Bath & Body Works, Inc. (BBWI) 2026 Q1 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 first quarter 2026 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions) I'll now turn the call over to Luke Long, Vice President of Investor Relations. Luke, you may begin.

早安。我叫 Melissa，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Bath & Body Works 2026 會計年度第一季財報電話會議。請注意，今天的會議將被錄音。(接線員指示) 現在我將把電話交給投資人關係副總裁 Luke Long。Luke，請開始。

Good morning, and welcome to Bath & Body Works first quarter 2026 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 2026 會計年度第一季財報電話會議。今天與我一同出席的有執行長 Daniel Heaf，以及財務長 Eva Boratto。

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

除本次電話會議與今天早上的新聞稿外，我們也已在官網發布一份簡報，彙總本次預先準備講稿中的資訊，並提供一些與我們營運表現及財測相關的事實與數據。

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 2025 Form 10-K.

提醒各位，今天部分評論可能包含與未來事件及預期相關的前瞻性陳述。關於可能導致實際結果與這些前瞻性陳述出現重大差異的因素，請參閱 Bath & Body Works 2025 年 Form 10-K 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若干非 GAAP 財務衡量指標。關於此類指標的重要揭露（包括與最可比 GAAP 財務衡量指標的調節表），請參閱今天早上的新聞稿與補充資料。

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

接下來，我把電話交給 Daniel。

Thank you, Luke, and good morning, everyone. Today, I'll walk through our first quarter performance and share an update on the progress we're making on our consumer-first formula. Our strategy to return Bath & Body Works to sustainable, consistent growth.

謝謝你，Luke，各位早安。今天我將回顧我們第一季的表現，並分享我們在推進「以消費者為先」公式方面的進展更新。這是我們讓 Bath & Body Works 回到可持續、穩健成長的策略。

In the first quarter, net sales declined 3% and adjusted EPS was $0.32, both ahead of expectations, but remain below the standard we expect of our brand. Underlying business trends remain pressured and largely consistent with the past several quarters, reinforcing the necessity of our strategy. We are executing with urgency and remain on track with our transformation road map. Based on this performance and with our expectations for the balance of the year, we are reaffirming our full year 2026 net sales and earnings per share guidance.

第一季淨銷售額下滑 3%，調整後每股盈餘（adjusted EPS）為 0.32 美元，兩者皆優於預期，但仍低於我們對品牌所期望的水準。基礎業務趨勢仍承壓，且大致與過去幾季一致，進一步凸顯我們策略的必要性。我們正以緊迫感執行，並持續按計畫推進轉型路線圖。基於本季表現以及我們對今年其餘期間的預期，我們重申 2026 全年淨銷售額與每股盈餘指引。

Since introducing the consumer-first formula in November, we have been clear that this is a multiyear plan to return Bath & Body Works to sustainable growth. Our aspiration remains clear to bring together luxury sense real benefits and unmatched access, building a brand consumers love, trust and choose every day.

自 11 月推出「以消費者為先」公式以來，我們一直明確表示，這是一項為期多年的計畫，旨在讓 Bath & Body Works 回到可持續成長。我們的願景依然清晰：結合奢華感、真實效益與無可比擬的可及性，打造一個消費者每天都喜愛、信任並選擇的品牌。

The actions we are taking across product, brand and the marketplace are beginning to generate evidence that the strategy is working, and we expect the impact to build through the year and become more visible to consumers and in our financials as we move into 2027.

我們在產品、品牌與市場端所採取的行動，已開始產生策略奏效的證據；我們預期其影響將在今年逐步累積，並在邁入 2027 年時，對消費者以及在財務表現上變得更加明顯。

The work has moved from strategy to execution and from execution to early evidence. While there is significant work ahead, the early proof points we are seeing reinforce our confidence that the actions we are taking are the right ones.

這項工作已從策略走向執行，並從執行走向初步驗證。儘管前方仍有大量工作要做，我們所看到的早期驗證點強化了我們的信心：我們正在採取的行動是正確的。

With that context, let me walk through some of the progress we are making across our four strategic priorities. First, creating disruptive and innovative products. Restarting our innovation engine remains foundational to our strategy, particularly in our Hero category. We are being more intentional about where we innovate, how we innovate and how we bring product to market. We are prioritizing our Hero category, focusing on the forms where we have clear authority and telling stories that make the quality, benefit and feeling of our product unmistakable.

在此背景下，讓我說明我們在四大策略優先事項上的一些進展。第一，打造具顛覆性與創新性的產品。重新啟動我們的創新引擎仍是策略的基石，尤其是在我們的主力（Hero）品類。我們更有意識地決定在哪裡創新、如何創新，以及如何將產品推向市場。我們優先聚焦主力品類，專注於我們具備明確領導地位的產品形態，並講好故事，讓產品的品質、效益與感受一目了然。

When we deliver a stronger product offering, clearer benefits and sharper execution, the consumer responds, better product clearly communicated win. This was evident in the quarter with the launch of our new moisturizing and revitalizing these products pair our distinctive fragrance with clear consumer benefits, upgraded packaging, focused marketing support and stronger in-store and online presentation.

當我們提供更強的產品組合、更清晰的效益主張與更精準的執行時，消費者就會回應；更好的產品加上清楚的溝通就能勝出。本季我們推出全新保濕與煥活系列即為明證：這些產品將我們獨特的香氛與清楚的消費者效益結合，並搭配升級包裝、聚焦的行銷支持，以及更強的門市與線上呈現。

More importantly, this launch reflects the model we are building stronger product offering, clearer benefit, better packaging, focused marketing and sharper execution, all working together to drive a powerful consumer response.

更重要的是，這次上市反映了我們正在建立的模式：更強的產品組合、更清晰的效益、更好的包裝、聚焦的行銷與更精準的執行，彼此協同運作，帶動強勁的消費者反應。

Strong product acceptance by consumers showed up across multiple metrics. AUR and SKU productivity for the new formulates were both up double digits. This reinforces an important point: value is not simply price. It is the quality of the product, the clarity of the benefit and the strength of the experience relative to the price the consumer paid. That is the equation we are focused on improving.

消費者對產品的高度接受度，反映在多項指標上。新配方產品的平均單價（AUR）與 SKU 生產力皆呈雙位數成長。這再次強調一個重點：價值不僅僅是價格。價值是產品品質、效益清晰度，以及相對於消費者所支付價格的整體體驗強度。這正是我們致力改善的方程式。

Body Care underperformed the broader business in the quarter. Some of this reflected planned assortment choices, including the increased mix of accessories in our Disney collaboration, and actions within our everyday luxury franchise, where we pulled back too substantially on the assortment. We identified this quickly and took action. As of this month, we are backing stock with 10 everyday luxury fragrances, including our top sellers, and we are seeing strong early reads.

本季身體護理（Body Care）表現落後於整體業務。部分原因來自我們計畫性的品類組合選擇，包括在 Disney 聯名中提高配件占比，以及在「日常奢華」系列中我們對品項縮減幅度過大。我們很快識別到這點並採取行動。截至本月，我們已補回 10 款「日常奢華」香氛（包含暢銷款）的庫存，且初期回饋表現強勁。

Everyday luxury remains an important long-term franchise. As part of our broader merchandising architecture, we have clarified the role of key franchises with everyday luxury firmly positioned within that portfolio. We are rebuilding the core assortment, increasing fragrance loads and expanding into new forms and sizes to support durable growth. Importantly, the broader category remains healthy, which reinforces our conviction that stronger innovation, clearer benefits and more modern and emotive storytelling will improve our body care performance over time.

「日常奢華」仍是重要的長期系列。作為我們更廣泛商品架構的一部分，我們已釐清關鍵系列的角色定位，而「日常奢華」在該產品組合中占有明確位置。我們正在重建核心品項、提高香精濃度，並擴展至新的產品形態與規格，以支持更持久的成長。重要的是，整體品類仍然健康，這強化了我們的信念：更強的創新、更清晰的效益，以及更現代、更具情感張力的敘事，將隨時間改善我們的身體護理表現。

We will also continue to use collaboration strategically as a way to drive engagement, build relevance and support moment. Disney Princesses two built on the insights from the original launch and resonated once again with our existing customers, with particular strength in accessories where we broadened the offering this year. I have said that as we move forward, we will use collaborations to build cultural relevance and brand equity, attract new consumers and support our most important franchises and seasonal moment.

我們也將持續策略性地運用聯名合作，以提升互動、建立相關性並支持關鍵檔期。Disney 公主第二波在原始上市洞察的基礎上延伸，再次引起既有顧客共鳴；其中配件表現尤為突出，因為我們今年擴大了供給。我曾表示，未來我們將運用聯名合作來建立文化相關性與品牌資產，吸引新消費者，並支持我們最重要的系列與季節性檔期。

was an early example of this approach. We kept the collaboration intentionally limited in scale, and it drove consumer excitement as it quickly sold out. The energy, it created supported our Easter assortment contributing to a spring collection that was up 9% versus last year. Similarly, our Vera Bradley collaboration served as a complement to our Mother's Day offering, driving excitement and interest in our brand during this key gifting moment.

