Torrid Holdings Inc (CURV) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Torrid Holdings, Inc. First Quarter Fiscal 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chinwe Abaelu, Chief Accounting Officer and Senior Vice President. Thank you, and you may begin.

您好，歡迎參加 Torrid Holdings, Inc. 2025 財年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興地介紹您的主持人，首席會計官兼高級副總裁 Chinwe Abaelu。謝謝，您可以開始了。

Good afternoon, everyone, and thank you for joining Torrid's call today to discuss our financial results for the first quarter of fiscal 2025, which we released this afternoon and can be found on our website at investors.torrid.com. With me on the call today are Lisa Harper, Chief Executive Officer of Torrid; Paula Dempsey, Chief Financial Officer; Ashlee Wheeler, our Chief Strategy and Planning Officer, is also present and will be participating in the Q&A session. Before we get started, I would like to remind you of the company's safe harbor language, which I'm sure you're familiar with. Management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements may include, but are not limited to, statements containing the words expect, believe, plan, anticipate, will, may, should, estimate, and other words and terms of similar meaning.

大家下午好，感謝大家參加 Torrid 今天的電話會議，討論我們 2025 財年第一季的財務表現。我們今天下午發布了這份業績報告，您可以在我們的網站 investors.torrid.com 上查看。今天與我一起參加電話會議的還有 Torrid 執行長 Lisa Harper、財務長 Paula Dempsey；我們的首席策略與規劃長 Ashlee Wheeler 也將出席，並參與問答環節。在我們開始之前，我想提醒您注意公司的安全港語言，我相信您對此很熟悉。管理階層可能會做出前瞻性陳述，包括指導和基本假設。前瞻性陳述可能包括但不限於包含預期、相信、計劃、預期、將、可能、應該、估計以及其他具有類似含義的詞語和術語的陳述。

All forward-looking statements are based on current expectations and assumptions as of today, June 5, 2025. These statements are subject to risks and uncertainties that could cause actual results to differ materially. For further discussion of risks related to our business, see our filings with the SEC. This call will contain non-GAAP financial measures such as adjusted EBITDA. Reconciliations to these non-GAAP measures to the most comparable GAAP measures are included in the earnings release furnished to the SEC and available on our website.

所有前瞻性陳述均基於截至 2025 年 6 月 5 日的當前預期和假設。這些聲明受風險和不確定性的影響，可能導致實際結果大不相同。有關我們業務的風險的進一步討論，請參閱我們向美國證券交易委員會提交的文件。本次電話會議將包含調整後的 EBITDA 等非 GAAP 財務指標。這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳資訊包含在提交給美國證券交易委員會 (SEC) 的收益報告中，並可在我們的網站上查閱。

With that, I will turn the call over to Lisa.

說完這些，我會把電話轉給麗莎。

Thank you, Chinwe. Hello, everyone, and thanks for joining us today. I'm excited to update you on the progress we are making across our strategic business initiatives, namely enhancing our product assortment, driving customer growth, and executing our store optimization plan. I'm also pleased to report that we delivered on our first quarter sales and EBITDA guidance. Now an update on our strategic business initiatives.

謝謝你，Chinwe。大家好，感謝大家今天加入我們。我很高興向您通報我們在策略性業務計劃中取得的進展，即增強我們的產品分類、推動客戶成長和執行我們的商店優化計劃。我還很高興地報告，我們實現了第一季的銷售額和 EBITDA 預期。現在介紹一下我們的策略性業務舉措的最新情況。

The performance of our sub-brands continue to reinforce our belief that the strategy is working. Festi, Belle Isle, Nightfall, and Retro Chic have all had multiple deliveries at this point, and they are overachieving our expectations from 2x to 6x what we had originally planned. These sub-brands are designed and marketed for distinctive lifestyles, targeting a broader range of plus-size consumers, and they are revolutionizing our collections to embrace diverse fashion sensibilities and deliver truly differentiated options. This calculated expansion has attracted new clientele and has deepened relationships with our current customers, driving increased spending across our portfolio. Importantly, our sub-brands are attracting new and younger customers, reactivating lapsed customers, while also creating a halo effect for our mainline Torrid offerings.

我們子品牌的表現繼續強化了我們的信念，即該策略正在發揮作用。目前，Festi、Belle Isle、Nightfall 和 Retro Chic 都已多次交付，並且超出了我們的預期，交付量是原計劃的 2 倍到 6 倍。這些子品牌的設計和行銷針對獨特的生活方式，針對更廣泛的大尺碼消費者，它們正在徹底改變我們的產品系列，以適應不同的時尚品味並提供真正差異化的選擇。這種精心策劃的擴張吸引了新的客戶，並加深了我們與現有客戶的關係，推動了我們整個投資組合的支出增加。重要的是，我們的子品牌正在吸引新客戶和年輕客戶，重新激活流失的客戶，同時也為我們的主線 Torrid 產品創造光環效應。

With a margin structure higher than our core Torrid product, we are doubling down on our efforts to further expand our strategy with planned launches of new sub-brands throughout the year, while also increasing the delivery frequency on existing sub-brands from the current 6x to 8x a year to 12x annually, growing their penetration from approximately 10% this year to up to 30% of our portfolio in 2026. We will continue to fund the growth of our sub-brands through reductions and less productive Torrid SKUs, enabling us to deliver compelling high-margin product. Now shifting to our channel optimization initiative. Our customers continue to send a strong message that they prefer an online experience, which better supports our internal marketplace strategy that showcases the entire breadth of our assortment. Our website experience is powerful and the perceived value to the customer is high across this channel.

由於利潤結構高於我們的核心產品 Torrid，我們正加倍努力進一步擴大我們的策略，計劃全年推出新的子品牌，同時將現有子品牌的配送頻率從目前的每年 6 次到 8 次增加到每年 12 次，使其滲透率從今年的約 10% 增加到 2026 年投資組合的 30%。我們將繼續透過減少產量和降低 Torrid SKU 的產量來資助我們子品牌的成長，從而使我們能夠提供引人注目的高利潤產品。現在轉向我們的通路優化計劃。我們的客戶不斷發出強烈的訊息，表示他們更喜歡線上體驗，這更支持了我們的內部市場策略，展示了我們全部的產品種類。我們的網站體驗非常強大，客戶透過這個管道感知到的價值很高。

She loves that she can see and explore everything we offer, view outfitting options, and see herself. This is supported by our consistent sizing expertise and overall customer satisfaction, which continues to drive our industry-leading low return rates. Our online sales demand continues to grow and is approaching 70% of total sales. We expect web demand to reach a low-to-mid 70% penetration in 2026. As part of our digital transformation long term, we see the business model evolving to an approximate demand mix of 75% online and 25% in store.

