Carter's, Inc. (CRI) 2026 Q2 法說會逐字稿

Welcome to Carter's second quarter fiscal 2026 earnings conference call. On the call are Sharon Price John, Chief Executive Officer and President; Richard Westenberger, Chief Financial Officer and Chief Operating Officer; Allison Peterson, Chief Retail and Digital Officer; and T.C. Robillard, Vice President, Investor Relations. Please note that today's call is being recorded.

歡迎參加 Carter's 2026 會計年度第二季財報電話會議。出席本次電話會議的有：執行長兼總裁 Sharon Price John；財務長兼營運長 Richard Westenberger；零售與數位長 Allison Peterson；以及投資人關係副總裁 T.C. Robillard。請注意，今天的電話會議將進行錄音。

I'll now turn the call over to T.C. Robillard.

接下來我把電話交給 T.C. Robillard。

Thank you. Good morning, everyone. We issued our second quarter 2026 earnings release earlier today. The release and presentation materials for today's call are available on our investor relations website at ir.carters.com. Note that statements on today's call about items such as the company's expectations and plans are forward-looking statements.

謝謝。各位早安。我們已於今日稍早發布 2026 年第二季財報新聞稿。今日電話會議的新聞稿與簡報資料可於我們的投資人關係網站 ir.carters.com 取得。請注意，今天電話會議中關於公司預期與計畫等事項的陳述，屬於前瞻性陳述。

For a discussion of factors that could cause actual results to vary from those contained in the forward-looking statements, please see our most recent SEC filings as well as the earnings release and presentation materials posted on our website. In these materials, you will also find reconciliations of various non-GAAP financial measurements referenced during this call. After today's prepared remarks, we will take questions as time allows.

關於可能導致實際結果與前瞻性陳述所述內容出現差異的因素，請參閱我們最新的 SEC 申報文件，以及發布於我們網站上的財報新聞稿與簡報資料。在這些資料中，您也會看到本次電話會議所提及之各項非 GAAP 財務衡量指標的調節表。在今天的準備發言結束後，我們將在時間允許的情況下回答提問。

I will now turn the call over to Sharon.

接下來我把電話交給 Sharon。

Thank you, T.C. Good morning, everyone, and welcome. I'm delighted to be here with you for my first earnings call with Carter's. The team did a great job in the second quarter, delivering solid results against the backdrop of a complex macroeconomic environment. Richard and Allison will walk you through our performance in more detail, but at a high level, we exceeded our second quarter outlook.

謝謝你，T.C. 各位早安，歡迎各位。很高興能在此與各位一同參與我在 Carter's 的第一場財報電話會議。在複雜的總體經濟環境下，團隊在第二季表現出色，交出穩健成果。Richard 與 Allison 將更詳細說明我們的表現，但就整體而言，我們的第二季表現優於先前展望。

Net sales grew for the third consecutive quarter, up 5% over prior year, and adjusted operating profit increased 54%. We continued our positive momentum in US Retail, delivering comparable sales growth of 5%, and we continue to add new consumers, including the important Gen Z demographics, which grew mid-teens in the quarter.

淨銷售額連續第三季成長，較去年同期增加 5%，調整後營業利益成長 54%。我們在美國零售業務延續正向動能，可比銷售成長 5%；同時也持續新增消費者，包括重要的 Z 世代族群，本季成長達十幾個百分點（mid-teens）。

Having spent essentially my entire career in the children's market, I have enormous respect for Carter's. I want to thank the team and the Board, not only for the opportunity to lead this historic company to new heights, but for the foundational work that's been done, including research, strategic evaluations, and key transformational initiatives.

我幾乎整個職涯都在兒童市場，因此我非常敬重 Carter's。我要感謝團隊與董事會，不僅給我機會帶領這家歷史悠久的公司再創高峰，也感謝大家已完成的基礎工作，包括研究、策略評估，以及關鍵的轉型計畫。

While there is still more to be done as we move forward, this has allowed me to hit the ground running. In fact, over the past six weeks, I've been digging into the business and getting to know the key leaders, and it's strengthened my conviction about what initially attracted me to this role, namely that Carter's is a well-established, diversified company with a solid foundation for expansion. And in my view, we have significant opportunities that can contribute to generating consistent profitable growth. These opportunities include a number of powerful assets that I believe we can further leverage to continue to elevate the business, as well as expand the brand promise and footprint, which in turn should create value and generate consistent long-term shareholder returns. These include iconic brands, great consumers, the leading market share position, a multi-channel business model, and a passionate-driven organization.

雖然隨著我們持續前進，仍有更多工作要做，但這些成果讓我能迅速上手。事實上，過去六週我深入了解業務並認識關鍵領導團隊，這也更強化了我對當初吸引我加入此職務原因的信念：Carter's 是一家成熟且多元化的公司，具備穩固的擴張基礎。在我看來，我們擁有可帶來持續獲利成長的重大機會。這些機會包括多項強大的資產，我相信我們可以進一步加以運用，持續提升業務表現，同時擴大品牌承諾與版圖，進而創造價值並帶來長期且穩健的股東報酬。這些資產包括：具代表性的品牌、優質的消費者、領先的市占地位、多通路商業模式，以及充滿熱情驅動的組織。

Touching on each of these briefly, first, we have a number of the strongest brands in our space. Our namesake Carter's brand, as well as OshKosh have high awareness, consumer trust, and a deep heritage that's been woven into the fabric of families' lives for generations. We also have additions to our brand family that are filling other consumer needs, such as Little Planet, which focuses on natural, sustainable fabrics.

簡要談談上述各點，首先，我們在此領域擁有多個最強勢的品牌。我們的同名品牌 Carter's 以及 OshKosh 具有高度知名度、消費者信任與深厚傳承，數代以來早已融入家庭生活之中。我們的品牌家族也新增了可滿足其他消費需求的品牌，例如 Little Planet，主打天然、永續的布料。

Second, we have great consumers. We hold a unique position in their lives, sitting at the intersection of caregivers and children, while being present for every single moment through their early years. Being able to serve both moms and kids is a special responsibility, and we do not take that earned trust lightly. When we can deliver products and exceptional experiences that improve their lives, we create an emotional bond between our brands and our consumers.

第二，我們擁有優質的消費者。我們在他們的生活中占有獨特位置，位於照護者與孩子的交會點，並在孩子早年每一個時刻都陪伴左右。能同時服務媽媽與孩子是一項特別的責任，我們絕不輕忽這份得來不易的信任。當我們能提供改善其生活的產品與卓越體驗時，就能在品牌與消費者之間建立情感連結。

Third, we're the market share leader in our industry, including the most important segment, Baby. Essentially from their very first day. We begin our all-important journey with our families that often lasts a lifetime, even evolving into a multi-generational relationship when grandparents become gift givers.

第三，我們是產業的市占領導者，包含最重要的細分市場——嬰幼兒（Baby）。幾乎從他們出生的第一天開始。我們與家庭展開這段至關重要的旅程，往往可延續一生，甚至當祖父母成為送禮者時，關係也會演變為跨世代的連結。

Fourth, our multi-channel business model has diverse revenue streams, including an emerging global footprint, multiple brand and product segments, as well as extraordinary distribution breadth. Families can buy our products at over 20,000 global points of presence that span multiple consumer tiers from department stores to mass stores to our own omnichannel solution consisting of our high-touch specialty retail stores and carters.com. Being available where, when, and how our consumers want to shop is an important competitive advantage.

第四，我們的多通路商業模式擁有多元營收來源，包括逐步擴張的全球版圖、多個品牌與產品區隔，以及極為廣泛的通路覆蓋。家庭可在全球超過 20,000 個銷售據點購買我們的產品，涵蓋從百貨到量販通路，並包含我們自有的全通路解決方案：高互動的專門零售門市與 carters.com。能在消費者想要的地點、時間與方式提供購物選擇，是重要的競爭優勢。

And finally, we have a lot of talented people located around the world at Carter's, from our headquarters to our distribution centers to our associates in the field, and we have a culture that's passionate about our brand and our consumers. Equally as important, there is a general recognition and willingness internally of the need to evolve as an organization, so we can meet our consumers where they are today, as well as adapt when their needs change.

最後，Carter's 在全球各地擁有許多優秀人才，從總部到配送中心，再到第一線同仁，我們也具備對品牌與消費者充滿熱情的企業文化。同樣重要的是，內部普遍認知並願意推動組織進化，以便在當下於消費者所在之處與其相遇，並在其需求改變時做出調整。

As you can see, this is a powerful confluence of assets. And as I mentioned earlier, this is what attracted me to Carter's, and it's what gives me so much confidence in our future. At its simplest level, our objective is to deliver consistent, profitable growth. And while early, we intend to start with the following tenets.

如各位所見，這些資產形成強大的匯聚效應。正如我先前提到的，這也是吸引我加入 Carter's 的原因，並讓我對我們的未來充滿信心。最簡單來說，我們的目標是實現持續且具獲利性的成長。雖然仍在早期階段，我們打算從以下原則開始著手。

We will become a company that is consumer-centric and data-driven, recognizing that we have multiple consumers, from the caregiver to the gift giver and the child. This will be the heart of everything we do, from designing products to providing engaging, memorable shopping experiences to creating impactful marketing, all aimed at building relationships and expanding the total lifetime value.

