Bath & Body Works, Inc. (BBWI) 2026 Q2 法說會逐字稿

Good morning. My name is Melissa, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Bath & Body Works second-quarter 2026 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

早安。我叫 Melissa，今天將擔任各位的電話會議接線員。此刻，我想歡迎各位參加 Bath & Body Works 2026 會計年度第二季財報電話會議。提醒各位，今天的會議將被錄音。（接線員指示）

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

接下來我將把電話交給投資人關係副總裁 Luke Long。Luke，您可以開始。

Good morning, and welcome to Bath & Body Works' second-quarter 2026 earnings conference call. Joining me on the call today are Daniel Heaf, Chief Executive Officer; and Tom Javitch, Interim Chief Financial Officer.

早安，歡迎各位參加 Bath & Body Works 2026 會計年度第二季財報電話會議。今天與我一同出席的有執行長 Daniel Heaf，以及代理財務長 Tom Javitch。

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

除了本次電話會議與今天早上的新聞稿之外，我們也已在官網發布一份簡報，摘要本次事先準備的發言內容，並提供一些與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 的 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。關於此類衡量指標的重要揭露（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 review our second-quarter performance, provide an update on the progress we're making against our Consumer First Formula, and share how we're positioning the business for the second half of the year.

謝謝你，Luke，各位早安。今天我將回顧我們第二季的表現，更新我們在「Consumer First Formula」上的進展，並分享我們如何為下半年布局。

Our second-quarter results exceeded our expectations. Net sales declined 2.3%, ahead of our guidance range of down 5% to down 3%, and adjusted earnings per diluted share was $0.62, above our guidance range of $0.20 to $0.25. Adjusted earnings per diluted share included the benefit from approximately $80 million of tariff refunds received in the quarter. Excluding this benefit, adjusted earnings per diluted share would have been $0.31, $0.06 above the high end of our guidance range.

我們第二季的結果優於預期。淨銷售額下滑 2.3%，優於我們原先預估的下滑 5% 至下滑 3% 的區間；調整後稀釋每股盈餘為 0.62 美元，高於我們原先預估的 0.20 至 0.25 美元區間。調整後稀釋每股盈餘包含本季收到約 8,000 萬美元關稅退稅的挹注。若排除此項挹注，調整後稀釋每股盈餘將為 0.31 美元，較我們財測區間上緣高出 0.06 美元。

While the underlying business remains pressured and our performance is not yet where we want it to be, we are where we expect it to be, and our teams are moving at pace to execute our strategy. Last quarter, we described early evidence that the Consumer First Formula was beginning to work.

雖然基本面業務仍承受壓力、我們的表現尚未達到理想水準，但目前的狀況符合我們的預期，我們的團隊也正以既定節奏推進策略執行。上季我們提到，已有初步跡象顯示 Consumer First Formula 開始奏效。

This quarter, that evidence is becoming more tangible and quantifiable, with sequential improvement in Body Care, a return to growth in digital, and accelerated growth in expanded distribution. These proof points strengthen our confidence that our actions are gaining traction, but they are not yet broad enough to signal an inflection in the overall business.

本季，這些跡象變得更具體且可量化：身體護理（Body Care）呈現連續改善，數位業務重回成長，擴大分銷的成長也加速。這些佐證強化了我們對各項行動正在取得進展的信心，但其覆蓋面仍不足以代表整體業務已出現拐點。

Based on our second-quarter performance and our outlook for the balance of the year, we are narrowing our full-year net sales guidance by raising the low end to down 4% while maintaining the high end at down 2.5%. We are also raising our adjusted earnings per diluted share guidance to $2.60 to $2.80, reflecting our second-quarter outperformance and latest view of the business.

基於第二季表現以及我們對全年剩餘期間的展望，我們將縮窄全年淨銷售額財測區間：把下緣上調至下滑 4%，同時維持上緣為下滑 2.5%。我們也將調整後稀釋每股盈餘財測上調至 2.60 至 2.80 美元，反映第二季優於預期的表現以及我們對業務的最新看法。

We have been clear since introducing the Consumer First Formula nine months ago that returning Bath & Body Works to sustainable growth is a multi-year transformation. 2026 remains an investment year. Building consideration and trust with new consumers requires sustained product innovation, continued investment in demand creation, and consistent execution. Our priority in the back half is to continue to strengthen the underlying drivers of sustainable growth while closely tracking leading indicators to validate our actions are working ahead of our goal of revenue growth in 2027.

自九個月前推出 Consumer First Formula 以來，我們一直明確表示：讓 Bath & Body Works 回到可持續成長是一項為期多年的轉型。2026 年仍是投資年。要在新消費者中建立考量度與信任，需要持續的產品創新、持續投入需求創造，以及一致且穩定的執行。我們下半年的優先事項，是在持續強化可持續成長的底層驅動因素的同時，密切追蹤領先指標，以在我們 2027 年營收成長目標之前驗證各項行動正在奏效。

With that context, let me turn to the progress we are making against our four strategic priorities. First, creating disruptive and innovative products. As we set out last quarter, we are bringing greater focus and discipline to how we develop and bring product innovation to market. We are concentrating resources behind our hero categories and franchises, where our leading market position and attractive category growth give us the greatest right to win.

在此背景下，讓我說明我們在四大策略優先事項上的進展。第一，打造具顛覆性與創新性的產品。如同上季所述，我們正以更高的聚焦與紀律來推動產品創新並導入市場。我們將資源集中在我們的主力（hero）品類與系列（franchises）上；在這些領域，我們具備領先的市場地位與具吸引力的品類成長，因而擁有最大的勝出機會。

During the quarter, we launched Fruit Fusion, a new Body Care franchise designed as a hydration routine. It pairs distinctive fragrances with new dermatologist-approved formulas designed to layer hydration throughout the routine. We also introduced more functional packaging. For example, our moisturizing body wash now includes a pump and more products at the same price, delivering better functionality and greater value at a time when consumers are often being asked to pay more for less. The launch exceeded our sales expectations and achieved a higher AUR than our core fragrance body care assortment and drove strong customer engagement with several forms selling out.

本季我們推出 Fruit Fusion，這是一個以保濕程序為設計概念的全新身體護理系列。它將獨特香氛與經皮膚科醫師認可的新配方結合，旨在於整個保養流程中層層疊加保濕效果。我們也導入更具功能性的包裝。例如，我們的保濕沐浴乳現在配有按壓泵頭，且在同樣價格下提供更多產品量；在消費者常被要求「花更多、買更少」的時刻，這帶來更好的使用便利性與更高的價值感。此次上市表現超出我們的銷售預期，且其平均單價（AUR）高於我們核心香氛身體護理品項組合，並帶動強勁的顧客互動，多個品項售罄。

Importantly, Fruit Fusion is designed as an enduring franchise rather than a seasonal collection, and we plan to build on its success through additional fragrances in September and form extensions in 2027. The commercial response to Fruit Fusion gives us greater confidence in an integrated model that brings differentiated products, cultural relevance, and coordinated demand creation together behind a focused launch. In the second half, consumers will see stronger innovation pipeline across our hero categories, combining proven franchises, modernized icons, and new platforms for future growth.

重要的是，Fruit Fusion 的定位是長青系列，而非季節性限定；我們計畫在 9 月推出更多香型延續其成功，並於 2027 年擴展更多品類形式。Fruit Fusion 的商業回饋，讓我們對一種整合式模式更有信心：以聚焦的上市節奏，將差異化產品、文化相關性與協同的需求創造整合在一起。下半年，消費者將看到我們在主力品類上更強的創新管線，結合已驗證的系列、現代化的經典，以及支撐未來成長的新平台。

Everyday Luxuries will demonstrate how we can scale a proven franchise. After restoring 10 of its top fragrances during the second half, the franchise performed ahead of our expectations and contributed to the sequential improvement in Body Care. In the second half, we will build on that momentum with higher fragrance loads, a new eau de parfum form, and five new fragrances.

Everyday Luxuries 將展示我們如何把一個已被驗證的系列規模化。在下半年恢復其 10 款最受歡迎的香型後，該系列表現優於預期，並促成身體護理（Body Care）的連續改善。下半年我們將乘勢而上，提高香精濃度（fragrance loads）、推出全新的淡香精（eau de parfum）形式，並新增 5 款新香型。

A Thousand Wishes will demonstrate how we are modernizing and extending our most iconic fragrances. In the second half, we will enhance fragrance performance, elevate packaging, and expand the franchise with a new fragrance flanker, A Thousand Wishes Granted, designed to recruit new consumers while staying true to what customers love about the original.

A Thousand Wishes 將展示我們如何讓最具代表性的經典香氛現代化並延伸擴展。下半年，我們將提升香氛表現、升級包裝，並以全新延伸香型（flanker）「A Thousand Wishes Granted」擴大該系列；此新品旨在吸引新消費者，同時忠於顧客喜愛原版的核心特質。

In Q3, we will also introduce new franchise platforms across Body Care and Home Fragrance. For example, The Reserve Collection, which launched on Monday, brings a more elevated design-led proposition to Home Fragrance, including a new four-wick candle and liquidless reed diffusers.

在第三季，我們也將在身體護理與居家香氛推出新的系列平台。例如，本週一上市的 The Reserve Collection，為居家香氛帶來更高端、以設計為導向的產品主張，包括全新的四芯蠟燭與無液體藤枝擴香（liquidless reed diffusers）。

These new platforms will begin at a seed scale, and they are not expected to materially affect our near-term financial results. They are designed to build brand equity, test new consumer propositions, and establish a platform that will scale over time. Consumer response will help determine where we invest and which we scale in 2027.

