Bath & Body Works Inc (BBWI) 2025 Q3 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 third-quarter 2025 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions).

早安.我叫梅麗莎，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Bath & Body Works 歡迎各位參加 2025 年第三季財報電話會議。請注意，今天的會議正在錄影。（操作說明）

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

現在我將把電話交給投資人關係副總裁盧克朗。盧克，你可以開始了。

Good morning, and welcome to Bath & Body Works third-quarter 2025 earnings conference call. Joining me on the call today are Daniel Heaf, Chief Executive Officer; and Eva Boratto, Chief Financial Officer.

早安，歡迎參加 Bath & Body Works 2025 年第三季財報電話會議。今天與我一起參加電話會議的有執行長丹尼爾希夫和財務長伊娃博拉托。

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 and provide some related facts and figures regarding our operating performance and guidance.

除了本次電話會議和今天上午的新聞稿之外，我們還在網站上發布了一份幻燈片演示文稿，總結了這些準備好的發言稿中的信息，並提供了一些與我們的經營業績和指導相關的相關事實和數據。

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 the risk factors in Bath & Body Works 2024 Form 10-K.

提醒各位，今天的一些評論可能包含與未來事件和預期相關的預測性陳述。有關可能導致實際結果與這些前瞻性聲明有重大差異的因素，請參閱 Bath & Body Works 2024 年 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一些非GAAP財務指標。有關這些措施的重要披露信息，請參閱今天早上的新聞稿和補充材料，包括與最可比較的 GAAP 財務指標的調節表。

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

接下來，我會把電話交給丹尼爾。

Thank you, Luke, and good morning. Let me begin by acknowledging that our third-quarter results and our lower expectations for the fourth quarter don't live up to the expectations we all have for this brand. I joined Bath & Body Works to accelerate growth, and I remain confident in our ability to do so.

謝謝你，盧克，早安。首先我要承認，我們第三季的業績以及我們對第四季較低的預期，都沒有達到我們所有人對這個品牌的期望。我加入 Bath & Body Works 是為了加速公司發展，我對我們實現這一目標的能力仍然充滿信心。

Today, I will set out a clear diagnosis for what's been challenging our performance and the actions we are already taking to address it. While the consumer environment is tougher, this is no excuse as we continue to underperform the sector. We're focused on addressing the issues within our control to return to growth.

今天，我將明確分析目前影響我們績效的因素，以及我們正在採取的應對措施。雖然消費環境更加嚴峻，但這不能成為我們繼續落後於產業平均的藉口。我們專注於解決我們可控範圍內的問題，以恢復成長。

Our transformation started the week I joined with our no-regret moves, and the whole company is working with the utmost urgency. But this will take time. 2026 will be a year of investing behind our brand to strengthen our fundamentals and position our business for sustainable long-term growth. Before I outline what must change, let me ground you in what endures, the competitive advantages that give us the right to win.

從我加入的那一週起，我們就開始了變革，採取了毫不後悔的舉措，整個公司都在以最快的速度推進變革。但這需要時間。 2026年我們將增加對品牌的投資，以鞏固基本面，並為業務的可持續長期成長奠定基礎。在我概述必須改變什麼之前，讓我先談談那些永恆不變的東西，也就是賦予我們獲勝權利的競爭優勢。

We are a market leader in attractive, growing consumer categories. We are an iconic American brand recognized worldwide. We have a vault of beloved fragrance franchises, with each of our top five franchises generating over $100 million in annual revenue and our largest fragrance generating over $250 million yearly.

我們在具有吸引力的、不斷增長的消費品類別中處於市場領先地位。我們是一個享譽全球的美國標誌性品牌。我們擁有許多備受喜愛的香水品牌，其中前五名的香水品牌年收入均超過 1 億美元，而我們最大的香水品牌年收入則是超過 2.5 億美元。

We operate more than 2,400 stores around the world, employ a community of exceptional associates, have 40 million active loyalty members, and benefit from a fast, largely domestic supply chain. Our business model generates strong margins and high free cash flow conversion. Despite these strengths and the revenue growth in recent quarters, I concluded that swift and decisive action is needed to build the engine to drive sustainable long-term growth.

我們在全球擁有超過 2400 家門市，僱用了一群優秀的員工，擁有 4,000 萬活躍會員，並受益於快速、主要來自國內的供應鏈。我們的商業模式能夠產生強勁的利潤率和較高的自由現金流轉換率。儘管公司擁有這些優勢，並且近幾個季度的收入也有所增長，但我認為，需要迅速採取果斷行動來建立推動可持續長期成長的引擎。

From my first day, we have refocused on putting the consumer at the center of everything we do and listening closely to their feedback and insight. This has guided a disciplined end-to-end review of every aspect of our business: product, brand, digital, stores, operations, and talent. The plan we are announcing today and the actions we are taking and the strategic investments that we are making are the result of that comprehensive review, not a reaction to a single quarter.

從我上任的第一天起，我們就重新聚焦於以消費者為中心開展一切工作，並認真傾聽他們的回饋和見解。這指導我們對業務的各個方面進行了嚴謹的端到端審查：產品、品牌、數位、門市、營運和人才。我們今天宣布的計劃、我們正在採取的行動以及我們正在進行的策略性投資，都是經過全面審查的結果，而不是對某個季度的回應。

Let me first give you the diagnosis in four clear points. Firstly, we pursued adjacency to attract new consumers. But that strategy has not delivered the growth we expected, and it reduced focus in investing in our core category.

首先，讓我用四點明確告訴你診斷結果。首先，我們採取鄰近效應來吸引新消費者。但該策略並未帶來我們預期的成長，反而減少了我們對核心品類的投資。

Secondly, collaborations that should have been used to drive excitement, energy, and equity into our brand have been used to carry quarters. Thirdly, as these strategies and other tactics have not delivered growth, we have relied on deeper and more frequent promotions.

其次，原本應該用來激發品牌活力、提升品牌價值的合作，卻被用來維持營運。第三，由於這些策略和其他策略未能帶來成長，我們只能依靠更深入、更頻繁的促銷活動。

Great value and exciting deals have been part of our brand, and that will not change. However, over-reliance on promotion delivers diminishing returns and erodes brand equity. And that is what has happened here. While all these efforts appeal to our existing consumers, they did not grow our customer base and we have not attracted a younger consumer.

物美價廉和優惠活動一直是我們的品牌特色，這一點不會改變。然而，過度依賴促銷會帶來收益遞減，並損害品牌資產。這就是這裡發生的事情。雖然這些努力對我們現有的消費者很有吸引力，但並沒有擴大我們的客戶群，也沒有吸引年輕的消費者。

Finally, our organization has become slow and inefficient. Unnecessary complexity has reduced our speed, dampened our innovation, and we prioritized efforts that were not targeted to acquiring a new and younger consumer. Unlocking the next phase of growth requires decisive action.

最後，我們組織變得緩慢而低效。不必要的複雜性降低了我們的速度，抑制了我們的創新，而且我們優先考慮的並非是獲取新的、更年輕的消費者的努力。開啟下一階段的成長需要採取果斷行動。

We are investing in new talent, focusing our teams on the highest-value work, and moving at the speed of the consumer, while optimizing expenses to fuel innovation and long-term performance. Our strategy is guided by what we have been working in the marketplace.

我們正在投資培養新人才，讓我們的團隊專注於最有價值的工作，並以消費者的速度前進，同時優化支出，以推動創新和長期績效。我們的策略是根據我們在市場上的工作經驗制定的。

Over the years, consumers have evolved. They seek greater efficacy, ingredient-led products, modern packaging, emotive storytelling, and elevated multichannel experiences. Our competitors have risen to meet those needs; we have not. In some cases, as with our formulations, we have invested in these attributes. But we have not communicated them consistently and effectively.

多年來，消費者發生了變化。他們追求更高的功效、以成分為導向的產品、現代化的包裝、感人的故事以及更優質的多渠道體驗。我們的競爭對手已經迎頭趕上，滿足了這些需求；而我們還沒有。在某些情況下，例如我們的配方，我們已經對這些特性進行了投入。但我們並沒有持續有效地傳達這些訊息。

Today, we are announcing a holistic growth plan to revitalize Bath & Body Works across brands, products, and the marketplace designed to drive value for our stakeholders. We are reclaiming our legacy as an innovative brand rooted in nature and benefits and leading the world in scent and self-care.

今天，我們宣布一項全面的成長計劃，旨在重振 Bath & Body Works 的品牌、產品和市場，為我們的利害關係人創造價值。我們正在重塑我們作為植根於自然、注重益處的創新品牌的形象，引領世界香氛和個人護理領域。

This plan, the consumer-first formula, focuses our investment behind our four largest revenue-driving opportunities. These strategic priorities have already been communicated across the organization, and work is well underway.

這項以消費者為先的計劃，將我們的投資重​​點放在了我們四大主要的收入驅動型機會上。這些策略重點已在整個組織內傳達，相關工作正在順利進行中。

The first pillar of our plan is to create disruptive and innovative products that serve the needs of today's consumer. Desire will be designed. We will develop products in our core category to deliver luxury scent with benefits, created to be accessible to everybody.

我們計劃的第一支柱是創造顛覆性和創新性的產品，以滿足當今消費者的需求。慾望將被設計出來。我們將開發核心品類的產品，打造兼具奢華香氛和卓越功效，讓每個人都能輕鬆擁有的產品。

Thoughtfully sourced and ingredient-led, refocusing on what made Bath & Body Works distinct. In 2026, we will reinvest in our core categories. We are returning to best-in-class product leadership in body care, home fragrance, and soaps and sanitizers.

精心挑選原料，以食材為導向，重新聚焦於 Bath & Body Works 的獨特之處。2026年，我們將對核心品類進行再投資。我們在身體護理、家居香氛、肥皂和消毒劑領域中重回一流產品領先地位。

Two consumer muses, designed with deep consumer insights, guide our every decision: Jen who demands bold fragrance, fun, seasonality, and value; and Zoe who craves clean products with elevated scent and design at an accessible price point.

兩位深受消費者喜愛的繆斯，以深刻的消費者洞察為指導，指導著我們的每一個決定：Jen 追求大膽的香氛、趣味性、當季性和價值；Zoe 則渴望價格親民、香味和設計都更高級的清潔產品。

These two muses keep us true to today's consumer while providing opportunity to engage new and younger consumers. We are making changes to better serve these muses, embedding consumer insights at the start of product development, accelerating new franchise development, and leveraging rapid testing to inform our innovation.