她很高興能夠看到和探索我們提供的一切、查看裝備選項並看到自己。這得益於我們始終如一的尺寸專業知識和整體客戶滿意度，這繼續推動我們保持行業領先的低退貨率。我們的線上銷售需求持續成長，接近總銷售額的70％。我們預計到 2026 年網路需求滲透率將達到 70% 左右。作為我們長期數位轉型的一部分，我們看到業務模式正在演變為大約 75% 在線上和 25% 店內的需求組合。

This brings me to an update on the optimization of our retail footprint. As we mentioned on our Q4 call, we closed 35 stores in 2024, and we were targeting 40 to 50 closures in 2025, with the potential for additional closures as approximately 60% of our store fleet is up for lease renewals this year. With our customers increasingly preferring to shop our online experience, we are accelerating our fleet optimization efforts with a plan to now close approximately 60 stores in the first half of this year. We believe we have an opportunity to close up to an additional 120 stores in the back half of this year, bringing the total number of targeted closures for the year to approximately 180. Paula will provide more detail on the net impact of these closures, but importantly, given many of these stores have lower productivity, and we continue to experience sales and customer retention rates from closed stores of approximately 60%, the projected impact to net sales is expected to be negligible.

這讓我了解到我們零售足跡優化的最新進展。正如我們在第四季度電話會議上提到的那樣，我們在 2024 年關閉了 35 家門店，並計劃在 2025 年關閉 40 至 50 家門店，並且可能會關閉更多門市，因為今年我們約 60% 的門市需要續租。隨著我們的客戶越來越喜歡線上購物體驗，我們正在加快門市優化力度，並計劃在今年上半年關閉約 60 家門市。我們相信，我們有機會在今年下半年再關閉 120 家門市，使全年目標關閉門市總數達到約 180 家。Paula 將提供有關這些關閉門市的淨影響的更多細節，但重要的是，鑑於其中許多門市的生產率較低，並且我們繼續經歷關閉門市約 60% 的銷售額和客戶保留率，預計對淨銷售額的影響可以忽略不計。

With the annualization of these closures, we would expect to see from 150 to 250 basis points of EBITDA margin benefit, net of increased marketing investment. We are planning to allocate a portion of the cost savings from the store closures to customer acquisition, marketing, as well as a more expansive effort to retain and transfer existing customers to the web or neighboring stores. As a reminder, 95% of our customers are in our loyalty program, so we have a large amount of data on their shopping patterns. Our physical stores will continue to represent an important touchpoint to complement our omnichannel go-to-market strategy. They serve as community hubs and immersive brand-building experiences, introducing customers to our brand and sub-brands, offering the dressing room experience, and acting as service centers for purchases made online or in stores.

隨著這些工廠關閉的年度化，我們預計扣除增加的行銷投資後，EBITDA 利潤率將提高 150 至 250 個基點。我們計劃將關閉門市所節省的部分成本用於客戶獲取、行銷，以及更廣泛的努力以保留現有客戶並將其轉移到網路或鄰近門市。提醒一下，95％的客戶都加入了我們的忠誠度計劃，因此我們擁有大量有關他們的購物模式的數據。我們的實體店將繼續成為補充我們全通路市場策略的重要接觸點。它們作為社區中心和沈浸式品牌建立體驗，向客戶介紹我們的品牌和子品牌，提供試衣間體驗，並充當線上或店內購買的服務中心。

Most importantly, our passionate sales associates bring the brand to life, delivering personalized service that deepens customer connection and drives long-term loyalty. As we mentioned on the Q4 call, we see opportunities to enhance the expression of our brand in stores to better align with the online experience, and we remain committed to refreshing 135 stores in the third quarter. These are low capital investments with an expected fast return. In summary, the optimization of our retail store fleet represents a strategic shift to better align our distribution with customer demand, which is expected to dramatically enhance our customer experience and deliver healthier sales growth while improving our overall profitability and cash flow. Now to tariffs.

最重要的是，我們熱情的銷售人員為品牌注入了活力，提供個人化服務，加深客戶聯繫並推動長期忠誠度。正如我們在第四季度電話會議上提到的那樣，我們看到了在門市中增強品牌表現的機會，以更好地與線上體驗保持一致，並且我們仍然致力於在第三季更新 135 家門市。這些都是低資本投資，預期報酬很快。總而言之，我們零售店群的優化代表著一種策略轉變，使我們的分銷更好地與客戶需求保持一致，這有望大幅提升我們的客戶體驗，實現更健康的銷售增長，同時提高我們的整體盈利能力和現金流。現在談談關稅。

Let me start with the punchline. Our current exposure to China-sourced goods will be in the low-single digits for the balance of the year, down from the mid-teens. Improving our sourcing has been a key area of focus for several years, and I'm proud of the robust sourcing infrastructure we have in place today. Our team has worked to reduce our exposure to China by diversifying into other countries and cultivating strong relationships with a broad range of vendor partners who, in many cases, had developed manufacturing capabilities in multiple countries. In addition to shifting production out of China, our tariff mitigation playbook also includes sharing the increased costs with our vendor partners, exploring cost-saving fabric opportunities such as using Egyptian denim instead of Turkish denim, and strategically and selectively making low-single-digit price adjustments where we see a value proposition opportunity.

