Build-A-Bear Workshop, Inc. (BBW) 2026 Q2 法說會逐字稿

Greetings and welcome to the Build-A-Bear Workshop second quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Build-A-Bear Workshop 2026 年第二季財報電話會議。（接線員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Gary Schnierow, Vice President, Investor Relations. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹投資人關係副總裁 Gary Schnierow。請開始。

Thank you. Good morning, everyone, and welcome to Build-A-Bear's second quarter 2026 earnings conference call. With us today are Chris Hurt, Build-A-Bear's chief executive officer, and Voyne Todorovitch, our chief financial officer and chief administrative 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。各位早安，歡迎參加 Build-A-Bear 2026 年第二季財報電話會議。今天與會者包括 Build-A-Bear 執行長 Chris Hurt，以及我們的財務長兼行政長 Voyne Todorovitch。本次電話會議中，我們將提及前瞻性陳述，該等陳述受風險與不確定性影響，實際結果可能出現重大差異。

Please refer to our forms 10-K and 10-Q, including the risk factor section. We undertake no obligation to update any forward-looking statement. 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. is distributed and available to the public through our investor relations website.

請參閱我們的 10-K 與 10-Q 表格申報文件，包括其中的風險因素章節。我們不承擔更新任何前瞻性陳述之義務。本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。非 GAAP 與 GAAP 指標之調節表已包含於今日的財報新聞稿中，並已發布且可透過我們的投資人關係網站供大眾查閱。

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

現在我把電話交給 Chris。

Thank you, Gary, and good morning, everyone. I appreciate you joining us today for Build-A-Bear's second quarter fiscal 2026 earnings call. As we communicated earlier this year, we expected fiscal 2026 to be a tale of two halves, with more difficult comparisons impacting the first half, followed by less less challenging comparisons and anticipated improved performance in the back half of the year.

謝謝你，Gary，各位早安。感謝各位今天參加 Build-A-Bear 2026 會計年度第二季財報電話會議。如同我們今年稍早所溝通的，我們預期 2026 會計年度將呈現「上下半年兩段式」：上半年因比較基期較具挑戰而承壓；下半年比較基期較不具挑戰，且預期表現將有所改善。

Although we continue to expect a stronger second half than the first, second quarter results fell short of our projections, driven mainly by continued traffic challenges due to the performance of our summer trend collection and a addition to macroeconomic conditions. As a result, we have moderated our direct-to-consumer expectations for the balance of the year, and together with our updated outlook for our commercial segment, reduced our full-year guidance.

雖然我們仍預期下半年將強於上半年，但第二季結果未達我們的預測，主要原因是夏季潮流系列表現影響下，來客數持續面臨挑戰，並且宏觀經濟環境亦帶來額外壓力。因此，我們已下調今年剩餘期間的直面消費者（DTC）預期，並結合對商業（commercial）部門的最新展望，下修全年財測指引。

Voigt will discuss the updated guidance in more detail in his remarks. Second quarter was up against a particularly strong performance last year, when DTC revenue increased 11% and web demand increased 15%. These results were driven by a number of strong summer collections, including trend products with our innovative fruit stand assortment, exclusive licensed offerings such as the Sanrio Sweet Shop, and a selection of movie-related items highlighted by the How to Train Your Dragon launch featuring a new Toothless, which through the years has proven to be one of our most successful movie characters. Following the success of Summer 2025, we used this year's assortment to push even further into product innovation. including novel designs such as slushy plushies and berry goods.

Voigt 將在其發言中更詳細說明更新後的指引。第二季面臨去年特別強勁的表現作為比較基期，當時 DTC 營收成長 11%，網站需求成長 15%。該等成果來自多個強勢的夏季系列，包括我們以創新「水果攤」品項組合推出的潮流產品、Sanrio Sweet Shop 等獨家授權商品，以及多款電影相關商品，其中以《馴龍高手》上市、推出全新 Toothless（無牙）最為亮眼；多年來，Toothless 已證明是我們最成功的電影角色之一。延續 2025 年夏季的成功，我們今年的品項組合進一步推進產品創新，包括冰沙絨毛玩偶（slushy plushies）與莓果主題商品（berry goods）等新穎設計。

While these less customizable concepts did not resonate as strongly as anticipated and contributed to weaker performance than last year. The quarter also reinforced an important insight. Guests continue to respond positively to products that highlights Build-A-Bear's signature customization experience. For example, our dressable Chummy Shark, one of the key characters in our Make Your Own Summer collection sold out during the quarter. In Promise Pets, our own intellectual property continues to be a meaningful growth platform, driving higher than average dollars per transaction due to strong attachment rates of clothing and accessories.

然而，這些較不具客製化的概念未如預期般引起共鳴，並導致表現較去年疲弱。本季也再次強化一項重要洞察：顧客仍對能凸顯 Build-A-Bear 招牌客製化體驗的產品有正向反應。舉例而言，我們可換裝的 Chummy Shark（Chummy 鯊魚）作為「Make Your Own Summer」系列的關鍵角色之一，在本季期間即售罄。在 Promise Pets（我們自有 IP）方面，該平台持續成為重要的成長動能；由於服飾與配件的高連帶購買率，帶動每筆交易金額高於平均水準。

These insights and learnings will help us strike a better balance between continued product innovation and the core elements of the Build-A-Bear experience that resonate most strongly with our guests. Even as DTC sales came in short of last year's record level, it's important to note they represented our second highest second quarter DTC sales performance in the history of the company. Turning to the numbers, second quarter revenue was $115.3 million and pre-tax income was $11.6 million.

上述洞察與學習將協助我們在持續產品創新與最能引起顧客共鳴的 Build-A-Bear 核心體驗要素之間，取得更佳平衡。即使 DTC 銷售未達去年創紀錄水準，仍需強調的是，本季 DTC 銷售表現為公司歷史上第二高的第二季 DTC 成績。就數字而言，第二季營收為 1.153 億美元，稅前淨利為 1,160 萬美元。

For the first half of fiscal 2026, revenue was $240.6 million, pre-tax income was $35.5 million, and adjusted pre-tax income was $28.5 million, excluding the $7 million IEFA tariff refund related to 2025. Importantly, while our second quarter performance and revised guidance reflect near-term pressures, we remain confident in the strength of our brand, our long-term strength, and strategy and our ability to execute against the opportunities ahead.

