Figs Inc (FIGS) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending the FIGS second quarter fiscal 2025 earnings conference call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加 FIG 2025 財年第二季財報電話會議。我叫卡梅倫，今天我將擔任主持人。（操作員指示）

And I would now like to pass the conference over to your host, SVP of Investor Relations, Tom Shaw. You may proceed.

現在我想將會議交給主持人、投資者關係高級副總裁湯姆·肖 (Tom Shaw)。您可以繼續。

Good afternoon, and thank you for joining us to discuss FIGS' second-quarter 2025 results, which we released this afternoon and can be found in our earnings press release and in the shareholder presentation posted to our Investor Relations website at ir.wearfigs.com. Presenting on today's call are Trina Spear, our Co-Founder and Chief Executive Officer; Sarah Oughtred, our Chief Financial Officer.

下午好，感謝您與我們一起討論 FIG 2025 年第二季的業績。我們今天下午發布了該業績，詳情可在我們的收益新聞稿以及發佈於投資者關係網站 ir.wearfigs.com 的股東簡報中找到。今天的電話會議由我們的共同創辦人兼執行長 Trina Spear 和財務長 Sarah Oughtred 主持。

As a reminder, remarks on this call that do not concern past events are forward-looking statements. These may include predictions, expectations or estimates, including about future financial performance, market opportunity or business plans. Forward-looking statements involve risks and uncertainties, and actual results could differ materially. These and other risks are discussed in our SEC filings, including in the 10-Q we filed today. Do not place undue reliance on forward-looking statements, which speak only as of today and which we undertake no obligation to update.

提醒一下，本次電話會議中與過去事件無關的評論均屬於前瞻性陳述。這些可能包括預測、預期或估計，包括關於未來財務表現、市場機會或商業計劃。前瞻性陳述涉及風險和不確定性，實際結果可能有重大差異。這些風險和其他風險在我們提交給美國證券交易委員會的文件中進行了討論，包括我們今天提交的 10-Q 報表。請勿過度依賴前瞻性陳述，這些陳述僅代表截至今天的觀點，我們不承擔更新的義務。

Finally, we will discuss certain non-GAAP metrics and key performance indicators, which we believe are useful supplemental measures for understanding our business. Definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the shareholder presentation we issued today.

最後，我們將討論某些非公認會計準則指標和關鍵績效指標，我們認為這些指標對於了解我們的業務是有用的補充措施。我們今天發布的股東報告中包含了這些非公認會計準則指標與最具可比性的公認會計準則指標的定義和對帳。

And now I'd like to turn the call over to Trina.

現在我想把電話轉給 Trina。

Thanks, Tom, and good afternoon, everyone. Following our strong top line performance in Q1, we were encouraged to see momentum continue in the second quarter, where solid execution drove our largest revenue quarter in our history and powered overall results ahead of expectations. We place the health care community at the center of all we do, and this unrelenting focus is coming through across three highly successful and interrelated areas.

謝謝，湯姆，大家下午好。繼第一季強勁的營收表現之後，我們很高興看到第二季的動能得以延續，穩健的執行力推動我們創造了史上最大的季度營收，並推動整體業績超出預期。我們將醫療保健界置於我們一切工作的中心，這種堅持不懈的關注體現在三個非常成功且相互關聯的領域。

First, we have strengthened our product merchandising efforts through clear assortment architecture, strategic newness and continued improvements in fit and function. Second, we have created some of our most impactful marketing to date that has resonated broadly across the health care community and driven deeper engagement. And third, we have strategically repositioned the business away from broader-based promotional periods, driving more productivity and intentionality to our overall business.

首先，我們透過清晰的分類架構、策略創新以及適配性和功能的持續改進，加強了產品行銷力度。其次，我們創造了迄今為止最具影響力的一些行銷活動，在醫療保健界引起了廣泛共鳴，並推動了更深入的參與。第三，我們策略性地重新定位了業務，不再局限於廣泛的促銷期，從而提高了整體業務的生產力和意向性。

This high level of execution is generating success in the foundational parts of our business, including the United States, our e-commerce channel and within core scrubwear. We also believe these successful efforts are being amplified as we move further past the COVID overhang towards a more normalized purchasing and replenishment backdrop.

這種高水準的執行力為我們業務的基礎部分帶來了成功，包括美國、我們的電子商務管道和核心工作服。我們也相信，隨著我們進一步擺脫新冠疫情的影響，轉向更正常化的採購和補貨環境，這些成功的努力將會放大。

Looking at Q2, net revenues outpaced expectations with 6% growth, supported by several high-quality measures that build our confidence for the balance of the year. From a category perspective, our scrubwear posted an 8% gain, which was the highest growth in the past seven quarters. This is a great example of where our integrated merchandising efforts are coming through, and we are energized by what we are seeing here as our collective efforts across newness, fabric, color and fit continue to come together in the seasons ahead.

縱觀第二季度，淨收入超出預期，成長了 6%，這得益於多項高品質指標的支持，這些指標增強了我們對今年剩餘時間的信心。從類別角度來看，我們的工作服成長了 8%，這是過去七個季度中的最高增幅。這是我們整合行銷努力取得成效的一個很好的例子，我們對在這裡看到的情況感到振奮，因為我們在未來的季節裡在新穎性、面料、顏色和合身性方面的集體努力將繼續走到一起。

From a customer perspective, growth in our active customers was supported by solid gains in both acquisition and returning customers. We also saw strong trends in two important measures that we believe are indicative of growing brand health.

從客戶角度來看，我們的活躍客戶的成長得益於新客戶和回頭客的穩健成長。我們還發現兩個重要指標呈現強勁趨勢，我們認為這表明品牌健康狀況正在提高。

First, AOV gained 4% to come in just below our record level achieved last quarter. Second, customers responded particularly strongly during our baseline days with pronounced growth during these periods that more than offset our planned reductions to our promotional days. As a reminder, we are continuing to be more deliberate with how and when we use promotions throughout 2025.

首先，AOV 成長了 4%，略低於我們上個季度創下的歷史最高水準。其次，顧客在我們基準日期間的反應尤其強烈，這些期間的銷量顯著增長，遠遠抵消了我們計劃減少的促銷日數量。提醒一下，我們將在 2025 年繼續更加謹慎地考慮如何以及何時使用促銷活動。

Finally, from a geographic perspective, our US business was positive for the second straight quarter, growing on top of the modest gain in Q2 last year. And as I'll discuss shortly, the international business continues to mix higher as we drive investment and impact to more markets. Magnifying our top line momentum, margins were also better than planned. In particular, our team has done a fantastic job of aggressively working to rightsized our logistics footprint and drive efficiencies.

最後，從地理角度來看，我們的美國業務連續第二季呈現正面態勢，在去年第二季小幅成長的基礎上持續成長。正如我將很快討論的那樣，隨著我們推動投資並影響更多市場，國際業務將繼續呈現更高的混合度。利潤率也高於計劃，這擴大了我們的營收成長動能。特別是，我們的團隊在積極努力地調整我們的物流佈局和提高效率方面做得非常出色。

While these gains materialized quicker than expected, they are ones that we intend to sustain and build off of going forward. Even as we kept our focus on strategic investments in other parts of our P&L, our adjusted EBITDA margin improved 390 basis points year over year to 12.9%, which we believe demonstrates the power of our model when top line gains are matched with disciplined expense management.

雖然這些收益比預期更快實現，但我們打算繼續保持並在此基礎上繼續前進。即使我們繼續將重點放在損益表其他部分的策略投資上，我們的調整後 EBITDA 利潤率仍比去年同期提高了 390 個基點，達到 12.9%，我們相信，當營收收益與嚴格的費用管理相匹配時，這證明了我們模型的強大力量。

Looking ahead, we believe we're in a great position to both leverage our first half demand momentum and manage what remains a very dynamic trade environment. Given tariff uncertainty, our team had a productive trip during Q2 to visit a number of our key suppliers, where we focused on fortifying our strong relationships, building flexibility in our footprint and driving future innovation and development. FIGS remains an important sought-after partner for suppliers, supported by the nonseasonal replenishment nature of our assortment. Sarah will detail our outlook inclusive of last week's trade updates. But even with the current tariff assumptions, we believe our revenue strength and early cost mitigation efforts position us favorably from our call three months ago.

展望未來，我們相信我們處於有利地位，既可以利用上半年的需求勢頭，又可以管理仍然非常活躍的貿易環境。鑑於關稅的不確定性，我們的團隊在第二季度進行了一次富有成效的旅行，拜訪了一些主要供應商，我們專注於鞏固我們牢固的關係，在我們的業務範圍內建立靈活性，並推動未來的創新和發展。由於我們的產品具有非季節性補貨特性，FIGS 仍然是供應商的重要合作夥伴。莎拉將詳細介紹我們的展望，包括上週的交易更新。但即使按照目前的關稅假設，我們相信，與三個月前的預測相比，我們的收入實力和早期的成本降低努力使我們處於有利地位。

Overall, this means an improved outlook with fiscal 2025 top line now expected to grow low single digits and an increased adjusted EBITDA margin range to 8.5% to 9%. To be clear, there is more work to be done here as we plan for tariff impacts in 2026 but are encouraged by the mitigation options in our toolkit as we look across supplier negotiations, ongoing SG&A savings and focused pricing action.

總體而言，這意味著前景有所改善，預計 2025 財年營收將成長低個位數，調整後的 EBITDA 利潤率將提高至 8.5% 至 9%。需要明確的是，在我們規劃 2026 年關稅影響時，這裡還有更多工作要做，但當我們審視供應商談判、持續的銷售、一般及行政費用節省和有針對性的定價行動時，我們工具包中的緩解選項令我們感到鼓舞。

Now shifting back to our strategy, where serving health care professionals remains at the heart of all we do. We continue to focus on what impact we can have on our community and how we can best celebrate them. We believe these are the key measures to differentiate the brand with health care professionals and ultimately drive the value of our company to all stakeholders. To that end, we're incredibly proud of our recent efforts. On our last earnings call, we were right in the middle of Nurses Week, which went on to become one of our most comprehensive and impactful effort for the celebration to date.