就是這種做法的早期例子。我們刻意將聯名規模控制在有限範圍內，並因迅速售罄而帶動消費者熱度。其所創造的聲量也支持了我們的復活節商品組合，促成春季系列較去年成長 9%。同樣地，我們與 Vera Bradley 的聯名作為母親節商品的補充，在這個關鍵送禮時點為品牌帶來興奮感與關注度。

As we move into the second half of the year, I am excited about the product innovation we will bring to market. Consumers will begin to see upgrades to our Hero categories, including new forms such as a flat back hand sanitizer; upgraded vessels, including a pump on our moisturizing body wash; higher fragrance loads; and more modernized and elevated packaging.

展望下半年，我對即將推向市場的產品創新感到振奮。消費者將開始看到我們主力品類的升級，包括新的產品形態（例如平背式乾洗手）、升級的容器設計（例如保濕沐浴乳新增按壓泵頭）、更高的香精濃度，以及更現代化、更高質感的包裝。

All of these innovations have been informed by consumer feedback and designed to strengthen our leadership in our Hero categories, by delivering more relevant benefits and better meeting modern consumer expectations.

上述所有創新皆以消費者回饋為依據，並旨在透過提供更貼近需求的效益、以及更符合現代消費者期待，來強化我們在主力品類的領導地位。

Our new product launches will be supported by bolder marketing, stronger social engagement, and, in some cases, talent partnership designed to create broader cultural reach. In summary, our product innovation is in early innings. We are encouraged by the results, and we expect momentum to build in the back half of the year and continue through 2027.

我們的新產品上市將以更大膽的行銷、更強的社群互動為後盾，並在部分情況下透過人才／藝人合作夥伴關係，擴大文化觸及。總結來說，我們的產品創新仍在起步階段。我們對目前成果感到鼓舞，並預期動能將在下半年增強，並延續至 2027 年。

Second, reigniting the brand. We are modernizing how Bath & Body Works shows up creatively, culturally and emotionally while building a modern demand creation engine. This work is increasingly coming together in a cohesive and consistent way. We are sharpening our positioning, elevating our creative expression and moving towards clearer, more benefit-forward storytelling. The goal is simple to be clear about who we are to make the quality and distinctiveness of our products unmistakable and to create an experience and make Bath & Body Works choosing time and time again.

第二，重新點燃品牌。我們正在以更現代的方式，讓 Bath & Body Works 在創意、文化與情感層面呈現，同時打造一個現代化的需求創造引擎。這項工作正日益以更具凝聚力且一致的方式整合成形。我們正在強化品牌定位、提升創意表達，並朝向更清晰、以效益為導向的敘事方式邁進。目標很簡單：清楚說明我們是誰，讓產品的品質與獨特性一目了然，並打造一種體驗，讓消費者一次又一次選擇 Bath & Body Works。

As part of this evolution, it's how we engage consumers. We are making creative and influencers a more consistent part of our go-to-market playbook, not as a one-off tactic, but as a way to build relevant and create demand around our most important launches.

作為這項演進的一部分，也體現在我們如何與消費者互動。我們正讓創意內容與網紅更一致地成為我們上市策略（go-to-market）手冊的一部分，不再只是一次性的戰術，而是用來圍繞最重要的新品上市建立關聯性並創造需求的方式。

For example, during our Vera launch and Mother's Day event, we expanded our creative network by hundreds of influencers, extending our reach and reinforcing our elevated brand narrative across the social platforms our consumers use every day. We are also leveraging these capabilities to amplify our key product stories and franchises in a more modern and culturally relevant way.

例如，在我們的 Vera 上市與母親節活動期間，我們將創作者網絡擴大了數百位網紅，擴展觸及範圍，並在消費者每天使用的社群平台上強化我們升級後的品牌敘事。我們也運用這些能力，以更現代且更具文化相關性的方式放大我們的關鍵產品故事與系列。

This quarter, we applied this playbook to our White Barn Neutrals franchise. We extended the White Barn brand into new and unexpected spaces by partnering with creators who use White Barn Neutrals to elevate their own homes and leverage live ad read across relevant podcasts to deepen connection and reinforce our authority, as the market leader in beautiful, high-quality candles at affordable prices.

本季，我們將這套作法應用於 White Barn Neutrals 系列。我們與使用 White Barn Neutrals 來提升居家質感的創作者合作，將 White Barn 品牌延伸到新的、出乎意料的場域，並在相關播客中運用直播式廣告口播（live ad read）深化連結、強化我們作為市場領導者的權威地位——以可負擔的價格提供美觀且高品質的蠟燭。

Our approach resonated. The White Barn Neutral collection grew approximately 20% in Q2 versus last year and attracted a younger consumer. This builds on our evolved brand expression, we are using on Amazon, where richer and consistent visual storytelling is helping us show up in a more modern and relevant way and attracting new consumers to the brand.

我們的方法引起共鳴。White Barn Neutral 系列在第二季較去年成長約 20%，並吸引了更年輕的消費者。這也延續了我們在 Amazon 上採用的進化品牌表達；更豐富且一致的視覺敘事正幫助我們以更現代、更貼近市場的方式呈現，並吸引新消費者接觸品牌。

The enriched brand expression will roll out more broadly across our own channels later this year. This will create a more consistent and elevated presence wherever the consumers encounter the Bath & Body Works brand. We are in the early stages of transforming Bath & Body Works from a specialty retailer to a category-leading global brand, one that leads with products, creates desire and builds deeper emotional connection with consumers.

更豐富的品牌表達將於今年稍晚在我們自有渠道更廣泛推出。這將在消費者接觸 Bath & Body Works 品牌的任何地方，建立更一致且更高端的呈現。我們正處於將 Bath & Body Works 從專業零售商轉型為品類領導的全球品牌的早期階段——以產品為先、創造渴望，並與消費者建立更深層的情感連結。

Third, winning in the marketplace. We are focused on meeting consumers wherever they choose to shop: in stores, online and across third-party platforms. Our global fleet of approximately 2,500 doors remains a significant competitive advantage, and we are committed to fully leveraging the strength, reach and convenience of that footprint. This includes simplifying the in-store experience and improving navigation to make it easier for consumers to discover and shop the products they love.

第三，在市場中取勝。我們專注於在消費者選擇購物的任何地方滿足他們：門市、線上以及各種第三方平台。我們在全球約 2,500 家門市的佈局仍是重要的競爭優勢，我們致力於充分發揮這一版圖的強度、覆蓋與便利性。這包括簡化店內體驗並改善動線導覽，讓消費者更容易發現並購買他們喜愛的產品。

Beginning in July, we will begin to roll out updates across our entire fleet. Consumers will see a more intuitive in-store experiencing, featuring clearer signage and product layout designed to make the store easier to navigate by fragrance, form and franchise.

自 7 月起，我們將開始在整個門市網絡推動更新。消費者將看到更直覺的店內體驗，包括更清晰的標示與產品陳列配置，設計上讓門市能依香氛、型態與系列更容易導覽。

At the same time, we are strengthening our digital presence to extend our reach and reduce friction, particularly for new and lapsed consumers. Later this year, we will relaunch our website with a mobile-first experience, stronger storytelling and a faster, more seamless path to checkout.

同時，我們也在強化數位端的呈現，以擴大觸及並降低摩擦，特別是針對新客與流失客。今年稍晚，我們將以行動優先（mobile-first）的體驗重新上線官網，提供更強的敘事內容，以及更快速、更順暢的結帳流程。

The site will celebrate our fragrance icons, including beloved such as Thousand Wishes, giving consumers a richer way to discover and engage with the hero of our brand. Within our digital business, we are beginning to see early signs of progress including approximately a 10% improvement in conversion among new consumers. While the experience is not yet where we want it to be, this progress reinforces our belief that there is significant opportunity to expand reach, deepen engagement and drive sustainable e-commerce revenue over time.

網站將聚焦呈現我們的香氛經典，包括深受喜愛的 Thousand Wishes，讓消費者以更豐富的方式探索並與我們品牌的核心主角互動。在數位業務中，我們已開始看到一些早期進展跡象，包括新客轉換率約提升 10%。雖然體驗尚未達到我們期望的水準，但這些進展強化了我們的信念：隨時間推進，仍有顯著機會擴大觸及、深化互動，並推動可持續的電商營收。

Our Amazon business is in its early stages, and we are seeing consistent growth week over week, in line with our plan. The channel is helping us to reach consumers who are not shopping with us through our own channels with a meaningful SKU towards younger and more affluent consumers. We are delivering higher AURs on Amazon relative to our own channels. We view Amazon as an important complement to our own platform, and we are learning thoughtfully, refining and scaling our presence.

我們的 Amazon 業務仍在早期階段，且依照計畫呈現每週穩定成長。該渠道正幫助我們觸及未透過自有渠道購物的消費者，並以具意義的 SKU 組合吸引更年輕且更富裕的客群。相較於自有渠道，我們在 Amazon 上實現更高的平均單價（AUR）。我們將 Amazon 視為自有平台的重要補充，並以審慎的方式學習、優化並擴大我們的佈局。

Beyond our owned marketplace channels, international remains a key pillar of our strategy. In the quarter, retail sales were up double digit. Despite near-term pressure in the Middle East, the business represents a compelling opportunity with a long runway for high-return asset-light franchise growth outside of North America. Across all of our channels, our objective is clear: to be in the path of the consumer, spark discovery and ensure Bath & Body Works shows up clearly, consistently, whenever and wherever consumers choose to shop.

