1-800-FLOWERS.COM, Inc. (FLWS) 2026 Q3 法說會逐字稿

Good day, and welcome to the 1-800-FLOWERS.COM, Inc. fiscal year 2026 third quarter earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Andy Milevoj, Senior Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 1-800-FLOWERS.COM, Inc. 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係資深副總裁 Andy Milevoj。請開始。

Good morning, and welcome to our fiscal 2026 third quarter earnings call. Joining us on today's call are Adolfo Villagomez, Chief Executive Officer; and James Langrock, Chief Financial Officer. Before we begin, I'd like to remind you that some of the statements we make on today's call are covered by the safe harbor disclaimer contained in our press release and public documents.

各位早安，歡迎參加我們 2026 會計年度第三季財報電話會議。今天與會的有執行長 Adolfo Villagomez，以及財務長 James Langrock。在開始之前，我想提醒各位，我們今天電話會議中的部分陳述受新聞稿與公開文件中所載的「安全港」免責聲明所涵蓋。

During this call, we will make forward-looking statements with predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, including those contained in our press release and public filings with the Securities and Exchange Commission.

在本次電話會議中，我們將發表前瞻性陳述，包括對未來事件的預測、推估以及其他陳述。這些陳述係基於目前的預期與假設，並可能受到風險與不確定性影響，其中包括我們新聞稿以及向美國證券交易委員會提交之公開申報文件中所載者。

The company disclaims any obligation to update any of the forward-looking statements that may be made or discussed during this call. Additionally, we will discuss certain supplemental financial measures that were not prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the table of our earnings release. And now I'll turn the call over to Adolfo.

公司不承擔更新本次電話會議中可能提出或討論之任何前瞻性陳述的義務。此外，我們將討論若干未依 GAAP 編製的補充性財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，可在我們財報新聞稿的表格中找到。現在我把電話會議交給 Adolfo。

Thanks, Andy, and good morning, everyone. As we move through fiscal 2026, we remain focused on stabilizing the business and building a stronger foundation for future growth. During the third quarter, we continue to make progress on the key initiatives we outlined earlier this year, and we are starting to see early signs that our actions are improving execution and the overall customer experience. I want to start with our Valentine's Day performance, which is an important indicator of that progress. This year, we delivered a significantly improved customer experience with strong gains across our key service metrics.

謝謝你，Andy，各位早安。隨著我們邁入 2026 會計年度，我們仍專注於穩定業務並為未來成長建立更強健的基礎。在第三季，我們持續推進今年稍早所提出的關鍵計畫，並開始看到初步跡象顯示，我們的行動正在改善執行力與整體顧客體驗。我想先從情人節的表現談起，這是衡量上述進展的重要指標。今年，我們在關鍵服務指標上大幅提升，為顧客帶來顯著改善的體驗。

These results reflect better execution, stronger processes and a clear focus across the organization on delivering a high-quality experience for our customers. Importantly, this progress validates many of the structural and operational changes we have been implementing. We are now beginning to see tangible evidence that these actions are improving performance across key areas of the business. While there is still work to do, we are encouraged by these results and the direction of the business. From a category perspective, our Gourmet Foods and Gift Baskets segment performed better than our Consumer Floral and Gifts segment.

這些成果反映出更佳的執行、更強的流程，以及全組織對於提供顧客高品質體驗的明確聚焦。更重要的是，這些進展驗證了我們正在推動的多項結構性與營運性變革。我們現在開始看到具體證據，顯示這些行動正在改善業務關鍵領域的表現。雖然仍有工作要做，但我們對這些成果以及業務發展方向感到鼓舞。就品類而言，我們的美食與禮籃（Gourmet Foods and Gift Baskets）部門表現優於消費者花卉與禮品（Consumer Floral and Gifts）部門。

As James will discuss in more detail, this reflects the Easter timing shift and the heavier level of inefficient marketing spend in our Consumer Floral and Gifts segment a year ago, combined with our focus on improving marketing contribution margin. As part of our efforts to broaden our customer reach, we also continue to expand our presence across third-party marketplaces.

如 James 將更詳細說明，這反映了復活節時點的移動，以及去年我們消費者花卉與禮品部門較高且效率不佳的行銷支出，再加上我們目前聚焦於提升行銷貢獻毛利率。作為擴大觸及客群努力的一部分，我們也持續擴展在第三方市集平台上的布局。

Ahead of Valentine's Day, we launched a new partnership with Instacart. This builds on our strategy to meet customers where they are already shopping and to expand access to our floral and gifting value proposition. Through this partnership, our offerings are now available on the Instacart app, supported by our network of local florists.

在情人節前夕，我們與 Instacart 推出新的合作夥伴關係。這延續了我們的策略：在顧客既有的購物場域與其相遇，並擴大我們花卉與送禮價值主張的可及性。透過此合作，我們的商品現已可在 Instacart App 上購買，並由我們的在地花店網絡提供支援。

This increases speed and accessibility, particularly during peak occasions while also supporting our florist partners and introducing our brands to new customers. At the same time, we're strengthening our focus on the customer experience across our digital platforms. During the quarter, we fully implemented AI-powered sorting and ranking on 1-800-FLOWERS.com.