現在回到我們的策略，為醫療保健專業人士服務仍然是我們一切工作的核心。我們將繼續關注我們能為社區帶來什麼影響以及如何最好地慶祝這些影響。我們相信這些是將品牌與醫療保健專業人士區分開來並最終為所有利益相關者帶來公司價值的關鍵措施。為此，我們對最近的努力感到無比自豪。在我們上次的收益電話會議上，我們正​​處於護理師週期間，這成為迄今為止我們為慶祝活動所做的最全面、最有影響力的努力之一。

We hosted 18 events across the country, capped the week with a feature on the Jennifer Hudson show and unveiled a powerful new chapter of our Rarity Wear FIGS campaign, a rallying cry to uplift nurses and spotlight the impact they make every day. The response was extraordinary.

我們在全國各地舉辦了 18 場活動，並以珍妮佛哈德森秀為本週畫上圓滿句號，並揭開了 Rarity Wear FIG 活動的強大新篇章，這是一次鼓舞護士的號召，並聚焦於他們每天所產生的影響。反應非常熱烈。

FIGS had approximately 900 million impressions, easily attaining the largest Nurses Week reach in our history. Film views were up an incredible 10 times year over year and overall social engagement was up 5x. As with all brand-building efforts, we expect the full impact to compound over time, but we believe the extraordinary engagement we're seeing is already fueling growth in our business, and we're not slowing down. Just this week, we launched the fourth chapter of where-to-wear FIGS filmed at the University of Wisconsin, the alma mater of our Co-Founder, Heather Hasson. This chapter puts the spotlight on students.

FIG 的曝光量約為 9 億次，輕鬆創下護理師週史上最大的影響力。電影觀看量年增了 10 倍，整體社交參與度成長了 5 倍。與所有品牌建立工作一樣，我們預計其全面影響會隨著時間的推移而增強，但我們相信，我們所看到的非凡參與已經推動了我們業務的成長，而且我們不會放慢腳步。就在本週，我們推出了 FIG 第四章的穿搭指南，該章節在威斯康辛大學拍攝，威斯康辛大學是我們聯合創始人 Heather Hasson 的母校。本章重點在於學生。

There are real challenges in their aspirations as they pursue a career in medicine. It's also the cornerstone of our back-to-school campaign, which importantly returned to its regular cadence this year.

當他們追求醫學事業時，他們的願望面臨著真正的挑戰。這也是我們返校活動的基石，重要的是，今年返校活動恢復了正常的節奏。

We're excited to carry this momentum into the second half of the year with more chapters to come, all rooted in our mission to celebrate, empower and serve our community in meaningful ways. As we think about furthering our impact, we set a new bar for ourselves when we headed to Washington, D.C. in June with 18 extraordinary FIGS ambassadors for awesome humans on the hill. This event is a capstone to our on-the-ground efforts in D.C. throughout the year to advocate for solutions to the biggest policy challenges facing health care professionals.

我們很高興能將這種勢頭延續到下半年，並推出更多篇章，所有這些都植根於我們的使命，以有意義的方式慶祝、賦權和服務我們的社區。當我們考慮進一步擴大影響力時，我們在 6 月與 18 位傑出的 FIG 大使一起前往華盛頓特區，為山上的傑出人士服務，為自己設定了新的標準。這次活動是我們全年在華盛頓特區實地努力倡導解決醫療保健專業人員面臨的最大政策挑戰的解決方案的頂峰。

And this year, we went bigger than ever. During this year's -- awesome Humans on the Hill, we focused our efforts on three key issues from our policy platform. To ease financial strain, we lobbied for the awesome Humans Act developed by FIGS to provide a tax credit for health care professionals. To protect mental health, we urged the reauthorization and funding of the Dr. Lorna Breen Healthcare Provider Protection Act.

今年，我們的規模比以往更大。在今年的國會山莊會議上，我們重點關注了政策平台上的三個關鍵議題。為了緩解財政壓力，我們遊說 FIG 制定出色的《人類法案》，為醫療保健專業人員提供稅收抵免。為了保護心理健康，我們敦促重新授權和資助《洛娜·布林博士醫療保健提供者保護法案》。

And to alleviate administrative burdens and return the focus to patients, we advocated for the reducing medically unnecessary delays in Care Act, legislation that would make much needed improvements to the broken prior authorization system.

為了減輕行政負擔並將重點重新放在患者身上，我們提倡《護理法案》減少醫療上不必要的延誤，該法案將對有缺陷的事先授權系統做出急需的改進。

We brought our advocacy efforts directly to both the biggest powers in Congress and all Americans with the support of actor and health care advocate Noah Wiley from The Pitt and ER. And even more importantly, his mother, Marty Wiley, an orthopedic nurse of nearly 50 years. Recently nominated for Emmy for Best Drama and Best Actor for Noah, The Pitt has served as Noah's love letter to frontline health care workers and highlights the same challenges we have been working so hard to address with our advocacy.

在匹茲堡大學和急診室的演員兼醫療保健倡導者諾亞威利 (Noah Wiley) 的支持下，我們將我們的倡議工作直接帶給了國會的最大權力和所有美國人。更重要的是，他的母親馬蒂威利 (Marty Wiley) 是一位擁有近 50 年經驗的骨科護理師。《皮特》最近獲得了艾美獎最佳劇情類劇集和最佳男主角的提名，它是諾亞寫給一線醫護人員的情書，並突顯了我們一直在努力透過倡導解決的同樣挑戰。

Together with Noah and our team of ambassadors, we had over 35 meetings with policymakers from both sides of the aisle and held a congressional briefing to a packed room in the capital. We also had live segments on CVC Mornings and ABC News, a powerful off bed in USA TODAY and captured over 5 million organic views from our social posts alone. Bottom line, there is no health care without a well-cared for health care workforce. And it's our privilege and our responsibility to ensure that lawmakers keep this top of mind as they craft health care policy.

我們與諾亞和我們的大使團隊一起，與來自兩黨的政策制定者舉行了 35 多次會議，並在首都的一個擠滿人的房間裡舉行了國會簡報會。我們也在CVC Mornings和ABC News上進行了直播，ABC News是《今日美國》的熱門欄目，光是社群媒體貼文就獲得了超過500萬的自然瀏覽量。總而言之，沒有一支得到良好照護的醫護人員隊伍，就沒有醫療保健。確保立法者在製定醫療保健政策時將這一點放在首位是我們的榮幸和責任。

Moving to our international strategy, where we drove impressive gains across Mexico, Europe, Latin America and the Middle East. Similar to last quarter, we saw some softness in Canada, largely given an outsized impact of our promotional pullback. However, we were encouraged with positive performance during our full price periods in this market and have continued to take localized action to spur demand.

轉向我們的國際策略，我們在墨西哥、歐洲、拉丁美洲和中東取得了令人矚目的成長。與上一季類似，我們發現加拿大市場也出現一些疲軟跡象，這主要是因為我們的促銷撤回造成了過大的影響。然而，我們對該市場全價期間的正面表現感到鼓舞，並繼續採取在地化行動來刺激需求。

Our overall international approach this year has centered around investing and execution. A key milestone in Q2 was the debut of our business in Japan, where we are off to a good start. Our main focus is to continue to listen and learn from our community and apply localized strategies to drive awareness.

我們今年的整體國際化策略以投資和執行為中心。第二季的一個重要里程碑是我們在日本的業務首次亮相，目前我們取得了良好的開端。我們的主要重點是繼續傾聽和學習社群的意見，並運用在地化策略來提升知名度。

Next up in Q3, we are adding another important country to our roster with the planned launch of South Korea. We are taking a similarly measured approach there, learning cultural nuances and preferences. We are excited to take these two big steps as we start to expand our business across the Asia Pacific region and look forward to seeing the impact on our business in 2026 and beyond.

接下來在第三季度，我們計劃將韓國加入我們的名單中。我們在那裡採取了類似的衡量方法，以了解文化細微差別和偏好。我們很高興能邁出這兩大步，因為我們開始在亞太地區擴展業務，並期待看到它們對我們在 2026 年及以後的業務產生的影響。

As we indicated last quarter, we are also harnessing technology to expand our regional approach to new markets. This strategy focuses on leveraging regional commonalities like purchase behavior, language and seasonality, allowing us to accelerate our entry into additional markets while retaining a premium brand positioning.

正如我們上個季度所指出的，我們也正在利用科技來擴大我們對新市場的區域佈局。此策略專注於利用購買行為、語言和季節性等區域共通性，使我們能夠加快進入其他市場的速度，同時保持高端品牌定位。

Just last week, we utilized this program in Latin America to open 12 new markets across the region. Finally, we are in the early process of investing resources in market across our business functions. We will have more to come on this front over time as we focus our initial efforts on Canada, the UK and Mexico.

就在上週，我們在拉丁美洲利用該計劃在該地區開拓了 12 個新市場。最後，我們正處於向各個業務職能部門的市場投入資源的早期階段。隨著我們最初的努力重點放在加拿大、英國和墨西哥，我們將在這方面取得更多進展。

Our investment focusses this year extends to our team's business, where we continue to see immense opportunities to reach new global health care institutions over time. To truly scale this opportunity, we are hyper-focused on several areas this year. This starts with adding talent and driving sharper focus in how we build relationships across a diverse range of health care institutions. We then support these efforts by expanding our work on the technology side, supporting flexible customer solutions and a streamlined user experience.