我們將成為以消費者為中心、以數據驅動的公司，並認知到我們面對多種消費者角色，從照護者、送禮者到孩子。這將成為我們一切工作的核心：從產品設計、提供引人入勝且令人難忘的購物體驗，到打造具影響力的行銷，皆以建立關係並擴大整體終身價值為目標。

We will be brand building, leveraging our assets in a manner designed to monetize the enormous equity, name recognition, and important trust of our portfolio, especially for our namesake brand, Carter's. Through proper brand building, we can strengthen our relationship with consumers, increase our market share, optimize our total addressable market, and improve our profitability. To do this, we will need to consistently evolve to meet the needs of the marketplace as change is happening even faster. Given we are the market leader, it is fitting that we also lead change within our industry.

我們將致力於品牌建設，以能夠變現我們品牌組合龐大品牌資產、知名度與關鍵信任的方式運用既有資產，尤其是我們的同名品牌 Carter's。透過適當的品牌建設，我們能強化與消費者的關係、提升市占、優化我們的整體可服務市場（TAM），並改善獲利能力。為此，我們需要持續進化以滿足市場需求，因為變化正以更快速度發生。既然我們是市場領導者，也理應在產業內引領變革。

In closing, it's an honor to be leading Carter's through this next chapter of an its storied history. I believe we have significant opportunities to unlock value, drive profitable growth, deliver top-tier shareholder values, and I look forward to getting to know each of you over the coming months.

最後，能帶領 Carter's 進入其輝煌歷史的下一個篇章，我深感榮幸。我相信我們擁有重大的機會可釋放價值、推動獲利成長、為股東帶來頂尖水準的價值回報；我也期待在未來幾個月與各位逐一交流。

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

接下來，我把電話交給 Richard。

Thank you, Sharon, and welcome to Carter's. We're very happy to have you here with us. I'll speak for the rest of our leadership team in reporting that Sharon has jumped in with both feet and is off to a strong start.

謝謝你，Sharon，並歡迎加入 Carter's。我們非常高興你能與我們一起。我也代表其餘領導團隊表示，Sharon 已全力投入，並有一個非常強勁的開始。

Good morning, everyone. I want to begin by also thanking our thousands of employees for their resilience, commitment, and teamwork. Over the last 18 months, a period marked by a range of challenges and a significant amount of change, our team has remained focused on execution, has helped to stabilize the business, return to top line growth, and deliver another quarter of strong performance. As Sharon has already experienced, our team exhibits tremendous passion and dedication, and we're very grateful.

各位早安。我也想先感謝我們數以千計的員工，感謝大家展現出的韌性、承諾與團隊合作。在過去18個月中，面對各種挑戰與顯著變化，我們的團隊始終專注於執行，協助穩定業務、重回營收成長，並再度交出一季強勁的表現。正如Sharon已經親身感受到的，我們的團隊展現出極大的熱情與投入，我們非常感激。

This morning we will give you a recap of our second quarter performance, which exceeded our previous outlook. Overall, we delivered growth in both sales and earnings in the quarter, and our balance sheet and liquidity strengthened significantly through the recovery of approximately $130 million of previously paid tariffs and related interest.

今天上午我們將為各位回顧第二季的表現，結果優於我們先前的展望。整體而言，本季我們在銷售與獲利皆實現成長；同時，透過收回約1.30億美元先前已支付的關稅及相關利息，我們的資產負債表與流動性也顯著強化。

Consumer and retail businesses like ours are operating in a continued challenging environment. Overall, our business has performed well amid this backdrop for the first half of the year. The children's apparel market has proven resilient in the first six months of the year, with total sales up about 2%.

像我們這樣的消費與零售企業，仍在持續充滿挑戰的環境中營運。在此背景下，我們上半年整體業務表現良好。兒童服飾市場在今年前六個月展現韌性，總銷售額約成長2%。

In this same time period, our overall share of the age 0 to 10 market has remained stable, with share gains in baby and kid offset by a decline in toddler. In discussing our second quarter performance and our outlook, our comments this morning will track along with the presentation posted to the investor relations portion of our website.

在同一期間，我們在0至10歲市場的整體市占率維持穩定；嬰兒與兒童品類的市占提升，抵銷了幼童品類的下滑。在說明第二季表現與展望時，我們今天上午的評論將與已發布於公司網站投資人關係專區的簡報內容一致。

Turning to our presentation materials, on page 2, we have our GAAP basis P&L. Net sales in the second quarter were $615 million. Reported operating income was $140 million, inclusive of the tariff recoveries, which I'll discuss in a moment, and our reported earnings per share were $2.87. Our first half GAAP basis P&L is on page 3. First half net sales increased 7% over the prior year to $1.3 billion. Reported operating income for the first half was $168 million, which included the tariff recovery as well as other non-recurring charges.

接著看簡報資料，第2頁為依GAAP編製的損益表。第二季淨銷售額為6.15億美元。公告的營業利益為1.40億美元，包含我稍後將說明的關稅退還款；公告的每股盈餘為2.87美元。上半年依GAAP編製的損益表在第3頁。上半年淨銷售額較去年成長7%，達13億美元。上半年公告的營業利益為1.68億美元，其中包含關稅退還以及其他一次性費用。

First half reported EPS was $3.26 compared to $0.43 in 2025. On the following page, we've summarized our non-GAAP adjustments. We had no adjustments to our reported results in the first quarter, so our second quarter and first half 2026 adjustments are the same. A significant adjustment to our reported results in Q2 related to our recovery of previously paid tariffs and related interest.

上半年公告的EPS為3.26美元，對比2025年的0.43美元。下一頁我們彙總了非GAAP調整項目。第一季我們的公告結果沒有任何調整，因此2026年第二季與上半年的調整項目相同。第二季對公告結果影響最大的調整，與我們收回先前已支付的關稅及相關利息有關。

In the second quarter we received $132 million back from the US government. $128 million benefited gross profit and $4 million was recorded as interest income. These tariff recoveries and interest are taxable. As such, we recorded a tax provision in our Q2 reported results, roughly $30 million, which we will pay in September. We also recorded approximately $6 million in charges in the quarter, the majority of which related to our recent leadership transition.

第二季我們自美國政府收回1.32億美元。其中1.28億美元增加毛利，另有400萬美元列為利息收入。這些關稅退還款與利息收入需課稅。因此，我們在第二季公告結果中認列約3,000萬美元的所得稅費用，預計將於9月繳納。本季我們也認列約600萬美元的費用，其中大部分與近期的領導階層交接相關。

Last year, we had adjustments related to operating model improvement costs and leadership transition costs, which reduced our reported profitability. Our comments today will speak to our performance on an adjusted basis, which excludes these unusual items.

去年我們有與營運模式改善成本及領導階層交接成本相關的調整項目，降低了公告的獲利能力。我們今天的評論將以調整後基礎說明表現，亦即排除這些非經常性項目。

On page 5, we have our second quarter adjusted P&L. Our Q2 net sales of $615 million represented growth of $30 million or 5% over last year. Adjusted gross margin on these sales was 46.3%, a decrease of 180 basis points compared to prior year.

第5頁為第二季調整後損益表。第二季淨銷售額6.15億美元，較去年增加3,000萬美元，成長5%。在此銷售額下，調整後毛利率為46.3%，較去年下降180個基點。

As expected, tariffs pressured our gross margin rate in the quarter with a gross impact incremental to our historical tariff baseline of $28 million. Investments in product make also pressured gross margin compared to prior year. These headwinds were partially offset by increased pricing as well as tariff mitigation actions and productivity initiatives.

如預期，關稅在本季對毛利率造成壓力；相較於我們歷史關稅基準，毛利的額外不利影響為2,800萬美元。在產品製造方面的投資，也使毛利率較去年承壓。上述逆風部分被提價、關稅緩解措施以及生產力提升計畫所抵銷。

On a consolidated basis, AURs improved in the mid-single digits and units were up low single digits. In US Retail, second quarter AURs were comparable to prior year, and we improved realized pricing in our US Wholesale and International segments.

以合併口徑來看，平均單價（AUR）提升至中個位數百分比，銷量（units）則為低個位數成長。在美國零售（US Retail）方面，第二季AUR與去年相當；而在美國批發（US Wholesale）與國際（International）部門，我們提升了實現價格。

Allison will comment further on US Retail pricing trends in a moment. Second quarter adjusted SG&A of $270 million decreased 1% versus prior year as the benefits from our productivity initiatives, including store closures, more than offset incremental spend on marketing and year-over-year inflationary pressures in wages and rent.

Allison稍後將進一步說明美國零售的定價趨勢。第二季調整後SG&A為2.70億美元，較去年下降1%；我們的生產力提升計畫（包含關店）帶來的效益，超過了行銷的增量投入，以及薪資與租金的年對年通膨壓力。

On a rate basis, we achieved nearly 300 basis points of SG&A leverage in the quarter. Second quarter adjusted operating income increased 54% to $18 million and adjusted operating margin increased 90 basis points to 2.9%. Higher sales and lower spending led to this operating income performance, which was above our previous outlook. Below the line, net interest and other expenses increased over prior year, driven by higher interest costs from last year's debt refinancing and a foreign exchange loss due to the strengthening of the US dollar since the end of the first quarter.

