Bath & Body Works Inc (BBWI) 2024 Q4 法說會逐字稿

Good morning. My name is Melissa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bath & Body Works' fourth quarter 2024 earnings conference call. Please be advised that today's conference is being recorded.

早安.我叫梅麗莎，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bath & Body Works 2024 年第四季財報電話會議。請注意，今天的會議正在錄音。

(Operator Instructions) I will now turn the call over to Luke Long, Vice President of Investor Relations. Luke, you may begin.

（操作員指示）我現在將電話轉給投資者關係副總裁 Luke Long。盧克，你可以開始了。

Good morning and welcome to Bath & Body Works' fourth quarter in full year fiscal 2024 earnings conference call. Joining me on the call today are Gina Boswell, Chief Executive Officer; and Eva Boratto, Chief Financial Officer.

早安，歡迎參加 Bath & Body Works 2024 財年第四季財報電話會議。今天與我一起參加電話會議的還有執行長 Gina Boswell；以及財務長 Eva Boratto。

In addition to this call and this morning's press release, we have posted a slide presentation on our website that summarizes the information in these prepared remarks in addition to providing some related facts and figures regarding our operating performance and guidance.

除了這次電話會議和今天上午的新聞稿之外，我們還在我們的網站上發布了幻燈片演示，總結了這些準備好的發言中的信息，並提供了一些有關我們的運營業績和指導的相關事實和數據。

As a reminder, some of the comments today may include forward-looking statements related to future events and expectations. For factors that could cause the actual results to differ materially from these forward-looking statements, please refer to this morning's press release, as well as the risk factors in Bath & Body Works' 2023 Form 10-K.

提醒一下，今天的一些評論可能包括與未來事件和預期相關的前瞻性陳述。對於可能導致實際結果與這些前瞻性陳述有重大差異的因素，請參閱今天早上的新聞稿，以及 Bath & Body Works 2023 年 10-K 表中的風險因素。

Today's call also contains certain non-GAAP financial measures. Please refer to this morning's press release and supplemental materials for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measure.

今天的電話會議也包含某些非 GAAP 財務指標。請參閱今天早上的新聞稿和補充資料，以了解有關此類指標的重要揭露，包括與最具可比性的 GAAP 財務指標的對帳。

Fiscal 2023 was a 53 week year to provide the best understanding of the business, all categories sales results, year-to-date market share data, loyalty metrics, and selling metrics discussed during the call are on a comparable calendar basis, which is the 13 weeks ended February 1, 2025, versus the 13 weeks ended February 3, 2024. All other results discussed are on a reported basis, which is the 13 weeks ended February 1, 2025, versus the 14 weeks ended February 3, 2024.

2023 財年為 53 週，以便於更好地了解業務，電話會議中討論的所有類別銷售業績、年初至今的市場份額數據、忠誠度指標和銷售指標均按可比較日曆基礎計算，即截至 2025 年 2 月 1 日的 13 週與截至 2024 年 2 月 3 日的 13 週。討論的所有其他結果均以報告為基礎，即截至 2025 年 2 月 1 日的 13 週，而非截至 2024 年 2 月 3 日的 14 週。

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

說完這些，我會把電話轉給吉娜。

Thank you, Luke, and good morning everyone. We appreciate you joining us. On today's call, I'll start with a high-level review of our key accomplishments in 2024. Then I'll briefly walk through our fourth quarter results, including our growth drivers and the progress we've made against our strategic priorities.

謝謝你，盧克，大家早安。感謝您的加入我們。在今天的電話會議上，我將首先從高層回顧我們在 2024 年的主要成就。然後，我將簡要介紹我們第四季的業績，包括我們的成長動力以及我們在策略重點方面取得的進展。

I'll also share a brief update on our 2025 expectations before turning it over to Eva to share more about our financial performance and guidance. Bath & Body Works is a global leader in personal care and home fragrance, and we make the world a brighter, happier place through the power of fragrance. This purpose truly comes to life during the holiday season, and I witnessed it firsthand in stores, seeing our customers react to our beautifully curated holiday floor sets.

在將主題轉交給 Eva 以進一步介紹我們的財務表現和指導之前，我還將簡要介紹我們對 2025 年的預期。Bath & Body Works 是個人護理和家居香水領域的全球領導者，我們透過香水的力量讓世界變得更加光明、更加快樂。這一宗旨在節日期間真正得以體現，我在商店親眼目睹了這一點，看到了顧客對我們精心策劃的節日地板套裝的反應。

I want to take a moment to thank our teams, especially our store and distribution center associates, for delivering an outstanding customer experience during the critical fourth quarter. This past year can be best summarized as one of building momentum and establishing a strong foundation for long-term growth.

我想花點時間感謝我們的團隊，特別是我們的商店和配送中心的同事，他們在關鍵的第四季度提供了出色的客戶體驗。過去的一年可以概括為累積動力、為長期成長奠定堅實基礎的一年。

We successfully executed a number of key strategic initiatives to support our return to growth. For example, we launched collaborations with big names in pop culture through partnerships with companies like Netflix to better connect with our customers. We successfully rolled out everyday luxuries, our prestige-inspired line of fine fragrance mists, and it is resonating with younger customers.

我們成功實施了一系列關鍵策略措施來支持我們恢復成長。例如，我們透過與 Netflix 等公司合作，與流行文化界的大腕展開合作，以便更好地與客戶建立聯繫。我們成功推出了日常奢侈品——以名聲為靈感的精緻香氛噴霧系列，並引起了年輕顧客的共鳴。

We grew our active loyalty membership 6% year over year, with approximately 80% of sales flowing through the program. We expanded our customer reach by growing category adjacencies such as men's, hair, lip, and laundry.

我們的活躍忠誠會員人數年增 6%，約 80% 的銷售額透過此計畫實現。我們透過增加男裝、美髮、唇部和洗衣等類別相鄰產品來擴大我們的客戶覆蓋範圍。

And we delivered approximately $155 million of incremental cost savings through our Fuel for Growth program, bringing the two year total to over $300 million significantly exceeding our initial targets.

我們透過「成長動力」計畫實現了約 1.55 億美元的增量成本節約，使兩年總額達到 3 億美元以上，大大超過了我們最初的目標。

Turning to our Q4 performance, while we continue to see value-seeking customer behavior and competitive intensity, we closed out the year strong. Net sales in the quarter were $2.8 billion above the high end of our guidance. Importantly, our net sales improved sequentially in every quarter of 2024 when normalized for calendar shifts, the 53rd week last year, and the shortened holiday calendar.

回顧我們第四季的業績，雖然我們繼續看到追求價值的客戶行為和激烈的競爭，但我們以強勁的勢頭結束了這一財年。本季淨銷售額比我們預期的高點高出 28 億美元。重要的是，當根據日曆變換、去年第 53 週和縮短的假期日曆進行標準化後，我們的淨銷售額在 2024 年每個季度都環比增長。

At the same time, we continued our disciplined cost management and drove gross profit margin that exceeded our guidance and an SG&A rate that was in line with our guidance. Earnings per diluted share were $2.09 also beating the high end of our guidance range.

同時，我們持續嚴格管理成本，使毛利率超出預期，銷售、一般及行政開支率與預期一致。每股攤薄收益為 2.09 美元，也超過了我們預期範圍的高點。

So our strategy is working and we continue to focus on three priority areas. First, accelerating topline growth. We're doing this in our core through what I call our three-legged stool for growth, product innovation, marketing, and technology. And we're also extending our reach through adjacencies and international expansion.

所以我們的策略是有效的，我們將繼續專注於三個優先領域。一是加速營收成長。我們透過所謂的「成長、產品創新、行銷和技術」這三條腿的凳子來實現這一目標。我們也透過鄰接和國際擴張來擴大我們的影響力。

Second, we're enhancing operational excellence and efficiency through cost management and a continuous improvement mindset. And third, we are consistently deploying our strong cash flow to invest for growth and return value to shareholders through dividends and share repurchases.

其次，我們透過成本管理和持續改進思維來提高卓越營運和效率。第三，我們不斷部署強勁的現金流，透過股息和股票回購的方式投資成長並為股東帶來回報。

Starting with topline growth. We drove positive dual channel traffic and conversion in Q4, with traffic exceeding the third party benchmarks we track. As a trusted gifting destination, our customers turned to us to celebrate the holiday season, and they responded enthusiastically to our seasonal holiday collection.

從營業額成長開始。我們在第四季度推動了雙通路流量和轉換率的正面成長，流量超過了我們追蹤的第三方基準。作為值得信賴的送禮目的地，我們的客戶選擇我們來慶祝節日，他們對我們的季節性節日系列反應熱烈。

Timeless favorite holiday traditions rose to be the number one collection, and our home for the holidays collection had the largest growth year over year up double digits. We launched innovative products in our core categories body care, home fragrance, and soaps and sanitizers. Importantly, these categories performed in line with the market, each maintaining their category leadership and unit market share in 2024.

永恆的最受歡迎的節日傳統成為排名第一的系列，我們的節日家居系列同比增長最大，達到兩位數。我們在核心類別身體護理、家居香氛、肥皂和消毒劑中推出了創新產品。重要的是，這些類別的表現與市場保持一致，在 2024 年均保持了各自的類別領導地位和單位市場份額。

Body care grew low single digits versus the prior year, driven by successful seasonal fragrance launches and the strength of everyday luxuries. We rolled out everyday luxuries to all stores in early fall, and customers responded positively to the incredible high quality fragrance and value it provides.

受季節性香水成功上市和日常奢侈品強勁推動，身體護理產品銷售額與上年相比僅增長了個位數。我們在初秋在所有商店推出了日常奢侈品，顧客對其提供的令人難以置信的高品質香味和價值做出了積極的反應。

The initiative is attracting a new, younger, and more diverse customer base, and we view it as a platform to drive long-term growth. In 2025, we're expanding the collection with even more captivating fragrances and forms, including body cream and body wash to create perfect fragrance layering opportunities.