我們今年的投資重點延伸到了我們團隊的業務，隨著時間的推移，我們繼續看到接觸新的全球醫療保健機構的巨大機會。為了真正擴大這個機會，我們今年高度關注幾個領域。首先要增加人才，並更重視如何與各種醫療機構建立關係。然後，我們透過擴展技術方面的工作、支援靈活的客戶解決方案和簡化的使用者體驗來支援這些努力。

Finally, we're building out our marketing engine to support the overall awareness of this business. Importantly, we continue to believe these teams efforts will have added importance as we look outside the US, where there are different buying nuances and preferences. Community Hubs also remains an exciting opportunity to extend our engagement with new and existing health care professionals.

最後，我們正在建立行銷引擎，以提升我們業務的整體知名度。重要的是，我們始終相信，這些團隊的努力將對我們拓展美國以外的市場至關重要，因為那裡有不同的購買偏好和細微差別。社區中心仍然是一個令人興奮的機會，可以擴大我們與新舊醫療保健專業人士的互動。

As we outlined last quarter, the channel continues to see about 40% of customers coming in new to the brand and approximately 30% of these acquired customers go on to purchase through our e-commerce channel. We are also capturing unique insights in the channel. For example, during the second quarter, this included a stronger core scrubwear mix, stronger men's penetration, the higher adoption of our Formex fabrication and the ongoing success of Embroidery. Our ability to bring the brand to locations that add convenience to the busy lives of health care professionals also makes community hubs appealing.

正如我們上個季度所概述的，該管道繼續吸引約 40% 的新客戶，其中約 30% 的客戶繼續透過我們的電子商務管道進行購買。我們也在該頻道中捕捉了獨特的見解。例如，在第二季度，這包括更強大的核心工作服組合、更強的男裝滲透率、更高的 Formex 製造採用率以及刺繡的持續成功。我們能夠將品牌帶到為醫療保健專業人員忙碌的生活增添便利的地點，這也使得社區中心具有吸引力。

Last quarter, we highlighted our next hub is in Houston, which is opening within steps of the world's largest medical complex. We are also excited to announce that we're working toward planned openings of our next two hubs in New York City and Chicago. Opening the Upper East side, the New York location combines a densely populated residential area, strong existing e-commerce demand and a high concentration of premium health care institutions. This includes Memorial Sloan Kettering, New York (inaudible), Wild Cornell and Lennox Hill.

上個季度，我們重點介紹了我們的下一個醫療中心位於休士頓，距離世界上最大的醫療中心僅幾步之遙。我們也很高興地宣布，我們正在籌備接下來的兩個醫療中心，分別位於紐約市和芝加哥。紐約門市位於上東區，結合了人口稠密的住宅區、強勁的現有電子商務需求以及大量高端醫療機構。其中包括紐約紀念斯隆凱特琳癌症中心（聽不清楚）、Wild Cornell 醫院和 Lennox Hill 醫院。

Our Chicago location will open near the Illinois Medical District, one of the largest in North America. With planned store sizes ranging between our existing two locations, we are excited to take early learnings and apply an updated design to these three new openings.

我們的芝加哥診所將開設在伊利諾伊醫療區附近，該醫療區是北美最大的醫療區之一。由於計劃開設的店鋪規模介於我們現有的兩個地點之間，我們很高興能夠吸取早期的經驗教訓，並將更新的設計應用於這三家新店。

Before handing the call over to Sarah, I want to reiterate our growing confidence in the momentum of our business and our excitement and the opportunities we see ahead. We are managing macro uncertainty well, executing in the areas we can control and setting ourselves up for continued success. We are supported by an incredibly strong balance sheet, which allows us to make thoughtful strategic decisions in how we invest today and also return value to shareholders over the long term. And most importantly, we are proud of how our unrelenting focus and leadership in the health care space supports this amazing community.

在將電話交給莎拉之前，我想重申我們對業務發展勢頭日益增長的信心以及我們對未來機會的興奮之情。我們正在妥善管理宏觀不確定性，在我們能夠控制的領域執行任務，為持續的成功做好準備。我們擁有極其強勁的資產負債表的支持，這使我們能夠就當前的投資方式做出深思熟慮的策略決策，並在長期內為股東帶來回報。最重要的是，我們為我們在醫療保健領域的不懈關注和領導力如何支持這個令人驚嘆的社區而感到自豪。

With that, I'll pass it over to Sarah.

說完這些，我就把它交給莎拉。

FIGS' strong second quarter results were above expectations on both top and bottom lines, highlighting the ongoing momentum of our efforts with product, marketing and promotional repositioning and demonstrating the successful execution of some of our targeted expense measures. Net revenues increased 6% year over year to $152.6 million, above our outlook of approximately flat performance for the period. We were particularly encouraged by strength in some of the core elements of our business, including improved trends in our overall scrubwear category across core colors and styles, strong growth in our business-as-usual selling periods and the overall growth in our domestic business as we reached a new quarterly sales record in the US.

FIG 強勁的第二季業績超出了預期，無論是營收還是利潤，都凸顯了我們在產品、行銷和促銷重新定位方面持續努力的勢頭，並證明了我們一些有針對性的費用措施的成功執行。淨收入年增 6% 至 1.526 億美元，高於我們對該期間業績大致持平的預期。我們尤其對我們業務的一些核心要素的強勁表現感到鼓舞，包括我們整個工作服類別在核心顏色和款式方面的趨勢改善、我們正常銷售期的強勁增長以及我們國內業務的整體增長，因為我們在美國創下了新的季度銷售記錄。

As planned, we also continue to execute on a more intentional pullback with our promotional strategy in 2025. While this creates headwinds year over year, we believe this sets us up for long-term success, and we are pleased to see more productivity during this year's more limited offerings.

按照計劃，我們也將在 2025 年繼續更有意識地實施促銷策略。雖然這種情況逐年加劇，但我們相信這將為我們的長期成功奠定基礎，我們很高興看到在今年有限的供應範圍內實現了更高的生產力。

Looking further at our trends, AOV increased 4% to $117, primarily driven by higher average unit retail due to product mix and lower return rates. On the customer front, while we continue to see some impact from our promotional changes this year, we were excited to see improving acquisition trends and the ongoing success of reengaging returning customers. Overall, our active customers increased 4% year over year to 2.7 million, while net revenues per active customer eased less than 1% to $208.

進一步觀察我們的趨勢，AOV 增長 4% 至 117 美元，主要由於產品組合導致的平均單位零售額增加和退貨率降低。在客戶方面，雖然我們今年的促銷活動調整仍帶來一些影響，但我們欣喜地看到客戶獲取趨勢的改善以及回頭客的持續成功。整體而言，我們的活躍客戶年增4%，達到270萬，而每位活躍客戶的淨收入下降不到1%，為208美元。

By category, scrubwear grew 8%, representing 83% of net revenues for the period and exceeding our expectations. As Trina mentioned, we have been effective across our product merchandising efforts, driving momentum to our core and supporting productive new colors and style launches. We also progressed on our fit efforts with key styles starting to be fully updated during Nurses Week. Non-scrubwear decreased 3%, representing 17% of net revenues.

按類別劃分，工作服成長了 8%，佔當期淨收入的 83%，超出了我們的預期。正如Trina所提到的，我們的產品行銷工作卓有成效，不僅為核心業務注入了強勁動力，還支持了新顏色和款式的高效發布。我們的剪裁工作也取得了進展，在護士週期間，主要款式開始全面更新。非醫用服銷售額下降了3%，佔淨收入的17%。

The category overall had a higher negative impact from the pullback in our promotional strategy. Additionally, our intentional shift in the marketing calendar and overall campaign focus put more of the product spotlight on our core scrubwear business during the period. By geography, US sales increased 4% to $129.9 million, our strongest performance in nearly two years and supported by balanced growth from both new and repeat customers.

我們的促銷策略撤回對整個類別產生了較大的負面影響。此外，我們有意調整了行銷日程和整體行銷活動重點，使產品在此期間更專注於我們的核心工作服業務。按地區劃分，美國銷售額成長 4% 至 1.299 億美元，這是我們近兩年來最強勁的業績，並受到新客戶和回頭客均衡成長的支持。

International net revenues increased 20% with many of the same dynamics seen in the US playing out globally, just at a higher rate. This includes strong new and existing customer growth and great performance during our baseline days. Gross margin for Q2 contracted 40 basis points to 67%, though continuing to trend in a fairly tight range over the past year. Results were impacted by higher inventory reserves and a modest impact from higher tariffs and were partially offset by a higher duty drawback and a lower return rate.

國際淨收入成長了 20%，美國出現的許多相同動態在全球範圍內都有所體現，只是成長速度更快。這包括新舊客戶的強勁成長以及在基準期間的出色表現。第二季的毛利率下降了 40 個基點至 67%，儘管在過去一年中繼續保持相當窄的區間趨勢。業績受到庫存儲備增加和關稅上調的輕微影響，但被退稅增加和退貨率降低部分抵消。

Our selling expense for Q2 was $34.4 million, representing 22.6% of net revenues compared to 25.6% last year. We were proud of our efforts here with several of our efficiency and mitigation strategies across both fulfillment and shipping taking hold quicker than expected.

我們第二季的銷售費用為3,440萬美元，佔淨收入的22.6%，去年同期為25.6%。我們為此感到自豪，我們在配送和運輸方面實施的多項效率和緩解策略比預期更快見效。

On the fulfillment side, we are driving continuous improvements across the board as we work to optimize operations and align costs at this much larger distribution center. While outbound shipping had been a headwind, we took swift action to optimize our carrier mix and pricing, driving significant savings without sacrificing service.

在履行方面，我們正在全面推動持續改進，努力優化這個更大的配送中心的營運並調整成本。雖然出境運輸一直面臨阻力，但我們迅速採取行動，優化承運商組合和定價，在不犧牲服務的前提下實現大幅節約。

Marketing expense for Q2 was $23.2 million, representing 15.2% of net revenues, down from 15.9% last year and generally in line with expectations. G&A for Q2 was $34.7 million, representing 22.8% of net revenues compared to 24.8% last year.