以費用率來看，本季我們實現了接近300個基點的SG&A槓桿。第二季調整後營業利益成長54%至1,800萬美元，調整後營業利益率提升90個基點至2.9%。較高的銷售與較低的支出帶動了這項營業利益表現，優於我們先前的展望。在營業利益以下，淨利息與其他費用較去年增加，主要因去年債務再融資導致利息成本上升，以及自第一季末以來美元走強造成的外匯損失。

The effective tax rate for the second quarter was 23% compared to 74% last year. This year's tax rate was largely driven by our tariff refunds, which were taxable, as I mentioned. This Q2 effective tax rate was not comparable to last year's rate, which was negatively impacted by stock-based compensation and a lower level of pre-tax income. For the full year, we're forecasting an effective tax rate of approximately 23%. All of this netted to second quarter adjusted earnings per share of $0.26, an increase of 53% over last year's $0.17.

第二季有效稅率為23%，去年同期為74%。如前所述，今年的稅率主要受到需課稅的關稅退還款影響。本季有效稅率與去年不可比，去年稅率受到股票基礎薪酬以及較低稅前所得水準的不利影響。就全年而言，我們預估有效稅率約為23%。綜合以上，第二季調整後每股盈餘為0.26美元，較去年0.17美元成長53%。

A summary of our second quarter business segment results is on page 6. In the second quarter, net sales grew in each of our segments, with US wholesale contributing the majority of year-over-year growth. The year-over-year expansion in operating income in the quarter was pretty evenly driven by Wholesale and International.

第6頁為第二季各業務部門結果摘要。第二季我們各部門淨銷售額皆成長，其中美國批發貢獻了大部分的年對年成長。本季營業利益的年對年擴張，主要由批發與國際部門相對平均地帶動。

Allison will now provide some additional perspective on our US Retail business, beginning on page 7.

接下來Allison將從第7頁開始，提供更多關於我們美國零售業務的觀點。

Thank you, Richard. Our US retail business continued its momentum, delivering another strong performance in the second quarter. Total US retail net sales grew 2% and operating profit increased over prior year.

謝謝你，Richard。我們的美國零售業務延續動能，第二季再度交出強勁表現。美國零售淨銷售額合計成長2%，營業利益較去年增加。

We delivered sales growth across all of our core age segments, with our baby products continuing to be the primary driver. Comparable retail sales increased 5% versus last year, the fifth consecutive quarter of comp sales growth. Comps grew in both channels during the quarter. For the first half, comp sales increased 8% over last year. Similar to the first quarter, we saw the consumer focus on value.

我們在所有核心年齡層品類皆實現銷售成長，其中嬰兒產品持續是主要驅動力。同店零售銷售額較去年成長5%，為連續第五季同店成長。本季兩個通路的同店表現皆成長。上半年同店銷售額較去年成長8%。與第一季相似，我們看到消費者更聚焦於價值。

When we delivered the right balance of newness, style, and quality at a great price, the consumer responded well. We continue to see good returns on our marketing investments. That said, we did see a divergence in channel performance relative to Q1. Within the eCom channel, growth accelerated in the quarter. We believe this is a combination of our outsized opportunity to win with the consumer online as well as the benefits of our investments, which I'll touch on in a moment.

當我們以優秀的價格提供兼具新品、風格與品質的適當組合時，消費者反應良好。我們持續看到行銷投資帶來良好回報。不過，相較於第一季，我們確實看到通路表現出現分化。在電商（eCom）通路，本季成長加速。我們認為這是我們在線上贏得消費者的巨大機會，以及我們投資所帶來效益的綜合結果；我稍後會再談到。

In our stores, traffic was comparable to prior year. While this slowed from the first quarter, we believe our marketing investments are working as our traffic performance outpaced the industry and accelerated on a two-year basis.

在我們的門市，來客量與去年同期相當。雖然相較第一季有所放緩，但我們相信行銷投資正在發揮效果，因為我們的來客表現優於產業，且以兩年基礎來看呈現加速。

With respect to our comp performance, the growth in the second quarter was driven by units as AUR was comparable to prior year. We experienced higher clearance in the quarter related to soft performance of select seasonal product offerings, which weighed on AUR and gross margin. As we enter the second half of the year, we're comfortable with our inventory position having cleared through these seasonal goods.

就我們的同店表現而言，第二季的成長主要由銷售件數帶動，因為平均單價（AUR）與去年同期相當。本季因部分季節性商品供應表現偏弱而進行較多清倉，對AUR與毛利率造成壓力。隨著我們進入下半年，我們對庫存水位感到安心，因為已清理完這些季節性商品。

Conversely, we are encouraged by the consumer response and our success in driving higher realized pricing in our key destination categories within our Baby business. On the following page, we highlight some recent enhancements in our eCommerce experience, which is a key part of our omnichannel portfolio.

相對地，我們對消費者的反應以及我們在嬰幼兒（Baby）業務關鍵目的地品類中成功推動更高實現售價感到鼓舞。在下一頁，我們將重點介紹我們電商體驗近期的一些強化，這是我們全通路組合中的關鍵部分。

As I mentioned earlier, eCom growth accelerated in the second quarter, building on the momentum we've seen over the past several quarters. eCom comp sales increased double digits, our fourth consecutive quarter of growth. This growth was driven by strong traffic and was profitable.

如我先前提到，第二季電商成長加速，延續過去數季的動能。電商同店銷售以雙位數成長，為連續第四季成長。此成長由強勁流量帶動，且具備獲利性。

Our marketing investments have been very effective at bringing Gen Z families to our digital platforms. They are engaging with the website and app and they are also gravitating to our higher AUR products. We're benefiting from the investments we've made in our platform and user experience, which are delivering improvements in the consumer journey and increased site engagement.

我們的行銷投資在吸引Z世代家庭進入我們的數位平台方面非常有效。他們與網站與App互動，也更傾向購買AUR較高的產品。我們正受益於在平台與使用者體驗上的投資，這些投資正在改善消費者旅程並提升網站互動度。

We've launched several new features, including enhanced outfitting functionality, AI-optimized product reviews, and passwordless login. For consumers that engage with these features, we're seeing increased visits, higher conversion, and more units per transaction.

我們已推出多項新功能，包括強化的穿搭搭配（outfitting）功能、AI最佳化的商品評論，以及免密碼登入。對於使用這些功能的消費者，我們看到造訪次數增加、轉換率提高，以及每筆交易的購買件數增加。

We've also enhanced the user experience with a new and improved AI consumer chat. This functionality now manages one-third of our contacts, allowing us to reinvest the productivity gains into premium high-touch care for our best consumers. We're pleased with the response to these new capabilities and the returns they're driving.

我們也透過全新且升級的AI消費者聊天功能強化使用者體驗。此功能目前可處理我們三分之一的聯絡量，使我們能將生產力提升所帶來的效益再投入，為我們最重要的消費者提供更高端的高接觸服務。我們對這些新能力的回饋以及其帶來的報酬感到滿意。

Turning to page 9. Over the first half of the year, we continue to see our marketing performance improve, driving measurable gains in marketing's contribution to the business.

接著看第9頁。在今年上半年，我們持續看到行銷表現改善，帶動行銷對業務貢獻的可衡量提升。

Our marketing investments are intentionally balanced to drive near-term performance while strengthening the long-term relevance of our brand. As I mentioned earlier, we are seeing the success of these efforts increasing customer acquisition through the partnerships we choose, the cultural moments we engage in, and the stories we tell.

我們的行銷投資刻意保持平衡，以推動短期表現，同時強化品牌的長期相關性。如我先前提到，我們看到這些努力的成果，透過我們選擇的合作夥伴、我們參與的文化時刻，以及我們講述的故事，提升了客戶獲取。

A great example is our collaboration with Umbro, which we launched during the second quarter to participate in the excitement surrounding the World Cup. This initiative was integrated throughout all of our consumer touch points and included activations like jersey personalization events in World Cup markets. The products associated with this cultural moment drove strong engagement with our brand and over-penetrated with Gen Z as well as the growing multicultural market.

一個很好的例子是我們與Umbro的合作，我們在第二季推出，以參與世界盃周邊的熱潮。此計畫整合於我們所有的消費者接觸點，並包含例如在世界盃市場舉辦球衣客製化活動等啟動方案。與這個文化時刻相關的產品帶動了品牌的強勁互動，並在Z世代以及成長中的多元文化市場中有更高的滲透。

Those who purchased Umbro products bought higher AUR items and added more units to their transaction. As we move into the back half, we are excited about Q3 for several reasons. As we have previously shared, we will continue to invest in marketing given the strong returns we are seeing. This will help to increase our share of voice with the consumer. We are continuing to build new ways to improve the consumer experience across all of our channels.

