Destination XL Group Inc (DXLG) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Destination XL Group, Inc., first-quarter fiscal 2025 financial results conference call. Today's call is being recorded.

大家好，歡迎參加 Destination XL Group, Inc. 2025 財年第一季財務業績電話會議。今天的通話正在錄音。

At this time, I would like to turn the call over to Ms. Shelly Mokas, Vice President of Financial Reporting and SEC Compliance at DXL. Please go ahead, Shelly.

現在，我想將電話轉給 DXL 財務報告和 SEC 合規副總裁 Shelly Mokas 女士。請繼續，雪莉。

Thank you and good morning, everyone. Thank you for joining us on Destination XL Group's first-quarter fiscal 2025 earnings call.

謝謝大家，早安。感謝您參加 Destination XL Group 2025 財年第一季財報電話會議。

On our call today are our President and Chief Executive Officer, Harvey Kanter; and our Chief Financial Officer, Peter Stratton. During today's call, we will discuss some non-GAAP metrics to provide investors with useful information about our financial performance. Please refer to our earnings release, which was filed this morning and is available on our Investor Relations website at investor.dxl.com for an explanation and reconciliation of such measures.

今天參加電話會議的有我們的總裁兼執行長哈維·坎特 (Harvey Kanter) 和財務長彼得·斯特拉頓 (Peter Stratton)。在今天的電話會議中，我們將討論一些非公認會計準則指標，為投資者提供有關我們財務表現的有用資訊。請參閱我們今天早上提交的收益報告，該報告可在我們的投資者關係網站 investor.dxl.com 上查閱，以了解此類措施的解釋和對帳。

Today's discussion also contains certain forward-looking statements concerning the company's strategic initiatives and marketing strategies, expectations for comparable sales, potential impact of current tariffs, and other expectations for fiscal 2025.

今天的討論還包含一些前瞻性陳述，涉及公司的策略舉措和行銷策略、可比銷售額的預期、當前關稅的潛在影響以及對 2025 財年的其他預期。

Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those assumptions mentioned today due to a variety of factors that affect the company. Information regarding risks and uncertainties is detailed in the company's filings with the Securities and Exchange Commission.

此類前瞻性陳述受各種風險和不確定性的影響，由於影響公司的各種因素，這些風險和不確定性可能導致實際結果與今天提到的假設有重大差異。有關風險和不確定性的資訊在公司向美國證券交易委員會提交的文件中詳細說明。

I would now like to turn the call over to our CEO, Harvey Kanter. Harvey?

現在我想將電話轉給我們的執行長哈維·坎特 (Harvey Kanter)。哈維？

Thank you, Shelly, and good morning, everyone. As always, we appreciate all of you joining us today for an update on our business, specifically about how we are navigating in this challenging environment, and hearing about our performance in the first quarter.

謝謝你，雪莉，大家早安。像往常一樣，我們感謝大家今天加入我們，了解我們的業務最新情況，特別是我們如何應對這一充滿挑戰的環境，並了解我們在第一季的表現。

On our last earnings call in mid-March, I shared how through the first six weeks of the quarter, our comp sales were down 12.5% and projected that quarter would likely end down in a low-double-digit comp decline.

在 3 月中旬的上次收益電話會議上，我分享了本季前六週我們的同店銷售額下降了 12.5% 的情況，並預測該季度的同店銷售額可能會出現低兩位數的下降。

I am pleased to report that sales performance in the first quarter improved, and we ended up with a comp sales decline of 9.4%. This is a small improvement from our thinking in mid-March, but we are encouraged by the implications, which we believe at least partially stem from the initiatives designed for greater consumer engagement with the focus on creating greater value, and in all cases, this is meaningful.

我很高興地報告，第一季的銷售業績有所改善，最終我們的銷售額下降了 9.4%。這與我們三月中旬的想法相比略有改善，但其影響令我們感到鼓舞，我們相信，這至少部分源於旨在提高消費者參與度並專注於創造更大價值的舉措，並且在所有情況下，這都是有意義的。

We are beginning to see a small improvement in sales from a combination of these strategic initiatives designed to drive value and capture a greater share of demand. In addition, we expect to benefit from easier comp comparisons later as we move through 2025.

透過這些旨在推動價值成長和滿足更大需求份額的策略性舉措，我們開始看到銷售額略有改善。此外，我們預計，隨著 2025 年的到來，我們將受益於更簡單的比較。

We expect comparable sales to continue to gradually improve over the year, delivering a single digit negative in the second quarter, and a return to a positive comp result in the second half of the year.

我們預計可比銷售額將在全年持續逐步改善，第二季達到個位數負成長，下半年將恢復正成長。

There are several topics which I want to update you all on today, but I thought it was important, starting with our comp sales performance, as we work feverishly to regain our trajectory, and ultimately sales growth.

今天我想向大家介紹幾個主題，但我認為首先要介紹的是我們的銷售業績，因為我們正在努力恢復發展軌跡，並最終實現銷售成長。

A second topic that I expect is at the top of everyone's mind these days is the impact of reciprocal tariffs on our business. As we know, the situation with tariffs is incredibly fluid, volatile, and something we continue to monitor in terms of policy changes.

我認為目前大家最關心的第二個議題是互惠關稅對我們業務的影響。我們知道，關稅情勢極不穩定，我們會持續監測政策變化。

However, right now, assuming the current global tariff rate policies and applications do not change for the balance of the year and no new tariffs are added, we estimate the impact to add less than $2 million or approximately 40 basis points to our cost this year.