這兩位繆斯讓我們始終忠於當今的消費者，同時為吸引新的、更年輕的消費者提供了機會。我們正在做出改變，以更好地服務這些靈感繆斯，在產品開發的初期就融入消費者洞察，加快新特許經營的發展，並利用快速測試來指導我們的創新。

Consumers will start to see these new products in the second half of 2026. From body care to home fragrance, we are introducing new forms, vessels, and formulas in our core categories, that will drive growth and elevate the overall experience.

消費者將在 2026 年下半年開始看到這些新產品。從身體護理到家居香氛，我們正在核心品類中引入新的形式、容器和配方，這將推動成長並提升整體體驗。

To sharpen our focus and make our in-store experience less overwhelming, we will cut our assortment and reduce complexity, concentrating on fewer, more on-trend product priorities. Starting in the first half of next year, you will see thoughtful edits to our assortment and selective category exits such as hair and men's grooming as we refocus on the core.

為了更明確我們的重點，讓顧客在店內體驗不再那麼令人不知所措，我們將減少商品種類，降低複雜性，集中精力推出更少但更符合潮流的產品。從明年上半年開始，我們將對產品系列進行精心調整，並選擇性地退出部分品類，例如頭髮護理和男士護理，以便重新專注於核心業務。

The second pillar of our strategy is to reignite our brand and reclaim cultural relevance. In 2026, we will market fewer, bolder, more targeted product moments, with stronger creator advocacy and a more aspirational positioning.

我們策略的第二個支柱是重振品牌，重塑文化相關性。2026 年，我們將推出更少、更大膽、更有針對性的產品推廣活動，加強創作者宣傳，並採取更具抱負的定位。

You can already see early proof point of this strategy in our Touch of Gold collection. We are recruiting a network of influencers to ignite social buzz while communicate incredible science-based claims that differentiates our products from our competitors. We will make big bigger by elevating and amplifying two iconic Bath & Body Works scents.

您可以在我們的「金光閃閃」系列中看到這項策略的早期驗證。我們正在招募一群有影響力的人士，以引發社會熱議，同時傳播令人難以置信的科學論斷，使我們的產品與競爭對手的產品區分開來。我們將透過提升和強化 Bath & Body Works 的兩款標誌性香氛，讓「大」變得更大。

New consumers will discover and love these fragrances when we treat them with the reverence they deserve, elevate, and market them properly. We will deliver more impactful visual experiences in all our channels and across social platforms.

如果我們以應有的尊重對待這些香水，並對其進行適當的推廣和行銷，新的消費者將會發現並愛上它們。我們將在所有管道和社交平台上提供更具衝擊力的視覺體驗。

The third pillar of our strategy is winning in the marketplace. Discovery should feel effortless. We will make it simpler for a new and young consumer to find us, love us, and buy us wherever they shop. We will elevate our owned retail channels and thoughtfully expand our distribution to new channels, positioning ourselves directly in the path of our consumer.

我們策略的第三大支柱是贏得市場。探索應該是一件輕鬆愉快的事。我們將讓年輕的新消費者更容易找到我們、喜歡我們，並在他們購物的任何地方購買我們的產品。我們將提升自有零售通路，並深思熟慮地將分銷管道拓展到新的管道，使自己直接出現在消費者面前。

As part of this, we will continue to enhance our app and website to increase engagement to make product discovery easier, to deliver richer brand and product story, and to reduce purchase friction. This work is already well underway.

為此，我們將繼續改進我們的應用程式和網站，以提高用戶參與度，使產品發現更加容易，提供更豐富的品牌和產品故事，並減少購買摩擦。這項工作已經進展順利。

For example, our mobile homepage is undergoing a refresh. And in early 2026, we will invest in a permanently lower and more competitive free shipping threshold. We will also expand thoughtfully into marketplaces and select wholesale channels, with Amazon expected to go live in the first half of 2026.

例如，我們的行動端主頁正在進行更新。2026年初，我們將投資建立一個永久性更低、更具競爭力的免運費門檻。我們也將謹慎地拓展到電商平台和精選批發管道，預計亞馬遜將於 2026 年上半年正式上線。

In anticipation of an Amazon launch, we are carving brand-dilutive gray market selling by restricting bulk purchases from resellers online and in-store. Amazon will enable us to reach new consumers and reengage lapsed ones. And we will launch with a curated assortment of evergreen [hero] products and over time, introduce product design to acquire a new consumer.

為了應對亞馬遜的上線，我們正在透過限制從線上和線下經銷商大量購買產品來遏制稀釋品牌價值的灰色市場銷售。亞馬遜將幫助我們接觸新消費者並重新吸引流失的消費者。我們將推出一系列精選的常青[明星]產品，並隨著時間的推移，引入產品設計來吸引新的消費者。

Our brand-operated channels will always carry the widest assortment and offer the most immersive brand storytelling. And to encourage new consumers to enter our operated stores, we will pilot updated merchandising, improved navigation, and refreshed retail marketing in 2026.

我們品牌自營通路將始終提供最廣泛的產品種類和最沉浸式的品牌故事。為了鼓勵新消費者光顧我們經營的門市，我們將在 2026 年試行更新的商品陳列、改進的導航和煥然一新的零售行銷。

Our final pillar is operating with speed and efficiency. We expect to fund investments through better execution, timing inventory, shortening cycle time, and implementing a multiyear cost savings program.

我們最後一個支柱是快速且有效率地運作。我們期望透過提高執行力、優化庫存時間、縮短週期時間以及實施多年成本節約計劃來為投資提供資金。

Consistent with the focus of the consumer-first formula, this initiative prioritizes high-value consumer-focused activities funded through value engineering and sourcing optimization. We have planned to deliver $250 million in cost savings over the next two years, with over half identified for 2026. These savings will be reinvested into revenue-generating activities in product and brand.

秉承以消費者為先的理念，這項措施優先開展以消費者為中心的高價值活動，並透過價值工程和採購優化來籌集資金。我們計劃在未來兩年內節省 2.5 億美元的成本，其中超過一半的節省目標已確定在 2026 年實現。這些節省下來的資金將重新投資於產品和品牌方面的創收活動。

A transformational plan requires transformational leadership, and we are putting the right leaders in the right roles with clear accountability. Earlier this month, we welcomed Maly Bernstein as our Chief Commercial Officer, overseeing the full marketplace across stores, digital, and wholesale channels. She brings extensive multichannel retail experience within our sector, backed by a proven track record of impressive results.

變革計畫需要變革型領導，我們正在將合適的領導者安排在合適的職位上，並明確他們的責任。本月初，我們迎來了 Maly Bernstein 擔任首席商務官，負責監管涵蓋實體店、數位通路和批發通路的整個市場。她擁有豐富的多通路零售經驗，並在我們這個行業中取得了令人矚目的業績。

We're equally thrilled to welcome Veronique Gabai as our Product and Merchandising Advisor. Her creative vision, strategic insight, and global experience in beauty will add invaluable perspective to our transformation.

我們同樣非常高興地歡迎 Veronique Gabai 加入我們，擔任產品和商品顧問。她富有創意的遠見卓識、策略洞察力和全球美容產業經驗，將為我們的轉型帶來寶貴的視角。

In addition, we also now have in place new leaders across digital, wholesale, and human resources. And we will continue to invest in talent to support the execution of our plan. As a result of our no-regret moves that I outlined six months ago, some of our strategic actions are already visible to the consumer. But it will take time before we see the benefits in our financial performance.

此外，我們在數位化、批發和人力資源方面也任命了新的領導人。我們將繼續投資人才，以支持我們計劃的執行。由於我六個月前提出的那些毫不後悔的舉措，我們的一些策略行動已經為消費者所見。但我們需要一段時間才能在財務表現中看到好處。

I believe that we have the foundation, the plan, and the focus to deliver sustainable growth and shareholder value. We are acting with urgency and clarity, putting the consumer at the center of every decision. I am confident in Bath & Body Works' future and the immense opportunity we have in front of us.

我相信我們具備實現永續成長和股東價值的基礎、計劃和重點。我們正以緊迫感和清晰的思路採取行動，將消費者置於所有決策的核心。我對 Bath & Body Works 的未來充滿信心，也對我們眼前的巨大機會充滿信心。

And now I'll hand over to Eva.

現在我將把麥克風交給伊娃。

Thank you, and good morning, everyone. As Daniel emphasized, our path forward is anchored to the four pillars of our consumer-first formula: creating disruptive and innovative product, reigniting our brand, winning in the marketplace, and operating with speed and efficiency, to attract a new and younger consumer to the brand and unlock our next era of growth.

謝謝大家，大家早安。正如丹尼爾所強調的，我們前進的道路建立在我們以消費者為先的四大支柱之上：創造顛覆性和創新性的產品，重振我們的品牌，贏得市場，並以速度和效率運營，從而吸引新的、更年輕的消費者加入品牌，開啟我們下一個成長時代。

We will invest behind our strategy as we also drive diligent cost discipline to fund the actions we're taking. Our team is already hard at work unlocking the targeted $250 million of additional cost savings over the next two years. While we are moving with pace, this strategy will take time to impact our financial performance.

我們將加大對策略的投入，同時嚴格控製成本，為我們正在採取的行動提供資金。我們的團隊已經開始努力工作，爭取在未來兩年內實現額外節省 2.5 億美元的目標成本。雖然我們正在快速推進這項策略，但該策略需要時間才能對我們的財務表現產生影響。

Now turning to the financials, I'll begin with a summary of the third quarter. I'll then provide an update on our Q4 guidance. As Daniel noted, the Q3 results didn't live up to the expectations we have for this brand. In Q3, we delivered net sales of $1.6 billion, down 1% to the prior year and adjusted earnings per diluted share of $0.35, both below our expectations.

現在來看財務數據，我先總結一下第三季的狀況。接下來，我將提供我們第四季業績指引的最新資訊。正如丹尼爾所指出的，第三季的業績並沒有達到我們對這個品牌的預期。第三季度，我們實現淨銷售額 16 億美元，比上年同期下降 1%；調整後每股攤薄收益為 0.35 美元，均低於我們的預期。

Relative to our expectations, the Villains collection did not generate the consumer excitement, traffic, or sales that we expected. Our start to holiday in late October has been very challenging. I'll provide more color on that shortly. Versus prior year, all of our core categories declined low single digits. This underscores the need to focus investment in our core categories.