購買Umbro產品的消費者購買了AUR更高的商品，且在單筆交易中加入更多件數。進入下半年，我們對第三季（Q3）感到興奮，原因有幾點。如我們先前分享，我們將在看到強勁報酬的情況下持續投資行銷。這將有助於提升我們在消費者端的聲量占比。我們也持續建立新的方式，以改善所有通路的消費者體驗。

And finally, we feel good about the way our assortment is positioned based on the current signals we are seeing in the business. For example, we will lean into our strength in Baby, our position in opening price points, OshKosh denim for back-to-school, and the importance of sleepwear that begins building in Q3 and increases in relevance throughout the back half of the year.

最後，基於目前在業務中看到的訊號，我們對商品組合的配置感到良好。例如，我們將加大投入我們在嬰幼兒（Baby）的優勢、我們在入門價位帶的定位、OshKosh牛仔系列的返校季需求，以及睡衣品類的重要性——其需求自第三季開始建立，並在下半年期間相關性持續提升。

I will now turn the call back to Richard.

我現在把電話會議交回給Richard。

Thank you, Allison. Turning to page 10 for a summary of our US Wholesale and International segment performance. In US Wholesale, we had strong growth in the quarter.

謝謝你，Allison。接著看第10頁，總結我們美國批發與國際事業部的表現。在美國批發方面，我們本季成長強勁。

Net sales increased 12% over last year, with growth in both AUR and units. These sales were higher than we had previously forecasted, with the upside largely driven by earlier demand for fall product, primarily with mass channel customers. Exclusively wholesale brand sales grew in total versus last year, driven by Carter's Child of Mine and Just One You. We also saw good growth in both Little Planet and our Skip Hop business. Wholesale operating profit increased 10% over prior year, while segment operating margin was roughly comparable.

淨銷售額較去年成長12%，AUR與銷售件數皆成長。這些銷售高於我們先前的預測，上行主要來自秋季商品需求提前，且主要發生在大眾通路客戶。純批發品牌（exclusively wholesale brand）銷售總額較去年成長，主要由Carter's Child of Mine與Just One You帶動。我們也看到Little Planet以及Skip Hop業務皆有不錯的成長。批發營業利益較去年成長10%，而事業部營業利益率大致相當。

From a margin standpoint, higher realized pricing, tariff mitigation actions, and expense leverage essentially offset higher tariff and product costs. Turning to International. Total reported International net sales increased 3% over last year, which was also above the outlook we provided on our last call. Reported sales growth in the quarter benefited from favorable movements in currency exchange rates on a constant currency basis, International segment net sales were comparable to last year. Within our International segment, we had sales growth in Canada and Mexico, which offset lower sales in our international partners business.

就毛利率而言，較高的實現售價、關稅緩解措施，以及費用槓桿效益，基本上抵銷了較高的關稅與產品成本。接著談國際業務。國際事業部的總報告淨銷售額較去年成長3%，也高於我們上次電話會議提供的展望。本季報告銷售成長受惠於匯率變動；以固定匯率（constant currency）基礎計算，國際事業部淨銷售額與去年相當。在國際事業部內，加拿大與墨西哥的銷售成長抵銷了國際合作夥伴業務的銷售下滑。

In the largest component of our International business, Canada, net sales increased 1% over prior year in the second quarter, driven by a 1% increase in comp sales. Net sales in Mexico increased 22% over last year, driven by favorable movements in exchange rates, timing of shipments within the wholesale channel, and the benefit of new store openings.

在我們國際業務中占比最大的加拿大，第二季淨銷售額較去年成長1%，主要由同店銷售成長1%帶動。墨西哥淨銷售額較去年成長22%，受惠於匯率有利變動、批發通路出貨時點，以及新店開幕帶來的效益。

Comp sales were essentially flat in Mexico in the quarter. Q2 comps were affected by the shift of Easter-related volume into March and traffic slowed in late June, in part due to consumers focusing on the World Cup. Our year-to-date comp in Mexico is up 9%, and we've seen demand rebound strongly post-World Cup in July.

本季墨西哥同店銷售基本持平。第二季同店表現受到與復活節相關的銷量移轉至3月的影響，且6月下旬來客量放緩，部分原因是消費者將注意力放在世界盃。墨西哥年初至今的同店銷售成長9%，且我們在7月世界盃結束後看到需求強勁回升。

International operating income increased 50% over last year to more than $5 million, while segment operating margin increased 180 basis points to 5.7%. The improved profitability was driven by productivity savings as well as lower product costs, resulting from favorable changes in FX rates.

國際營業利益較去年成長50%，超過500萬美元；同時事業部營業利益率提升180個基點至5.7%。獲利能力改善主要由生產力節省以及因匯率有利變動而帶來的較低產品成本所驅動。

On page 11, we have some balance sheet and cash flow highlights. Our balance sheet is in very good shape. We ended the quarter with significant liquidity with cash on hand of over $650 million.

在第11頁，我們列出一些資產負債表與現金流重點。我們的資產負債表狀況非常良好。本季末我們擁有充足流動性，手上現金超過6.5億美元。

Our cash balance was boosted by the receipt of the tariff recoveries as mentioned earlier. We're projecting good liquidity over the balance of the year. Our cash balance is expected to decrease in coming months as we purchase inventory for the second half, pay taxes, including those due on the tariff recoveries, and make the first accrued interest payment on the senior notes, which we issued last year. Net inventories declined 7% compared to prior year to $578 million. Inventory units were 9% lower at quarter end and our inventory quality is strong heading into the second half of the year.

如先前所述，我們的現金餘額因收到關稅追償款而增加。我們預期今年剩餘期間將維持良好的流動性。未來幾個月，隨著我們為下半年採購庫存、繳納稅款（包括關稅追償款所應繳稅款），以及支付我們去年發行之優先票據（senior notes）的第一筆應計利息，我們的現金餘額預期將下降。淨庫存較去年下降7%至5.78億美元。季末庫存件數下降9%，且我們在進入下半年時的庫存品質強勁。

For the first half, we generated operating cash flow of over $200 million compared to a use of cash of $8 million last year. This improved cash flow was driven by the tariff recoveries, improved working capital, including a lower inventory balance, as well as favorable timing of interest payments versus the prior year.

上半年，我們產生了超過 2 億美元的營運現金流，相較之下去年為現金流出 800 萬美元。現金流改善主要受關稅回收、營運資金改善（包括較低的庫存水位），以及相較前一年利息支付時點更有利所帶動。

We've continued to return capital to shareholders in 2026 and have paid $18 million in dividends in the first half. Pages 12 and 13 summarize our first half adjusted P&L and segment results. This information is provided for your reference.

我們在 2026 年持續回饋股東，上半年已支付 1,800 萬美元股利。第 12 與第 13 頁彙總了我們上半年調整後損益表與各事業部門的結果。此資訊提供您參考。

Turning to our outlook for the balance of the year beginning on page 15 of our materials. It's worth a reminder that fiscal 2025 included a 53rd week, which does not repeat this year. This additional week contributed an estimated $37 million in net sales. Our plans for 2026 reflect growth in net sales and operating profit on top of this 53-week performance in the prior year. While there have been puts and takes relative to our expectations, we've had a good start overall to the year.

接著看我們對今年剩餘期間的展望，內容自簡報第 15 頁開始。提醒一下，2025 會計年度包含第 53 週，本年度不再重複。這額外一週估計貢獻約 3,700 萬美元的淨銷售額。我們 2026 年的計畫，是在前一年含第 53 週的表現基礎上，仍反映淨銷售與營業利益成長。儘管相較我們原先預期有一些正負因素拉扯，但整體而言今年開局良好。

We've incorporated our learnings from the first half and our best read on the market environment in updating our outlook for Q3 and Q4. The second half has historically represented the majority of our annual sales and earnings, and we expect the balance of the year will be equally significant this year.

我們已將上半年學到的經驗，以及對市場環境的最佳判讀，納入並更新我們對第三季與第四季的展望。歷史上，下半年通常占我們全年銷售與獲利的大部分，我們預期今年剩餘期間同樣將非常關鍵。

Turning to our outlook for the top line, we've narrowed our outlook for full year net sales a bit from low to mid-single-digit growth previously to a revised projection of 2% to 3% growth. This revision reflects two key factors.

就營收端（top line）展望而言，我們將全年淨銷售的預期區間略為收斂，從先前的低至中個位數成長，下修為 2% 至 3% 成長。此調整反映兩項關鍵因素。

First, we expect second half Wholesale demand will be a bit lighter than we had originally planned. Q2 Wholesale sales included some pull forward of sales initially planned to occur in the third quarter. Additionally, certain customers have adopted a more conservative outlook on second half inventory commitments. We're expecting full year Wholesale net sales growth in the low single-digit range, with growth in our flagship Carter's brand, the Carter's exclusive wholesale brands, and Skip Hop.