2026 會計年度上半年，營收為 2.406 億美元，稅前淨利為 3,550 萬美元；調整後稅前淨利為 2,850 萬美元（排除與 2025 年相關的 700 萬美元 IEFA 關稅退稅）。重要的是，儘管第二季表現與修訂後指引反映短期壓力，我們仍對品牌實力、長期優勢與策略，以及把握未來機會的執行能力保持信心。

Notably, our Halloween launch delivered the highest non-fourth quarter sales week in the company's history. the third highest US e-commerce sales week behind only Black Friday weeks of 2020 and 2025. While August remains part of the difficult comparison period, our third quarter sales performance to date has improved over the first half. These early third quarter results reinforce our view that guests continue to respond strongly to Trend Right products, offerings, and loved characters, such as our recently redesigned Harry Potter bear that build on the customization and engagement inherent in the Build-A-Bear experience. With that as a backdrop, we remain focused on the four strategic pillars we have discussed over the past two quarters.

值得注意的是，我們的萬聖節上市活動創下公司史上非第四季的最高單週銷售，亦為美國電商史上第三高單週銷售（僅次於 2020 年與 2025 年的黑色星期五週）。雖然 8 月仍屬於比較基期較具挑戰的期間，但截至目前第三季的銷售表現已較上半年改善。第三季初步結果再次印證，我們的顧客仍對「趨勢正確」（trend-right）的產品、商品組合與深受喜愛的角色反應強烈，例如我們近期重新設計的哈利波特熊（Harry Potter bear），其建立在 Build-A-Bear 體驗所固有的客製化與互動參與之上。在此背景下，我們仍聚焦於過去兩季所討論的四大策略支柱。

One, drive organic growth. location expansion, three wholesale and outbound brand licensing, and 4 gifting and personalization. Together these priorities are designed to evolve and extend the Build-A-Bear brand including into large addressable markets beyond our traditional vertical retail channel. Our first pillar is organic growth. We must continue to drive our core business through trend-right products and compelling experiences.

第一，推動有機成長；第二，據點擴張；第三，批發與對外品牌授權；第四，送禮與個人化。這些優先事項共同旨在演進並延伸 Build-A-Bear 品牌，並進一步進入我們傳統垂直零售通路之外、具高度可觸及性的廣大市場。我們的第一支柱是有機成長：我們必須透過符合潮流的產品與具吸引力的體驗，持續推動核心業務。

remaining true to what makes Build-A-Bear unique. Guests continue to value the creativity, self-expression, and connection that comes from building and personalizing their own furry friend. We remain focused on enhancing that experience across demographics and occasions. Just as importantly, our success has not been limited to core offerings. We have consistently demonstrated an ability to identify, create, and capitalize on powerful consumer trends, particularly those related to nostalgia, pop culture, collectability, and the adult market.

同時堅守 Build-A-Bear 的獨特之處。顧客持續重視透過打造並個人化自己的毛絨朋友所帶來的創意、自我表達與連結感。我們仍專注於在不同族群與不同情境中強化該體驗。同樣重要的是，我們的成功並不僅限於核心產品；我們一貫展現出辨識、創造並掌握強勁消費趨勢的能力，特別是與懷舊、流行文化、收藏性以及成人市場相關的趨勢。

Products such as Spring Green Frog, Pink Pony, and the like have been a great source of Caxolato and Capybara began as trend right offerings, but have since become enduring parts of our assortment, illustrating our ability to transform emerging trends into evergreen products while maintaining the core elements of the Build-A-Bear experience. The Halloween season has become another compelling example of our ability to identify, create, and capitalize on consumer trends, while also representing an increasingly important growth opportunity for the brand.

例如 Spring Green Frog（春綠青蛙）、Pink Pony（粉紅小馬）等產品，以及 Caxolato 與 Capybara（卡皮巴拉／水豚）最初皆屬於符合潮流的商品，但此後已成為我們品項組合中長期存在的部分，展現我們能在維持 Build-A-Bear 體驗核心要素的同時，將新興趨勢轉化為常青（evergreen）產品的能力。萬聖節檔期也成為另一個有力例證，說明我們能辨識、創造並掌握消費趨勢，同時也代表品牌日益重要的成長機會。

This year's assortment featured trend-right products, including a reintroduction of our fan-favorite Pogel Bat, a new Jumping Spider, and a new Pogel Bat. and mini beans of those respective products, all of which helped drive the record-breaking launch week of this seasonal collection. As a reminder, these seasonal and trend-driven launches often generate significant user-created content, helping drive engagement, traffic, and ultimately sales.

今年的品項組合包含多款趨勢正確的產品，包括重新推出粉絲最愛的 Pogel Bat（Pogel 蝙蝠）、全新的 Jumping Spider（跳蛛），以及新的 Pogel Bat，並推出上述產品的 mini beans 迷你款，這些都推動了該季節性系列上市週的破紀錄表現。提醒各位，這類季節性與趨勢導向的上市活動往往會產生大量使用者自製內容（UGC），有助於提升互動、帶動流量，並最終促進銷售。

As we approach our 30th anniversary in 2027, we will kick off a year-long celebration commemorating three decades of memory-making experiences. Throughout the coming year, we plan to continue to reintroduce some of our most popular, nostalgic furry friends from our vault, reconnecting guests with their memories. and fans with a build-a-bear character from the past.

隨著我們在 2027 年迎來 30 週年，我們將啟動為期一年的慶祝活動，紀念三十年來創造回憶的體驗。在接下來的一年中，我們計畫持續從典藏庫（vault）重新推出一些最受歡迎、最具懷舊感的毛絨朋友，讓顧客重新連結他們的回憶，並讓粉絲與過去的 build-a-bear 角色再度相遇。

As part of that celebration, beginning in October, we will also introduce a special version of our beloved mascot, Bear Me, one of our most recognizable characters, both to longtime fans as well as to a new generation of guests. We also continue to see meaningful opportunities within licensed products and collector-driven engagement.

作為該慶祝活動的一部分，自 10 月起，我們也將推出深受喜愛的吉祥物 Bear Me 的特別版本；Bear Me 是我們最具辨識度的角色之一，將同時面向長期粉絲與新一代顧客。我們也持續在授權產品與收藏家驅動的互動參與方面看到顯著機會。

Today, we launch our new Sanrio Halloween collection, highlighted by the popular Laura Manic duo, Berry and Cherry. This launch establishes Build-A-Bear as the first retail. Taylor in the US, Canada, and the United Kingdom to offer Laura Manick in plush form, further strengthening our position as a destination for sought-after licensed characters for all ages. Looking ahead, we continue to amplify the Build-A-Bear brand by leveraging the powerful combination of nostalgia, licensing, and innovation that differentiates us in the marketplace. Our upcoming collaboration with McDonald's is a great example.