與我們的預期相比，「反派」系列並沒有引起消費者的興奮，也沒有帶來我們預期的客流量或銷售。我們的假期從十月下旬開始，但一直充滿挑戰。我稍後會提供更多細節。與去年同期相比，我們所有核心類別均出現個位數低幅下滑。這凸顯了我們需要將投資重點放在核心品類上的必要性。

In US and Canadian stores, net sales totaled $1.2 billion, flat versus the prior year. Direct net sales were $299 million, a decrease of 7% compared to last year. When adjusted for buy online pick up in-store, which is reported as store sales, digital net sales were down 1% of sequential improvement from Q2 performance.

美國和加拿大門市的淨銷售額總計12億美元，與前一年持平。直接淨銷售額為 2.99 億美元，比去年下降了 7%。若將線上購買線下取貨（計入門市銷售）進行調整，數位淨銷售額較第二季較上季下降 1%，但仍有所改善。

While we continue to make progress on our app and mobile [wealth] enhancement, there is substantial work ahead to develop a best-in-class experience. International net sales were $73 million in the third quarter, an increase of 6% and in line with our expectations. International system-wide retail sales grew 16% in the quarter, a continued acceleration as the business has stabilized since the effects of the war in the Middle East.

雖然我們在應用程式和行動[財富]增強方面不斷取得進展，但要開發出一流的體驗，還有大量工作要做。第三季國際淨銷售額為 7,300 萬美元，成長 6%，符合我們的預期。本季國際系統零售額成長了 16%，隨著中東戰爭的影響逐漸消退，業務趨於穩定，這一成長勢頭持續加速。

Our third-quarter gross profit rate of 41.3% was below our expectations and decreased 220 basis points compared to the prior year, driven by a 260-basis-point decrease in merch margin. Our merch margin was negatively impacted by approximately $35 million or roughly 200 basis points from tariffs.

第三季毛利率為 41.3%，低於預期，比去年同期下降了 220 個基點，主要原因是商品毛利率下降了 260 個基點。關稅對我們的商品利潤率產生了約 3500 萬美元（約 200 個基點）的負面影響。

We increased our promotional activity to clear seasonal product as we ended the quarter with clean inventory. The merch margin decline was partially offset by B&O driving 40 basis points of leverage, which benefited from the exit of a third-party fulfillment center in Q1.

我們加大了促銷力度，以清理季節性產品，因為本季末我們的庫存已經清理乾淨。商品利潤率的下降部分被 B&O 帶來的 40 個基點的槓桿效應所抵消，這得益於第一季第三方物流中心的退出。

SG&A as a percentage of net sales was 31.2%, representing 120-basis-point de-leverage compared to the prior year. The de-leverage was driven by soft sales performance, investments in new stores, and higher healthcare costs. In response to weaker sales, we acted quickly to flex costs down such as store payroll and incentive compensation, which partially offset the de-leverage. Bringing it all together, third-quarter operating income was $161 million, down 26% to last year.

銷售、一般及行政費用佔淨銷售額的 31.2%，與前一年相比，槓桿率下降了 120 個基點。去槓桿化是由於銷售業績疲軟、對新店的投資以及醫療保健成本上升所致。為因應銷售疲軟，我們迅速採取行動，削減成本，例如門市工資和激勵性薪酬，這在一定程度上抵消了去槓桿化的影響。綜合來看，第三季營業收入為 1.61 億美元，比去年同期下降 26%。

Turning to real estate, our portfolio remains healthy with 59% of our fleet in off-mall locations. In the third quarter, we opened 40 new North American stores primarily in off-mall locations and permanently closed 10 stores primarily in malls.

就房地產而言，我們的投資組合依然健康，59% 的車隊位於非購物中心地點。第三季度，我們在北美開設了 40 家新店，主要位於非購物中心區域；同時永久關閉了 10 家門市，主要位於購物中心內。

Internationally, our partners opened 10 new stores and closed three stores during the quarter. And we ended the quarter with 544 stores. Our international store expansion plans for 2025 remain on track, with at least 30 planned net new store openings.

在國際上，我們的合作夥伴在本季開設了 10 家新店，並關閉了 3 家門市。本季末，我們共有544家門市。我們2025年的國際門市擴張計畫仍在按計畫進行，計畫至少淨增30家門市。

Moving to our Q4 guidance, the trends we experienced at the end of the third quarter have continued into the first few weeks of Q4, with sales to date down high single digits. Macro consumer sentiment is weighing heavily on our consumers' purchase intent.

展望第四季業績，我們在第三季末遇到的趨勢延續到了第四季的前幾週，迄今為止的銷售額下降了接近兩位數。宏觀消費者情緒對我們消費者的購買意願產生了重大影響。

Recent data shows consumer confidence continue to decline due to a number of factors, including concerns about job loss and affordability. This dynamic negatively affected our start to the holiday season and our largest quarter. This impact is compounded by a highly competitive retail marketplace.

最新數據顯示，由於對失業和消費能力的擔憂等多種因素，消費者信心持續下降。這種動態對我們的假期季節開局和我們最大的季度都產生了負面影響。零售市場競爭激烈，加劇了這種影響。

Our research indicates that our customers are waiting for deeper discounts before making purchases. In this volatile environment, we are providing cautious guidance that assumes these early Q4 trends persist through the season, while we are taking action to strengthen our performance.

我們的研究表明，顧客在購買商品前都會等待更大幅度的折扣。在當前動盪的環境下，我們謹慎地給出業績指引，假設第四季度初的這些趨勢將持續整個季度，同時我們也在採取措施來增強我們的業績。

With that as context, we expect Q4 sales to be down high single digits versus last year and gross profit rate to be approximately 44.5%, which includes the impact of tariffs and higher promotional levels, which we believe are required to compete effectively.

基於上述背景，我們預計第四季度銷售額將比去年同期下降近個位數，毛利率約為 44.5%，其中包括關稅和更高促銷水平的影響，我們認為這些是有效競爭所必需的。

We expect our SG&A rate to be approximately 24%, reflecting top-line declines, partially offset by disciplined cost management. We are aggressively managing costs while working closely with our teams to ensure that any reductions do not compromise the consumer experience.

我們預期銷售、一般及行政費用率約為 24%，反映出收入下降，但部分被嚴格的成本管理所抵銷。我們正在積極控製成本，同時與團隊緊密合作，以確保任何成本削減都不會影響消費者體驗。

Moving down the P&L, we expect interest expense and other of approximately $60 million and a tax rate of approximately 25%, and weighted average diluted shares outstanding of approximately 204 million. Considering these inputs, we are forecasting fourth-quarter earnings per diluted share of at least $1.70.

從損益表來看，我們預期利息支出和其他支出約為 6,000 萬美元，稅率約為 25%，加權平均稀釋後流通股約為 2.04 億股。考慮到這些因素，我們預測第四季度稀釋後每股收益至少為 1.70 美元。

At this point, we believe this guidance represents a floor for Q4 performance, and we are working with urgency to improve upon it. For the full year, we are lowering our net sales guidance from 1.5% to 2.7% growth to a decline of low single digits, and are lowering our adjusted earnings per diluted share guidance range from $3.35 to $3.60 to at least $2.87. You can find additional details of our guidance in our slide presentation.

目前，我們認為這一預期代表了第四季度業績的最低水平，我們正在加緊努力，爭取在此基礎上有所提升。全年淨銷售額成長預期由1.5%至2.7%下調至個位數低幅，調整後每股攤薄收益預期區間由3.35美元至3.60美元下調至至少2.87美元。更多詳情請參閱我們的簡報。

Now for an update on capital allocation, we are planning for capital expenditures of approximately $240 million during the year, down from previous guidance as we prioritized highest-return projects. In the third quarter, capital expenditures totaled $81 million, bringing the year-to-date total to $174 million.

現在來更新資本配置情況，我們計劃今年的資本支出約為 2.4 億美元，低於先前的預期，因為我們優先考慮了回報最高的項目。第三季資本支出總額為 8,100 萬美元，使今年迄今的總額達到 1.74 億美元。

Our full-year free cash flow expectation is now approximately $650 million, reflecting our current performance trends partially offset by our ongoing inventory management actions and reductions to capital expenditures.

我們全年自由現金流預期目前約為 6.5 億美元，反映了我們目前的業績趨勢，但部分被我們正在進行的庫存管理措施和資本支出削減所抵消。

In Q3, we returned $41 million to shareholders through dividends and repurchased 3 million shares of common stock for $87 million at an average price of $29.25 per share. Year to date, we have returned $126 million to shareholders through dividends, and we have repurchased 11.5 million shares of common stock for $343 million.

第三季度，我們透過股息向股東返還了 4,100 萬美元，並以每股 29.25 美元的平均價格回購了 300 萬股普通股，總計 8,700 萬美元。今年迄今為止，我們已透過股息向股東返還了 1.26 億美元，並斥資 3.43 億美元回購了 1,150 萬股普通股。

In closing, we are focused and moving with urgency against the actions we must take to return our brand to growth. On our Q4 earnings call, we will update you on our 2026 outlook and the strategic KPIs to measure our continued progress. I'd like to extend my gratitude to our teams across the company for their hard work.

最後，我們將集中精力，以緊迫感推進我們必須採取的行動，使我們的品牌重回成長軌道。在第四季財報電話會議上，我們將向您介紹我們對 2026 年的展望以及衡量我們持續進展的策略關鍵績效指標。我謹向公司各團隊的辛勤工作表示衷心的感謝。

Let's now open it up for Q&A.

現在進入問答環節。

(Operator Instructions) Ike Boruchow, Wells Fargo.

（操作說明）艾克·博魯喬夫，富國銀行。

Hey, good morning, Daniel, Eva, Luke. I guess, Daniel, my question would be, can you help us understand bigger picture kind of what changed between when you first joined the company? I believe you kind of talked to an expectation to accelerate growth while expanding margins. Obviously, today's expectations for 4Q revenue to be down, margins to compress goes against that.

嘿，早安，丹尼爾、伊娃、盧克。丹尼爾，我想問的是，你能否幫助我們了解一下，從你剛加入公司到現在，公司發生了哪些變化？我認為你剛才談到了在擴大利潤率的同時加速成長的預期。顯然，目前市場普遍預期第四季營收將下降，利潤率將收窄，這與上述觀點相反。

Can you maybe just walk us through what exactly has changed, what you've learned since you've been there? And exactly how should we be thinking about what Q4 guidance kind of means to next year would also be helpful. Thank you.

您能否詳細介紹一下具體發生了哪些變化，以及您自到任以來學到了哪些知識？此外，我們應該如何看待第四季業績指引對明年意味著什麼，這一點也很有幫助。謝謝。

Good morning, Ike, and thank you for the question. So let me start by reemphasizing that the third-quarter results and the lower expectations for the fourth quarter don't live up to the expectations that we all have for this brand. The brand is not fulfilling its potential.