第一，我們預期下半年批發（Wholesale）需求將比原先規劃略為疲弱。第二季批發銷售包含部分原本預計在第三季發生的提前拉貨。此外，部分客戶對下半年庫存承諾採取更保守的展望。我們預期全年批發淨銷售成長落在低個位數區間，成長動能來自我們的旗艦 Carter's 品牌、Carter's 專屬批發品牌，以及 Skip Hop。

Second, we've moderated our AUR assumptions for the second half a bit. We're still planning for improved year-over-year realized pricing in US Retail, which would build on the gains we've made in pricing in the second half last year. Data from the broader market in second quarter indicated some price resistance from consumers with an accompanying loss of unit velocity.

第二，我們將下半年 AUR（平均單價）假設略為下調。我們仍規劃美國零售（US Retail）的實現售價（realized pricing）年對年改善，並在去年下半年已取得的定價成果之上再進一步。第二季整體市場數據顯示，消費者對價格出現一定抗性，並伴隨銷量速度（unit velocity）下滑。

We think it's prudent to plan for a more value-conscious consumer. We continue to plan for growth in US Retail with full year sales up in the low single-digit range and full year comparable sales up in the mid-single-digit range.

我們認為以更重視性價比的消費者作為規劃假設較為審慎。我們仍預期美國零售全年銷售將以低個位數成長，全年同店銷售（comparable sales）以中個位數成長。

These are obviously planning assumptions at this point. We aren't deep into fall selling yet. We'll continue to read the business, evaluate our performance, and adjust accordingly. In International, our outlook for full year net sales is unchanged at mid-single-digit growth over last year. On profitability, as indicated in our press release this morning, we have reiterated our previous guidance for adjusted operating income growth in the low to mid-single digits over 2025.

這些顯然都仍是目前的規劃假設。我們尚未深入進入秋季銷售期。我們將持續觀察業務、評估表現並視情況調整。在國際市場方面，我們對全年淨銷售的展望維持不變，仍為較去年中個位數成長。在獲利方面，如同我們今早新聞稿所述，我們重申先前指引：調整後營業利益相較 2025 年將以低至中個位數成長。

In maintaining our operating profit outlook, we've assumed that our higher-than-planned clearance activity in the second quarter and our more modest outlook for second half Wholesale demand and Retail AUR will be offset by lower-than-planned tariff costs. Last week brought additional news on the tariff front.

在維持營業利益展望的同時，我們假設第二季高於原先規劃的清倉活動，以及對下半年批發需求與零售 AUR 較為保守的展望，將由低於原先規劃的關稅成本所抵銷。上週在關稅方面又有新的消息。

The Section 122 tariffs, which implemented an incremental 10% above our historical tariff baseline, had been in place since the Supreme Court's February ruling, which invalidated the previous IEEPA tariffs. These Section 122 tariffs expired last Friday and were replaced with new Section 301 tariffs, which reflects an incremental 10% to 12.5% tariff above our historical baseline. If these new tariff rates remain unchanged on our balance of year imports and all other factors remain constant, we may have some upside to our earnings outlook.

第 122 條（Section 122）關稅在我們歷史關稅基準之上額外增加 10%，自最高法院 2 月裁定先前 IEEPA 關稅無效後即已實施。這些第 122 條關稅於上週五到期，並由新的第 301 條（Section 301）關稅取代，該關稅在我們歷史基準之上額外增加 10% 至 12.5%。若這些新關稅稅率在今年剩餘期間的進口上維持不變，且其他因素皆不變，我們的獲利展望可能有上行空間。

It is possible the administration will raise these new tariff rates. For instance, some of our sourcing countries are currently subject to ongoing Section 301 overcapacity reviews. As we've discussed in the past, changes in tariff rates do not have an immediate impact on the P&L. Tariffs become part of inventory costs on the balance sheet and flow into cost of goods sold when items are sold.

政府也可能提高這些新的關稅稅率。例如，我們部分採購來源國目前正受到第 301 條產能過剩（overcapacity）審查的持續影響。如同我們過去所討論，關稅稅率的變動不會立即影響損益表（P&L）。關稅會先成為資產負債表上的存貨成本，並在商品售出時流入銷貨成本（cost of goods sold）。

Below the line, we have improved our outlook for interest income based on our better-than-planned cash balance. This has allowed us to improve our expected adjusted EPS outlook to a more modest decline of down high single digit to low double digits as compared to last year. As discussed on previous calls, higher interest costs from our senior notes refinancing will weigh on full year EPS by approximately $0.30 per share.

在業外項目（below the line）方面，基於我們現金餘額優於原先規劃，我們上調了利息收入的展望。這使我們得以將預期的調整後 EPS 展望改善為：相較去年僅呈現較溫和的下滑，約為高個位數下降至低雙位數下降。如同先前電話會議所述，因高級票據（senior notes）再融資帶來的較高利息成本，將使全年 EPS 約減少每股 0.30 美元。

Also, with our net tariff recovery and an improved outlook for year-end inventory, we have increased our expectation for operating cash flow to a range of $230 million to $240 million. We've also revised our expectation for CapEx downward slightly and are expecting to spend approximately $50 million this year, mostly on enhancements to our distribution centers and on strategic technology initiatives. Our outlook for the third quarter is summarized on page 16.

此外，隨著我們的關稅淨回收，以及對年末庫存展望改善，我們將營運現金流的預期上調至 2.30 億至 2.40 億美元。我們也將資本支出（CapEx）預期略為下修，預計今年支出約 5,000 萬美元，主要用於配送中心的改善，以及策略性科技計畫。我們對第三季的展望彙總於第 16 頁。

Third quarter net sales are expected to be approximately $750 million comparable with a year ago. By segment, we're expecting US Wholesale sales down high single digits in part due to the earlier demand for fall product, which benefited this year's second quarter, low single-digit growth in US Retail, and mid to high single-digit growth in International segment net sales. We're expecting third quarter gross margin expansion driven by a greater mix of higher margin US Retail sales and the anniversary of higher tariffs, which began in the third quarter of 2025.

第三季淨銷售預期約為 7.50 億美元，與去年同期相當。按事業部門來看，我們預期美國批發銷售將下滑高個位數，部分原因是秋季商品需求提前，帶動了今年第二季；美國零售為低個位數成長；國際事業部門淨銷售為中至高個位數成長。我們預期第三季毛利率將擴張，主要受較高毛利的美國零售銷售占比提升，以及 2025 年第三季開始的較高關稅進入比較基期（anniversary）所帶動。

We're forecasting adjusted operating income of approximately $50 million compared to $39 million a year ago, and adjusted EPS of approximately $0.85 compared to $0.74 in Q3 last year. It's worth noting the historical significance of September in our business. September is expected to represent the majority of third quarter sales and is typically one of our largest volume months of the year. We expect that September will be similarly significant to this year's third quarter and annual sales.

我們預估調整後營業利益約為 5,000 萬美元，相較去年同期為 3,900 萬美元；調整後 EPS 約為 0.85 美元，相較去年第三季為 0.74 美元。值得注意的是，9 月在我們業務中的歷史重要性。預期 9 月將占第三季銷售的大部分，且通常是我們全年出貨量最大的月份之一。我們預期 9 月對今年第三季與全年銷售同樣將非常關鍵。

With our first half performance in the books and these updated guidance elements for Q3 and the full year, it's possible to infer our assumptions for the fourth quarter. Again, fourth quarter comparisons will be affected by the absence of the extra week we had last year.

在上半年表現已確定，且我們更新了第三季與全年指引要素後，市場可以推估我們對第四季的假設。同樣地，第四季的比較將受到去年多出一週、而今年缺少該額外一週的影響。

Adjusting for the 53rd week, our outlook implies low to mid-single-digit growth in consolidated net sales for the fourth quarter. Risks we're monitoring include the level of promotional activity across the marketplace, especially during the upcoming holiday season, the level of consumer sentiment, particularly in the context of sustained higher gas prices and persistent inflation across many important consumer purchase categories.

若調整第 53 週因素，我們的展望意味著第四季合併淨銷售將呈現低至中個位數成長。我們正在監控的風險包括：市場整體促銷活動的強度，尤其是在即將到來的假期旺季期間；以及消費者信心的水準，特別是在汽油價格持續偏高、且多個重要消費品類仍存在通膨壓力的背景下。

And with these remarks, we're ready to take your questions.

以上說明完畢，我們準備開始回答各位的提問。

(Operator Instructions) Paul Lejuez, Citi.

(接線員指示) Paul Lejuez，花旗。

First one, I just wanted to understand the Wholesale dynamic a little bit better. I'm curious just if you could help connect the dots between Wholesale partners wanting product earlier and your comments, Richard, about them being more conservative. So, if you could maybe just help with that.

第一個，我只是想更清楚了解一下批發（Wholesale）的動態。我很好奇，能否請你幫忙把批發合作夥伴希望更早拿到產品，與你（Richard）提到他們變得更保守之間的關聯串起來。所以如果你能就這點協助說明一下。

And then second, I wanted to understand the, just the tariff refund, what the accounting for that was? Was there a reduction in inventory that was tied to that tariff refund? I know that I saw on your slide that you had $18 million in inventory from higher tariffs, what was that $18 million from? Is that the 10%? Or was there still something in there in the inventory balance tied to IEEPA tariffs?