這些新平台將以小規模試點起步，預期不會對我們短期財務結果造成重大影響。其目的在於建立品牌資產、測試新的消費者主張，並打造可隨時間擴張的成長平台。消費者回饋將有助於決定我們在何處加大投資，以及哪些項目將在 2027 年擴大規模。

Finally, greater focus also means being clear about where we choose not to compete. We continually evaluate our portfolio and assortment against our strategy and each category's financial contribution. As part of that ongoing discipline, we have decided to exit home care, which includes our laundry and kitchen products. The category represents less than 1% of our annual sales and creates disproportionate product and operating complexity without generating the productivity or incremental demand required to justify the cost.

最後，更高的聚焦也意味著要清楚界定我們選擇不競爭的領域。我們持續依據策略與各品類的財務貢獻，評估我們的產品組合與品項配置。作為這項持續紀律的一部分，我們已決定退出居家清潔（home care）品類，其中包含洗衣與廚房產品。該品類占我們年度銷售額不到 1%，卻帶來不成比例的產品與營運複雜度，且未能產生足以合理化其成本所需的生產力或增量需求。

Second, reigniting the brand. Bath & Body Works has always been grounded in a simple belief: everybody deserves to feel good. Inspired by the optimism, warmth, and creativity of the American spirit, we create sensorial products and experiences for everybody, giving the brand a distinctive and broadly relevant place in consumers' lives. The enduring emotional connection is guiding how we shape our products, tell our stories, and show up in culture as we work to deepen consumer engagement and build stronger demand.

第二，重燃品牌動能。Bath & Body Works 一直建立在一個簡單的信念之上：每個人都值得感覺良好。受美國精神的樂觀、溫暖與創意所啟發，我們為每個人打造感官型產品與體驗，讓品牌在消費者生活中占有獨特且廣泛相關的位置。這份長久的情感連結，正引導我們在深化消費者互動、建立更強需求的過程中，如何塑造產品、講述故事，並在文化中呈現品牌。

To bring this brand promise to life more consistently, we are building a modern demand creation model that connects our most important product stories with relevant talent, creator content, and culture. We are encouraged by the early signs that these efforts are beginning to resonate. Strong Net Promoter Scores, improving social sentiment, and growing awareness amongst non-consumers suggest that the brand is gaining cultural relevance and strengthening its opportunity to attract new consumers.

為了更一致地將這項品牌承諾落實到位，我們正在打造一套現代化的需求創造模式，將我們最重要的產品故事與相關的人才、創作者內容與文化連結起來。我們對早期跡象感到鼓舞，顯示這些努力正開始引起共鳴。強勁的淨推薦值（NPS）、改善的社群情緒，以及非消費者族群中不斷提升的認知度，都顯示品牌正在提升文化相關性，並強化吸引新消費者的機會。

Fruit Fusion provided our first example of this model in the second quarter. It was the first time Bath & Body Works teamed up with a celebrity at this scale, with Hilary Duff serving as an ambassador and creative partner. As a long time fan of Bath & Body Works, with relevance across generations, she brought a genuine affinity for the brand to the partnership. We amplified the launch through a coordinated creator-led campaign, another first for the brand.

Fruit Fusion 在第二季提供了這一模式的第一個例證。這是 Bath & Body Works 首次以此規模與名人合作，由 Hilary Duff 擔任品牌大使與創意合作夥伴。作為 Bath & Body Works 的長期粉絲，且在跨世代族群中具備影響力，她為此次合作帶來對品牌真誠的喜愛與連結。我們透過一個協同、由創作者主導的行銷活動放大此次上市聲量，這同樣是品牌的首次嘗試。

The campaign generated approximately 615 million impressions and contributed to over 50,000 new social followers, bringing Bath & Body Works into the cultural conversation with new audiences. Together with the strong commercial response, these results provide early evidence that greater cultural relevance and awareness can strengthen demand.

該活動帶來約 6.15 億次曝光，並新增超過 50,000 名社群追蹤者，讓 Bath & Body Works 以新受眾進入文化對話。結合強勁的商業回應，這些結果提供了初步證據：更高的文化相關性與認知度能夠強化需求。

The launch is also a repeatable playbook. We intend to continue to apply this demand creation model behind our most important product launches in the second half. One component of that playbook we are now scaling is creator activation. Creator interest in working with Bath & Body Works is strong, giving us an efficient way to tell our stories authentically.

此次上市同時也是一套可重複運用的作戰手冊。我們計畫在下半年最重要的產品上市中，持續套用這套需求創造模式。我們目前正在擴大規模的作戰手冊要素之一，是創作者啟動（creator activation）。創作者對與 Bath & Body Works 合作的興趣強烈，讓我們能以高效率、且更真實地講述品牌故事。

We have significantly expanded our creator network and expect to mobilize thousands of creators across a range of audience sizes to support our holiday campaign. Looking ahead, consumers will see fewer, bigger, and more coordinated brand moments that bring together product innovation, talent, creative content, and seasonal storytelling.

我們已大幅擴展創作者網絡，並預期動員數千名、涵蓋不同受眾規模的創作者來支持我們的假期行銷活動。展望未來，消費者將看到更少、但更大型且更協同一致的品牌時刻，把產品創新、人才、創意內容與季節性敘事整合在一起。

Third, winning in the marketplace. Across digital and expanded distribution, we continue to see some of the clearest signs of progress. Our owned digital business returned to growth in the quarter, improving 4 percentage points sequentially from Q1. We expected digital to be among the first areas where the Consumer First Formula would translate into measurable results.

第三，在市場上取勝。在數位與擴大通路分銷方面，我們持續看到一些最明確的進展跡象。本季我們自營數位業務恢復成長，較第一季環比改善 4 個百分點。我們原本就預期，數位會是「消費者優先公式」最早轉化為可衡量成果的領域之一。

The return to growth, coupled with increases in new, existing and reactivated digital customers, provides early evidence that stronger product storytelling, improved discovery, personalization, and demand creation are beginning to work and helping us reach consumers beyond our existing customer base. This progress is particularly meaningful because we have not grown our e-commerce business since 2021, leaving a significant opportunity to capture a greater share of the category growth over time.

恢復成長，加上數位新客、既有客與回流客的增加，提供了初步證據：更強的產品敘事、更佳的探索體驗、個人化，以及需求創造正開始發揮作用，並幫助我們觸及既有客群之外的消費者。這項進展尤其重要，因為自 2021 年以來我們的電商業務未曾成長，意味著隨時間推進，我們仍有顯著機會在品類成長中取得更高的市占。

Expanded distribution was another area of measurable progress in the quarter. Amazon continued to scale quickly, with net sales more than tripling compared with the first quarter. We are now one of the largest candle brands on the platform. As more category spending shifts to Amazon over time, our presence allows us to meet consumers where they are already shopping and participate in that growth. The channel is attracting a higher mix of new-to-brand consumers who skew younger and more affluent while delivering a higher AUR than our own channels, reinforcing our confidence that Amazon can expand our reach and drive incremental growth.

擴大通路分銷也是本季另一個可衡量的進展領域。Amazon 持續快速擴張，淨銷售額較第一季增加逾三倍。我們目前已是該平台上最大的蠟燭品牌之一。隨著更多品類支出逐步轉向 Amazon，我們的布局使我們能在消費者既有的購物場域與其相遇，並參與該成長。該通路吸引了較高比例的品牌新客，且客群更年輕、收入更高，同時其平均單價（AUR）也高於我們自有通路，進一步強化我們對 Amazon 能擴大觸及並帶來增量成長的信心。

During the second quarter, we launched with Ulta Beauty across approximately 600 stores, creating new points of discovery for the brand within Specialty Beauty. While still early, the initial response has been encouraging and supports our belief that thoughtfully selected partnerships can help introduce Bath & Body Works to new consumers. Together, Amazon and Ulta expand discovery, broadening our reach and reinforcing a consistent brand experience across channels while maintaining the strength and distinctiveness of our owned channels.

第二季期間，我們與 Ulta Beauty 在約 600 家門市同步上架，於專業美妝（Specialty Beauty）通路為品牌創造新的探索接觸點。雖然仍在早期階段，初期反應令人鼓舞，支持我們的看法：審慎挑選的合作夥伴關係能協助將 Bath & Body Works 介紹給新消費者。Amazon 與 Ulta 共同擴大探索與觸及範圍，並在維持自有通路優勢與獨特性的同時，強化跨通路一致的品牌體驗。

During the second quarter, we completed a merchandising reset across our full store fleet, the first in a series of improvements to the existing store experience. Clearer signage and more intuitive layouts organized by fragrance, form and franchise are designed to make our assortment easier to understand and products easier to discover. Initial feedback from consumers and associates has been positive, and we will continue to evolve the store experience to improve new consumer acquisition, conversion, and store productivity.

第二季期間，我們完成了全體門市的商品陳列重整（merchandising reset），這是改善既有門市體驗一系列措施中的第一步。更清晰的指示標示與更直覺的動線配置，並依香味、形式與系列（franchise）進行組織，旨在讓我們的商品組合更易理解、產品更易被發現。消費者與門市同仁的初期回饋正向，我們將持續演進門市體驗，以提升新客獲取、轉換率與門市生產力。

International remains an attractive asset-light opportunity to expand the reach of Bath & Body Works globally. Despite continued conflict in the Middle East, international retail sales increased 9% versus last year, and we are pleased with the early performance in Brazil, which opened in July.

國際市場仍是以輕資產方式擴大全球 Bath & Body Works 觸及範圍的具吸引力機會。儘管中東衝突仍在持續，國際零售銷售額仍較去年成長 9%，且我們對 7 月在巴西開幕的早期表現感到滿意。

Finally, operating with speed and efficiency. Supporting all of this work is our continued focus on simplification, speed, and disciplined execution. Through fuel for growth and broader operational improvement, we are creating capacity to reinvest behind innovation, marketing, digital capabilities, and marketplace expansion, while strengthening the long-term foundation of the business.