這提升了速度與可取得性，特別是在旺季節慶期間，同時也支持我們的花店合作夥伴，並讓新顧客認識我們的品牌。同時，我們也在數位平台上強化對顧客體驗的聚焦。本季我們已在 1-800-FLOWERS.com 全面導入 AI 驅動的排序與排名機制。

This brings customer selected best sellers to the top of our product rankings and reflects a more AI-driven customer-first approach. This is an important step in modernizing the business. Historically, product placement was more heavily influenced by merchants. Today, we are prioritizing the products customers choose, which improves the overall shopping experience and results in higher sales. We are simplifying the shopping experience by reducing choice in certain areas to make it easier for customers to find the right gift.

此舉將顧客所選的暢銷商品置於產品排名前列，反映出更以 AI 驅動、以顧客為先的方法。這是業務現代化的重要一步。過去，商品陳列更大程度受到採購／商品團隊的影響。如今，我們優先呈現顧客所選擇的商品，進而改善整體購物體驗並帶來更高的銷售。我們也在部分領域透過減少選項來簡化購物體驗，讓顧客更容易找到合適的禮物。

In addition, we are evolving how we operate our floral business, including how we balance florist-fulfilled orders with shipments fulfilled from our distribution centers. We are now operating these areas in a more coordinated way with our florist-fulfilled product team and direct shipment team working together on assortment decisions. This approach has multiple advantages.

此外，我們也在調整花卉業務的營運方式，包括如何在由花店履約的訂單與由我們配送中心出貨履約的訂單之間取得平衡。我們現在以更協同的方式運作這些領域，由花店履約產品團隊與直送團隊共同就商品組合做出決策。此作法具備多項優勢。

It improves the overall value proposition for our customers by simplifying the shopping experience, improving conversion and better aligning pricing for similar bouquets. Importantly, we made significant progress on our cost savings initiatives, achieving our previously announced $50 million in savings two-year target in less than a year.

它透過簡化購物體驗、提升轉換率，並讓相似花束的定價更一致，來改善顧客的整體價值主張。更重要的是，我們在成本節省計畫上取得重大進展，在不到一年的時間內就達成先前公布的兩年期 5,000 萬美元節省目標。

This reflects the discipline and execution across the organization and strengthens our ability to reinvest in the business while continuing to improve efficiency. As we realize these savings, we are beginning to thoughtfully reinvest a portion back into the business to support our strategic priorities, including marketing and customer experience. These results are driven by the continued progress we are making on our cost and efficiency initiatives.

這反映出全組織的紀律與執行力，並強化我們在持續提升效率的同時，將資源再投入業務的能力。隨著我們實現這些節省，我們開始審慎地將其中一部分再投入業務，以支持我們的策略重點，包括行銷與顧客體驗。這些成果來自我們在成本與效率計畫上持續取得的進展。

As part of our transition to a function-driven operating model, we have streamlined the organization, improving alignment, driving synergies and enabling more efficient decision-making across the business. Since January 2025, we have reduced core headcount by approximately 20% as we align resources with our strategic priorities and improve efficiency across the organization.

作為轉型為以職能驅動的營運模式的一部分，我們精簡了組織架構，改善一致性、推動綜效，並使全公司能更有效率地做出決策。自 2025 年 1 月以來，隨著我們將資源與策略重點對齊並提升整體效率，我們已將核心人力約縮減 20%。

We are beginning to see cost savings from these actions, although in the short term, they are partially offset by consultant costs, incentive compensation and tariffs. Looking ahead, as our strategic initiatives take hold, we are beginning to shift toward a more balanced approach that includes targeted marketing investments to support future growth.

我們已開始看到這些行動帶來的成本節省，但短期內部分被顧問費用、獎酬性薪酬以及關稅所抵銷。展望未來，隨著策略計畫逐步落地，我們開始轉向更均衡的方法，其中包括有針對性的行銷投資，以支持未來成長。

Last year, our marketing efforts were heavily focused on bottom of the funnel activities, primarily focused on driving transactions, and we did not have the systems or infrastructure in place to effectively drive customer retention. Over the past nine months, we have made meaningful progress in developing those capabilities. We are now in a position to begin rebuilding our brands.

去年，我們的行銷工作高度聚焦於漏斗底部活動，主要著重於推動交易，而我們並未具備有效推動顧客留存所需的系統或基礎設施。在過去九個月中，我們在建立這些能力方面取得了實質進展。我們現在已具備開始重建品牌的條件。

We're also expanding our reach to younger customers through top and mid-funnel initiatives, including influencer marketing and platforms like Instagram and TikTok. At the same time, we're improving our ability to retain customers.