第二季行銷費用為 2,320 萬美元，佔淨收入的 15.2%，低於去年的 15.9%，基本上符合預期。第二季的一般及行政費用為 3,470 萬美元，佔淨收入的 22.8%，而去年同期為 24.8%。

Similar to last quarter, the Q2 decrease in the G&A expense rate was due to meaningfully lower stock-based compensation expense. This impact was partially offset by higher people costs as we invest in scaling the business as well as higher depreciation related to asset purchases for the fulfillment center. In total, our adjusted EBITDA for Q2 was $19.7 million with an adjusted EBITDA margin of 12.9% compared to 9% last year. Net income for the quarter was $7.1 million or diluted EPS of $0.04 compared to net income of $1.1 million last year or diluted EPS of $0.01.

與上季類似，第二季一般及行政費用率的下降是由於股票薪資費用大幅下降。由於我們投資於業務擴張，人力成本上升，以及與訂單履行中心資產採購相關的折舊費用增加，部分抵消了這一影響。總體而言，我們第二季的調整後 EBITDA 為 1,970 萬美元，調整後 EBITDA 利潤率為 12.9%，而去年為 9%。本季淨收入為 710 萬美元，即稀釋每股收益 0.04 美元，而去年淨收入為 110 萬美元，即稀釋每股收益 0.01 美元。

On to our balance sheet. We finished the second quarter with a strong net cash, cash equivalents and short-term investment position of $238.8 million. Inventory increased 14% year over year to $135.5 million or up 8% on a unit basis. The delta between dollar growth and unit growth during the quarter reflects the impact of higher average unit pricing due to product mix and some modest tariff impact.

看看我們的資產負債表。我們在第二季結束時擁有強勁的淨現金、現金等價物和短期投資狀況，總額達 2.388 億美元。庫存年增 14% 至 1.355 億美元，以單位計算成長 8%。本季美元成長與單位成長之間的差異反映了產品組合和一定程度的關稅影響所導致的平均單位價格上漲的影響。

For the balance of the year, we currently expect unit growth to continue to outpace revenue growth given planned product introductions and deeper investments in select areas of the business. We also expect total inventory growth will accelerate the next few quarters, widening the gap with unit growth as higher tariff goods are brought in.

鑑於計劃推出的產品以及對特定業務領域的進一步投資，我們目前預計今年剩餘時間的銷售成長將繼續超過收入成長。我們也預計，隨著高關稅商品的進口，未來幾季總庫存成長將加速，與銷售成長的差距將進一步擴大。

On the capital allocation side, we did not repurchase shares this period and have $52 million available for future repurchases under our current share repurchase program. In the near term, we plan to focus on prioritizing investments in our business and preserving our balance sheet strength as trade dynamics stabilize. Capital expenditures for the quarter were $1.1 million, and we now expect approximately $6 million for the full year.

在資本配置方面，我們本期沒有回購股票，根據我們目前的股票回購計劃，有 5,200 萬美元可用於未來回購。短期內，隨著貿易狀況的穩定，我們計劃專注於優先投資我們的業務，並保持我們的資產負債表實力。本季的資本支出為 110 萬美元，我們目前預計全年資本支出約為 600 萬美元。

Now turning to our outlook for the balance of the year. While the tariff backdrop continues to evolve, our year-to-date execution and effective strategic planning are supporting higher top and bottom-line outlook from what we outlined three months ago. Embedded in this outlook, we continue to expect an unmitigated tariff impact of approximately 150 basis points, so it'll cover how the assumptions in this estimate have evolved. Considering the net impact of several factors, including an improved top line, successful mitigation initiatives and ongoing investments, we are now pleased to be back within 50 basis points of our original 2025 outlook.

現在來談談我們對今年餘下的展望。儘管關稅背景不斷變化，但我們今年迄今為止的執行情況和有效的戰略規劃支持了我們三個月前所概述的更高的頂線和底線前景。基於這種前景，我們繼續預期未緩解的關稅影響約為 150 個基點，因此它將涵蓋該估計中的假設如何演變。考慮到多種因素的淨影響，包括收入的提高、成功的緩解措施和持續的投資，我們現在很高興回到我們最初 2025 年展望的 50 個基點以內。

Looking at the specifics, full year 2025 net revenues are now expected to grow low single digits year over year, improving from our prior outlook of down low single digits. This updated range includes the outperformance from our Q2 results as well as added confidence in our second half assumptions.

具體來看，我們預計2025年全年淨收入將年增率低個位數，較我們先前預測的低個位數下降有所改善。此次更新的預期範圍涵蓋了我們第二季業績的優異表現，以及對下半年業績預測的信心增強。

As we have outlined today, we have been successful in reinvigorating our customer funnel and accelerating growth across core elements of our business, which we believe will better support back half of the year trends. However, we continue to factor in two dynamics that are expected to limit our second half performance.

正如我們今天所概述的，我們成功地重振了我們的客戶管道，並加速了我們業務核心要素的成長，我們相信這將更好地支持下半年的趨勢。然而，我們仍然將兩種預計會限制我們下半年表現的動態因素考慮在內。

First, we expect a greater headwind from our ongoing promotional changes with more aggressive reductions of promotional days planned in Q3 and Q4. Second, we continue to factor in some uncertainty around macro consumer behavior, particularly as trade policies continue to unfold and the consumer faces a range of potential pricing impacts across purchase decisions. Looking specifically at the third quarter, we are planning for net revenues in a range of flat to up 2% growth year over year.

首先，我們預計正在進行的促銷變化將帶來更大的阻力，並計劃在第三季和第四季進一步大幅減少促銷天數。其次，我們繼續考慮宏觀消費者行為的一些不確定性，特別是隨著貿易政策的不斷發展以及消費者在購買決策中面臨一系列潛在的價格影響。具體來看第三季度，我們計劃淨收入與去年同期相比持平至成長 2%。

On to gross margins, where we expect approximately 150 basis points of total pressure for the year, which corresponds with the expected tariff headwind. As it relates to our current tariff positioning, we have worked to evolve our supplier footprint with production now balanced between Vietnam and Jordan, while further limiting what was already very limited production in China.

對於毛利率，我們預計全年總壓力約為 150 個基點，這與預期的關稅逆風相對應。就我們目前的關稅定位而言，我們一直致力於擴大我們的供應商足跡，目前越南和約旦之間的生產已達到平衡，同時進一步限制中國原本就非常有限的生產。

With this mix, we are currently planning for added tariffs of 20% in Vietnam, 15% in Jordan and 30% in China. While the weighted average impact of these assumptions results in a larger annualized headwind than previously expected, the net incremental impact to 2025 is minimal. This is due to both the earlier favorability in China assumptions and also the later effective dates in Vietnam and Jordan.

透過這種組合，我們目前計劃對越南徵收20%的附加關稅，對約旦徵收15%的附加關稅，對中國徵收30%的附加關稅。雖然這些假設的加權平均影響導致年度化逆風比之前預期的要大，但到 2025 年的淨增量影響卻很小。這是因為先前對中國的假設較為有利，而越南和約旦的生效日期則較晚。

With average costing and sell-through assumptions, the tariff impact is expected to build in Q3 and then again in Q4. Notably, the Q3 tariff headwind is planned to be largely offset by the benefits of our promotional repositioning as well as additional cost mitigation efforts, resulting in an overall gross margin contraction of approximately 50 basis points. However, the growing Q4 tariff pressure, coupled with lapping a sizable onetime benefit from duty drawback claims creates a meaningfully higher margin drag planned that quarter.

根據平均成本和銷售假設，關稅影響預計將在第三季和第四季再次顯現。值得注意的是，第三季關稅逆風預計將被我們的促銷重新定位以及額外的成本緩解措施帶來的好處所抵消，導致整體毛利率收縮約 50 個基點。然而，第四季關稅壓力不斷增大，加上退稅申請帶來的一次性巨額收益的抵消，導致該季度的利潤率大幅下降。

While the planned tariff pressure will build into 2026, we have a number of levers across supplier negotiations, expense savings and targeted pricing that we will look to deploy next year. In SG&A, we expect a number of sizable expense rate moves over the next two quarters given the timing of comparisons of certain investments as well as from our mitigation strategies. Last year's selling expenses reflected higher fulfillment center expenses, including significant transitory costs in Q3, followed by higher-than-expected operating costs in Q4.

雖然計畫中的關稅壓力將持續到2026年，但我們在供應商談判、費用節省和目標定價方面擁有一系列槓桿，並將在明年著手部署。在銷售、一般及行政管理方面，考慮到某些投資的比較時機以及我們的緩解策略，我們預期未來兩季的費用率將會大幅波動。去年的銷售費用反映了更高的配送中心費用，包括第三季的巨額臨時成本，以及第四季高於預期的營運成本。

As we lap the transitory portion of these costs this quarter, our scaling efforts and mitigation strategies are also driving savings and expect the overall selling rate to make meaningful progress in returning closer to 2022 and 2023 levels. The marketing expense rate is expected to be down slightly for the full year, primarily given the Olympics comparison, which would drive sizable expense leverage this Q3. We note a meaningfully higher rate of spend now planned in Q4, partially given the lower investment rate in the prior year's period, but also to ramp up investments ahead of the 2026 Winter Olympics, which begins in early February.

