Duluth Holdings Inc (DLTH) 2026 Q1 法說會逐字稿

Good day and welcome to the Duluth Holdings first quarter 2026 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch tone phone and to withdraw your question, please press star then two.

大家好，歡迎參加 Duluth Holdings 2026 會計年度第一季財報電話會議。所有與會者將以僅收聽模式參與。如需協助，請按星號鍵後再按 0 以示意會議專員。在今天的簡報結束後，將開放提問時間。如要提問，請在您的按鍵式電話上按星號再按 1；如要撤回問題，請按星號再按 2。

Please note this event is being recorded. I would now like to turn the conference over to Chris Steffes. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給 Chris Steffes。請開始。

Thank you and welcome to today's call to discuss Duluth Trading's first quarter financial results.

謝謝，歡迎各位參加今天的電話會議，一同討論 Duluth Trading 第一季財務業績。

Our earnings release, which was issued this morning, is available on our Investor Relations website at ir.dulutetrading.com under News Releases.

我們今天上午發布的財報新聞稿，可在投資人關係網站 ir.dulutetrading.com 的「News Releases」專區取得。

I'm here today with Stephanie Pugliese, President and Chief Executive Officer, and Heena Agrawal, Senior Vice President and Chief Financial Officer.

今天與我一同出席的有總裁暨執行長 Stephanie Pugliese，以及資深副總裁暨財務長 Heena Agrawal。

On today's call, management will provide prepared remarks and then open the call for questions.

在今天的電話會議中，管理團隊將先提供準備好的發言，之後開放提問。

Before we begin, I would like to remind you that the comments on today's call will include forward-looking statements, which can be identified by the use of words such as estimate, anticipate, expect, and similar phrases.

在開始之前，我想提醒各位，今天電話會議中的評論將包含前瞻性陳述，可透過使用如 estimate（估計）、anticipate（預期）、expect（期望）及類似措辭加以辨識。

Forward-looking statements by their nature involve estimates, projections, goals, forecasts, and assumptions, and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

前瞻性陳述本質上涉及估計、推算、目標、預測與假設，並受各項風險與不確定性影響，可能導致實際結果或成果與前瞻性陳述所表達者出現重大差異。

Such risks and uncertainties include, but are not limited to, those that are described in our most recent annual report on Form 10-K and other SEC filings as applicable.

此類風險與不確定性包括但不限於我們最新的 Form 10-K 年報及其他適用的 SEC 申報文件中所述者。

These forward-looking statements speak only as of the date of this conference call and should not be relied upon as predictions of future events.

這些前瞻性陳述僅截至本次電話會議當日有效，不應被依賴作為對未來事件的預測。

And with that, I will turn the call over to Stephanie.

接下來，我將把電話會議交給 Stephanie。

Good morning, everyone, and thank you for joining us to discuss our first quarter fiscal 2026 results.

各位早安，感謝各位加入我們，一同討論 2026 會計年度第一季業績。

I am pleased with our strong first quarter performance.

我對我們第一季的強勁表現感到滿意。

Over the past several quarters, we have committed ourselves to a rigorous strategic pivot, one centered squarely on serving our customers and restoring profitability through focusing on what makes our product special, resetting promotional cadence, driving operational excellence and expense control.

在過去幾個季度，我們承諾推動嚴謹的策略轉向，核心聚焦於服務客戶，並透過專注於產品獨特性、重設促銷節奏、推動營運卓越與費用控管來恢復獲利能力。

The deliberate actions we took throughout the past year and into the first quarter directly led to an enhanced gross margin. Reduced inventory levels, improved overall profitability and stronger net liquidity.

我們在過去一年以及延續至第一季所採取的審慎行動，直接帶動毛利率提升。庫存水位降低、整體獲利能力改善，以及淨流動性更為強健。

We are a leaner, more efficient business that now prioritizes brand equity and long-term value over short-term volume with low profitability.

我們已成為更精實、更有效率的企業，如今優先考量品牌資產與長期價值，而非以低獲利的短期銷量為目標。

Coming off of a successful fourth quarter, we continued to tighten both the frequency and depth of our promotional cadence in Q1. We reduced our total global promotional days by over 50%. We also reduced our depth of discount by 700 basis points, allowing full price sales to grow by almost 14% and our average unit retail by 17% year-over-year.

在成功的第四季之後，我們在第一季持續收緊促銷節奏的頻率與折扣深度。我們將全球促銷天數總計減少超過 50%。我們也將折扣深度降低 700 個基點，使正價銷售成長近 14%，平均單位零售價（AUR）年增 17%。

All of these actions resulted in a gross margin expansion of over 500 basis points to 57.4% of net sales.

