Bath & Body Works Inc (BBWI) 2025 Q2 法說會逐字稿

Good morning. My name is Melissa, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Bath & Body Works second-quarter 2025 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

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 2025 年第二季財報電話會議。請注意，今天的會議正在錄音。（操作員指示）

I'll now turn the call over to Luke Long Vice President of Investor Relations. Luke, you may begin. .

現在我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 second quarter 2025 earnings conference call. Joining me on the call today are Daniel Heaf, Chief Executive Officer; and Eva Boratto, Chief Financial Officer. In addition to this call in 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.

早安，歡迎參加 Bath & Body Works 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有執行長 Daniel Heaf 和財務長 Eva Boratto。除了今天早上新聞稿中的這次電話會議之外，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評論中的信息，並提供了有關我們的經營業績和指導的一些相關事實和數據。

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 the risk factors in Bath & Body Works 2024 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 Bath & Body Works 2024 10-K 表格中的風險因素。

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公認會計準則財務指標。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。

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

說完這些，我會把電話轉給丹尼爾。

Hello, everyone, and thank you for joining us. I'm excited to be here on my 105th day as CEO of Bath & Body Works. Q2 was a packed quarter where I focused on three things: firstly, deeply immersing myself in the business, secondly, driving forward; three, no regret moves and finally, shaping our long-term vision. At the same time, our team navigated the quarter with focus, and we delivered solid results.

大家好，感謝大家的參與。我很高興能來到這裡，度過擔任 Bath & Body Works 執行長的第 105 天。第二季非常忙碌，我主要關註三件事：第一，全心投入業務；第二，推動業務向前發展；第三，不後悔的舉措；最後，塑造我們的長期願景。同時，我們的團隊專注於度過了這個季度，並取得了可觀的業績。

We ended the quarter with revenue and adjusted earnings at the high end of our guidance range, and given our strong first half results and confidence in our outlook, we are raising the low end of our full year adjusted earnings per share guidance. This quarter, our customers remain cautious and value seeking, and we continue to see more intentional purchasing behavior.

本季結束時，我們的營收和調整後收益均處於預期範圍的高端，鑑於我們上半年的強勁業績和對前景的信心，我們提高了全年調整後每股收益預期的低端。本季度，我們的客戶依然保持謹慎並尋求價值，我們繼續看到更多有意的購買行為。

Consumers are prioritizing purchases that support personal win being and convenience while spending selectively. Regardless of the macro environment, we are well positioned to serve consumers with affordable, high-quality products that bring joy to their life, and I believe there is even more opportunity ahead.

消費者在選擇性消費的同時，也優先考慮那些有利於個人健康和便利的商品。無論宏觀環境如何，我們都有能力為消費者提供價格合理、品質優良、為他們的生活帶來歡樂的產品，我相信未來還會有更多的機會。

Over the past 105 days, I focused on understanding where our biggest opportunities lie to accelerate growth. I've had the privilege of connecting with associates at Beauty Park, our distribution centers and our stores across the United States. I've spoken with many of our shareholders.

在過去的 105 天裡，我專注於了解我們加速成長的最大機會在哪裡。我很榮幸能與 Beauty Park 的同事、我們的配送中心以及遍布美國的商店建立聯繫。我已經與我們的許多股東進行了交談。

I've traveled internationally where I've engaged with our partners in key markets such as Dubai, Malaysia and the UK. And of course, I've spoken with our customers. It was important for me to collect direct insights from our most critical stakeholders, and I will continue doing this going forward. What stands out most from my time on the ground is the tremendous upside potential across the entire value chain.

我曾造訪過世界各地，與杜拜、馬來西亞和英國等主要市場的合作夥伴接觸。當然，我已經與我們的客戶進行了交談。對我來說，從我們最重要的利害關係人收集直接見解非常重要，我將繼續這樣做。我實地考察期間最突出的感受是整個價值鏈的巨大上升潛力。

From product innovation and merchandising to alternative distribution and storytelling across both our physical stores and digital platforms. When I joined, I spoke to many of you about my philosophy. We will accelerate growth by putting the consumer at the center of everything we do. That commitment remains unchanged. But we must continue to evolve with our consumers, positioning ourselves as a global leader in home fragrance and personal care.

從產品創新和行銷到實體店和數位平台上的替代分銷和故事講述。當我加入時，我向你們中的許多人講述了我的哲學。我們將以消費者為中心來加速成長。這項承諾保持不變。但我們必須繼續與消費者一起發展，將自己定位為家居香氛和個人護理領域的全球領導者。

To be clear, Bath & Body Works has a very strong foundation, an iconic brand, over 1,900 North American stores, more than 530 international stores 39 million active loyalty members, knowledgeable and passionate store associates and a predominantly US based vertically integrated supply chain.

需要明確的是，Bath & Body Works 擁有非常強大的基礎、標誌性品牌、超過 1,900 家北美門市、超過 530 家國際門市、3,900 萬活躍忠誠會員、知識淵博且充滿熱情的店員以及主要位於美國的垂直整合供應。

In recent years, we've invested heavily to strengthen this foundation from building a loyalty program and enhancing our technology to expanding into new categories. These moves have made us stronger, but we have not yet delivered the consistent, durable and profitable growth we expect of ourselves.

近年來，我們投入大量資金來加強這項基礎，從建立忠誠度計畫、增強技術到擴展到新的類別。這些措施使我們變得更加強大，但我們尚未實現我們期望的持續、持久和盈利的成長。

The reality is clear to me. We have grown spend and increased retention with existing customers. We have not achieved the new customer growth we aspire to, and we are not connecting deeply enough with the younger consumers who are driving growth in our industry. There is also an opportunity to drive market share growth in our core categories and reduce our reliance on promotions. We are confident in the steps we must take to unlock growth potential.

現實情況我很清楚。我們增加了支出並提高了現有客戶的留任率。我們尚未實現我們所期望的新客戶成長，而且我們與推動行業成長的年輕消費者的聯繫還不夠深入。這也有機會推動我們核心類別的市場份額成長並減少對促銷的依賴。我們對釋放成長潛力必須採取的措施充滿信心。

To meet the opportunity we are taking swift action in the short term while actively shaping our long-term strategy. This is about performing and transforming simultaneously. It's about making strategic moves that resonate both with current and future customers. I'm confident we can achieve this while not only maintaining but expanding our operating margin.

為了抓住機遇，我們在短期內迅速採取行動，同時積極制定長期策略。這是關於同時執行和轉換。這是為了製定能夠引起現有和未來客戶共鳴的策略舉措。我相信我們不僅能夠維持營業利潤率，而且能夠擴大營業利潤率，從而實現這一目標。

Looking at Q2, we made progress with improvements to our semiannual sale, and we launched successful collections like Summer, where we highlighted Halloween theme products during the late summer period. And as we build a durable, consistent long-term growth model, we were pleased to announce that we have entered into a multiyear partnership with Disney.

回顧第二季度，我們在半年促銷活動改進方面取得了進展，並推出了成功的夏季系列，在夏末期間重點推出了萬聖節主題產品。在我們建立持久、持續的長期成長模式的同時，我們很高興地宣布，我們與迪士尼建立了多年的合作關係。

This builds on the successful momentum of Disney Princesses and our recently announced Disney billings collaboration, which Eva will share more about. From a process perspective, I'm putting our marketing, digital and merchandising team to work in a more integrated and omnichannel way to deepen brand connection by telling powerful and emotional stories, delivering innovative products and engaging consumers across all touch points. And this is just the beginning.

這是建立在迪士尼公主的成功勢頭和我們最近宣布的迪士尼片合作的基礎上的，Eva 將分享更多相關資訊。從流程角度來看，我將讓我們的行銷、數位和銷售團隊以更整合和全通路的方式開展工作，透過講述強大而感人的故事、提供創新產品以及吸引所有接觸點的消費者來加深品牌聯繫。而這只是個開始。

Early in my tenure, I laid out three no regret move to act on now while we shape our vision and strategy for the future. Firstly, elevating our own digital platform, the consumer experience and revenue growth of our digital business are not where they need to be, and we're making rapid progress to address these now.

在我任職初期，我提出了三項在我們制定未來願景和策略時值得立即採取的無悔舉措。首先，提升我們自己的數位平台、消費者體驗和數位業務的收入成長還沒有達到應有的水平，我們現在正在快速解決這些問題。

Our focus is on elevating our digital platform to meet the expectations of today's consumers, delivering more experiential frictionless and convenient way to shop. Improving our digital platform is expected to drive stronger results both online and in stores.

我們的重點是提升我們的數位平台以滿足當今消費者的期望，提供更體驗式、無摩擦和便利的購物方式。改進我們的數位平台有望帶來更強勁的線上和線下業績。

Starting this September, you will see meaningful improvement across our digital platforms, including enhanced functionality, better product imagery and copy and richer and more emotional storytelling. You can see examples of these improvements on our slide presentation.