然而，目前，假設當前的全球關稅稅率政策和應用在今年餘下時間內不會發生變化，並且不會增加新的關稅，我們估計其影響將使我們今年的成本增加不到 200 萬美元或約 40 個基點。

We are leaning into our relationships with our vendors and suppliers around the world, and we are working hard to mitigate the impact of those tariffs. So far, our discussions with our private label vendors have been very productive. On the national brand front, we are also having dialogues with our national brands, but unfortunately, we are still in a holding pattern.

我們正在加強與世界各地供應商和供貨商的關係，並努力減輕這些關稅的影響。到目前為止，我們與自有品牌供應商的討論非常有成效。在國家品牌方面，我們也在與國家品牌進行對話，但不幸的是，我們仍處於等待狀態。

Approximately 80% of our private label imports are sourced from Vietnam, Bangladesh, and India. Less than 5% of our imports are sourced in China, and we continue to examine our country-of-origin source and strategy and what changes can be made to secure the best quality product and at the lowest possible cost.

我們的自有品牌進口產品約 80% 來自越南、孟加拉和印度。我們的進口產品中只有不到 5% 來自中國，我們將繼續審查我們的原產國來源和策略，以及可以做出哪些改變來確保以盡可能低的成本獲得最優質的產品。

At this point, we have not yet taken any price increases, but that is still possible. We are continuing to assess whether there is enough price elasticity of demand to take market share by keeping constant prices at lower margin versus passing on the impact of those tariffs to the end consumer to maintain our margins but risk losing share.

目前，我們尚未採取任何價格上漲措施，但這仍然是可能的。我們正在繼續評估需求價格彈性是否足以透過保持較低利潤率的不變價格來佔領市場份額，還是將這些關稅的影響轉嫁給最終消費者以維持我們的利潤率但冒著失去份額的風險。

We know there is a sensitivity to price, and we are trying to be smart about how we strike the right balance. As I said, the situation is very fluid, and we will continue to update you as policy develops, but as of this moment, we have not yet made any changes to retail pricing.

我們知道人們對價格很敏感，我們正在努力找到正確的平衡。正如我所說，情況非常不穩定，我們將隨著政策的發展不斷向您通報，但截至目前，我們尚未對零售價格做出任何更改。

For the agenda today, there are two major topics that I want to talk about. First, I want to cover our first-quarter results. As I noted earlier, our first-quarter sales performance, while softer than we would have liked, surpassed our expectations from the beginning of the year.

今天的議程有兩個主要議題我想談。首先，我想介紹一下我們第一季的業績。正如我之前提到的，儘管我們的第一季銷售業績不如我們預期，但卻超出了我們年初的預期。

Our comp sales decrease for the first quarter of 9.4%, was driven primarily by lower traffic levels to our stores. In the Direct business, traffic became more of a challenge this quarter while conversion was relatively flat.

我們第一季的同店銷售額下降了 9.4%，主要原因是我們商店的客流量下降。在直銷業務中，本季流量變得更具挑戰性，而轉換率則相對穩定。

More broadly, average order value was pressured in both sales channels. As we said before, we believe our customer continues to be pressured and is just not prioritizing spending on big and tall apparel. With that said, I'll get into more of the details behind our first-quarter performance in a few moments.

更廣泛地說，兩個銷售管道的平均訂單價值都面臨壓力。正如我們之前所說，我們相信我們的客戶仍然面臨壓力，並且不會優先考慮購買大尺碼和高尺碼服裝。話雖如此，稍後我將詳細介紹我們第一季的業績。

Second, I want to update you on the initiatives and tactics we are chasing to address the consumer's focus in making purchases and likewise, our attempt to improve traffic.

其次，我想向您介紹我們為解決消費者購買重點所採取的措施和策略，以及我們為改善流量所做的努力。

As I mentioned on our Q4 earnings call back in March, our strategic focus in 2025 is to stabilize our business and drive the path back to growth. That means focusing on our customers, carefully controlling our costs, and being very prudent with how, where, and when we invest our capital. More than anything else, we are trying to remain flexible and agile.

正如我在 3 月第四季財報電話會議上提到的那樣，我們 2025 年的策略重點是穩定業務並推動重回成長之路。這意味著我們要專注於客戶，嚴格控製成本，並謹慎決定如何、在何處以及何時投資我們的資本。最重要的是，我們努力保持靈活性和敏捷性。

We have a proven process, structure, and discipline in our execution across all our operating channels, which has led to improvements to inventory turnover, careful consideration of promotions, and our fortress balance sheet that gives us the confidence to weather the difficult environment.

我們在所有營運管道的執行中都擁有經過驗證的流程、結構和紀律，這提高了庫存週轉率，仔細考慮了促銷活動，並增強了我們的資產負債表，使我們有信心渡過困難的環境。

So let me start by getting right into our first-quarter results. Comp store sales for Stores were down 6.6%, while Direct was down 16.2%. Comp sales by month improved each month with February down 13.9%, March down 8.2%, and April down 7.2%. An element of the March-April results was clearly being the Easter shift.

首先讓我來介紹一下我們的第一季業績。店家同店銷售額下降 6.6%，直銷銷售額下降 16.2%。每月同店銷售額均有所改善，2 月下降 13.9%，3 月下降 8.2%，4 月下降 7.2%。三月至四月業績的一個因素顯然是復活節的轉變。

For the first three weeks of May, comparable sales are down just under 10% and consistent with our first-quarter results. We believe we are currently managing our business through an economic down cycle. The imperil environment continues to be challenging, and our performance does not reflect the opportunity in our total addressable market or the longer-term potential for our brand.