我們也透過漏斗頂部與中段的計畫擴大對年輕顧客的觸及，包括網紅行銷以及 Instagram、TikTok 等平台。同時，我們也在提升留住顧客的能力。

As I mentioned earlier, we have significantly enhanced the customer experience by improving areas such as delivery fees and overall customer satisfaction, which are key drivers of long-term retention. Beginning in the fourth quarter, we're accelerating and testing these targeted marketing investments. While these efforts are expected to take time to translate into revenue, they are an important step in rebuilding demand in a more sustainable way.

如我先前提到的，我們已透過改善配送費用與整體客戶滿意度等面向，大幅提升客戶體驗；這些都是推動長期留存的關鍵驅動因素。自第四季開始，我們將加速並測試這些具針對性的行銷投資。雖然預期這些努力需要時間才能轉化為營收，但它們是以更可持續的方式重建需求的重要一步。

As part of this shift, we expect marketing spend in the fourth quarter as a percent of sales to be approximately flat compared to the prior year period. In addition to these marketing investments, we're also beginning to invest in building out our Martech stack.

作為這項轉變的一部分，我們預期第四季行銷支出占銷售額的比例，與去年同期相比大致持平。除這些行銷投資外，我們也開始投資建置我們的行銷科技（Martech）技術堆疊。

These investments will begin in the fourth quarter and continue into the next fiscal year as we strengthen the capabilities needed to support long-term growth. More broadly, while cost discipline remains a priority, we believe these actions, combined with our structural improvements are strengthening the foundation to stabilize the business and enable long-term growth. Now I will turn the call over to James for the financial review.

這些投資將自第四季開始，並延續至下一個會計年度，以強化支援長期成長所需的能力。更廣泛而言，儘管成本紀律仍是優先事項，我們相信這些行動結合我們的結構性改善，正在強化基礎，以穩定業務並促進長期成長。現在我把電話交給 James 進行財務回顧。

Thanks, Adolfo, and good morning, everyone. During the third quarter, revenue came in line with our expectations, reflecting continued execution against our disciplined marketing approach and the ongoing impact of changes in search engine results and pressure on direct traffic. Valentine's Day was consistent with our expectations, particularly given the difficult day placement as the holiday fell on a Saturday and during President's Day weekend.

謝謝你，Adolfo，各位早安。第三季營收符合我們的預期，反映我們持續落實審慎的行銷策略，以及搜尋引擎結果變動與直接流量承壓所帶來的持續影響。情人節表現符合我們的預期，特別是考量到該節日落在週六且適逢總統日週末，日期安排較為不利。

As we progressed into March, we began to see a moderation in the rate of revenue decline in our Consumer Floral and Gift segment as we anniversaried some of the strategic shifts in our marketing approach. From a category perspective, our Gourmet Foods and Gift Baskets segment performed meaningfully better than our Consumer Floral and Gift segment during the quarter.

進入三月後，隨著我們在行銷策略上的部分策略性調整進入同比基期，我們開始看到消費者花卉與禮品（Consumer Floral and Gift）部門的營收下滑速度有所趨緩。從品類角度來看，本季美食食品與禮籃（Gourmet Foods and Gift Baskets）部門的表現明顯優於消費者花卉與禮品部門。

Gourmet Foods and Gift Baskets segment benefited from an approximate 5% revenue lift from the timing of Easter. This performance also reflects the more pronounced impact of prior year inefficient marketing spend in our Consumer Floral and Gift segment, along with ongoing changes in search engine results and pressure on direct traffic.

美食食品與禮籃部門受惠於復活節時點因素，營收約提升 5%。此表現亦反映去年消費者花卉與禮品部門低效率行銷支出所造成的更顯著影響，以及搜尋引擎結果持續變動與直接流量承壓。

During the quarter, we recorded a noncash goodwill and trade name impairment charge related to our Consumer Floral and Gift segment and the Personalization Mall trade name. While this impacted earnings, it did not affect cash flow. From a profitability standpoint, we saw improvement in our ad-to-sales ratio and marketing contribution margin compared to last year.

本季我們認列了一筆與消費者花卉與禮品部門及 Personalization Mall 商標相關的非現金商譽與商標減損費用。雖然這影響了獲利，但不影響現金流。從獲利能力角度來看，我們的廣告費用占銷售比（ad-to-sales ratio）與行銷貢獻毛利率（marketing contribution margin）較去年有所改善。

Overall, our contribution margin improved year-over-year, reflecting stronger pricing discipline and improved marketing efficiency. Our efforts to streamline operations and manage costs are beginning to have a positive impact on the business.

整體而言，我們的貢獻毛利率（contribution margin）年增改善，反映更強的定價紀律與更佳的行銷效率。我們精簡營運與控管成本的努力，正開始對業務產生正面影響。

As of the third quarter, we have achieved the full $50 million in annualized run rate cost savings that we had initially targeted across fiscal year 2026 and fiscal year 2027, ahead of plan. Building on this progress, we are now targeting an incremental $15 million to $20 million in additional run rate cost savings over the next fiscal year. This brings our total identified cost savings opportunity to approximately $65 million to $70 million, spanning both cost of goods sold and operating expense reductions, reflecting continued opportunities to streamline the business and improve efficiency.