上述各項行動使毛利率擴張超過 500 個基點，達到淨銷售額的 57.4%。

While our intentional pullback on promotions led to improved profitability, in the near term, it has created a decline in top-line revenues. This impact is more acutely felt in our direct channel, which declined by 6%, excluding wholesale.

雖然我們有意縮減促銷帶來獲利改善，但短期內也造成營收（top-line）下滑。此影響在我們的直營通路更為明顯；若排除批發，直營通路下滑 6%。

Retail, on the other hand, recorded another positive quarter, with store net sales increasing 3% year over year. Driven by higher average order values in our comp stores and the addition of the two new stores that opened in fall of last year.

另一方面，零售通路再度繳出正成長的一季，門市淨銷售額年增 3%。主要受同店平均客單價提高，以及去年秋季新開的兩家門市貢獻所帶動。

Overall this quarter, sales actualized at $98.6 million, a decline of 4% to last year and an improvement in the trend line from prior quarters.

整體而言，本季銷售實現為 9,860 萬美元，較去年下滑 4%，但相較前幾季的趨勢線已有改善。

Turning toward marketing, our initiatives in Q1 served as an accelerator to brand awareness and consideration. The introduction of our newest campaign for folks who work their butts off, along with the launch of our Max Gluteus creative campaign, is resonating with our core audience.

談到行銷方面，我們第一季的各項計畫加速提升品牌知名度與消費者考慮度。我們推出最新的「for folks who work their butts off」活動，以及 Max Gluteus 創意行銷活動，正與核心受眾產生共鳴。

This creative asset was highly successful, surpassing our previous underwear trade-off events, and it catalyzed positive year-over-year sales growth for our men's Buck's Naked collection. Given this success, we have an extended plan for the folks who work their butts off campaign.

這項創意素材非常成功，表現超越我們先前的內褲換購活動，並帶動男裝 Buck's Naked 系列銷售年增轉正。鑑於此成功，我們已擬定延伸「for folks who work their butts off」活動的計畫。

We will expand this messaging platform across other legendary product lines, such as Fire Hose, and utilize it as a sign-off across podcasts, video and social channels.

我們將把此訊息平台擴展至其他傳奇產品線，例如 Fire Hose，並在 Podcast、影音與社群渠道中作為結尾標語使用。

What also made Q1 uniquely effective was our ability to put two strong category messages out in the market simultaneously. While men's leaned into max gluteus, our women's digital channel deployed the Dibs On The Bibs campaign.

第一季之所以特別有效，還在於我們能同時向市場推出兩個強而有力的品類訊息。男裝主打 Max Gluteus 的同時，女裝數位渠道則推出 Dibs On The Bibs 活動。

This approach drove consumer engagement and elevated brand consideration.

此作法提升了消費者互動，並提高品牌考慮度。

Another example of this was our vibrant poppy print launch across the funnel, which created an immediate halo for our entire gardening category.

另一個例子是我們在全漏斗推廣中推出鮮明的罌粟花印花系列，立即為整個園藝品類帶來光環效應。

In addition to brand awareness and consideration, the full funnel marketing approach impacted traffic in the quarter.

除了品牌知名度與考慮度之外，全漏斗行銷策略也在本季影響了流量表現。

February was expectedly tough as we went up against last year's Big Dam clearance event.

2 月如預期般艱難，因為我們面臨去年 Big Dam 清倉活動的高基期比較。

However, traffic trends improved into March and April, an encouraging signal given that we were simultaneously annualizing strategic price increases and lower promotional days.

不過，流量趨勢在 3 月與 4 月有所改善；考量到我們同時在年度化策略性調價上調與較少的促銷天數，這是一個令人鼓舞的訊號。

We know that our most important assets are our customers.

我們知道，我們最重要的資產是客戶。

As previously shared, our total customer base has experienced some contraction over the last several years.

如先前所分享，我們的整體客戶基礎在過去幾年出現一定程度的收縮。

Improving our customer base through marketing spend allocation and other initiatives is showing proof points that reflect a more resilient, higher yielding demographic profile.

透過行銷費用配置與其他措施來改善客戶基礎，已展現出一些佐證，反映出更具韌性、產出更高的族群輪廓。

The quality of our revenue has strengthened.

我們的營收品質已經提升。

Sales per customer increased by 10% year over year, and this spending growth was uniform across age, income, and gender segments.

每位客戶的銷售額年增 10%，且此消費成長在年齡、收入與性別區隔中皆一致。

Most importantly, our Q1 Net Promoter Score increased 16% over last year, reflecting the hard work the team has done to improve operations and keep our promises to our customers.