從今年 9 月開始，您將看到我們數位平台的顯著改進，包括增強的功能、更好的產品圖像和文案以及更豐富、更感人的故事敘述。您可以在我們的幻燈片簡報中看到這些改進的範例。

Over time, we believe these digital improvement will boot brand equity and direct channel sales. Next, we are amplifying our efficacy message by more clearly communicating claims and modernizing packaging to better reflect the key product attributes such as efficacy, safety and emotional benefits. These will help us connect more meaningfully with consumers and reinforce the value of our products.

隨著時間的推移，我們相信這些數位化改進將提升品牌資產和直接通路銷售。接下來，我們將透過更清晰地傳達聲明和現代化包裝來擴大我們的功效訊息，以更好地反映功效、安全性和情感效益等關鍵產品屬性。這些將幫助我們與消費者建立更有意義的聯繫並加強我們產品的價值。

Our formulas are of exceptional quality, but our packaging doesn't emphasize it. We will evolve our packaging to more consistently educate the consumer and build awareness of the numerous benefits of our products, especially to younger and ingredient conscious consumers.

我們的配方品質卓越，但我們的包裝卻沒有突出這一點。我們將改進我們的包裝，以便更一致地教育消費者並提高他們對我們產品的眾多好處的認識，特別是對於年輕和注重成分的消費者。

For example, starting this fall, we are enhancing in-store and online messages of our aromatherapy line to focus on stress relief and sleep. Also, our body lotion and body cream packaging will highlight 48-hour hydration. And over time, we'll be updating our labeling to more prominently signal that our products are dermatologists tested.

例如，從今年秋季開始，我們將加強芳香療法系列的店內和線上訊息，重點是緩解壓力和睡眠。此外，我們的身體乳液和身體霜包裝將突出48小時保濕。隨著時間的推移，我們將更新我們的標籤，以更突出地表明我們的產品經過皮膚科醫生測試。

We're also introducing consistent, elevated metrics across all of our stores to reinforce trust in every product we offer. Thirdly, we are focused on putting our product in the path of the consumer. Because to attract new consumers, we must meet them where they are.

我們還在所有商店中引入了一致的、高級的指標，以增強對我們提供的每種產品的信任。第三，我們專注於將我們的產品推向消費者。因為要吸引新消費者，我們必須在他們所在的地方與他們會面。

That means strategically and thoughtfully exploring new forms of distribution beyond the own channels we currently sell through. Our recent entry into college bookstores is a fantastic example and one we are excited about.

這意味著我們要策略性地、深思熟慮地探索我們目前銷售管道以外的新分銷形式。我們最近進入大學書店就是一個很好的例子，我們對此感到非常興奮。

As back-to-school season kicks off, we're in more than 600 campus stores with access to 7 million young consumers. This push into alternative distribution is the first time we have distributed products at this scale outside of our stores, and we believe it provides an exciting avenue to reach and engage new younger consumers and is the perfect environment to drive brand discovery. These no-regret initiatives will place us in the path of even more consumers, and they will accelerate our growth over time.

隨著返校季節的到來，我們已進入 600 多家校園商店，接觸到 700 萬年輕消費者。這次進軍替代分銷領域是我們首次在門市外以如此大規模分銷產品，我們相信這為我們接觸和吸引新的年輕消費者提供了一種令人興奮的途徑，也是推動品牌發現的完美環境。這些無悔的措施將使我們贏得更多消費者的青睞，並且隨著時間的推移，它們將加速我們的成長。

However, the opportunity ahead extends well beyond these three moves with potential upside to how we innovate and execute and how we reach and connect with consumers. For example, we see opportunity in how we manage and merchandise our assortment, how we leverage our store footprint to further enhance brand storytelling, how we maximize the potential of our supply chain and beauty park and how we drive growth across international markets.

然而，未來的機會遠不止這三個舉措，在我們如何創新和執行以及如何接觸和聯繫消費者方面還具有潛在的優勢。例如，我們在如何管理和銷售我們的產品組合、如何利用我們的門市足跡來進一步增強品牌故事、如何最大限度地發揮我們的供應鏈和美容園區的潛力以及如何推動國際市場的成長等方面看到了機會。

Looking at our store experience and our assortment, many consumers tell us that when they walk into our stores, the assortment feels overwhelming. We also tend to lead with discount and promotion instead of highlighting product benefits. We believe we have an opportunity to focus our assortment and spotlight product attributes alongside price and value as compelling purchase drivers.

透過了解我們的購物體驗和商品種類，許多消費者告訴我們，當他們走進我們的商店時，商品種類讓他們感到眼花撩亂。我們也傾向於以折扣和促銷來引導，而不是強調產品優勢。我們相信，我們有機會集中我們的產品種類和焦點產品屬性以及價格和價值作為引人注目的購買驅動力。

Our stores also provide us with an opportunity to amplify bigger, bolder marketing messages. For example, we've moved our store base to predominantly off-mall locations, and we've gained tens of thousands of feet of window space, historically underutilized these windows are now being used to activate and tell rich brand storytelling that draw in new consumers.

我們的商店也為我們提供了擴大更大、更大膽的行銷訊息的機會。例如，我們將門市基地主要轉移到商場外，並獲得了數萬英尺的櫥窗空間，這些櫥窗過去未得到充分利用，現在被用來激活和講述豐富的品牌故事，以吸引新的消費者。

Turning to our supply chain. Our strategic partners at Beauty Park and our relationships with leading global fragrance houses provides us with unmatched speed and quality. We are focused on better leveraging these strengths to accelerate our innovation cycle and reinforce our position as a category leader. And finally, we have tremendous untapped opportunity to reach and connect with more consumers internationally.

轉向我們的供應鏈。Beauty Park 的策略合作夥伴以及與全球領先香水公司的合作關係為我們提供了無與倫比的速度和品質。我們專注於更好地利用這些優勢來加速我們的創新週期並鞏固我們作為類別領導者的地位。最後，我們擁有巨大的未開發機會來接觸和聯繫更多的國際消費者。

We are thoughtfully evaluating these and other opportunities and integrating them into our long-term strategy. Before I hand off to Eva, I want to take a moment to thank our team for the hard work, dedication and focus on delivering for our customers and our company.

我們正在認真評估這些和其他機會，並將其納入我們的長期策略。在將工作交給 Eva 之前，我想花點時間感謝我們的團隊為客戶和公司所做的努力、奉獻和專注。

Change is already underway at Bath & Body Works. We understand the challenges and our opportunities, which is exactly why we've moved quickly on our no-regret move and we are building a strategy to perform and transform in parallel with razor sharp priorities, disciplined execution and a strong team we had the time in to return Bath and Body Works to durable revenue and profitable growth. We look forward to sharing more on our long-term vision in the coming quarters.

Bath & Body Works 已開始改變。我們了解挑戰和機遇，這正是我們迅速採取無悔行動的原因，我們正在製定一項策略，以敏銳的優先事項、嚴格的執行和強大的團隊並行執行和轉型，我們曾讓 Bath and Body Works 恢復持久的收入和盈利增長。我們期待在未來幾季分享更多關於我們長期願景的內容。

And now I'll hand it over to Eva.

現在我將把它交給伊娃。

Thank you, Daniel, and good morning, everyone. The energy level here at BBW is high, and our teams are hard at work to accelerate growth under Daniel's leadership. I'll begin with a high-level summary of the quarter, including key business drivers.

謝謝你，丹尼爾，大家早安。BBW 的活力水平很高，我們的團隊正在 Daniel 的領導下努力加速發展。我首先會對本季進行概括總結，其中包括關鍵的業務驅動因素。

I'll then share more detail on our Q2 financial performance and provide an update on our Q3 and fiscal year 2025 guidance. Throughout the quarter, we were disciplined and decisive in our actions while navigating through continued macro volatility and our Q2 performance is evidence of that.

然後，我將分享有關我們第二季財務業績的更多細節，並提供我們第三季和 2025 財年指引的最新資訊。在整個季度中，我們在應對持續的宏觀波動的同時，採取了嚴謹而果斷的行動，而第二季度的業績就是明證。

As a reminder, we are focused on three priority areas: first, accelerating top line growth while maintaining or expanding margins; second, enhancing operational excellence; and third, consistently deploying our strong cash flow to invest in growth opportunities and return value to shareholders.

提醒一下，我們專注於三個優先領域：第一，在維持或擴大利潤率的同時加速營收成長；第二，提高卓越營運水平；第三，持續部署強勁的現金流，投資於成長機會並為股東帶來回報。

Overall, we delivered a solid quarter with net sales up 1.5% and adjusted earnings per diluted share of $0.37, both at the high end of our range. In terms of our top line performance, it was our fourth consecutive quarter of underlying sales growth with positive dual channel traffic and stores traffic exceeding third-party benchmarks we track. This performance was led by a strong semiannual sale, thanks to focused execution by our team.

整體而言，我們本季業績表現穩健，淨銷售額成長 1.5%，調整後每股攤薄收益為 0.37 美元，均處於預期區間的高位。就我們的營業收入而言，這是我們連續第四個季度實現基礎銷售額成長，雙通路流量和門市流量均超過我們追蹤的第三方基準。這一業績得益於我們團隊的專注執行，強勁的半年銷售引領了這一業績。

We put our learnings from prior semiannual sales into action, strategically shifting the event back by two weeks to better align with the market dynamics and consumer mindset. Our stores were ready with the right mix of product and clearly signaling the sale event, effectively drawing in deal-seeking shoppers from the start. We also built excitement across social media, Billie the Duck our newly relaunched brand mascot became a breakout star, driving strong engagement across platforms and generating over 260 million impressions.