截至第三季，我們已提前達成原先設定、涵蓋 2026 與 2027 會計年度的年度化執行率（annualized run rate）成本節省目標 5,000 萬美元。在此進展基礎上，我們目前目標是在下一個會計年度再額外達成 1,500 萬至 2,000 萬美元的執行率成本節省。這使我們已辨識的總成本節省機會約為 6,500 萬至 7,000 萬美元，涵蓋銷貨成本與營業費用的降低，反映我們仍有持續精簡業務並提升效率的空間。

Importantly, we are being thoughtful about how we deploy these savings. As we move into the fourth quarter and into next fiscal year, we are transitioning from a primary focus on marketing contribution margin toward a more balanced approach that includes strategic investment. This shift is expected to impact our fourth quarter performance.

重要的是，我們會審慎思考如何運用這些節省下來的資源。隨著我們進入第四季並邁向下一個會計年度，我們將從以行銷貢獻毛利率為主要焦點，轉向更平衡的作法，納入策略性投資。預期這項轉變將影響我們第四季的表現。

As part of this shift, we are accelerating and testing targeted marketing investments, including top and mid-funnel initiatives, which are intended to support longer-term demand generation and may take time to translate into revenue. Consistent with this approach, we expect total marketing spend as a percentage of sales in the fourth quarter to be approximately flat compared to the prior year period.

作為這項轉變的一部分，我們正加速並測試具針對性的行銷投資，包括上層與中層漏斗（top and mid-funnel）計畫，旨在支援較長期的需求創造，且可能需要時間才能轉化為營收。與此作法一致，我們預期第四季總行銷支出占銷售額的比例，與去年同期相比大致持平。

In addition, we are beginning to invest in enhancing our digital experience and expanding our Martech capabilities, which will support improved customer acquisition, retention and overall marketing effectiveness over time. Investments will begin in the fourth quarter and continue into the next fiscal year. This approach reflects our focus on building a stronger and more sustainable operating foundation by balancing profitability with the investments needed to stabilize the business and position it for future growth. Now let's review our third quarter performance. Consolidated revenue for the quarter decreased 11.6%.

此外，我們也開始投資以提升數位體驗並擴充行銷科技（Martech）能力，長期將支援更佳的客戶獲取、留存與整體行銷成效。相關投資將自第四季開始並延續至下一個會計年度。此作法反映我們致力於打造更強健且更可持續的營運基礎，在獲利能力與穩定業務、為未來成長定位所需的投資之間取得平衡。現在讓我們回顧第三季的表現。本季合併營收下滑 11.6%。

Our Gourmet Foods and Gift Baskets segment was essentially flat. Our Consumer Floral and Gifts segment declined 18.7% and our BloomNet segment declined 5.9% for the reasons discussed earlier. Excluding the impact of system-related issues in the prior year period, our gross margin improved 10 basis points to 33.2%, reflecting benefits from our cost reduction initiatives, partially offset by tariffs, commodity costs and fixed cost absorption.

我們的美食食品與禮籃部門基本持平。我們的消費者花卉與禮品部門下滑 18.7%，BloomNet 部門下滑 5.9%，原因如先前所述。排除去年同期系統相關問題的影響後，我們的毛利率提升 10 個基點至 33.2%，反映成本削減措施帶來的效益，但部分被關稅、原物料成本與固定成本吸收所抵銷。

Excluding items affecting period-to-period compatibility and the impact of the company's nonqualified deferred compensation plan in both periods, operating expenses declined $16.4 million as compared to prior year to $144.3 million. As a result of these factors, our third quarter adjusted EBITDA loss was $31.2 million compared with an adjusted EBITDA loss of $34.9 million in the prior year period, reflecting a modest year-over-year improvement.

排除影響期間可比性的項目，以及公司兩期皆有的非合格遞延補償計畫（nonqualified deferred compensation plan）影響後，營業費用較去年減少 1,640 萬美元至 1.443 億美元。受上述因素影響，我們第三季調整後 EBITDA 虧損為 3,120 萬美元，較去年同期調整後 EBITDA 虧損 3,490 萬美元略有改善，呈現小幅年增改善。

Now turning to our balance sheet. At quarter end, net debt was $94.3 million, compared with $75.3 million a year ago. Our cash balance was $51 million at the end of the third quarter. Inventory was $146 million, compared with $160 million a year ago. In terms of our debt, we had $145 million in term debt and no borrowings under our revolving credit facility as compared with $160 million a year ago.