除了自有市場渠道之外，國際市場仍是我們策略的關鍵支柱。本季零售銷售額呈現雙位數成長。儘管中東地區短期承壓，該業務仍代表一個具吸引力的機會，並在北美以外擁有長期、高回報、輕資產的加盟成長跑道。在所有渠道中，我們的目標很清楚：出現在消費者的購物路徑上，激發探索，並確保無論消費者何時、何地選擇購物，Bath & Body Works 都能清晰且一致地呈現。

Finally, operating with speed and efficiency. Underpinning all of our work is a commitment to operating with greater speed, focus and discipline. Through our multiyear Fuel for Growth program, we are simplifying the business, removing unnecessary complexity and reallocating resources towards the areas that most directly impact the consumer. These efforts are helping fund investment in innovation, brand relevance and digital acceleration, while maintaining a strong financial foundation.

最後，以速度與效率營運。支撐我們所有工作的，是以更高速度、更聚焦與更嚴謹的方式營運的承諾。透過我們多年期的 Fuel for Growth 計畫，我們正在簡化業務、移除不必要的複雜性，並將資源重新配置到最直接影響消費者的領域。這些努力正協助我們在維持穩健財務基礎的同時，為創新、品牌相關性與數位加速的投資提供資金。

In conclusion, early consumer response to initial consumer-first formula actions supports the logic of the strategy and reinforce our conviction in the path we are on. We are executing with urgency and discipline and early proof points are beginning to emerge across the business, reinforcing our confidence that the actions we are taking today will drive more meaningful and sustainable impact over time.

總結來說，消費者對初期「以消費者為先」配方行動的早期回饋，支持了該策略的邏輯，並強化了我們對目前路徑的信心。我們以緊迫感與紀律推進執行，且一些早期驗證點已開始在業務各處浮現，進一步強化我們的信念：我們今天採取的行動，將隨時間推移帶來更具意義且更可持續的影響。

This is a comprehensive transformation. We are building the foundation to reposition Bath & Body Works from a specialty retailer into a category-leading global brand with the discipline required to return the company to sustainable long-term growth.

這是一項全面性的轉型。我們正在建立基礎，以重新定位 Bath & Body Works，從專業零售商轉型為品類領導的全球品牌，並以所需的紀律讓公司回到可持續的長期成長。

With that, I'll turn over to Eva to review our first quarter financial results.

接下來，我把時間交給 Eva，請她回顧我們第一季的財務結果。

Thank you, Daniel, and good morning, everyone. Today, I'll provide the details of our first quarter results and provide an update on our Q2 and fiscal year 2026 guidance. Beginning with the first quarter, net sales were $1.4 billion, down 3.2% versus last year and ahead of our guidance range. As Daniel noted, the underlying business trends remain pressured, consistent with the past several quarters, and our category performance reflects the same themes we've shared previously: the need to deliver consumer right innovation, elevate the brand and ensure availability across all channels.

謝謝你，Daniel，各位早安。今天我將提供第一季業績的細節，並更新我們對第二季與 2026 會計年度的財測指引。先從第一季開始，淨銷售額為 14 億美元，較去年下降 3.2%，且優於我們指引區間。如 Daniel 所提，基礎業務趨勢仍承壓，與過去幾季一致；我們的品類表現也反映了先前分享過的相同主題：需要提供符合消費者需求的創新、提升品牌，並確保全渠道的供應可得性。

Body Care declined mid-teens, below the shock and our expectations. As Daniel mentioned, the deceleration in performance was largely driven by everyday luxury assortment changes and a mix shift towards accessories in our Disney Princesses two collaboration.

身體護理（Body Care）下滑約十幾個百分點，低於門市表現以及我們的預期。如 Daniel 所提，表現放緩主要由「日常奢華」產品組合調整，以及我們 Disney Princesses 第二次聯名中配件占比提高所帶來的組合轉移所致。

The underlying trends within the body care portfolio remain pressured. And as we have said previously, we have taken steps to refocus on our core and better align our product with evolving consumer expectations. We will bring bold innovation to our body care assortment in the back half of the year.

身體護理產品組合內部的基本趨勢仍然承壓。正如我們先前所說，我們已採取措施重新聚焦核心，並讓產品更貼近消費者不斷演變的期待。我們將在今年下半年為身體護理產品線帶來大膽的創新。

Home Fragrance declined low single digits. Candles performed slightly above the shop supported by strategic pricing actions and solid results in the neutrals line, partially offset by softness in wallflowers. Soaps and sanitizers grew low single digits with continued strength in sanitizers and solid performance in soaps, driven by our new moisturizing and revitalizing formulas. In US and Canadian stores, net sales were $1.1 billion, a decrease of 4.3% to the prior year.

居家香氛（Home Fragrance）下滑低個位數。蠟燭表現略優於門市整體，受策略性定價措施與中性色系（neutrals）產品線的穩健成果支撐，但部分被壁掛香氛（wallflowers）的疲弱所抵銷。肥皂與乾洗手產品成長低個位數，乾洗手持續強勁、肥皂表現穩健，主要由我們新的保濕與煥活配方帶動。在美國與加拿大門市，淨銷售額為 11 億美元，較去年下降 4.3%。

Direct channel net sales were $246 million, a decrease of 1.5%, benefiting from a reduction to our free ship threshold to $50. Normalized for our free shipping threshold change, digital and stores performed comparably. International and other net sales, which is inclusive of domestic third-party wholesale revenues, were $70 million, up 9% to the prior year. International net sales were up 5%, in line with expectations. Our first quarter adjusted gross profit rate was 42.7%, slightly above expectations and a decline of 270 basis points.

直營通路淨銷售額為2.46億美元，下降1.5%，受惠於我們將免運門檻下調至50美元。若排除免運門檻變動的影響，數位與門市表現相當。國際及其他淨銷售額（包含國內第三方批發收入）為7,000萬美元，較去年成長9%。國際淨銷售額成長5%，符合預期。第一季調整後毛利率為42.7%，略高於預期，並下滑270個基點。

Adjusted merchandise margin rate declined 210 basis points, primarily driven by tariffs, inflation and crude oil impact totaling approximately 130 basis points and category mix. Mix-adjusted AUR was flat versus prior year. B&O dollars were flat as expanded store occupancy costs were offset by the closure of a fulfillment center in Q1 of last year. B&O deleveraged as a result of sales decline. Adjusted SG&A dollars were also flat with rate of 31.7%, better than expected due to incremental cost savings and timing.

調整後商品毛利率下滑210個基點，主要受關稅、通膨與原油影響合計約130個基點，以及品類組合所致。經組合調整後的AUR（平均單價）與去年持平。B&O金額持平，因門市占用成本擴大被去年第一季關閉一座履約中心所抵銷。由於銷售下滑，B&O出現去槓桿。調整後SG&A金額亦持平，費用率為31.7%，因額外成本節省與時點因素而優於預期。

The increase in adjusted SG&A rate of 100 basis points versus last year due to sales decline as investments associated with the consumer-first formula, increases in inflation and merit were offset by our fuel for growth.

相較去年，調整後SG&A費用率上升100個基點，原因在於銷售下滑；與「以消費者為先」公式相關的投資、通膨與績效調薪增加，被我們的「Fuel for Growth」計畫所抵銷。

Bringing it all together, adjusted operating income was $151 million, 11% of net sales; and adjusted earnings per diluted share of $0.32 was slightly ahead of our expectations. Inventory ended the quarter down 10% to prior year. We're confident with our inventory levels going into Q2.

綜合以上，調整後營業利益為1.51億美元，占淨銷售額11%；稀釋後每股調整後盈餘為0.32美元，略優於我們的預期。季末庫存較去年下降10%。我們對進入第二季的庫存水位充滿信心。

Turning to real estate. Approximately 60% of our fleet is in off-mall locations. And in the quarter, we opened 13 new North American stores, all off mall; and closed 17 stores, primarily in malls. International partners opened eight stores and closed two stores in the first quarter. We ended the quarter with 579 international locations.

接著談不動產。我們約60%的門市位於非購物中心（off-mall）地點。本季我們在北美新開13家門市，全部為非購物中心店；並關閉17家門市，主要位於購物中心。國際合作夥伴在第一季開設8家門市並關閉2家。季末我們共有579個國際據點。

Now moving to guidance. For the fiscal full year 2026 confirming all elements of our guidance with net sales guidance range of down 4.5% to down 2.5%, and adjusted earnings per share guidance range of $2.40 to $2.65. A few additional points to note. Our guidance does not include any share repurchases. Our guidance assumes energy prices remain elevated for the remainder of the year.

現在轉到財測。針對2026會計年度全年，我們確認財測的所有要素：淨銷售額指引區間為下降4.5%至下降2.5%，調整後每股盈餘指引區間為2.40至2.65美元。另有幾點補充。我們的指引不包含任何庫藏股回購。我們的指引假設能源價格在今年剩餘期間維持高檔。

And finally, our guidance does not assume any benefit from potential tariff refunds. As a reminder, tariffs represented an approximate $80 million cost in fiscal 2025, and our current guidance assumes the impact of tariffs and inflationary pressures will be roughly neutral year-over-year. You can find additional commentary on the details of our full year guidance in our slide presentation.