最重要的是，我們第一季的淨推薦值（Net Promoter Score, NPS）較去年提升 16%，反映團隊為改善營運並履行對客戶承諾所付出的努力。

Delivering the experience and products that they have come to expect from Duluth. And great product is at the heart of everything we do.

提供他們對 Duluth 一向期待的體驗與產品。而優質產品是我們一切工作的核心。

Our core collections represented approximately two-thirds of our overall sales and grew 7% compared to the prior year.

我們的核心系列約占整體銷售的三分之二，較去年同期成長 7%。

Our customers are consistently voting yes for high-quality solution-based apparel that justifies a premium price point. Standing out this quarter was our women's garden collection centered on our heirloom gardening bibs. This year, we also introduced a new version of our short overalls and our garden dress, both of which have contributed to sales and a healthy gross margin.

我們的顧客持續以行動支持高品質、以解決方案為導向的服飾，並認為其足以支撐較高的定價。本季表現突出的，是以我們的經典園藝吊帶褲為核心的女裝園藝系列。今年我們也推出了短版吊帶褲與園藝洋裝的新版本，兩者皆帶動銷售並貢獻健康的毛利率。

On the men's side, Buck Naked was a strong performer and our no quit utility shirt was a new addition to our workwear collection with both long and short sleeve options.

在男裝方面，Buck Naked 表現強勁；我們的「no quit」機能工作襯衫則是工作服系列的新成員，提供長袖與短袖選項。

Look for them in our upcoming Father's Day ads. We have also continued to operate with discipline throughout the business and our progress on the bottom line is a result of those efforts.

敬請留意我們即將推出的父親節廣告。我們也持續以紀律經營整體業務，而損益表底線的進展正是這些努力的成果。

In Q1, we successfully captured variable expense leverage.

在第一季，我們成功取得變動費用的槓桿效益。

Efficiencies across our fulfillment center network paired with a reduction in corporate personnel expenses allowed us to lower SG&A by more than $3 million or 5%.

我們在履約中心網路的效率提升，加上公司人員費用下降，使我們將 SG&A 降低超過 300 萬美元（約 5%）。

Our turnaround is taking hold as planned. We are focused on core product and lead with our solution-based apparel in all of our messaging and customer outreach.

我們的轉型正按計畫逐步落實。我們聚焦核心產品，並在所有訊息傳遞與顧客觸達中，以解決方案導向的服飾作為主軸。

Our SKUs have been reduced by over 20%, allowing the focused product to shine. Our brand and product messaging is resonating with existing and new customers, and we continue to invest more in upper funnel marketing and reduce our reliance on promotional last-click spend.

我們的 SKU 已減少超過 20%，讓聚焦後的產品更能發光。我們的品牌與產品訊息正與既有及新顧客產生共鳴；同時我們持續加大上層漏斗行銷投資，並降低對促銷型「最後點擊」投放的依賴。

Our stores are well stocked and serving our customers well. Margin is expanding as we reduce promotions. Costs are controlled, and financially, we are in a solid position.

我們的門市備貨充足，能良好服務顧客。隨著我們減少促銷，毛利率正在擴張。成本受到控管，財務面也處於穩健位置。

We have successfully right-sized our balance sheet, ending the first quarter with total inventory down 25% or $44 million compared to the prior year. As we look forward to the remainder of fiscal 2026, we are maintaining a disciplined strategic roadmap.

我們已成功將資產負債表調整至適當規模，第一季末總庫存較去年同期下降 25%，或 4,400 萬美元。展望 2026 會計年度剩餘期間，我們將維持具紀律的策略路線圖。

We are pleased with how far we've come, and we know that we still have important work to do. This year, we will transition from fixing the balance sheet to strengthening the team, processes, and investments that will drive sustainable growth in the long-term, and our customers are at the center of our efforts.

我們對目前的進展感到欣慰，也清楚仍有重要工作要完成。今年我們將從修復資產負債表，轉向強化團隊、流程與投資，以推動長期可持續成長，而顧客將是我們努力的核心。

Our primary focus is to strengthen our customer file and solidify our position as the official outfitter of doers. Through continued investment to drive traffic and balance our marketing spend, we are investing in future customer file growth and spending less in lower funnel promotional spend.

我們的首要重點是強化顧客名單（customer file），並鞏固我們作為「行動派」官方裝備供應商的定位。透過持續投資以帶動流量並平衡行銷支出，我們正投資於未來顧客名單的成長，同時降低在下層漏斗促銷投放上的支出。

We are continuing our rigorous SKU rationalization and improving sell-throughs by ordering the right amount of inventory by intentionally narrowing our assortment and buying smarter, we ensure that our capital and floor space are hyper-focused on the core, high-margin hero product lines that resonate most deeply with our self-reliant audience.