該計劃正在吸引新的、更年輕、更多樣化的客戶群，我們將其視為推動長期成長的平台。2025 年，我們將擴大該系列，推出更多迷人的香水和形式，包括身體乳霜和沐浴露，以創造完美的香水分層機會。

Our on-trend single fragrance launches in body care, Platinum in October and Perfect in Pink in November also performed well. Each offers a unique olfactive appeal and aligns with current fashion trends. Metallic and pink were both prominent in collections from global fashion houses.

我們在身體護理領域推出的流行單一香水，10 月的 Platinum 和 11 月的 Perfect in Pink 也表現不俗。每款香水都具有獨特的嗅覺吸引力，並且符合當前的時尚趨勢。金屬色和粉紅色在全球時裝公司的系列中都很流行。

Our home fragrance performance in the quarter was down slightly versus the prior year due in part to the timing of our promotional strategies. In the fall, we delivered a successful and intentional new promotional strategy for candles aimed at bringing customers out early in anticipation of the shorter holiday season.

本季度，我們家居香水的業績較上年略有下降，部分原因是我們的促銷策略時機不當。秋季，我們推出了一項成功且有針對性的全新蠟燭促銷策略，旨在吸引顧客在假期縮短的情況下提早出門購物。

This shifted some demand for candles from Q4 into Q3 as planned and resulted in a slight decline in the home fragrance category in Q4. Importantly, in the second half of 2024, home fragrance was up slightly to last year, an improvement versus performance in the first half of the year.

這按計劃將部分蠟燭需求從第四季度轉移到第三季度，導致第四季度家居香氛類別略有下降。重要的是，2024 年下半年，家居香水銷售量較去年略有上漲，與上半年的表現相比有所改善。

As the candle category leader, we are focused on sustaining customer interest through innovation and our fragrance expertise, and I'm excited about our product pipeline for 2025. Wallflowers, our fragrance air freshener plug-in, perform well in the quarter.

作為蠟燭類別的領導者，我們專注於透過創新和香水專業知識來維持客戶的興趣，我對我們的 2025 年產品線感到興奮。我們的香味空氣清新劑外掛程式 Wallflowers 在本季表現良好。

Fresh and clean fragrances like our new Clean House Vibes, and our established Laundry Days are resonating with customers, especially as their mindset began shifting to spring cleaning in January. Soaps and sanitizers grew mid-single digits in the quarter, driven by our convenient Pocketbac forms, moisturizing sanitizers, and new one out sprays.

清新、潔淨的香味，例如我們新款的 Clean House Vibes 和我們成熟的 Laundry Days，都引起了顧客的共鳴，尤其是當他們的思維在一月份開始轉向春季大掃除之後。在我們便利的 Pocketbac 劑型、保濕消毒劑和新型一次性噴霧劑的推動下，肥皂和消毒劑在本季度實現了中等個位數成長。

In Q4, the quad-demic fuel demand for these products and our agile supply chain, coupled with strong execution, enabled us to meet that demand efficiently. I want to spend a moment on collaborations, which is a key element of our product and marketing strategy across our core business. Collaborations allow us to deliver highly differentiated storytelling that generates top-of-mind brand awareness with existing and new customers. They drive traffic, and they enhance our cultural relevancy.

第四季度，這些產品的四重燃料需求以及我們靈活的供應鏈加上強大的執行力使我們能夠有效地滿足這一需求。我想花點時間談談合作，這是我們核心業務的產品和行銷策略的關鍵要素。透過合作，我們可以提供高度差異化的故事敘述，從而讓現有客戶和新客戶首先想到的品牌知名度。它們推動了流量，並增強了我們的文化相關性。

We launched two collaborations in the fourth quarter that both performed well. First, our cross-category Emily in Paris collaboration, which created buzz during the holidays and second, our SweetHearts collaboration, we launched in January in time for Valentine's Day. And of course, we are all thrilled about the highly anticipated Disney Princess collaboration, which launched this month. Customers are just as excited as we are about this. Our Disney TikTok post garnered over 1 million organic views on the first day. I'm excited about our product pipeline and the newness we will bring to customers in 2025.

我們在第四季度啟動了兩項合作，均表現良好。首先，我們跨類別合作推出的「艾米麗在巴黎」 (Emily in Paris) 在節日期間引起了轟動；其次，我們於一月份恰逢情人節推出了「甜心」 (SweetHearts) 合作系列。當然，我們都對本月推出的備受期待的迪士尼公主合作項目感到非常興奮。客戶和我們一樣對此感到興奮。我們的迪士尼 TikTok 貼文第一天就獲得了超過 100 萬次自然瀏覽量。我對我們的產品線以及我們將在 2025 年為客戶帶來的新鮮感感到興奮。

Next, customer experience. An important part of our growth strategy is to improve the in-store and online customer experience through investments in marketing, loyalty, and technology. We have successfully transitioned to a predominantly off-mall retailer. Today, 57% of our North American stores are in off-mall locations, and we plan to continue increasing our off-mall portfolio now with a target mix of 75% off-mall over time, given continued consumer preference.

接下來是客戶體驗。我們成長策略的一個重要部分是透過行銷、忠誠度和技術方面的投資來改善店內和線上客戶體驗。我們已成功轉型為以場外零售為主的零售商。目前，我們在北美的門市有 57% 都位於非商場位置，考慮到消費者的偏好，我們計劃繼續增加非商場位置的門市組合，隨著時間的推移，目標門市比例將達到 75%（非商場位置）。

Our marketing and technology efforts, the second and third legs of our stool, together contributed to record high customer retention rates and an improvement in attracting new-to-brand customers. As we enter year three of the loyalty program, members continue to significantly outperform nonloyalty customers, leading to increased spend, trips, cross-channel purchases, and higher customer retention. In Q4, we had approximately 39 million active loyalty members, up 6% compared to the prior year.

我們的行銷和技術努力，分別是我們凳子的第二條腿和第三條腿，共同促成了創紀錄的客戶保留率和吸引新品牌客戶的提升。隨著我們進入忠誠度計畫的第三年，會員的表現繼續明顯優於非忠誠度客戶，從而增加了消費、旅行、跨通路購買並提高了客戶保留率。第四季度，我們擁有約 3,900 萬活躍忠誠會員，比上年增長 6%。

Additionally, our reward redemption rate is increasing, which is driving flywheel behavior and deepening brand connectivity, reflecting the strength and appeal of the loyalty program. And we have planned enhancements to the program in 2025, which we expect will excite customers and drive further improvements to redemption.

此外，我們的獎勵兌換率正在提高，這推動了飛輪行為並深化了品牌連通性，反映了忠誠度計畫的實力和吸引力。我們計劃在 2025 年對該計劃進行改進，希望這將讓客戶感到興奮並推動兌換的進一步改善。

Our technology road map remains on track as we enhance our systems and put in place foundational tools to enable more personalization and seamless customer engagement to drive long-term growth. Finally, we made progress extending our reach this quarter through growth in our adjacent categories and international expansion.

隨著我們增強系統並建立基礎工具以實現更多個人化和無縫客戶參與以推動長期成長，我們的技術路線圖仍在按計劃進行。最後，本季我們透過相鄰類別的成長和國際擴張在擴大業務範圍方面取得了進展。

We believe adjacencies are an opportunity to expand and diversify our product portfolio, applying our fragrance expertise and leadership to large addressable markets. Our adjacent categories of men's, hair, lip, and laundry continue to materially outperform the shop. For the year, they represented approximately 10% of our business with potential to become a larger percentage of our mix in 2025 and beyond.

我們相信相鄰行業是擴大和多樣化我們產品組合的機會，可將我們的香水專業知識和領導力應用於廣泛的潛在市場。我們的男裝、美髮、唇妝和洗衣等相鄰類別的表現繼續大幅優於其他商店。今年，它們約占我們業務的 10%，並且有可能在 2025 年及以後佔據我們業務組合的更大比例。

Momentum in the men's business, which is included in body care, remained strong this quarter, as we launched our first men's purchase with purchase set for the holiday season, which sold out in four days. In 2025, we plan to launch more core fragrances in men's. And we recently extended our successful Everyday Luxuries platform to men.

本季度，包括身體護理在內的男士業務發展勢頭依然強勁，我們推出了首款針對假日季的男士購物套餐，該產品在四天內銷售一空。2025年，我們計劃推出更多男士核心香水。最近，我們又將成功的 Everyday Luxuries 平台拓展到了男性市場。

Lip, which is also included in our body care business, delivers an immersive experience through our in-store fixture drawing younger customers. Lip was up approximately 50% year-over-year in the fourth quarter, and we expect to launch exciting new lip products quarterly in 2025. Laundry, which is included in home fragrance, is an exciting platform that we believe is positioned for long-term growth, capitalizing on our differentiated fragrance expertise and elevated packaging.

唇部護理也包含在我們的身體護理業務中，它透過店內設備提供身臨其境的體驗，吸引年輕的顧客。第四季唇膏銷量年增約 50%，我們預計 2025 年每季都會推出令人興奮的全新唇膏產品。洗衣粉屬於家居香氛領域，這是一個令人興奮的平台，我們相信，憑藉我們差異化的香氛專業知識和高端包裝，該平台將實現長期增長。

We are pleased with the early performance that followed the full rollout of Laundry in Q3, and we expect to introduce new laundry forms beyond detergent and boosters in the future to fuel the platform's growth.

我們對第三季洗衣功能全面推出後的早期表現感到滿意，並期望未來推出除洗滌劑和添加劑之外的新洗衣形式，以推動平台的發展。

International expansion remains an important pillar of our long-term strategy. International represents approximately 5% of our net sales and there is significant long-term opportunity as we enter new markets and expand in existing markets.