隨著我們在本季度承擔這些成本的暫時部分，我們的擴展努力和緩解策略也在推動​​節約，並預計整體銷售率將取得有意義的進展，接近 2022 年和 2023 年的水平。預計全年行銷費用率將略有下降，主要是因為奧運將推動第三季相當大的費用槓桿。我們注意到，第四季度的計畫支出率顯著提高，部分原因是去年同期的投資率較低，同時也是為了在 2 月初開始的 2026 年冬季奧運會之前加大投資。

G&A expenses will continue to reflect higher planned people costs, which will be more than offset by what is now planned to be a $14.5 million reduction in stock-based comp year over year. As we look at full year adjusted EBITDA margin, which includes the impact of stock-based compensation expense, we now expect a range of 8.5% to 9%, ahead of our prior outlook of 7.5% to 8.5%. For Q3, we expect an adjusted EBITDA margin of 9% to 9.5%, up significantly from 3.4% last year given the discrete investment during that period. This also means a sharply lower planned Q4 margin given the ramping impacts of tariffs and our marketing timing.

一般及行政費用將繼續反映計劃內人員成本的增加，而目前計劃的1450萬美元股票薪酬同比減少將完全抵消這一增加。考慮股票薪酬費用的影響，我們預計全年調整後EBITDA利潤率將在8.5%至9%之間，高於我們先前預測的7.5%至8.5%。考慮到第三季的獨立投資，我們預期調整後EBITDA利潤率將在9%至9.5%之間，較去年同期的3.4%大幅成長。考慮到關稅和行銷時機的不斷增加的影響，這也意味著第四季度的計劃利潤率將大幅下降。

Overall, I would like to reiterate how excited we are to see our health care customers respond so well within this environment. We have built a powerful leadership position within the health care apparel space and are now driving even more impactful and expanded engagement across product, channel and geographies. At the same time, our team has quickly responded in this challenging trade environment, executing a range of cost savings opportunities while also ensuring dollars are deployed to support the long-term opportunity. We look forward to building on this execution in the quarters ahead.

總的來說，我想重申一下，我們很高興看到我們的醫療保健客戶在這種環境下反應如此良好。我們在醫療保健服裝領域建立了強大的領導地位，目前正在推動更具影響力、更廣泛地參與產品、通路和地理的合作。同時，我們的團隊在當前充滿挑戰的貿易環境中迅速做出反應，實施了一系列成本節約機會，並確保資金投入支持長期發展的機會。我們期待在未來幾季繼續推進這項執行工作。

I will now turn the call back over to the operator for Q&A. Operator?

我現在將把電話轉回給接線員進行問答。操作員？

(Operator Instructions) Adrienne, Barclays.

（操作員指示）艾德麗安，巴克萊銀行。

This is Angus Kelleher on for Adrianne. I wanted to ask about AOV and product innovation impact. So AOV increased 4% in Q2 and has shown steady improvement over recent quarters. Can you rank order the drivers of this recovery in terms of how much is promotional strategy, product mix or new product launches? And then on that note, what's your outlook for AOV progression for the rest of 2025?

我是 Adrianne 的 Angus Kelleher。我想問 AOV 和產品創新的影響。因此，第二季平均訂單價值 (AOV) 成長了 4%，最近幾季一直穩定改善。您能否根據促銷策略、產品組合或新產品發布的程度對此次復甦的驅動因素進行排序？那麼，您對 2025 年剩餘時間內 AOV 的進展有何展望？

I can start and then, Sarah, if you want to jump in. Thank you, Angus, for the question. I think it's important when you think about AOV, which -- it was our second-best quarter. We hit $117, up 4%. And when you think about product innovation, this isn't really a function not only of being the most -- what we believe to be the most innovative company in the space, it's also a function of being a uniform company.

我可以開始了，然後，莎拉，如果你想加入的話。謝謝安格斯提出的問題。我認為當你考慮 AOV 時這一點很重要——這是我們第二好的季度。我們達到了 117 美元，上漲了 4%。當你考慮產品創新時，這實際上不僅僅是成為最具創新性的公司——我們認為這是該領域最具創新性的公司，這也是成為一家統一公司的職能。

And so a lot of what's driven our success is that health care professionals are coming to FIGS for their uniforms and then they're coming back to us over and over. They're buying our newness; they're buying our limited edition products. And then in addition, they're replenishing their core scrubwear. And so that's a really great dynamic. In that AOV, you're seeing a lot of people kind of engaging with higher-priced products that AUR is really driving that, and that's also really exciting to see.

我們成功的很大一部分原因是，醫療保健專業人士紛紛來到 FIG 購買制服，然後又一次次回到我們這裡。他們購買我們的新品；他們購買我們的限量版產品。此外，他們也正在補充核心工作服。這真是一個偉大的動態。在那個 AOV 中，你會看到很多人都在購買價格更高的產品，而 AUR 才是真正推動這一趨勢的因素，這也是非常令人興奮的。

In terms of ranking the pieces of AOV, Sarah, if you want to jump in on that?

關於對 AOV 進行排名，莎拉，您是否想參與其中？

Sure. So the most favorable impact came from product mix shift, and then we also had some favorability in returns.

當然。因此，最有利的影響來自於產品結構的轉變，然後我們在回報方面也獲得了一些有利的影響。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Congratulations on the nice progress. As you think about the engagement you've had with the customer, and certainly, we're seeing it now in some of the metrics that you mentioned, Trina, with the active customers, both new and existing, how are you thinking about the newness go forward and the pricing given the tariffs coming in with the normalization that's returning to the health care professionals and their buying habits, how are you planning for pricing?

祝賀您取得良好進展。當您考慮與客戶的互動時，當然，我們現在可以從您提到的一些指標中看到這一點，Trina，對於活躍客戶，包括新客戶和現有客戶，您如何看待新產品的未來發展和定價，考慮到關稅的正常化，醫療保健專業人員及其購買習慣正在恢復正常化，您計劃如何定價？

Is part of it the tariffs? Is part of it the innovation that you're delivering? How should we think about the go forward?

其中有關稅嗎？其中有一部分是您所提供的創新嗎？我們該如何思考前進的道路？

Sure. I can start. I think when you think about our success, it's really a result of a lot of the execution that we've been discussing over a long period of time, and we're now seeing the results of our efforts. That execution can be seen across the business. And it really starts with -- and you mentioned it product.

當然。我可以開始了。我認為，當你想到我們的成功時，它實際上是我們長期以來一直在討論的大量執行的結果，現在我們看到了我們努力的成果。整個企業都可以看到這種執行力。它確實始於——您提到了產品。

It starts with product and marketing. Those are our two North stars. And we've made significant investments in these areas, and we're starting to see that investment pay off. So on the product side, we're delivering the best products that meet the needs of our health care professionals. Like I was saying, the core is really resonating and continues to resonate.

它始於產品和行銷。那是我們的兩顆北極星。我們在這些領域進行了大量投資，並且開始看到投資回報。因此，在產品方面，我們提供滿足醫療保健專業人員需求的最佳產品。就像我說的，核心確實在產生共鳴，並且持續產生共鳴。

We've made steady improvements on fit. We continue to be on our journey on fit, and it's -- we're seeing a lot of great feedback as well as function. And that's what we're known for, being the highest quality, most comfortable medical apparel in the world. And on top of that, we're kind of -- we have really delivered a very clear assortment architecture that enables us to be strategic when it comes to newness and when it comes to color drops and style drops across categories. So that's been really exciting to see.

我們在適應性方面取得了穩定的進步。我們繼續在適應性方面不斷努力，我們看到了很多很好的回饋和功能。這就是我們聞名的原因，我們生產世界上最高品質、最舒適的醫療服裝。除此之外，我們確實已經提供了一個非常清晰的分類架構，這使我們能夠在涉及新品以及跨類別的顏色和樣式下降時採取策略性措施。看到這一幕真是令人興奮。

And then on the marketing side, we're really combining what we're doing as it relates to storytelling around product and around our awesome humans and kind of combining that with the product and seeing incredible success. Sarah, do you want to talk about the pricing -- in terms of the pricing, I think we talked last quarter about pricing is kind of our last resort in terms of how to offset tariffs. It's something we've been extremely thoughtful about. And as you know, Dana, health care professionals need our products to do the work that they do and nearly two-thirds of our customers make under $100,000 a year. Additionally, 80% of our product is core.

然後在行銷方面，我們真正將我們正在做的事情與圍繞產品和我們優秀的員工的故事講述結合起來，並將其與產品結合起來，並看到了令人難以置信的成功。莎拉，你想談談定價嗎？就定價而言，我認為我們在上個季度討論過定價是我們抵銷關稅的最後手段。這是我們經過深思熟慮的事情。如您所知，達娜，醫療保健專業人員需要我們的產品來完成他們的工作，我們近三分之二的客戶年收入不到 10 萬美元。此外，我們的產品 80% 都是核心。

So we need to be really mindful when we're thinking about pricing changes. And so as a result, we think we really do feel the right thing to do is use every other tool in our toolkit to mitigate the cost pressure before increasing prices.

因此，我們在考慮價格變動時需要格外小心。因此，我們認為正確的做法是在提高價格之前使用我們工具包中的所有其他工具來減輕成本壓力。

So what are we looking to do? Number one, we're optimizing our sourcing mix. We have a number of suppliers across regions, and we're really able to take advantage of more favorable tariff rates in different parts of the world. We are -- secondly, we're negotiating with our suppliers and with our manufacturing partners. And we've made a lot of progress here, and there's more work to do, but we feel good about the conversations we've had.

那我們想做什麼呢？首先，我們正在優化我們的採購組合。我們擁有多家跨地區的供應商，因此我們能夠真正利用世界各地更優惠的關稅稅率。其次，我們正在與我們的供應商和製造合作夥伴進行談判。我們在這裡已經取得了很大進展，但還有更多工作要做，但我們對已經進行的對話感到滿意。

Third, we are optimizing both our inbound and outbound freight. And finally, we're looking across the P&L and finding efficiency within G&A as once again, pricing is something that comes after exhausting all these other areas. And any action that we do, do in terms of pricing, we're really going to be mindful of a number of principles. We need to be affordable and accessible. That is what we are known for.