五月的前三週，可比銷售額下降了近 10%，與我們第一季的業績一致。我們相信，我們目前正在經歷經濟下行週期的業務管理。危險的環境仍然充滿挑戰，我們的業績並未反映出我們整個潛在市場中的機會或我們品牌的長期潛力。

We believe the broader macroeconomic challenges and consumer sentiment is pushing our customer to hold very tight to his wallet. We have observed many guests who come into our stores being more careful with what they are buying, but they still hold a strong affinity for our brands, our fit, and the DXL experience.

我們相信，更廣泛的宏觀經濟挑戰和消費者情緒正在促使我們的客戶緊緊抓住自己的錢包。我們觀察到，許多來到我們商店的顧客在購買商品時會更加謹慎，但他們仍然對我們的品牌、我們的款式和 DXL 體驗有著強烈的喜愛。

The arrival of Fit Exchange by DXL and Heroes Discount have been a valuable help in building greater affinity for DXL and amongst more price-sensitive shoppers. We are seeing less price resistance than we have in the past and are offering our guests even greater value with these initiatives.

DXL 的 Fit Exchange 和 Heroes Discount 的推出，為 DXL 贏得了更多親和力，並吸引了更多對價格敏感的購物者。與過去相比，我們現在面臨的價格阻力有所減小，而且透過這些舉措，我們可以為客人提供更大的價值。

We continue to hear from customers that they value our quality, fit, and services in our stores compared to other big box and off-price retailers. Our net promoter score continues to shine and it's touching just over 80 in our stores.

我們不斷聽到顧客表示，與其他大型商店和折扣零售商相比，他們更重視我們商店的品質、合身度和服務。我們的淨推薦值繼續保持高光錶現，在我們的門市中已經超過 80。

While he may be trading down from national designer brands, he is pushing more of his spending into essentials, which means lower average price points. We still have a lot of work to do, but our customer surveys and their reactions to our marketing initiatives have been positive.

雖然他可能減少了對國內設計師品牌的消費，但他將更多的支出投入到必需品上，這意味著平均價格點較低。我們還有很多工作要做，但我們的客戶調查以及他們對我們的行銷舉措的反應都是正面的。

I'm going to come back to marketing in a few minutes. In merchandizing, the overall sales penetration between designer collections and private label brands has shifted, as we've seen the customer trading down across both categories.

幾分鐘後我將回到行銷話題。在商品銷售方面，設計師系列和自有品牌之間的整體銷售滲透率已經發生了變化，因為我們發現客戶在這兩個類別中的交易量都在下降。

Historically, our sales penetration into private label ranges on average between 50% and 55%. Last year in Q1, private brands accounted for 55% and this year that rate moved further to 57%.

從歷史上看，我們的自有品牌銷售滲透率平均在 50% 至 55% 之間。去年第一季自有品牌佔55%，今年則進一步上升至57%。

We have more control over our private brand label, pricing and supply chain, and typically earn higher margins on private brands than national brands. And that shift in mix has helped to offset an increase in markdown rates from select promotions and our marketing initiatives.

我們對自有品牌標籤、定價和供應鏈擁有更強的控制力，而自有品牌的利潤率通常高於國家品牌。這種產品組合的轉變有助於抵消精選促銷和行銷活動帶來的降價率的上升。

We experienced a slight uptick in markdowns as more customers gravitated to our two for pricing offers. We also utilize new markdowns as a result of driving new traffic initiatives such as Fit Exchange and Heroes discount. And lastly, clearance markdowns came in higher as a result of shifting the March clearance event into April to align with the Easter calendar shift.

隨著越來越多的顧客選擇我們的兩種定價優惠，我們的降價幅度略有上升。我們也利用 Fit Exchange 和 Heroes 折扣等新流量措施來推出新的降價措施。最後，由於將三月的清倉活動移至四月以配合復活節日曆的變化，清倉降價幅度增加。

We have some bright spots in the assortment, most notably in our Oak Hill and Oak Hill Premium, and specifically in the Oak Hill Tech Pants and Tech Shorts, as well as our 5-Pocket Cargo Pants. Knits and casual shirts had a tougher start to the first quarter but have recovered well as we start the second quarter. Our inventory is in great shape. Fresh spring receipts have been flowing into the stores and are available on our website, which is setting us up for a great experience with our customers as we approach Father's Day.

我們的產品系列中有一些亮點，最引人注目的是 Oak Hill 和 Oak Hill Premium，特別是 Oak Hill Tech 長褲和 Tech 短褲，以及我們的 5 口袋工裝褲。針織品和休閒襯衫在第一季開局較為艱難，但進入第二季後已恢復良好。我們的庫存狀況良好。新鮮的春季收據已流入商店並可在我們的網站上查閱，這將使我們在父親節臨近時為客戶帶來美好的體驗。

Inventory management continues to be a shining star and a highlight and is evidence of our operating discipline. Compared to last year, our quarter-end inventory was down $5.8 million or approximately 6.4%, while our inventory turnover rate has improved by over 30% since emerging from the pandemic. Clearance levels of 9.5% at the end of the first quarter are in line with our long-term expectations of 10%.