國際擴張仍然是我們長期策略的重要支柱。國際市場約占我們淨銷售額的 5%，隨著我們進入新市場並在現有市場擴張，存在著巨大的長期機會。

Systemwide retail sales were up nearly 10% in the quarter on a calendar adjusted basis, driven by 20% growth in the areas not affected by the war in the Middle East, while the regions affected by the war declined 4%. This is a significant improvement versus prior quarters as we have lapped the start of the war. And as we enter 2025, we expect the international business will once again become a positive contributor to top line growth.

經日曆調整後，本季全系統零售額成長近 10%，其中未受中東戰爭影響的地區成長 20%，而受戰爭影響的地區則下降了 4%。與前幾季相比，這是一個顯著的進步，因為我們已經超越了戰爭的開始。隨著我們進入 2025 年，我們預計國際業務將再次成為營收成長的積極貢獻者。

Taken together, our focus on our growth drivers, including our three-legged stool of product innovation, marketing, and technology and extending our reach through adjacencies and international expansion drove our return to growth in 2024, and we are eager to continue the momentum in 2025.

總的來說，我們專注於成長動力，包括產品創新、行銷和技術這三大支柱，並透過鄰接和國際擴張擴大我們的影響力，推動我們在 2024 年恢復成長，我們渴望在 2025 年繼續保持這一勢頭。

Turning now to margins. We are enhancing operational excellence and efficiency by continuing to focus on cost discipline. Our Fuel for Growth program delivered approximately $155 million of incremental cost savings in 2024, bringing the two-year total to over $300 million, significantly exceeding our initial targets. Importantly, we're taking a continuous improvement mindset to manage cost and enhance operational efficiencies. This allows us to invest in the business while maintaining our margins.

現在來談談利潤。我們透過持續關注成本紀律來提高卓越營運和效率。我們的「成長動力」計畫在 2024 年實現了約 1.55 億美元的增量成本節約，使兩年總額達到 3 億美元以上，大大超過了我們最初的目標。重要的是，我們採取持續改進的思維來管理成本並提高營運效率。這使得我們能夠在保持利潤率的同時投資業務。

Finally, we generated significant operating cash flow in 2024, nearly $900 million, and we remain disciplined in how we deploy that cash. We are reinvesting in the business and returning capital to shareholders through dividends and share repurchases.

最後，我們在 2024 年產生了可觀的營運現金流，接近 9 億美元，而且我們在如何部署這筆現金方面仍保持紀律性。我們正在對業務進行再投資，並透過股利和股票回購向股東返還資本。

To summarize, I am pleased with our performance and the momentum we're building. As we enter 2025, we expect to drive growth through our product innovation, marketing, and technology. These plans are multiyear opportunities, and we are in the early innings. We expect to build on the innovation platforms we launched in 2024, including Everyday Luxuries and collaboration, and we expect to extend our reach through adjacencies and international expansion.

總而言之，我對我們的表現和我們正在建立的勢頭感到滿意。進入 2025 年，我們希望透過產品創新、行銷和技術推動成長。這些計劃是多年期的機會，而我們目前正處於初期階段。我們希望在 2024 年推出的創新平台（包括 Everyday Luxuries 和協作）的基礎上繼續發展，並希望透過鄰接和國際擴張來擴大我們的影響力。

Turning to our 2025 outlook, we expect 2025 net sales to be up 1% to 3% on a year-over-year basis and we expect diluted earnings per share of $3.25 to $3.60. I'm confident that our strategy and focused execution will position the company to achieve sustainable, profitable growth, and to drive long-term shareholder value. Before I turn the call over to Eva, I want to express a heartfelt thank you to our customers who share our passion for fragrance.

展望 2025 年，我們預計 2025 年淨銷售額將年增 1% 至 3%，預計每股攤薄收益為 3.25 美元至 3.60 美元。我相信我們的策略和專注的執行將使公司實現可持續的獲利成長，並推動長期股東價值。在把電話轉給伊娃 (Eva) 之前，我想向那些和我們一樣熱愛香水的客戶表示衷心的感謝。

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

說完這些，我會把話題交給 Eva。

Thank you, Gina, and good morning, everyone. In the fourth quarter, we reported earnings per diluted share of $2.09, exceeding our guidance of $1.94 to $2.07. This outperformance was driven by net sales exceeding our expectations, our ongoing cost discipline, and a lower-than-expected tax rate. We delivered net sales of $2.8 billion which decreased 4% to the prior year and exceeded our guidance. The fourth quarter was impacted by the calendar shifts the 53rd week last year and the five fewer shopping days between Thanksgiving and Christmas this year.

謝謝你，吉娜，大家早安。第四季度，我們報告每股攤薄收益為 2.09 美元，超過我們預期的 1.94 美元至 2.07 美元。這一優異表現得益於超出我們預期的淨銷售額、我們持續的成本控制以及低於預期的稅率。我們的淨銷售額達到 28 億美元，較上年下降 4%，但超過了我們的預期。第四季受到去年第 53 週日曆變動以及今年感恩節與聖誕節之間購物日減少五天的影響。

Our net sales growth accelerated from the third quarter to the fourth quarter when normalized for these factors. In US and Canadian stores, net sales totaled $2.1 billion. This was a decrease of 2% versus the prior year. Direct net sales were $595 million a decrease of 9% compared to last year.

當這些因素正常化後，我們的淨銷售成長從第三季加速到第四季。在美國和加拿大的商店，淨銷售額總計 21 億美元。與上年相比下降了 2%。直接淨銷售額為 5.95 億美元，較去年同期下降 9%。

However, when adjusting for buy online-pick up in store, or BOPIS, direct sales outperformed stores. BOPIS demand increased by 45% in the quarter versus last year and represents approximately 25% of total digital demand. International net sales were $84 million, down 10% from the prior year. Adjusted for the extra week, net sales were down mid-single digits and in line with our expectations. Our fourth quarter gross profit rate of 46.7% exceeded expectations and expanded 80 basis points compared to the prior year.

然而，當調整網上購買店內取貨（BOPIS）時，直銷的表現優於商店。本季 BOPIS 需求較去年同期成長了 45%，約佔總數位需求的 25%。國際淨銷售額為 8,400 萬美元，較上年下降 10%。經過額外一週的調整後，淨銷售額下降了中等個位數，符合我們的預期。我們第四季的毛利率為46.7%，超出預期，比去年同期擴大了80個基點。

Gross profit versus prior year benefited from continued cost savings, distribution productivity and timing of certain costs. We are pleased to have delivered both gross margin and net sales above guidance. I would note that our fourth quarter net sales performance was volume-led, with AURs down mid-single digits. Mix-adjusted AURs were down low single digits, driven by the shorter holiday season, which resulted in fewer high AUR shopping days and strategically planned promotional days. SG&A as a percentage of net sales was 22.3%, in line with our expectations.

與上年相比，毛利受益於持續的成本節約、分銷效率的提高和某些成本的時機選擇。我們很高興看到毛利率和淨銷售額都超出預期。我要指出的是，我們第四季的淨銷售業績是由銷售主導的，AUR 下降了中等個位數。經組合調整後的 AUR 下降了個位數，原因是假期縮短，導致高 AUR 購物日和策略性促銷日減少。銷售、一般及行政費用佔淨銷售額的百分比為 22.3%，符合我們的預期。

Our Fuel for Growth cost optimization plan delivered benefits of approximately $40 million in the quarter and approximately $155 million for the full year. I am pleased with our team's outstanding work on this initiative. Fourth quarter operating income of $678 was 24.3% of net sales. With respect to inventory, we ended fourth quarter with total inventory up 3% to last year. In line with our expectations, our inventory levels are clean heading into the spring.

我們的「成長動力」成本優化計畫在本季帶來了約 4,000 萬美元的收益，全年帶來了約 1.55 億美元的收益。我對我們的團隊在這項計劃上所做的出色工作感到非常高興。第四季營業收入為 6.78 億美元，佔淨銷售額的 24.3%。就庫存而言，我們第四季末的總庫存比去年同期增加了 3%。正如我們的預期，進入春季後我們的庫存水準很乾淨。

Turning to real estate. Our portfolio remains healthy with 57% of our fleet in off-mall locations. For the full year, we opened 106 new North American stores, nearly all in off-mall locations and permanently closed 61 stores predominantly in malls. We expanded square footage 3% in the year. Internationally, our partners opened 44 net new stores during the year, and we ended the year with 529 stores.

轉向房地產。我們的投資組合依然健康，其中 57% 的車隊位於商場外。我們全年在北美開設了 106 家新店，幾乎全部位於非購​​物中心地點，並永久關閉了 61 家主要位於購物中心內的商店。今年我們的建築面積擴大了 3%。在國際上，我們的合作夥伴在這一年淨開設了 44 家新店，到年底我們的門市總數已達 529 家。

Turning now to our 2025 financial guidance. As Gina said previously, we will continue to focus on three key areas. First, accelerating top line growth in our core through product innovation, marketing, and technology. We'll also continue extending our reach through adjacencies and international expansion. Second, enhancing operational excellence and efficiency through cost management.

現在來談談我們的 2025 年財務指引。正如吉娜之前所說，我們將繼續專注於三個關鍵領域。首先，透過產品創新、行銷和技術加速我們核心業務的營收成長。我們也將繼續透過鄰接和國際擴張來擴大我們的影響力。二是強化成本管理，提升經營效益。

And finally, disciplined deployment of our strong cash flow. Our priorities are to invest for growth and return value to shareholders through dividends and share repurchases. For the full year, we expect net sales results to range between 1% and 3% growth versus prior year. The midpoint of our guidance assumes growth consistent with the fourth quarter when adjusting for calendar impact. We expect North American square footage growth of 2% to 3% roughly in line with 2024. We expect international net sales to return to growth.