第二個，我想了解一下關於關稅退稅（tariff refund），其會計處理是什麼？那筆關稅退稅是否對應到存貨的減少？我知道我在你們的投影片上看到，你們有 1,800 萬美元的存貨是來自較高關稅，那 1,800 萬美元是怎麼來的？那是 10% 的那一段嗎？還是存貨餘額裡仍有一部分與 IEEPA 關稅相關？

Yes, sure. So I'll start with the tariffs. So the accounting did not reduce inventory. At this point, we have sold through the goods that were brought into the country and tariffed at the higher IEEPA level of tariff rates. So since late February, we have been importing product at the -- primarily the plus 10% rates.

好的，當然。我先從關稅談起。會計處理並沒有降低存貨。截至目前，我們已經把那些以較高 IEEPA 關稅稅率進口並課稅的商品賣完了。因此自 2 月下旬以來，我們進口的產品主要是以加 10% 的稅率。

And so at this point, our assumption is that we have sold through those previous goods. So there is some portion of year-over-year balance in inventory that relates to higher than historical tariffs, and that would be related to the plus 10% tariffs that were put in place after IEEPA left. As to your question on Wholesale, I would say in general, a few things are at work. One, we have had good reception for fall product. The reception to the fall line was improved over the spring assortment, so we were encouraged by that.

所以就目前而言，我們的假設是先前那些商品已經售罄。因此，存貨的年對年餘額中有一部分與高於歷史水準的關稅有關，而那會與 IEEPA 結束後實施的加 10% 關稅相關。至於你問到的批發（Wholesale），我會說整體上有幾個因素在發揮作用。第一，我們的秋季產品反應不錯。秋季系列的反應比春季組合更好，因此我們受到鼓舞。

And given our broad customer portfolio, different customers are at different points in terms of how they feel on their own businesses and their outlook for the second half. So it's not unusual for us to have some puts and takes in terms of demand, I think that's what we're seeing here. I feel good about the forward demand. Fall bookings were up year-over-year. Winter bookings were up even more than that.

而且考量到我們廣泛的客戶組合，不同客戶對其自身業務的感受，以及對下半年的展望，所處階段也不一樣。所以就需求而言出現一些此消彼長並不罕見，我想這就是我們現在看到的情況。我對前瞻需求感覺良好。秋季訂單（bookings）年增。冬季訂單增幅更大。

And then the demand for early spring '27 demand was notably above a year ago. So I think the forward profile looks good. I think as a starting point coming into the year, we had an aggressive plan and we've just not seen all of that demand materialize, but we're still going to have good growth, we're planning very good growth in the fourth quarter in particular and full year growth will be up as I said in that low single digit range. So I think the outlook for Wholesale is good overall. You just have some puts and takes by customers.

另外，2027 年初春（early spring '27）的需求也明顯高於去年。所以我認為前瞻輪廓看起來不錯。我想以年初作為起點，我們有一個較積極的計畫，但我們並沒有看到所有需求都如預期實現；不過我們仍會有不錯的成長，特別是第四季我們規劃非常好的成長，而全年成長如我所說會落在低個位數區間。所以我認為批發（Wholesale）的整體展望是好的。只是不同客戶之間會有一些此消彼長。

Got it. And then maybe Sharon, just one for you. Just kind of curious what your first order of business would be? What's first on your list, something you can get done this year to impact the organization? And same question for '27.

了解。那再問 Sharon 一題。我有點好奇，你的首要工作會是什麼？你清單上的第一件事是什麼——今年就能完成、並對組織產生影響的？同樣的問題也想問 2027 年。

Yes, thank you so much. Clearly, there's still quite a bit to sort through on what all the opportunities are for Carter's. I tried to outline much of what we'll be focusing on from a strategic perspective in the remarks, and we'll be sharing a lot more about what our expectations are and how we plan to look toward the future and monetizing so much of this extraordinary brand equity that Carter's has and all of these assets that we have available to us on future calls and as we go.

好的，非常感謝。很明顯，關於 Carter's 的所有機會，我們還有不少需要梳理。我在發言中嘗試從策略角度概述我們將聚焦的重點；未來的電話會議以及後續過程中，我們也會分享更多我們的預期、我們如何看向未來，以及如何將 Carter's 這個非凡品牌資產所擁有的龐大品牌權益（brand equity）與我們可運用的各項資產進行變現。

But clearly, my first order of business is outlined, as I spoke, to get to know the leadership team, understand what's going on from a financial perspective, understand our customer base and where we stand and look to where our core competencies are, our brand assets from a consumer perspective, and find those intersections and build a strategy to be able to optimize those opportunities.

但很明確地，我的首要工作如我所說，是先認識領導團隊，了解財務面正在發生什麼，了解我們的客戶基礎與我們目前所處的位置，並檢視我們的核心能力、從消費者角度來看我們的品牌資產，找出這些交集，並建立策略以最佳化這些機會。

Jay Sole, UBS.

Jay Sole，瑞銀（UBS）。

Great. Sharon, I'd love to ask you more about what you just said. Can you just sort of define what you think success will look like for yourself, for the organization, as you come in as CEO. Give us a little bit idea of what your ambition is, why you took the job, in terms of like some financial outlook and just goals that you have even more qualitatively.

很好。Sharon，我很想就你剛才說的再多問一些。你能否界定一下，當你以 CEO 身分加入時，你認為對你自己、對組織而言，成功會是什麼樣子？也請你稍微談談你的企圖心是什麼、你為什麼接下這份工作——例如一些財務展望，以及你的一些目標（也包括較偏質性的）。

Yes. Thanks so much. Well, one of the reasons I took the job and I tried to cover some of that in the remarks is I've spent basically my entire career in the youth and kids business and that's -- I almost hate to say it, 30 years at this point. And it is an extremely important consumer base. It's my favorite consumer base, I have to say.

好的。非常感謝。我接下這份工作的原因之一——我也在發言中試著涵蓋——是我幾乎整個職涯都在青少年與兒童業務領域，這——我幾乎不太想這麼說——到現在大概 30 年了。而這是一個極其重要的消費者族群。我必須說，這是我最喜歡的消費者族群。

And in my opinion, the most important consumer base, the service of kids and their caregivers. So I believe there's a tremendous amount of opportunity. And when you combine that with the enormous brand awareness and more importantly in some ways, the trust that Carter's has and OshKosh has, there's a lot of value to unlock.

在我看來，也是最重要的消費者族群：服務孩子以及他們的照護者。所以我相信這裡有非常巨大的機會。再加上 Carter's 與 OshKosh 極高的品牌知名度，以及在某些方面更重要的——消費者對它們的信任，還有很多價值可以被釋放。

And at least what I found in the past working on a lot of other historic story brands with high brand awareness and trust, when you can get the business model, which, by the way, the operational structures here are very strong, I've been very pleased to see some of that.

而且至少就我過去的經驗，在許多其他具有高品牌知名度與信任度的歷史故事品牌（historic story brands）上工作時，我發現當你能把商業模式調整到位——順帶一提，這裡的營運架構非常強，我看到其中一些之後非常滿意——

When you can get the company to operate on multiple cylinders, understanding -- putting the consumer in the center, which it's difficult sometimes, because the consumer evolves so rapidly in this particular type of marketplace and different generational aspects of the way the consumers work.

當你能讓公司以多個引擎同時運轉，並理解——把消費者放在中心；這有時很困難，因為在這類市場中消費者演變非常快速，而且不同世代在消費方式上也有差異。

And that we're dealing with multiple generations in the way we have to think about things. I mentioned this on the call as well. From the new mom to the mom of second and third kids to the grandparents, as well as in some ways shifting a little more kids focus. We have multiple ways to engage with this consumer, leveraging this trust, leveraging this operational expertise. So all of that is to say, back to your original question, clearly our objective is to drive shareholder value.

而我們在思考事情時，必須面對多個世代。我在電話會議上也提到這點。從新手媽媽、到有第二、第三個孩子的媽媽、到祖父母；同時在某些方面也會把重心稍微轉向更偏兒童（kids）的焦點。我們有多種方式可以與這個消費者互動，運用這份信任、運用這項營運專業。所以回到你原本的問題，總結來說，我們的目標很明確：提升股東價值。

We're going to focus on profitable growth. And that's not growth for growth's sake, but it's also not always entirely focused on the bottom line, because we believe that market share is going to be a very important part of how we win in the long run, not just in the markets that we're in, but even at some point when it's right, and we're ready to look at this on a more global basis.

我們將聚焦於獲利性成長。這不是為了成長而成長，但也不會永遠只盯著損益底線，因為我們相信市占率將是我們長期致勝非常重要的一環；不僅是在我們目前所在的市場，甚至在某個時點——當時機成熟、我們也準備好以更全球化的角度來看待時——也會如此。

Got it, that's very helpful. Maybe if I can just follow up on that one other one. What's the biggest thing you think you can do different from what maybe Carter's was in the past? Like where's an opportunity, maybe an out-of-the-box idea that you have that you think can really work and unlock some of that profitable growth you're talking about?