今天，我們推出全新的 Sanrio 萬聖節系列，主打廣受歡迎的 Laura Manic 雙人組 Berry 與 Cherry。本次上市使 Build-A-Bear 成為美國、加拿大與英國首家以絨毛玩偶形式提供 Laura Manick 的零售商，進一步強化我們作為各年齡層熱門授權角色首選目的地的定位。展望未來，我們將持續運用懷舊、授權與創新這一強大組合來放大 Build-A-Bear 品牌，並以此作為我們在市場上的差異化優勢。我們即將與麥當勞的合作就是很好的例子。

Later this year, McDonald's will begin rolling out Build-A-Bear themed Happy Meals in the United Kingdom, bringing together two iconic brands in a way that introduces Build-A-Bear to new customers while reinforcing engagement with existing fans. We've this collaboration represents a unique opportunity to increase brand awareness, create cultural relevance, and introduce Build-A-Bear to new customers through one of the world's most recognizable brands.

今年稍晚，麥當勞將在英國開始推出 Build-A-Bear 主題的快樂兒童餐（Happy Meal），以結合兩個經典品牌的方式，讓 Build-A-Bear 接觸到新客群，同時強化既有粉絲的互動參與。我們相信，這項合作代表一個獨特機會，可提升品牌知名度、創造文化相關性，並透過全球最具辨識度的品牌之一，將 Build-A-Bear 介紹給新客戶。

Turning to our second pillar, location expansion. During the second quarter, we added five net new locations, bringing total net new openings to 12 through the first half of physical 2026 and ending the second quarter with 674 locations across 37 countries. We remain on track to achieve our objective of opening at least 50 net new locations this year, with the majority expected to be international partner-operated locations.

接著談到我們的第二大支柱：據點擴張。第二季我們淨新增五個據點，使實體 2026 上半年累計淨新增開店數達 12 家，並在第二季結束時於 37 個國家共擁有 674 個據點。我們仍按計畫達成今年至少淨新增 50 個據點的目標，其中多數預期將為由國際合作夥伴營運的據點。

This expansion reflects the global appeal of the Build-A-Bear brand and enables us to extend our reach efficiently into new markets. Turning to the third pillar, we remain committed to extending the reach of the Build-A-Bear brand through wholesale and licensing opportunities. As a reminder, our wholesale business remains largely program-driven and opportunistic, as we continue to make investments to grow our traditional wholesale channel and do not yet have broad replenishment. We are disappointed that this business has not developed at the pace we anticipated. We were unable to repeat the multi-million dollar Walmart program and other wholesale opportunities have progressed more slowly than expected.

此一擴張反映 Build-A-Bear 品牌的全球吸引力，並使我們能有效率地將觸角延伸至新市場。接著談到第三大支柱，我們仍致力於透過批發與授權機會擴大 Build-A-Bear 品牌的觸及。提醒一下，我們的批發業務仍主要以專案驅動並具機會性；我們持續投資以成長傳統批發通路，但目前尚未形成廣泛的補貨型業務。我們對該業務未能以我們預期的速度發展感到失望。我們無法重複去年的數百萬美元 Walmart 專案，且其他批發機會的推進也較預期緩慢。

However, our experience with Walmart, namely the successful sell-through of our Build-A-Bear branded non-licensed products, demonstrated that a brand can extend into large-scale third-party distribution and reach consumers beyond our traditional channel. We continue to view wholesale and outbound licensing as attractive opportunities to further leverage the strength of our intellectual property, generate incremental profitable revenue, and extend the Build-A-Bear brand to new customers.

然而，我們與 Walmart 的合作經驗——亦即我們 Build-A-Bear 品牌、非授權產品的成功售罄表現——證明品牌可以延伸至大規模第三方分銷，並觸及傳統通路以外的消費者。我們仍將批發與對外授權視為具吸引力的機會，可進一步運用我們智慧財產的優勢，創造額外且具獲利性的營收，並將 Build-A-Bear 品牌帶給新客群。

Our fourth pillar focuses on enhancing gifting and personalization. Our new highly immersive, multi-level location at Icon Park in Orlando, which remains on track to open in the third quarter, will showcase an elevated expression of the Build-A-Bear experience and will debut a number of premium gifting, and personalizations offerings. Among them are our first-ever design studio, a high-touch, appointment-based experience where guests work one-on-one with a design consultant to create a truly one-of-a-kind furry friend by selecting elements such as the animal, fur type, and the animal's name.

我們的第四大支柱聚焦於提升送禮與個人化體驗。我們位於奧蘭多 Icon Park 的全新高度沉浸式多樓層據點，仍按計畫於第三季開幕，將展現更升級的 Build-A-Bear 體驗，並推出多項高端送禮與個人化服務。其中包括我們史上首座設計工作室：一種高互動、採預約制的體驗，賓客可與設計顧問一對一合作，透過選擇如動物款式、毛皮類型與動物名字等元素，打造真正獨一無二的毛絨朋友。

eye color, and again, creating a truly one of a kind design. A new personalize me station, offering furry friend embroidery and clothing customization that creates lasting keepsakes. Enhancements to our hear me station that highlights our record your voice functionality, which is a critical differentiator for our brand. And a new scent bar, where guests can personalize a scent to be to their furry friend. And Build-A-Bear Bake Shop, featuring guided dessert experiences that extend the creativity and personalization of the workshop while providing guests with a unique way to celebrate special occasions.

眼睛顏色等，再次打造真正獨一無二的設計。全新的「personalize me」站點，提供毛絨朋友刺繡與服裝客製化，創造可長久保存的紀念品。對「hear me」站點的升級，凸顯我們的「錄下你的聲音」功能，這是我們品牌的重要差異化優勢。以及全新的香氛吧，讓賓客可為其毛絨朋友客製專屬香味。另有 Build-A-Bear 烘焙坊（Bake Shop），提供引導式甜點體驗，在延伸工作坊的創意與個人化之餘，也讓賓客以獨特方式慶祝特別時刻。

These are just some of the many features we are introducing to create a highly differentiated experience at our new location at Icon Park, allowing us to showcase the full breadth of the Build-A-Bear brand while creating new opportunities for personalization, gifting, celebration, and gift engagement in a promoting way. a premier tourism destination. We intend to apply relevant successes and learnings from our Icon Park location to evolve offerings within our store portfolio. In summary, our first half performance fell below our expectations. We have revised our physical 2026 outlook.