庫存管理繼續成為一顆耀眼的明星和亮點，也是我們營運紀律的證明。與去年相比，我們的季度末庫存減少了 580 萬美元，降幅約為 6.4%，而自疫情爆發以來，我們的庫存週轉率提高了 30% 以上。第一季末的清盤率為 9.5%，符合我們 10% 的長期預期。

Last quarter, I also talked about our updates on opening price point strategy. We have developed a more comprehensive opening price point assortment driven by the strategic intent to lower barriers of entry rooted in our consumer research, brand tracking, and real-time shifts in buying behavior. Our goal is to enhance value with our offering and the perceived overall value of DXL for consumers.

上個季度，我還談到了我們開盤價位策略的更新。我們制定了更全面的起始價格點組合，其驅動力是降低進入門檻的策略意圖，而這項策略意圖植根於我們的消費者研究、品牌追蹤和購買行為的即時變化。我們的目標是提高我們的產品的價值以及消費者對 DXL 的整體感知價值。

Lower prices address the entry barrier by expanding our range of merchandise and opening price points across items relative to our assortment. Last month, we launched Dickies and Haggar. So far results for Dickies have been in line with our expectations, and Hagar has exceeded our expectations.

透過擴大我們的商品範圍並根據我們的產品組合開放各個商品的價格點，較低的價格解決了進入障礙。上個月，我們推出了 Dickies 和 Haggar。到目前為止，Dickies 的業績符合我們的預期，而 Hagar 的業績則超出了我們的預期。

We are supporting both brands with targeted marketing messages including homepage, email, and social content. And we have also expanded our Big and Tall essentials offering online as well as just launched Perry Ellis last week. In Stores, the narrative from fiscal 2024 has continued into the start of 2025.

我們透過有針對性的行銷訊息（包括主頁、電子郵件和社交內容）支持這兩個品牌。我們還擴大了在線上 Big and Tall 必需品供應，並且剛剛在上週推出了 Perry Ellis。在商店方面，2024 財年的敘事一直延續到 2025 年初。

Traffic in Stores accounts for approximately 90% of the comp sales decline. I'm happy to report that we opened two more whitespace stores in the past quarter with new stores in Roseville, California, and Salt Lake, Utah. Our third and fourth store opened in May in Syracuse, New York, and Hanover, New Jersey, and this brings the total number of new DXL stores that have opened in the past three years to 14 new markets.

商店客流量約佔同店銷售額下降的 90%。我很高興地報告，我們在上個季度又開設了兩家空白店，分別位於加州羅斯維爾和猶他州鹽湖城。我們的第三家和第四家店於五月在紐約州錫拉丘茲和新澤西州漢諾威開業，這使得過去三年內新開業的 DXL 店總數達到 14 個新市場。

Finally, we expect to open four more stores later this year, bringing our total to 18 before we pause at new store openings to focus on stabilizing our core business and preserving cash flow.

最後，我們預計今年稍後將再開設 4 家門市，使我們的門市總數達到 18 家，之後我們將暫停開設新店，專注於穩定核心業務並保持現金流。

Performance in our new stores has been challenging. Similar to what we are seeing in our existing store business, we believe the low awareness of our brand is creating greater short-term challenges in successfully ramping traffic to the newly opened stores.

我們的新店業績一直充滿挑戰。與我們在現有門市業務中看到的情況類似，我們認為，品牌知名度較低將在成功增加新開店客流量方面帶來更大的短期挑戰。

New stores have not seen the level of traffic we initially expected, but we believe there is still much room to grow. We believe it is more appropriate to resume store development when we can support it with a brand awareness campaign.

新店的客流量沒有達到我們最初預期的水平，但我們相信仍有很大的成長空間。我們認為，當我們能夠透過品牌知名度活動來支持商店開發時，恢復商店開發是更合適的。

While opening the new stores in a down cycle has been difficult, in time and with more brand awareness, we still expect these stores will be able to achieve their potential.

雖然在經濟低迷時期開設新店比較困難，但隨著時間的推移和品牌知名度的提高，我們仍然預期這些店將能夠發揮其潛力。

I now want to touch on marketing strategies, initiatives, and tactics that we're chasing to correct the traffic decline.

現在我想談談我們為糾正流量下降而採取的行銷策略、舉措和策略。

Three initiatives and projects are aimed at enhancing our market position and delivering exceptional value to our customers, and I will talk you through each, and they include the role of strategic promotion, our new loyalty program and the early results, and the re-platforming of our commerce operation.

三項舉措和項目旨在提升我們的市場地位並為我們的客戶提供卓越的價值，我將逐一向您介紹，它們包括戰略推廣的作用、我們的新忠誠度計劃和早期成果，以及我們商業運營的重新平台化。

First up is our use of strategic promotion. Given the sector softness that persists, we believe that to garner a greater share of the Big and Tall market, we must continue to leverage promotion to entice new customers, incentivize current customers to shop more often, and finally, reactivate those who have not shopped with us for some time.

首先是我們使用策略推廣。鑑於該行業持續疲軟，我們認為，為了在「大而高」市場中佔據更大的份額，我們必須繼續利用促銷來吸引新客戶，激勵現有客戶更頻繁地購物，並最終重新激活那些有一段時間沒有在我們這裡購物的客戶。

We are deploying a two-pronged approach that we believe addresses these objectives. The first pillar in our strategy is always on value. This includes everyday value driving initiatives targeted at specific customer cohorts that can be used when they are ready to shop.

我們正在採取雙管齊下的方法，相信可以實現這些目標。我們策略的第一支柱始終是價值。這包括針對特定客戶群的日常價值驅動計劃，可在他們準備購物時使用。

We are purposely trying to avoid store-wide and site-wide promotion and instead are deploying strategic offers intended to increase customer acquisition, drive frequency of visits, and provide customers with a higher degree of assurance they are getting a great value when they shop at DXL.

