the marketplace and the consumer insights better than you. In most of the cases of the partners that we're operating with right now, in fact, they already are big operators in that space. And as Chris alluded to, they have stores there. Many times they are toy stores that we then automatically" are considered to be put in those toy stores:. So we -- they have their four walls that allows us to get up and running quickly, and then they look at independent Build-A-Bear Workshop locations as another growth engine for their companies.

而且他們也比你更了解市場和消費者洞察。事實上，就我們目前合作的大多數合作夥伴而言，他們已經是該領域的大型營運商。正如克里斯所提到的，他們在那裡有商店。很多時候，它們是玩具商店，然後我們會自動」被認為是放在那些玩具商店裡：。因此，他們有自己的四面牆，可以讓我們快速啟動和運行，然後他們將獨立的 Build-A-Bear Workshop 地點視為公司的另一個成長引擎。

So it's a working model right now. And I expect that we have a lot of runway in front of us on that working model. But as partnerships evolve, absolutely, there may be a different type of relationship that we want to consider, but we have the foreseeable future in the as is.

所以它現在是一個可行模型。我希望我們能夠在這項工作模式上取得長足進展。但隨著合作關係的發展，我們絕對可能會考慮一種不同類型的關係，但我們對未來的展望是可以預見的。

We have no further questions at this time. Ms. John, I'd like to turn the floor back over to you for closing comments.

目前我們沒有其他問題。約翰女士，我想把發言權交還給您，請您發表最後評論。

Well, thank you so much, and we appreciate everyone joining us today to hear more details regarding our breaking -- record-breaking fiscal second-quarter 2025 results and look forward to the third quarter call. Have a wonderful day and a great Labor Day weekend.

好吧，非常感謝，我們感謝今天加入我們的每個人，以了解有關我們破紀錄的 2025 財年第二季度業績的更多詳細信息，並期待第三季度的電話會議。祝您有個美好的一天並度過愉快的勞動節週末。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。