以上僅是我們在 Icon Park 新據點導入的眾多特色之一部分，旨在打造高度差異化的體驗，讓我們能展示 Build-A-Bear 品牌的完整廣度，同時在個人化、送禮、慶祝與禮品互動方面創造新機會，並以具吸引力的方式融入這一頂級觀光目的地。我們計畫將 Icon Park 據點的相關成功經驗與學習，應用於我們門市組合中的產品與服務演進。總結而言，我們上半年表現低於預期。我們已修訂實體 2026 展望。

Importantly, the early response to our Halloween launch and recent product introductions reinforces our confidence in the enduring strength of the Build-A-Bear brand and we remain focused on our strategic growth initiatives.

重要的是，萬聖節上市初期的反應以及近期新品導入，強化了我們對 Build-A-Bear 品牌長期韌性與實力的信心；我們仍專注於策略性成長計畫。

With that, I will turn the call over to Vojin to review our financial results and updated outlook in greater detail.

接下來我將把電話會議交給 Vojin，由他更詳細說明我們的財務結果與更新後的展望。

Thank you, Chris, and good morning, everyone. I will discuss the quarterly results and then share more about our updated full-year outlook. As we shared in our last call, we expected a year-over-year decline this quarter. However, results fell short of our projections, primarily due to underperformance from summer trend products, as well as ongoing macroeconomic challenges, both contributing to weaker traffic. Specifically, for the second quarter, total revenues were $115.3 million, a decrease of 7.2%, mainly driven by a decline in our direct-to-consumer business.

謝謝你，Chris，各位早安。我將先說明本季業績，接著分享更新後的全年展望。如同我們在上次電話會議中所提，我們預期本季將出現年對年下滑。然而，實際結果低於我們的預測，主要原因是夏季趨勢產品表現不如預期，以及持續的總體經濟挑戰，兩者共同導致來客數走弱。具體而言，第二季總營收為 1.153 億美元，年減 7.2%，主要由直面消費者（direct-to-consumer）業務下滑所致。

In the direct-to-consumer segment, transactions declined primarily due to lower store traffic. Average unit retail also decreased, partially offset by an increase in units per transaction. Domestic store traffic was down and lagged broader US traffic trends. Last year's second quarter benefited from particularly strong traffic and robust demand for new collections, especially among teens and adults. Despite the year-over-year decline versus second quarter, total direct-to-consumer revenue grew 3% versus 2024.

在直面消費者部門，交易筆數下滑主要因門市來客數降低。平均單位零售額亦下降，但部分被每筆交易購買件數增加所抵銷。國內門市來客數下滑，且落後於更廣泛的美國整體來客趨勢。去年第二季受惠於特別強勁的來客數，以及新系列帶動的強勁需求，尤其在青少年與成人客群。儘管相較去年第二季年對年下滑，直面消費者總營收相較 2024 年仍成長 3%。

E-commerce demand declined 15.6% compared to last year as web traffic remained soft. However, demand improved sequentially from the first quarter, reflecting progress against our initiatives to strengthen the digital business. While year-to-date performance remained below last year, the team continues to make progress while returning this channel to growth. Gross margin for the quarter was 54.2%, a decrease of 340 basis points compared to last year, reflecting occupancy cost, the leverage, and increased promotional activity. SG&A expenses were $51.4 million, or 44.6% of total revenues, compared to 45.4% last year.

電商需求較去年下降 15.6%，因網站流量仍偏疲弱。然而，需求較第一季呈現季對季改善，反映我們強化數位業務各項措施的進展。雖然年初至今表現仍低於去年，團隊持續推進，並致力使該通路重回成長。第二季毛利率為 54.2%，較去年下降 340 個基點，反映店面占用成本、槓桿效應不利，以及促銷活動增加。SG&A 費用為 5,140 萬美元，占總營收 44.6%，去年為 45.4%。

The 80 basis point decrease in SG&A was driven mainly by lower incentive compensation expense. Our pre-tax income was $11.6 million compared to $15.3 million last year, a decline of 24.1%. Turning to the balance sheet, at the second quarter end, our cash balance was $14 million, representing a $25.1 million decrease versus last year. Mainly driven by a higher level of stock repurchases compared to the same timeframe last year, the timing of capital expenditure activity that was more front loaded in this year to support our strategic initiatives. Inventory at quarter end was $81.1 million, a decrease of $600,000 compared to the same period last year.

SG&A 比例下降 80 個基點，主要由較低的獎勵性薪酬費用所帶動。我們稅前淨利為 1,160 萬美元，去年為 1,530 萬美元，年減 24.1%。接著看資產負債表，截至第二季末，我們現金餘額為 1,400 萬美元，較去年減少 2,510 萬美元。主要原因是相較去年同期進行了更高水準的庫藏股回購，以及為支持策略性計畫而使資本支出時點較為前置。季末存貨為 8,110 萬美元，較去年同期減少 60 萬美元。

The company remains comfortable with the level and composition of its inventory, and we currently expect to finish the year at or below last year's level. We continue to deliver capital to shareholders as we return $8.5 million to shareholders during the quarter. Over the past 12 months, we have reduced our share count by more than 5% and we currently have $43.2 million remaining under the Board authorized $100 million share Repurchase Program. Turning to the Outlook. We reduced our revenue and pre-tax income guidance, as well as our expectations for commercial segment growth.

公司對目前存貨水準與結構仍感到安心，並預期年底存貨將與去年持平或更低。我們持續向股東回饋資本，本季回饋股東 850 萬美元。過去 12 個月，我們已將流通股數減少超過 5%，目前在董事會核准的 1 億美元庫藏股回購計畫下，尚餘 4,320 萬美元可用額度。接著談展望。我們下調營收與稅前淨利指引，並下修商業（commercial）部門成長預期。

We continue to expect the addition of at least 50 net new experience locations, most of which will be operated by our international partners. We have lowered our revenue guidance to a range of $500 to $525 million, down from our previous range of $530 to $550 million. This reflects second quarter results below our expectations, continuing traffic uncertainty. and no longer expecting to anniversary our multi-million dollar Walmart order from last year. For the second half, we expect third quarter performance to improve sequentially, supported by a more favorable year-over-year comparison.