讓我先從妙語開始。我們目前對中國產商品的曝險在今年餘下時間內將處於個位數低位，低於十幾個百分點。多年來，改善我們的採購一直是我們關注的重點領域，我為我們今天擁有的強大的採購基礎設施感到自豪。我們的團隊致力於透過向其他國家多元化發展並與廣泛的供應商合作夥伴建立牢固的關係來減少對中國的依賴，這些供應商合作夥伴在許多情況下已在多個國家開發了製造能力。除了將生產轉移出中國之外，我們的關稅減免策略還包括與我們的供應商合作夥伴分擔增加的成本，探索節省成本的面料機會，例如使用埃及牛仔布代替土耳其牛仔布，以及在我們看到價值主張機會的地方有策略地和有選擇地進行低個位數的價格調整。

As it stands today, after these actions, we expect the net impact of tariffs to be approximately $20 million for the remainder of the year, calculated based on current tariff rates, which we will offset primarily through discretionary expense reductions, store optimization, and prioritization of projects across the business. We have also made the strategic decision to temporarily pause and reevaluate shoe offerings, which are 100% sourced out of China. This strategy shift will result in a neutral EBITDA impact in 2025 and an expected revenue loss of approximately $40 million to $45 million. On a go-forward basis, we are actively exploring opportunities to reenter the shoe category in a way that adds profitability and aligns with our broader sourcing strategy. Looking ahead, our goal is to keep any individual country, Vietnam included, to under 20% of apparel sourcing penetration.

按照目前的情況，採取這些措施後，我們預計關稅的淨影響將在今年剩餘時間內達到約 2000 萬美元（以當前關稅稅率計算），我們將主要透過削減可自由支配的開支、優化門市和在整個業務範圍內確定項目優先級來抵消這一影響。我們也做出了策略決策，暫時停止並重新評估 100% 來自中國的鞋類產品。這項策略轉變將對 2025 年的 EBITDA 產生中性影響，預計收入損失約為 4,000 萬至 4,500 萬美元。從未來來看，我們正在積極探索重新進入鞋類市場的機會，以增加獲利能力並符合我們更廣泛的採購策略。展望未來，我們的目標是將包括越南在內的任何單一國家的服裝採購滲透率控制在 20% 以下。

Turning to marketing. Our strategy this quarter focused on creating momentum through bold storytelling, elevated community engagement, and agile execution. We leaned heavily into messaging around newness, supported by more frequent site refreshes. This not only resonated with customers but helped set the stage for strong performance during our Torrid Cash and After Party events. While consumer sensitivity to promotions remain elevated in the current macroenvironment, our strategic messaging helped capture demand and drove conversion during key moments.

轉向行銷。我們本季的策略重點是透過大膽的故事敘述、加強社區參與和敏捷的執行來創造動力。我們非常重視傳遞新鮮事物的訊息，並透過更頻繁的網站更新來支持這一做法。這不僅引起了客戶的共鳴，而且為我們在 Torrid Cash 和 After Party 活動期間的出色表現奠定了基礎。儘管在當前宏觀環境下消費者對促銷的敏感度仍然很高，但我們的策略訊息有助於在關鍵時刻抓住需求並推動轉換。

One of the most exciting highlights of the quarter was our Coachella activation under the FESTI by Torrid sub-brand. The campaign sparked remarkable engagement, generating millions of impressions and expanding our social following significantly in just 1 week. Beyond the numbers, it demonstrated the power of showing up in cultural moments where plus-sized women are often underrepresented. The response from our community was overwhelmingly positive, reaffirming our strategy to lead with authenticity. We saw meaningful success in evolving our approach across channels.

本季最令人興奮的亮點之一是我們在 FESTI by Torrid 子品牌下舉辦的科切拉音樂節。這項活動引起了極大的關注，在短短一周內就產生了數百萬的印象，並大大擴大了我們的社交關注。除了數字之外，它還展示了在大尺碼女性代表性不足的文化時刻中出現的力量。我們社區的反應非常積極，再次肯定了我們以真實性為主導的策略。我們在跨渠道改進方法方面取得了重大成功。

In digital, we prioritized spend towards customer acquisition, which contributed to solid performance in both new and reactivated customer segments. SMS and push campaigns benefited from thoughtful timing and dynamic content, leading to a successful push revenue during the quarter. In email, we tested new creative formats and editorial storytelling, such as day-to-night looks and curated collections, which performed well and confirm the value of continually refreshing our content pipeline. Across paid and owned channels, we continued balancing performance with brand building, testing new creative formats and placements to drive long-term value while maintaining short-term efficiency. Our loyalty program played a critical role with strategic bonus points events and targeted rewards helping drive frequency, retention, and cross-category migration.

在數位領域，我們優先考慮客戶獲取方面的支出，這有助於在新客戶和重新激活的客戶群中取得穩健的表現。簡訊和推播活動得益於周到的時機和動態的內容，導致本季推送收入成功。在電子郵件中，我們測試了新的創意格式和編輯故事，例如日夜造型和精選系列，這些都表現良好，並證實了不斷更新內容管道的價值。在付費和自有管道中，我們繼續在績效和品牌建立之間取得平衡，測試新的創意格式和展示位置，以在保持短期效率的同時推動長期價值。我們的忠誠度計畫發揮了關鍵作用，策略性積分活動和有針對性的獎勵有助於提高頻率、保留率和跨類別遷移。

Torrid Cash, in particular, was a strong traffic and revenue driver during the quarter, and our After Party event sustained momentum with additional customer engagement. Lastly, our mobile app reached a new revenue high, supported by timely push notifications, exclusive offers, and seamless loyalty integration. The app continues to grow as a key touchpoint for high-value customers and plays an important role in omnichannel retention. Our marketing performance this quarter reflected a disciplined, creative, and community-first approach. We remain focused on amplifying what works while continuing to evolve with our customers, stay culturally relevant, and drive sustainable growth ahead.

尤其是 Torrid Cash，它是本季強勁的流量和收入驅動力，而我們的 After Party 活動也透過增加客戶參與度保持了發展勢頭。最後，在及時推播通知、獨家優惠和無縫忠誠度整合的支持下，我們的行動應用程式的收入達到了新的高度。該應用程式將繼續發展成為高價值客戶的關鍵接觸點，並在全通路保留中發揮重要作用。我們本季的行銷業績體現了嚴謹、富有創意和社群優先的方法。我們將繼續專注於擴大有效的方法，同時繼續與客戶共同發展，保持文化相關性，並推動永續成長。

Let me wrap up with a brief review of our first quarter results. As I mentioned, our performance for the quarter was in line with expectations for both net sales and EBITDA. We registered net sales of $266 million and EBITDA of $27.1 million at the high end of our guidance. Our comparable sales were down 3.5%. Although consumers remain price and value conscious, our customers are responding well to newness, highlighted by the sub-brands.