我們將從先前的半年銷售會中吸取的經驗付諸實踐，策略性地將活動推遲兩週，以更好地適應市場動態和消費者心態。我們的商店準備好了合適的產品組合，並清楚地標明了促銷活動，從一開始就有效地吸引了尋求優惠的購物者。我們也在社群媒體上引起了轟動，我們新推出的品牌吉祥物 Billie the Duck 成為了一顆突破明星，在各個平台上引發了強烈的參與度，並產生了超過 2.6 億次的印象。

Additionally, partnerships with leading fragrance influencers helped boost awareness and traffic, both online and in stores. Additionally, there were other key contributors to our performance in the quarter. First, our sanitizer business performed above the shop with consumers responding positively to our newer products like our moisturizing pocket back and our one out sanitizer sprays.

此外，與領先的香水影響者的合作有助於提高線上和實體店的知名度和流量。此外，本季我們的業績還有其他一些關鍵因素。首先，我們的消毒劑業務表現優於商店，消費者對我們的新產品反應積極，例如我們的保濕口袋背部和一次性消毒噴霧。

We drove growth in our men's business, which we highlighted during Father's Day, and we're pleased with the performance of our True-Blue spa collection relaunch. Finally, we launched our Summer product collection earlier to capture consumer demand.

我們推動了男士業務的成長，這一點我們在父親節期間得到了重點強調，我們對重新推出的 True-Blue 水療系列的表現感到滿意。最後，我們提前推出了夏季產品系列以滿足消費者的需求。

Fan favorite fragrances like Gold Friend and Vampire Blood performed well, and our new Frankenstein bakery concept featuring ice cream became a standout hit. Looking ahead, we will bring consumers more newness and more collaborations in Q3 and Q4. We're excited about the fragrance experiences will drive this fall including our Disney Villans collaboration, which launched with early access to loyalty members this week.

粉絲們最喜愛的香水，如 Gold Friend 和 Vampire Blood，表現良好，而我們以冰淇淋為特色的全新弗蘭肯斯坦烘焙店概念也成為了熱門之選。展望未來，我們將在第三季和第四季為消費者帶來更多新事物和更多合作。我們對今年秋天將推出的香水體驗感到非常興奮，其中包括我們與迪士尼別墅的合作，該合作已於本周向忠誠會員提前推出。

Building on the success of our princess collaboration, this launch will soon be available to all consumers globally. We have also introduced a new ceramic candle vessel, elevating our assortment with an enhanced design. At the same time, we're evolving our in-store technology and loyalty program, along with the planned enhancements to our digital capabilities will strengthen the consumer experience.

基於我們與公主合作的成功，此次新品很快就會向全球所有消費者推出。我們也推出了一種新型陶瓷蠟燭容器，透過增強的設計提升了我們的產品系列。同時，我們正在改進店內技術和忠誠度計劃，並計劃增強我們的數位功能，以增強消費者體驗。

This quarter, we successfully completed the deployment of a new point-of-sale system across our store base with no consumer disruption. This new point of sale is easier for our store associates to navigate and allows them to provide a better customer experience.

本季度，我們成功完成了整個門市新銷售點系統的部署，且沒有對消費者造成任何干擾。這個新的銷售點使我們的店員更容易導航，並允許他們提供更好的客戶體驗。

Our loyalty program is performing well with existing customers and is driving increased spend, trip frequency, cross-channel purchases and retention. In Q2, we had approximately 39 million active loyalty customers up 5% compared to the prior year.

我們的忠誠度計劃在現有客戶中表現良好，並推動了消費、旅行頻率、跨通路購買和保留率的提高。第二季度，我們約有 3,900 萬活躍忠誠客戶，比上年成長 5%。

Now I'll turn to the details of our Q2 financial performance and guidance. In Q2, we delivered net sales of $1.5 billion up 1.5% to the prior year. These results were at the high end of our guidance range, led by strong semiannual sale performance as I previously stated. In US and Canadian stores, net sales totaled $1.2 billion, an increase of 5% versus the prior year.

現在我將詳細介紹我們的第二季財務業績和指引。第二季度，我們的淨銷售額為 15 億美元，比上年成長 1.5%。這些結果處於我們指引範圍的高端，正如我之前所說，這得益於強勁的半年銷售業績。在美國和加拿大的商店，淨銷售額總計 12 億美元，比上年增長 5%。

Direct net sales were $267 million, a decrease of 10% compared to last year when adjusted for buy online, pickup in store, which is reported as store sales, direct net sales were down 3%. That said, we're not satisfied with our digital business.

直接淨銷售額為 2.67 億美元，與去年相比下降了 10%，經調整線上購買、店內取貨（報告為店內銷售額）後，直接淨銷售額下降了 3%。話雖如此，我們對我們的數位業務並不滿意。

And as Daniel noted, our teams are moving quickly to enhance the digital experience. International net sales were $86 million in the second quarter, a decline of 3% and in line with expectations. The decline in the quarter was driven by the timing of ship sales between Q1 and Q2. Year-to-date, net sales were up 2% versus prior year, representing the first positive seasonal net sales results we've seen since the start of the Middle East conflict.

正如丹尼爾所說，我們的團隊正在迅速採取行動來增強數位體驗。第二季國際淨銷售額為 8,600 萬美元，下降 3%，符合預期。本季的下滑是由於第一季和第二季之間的船舶銷售時間所致。年初至今，淨銷售額較上年同期成長 2%，這是自中東衝突爆發以來我們看到的第一個正面的季節性淨銷售額結果。

International system-wide retail sales grew 9% in the quarter, in line with our expectations and a continued improvement in performance. Our second quarter gross profit rate of 41.3% exceeded our expectations and increased 30 basis points compared to prior year, while including $16 million or approximately 100 basis point headwind from tariffs.

本季國際全系統零售額成長 9%，符合我們的預期，業績持續改善。我們第二季的毛利率為 41.3%，超出了我們的預期，比去年同期增加了 30 個基點，同時包括 1,600 萬美元或約 100 個基點的關稅阻力。

Gross profit expansion resulted from B&O leverage, largely due to the exit of a third-party fulfillment center. Adjusted SG&A as a percentage of net sales was 30.2%, representing a 110 basis point deleverage compared to the prior year. The increase was driven by selling expense, including investments in new stores and higher health care costs.

毛利的擴張源自於 B&O 槓桿，這很大程度上是由於第三方履行中心的退出。調整後的銷售、一般及行政費用佔淨銷售額的百分比為 30.2%，與前一年相比，槓桿率降低了 110 個基點。成長的原因是銷售費用，包括新店投資和更高的醫療保健成本。

Now bringing it all together, Second quarter adjusted operating income was $172 million, down 6% to last year. With respect to inventory, we ended the second quarter with total inventory up 13% to prior year. This includes the impacts of tariffs on purchases as well as planned strategic pull forward.

綜合起來，第二季調整後的營業收入為 1.72 億美元，比去年下降 6%。就庫存而言，第二季末我們的總庫存比去年同期成長了 13%。這包括關稅對採購的影響以及計劃中的策略推進。

We exited the season with healthy inventory levels. Turning to real estate. our portfolio remains healthy with 58% of our fleet in off-mall locations. In the second quarter, we opened 20 new North American stores, all in off-mall locations and permanently closed 16 stores, primarily in malls. Internationally, our partners opened 14 new stores and closed one store during the quarter, and we ended the quarter with 537 stores.

本季結束時我們的庫存水準是健康的。談到房地產，我們的投資組合依然健康，其中 58% 的車隊位於非商場地點。第二季度，我們在北美開設了 20 家新店，全部位於非購​​物中心地點，並永久關閉了 16 家店，主要位於購物中心。在國際上，我們的合作夥伴在本季開設了 14 家新店，關閉了 1 家店，本季末我們擁有 537 家店。

Our international store expansion plans for 2025 remain on track with at least 30 planned net new store openings. Turning now to our 2025 financial guidance. Our full year and third quarter guidance includes the estimated impact of all tariff rates communicated by the US government and other countries as of this week. including the recent removal of Canadian retaliatory tariffs effective September 1.

我們 2025 年的國際門市擴張計畫仍在順利進行中，計畫淨開設至少 30 家新店。現在來談談我們的 2025 年財務指引。我們的全年和第三季指引包括截至本周美國政府和其他國家公佈的所有關稅稅率的預期影響，包括加拿大最近於 9 月 1 日起取消的報復性關稅。

For the full year, we expect tariffs, net of mitigation efforts to negatively impact growth gross profit by approximately $85 million, with $40 million of that impact in Q3. As a reminder, we import approximately 10% of goods from China and 7% from Canada and Mexico. We believe our vertically integrated predominantly US based supply chain positions us well to compete in the current environment and to fully absorb the impact of tariffs at current levels in our fiscal 2025 guidance.