我們仍預期至少淨新增 50 個體驗據點，其中多數將由國際合作夥伴營運。我們已將營收指引下調至 5.00 億至 5.25 億美元區間，低於先前的 5.30 億至 5.50 億美元區間。此調整反映第二季結果低於預期、來客數不確定性持續，以及不再預期能在今年對去年數百萬美元的 Walmart 訂單形成周年比較。就下半年而言，我們預期第三季表現將較第二季季對季改善，並受惠於較有利的年對年比較基期。

As Chris noted, we are seeing positive momentum in our stores and e-com at the beginning of our third quarter, but our performance is still slightly below our prior expectations. Looking ahead, as is typical, we expect the fourth quarter to be our strongest quarter, even with an anticipated year-over-year decline in commercial segment revenue.

如 Chris 所提，我們在第三季初期看到門市與電商出現正向動能，但表現仍略低於我們先前的預期。展望未來，如同以往，我們預期第四季將是全年最強的一季，即使商業部門營收預期將年對年下滑。

Moving to our updated pre-tax income guidance, we have lowered our pre-tax income guidance range to a range of $60 million to $68 million, down from our previous range of $72 to $78 million. Excluding the approximately $7 million of the tariff refund related to prior year costs, we expect expect adjusted pre-tax income to be in the range of $53 million to $61 million. The outlook also reflects $10 million to $11 million of ongoing traffic tariffs and related costs, based on the current increased tariff rate of 12.5%, as well as approximately $3 million in longer-term investments.

接著是更新後的稅前淨利指引。我們已將稅前淨利指引下調至 6,000 萬至 6,800 萬美元區間，低於先前的 7,200 萬至 7,800 萬美元區間。若排除約 700 萬美元、與前一年成本相關的關稅退稅，我們預期調整後稅前淨利將落在 5,300 萬至 6,100 萬美元區間。該展望亦反映 1,000 萬至 1,100 萬美元的持續性關稅及相關成本（基於目前提高後的 12.5% 關稅稅率），以及約 300 萬美元的長期投資。

In closing, we continue to see opportunities to expand our global footprint and to further develop our wholesale business. Even with our updated guidance, we expect 2026 to be one of the stronger years in Build-A-Bear history and we are focused on working to build teams and strengthen our foundation for fiscal 2027 and beyond.

最後，我們仍看到擴大全球版圖以及進一步發展批發業務的機會。即使在更新後的指引下，我們仍預期 2026 年將是 Build-A-Bear 歷史上表現較強的年度之一；我們也將專注於打造團隊並強化基礎，以迎接 2027 財年及更長遠的未來。

With that, we would like to thank our store and warehouse associates, along with our corporate team members and partners, for their dedication to the Build-A-Bear brand, as we continue to work toward delivering on our strategic mission to add a little bit more heart to life around the world. This concludes our prepared remarks.

最後，我們要感謝門市與倉儲同仁，以及我們的企業團隊成員與合作夥伴，對 Build-A-Bear 品牌的投入與奉獻；我們也將持續朝著策略使命邁進，為全球生活增添更多溫暖與關懷。以上為我們預先準備的發言。

We will now turn the call back over to the operator for questions.

接下來我們將把電話交回給接線員，進入提問環節。

(Operator Instructions)

（接線員指示）

Chris Moore, CJS Securities.

Chris Moore，CJS Securities。

Hey, good morning, guys. Thank you for taking a couple. Yeah, maybe we'll start on the commercial side. lost four partners. Maybe talk a little bit about what happened there and what's behind, you know, the updated guide, assuming no commercial growth in 26.

嗨，早安，各位。謝謝讓我問幾個問題。那我先從商業端開始。你們少了四個合作夥伴。能否談談發生了什麼，以及更新後的指引背後的原因？指引假設 26 年商業端不成長。

Yeah, thanks Chris and good morning. From our commercial segment we had got into a plus 20% for the full year. With the reduction of the Walmart multi-million dollar that we now don't anticipate that that will happen in the back half of the year. that was a reduction in that guidance. We do anticipate to still be close to our original guidance with our commercial segment, with our international partners and our domestic partners.

好的，謝謝你 Chris，早安。就我們的商業事業部而言，我們原先對全年預期是成長 20% 以上。由於 Walmart 那筆數百萬美元規模的業務縮減，我們目前不預期它會在下半年發生，因此我們下修了該項指引。不過，憑藉我們的國際合作夥伴與國內合作夥伴，我們仍預期商業事業部的表現會接近原先的指引。

There is certainly a repositioning of some of those store locations and we still have our guidance to open at least 50 net new locations this year.

此外，部分門市據點確實正在重新配置；我們仍維持今年至少新增 50 家淨新據點的指引。

Got you. And with respect to Walmart, I mean, it sounded like things were going pretty well there. Any other details you can provide on that front?.

了解。那關於 Walmart，我的意思是，聽起來之前進展相當不錯。這部分你還能提供其他細節嗎？

Yes, as we talked about, you know, from the Walmart last year, that was an opportunistic opportunity for us with a direct program going into those locations. This year, we were unable to, you know, anniversary that particular program and there has been some slowness in anticipation of other wholesale opportunities within the back half. We are continuing to work on those wholesale to be able to provide replenishment and to be able to work into those as we move forward. We still see this as an important opportunity and growth strategy for Build-A-Bear. As we talked about with that Walmart last year, we did see a strong sell-through with the Build-A-Bear branded licensed products, and we believe that that is the opportunity.

可以。正如我們提到的，去年與 Walmart 的合作對我們而言屬於一個機會型的專案，我們以直營方案進入那些據點。今年我們無法在該特定專案上做週年延續（anniversary），同時也因為下半年其他批發機會仍在醞釀，進度上出現一些放緩。我們會持續推進這些批發合作，以便提供補貨並在後續逐步導入。我們仍認為這是 Build-A-Bear 重要的機會與成長策略。就去年 Walmart 的合作而言，我們看到 Build-A-Bear 品牌授權產品的銷售去化（sell-through）表現強勁，我們相信這正是機會所在。

Got it. That's helpful. And just in thinking in terms of wild cards, You know, kind of looking at what's going on in Iran and, you know, the potential China response. Is that one of the bigger, you know, potential negative wild cards?

了解，這很有幫助。再從不確定因素來看，你知道，像伊朗那邊的情勢，以及可能的中國反應。這會不會是比較大的、可能偏負面的不確定因素之一？

If the U.S. really presses China, China reacts unfavorably. Is there a potential there from a kind of check? Chinese tariff perspective that could have a meaningful negative impact on you guys later this year, 27? Yes.