接著看資產負債表。季末淨負債為 9,430 萬美元，去年同期為 7,530 萬美元。第三季末現金餘額為 5,100 萬美元。存貨為 1.46 億美元，去年同期為 1.60 億美元。就債務而言，我們的定期債務（term debt）為 1.45 億美元，循環信用額度（revolving credit facility）項下無借款；去年同期定期債務為 1.60 億美元。

As we look ahead, we continue to view fiscal 2026 as a foundational year focused on stabilizing the business, improving execution and building a stronger platform for long-term growth. Our strategic priorities remain centered on enhancing our customer-first approach, expanding third-party distribution, improving marketing efficiency and driving structural cost savings. We believe these actions are strengthening the foundation for sustainable revenue and profit growth over time.

展望未來，我們仍將 2026 會計年度視為奠基之年，重點在於穩定業務、提升執行力，並打造更強健的平台以支援長期成長。我們的策略優先事項仍聚焦於強化以客戶為先的作法、擴大第三方通路分銷、提升行銷效率，以及推動結構性成本節省。我們相信這些行動正強化基礎，並將隨時間推動可持續的營收與獲利成長。

Fiscal year 2026, we expect revenue to decline by approximately 10% to 12% as compared with the prior year and adjusted EBITDA to be approximately breakeven within a range of plus or minus $2 million, which includes approximately $22 million of anticipated incentive compensation and consultant costs incurred during the fiscal year. These expectations reflect our more disciplined marketing strategy, ongoing changes in search engine results affecting organic traffic and our transition toward a more efficient demand generation model.

在 2026 會計年度，我們預期營收將較去年下滑約 10% 至 12%，調整後 EBITDA 約為損益兩平，落在正負 200 萬美元的區間內；其中包含本會計年度預計發生約 2,200 萬美元的獎酬激勵（incentive compensation）與顧問費用。這些預期反映我們更具紀律的行銷策略、搜尋引擎結果持續變動對自然流量（organic traffic）的影響，以及我們轉向更有效率的需求創造模式。

Now we'll open the call for Q&A. Operator, please provide instructions for those interested in asking a question.

現在我們將開放問答環節。接線員，請為有興趣提問的人提供指示。

(Operator Instructions)

(接線員指示)

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

Yes, good morning. Thank you for taking the questions. Good to hear that you had a successful Valentine's Day even with an adverse calendar day placement. So I guess, first on that topic, I guess, can you share any additional details as far as the customer experience metrics that improved? And what are some of the learnings from that holiday that you're looking to apply towards Mother's Day, which is coming up in a few days?

是的，早安。謝謝讓我們提問。很高興聽到即使日曆日期安排不利，你們的情人節仍然很成功。所以我想，先就這個主題，能否分享更多細節，哪些客戶體驗指標有所改善？以及你們從這個節日得到哪些經驗，打算應用到幾天後即將到來的母親節？

Hey, Anthony. Good morning. Anthony, this is Adolfo. So there are a lot of learnings coming out of Valentine's Day. We're literally transforming the business from a merchandising perspective, a digital perspective and marketing. So let me and by the way, also our post-purchase experience has significantly improved. Before I go to the learnings, I also want to be mindful that between Valentine's Day and Mother's Day, there is not a lot of room to make a lot of changes.

嗨，Anthony。早安。Anthony，我是Adolfo。情人節帶來了很多學習。我們正從商品策略、數位以及行銷等面向，實質上在轉型這個業務。順帶一提，我們的購後體驗也顯著改善。在談學習之前，我也想注意到，情人節和母親節之間，能做出大量改變的空間其實不大。

I mean you need to buy flowers ahead of time. So you can make some changes, but not all of them. So Mother's Day, it's going to do better across those metrics, but don't expect the full performance impact just yet. But as we think about the changes we're making, let me start with digital. It used to be that the merchants would place a buy and they decided, hey, you're buying roses, or You are buying lilies. And they would be at the top of the product page, which most customers make a decision on those products.

我的意思是，你必須提前採購花材。所以你可以做一些調整，但不可能全部都改。因此母親節在這些指標上會表現得更好，但先不要期待立刻看到完整的績效影響。不過談到我們正在做的改變，我先從數位端開始。過去是商品團隊下採購單，然後他們決定：嘿，你要買玫瑰，或你要買百合。而這些商品會被放在商品頁面的最上方，多數客戶會在那些商品上做決策。

65% of the sales come above the fold on any website. So if you don't have the right product, your conversion declines. As I mentioned, we are now using AI-driven sorting and ranking. So number one, conversion is improving. But most importantly, we are also finding out what customers really want and what they are willing to pay, not only from a type of spend, but also from delivery method and delivery fees they are willing to pay.

任何網站有65%的銷售來自首屏（above the fold）。所以如果你沒有放對商品，你的轉換率就會下降。如我提到的，我們現在使用AI驅動的排序與排名。因此第一，轉換率正在改善。但更重要的是，我們也在找出客戶真正想要什麼、以及他們願意付多少錢——不僅是消費金額的類型，也包括他們願意採用的配送方式與願意支付的運費。

So we learned a lot from that perspective. From a marketing perspective, I want to remind everybody that, I mean, the reason Flowers did worse than Food is our marketing spend there last year was heavily unproductive. As an example, we were buying transactions for $40 and making $20 margin on each transaction, then you would say, well, that's great because we are acquiring a customer.