我們預計，扣除減稅措施後，全年關稅將對毛利成長產生約 8,500 萬美元的負面影響，其中第三季的影響為 4,000 萬美元。提醒一下，我們從中國進口約 10% 的商品，從加拿大和墨西哥進口約 7% 的商品。我們相信，我們以美國為主導的垂直整合供應鏈使我們在當前環境中具有良好的競爭力，並能夠在 2025 財年指引中充分吸收當前水準的關稅影響。

Looking ahead, we are confident in our ability to further mitigate these costs over time through strategic sourcing, operational efficiencies and other targeted initiatives. For the full year, we are narrowing our net sales guidance from 1% to 3% growth to 1.5% to 2.7% growth and raising the low end of our adjusted earnings per diluted share guidance from $3.25 to $3.60 to $3.35 to $3.60.

展望未來，我們有信心透過策略採購、營運效率和其他有針對性的措施進一步降低這些成本。對於全年，我們將淨銷售額預期從成長 1% 至 3% 縮小至成長 1.5% 至 2.7%，並將調整後每股攤薄收益預期的低端從 3.25 美元至 3.60 美元提高至 3.35 美元至 3.60 美元。

Our guidance reflects strong first half performance and consistent expectations of 1% to 3% net sales growth for the second half of the year. We continue to expect gross profit rate of approximately 44%, and I am confident in our ability to absorb the $85 million impact of tariffs most of which was not included in our initial guidance range back in February.

我們的預期反映了上半年強勁的業績表現以及對下半年淨銷售額成長 1% 至 3% 的一致預期。我們繼續預期毛利率約為 44%，我相信我們有能力吸收 8,500 萬美元的關稅影響，其中大部分並未包含在我們 2 月的初始指引範圍內。

We now expect our adjusted SG&A rate to be approximately 27.7% and driven by higher health care costs and strategic investments. And we are increasing our planned share repurchases to $400 million, up from $300 million. Turning now to the third quarter. We expect net sales growth of 1% to 3% growth versus the prior year.

我們現在預計調整後的銷售、一般及行政費用率約為 27.7%，這受到更高的醫療保健成本和策略性投資的推動。我們將股票回購計畫從 3 億美元增加至 4 億美元。現在轉到第三季。我們預計淨銷售額將比上年增長 1% 至 3%。

We expect Q3 system-wide international retail sales to be up high single digits with reported net sales up mid-single digits. We expect third quarter gross profit rate to be approximately 42.2% including approximately $40 million of tariff impact. Tariffs are expected to disproportionately impact third quarter results due to inventory receipts that were subject to the 145% China tariff rate between April 9, through May 13.

我們預期第三季全系統國際零售額將成長高個位數，報告淨銷售額將成長中個位數。我們預計第三季毛利率約為 42.2%，其中包括約 4,000 萬美元的關稅影響。由於 4 月 9 日至 5 月 13 日期間庫存收貨需繳納 145% 的中國關稅，預計關稅將對第三季業績產生不成比例的影響。

We expect our third quarter SG&A rate to be approximately 31.5%, also reflecting higher health care and technology costs as well as strategic investments. We are diligently working to mitigate these impacts. Our third quarter outlook includes interest expense and other of approximately $65 million and a tax rate of approximately 25% and weighted average diluted shares outstanding of approximately $206 million. Considering all of these inputs, we are forecasting third quarter earnings per diluted share of $0.37 to $0.45. You can provide additional details on our guidance in our slide presentation.

我們預計第三季銷售、一般及行政費用率約為 31.5%，這也反映了更高的醫療保健和技術成本以及策略性投資。我們正在努力減輕這些影響。我們對第三季的展望包括約 6,500 萬美元的利息支出和其他費用、約 25% 的稅率以及約 2.06 億美元的加權平均稀釋流通股。綜合考慮以上所有因素，我們預測第三季每股攤薄收益為0.37美元至0.45美元。您可以在我們的幻燈片簡報中提供更多關於我們業績指引的詳細資訊。

Now for an update on capital allocation. We are a strong cash flow generating business, and our top priority remains driving durable profitable growth through strategic investments in the business. To support this, we continue to plan capital expenditures of $250 million to $270 million during the year with a focus on real estate and technology.

現在來更新一下資本配置的狀況。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持久的獲利成長。為了支持這一點，我們繼續計劃在今年支出 2.5 億至 2.7 億美元的資本，並專注於房地產和科技。

In the second quarter, capital expenditures totaled $56 million, bringing the year-to-date total to $93 million. Our full year free cash flow expectation remains in the range of $750 million to $850 million, reflecting working capital improvement driven by our fuel for growth initiatives.

第二季度，資本支出總計 5,600 萬美元，年初至今的總額達到 9,300 萬美元。我們全年的自由現金流預期仍然在 7.5 億美元至 8.5 億美元之間，這反映了我們的成長動力計畫所推動的營運資本改善。

In Q2, we returned $42 million to shareholders through dividends and repurchased 4.1 million shares of common stock for $121 million. at an average price of $29.14 per share. Year-to-date, we have returned $85 million to shareholders through dividends and we have repurchased 8.5 million shares of common stock for $256 million.

在第二季度，我們透過股息向股東返還了 4,200 萬美元，並以 1.21 億美元的價格回購了 410 萬股普通股，平均價格為每股 29.14 美元。年初至今，我們已透過股利向股東返還了 8,500 萬美元，並以 2.56 億美元回購了 850 萬股普通股。

As I mentioned, we are increasing our planned full year share repurchases from $300 million to $400 million. Our business generates strong free cash flow, and we view our shares as an attractive investment at current levels.

正如我所提到的，我們將把全年股票回購計畫從 3 億美元增加到 4 億美元。我們的業務產生強勁的自由現金流，我們認為我們的股票在當前水準上是一項有吸引力的投資。

In summary, I'm encouraged by our first half performance and energized by the opportunity to accelerate growth. We believe that our agile business model positions us well to compete effectively in today's dynamic consumer and macro environment.

總而言之，我們對我們上半年的業績感到鼓舞，並對加速成長的機會感到振奮。我們相信，我們靈活的商業模式使我們能夠在當今動態的消費者和宏觀環境中有效競爭。

We are executing with discipline focusing on what we can control and introducing newness and collaborations to consumers in the second half of the year. I'd like to extend my gratitude to our teams across the company for their hard work and strong execution.

我們正在嚴格執行，專注於我們能夠控制的事情，並在下半年向消費者推出新產品和合作項目。我要向公司各團隊的辛勤工作和強大的執行力表示感謝。

Now let's open it up for questions.

現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So Daniel, with a full quarter now under your belt, how would you assess opportunities ahead versus your perspective, maybe when you first walked into the building? And Eva, could you speak to traffic trends during the quarter and trends that you've seen in August supporting the 1% to 3% sales outlook for the third quarter?

太好了，謝謝。那麼丹尼爾，你已經完成了整整一個季​​度的工作，相對於你第一次走進大樓時的觀點，你會如何評估未來的機會？伊娃，您能否談談本季的客流量趨勢，以及您在 8 月看到的支援第三季 1% 至 3% 銷售前景的趨勢？

Good morning, everyone, and good morning, Matt. Yes, I've been at Bath & Body Works now for just over 100 days and deeply immersed in the business, as you heard, meeting with consumers, teams, partners, shareholders. And the real headline is beyond my sort of diligence from outside the company, I see even more opportunity to accelerate growth than I did three days ago.

大家早安，馬特早安。是的，我已經在 Bath & Body Works 工作了 100 多天，全心投入公司業務中，正如您所聽到的，與消費者、團隊、合作夥伴和股東會面。真正的重點是，除了我在公司外部所做的努力之外，我還看到了比三天前更多的加速成長的機會。

I mentioned on my first earnings call on day 10 or three no regret move, elevating our digital platform, amplifying the efficacy of our products and expanding our distribution, and we are making good progress against those important initiatives. But beyond those, I do see opportunities right across the value chain to accelerate growth. Let me give you a few examples of the things I've seen.

我在第十天或第三天的第一次財報電話會議上提到了不後悔的舉措，提升我們的數位平台，增強我們產品的功效並擴大我們的分銷，我們在這些重要舉措方面正在取得良好進展。但除此之外，我確實看到了整個價值鏈中加速成長的機會。讓我舉幾個我所見過的例子。

Firstly, in terms of our assortment and merchandising. Our stores are beautiful and experiential, exceptionally strong, but many new consumers have told me they find the assortment overwhelming. It's not that we don't have the product for them, we really do. It's just that they find it hard to find, and we also lead with price sometimes over benefits. So we're addressing that.

首先，就我們的商品種類和商品銷售而言。我們的商店很漂亮，體驗性很強，但許多新消費者告訴我，他們發現商品種類繁多，讓人眼花撩亂。這並不是說我們沒有適合他們的產品，我們確實有。只是他們很難找到，我們有時也會以價格而非利益為先。所以我們正在解決這個問題。

We're editing our assortment to amplify what we truly stand for the consumer selling bigger and bolder stories to drive greater demand through a smaller selection of products at lower discounts. That's where we're focused there. Another opportunity has been in Beauty Park. It's incredible the foundation that this company has built with its agile domestically vertically integrated supply chain.