我們有意避免全店和全站促銷，而是部署策略優惠，旨在增加客戶獲取量、提高訪問頻率，並為客戶提供更高程度的保證，確保他們在 DXL 購物時獲得巨大價值。

In March, we induced our Heroes Discount, an active military, first responder, teachers and veterans' program that celebrates their service to our country and our communities and rewards them with a special offer.

三月份，我們推出了「英雄折扣」計劃，這是一項針對現役軍人、急救人員、教師和退伍軍人的計劃，旨在表彰他們為國家和社區做出的貢獻，並為他們提供特別優惠作為獎勵。

The Heroes Discount is attracting new customers and reactivating last customers at a greater rate than transactions without the offer. Additionally, customers using the offer are spending almost 10% more than average AOV in the company.

與沒有此優惠的交易相比，「英雄折扣」吸引新客戶和重新啟動老客戶的速度更快。此外，使用該優惠的顧客在該公司的消費金額比平均 AOV 高出近 10%。

Second, in response to research, we conducted on GLP1 usage and insights around the challenges the big and tall man faces both on and off his weight loss journey, we introduced the Fit Exchange by DXL in early Q1. Fit Exchange facilitates the in-store charitable donation by our customers of clothing which no longer fits to help others in need. In return, the customer receives a 20% discount on his in-store purchases on that visit.

其次，為了回應我們對 GLP1 使用情況的研究以及對高大男性在減肥過程中和減肥之外所面臨的挑戰的洞察，我們在第一季度初推出了 DXL 的 Fit Exchange。Fit Exchange 方便顧客在店內進行慈善捐贈，捐贈不再合身的衣服來幫助其他有需要的人。作為回報，顧客在此次光臨店內購物時可享 20% 的折扣。

Our own primary research showed us that 50% of men using GLP-1 drugs preferred to donate their old clothes, which no longer fit. The results to date have been very strong, and we are excited to see the response.

我們自己的主要研究表明，50% 使用 GLP-1 藥物的男性願意捐贈不再合身的舊衣服。迄今為止的結果非常強勁，我們很高興看到反響。

Customers utilizing the Fit Exchange program are shopping 51% more often and delivering an AOV at 39% higher, along with a 29% higher UPT versus the company average. Additionally, these customers are spending more year over year than they did in the previous 12 months. And finally, 26% of the customers in this program were new to file and reactivated customers.

與公司平均值相比，使用 Fit Exchange 計劃的顧客購物頻率提高了 51%，平均訂單價值 (AOV) 提高了 39%，而單次服務價格 (UPT) 提高了 29%。此外，這些客戶的年度支出比前 12 個月增加。最後，該計劃中的 26% 客戶是新客戶和重新啟動的客戶。

Finally, we introduced the Price Match Guarantee program late last year, providing our customers with peace of mind that they will always get the best price at DXL, leading to a 12-point improvement in value perception that was confirmed in the latest brand tracking study survey.

最後，我們在去年年底推出了價格匹配保證計劃，讓客戶安心，因為他們在 DXL 始終能獲得最優惠的價格，這使得價值感知提高了 12 個百分點，這在最新的品牌跟踪研究調查中得到了證實。

The second pillar involves the surgical use of targeted promotions by leveraging our customer segmentation data. We continue to mine actionable insights from our DXL database regarding the customer segments, helping to further define shopping behavior and how to further craft unique tactical elements of promotion.

第二個支柱是利用我們的客戶細分資料精準地進行有針對性的促銷活動。我們繼續從我們的 DXL 資料庫中挖掘有關客戶群的可行見解，幫助進一步定義購物行為以及如何進一步製定獨特的促銷戰術元素。

This will enable us to deliver more personalized communication, focus on specific brands and categories to those customers who want them.

這將使我們能夠提供更個人化的溝通，並向有需要的客戶提供特定的品牌和類別。

To better engage our best customers and drive greater spending and repeat traffic, we launched our new loyalty program in Q1. We believe this program can deliver meaningful impact leveraging insights by customer type while also incentivizing greater acquisition for the program. Early returns have surpassed expectations with the membership acquisition ahead of our Q1 forecast by 46%.

為了更好地吸引我們最好的客戶並推動更大的消費和重複流量，我們在第一季推出了新的忠誠度計劃。我們相信，該計劃可以利用客戶類型的洞察力產生有意義的影響，同時激勵該計劃實現更大的收購。早期回報已經超出預期，會員獲取量比我們第一季預測高出 46%。

Sales per member are impacting our own program and outpacing it, and we are seeing strong sales per certificate dollar redeemed at 88% on a year-to-year basis. This metric gives us much to be excited about as the program continues to wrap with new members. And finally, as you may recall, one of the drivers of the new program was to have healthier distribution of customers across the different tiers to balance spend. We are achieving this with our best customers in the top tiers and most of the membership in the base tier.

每位會員的銷售額正在影響我們自己的計劃並超越它，我們看到每張證書的銷售額同比增長了 88%。隨著計畫不斷吸收新成員，這項指標讓我們感到非常興奮。最後，您可能還記得，新計劃的驅動因素之一是在不同層級之間更合理地分配客戶，以平衡支出。我們透過頂級的最佳客戶和基礎級的大多數會員來實現這一目標。

Next, I would like to provide an update on our website re-platform project. If you recall, for the better part of the past year, we have been migrating our site from ATG to commercetools. This migration was completed at the end of March, and we remain focused on enhancing the site experience during the balance of 2025. Initiatives will include easier shopping enabled by AI, easier payment with additional buy now, pay now later options, as well as evolved product search and discovery with increased personalization.