最後，以速度與效率營運。支撐上述所有工作的，是我們持續聚焦於簡化、提速與紀律執行。透過成長動能（fuel for growth）與更廣泛的營運改善，我們正在創造產能，以便再投資於創新、行銷、數位能力與市場通路擴張，同時強化業務的長期基礎。

Before I close, I want to thank our associates for their continued dedication to serving customers and advancing our strategy. The progress we are making is a reflection of their commitment and hard work. The second quarter provided evidence that Consumer First Formula is beginning to work, with progress in digital, encouraging early reads from product innovation, growth in expanded distribution, and continued improvement in several of our strategic indicators.

在我結束之前，我要感謝我們的同仁持續致力於服務顧客並推進我們的策略。我們所取得的進展，反映了他們的投入與辛勤付出。第二季提供了證據顯示「消費者優先公式」正開始奏效：數位業務有所進展、產品創新出現令人鼓舞的早期訊號、擴大通路分銷成長，以及多項策略指標持續改善。

As we move to the second half, we are focused on improving those outcomes while continuing to build the product, brand, and marketplace capabilities that will support durable growth. We are confident in our strategic direction and focused on disciplined execution, advancing these initiatives together and at sufficient scale to change the trajectory of the business and build momentum throughout 2027.

進入下半年，我們將專注於改善這些成果，同時持續建構產品、品牌與市場能力，以支持可持續的成長。我們對策略方向充滿信心，並專注於紀律執行，以足夠的規模共同推進這些計畫，改變業務走勢並在 2027 年前持續累積動能。

With that, I'll turn the call over to Tom to review our financial results and outlook.

接下來，我把電話會議交給 Tom，由他回顧我們的財務結果與展望。

Thank you, Daniel, and good morning, everyone. Today, I will review our second quarter results and provide an update on our outlook for the third quarter and fiscal 2026.

謝謝你，Daniel，各位早安。今天我將回顧我們第二季的業績，並更新我們對第三季與 2026 會計年度的展望。

Beginning with the second quarter, net sales were $1.5 billion, a decline of 2.3% versus last year and above our guidance range of down 5% to down 3%. As Daniel discussed, underlying business performance remains pressured what results exceeded our guidance and improved sequentially compared to Q1. We entered into our June semiannual sale with lower levels of clearance inventory than last year. While this was healthy for the overall brand in business, it represented approximately 1 point of headwind to second quarter sales with impacts across all categories.

先從第二季開始，淨銷售額為 15 億美元，較去年下滑 2.3%，且優於我們先前指引區間（下滑 5% 至下滑 3%）。如 Daniel 所述，基礎業務表現仍承受壓力，但本季結果優於指引，且相較第一季呈現環比改善。我們在 6 月的半年一次特賣（semiannual sale）開始時，清倉庫存水位低於去年。雖然這對整體品牌與業務健康度是正向的，但對第二季銷售形成約 1 個百分點的逆風，且影響遍及所有品類。

Finance declined mid-single digits. While performance improved sequentially from Q1, supported by strength in our everyday luxury franchise and the Fruit Fusion launch results remain below our expectations. We will continue to invest in product innovation while increasing focus on merchandising and marketing in this critical category. Home Fragrance declined low single digits Performance was driven by a strategic reduction in Halloween assortment as well as less clearance product as referenced previously, partially offset by strength in single wit candles and wallflower heaters.

身體護理（Body Care）下滑中個位數百分比。雖然在「日常奢華」系列的強勁表現與 Fruit Fusion 上市帶動下，業績較第一季環比改善，但結果仍低於我們的預期。我們將持續投資產品創新，同時在這個關鍵品類上加大對商品企劃與行銷的投入與聚焦。居家香氛（Home Fragrance）下滑低個位數百分比，表現主要受策略性縮減萬聖節商品組合，以及前述清倉商品減少所影響；部分被單芯蠟燭與 Wallflower 擴香加熱器的強勁表現所抵銷。

Soaps and sanitizers were flat in the quarter. Innovation remains a source of strength within the category. Our newer moisturizing and revitalizing soap formulas continue to perform well, and we continued to drive strong AUR performance in those forms. In U.S. and Canadian stores, net sales were $1.1 billion, a decrease of 5.4% versus last year.

肥皂與乾洗手產品本季持平。創新仍是該品類的強項來源。我們較新的保濕與煥活肥皂配方持續表現良好，我們也持續在這些形式上推動強勁的平均單價（AUR）表現。在美國與加拿大門市，淨銷售額為 11 億美元，較去年下降 5.4%。

Store sales were pressured by a few factors during the quarter. The introduction of free ship 50 in the fourth quarter of 2025 drove some expected channel shift to direct, while lower clearance inventory levels primarily impact stores.

本季門市銷售受到幾項因素影響而承壓。2025 年第四季推出的滿 50 美元免運（free ship 50）帶來部分預期中的通路轉移至直營（direct），同時較低的清倉庫存水位主要對門市造成影響。

As a reminder, our semiannual sale is the largest portion of the quarter's revenue. Direct channel net sales were $275 million, an increase of 3% versus last year. benefiting from a reduction to our free ship threshold of $50 and improved digital conversion supported by our ongoing investments in digital capabilities and customer engagement. International and other inclusive of our expanded distribution wholesale revenues, net sales were $108 million, an increase of 24.9% to last year.

提醒一下，我們的半年一次促銷是本季營收中占比最大的部分。直營通路淨銷售額為2.75億美元，較去年成長3%，受惠於我們將免運門檻下調至50美元，以及在持續投資數位能力與顧客互動的支持下，數位轉換率提升。國際及其他（包含我們擴大分銷的批發收入）淨銷售額為1.08億美元，較去年成長24.9%。

International retail sales were up high single digits, in line with expectations and international net sales were up low double digits above expectations as product shipments increased across our regions. Our second quarter gross profit rate was 45.7%. Results included approximately $80 million of tariff refunds, which contributed approximately 530 basis points to merchandise margin. Excluding this benefit, gross profit rate would have been 40.4%, slightly better than expected and a decline of 90 basis points compared to the prior year driven primarily from deleverage in buying and occupancy expenses on the decline in net sales.

國際零售銷售額以高個位數成長，符合預期；國際淨銷售額以低雙位數成長，優於預期，因為我們各區域的產品出貨量增加。第二季毛利率為45.7%。結果包含約8,000萬美元的關稅退稅，對商品毛利率貢獻約530個基點。若排除此項利多，毛利率將為40.4%，略優於預期，且較去年下降90個基點，主要因淨銷售下滑導致採購與店面占用成本費用去槓桿。

Mix adjusted AUR was flat in the quarter. Adjusted SG&A dollars were $467 million and adjusted SG&A rate was 30.8%, better than expected due to incremental expense savings and discrete items. Bringing it all together, adjusted operating income was $225 million or 14.8% of net sales and adjusted earnings per diluted share was $0.62. Inventory ended the quarter down 10% versus last year. We ended the quarter with clean forward inventories and our inventory is well positioned to deliver in the back half.

本季經組合調整後的AUR（平均單價）持平。調整後SG&A費用為4.67億美元，調整後SG&A費用率為30.8%，因額外的費用節省與一次性項目而優於預期。綜合而言，調整後營業利益為2.25億美元，占淨銷售的14.8%；調整後稀釋每股盈餘為0.62美元。期末庫存較去年下降10%。我們以乾淨的前瞻庫存結束本季，庫存配置良好，可支撐下半年交付。

Moving to real estate. During the quarter, we opened 24 stores, primarily off-mall and closed 10 stores, primarily in malls. International partners opened 17 stores. We ended the quarter with 1,937 North American company-owned stores with approximately 60% of our fleet in off-mall locations and 596 international locations. We continuously review our real estate fleet performance and have a highly profitable store portfolio with virtually all stores generating 4-wall profit.

接著談不動產。本季我們新開24家門市，主要位於非購物中心（off-mall），並關閉10家門市，主要位於購物中心內。國際合作夥伴新開17家門市。本季結束時，我們在北美共有1,937家自營門市，其中約60%位於非購物中心地點，另有596個國際據點。我們持續檢視門市組合的營運表現，並擁有高度獲利的門市組合，幾乎所有門市皆能產生四面牆（4-wall）利潤。

Moving to full year guidance. Based on our second quarter performance and outlook for the balance of the year, we are narrowing our full year net sales guidance and raising our adjusted earnings per diluted share guidance. As we think about the balance of the year, the benefit of Q2 tariff refunds is being partially offset by forward tariff pressure and input cost inflation as of the end of the second quarter representing an additional approximately $30 million or 40 basis points. As well as incremental investments representing approximately $35 million into the consumer first formula primarily into marketing efforts.

接著談全年指引。基於第二季表現以及對今年剩餘期間的展望，我們將收斂全年淨銷售指引區間，並上調調整後稀釋每股盈餘指引。就今年剩餘期間而言，第二季關稅退稅的利多，部分被前瞻性的關稅壓力與投入成本通膨所抵銷；截至第二季末，這些因素合計約增加3,000萬美元或40個基點的影響。此外，還有約3,500萬美元的增量投資投入「消費者優先公式」，主要用於行銷活動。

Our approach allows us to continue investing in the long-term transformation of the business while also improving near-term profitability.