第三，我們正在優化進出貨運。最後，我們查看了損益表並發現一般及行政管理部門內部存在效率問題，因為定價是在用盡所有其他領域之後才考慮的事情。我們採取的任何行動，尤其是在定價方面，都會牢記一些原則。我們需要價格實惠、觸手可及。這就是我們聞名的原因。

We are committed to having the absolute best products at prices that we believe are affordable and accessible for health care professionals. Our pricing will be targeted. We will look to be targeted across products, across categories where we believe we have pricing power. And finally, we're going to be very mindful around pricing unit impacts and thinking about elasticity of demand. Sarah, I don't know if you have anything to add.

我們致力於以我們認為醫療保健專業人士可以負擔和接受的價格提供絕對最好的產品。我們的定價將具有針對性。我們將針對我們認為擁有定價權的產品和類別進行定位。最後，我們將非常注意定價單位影響並考慮需求彈性。莎拉，我不知道您是否還有什麼要補充。

(inaudible)

（聽不清楚）

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

I have a follow-up to that last question on tariffs. Sarah, could you quantify the annualized impact from tariffs that you expect, both on a mitigated and unmitigated basis? It sounds like pricing will be very strategic. But will that pricing be a global price increase or a local price increase? And when are you thinking about contemplating implementation of that price?

我對最後一個有關關稅的問題有一個後續問題。莎拉，您能否量化您預期的關稅的年度影響，包括緩解和未緩解的影響？聽起來定價將會非常具有策略性。但這次定價是全球漲價還是局部漲價？您什麼時候考慮實施該價格？

Yes. So we've shared that our tariff impact for 2025 is going to be 150 basis points, and that's based on the rates that are in effect today. So 20% for Vietnam, 15% for Jordan and 30% for China. That is consistent with what we had shared last time, but there have been some movement within that. So we did see the reduction in China rates.

是的。因此，我們已經表示，2025 年的關稅影響將達到 150 個基點，這是基於目前有效的稅率。因此，越南為 20%，約旦為 15%，中國為 30%。這與我們上次分享的內容一致，但其中有一些變化。因此我們確實看到了中國利率的下降。

So even on a very small mix, it's had some positive impact. And then while the rates for Vietnam and Jordan are higher than what we had guided to previously, the later effective date limits the incremental impact. And we've also continued to optimize our sourcing mix. And then how you can think about the phasing of that, we continue to expect the basis point impact of tariffs to grow progressively throughout the year. And we haven't shared what that impact will be for 2026.

因此，即使混合物很小，也會產生一些積極的影響。雖然越南和約旦的稅率高於我們先前預測的稅率，但較晚的生效日期限制了增量影響。我們也繼續優化我們的採購組合。然後您可以考慮如何分階段實施，我們繼續預期關稅的基點影響將在全年逐步成長。我們還沒有透露這對 2026 年會產生什麼影響。

I think something for you to consider is that the vast majority of our COGS is subject to tariffs and 85% of our sales are to the US. So I think with that, you can probably come up and drive what a reasonable range of annualized impact would be. And we're actively in the work to mitigate that. Trina shared some of those mitigating actions and shared our pricing philosophy. So at this point, our guidance for 2025 does not reflect any pricing impact.

我認為您需要考慮的是，我們的絕大部分銷貨成本都需繳納關稅，而且我們 85% 的銷售額都銷往美國。因此，我認為，透過這一點，你大概就能得出合理的年度化影響範圍。我們正在積極努力緩解這一問題。Trina 分享了一些緩解措施並分享了我們的定價理念。因此，目前，我們對 2025 年的指導並未反映任何定價影響。

We're going to continue to work on our mitigation strategies. And as Trina said, we will wait and really consider the right time for any particular pricing.

我們將繼續致力於緩解策略。正如 Trina 所說，我們會等待並認真考慮任何特定定價的適當時機。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Congrats on nice quarter. I got one for Trina and one for Sarah. Trina, just within the guidance for revenue, it seems like there's a decel implied in both average order value. You addressed some of those points earlier. But how should we think about active customers in the back half of the year?

恭喜本季取得良好成績。我給 Trina 買了一個，買了一個給 Sarah 。Trina，僅在收入指引範圍內，似乎平均訂單價值都隱含著減速。您之前已經提到過其中一些觀點。但我們該如何看待下半年的活躍客戶呢？

It seems like you're pretty excited about some of the engagement you've had with existing customers and customer acquisition. So just trying to think how we should model that going into the back half. I can take that one.

看起來您對與現有客戶和客戶獲取的一些互動感到非常興奮。所以只是試著思考我們應該如何模擬後半部。我可以接受那個。

Yes. So we've guided to revenue of 0% to 2% in Q3. And then depending -- that gives you a range of where we would be at for Q4 with our low single-digit guide for the year. And so while we've seen great progress in a lot of our metrics, keep in mind that the second half of the year will have the largest impact from our pullback in promo. So that will have some impact on our trends in terms of customer acquisition and in terms of our order value as well.

是的。因此我們預計第三季的營收將成長 0% 至 2%。然後，這取決於——這將為您提供我們第四季度的業績範圍，以及我們對今年的低個位數指導。因此，儘管我們在許多指標上都取得了巨大進步，但請記住，下半年將受到促銷撤回的最大影響。因此，這將對我們的客戶獲取趨勢和訂單價值產生一定的影響。

So you can see that you can plan that you won't see the same growth rates in those metrics that we've seen in Q2, just given the pullback in promotion, but really excited for what we see underneath that promotion on our business as usual.

因此，您可以看到，您可以計劃，您不會看到與我們在第二季度看到的相同的指標增長率，只是考慮到促銷的回落，但我們對在促銷下看到的正常業務感到非常興奮。

Got it. And then maybe just a follow-up on selling expenses. Obviously, really nice leverage this quarter, over 300 basis points. There's still a ways to go to get back to that 2023 kind of selling expense as a percent of sales. Just curious how you're thinking about the leverage on that line item into the back half of the year? And is there a specific time frame when you think it's reasonable to get back to that 22.9% that you generated in -- for the full year that you generated in 2023?

知道了。然後也許只是跟進銷售費用。顯然，本季的槓桿率確實很高，超過 300 個基點。要讓銷售費用佔銷售額的百分比恢復到 2023 年的水平，還有很長的路要走。我很好奇，您如何看待下半年該專案的槓桿率？您認為在哪個特定的時間範圍內，才能合理地將槓桿率恢復到您在2023年全年創造的22.9%的水平？

Yes. So really excited with the progress that we've made in this area. The progress has come faster than what we expected given that we've really ramped up our efforts there and have been really great at delivering on that. So we've seen some of those savings, both within shipping and within fulfillment. and we'll continue to realize the benefits that we're seeing and continue through with what has been realized.

是的。我們對該領域的進展感到非常興奮。由於我們確實加大了努力，並且取得了很大的進展，所以進展比我們預期的要快。因此，我們在運輸和履行過程中都看到了一些節省。我們將繼續實現我們所看到的利益，並繼續實現已經實現的目標。

So these are sustainable savings because they come as a result of actions that we've taken that will be permanent over time. And so we're feeling increasingly confident that we will be able to return our selling rates back down to that 2023 level by next year. So we're well on our way and excited that we're going to get there faster than what we had originally thought.

因此，這些都是可持續的節約，因為它們是我們所採取的行動所產生的結果，並且會隨著時間的推移而持續下去。因此，我們越來越有信心，到明年我們將能夠將銷售率恢復到 2023 年的水平。因此，我們的進展非常順利，我們很高興能夠比原先想像的更快地到達目的地。

And then just one follow-up on that. The revenue growth will be a little bit slower in the back half. Does that imply there'll be a little bit less leverage on the selling line?

然後僅對此進行一次跟進。下半年營收成長會稍微慢一些。這是否意味著銷售線上的槓桿作用會稍微小一點？

Yes, that's correct.

是的，正確。

Ashley Owens, KeyBanc Capital Market.

KeyBanc 資本市場 Ashley Owens。

This is Chris on for Ashley. So I want to just talk about -- I mean, it's great to see the growth in scrubwear this quarter. I'm wondering if you could just expand a little bit on the softness in non-scrubwear and maybe if we can expect any rebound from apparel or lifestyle launches in 3Q.

這是克里斯 (Chris) 為阿什利 (Ashley) 表演的。所以我只想談談——我的意思是，很高興看到本季 Scrubwear 的成長。我想知道您是否可以稍微詳細談談非手術服的柔軟度，以及我們是否可以預期第三季服裝或生活風格產品的推出會反彈。

In terms of non-scrubwear, there is some noise in the quarter. We did have less non-scrubwear launches in Q2. And so when you're looking over any 90-day period, there's going to be some noise. But when you zoom out, our stacked three-year growth rate on non-scrubwear is 35%. So we know non-scrubs is a healthy business that health care professionals love.

就非工作服而言，本季出現了一些噪音。我們在第二季推出的非手術服產品確實較少。因此，當你回顧任何 90 天的時間段時，都會出現一些噪音。但如果你放大來看，非手術服的三年累積成長率是 35%。因此，我們知道非手術服是一項深受醫療保健專業人士喜愛的健康業務。

We are a lifestyle brand, outfitting health care professionals to work, at work, from work, on-shift, off-shift, head to toe. And so, we're going to continue to really be the brand for them throughout their life. And we also know there's really a huge opportunity to go even deeper. As just one example, if you look at our underscrub business, it really is one fabrication, the Salta underscrub for women, the Mercado underscrub for men. And so, there's much more that we're excited to build out here.