所以從那個角度我們學到很多。從行銷角度，我想提醒大家，花卉表現比食品差的原因，是我們去年在那邊的行銷支出有很大一部分是低效的。舉例來說，我們用40美元去買一筆交易，但每筆交易只賺20美元毛利，然後你可能會說，這很好，因為我們是在獲取客戶。

Well, yes, that's true if you retain the customer. But if you don't retain them, then you are just wasting dollars. So we're working on both is lowering our customer acquisition cost and improving our retention. The second one requires the Martech stack. We're making improvements, but we are not 100% there yet.

嗯，是的，如果你能留住客戶，這確實成立。但如果留不住，那你就是在浪費預算。所以我們同時在做兩件事：降低獲客成本，並提升留存。第二件事需要Martech（行銷科技）堆疊。我們正在改善，但還沒有做到100%。

But on the first one, the team started experimenting going top of the funnel and mid-funnel. In the past, the company just wouldn't like that because there was so much focus on the they were so focused on the transaction and the measurement capabilities we have would lead you to believe that buying clicks was the most effective marketing method. What we are finding out as we have more, I would say, better measurement capabilities, is that's not true. If you do it right, top of the funnel and mid-funnel investments also drive customer acquisition. By the way, it allows you to acquire younger customers, which also longer term, it's better.

但在第一件事上，團隊開始在漏斗上層與中層做實驗。過去公司不太喜歡這樣，因為大家非常聚焦在交易本身，而我們當時的衡量能力會讓你以為買點擊是最有效的行銷方式。我們現在發現，隨著衡量能力更好、我會說更完善，那其實不對。如果做得對，漏斗上層與中層的投資也能帶動獲客。順帶一提，這也讓你能獲取更年輕的客戶，長期來看更有利。

So the team was experimenting with podcasts, TikTok, Instagram, all of them with huge success and which will be expanded in the future. From an assortment perspective, one of the things we started testing was just first, our mix between florist delivered and direct from our warehouses. In the past, the team, because they had already made the purchase and we own the inventory, using this manual sorting and ranking would favor the direct delivery, which combined with the assortment we were offering there, led to lower conversion. And by the way, then at the end of the event, because we had a lot of inventory, they would do heavy discounting. We are managing through that.

所以團隊在Podcast、TikTok、Instagram等渠道做實驗，都非常成功，未來也會擴大。從商品組合角度，我們開始測試的一件事是：花店配送（florist delivered）與由我們倉庫直送（direct from our warehouses）之間的組合。過去團隊因為已經完成採購、而且庫存是我們持有，使用人工排序與排名會偏向直送；再加上我們當時提供的直送品項組合，導致轉換率較低。而且順帶一提，活動結束時因為庫存很多，他們就會做大幅折扣。我們正在管理並改善這些狀況。

There were huge learnings during Valentine's Day. Again, some of those are being applied on Mother's Day. And we continue to learn in Mother's Day. I'm actually super excited about the learnings and the implications for assortment. But it's a process.

情人節期間有非常多的學習。同樣地，其中一些正在應用到母親節。而我們也會在母親節持續學習。我其實對這些學習以及它們對商品組合的意涵感到非常興奮。但這是一個過程。

The other thing we I think on our operations, this is the type of stuff you don't see in the short term on the balance sheet. But our customer satisfaction post-purchase increased. Our calls to the call center declined on a per order basis. And now that we're also using AI on the call center, we're able to be significantly more productive with a better customer experience. So all in all, again, it was one event, one of the multiple businesses we have.

另外一件事，我想在營運面，這類事情短期內你不會在資產負債表上看到。但我們的購後客戶滿意度提升了。以每筆訂單計算，打進客服中心的來電量下降了。而且現在我們也在客服中心使用AI，使我們能以更好的客戶體驗達到顯著更高的生產力。所以總體而言，再次強調，這只是一次活動、也是我們多個業務之一。

But a lot of learnings that some of them are being applied during Mother's Day. But certainly, they will be fully applied during the upcoming holidays. So very optimistic about the improvements to the overall experience in the future.

但有很多學習，其中一些會在母親節期間應用。不過可以確定的是，這些將在接下來的節日中被完整落地。因此我對未來整體體驗的改善非常樂觀。

Thanks so much for that comprehensive answer. Just switching gears to the cost savings program. So you talked about completing the $50 million cost savings program, but you're also looking to reinvest some of that into the business. So how should we think about cost savings on a net basis? And maybe you could just talk about OpEx versus the cost of goods, how to think about that?