最後，我們的指引亦未假設可從潛在關稅退還中獲益。提醒一下，關稅在2025會計年度約造成8,000萬美元成本，而我們目前的指引假設關稅影響與通膨壓力在年對年比較下大致相互抵銷、接近持平。關於全年指引細節的更多說明，請參閱我們的簡報投影片。

Turning now to the second quarter. We expect net sales of down 5% to down 3%. International net sales are expected to be down low- to mid-single digits, primarily related to a decline in shipped product sales to our Middle East partner due to ongoing conflict. International retail sales are expected to grow low double digits, in line with Q1. We expect second quarter gross profit rate to be approximately 40%, reflecting higher store occupancy and deleverage due to sales declines as well as product transformation investments.

接著談第二季。我們預期淨銷售額下降5%至下降3%。國際淨銷售額預期將下滑低至中個位數百分比，主要與因持續衝突導致對中東合作夥伴的出貨產品銷售下降有關。國際零售銷售預期將成長低雙位數百分比，與第一季一致。我們預期第二季毛利率約為40%，反映較高的門市占用成本、因銷售下滑造成的去槓桿，以及產品轉型投資。

We expect second quarter SG&A rate to be approximately 31.8%, reflecting net sales deleverage and inflation and merit impacts and investments associated with the consumer-first formula, partially offset by Fuel for Growth savings.

我們預期第二季SG&A費用率約為31.8%，反映淨銷售去槓桿、通膨與績效調薪影響，以及與「以消費者為先」公式相關的投資，部分由「Fuel for Growth」節省所抵銷。

Our second quarter outlook includes net nonoperating expense of approximately $56 million, a tax rate of approximately 29.3% and weighted average diluted shares outstanding of approximately 203 million. Considering these inputs, we are forecasting second quarter earnings per diluted share of $0.20 to $0.25. Looking forward to Q3, we expect greater transformation investments affecting both product and marketing. This is consistent with our expectations in our original full year guidance, which we reaffirm today.

我們對第二季的展望包含：淨非營業費用約5,600萬美元，稅率約29.3%，加權平均稀釋流通股數約2.03億股。綜合上述假設，我們預測第二季稀釋後每股盈餘為0.20至0.25美元。展望第三季，我們預期更高的轉型投資將同時影響產品與行銷。這與我們在原先全年指引中的預期一致，我們今日再次確認該指引。

Now for a quick update on capital allocation. We are a strong cash flow generating business, and our top priority remains driving sustainable, long-term profitable growth through strategic investments in the business. For the first quarter, our capital expenditures totaled $49 million and we returned $40 million to shareholders through dividends.

接著快速更新資本配置。我們是一家能強勁創造現金流的企業，而我們的首要任務仍是透過對業務的策略性投資，推動可持續、長期的獲利成長。第一季資本支出合計4,900萬美元，並透過股利向股東返還4,000萬美元。

In 2026, we continue to expect to invest approximately $270 million in capital expenditures focused on high-return real estate, consumer-first formula investments largely related to product assortment and logistics and fulfillment upgrades. We also continue to expect to generate approximately $600 million of free cash flow in 2026, including a $66 million after-tax benefit from the interchange fee litigation settlement recognized in Q1.

在2026年，我們仍預期投入約2.70億美元資本支出，重點聚焦於高報酬不動產、「以消費者為先」公式相關投資（多與產品組合）以及物流與履約升級。我們也仍預期在2026年創造約6.00億美元自由現金流，其中包含第一季認列的交換手續費訴訟和解所帶來、稅後6,600萬美元的利益。

In the first quarter, we redeemed our January 2027 notes of $284 million. And as always, we will take a balanced approach, investing to drive long-term growth while returning excess cash to shareholders. In closing, while 2026 is an investment year, we're executing with speed and discipline. We're confident in our strategy, encouraged by our early progress and focused on establishing Bath & Body Works as a premier global brand, one that delivers sustained durable growth.

第一季我們贖回了2027年1月到期、金額2.84億美元的票據。一如既往，我們將採取平衡的方式：一方面投資以推動長期成長，另一方面將多餘現金回饋股東。總結而言，雖然2026年是投資年，我們仍以速度與紀律執行。我們對策略充滿信心，對早期進展感到鼓舞，並專注於將Bath & Body Works打造為頂尖的全球品牌，實現持續且具韌性的成長。

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

接下來我把時間交給Daniel。

Before we take questions, I'd like to take a moment to thank Eva for her contribution to Bath & Body Works. Eva, on behalf of the entire Bath & Body Works team, thank you. You've been a steady in force during a pivotal chapter for this company, strengthening our financial foundation, bringing discipline to how we invest and helping to lay the groundwork for the consumer-first formula. You leave us in a stronger position than the founder and you do so with our deep gratitude and very best wishes for what comes next.

在進入提問之前，我想花點時間感謝Eva對Bath & Body Works的貢獻。Eva，我代表整個Bath & Body Works團隊向你致謝。在公司關鍵的篇章中，你一直是穩定的力量，強化了我們的財務基礎，為投資方式帶來紀律，並協助奠定「以消費者為先」公式的基礎。你讓我們處於比創辦人時期更強的狀態離開，我們對你深表感激，並誠摯祝福你接下來一切順利。

We have initiated a comprehensive search process, supported by a leading executive search firm to identify our next Chief Financial Officer. In the meantime, Tom will step in as interim Chief Financial Officer effective upon Eva's departure.

我們已啟動全面的遴選流程，並由一家領先的高階主管獵才公司協助，以尋找下一任財務長。在此期間，Tom將在Eva離任後即刻接任代理財務長。

Tom brings deep experience with more than 16 years at Bath & Body Works and 25 years with L Brands, including serving as EVP of Brand Finance. We are confident he will provide strong continuity and leadership during this transition.

Tom在Bath & Body Works擁有超過16年的深厚經驗，並在L Brands服務25年，曾擔任品牌財務執行副總裁（EVP of Brand Finance）。我們有信心他能在此過渡期間提供強而有力的延續性與領導。

With that, we'll open the call for questions.

接下來我們開放提問。

(Operator Instructions)

(接線員指示)

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行（Wells Fargo）。

Hey, good morning, everyone. Daniel, I think my first one is for you. Just on the body care down mid-teens in the first quarter, it seems like it was the biggest drag, clearly, on the results. Just can you elaborate just a little bit more on what you've done to address that category issue and mainly trying to get at is that a problem that they kind of surfaced in the first quarter behind you at this point? How are you expecting body care to trend from here?

嗨，大家早安。Daniel，我第一個問題想請教你。關於第一季身體護理（body care）下滑約十幾個百分點，看起來這是拖累整體結果最大的因素。你能否再多說一點，你們為了解決該品類問題做了哪些事情？我主要想了解的是：這是否是第一季才浮現、而目前已經過去的問題？你們預期接下來身體護理的走勢會如何？

Good morning. Thanks for the question. Let me start by taking you back to the diagnosis that we gave in November when we said that body care is the most competitive category and that the offering -- our offering has not kept pace with the consumer. That is why, as part of the consumer-first formula, we have prioritized investment in body care, and we are expecting stronger, more relevant innovation to begin showing up in the back half. As I said in my prepared remarks, I'm excited about the body care innovation that we have coming.

早安。謝謝你的提問。我先帶大家回到我們在11月所做的診斷：我們當時說身體護理是競爭最激烈的品類，而我們的產品供給——我們的供給——沒有跟上消費者的需求。因此，作為「以消費者為先」公式的一部分，我們已優先加大對身體護理的投資，並預期在下半年開始看到更強、更貼近需求的創新推出。正如我在事先準備的發言中提到的，我對即將推出的身體護理創新感到非常興奮。

Now within the quarter, the underperformance, which you noted was driven by two factors: Firstly, we planned Disney, Disney Princesses two to be bigger in accessories this year, that is where we left demand on table last year and the results we delivered so that, that was the right thing to do. Also, in everyday luxury, we have not managed the franchise as effectively as we should have, and we pull Black to substantially on that assortment.

就本季而言，你提到的表現不如預期主要由兩個因素造成：第一，我們今年規劃讓 Disney、Disney Princesses 2 在配件品類做得更大，因為去年我們在那裡留下了未被滿足的需求，而我們交出的結果顯示這麼做是正確的。另外，在 everyday luxury（日常奢華）方面，我們對該系列的經營管理沒有做到應有的水準，因此我們在該品類的 Black（黑色）款式組合上大幅拉回。

We recognize that very quickly, and we've already taken action. As of this month, we are back in stock with 10 fragrances, including the top sellers from last spring in both Fine Fragrance Smith and Body And we are already seeing improved results, and we expect Q2 to be meaningfully better in body care.

我們很快就意識到這點，並且已經採取行動。截至本月，我們已恢復10款香氛的供貨，其中包含去年春季在 Fine Fragrance Mist 與 Body（身體）兩個系列中的暢銷品；我們已經看到結果改善，並預期第二季身體護理將明顯好轉。

Important, though, and this brings us back to the sort of the more substantial strategic point, I think, is we now have a clear franchise architecture across the business, including defined key growth franchises and fragrance icons. Everyday luxury is it has a very important role in that portfolio, and we expect it to deliver durable growth over time. We are rebuilding the core assortment, increasing fragrance loads and expanding into newer forms and all of that newness in everyday luxury will be delivered in the back half of the year.