我們是一個生活方式品牌，為醫療保健專業人士提供工作、在職、下班、輪班、從頭到腳的裝備。因此，我們將在他們的一生中繼續成為他們的品牌。我們也知道，進一步深入研究確實存在巨大的機會。舉個例子，如果你看我們的內衣業務，它實際上是一種虛構，Salta 內衣是為女性設計的，Mercado 內衣是為男性設計的。因此，我們很高興能夠在這裡建立更多的東西。

And without giving away our plans, that's not just -- it's not just within underscrubs. It's within footwear, within outerwear, within actually our compression sock business. We're expanding into more franchises, and we're excited to kind of keep building the portfolio and really giving our health care professionals more of what they love.

在不洩露我們計劃的情況下，這不僅發生在底層。它涉及鞋類、外套，實際上還涉及我們的壓力襪業務。我們正在拓展更多的特許經營權，我們很高興能夠繼續擴大產品組合，真正為我們的醫療保健專業人士提供更多他們喜愛的產品。

And then just one follow-up on share repurchases. So obviously, none this quarter. But I'm just kind of wondering maybe as we move throughout the rest of the year, like how you're balancing choosing to repurchase versus maybe growth initiatives and if there's any areas you're looking to be more opportunistic.

然後只討論股票回購的後續事宜。顯然，本季沒有。但我只是有點好奇，也許隨著我們在今年剩餘時間的推進，您如何平衡選擇回購與成長計劃，以及是否有任何領域是您希望獲得更多機會的。

Yes. So as we said in our remarks at this time, we're focusing on deploying our capital and prioritizing that towards growing the business. We've set out on that this year, and we've been really successful so far, as you can see from our results. So we know that, that investment is working for us.

是的。因此，正如我們這次在發言中所說的那樣，我們正專注於部署我們的資本，並優先考慮業務成長。我們今年已著手實施這一目標，並且迄今為止我們取得了巨大成功，這一點您可以從我們的成果中看到。所以我們知道，這項投資對我們有利。

And we're going to preserve our balance sheet just given some of the uncertainty. That said, we will continue to be opportunistic, but we will be more conservative given where we were at previously.

考慮到一些不確定性，我們將維持資產負債表。話雖如此，我們仍會繼續把握機會，但考慮到之前的狀況，我們會更加保守。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Congrats on the continued progress here. Nice quarter. The question -- I guess my first question, a little bit longer term, but as the business is recovering here, we're starting to see this clear now over the last few or even several quarters. I guess how should we think about the -- what's -- what should be a healthy growth rate, top line growth rate for FIGS?

祝賀您在這裡不斷取得進展。不錯的季度。問題——我想我的第一個問題有點長期，但隨著這裡的業務正在復蘇，我們在過去幾個甚至幾個季度開始清楚地看到這一點。我想我們應該如何思考──什麼是──無花果的健康成長率、頂線成長率應該是多少？

And then within the context of that, to get there, what still needs to happen? We know -- like I said, we've seen the business start to recover here, but still not maybe where can we get to and what has to happen to get it there?

那麼，為了實現這一目標，還需要做些什麼呢？正如我所說，我們已經看到這裡的業務開始復甦，但仍然不確定我們能達到什麼程度，以及需要做些什麼才能實現這一目標？

Yes. So we're not going to give any guidance at this point on specifically what our growth rate is going to be, but I think we're pretty clear on what our growth algorithm is. And first part of that was really returning our core business to growth. And so we're on our way to do that, as you can see with some of the results that we've produced in terms of our US business returning to growth, reinvigorating the growth within our new customers.

是的。因此，我們目前不會就我們的成長率具體是多少給出任何指導，但我認為我們非常清楚我們的成長演算法是什麼。其中第一步就是真正恢復我們核心業務的成長。因此，我們正在朝著這個目標努力，正如您所看到的，我們在美國業務恢復成長、重振新客戶成長方面取得了一些成果。

as well and in scrubwear as well. So we're on our way there, and there's more room for us to continue to grow within the core of our business. And then we have our opportunities within our growth drivers, within teams, international and our retail hubs. And so we've set out what those strategies are, and we're still early days in those avenues. And so we'll see that, I think, ramp up more so in 2026 and onwards.

以及工作服中也是如此。所以，我們正在朝著這個目標前進，我們的核心業務還有更大的成長空間。然後，我們在成長動力、團隊、國際和零售中心內都有機會。我們已經制定了這些策略，但在這些方面我們還處於早期階段。因此，我認為，我們將看到，2026 年及以後這一趨勢將進一步加劇。

And we're seeing good proof points that what we're doing to drive growth there is working. And we'll need to continue to invest in building out the resources, the people, the capabilities behind those. And we've been doing that already, and it's working. So we will continue to do that and look forward to continuing to drive growth in the business going forward.

我們看到了一些有力的證據，證明我們為推動那裡的成長所採取的措施是有效的。我們需要繼續投資建立資源、人才和背後的能力。我們已經這樣做了，並且正在發揮作用。因此，我們將繼續這樣做，並期待繼續推動未來業務的成長。

That's helpful. I appreciate it. And my follow-up question is on tariffs. And look, recognizing FIGS is unique. There's really not much in the way of direct competition.

這很有幫助。我很感激。我的後續問題是關於關稅的。看看，辨識 FIG 是獨一無二的。確實沒有太多直接競爭。

But the question I'm going to ask is, you seem like your strategy towards tariffs is solidifying nicely. Are you seeing tariffs cause any type of disruptions within your competitive set either positively or negatively for FIGS?

但我想問的問題是，您的關稅策略似乎正在順利鞏固。您是否認為關稅會對貴公司的競爭格局造成任何類型的干擾，無論是對 FIG 產生正面影響還是負面影響？

No. I think you know how I feel about this question, Brian. We try not to look left or right. We're really focused on our own business and continuing to lead the industry from a product standpoint, from a marketing standpoint, from an execution, customer experience standpoint. But you can do some digging and you'll see that we're pretty well positioned in the space.

不。我想你知道我對這個問題的感受，布萊恩。我們盡量不向左或向右看。我們真正專注於自己的業務，並繼續從產品、行銷、執行和客戶體驗的角度引領業界。但如果你深入挖掘一下，你會發現我們在這個領域的定位相當不錯。

Matt Koranda, ROTH Capital.

羅仕資本 (ROTH Capital) 的馬特·科蘭達 (Matt Koranda)。

Can you hear me now? Sorry about that. So I guess I wanted to take a look at the sales progression in the second quarter. It looks like the growth came in quite a fair bit ahead of the flattish guide that you gave for the quarter.

現在你能聽到我說話嗎？很抱歉。所以我想看看第二季的銷售進度。看起來，本季的成長幅度比您給出的持平預期要高出不少。

So I just wanted to hear about how the quarter progressed in May and June. Just any comments you have on July and how that sort of fits into the second half guide that implies kind of flattish sales?

所以我只是想了解一下5月和6月季度的進展。您對7月有什麼看法？這與下半年的銷售預期如何？下半年的銷售預期暗示銷售持平。

Yes, definitely. So our guide of flat on the quarter was really reflecting that we were comping over a strong period of growth last year that was driven by newness. And we did say that the flow of product launches this quarter would be a little lighter relative to other quarters. And we were just being prudently cautious amid the current environment. And what we've seen is we were able to overcome all of those headwinds.

是的，當然。因此，我們本季持平的指引實際上反映了我們去年經歷了由新事物推動的強勁增長期。我們確實說過，本季的產品發布量相對於其他季度會稍微少一些。在當前環境下，我們只是保持謹慎。我們看到的是，我們能夠克服所有這些阻力。

We've seen really great overall growth in our baseline business as usual days. And we saw progress towards the end of the quarter as it was related to some of our color launches and newness and really seeing all the things that Trina had spoken about earlier that's really supporting our product and marketing really start to turn on. And so as we enter into Q3, we're seeing the trends from Q2 continue.

與往常一樣，我們的基準業務總體上實現了非常好的成長。我們在本季度末看到了進展，因為這與我們的一些顏色發布和新品有關，並且真正看到 Trina 之前談到的真正支持我們的產品和營銷的所有事情真正開始發揮作用。因此，當我們進入第三季時，我們看到第二季的趨勢仍在繼續。

But keep in mind that Q3 will have a much bigger impact from the pullback in promo than what we saw in Q2. So while those trends are there, there's going to be a larger headwind into Q3, and that's why our guide of 0% to 2% is lower than where we were -- where we finished off in Q2.

但請記住，促銷回撤對第三季的影響將比我們在第二季看到的要大得多。因此，儘管存在這些趨勢，但第三季將面臨更大的阻力，這就是為什麼我們的 0% 到 2% 的指導低於我們在第二季結束時的水平。

And then maybe just a little bit more on the pullback in promos in the second half. Can you talk about like how that shows up? Is it sort of less sample sales and site-wide promos? Is it sort of the same number of promotional events with shorter duration?

然後也許下半年促銷活動的回檔還會再多一點。你能說說它是如何出現的嗎？這是否相當於減少了樣品銷售和全站促銷？這是否相當於促銷活動的數量相同，但持續時間較短？

Is it lower depth of discount? Like what's the right way to think about sort of the posture there?

折扣幅度是否較低？如何正確看待這種局面？

Yes. I mean it's really all of the above. And so we've really shifted to have our site-wide promos be more specific to events that celebrate health care professionals. So for example, in the second quarter, we still did our Nurses Week promo.

是的。我的意思是，以上皆是。因此，我們確實進行了轉變，使我們整個網站的促銷活動更加具體地針對慶祝醫療保健專業人士的活動。例如，在第二季度，我們仍然進行護士週促銷活動。

In Q1, we still did match day. And right now, we're doing our back-to-school, which is large for health care workers as well. And so, we have pulled back on some of the site-wide promos that were more generic in the past. We've also taken the time to shift some of these promos to be more sample sale focused, so clearing out older inventory rather than the site-wide off of everything.