非常感謝你這麼全面的回答。接著換個話題談成本節省計畫。你提到完成了5,000萬美元的成本節省計畫，但你們也打算把其中一部分再投資回業務。那我們應該如何從淨額角度看待成本節省？另外你也能談談OpEx（營運費用）相對於銷貨成本，該如何理解嗎？

So Anthony, to answer the second question, right now, the $50 million savings is probably split equally between cost of goods sold and SG&A. So that's on that front. As we as you think of the cost savings, as we mentioned on the call, some of those savings will be reflected, but not all of those will flow through this year. Near term, we have the consulting costs for implementing initiatives. And again, we still have some of the headwinds around tariffs and commodity costs.

Anthony，回答第二個問題：目前這5,000萬美元的節省，大概在銷貨成本（COGS）與SG&A（銷售、一般及行政費用）之間各占一半。這是那一部分。至於成本節省，如同我們在電話會議中提到的，其中一些節省會反映出來，但不是全部都會在今年體現在財務報表上。短期內，我們有為了推動各項計畫而產生的顧問費用。而且再次強調，我們仍面臨關稅與大宗商品成本方面的一些逆風。

So that's offsetting some of those benefits. So we'll see the consulting costs starting in FY27. We'll no longer have those consulting costs. So more of that will flow through. But we're being very thoughtful on how we deploy those savings, Anthony.

所以這在某種程度上抵銷了其中一些效益。因此，我們會在 FY27 開始看到顧問費用。我們將不再有那些顧問費用。所以會有更多的效益反映到損益上。但我們會非常審慎地思考如何運用這些節省下來的費用，Anthony。

So as you look to going into '27, those savings give us more flexibility in the model, but we're going to be very deliberate on how we deploy those and start investing back in the business. So it's not going to be a dollar-for-dollar flow-through through EBITDA. So we're not we haven't given guidance yet for FY27, but think of it in the context, we have the savings, but we are going to deploy those. So it will not be a dollar-for-dollar flow-through on the EBITDA side.

所以當你展望進入 '27 時，這些節省讓我們在模型上更有彈性，但我們會非常有紀律、很刻意地決定如何部署這些節省，並開始回頭投資在業務上。所以它不會一美元對一美元地全部流入 EBITDA。因此我們目前還沒有提供 FY27 的指引，但請用這個脈絡來理解：我們有節省，但我們會把它們部署出去。所以在 EBITDA 端不會是一美元對一美元的完全流入。

Right. Okay. And can you just remind us about the consultant costs, how much for this fiscal year?

了解。好。那你能不能再提醒我們一下，今年這個會計年度顧問費用大概是多少？

So the consultant costs will be the total between incentive compensation and the consulting costs, Anthony, it's about $22 million that's in this year's current P&L. The consultant costs are about $12 million to $13 million of that.

所以顧問費用方面，Anthony，把獎勵性薪酬與顧問費用合計起來，今年度目前損益表（P&L）裡大約是 2,200 萬美元。其中顧問費用大約是 1,200 萬到 1,300 萬美元。

Understood. Okay. Thank you so much and best of luck.

了解。好。非常感謝，祝你們一切順利。

Thank you.

謝謝。

Michael Kupinski, NOBLE Capital Markets.

Michael Kupinski，NOBLE Capital Markets。

Thank you for taking the questions. I appreciate it. With your changes in marketing, have you kind of opened the door to competitors? And I was just wondering if you can talk a little bit about whether or not you have seen increased marketing from competitors, especially during Valentine's or certainly around Mother's Day, particularly like from low-cost providers like Bouqs or any impact from them, for instance?

謝謝讓我提問。我很感激。隨著你們在行銷上的調整，你們是否某種程度上替競爭對手打開了大門？我想請你談談，是否看到競爭對手加大行銷力度，特別是在情人節或當然在母親節前後，尤其是像 Bouqs 這類低成本供應商的動作，或例如他們對你們是否有任何影響？

Short answer is yes. Flowers, it's a very competitive business, especially during those events. And I think Google makes it very easy for anybody just to buy other people's brands. So which was, I think, primarily the reason why if you only focus on buying clicks, your customer acquisition cost becomes significantly higher. What we are doing now is leveraging the brand awareness of 1-800-FLOWERS.com.

簡短回答是有。鮮花是一個競爭非常激烈的生意，尤其是在那些節日檔期。而且我認為 Google 讓任何人都很容易去買別人的品牌關鍵字。所以我想這也是主要原因：如果你只專注於買點擊，你的客戶取得成本就會顯著提高。我們現在在做的是運用 1-800-FLOWERS.com 的品牌知名度。

Anywhere I go and I talk to people, they tell me, say, Hey, Adolfo, I think your company is the only one that gets, I'm going to call it, natural or direct traffic, and everybody else needs to buy the clicks. The way you do more of that is you need to continue to build the brand. And that's what we are doing. And in general, the bottom-of-the-funnel transactions do not build a brand. They just lead to transactions. Middle and top funnel build the brand, build awareness so that you're in the subconscious of the customer and eventually, when they have a need, they think about you.