如果美國真的對中國施壓，而中國做出不利反應，從關稅角度來看，是否可能對你們在今年下半年、或 27 年造成有意義的負面影響？是的。

I'll take that, Chris. So thank you for the question. It is very challenging to answer some of those things. Clearly the geopolitical and macro environment do impact us in some cases more or less. But tariffs, even this quarter, have changed from 10 percent, what we assume, to 20 percent 12.5%.

Chris，我來回答。謝謝你的問題。這類議題確實很難回答。地緣政治與總體環境在某些情況下會對我們造成或多或少的影響。不過就關稅而言，即便在本季，關稅也已從我們原先假設的 10% 變動到 20% 與 12.5%。

Again, that's something that's outside of our control and if and when it will happen, if it happens at all. But we continue to stay focused on what we can control. We are working with our partners around the world really to find ways to mitigate some of those things and strengthen our supply chain. to support our business across the globe. And clearly some of those challenges, especially if there is a hike in oil prices, will impact us directly or indirectly, but it is really challenging to think about what those impacts are.

再次強調，這些都不在我們可控範圍內，且是否會發生、何時發生（甚至是否根本不會發生）都難以判斷。但我們會持續專注在可控事項上。我們正與全球合作夥伴合作，尋找方法來緩解部分影響並強化供應鏈，以支援我們在全球的業務。當然，其中一些挑戰——尤其若油價上升——會直接或間接影響我們，但要評估具體影響程度確實非常困難。

But, you know, in the past we have a, strong history and good history of finding ways to mitigate some of the challenges during those times of the.

不過，過去我們在那類時期有很強、也很好的歷史紀錄，能找到方法去緩解那些挑戰。

is a neutral spike, if you will. Fair enough. I will leave it there. Thank you, guys.

就先這樣吧。可以理解。謝謝各位。

Eric Better, SCC Research.

Eric Better，SCC Research。

Good morning. Good morning, Eric. Morning. What are you seeing in terms of the consumer What are you seeing in terms of their purchasing, in terms of imperative to purchase, and are they trading down for some of the other pieces now that you have the mini beans and some other pieces? Is that part of the issue too?.

早安。早安，Eric。早。你們看到消費者端的情況如何？就購買行為、購買意願而言，你們觀察到什麼？另外，現在你們有 mini beans 和其他品項，消費者是否有「向下轉換」（trading down）去買其他較便宜的品項？這是否也是問題的一部分？

Thanks for the question, Eric. As we stated, our second quarter performance was below our expectations and we've seen a continuation of persistent traffic challenges throughout the quarter. We have seen, as we move into the first half, of the third quarter, as I talked about with our Halloween launch, we have seen a change into those traffic patterns to the positive, and we've seen a change in our sales performance. While slightly still below our expectations, that performance of our Halloween product really demonstrates the ability of people to come in and go through the full experience. We are seeing our four levers as far as DPT, the above last year, and we've been able to take people through that, as we said, that entire experience.

謝謝你的問題，Eric。如我們所述，第二季表現低於我們預期，而且整個季度我們都看到客流量持續面臨挑戰。進入第三季上半段，正如我提到的萬聖節上市活動，我們看到客流型態出現正向變化，也看到銷售表現改善。雖然仍略低於我們的預期，但萬聖節產品的表現確實展現出消費者願意進店並完成完整體驗的能力。我們看到四個槓桿（levers）在 DPT 等指標上高於去年，並且能帶領顧客完成我們所說的整個體驗流程。

Those items are Halloween collection, or more back to our core items, where people are able to dress those, be able to go through the full experience. And that has given us the outlook of the third quarter as we move through. Although August is still a part of our difficult comparison period, we see this as a positive sign moving forward. But again, slightly below our prior expectations.

這些商品包括萬聖節系列，或更回到我們的核心品項，讓消費者可以為玩偶穿搭並完成完整體驗。這也讓我們對第三季後續走勢有更清楚的展望。雖然 8 月仍處於我們較艱難的比較基期期間，但我們視之為後續的正向訊號；不過再次強調，仍略低於我們先前的預期。

Great. And when you look at, you know, are the inventories somewhat distorted? Are the inventory comparisons here somewhat also distorted here in Q2 by the tariffs being now part of the cost of goods and last year they weren't? You know, how should we think about the inventories going forward? I know you said at the end of the year it's going to be flattish.

很好。那你看，庫存是否有些被扭曲？第二季的庫存比較是否也因為關稅現在被納入銷貨成本、而去年沒有，而出現某種程度的失真？你認為我們該如何看待後續的庫存？我知道你說年底會大致持平。

Is that because in general, like, A, you do a good job of the inventory?.

這是因為整體而言，A，你們的庫存管理做得很好？

But B, it also has to do with the tariff kind of normalizing too? So I'll try to answer that, Eric. You know, tariffs have been really... We've seen significant fluctuations since they were implemented, at least for our business, in April of last year. And they fluctuated from 50s to 20s, down to 10%, and again, they were increased to 12.5% recently.

但 B，也與關稅逐步正常化有關嗎？我來試著回答，Eric。關稅確實一直很……自去年 4 月（至少就我們業務而言）開始實施以來，我們看到顯著波動。稅率從 50% 多的區間到 20% 多，再降到 10%，而最近又上調到 12.5%。

In addition to this really complicated story, like, we got some refunds from... from AIPA tariffs that were enforced last year. that went through our P&L mostly in Q1, and portion of that was in Q2. So we were really in this situation during the Q2 that our tariff impact with lower rates this year versus last year. And last year, they were starting in the second, late in the second quarter for us.

此外，情況也相當複雜：我們收到一些去年被課徵的 AIPA 關稅退款，這些大多在第一季反映在損益表（P&L）中，第二季也有一部分。因此在第二季，我們處於這樣的狀況：今年的關稅影響因稅率較低而低於去年；而去年對我們而言是從第二季後段才開始反映。

You know, we had about a million-dollar impact in both quarters, so that wasn't that much of an impact this time around. But as we go for the back half of the year and we go for, assuming they stay at 12.5%, clearly that will have some smaller impact on our pre-tax projection for the remainder of the year that's reflected in our guidance but we should see some benefit you know from the overall total inventory as the rate would be lower compared where the rate was at the end of last year.

你知道，我們兩個季度的影響大約都是 100 萬美元，所以這次影響並不算大。但展望下半年，若假設稅率維持在 12.5%，這會對我們今年剩餘期間的稅前預測造成較小的影響，並已反映在我們的指引中；同時，從整體總庫存角度來看，因稅率相較去年年底的水準更低，我們應該會看到一些效益。

Got it. Okay. And kind of last question here. When you look at last year, the spring launch was a huge positive. And, you know, what kind of was, this year wasn't as strong, kind of what's the takeaway, what are your takeaways from that as you look forward to the kind of what you're going to do for the next kind of spring, summer kind of launch for that going forward? Thank you.