我們的做法讓我們得以在持續投資企業長期轉型的同時，也改善短期獲利能力。

Turning to the assumptions in our guidance. We now expect net sales to be down 4% to down 2.5%. This is an increase to the low end of our guidance while maintaining the high end of our prior guidance range. We now expect full year adjusted gross profit rate to be approximately 43.3%. This includes the tariff refund benefit recognized in the second quarter and assumes the approved tariffs and input cost environment as of the end of the second quarter remain in place through the balance of the year.

接著說明指引中的假設。我們目前預期淨銷售將下滑4%至下滑2.5%。這相較於先前指引，提高了區間下緣，同時維持先前指引區間的上緣。我們目前預期全年調整後毛利率約為43.3%。此數字包含第二季認列的關稅退稅利多，並假設截至第二季末已核准的關稅與投入成本環境在今年剩餘期間維持不變。

Adjusted SG&A rate is now expected to be approximately 29.6%, driven by increased investments in the consumer first formula. We are tracking to exceed our 2026 full year Fuel for Growth goal of $175 million by approximately $25 million, totaling approximately $200 million. This progress has been critical to funding our investments into the consumer first formula and delivering bottom line results.

調整後SG&A費用率目前預期約為29.6%，主要受「消費者優先公式」投資增加所帶動。我們預計將超越2026全年「Fuel for Growth」目標1.75億美元約2,500萬美元，合計約2億美元。這項進展對於資助我們在「消費者優先公式」上的投資並帶動損益表成果至關重要。

Adjusted net nonoperating expense is now expected to be approximately $217 million reflecting the interest benefit of the early partial redemption of $250 million of our 2029 bonds. Adjusted tax rate is now expected to be approximately 26.8% and weighted average diluted shares outstanding are expected to be approximately $203 million. Considering these inputs, we now expect full year adjusted earnings per diluted share of $2.60 to $2.80.

調整後淨非營業費用目前預期約為2.17億美元，反映我們提前部分贖回2.5億美元2029年到期債券所帶來的利息節省。調整後有效稅率目前預期約為26.8%，加權平均稀釋在外股數預期約為2.03億股。綜合上述因素，我們目前預期全年調整後稀釋每股盈餘為2.60至2.80美元。

Turning now to the third quarter. We expect third quarter net sales to be down 5% to down 2.5%. Gross profit rate is expected to be approximately 40%, driven primarily by deleverage in buying and occupancy expenses on lower sales. SG&A rate is expected to be approximately 34.8%, reflecting net sales deleverage and increased investments in the consumer first formula, primarily marketing.

接著談第三季。我們預期第三季淨銷售將下滑5%至下滑2.5%。毛利率預期約為40%，主要因銷售較低導致採購與店面占用成本費用去槓桿。SG&A費用率預期約為34.8%，反映淨銷售去槓桿以及對「消費者優先公式」的投資增加，主要為行銷。

We believe these investments will strengthen consumer engagement heading into the holiday season and support performance across both Q3 and Q4. Adjusted net nonoperating expense is expected to be approximately $54 million. Adjusted tax rate is expected to be approximately 26% and weighted average diluted shares outstanding are expected to be approximately $203 million. Considering these inputs, we are forecasting third quarter adjusted earnings per diluted share of $0.07 to $0.12.

我們相信這些投資將在進入假期旺季前強化消費者互動，並支撐第三季與第四季的表現。調整後淨非營業費用預期約為5,400萬美元。調整後有效稅率預期約為26%，加權平均稀釋在外股數預期約為2.03億股。綜合上述因素，我們預估第三季調整後稀釋每股盈餘為0.07至0.12美元。

Now for a quick update on capital allocation. We remain a strong cash flow generating business. Year-to-date, capital expenditures totaled $98 million, and now we expect capital expenditures of approximately $240 million for fiscal 2026, down from prior guidance, reflecting savings in real estate and other projects. We returned $40 million to shareholders through dividends during the quarter. We now expect free cash flow of approximately $650 million, up from our prior guide of $600 million, reflecting higher earnings expectations and lower capital expenditures.

接著快速更新資本配置。我們仍是一家具備強勁現金流創造能力的企業。年初至今資本支出合計9,800萬美元；目前我們預期2026會計年度資本支出約為2.4億美元，較先前指引下調，反映不動產及其他專案的節省。本季我們透過股利向股東回饋4,000萬美元。我們目前預期自由現金流約為6.5億美元，高於先前指引的6億美元，反映更高的獲利預期與較低的資本支出。

On August 19, we redeemed $250 million of our 2029 notes, of which the interest savings are reflected in our updated net nonoperating expense outlook. In closing, our second quarter performance exceeded expectations and reflected disciplined execution across the business. While we have significant work ahead to return Bath & Body Works to durable growth, we remain focused on strengthening the foundation of the business, supporting the actions outlined through the consumer first formula and returning the business to durable growth.

8月19日，我們贖回了2.5億美元的2029年到期票據；其利息節省已反映在我們更新後的淨非營業費用展望中。最後，我們第二季表現優於預期，並反映公司在各項業務上有紀律的執行。儘管我們仍有大量工作要做，才能讓Bath & Body Works回到可持續的成長軌道，我們仍專注於強化業務基礎、推動「消費者優先公式」所列的行動，並讓業務回到可持續成長。

We are encouraged by the progress we are seeing and remain committed to balancing disciplined investment with strong financial management. With that, I'll turn it over to the operator for questions.

我們對目前看到的進展感到鼓舞，並將持續致力於在有紀律的投資與強健的財務管理之間取得平衡。接下來我把時間交給接線員進行提問。

(Operator Instructions) Paul Lejuez, Citi.

(接線員指示) Paul Lejuez，花旗。

Thanks, guys. Sales are down 2.3% in 2Q and comparisons eased in the third quarter. So I guess I'm curious, with the investments that you're making and the benefits of the consumer-first formula building, why you wouldn't expect 3Q to be a bit better than what you guided just also considering the comparisons. Is there anything working the other way that is acting as an offset to some of the benefits that you're seeing as you think about that third quarter sales guide?

謝謝，各位。第二季銷售下滑2.3%，而第三季的比較基期也變得較容易。所以我想問的是，在你們正在進行的投資，以及「消費者優先公式」效益逐步累積的情況下，為什麼你們不預期第三季會比你們給出的指引更好一些，同時也考量到比較基期。在你們思考第三季銷售指引時，是否有任何反向因素在運作，抵銷了你們所看到的一些效益？

Good morning, Paul. Thanks for the question.

早安，Paul。謝謝你的提問。

So I'm really pleased with the team's execution and focus on our strategic priorities in the second Q. As I said in the prepared remarks, we're seeing more tangible evidence this quarter that the strategy that we laid out 9 months ago is working. Sequential improvement in body care, stronger AUR on our innovative products. Tom mentioned moisturizing and revitalizing handset, but that is true on Fusion also a return to growth in digital after many years of declining performance, improved brand discovery and sales acceleration across our expanded distribution marketplace partnerships.

我對團隊在第二季的執行力，以及對我們策略重點的專注感到非常滿意。正如我在事先準備的發言中所說，本季我們看到更具體的證據，顯示我們在9個月前提出的策略正在奏效。身體護理品類呈現逐季改善，我們創新產品的AUR更強。Tom提到保濕與活力護手組合，但在Fusion上也是如此；此外，數位業務在多年下滑後重回成長，品牌觸達（brand discovery）改善，並且在我們擴大的分銷市場合作夥伴關係中，銷售加速。

So the progress that we're seeing is real and it's quantifiable. But that progress at this point is not yet large enough to change the whole trajectory of the business. That is what we are focused on, and that is what we must change in the back half. At the same time, working against us, as you asked, the store traffic remains precious. And body care, while a significant improvement helped by Fusion and everyday luxury is still performing below its potential.

因此，我們看到的進展是真實的，而且是可量化的。但就目前而言，這些進展的幅度還不足以改變整體業務的走勢軌跡。這正是我們聚焦的重點，也是我們必須在下半年加以改變的地方。同時，如你所問，對我們不利的是，門店客流仍然十分珍貴。而身體護理品類，雖然在 Fusion 與「日常奢享」的帶動下有顯著改善，但表現仍低於其潛力。

Now also remember in November when we set out the strategy, we said that the core had become too reliant on promotional activity. Promotion, as I'll emphasize, will remain an important way for us to create excitement and deliver compelling value to consumers, but we're not planning on becoming incrementally more promotional to drive the top line in the back half. So net-net, I'd say, transforming a business the size of Bath & Body Works takes time.

另外也請記得，在我們 11 月提出策略時，我們曾說核心業務已經過度依賴促銷活動。我會強調，促銷仍將是我們創造話題、並向消費者提供具吸引力價值的重要方式，但我們不打算在下半年為了推動營收而進一步加碼促銷。所以整體來看，我會說，轉型像 Bath & Body Works 這樣規模的業務需要時間。

We laid out the strategy in November of last year. We're delivering against that strategy, and we are exactly where we expected to be at this stage. Q2 gave us greater confidence and more tangible evidence that we're on the right track, but we want to see these proof points become broader, more consistent and more durable before we really build them into our outlook.

我們在去年 11 月公布了策略。我們正依照該策略推進，而且在這個階段，我們所處的位置完全符合我們的預期。第二季讓我們更有信心，也提供了更具體的證據，證明我們走在正確的軌道上，但在我們真正把這些證據納入展望之前，我們希望看到這些驗證點變得更廣泛、更一致、也更具持久性。

I would add, in terms of the guidance itself, the high end of the range is very consistent with our year-to-date trends. We're assuming current consumer and macro environment continues. And we believe a prudent approach is appropriate. We want to stay disciplined on managing the business as we continue to execute the Consumer First Formula. Importantly, our agile model allows us to chase upside, so we believe we are positioned to capture opportunities as they appear.