我們持續嚴格推動 SKU 精簡，並透過刻意縮窄品類、以更聰明的方式採購，按適當的庫存量下單以提升售罄率（sell-through）。如此可確保我們的資金與賣場空間高度聚焦於核心、高毛利的主打產品線，並與我們自立自強的受眾產生最深層的共鳴。

And we clarify the message for repeat and new customers around our brand attributes and solution-based product.

同時，我們也針對回購與新顧客，清楚傳達我們的品牌特質與解決方案導向的產品訊息。

In closing. Q1 was a validation of our strategic discipline. We protected our margins, streamlined our operations, dramatically improved our inventory health, and strengthened our net liquidity to approximately $100 million.

最後總結。第一季驗證了我們的策略紀律。我們守住毛利率、精簡營運、大幅改善庫存健康度，並將淨流動性強化至約 1 億美元。

We are a leaner, more agile business, and I have the utmost confidence that our talented team will continue to drive sustainable long-term value for our shareholders.

我們已成為更精實、更敏捷的企業；我對這支才華洋溢的團隊充滿信心，相信他們將持續為股東創造可持續的長期價值。

We look forward to sharing more information about our future plans at our investor presentation later today.

我們期待在今天稍晚的投資人簡報中，分享更多關於未來計畫的資訊。

With that, I'll pass it over to our CFO, Heena Agarwal, to discuss our Q1 financials and 2026 outlook in more detail.

接下來我把時間交給我們的財務長 Heena Agarwal，請她更詳細說明第一季財務表現與 2026 年展望。

Thank you, Stephanie, and good morning, everyone.

謝謝你，Stephanie，各位早安。

I am pleased to share our first quarter fiscal 2026 results, which reflect how our team is building on the strategic wins of the prior year, fixing our promotional strategy, restoring price integrity, achieving operational excellence, and disciplined inventory and cash management.

我很高興分享 2026 會計年度第一季的業績，這些結果反映出我們的團隊正延續去年策略上的勝利，修正促銷策略、恢復價格完整性、達成卓越營運，並以紀律進行庫存與現金管理。

As a result of focus and consistency, combined with our agility in responding to macroeconomic conditions, we have achieved four consecutive quarters of improved year-over-year net income margin and free cash flow.

在聚焦與一致性的推動下，並結合我們對總體經濟環境的敏捷應對，我們已連續四個季度實現淨利率與自由現金流的年對年改善。

Our results this quarter demonstrate a healthier margin profile, structural profitability and a more robust balance sheet.

本季結果展現出更健康的毛利結構、結構性獲利能力，以及更強健的資產負債表。

Let me share our financial results, deeper insights into our operational metrics, and provide our updated outlook for the full fiscal year.

接下來我將分享我們的財務結果、營運指標的更深入洞察，並提供更新後的全年展望。

Starting with our results for the first quarter of 2026 with comparisons to prior year. As we continued our promotional reset and annualized price increases from 2025, we reported net sales of $98.6 million, a decline of 4%. With improving quality of sales, gross margin expanded by 540 basis points to 57.4% of net sales.

先從 2026 年第一季的結果開始，並與去年同期比較。隨著我們持續進行促銷重置，並將 2025 年的調價策略年化反映，我們的淨銷售額為 9,860 萬美元，下降 4%。隨著銷售品質改善，毛利率擴張 540 個基點至淨銷售額的 57.4%。

Our net income improved by $5.2 million to negative $10 million. Our reported EPS was negative $0.29 and our adjusted EPS was negative $0.20 compared to negative $0.44 last year.

我們的淨利改善 520 萬美元至負 1,000 萬美元。公告 EPS 為負 0.29 美元，調整後 EPS 為負 0.20 美元，去年同期為負 0.44 美元。

Adjustments to EPS included $2.7 million in asset impairments and $1.4 million in restructuring expenses related to the closure of Salt Lake City Fulfillment Center at the end of 2025.

EPS 的調整項目包括 270 萬美元的資產減損，以及 140 萬美元的重整費用，與 2025 年底關閉鹽湖城履約中心相關。

Adjusted EBITDA was positive $2.6 million, an improvement of $6.4 million compared to negative $3.8 million in Q1 last year.

調整後 EBITDA 為正 260 萬美元，較去年第一季的負 380 萬美元改善 640 萬美元。

Our shift back to profitability was fueled by a 6.1% rise in gross profit dollars from margin expansion, coupled with lower overhead and enhanced variable cost productivity.