接下來，我想提供有關我們網站重新平台專案的最新進展。如果你還記得的話，在過去一年的大部分時間裡，我們一直在將我們的網站從 ATG 遷移到 commercetools。此次遷移已於 3 月底完成，我們將持續致力於在 2025 年餘下時間內提升網站體驗。這些措施包括透過人工智慧實現更便利的購物體驗、透過新增的「先買後付」選項實現更便捷的支付方式，以及透過增強個人化實現的產品搜尋和發現。

We believe all this work, coupled with greater agility and capability of the new platform will benefit our customers and improve the site experience and conversion.

我們相信，所有這些工作，加上新平台更高的靈活性和功能，將使我們的客戶受益，並改善網站體驗和轉換率。

Before I turn it over to Peter, let me give you a quick update on the Nordstrom's marketplace.

在將主題交給彼得之前，讓我先簡單介紹一下諾德斯特龍的市場狀況。

We first went live on Nordstrom's online marketplace back in June of 2024. We now offer 37 brands and over 2,200 styles to choose from, and our assortment continues to expand with new arrivals added frequently as fresh inventory flows in.

我們於 2024 年 6 月首次在 Nordstrom 的線上市場上線。我們現在提供 37 個品牌和超過 2,200 種款式可供選擇，隨著新庫存的流入，我們的產品種類不斷擴大，新品不斷增加。

We are excited for Q2 as we finalize our marketing plans in collaboration with Nordstrom. We are optimistic that this marketing boost will help customers discover our Big and Tall assortment, and this added exposure will be key to driving demand.

我們對第二季感到很興奮，因為我們與 Nordstrom 合作完成了行銷計劃。我們樂觀地認為，此次行銷推廣將幫助客戶發現我們的「大號和高號」系列產品，而這種額外的曝光將是推動需求的關鍵。

The plan supported by Nordstroms includes personalized content, email campaigns, and in-store training to direct customers to our online presence of the Big and Tall assortment. Key merchandise drivers of the business include Polo, as well as private brands such as Harbor Bay and Oak Hill, but we have also started to see some traction within vineyard vines, Brooks Brothers, and Reebok.

Nordstroms 支援的計畫包括個人化內容、電子郵件活動和店內培訓，以引導客戶存取我們在線上的大尺碼和高尺碼商品系列。這項業務的主要商品驅動因素包括 Polo，以及 Harbor Bay 和 Oak Hill 等自有品牌，但我們也開始看到 Vineyard Vine、Brooks Brothers 和 Reebok 的一些發展勢頭。

DXL will also participate in the Nordstrom Anniversary Sale, which will be a key event for exposing more Nordstrom customers to the DXL Big and Tall brand.

DXL 也將參與 Nordstrom 週年慶促銷活動，這將是讓更多 Nordstrom 顧客了解 DXL Big and Tall 品牌的重要活動。

I also want to mention the collaboration we recently launched with TravisMathew, like what we did with UNTUCKit and Fit by DXL.

我還想提一下我們最近與 TravisMathew 的合作，就像我們與 UNTUCKit 和 Fit by DXL 的合作一樣。

TravisMathew is a brand and collection that is inspired by Southern California's laid back yet active lifestyle, and with each design driven to achieve the perfect balance between innovative design and superior style, and now DXL offers this exclusively for the big and tall consumer. The offer will maintain our Fit by DXL unique sizing to provide superior comfort and sportswear capable of fitting in while standing out, and that is what we're all about, fit.

TravisMathew 是一個品牌和系列，其靈感來自南加州悠閒而又活躍的生活方式，每個設計都力求在創新設計與卓越風格之間實現完美平衡，現在 DXL 專為高大消費者提供這款產品。此次優惠將保留我們獨特的 Fit by DXL 尺碼，以提供卓越的舒適性和運動服，既合身又能脫穎而出，這就是我們所追求的——合身。

I'll close out my comments with a few words about a topic that is creating a lot of buzz in our organization. We have licensed proprietary and exclusive technology which we named FitMAP. We believe FitMAP has the potential to redefine our retail experience. Guests at DXL can scan their body, measurements are come off using an iPad in the dressing room and then use those measurements to secure a better fit.

最後，我想就我們組織中引起廣泛關注的一個主題談幾句話來結束我的評論。我們擁有授權的專有和獨家技術，我們將其命名為 FitMAP。我們相信 FitMAP 有潛力重新定義我們的零售體驗。DXL 的客人可以掃描自己的身體，在更衣室裡使用 iPad 進行測量，然後使用這些測量數據來確保衣服更合身。

Our ambition and an ambitious vision for FitMAP is to elevate the Big and Tall shopping experience by enabling our guests to use their DXL digital body scan across various platforms. We are committed to integrating FitMAP technology into our everyday practices, both in-store and online, while forging new strategic alliances with other leading retailers, allowing the guests to easily access and shop for DXL products and obtain perfect sizing.

我們對 FitMAP 的雄心壯志和遠大願景是讓客人在各種平台上使用他們的 DXL 數位身體掃描，從而提升大尺碼和高碼購物體驗。我們致力於將 FitMAP 技術融入我們的日常實踐中，包括店內和線上，同時與其他領先的零售商建立新的策略聯盟，讓客人輕鬆存取和購買 DXL 產品並獲得完美的尺寸。

Our FitMAP customers also have the capability to order custom suits and sports coats specifically designed for our Big and Tall customers. So far, we have scanned over 20,000 guests and implemented FitMAP technology in 52 stores with a plan to end 2025 with 85 stores and to further expand this to as many as 200 stores by the end of 2027. Our exclusive rights to this technology last until 2030, which is a big win for DXL.