不過更重要的是——這也回到較為關鍵的策略層面——我們現在已在整個業務建立清晰的系列（franchise）架構，包括明確定義的關鍵成長系列與香氛標誌性產品（fragrance icons）。Everyday luxury 在該產品組合中扮演非常重要的角色，我們預期它將隨時間推進帶來可持續的成長。我們正在重建核心品項組合、提高香精含量（fragrance loads），並擴展到更新的產品形式；而 everyday luxury 的所有這些新品將在今年下半年推出。

So in summary, while Body Care the performance is not -- was absolutely not where we want it to be, we understood the drivers, we took action and we remain in the very confident in the category's long-term potential for us.

總結來說，雖然身體護理的表現確實——絕對——沒有達到我們想要的水準，但我們已理解背後的驅動因素、也已採取行動，並且仍對該品類對我們而言的長期潛力非常有信心。

Got it. Super helpful, Daniel. And then as a follow-up, I guess a bigger picture, you're now one or two quarters in post the reset in the third quarter. Is there any view of a need to push out your revenue inflection story maybe into early 2027 for any reason? Or do you kind of just view things as largely on track and things are progressing the way you had hoped?

了解。非常有幫助，Daniel。接著追問一個更宏觀的問題：在第三季重置（reset）之後，你們現在已經過了一到兩個季度。是否因任何原因，你們認為需要把營收拐點（inflection）的敘事往後推到可能2027年初？還是你們認為整體大致仍在軌道上，進展符合你們原先的期待？

I think you said it, brilliantly. Q1 was absolutely consistent with where we expected to be at this stage of our transformation. As we noted in the prepared remarks, the underlying business remains pressured, and we're not calling an inflection. It was a beat, but nowhere near the potential of this brand. And what gives us confidence, the actions that we're taking are starting to show up in the growth indicators that we told you to look out for last quarter.

我覺得你說得非常到位。第一季的表現完全符合我們在這個轉型階段所預期的位置。如同我們在事先準備的發言中提到的，基本面業務仍承受壓力，我們也沒有宣稱已出現拐點。這一季是優於預期（beat），但離這個品牌的潛力還差得很遠。而讓我們有信心的是，我們正在採取的行動，已開始反映在我們上季提醒大家關注的成長指標上。

So particularly stronger pricing power behind our innovation and the expanded reach through new distribution channels is bringing new consumers to the brand. As I said, I don't think the examples that we gave on today's call, particularly moisturizing, hand soap and White Barn Neutrals are meaningful enough at yet to show up in our full financials, but that is the job that we are all focused on in the back half.

尤其是：創新帶來更強的定價能力，以及透過新的分銷通路擴大觸及，正在為品牌帶來新消費者。如我所說，我不認為我們今天電話會中舉的例子——特別是保濕、洗手乳（hand soap）以及 White Barn Neutrals——目前已大到足以反映在完整財務數字上，但這正是我們在下半年全力聚焦的工作。

It is how do we put it together to deliver the scale and bring the company back to growth as soon as possible. That is what every team in this company wants and that is where we are focused.

也就是：我們要如何把這些拼在一起，形成規模，並盡快讓公司回到成長軌道。這是公司每個團隊都想達成的目標，也是我們目前的聚焦所在。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通（JPMorgan）。

So Daniel, you launched on Amazon during the first quarter. What are your biggest learnings to date? Have there been any surprises? And how are you thinking about balancing marketplace expansion while protecting traffic and productivity within your owned channels of distribution?

Daniel，你們在第一季於 Amazon 上線。到目前為止你們最大的學習是什麼？有任何意外嗎？以及在擴張第三方平台的同時，你們如何在保護自有通路的流量與生產力之間取得平衡？

Thanks, Matt. I think it's fair to say that we are very pleased with our Amazon performance since launching in new February. Totally new capability and strategy for this company. It is still early, but we're seeing strong double-digit week-over-week growth, and that is absolutely in line with the expectations that we gave. More importantly than the growth though, I think that Amazon is proving to be an effective consumer acquisition channel.

謝謝，Matt。我想可以很公允地說，自從2月在 Amazon 上線以來，我們對 Amazon 的表現非常滿意。這對公司而言是全新的能力與策略。目前仍在早期，但我們看到每週相較前一週呈現強勁的雙位數成長，這完全符合我們先前給出的預期。不過比成長更重要的是，我認為 Amazon 正證明它是一個有效的消費者獲取通路。

That was one of the green shoot indicators we talked to on our last earnings call. And we are bringing in a higher mix of new-to-brand consumers who are skewing younger and more affluent and who value Amazon's speed, convenience and ease of discovery. We're also seeing AUR on this channel up higher. So this reinforces the strategic point of view that Amazon can be a controlled, curated, complement to our own channel and absolutely not a substitute for them.

這是我們在上次財報電話會提到的「初現曙光」（green shoot）指標之一。我們帶進來的新客占比更高，且偏向更年輕、更富裕的族群，他們重視 Amazon 的速度、便利性與探索發現的容易度。我們也看到這個通路的 AUR（平均單價）更高。因此，這強化了我們的策略觀點：Amazon 可以成為一個可控、精選（curated）、用來補充我們自有通路的渠道，而絕不是用來取代自有通路。

As we said from the outset, and it's absolutely still the case, our owned channels will always be and always offer the broadest assortment. And just by a way of reference, we have about 94 unique SKUs live on Amazon today, that's about 7% of our active in-store assortment. So there's so much more breadth and depth in our own channels than in third-party marketplaces.

正如我們一開始就說過的，而且現在仍然如此：我們的自有通路永遠會、也永遠會提供最完整的商品組合。作為參考，我們目前在 Amazon 上線約94個獨特 SKU，約占我們門市在售商品組合的7%。因此，相較第三方平台，我們自有通路在廣度與深度上都大得多。

And then maybe I'll add just a couple more points that I think are interesting things that we have learned. Firstly, we are as -- part of it in the process of cleaning up the marketplace, and we put in place quantity limits in both our digital channel and stores channel. And absolutely, that is being effective, and we are cleaning up the marketplace.

另外我再補充幾點我們覺得很有意思的學習。第一，我們正在——作為其中一部分——清理市場（marketplace），並在我們的數位通路與門市通路都設定了購買數量上限。而且這確實有效，我們正在把市場清理得更乾淨。

And secondly, perhaps more future focused, we are finding that the product information that we're putting up on Amazon is really helping to improve our recommendations in generative search in platforms like ChatGPT and Claude. So again, something that we are watching and perhaps an unexpected benefit of the expansion on to Amazon.

第二，可能更偏向未來：我們發現我們在 Amazon 上提供的產品資訊，確實有助於改善在 ChatGPT、Claude 等平台的生成式搜尋（generative search）推薦結果。因此，這也是我們正在觀察的面向，或許是拓展到 Amazon 的一項意外收益。

And maybe just a follow-up for Eva. Could you elaborate on the product investments that are pressuring merchandise margin this year? And just what you've contemplated, whether it relates to oil from a headwind or markdowns over the balance of the year?

另外再追問 Eva 一題。你能否更詳細說明今年哪些產品投資正在壓抑商品毛利率（merchandise margin）？以及你們對今年剩餘期間的考量——不論是原油帶來的逆風，或是折價（markdowns）——是怎麼評估的？

Sure. Thanks for the question, Matt. Overall, as you look at gross margins for the year, we reiterated our prior gross margin guidance of 42.4%. The merch margin deleverage, it's about 40 basis points. Think about that as largely product investment, tariffs enroll, material inflation kind of together roughly flat between the two of those.

當然可以。謝謝你的提問，Matt。整體來看，針對全年毛利率（gross margins），我們重申先前的毛利率指引為42.4%。商品毛利率的槓桿下滑（deleverage）約為40個基點。你可以把它主要視為產品投資、關稅，以及材料通膨等因素的綜合影響；這兩大塊合計大致互相抵消、約略持平。

We have contemplated inflationary pressures in crude oil, which is a new headwind that we've been able to offset with some incremental cost reductions. So largely, it's a little bit of pressure on that crude oil as well as the product investments, net of our Fuel for Growth initiatives.

我們也已將原油的通膨壓力納入考量，這是一項新的逆風，但我們已透過一些額外的成本降低措施加以抵消。因此整體而言，主要是原油帶來的一些壓力，加上產品投資；再扣除我們 Fuel for Growth（成長燃料）計畫的效益後的淨影響。

B&O deleverage, obviously, about 90 basis points, which is really driven by the sales decline. And I would just remind you that there are no tariff refunds included in our guidance. And there's a lot of news out there, and we expect to know more about that in about three months from now.

B&O 去槓桿，顯然，大約 90 個基點，這主要是由銷售下滑所驅動。我也想提醒各位，我們的財測指引中不包含任何關稅退稅。目前外界有很多相關消息，我們預期大約三個月後會知道更多。

Simeon Siegel, Guggenheim Securities.

Simeon Siegel，Guggenheim Securities。

Thanks. Hey, everyone. Good morning, Eva, it's been really nice working with you, I wish you best in your next chapter.