我還想補充，就指引本身而言，區間上緣與我們年初至今的趨勢非常一致。我們假設目前的消費者與總體環境將延續。我們認為採取審慎的做法是恰當的。在我們持續執行「消費者優先公式」的同時，我們希望在經營管理上保持紀律。重要的是，我們的敏捷模式讓我們能追逐上行空間，因此我們相信自己已具備在機會出現時把握機會的定位。

And then just 1 follow-up on the tariff refund, you're spending some of that Ben, can you just talk a little bit more about how you're spending that money and what the consumer might see.

另外就關稅退稅再追問一點，你們會花掉其中一部分，Ben，你能否再多談談你們會如何使用這筆錢，以及消費者可能會看到什麼？

Yes, sure. So we did receive approximately $80 million in Q2, which is the substantial majority of what was outstanding. In our guidance for the second half. We are covering forward tariff and input cost pressures of approximately $30 million based on what we knew as of the end of Q2. So that specifically assumed Canada tariffs remain at 50% for the balance of the year.

好的，當然。我們在第二季確實收到約 8,000 萬美元，這占了尚未收回金額的絕大部分。在我們對下半年的指引中，我們涵蓋了約 3,000 萬美元的未來關稅與投入成本壓力，這是基於我們在第二季末所掌握的資訊。其中具體假設是：加拿大關稅在今年剩餘期間維持 50%。

As a reminder, we do have production in Canada, primarily in candles, that represents approximately 3% of our total cost of goods. We also have a large Canada retail business. So there is exposure to retaliatory tariffs if applied to our categories.

提醒一下，我們在加拿大有生產，主要是蠟燭品類，約占我們總銷貨成本的 3%。我們在加拿大也有規模很大的零售業務。因此，如果報復性關稅適用於我們的品類，我們會面臨相關曝險。

And we're still evaluating this as new information is being released really in real time. I will say we're continuing to work hard to mitigate those risks through sourcing, assortment and pricing opportunities. In addition to the forward tariffs, we've increased investment into the consumer first formula of about $35 million, that's primarily marketing to accelerate our transformation. The majority of that investment, about 70% is pointed to Q3 ahead of our holiday peak season, which should support both Q3 and Q4.

而且我們仍在評估，因為新的資訊幾乎是即時釋出。我想說的是，我們會持續努力，透過採購來源、商品組合與定價機會來降低這些風險。除了未來關稅之外，我們也把對「消費者優先公式」的投資提高了約 3,500 萬美元，主要是行銷，用以加速我們的轉型。其中大部分投資（約 70%）會投入在第三季、也就是假期旺季前，這應能同時支撐第三季與第四季。

We do view the highest upside to the business as investing in product and brand, areas that need more consistent, elevated support, and we believe over time will create the most durable and consistent growth.

我們確實認為，對業務而言最大的上行空間在於投資產品與品牌——這些領域需要更一致、更高水準的支持，而我們相信長期而言將帶來最具持久性且更一致的成長。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

Hey, good morning, everyone.

嗨，大家早安。

Daniel, I wanted to ask you, basically, you had a lot of innovation that hit in July. Just what are the key learnings from specifically the Fruit Fusion launch, the campaign with Hilary Duff? It's very different than what you guys have done in the past. So just kind of curious, early learnings and how do you kind of use that to inform your decisions going forward?

Daniel，我想問你，基本上你們在 7 月推出了很多創新。就特別是 Fruit Fusion 上市、以及與 Hilary Duff 的行銷活動，你們有哪些關鍵學習？這跟你們過去做的很不一樣。所以我想了解一下早期的學習，以及你們如何用這些學習來指引未來的決策？

Yeah, good morning, Ike, thanks for the question. As I said, Fruit Fusion is off to a strong start. It exceeded our sales expectations in the quarter.

是的，早安 Ike，謝謝你的問題。如我所說，Fruit Fusion 一開始表現很強勁。它在本季的銷售超出我們的預期。

As you might have seen, several forms sold out and our supply chains are working hard to make sure that we replenish that inventory.

如你可能看到的，有幾種品項形式已售罄，我們的供應鏈正努力確保補足庫存。

The way I think about it is Fruit Fusion stands for more than just a single product launch. And I think that's what you're poking at, Ike.

我的看法是，Fruit Fusion 代表的不只是單一產品上市。我想這也是你想探問的重點，Ike。

Fusion is really the Consumer First formula in action. It demonstrates a repeatable go-to-market playbook that we're going to use time and time again as we go through the back half.

Fusion 其實就是「消費者優先公式」的實際落地。它展現了一套可重複的上市（go-to-market）作戰手冊，我們在下半年推進時會一次又一次地使用。

It starts with products. We did what we said we were going to do in November. We took trend-right fragrances and real skin care benefits. And we gave more value to the consumer. We then built a bigger story around it, in this instance of fusion with Hilary Duff, but improved social creator support and then coordinated execution across our own channels, stores and digital and on Amazon.

它從產品開始。我們做到了 11 月所說我們要做的事。我們採用了符合趨勢的香氛，以及真正的肌膚保養功效。並且為消費者提供更高的價值。接著我們圍繞它打造更大的故事——這次是與 Hilary Duff 的 Fusion 合作——同時強化社群創作者支持，並在我們自有渠道、門店與數位端，以及 Amazon 上進行協同執行。

This is the playbook.

這就是作戰手冊。

Create products that people want, tell stories that people remember and make it easier to discover and buy. So that's the sort of playbook that we're going to be running from here on in.

打造人們想要的產品，講述人們記得住的故事，並讓發現與購買變得更容易。所以，這就是我們從現在開始要持續運行的作戰手冊。

The other important point about Fusion, which is a big learning and I think a return to what Bath & Body Works used to do so well is franchise management.

關於 Fusion 的另一個重要點——這是一個很大的學習——我認為也是回到 Bath & Body Works 過去最擅長的事情：系列（franchise）管理。

We are seizing these new franchises because we believe that they can be durable drivers of growth over time.

我們正在把握這些新的系列，因為我們相信它們能在時間推移中成為持久的成長驅動力。

Fusion isn't in this floor set and out the next. We are really getting back to that disciplined franchise management that the business was known for.

Fusion 不會是這次上架、下一次就撤下。我們正在真正回到這種有紀律的系列管理——這正是這門生意過去為人所知的強項。

We're adding two new fragrances to Fusion in Q3. We have new additional forms in 2027. We will continue to support it through marketing investment because we believe that the franchises give consumers reasons to return and it allows us to extend ideas across multiple forms and then it creates value beyond the initial launch.

我們會在第三季為 Fusion 新增兩款香氛。我們在 2027 年還會推出更多新的品項形式。我們也會持續透過行銷投資來支持它，因為我們相信系列能給消費者回流的理由，也讓我們能把概念延伸到多種品項形式，並在初次上市之外創造更多價值。

Net-net, we're pleased with that first outing of the Consumer First formula, sales beat our expectations, it's a go-to-market playbook and franchises will be a source of durable growth over time and we're launching and seeding more in the back half of the year.

總而言之，我們對「消費者優先公式」的首次出擊感到滿意，銷售超出我們的預期；它是一套上市作戰手冊；系列將在時間推移中成為持久的成長來源；而我們也會在下半年推出並培育更多系列。

Got it. That's super helpful. And then if I can add one more, Daniel, I don't expect you to guide next year, but I do want to ask, I think you said in the prepared remarks you expect revenue growth in 27 based on the improvements you're seeing.

了解。這非常有幫助。另外如果我可以再加問一個，Daniel，我不期待你們現在就對明年給指引，但我想問，我記得你在事先準備的發言中提到，基於你們看到的改善，你們預期 27 年會有營收成長。

Any chance you could elaborate on that timing? Is there more specificity there? Is there something that you're kind of waiting to see? Just kind of curious if you can elaborate a little bit more on that comment that you gave earlier.

你能否就那個時間點再多做一些說明？是否能更具體一些？你們是否在等待看到某些事情？我只是想了解你能否對你先前那段評論再多補充一點。

I'm obviously not surprised you're going to ask that question, Ike. Look, I'm going to go back to what I always say, everybody at Bath & Body Works is working with incredible focus and urgency to return us back to growth as soon as possible. We believe that the Consumer First formula is the strategy to do that and we are seeing.

Ike，我當然不意外你會問這個問題。你看，我要回到我一直在說的：Bath & Body Works 的每個人都以極高的專注與緊迫感在努力，盡快讓我們回到成長軌道。我們相信「消費者優先公式」就是達成這件事的策略，而我們也正在看到。

Better growth or more tangible results from that strategy, and we demonstrated that in the quarter. But as I said, we're not seeing that at the moment at a broad enough level and at a consistent enough level to be able to put it into our guidance. So our North Star is growth in 2027. That is a strategic North Star.

該策略帶來更好的成長或更具體的成果，而我們在本季已經證明了這一點。但如我所說，我們目前尚未在足夠廣泛且足夠一致的層面看到這種情況，因此無法把它納入我們的財測指引。所以我們的北極星是 2027 年恢復成長。那是一個策略性的北極星。

But we're not giving financial guidance for '27 on this quarter.

但我們本季不會提供 2027 年的財務指引。

We'll do that in future quarters, but know that we are working to that mandate and no one is more anxious to return to growth as soon as possible. We feel encouraged by the moves that we've made and yes, we're on it.

我們會在未來幾季再做，但請知道我們正朝著這項任務努力，而且沒有人比我們更急著盡快重返成長。我們對已採取的行動感到鼓舞，是的，我們正在全力以赴。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，美國銀行。

Thank you. Good morning. Can you talk about key learnings from Amazon and Ulta?