我們正在編輯我們的產品組合，以擴大我們真正代表消費者的銷售，透過以更少的產品選擇和更低的折扣來推動更大的需求，從而銷售更大、更大膽的故事。這就是我們關注的重點。另一個機會是在美麗公園。該公司憑藉其敏捷的國內垂直整合供應鏈所建立的基礎令人難以置信。

It gives us speed, agility and quality, but we can truly use this asset to drive innovation in our core categories and reinforce our position as a category leader I am focused on making sure that we have the right innovation in the pipeline for our core categories, and we are looking forward to bringing those to market in the next fiscal.

它為我們提供了速度、敏捷性和質量，但我們可以真正利用這項資產來推動我們核心類別的創新，並鞏固我們作為類別領導者的地位，我專注於確保我們的核心類別擁有正確的創新，我們期待在下一個財政年度將這些創新推向市場。

And then finally on brand, so important. We have this iconic brand, and so many consumers have shared with me that the deep love for the Bath & Body Works brand. And we have this incredible social following, as you might have seen, about 7.4 million Instagram followers. But we're posting not programming social, the way that top brands do create a lead at the speed of culture and commerce integrated. We need to reframe social, Instagram, TickTock as a growth system.

最後是品牌，這非常重要。我們擁有這個標誌性品牌，許多消費者都與我分享了對 Bath & Body Works 品牌的深刻熱愛。正如您可能看到的，我們在社交媒體上擁有令人難以置信的粉絲群，大約有 740 萬 Instagram 粉絲。但我們發布的不是社群編程，而是頂級品牌以文化和商業融合的速度創造領先地位的方式。我們需要將社交、Instagram、TickTock重新定義為一個成長系統。

I think about the 4 Cs, content, community creators and commerce. We know this is the modern brand heat and demand generation playbook, and we are getting after that in short order. Eva?

我考慮的是 4C，即內容、社群創造者和商業。我們知道這是現代品牌熱度和需求生成劇本，我們很快就會實現這一點。伊娃？

Great. Thanks, Daniel, So your first question about how the month played out in the quarter and in particular, traffic. As you know, we changed and really improved our retail calendar to drive performance during SaaS. We launched Halloween earlier than prior years and created space for Father's Day. So as you look at the monthly trends, May was softer, but largely negatively affected by the timing of SaaS.

偉大的。謝謝，丹尼爾，你的第一個問題是關於本季度的月度表現如何，特別是流量如何。如您所知，我們改變並真正改進了我們的零售日曆，以提高 SaaS 期間的表現。我們比往年提前推出了萬聖節，並為父親節留出了空間。因此，當您查看月度趨勢時，5 月表現較為疲軟，但很大程度上受到 SaaS 時機的負面影響。

June was very strong from a sales and traffic perspective. And July, I would say, was more back to normal when you normalize for the Halloween launch and the prime day. So traffic overall was up in the quarter. It was above external benchmarks, but it was a bit softer than Q1.

從銷售和流量角度來看，六月表現非常強勁。我想說，如果考慮到萬聖節發布會和 Prime Day，七月的情況就更加恢復正常了。因此本季的整體客流量是上升的。它高於外部基準，但比第一季略弱。

Now your question in terms of Q3 and what we're seeing in August, First, what I just want to say is, as always, our performance to date is included in our outlook for the quarter. As you think about our key drivers for the quarter, it's our Disney Villans launch, our fall assortment and our single fragrance launch that will come at the end of the quarter.

現在您的問題是關於第三季度以及我們在八月看到的情況，首先，我只想說，與往常一樣，我們迄今為止的表現已包含在我們對本季度的展望中。當您考慮我們本季的主要驅動力時，我們會在本季末推出 Disney Villans、秋季系列和單一香水。

So we're excited about this newness and are confident in the outlook we provided today.

因此，我們對這一新事物感到興奮，並對我們今天提供的展望充滿信心。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. You've talked about marketing changes to focus less on pricing and promotions and more emotionally connecting with customers. What are some of the changes you've made in marketing? And how have customers been responding, and then for Eva, can you talk to the tariff impact between 3Q and 4Q? .

謝謝。早安.您曾談到行銷變革，減少對定價和促銷的關注，而更專注於與客戶的情感連結。您在行銷方面做了哪些改變？客戶的反應如何？然後對於 Eva，您能談談第三季和第四季之間的關稅影響嗎？。

Yeah, Thank you very much, Lorraine. We are focused on elevating our market in what I would call the most practical ways. So you can start to see already the changes that we are driving to our digital experience, just the product photography for Villans and the product copy for Villan is a marked improvement on what this brand has already done. And as I've said before, that will drive both in-store and online sales as well as raising the overall profile and feeding of the brand.

是的，非常感謝，洛林。我們致力於以我稱之為最實用的方式提升我們的市場。因此，您已經可以看到我們正在推動的數位體驗變化，僅 Villans 的產品攝影和 Villan 的產品文案就比品牌已經在做的事情有了顯著的改進。正如我之前所說，這將推動店內和線上銷售，並提升品牌的整體形象和影響力。

And then secondly, in stores, I would say, we have a real opportunity to sell bigger bolder stories. I'm really pleased with the way that came to pass. It shows that when we -- when we stick to our growth formula or the growth philosophy, creating innovative and coveted product, telling bold and emotional stories and bring it to life in the marketplace we win.

其次，我想說，在商店裡，我們有真正的機會銷售更大、更大膽的故事。我對事情的進展感到非常高興。這表明，當我們堅持我們的成長模式或成長理念，創造創新和令人垂涎的產品，講述大膽和感人的故事，並在市場上將其變為現實時，我們就會贏。

And I see many collections in fall and holiday as you move to the back half where the consumer will notice the elevated storytelling in our fleet. Just one practical example, as we've moved our stores off more, we've ended up with thousands of feet of windows, which we have historically not utilized.

當你進入後半部分時，我看到秋季和假期有很多系列，消費者會注意到我們車隊中更高層次的故事敘述。舉一個實際的例子，隨著我們更多地搬遷商店，我們最終得到了數千英尺的窗戶，而這些窗戶過去都是我們從未利用過的。

We have started to roll out really eye-catching windows, and we have been testing and learning with them and expanding it more into fall and holiday. And I must say, it looks wonderful and consumers are responding.

我們已經開始推出真正引人注目的窗戶，並且一直在對它們進行測試和學習，並將其擴展到秋季和假期。我必須說，它看起來很棒，消費者也反應很好。

Great. Thanks, Daniel. The only thing I'll add to that is, as we work to continue to optimize and improve our modeling we're going to be making sure we're measuring the returns and getting the most value and driving the most growth out of those investments. Now Lorraine to your question around Q3 versus Q4 and the impacts of tariffs. We're pleased that for the year, we've raised the low end of our guidance while absorbing this impact of tariffs.

偉大的。謝謝，丹尼爾。我唯一要補充的是，在我們努力繼續優化和改進我們的模型時，我們將確保衡量回報並獲得最大的價值並從這些投資中推動最大的成長。現在洛林回答您關於第三季與第四季以及關稅影響的問題。我們很高興，今年我們在吸收關稅影響的同時，提高了預期的低端。

And if you think about the second half of the year, versus where we were sitting here a quarter ago, we haven't changed things materially, right? We're maintaining up 1% to 3% guidance. But as you look at the overall frame of our gross profit in particular, Q3 is disproportionately impacted by tariffs. The $40 million that I quoted in my prepared remarks, affects margins by about 240 basis points, and that compares to Q4 at 100 basis points, largely driven by the China tariffs at 145%, back between April 9 and May 13.

如果你考慮今年下半年的情況，與一個季度前相比，我們並沒有發生實質的改變，對嗎？我們維持 1% 至 3% 的上漲預期。但當你看我們的整體毛利時，你會發現第三季受到關稅的嚴重影響。我在準備好的發言中提到的 4000 萬美元對利潤率的影響約為 240 個基點，而第四季度的利潤率則為 100 個基點，這主要是由於 4 月 9 日至 5 月 13 日期間中國徵收了 145% 的關稅。

So that disproportionately impacts that as well as some of the mix of our business quarter versus quarter. So overall, we feel good about where we are in our ability to absorb the tariffs and longer term to mitigate the impacts over time.

因此，這對我們的季度業務以及部分季度業務組合產生了不成比例的影響。因此，總體而言，我們對自己吸收關稅的能力以及長期減輕影響的能力感到滿意。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

This is Katie Delahan on for Alex Straton. Just a question for Daniel. I know the prior management team thought with the business that could return to mid-single-digit, high single-digit growth over time. Do you agree with that still? And if so, what are the building blocks as you think about core growth versus some of the newer ideas you have like wholesale or international.

這是凱蒂·德拉漢 (Katie Delahan) 為亞歷克斯·斯特拉頓 (Alex Straton) 報道的。這只是問丹尼爾的一個問題。我知道之前的管理團隊認為隨著時間的推移，業務可以恢復到中等個位數、高個位數的成長。您仍然同意這個觀點嗎？如果是這樣，那麼當您考慮核心成長與批發或國際等一些較新的想法時，其基本要素是什麼？

Thanks, Katie. Yes, we are absolutely anchored to getting to mid-single digit, high single digit. And we look at it both from a growth perspective, but also we're a brand that wants to take share in our core categories, and we know that we are in exciting and our categories are growing.