早安，艾克，謝謝你的提問。首先，我要再次強調，第三季的業績以及對第四季較低的預期，都未能達到我們所有人對這個品牌的期望。該品牌尚未發揮其潛力。

I joined to accelerate growth, and I remain confident that we will do so. So directly to your question, what's changed, if we unpack our Q3 performance, we declined in each of our core categories. And that really underscores the diagnostic I gave in our opening remarks.

我加入公司是為了加速發展，我仍然相信我們能夠做到這一點。直接回答你的問題，究竟發生了什麼變化？如果我們分析一下第三季的業績，就會發現我們每個核心類別都出現了下滑。這確實印證了我在開場白中提出的診斷。

That focus on adjacencies has resulted in under-investment in our core and not keeping pace with our consumer. But again, this strategic reset is the result of months of detailed analysis in every part of our business. It isn't a reaction to the quarter.

這種對鄰近領域的過度關注導致我們對核心業務投入不足，未能跟上消費者的需求。但再次強調，這項策略調整是我們公司各個環節經過數月詳細分析的結果。這並非對本季的回應。

And if we look across the last few years -- and you guys all know this -- while we've been able to drive some growth in some quarters, we've lagged the market. We've lagged the beauty and fragrance sector, and the growth that we've delivered was not durable. I've talked about that since I arrived, and now is the time to address that.

如果我們回顧過去幾年——你們都知道這一點——雖然我們在某些​​季度實現了成長，但我們落後於市場。我們在美容和香水行業發展滯後，我們所取得的成長並不持久。自從我來到這裡，我就一直在談論這個問題，現在是時候解決這個問題了。

We've laid out the diagnosis clearly. We've laid out a very clear plan how we're going to put the consumer back at the center: reignite the brand; begin creating innovative, coveted, disruptive products in our core categories again. And those four pillars of our strategy have already been communicated to the whole company. Work is well underway.

我們已經清楚地列出了診斷結果。我們已經制定了一個非常清晰的計劃，即如何將消費者重新置於中心：重振品牌；再次開始在我們核心類別中創造創新、令人渴望、顛覆性的產品。我們策略的這四大支柱已經傳達給了全公司。工作進展順利。

And what gives me confidence, honestly, in this plan is that this is a pattern I've seen many times in my career and many other places, many other companies. And this is really about going back to what made this company so great but evolving to meet the needs of today's consumer.

說實話，讓我對這個計劃充滿信心的原因是，這種模式我在職業生涯中以及很多其他地方、很多公司都見過很多次。這其實就是回歸這家公司賴以成功的根本，同時不斷發展以滿足當今消費者的需求。

We will deliver coveted product. We will deliver elevated experience, but that change isn't going to happen overnight. Now to the next -- what this means for Q4 -- an excellent question. And the macro is a significant factor in our Q4 guide.

我們將交付您夢寐以求的產品。我們將提供更優質的體驗，但這不會在一夜之間發生。接下來是下一個問題——這對第四季意味著什麼——這是一個很好的問題。宏觀經濟是我們第四季業績指引中的重要因素。

And, Eva, can I hand to you for some more color on that?

伊娃，我可以請你再補充一些細節嗎？

Sure. Good morning, Ike. So I guess, I said in my prepared remarks, right, the outlook we're providing for Q4 reflects what we believe is the floor, right? We saw material changes in trends affected by the macro coming into the quarter. We've seen some modest improvement since the government reopened, and we're further taking actions to improve that.

當然。早安，艾克。所以我想，正如我在準備好的演講稿中所說，我們對第四季度的展望反映了我們認為的最低點，對吧？我們看到，受宏觀經濟影響，本季趨勢發生了實質變化。自從政府重新開放以來，情況已略有改善，我們正在採取進一步措施來改善這種情況。

That said, our underlying core performance was weak, as Daniel said. If you looked at our Q3, we were down 1%. But if you were to normalize for the expansion of the full-sale extension, we were probably down closer to 3%. So if I look forward to 2026, our current view is that we do not expect to deliver growth for the full year.

也就是說，正如丹尼爾所說，我們的核心業績表現疲軟。如果你看我們第三季的業績，你會發現我們下降了1%。但如果考慮到全面促銷活動的擴張，我們的降幅可能接近 3%。因此，展望 2026 年，我們目前的看法是，我們預計全年不會成長。

These initiatives that we've laid out today will become visible to consumers throughout the year. But realistically, we don't expect it to impact the business in any meaningful way until the second half of the year. Digital is the fastest-growing space in beauty. We know those enhancements are underway.

我們今天提出的這些措施將在一年中逐步被消費者所看到。但實際上，我們預計它在今年下半年之前不會對業務產生任何實質影響。數位化是美容產業成長最快的領域。我們知道這些改進工作正在進行中。

As Daniel said, evolving our core product, which is critical to attract that new customer, that will start to become visible in the second half of the year. So we are here, we are working with urgency, driving the changes we need to drive that durable growth. And we'll have more details on our Q4 earnings call.

正如丹尼爾所說，我們正在改進核心產品，這對於吸引新客戶至關重要，而這將在今年下半年開始顯現成效。所以我們來到這裡，我們正在爭分奪秒地工作，推動我們需要的變革，以實現永續成長。我們將在第四季財報電話會議上公佈更多細節。

Thanks so much.

非常感謝。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks. So, Daniel, maybe to pick up on that, so on the new strategy, so the last two years, the company has talked positively about adjacencies and collaborations. But now, that strategy is wrong, and the focus is on the core to drive durable growth.

太好了，謝謝。所以，丹尼爾，也許可以就此談談新策略，在過去的兩年裡，公司一直積極談論鄰近領域和合作。但現在，這種策略是錯誤的，重點應該放在核心業務上，以推動永續成長。

So could you provide maybe some of the key KPIs that you're watching to gain confidence in this new strategy? And while you cited the change won't happen overnight, I mean, what do you see as a reasonable timeline for stabilization?

那麼，您能否提供一些您正在關注的關鍵KPI，以增強您對這項新策略的信心？雖然您提到這種改變不會在一夜之間發生，但我的意思是，您認為合理的穩定時間表是多久？

Great. Thank you, Matt, for the question. So first, I'm going to say that this strategy has been communicated to the whole company. Work is, as Eva said, underway. Teams are working feverishly against those four priorities. But let me show some progress that is already evident.

偉大的。謝謝馬特的提問。首先，我要說明的是，這項策略已經傳達給了全公司。正如伊娃所說，工作正在進行中。各團隊正全力以赴地應對這四項優先事項。但讓我展示一些已經顯現的進展。

Firstly, let's take a look at talent in a very short amount of time. We've added tremendous talent to our team, where we saw gaps and where we saw a need to improve our execution ability. We've moved with speed. A couple of moves, I'll highlight. We've brought in Veronique Gabai. She obviously brings global beauty experience, creative vision, and has worked at iconic brands across Estée Lauder and L'Oreal.

首先，讓我們在很短的時間內了解一下人才。我們已經為團隊增添了許多優秀人才，彌補了團隊的不足，並提高了我們的執行能力。我們行動迅速。我重點介紹幾個動作。我們請來了維羅妮克·加拜。她顯然擁有豐富的全球美容行業經驗和創意視野，曾在雅詩蘭黛和歐萊雅等標誌性品牌工作。

Craig Smith in digital, two decades of building digital transformation at Burberry, Apple, LVMH. [Dan Kudrow], unrivaled wholesale experience for more than 30 years at brands like L'Oreal and BIC. And as you have seen in the press release last week, Maly Bernstein, a transformational retail leader who has a track record in driving incredible results across beauty and omnichannel businesses.

Craig Smith 在數位領域擁有二十年的經驗，曾在 Burberry、Apple 和 LVMH 等公司負責數位轉型。 [Dan Kudrow] 在歐萊雅和 BIC 等品牌擁有超過 30 年的無與倫比的批發經驗。正如您在上週的新聞稿中所看到的，Maly Bernstein 是一位具有變革精神的零售領導者，她在美容和全通路業務方面取得了令人矚目的成就。

So where we saw gaps, we've already addressed that. Next, when you think about the things that we talked about on the call that we expect to be delivering in the short term, winning in the marketplace, we know we need to be more convenient to consumers. We know that we need to be in their path, and you'll see us launch on Amazon early next year.

所以，對於我們發現的不足之處，我們已經進行了解決。接下來，想想我們在電話會議上討論的那些我們期望在短期內實現的目標，以及在市場競爭中獲勝的策略，我們知道我們需要為消費者提供更多便利。我們知道我們需要出現在他們的道路上，你們將在明年初看到我們在亞馬遜上線。

And I mean, frankly, we already know that we're doing somewhere between $60 million to $80 million of gray market sales in that channel, that is brand-dilutive and profit-dilutive. And so launching there is an incredible sales opportunity, but also an opportunity to reignite the brand, that second pillar of our strategy.

坦白說，我們已經知道，我們在該通路的灰色市場銷售額在 6,000 萬美元到 8,000 萬美元之間，這會稀釋品牌價值並稀釋利潤。因此，在那裡推出產品不僅是一個絕佳的銷售機會，也是一個重振品牌的機會，這是我們策略的第二個支柱。

And then from day one, we have recognized the digital opportunity and we are moving with pace there. We relaunched our app. We relaunched the website. We have new product photography coming in on roughly about 500 of our current SKUs, elevated claims and messaging. But we know we have got so much further to go. We are working with pace, but the opportunity there is enormous.

從一開始，我們就認識到了數位化帶來的機遇，並且正在快速推進這一進程。我們重新推出了我們的應用程式。我們重新推出了網站。我們正在為大約 500 個現有 SKU 拍攝新的產品照片，並提升產品宣傳和訊息傳遞效果。但我們知道，我們還有很長的路要走。我們正在加快步伐，但那裡的機會是巨大的。

If we think about just the penetration of digital sales -- so Eva and I were talking about this just last week. In soaps and sanitizers, the percentage of e-commerce sales in that category is about 40% to 45%. Our current e-commerce penetration is 20%. That just represents the incredible opportunity that we have to drive growth and acquire new customers in the digital channel.

如果我們只考慮數位銷售的滲透率——我和伊娃上週還在討論這個問題。在肥皂和消毒劑領域，該類別的電子商務銷售額佔比約為 40% 至 45%。我們目前的電子商務滲透率為 20%。這正反映了我們在數位管道推動成長和獲取新客戶方面所擁有的巨大機會。

Now when it comes to metrics, of course, there's all the normal metrics that we're going to be tracking and delivering: revenue, operating income, EPS. But where I'm really focused is in total active consumers and growth in our core categories.