我們重回獲利的轉變，主要來自毛利率擴張帶動毛利金額成長 6.1%，同時搭配較低的間接費用與更高的變動成本生產力。

Looking closer at our top-line metrics. As we continued our promotional reset and annualized our pricing strategy, our total net sales decreased by $4.1 million or 4%. Excluding the impact of wholesale, net sales declined 2.6%.

更進一步看我們的營收端指標。隨著我們持續促銷重置並將定價策略年化，我們的總淨銷售額減少 410 萬美元（或 4%）。若排除批發（wholesale）影響，淨銷售額下降 2.6%。

Direct-to-consumer net sales, excluding wholesale, decreased by 6.4% to $57.1 million.

直銷（DTC）淨銷售額（排除批發）下降 6.4% 至 5,710 萬美元。

This decline was primarily driven by lower web traffic and conversions in February and early March as we intentionally moved away from low-margin clearance events.

這一下降主要是因為 2 月與 3 月上旬的網站流量與轉換率較低，原因在於我們刻意減少低毛利的清倉活動。

This was partially offset by a 16% lift in total average order value as full price item penetration grew.

隨著正價商品滲透率提升，整體平均訂單金額上升16%，部分抵銷了上述影響。

Our retail store network delivered another quarter of positive comps with net sales increasing 3.3% to $41.5 million.

我們的零售門市網路再度實現單季同店銷售成長（comps）為正，淨銷售額成長3.3%至4,150萬美元。

Growth was driven by higher average order values across comparable stores combined with the annualization of our two new stores. Opened in the back half of 2025.

成長主要來自可比門市平均訂單金額提高，並結合我們兩家新門市的全年化效益。該兩家門市於2025年下半年開幕。

Men's product sales decreased 1%, driven by the impact of the promotional reset. This was partially offset by double-digit growth in first layer and underwear selections following the Max Beauteous campaign.

男裝產品銷售額下滑1%，主要受促銷重置的影響所致。Max Beauteous 行銷活動帶動第一層衣物與內衣品類出現兩位數成長，部分抵銷了上述影響。

While total women's product sales declined 12% due to strategic SKU rationalization, heirloom gardening collection sales grew.

儘管因策略性SKU精簡使女性產品總銷售額下滑12%，Heirloom Gardening 系列銷售仍成長。

AKHG brand sales declined 17% versus last year as double-digit growth in men's woven tops and bottoms was offset by exiting the swim category and rationalizing low-margin outerwear programs.

AKHG 品牌銷售額較去年下滑17%；男裝梭織上衣與下裝的兩位數成長，因退出泳裝品類及精簡低毛利外套專案而被抵銷。

With fewer promotions and increased average prices, profitability improved across product categories and sales channels.

在促銷減少且平均售價提高的情況下，各產品品類與銷售通路的獲利能力均有所改善。

Notably, profitability of the store portfolio continued to improve over prior year.

值得注意的是，門市組合的獲利能力較去年持續改善。

We are pleased with our gross margin expansion for the first quarter of 540 basis points to 57.4% of net sales versus 52% in the prior year first quarter.

我們對第一季毛利率擴張感到滿意：毛利率提升540個基點至淨銷售額的57.4%，相較去年第一季為52%。

This structural improvement of our margin profile was driven by three strategic pillars: First, our continued promotional reset by prioritizing price and brand integrity over margin dilutive volume, our pullback on broad-based promotions and the elimination of deep markdowns drove rate expansion.

我們的毛利率結構性改善由三大策略支柱驅動：第一，持續推動促銷重置，優先維護價格與品牌完整性，而非以稀釋毛利的量來換取營收；我們縮減廣泛型促銷並取消深度折扣，帶動毛利率提升。

We captured benefits from our direct-to-factory sourcing initiative with a structural improvement in product cost. And finally, these levers, combined with strategic pricing actions and vendor negotiations, fully offset the impact of tariff costs.

我們透過直接向工廠採購（direct-to-factory）計畫取得效益，使產品成本結構性改善。最後，這些槓桿加上策略性定價行動與供應商談判，完全抵銷了關稅成本的影響。

Selling, general, and administrative expenses decreased by $3.4 million or 5.2% to $61.8 million. As a percentage of net sales, SG&A leveraged by 70 basis points to 62.7% compared to 63.4% in the prior year first quarter.

銷售、一般及行政費用（SG&A）減少340萬美元或5.2%，至6,180萬美元。以淨銷售額百分比計，SG&A 比率改善70個基點至62.7%，去年第一季為63.4%。

Advertising costs represented 9.6% of sales, a 20 basis points improvement due to a more effective balance between upper and lower funnel spend.