謝謝，凱蒂。是的，我們絕對有信心達到中等個位數、高個位數。我們不僅從成長的角度來看待這個問題，而且我們也是一個希望在核心類別中佔有一席之地的品牌，我們知道我們正處於令人興奮的階段，我們的類別正在成長。

When it comes to the core, we believe that we have all the right product and really it's about making sure that we are bringing it to market in the best possible way. I can't emphasize enough how fast we will act on our digital opportunity. We know that this is an opportunity to bring new consumers to the brand, which, as I said in my opening remarks, is the single largest opportunity that we have to drive durable and profitable growth.

說到核心，我們相信我們擁有所有正確的產品，而真正的重點是確保我們以最佳方式將其推向市場。我再怎麼強調我們抓住數位機會的速度也不過分。我們知道這是一個為品牌帶來新消費者的機會，正如我在開場白中所說，這是我們推動持久獲利成長的最大機會。

We know that consumers are on digital channels, researching what it is they want to buy, whether they purchase in-store and online -- and as we move through September, October and into the next year, we will be unrelenting in making sure that we are delivering consumer right progress on that channel.

我們知道，消費者正在透過數位管道研究他們想要購買的東西，無論是在實體店購買還是在網上購買——隨著我們進入九月、十月以及明年，我們將堅持不懈地確保我們在該渠道上取得消費者正確的進展。

And then in terms of new priorities, we do see being in the path of the consumer as fundamental to growing new consumers and returning to consistent durable high single-digit, mid-single-digit growth. We're very excited by the announcement of our launch in college bookstores, 7 million young consumers with more convenient access to the brand, and this is the first of many initiatives in this area.

就新的優先事項而言，我們確實認為，走在消費者的道路上對於增加新消費者和恢復持續的高個位數、中個位數成長至關重要。我們非常高興宣佈在大學書店推出該品牌，讓 700 萬年輕消費者能夠更方便地接觸該品牌，這是該領域眾多舉措中的第一步。

Hey Daniel, fun switching between calls here. It's Alex. I have one follow-up for you. And it's really just a similar question. But on this path, potentially 20% EBIT margin over time that the prior management team was pretty keen on. Similar question. Do you agree with that still and building blocks on that piece?

嘿，丹尼爾，在這裡切換通話很有趣。是亞歷克斯。我有一個後續問題需要您解答。這其實只是一個類似的問題。但以這種方式，隨著時間的推移，息稅前利潤率可能會達到 20%，這是前任管理團隊非常熱衷的目標。類似的問題。您是否同意作品的靜止和構建塊？

Thanks, Alex. When it comes to investing in our strategy. I think that I'm still anchored to the principles that management have outlined. What we're going to do is refocus our capital internally, refocus our capital allocation internally to invest in the largest growth drivers, and we don't expect ourselves to -- certainly don't expect ourselves to dilute our margins in the coming quarters.

謝謝，亞歷克斯。當談到投資我們的策略時。我認為我仍然堅持管理層所概述的原則。我們要做的是重新調整我們的內部資本，重新調整我們的內部資本配置，投資最大的成長動力，我們不希望——當然也不希望我們在未來幾季稀釋我們的利潤率。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

This is Emily Gosh on for Kate. We were wondering if you could provide more detail around the drivers of SG&A deleverage in the quarter, including the investments in new stores and higher health care costs. And then do you guys expect to see similar costs in the second half of the year?

我是艾米麗·戈什 (Emily Gosh)，為凱特 (Kate) 主持。我們想知道您是否可以提供更多有關本季度銷售、一般及行政費用去槓桿化驅動因素的詳細信息，包括對新店的投資和更高的醫療保健成本。那麼你們預計下半年的成本也會類似嗎？

Great. Thanks for the question, Emily. So overall, in the quarter, as I mentioned in my prepared remarks, a few things, right? The investment in stores is normal the store growth, the build-out that we're doing. We also invested in some training we are seeing some pressure on health care costs that is factored in.

偉大的。謝謝你的提問，艾米麗。所以總的來說，正如我在準備好的發言中提到的那樣，本季有幾件事，對嗎？對商店的投資是正常的，我們正在進行的商店成長和擴張。我們也投資了一些培訓，我們發現醫療保健成本面臨一些壓力。

to our outlook. You saw for the year, we took our SG&A guidance up a bit if you -- if you think about that, and it's the health care cost, it's some technology cost and some investments we're making in building out the strategic plans that Daniel has outlined.

對我們的展望。您會發現，對於今年而言，我們稍微提高了銷售、一般和行政費用 (SG&A) 指導值，如果您考慮一下的話，這是醫療保健成本，這是一些技術成本，以及我們在製定丹尼爾所概述的戰略計劃時所做的一些投資。

Boruchow, Wells Fargo.

博魯喬夫，富國銀行。

I wanted to focus on the digital side of the business, understanding the having a headwind there, but still negative. I guess, Daniel, the I'd love to hear some of the initial learnings that you have on your end, obviously, from your background, big DTC digital platform. I would love to know what you think you can enact in kind of the near term and the medium term, what are the biggest opportunities? And what's your outlook for Bath & Body's kind of digital and e-commerce platform over the next couple of years?

我想專注於業務的數位化方面，了解那裡存在的阻力，但仍然是負面的。我想，丹尼爾，我很想聽聽你從你的背景，大型 DTC 數位平台方面獲得的一些初步經驗。我很想知道您認為在短期和中期內您可以採取哪些行動，最大的機會是什麼？您對未來幾年 Bath & Body 的數位與電子商務平台有何展望？

Thank you, Ike. You're absolutely right. Our digital business is not up to our standard. Our stores are beautiful and experiential and our digital platform is not. We know that digital drives brand relevance, discovery and sales in all channels, and we are taking steps to address this immediately, as I said, and consumers are going to start to feel it.

謝謝你，艾克。你完全正確。我們的數位業務沒有達到我們的標準。我們的商店美觀且體驗豐富，但我們的數位平台卻不是。我們知道數位化推動著品牌相關性、發現度和所有管道的銷售，正如我所說，我們正在採取措施立即解決這個問題，消費者也將開始感受到它。

You see it in the product citography pavilions, and we will launch a new app in September. We will relaunch mobile web starting in October. And we have a plan that goes three months, six months, nine months, 12 months, and we're going to be unrelenting in improving the channel because we know that it will drive brand and it will drive sales in store as well as sales online, and it is key to capturing the new consumer. We believe we have so many of the fundamentals in place, but this will be a key driver in the coming months, quarters and years, and we are on it.

您可以在產品引文展館中看到它，我們將於 9 月推出一款新應用程式。我們將從十月開始重新推出行動網路。我們有一個為期三個月、六個月、九個月、十二個月的計劃，我們將堅持不懈地改善管道，因為我們知道它將推動品牌發展，推動店內銷售和線上銷售，這是吸引新消費者的關鍵。我們相信我們已經具備了很多基本條件，但這將成為未來幾個月、幾季和幾年的關鍵驅動力，我們正在為此努力。

Daniel, just a follow-up. Do you have an expectation on when that channel can realistically show some inflection? Is there an algo or a growth rate that you would target over the longer term? Just kind of curious more into the numbers.

丹尼爾，只是一個後續問題。您是否預期該頻道何時能夠真正顯示出一些變化？是否存在一個長期目標演算法或成長率？只是對這些數字有點好奇。

So obviously, we look at the retail equation just as we do with all of our channels. I think the way I think about it is consumers are going to start seeing improvements immediately, and we do expect that to grow over time.

顯然，我們看待零售等式的方式與我們看待所有管道的方式一樣。我認為消費者會立即看到改進，而且我們確實希望這種改進會隨著時間的推移而成長。

Quite when it reaches what the growth rate should be, I actually have to learn in my time at Nike that the important thing is to be moving at the pace of the consumer. We're not looking to overly advantage our digital channel over our stores channel. What we're looking to do is ensure that we are in the path of the consumer with a channel that's right for them and bringing new consumers to the brand.

當達到應有的成長率時，我在耐吉工作期間實際上必須認識到，重要的是跟上消費者的步伐。我們並不希望我們的數位管道比我們的商店通路更具優勢。我們希望做的是確保我們能夠透過適合消費者的管道走上消費者的道路，並為品牌帶來新的消費者。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hi there, this is Kelly on for Paul. I just wanted to dig a bit more into the tariffs. The $85 million burn you're seeing this year seems very high relative to your sourcing exposure any way to sort of quantify what sort of tariff impact that you've seen from those higher rates does not repeat next year, so it would sort of be viewed as a margin opportunity. That's my first question. And then second question is just on how AUR shook out in the quarter and your views on the back half.