謝謝。各位好。早安，Eva，和你合作真的很愉快，祝你在下一個篇章一切順利。

Thank you.

謝謝。

You bet. Daniel, you've been with the company for about a year now, how was your view of the opportunity evolved since you joined? I guess, just could you speak to your optimism and the opportunity now versus maybe when you begin, any big learnings about the business and the path forward? And then if you were to take a step back and just diagnose the sales declines in recent years, how would you characterize them between price versus units? And within units, how do you think about whether you're losing customers versus you're lowering their frequency of shop?

不客氣。Daniel，你加入公司大約一年了，你對這個機會的看法自加入以來如何演變？也就是說，你能否談談你現在的樂觀程度與剛開始時相比如何，以及對這門生意與未來路徑有哪些重要學習？另外，如果你退一步診斷近年來的銷售下滑，你會如何在價格與銷量（units）之間做出描述？而在銷量方面，你如何看待是流失客戶，還是客戶購買頻率降低？

Good morning, Simeon. Thanks for the question. Let me start by saying, I've loved every minute of my first 12 months here with the Bath & Body Works team. I would say that my conviction in the opportunity 12 months in is stronger. But I'd also say that my understanding of what it will take is sharper. As I said, I think almost on day one when I did my first earnings call, Bath & Body Works has extraordinary assets, deeply loved brand, it has leadership in growing and attractive categories; a large, profitable and convenience store footprint; highly engaged customer base; and then I'd say that the learning has been the work required to reach our potential is significant.

早安，Simeon。謝謝你的問題。我先說，我在 Bath & Body Works 團隊的前 12 個月每一分鐘都很享受。我會說，12 個月後我對這個機會的信念更強。但我也會說，我對需要做到什麼的理解更清晰、更精準。正如我所說，我幾乎在第一天、第一次財報電話會議時就提到，Bath & Body Works 擁有非凡的資產：深受喜愛的品牌、在成長且具吸引力的品類中具領導地位；龐大、獲利且便利的門市據點；高度投入的客戶基礎；而我學到的是，要達到我們的潛力所需的工作量相當可觀。

We need to restart our innovation engine in the Hero categories. We need to make the brand more relevant and modernized demand creation. We need to improve digital, we need to expand access. And of course, we need to do that simultaneously while operating faster and more efficiently. And that is exactly what the plan we put in place as a team, the consumer-first formula is designed to do, and it is the plan we're driving.

我們需要在核心（Hero）品類重啟創新引擎。我們需要讓品牌更具相關性，並以更現代化的方式創造需求。我們需要改善數位能力，我們需要擴大觸達。當然，我們還需要在同一時間做到這些，同時以更快、更有效率的方式營運。而這正是我們團隊所制定並推動的計畫——以消費者為先（consumer-first）的公式——所要達成的目標，也是我們正在推進的計畫。

I would say that the diagnosis that I gave, a little bit to the second point of your question before I maybe hand to Eva, it hasn't changed. If anything in the last six months since we gave the diagnosis, I think that the evidence reinforces it. When we deliver stronger product sharper storytelling and better marketplace execution, and we do those things simultaneously, the consumer response.

我會說，我對你問題第二部分所做的診斷（在我可能交給 Eva 之前先回應一下）並沒有改變。如果說有什麼不同，則是在我們提出診斷後的過去六個月，我認為證據更強化了它。當我們提供更強的產品、更精準的敘事（storytelling）以及更好的市場端執行，並且同時做到這些時，消費者就會有反應。

The proof points that we talked about on today's call they're still early. It's still too small to show up in the financials, but they support the logic of the strategy. So net-net, one year in, I have a clearer view of the work the right leadership team and a growing conviction that we're absolutely on the right path.

我們在今天電話會議中提到的那些佐證點仍然偏早期。規模仍然太小，尚未反映在財務數字上，但它們支持這個策略的邏輯。所以總結來說，一年下來，我對所需的工作有更清楚的視角、也有合適的領導團隊，並且越來越相信我們絕對走在正確的道路上。

So Daniel, I'll take the second part of the question around the sales performance over the last several years. And I'll think this year into last year, Simeon, as I make these comments, right? Overall, our existing loyal customers have been strong. We've seen more frequency, greater spend with that loyal customer base. as Daniel pointed out several quarters ago, right, we need to be more relevant with that new younger customer where our focus is with the consumer-first formula.

Daniel，我來回答問題的第二部分，關於過去幾年的銷售表現。Simeon，我在做這些評論時，會以今年相對去年來思考，對吧？整體而言，我們既有的忠誠客戶表現一直很強。我們看到該忠誠客群的購買頻率更高、消費金額更大。正如 Daniel 在幾季前指出的，我們需要對新的、更年輕的客戶更具相關性，而這正是我們以消費者為先公式的聚焦重點。

On the pricing unit, given where the brand is, we really have not been able to take AURs up, right? They've been flat to down low single digits each quarter. And as you look forward, as you bring product, brand, marketplace together and have the right innovation, we know this brand can grow AUR as well as units. And that's what we're looking to drive here. Thank you.

在定價／銷量方面，考量品牌目前的狀態，我們確實無法把 AUR（平均單價）往上拉，對吧？每一季大致持平到小幅下滑（低個位數）。而往前看，當你把產品、品牌與市場端整合到位，並且有正確的創新時，我們知道這個品牌既能提升 AUR，也能帶動銷量成長。這就是我們希望在這裡推動的方向。謝謝。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，Bank of America。

When you were answering Irwin's question, you spoke about the building benefits throughout the year of the consumer-first formula. Do you expect a return to positive sales growth in the second half? And if not, why not?

你在回答 Irwin 的問題時，提到以消費者為先公式在全年會逐步累積效益。你是否預期下半年會回到正的銷售成長？如果不會，原因是什麼？

I mean I'll sort of go back to the comments I made earlier. I think we're exactly where we expect to be. Again, the underlying trends of the business remain pressured and we're not calling it an inflection. We do see the positive proof point in the strategy, particularly around White Barn Neutrals, moisturizing hand stope. And I think we didn't talk about it on the call, but the iconization of Japanese cherry blossom in also a good proof point.

我的意思是，我會回到我先前提到的評論。我認為我們正處於我們預期的位置。再次強調，業務的底層趨勢仍然承壓，我們也沒有把它稱為拐點。我們確實看到策略上的正面佐證點，特別是在 White Barn Neutrals、保濕護手 stope（原文如此）方面。我想我們在電話會議上沒有提到，但對 Japanese cherry blossom 的「iconization」（打造為標誌性主打）也是一個不錯的佐證點。

What we need to do in the back half as the innovation comes to market is making sure that we're putting all the pieces together that the foundation that we've built is being executed in the marketplace correctly and we expect the impact to become more visible to the consumer in the back half and more visible in our financials. So look, every team of Bath & Body Works wants to win and is laser focused on bringing the company back to delivering sustainable and healthy growth as soon as possible.

我們在下半年需要做的是，當創新產品上市時，確保把所有環節整合到位：我們已建立的基礎能在市場端被正確執行；我們預期其影響在下半年會對消費者更可見，也會在我們的財務數字上更可見。所以你看，Bath & Body Works 的每個團隊都想贏，並且高度聚焦，盡快讓公司回到可持續且健康的成長軌道。

Yeah, Lorraine, and I'll just add one thing, Daniel, if I could, right? We're in the early stages of this transformation. And as we provided our guidance three months ago and reaffirm that today, we believe we've planned the business prudently in line with our current trends. And as you think about the innovation, we're also being very surgical how we approach that and the impact so we can build on the things that win in the marketplace and drive durable growth.

是的，Lorraine，我再補充一點，Daniel，如果可以的話，對吧？我們仍在這次轉型的早期階段。正如我們三個月前提供指引、並在今天再次重申的，我們相信我們是依照目前趨勢審慎地規劃業務。而在創新方面，我們也會以非常精準、外科手術式的方式來推進與評估其影響，這樣我們才能在市場上把有效的做法持續放大，並推動更持久的成長。

Paul Lejuez, Citi.

Paul Lejuez，Citi。

Hey, everyone. This is Brandon Cheatham and I'm on for Paul. Can you remind us what is embedded in your guidance regarding tariff rate? I think previously, you expected 15% for the year, but you're bringing product in at 10% currently. So just wondering how that has been factored into your outlook.

各位好。我是 Brandon Cheatham，我代 Paul 提問。你能提醒我們，你們的指引中對關稅稅率納入了哪些假設嗎？我記得先前你們預期全年是 15%，但目前你們進貨是按 10%。所以想了解這點如何反映在你們的展望中。

Sure. Thanks for the question, right? Overall, as you think about tariffs inclusive of the supply chain information that I spoke about, think about it as roughly neutral year-over-year with then an added headwind impact related to the crude oil pressures that we've seen, and we fill into our guidance that those continue.

當然。謝謝你的問題，對吧？整體而言，當你把我提到的供應鏈資訊也納入考量來看關稅時，可以把它視為年對年大致中性；另外再加上一個逆風影響，來自我們看到的原油壓力，而我們在指引中也納入了這些壓力將持續的假設。

As you think about tariffs in particular, Q2 and fall, right, they're at lower rates than Q1, but you also layer on the 232 aluminum, so that's how we plan the business, and we'll see what changes come along. And as I said on a prior question, our guidance does not include any impact of tariff refunds.