廣告成本占銷售額9.6%，改善20個基點，主要因上層漏斗與下層漏斗投放之間的配置更有效率。

Shipping and variable costs leveraged by 130 basis points as we realized the benefits of further consolidating the fulfillment center network and maximizing the Adairsville location. In the last 18 months, we have now consolidated the logistics network from four fulfillment centers to two.

隨著我們進一步整併履約中心網路並最大化 Adairsville 據點效益，運輸與變動成本比率改善130個基點。在過去18個月中，我們已將物流網路由四個履約中心整併為兩個。

Overhead expenses were down by 2% and deleveraged by 80 basis points, largely due to the decrease in sales. This cost improvement highlights year-over-year efficiencies across our fulfillment center network combined with disciplined management of personnel expenses.

管理費用下降2%，且因銷售下滑而出現80個基點的去槓桿。此成本改善凸顯我們履約中心網路的年對年效率提升，並結合對人事費用的嚴格管理。

Inventory at the end of the first quarter was $132.4 million, a reduction of $43.7 million or 24.8% compared to prior year. This marks the 4th consecutive quarter of year-over-year improvement driven by our enterprise planning process and strategic SKU rationalization. Through the integrated planning process, we successfully synchronized inventory levels with our sales projections and optimized the scheduling of receipts.

第一季末存貨為1億3,240萬美元，較去年減少4,370萬美元或24.8%。這是連續第4季年對年改善，主要由企業規劃流程與策略性SKU精簡所驅動。透過整合式規劃流程，我們成功使存貨水位與銷售預測同步，並最佳化到貨排程。

In addition, our inventory allocation prioritized availability at our automated Adairsville fulfillment center and stores, resulting in more than 900 basis points of improvement in store in-stock levels.

此外，我們的存貨配置優先確保自動化 Adairsville 履約中心與門市的供貨可得性，使門市現貨率提升超過900個基點。

Our inventory mix at quarter end was healthy and consisted of 90.2% in current products and 9.8% in clearance goods versus 9.5% in the prior year quarter.

季末存貨結構健康：現行商品占90.2%，清倉商品占9.8%，相較去年同期清倉商品占9.5%。

We achieved a 42% reduction in spring/summer seasonal inventory by right-sizing buys and successfully clearing surplus inventory.

我們透過適度調整採購量並成功清理多餘存貨，使春夏季節性存貨降低42%。

Overall clearance inventory dollars were down 17.4% and units decreased 22.3% versus last year.

整體清倉存貨金額較去年下降17.4%，件數下降22.3%。

Our capital expenditures for the quarter were $3 million compared to $4.9 million in the prior year, with funds allocated primarily to investments in the final phases of Manhattan Omni for the website and stores.

本季資本支出為300萬美元，去年同期為490萬美元；資金主要投入於 Manhattan Omni 專案在網站與門市端的最後階段。

We ended the first quarter with a stronger balance sheet and liquidity position versus at the end of the first quarter last year. Cash and cash equivalents stood at. $6.1 million with $6 million outstanding on our asset-based lending facility. This resulted in a net liquidity position of approximately $100 million versus net liquidity of $45 million last year.

相較去年第一季末，我們在第一季末擁有更強健的資產負債表與流動性部位。現金及約當現金為610萬美元，且我們的資產擔保貸款（ABL）額度下尚有600萬美元未償餘額。因此，淨流動性約為1億美元，去年為4,500萬美元。

Combined with our improving profitability, continued working capital discipline and capital expenditure guardrails, our free cash flow improved by $42.6 million compared to the same period last year.

結合獲利能力改善、持續的營運資金紀律與資本支出控管，我們的自由現金流較去年同期改善4,260萬美元。

Fiscal 2026 guidance. Based on our results in the first quarter and our visibility into the rest of the year, we are updating our full-year outlook.

2026會計年度指引。基於第一季表現以及我們對今年其餘期間的能見度，我們更新全年展望。

On the top-line, we are affirming our previously issued full year fiscal 2026 net sales guidance range of $540 million to $560 million. This is a minus 1% to minus 5% decline versus prior year, driven by the continued promotional reset to restore price integrity and annualization of price increases from 2025.

在營收端，我們確認先前發布的2026會計年度全年淨銷售額指引區間為5.40億至5.60億美元。相較去年為下滑1%至下滑5%，主要因持續的促銷重置以恢復價格完整性，以及2025年調價的全年化影響。

Regarding our first half outlook, we are reaffirming our projection of a sales decrease between 6% and 10%. This forecast accounts for the decision not to repeat a wholesale order from the previous year, which represented a 230 basis point impact.

就上半年展望而言，我們重申銷售額將下滑6%至10%的預測。此預測已納入不再重複去年一筆批發訂單的決策，該訂單帶來約230個基點的影響。

Following this, we anticipate sales will stabilize during the latter half of 2026.