了解。好。最後一個問題：去年春季上市是很大的正面因素；但今年沒有那麼強。你們從中得到的重點是什麼？展望未來，對下一次春夏上市策略，你們有哪些心得與規劃？謝謝。

Yeah, thanks, Eric. And you're right. We talked about that. We did have, we were going up against, you know, very, high comparisons in the second quarter for last year based on an innovation that I talked about of our fruit stand assortment along with a licensed product of our San Rio Sweet Shop. That drove us after five years of record-breaking results, over 20 quarters, to take the summer as an opportunity to push our innovation, and we did do that.

好的，謝謝你，Eric。你說得沒錯，我們也談到過。我們第二季面臨去年非常高的比較基期，主要來自我提到的創新——水果攤（fruit stand）系列組合，以及我們 San Rio Sweet Shop 的授權產品。在連續五年、超過 20 個季度創下破紀錄的成果之後，這也促使我們把夏季視為推進創新的機會，而我們確實也這麼做了。

We pushed our innovation with a line of slushies, plushies, berry goods, and even mashimals in that time period. You know, summer is a time when you would want to push that envelope. Other times of the season, there are products that consumers are really looking for, whether that's Valentine, Easter, Halloween, as we've seen success, and holiday. So summer is when we've traditionally pushed that innovation. The reality is we pushed it too far.

在那段期間，我們以一系列冰沙、絨毛玩偶、莓果類商品，甚至還有 mashimals 來推動我們的創新。你知道，夏天是你會想要突破界線的時候。季節中的其他時點，也有消費者真正想要的產品，不論是情人節、復活節、萬聖節（我們已看到成功），以及假期檔期。因此，傳統上我們是在夏季推動那項創新。現實是，我們推得太過頭了。

That product did not resonate as well with our consumers. It wasn't as dressable. It didn't go through the full customization experience. And as a result, we saw weaker results from that product line. As we move into Halloween, it's more into our core line that resonates with our guests, that gives them that full customization experience.

那項產品並沒有像我們預期那樣引起消費者共鳴。它不太適合穿搭（可裝扮性較低）。也沒有走完整的客製化體驗。因此，我們看到那條產品線的表現較弱。當我們進入萬聖節檔期時，會更回到能與顧客產生共鳴的核心產品線，讓他們獲得完整的客製化體驗。

We centered on a fan favorite from last year with the poseable bat, introducing a new trend item in there with the spider, both of those able to be dressable, stuffable, be able to record your voice in, along with others in that line. And that's what we see going forward, our holiday collections, our in that more core item, along with licensed characters and trend products. So we believe that that going forward. We will still push trend. We have been very good at being able to get on emerging trends and look at those.

我們以去年粉絲最愛的可擺姿勢蝙蝠為核心，同時加入一個新的趨勢單品——蜘蛛；兩者都可以裝扮、填充，也能錄下你的聲音，並搭配該系列中的其他產品。這就是我們接下來的方向：我們的假期系列會更聚焦在核心品項，同時搭配授權角色與趨勢產品。因此我們相信，往後我們仍會推動趨勢。我們一直很擅長掌握新興趨勢並加以觀察。

But in the summer line, we did push it too far, in our opinion, and it did not resonate with our gut.

但就夏季產品線而言，我們認為確實推得太過頭了，而且也沒有符合我們的直覺。

Okay, good luck in the back, Hal. Thank you.

好的，祝你後面順利，Hal。謝謝。

Keegan Cox, D.A. Davidson.

Keegan Cox，D.A. Davidson。

Yeah, thanks for the question. I kind of wanted to get in on the commercial stores a little bit more, maybe just a follow-up. I know last quarter you talked about commercial partners closing smaller footprints to open larger stores. I was wondering if that dynamic played out in the foreclosures we saw this quarter or.

是的，謝謝讓我提問。我想再多問一點商業門市（合作門市）的部分，算是追問。上季你提到商業合作夥伴會關閉較小坪數的據點、改開更大的店。我想知道，這個動態是否反映在我們本季看到的關店（或終止）情況中，或是……

Has changed on that front. Yes, thanks, Keegan. Again, we still expect to open at least 50 net new locations this year, and predominantly those being our partner-operated stores. And that did play out. There are partners that, you know, first opened in these smaller shopping shops and now have opened standalone stores.

這方面有沒有變化。是的，謝謝你，Keegan。再次說明，我們今年仍預期至少淨新增 50 個據點，而且主要會是由合作夥伴營運的門市。這確實有發生。有些合作夥伴你知道，一開始是在較小的店中店（shop-in-shop）開設，現在則開了獨立店。

There is timing that is happening. happening within that. Historically, we've had very small percent of store closures and our partners are repositioning as they understand their business and what they understand where these locations should be in the country and in the cities. So we are seeing some repositioning. And again, the majority of our openings will be in the back half of the year and those will be with our international partners.

其中也有時程上的因素在發生、在進行。歷來我們的關店比例一直非常低，而合作夥伴會隨著他們對自身業務的理解，以及對這些據點在全國與各城市應該落點的判斷，進行重新配置。因此我們確實看到一些重新配置。再者，我們大多數的開店會在今年下半年，而這些將會與我們的國際合作夥伴一起進行。

You know it's actually we're very early into our international expansion you know over this two-year period we've seen this gross and doubled the number of countries that were in. So with new partners they are looking at where where the best opportunities are for them. as they have some test and learn abilities and to be able to reposition their stores and now some of them move into higher volume standalone locations.

你知道，其實我們的國際擴張還在非常早期；在這兩年期間，我們成長並把進入的國家數量翻倍。對於新的合作夥伴而言，他們正在評估哪裡是對他們最好的機會；他們也有一些測試與學習的能力，能夠重新配置門市，而現在其中一些已轉向更高量體的獨立店據點。

Got it. And my follow-up is on the gross margins. I know part of the decline was occupancy due leverage, but you did mention promotional activity. So I just wanted to kind of get an idea of like what items you had to promote. Sounds like the summer trend.

了解。我的追問是關於毛利率。我知道下滑的一部分是因為店面占用成本的槓桿效應（leveraging）不足，但你也提到促銷活動。所以我想大概了解一下，你們需要促銷的是哪些品項。聽起來像是夏季趨勢商品。

And then if you're seeing any trade-down aspects.