最後，我們要合理部署我們強勁的現金流。我們的首要任務是透過股利和股票回購來投資成長並為股東帶來回報。我們預計全年淨銷售額將比去年成長 1% 至 3%。我們指引的中點假設在調整日曆影響後，成長與第四季保持一致。我們預計北美的建築面積成長率將達到 2% 至 3%，與 2024 年大致相當。我們預計國際淨銷售額將恢復成長。

We expect full year gross profit rate to be approximately 44% supported by cost discipline offset by product innovation and investment in real estate. We expect full year SG&A to be approximately 27%. We are continuing marketing investments of approximately 3.5% of sales. We continue to invest in technology with spending up modestly versus 2024, largely in the back half of the year.

我們預計全年毛利率約為 44%，這得益於成本控制，以及產品創新和房地產投資的抵銷。我們預計全年銷售、一般及行政開支約為 27%。我們將持續投入約 3.5% 的銷售額進行行銷投資。我們將繼續在技術方面進行投資，與 2024 年相比，支出將略有增加，主要集中在下半年。

We expect a modest wraparound benefit from our 2024 cost savings initiatives. Our continuous improvement mindset will help drive efficiencies to offset investments in technology and wage inflation. We expect full year net nonoperating expense of approximately $255 million, reflecting lower interest expense given our debt paydown throughout 2024. We expect an effective tax rate of approximately 26% and weighted average diluted shares outstanding of approximately 213 million.

我們預計 2024 年的成本節約計畫將帶來適度的綜合效益。我們持續改進的思維將有助於提高效率，以抵消技術投資和薪資通膨。我們預計全年淨非營業支出約為 2.55 億美元，由於我們將在 2024 年償還債務，因此利息支出較低。我們預計有效稅率約為 26%，加權平均稀釋流通股數約為 2.13 億股。

We have assumed $300 million of share repurchases throughout the year. Considering these inputs, we are forecasting full year earnings per diluted share to be between $3.25 and $3.60. Turning now to the first quarter. Our Q1 net sales outlook also reflects growth of 1% to 3% versus prior year. We expect Q1 system-wide retail international sales up high single digits with reported net sales growth of double digits due to ship sales timing in Q1 this year. We expect first quarter gross profit to be approximately 43.3%, 50 basis points deleverage when compared to the prior year, driven primarily by a higher mix into international net sales.

我們預計全年股票回購金額為 3 億美元。考慮到這些因素，我們預測全年每股攤薄收益將在 3.25 美元至 3.60 美元之間。現在轉到第一季。我們的第一季淨銷售額預期也較上年同期成長 1% 至 3%。我們預計，由於今年第一季的船舶銷售時機，第一季全系統國際零售額將成長高個位數，報告的淨銷售額將成長兩位數。我們預計第一季毛利約為 43.3%，與前一年相比去槓桿率降低 50 個基點，主要由於國際淨銷售額的增加。

Recall, in Q1 2024, margins benefited from the lower international mix. We expect our first quarter SG&A rate to be approximately 30.2% comparable to Q1 '24. Our first quarter outlook includes net nonoperating expense of approximately $65 million, a tax rate of approximately 29% and weighted average diluted shares outstanding of approximately 217 million. Considering all of these inputs, we are forecasting first quarter earnings per diluted share of $0.36 to $0.43.

回想一下，2024 年第一季度，利潤率受益於較低的國際組合。我們預計第一季的銷售、一般及行政開支率約為 30.2%，與 24 年第一季相當。我們對第一季的預測包括約 6,500 萬美元的淨營業外支出、約 29% 的稅率和約 2.17 億的加權平均稀釋流通股。考慮到所有這些因素，我們預測第一季每股攤薄收益為 0.36 美元至 0.43 美元。

A few additional points on our guidance. As it relates to tariffs, we have included the impact of China in our guidance. We have not included other potential tariff impacts in our guidance due to the current uncertainty. We will continue to monitor the situation closely and proactively pursue strategies to mitigate these impacts.

關於我們的指導的幾點補充。由於涉及關稅，我們已將中國的影響納入我們的指導範圍。由於目前的不確定性，我們尚未在指引中包含其他潛在的關稅影響。我們將繼續密切關注局勢，並積極採取策略來減輕這些影響。

Our 2025 net sales growth is expected to be generally consistent across the quarters. And finally, we are planning for inventory to be up mid-single digits in the first half of 2025 as we are accelerating certain holiday-related inventory builds to support our growth goals while optimizing our supply chain capacity.

我們預計 2025 年淨銷售額成長將在各個季度保持基本一致。最後，我們計劃在 2025 年上半年將庫存增加到中等個位數，因為我們正在加速某些與假期相關的庫存建設，以支持我們的成長目標，同時優化我們的供應鏈產能。

Now for a quick update on capital allocation. We are a strong cash flow generating business, and our top priorities remain driving sustainable, long-term profitable growth through strategic investments in the business. For the full year 2024, we invested approximately $245 million into capital projects. The vast majority of these capital investments are reported as capital expenditures in our cash flow statement.

現在來快速更新一下資本配置。我們是一家擁有強大現金流創造能力的企業，我們的首要任務仍然是透過對業務的策略性投資來推動可持續的長期獲利成長。2024 年全年，我們在資本項目上投資了約 2.45 億美元。這些資本投資中的絕大部分都在我們的現金流量表中報告為資本支出。

We generated $725 million in adjusted free cash flow in fiscal 2024, allowing us to deliver on our priorities of returning cash to shareholders and leveraging our balance sheet. We repurchased $514 million principal amount of senior notes in 2024 and have now achieved our goal of 2.5 times gross adjusted debt to EBITDAR. We paid out $177 million in dividends and repurchased 10.4 million shares of common stock for $400 million in 2024.

我們在 2024 財年產生了 7.25 億美元的調整後自由現金流，這使我們能夠實現向股東返還現金和利用資產負債表的優先事項。我們於 2024 年回購了 5.14 億美元本金的優先票據，目前已實現調整後總債務與 EBITDAR 比率為 2.5 倍的目標。我們支付了 1.77 億美元的股息，並在 2024 年以 4 億美元回購了 1,040 萬股普通股。

In total, we returned approximately $577 million to investors in 2024 through dividends and share repurchases. In 2025, we expect to invest between $250 million and $270 million in capital expenditures with a continued focus on real estate and technology. The increase in spend versus 2024 largely reflects some 2024 supply chain projects that moved into 2025.

總體而言，我們在 2024 年透過股利和股票回購向投資者返還了約 5.77 億美元。2025 年，我們預計將投資 2.5 億至 2.7 億美元的資本支出，並繼續專注於房地產和科技。與 2024 年相比，支出的增加主要反映了一些 2024 年的供應鏈項目已轉移到 2025 年。

We expect to generate free cash flow of $750 million to $850 million in 2025, which includes working capital improvements from our Fuel the Growth initiatives. We expect to continue our annual dividend of $0.80 per share. As I previously said, our outlook includes the expectation to repurchase approximately $300 million of shares. In summary, I'm proud of our team's hard work and focused execution in 2024, which enabled us to finish the year strong and build momentum entering 2025.

我們預計 2025 年將產生 7.5 億至 8.5 億美元的自由現金流，其中包括「推動成長」計畫帶來的營運資本改善。我們預計將繼續維持每股 0.80 美元的年度股息。正如我之前所說，我們的展望包括預計回購價值約 3 億美元的股票。總而言之，我為我們團隊在 2024 年的辛勤工作和專注執行感到自豪，這使我們能夠強勁結束這一年，並在進入 2025 年時積聚動力。

With that, I'll turn the call back to Gina for some closing remarks.

說完這些，我將把電話轉回給吉娜，請她做一些結束語。

Thank you, Eva. as we close out our 2024 financial year, I'm pleased with the progress we're making, and I'm excited about the momentum we're carrying into 2025. Our strategy is working, and we're beginning to see results. We are laser-focused on achieving sustainable, long-term profitable growth, and creating value for our customers and shareholders. As we look to the year ahead, we have a lot to be excited about.

謝謝你，伊娃。隨著 2024 財年即將結束，我對我們的進展感到滿意，並對我們邁向 2025 年的勢頭感到興奮。我們的策略正在發揮作用，我們開始看到成果。我們專注於實現可持續的長期獲利成長，並為我們的客戶和股東創造價值。展望新的一年，我們有許多值得興奮的事情。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指令）

Boruchow, Wells Fargo.

博魯肖，富國銀行。

Hey, good morning, everyone. Gina, I guess I wanted to ask, so building on the improvements exiting last year, sounds like you're excited about a lot. I mean, what are you most excited about as you look to 2025 and then maybe just regarding the Q1 trend, there's been a lot of buzz around Disney. Can you give us any color on the Disney collaboration, any KPIs you could share would be great. Thank you.

嘿，大家早安。吉娜，我想我想問一下，在去年取得的進步的基礎上，聽起來你對很多事情都很興奮。我的意思是，展望 2025 年，您最興奮的是什麼？也許僅就第一季的趨勢而言，迪士尼引起了很多關注。您能否向我們介紹一下與迪士尼的合作？如果可以分享任何 KPI 就更好了。謝謝。

Thank you. Great to hear from you. You're absolutely right. I think just stepping back, we're pleased with our Q4 performance, especially when you consider the calendar shift that sequentially every quarter of 2024 has improved. So that speaks to the momentum that is exciting.

謝謝。很高興收到您的來信。你完全正確。我認為回顧過去，我們對第四季度的表現感到滿意，尤其是考慮到 2024 年每個季度的日曆變化都有所改善。這表明這種勢頭令人興奮。

It's great to close out the year and being able to build that as well as delivering sales and earnings that exceed but I'm even more excited about our innovation pipeline. It's underpinned, obviously, by our fragrance leadership and our authority. And that's not just the core, it's the core and more, as I like to say. So I'm excited by innovation around the core and the adjacent categories that we speak to. And I'm pleased with how we started Q1.