謝謝。早安。你能談談從 Amazon 和 Ulta 得到的關鍵學習嗎？

And how do you ensure that it's not cannibalizing your own stores, business sales?

以及你們如何確保不會侵蝕自家門市與自營通路的銷售？

Good morning, Lorraine. Yeah, so Alternative distribution, is a key pillar of the Consumer First formula.

早安，Lorraine。是的，替代性分銷是「消費者優先」公式中的關鍵支柱。

We're really pleased with the progress both on Amazon and Ulta.

我們對 Amazon 與 Ulta 兩邊的進展都非常滿意。

But more importantly, what we learned. In the quarter. We're exceptionally good at understanding the business in real time and reading and reacting. So we launched on Amazon in Q1 in February, as you recall, and the business, as I said in my prepared remarks, tripled in the quarter. We have a really experienced team in place managing this channel, and we have been methodical about learning it, including the customer behavior, pricing, AUR dynamics, and we have seen. Really strong sales growth as we increased our marketing investment while it continued to deliver attractive margins.

但更重要的是，我們學到了什麼。在本季。我們非常擅長即時理解業務並進行判讀、回應與調整。因此我們在第一季 2 月於 Amazon 上線，如你所記得的，而該通路的業務——如我在事先準備的發言中所說——本季成長了三倍。我們有一支非常有經驗的團隊在管理這個通路，我們也有系統地學習它，包括顧客行為、定價、AUR（平均單價）動態等，而且我們看到：在我們提高行銷投資的同時，銷售成長非常強勁，且仍能帶來具吸引力的利潤率。

We also, as I mentioned in the question from Ike, we simultaneously launched Fusion on Amazon as well as in our own channels, and that demonstrated how alternative distribution and Amazon can support a major product introduction. But remember, it's only roughly about 10% of our assortment is available on Amazon. It is not the full expression of our brand. If you want the full Bath and Body Works experience, you want all of our seasonal products, you want our collabs, our own channels are still the places to go and get that.

另外，如我在回覆 Ike 的問題時提到的，我們也同步在 Amazon 以及自家通路推出 Fusion，這證明了替代性分銷與 Amazon 能夠支持重大新品上市。但請記得，Amazon 上可購買的品項大約只占我們商品組合的 10%。那並不是我們品牌的完整呈現。如果你想要完整的 Bath & Body Works 體驗、想要我們所有季節性商品、想要我們的聯名合作，那仍然要到我們自家通路才能買到。

With regards to Ulta, it's early. Ulta is an absolutely best-in-class specialty beauty retailer. It is exactly the kind of strategic partner we need as we expand our presence and the early response has been really encouraging.

至於 Ulta，目前還在早期階段。Ulta 是絕對一流的專業美妝零售商。它正是我們在擴大觸及時所需要的那種策略夥伴，而早期回饋非常令人鼓舞。

We've seen strong consumer reaction to trial size and to gifting. That's what we expected, it is a channel where we are introducing the consumer to Bath & Body Works, so more to say there, but we have exciting plans with Ulta as we move into the holiday period.

我們看到消費者對試用規格與送禮需求的反應很強。這正如我們預期，因為這是一個我們把消費者導入 Bath & Body Works 的通路，所以後續還有更多可分享；但隨著我們進入假期檔期，我們與 Ulta 有令人期待的計畫。

What I'd say at the end of the day is that we're not expanding our distribution to just add more doors. We're really going after new consumers and each partnership has a distinctive strategic need. Amazon is about convenience and Ulta is about trial and discovery within a specialty beauty environment.

我想說，歸根結底，我們擴大分銷並不是為了單純增加更多銷售據點。我們真正的目標是觸及新客群，而且每一個合作夥伴都對應不同的策略需求。Amazon 主打便利性，而 Ulta 則是在專業美妝環境中提供試用與探索。

Now, the question that you ask really and the question we get a lot is about cannibalization.

而你問到的問題，其實也是我們常被問到的：是否會造成自我侵蝕（cannibalization）。

We have a lot of data under the hood on this subject. We monitor the impact of expanded distribution on our own channels on a daily, weekly, monthly basis. And on everything that we are seeing to date, we have not observed any cannibalization in our own stores or website. But rest assured, this is not something that we assume, it's something that we must continue to prove quarter in and quarter out.

我們在這個議題上有大量的內部數據。我們每天、每週、每月都在監測擴大分銷對自家通路的影響。就目前我們所看到的一切而言，我們尚未觀察到對自家門市或網站有任何侵蝕。但請放心，這不是我們想當然耳的事，而是我們必須一季又一季持續驗證的事。

I would add in terms of our guidance, we're more or less tracking in line with expectations and expect the businesses to continue to build into the second-half.

另外就我們的財測指引而言，我們大致上符合預期，並預期這些業務會在下半年持續成長。

And switching gears, now that we're a few quarters into Free Ship 50, can you talk about the impact you've seen from both the sales and the margin perspective from this change?

再換個話題，現在我們推行 Free Ship 50 已經過了幾季，你能談談這項改變在銷售與毛利率角度所看到的影響嗎？

Yes, sure.

好的，當然。

I would say in terms of revenue, as expected, there is more consumers choosing free ship versus options like BOPIS. So we are seeing some expected shift out of stores into digital, and that's very much in line with our expectations.

就營收而言，如預期所示，有更多消費者選擇免運，而不是像 BOPIS（線上下單、到店取貨）這類選項。因此我們看到一些符合預期的轉移：從門市轉向數位通路，而這非常符合我們的預期。

In terms of the economics, it was planned for.

就經濟性（單位經濟）而言，這是事先規劃過的。

The loss of the shipping revenue, and that is also very much in line with what we think. And it's a modest headwind to merchandise margin, and we should have that fully lapped as we go into Q4.

運費收入的減少，也非常符合我們的預估。而這對商品毛利率是溫和的逆風，隨著我們進入第四季，這個影響應該就會完全被「消除基期影響」（fully lapped）。

Maybe I'll just jump in here and maybe we can talk a little bit about digital because we said since the very first earnings call I was on that digital is a huge opportunity for Bath & Body Works.

我也許在這裡補充一下，我們可以稍微談談數位業務，因為我從我參與的第一場法說會開始就說過，數位對 Bath & Body Works 來說是一個巨大的機會。

We've seen.

我們看到。

Material growth from competitors and in the categories across e-commerce, and we have not fully participated in that. And this quarter, it is a return to growth for the first time in a long time for Bath & Body Works. And there's no doubt, Lorraine, that the Free Ship 50 is a driver, but it's absolutely not the only driver.

競爭對手以及各品類在電商上都有顯著成長，而我們並未完全參與其中。而本季，對 Bath & Body Works 來說，是很長一段時間以來首次回到成長。毫無疑問，Lorraine，Free Ship 50 是一個驅動因素，但它絕對不是唯一的驅動因素。

We saw improvement in conversion, search visibility, product storytelling, merchandising, and personalization.

我們看到轉換率、搜尋能見度、產品敘事、商品陳列（merchandising）以及個人化都有所改善。

I think it's important to remember that as well that digital is not just a place to transact, it's a place to tell the story of our brand and I think a better digital experience will over time drive traffic and conversion across all of our channels. So we're really pleased with the progress that we're making in digital.

我也認為很重要的一點是：數位不只是交易的地方，也是講述我們品牌故事的地方；我認為更好的數位體驗，長期而言會帶動我們所有通路的流量與轉換。因此我們對數位方面的進展非常滿意。

One quarter doesn't make a digital turnaround, we remain.

單一季度並不代表數位已經完成翻轉，我們仍然。

Dissatisfied, as always. But it's definite evidence that the improvements that we've made over the last year are beginning to work.

一如既往地不滿意。但這確實是明確的證據，顯示我們過去一年所做的改善開始奏效。

We have a really strong digital team in place. We have a road map of improvement through the back half and well into 2027, and we're going to continue to deliver on them.

我們已經建立一支非常強的數位團隊。我們有一份改善路線圖，涵蓋下半年並延伸到 2027 年，我們會持續交付並落實。

Simeon Siegel, Guggenheim Securities.

Simeon Siegel，Guggenheim Securities。

Great, thanks. Hey, everyone. Good morning. Hope you have a nice summer.

很好，謝謝。嗨，各位。早安。希望你們夏天過得愉快。

Daniel, maybe just to follow-up on that a little bit. So you did call out digital as being one of the first areas of focus. You said it would be the first to turn it did.

Daniel，我想就剛才那點再追問一下。你確實提到數位是最先聚焦的領域之一。你說它會最先翻轉，而它也做到了。

One, talk to us about how sustainable you think it is. It sounds like you think it is. Any other changes to digital we should see from here. But I'm also curious, based on the learnings, how similar do you think, as you diagnosed the store dynamic, how similar is that going to track versus the changes you made to digital? Obviously, the nuance will be different, but maybe the confidence you have in the store is from that. And then if you can elaborate a little bit more separately, if you can elaborate a little bit more on the underlying profitability drivers built into the new full year guide.

第一，跟我們談談你認為這有多可持續。聽起來你認為是可持續的。接下來我們還應該看到哪些數位方面的變化？但我也好奇，基於這些學習，當你診斷門市動態時，你認為它會在多大程度上與你對數位所做的改變相互對照、呈現相似的軌跡？顯然細節會不同，但你對門市的信心是否也來自於此？另外，如果可以的話，請你再分開多談一點：新年度全年指引中所內建的底層獲利能力驅動因素。

Tariffs. Just trying to think through if you're thinking about long-term gross margin and EBIT margin opportunity. Thanks, guys.