最後，讓我簡要回顧一下我們的第一季業績。正如我所提到的，我們本季的業績符合淨銷售額和 EBITDA 的預期。我們的淨銷售額達到 2.66 億美元，EBITDA 達到 2,710 萬美元，均達到我們預期的高點。我們的可比較銷售額下降了3.5%。儘管消費者仍然注重價格和價值，但我們的客戶對新產品反應良好，尤其是子品牌。

As I noted earlier, our online demand once again outpaced stores, and we are encouraged to see a high percentage of customers, who made a sub-brand product purchase, are also picking up items from our core line. Overall, apparel performance in Q1 showed encouraging signs of momentum as the quarter progressed. While February proved to be the most challenging month, we meaningfully improved in March with further stabilization in April. We saw strength in key categories, including dresses, denim, and non-denim bottoms, each of which delivered positive comps for the quarter, reflecting strong consumer response to refreshed assortments and trend-right product. We remain in a strong financial position, ending the quarter with $23.7 million in cash, and we have access to $117.3 million of additional liquidity from our revolving credit facility.

正如我之前提到的，我們的線上需求再次超過了商店，我們很高興地看到，購買子品牌產品的顧客中有很大一部分也購買了我們核心產品線的商品。總體而言，隨著第一季的進展，服裝業的表現顯示出令人鼓舞的勢頭。雖然二月是最具挑戰性的月份，但我們在三月取得了顯著進步，並在四月進一步穩定下來。我們看到連身裙、牛仔褲和非牛仔褲等主要類別表現強勁，本季度這些類別均實現了積極的增長，反映出消費者對更新的商品種類和潮流產品的強烈反應。我們的財務狀況依然強勁，本季末我們擁有 2,370 萬美元的現金，我們可以從循環信貸額度中獲得 1.173 億美元的額外流動資金。

Our inventory position and composition are in excellent shape, and we are managing all aspects of the business with a prudent approach to the controllables while playing offense focused on profitable growth. In closing, I'd like to recognize our exceptional Torrid team. Their relentless commitment to elevating our merchandise, driving innovation, and streamlining operations has been transformative. We've made remarkable strides in our strategic initiatives, establishing the foundation for sustainable, profitable growth with an eye towards creating value for all of our stakeholders. With that, I'll turn it over to Paula.

我們的庫存狀況和組成狀況良好，我們以審慎的方式管理業務的各個方面，同時專注於獲利成長。最後，我要表揚我們優秀的 Torrid 團隊。他們堅持不懈地致力於提升我們的產品品質、推動創新和簡化運營，帶來了改變。我們的策略性舉措取得了顯著進展，為永續獲利成長奠定了基礎，並著眼於為所有利害關係人創造價值。說完這些，我就把麥克風交給 Paula。

Thank you, Lisa. Good afternoon, everyone, and thank you for joining us today. I will walk through our first quarter financial performance, discuss progress against our strategic priorities, and share our outlook and guidance for fiscal 2025, along with how we're positioning the business for long-term value creation. We delivered results in line with expectations for both net sales and adjusted EBITDA in Q1. After a slow start to the quarter in February, we saw improving sales momentum as the quarter progressed.

謝謝你，麗莎。大家下午好，感謝大家今天的參與。我將介紹我們第一季的財務業績，討論我們策略重點的進展情況，並分享我們對 2025 財年的展望和指導，以及我們如何定位業務以實現長期價值創造。我們第一季的淨銷售額和調整後 EBITDA 業績均符合預期。在二月份本季開局緩慢之後，隨著本季的進展，我們看到銷售動能有所改善。

Importantly, we began to realize tangible benefits from our store optimization initiative launched last year, which supported a reduction in SG&A and reinforced our focus on profitability and disciplined cost control. Net sales for the first quarter were $266 million, compared to $279.8 million in the prior year. Comparable store sales declined 3.5%, reflecting continued pressure in our physical retail locations, partially offset by strength in our digital channel. Our performance reflects the continued evolution of our consumer shopping behavior, and we remain focused on adapting accordingly. Gross profit was $101.4 million, down from $115.4 million last year, with gross margin declining 320 basis points to 38.1%.

重要的是，我們開始從去年推出的店鋪優化計劃中獲得切實的收益，該計劃有助於降低銷售、一般及行政費用，並加強了我們對盈利能力和嚴格的成本控制的關注。第一季淨銷售額為 2.66 億美元，去年同期為 2.798 億美元。同店銷售額下降 3.5%，反映出我們的實體零售店持續面臨壓力，但被我們的數位通路的強勁表現部分抵銷。我們的業績反映了消費者購物行為的持續演變，我們將繼續致力於相應地進行調整。毛利為 1.014 億美元，低於去年的 1.154 億美元，毛利率下降 320 個基點至 38.1%。

The decline in margin rate was driven by planned promotional initiatives to improve conversion rates. We maintained an effective approach to expense management. SG&A was favorable by $6.5 million, resulting in $70 million in Q1, compared to $76.5 million in the prior year. As a percentage of sales, SG&A leveraged 100 basis points to 26.3% versus last year. This expense discipline remains a critical lever as we navigate the current environment.

利潤率的下降是由於為提高轉換率而計劃的促銷活動所致。我們保持了有效的費用管理方法。第一季銷售、一般及行政開支 (SG&A) 為 7,000 萬美元，較上年同期的 7,650 萬美元增加 650 萬美元。作為銷售額的百分比，銷售、一般及行政費用槓桿率較去年同期上升了 100 個基點，達到 26.3%。在我們應對當前環境時，這種費用紀律仍然是關鍵的槓桿。

The year-over-year favorability in SG&A was driven by our store optimization efforts, as well as prioritization of company-wide projects and contract renegotiations. We strategically increased marketing investments to $15.4 million from $12.8 million a year ago, deploying funds to support the launch and awareness of our new sub-brands. This reflects a strategic shift toward customer acquisition and brand building designed to drive long-term customer file growth. In the first quarter, we saw a steady customer acquisition and reactivation momentum on the web, achieving positive results, which we believe are due to our marketing strategy shift. We delivered net income of $5.9 million, or $0.06 per share, compared to a net income of $12.2 million, or $0.12 per share, in the prior year.