就關稅本身而言，第二季和秋季（檔期）對吧，稅率比第一季低，但你也要再疊加 232 鋁（關稅），所以我們是這樣來規劃業務的，接下來就看會有哪些變化。而且如我在先前問題中所說，我們的指引不包含任何關稅退稅的影響。

Got it. That's helpful. And then I was just curious, are you seeing any difference in performance in your stores by geography or mall, off-mall locations?

了解。這很有幫助。接著我只是好奇，你們是否看到門市表現因地理區域或商場、非商場據點而有任何差異？

Sure. I'll take that one as well, Daniel. As we looked at our performance in Q1, right, consistent with prior periods, our off malls did perform better than our mall stores driven by both traffic and conversion. We did not see any meaningful difference by income tier in our performance. It was pretty consistent across our different income tiers.

當然。Daniel，這題我也來回答。我們回頭看第一季的表現，對，與過往期間一致，我們的非商場門市確實比商場門市表現更好，主要由來客數與轉換率所帶動。我們沒有看到不同收入層級之間的表現有任何顯著差異。在不同收入層級之間都相當一致。

And I think our regional performance, there was some modest differences across regions, but nothing substantial as to a meaningful trend break that I would note and I would say our strongest malls, our high-tier malls performed best, those a malls and the lower-tier malls had the weakest performance.

我認為就區域表現而言，各區域之間有一些小幅差異，但沒有任何足以稱為明顯趨勢轉折的重大變化值得特別指出；另外我會說，我們表現最強的商場，也就是高階商場表現最好，那些 A 級商場，而較低階的商場表現最弱。

Hey, Brandon, there's one more strategic point that I think will be worth making as it regards to stores. So we've talked in previous calls about how consumers have found our stores on occasion overwhelming. They're not as easy to shop as they should be. We have done a great deal of consumer research into this subject. And beginning this summer, we are rolling out meaningful improvement to our store navigation, which will be full fleet.

Brandon，關於門市還有一個策略面重點我覺得值得補充。我們在先前的電話會議中談過，消費者有時會覺得我們的門市讓人眼花撩亂、壓力很大。購物動線並沒有達到應有的好逛程度。我們針對這個主題做了大量消費者研究。從今年夏天開始，我們將推出對門市導覽/動線的重大改善，並會在全店系統全面導入。

So I think that there were some pictures of that in the presentation that we showed alongside our earnings call this morning, and we think that will really improve the consumer experience and conversion as we go into the back half.

我想今天早上我們在財報電話會議同步展示的簡報裡有一些相關圖片，我們認為這將在下半年真正改善消費者體驗與轉換率。

Anna Andreeva, Piper Sandler.

Anna Andreeva，Piper Sandler。

Hey, great. Thank you so much. This is Noah Helfstein and on for Anna. Thanks for taking the question. Could you just give some more color on monthly trends you saw in the first quarter? And curious if you could give us an early read on how Mother's Day was for the business? And just on exiting adjacent categories, what was the impact of that in the first quarter? And how do you think about that as we go through the year? Thank you.

嗨，很好。非常感謝。我是 Noah Helfstein，代 Anna 提問。謝謝讓我提問。能否請你們再多分享一些第一季各月份的趨勢？也想請教能否先初步談談母親節對業務表現如何？另外，關於退出相鄰品類，第一季的影響是什麼？以及你們如何看待這件事在今年接下來的影響？謝謝。

Sure. No, I'll take that. There's a number of questions there. The exiting of adjacent categories, that was a minimal impact. Those exits were relatively small percent of the overall shop.

當然。不，我來回答。這裡面有好幾個問題。關於退出相鄰品類，影響很小。那些退出項目在整體店內品類中占比相對不高。

In terms of Mother's Day span Q1 as well as Q2 and overall performed well for us. We were pleased with our delivery and the Vera Bradley impact in our Mother's Day performance. And in terms of the month within Q1, there's nothing really significant to call out there.

至於母親節，橫跨第一季以及第二季，整體對我們來說表現良好。我們對於交付表現以及 Vera Bradley 對母親節表現的帶動感到滿意。而就第一季內各月份而言，沒有什麼特別重大的事項需要點出。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Thank you. Good morning. First, I was hoping to get a bit more color on the promotional environment. I believe that this -- the 2026 guide assumes a comparable level of promotions to the prior year. But the consumer is clearly more value-seeking today. Just talk us through how you're balancing brand integrity and AUR versus the promotional response there and then whether there's any flex on promotion of traffic were to stay soft?

謝謝。早安。首先，我希望能更了解促銷環境的情況。我相信你們對 2026 年的指引假設促銷力度與前一年大致相當。但目前消費者顯然更追求性價比。能否談談你們如何在品牌完整性與 AUR（平均單價）之間，平衡促銷所帶來的回應？另外，如果來客數持續疲弱，促銷是否有任何彈性調整空間？

Yeah, thanks for the question. Maybe I'll start at a high level on our promotional strategy, and then we can maybe ask Eva to dive into a little bit on AUR. Look, promotions have always been part of the Bath & Body Works model. Great value and exciting events brand, and that is not going to change.

好的，謝謝提問。我先從較高層次談談我們的促銷策略，然後我們也許請 Eva 再深入補充一下 AUR。你看，促銷一直都是 Bath & Body Works 商業模式的一部分。我們是一個提供高價值、活動令人期待的品牌，這點不會改變。

As I said in November, when we gave a diagnostics over the past several years, we have leaned into more frequent and deeper promotions to prop up the top line. that does drive a short-term response, but over time, it creates diminishing returns and erodes brand equity. So our plan for 2026, it seems broadly similar, year-over-year promotional cadence and depth. We're not planning a sudden reduction in promos in the year.

如我在 11 月所說，當我們回顧過去幾年的診斷時，我們傾向採用更頻繁、折扣更深的促銷來支撐營收。這確實能帶來短期反應，但長期而言會出現邊際效益遞減並侵蝕品牌資產。因此我們對 2026 年的規劃，整體看起來與去年大致相似：促銷節奏與深度年對年相近。我們不打算在今年突然大幅減少促銷。

The priority, which is exactly where the consumer-first formula is centered, is rebuilding the strength of the consumer proposition. Over time, as we shift towards fewer and more meaningful events built around product story, clearer benefits and more compelling reasons to buy, we want to romanticize the product because of the benefit, not just the discount in our flavor of pricing power, which we will get in our innovation and it's a proof point, followed innovation and brand relevance. And so that is why the consumer first formula is focused on rebuilding the product superiority in our hero category through efficacy, luxury fragrances, modernized packaging and marketing.

優先事項——也正是「以消費者為先」公式的核心——是重建消費者主張的強度。隨著時間推進，當我們轉向更少但更有意義、圍繞產品故事所打造的活動，提供更清楚的利益點與更有說服力的購買理由時，我們希望讓產品因其效益而更具吸引力，而不只是因折扣；這就是我們定價能力的風格，而我們將透過創新來取得，這也是一個佐證點——以創新與品牌相關性為後盾。因此，「以消費者為先」公式聚焦於透過功效、奢華香氛、包裝現代化以及行銷，重建我們主力品類的產品優勢。

Daniel, I don't have much to add. I think you covered it all, right? Our -- we know the consumer continues to be value seeking. And as Daniel said in his prepared remarks, value isn't just price. Our mix-adjusted AURs were flat in the quarter. And to your question, right, we are strategic and smart as we execute and have an amazing team here that thinks through this where there are opportunities to be more promotional to drive that traffic and then also -- and to create moments and also in the places that we'll pull back.

Daniel，我沒有太多要補充的。我想你都涵蓋到了，對吧？我們——我們知道消費者仍然持續追求價值。而如 Daniel 在事先準備的發言中所說，價值不只是價格。本季我們經組合調整後的 AUR 持平。針對你的問題，對，我們在執行上會策略性且聰明地取捨；我們有一支很棒的團隊會思考在哪些地方有機會更積極促銷以帶動來客數，同時——也去創造一些時點；以及在哪些地方我們會收斂。

So that's a muscle that we execute on here week in, week out. And Daniel's point about innovation being AUR up, right, it's an early proof point, it's one proof point. But on the moisture hand soaps, it was excluded from one of our key promotions, and so we're really pleased with driving that AUR up as well as the productivity metrics and getting AUR increases is d one of our key metrics that we are tracking and focusing on in the consumer-first formula.

所以這是一項我們每週、週週都在運用與鍛鍊的能力。而 Daniel 提到創新能帶動 AUR 上升，對，這是一個早期的佐證點，也是其中一個佐證點。以保濕洗手乳（moisture hand soaps）為例，它被排除在我們一項關鍵促銷之外，因此我們對於能推升 AUR、同時改善生產力指標感到非常滿意；而提高 AUR 也是我們在「以消費者為先」公式中追蹤並聚焦的關鍵指標之一。

Thank you. And just a follow-up for Daniel on the CFO transition. Eva has been a key partner in standing up the consumer-first formula and the Fuel for Growth program. So I was hoping you could speak to what's institutionalized at this point versus what could be impacted during the search and the type of profile you're prioritizing externally? Thank you.