關稅。只是想把它想清楚，看看你們在思考長期毛利率與 EBIT 利潤率機會時的看法。謝謝各位。

Yeah, thanks, Simeon. I hope you had a good summer also.

好的，謝謝你，Simeon。也希望你夏天過得愉快。

So look, I'm really bullish on the digital opportunity for this business.

所以你看，我對這項業務的數位機會非常看多。

I think we've taken important steps over the 1st year to improve the overall experience. And yeah, one quarter of a return to growth and.

我認為我們在第一年已採取重要步驟來改善整體體驗。而且，是的，單一季度回到成長以及。

Mid-single-digit growth, we're not taking victory laps over here, just so but I think that underneath that, the improvement in new consumers, the improvement in existing consumers and the improvement in reactivated consumers gives us more confidence than the mid-single-digit for a single quarter sort of for trade and we have a strong roadmap of continued improvement.

中個位數成長，我們不會在這裡自滿或大肆慶祝；但我認為在這之下，新客的改善、既有客的改善，以及重新活化客群的改善，讓我們比「單一季度中個位數」這種短期表現更有信心；而且我們有一個強而有力的路線圖，會持續改善。

Continued improvements ahead. So we feel really good about where we're going. And it's certainly my expectation that we continue to see growth in digital in the back half and through 2027.

未來還會持續改善。所以我們對前進方向感覺非常好。而且我確實預期數位在下半年以及一路到 2027 年都會持續成長。

Maybe now turning Tom to the point of margin.

也許現在把話題轉給 Tom，談一下利潤率的部分。

Yeah, in terms of full-year guidance, I'll start there.

好的，關於全年指引，我先從這裡開始。

Gross profit is projected down slightly, and that's. Driven primarily by deleverage in B&O on lower sales.

毛利預計會小幅下滑，而這。主要是因為在銷售較低的情況下，B&O 的槓桿效益下降。

Within merchandise margin, I think there's a few important themes that I could hit on. One, AUR was flat in the first half of the year, and we're assuming about flat promotional environment in the second-half of the year.

在商品毛利率方面，我想我可以提幾個重要主題。第一，上半年 AUR（平均單價）持平，而我們假設下半年促銷環境大致持平。

Second, there is investment into product and transformation that will be a modest headwind to merchandise margin.

第二，對產品與轉型的投資，將對商品毛利率造成溫和的逆風。

Third, our wholesale businesses, international and expanded distribution are growing faster than the total.

第三，我們的批發業務、國際業務以及擴大分銷的成長速度快於整體。

They do carry a lower merchandise margin rate, but they are accretive in OI rate in dollars.

它們的商品毛利率水準較低，但以美元計的 OI（營業利益）率是增益的。

And then finally is the tariff and inflation environment of which I spoke about a little bit earlier in the call.

最後是關稅與通膨環境，我在稍早的電話會議中也稍微提到。

In terms of SG&A, there is deleverage on the sales decline.

在 SG&A（銷售、一般及行政費用）方面，因銷售下滑而出現槓桿效益下降。

All of the dollar growth in SG&A right now is pointed into marketing. Our Fuel for Growth efforts have offset all other investments, merit, inflation, et cetera. So.

目前 SG&A 的所有美元增量成長都投向行銷。我們的 Fuel for Growth（成長燃料）計畫已抵銷其他所有投資、調薪、通膨等等。所以。

I just want to come back to your question on stores because I think there's an important strategic point here.

我想回到你關於門市的問題，因為我認為這裡有一個重要的策略重點。

What does digital teach us here? It teaches us that when we change the complete proposition, we add new products, we add new marketing, and we improve the total proposition, which is I think what you see today if you go on our website, we drive growth.

數位帶給我們什麼啟示？它告訴我們，當我們改變完整的價值主張、加入新產品、加入新行銷，並改善整體主張——我想如果你今天上我們網站就能看到——我們就能帶動成長。

We are improving stores. At the same time, we completed the largest merchandising project.

我們也在改善門市。同時，我們完成了最大規模的商品陳列專案。

Re-merchandising project in a decade in Bath & Body Works and the response has been good. We have more to do in our store experience in the back half to make sure that consumers can really feel that change 10 feet out from the lease line and on the lease line. We're very aware that stores remain under pressure and we don't expect it to just improve by putting new products in there. We have got to do more to. And we have strong plans in the back half to get after that.

在 Bath & Body Works，我們完成了十年來最大規模的重新陳列（re-merchandising）專案，反應不錯。下半年我們在門市體驗上還有更多要做，確保消費者從距離租賃線 10 英尺外、以及站在租賃線上時，就能真切感受到改變。我們非常清楚門市仍承受壓力，也不預期只靠上新產品就會改善。我們必須做更多來。而且我們在下半年有很強的計畫來推進這件事。

Matthew Boss, JPMorgan.

JPMorgan 的 Matthew Boss。

Great, thanks. So Daniel, if you break down the box by category, how best to bridge in your forecast for moderating revenues that you're anticipating for the third quarter? Have you seen any change in behavior near-term or what's driving the embedded sequential softening? And then Tom, what do you see as the right operating margin multi-year given the changes that you're making and implementing to the model and what's the baseline revenue growth needed to achieve. Annual operating margin expansion on an annual basis.

很好，謝謝。Daniel，如果你按品類拆解「盒子」（box），在你對第三季營收放緩的預測中，應該如何最好地銜接與解釋？你們近期是否看到任何行為變化，或是什麼因素驅動了內含的環比走弱？另外 Tom，考量你們正在對模型做的改變與落地，你認為多年度來看合理的營業利潤率水準是多少？以及要達成。每年營業利潤率擴張所需的基準營收成長是多少？

Matt, look, so I think I'll point back to our six strategic indicators. Those are the proof points that we are using to guide.

Matt，你看，我想我會回到我們的六項策略指標。這些是我們用來指引的佐證點。

Our strategic progress. We're looking for new-to-brand consumers, AUR on product innovation, sequential improvement in Body Care, digital growth from expanded distribution and savings and fuel for growth. Those are all things that we're tracking to make sure that the strategy is on track. And I don't expect any change in behavior. What we are working hard to achieve as a team is to make the things that we're doing broader. and more consistent as we go through the back half. So we would like to see our digital growth continue. We would like to see Body Care continue to grow. We absolutely have to do more to attract a new consumer. And we have to do more to reduce the pressure that we are seeing in store traffic. We've proven that we can do that in digital. It is now a question of making sure that we are attacking that in the back half of the year, and we've got plans to do it.

我們的策略進展。我們關注新客（new-to-brand）消費者、產品創新帶動的 AUR、身體護理（Body Care）的環比改善、擴大分銷帶動的數位成長，以及節省與 Fuel for Growth。這些都是我們在追蹤的事項，以確保策略在軌道上。而我不預期行為會有任何改變。我們團隊正在努力達成的是，讓我們正在做的事情在下半年變得更廣泛、也更一致。所以我們希望數位成長能持續。我們希望身體護理能持續成長。我們絕對必須做更多來吸引新消費者。而且我們必須做更多來降低我們在門市人流上看到的壓力。我們已經證明在數位端可以做到。現在的問題是確保我們在下半年也能針對這點採取行動，而我們有計畫會去做。

I'll speak to the long-term model. I would say right now, we are most focused on delivering the second-half.

我來談談長期模型。我會說，目前我們最專注的是交付下半年。

So we're not. Guiding beyond this year. But in general, we should be able to get margin expansion with positive sales growth in line with market growth, let's say up mid-single-digits and with improved brand health that would allow us to realize AUR growth over time.

所以我們不會。提供今年以後的指引。但一般而言，只要銷售正成長、且與市場成長一致——比如說中個位數成長——並且品牌健康度改善，使我們能隨時間實現 AUR 成長，我們就應該能做到利潤率擴張。

Adrienne Yih, Barclays.

Barclays 的 Adrienne Yih。

Great, thank you very much, and I'll just say that the DTC e-commerce, the website is so much cleaner, so much easier to shop, so I can totally see why the messaging there comes, come through. So, I guess my first question is...

很好，非常感謝。我也想說，DTC 電商網站真的乾淨很多、購物也容易很多，所以我完全能理解為什麼那邊的訊息能夠傳達得更清楚。所以，我想我的第一個問題是……

How much of the kind of the product offering as you envision it is online and in stores, including kind of SKU reduction and new launches? So where are we sort of in that journey of what you would be satisfied with as the full and correct presentation? And then secondly.

你們所設想的產品供給中，有多少會在線上、多少會在門市，包括 SKU 精簡與新品上市？所以在這段旅程中，我們目前走到哪裡——也就是你們會滿意的、完整且正確的呈現應該是什麼樣子？然後第二點。

We often see this kind of inflection in whether it's full-price selling or DTC where you learn what's working there and then you kind of translate it into the stores. But it becomes it's much more difficult, right, to show that offering very clearly. So as you go through the stores, how many stores are in this cleaner format and how many can you touch before the end of the year?

我們常看到這種拐點，不管是正價銷售或 DTC，你會先在那裡學到什麼有效，然後再把它轉化到門市。但在門市要把那個供給非常清楚地呈現出來就變得更困難，對吧。所以在門市端，目前有多少家店已採用這種更乾淨的格式？以及在年底前你們能覆蓋到多少家？

Thank you.

謝謝。

Yeah, I'll load in that. Let me start on the assortment. So the most important point is that we have an incredible innovation pipeline that goes all the way through the back half. We said that we had a stronger pipeline of innovation in Q2, we just saw Fusion, but we have more coming in Body Care, Home Fragrance and across our categories. So I feel good about the product pipeline.