銷售、一般及行政開支年比有所改善，這得益於我們的門市優化工作以及全公司專案和合約重新談判的優先排序。我們策略性地將行銷投資從一年前的 1,280 萬美元增加到 1,540 萬美元，部署資金來支持我們新子品牌的推出和知名度。這反映了向客戶獲取和品牌建立的策略轉變，旨在推動長期客戶檔案成長。在第一季度，我們看到網路上的客戶獲取和重新激活勢頭穩定，取得了積極的成果，我們相信這是由於我們的行銷策略轉變。我們的淨收入為 590 萬美元，即每股 0.06 美元，而去年的淨收入為 1,220 萬美元，即每股 0.12 美元。

Adjusted EBITDA was $27.1 million, representing a 10.2% margin, versus $38.2 million and 13.7% last year. The year-over-year EBITDA cadence was anticipated, reflecting our decision to increase the allocation of marketing investments to earlier in the year to support our sub-brand momentum. We ended the quarter with a healthy liquidity position. Cash and cash equivalents stood at $23.7 million, up from $20.5 million in the prior year, and we had no borrowings outstanding under our revolving credit facility. Total liquidity, including available borrowing capacity, remained strong at $141 million.

調整後的 EBITDA 為 2,710 萬美元，利潤率為 10.2%，而去年同期為 3,820 萬美元，利潤率為 13.7%。EBITDA 的年增率在意料之中，這反映了我們決定在今年稍早增加行銷投資的分配，以支持我們子品牌的發展動能。本季結束時，我們的流動性狀況良好。現金和現金等價物為 2,370 萬美元，高於上年的 2,050 萬美元，且我們的循環信貸額度下沒有未償還借款。包括可用借貸能力在內的總流動資金仍保持強勁，達到 1.41 億美元。

Additionally, we continue to strengthen our balance sheet by reducing total debt from the prior year by $16.2 million to $284.5 million. Inventory totaled $149.6 million, a 3.3% increase versus last year, primarily due to in-transit timing. We're managing inventory with precision and expect to see temporary fluctuations throughout the year. However, we expect year-end comparable store inventory to be lower by mid-to-high single-digit percentages, and with store closures, expect our total inventory to be down meaningfully more. As Lisa discussed earlier, as part of our continued strategy to align our demand channels, we're making decisive progress on our store fleet optimization.

此外，我們繼續加強資產負債表，將總債務從上年減少 1,620 萬美元至 2.845 億美元。庫存總額為 1.496 億美元，比去年增加 3.3%，主要原因是運輸時間。我們正在精確管理庫存，預計全年會出現暫時的波動。然而，我們預計年底可比門市庫存將下降中高個位數百分比，並且隨著門市關閉，預計我們的總庫存將大幅下降。正如麗莎先前所討論的，作為我們持續調整需求通路策略的一部分，我們在門市團隊優化方面取得了決定性的進展。

With over 60% of our store leases up for renewal in 2025, we are accelerating our store closure efforts, and we'll have approximately 60 stores closed by the end of Q2 and as many as 180 stores over the full year. Most of these additional 120 closures are anticipated towards the end of fiscal year, taking advantage of lease expiration dates, and therefore, will require little, if any, incremental cost to exit. The stores we have identified for closure are underperforming relative to our fleet, with an average of approximately $350,000 in annual sales. They are primarily situated in less attractive or lower-performing areas. We expect the net sales impact from these store closures to be minimal, and we plan to offset it through more targeted marketing investments and enhancements to our customer retention strategy.

由於我們超過 60% 的門市租約將於 2025 年續約，我們正在加快關閉門市的步伐，到第二季末我們將關閉約 60 家門市，全年將關閉多達 180 家門市。預計這另外 120 家門市的關閉大部分將在本財政年度末，利用租約到期日，因此，退出時幾乎不需要任何增量成本。我們確定要關閉的商店相對於我們的門市數量而言表現不佳，平均年銷售額約為 35 萬美元。它們主要位於吸引力較小或業績較差的地區。我們預計這些門市關閉對淨銷售額的影響將微乎其微，我們計劃透過更有針對性的行銷投資和加強客戶保留策略來抵消這一影響。

Historically, we have retained approximately 60% of our customers post closure, a trend that has held true with our most recent closures. Going forward, our enhanced approach includes a multitouch communication plan with both email and SMS outreach before and after closure, along with incentive to transition customers to a nearby store or to our digital platform. Additionally, our store optimization strategy will significantly reduce our cost structure and improve working capital, allowing us to reinvest more aggressively in customer reactivation and acquisition initiatives to support long-term revenue growth. Turning to our updated guidance for fiscal 2025. We're revising our revenue outlook to reflect the strategic decision to pause our footwear business.

從歷史上看，我們在關閉後仍保留了大約 60% 的客戶，這一趨勢在我們最近的關閉中也得到了體現。展望未來，我們改進的方法包括在關閉前後透過電子郵件和簡訊進行的多點觸控溝通計劃，以及激勵客戶轉移到附近的商店或我們的數位平台。此外，我們的店鋪優化策略將顯著降低我們的成本結構並改善營運資金，使我們能夠更積極地重新投資於客戶重新激活和獲取計劃，以支持長期收入成長。轉向我們對 2025 財年的最新指引。我們正在修改我們的收入預期，以反映暫停鞋類業務的策略決策。

This will result in a revenue impact of approximately $40 million to $45 million this year. We now expect full year net sales in the range of $1.030 billion to $1.055 billion. We remain committed to delivering healthy profitability and expect our adjusted EBITDA to range from $95 million to $105 million for the full year, which includes the net impact of tariff headwinds and our mitigation efforts. We expect to mitigate approximately $20 million of tariff impact through $20 million in expense reductions for the year. Half of these reductions will come from our store optimization project, while the remainder will come from discretionary spending and reprioritization of internal projects.

這將對今年的收入造成約 4,000 萬至 4,500 萬美元的影響。我們現在預計全年淨銷售額將在 10.30 億美元至 10.55 億美元之間。我們將繼續致力於實現健康的盈利能力，並預計全年調整後的 EBITDA 將在 9500 萬美元至 1.05 億美元之間，其中包括關稅逆風和我們的緩解措施的淨影響。我們預計今年將透過削減 2000 萬美元的開支來減輕約 2000 萬美元的關稅影響。其中一半的削減將來自我們的商店優化項目，其餘部分將來自可自由支配的支出和內部項目的重新排序。

Our quarterly sequence will be slightly different from the past years. Over the years, we realized 60% to 65% of our full year adjusted EBITDA in the first half of the year. In fiscal 2025, we expect our quarterly adjusted EBITDA to be more evenly spread due to a shift in marketing spend from the second half into the first half of the year to support the launch of the sub-brands, while cost reductions are expected to have a more significant impact in the second half of the year, leading to a more balanced strategy for profitability across the quarters. Capital expenditures are expected to be in the range of $10 million to $15 million, focused on technology, digital experience, store refreshes, and fulfillment capabilities to support our omnichannel growth strategy. For the second quarter, we expect net sales of $250 million to $265 million and adjusted EBITDA between $18 million and $24 million.