另外，你們是否看到任何消費降級（trade-down）的情況。

Thank you for your question. Yes, Kegan, you are right. but our margin was down, and some of that's caused by the increased promotional activity. Really, that was more focused to drive our... move to some of the summer trend products that missed our expectations.

謝謝你的問題。是的，Kegan，你說得對。我們的毛利率確實下滑，其中一部分是因為促銷活動增加。這主要是為了推動我們……加速去化一些未達我們預期的夏季趨勢產品。

But as Chris pointed out, we have strength in our dollar per transaction. We still are, and I mentioned our unit price Units per transaction were up, so even like, so some of those things are helping out, but because of some of those, for us, heavier promotions, again, we still have very low discount rates, you know, that impacted our average unit retail. But still, dollar per transactions were up. Okay.

但如 Chris 所指出，我們的每筆交易金額（dollar per transaction）仍然強勁。我也提到，我們的單價以及每筆交易件數（units per transaction）都有上升，所以這些因素有所幫助；但由於我們對某些品項採取較重的促銷——再次強調，我們的折扣率仍然非常低——這影響了我們的平均單品零售價（average unit retail）。不過，每筆交易金額仍然是上升的。好的。

Got it. Thank you. And as a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. We'll next move to Greg Gibbous with Northland Securities. Please go ahead.

了解，謝謝。提醒一下，如果您想提問，請在電話鍵盤按下星號 1。接下來我們請 Northland Securities 的 Greg Gibbous。請開始。

Hey, good morning, Chris. Thanks for taking the question. Good morning. Maybe to just follow up on your prepared remarks, I think you said early Q3 results have improved over the first half. Can you maybe clarify what metrics you're referring to and maybe what you attribute that to?

嗨，早安，Chris。謝謝讓我提問。早安。想跟進你在事先準備的發言，我想你說第三季初期的結果較上半年有所改善。你能否說明你指的是哪些指標，以及你認為改善的原因是什麼？

Is that simply the Halloween launch versus? just kind of the plumber products, any color they would be helpful. Yes, Greg, thank you.

這是否只是因為萬聖節上市（launch）相較於……就一些管線產品（pipeline products）而言，任何補充都會很有幫助。是的，Greg，謝謝。

We talked about we have seen some sequential improvement in both traffic and both in our early sales reads with the Halloween launch. We are going up against, as we talked about, early comparisons in the back half of the year. However, August is still part of that difficult comparison period. So these improvements in both our traffic and both in our sales performance are encouraging as we move forward into the back half of the year. This is, as I talked about moving into that, Halloween.

我們提到，隨著萬聖節上市，我們在客流量（traffic）以及早期銷售讀數（early sales reads）兩方面都看到一些連續性的改善（sequential improvement）。如我們所說，下半年我們面臨較早期的比較基期（comparisons）。不過，8 月仍屬於那段艱難的比較期間。因此，客流與銷售表現的改善令人鼓舞，讓我們在邁向下半年時更有信心。這也如我所說，是在進入萬聖節檔期。

Two years ago we brought our Halloween product forward, this launch forward, and we saw great success. We did that again last year. So we're going up against two years of very successful Halloween launches. So to be able to come across that in the third year, is encouraging as we move forward. So yes, both the positivity in traffic and a sales increase, while not to our prior expectations, it has increased in both of those areas.

兩年前我們把萬聖節產品提前、把這次上市提前，並取得很大成功。去年我們也再次這麼做。因此我們正面對連續兩年非常成功的萬聖節上市基期。能在第三年仍有這樣的表現，對我們接下來是鼓舞的。所以是的，客流的正向表現以及銷售的增加——雖然未達我們先前的預期——但在這兩個面向都確實有所提升。

Got it. That's great to hear. And to maybe quickly follow up on kind of the Walmart program, not repeating there, what is your understanding of kind of the reasoning there, and are you able to quantify its impact to guidance?.

了解，這很高興聽到。再快速追問一下關於 Walmart 計畫，你們不再重複（不續作）那部分，你對其原因的理解是什麼？以及你是否能量化它對財測（guidance）的影響？

So I'll start with that like you know you know that That was a multi-million dollar deal that we had with Walmart, and it did have an impact on guidance because we weren't able to anniversary that opportunistic program from last year, but at the same time, some of the other initiatives haven't panned out at the pace that we anticipated them. But when you think about that. we said our total commercial segment would grow at least 20%. Now we are bringing it down to basically being flat. Pretty much all of that decline is tied back to our traditional wholesale mess.

我先從這點開始說明：你知道，那是我們與 Walmart 的一筆數百萬美元等級（multi-million dollar）的合作案；它確實對財測有影響，因為我們無法在今年對去年那個機會型（opportunistic）的計畫做同基期（anniversary）。但同時，其他一些措施的進展也沒有如我們預期的速度那樣落地。當你思考這點時，我們原先說整體商業（commercial）部門至少成長 20%。現在我們把它下修到基本持平。幾乎所有的下滑都可追溯到我們傳統的批發（wholesale）業務。

As we think about the context of guidance, we also did miss our expectation in Q2, and driven again by that summer trend product performance and persistent traffic pressures. And then as we talked about the rest of the year, even though we are seeing some positive positive momentum and we are positive, we are slightly behind our original expectations. So we are cautiously optimistic about the back half of the year and that's reflected in our guidance.

就財測的脈絡而言，我們在第二季也確實未達預期，主要仍是由夏季趨勢產品表現以及持續的客流壓力所驅動。至於今年剩餘時間，儘管我們看到一些正向動能，而且我們也保持正面看法，但我們仍略低於原先的預期。因此我們對下半年抱持審慎樂觀，而這也反映在我們的財測中。

Okay, that's helpful. Thanks, guys. There are no further questions at this time. I would like to turn the floor back to Chris Hurt for closing remarks.

好的，這很有幫助。謝謝各位。目前沒有其他問題。我想把時間交回給 Chris Hurt 做結語。

Thank you for joining us today and your interest in Build-A-Bear. We appreciate your continued support and look forward to speaking with you again next quarter. Have a great day.

感謝您今天加入我們並關注 Build-A-Bear。我們感謝您持續的支持，也期待在下個季度再次與您交流。祝您有美好的一天。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time. This live transcript is auto-generated without human intervention or review.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以掛斷電話線。本即時逐字稿為自動生成，未經人工介入或審閱。