了解，這很有幫助。如果我可以再追問一題。你認為你能做的、與 Carter's 過去可能不同的最大事情是什麼？例如哪裡有一個機會——也許是一個跳脫框架的想法——你認為真的可行，並能釋放你所說的那種獲利性成長？

Well, I think that some -- what's going to be a little bit interesting here is some of the words that we're going to say, like consumer-centric, brand building, data-driven, are going to be similar words because there's absolutely nothing wrong with that strategy. In fact, when you can find the appropriate convergence of these things and you can understand not just where the consumer is that where we expect to see them going.

嗯，我認為這裡有一點會比較有意思的是，我們接下來會說的一些詞，像是以消費者為中心、品牌建設、數據驅動，會是相似的詞彙，因為這樣的策略絕對沒有任何問題。事實上，當你能找到這些要素適當的匯聚點，並且不只是理解消費者現在在哪裡，也理解我們預期他們將往哪裡走。

If you can find the interlink of what our brand means and what it can mean to the consumer, find a way to service their needs in a -- as well as drive ongoing relationship, the engagement piece is important. I'm not so certain that we've optimized that opportunity.

如果你能找到我們品牌意義與其對消費者可能代表的意義之間的連結，找到一種方式來滿足他們的需求，同時推動持續的關係，那麼「互動／參與」這一塊就很重要。我不太確定我們是否已把那個機會最佳化。

Some of that has to do with the advancements that we've made in our communication strategy, our marketing strategy, our loyalty program, and always thinking about that what's next, the anticipatory aspect of being a great brand, as well as the fact that we have, again, this great infrastructure and organizational structure.

其中一部分與我們在溝通策略、行銷策略、會員／忠誠度計畫上的進展有關，也與我們始終思考下一步、作為卓越品牌所需的前瞻性有關；此外，我們也再次擁有很棒的基礎設施與組織架構。

I believe that we have to look at that intersection of all three of those things. So where's the big idea? Although a lot of that language is there, it's not just the what from a strategy, it's the how. And the magic is often in the how. And just five weeks in, haven't sat with the board yet.

我相信我們必須看見這三者交會的那個交叉點。那麼，大構想是什麼？雖然很多這類語言都在，但不只是策略上的「做什麼」，而是「怎麼做」。而魔法往往就在「怎麼做」裡。而且我才進來五週，還沒和董事會坐下來談過。

I'm going to be a little bit reticent to sit and start laying out my very next step, but we definitely have some great ideas on how to work with all of these extraordinary assets, as I mentioned, to drive this business.

我會稍微保留一點，不會坐在這裡就開始把我接下來的每一步都攤開來講，但如我所提，我們確實有一些很棒的想法，知道如何運用這些非凡資產來推動這門生意。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

Sharon, can I ask about the gross margin specifically? Can you quantify the clearance activity that you guys took in the second quarter, just how much of a drag was that to either the retail gross margin or the total gross margin of the company? And then for Q3, you said gross margin is up. Could you give any more detail there and what the drivers are?

Sharon，我可以特別問一下毛利率嗎？你們能否量化一下第二季採取的清倉活動，大概對零售毛利率或公司整體毛利率造成了多大的拖累？另外，對於第三季，你們說毛利率會上升。能否再多提供一些細節，以及背後的驅動因素是什麼？

And then similar question to 4Q, like, should there be a lot of variability? Should they both be up by a decent amount? Just curious if you could give us a little bit more detail there.

然後第四季也類似的問題：會不會有很大的波動？兩季是不是都會上升一個不錯的幅度？想請你們再多分享一點細節。

Ike, thanks. Good morning. I'll give you some generalized feedback, given that I've only been here five weeks, but I'm going to let the experts in the area answer that question. But obviously, like many, many companies going into the quarter, we still were holding on to some of the pricing increases. And as we were responding to the marketplace, we did modify some of those that in certain sectors of the business, not across the board.

Ike，謝謝。早安。鑑於我才來五週，我先給你一些概括性的回饋，但我會讓這個領域的專家來回答這個問題。不過很明顯地，跟很多很多公司一樣，在進入本季時，我們仍保留了一些先前的漲價。而在回應市場時，我們在業務的某些區塊調整了其中一些做法，但不是全面性調整。

This is very scaled approach, including some seasonal items that Allison mentioned. So that, of course, would impact our gross margin in the quarter, but I'll hand that over to both Richard and Allison to give you a little more color.

這是一個非常有規模、分層次的做法，也包含 Allison 提到的一些季節性商品。因此，這當然會影響我們本季的毛利率；但我把問題交給 Richard 和 Allison，請他們提供更多說明。

I think that's a good overview. There are a lot of moving pieces in gross margin in the second quarter. It was probably 80-or-so basis points worse than our forecast. I think the additional discounting in US Retail was a portion of that.

我覺得這個概述不錯。第二季毛利率有很多變動因素。大概比我們的預測差了約 80 個基點。我認為美國零售端額外的折扣是其中一部分原因。

I think also just having a higher balance of Wholesale sales given the pull forward of volume we saw there. So some portion of those two factors drove some portion of that 80 basis points. I don't know that I'll parse it out beyond that. We do have gross margin expansion planned in Q3. I'd say a considerable amount, just under 200 basis points by our forecast.

另外，由於我們看到批發端有提前拉貨的量，因此批發銷售占比更高。所以這兩個因素在某種程度上共同造成了那 80 個基點的一部分影響。我想我不會再進一步把它拆得更細。我們規劃第三季毛利率擴張。依我們的預測，幅度相當可觀，接近但略低於 200 個基點。

That has a lot to do with anniversarying the tariffs which began, the IEEPA level tariffs which began in Q3 of last year. We're lapping that now. Obviously with the plus 10-ish percent tariffs versus what was put in place a year ago. That's a major benefit. We're forecasting improved contribution from Retail, continued gains in pricing, as Allison said in her remarks in Q3.

這很大程度與關稅的比較基期有關：去年第三季開始的 IEEPA 層級關稅。我們現在正在跨過那個基期。很明顯地，相較於一年前實施的關稅水準，現在大約是再加 10% 左右的關稅。這是一個主要利多。我們預測零售端貢獻會改善，且如 Allison 在第三季展望中所說，定價方面會持續有進展。

We do have expansion planned in fourth quarter, I would say, much less than what I just articulated for Q3. And again, mix has a major element of that as well. We'll have a bigger proportion of wholesale volume that typically happens in the fourth quarter. So you have a bit of a mix dynamic shift between Q3 and Q4.

第四季我們也規劃毛利率擴張，但我會說幅度遠小於我剛才對第三季所描述的。同樣地，產品／通路組合也在其中扮演重要角色。第四季通常會有更高比例的批發出貨量。因此在第三季與第四季之間，會出現一些組合動態的轉變。

If I can just sneak one more in there. We've heard a lot about volatility across retail in the month of July. Obviously, you guys have been comping very nicely for the last year plus. Can you just comment, quarter to date, anything that stands out at you? Any more detail there might be helpful.

如果我可以再塞一個問題。我們聽到七月零售端波動很大。顯然你們在過去一年多的同店表現一直很不錯。能否評論一下本季迄今，有沒有什麼特別突出的現象？如果能多給一些細節會很有幫助。

Ike, it's Allison. Thanks for the question. I would say that we are seeing flat comps on the month of July, which is very much in line with our expectations.

Ike，我是 Allison。謝謝你的問題。我會說，我們看到七月的同店銷售大致持平，這非常符合我們的預期。

And just don't forget though, when you think about the quarter, it's a back-end weighted quarter for us. July is a difficult month in the Retail to make any reasonable projections. So September has an overweighted position. So I wouldn't really -- we just -- this is a wait-and-see kind of thing, and it's usually a discount month and all of you guys know that.

不過也別忘了，當你看整個季度時，對我們而言這是一個後段權重較高的季度。在零售端，七月是一個很難做出任何合理推估的月份。因此九月的權重會更高。所以我不會太——我們就是採取觀望的態度；而且通常七月是折扣月份，你們各位也都知道。

Tom Nikic, Needham.

Tom Nikic，Needham。

And, Sharon, welcome aboard. Looking forward to working with you. So I want to ask about US Retail. So it sounds like eCommerce accelerated while store traffic decelerated.

另外，Sharon，歡迎加入。期待與你合作。我想問一下美國零售。聽起來電商加速成長，而門市客流則放緩。

Do you think that's a function of the inflation in gas prices and people trying to -- not wanting to kind of hop in their car and make a trip to the mall or a trip to the outlet center or whatever and then just kind of staying home and shopping online. And I'm just wondering if that dynamic is part of your thinking for 2H as well?

你覺得這是否與汽油價格通膨有關，讓大家不太想——不太想開車去商場、去暢貨中心之類的地方，而是待在家裡線上購物？我想知道這種動態是否也會納入你們對下半年（2H）的思考？

Yes, thanks for the question. I think we are -- as we mentioned in our remarks, we are seeing growth in both channels, and we are feeling good about the traffic outcomes, even though we did see a decel in stores quarter-over-quarter. Even though we saw that decel in stores, as I mentioned in my remarks, we did outpace the industry pretty significantly from a traffic perspective in stores.