我們的季度順序與過去幾年略有不同。多年來，我們在上半年實現了全年調整後 EBITDA 的 60% 至 65%。在2025財年，我們預計季度調整後的EBITDA將更加均勻地分佈，這是因為行銷支出從下半年轉移到上半年以支持子品牌的推出，而成本削減預計將在下半年產生更顯著的影響，從而導致各季度的盈利策略更加均衡。預計資本支出將在 1000 萬美元至 1500 萬美元之間，重點用於技術、數位體驗、商店更新和履行能力，以支持我們的全通路成長策略。對於第二季度，我們預計淨銷售額為 2.5 億美元至 2.65 億美元，調整後 EBITDA 為 1,800 萬美元至 2,400 萬美元。

This includes a projected tariff impact of approximately $5 million. Looking ahead to fiscal 2026, while we're not issuing formal guidance at this time, we believe it is important to share early visibility into the expected benefits of our 2025 sales channel realignment actions. As I mentioned earlier, the stores identified for closure generate an average annual sales of approximately $350,000, significantly below our fleet average. As a result, we expect minimal impact to the top line, both during the closure process and in future years. Historically, we retain roughly 60% of sales and customers following a store closure, driven by the strength of our loyalty program, which includes 95% of our customer base.

其中包括預計約 500 萬美元的關稅影響。展望 2026 財年，雖然我們目前尚未發布正式指導，但我們認為儘早分​​享 2025 年銷售通路調整行動的預期收益非常重要。正如我之前提到的，確定關閉的商店年平均銷售額約為 350,000 美元，遠低於我們店舖的平均水平。因此，我們預計，無論是在關閉過程中還是在未來幾年，對營收的影響都將微乎其微。從歷史上看，在門市關閉後，我們仍能保留約 60% 的銷售額和客戶，這得益於我們強大的忠誠度計劃，涵蓋了我們 95% 的客戶群。

This high enrollment rate enables us to effectively redirect sales to nearby locations or our digital platform. Taking into account the net financial impact of these closures, together with incremental reinvestments into marketing and store experience, we expect a benefit of 150 to 250 basis points of EBITDA margin expansion in fiscal 2026 and beyond, supporting enhanced profitability and sustainable top line growth. This initiative also advances our fleet rebalancing strategy, shifting the mix from 65% in closed malls and 35% outdoor centers to approximately 55% and 45%, respectively. As we have shared in previous calls, outdoor centers typically deliver stronger productivity for our brand. In closing, we're operating with discipline and a clear strategic framework, tightly controlling what we can, while positioning the business to win in a fast-evolving retail environment.

如此高的入學率使我們能夠有效地將銷售重新導向到附近的地點或我們的數位平台。考慮到這些關閉的淨財務影響，加上對行銷和店面體驗的增量再投資，我們預計 2026 財年及以後的 EBITDA 利潤率將擴大 150 至 250 個基點，從而支持盈利能力的提高和可持續的收入增長。這項措施也推進了我們的車隊重新平衡策略，將關閉的購物中心和戶外中心的混合比例從 65% 和 35% 分別調整至約 55% 和 45%。正如我們在之前的電話會議中分享的那樣，戶外中心通常會為我們的品牌帶來更高的生產力。最後，我們按照紀律和清晰的策略框架開展運營，嚴格控制我們能控制的範圍，同時使業務在快速發展的零售環境中取得勝利。

Our priorities remain optimizing our footprint, investing in high ROI growth levers, and strengthening our financial foundation. We are confident that our focused execution and strategic decisions today will support sustained, profitable growth over the long term. With that, I'll turn the call back to the operator for Q&A.

我們的首要任務仍然是優化我們的足跡、投資高投資回報率的成長槓桿以及加強我們的財務基礎。我們相信，我們今天的重點執行和策略決策將支持長期持續的獲利成長。說完這些，我將把電話轉回給接線生進行問答。

(Operator Instructions) Lorraine Hutchinson, Bank of America.

（操作員指示）美國銀行洛林‧哈欽森 (Lorraine Hutchinson)。

This is [Mary] on for Lorraine. Could you talk a little bit about how we should think about the cadence of newness for the second half?

這是洛林的 [瑪麗]。您能否談談我們該如何看待下半年的新鮮節奏？

The cadence of newness for product?

產品更新的節奏？

Yes. Just in terms of like your sub-brand launches, just how we should think about that for the remainder of the year.

是的。就您的子品牌發布而言，我們應該如何考慮今年剩餘時間的事宜。

Right. We have another new sub-brand launching in August, which is Lovesick, which is geared toward a younger customer at a slightly lower price point. And then we have Studio Luxe that will launch in September, which is a higher-end [ dusk-to-drinks ] concept. We then, in the back half of the year, accelerate the timing of our launches for the existing brands, Belle Isle, Festi, Nightfall, and Retro Chic. So by the end of the year, we'll be delivering -- I would say, into fourth quarter, we'll be delivering all of those brands on a monthly basis.

正確的。我們將於 8 月推出另一個新的子品牌 Lovesick，該品牌面向年輕客戶，價格略低。然後，我們將於 9 月推出 Studio Luxe，這是一個更高端的 [從黃昏到飲料] 概念。然後，我們將在下半年加快現有品牌 Belle Isle、Festi、Nightfall 和 Retro Chic 的發佈時間。因此，到今年年底，我們將交付——我想說，到第四季度，我們將按月交付所有這些品牌。

Our next question comes from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

This is Savannah Sommer on for Brooke Roach. It's great to see the momentum with the sub-brands. You've discussed them as being an avenue for new customer acquisition. And I'm curious if you could discuss what trends you've been seeing with these new customers following their initial sub-brand purchase. Are you seeing them shop across the broader assortment and other sub-brands?