能夠在年底取得這樣的成績並實現超出預期的銷售額和收益是件很棒的事情，但我對我們的創新管道更為興奮。顯然，這是由我們的香水領導力和權威所支撐的。正如我喜歡說的，這不僅僅是核心，而是核心，還有更多。因此，我對我們所討論的核心和相鄰類別的創新感到非常興奮。我對我們第一季的開局感到很滿意。

I think, to your point, the Disney collab, I encourage everybody on the call to go into the stores because I think what you'll see is it's driving customer excitement. That's what happens when you see this reaction to exceptional product and storytelling brought to life. I think that is what Bath & Body Works does best better than anyone. And I think if we continue that with the product and the experience and the marketing that we've been talking about, I'm really confident that our portfolio is positioned for growth in 2025.

我認為，正如您所說，對於與迪士尼的合作，我鼓勵電話會議中的每個人都去商店看看，因為我認為您會看到它正在激發顧客的興趣。當您看到對卓越產品和故事的反應時就會發生這種情況。我認為這就是 Bath & Body Works 最擅長的事情。我認為，如果我們繼續保持我們一直在談論的產品、體驗和行銷，我非常有信心我們的產品組合將在 2025 年實現成長。

Thank you.

謝謝。

Next question, please.

請回答下一個問題。

Matthew Boss, JPMorgan

Matthew Boss，摩根大通

Great thanks and congrats on a nice quarter.

非常感謝，並祝賀本季取得良好業績。

Thank you.

謝謝。

So Gina, maybe could you speak to drivers of the underlying revenue growth and in particular, the traffic acceleration that you've seen in the last two quarters? And just confidence maybe on the sustainability of this revenue inflection, if you could elaborate on first quarter performance, maybe what you've seen so far and just tie in a bit on the product pipeline for '25. And then Eva, just I guess maybe high level, what level of revenue growth is required to drive operating margin expansion from high teens today?

那麼吉娜，您能否談談潛在收入成長的驅動因素，特別是過去兩個季度您所看到的流量加速？或許我們對這種收入變化的可持續性充滿信心，如果您可以詳細說明第一季度的業績，也許您到目前為止看到的情況，並與 25 年的產品線稍微聯繫起來。然後 Eva，我猜可能是高層次的，需要什麼水準的收入成長才能推動營業利潤率從今天的高點擴大？

So Eva if you could start with the last part and then I'll pick up the first.

所以 Eva，如果你可以從最後一部分開始，然後我再講第一部分。

Sure. So in terms of driving leverage, Matt, I would say there hasn't really been a change in our algorithm. It requires on the B&O line, about 2% to 3% of sales growth and on the SG&A line, 2.5% to 3.5% sales growth.

當然。因此，馬特，就駕駛槓桿而言，我想說我們的演算法實際上並沒有改變。它要求B&O線上的銷售額成長約2%到3%，SG&A線上的銷售額成長2.5%到3.5%。

And I would say in terms of the traffic acceleration, we have a number of ways to drive traffic. We certainly have the things that we just spoke about, which is a very powerful collabs where you really have powerful brand connections like Disney. But frankly, we saw Emily in Paris, we saw previously Stranger Things. I think this is our fifth major collab. But it's the sustainability of it is really that three-legged stool that we speak about.

我想說，就流量加速而言，我們有多種方式來推動流量。我們確實有我們剛才談到的事情，這是非常強大的合作，你確實有像迪士尼這樣的強大的品牌聯繫。但坦白說，我們在巴黎看過艾米莉，之前也看過《怪奇物語》。我認為這是我們第五次重大合作。但它的可持續性實際上就是我們所說的三條腿的凳子。

The product has to be compelling on trend, and I was really pleased with how we delivered in the holiday against that. And certainly, the marketing. I mean, again, Disney is an example, but when we hit virality and we have organic TikTok views, we know we're meeting pretty much across the board all the customer cohorts to get them to come into the stores or to come online.

產品必須符合流行趨勢，我對我們在假期中的表現感到非常滿意。當然還有行銷。我的意思是，迪士尼就是一個例子，但是當我們實現病毒式傳播並擁有自然的 TikTok 觀看次數時，我們知道我們幾乎可以滿足所有客戶群體的需求，以吸引他們進入商店或上網。

And then technology, we're moving now with the loyalty in its third year, some of the personalization and things that we can do to trigger to make sure that we're meeting the customers where they're at and getting them excited about some of the traffic. Think about early access, that's traffic acceleration as well. So these, we believe -- I believe, are certainly sustainable, and that's where my confidence is coming from for the growth in 2025.

然後是技術，我們現在正朝著忠誠度邁進，進入第三個年頭，我們可以採取一些個性化措施和措施來確保我們能夠在客戶所在的地方與他們會面，並讓他們對一些流量感到興奮。想想早期訪問，這也是流量加速。因此，我們相信，這些肯定是可持續的，這就是我對 2025 年成長充滿信心的原因。

Yeah. And I'll come back, Matt, to your first quarter question and how the quarter started. Listen, we're pleased with how the quarter started. You heard Gina talk about Disney. And we have two months ahead of us, but we're pleased with how it started. And we know our customers respond to innovation, and we're super excited what we have to offer as we progress throughout the year.

是的。馬特，我再回到你關於第一季的問題以及本季的開局情況。聽著，我們對本季的開局感到滿意。您聽到吉娜談論迪士尼。我們還有兩個月的時間，但我們對現在的開始感到滿意。我們知道客戶對創新做出了積極的回應，我們對全年不斷進步所推出的產品感到非常興奮。

Thank you.

謝謝。

Next question, please?

請問下一個問題？

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. I wanted to gain a better understanding of your full year sales guidance. There's a lot happening. Candles are less of a pressure, adjacencies and collaborations are working. International is returning to growth. I guess I was just curious why you base your guidance on prior trends? Are there offsets we're not thinking about? Or is this a bar that you hope to beat?

謝謝。早安.我想更了解您的全年銷售指導。發生了很多事。蠟燭的壓力較小，鄰接和協作正在發揮作用。國際正在恢復成長。我只是好奇為什麼你的指導基礎是之前的趨勢？是否存在我們沒有考慮到的抵消？或者這是您希望擊敗的一個標準？

Yeah. Good morning, Lorraine, it's Eva. Overall, we always look to deliver or beat our expectations. We're very focused on that. And I think as you think about the assumptions underlying our outlook, right, like you said, at the midpoint, it assumes consistent trends with what we delivered in Q4, which has been an acceleration. We're assuming that there are no material changes to our promotional levels, and we have not assumed any improvement in the macro or consumer sentiment. And there's a lot of noise out there on that front.

是的。早安，洛林，我是伊娃。整體而言，我們始終期望實現或超越我們的期望。我們非常關注這一點。而且我認為，當您思考我們前景背後的假設時，就像您所說的那樣，在中點，它假設趨勢與我們在第四季度實現的趨勢一致，這是一個加速趨勢。我們假設我們的促銷水平沒有重大變化，我們也沒有假設宏觀或消費者情緒會有任何改善。而這方面外界有很多喧鬧聲。

At the high, sales trends would accelerate driven by the innovation that we're bringing, potentially some macro tailwinds or improvement in consumer sentiment. And we're excited about the newness, right, whether it's Disney that Gina spoke about; later, we'll have a candle restage. So a lot going on here, and we'll look to deliver or exceed on these expectations.

在高點，銷售趨勢將會受到我們帶來的創新、潛在的一些宏觀順風或消費者情緒改善的推動而加速。我們對這些新事物感到興奮，對吧，無論是吉娜談到的迪士尼；稍後，我們將重新安排蠟燭。這裡發生了很多事情，我們將努力實現或超越這些期望。

And I'll add that we always have an agile model. So if we start to really catch the momentum further, we have an ability with our supply chain to meet that momentum.

我還要補充一點，我們始終有一個敏捷模型。因此，如果我們開始真正進一步抓住這一勢頭，我們就有能力透過我們的供應鏈來滿足這一勢頭。

Thank you.

謝謝。

Next question?

下一個問題？

Kate McShane, Goldman Sachs.

高盛的凱特‧麥克沙恩 (Kate McShane)。

Hi, good morning. Thanks for taking our question. We wondered if you could talk to any more detail around the winter semiannual sale and how it trended versus the summer semiannual sale and last year? And just how you think collabs will play a role in maybe reducing some emphasis on the semiannual sale in the quarters that you run it?

嗨，早安。感謝您回答我們的問題。我們想知道您是否可以更詳細地談談冬季半年促銷的情況以及與夏季半年促銷和去年相比的趨勢如何？您認為合作將如何有助於減少您開展半年銷售活動的季度中對半年銷售的重視？

Great. Thank you. Nice to hear from you, Kate. I would say on the semiannual sale, it was generally -- the January semiannual sale was generally in line with our expectations. We did have strength during the holidays. And so our inventory levels, particularly those that were online, were lean heading into SAS, so that affected sales.

偉大的。謝謝。很高興收到你的來信，凱特。我想說，就半年銷售而言，總體而言 - 一月份半年銷售總體符合我們的預期。假期期間我們確實有力量。因此，我們的庫存水準（特別是在線庫存）在進入 SAS 時處於低位，從而影響了銷售。

But we ended the year in a clean inventory position, which is, of course, an important metric of SAS as well. And so we were pleased to deliver Q4 sales above the high end of our guidance. Summer SAS, we always look at the learnings and the hindsights, and we'll be building that in as we talked about in our last quarter into 2025.