說到指標，當然，我們會追蹤並提供所有常規指標：收入、營業收入、每股盈餘。但我真正關注的是活躍消費者總數以及我們核心品類的成長。

Underneath that, of course, we are measuring the retail equation. And if you think about digital in the most recent quarter since we've made some of the modest changes already, we're seeing an increase in traffic. We're seeing an increase in dwell time. So these are good leading indicators for the progress that we are making.

當然，歸根究底，我們是在衡量零售業的整體狀況。如果你回顧一下最近一個季度的數位業務，自從我們做出了一些適度的改變以來，我們看到流量增加。我們發現用戶停留時間增加。所以這些都是衡量我們所取得進展的良好先行指標。

And, Daniel, if I could just add, Matt, to your question about stabilization, I'll just say again, we don't expect growth in the full year next year. But we certainly expect business to improve as we progress throughout the year.

還有，丹尼爾，馬特，關於你提出的穩定問題，我再補充一點，我們預計明年全年不會成長。但我們預計，隨著時間的推移，業務肯定會好轉。

And in the second half of the year is where more of our consumer-first plan initiatives will come to fruition with new products, with further time under our belt in terms of digital. And we'll continue to update you as we progress on this plan.

下半年，我們將推出更多以消費者為先的計畫舉措，推出新產品，並在數位化方面累積更多經驗，這些舉措也將逐步實現。我們會持續向您通報該計劃的進度。

Helpful color. Best of luck.

有用的顏色。祝你好運。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good morning. Daniel, it's clear that the underlying business is worse than you thought when you first joined. And it will take time to return to growth. Does your plan require more investment than you had originally thought? And how should we think about margins in 2026 as we balance these investments with cost cuts?

謝謝。早安.丹尼爾，很明顯，公司的實際經營狀況比你剛加入時想像的還要糟糕。恢復成長還需要時間。你的計畫是否需要比你最初預想的更多的投資？那麼，在平衡這些投資和削減成本的同時，我們該如何看待 2026 年的利潤率呢？

Good morning, Lorraine. Yes, the reason we did such a comprehensive diagnostic right across the business, it was about discovering and laying out exactly what is holding this incredible brand back. And it's clear to me that a core is weaker. And some of that was marked by promotions and collabs and anniversarying some of those adjacent product launches.

早安，洛琳。是的，我們之所以對整個業務進行如此全面的診斷，是為了發現並找出究竟是什麼阻礙了這個卓越品牌的發展。在我看來，核心部分顯然更弱。其中一些活動以促銷、合作以及相關產品發布週年紀念為標誌。

So 2026 will be absolutely about investing behind our brand and our products, investing in the things that the consumer sees to strengthen our fundamentals and position this brand for long-term sustainable growth. Now as Eva mentioned in her opening remarks, the teams are already hard at work in unlocking $250 million of additional savings to help fund these investments.

因此，2026 年我們將全力投資於我們的品牌和產品，投資於消費者能夠看到的事物，以加強我們的基本面，並使該品牌實現長期可持續增長。正如伊娃在開幕致詞中提到的那樣，各團隊已經在努力爭取額外節省 2.5 億美元，以幫助資助這些投資。

And we have -- and before I arrived, this team has a strong track record in looking for efficiencies to fund investments. They've done that successfully over the last few years. And, yes, of course, until we see that top-line growth, which we are pursuing with vigor, we will be pressurized by de-leverage.

而且，在我到來之前，這個團隊在尋找提高效率的途徑來為投資提供資金方面有著良好的記錄。過去幾年，他們成功地做到了這一點。當然，在我們看到營收成長之前（我們正在大力追求這一成長），我們將面臨去槓桿化的壓力。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Great. Thanks so much. Maybe just on the cost savings program, that $250 million in the next couple of years, can you just go through where exactly you're trimming and how they're different from the cost reduction that was pursued under Gina?

偉大的。非常感謝。或許可以就成本節約計畫而言，也就是未來幾年節省 2.5 億美元，您能否詳細說明一下具體是在哪些方面削減開支，以及這些削減措施與吉娜時期推行的成本削減措施有何不同？

And then does all of that get reinvested in the same margin place? Or maybe just help us with how we should think about SG&A and how it should grow in relation sales over time as we're thinking about the out-year margin trajectory. Thanks a lot.

然後所有這些資金都會再投資到同一個保證金市場嗎？或者，也許可以幫我們思考一下，在考慮未來幾年的利潤率走勢時，銷售、一般及行政費用（SG&A）應該如何隨時間推移與銷售額增長。多謝。

Sure. Good morning, Alex. This is Eva. So we're really proud of the savings that we've delivered over the past couple of years, delivering about $300 million in savings. We're targeting -- our goal is another $250 million, as Daniel said.

當然。早安，Alex。這是伊娃。因此，我們對過去幾年所取得的節約成果感到非常自豪，我們節省了約 3 億美元。正如丹尼爾所說，我們的目標是再籌集 2.5 億美元。

As I think about where that will come from, continued activities like value engineering, opportunities. We have further opportunities in sourcing optimization, also logistics operations. Daniel spoke about SKU simplification. That simplification will bring cost reductions over time. And we'll continue to optimize our overall operations to drive cost savings as we prioritize focusing on high-value consumer-focused areas.

當我思考這股力量將來自何處時，我認為持續進行價值工程等活動會帶來機會。我們在採購優化和物流營運方面還有更多機會。Daniel 談到了 SKU 簡化。這種簡化措施將隨著時間的推移降低成本。我們將繼續優化整體運營，以降低成本，同時優先關注以消費者為中心的高價值領域。

We're working hard to fuel and fund the investments that are required over the next couple of years. I would think about the savings that we're driving are offsetting the investments and are not flowing to the bottom line.

我們正在努力籌集資金，以滿足未來幾年所需的投資。我認為我們節省下來的錢抵消了投資，並沒有轉化為利潤。

In the shorter term, there could be some mismatches that investments outpaced savings. We'll have more details there. Our focus is to make the right investments to drive the durable growth and do that in a responsible way.

短期內，可能會出現投資成長超過儲蓄成長的錯配情況。屆時我們將提供更多詳情。我們的重點是進行正確的投資，以推動永續成長，並以負責任的方式進行投資。

Thanks a lot. Good luck.

多謝。祝你好運。

Thank you.

謝謝。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Hi, this is Kelly, on for Paul. Thanks for taking our question. I just first -- I had two-parter here, one on the Amazon partnership. If you could just elaborate on sort of the product that's going to be in that channel versus the store and if that makes you -- the expanded distribution, whether that makes you rethink your store growth and your store base?

大家好，我是凱莉，代保羅發言。感謝您回答我們的問題。我首先——我這裡有兩個部分，一部分是關於亞馬遜合作關係的。能否詳細說明一下該通路的產品與實體店的產品有何不同？擴大分銷範圍是否會影響您的門市成長和門市規模？

And then secondly, on free cash flow, still very strong free cash flow this year despite weakness in the business. Any color on how we should think about free cash flow for F26? Any kind of color you could provide there would be great. Thanks.

其次，就自由現金流而言，儘管業務疲軟，但今年的自由現金流仍然非常強大。關於2026財年的自由現金流，大家有什麼看法？任何顏色都可以，謝謝。謝謝。

Thanks so much, Kelly. Let me just -- I'll start by just touching on the Amazon partnership. Obviously, that's part of our third strategy, win in the marketplace. And that is about being in the path of the consumer. As I said, in answer to an earlier question, we know our consumer is already there. We are doing millions of dollars of sales in that channel.

非常感謝，凱莉。讓我先簡單談談與亞馬遜的合作關係。顯然，這是我們第三項策略的一部分，即贏得市場。這就是要走在消費者前進的路上。正如我之前回答問題時所說，我們知道我們的消費者已經在那裡了。我們透過該管道實現了數百萬美元的銷售額。

We're going to start with a small assortment. We're going to be -- it's really going to be some of our evergreen product. And we're really going to make sure that we get that absolutely right, that we test and learn, that we build the right PDPs, the right ratings and the reviews, that we're offering the right fulfillment services, before we start to thoughtfully expand that assortment with new products that will be targeted at acquiring a new consumer.

我們將從少量產品開始。這將會是我們的一些常青產品。我們一定會確保把所有事情都做到萬無一失，我們會進行測試和學習，構建正確的產品詳情頁、正確的評分和評論，提供正確的履行服務，然後再開始深思熟慮地擴展產品種類，推出旨在獲取新消費者的新產品。

But we're feeling very optimistic about that component of our strategy. And maybe, Eva, if I hand over to you on the free cash flow?

但我們對戰略的這一部分感到非常樂觀。伊娃，或許我可以把自由現金流交給你管理？

Sure. Thanks, Kelly, for the question. I'll just reiterate, we are a strong cash-generating business. And overall, our capital allocation priorities remain the same.

當然。謝謝凱莉的提問。我再重申一遍，我們是一家現金流充裕的企業。整體而言，我們的資本配置優先事項保持不變。

Investing in the business, and you've heard us say that those investments will increase next year to support our transformation, maintain a strong balance sheet, and return cash to shareholders, which we've done over the last three years, returning $1.5 billion.

我們對業務進行了投資，你們也聽我們說過，明年這些投資將會增加，以支持我們的轉型，保持強勁的資產負債表，並向股東返還現金，而我們在過去三年中也確實做到了這一點，返還了 15 億美元。

We are headed into our biggest quarter of the year. So as I think about cash for next year and projections for next year, we'll come back to you in February on that. But we remain focused on continuing the focus on working capital and driving cash out of the business.

我們即將進入一年中最重要的季度。所以，關於明年的現金流和預測，我們會在二月再和大家討論。但我們仍將專注於繼續專注於營運資金，並將現金流出企業。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Good morning. Thank you. As you pivot back to the core categories, can you talk about the innovation pipeline over the next 12 to 18 months and how you're thinking about the balance between legacy franchises and then some of the ingredient-led or efficacy demands for the other consumers you're targeting?

早安.謝謝。隨著你們重新聚焦核心品類，能否談談未來 12 到 18 個月的創新計劃，以及你們如何看待傳統產品線與你們目標消費者對成分或功效的需求之間的平衡？

Yeah. Thanks, Mark. So let me start by saying that in our core categories, we remain the market leader. It is without question where we have the greatest right to win. And we started this work for our strategy in designing those two consumer muses.