好的，我來回答。我先從品項組合（assortment）談起。最重要的一點是，我們有一個非常強的創新管線，會一路延伸到下半年。我們說過第二季的創新管線更強，我們剛看到 Fusion，但在身體護理、居家香氛（Home Fragrance）以及各品類還有更多新品會推出。所以我對產品管線很有信心。

As it pertains to SKU reduction.

至於 SKU 精簡。

I'll sort of go back to what I've always said, which is two things: firstly, we are focused on our hero categories and the hero categories are where we are seeing growth in the marketplace and we believe that we have an authority to win.

我會回到我一直以來說的兩點：第一，我們聚焦在我們的主力（hero）品類，而主力品類正是我們在市場上看到成長、且我們相信自己有能力取勝的領域。

SKU reductions to a certain extent and the exit from laundry was both because it didn't reach a commercial threshold for us, but also because we want to focus our resources behind the places that we have the right to win. We're not chasing a SKU reduction number. What we're trying to get to is growth in our core categories, growth in the business overall, and a cleaner environment in our stores. So it's not like we're not.

在某種程度上減少SKU，以及退出洗衣品類，兩者都是因為對我們而言未達到商業門檻，但同時也是因為我們希望把資源聚焦在我們有勝算的領域。我們並不是在追逐一個SKU減少的數字。我們想要達成的是核心品類的成長、整體業務的成長，以及門市環境更整潔清爽。所以並不是說我們不……

Targeting a number, and I'd say we broadly are where we expect to be in terms of our overall SKU rationalization program.

以某個數字為目標；我會說，就我們整體SKU精簡計畫而言，我們大致上符合我們預期的進度。

When it comes to store presentation.

至於門市呈現方面。

I'm very pleased with what the team did with the re-merchandising project in the second-half.

我對團隊在下半年進行的重新陳列（re-merchandising）專案成果非常滿意。

As you noted in your question, rolling out that change across 1900 stores is no mean feat and the team executed it well and consumer response has been good and conversion is up in our stores.

如你在問題中提到的，把這項變更推廣到1,900家門市絕非易事；團隊執行得很好，消費者反應也不錯，我們門市的轉換率也提升了。

That said, we do have more to do, as I said previously, to earn, I would say, to earn the visit. Is the way I think about it and I think you're right that we need to do more to alert existing new and lapsed consumers of the change that's taking place in Bath & Body Works. That is both through marketing and we're seeing good early reads on the increased investment that we put into the business in July, but also we need to do more at the lease line, more to engage consumers, more within more marketing and that is something that we're focused. On in the back half. It will start as it always does by testing and learning. We'll be testing, eventing and lease line disruption in hundreds of doors. And when we get a positive result, when we get a positive result, we will roll it out to thousands of doors. That's how this business has always operated and we have a strong operating muscle in that regard.

不過，正如我先前所說，我們還有更多要做的，我會說，是要去贏得——我會說，贏得消費者到訪。這是我思考的方式；我也認為你說得對，我們需要做更多，讓既有、新客以及流失的消費者知道Bath & Body Works正在發生的改變。這一方面透過行銷來做——我們也看到7月加大對業務投資後的早期成效不錯——但同時我們也需要在租約線（lease line）做更多、做更多來吸引消費者、在更多行銷上投入更多，而這是我們在下半年所聚焦的事情。在下半年。一如既往，會先從測試與學習開始。我們將在數百家門市測試活動化操作（eventing）以及租約線的擾動式策略（lease line disruption）。當我們得到正向結果時，當我們得到正向結果時，我們就會推廣到數千家門市。這一直是這門生意的運作方式，而我們在這方面有很強的營運肌肉。

Alex Stratton, Morgan Stanley.

Alex Stratton，摩根士丹利。

Great. Thanks so much for taking the question. Just drilling down on the North America store business a little bit more, it seems like there were some possibly one-time headwinds in the quarter. So I'm just wondering how much of those dynamics remain a drag into the back half. And maybe, Daniel, what's the clearest KPI you're focused on today to. Understand if that part of the business is actually inflecting? And just as a follow-up, maybe as you're thinking about investing in the store experience, do you have any updated views on just the North America store fleet in general, like how big it should be from here?

很好。非常感謝讓我提問。我想再更深入問一下北美門市業務；看起來本季可能有一些一次性的逆風因素。所以我想了解，這些動態有多少會在下半年持續形成拖累。另外，Daniel，你目前最聚焦、用來。判斷這部分業務是否真的出現拐點的最明確KPI是什麼？再追問一個，當你們在思考投資門市體驗時，對北美整體門市店群（store fleet）是否有任何更新的看法，例如從現在起規模應該多大？

Yeah, great.

是的，很好。

So as we noticed, store pressure, store traffic was pressured in the second Q.

所以如我們所注意到的，第二季門市壓力、門市來客數承壓。

And.

而且。

That's both a Bath & Body Works problem and a macro problem. So we don't expect the macro environment to improve, and that's obviously not built into our outlook.

這既是Bath & Body Works自身的問題，也是總體環境的問題。因此我們不預期總體環境會改善，這點顯然也沒有納入我們的展望之中。

We do see our categories continue to grow. So we're not using the macro as an excuse. We believe we have to compete to win in our categories, and we believe we have to earn a right to a visit.

我們確實看到我們的品類持續成長。所以我們不會把總體環境當作藉口。我們相信我們必須在我們的品類中競爭取勝，也相信我們必須贏得消費者到訪的權利。

We're not looking at softer mall traffic as a reason why we shouldn't return to growth and we believe that there are a lot of levers that we can pull to address the traffic softness that we saw in Q2 and I answered some of that in the back half. I would say we continue to be focused on the six strategic.

我們不會把購物中心來客數走弱當作我們不該回到成長的理由；我們相信有很多槓桿可以拉動，來因應我們在第二季看到的來客數疲弱，而我在談到下半年時也回答了其中一些。我會說，我們仍然聚焦在六項策略性。

Indicators of progress that I outlined in a previous question. And I would also say, obviously, we're focused on the retail equation. Like the number one thing that we're talking about right now as a management team and really working on is making sure that we reverse that traffic softness that we saw in the second quarter. We understand the problem. We have a list of initiatives against it and we're looking forward to activating those in the coming weeks.

我在先前一個問題中所概述的進展指標。同時我也會說，顯然我們也聚焦在零售方程式（retail equation）。就像我們管理團隊現在談得最多、也真正投入在做的第一要務，是確保我們扭轉第二季看到的來客數疲弱。我們理解問題所在。我們已列出一系列對應的倡議，並期待在接下來幾週啟動這些措施。

I might add in terms of our overall fleet, we have a very profitable fleet, virtually all stores are profitable and we view our store base as a competitive advantage and an important component of our overall marketplace strategy.

我補充一下，關於我們整體店群，我們擁有非常高獲利的店群，幾乎所有門市都獲利；我們將門市基礎視為競爭優勢，也是我們整體市場策略的重要組成。

We actively manage our real estate portfolio, opening new stores and new convenient venues, closing stores in declining or vulnerable malls. And remodeling stores in critical centers. We will continue to study performance and optimize capital deployment and footage to meet the needs of the business overtime.

我們積極管理我們的不動產組合，開設新店與新的便利型據點，關閉位於衰退或較脆弱購物中心的門市。並在關鍵商圈進行門市改裝。我們將持續研究表現，並隨時間推移優化資本投放與面積配置，以滿足業務需求。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

Good morning. Thanks for taking our question. You said the June semiannual sale was impacted by having lower levels of clearance. Can you just talk about how you see the role of the semiannual sale going forward?

早安。謝謝讓我們提問。你提到6月的半年一次特賣（semiannual sale）因清倉量較低而受到影響。你能談談你如何看待未來半年一次特賣的角色嗎？

Yeah, thanks, Kate. So it absolutely was. Tom mentioned in his prepared remarks that we deliberately went into SAS with a little bit less distressed inventory. That's because we're buying our seasonal.

好的，謝謝你，Kate。確實如此。Tom在事先準備的發言中提到，我們刻意在SAS開始時，讓滯銷庫存（distressed inventory）少一些。那是因為我們在採購季節性。

Business correctly. We aren't looking to buy large amounts of inventory that we can flush through in semi-annual sale.

業務方面做得更精準。我們不打算採購大量庫存，然後在半年一次特賣中把它清掉。

There are certain things, certain franchises, certain long-term drivers of growth that we want to protect. So that was a point of headwind in the second quarter. That said, SaaS, January sale, promotions, markdowns are a very important driver of our business. We are not looking to pull them away. From the business and from the consumer, but we don't intend to be increasingly promotional in the back half of the year versus the LY.

有些品項、有些系列（franchises）、有些長期成長驅動因素是我們想要保護的。因此這在第二季形成了一個逆風點。話雖如此，SAS、1月特賣、促銷、降價（markdowns）都是我們業務非常重要的驅動因素。我們不打算把它們。從業務端或消費者端拿掉，但我們也不打算在下半年相較去年（LY）變得更依賴促銷。

My macro is you can't promote a business back to health.

我對總體環境的看法是：你無法靠促銷把一門生意促回健康。

So we're using that lever less and we're using brand marketing. And product as the things that we are leaning on to drive growth in the back half.

所以我們會較少使用這個槓桿，而是倚重品牌行銷。以及產品，作為我們在下半年推動成長所依靠的要素。

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

各位女士、先生，我們的問答環節到此結束。我把時間交回Long先生作最後結語。

Thank you for joining today's call. A replay will be available for 90 days on our website.

感謝各位參加今天的電話會議。重播將在我們網站上提供90天。

Thank you for your interest in Bath & Body Works.

感謝各位對Bath & Body Works的關注。

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

今天的電話會議到此結束。您現在可以掛斷電話線。

Thank you for your participation.

感謝各位的參與。