但我們在年底時庫存狀況良好，這當然也是 SAS 的重要指標。因此，我們很高興看到第四季度的銷售額超過了我們預期的最高水準。夏季 SAS，我們總是回顧過去的經驗和後見之明，我們會像我們在 2025 年的最後一個季度所討論的那樣，將其融入其中。

As it relates to the collabs, collabs are, as I said in my prepared remarks, a really important and distinguishing differentiated storytelling opportunity that we have, and they drive traffic and excitement as well. So I think that without speaking about collabs that we're expecting in the future, they're contemplated in our guidance. We'll have more to talk about it. But when you have that level of traffic going in and sort of a bit of scarcity, if I may add. There's some level of scarcity too. That is a great approach to really pulsing not just with promotions and clearance and things like that with SAS, but collabs actually serve to drive traffic conversion and an overall brand heat that we like.

至於合作，正如我在準備好的發言中所說，合作是我們擁有的一個非常重要且獨特的差異化敘事機會，它們也能帶來流量和興奮感。因此我認為，儘管我們期待未來的合作，但它們都在我們的指導範圍內。我們將會對此進行更多討論。但是，當我擁有這種等級的流量並且面臨一些稀缺性的時候，我可以補充一下。也存在一定程度的稀缺性。這是一種非常好的方法，不僅可以透過促銷、清倉等方式與 SAS 合作，而且合作實際上可以推動流量轉換和我們喜歡的整體品牌熱度。

Thank you. Next question, please.

謝謝。請回答下一個問題。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Thanks a lot for taking the questions. Congrats on a nice quarter. Just two for me. Maybe one for Gina. You highlighted younger customer acquisition a lot today. Do you have any sense of the average age of the current customer, how that's evolved over time? Any goals from a target perspective? And then for Eva, what does 2025 sales guidance assume as it relates like to volume or units compared to AUR? Thanks a lot.

非常感謝您回答這些問題。恭喜您度過了一個愉快的季度。對我來說只要兩個。也許給吉娜一個。您今天重點強調了年輕客戶的獲取。您是否了解目前顧客的平均年齡以及其隨時間如何變化？從目標角度來看有什麼目標嗎？那麼對 Eva 來說，2025 年的銷售指引與 AUR 相比，與銷售或單位有何關係？多謝。

Thank you, Alex. Great to hear from you. I'll start on the younger customer. We actually -- when you're in 40% of households, the average age for the current customer is probably not as meaningful when we were across the board, but you're absolutely right that we think about younger customers as both an area of recent success and also continued opportunity.

謝謝你，亞歷克斯。很高興收到您的來信。我先從年輕的顧客開始。實際上，當你在 40% 的家庭中時，當前客戶的平均年齡可能並不像我們全面調查時那麼有意義，但你完全正確，我們認為年輕客戶既是近期成功的領域，也是持續的機會。

And so I'd like to just break it down into three areas about how we're evolving and what we're getting after. First is their views of the brand, right? Second is how we reach them. And third are the products that we serve them. So if I just speak to that, the brand perception. So we track the brand attributes quarterly, and it has been gratifying to see that increasingly Bath & Body Works is seen as a more youthful brand.

所以我想將其分為三個方面，分別說明我們如何發展以及我們追求什麼。首先是他們對品牌的看法，對嗎？第二是我們如何接觸他們。第三是我們為他們提供的產品。所以如果我只談這一點，那就是品牌認知。因此，我們每季都會追蹤品牌屬性，令人欣慰的是，Bath＆Body Works 越來越被視為一個更年輕的品牌。

We noticed that they're taking notice of their experiences. They're more likely to come back. And in part, that's driven by a rise in perceptions that we provide a high-quality product, right? If you think -- and I'll speak about product in a second, but Everyday Luxuries, Lip, et cetera.

我們注意到他們正在關注自己的經歷。他們更有可能回來。在某種程度上，這是由人們對我們提供的高品質產品的認知度不斷提升所推動的，對嗎？如果你想想——我馬上就會談論產品，但日常奢侈品、唇膏等等。

In terms of reach, we're reaching them where they are on social media, on TikTok via influencers and with increased cultural relevance, which is important to the younger customer. And thanks to some of our messaging and our on-trend messaging in our collabs, that's been working as well.

在覆蓋面方面，我們透過社群媒體、TikTok等有影響力的平台接觸到他們，並且增加了文化相關性，這對年輕顧客來說很重要。並且由於我們在合作中傳遞的一些訊息和流行趨勢訊息，這種方法也發揮了作用。

And then finally, products. We always talk about how lip is a playground for the younger customer and the fixture and how that lights up, but also Everyday Luxuries are resonating well.

最後是產品。我們總是談論嘴唇如何成為年輕顧客的遊樂場，以及固定裝置如何點亮，而且日常奢侈品也引起了良好的共鳴。

And then finally, importance of our reformulations in the past couple of years. This is also important, not just to the younger customer, but they certainly speak to that as well. So that's how we're seizing on this opportunity, and I'm personally seeing them come in the stores, and so it's really gratifying to see the progress. So I'll give Eva for the second part.

最後，我們來談談過去幾年的重新制定的重要性。這也很重要，不僅對年輕的顧客而言，他們肯定也談到了這一點。這就是我們抓住這個機會的方式，我親眼看到他們走進商店，看到這樣的進展我真的很欣慰。所以我會把第二部分交給 Eva。

Yeah. Alex, on your question about how we think about volume versus price? As I said, our promotional activities, we're not assuming a step-up in promotional activity. So I would think about our guidance being volume-led. And we'll continue, as we always do, to be agile and adjust where the customer mindset is to maximize both topline as well as margins that we can drive.

是的。亞歷克斯，關於你提到的我們如何看待數量與價格的問題？正如我所說，我們的促銷活動並不打算加強促銷活動。因此我認為我們的指導是以數量為主導的。我們將一如既往地保持靈活，根據客戶的想法進行調整，以最大限度地提高我們的營業收入和利潤。

Thank you.

謝謝。

Next question please.

請回答下一個問題。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good morning. Thank you for taking my question. I wanted to drill down on international for a moment. You're expecting that to return to growth this year. I was hoping you could give a bit more color on what you expect the shape of the year to look like. And then you flagged international as a headwind to gross margin in the first quarter. Is that the case for the full year? I know there's two different revenue streams there with the wholesale sell-in as well as the royalty. So not sure if Q1 is a good indicator there. Thank you.

早安.感謝您回答我的問題。我想深入探討一下國際議題。您預計今年它將恢復成長。我希望您能更詳細地說明您對今年情況的預期。然後您將國際業務標記為第一季毛利率的阻力。全年都是這樣嗎？我知道那裡有兩種不同的收入來源：批發銷售和版稅。因此不確定 Q1 是否是一個很好的指標。謝謝。

Yeah. Thanks for the question, Mark. So a couple of things. Overall, let me take the full year first, right? As we look forward, we expect system-wide retail sales to continue to grow in market through market expansion as well as growth in our existing markets.

是的。謝謝你的提問，馬克。有幾件事。整體來說，先讓我把全年的情況都說一下吧？展望未來，我們預期透過市場擴張以及現有市場的成長，全系統零售額將持續成長。

On the net reported sales basis, I would think about the full year growth not really having an impact on margin. It returns to growth in the mid-single-digit range, ZIP code. Q1 has an outsized impact on both top line and margin, given we expect double-digit growth there, given timing of shipments, and the step down last year. So there's more noise in the first quarter that's affecting the margin profile.

根據報告的淨銷售額，我認為全年成長對利潤率不會產生真正的影響。郵遞區號恢復到中等個位數範圍的成長。考慮到出貨時間以及去年的下滑，我們預計第一季的營收和利潤率將達到兩位數成長，因此第一季對營收和利潤率的影響非常大。因此，第一季的噪音對利潤率產生了較大影響。

Thank you. Next question please.

謝謝。請回答下一個問題。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, thanks guys. If we go back to your tariff comments, can you just remind us of what your large countries are in terms of exposure? I know you built in China, but you said nothing else at this point due to the uncertainty. So just where is your exposure by country?

嘿，謝謝大家。如果我們回顧您對關稅的評論，您能否提醒我們您的大國在風險敞口方面有哪些表現？我知道你們在中國建造，但由於存在不確定性，你現在沒有透露更多。那麼您在各國的曝光率如何？

And then separate, curious what you assume for the adjacent categories growth this year. You were 10% when you add them all up this year, where do you think that number goes for '25?

然後分開，好奇您對今年相鄰類別的成長有何假設。如果將今年的所有數字加起來，則是 10%，您認為 25 年這個數字會是多少？

Yeah, good morning. I'll take -- this is Eva. I'll take the tariff question first. So of our mix, about 10% of our supply is China, and we have included that in our outlook. And as you think about Canada and Mexico, they represent about 7% combined split relatively evenly.

是的，早安。我接手——這是伊娃 (Eva)。我先回答關稅問題。因此，在我們的供應結構中，大約有 10% 來自中國，我們已將其納入我們的展望中。想想加拿大和墨西哥，兩國的份額合計約為 7%，相對均勻。

So we're continuing to watch the market, what is going on. Canada, particularly given our business there as well as our production, we will -- we're preparing to adapt to whatever market we're in and working on mitigation strategies to help offset any potential future impact.

因此，我們將繼續關注市場動態。加拿大，特別是考慮到我們在當地的業務和生產，我們正準備適應我們所處的市場，並制定緩解策略，以幫助抵消任何潛在的未來影響。

And as it relates to the adjacencies, adjacencies, as we talked about in our remarks, in aggregate grew above shop, and that was consistent with the first half of the year. So it's good to see that. And we're measuring performance not just in terms of the category growth, but also the incrementality that they bring, the new customer reach, et cetera.