這是薩凡納·索默 (Savannah Sommer)，代替布魯克·羅奇 (Brooke Roach)。很高興看到子品牌的發展勢頭。您已經討論過它們是獲取新客戶的途徑。我很好奇，您是否可以討論一下在這些新客戶首次購買子品牌之後，您觀察到了哪些趨勢。您是否看到他們在更廣泛的商品種類和其他子品牌中購物？

Is there any unique differences in shopping behavior by channel or category to call out versus your legacy customer?

與您的傳統客戶相比，按通路或類別劃分的購物行為是否有獨特差異？

This is Ashlee. We are seeing really positive movement in the customer file related to these sub-brands, acquiring and reactivating new and younger customers than our average age in our existing file. Additionally, we're seeing really positive movement among existing customers with an increased lifetime value attached to them. So really seeing incremental purchase behavior from that group as well as really high transaction size. We're seeing a very high attachment rate as well.

這是 Ashlee。我們看到與這些子品牌相關的客戶檔案發生了非常積極的變化，獲取並重新激活了比我們現有檔案中的平均年齡更年輕的新客戶。此外，我們看到現有客戶確實出現了積極的變化，他們的終身價值有所提高。因此我們確實看到了該群體的增量購買行為以及非常高的交易規模。我們也看到了非常高的附著率。

So about 90% of the time, those that are participating in the sub-brands, are adding other core Torrid product to their basket.

因此，在大約 90% 的時間裡，參與子品牌的用戶都會將其他核心 Torrid 產品加入他們的購物籃中。

And I would add that it is performing substantially higher online than in stores. Although we've distributed Belle Isle particularly to 350 stores and Festi to an average of about 200 to 250 stores, we continue to see a predominance of demand coming from the digital channel. So we think it's important to continue to bring newness to the store environment, but we're certainly, I think, by reaching a broader audience, reactivating a broader audience, and bringing younger customers into the brand, seeing a predominance, even more than our average, breakout towards the digital channel.

我想補充的是，它的線上銷售表現比在商店銷售要好得多。儘管我們已將 Belle Isle 分銷到 350 家商店，將 Festi 分銷到平均約 200 至 250 家商店，但我們仍然看到主要需求來自數位管道。因此，我們認為繼續為商店環境帶來新鮮感非常重要，但我認為，透過接觸更廣泛的受眾，重新激活更廣泛的受眾，並將更年輕的客戶引入品牌，我們肯定會看到數位管道的突破，甚至超過我們的平均水平。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

This is Katie on for Alex. I just wanted to look at 2Q specifically. I think at the midpoint of your guidance, it implies a sizable sales growth deceleration. Is there anything going on there? And does that reflect [quarter-to-date] trends, or what should we know there?

這是凱蒂為亞歷克斯表演的。我只是想具體看一下第二季。我認為，在您的指導中點，這意味著銷售成長將大幅減速。那裡發生什麼事了嗎？這是否反映了本季迄今為止的趨勢，或者我們應該了解什麼？

This is Paula. How are you? Yes. So as we had discussed earlier on our call, we are pausing right now our shoe business until further notice. So the majority of that business is currently sourced from China, and that business tends to be lower margin.

這是 Paula。你好嗎？是的。因此，正如我們之前在電話會議上討論的那樣，我們現在暫停鞋類業務，直至另行通知。因此，目前該業務的大部分來自中國，而且該業務的利潤率往往較低。

So at this point, we're pausing it and just essentially reevaluating other partners to support the reentry into that business at a higher, more profitable margins.

因此，目前我們暫停這項計劃，只是重新評估其他合作夥伴，以支持我們以更高、更有利可圖的利潤率重新進入該業務。

So that impacts about $45 million in sales for the year kind of spread evenly through the balance of the year.

因此，這將對全年約 4500 萬美元的銷售額產生影響，並將平均分攤到全年餘額中。

That is correct.

沒錯。

And I don't know if you're giving any color on quarter-to-date trends, or if that's in line with your guidance there?

我不知道您是否對本季度迄今為止的趨勢給出了任何說明，或者這是否符合您的指導？

Just think through the guidance, we're continuing to see overall the choppy customer behavior, but it's going in both directions. We have some softer times and some stronger times. So we feel and are observing that she's buying slightly closer to need. And so seasonal categories are coming -- their demand is coming in a little bit later. We continue to see strength in our digital channel and look forward to really strong performance as we go through the back of the year with our Semi-Annual sale, our Torrid Cash event, as well as our After Party.

只要仔細思考一下指導意見，我們就會發現整體而言，客戶行為仍然不穩定，但這種變化是雙向的。我們經歷過一些較為順利的時期，也經歷過一些較強勁的時期。因此，我們感覺並觀察到她的購買行為更接近實際需求。因此季節性類別的出現—它們的需求會稍晚出現。我們繼續看到我們的數位管道的實力，並期待在我們透過半年促銷、Torrid Cash 活動以及 After Party 度過年底時取得真正強勁的表現。

(Operator Instructions) Dylan Carden, William Blair.

（操作員指示）迪倫·卡登，威廉·布萊爾。

I'm sure you've covered this. Apologies, there's a lot going on tonight. But the planned promotional or the use of promotion strategically through the quarter mixed in with this flow of newness that you're seeing, can you just remind us where the promotional strategy from here should those things exist or coexist, and is that more a reflection of the current market? And then as far as the online versus retail channels, are online more promotional channels?

我確信你已經了解這一點了。抱歉，今晚有很多事。但是，整個季度的促銷計劃或促銷策略與您所看到的新鮮事物相結合，您能否提醒我們，從現在開始的促銷策略應該如何共存，這是否更多地反映了當前的市場？那麼就線上通路與零售通路而言，線上通路是否更多的是促銷管道？

This is Ashlee. So we are continuing to be, I would say, as promotional as we typically are. Our cadence of major events like Torrid Cash, as you mentioned, will be 4 times a year as historically have been and as planned, 2 Semi-Annual sale events. And we're responding to general consumer, I would say, price consciousness or value orientation with promotional events, which she's been very, very responsive to. So that will continue, and that's implied in our guidance.

這是 Ashlee。所以我想說，我們會繼續像往常一樣進行促銷。正如您所說，我們舉辦 Torrid Cash 等大型活動的節奏將與以往一樣，每年 4 次，並且按照計劃，每年舉辦 2 次半年度促銷活動。我想說，我們正在透過促銷活動來滿足普通消費者的價格意識或價值取向，她對此非常積極。因此這種情況將會持續下去，這也暗示在我們的指導中。

And then I'm just curious, the acceleration in closures, what's behind that. How you're arriving at the 75:25 split as the right level? Yes, can we sort of start there?