其後，我們預期2026年下半年銷售將趨於穩定。

Projected within a range of minus 2% to plus 2% as we anniversary our pricing adjustments and promotional reset.

預計落在下滑2%至成長2%的區間，因我們將迎來定價調整與促銷重置的周年比較基期。

Reflecting our structural gross margin gains and SG&A savings, we are raising our full year adjusted EBITDA guidance range to $28 million to $32 million, up from the previous outlook of $26 million to $30 million provided last quarter.

反映我們結構性毛利率提升與SG&A節省，我們將全年調整後 EBITDA 指引區間上調至2,800萬至3,200萬美元，高於上季提供的2,600萬至3,000萬美元。

We are affirming our capital expenditure guidance at approximately $12 million or 2.2% of sales.

我們確認資本支出指引約為1,200萬美元，或占銷售額的2.2%。

Let me confirm our tariff assumptions for this year and treatment of tariffs failed in the prior year. We are maintaining our tariff rate assumptions as per prior guidance.

我想確認我們今年對關稅的假設，以及對前一年未達成之關稅的處理方式。我們維持先前指引中的關稅稅率假設不變。

For the IEPA tariffs of approximately $12 million paid last year, we have applied for refunds but have not included any potential benefit in the results this quarter or in the full-year guidance.

針對去年支付約 1,200 萬美元的 IEPA 關稅，我們已申請退稅，但本季業績及全年指引中尚未納入任何潛在利益。

To conclude, our financial turnaround is substantially complete. By reinstating price integrity through our promotional reset and maintaining discipline across inventory management, costs, and capital allocation, we have made structural improvements to profitability and secured a strong balance sheet.

總結來說，我們的財務轉型已大致完成。透過促銷重置恢復價格完整性，並在庫存管理、成本與資本配置上維持紀律，我們已在獲利能力上做出結構性改善，並確保資產負債表強健。

Our financial model has successfully transitioned toward improved working capital efficiency, reduced fulfillment costs, and higher structural gross margins.

我們的財務模型已成功轉型，朝向提升營運資金效率、降低履約成本，以及更高的結構性毛利率。

With a clear understanding of our financial levers and a disciplined approach to capital, we are positioned to drive profitable long-term growth for the company.

憑藉對財務槓桿的清晰理解與嚴謹的資本紀律，我們已就位以推動公司長期且具獲利性的成長。

With that, we look forward to our investor event at 11 a.m. Eastern today, which will also be available via webcast.

接下來，我們期待今天美東時間上午 11 點的投資人活動，亦將提供網路直播。

We will now begin the question-and-answer session.

我們現在開始問答環節。

To ask a question, you may press star then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.

如欲提問，請在您的按鍵式電話上按星號再按 1。若您使用免持聽筒，請在按鍵前先拿起話筒。

If at any time your question has been addressed and you would like to withdraw your question, please press star then two.

若在任何時候您的問題已獲回覆且您希望撤回提問，請按星號再按 2。

And our first question for today will come from Dylan Carden with William Blair. Please go ahead.

今天的第一個問題來自 William Blair 的 Dylan Carden。請開始。

Thank you. I'm just curious, in the outlook for the year, maybe give some color on what's embedded in gross margin. And I guess kind of the root of that question is it seems like you're accounting for the degradation top-line from pulling back on promo, but maybe not the benefit? Let's start there, I guess.

謝謝。我只是好奇，在今年展望中，毛利率裡面包含了哪些因素，能否多提供一些說明？我想這個問題的根源是：看起來你們已把因縮減促銷而導致的營收下滑納入考量，但可能沒有把帶來的好處納入？我想先從這裡開始。

Yeah, thanks, Dylan, for your question. So when we gave guidance a quarter ago, we said we would improve gross margin by about 100 basis points for the full year from 53% last year to 54% for this year.

好的，謝謝你提問，Dylan。當我們在一季前給出指引時，我們表示全年毛利率將提升約 100 個基點，從去年的 53% 提升到今年的 54%。

And what we've seen in the first quarter is an acceleration. And we are tracking ahead of that gross margin delivery, which is why that's what is guiding our days for adjusted EBITDA from $26 million to $30 million to $28 million to $32 million. So we are accounting for another 30 basis points for the full year coming through from the higher benefits, like you said, that you're seeing from that promotional reset.