至於鄰接關係，正如我們在評論中討論的那樣，鄰接關係總體上超過了商店，這與今年上半年的情況一致。我很高興看到這一點。我們衡量績效的標準不僅是品類的成長，還包括他們帶來的增量、新客戶覆蓋率等等。

We do expect that adjacencies will become a larger percentage of our mix in '25 and beyond. And what I like about adjacencies and, specifically, we're talking about men's, which is the largest one here, but lip, laundry, hair, they are large addressable markets. And many of them, I would argue men's, I would love that to graduate into -- from adjacencies into future core, and that is certainly the plan. So yes, the direction of travel is higher, and it's built into our guidance as well.

我們確實預計，在2025年及以後，鄰接關係將在我們的產品組合中佔據更大的比例。我喜歡鄰接關係，具體來說，我們談論的是男士產品，這是這裡最大的市場，但唇膏、洗衣粉、頭髮，它們都是巨大的潛在市場。其中很多，我認為是男性，我希望他們能夠從鄰近領域晉升到未來的核心領域，這當然是我的計劃。所以是的，旅行的方向更高，而且它也已納入我們的指導之中。

Thank you.

謝謝。

Next question please.

請回答下一個問題。

Krisztina Katai, Deutsche Bank.

克里斯蒂娜·卡泰，德意志銀行。

Hi, good morning and thanks for taking the question. Just wanted to touch on your level of newness that you have talked about. Obviously, an exciting pipeline that you have planned for us, so can you sort of contextualize the level of product newness you have planned in 2025? You obviously talked about Everyday Luxuries expanding. I think I heard body creams and washes. You obviously also have a much bigger start to collaborations in the year with the Disney launch. You also talked about a candle restage later. So how does the overall level of newness or just the product staging changes compared to what we saw in 2023?

大家早安，感謝您回答這個問題。只是想談談您談到的新穎程度。顯然，您為我們規劃了令人興奮的產品線，那麼您能否具體介紹一下您在 2025 年規劃的產品新穎程度？您顯然談到了 Everyday Luxuries 的擴張。我想我聽說過身體乳霜和沐浴露。顯然，隨著與迪士尼的合作，今年你們的合作也將更加廣泛。您稍後還談到了蠟燭重演。那麼，與 2023 年相比，整體的新穎程度或產品階段有何變化？

Thank you for the question. In 2023, well, this -- first of all, newness in general is the lifeblood of the industry and certainly for Bath & Body Works. We are every bit as newness-focused as we had been in the past couple of years. And I think to your point, you've mentioned many of them, we are developing more and more platforms from which newness is the sort of gift that keeps on giving. So that notion of Everyday Luxuries and how we can really use our differentiated expertise in taking a single fragrance and putting it across all the ancillary products is a strength and an asset that we lever.

感謝您的提問。2023 年，首先，新鮮感是整個產業的命脈，對於 Bath & Body Works 來說更是如此。正如過去幾年一樣，我們仍然注重新新鮮事物。我認為正如您所提到的許多觀點，我們正在開發越來越多的平台，而新穎性是一種不斷給予的禮物。因此，「日常奢侈品」的概念以及我們如何真正利用我們的差異化專業知識，將單一香水融入所有輔助產品中，是我們的優勢和資產。

Yes, some of the collabs also bring it to life through categories. And honestly, we speak about some of the adjacent categories, additional platforms that they represent. We talked about lip and how we are going to be bringing additional lip products quarterly. So how it compares is it's -- we're leaning in, in terms of the percentage, but most importantly, the quality that we want to bring in the fact that it's on trend and meeting the broad cross-section of customers that we serve. And we're -- obviously, existing customers know us for many of these, but we're also obviously approaching new customers at different age ranges. So we're excited with what we have in store for '25.

是的，一些合作也透過類別使其變得生動活潑。老實說，我們談論了一些相鄰的類別以及它們所代表的附加平台。我們討論了唇部以及我們將如何每季推出更多的唇部產品。因此，如何比較呢——就百分比而言，我們傾向於此，但最重要的是，我們想要帶來的品質是符合趨勢的，並且能滿足我們服務的廣大客戶的需求。顯然，現有客戶已經透過許多產品了解我們，但顯然我們也在接觸不同年齡層的新客戶。因此，我們對 25 年的計劃感到非常興奮。

Thank you.

謝謝。

Next question, please?

請問下一個問題？

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi, good morning, everyone. As you think about the buildup of the loyalty program, I think it grew 6%. How are you thinking about that for '25 and beyond? And the new customers you're capturing, any differentiation in their demographic profile?

大家早安。當您考慮忠誠度計劃的建設時，我認為它增長了 6%。您對於 25 年及以後有什麼看法？您所吸引的新客戶在人口統計資料上有何差異？

And then Eva, on cost savings, how do you see the opportunities for cost savings going forward? And is there any particular categories to be focused on? Thank you.

然後 Eva，關於成本節約，您如何看待未來成本節約的機會？有哪些特定類別需要關注？謝謝。

Thanks, Dana. Great to hear from you. In terms of our loyalty program, we're thinking about not just -- we're pleased with the enrollment increase for sure, the fact that we grew 6% year-over-year. And we're really pleased that as that active member count continues to grow, we get even better quality of the loyalty members. So the increased spend, the trips, the cross-channel purchases, all those sort of force multipliers, we're excited about and, of course, the higher customer retention.

謝謝，達娜。很高興收到您的來信。就我們的忠誠度計劃而言，我們考慮的不僅僅是——我們對註冊人數的增加感到高興，事實上我們的註冊人數同比增長了 6%。我們非常高興，隨著活躍會員數量不斷增長，我們的忠誠會員品質也得到了進一步提高。因此，我們對增加的支出、旅行次數、跨通路購買以及所有這些力量倍增器感到興奮，當然還有更高的客戶保留率。

And we've got a lot of sort of enhancements planned for loyalty go forward and that I think will be exciting both to the existing customers as well as the new customers. We have noticed an improvement in the new customer trend and certainly an improvement in the existing customer. And if you recall, we broke down customers in some sort of psychographic segments. And all of 2024, it was great to see that the fragrance fashionista, which is sort of double the lifetime value of any of the other customers have grown every quarter.

我們計劃在未來推出許多增強忠誠度的舉措，我認為這對現有客戶和新客戶來說都會是一件令人興奮的事情。我們注意到新客戶趨勢有所改善，現有客戶趨勢也肯定有所改善。如果你還記得的話，我們根據某種心理特徵對客戶進行了細分。在整個 2024 年，我們很高興看到香水時尚達人的終身價值每季都在成長，其成長速度幾乎是其他任何顧客的終身價值的兩倍。

So we're, I think, hitting the mark on both existing customers and new customer improvements over that. And that is a credit to loyalty, but as well as our marketing message, our stellar product, not to mention our fantastic experiences in store. So I will hand it to Eva for your cost savings question.

因此，我認為，我們在現有客戶和新客戶改善方面都取得了成功。這不僅歸功於我們的忠誠，還歸功於我們的行銷訊息、我們的一流產品，更不用說我們在店內的美妙體驗了。因此，我將把您的成本節約問題交給 Eva。

Sure. Thanks for the question, Dana. Overall, we're extremely pleased with what we've delivered over the past two years, $300 million of incremental savings between '23 and '24. And we see this now as embedded in our DNA and how we're managing the overall P&L. We'll continue to mine for opportunities, right?

當然。謝謝你的提問，達娜。總的來說，我們對過去兩年所取得的成果感到非常滿意，在23年至24年間我們節省了3億美元。我們現在認為這已經融入我們的 DNA 以及我們管理整體損益的方式中。我們會繼續尋找機會，對嗎？

We have value engineering programs with our product going on constantly, how we work, eliminating the non-value piece. What we won't affect are things that will affect our top line that our experience in the stores, right? We want to maintain that great customer experience that we have, so we'll continue to look for efficiencies, and we'll have more to come.

我們持續對產品實施價值工程計劃，並不斷消除無價值部分。我們不會影響那些會影響我們營收的事情，而是影響我們在商店的體驗，對嗎？我們希望保持現有的良好客戶體驗，因此我們將繼續尋求提高效率，並持續取得更多進步。

Thank you.

謝謝。

Next question, please?

請問下一個問題？

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

Great, thanks. Good morning One short term and then one on margins. First on the short term. The midpoint of your Q1 guide suggests that -- suggests Q1 growth similar to Q4, normalizing, of course, for timing. We've heard obviously a number of companies talk about pretty tough January because of the weather and other external factors. So wondering if you saw that as well? And if so, what's driving the improvement since then to result in the recovery to offset a tougher January for the rest of the quarter?

非常好，謝謝。早安，一個短期的，一個關於利潤的。首先是短期。您的第一季指南的中點表明 - 表明第一季的成長與第四季度相似，當然，時間上是正常化的。我們聽到許多公司談到由於天氣和其他外部因素而導致的一月相當艱難。想知道您是否也看到了這一點？如果確實如此，那麼自那時以來，是什麼推動了經濟好轉，從而實現復甦，抵消了 1 月份本季剩餘時間的艱難影響？

And then on margins, for fiscal '25, you mentioned that you're looking for flattish margins. But obviously, there's a lot of puts and takes in the middle before you get back to flat. So can you talk about some of those as well as the margin impact of the tariffs embedded into your outlook? Thank you.

然後關於利潤率，對於 25 財年，您提到您正在尋找持平的利潤率。但顯然，在回到平穩狀態之前，中間還有很多事情要做。那麼，您能否談談其中的一些以及關稅對利潤的影響？謝謝。

Yeah. Thanks for that. Let me start with your Q1 and January. We did see -- we won in Q4 in November, December in the holiday period, as we said previously. January was a bit lighter, but we were in line with external markets. We win on our newness and our innovation. And I'll say again, we're pleased with how we started the quarter.