然後我很好奇，關閉速度加快，背後的原因是什麼。您如何得出 75:25 分割作為正確水準？是的，我們可以從那裡開始嗎？

Sure. I think that, Dylan, the customer continues to tell us that she prefers to shop online. We have talked previously, we're in the mid-60s in terms of penetration. That penetration keeps growing. That business keeps comping online.

當然。我認為，顧客迪倫 (Dylan) 繼續告訴我們她更喜歡在線購物。我們之前談過，我們的滲透率處於 60 年代中期。這種滲透率還在不斷增加。該業務繼續在網上進行。

We are now acquiring more customers online than we are in the store channel. So all of the trends, and I think we've supported this with marketing strategies, with investment in digital marketing, with the sub-brand strategy and the expansion of product categories. I think the web experience for us is a dramatically powerful channel for storytelling for our customer. And as we do that, she continues to migrate online. We still are seeing omni power, and we feel strongly that by closing these underperforming stores, we'll be able to move the fixed expenses associated with those stores.

現在，我們在網路上獲得的顧客比在商店管道獲得的顧客還多。所以對於所有這些趨勢，我認為我們都透過行銷策略、數位行銷投資、子品牌策略和產品類別的擴展來支持它們。我認為，對我們來說，網路體驗是一個向客戶講述故事的極其強大的管道。當我們這樣做的時候，她繼續遷移到網路上。我們仍然看到全方位的力量，我們強烈感覺到，透過關閉這些表現不佳的商店，我們將能夠轉移與這些商店相關的固定費用。

Some of that will go to a higher level of profitability for the company, and some of that will go toward the rightsizing of the digital investment that needs to happen to continue to drive this new customer to the brand. As we see the younger customers coming in, as we see the reactivated customers coming in, the experience for the breadth for the product categories, being able to visualize them, outfit them, tell the stories about them, I think, the team has done a tremendous job in driving that visual representation of the brand. So it is the best expression of the brand. We're not giving up on stores at all. We are rightsizing the portfolio.

其中一部分將用於提高公司的獲利水平，一部分將用於調整數位投資規模，以繼續吸引新客戶關注該品牌。當我們看到更年輕的顧客、重新活躍的顧客湧入時，看到產品類別的廣度體驗、能夠將他們形象化、為他們配備裝備、講述他們的故事，我認為團隊在推動品牌的視覺表現方面做得非常出色。所以它是品牌最好的體現。我們根本沒有放棄商店。我們正在調整投資組合的規模。

So if you do the math, this ends up at about being 450 stores with this round of closures. And we think we're leaving very few markets. So it's really about thinning out of existing markets. The customers will still have a close-by store. And just to reinforce, we've seen with the closures, most recently with the fourth quarter closures, that we are still transferring slightly higher than 60% of those customers and sales to nearby stores or online.

所以如果你算一下，你會發現這一輪關閉的商店總數約為 450 家。我們認為我們留下的市場很少。所以這其實是為了削弱現有市場。顧客仍然可以在附近找到商店。需要強調的是，我們看到，隨著門市關閉，最近一次是第四季度的關閉，我們仍然將略高於 60% 的客戶和銷售額轉移到附近的商店或線上。

So as we're doing that, we're just rightsizing the business to the demands of the customer and being able to reallocate our resources to the right channel. I think sub-brands has illustrated to us and substantiated our theory that this customer wants more choices and is willing to pay for them, meaning she's willing to pay more for more fashion. And our experience with their response to the sub-brands and the halo effect that it provides to the core business is best expressed online. And so it became very, very clear to us that it was time to restructure our portfolio to a digitally-led perspective. I hope that answered that.

因此，當我們這樣做時，我們只是根據客戶的需求調整業務規模，並將我們的資源重新分配到正確的管道。我認為子品牌向我們說明並證實了我們的理論，即該客戶想要更多選擇並願意為此付費，這意味著她願意為更多時尚支付更多費用。我們對他們對子品牌的反應以及它為核心業務帶來的光環效應的經驗在網路上得到了最好的體現。因此，我們非常清楚，現在是時候以數位化為主導的視角重組我們的投資組合了。我希望這能回答這個問題。

Very much so. And last one, can you square the circle? You mentioned there the 60% retention, but full year negligible sales impact of closing the stores. Is that just some sort of function of when you're closing them, the fact that you retain maybe increased marketing and other online channels, just how you get to that kind of neutral impact?

非常如此。最後一個問題，你能化圓為方嗎？您提到了 60% 的保留率，但關閉商店對全年銷售的影響可以忽略不計。這是否只是您關閉它們時的某種功能，事實上您可能保留了增加的營銷和其他在線渠道，您是如何獲得這種中性影響的？

Right. So most of those stores will close towards the end of the fourth quarter. And at the same time, we'll be ramping up our marketing spend in relationship to that. So based on what we've learned from our digital marketing investments over the last 18 months, we have a high confidence level in our ability to offset the small amount that doesn't naturally transfer with new customer acquisition through the digital channel. And those stores, by the way, are very, very low volume.

正確的。因此，大多數商店將在第四季末關閉。同時，我們將加大與此相關的行銷支出。因此，根據我們過去 18 個月在數位行銷投資方面的經驗，我們對自己的能力充滿信心，相信我們能夠透過數位管道吸引新客戶來抵消那些無法自然轉移的小額損失。順便說一句，這些商店的銷售量非常非常低。

So it's less of a hill to climb in terms of replacing those revenue dollars.

因此，就彌補這些收入而言，這並不是什麼難事。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to CEO, Lisa Harper, for closing remarks.

謝謝。問答環節現已結束。我想請執行長麗莎哈珀 (Lisa Harper) 致最後總結。

Great. Thanks so much for joining us today. We look forward to sharing the progress in our next call as we reflect on the Q2. Thanks so much.

偉大的。非常感謝您今天加入我們。我們期待在下次電話會議中分享對第二季度的進展回顧。非常感謝。

Thank you. And this does conclude today's conference, and you may disconnect your line at this time. Thank you for your participation, and have a great day.

謝謝。今天的會議到此結束，大家可以斷開線路了。感謝您的參與，祝您有個愉快的一天。