第一季度，我們仍然舉辦了比賽日。現在，我們正在舉辦返校活動，這對醫護人員來說也意義重大。因此，我們取消了一些過去較為通用的網站範圍促銷活動。我們也花了一些時間將其中一些促銷活動轉變為更注重樣品銷售，因此清理了舊庫存，而不是整個網站的所有庫存。

So we're just being more strategic with the way that we're delivering it, the timing and the length. So there's a broad variety of shifts that we are making in each of our quarters this year.

因此，我們在交付方式、時間和長度方面更具策略性。因此，我們今年每季都會做出各種各樣的轉變。

And the only thing I would add to that is just the reason we're able to pull back is because our baseline days are really strong. And that's why we really feel great about the health of the business over the long run, protecting the brand, ensuring that we are doing everything we can to deliver the best product and engage our community in meaningful ways. And so really feel good about the long-term health of the business.

我唯一想補充的是，我們之所以能夠撤退，是因為我們的基礎日數確實非常強勁。這就是為什麼我們對業務的長期健康狀況感到非常滿意，保護品牌，確保我們竭盡全力提供最好的產品並以有意義的方式吸引我們的社區。因此，我對企業的長期健康發展確實感到很滿意。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Congratulation on strong execution. I did have a question on inventory. So did it reflect any pull forward given the uptick in costs related to tariffs? And I think you touched on investing in certain areas of the business as well. Just some additional color would be there on inventory.

恭喜您出色的執行力。我確實對庫存有疑問。那麼，考慮到關稅相關成本的上漲，這是否反映了任何提前因素？我認為您也談到了對某些業務領域的投資。庫存中只會有一些額外的顏色。

So our inventory was up 14% on a dollar basis. A portion of that is due to tariffs related to receipts that came up. If you look at it on a unit basis, we are up 8%. So the differential is really from a mix shift in the cost base towards higher cost goods. You can think about that as some of our higher cost scrubwear as well as outerwear and shoes as an example.

因此我們的庫存以美元計算增加了 14%。其中一部分是由於與收據相關的關稅的增加。如果以單位計算，我們的成長率為 8%。因此，差異實際上在於成本基礎轉向成本更高的商品的混合轉變。您可以將其視為我們的一些成本較高的工作服以及外套和鞋子的例子。

And then once you look at that 8% growth in units, yes, that is definitely being driven by in-transit as we did preposition some inventory to get ahead of the original tariff date. So some of that is pull forward.

然後，一旦你看到單位數量增加了 8%，是的，這肯定是由運輸途中推動的，因為我們確實預先準備了一些庫存，以趕在原定的關稅日期之前。因此其中一些是向前拉的。

And then can you just help us understand the international growth rate? How much did you benefit from FX in the quarter? And what kind of currency benefit do you have baked in for the back half?

那麼您能幫助我們了解國際成長率嗎？本季您從外匯中獲益了多少？那麼，後半部您又獲得了哪些貨幣收益呢？

Yes. So we haven't shared the specific impact of FX, although it was not a material impact. So keep in mind that international is 15% of our business. So it wouldn't be a large impact on overall growth rates. We're really excited with where international finished at a 20% growth rate.

是的。因此，我們還沒有分享外匯的具體影響，儘管它並不是一個重大影響。所以請記住，國際業務占我們業務的 15%。因此它不會對整體成長率產生很大影響。我們對國際市場實現 20% 的成長率感到非常興奮。

on the quarter, which was up from 16% that we delivered in Q1. International is still at 15% of the business and really seeing good growth rates and that growth coming from Mexico, Europe, Middle East and Latin America. And that is really healthy growth coming from both new customer acquisition as well as returning customers. So really happy with the progress that we're seeing as broad-based growth across many regions and across many different customer metrics in international.

本季度，比第一季成長了 16%。國際業務仍佔業務的 15%，並且確實實現了良好的成長率，而成長來自墨西哥、歐洲、中東和拉丁美洲。這確實是健康的成長，既來自於新客戶的獲取，也來自於回頭客的獲取。我們真的很高興看到我們在國際上許多地區和許多不同客戶指標上都取得了廣泛的成長。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Some macro headwinds implied in the full year guide. I just to get a sense of what you're building in across the range in 3Q and the full year? And then is there something you're seeing recently that causes you to build on that or more just being prudent given the volatility (inaudible).

全年指南中隱含了一些宏觀不利因素。我只是想了解一下您在第三季和全年的建設計劃是什麼？那麼，最近你看到了什麼，促使你在此基礎上繼續發展，或者只是在市場波動的情況下保持謹慎（聽不清楚）。

Yes. So I would say that the majority of the pullback in growth rates in 2H versus where we have performed in 1H is due to the expectation of a larger impact from pullback in promo. So that's really the greatest piece of it. And I would say that our revenue guide accommodates for various different scenarios, and there is some we are being prudent.

是的。因此，我想說，與上半年相比，下半年成長率的回落主要是因為預期促銷回落會產生更大的影響。這確實是其中最偉大的部分。我想說的是，我們的收入指南適用於各種不同的情況，有些情況我們是謹慎的。

The environment is still uncertain. So we feel like that we are giving appropriate guidance based on what we see in our business right now.

環境仍然充滿不確定性。因此，我們認為我們是根據目前業務情況給予的適當指引。

And I would just add, from a macro standpoint, health care jobs are growing three times faster than the overall job market. And there's been, as you know, a long-running staffing shortage within health care, doctors, nurses, et cetera. So the demand for health care professionals is really high. We've also talked about this COVID overhang and the idea that health care professionals stocked up, right, during the pandemic, and that caused them to slow their purchasing behavior.

我想補充一點，從宏觀角度來看，醫療保健工作的成長速度是整體就業市場的三倍。如你所知，醫療保健領域長期存在人員短缺的問題，包括醫生、護士等等。因此，對醫療保健專業人員的需求確實很高。我們也討論了新冠疫情的影響，以及醫療保健專業人員在疫情期間囤貨的想法，這導致他們放慢了購買行為。

Fortunately, we're continuing to see signs that we're getting further away from the pandemic and that overhang is easing, and we're entering a more normalized purchasing environment. And so, in some of the metrics that we're looking at that is showing this shift, we talked about AOV growth almost matching our record quarter last quarter. We're seeing acquisition trends trending positively. We're seeing where customers are coming back to us.

幸運的是，我們不斷看到一些跡象表明，疫情正在逐漸消退，過剩的壓力正在緩解，我們正在進入一個更正常的採購環境。因此，我們所關注的一些指標也反映了這種轉變，例如我們談到的AOV成長幾乎追平了上個季度的創紀錄水準。我們看到收購趨勢呈現正面趨勢。我們看到顧客正在回到我們身邊。

And we're seeing accelerated growth in the US in scrubwear and in e-commerce. So this gives us really a lot of reasons to believe that we're starting to operate in a more normalized environment that our -- the health of our customer, health care professionals is really strong, and we're really hopeful about the future of our community and of our business.

我們看到美國醫用服和電子商務市場正在加速成長。這給了我們很多理由相信，我們正開始在一個更正常化的環境中運營，我們的客戶和醫護人員的健康狀況非常好，我們對社區和業務的未來充滿希望。

That's really helpful. And then I just want to excited to see community hub rollout expand in 4Q. Just to get a sense, I know you've been in a little bit of a test and learn phase with the first two community hubs. Given the expansion here, is this kind of just an expansion of that test? Or should we expect maybe a more consistent increase of community hubs as we go into '26 and '27 as you start to lock down the operating model?

這真的很有幫助。然後我很高興看到社區中心的推出在第四季度擴大。只是為了了解一下，我知道你們已經對前兩個社區中心進行了一點測試和學習階段。考慮到這裡的擴展，這是否只是該測試的擴展？或者，隨著我們進入 26 年和 27 年，當您開始鎖定營運模式時，我們是否應該預期社區中心的數量會更加持續增長？

We are opening more community hubs. So we talked about Houston is coming. We just announced for the first time ever, New York City and Chicago are coming and much more to come. So we're really excited by being in person with our community. We continue to see nearly 40% of our customers in our community hubs are new to the brand.

我們正在開設更多的社區中心。所以我們談論休士頓即將到來。我們剛剛首次宣布紐約市和芝加哥即將開業，未來將有更多城市開業。因此，我們非常高興能夠親自與我們的社區交流。我們持續發現，我們社區中心的近 40% 的顧客都是新認識品牌的。

30% of those acquired customers are coming back and becoming omnichannel customers shopping online. And so it's really exciting. We're seeing really strong incrementality in the markets that we're in. And we're excited. We're excited to go to more markets, go to more cities, engage both online and offline.

其中 30% 的客戶會回頭並成為全通路線上購物的客戶。這確實令人興奮。我們看到，我們所處的市場呈現出非常強勁的增量。我們很興奮。我們很高興能夠進入更多的市場、更多的城市，進行線上和線下業務。

We're really learning what's working for us in terms of format, location, how close to health care institutions, being close by the best largest health care institutions in the country. So couldn't be more excited about where we're going. We've also learned a lot in terms of the design, and we're making a lot of tweaks to future community hubs. So it's a very exciting time and thank you for the question.

我們確實在學習什麼方式對我們有利，包括形式、位置、與醫療機構的距離，以及是否靠近國內最好的、最大的醫療機構。我對我們要去的地方感到無比興奮。我們在設計方面也學到了很多東西，並且對未來的社區中心做了很多調整。這是一個非常令人興奮的時刻，感謝您的提問。

That was our last question. So I would now like to pass the conference back for any closing remarks.

這是我們的最後一個問題。因此，現在我想將會議交還給各位，以便大家發表結束語。

Thank you all for joining us. It was a great quarter, and we look forward to seeing you next time.

感謝大家的參與。這是一個很棒的季度，我們期待下次再見到您。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您今天過得愉快。