大家好，我是凱利，接替保羅。我只是想更深入地了解關稅問題。今年您看到的 8500 萬美元的損失相對於您的採購風險來說似乎非常高，無論如何量化您所看到的那些更高稅率帶來的影響明年不會再次發生，所以這將被視為一個盈利機會。這是我的第一個問題。第二個問題是 AUR 在本季的表現如何以及您對下半年的看法。

Sure, Kelly. I'll start with the tariff question. the net impact of about $85 million sinks up with our sourcing. I would remind you that until September 1, right, the Canadian retaliatory tariffs of 25% were in place, we have a business -- a strong business in Canada. Thus, we were importing our product there.

當然，凱利。我先從關稅問題開始。我們的採購產生了約 8500 萬美元的淨影響。我要提醒你，直到 9 月 1 日，加拿大的 25% 的報復性關稅才生效，我們在加拿大有業務——強大的業務。因此，我們將產品進口到那裡。

So that may be the delta on your math there. Overall, on AURs, our mix-adjusted AURs were up low single digits in the quarter. We were less promotional overall for the quarter. Obviously, we had a larger sales mix into the SaaS time frame. But we continue to use our agile model to meet consumers where they are, and we'll do that.

這可能是您計算出的增量。總體而言，就 AUR 而言，我們的混合調整後 AUR 在本季度上漲了個位數。本季我們的促銷活動整體較少。顯然，我們在 SaaS 時間範圍內擁有更大的銷售組合。但我們會繼續使用我們的敏捷模型來滿足消費者的需求，我們會做到這一點。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good morning. Thank you for taking my question. A couple here. First is on wholesale. How should we be thinking about the contribution from the campus stores this year, both from top line and gross margin? And just bigger picture, maybe update us on how you're thinking about the timing and scale of future wholesale opportunities. And then separately, just SG&A, I wanted to follow up there.

早安.感謝您回答我的問題。這裡有一對夫婦。首先是批發。我們該如何看待今年校園商店的貢獻，包括營業收入和毛利率？從更大的角度來看，也許您可以告訴我們您對未來批發機會的時間和規模的看法。然後單獨來說，只是銷售、一般和行政費用，我想跟進一下。

I mean the deleverage has intensified a bit. Maybe just help us reconcile the Q2 trend and the guide with the plans to accelerate growth while sustaining or expanding margin. Thank you.

我的意思是去槓桿已經加強。也許只是幫助我們協調第二季的趨勢和指南以及加速成長同時維持或擴大利潤率的計劃。謝謝。

Thank you, Mark. Let me kick off and then hand to Eva. So the contribution from Campus is -- Campus bookstore is built into our full year guidance. So that. The most important thing, I think, is this is a statement of intent. We are a consumer-led brand and consumers don't shop channels, they shop brands and to introduce new consumers, we must be in their path.

謝謝你，馬克。讓我先開始，然後交給 Eva。因此，校園書店的貢獻已納入我們的全年指導。以便。我認為最重要的是，這是一份意向聲明。我們是一個消費者主導的品牌，消費者不購買管道，他們購買品牌，為了吸引新消費者，我們必須走在他們的道路上。

And so we're going to thoughtfully and strategically explore new channels of distribution college bookstores is the first example. It target consumers, younger consumers in a really convenient location. We are hard at work thinking about which are the next opportunities, and we're looking forward to providing you an update when we come back with our long-term growth strategy.

因此，我們將深思熟慮並有策略地探索新的分銷管道，大學書店就是第一個例子。它的目標消費者是位於真正便利位置的年輕消費者。我們正在努力思考下一個機遇，並期待在我們的長期成長策略出台後向您提供最新消息。

Yeah, Mark, I will take your SG&A question. From an SG&A pressure and the trends we're seeing, as I said, it's really the higher health care costs, some strategic investments that we're making to drive the new strategy and a bit of technology.

是的，馬克，我會回答你的銷售、一般及行政管理問題。從銷售、一般及行政費用的壓力和我們看到的趨勢來看，正如我所說，這實際上是更高的醫療保健成本、我們為推動新戰略而進行的一些戰略投資以及一些技術。

Now looking at it more holistically, right, B&O is leveraging as we exited a third-party fulfillment center as we're driving strength in our stores, that pressures were the SG&A versus the B&O. We'll continue. We've had a strong fuel for growth program. We've taken out $300 million of cost over the last couple of years, and we will continue to flex that muscle to offset some of these impacts we're seeing.

現在從更全面的角度來看，當我們退出第三方履行中心時，B＆O 正在利用這一優勢來增強我們商店的實力，而壓力則是銷售、一般及行政費用 (SG&A) 與 B＆O 之間的對比。我們會繼續。我們有一個強勁的成長動力計劃。在過去幾年裡，我們已經節省了 3 億美元的成本，我們將繼續發揮這一優勢來抵消我們所看到的一些影響。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

And thank you for taking my question. I would love to hear more about the fragrance and body mix to how that performed during the quarter. And Daniel, I know Beauty is a focus area for you. What are your plans around that specific category, and any color around Disney partnership in terms of how long the new drop will last and cadence of future launches as well.

感謝您回答我的問題。我很想了解更多關於香水和身體混合物在本季的表現。丹尼爾，我知道美容是您的關注領域。您針對該特定類別有何規劃？關於新品發布將持續多久以及未來發布節奏，您與迪士尼的合作有何計劃？

Great, Jonna, I'll start with Body Care and how it performed in the quarter. Overall, we were disappointed with Body Care. As you saw, we were down low single digits. We had stronger results during the semiannual sale. Our men's business continued to grow nicely.

太好了，喬娜，我將從身體護理開始，看看它在本季度的表現如何。總體而言，我們對身體護理感到失望。正如你所看到的，我們的收入下降了個位數。我們在半年銷售期間取得了更好的業績。我們的男裝業務持續保持良好成長。

We've relaunched True Blue Spa. But Mother's Day didn't perform to our expectations in this growing category. We'll high inside that. We believe we needed more newness as you approach the event. And what I'll say is this is a really strong category that we're a leader in, and it will continue to be a priority area for us, and we're going to learn from consumers and innovate in both form and function.

我們重新推出了 True Blue Spa。但母親節在這一不斷增長的類別中的表現並未達到我們的預期。我們會在那裡面很開心。我們相信，隨著活動的臨近，我們需要更多新事物。我想說的是，這是一個我們處於領先地位的強大類別，它將繼續成為我們的優先領域，我們將向消費者學習並在形式和功能上進行創新。

Thanks, Eva. Now let me just follow up with a few comments on Disney and CoLab, We have seen great success from our collaboration in the past with Disney. Disney Princesses specifically in the first quarter, and we're very excited about the launch of Villans in this quarter.

謝謝，伊娃。現在，請容許我繼續就迪士尼和 CoLab 發表一些評論，我們過去與迪士尼的合作取得了巨大的成功。特別是第一季的《迪士尼公主》，我們對本季《維拉》的推出感到非常興奮。

We've taken learnings from what we did at Princesses and applied them to this launch, and we're excited that this is our first global launch of a collaboration. But there are two strategic things that I should mention.

我們吸取了在 Princesses 工作時的經驗教訓，並將其運用到這次發布中，我們很高興這是我們首次在全球推出合作產品。但有兩件戰略性的事情我應該要提一下。

Firstly, collaborations like this are proof points to the growth philosophy, putting the consumer at the center, innovative and coveted product amazing storytelling and then bringing it to life in the integrated and elevated marketplace.

首先，這樣的合作證明了成長理念，即以消費者為中心，創新和令人垂涎的產品，講述令人驚嘆的故事，然後在綜合和提升的市場中將其變為現實。

I've seen what billings is going to look like in stores. And again, it raises the bar for storytelling in our stores, and I know our consumers will respond positively. Secondly, we are focused on consistent durable and profitable growth levers.

我已經看到了商店裡的帳單是什麼樣子的。這再次提高了我們商店講故事的標準，我知道我們的消費者會做出積極的回應。其次，我們專注於持續、持久且有利可圖的成長槓桿。

And so the announcement of our signing a multiyear deal with Disney is exciting. We're turning a one-off into a durable and profitable growth lever for this company, it will be the first of many that we'll be talking about in the coming quarters.

因此，我們宣布與迪士尼簽署多年期協議令人興奮。我們正在將一次性事件轉變為該公司持久且有利可圖的成長槓桿，這將是我們在未來幾季討論的眾多事件中的第一個。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Thanks. Good morning. Could you talk a little bit more about price and promotion in your views, less so in Q2 given the semiannual sale, but more in Q3 and second half and whether tariff mitigation plans necessitate any pricing? And then just on tariffs overall, could you talk about any other initiatives that you have that you're planning to embark on to lower the pressure there?

謝謝。早安.能否再多談談價格和促銷的問題？考慮到半年一次的促銷活動，您在第二季度談論得較少，但在第三季度和下半年談論得更多，並且關稅減免計劃是否需要定價？那麼就整體關稅而言，您能否談談您計劃採取的其他舉措，以減輕那裡的壓力？

Thanks, Olivia. This is Eva. I'll start. As you think about tariffs, we've been working to mitigate this since tariffs were announced or became a possibility. And as we look over a multiyear period, we have three areas that we're clearly focused on.