是的。謝謝。讓我從您的第一季和一月開始。我們確實看到了——正如我們之前所說的，我們在 11 月和 12 月的假期期間的第四季度中取得了勝利。一月份的情況稍微輕鬆一些，但與外部市場保持一致。我們憑藉新穎和創新贏得勝利。我再說一遍，我們對本季的開局感到滿意。

We still have an important two months ahead as we build towards Mother's Day and Easter, but we're pleased with how the quarter started, and we'll continue to focus and execute to deliver on the outlook we provided today.

在母親節和復活節即將到來之際，我們仍然有重要的兩個月的時間，但我們對本季度的開局感到滿意，我們將繼續集中精力並努力實現我們今天提供的展望。

On gross margins for the year, overall, I would say we're getting the benefit of wrap of our cost reduction initiatives that we drove last year. B&O, I would think about as largely flattish from a leverage perspective. And tariffs, it's a pretty de minimis impact as we've baked in China only. And we have some pressure on merch margin given mix of our product and some of the newness that we're bringing. And as we've said, those products tend to start at lower margins and, as we scale, margin improves. So overall, we're pleased with the outlook that we provided.

就今年的毛利率而言，總體而言，我想說我們正從去年推行的成本削減措施中獲益。從槓桿率角度來看，我認為 B&O 基本上持平。至於關稅，由於我們只在中國進行烘焙，所以影響很小。考慮到我們的產品組合和我們帶來的一些新品，我們的商品利潤面臨一些壓力。正如我們所說，這些產品的起始利潤率較低，但隨著規模擴大，利潤率會提高。總的來說，我們對我們提供的展望感到滿意。

Thank you.

謝謝。

Next question, please.

請回答下一個問題。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Hi, this is Natalie Koltermann on for Jay. I wanted to ask about freight. With the recent move lower in ocean freight rates, do you expect freight to be a tailwind to margins this year? And what type of impact do you have incorporated in the guide? Thank you.

大家好，我是 Natalie Koltermann，代表 Jay 報道。我想問一下運費。隨著近期海運費的下降，您是否預期今年的貨運量將成為利潤率的順風？您在指南中融入了什麼類型的影響？謝謝。

Thanks for the question. I would say from ocean and freight, it's really not a material impact for us. A big driver of our overall savings we've driven over the last two years has been in the transportation and move areas. But on the ocean and freight, I wouldn't -- it's not material.

謝謝你的提問。我想說，從海運和貨運的角度來看，這對我們而言並沒有實質的影響。過去兩年來，我們整體節約的一大動力來自於交通和搬家領域。但就海運和貨運而言，我不會——這並不重要。

Thank you.

謝謝。

Next question please.

請回答下一個問題。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Good morning. Thanks for taking the question. I'd like to dive a little bit deeper into the SG&A guidance for the year. It looks like it's roughly going to be about flat as a percent of sales. Can you give us any context on where we could see some more leverage and what could drive some more leverage over the course of the year where there might be some upside? And then how to think about the cadence of that spend over the course of the year? Thank you.

早安.感謝您回答這個問題。我想更深入探討今年的銷售、一般及行政費用 (SG&A) 指引。看起來其銷售額的百分比大致持平。您能否向我們介紹一下在哪些情況下我們可以看到更多的槓桿，以及哪些因素可能在今年推動更多的槓桿，從而帶來一些上行空間？那麼如何考慮全年支出的節奏呢？謝謝。

Yeah. Thanks for the question. Overall, from a leverage point on SG&A, you would expect to see 2.5% to 3.5% topline sales growth to leverage SG&A. As you look at our outlook on the SG&A front, we have increased our investment in technology in '25 versus '24. It's more back half weighted and that's as we continue to -- on our modernization tech journey, multiyear initiative that we have.

是的。謝謝你的提問。整體而言，從銷售、一般及行政開支的槓桿點來看，您預計會看到 2.5% 至 3.5% 的營收成長，以槓桿銷售、一般及行政開支。從我們對銷售、一般及行政開支 (SG&A) 方面的展望來看，與 24 年相比，我們在 25 年增加了對技術的投資。這更多的是後半部分加權，這就是我們繼續進行的——在我們的現代化技術之旅中，這是我們多年的計劃。

Next question, please.

請回答下一個問題。

Thank you.

謝謝。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

Hey, thanks for taking your question. Curious if you could talk a little bit more about the underlying expectations for the fragrance industry as we're just starting to hear from some other companies that the category is normalizing a bit. Thanks.

嘿，謝謝你的提問。我很好奇您是否可以再多談一下香水行業的基本預期，因為我們剛剛從其他一些公司聽說，該類別正在逐漸正常化。謝謝。

Thank you for the question. We being the fragrance leader in some of these categories, we obviously monitor a bit more in the rearview mirror in terms of how it's showing up, and it has been pretty buoyant, so I can't speak for others. But what we have been seeing is that, especially in some of our customers, it continues to be a very sort of transportive place, right?

感謝您的提問。我們是這些類別中香水的領導者，我們顯然會更專注於它的表現，而且它一直非常活躍，所以我不能代表其他人說話。但我們看到的是，特別是對我們的一些客戶來說，它仍然是一種非常適合交通的地方，對嗎？

One of the things I like about it is it's directly lined up with your neural pathways. And so the consumer sentiment, it's a place where I think from an industry perspective, there's a lot to like about this industry across different channels.

我喜歡它的一個特點是它與你的神經通路直接對齊。因此，從產業角度來看，我認為消費者情緒是這個產業在不同管道中值得欣賞的地方。

Where we sit, we are at the center of mass and prestige. And I think that's uniquely positioned to really being able to meet a broad set of customers that really want a bit of fragrance. And that's why I'll just say on the Disney collab, you can go to a park and you can go to all these other things or you can have a little piece of Disney in your life from a fragrance point of view. So I think the industry is a fantastic place to be. And as a leader, we like this portfolio as well. So thank you for the question.

我們所處的位置，正是群眾和威望的中心。我認為這具有獨特的優勢，能夠滿足廣大真正想要香水的客戶的需求。這就是為什麼我只想說關於迪士尼的合作，你可以去公園，你可以去做所有其他地方的事情，或者從香水的角度來看，你可以在你的生活中加入一點迪士尼的元素。所以我認為這個行業是一個非常棒的行業。身為領導者，我們也喜歡這個投資組合。感謝您的提問。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Two quick ones. The first is, I'm curious if you can talk a little bit about Scent-Scription. Have you had people enroll? What this looks like? What you think it can be over time? And I'm assuming the 25% off is easily recouped because those customers are not going to get, say, the Buy 3 Get 3 promotions. They'll just be on a regular cadence, easier to model, I'm guessing for you.

兩個簡單的。首先，我很好奇您是否可以談談 Scent-Scription。有人報名嗎？這看起來像什麼？您認為隨著時間的推移它會變成什麼樣子？我認為 25% 的折扣很容易收回，因為這些顧客不會獲得「買 3 送 3」的促銷活動。我猜，它們只是會保持規律的節奏，更容易建模。

And then my second question is just a simple one. I have -- I'm sorry, but I have to know which Disney Princess is selling the best?

我的第二個問題很簡單。我有——很抱歉，但我必須知道哪位迪士尼公主賣得最好？

Let's see if we can share on that. You may not get the best, but might get our favorites.

我們看看是否可以分享這一點。您也許得不到最好的，但也許會得到我們最喜歡的。

On the Scent-Scription, obviously, this is designed to -- yes, to really address the replenishable nature of our fragrances. And so it's small today, but it is growing. And I think -- I don't have the exact what it could be as a percent over time, and you're absolutely right on the 25%, this notion that is very convenient, right, to be able to get this. And so there's a level of stickiness.

在 Scent-Scription 上，顯然，這是為真正解決我們香水的可補充性質而設計的。因此，雖然現在規模很小，但正在成長。我認為——我不知道它在一段時間內會變成什麼樣子的百分比，而你關於 25% 的說法是完全正確的，這個概念非常方便，對吧，能夠得到它。因此存在一定程度的黏性。

We had a version of Scent-Scription before. We renamed it and we actually had a broader assortment. It had been Wallflowers, right? Because -- and the idea there was some people don't always remember that the Wallflower bolt is actually running dry. Actually, now we've broadened the assortment, including things like Laundry, right, which are more replenishable as well. And we really like what we see with respect to the growth, but it's early days on Scent-Scription.

我們之前有一個版本的 Scent-Scription。我們對其進行了重新命名，並且實際上擁有了更廣泛的品種。那是《壁花少年》吧？因為——有些人並不總是記得 Wallflower 螺栓實際上已經枯竭。實際上，現在我們已經擴大了產品種類，包括洗衣用品等，這些物品也更容易補充。我們非常高興看到 Scent-Scription 的成長，但 Scent-Scription 還處於早期階段。

Which Princess selling the best, it's early days for that, too. We're only 10 days in. I can tell you, I went last night and in my local store, and my personal preference, Tiana was knocking it out of the park. Hope you enjoy one of the six. So thank you. Thank you for that question.

哪位公主賣得最好，現在還太早。我們才剛過 10 天。我可以告訴你，我昨晚去了我當地的商店，就我個人而言，Tiana 是我最喜歡的。希望您喜歡這六種中的一種。所以謝謝你。感謝您的提問。

I believe that's our last. So thank you for that question.

我相信這是我們的最後一次了。感謝您的提問。

All right. That concludes our Q&A. We want to thank you for joining today's call. A replay will be available for 90 days on our website. Thank you for your interest in Bath & Body Works.

好的。我們的問答到此結束。我們感謝您參加今天的電話會議。重播將在我們的網站上保留 90 天。感謝您對 Bath & Body Works 的關注。

All right. That concludes our Q&A. We want to thank you for joining today's call. A replay will be available for 90 days on our website. Thank you for your interest in Bath & Body Works.

好的。我們的問答到此結束。我們感謝您參加今天的電話會議。重播將在我們的網站上保留 90 天。感謝您對 Bath & Body Works 的關注。