是的。謝謝你，馬克。首先我想說的是，在我們的核心類別中，我們仍然是市場領導者。毫無疑問，這是我們最有理由獲勝的地方。我們開始這項工作，是為了製定我們的策略，設計這兩個消費者繆斯。

It is not about leaving our current customer behind and looking for a new consumer; it is about serving both. If you think about Jen, she is probably more typically the kind of customer that we have today. And we believe that we can elevate our product proposition and continue to attract more of those customers, as well as reaching for a new younger consumer, the Zoe, if you like. And what she requires is, as you say, more ingredient-led, cleaner, more stylishly or more sophisticated design in packaging. And that is where our investment is headed.

這並非要拋棄現有客戶去尋找新客戶；而是要同時服務兩者。想想Jen，她可能更符合我們今天典型的客戶類型。我們相信，我們可以提升我們的產品定位，繼續吸引更多現有客戶，同時也能吸引更年輕的新消費者，例如 Zoe。正如你所說，她需要的是以成分為導向、更簡潔、更時尚或更精緻的包裝設計。這就是我們投資的方向。

So without question, we have under-invested in our core. Let's take a look at our packaging. Some of our core forms I don't think have been restaged for a decade, right? That will change. We are already building a very strong pipeline of innovative new concepts. And we expect them to come to life in the back half of the year. And I'm excited about what I'm seeing from the product design and merchandising team.

所以毫無疑問，我們對核心業務的投入不足。我們來看看我們的包裝。我認為我們的一些核心劇目已經十年沒有重新上演過了，對吧？這種情況將會改變。我們已經在建立一個非常強大的創新理念儲備庫。我們預計它們將在今年下半年煥發生機。我對產品設計和行銷團隊的工作成果感到非常興奮。

And, Daniel, if I could just add, in addition to the innovation, we are taking immediate action on the innovation front. And we've changed and we're involving consumer testing much earlier in the process to ensure as we shape this innovation to attract that new consumer.

丹尼爾，我還要補充一點，除了創新之外，我們正在創新方面採取立即行動。我們已經做出改變，在創新過程中更早引入消費者測試，以確保我們在打造這項創新時能夠吸引新的消費者。

We are hitting the mark. As Daniel said earlier, we're making choices to exit categories that haven't been successful for us, that increased complexity such as men's grooming and hair. And we'll continue to work to optimize our portfolio as well.

我們達到了目標。正如丹尼爾之前所說，我們正在選擇退出那些對我們來說並不成功的、過於複雜的類別，例如男士美容和美髮。我們將繼續努力優化我們的投資組合。

Yeah. And, Mark, I just want to follow up on your question. You talked about the new products, and you also talked about, let's call it, the core or the carryover product, which in some way, I think, hit that what we have to do.

是的。馬克，我只是想就你的問題做個後續說明。你談到了新產品，也談到了我們姑且稱之為核心產品或延續產品的產品，我認為這在某種程度上觸及了我們必須要做的事情。

As I said in my opening remarks, we have the iconic fragrances. It's been one of the big things that was an upside on what I thought when I arrived. Some of those biggest fragrances are doing over $250 million a year annually. And they sit on a shelf in the left-hand side of our store, and they operate somewhat like an annuity.

正如我在開場白中所說，我們擁有標誌性的香水。這是我剛到這裡時預想的一大驚喜。其中一些最暢銷的香水每年銷售額超過 2.5 億美元。它們擺放在我們商店左側的貨架上，運作方式有點像年金。

Customers come in, and they buy them. But we haven't treated them with the reverence and with the marketing they expect. So part of that second pillar of our strategy is reigniting our brand. And part of that is about showing the reverence for those iconic franchises, those iconic fragrances, building a world around them, taking them out to new consumers in alternative distribution channels.

顧客進來，然後購買。但我們並沒有給予他們應有的尊重和行銷。因此，我們策略的第二個支柱之一就是重振我們的品牌。其中一部分是為了表達對這些標誌性品牌、這些標誌性香水的敬意，圍繞著它們建立一個世界，並透過替代分銷管道將它們帶給新的消費者。

I'm sure that future Zoes and future Jens are going to love some of the products that we already have. And it's just about making the big bigger.

我相信未來的 Zoe 和 Jen 們一定會喜歡我們現有的一些產品。而這一切，就是把大的變得更大。

Thank you. Quick follow-up for Eva. Just with the earnings reset here, the leverage ratio is edging higher. How comfortable are you with the leverage ratio medium term? And just any shift we should think about and how you're balancing buybacks with potential debt reduction? Thank you.

謝謝。快速跟進伊娃的情況。僅就目前的獲利調整而言，槓桿率正在小幅上升。您對目前的槓桿率中期水準有多大把握？還有，我們應該考慮哪些變化？你們是如何平衡股票回購和潛在的債務削減的？謝謝。

Sure. We've made tremendous progress over the last couple of years, bringing the leverage ratio to our target 2.5 times level. This challenging period will put pressure on that. We will -- you should expect we will pay our debt down that comes due in January of 2027. And we'll work vigilantly to bring our balance sheet to the position that we want to. And as I said earlier, our capital allocation priorities are the same.

當然。在過去的幾年裡，我們取得了巨大的進步，槓桿率達到了我們設定的 2.5 倍目標水準。這段充滿挑戰的時期將給它帶來壓力。我們會－你們應該期待我們會償還2027年1月到期的債務。我們將努力使資產負債表達到我們想要的狀態。正如我之前所說，我們的資本配置優先事項是相同的。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Great. Thank you very much. Daniel, thank you so much for the detail. This is -- it's really refreshing to hear the strategy and the movement of the business.

偉大的。非常感謝。丹尼爾，非常感謝你提供的詳細資訊。聽到公司的策略和發展方向，真是令人耳目一新。

But in doing so, I guess, can you help us understand the timing of the exit of the non-go-forward categories? Is that sort of like a Q1 thing? I'm sure there's some hangover inventory. What's the best method of exiting those categories without kind of further putting kind of brand pressure, right, as you kind of exit those?

但我想，您能否幫助我們了解非推進類別的退出時間？那是不是有點像Q1階段的事情？我相信肯定還有一些宿醉後遺症需要處理。在退出這些類別時，如何才能在不進一步施加品牌壓力的情況下，以最佳方式退出這些類別？

And then within the core categories, we had talked about SKU rationalization. And obviously, you're talking about focusing on fewer of the things that mean something. So how many of the kind of alternative scents and kind of that newness that you bring to the seasonal scents will now go away to help focus? Thank you.

然後，在核心類別中，我們討論了 SKU 合理化問題。顯然，你指的是把精力集中在少數真正有意義的事情上。那麼，為了集中精力，有多少種另類香氛和你為季節性香氛帶來的新鮮感將會消失呢？謝謝。

Okay. Thank you so much for the question. Let me just underscore that everything that we do at this company is subject to a rigorous testing. And that is something that we have integrated, as Eva said, as part of our product development process. And that is true about the way we think about our assortment.

好的。非常感謝您的提問。我想強調的是，我們公司所做的每一件事都要經過嚴格的測試。正如伊娃所說，我們已經將這一點融入我們的產品開發流程中。我們對產品組合的思考方式也確實如此。

So we're not pursuing a SKU rationalization target for the sake of having a target. We're pursuing it because the customer tells us that our proposition in store is too overwhelming and confusing. So this is -- the outcome that we want is to be able to entice new consumers into our stores and onto our digital platform. They can find what they want easily and fall in love with what they like easily.

因此，我們追求 SKU 合理化目標並非為了設定目標而設定目標。我們之所以這樣做，是因為顧客告訴我們，我們在店內提供的服務內容過於繁雜，令人困惑。所以，我們想要的結果是能夠吸引新消費者進入我們的實體店和數位平台。他們可以輕鬆找到自己想要的東西，也可以輕鬆愛上自己喜歡的東西。

So I think about it less as a number to hit and a set of categories to exit than I do about reaching a consumer outcome. That said, we'll begin to rationalize our SKUs and begin to exit these categories in spring, so in the first quarter of next year. And we will ramp that up with testing and exit as we move through the balance of '26.

所以我更多是把它看作是實現消費者目標，而不是要達到某個數字或退出某個類別。也就是說，我們將在明年春季，也就是明年第一季度，開始對我們的 SKU 進行合理化調整，並逐步退出這些類別。我們將在 2026 年剩餘的時間裡，透過測試和退出來加強。

But it's really test, learn, and make sure that we are bringing the new products to market that we're elevating, as I said, some of those core franchises that are already large so that we're filling the gap. It's less about, I would say, hitting the number.

但實際上，我們需要不斷測試、學習，確保我們能夠將新產品推向市場，正如我所說，我們正在提升一些已經規模龐大的核心特許經營權，從而填補市場空白。我覺得，關鍵不在於是否達到目標數字。

Adrienne, your question on hangover of inventory. As you know, we have two seasonal -- two semiannual sale periods that we're able to use to clear inventory. The company has a long history of successfully doing that.

艾德琳，你問的是關於庫存積壓的問題。如您所知，我們有兩個季節——兩個半年一次的促銷期，我們可以利用這兩個促銷期來清理庫存。該公司在這方面有著悠久的成功歷史。

Despite the pressures in Q3, we were able to exit Q3 with clean inventory as we use that full sale period. So we'll be really thoughtful on our inventory management and our decisions around timing and when to exit.

儘管第三季面臨壓力，但由於我們充分利用了銷售期，因此第三季末庫存保持良好。因此，我們會認真考慮庫存管理以及退出時機等決策。

Okay. Helpful. And then, Eva, just a little bit of help on the exit categories. What's the aggregate dollar amount that they contributed in 2025? And how should we think about the wraparound tariff pressure into 1Q? Thank you.

好的。很有幫助。然後，伊娃，請幫我稍微解釋一下出口類別。到 2025 年，他們總共貢獻了多少美元？那我們該如何看待第一季可能出現的關稅壓力呢？謝謝。

Okay. So I'll take the tariffs first. Overall, the tariffs, I would think about on a full-year basis, it's basically comparable to 2025. In 2025, we had about 100 basis points of impact to the year. Expect that to be pretty comparable in 2026.

好的。所以我先來說說關稅問題。總的來說，從全年的角度來看，關稅基本上與 2025 年的情況相當。到 2025 年，我們對當年的影響約為 100 個基點。預計到 2026 年情況將與之非常接近。

Now the timing of that first half will have a bit more of a headwind, given when tariff started, with the reverse impact in the second half. In terms of the dollars of the exited categories, we'll have more to say as we build toward 2026. We don't expect that to be a meaningful drag.