是的，謝謝你的問題。我認為——如我們在談話中提到的，我們看到兩個通路都在成長；即使門市客流在季度對季度的比較中有所放緩，我們對客流結果仍感到不錯。儘管門市出現放緩，如我在談話中提到的，從門市客流的角度來看，我們仍顯著跑贏產業。

So we definitely saw there was something happening with the consumers more broadly in terms of where they were choosing to shift, which I -- or choosing to shop, which I think is kind of the crux of your question. I do think we believe that part of inflation and some of those pressures are people wanting the convenience of eCommerce and the ability to, yes, just order it online, pick it up in a store, have it shipped directly to them.

所以我們確實看到，從更廣泛的消費者層面來說，在他們選擇轉移到哪裡、或選擇在哪裡購物方面，發生了一些變化；我想這就是你問題的核心。我確實認為，我們相信通膨以及一些壓力因素，使得人們更想要電商的便利性，以及能夠——是的——直接線上下單、到店取貨，或直接寄送到家。

So yes, I think that is part of what we're thinking. We also see that in some of our omnichannel metrics, which is buy online and pick up in store was up from a year ago, year-over-year perspective. So I do think that there is some consumer behavior to the convenience of the online channel and potentially not needing to get in their cars and drive. Now that being said, we still saw very strong performance in our outlet stores, which are generally those stores that people are driving the farthest to get to.

所以是的，我認為這確實是我們正在思考的一部分。我們也在部分全通路指標中看到這點，也就是「線上購買、門市取貨」（BOPIS）相較去年同期有所成長。因此我確實認為，消費者行為中有一部分是偏好線上通路的便利性，並且可能不需要上車開車出門。不過話雖如此，我們的暢貨中心門市（outlet stores）表現仍然非常強勁，而這些門市通常是消費者需要開最遠的車程才會到達的門市。

I think it's important to understand, part of this is reflective of the underlying power of having an omnichannel strategy. We are, as I mentioned in the remarks, our objective is to be there with the consumer when they want it, how they want it, under the circumstances that they want it. And having a robust eCom organization allows us to be there if the consumer wants to shift the way they want it, they want to shop.

我認為重要的是要理解，其中一部分反映了採用全通路策略的底層力量。如同我在致詞中提到的，我們的目標是在消費者想要的時候、以他們想要的方式、在他們想要的情境下，陪伴在他們身邊。而擁有健全的電商組織，能讓我們在消費者想改變他們想要的方式、想要的購物方式時，仍然能夠在場。

Also, as we work on this with our enhancements on the loyalty program and some of the things that we've done, we know that the consumer that shops in both of those channels, both of our high-touch retail as well as omni, those are more valuable consumers to us. So it's great when we see somebody that may have originally engaged in a store and then wants to shop online, does that because we're going to end up in statistically greater lifetime value and greater AUR with that particular consumer.

此外，隨著我們推動會員忠誠計畫的強化以及我們所做的一些措施，我們知道同時在這兩個通路購物的消費者——也就是同時在我們高互動的零售通路以及全通路購物的消費者——對我們而言是更有價值的消費者。因此，當我們看到有人可能原本在門市互動，之後想要改為線上購物並且真的這麼做時，這對我們很棒，因為就統計而言，這位消費者的終身價值（LTV）會更高，且該消費者的平均單價（AUR）也會更高。

So it's good for us when consumers move from one channel to the other. And basically we're fairly agnostic on how they shop from the direct perspective. On the macro front, this category tends to be pretty resilient. I mean, clearly there isn't a category that's completely resistant to economic volatility, but kids need clothes. They just keep growing.

所以當消費者從一個通路轉到另一個通路時，對我們是有利的。基本上，從直營（direct）的角度來看，我們對他們用哪種方式購物相當中立。從總體面來看，這個品類通常相當具韌性。我的意思是，顯然沒有任何品類能完全免於經濟波動，但孩子需要衣服。他們只會一直長大。

So we're here for them.

所以我們會在這裡為他們服務。

Kendall Toscano, Bank of America.

Kendall Toscano，美國銀行（Bank of America）。

I'm curious if you could just remind us how margins compare between stores and eCommerce? And how sales are shifting to eCommerce would impact your overall margin rate?

我想請教您是否可以提醒我們，門市與電商之間的毛利率比較如何？以及銷售轉向電商會如何影響你們整體的毛利率水準？

Well, I would say they tend to be lower gross margin sales because you've got the shipping cost to the end consumer, but it's a very good operating margin business for us. We often hear that from folks when we comment on it that they're surprised by it. But we have -- typically, it's a bigger basket size online than it is in store. People are buying multiples to leverage the shipping and also we have a very low return rate and a very highly automated efficient distribution operation, so all of which combine to give us, I think, a better-than-average operating margin profile for the eCommerce business. So --

嗯，我會說電商的銷售通常是較低毛利的銷售，因為你必須負擔把商品運送到終端消費者的運費成本，但對我們而言，這是一個營業利益率非常好的業務。我們在談到這點時，常聽到大家說他們對此感到驚訝。但我們——通常線上的購物籃（basket size）比門市更大。人們會買多件以攤提運費，而且我們的退貨率非常低，配送作業也高度自動化且效率很高；這些因素綜合起來，使我們的電商業務呈現我認為高於平均的營業利益率結構。所以--

That's helpful. And then also just as a follow-up, I'm curious if you haven't already quantified this, just how much potential EPS upside exists if tariff rates remain unchanged through the year-end? And also what the plans are for using the cash you're getting from tariff refunds.

這很有幫助。另外再追問一下，如果你們尚未量化，我想了解若關稅稅率在年底前維持不變，潛在的每股盈餘（EPS）上行空間有多少？以及你們打算如何運用從關稅退稅中收到的現金。

Well, I have. I'm not going to share with you, Kendall, what I think the upside is. It's just too early in the year, and we've given ourselves some room here. There is clearly some upside relative to the original tariff assumptions that we entered the year with. I think we articulated that the gross tariff amount was something like $200 million over our historic baseline.

嗯，我有做過估算。但我不會跟你分享，Kendall，我認為上行空間是多少。現在才年初，還太早，而且我們在這裡也保留了一些彈性空間。相較於我們在年初採用的原始關稅假設，確實明顯存在一些上行空間。我想我們曾說明，關稅總額相較於我們歷史基準大約是2億美元左右。

We think that's probably lower to the extent of something along the lines of $75 million. Now we've used some portion of that with the lower Wholesale volume that we're projecting and the additional discounting that we've done to clear some inventory. But beyond that, there is still some portion of that, that we've not flowed through yet. That would be the amount that's upside to the year, hopefully all other things being equal. As it relates to the cash, we're certainly happy to receive the refunds back.

我們認為這個數字可能會降低到大約7,500萬美元左右。目前我們已經把其中一部分用在我們所預估的批發（Wholesale）量下滑，以及為了清理部分庫存而進行的額外折扣。但除此之外，仍有一部分我們尚未反映（flow through）。在其他條件不變的情況下，那部分將會是今年的上行空間。至於現金方面，我們當然很高興能收到退稅款。

There was some speculation in the market that the government was going to resist that and not return that money, so we're thrilled to have it back on our balance sheet. I think there is still continued uncertainty, though, that we have to consider. Certainly from a tariff point of view, as I mentioned, the senior administration officials multiple times have said that their intention is to return the tariff rates to that IEEPA level, if not higher. So we're cautious that we're out of the woods as it relates to tariffs. Second, the lion's share of our business is ahead of us.

市場上曾有一些揣測，認為政府可能會抗拒、不把這筆錢退回來，所以我們很高興能把它拿回來放回資產負債表上。不過，我認為我們仍必須考量持續存在的不確定性。當然就關稅而言，如我提到的，高層政府官員多次表示，他們的意圖是把關稅稅率恢復到 IEEPA 的水準，甚至更高。因此，就關稅而言，我們仍然謹慎，不認為已經完全脫離風險。第二，我們的大部分業務還在後面。

It's a very uncertain market. And I think to maintain more liquidity in this environment is absolutely the prudent thing to do. We have a long record of maintaining a very efficient balance sheet. I have no interest in having an inefficient balance sheet. We are also in our planning season with a new leader.

這是一個非常不確定的市場。我認為在這樣的環境下維持更高的流動性，絕對是審慎之舉。我們長期以來一直維持非常有效率的資產負債表。我無意讓資產負債表變得沒有效率。我們也正處於由新領導者帶領的規劃季。

And so as we go through the coming months here and lay out our plans for the coming years and we'll have a better line of sight to the investment needs for the business, I think that's the time to perhaps do something with the cash. But at the moment, running with a bit more liquidity I think makes a lot of sense.

因此，接下來幾個月當我們擬定未來幾年的計畫，並且能更清楚掌握業務的投資需求時，我認為那會是或許可以對這筆現金採取行動的時點。但就目前而言，保有多一些流動性，我認為非常合理。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Sharon Price John for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給 Sharon Price John，請她做進一步的致詞。

Thank you all so much for joining us today on this morning's call, and we look forward to giving you an update on our progress on the next call.

非常感謝各位今天早上參加本次電話會議，我們期待在下一次會議中向各位更新我們的進展。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。