我們的 FitMAP 客戶還可以訂購專為我們的大號和高號客戶設計的訂製西裝和運動外套。到目前為止，我們已經掃描了超過 20,000 名客人，並在 52 家門市實施了 FitMAP 技術，計劃到 2025 年底將覆蓋範圍擴大到 85 家門市，到 2027 年底將進一步擴大到 200 家門市。我們對這項技術的獨家權利將持續到 2030 年，這對 DXL 來說是一個巨大的勝利。

Our store associates have adopted this technology to size guests accurately and fit them into our ready wear apparel. Our data shows that scanned guests tend to have a higher average order value, greater customer value, and shop more frequently. I will talk more about FitMAP on future calls, but it's safe to say this is something we truly are very excited about.

我們的店員採用了這項技術來準確測量客人的尺寸並為他們穿上適合我們的成衣。我們的數據顯示，接受掃描的客人往往具有更高的平均訂單價值、更大的客戶價值，並且購物頻率更高。我將在以後的電話會議中更多地談論 FitMAP，但可以肯定地說，這確實是一件讓我們非常興奮的事情。

And with that, I'm now going to turn it over to Peter for a review of our financials. Peter?

現在，我將把審查交給彼得，讓他來審查我們的財務狀況。彼得？

Thank you, Harvey, and good morning, everyone. I'll start with some additional color around our first-quarter financial performance.

謝謝你，哈維，大家早安。我將首先介紹我們第一季的財務表現。

Net sales for the first quarter were $105.5 million as compared to $115.5 million in the first quarter of last year. The decrease in net sales was primarily due to a decrease in comparable sales for the first quarter of 9.4%, partially offset by an increase in non-comparable sales from new stores.

第一季淨銷售額為 1.055 億美元，而去年第一季為 1.155 億美元。淨銷售額的下降主要由於第一季可比銷售額下降 9.4%，但新店非可比銷售額的成長部分抵消了這一下降。

As Harvey noted, sales trends improved month over month with comparable sales down 13.9% in February, down 8.2% in March, and down 7.2% in April.

正如哈維所指出的，銷售趨勢逐月改善，2 月可比銷售額下降 13.9%，3 月下降 8.2%，4 月下降 7.2%。

Overall, the first-quarter decline was consistent with the sales trend in fiscal 2024 as customers continued to pull back on discretionary spending and shifted toward our private label merchandise and value-driven brands which sell at lower average unit retails but generate higher margins.

總體而言，第一季的下滑與 2024 財年的銷售趨勢一致，因為客戶繼續減少可自由支配的支出，並轉向我們的自有品牌商品和價值驅動品牌，這些品牌的平均單位零售價較低，但利潤率較高。

Our gross margin rate inclusive of occupancy costs was 45.1% as compared to 48.2% in the first quarter of last year. The 310-basis point decrease was primarily due to a 280-basis point increase in occupancy costs as a percentage of sales due to the deleveraging from lower sales and increased rents from new stores and lease extensions.

我們的毛利率（包括入住成本）為 45.1%，而去年第一季為 48.2%。310 個基點的下降主要是由於銷售額下降導致的去槓桿以及新店和租約延長帶來的租金增加，導致佔用成本佔銷售額的百分比增加了 280 個基點。

Merchandise margins decreased by 30 basis points as compared to the first quarter of last year, primarily due to an increased markdown rate from the promotional offers and marketing initiatives that Harvey spoke about, partially offset by the benefit from the shift in product mix towards private label.

與去年第一季相比，商品利潤率下降了 30 個基點，主要原因是哈維提到的促銷優惠和行銷活動帶來的降價率提高，但產品結構向自有品牌轉變帶來的好處部分抵消了這一影響。

In response to the tariff situation, we accelerated some of our inventory receipts to get them on the water before the tariffs took effect. We feel very good about our inventory position, both in terms of total inventory balance at the end of the quarter and in relation to our turnover rates, as well as our clearance levels.

為了應對關稅形勢，我們加快了部分庫存收貨速度，以便在關稅生效前將其運往海上。我們對我們的庫存狀況感到非常滿意，無論是從季度末的總庫存餘額來看，還是從我們的周轉率以及清倉水準來看。

We continue to prioritize inventory management, which is a critical element of providing the best big and tall shopping experience possible.

我們繼續優先考慮庫存管理，這是提供最佳大型購物體驗的關鍵因素。

Moving on to selling, general, and administrative expenses, our SG&A as a percentage of sales increased to 45.0% as compared to 41.1% in the first quarter of 2024. The deleveraging rate was based entirely on our lower sales levels as on a dollar basis, SG&A expenses decreased by $100,000 as compared to the first quarter last year.

至於銷售、一般及行政費用，我們的銷售、一般及行政費用佔銷售額的百分比從 2024 年第一季的 41.1% 增加至 45.0%。去槓桿率完全基於我們較低的銷售水平，以美元計算，銷售、一般及行政費用與去年第一季相比減少了 10 萬美元。

The dollar decrease was primarily due to a decrease in marketing and incentive-based compensation, partially offset by an increase in store payroll and healthcare costs. Our ad-to-sales ratio for Q1 decreased to 6.1% from 6.3% in Q1 of last year. For the full year, we expect to spend 5.9% of our sales on marketing costs.