謝謝，奧莉維亞。這是伊娃。我先開始。當您考慮關稅時，自從關稅宣布或成為可能以來，我們一直在努力緩解這個問題。回顧多年的歷程，我們明確地專注在三個領域。

One, supply chain optimization. We've done that before, right, with 80% of our supply chain US based. So our teams are working hard there. That takes time to shift and have the right capacity in the right location, targeted assortment changes how we can optimize our assortment to minimize tariffs while continuing to satisfy the customer. We've made some of those changes.

一、供應鏈優化。我們以前就這樣做過，我們的供應鏈 80% 都位於美國。所以我們的團隊正在那裡努力工作。這需要時間來轉變並在正確的位置擁有正確的容量，有針對性的分類改變了我們如何優化分類以最大限度地降低關稅，同時繼續滿足客戶的需求。我們已經做出了一些改變。

It's reflected in our outlook in our back half of the year. our back half of the year expectation. And finally, strategic pricing assumptions. And as Daniel has said, relying less on promotional elevating our value equation. We're an affordable luxury.

這反映在我們對下半年的展望中。我們對下半年的期待中。最後是策略定價假設。正如丹尼爾所說，減少對促銷的依賴來提升我們的價值方程式。我們是一種可以負擔得起的奢侈品。

So really bringing the innovation to elevate that value and drive AUR up.

因此，真正透過創新來提升價值並推動 AUR 上升。

Ashley Helgans, Jefferies.

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

This is Siby on for Ashley. Thanks for taking our question. Have you ever quantified the difference in store productivity between on and off mall stores? And then just on newness and thinking about that as a sales driver have you sized maybe what percent of comp is driven by newness historically and kind of where you would like to see that go going forward? Thank you.

這是 Siby 為 Ashley 所表演的。感謝您回答我們的問題。您是否曾經量化過商場內和商場外商店生產力的差異？然後，僅就新穎性而言，考慮到作為銷售驅動因素，您是否估算過歷史上有多少比例的銷售額是由新穎性推動的，以及您希望看到這種趨勢在未來如何發展？謝謝。

Yeah. On your question on the on and off mall, both have very strong four-wall economics. In the quarter, and this is very consistent with prior periods, all small stores are performing better than mall-based stores, driven by conversion, some traffic.

是的。關於您關於實體商場和實體購物中心的問題，兩者都有非常強大的四面牆經濟。在本季度，這與前期非常一致，所有小型商店的表現都優於商場商店，這得益於轉換率和一些流量。

But overall, the economics are both -- are strong in both, and we have a very healthy portfolio. And in terms of your question on what percent of growth is driven by newness, we have an overall -- we have an overall portfolio of products.

但整體而言，兩國的經濟狀況都很強勁，而且我們的投資組合非常健康。至於您問到的成長百分比有多少是由新產品推動的，我們有一個總體——我們有一個整體產品組合。

We know our customers respond to the newness that we bring that's the way to drive traffic, excitement, bring new consumers in. So it's part of the overall equation. We have not broken it out specifically.

我們知道我們的客戶會對我們帶來的新事物會做出反應，這是增加流量、激發興趣、吸引新消費者的方式。所以它是整體方程式的一部分。我們還沒有具體地闡述這一點。

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 one top line, the drivers of innovation and now, obviously, the new college campus initiative. Are there other initiatives that -- where you can see putting your product outside of your own stores that could be a top line enhancer and marrying that with the profitability and margin metrics how do you think of accelerating those margins go forward in the wake of tariffs?

大家好，早安。當你想到最重要的一點時，那就是創新的驅動力，現在顯然還有新的大學校園計畫。還有其他舉措嗎？您是否認為將產品放在自己的商店之外可以提高銷售額，並將其與獲利能力和利潤率指標結合起來，您認為在關稅之後如何加速提高這些利潤率？

And just lastly, on the third and fourth quarter guide, the fourth quarter obviously shows much more improvement than the third quarter as you think about the fourth quarter, any changes in how you're thinking about the promotional cadence and innovation or marketing. Thank you.

最後，關於第三季和第四季的指南，第四季顯然比第三季有更大的改善，當您考慮第四季時，您對促銷節奏和創新或行銷的看法有什麼變化。謝謝。

Yeah, good morning, Dana. I'll start with your -- I'll start with your last question first, right? The dynamics between the third and fourth quarter and the pressures on margin is largely driven to that tariff dynamic that I spoke to earlier, about 230, 240 basis points of pressure in Q3; in Q4, 100 basis points of pressure.

是的，早上好，達娜。我先從你的最後一個問題開始，對嗎？第三季和第四季之間的動態以及利潤壓力很大程度上是由我之前提到的關稅動態所驅動的，第三季的壓力約為 230 至 240 個基點；第四季的壓力為 100 個基點。

We know Q4 is about winning in holiday. We're excited about our holiday assortment. Our expectation is not to be meaningfully different than last year from a promotional cadence, and we'll continue to use our Agile model to meet the customer and drive demand.

我們知道第四季的關鍵在於假期勝利。我們對我們的假日系列感到非常興奮。我們的預期是促銷節奏與去年相比不會有太大差異，我們將繼續使用敏捷模型來滿足客戶並推動需求。

Dana, let me just come in finally on the top line drivers. I mean I think that's my big takeout from my first 100 days. It was clear to me that we are going to drive top line growth by elevating our digital platforms by amplifying the efficacy of our product, which is something that new and younger consumers are asking for, and we have already invested in the formulas that are efficacious and clean.

達娜，最後讓我來談談頂尖車手。我的意思是，我認為這是我第一次上任 100 天以來最大的收穫。我很清楚，我們將透過提升我們的數位平台、增強我們產品的功效來推動營收成長，這是新消費者和年輕消費者所要求的，我們已經對有效和清潔的配方進行了投資。

And so it's really about messaging and bringing them to the market in the right way. And then as we said, as we expand our distribution points to be in the part of the consumer, we see that being a top line driver as well. But beyond those things, I can't emphasize enough how many opportunities I've seen in this business to drive growth.

因此，這實際上關乎傳遞訊息並以正確的方式將它們推向市場。正如我們所說的，隨著我們擴大分銷點以進入消費者市場，我們也看到這成為了收入成長的驅動力。但除此之外，我還必須強調，我在這個產業中看到了多少推動成長的機會。

That is my big takeout from the first 100 days, whether that is in marketing and in social, whether that is in innovation through our partnerships in the beauty park, whether that is the opportunities that we have just with some of our iconic fragrances I go into our stores, and I see some big drivers of growth in our classic fragrances.

這是我在第一個 100 天裡最大的收穫，無論是在行銷和社交方面，還是透過我們在美容園區的合作進行的創新，還是我們透過一些標誌性香水獲得的機會，當我走進我們的商店時，我看到了我們經典香水的一些巨大增長動力。

Think Mahogany teakwood into the star, Champagne Toast, once we've launched those products, we rarely go back and market them. We don't necessarily take into a new consumer. They sit on the shelves and people walk in and buy them. It's almost like an annuity. When we take those products to a new consumer and we treat them with the iconic status they deserve, I believe we will bring new consumers to the brand and drive repeat purchase from existing consumers.

想像一下將桃花心木柚木融入明星產品、香檳祝酒，一旦我們推出了這些產品，我們就很少回頭去推銷它們。我們不一定會接納新的消費者。它們放在貨架上，人們走進來購買它們。這幾乎就像年金一樣。當我們將這些產品帶給新消費者並以它們應有的標誌性地位對待它們時，我相信我們會為品牌帶來新消費者，並推動現有消費者的重複購買。

There is so much opportunity for this company, and we are getting after making sure that we identify the largest opportunities and focus the company behind them in the short term. And as we bring our strategy to the market in the next couple of quarters in the medium and long term, too.

這家公司有如此多的機會，我們要確保我們能識別出最大的機會，並在短期內將公司重點放在這些機會上。我們也將在未來幾季內將我們的中長期策略推向市場。

Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Heaf for any final comments.

謝謝。女士們、先生們，我們的提問時間到此結束。我將把發言權交還給希夫先生，請他發表最後的評論。

Thank you, and thank you so much for joining us today. In summary, while we delivered solid results this quarter, there is still much work for us to do ahead. We are energized by the path forward, and we believe the actions we are taking now are positioning us well for profitable, consistent and durable long-term growth.

謝謝，非常感謝您今天加入我們。總而言之，雖然本季我們取得了穩健的業績，但我們仍有許多工作要做。我們對前進的道路充滿信心，我們相信我們現在採取的行動將為我們實現長期盈利、持續和持久的增長做好準備。

We are, without question, making progress on those three [no regret] moves and actively evaluating all the other untapped opportunities we have spoken to today, all while executing with strength and delivering newness for our customers and the customer is the center of everything that we do. I want to say thank you to all of our associates who are making all of this progress possible, and we couldn't be more excited about what lies ahead.

毫無疑問，我們在這三個（無悔的）舉措上取得了進展，並積極評估我們今天談到的所有其他尚未開發的機會，同時大力執行並為我們的客戶提供新鮮事物，而客戶是我們一切工作的中心。我要向所有為實現這一進步而做出努力的同事表示感謝，我們對未來充滿期待。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。