謝謝。另外想請 Daniel 追問一下關於 CFO 交接。Eva 一直是建立「以消費者為先」公式與「Fuel for Growth」計畫的重要夥伴。因此我想請你談談，目前哪些內容已制度化、哪些可能在尋找接任者期間受到影響，以及你們對外部人選優先考量的輪廓類型？謝謝。

Yeah, thanks for the question. We're going to miss Eva, of course, but Eva's departure doesn't change our confidence in the full year guidance that we reaffirm today. Our expectations for the full year are grounded, very detailed operating plans that have been built right across the business and the performance we saw in Q1 and the proof points so that we are on our way.

好的，謝謝提問。我們當然會想念 Eva，但 Eva 的離任不會改變我們對今天重申的全年財測指引的信心。我們對全年表現的預期，是建立在非常扎實、非常細緻、橫跨全公司的營運計畫之上，以及我們在第一季看到的表現與各項佐證點，顯示我們正走在正確的路上。

We have a very experienced finance team, strong controls and a disciplined operating cadence so I couldn't be happier to have Tom Javitch as a very experienced CFO and partners to help us guide the business during this transition.

我們有一支非常資深的財務團隊、健全的內控，以及有紀律的營運節奏；因此在這段交接期間，能由經驗非常豐富的 CFO Tom Javitch 與我們合作、協助引導業務，我再高興不過。

And in terms of the future profile, we're looking for a CFO who can help us execute the next phase of this transformation disciplined capital allocation, strong financial planning, operational rigor and the ability to fund the growth while improving the long-term performance of the business.

至於未來人選的輪廓，我們在尋找一位能協助我們執行下一階段轉型的 CFO：具備有紀律的資本配置能力、強健的財務規劃能力、營運嚴謹度，以及在提升企業長期績效的同時，能為成長提供資金支持的能力。

We've got a leading search firm on the case, the search is underway. And we want to make sure that we bring someone in and can quickly establish credibility with all of you and bring the experience and judgment and skills we need to the transformation.

我們已委託一家領先的獵才公司處理此事，搜尋作業正在進行中。我們希望確保能延攬一位能迅速在各位面前建立公信力的人選，並帶來我們推動轉型所需的經驗、判斷力與技能。

And Daniel, can I just emphasize one thing? Really appreciate the question, Mark, and I just want to emphasize the strength of the team underneath me, the experience that they have in this business and elsewhere is really strong, and I have all the confidence that they will continue to work with Daniel as well as the broader leadership team to continue to drive the consumer-first formula forward. Thank you.

Daniel，我可以再強調一點嗎？Mark，非常感謝你的提問；我也想強調我底下團隊的實力，他們在本業務及其他領域的經驗都非常扎實。我完全有信心，他們會持續與Daniel以及更廣泛的領導團隊合作，繼續推動以消費者為先的策略向前。謝謝。

Sydney Wagner, Jefferies.

Sydney Wagner，Jefferies。

Hi. Thanks for taking our question. So you cited the double-digit AUR and SKU productivity on the hand soaps. So just wondering, are these results sustaining beyond the initial launch and into replenishment cycles? And then just curious what percent of the assortment now is turning at these improved productivity levels versus legacy product? And then just one more on the appointment of Veronique as Chief Brand and Product Officer.

嗨。謝謝讓我們提問。你們提到洗手皂的AUR（平均單價）與SKU生產力呈現雙位數成長。想請教這些成果是否能在初次上市之後、進入補貨週期後仍能維持？另外也想了解，目前有多少比例的品項已在這些提升後的生產力水準下周轉，相較於既有產品的比例為何？最後再問一題，關於任命Veronique為首席品牌與產品長。

Just curious if you can talk a little bit more about that role? And if there's been any changes you've seen from product innovation pipeline since for advisory work and kind of what you hope to achieve with that role? Thank you.

想請你再多談一點這個職務的內容？以及自從她以顧問身分參與以來，你們在產品創新管線上是否看到任何變化？還有你希望透過這個職務達成什麼目標？謝謝。

Okay. Thank you. Sydney. So yes, we are seeing that the productivity in the AUR is sustaining into replenishment cycle. So that I think it's one proof point on the new innovation that we brought to market, and we expect to continue to run this operating playbook, if you will, as we bring new innovation to market.

好的。謝謝。Sydney。是的，我們看到AUR的生產力在補貨週期中仍能維持。因此我認為這是我們推出的新創新產品的一個佐證；而且在我們將新創新推向市場時，我們預期會持續運用這套營運作戰手冊（如果你願意這麼稱呼的話）。

Right now, it's we're talking about two new forms that we brought in. So it's an overall, it's a small percentage of the assortment. When it comes to Veronique and her role, so let's start with the role. The thinking behind this role was to bring the two most creative functions of the business together under a single leader to improve consistency and speed of delivery.

目前我們談的是引進的兩種新形式。所以整體而言，這只占我們品項組合的一小部分。至於Veronique及其職務，我們先談職務本身。設立這個職務的想法，是把公司中最具創意的兩個職能整合到同一位領導者之下，以提升一致性並加快交付速度。

And we are so lucky to have Veronique join us. She is a highly experienced beauty leader with a strong track record at very big beauty firms and also an entrepreneurial mindset that she brings from her own brand.

我們非常幸運能邀請Veronique加入。她是一位資深的美妝產業領導者，曾在大型美妝公司有非常亮眼的實績，同時也帶來她自有品牌所培養的創業家思維。

It's been a pleasure to welcome her to the team in the last few weeks, and teams are responding really well, and I think she had extremely strong and joined up viewed with me on where we see the future of the brand and how we deliver product excellence quickly. So we're feeling very good about the role and very good about Veronique's appointment. Thank you for your question, Sydney.

過去幾週能迎接她加入團隊是一件很愉快的事，團隊反應也非常正面；我認為她與我對於品牌未來走向，以及我們如何快速交付卓越產品，有著非常強而一致的看法。因此我們對這個職務、以及Veronique的任命都感到非常有信心。謝謝你的提問，Sydney。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Hi, good morning, everyone. I think, Daniel, one of the things you mentioned in the past is about rationalizing SKU count. Where are you on that journey? How do you think of new versus rationalizing? Is it just the categories that you're exiting? And as you think about planning for holiday, how do you think of what's different this year than last year? Thank you.

嗨，各位早安。Daniel，我想你過去提過的一點是精簡SKU數量。你們目前進展到哪個階段？你如何看待新增與精簡之間的取捨？這是否僅限於你們正在退出的品類？另外，在規劃假期檔期時，你如何看待今年與去年有何不同？謝謝。

Hi, Dana, thank you for the question. So rationalizing SKU count, I have a different maybe a different philosophy to some people on this particular subject, which is we're not chasing a number here. We're not trying to get the X percent of our total assortment. What we're trying to achieve is a consumer response. We had too many SKUs in our assortment, and it was almost for consumers as a paradox of choice with a barrier to conversion.

嗨，Dana，謝謝你的提問。關於精簡SKU數量，在這個議題上我的看法可能與一些人不同：我們不是在追逐某個數字。我們不是要把總品項組合削減到某個X%的比例。我們想達成的是消費者的回應。我們的品項組合中SKU太多，對消費者而言幾乎形成「選擇悖論」，成為轉換的障礙。

So the rationalization wasn't about chasing a productivity number, although we do get productivity when we do assortment and we do get focused. It's about chasing that consumer response. So we're reducing assortment and we are doing other things like the improvement to store experience and the improved navigation that will deliver late this summer, that's part of a bigger whole of improving the overall consumer proposition.

因此，精簡並不是為了追逐生產力數字——雖然當我們精簡品項、提高聚焦時，確實會帶來生產力提升。它的核心是追求消費者的回應。所以我們正在縮減品項，同時也在做其他事情，例如改善門市體驗、提升導購與動線（預計在今年夏末推出），這些都是更大整體的一部分，目的是提升整體的消費者價值主張。

And when I think about I mean, we are testing in some stores a deeper reduction, and we'll sort of see how that goes as we move into the year. But as I say, we're not chasing an absolute number. When I think about holiday this year versus last year, it's going to be meaningfully different. We are expecting a bigger, bolder campaign. We are expecting a greater level of product innovation.

另外，我的想法是——我們正在部分門市測試更深度的精簡，並會在今年推進過程中觀察成效。但如我所說，我們不追求一個絕對數字。至於今年的假期檔期相較去年，將會有顯著不同。我們預期會有更大規模、更具衝擊力的行銷活動。我們也預期會有更高程度的產品創新。

And I think it's exactly as we've said in our prepared remarks, it's where we see the consumer first formula starts to come together where the pieces are being put together at scale in one of the most important periods and one of the most important commercial period of the year.

我認為這正如我們在事先準備的發言中所說：我們看到以消費者為先的策略開始整合成形，各個要素在一年中最重要、也是最關鍵的商業檔期之一，開始以規模化方式逐步到位。

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

謝謝。各位女士、先生，問答環節到此結束。我將把時間交回Luke Long，請他做最後的補充。

Thank you, everyone. That concludes our first quarter earnings call. We appreciate your time today and continued interest in Bath & Body Works. Have a great day.

謝謝各位。我們的第一季財報電話會議到此結束。感謝各位今天撥冗參與，並持續關注Bath & Body Works。祝各位有美好的一天。

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

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。