鑑於關稅開始的時間，上半年的進度可能會受到一些不利影響，但下半年則會產生相反的影響。至於退出類別的金額，隨著我們邁向 2026 年，我們將有更多內容要說。我們預計這不會造成實質的拖累。

The problem is those adjacencies haven't grown in the way that we had expected, and they are not significant the ones that we are starting to take out. So we're looking at every merchandise, the SKUs that are not contributing that much and SKUs are not productive, and that's where we're starting in that long tail.

問題是，這些鄰近關係並沒有按照我們預期的方式發展，而且我們開始移除的那些鄰近關係並不重要。所以我們正在查看每件商品，那些貢獻不大、沒有效益的 SKU，這就是我們在長尾市場的起點。

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

Thank you for taking my question. Daniel, on the competitive dynamics within the fragrance and body mist category, I know a lot of new entrants have entered the category in the last few years. How are you assessing the competitive dynamics there? And then you also mentioned shortening lead times. Which category it will work in your view? Thank you so much.

感謝您回答我的問題。丹尼爾，關於香水和身體噴霧品類的競爭動態，我知道在過去的幾年裡，有很多新進入者進入了這個品類。您如何評估那裡的競爭格局？然後您也提到了縮短交貨週期。你認為它應該屬於哪個類別？太感謝了。

Great. So, yeah, we operate in a very competitive sector. I love the sector. It still continues to grow. It's a young sector with sort of youth and innovation at its heart. And I think that, obviously, we operate as the market leader in these categories. We have a right to win. We're building on a solid base.

偉大的。是的，我們所處的產業競爭非常激烈。我熱愛這個行業。它仍在持續增長。這是一個年輕的行業，其核心是青春活力和創新精神。顯然，我認為我們在這些領域處於市場領先地位。我們有權獲勝。我們正在堅實的基礎上進行建設。

So for me, some of the problems that we have in our products are what I would call perception problems. We have fantastic formulations that are clean, but we have not communicated those benefits consistently and effectively. So we know in our product testing with consumers and some of the blind testing that we do, that we far outperform some of those competitors that are often talked about.

所以對我來說，我們產品中存在的一些問題，我稱之為認知問​​題。我們擁有非常棒且成分純淨的配方，但我們沒有持續有效地傳達這些優勢。因此，我們在與消費者進行的產品測試以及一些盲測中了解到，我們的產品遠遠優於一些經常被提及的競爭對手。

But we don't market it correctly. We don't put it in elevated packaging. And as a result, the consumer doesn't see us as having the attributes that they need. And then in some of the areas that we're looking at, we will launch new forms and new vessels, and those types of things -- and new formulations.

但我們的市場推廣方式不對。我們不會使用高檔包裝。因此，消費者認為我們不具備他們所需要的特質。然後，在我們正在關注的一些領域，我們將推出新的形式、新的容器以及類似的產品——以及新的配方。

And those sort of things take longer than just chasing into demand, which is what our supply chain is really good at. But together, the teams at Bath & Body Works and our fragrance house partners and our manufacturing partners, we are all working day and night to make sure that we are bringing this new innovation to market. And we're looking forward to starting that journey in the back half of 2026.

而這類事情需要的時間比追逐需求更長，而這正是我們供應鏈的強項。但是，Bath & Body Works 的團隊、我們的香水公司合作夥伴和我們的生產合作夥伴，都在日夜兼程地努力工作，以確保將這項創新推向市場。我們期待在 2026 年下半年開始這段旅程。

And, Daniel, can I just add one thing? As you look at these categories that we're in, that we're all excited about in our growing category, growth in digital is outpacing the market.

丹尼爾，我可以補充一點嗎？當你審視我們所處的這些類別，以及我們不斷成長的類別中所有讓我們感到興奮的類別時，你會發現數位領域的成長速度超過了市場整體水平。

So the strategies that we're talking about today and the investments we're making in our own digital experience as well as alternative distribution and our presence on Amazon, we think, are key elements to capturing and bringing that new consumer as well.

因此，我們認為，我們今天所討論的策略，以及我們在自身數位體驗、替代分銷管道和亞馬遜上的業務方面的投資，都是吸引和贏得新消費者的關鍵要素。

And part of that, we've talked about being in the path of the consumer. And that, of course, is what drives everything in this business now, putting the consumer at the center. But I'm looking forward to competing with those competitors on that playing field, right? We have left Amazon wide open for competitors to play.

其中一部分內容，我們已經討論過如何出現在消費者的路徑上。當然，這正是如今這個產業一切運作的驅動力，也就是以消費者為中心。但我很期待與那些競爭對手在賽場上一較高下，對吧？我們讓亞馬遜門戶大開，給競爭對手留下了很大的競爭空間。

That is changing. We have left other wholesale partners wide open for those competitors to play. That is going to change also. So to me, I'm looking forward to putting our products front and center, telling bold and emotive stories and winning in the full marketplace.

這種情況正在改變。我們完全放任其他批發合作夥伴與競爭對手競爭。這種情況也會改變。所以對我來說，我期待著將我們的產品放在最顯眼的位置，講述大膽而感人的故事，並在整個市場中取得成功。

Thank you.

謝謝。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Great. Thank you so much. Daniel, I want to just follow up on that last question. Is there a tension at all between entering Amazon and potentially other mass market channels and sort of maintaining an iconic brand image? And if so, how do you feel about navigating that?

偉大的。太感謝了。丹尼爾，我想再補充一下你最後一個問題。進軍亞馬遜和其他大眾市場通路與維持標誌性品牌形象之間是否有任何矛盾？如果是這樣，你覺得如何面對這種情況？

No. I think about it not as either or. I think you look at some of the world's luxury brands that are there on Amazon. And I think it's -- as much as a sales opportunity as I think, it's a brand opportunity. I can't wait to tell an elevated story about this brand in third-party channels and in particular, on the largest shop in the world, on Amazon.

不。我認為這不是非此即彼的問題。我認為你可以看看亞馬遜上一些世界頂級奢侈品牌。我認為這既是一個銷售機會，也是一個品牌機會。我迫不及待地想在第三方管道，尤其是在世界上最大的商店亞馬遜上，講述這個品牌的精彩故事。

What would I believe to do to change product perception will be in all channels and particularly on social channels, actually. And that work, that what I call brand reignition work and brand reigniting work, is well underway.

我認為要改變人們對產品的認知，應該在所有管道，特別是社交管道上進行。這項工作，也就是我所說的品牌重振工作，正在順利進行中。

And by that, I mean, we have seen visuals. We have seen photography. We have seen tone of voice. And everybody who's seen it is blown away by it. Customer testing just this week. And our consumers, both current and future, love the direction that we are taking this brand.

我的意思是，我們已經看到畫面了。我們見過攝影作品。我們已經注意到語氣了。所有看過的人都被它震撼了。本周正在進行客戶測試。我們現在的消費者和未來的消費者都非常喜歡我們為這個品牌設定的發展方向。

I understand. And maybe if I can just follow up on that. I mean, what about just the concern that entering Amazon will cannibalize traffic into the stores and obviously create a separate issue?

我明白。或許我可以跟進一下。我的意思是，人們難道不擔心進入亞馬遜會蠶食實體店的客流量，顯然會造成另一個問題嗎？

Well, our product is already on Amazon. We're doing $60 million to $80 million roughly in sales on that product -- of our product from gray market on Amazon today. So just going there and making it a brand-accretive experience, making it a profit-accretive experience, is the first thing that we look to do.

我們的產品已經在亞馬遜上架了。我們目前透過亞馬遜灰色市場銷售的產品，銷售額約在 6,000 萬至 8,000 萬美元之間。因此，我們首先要做的是，去那裡把它變成一次提升品牌形象、提升利潤的體驗。

And actually, I think that telling the story of our brand across digital channels will drive traffic in-stores. And then finally, we have a very wide assortment, maybe too wide of an assortment in places. And so we have an opportunity to use that assortment thoughtfully across multiple channels to drive differentiated propositions to acquire different types of customers. And so I think that this strategy is wholly accretive.

實際上，我認為透過數位管道講述我們的品牌故事將為實體店帶來客流量。最後，我們的產品種類非常豐富，有些地方的產品種類可能太多了。因此，我們有機會在多個管道上巧妙地利用這些產品組合，推出差異化的產品方案，以獲得不同類型的客戶。所以我認為這種策略完全是增值型的。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great, thanks. Good morning. Really helpful diagnosis of the areas of improvement. And I know Amazon was something you've been hinting at for some time, so I'm sure you expect to get going on that. So a couple of questions with that.

太好了，謝謝。早安.對需要改進的方面進行了非常有幫助的診斷。我知道你之前已經暗示過要進軍亞馬遜，所以我相信你也希望盡快著手進行這方面的工作。關於這一點，我有幾個問題。

Can you talk about the sales expectations and the margin profile of launching on Amazon? You obviously mentioned $60 million to $80 million in sales already. Clearly, your hope is to go above that. But just trying to think about the arc of building on that and then the margin profile as well, whether you expect that to be at similar margins, dilutive, accretive, that would be helpful.

您能談談在亞馬遜上線產品的銷售預期和利潤率嗎？您顯然已經提到銷售額在 6000 萬至 8000 萬美元之間。顯然，你希望取得比這更好的成績。但試著思考一下在此基礎上發展的未來趨勢，以及利潤率情況，你是否預期利潤率會保持相似水平，是稀釋現有利潤率還是增加現有利潤率，這將很有幫助。

On the exit of the categories, the ancillary categories that you launched into a couple of years ago, can you help us understand a little bit of the decision-making as to why not continuing to run the business? Of course, it's a distraction, but it is offering some sales. And a lot of the heavy lifting, more importantly, has already been done. And I would imagine that that's something that could work in other channels.

關於退出這些類別，以及您幾年前推出的輔助類別，您能否幫助我們了解為什麼不繼續經營這些業務的決策過程？當然，這會分散注意力，但確實帶來了一些銷售額。更重要的是，很多繁重的工作已經完成了。我想這在其他管道也可能行得通。

And then, Eva, one for you is just around how we should think about the cash flow progressing next year. You talked about earnings. But would love to hear your views in terms of the working capital, in particular, given launching it in channels, clearing out the old inventory, how you think about the arc in working capital? Thank you so much for those questions.

然後，伊娃，我還有一個問題想問你，那就是我們該如何看待明年的現金流狀況。你談到了收益。但我很想聽聽您對營運資金的看法，特別是考慮到在通路中推出產品、清理舊庫存，您如何看待營運資金的變化趨勢？非常感謝您提出的這些問題。

Great. So I'll start on Amazon and then move to adjacencies, and then I'll hand to Eva for cash flow. On Amazon, we're very excited about the opportunity, as I'm sure you can hear. We believe it's the right thing to do for our consumer, and it sits squarely in our third pillar of our strategy.