而我們在第一季看到的是加速改善。我們目前的毛利率表現超前於原先的交付目標，這也是我們將調整後 EBITDA 的天數（指引）從 2,600 萬至 3,000 萬美元上調至 2,800 萬至 3,200 萬美元的原因。因此，我們也把全年額外約 30 個基點納入考量，來自你所提到、促銷重置所帶來的更高效益。

Thanks. And then just the stabilization in the back half, I guess I'm curious, you mentioned there, I think maybe it was the first time, just that the customer base is impacted. Any insight into how much and as you lose these sort of maybe more promo-driven customers who you're acquiring and sort of the confidence you have, I know you're about to do your analyst event, but you sort of sneak peek at sort of how you engage a new customer, reengage that existing customer without promotions. Thanks.

謝謝。然後關於下半年趨於穩定這件事，我有點好奇：你剛才提到，我想可能是第一次提到，客戶基礎受到影響。能否分享影響程度？以及當你們流失這些可能更偏促銷導向、被你們吸引進來的客戶時，你們的信心來源是什麼？我知道你們即將舉辦分析師活動，但能否先偷跑一下：在不靠促銷的情況下，你們如何吸引新客、重新喚回既有客戶？謝謝。

Yeah, this is Stephanie. Good morning, Dylan. So when we think about the customer file and how we are going forward.

是的，我是 Stephanie。早安，Dylan。當我們思考客戶檔案以及未來的推進方式時。

In re-engaging, a couple of things to note. Number one is that the customer file re-engagement is not terribly dissimilar from the promotional reset that we're doing in that it is a reset back into higher quality interactions and transactions. We've seen that our average order value, our sales per customer has gone up, and those results are. The result of the efforts that we've made around the promotional reset primarily. As we look forward through the balance of this year, we've already started this effort, we've done a couple of things.

在重新互動方面，有幾點需要注意。第一，客戶檔案的再互動，其實與我們正在做的促銷重置並沒有太大不同，都是回到更高品質的互動與交易。我們看到平均訂單金額、每位客戶的銷售額都有所提升，而這些結果是。主要來自我們在促銷重置上的努力。展望今年剩餘期間，我們已經開始這項工作，也做了幾件事。

Number one is we've reset the balance of how we spend marketing dollars and moved further away from lower funnel, last click, promotional-based type marketing spend and more into upper funnel brand awareness, brand consideration spend to build higher value, long-term relationships. The second piece of this is that as we look at the customer file, we know that we have some high value customers that have been with us for a long time, that we have the opportunity to reengage with reactivate. And doing that costs us about a third of what it costs for new customer acquisition.

第一，我們已重新調整行銷預算的投入結構，進一步遠離偏向下漏斗、最後點擊、以促銷為主的行銷支出，轉而更多投入上漏斗的品牌知名度與品牌考量支出，以建立更高價值、長期的關係。第二，當我們檢視客戶檔案時，我們知道有一些高價值客戶長期與我們同行，我們有機會重新互動並將其重新啟動。而這樣做的成本大約只有新客獲取成本的三分之一。

So not only is it a reengagement with customers that we know love the brand, but it's also a really effective and efficient way to use. Our marketing dollars to reinvigorate and bring health back to the customer file. That said, we know this is a place where we have more work to do. The proof points are starting. We're building into them, but this is a place that we're focusing on heavily for this year and beyond.

因此，這不僅是與我們知道喜愛品牌的客戶重新互動，也是一種非常有效率的方式來運用。我們的行銷預算，以重新注入活力並讓客戶檔案恢復健康。話雖如此，我們也知道這是我們仍需投入更多工作的領域。一些驗證指標已開始出現。我們正在持續累積，但這是我們今年及未來將高度聚焦的重點。

And Dylan, what I'll add to that is in the second-half is when we last on our promotional reset as well as the price increases we took last year, which gives us a little bit more confidence on being able to stabilize the revenue given we won't have these one-time events showing up in the second-half.

Dylan，我再補充一點：下半年我們將度過促銷重置以及去年調價所造成的比較基期影響，這讓我們對於營收能夠趨於穩定更有信心，因為下半年不會再出現這些一次性事件。

Got it. And then just last one, the impairment chart, you walk through what that was for [2.7].

了解。最後一個問題，關於減損那張圖表，你能說明一下那個 [2.7] 是什麼嗎？

Yes, so we closed our Salt Lake facility in February this year, one of the fulfillment standards. And so the impairment charges related to the lease or the building cost of that specific fulfillment center.

可以。我們在今年 2 月關閉了鹽湖城的設施，那是其中一個履約據點。因此，減損費用與該特定履約中心的租約或建物成本相關。

Thank you very much.

非常感謝。

And this will conclude our question. And this will conclude our question-and-answer session as well as our conference call for today.

以上將結束我們的提問。也將結束本次問答環節以及今天的電話會議。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝您參加今天的簡報。您現在可以掛線。