美元減少主要是由於行銷和激勵性薪酬的減少，但被商店工資和醫療保健成本的增加部分抵消。我們第一季的廣告銷售額比率從去年第一季的 6.3% 下降至 6.1%。就全年而言，我們預計行銷費用將佔銷售額的 5.9%。

As a result of the foregoing discussion, the decrease in sales had a significant impact on our EBITDA for the quarter, which came in at $100,000 as compared to $8.2 million for the first quarter of last year.

根據上述討論，銷售額的下降對我們本季的 EBITDA 產生了重大影響，本季 EBITDA 為 10 萬美元，而去年第一季為 820 萬美元。

I'll finish up with a few notes on liquidity. We continue to feel very good about the overall strength of our balance sheet. We finished the quarter with cash and short-term investments of $29.1 million as compared to $53.2 million a year ago with no outstanding debt in either period and availability of $77.1 million under our revolving credit facility.

最後，我將談一些有關流動性的說明。我們繼續對我們的資產負債表的整體實力感到非常滿意。本季結束時，我們的現金和短期投資為 2,910 萬美元，而去年同期為 5,320 萬美元，兩個期間均無未償債務，且我們的循環信貸額度為 7,710 萬美元。

The decrease in cash from a year ago includes the repurchase of $13.6 million shares of stock over the past 12 months.

與去年同期相比，現金的減少包括過去 12 個月回購價值 1,360 萬美元的股票。

With the seasonal build of inventory and payment of prior year incentive accruals, Q1 is typically a quarter with a net cash outflow. This quarter, our free cash flow, which we define as cash flow from operating activities, less capital expenditures, was the use of $18.8 million of cash as compared to the use of $7 million in last year's first quarter.

由於季節性庫存增加和上一年獎勵金的支付，第一季通常是淨現金流出的季度。本季度，我們的自由現金流（我們將其定義為來自經營活動的現金流減去資本支出）為 1880 萬美元，而去年第一季為 700 萬美元。

Most of that decrease was driven by our lower earnings and the timing of payables associated with the acceleration of inventory receipts in the first quarter. We continue to keep our excess cash invested in short-term US government treasury bills to earn interest while preserving liquidity.

大部分下降是由於我們的收益較低以及第一季庫存收貨加速導致的應付款項時間縮短。我們繼續將多餘的現金投資於短期美國政府國庫券，以賺取利息並保持流動性。

Our fortress balance sheet gives us the ability to weather the short-term economic challenges we are facing. We remain focused on executing our growth strategies and executing our business with a high level of operating discipline.

我們的堡壘資產負債表使我們能夠抵禦所面臨的短期經濟挑戰。我們將繼續專注於執行我們的成長策略，並以高水準的營運紀律開展我們的業務。

I'm now going to turn it back over to Harvey for some closing thoughts. Harvey?

現在我要把話題交還給哈維，讓他發表一些總結性的評論。哈維？

Thanks, Peter. I'll close with this statement, and while it may seem like a broken record, our team and the people of DXL are part of our secret sauce. Given this, as always, I remain energized by the dedication and the passion of the entire DXL team to serve the underserved big and tall consumer.

謝謝，彼得。最後，我想用這句話來結束，雖然這聽起來像是老生常談，但我們的團隊和 DXL 的員工是我們秘密武器的一部分。有鑑於此，一如既往，我仍然對整個 DXL 團隊為服務不足的大個子消費者所展現的奉獻精神和熱情感到振奮。

None of this would be possible without the hard work and dedication of all of our people in the stores, in the distribution center, in the corporate office, and the guest engagement center. It is because of this talented team and the culture we've created that I want to get up every morning and keep moving on this journey.

如果沒有我們商店、配送中心、公司辦公室和客戶互動中心所有員工的辛勤工作和奉獻，這一切都不可能實現。正是因為有這支才華洋溢的團隊和我們創造的文化，我才願意每天早上起床，繼續前進。

Thank you for all your hard work and commitment in pursuit of serving big and tall men and making DXL the place where they can choose their own style and wear what they want.

感謝您為服務高大男士所付出的辛勤努力和承諾，使 DXL 成為他們可以選擇自己風格和穿著自己想要的衣服的地方。

And with that, operator, we will now take questions.

接線員，我們現在開始回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Operator, if there's no questions, we will wish everyone on the call a good summer and look forward to regrouping with everyone in August, late August when we have our next quarterly earnings call.

接線員，如果沒有問題，我們祝福電話會議中的每個人都度過一個愉快的夏天，並期待在八月或八月下旬與大家重聚，屆時我們將舉行下一次季度收益電話會議。

We do have one question. It is coming from the line of Will Forsberg of Craig Hallum. One moment.

我們確實有一個問題。它來自 Craig Hallum 的 Will Forsberg 家族。請稍等。

And thank you. And now there are no more questions in the queue.

謝謝你。現在隊列中已經沒有其他問題了。

I would like to turn the call back over for closing remarks.

我想將電話轉回以便做最後發言。

We appreciate everyone's interest in DXL and look forward to a wonderful summer and continuing our move to back to growth and look forward to talking to you all in August. Thank you so much. Have a wonderful summer.

我們感謝大家對 DXL 的關注，並期待一個美好的夏天，繼續恢復成長，並期待八月與大家交談。太感謝了。祝您有個美好的夏天。

Thank you all for participating in today's conference call. You may now disconnect.

感謝大家參加今天的電話會議。您現在可以斷開連線。