偉大的。所以我先從亞馬遜開始，然後轉向相關領域，最後交給伊娃負責現金流。正如你所聽到的，我們對亞馬遜的這個機會感到非常興奮。我們相信這對我們的消費者來說是正確的做法，並且它完全符合我們策略的第三大支柱。

The plan is to go slow to go fast, right? We're going to launch with a tight assortment. We're going to make sure that we are optimizing those pages for the Amazon consumer, that we're providing the right level of product description, that we're providing the right level of PDP, that we build up a really incredible bank of ratings and reviews.

計劃是先慢後快，對吧？我們將推出精選的產品系列。我們將確保針對亞馬遜消費者優化這些頁面，提供適當的產品描述和產品詳情頁，並建立一個非常龐大的評分和評論庫。

And as we start to gain success in that channel, we will build out the assortment over time. But as I said in my opening remarks, our owned channels will remain the widest expression of our assortment and the purest expression of our brand.

隨著我們在該通路取得成功，我們將逐步擴大產品種類。但正如我在開場白中所說，我們自有的管道仍將是我們產品種類最廣泛的體現，也是我們品牌最純粹的體現。

So we'll be very careful to make sure that we're using that channel to attract a new consumer or a lapsed consumer. And we're not just taking the assortment, handing it over to a different channel and expecting -- and taking a margin here as a result of doing that. So it goes slow in the first half to speed up as we move sequentially through the year.

因此，我們將非常謹慎地確保我們使用該管道是為了吸引新客戶或流失客戶。我們不僅僅是把產品系列交給另一個管道，然後期望從中賺取利潤。所以上半年進展緩慢，隨著一年中時間的推移，速度會逐漸加快。

And then when it comes to adjacencies, I want to just clarify what I said. We are no longer going to invest in adjacencies. We are going to invest in our core. We have told you of two categories that we plan to exit in hair and men's grooming. We haven't, at this point, signaled that we are exiting whole adjacencies.

至於鄰接關係，我想澄清一下我之前說過的話。我們將不再投資鄰近領域。我們將加大對核心業務的投資。我們已經告訴你們，我們計劃退出美髮和男士護理這兩個領域。目前我們還沒有發出要退出整個鄰近區域的訊號。

We -- I actually agree with your question. What is the most thoughtful way to use the money that has been used -- has been spent in these areas to potentially build this business over time, but it won't be something that we're continuing to invest in formulas, in packaging, and in other ways. We've got to get back to the core, but we aren't simply just abandoning those adjacencies. We intend to maximize the sales opportunity from those.

我其實同意你的問題。如何最明智地利用已經投入這些領域的資金——這些資金旨在隨著時間的推移發展壯大這項業務——但我們不會繼續投資於配方、包裝和其他方面。我們必須回歸核心，但我們並不是單純地放棄那些鄰近領域。我們打算最大限度地挖掘這些銷售機會。

Yeah. And on your cash flow progression for next year, as a reminder -- and I'm sure you know this, Olivia -- we generate all of our cash in the Q4 period. We typically like to start the year with about $500 million of cash to fund the business through the first nine months, investing in inventory throughout the year. We're building our plans for 2026 now.

是的。關於您明年的現金流進展情況，提醒您——我相信您也知道這一點，奧利維亞——我們所有的現金都是在第四季度產生的。我們通常喜歡在年初擁有約 5 億美元的現金，為公司前九個月的營運提供資金，並在全年投資於庫存。我們現在正在製定2026年的計畫。

As I spoke about, there will be greater investments related to this transformation. So that could put a little bit more pressure on that first nine months of next year. But we'll manage our cash effectively throughout the year. On the margins for our adjacencies and Amazon, in particular, it's our goal to have a comp margin structure over time. We're going to test and learn our way into this, as Daniel said.

正如我剛才所說，與這項轉型相關的投資將會更多。所以這可能會對明年頭九個月帶來更大的壓力。但我們會全年有效管理現金流。就我們鄰近業務和亞馬遜而言，我們的目標是隨著時間的推移，建立一個可比較利潤率結構。正如丹尼爾所說，我們將透過試驗和學習來逐步掌握這項技術。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

Hi. Good morning, everyone, and good to hear of the plan. As you think of the loyalty customers, which I think numbered 39 million the last time we heard, how do you break them down through this transformation strategy that you put in place and the diligence you've done? What are you seeing about that consumer? What are you learning? Who's coming? Who's going? Any updates there?

你好。各位早安，很高興聽到這個計劃。考慮到忠誠客戶的數量，據我們上次了解，這個數字是 3900 萬，您如何透過您制定的轉型策略和所做的努力來細分他們？你從這位消費者身上觀察到了什麼？你學到了什麼？誰會來？誰要去？那邊有什麼最新進展嗎？

Yeah. Thanks. I'll start, and maybe, Eva, you can follow up with a little bit more detail. So as I've always said, our loyalty program and that loyal consumer that we have today is a competitive advantage. And we're going to continue to build on it.

是的。謝謝。我先來，伊娃，或許你可以補充一些細節。正如我一直所說，我們的會員忠誠度計劃以及我們今天擁有的忠實客戶群是我們的競爭優勢。我們將繼續在此基礎上發展。

And in fact, I think in the recent Q, we're now up to 40 million loyalty customers. So it is a competitive advantage. We're going to continue to leverage it to drive sales, to drive building the basket of our existing consumers.

事實上，我認為在最近的季度中，我們的忠誠客戶數量已經達到了 4,000 萬。所以這是一種競爭優勢。我們將繼續利用它來促進銷售，並擴大現有客戶的購物籃。

Eva, maybe if I can give you -- ask you to give a little bit more detail?

伊娃，或許我可以請你──或者說，請你再詳細說？

Yeah. Sure. I think that loyalty customer, we continue to drive the strongest retention rate. With our changes in our loyalty program, we've seen an increase in rewards redemption that brings along with it an incremental spend.

是的。當然。我認為，在忠誠客戶方面，我們一直保持著最高的客戶留存率。隨著我們對會員忠誠度計畫的調整，我們發現獎勵兌換量增加，隨之而來的是消費額的增加。

We're seeing good business, good spend, across all of our deciles. And the team, the marketing team, the loyalty team, really continues to focus how can we continue to engage and excite those very valuable loyalty members that drive 80% of our sales.

我們看到，在所有收入階層中，業務發展良好，消費支出也很高。團隊，包括行銷團隊和會員忠誠度團隊，都在持續關注如何才能繼續吸引和激勵那些貢獻了我們 80% 銷售額的寶貴會員。

Got it. And then with the reset going on, collaborations has been a big focus over the past few years. With the refocus on the core, how do you see the opportunity for collaboration? How do you maximize the strength of the product with the opportunity to enhance with sales or margins with collaborations?

知道了。隨著產業格局的重塑，合作在過去幾年裡一直是工作的重點。在重新聚焦核心業務的背景下，您如何看待合作機會？如何透過合作，最大限度地發揮產品優勢，進而提高銷售額或利潤率？

Right. I appreciate the question, so I can clarify what our collaboration strategy is. So make no mistake; we love collaboration, right? They are a way to drive energy, equity, and excitement and buzz into the brand. And we actually have lined up for the next fiscal, some really, really exciting collaborations.

正確的。感謝您的提問，這樣我就可以解釋一下我們的合作策略了。所以毋庸置疑，我們熱愛合作，對吧？它們是為品牌注入活力、提升品牌價值、激發品牌熱情和製造品牌熱度的一種方式。事實上，我們已經為下一個財政年度安排了一些非常非常令人興奮的合作項目。

But strategically, collaboration should be used to drive energy into the brand and energy into some of those franchises and collection, energy that builds Everyday Luxuries, energy that builds White Barn Color Run, energy that builds the seasonal collection like fall, not necessarily something that sort of stands alone and is there to carry the quarter.

但從戰略角度來看，合作應該被用來為品牌注入活力，為某些特許經營權和系列注入活力，為打造“日常奢侈品”注入活力，為打造“白色穀倉彩色跑”注入活力，為打造秋季等季節性系列注入活力，而不是僅僅為了支撐季度業績而孤立存在。

We don't want to get into positions where a collaboration like Villains was something that was difference between where we guided our Q3 and where we ended our Q3. We want to use them more tactfully, more thoughtfully, to drive long-term brand equity into our brand, into our franchises, and into some of those iconic fragrances that I referenced in today's call.

我們不希望像 Villains 這樣的合作項目，成為我們第三季業績走向和最終結果之間的分水嶺。我們希望更巧妙、更周全地運用它們，為我們的品牌、我們的特許經營權以及我在今天電話會議中提到的一些標誌性香水創造長期的品牌資產。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Heaf for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我把發言權交還給希夫先生，請他作最後的總結發言。

Well, thank you, everybody, for joining us this morning. Thank you very much for your thoughtful questions. And just let me restate. I came to Bath & Body Works to accelerate growth, and I remain absolutely confident in our ability to do so. Work to restoring our brand and achieving sustainable growth, as you've heard on today's call, is already well underway. But it will take time and focus.

謝謝大家今天早上收看我們的節目。非常感謝您提出的這些有見地的問題。讓我再說一次。我加入 Bath & Body Works 的目的是為了加速公司發展，我對我們實現這一目標的能力仍然充滿信心。正如你們在今天的電話會議上聽到的那樣，恢復品牌形象和實現永續成長的工作已經進展順利。但這需要時間和專注。

We've aligned our teams to the vision and the strategy, creating disruptive and innovative products, reigniting our brand, winning in the marketplace, and operating with speed and efficiency, to attract a new and younger consumer to the brand and unlock what I know will be the next era of growth for this brand.

我們已將團隊與願景和策略保持一致，創造了顛覆性和創新性的產品，重振了我們的品牌，在市場中贏得了勝利，並以快速高效的方式運營，以吸引新的、更年輕的消費者，並開啟我所知道的該品牌下一個增長時代。

You've heard today that we are driving early progress across those priorities, and we look forward to sharing more updates in the quarters ahead. I want to say a special thank you to our associates and our store teams for delivering joy this holiday season. We have the platform, we have the plan, and we absolutely have the team to win.

今天大家已經聽到，我們正在這些優先事項上取得早期進展，我們期待在接下來的幾季分享更多最新資訊。我要特別感謝我們的同事和門市團隊，感謝他們在這個節日季節為大家帶來歡樂。我們有平台，我們有計劃，我們絕對有團隊贏得勝利。

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

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。