我走到哪裡、跟人聊到哪裡，他們都會跟我說：「嘿，Adolfo，我覺得你們公司是唯一一家能獲得——我姑且稱之為——自然或直接流量的，其他人都得去買點擊。」要讓這種情況更多，你就必須持續打造品牌。而這正是我們正在做的。一般來說，漏斗底部的交易並不會建立品牌。它們只是帶來交易。漏斗中段與上段會建立品牌、建立認知，讓你進入消費者的潛意識，最終當他們有需求時，就會想到你。

We have been, as I mentioned, successful on that. But as James mentioned, you need to make investments. And sometimes this top-of-the-funnel, you will invest now and you won't see the benefits until next month or next quarter. That's why we are being cautious about how we invest, how we learn about the business. But the idea is that the most important asset we have, it's our brand.

如我提到的，我們在這方面一直很成功。但正如 James 所說，你需要投入。而且有時候在漏斗上端的投入，你現在投資，可能要到下個月或下個季度才會看到效益。這也是為什麼我們對於如何投資、如何從業務中學習會保持謹慎。但核心想法是：我們最重要的資產就是我們的品牌。

And unfortunately, we hadn't invested in the brand for a while. We are reversing that. We're reinvesting in the brand. And as I mentioned, we are reinvesting on the digital experience. Our product discoverability in the website is improving.

不幸的是，我們有一段時間沒有在品牌上投資。我們正在扭轉這點。我們正在重新投資品牌。而且如我所說，我們也在重新投資數位體驗。我們網站上的產品可發現性正在改善。

I think every day, we have new enhancements, and we are also improving our ability to retain customers. That flywheel is what will allow us to differentiate ourselves versus our competitors. Personalization to the customer, a better experience, AI to drive reminders, to drive recommendations to the customer to increase conversion. And as I mentioned, we're modernizing the brand to continue building that brand awareness.

我想每天我們都有新的強化功能，同時也在提升我們留住客戶的能力。這個飛輪將讓我們能夠相較競爭對手形成差異化。對客戶的個人化、更好的體驗、用 AI 來推動提醒與推薦，提升轉換率。而且如我提到的，我們正在讓品牌現代化，以持續提升品牌知名度。

Got you. And I know that the business is heavily correlated to consumer confidence. I was wondering if you can determine whether or not there was an impact by the war in Iran. And then also, I was just wondering if you can just talk a little bit about your third-party platforms like Amazon, DoorDash. And I was wondering if you can just kind of talk a little bit about what percent of revenue do you expect to achieve from marketplaces like, let's say, over the next two to three years?

了解。我知道這個業務與消費者信心高度相關。我想請問你們是否能判斷伊朗戰爭是否造成了影響。另外，我也想請你談談你們的第三方平台，例如 Amazon、DoorDash。我想請你們大致談談，未來兩到三年，你們預期來自這類市集（marketplaces）的營收占比會是多少？

Got it. So let me start with the first one. Impact of the Iran war, very difficult to see that in the numbers. What we are seeing is, I think, what this country has seen for a while, which is higher income spenders are doing okay, lower income are not. You can clearly see that in the numbers, the AOV that it's selling and what's not selling.

了解。我先從第一個問題開始。伊朗戰爭的影響，很難從數字中看出來。我們看到的是，我想這個國家一段時間以來一直存在的情況：高收入消費者還可以，低收入消費者不太行。你可以很清楚地從數字看出來，哪些 AOV（平均訂單金額）在賣、哪些賣不動。

honestly, that hasn't changed much since I joined the company. So whether there was an impact from the war or not, it is very difficult to say. What was the second one? I'm sorry. Marketplace.

老實說，自從我加入公司以來，這點並沒有太大改變。所以戰爭是否造成影響，很難說。第二個問題是什麼？不好意思。市集（Marketplace）。

So marketplace, the way I think about it or the way we are thinking about it as a team is it's a way it's a twofold strategy. Number one, by selling to, I would say, professional e-commerce marketplaces like Amazon, you do learn a lot. You learn a lot about your own operations. You learn a lot about what's working on websites, what drives conversion. So that one will have a second level impact on everything we do.

所以關於市集，我的看法、或我們團隊的看法是：這是一個雙管齊下的策略。第一，透過在我所說的專業電商市集（例如 Amazon）上銷售，你會學到很多。你會更了解自己的營運。你會更了解網站上哪些做法有效、什麼能推動轉換。因此這會對我們所做的一切產生第二層面的影響。

It's fascinating what we have learned in the last six months since we started selling on Amazon. Now to okay, how much should we expect on that? I mean if you are talking about three years from now, I think the sales from our sales outside our own e-commerce site should definitely be double digits of the company. And again, when I think about these, keep in mind, we are doing marketplaces like Amazon, Walmart and Etsy. And we're also doing delivery service providers, especially for our flowers business.

自從我們六個月前開始在 Amazon 上銷售以來，我們學到的東西非常令人著迷。那回到「我們應該期待多少」這個問題。如果你談的是三年後，我認為來自我們自有電商網站以外的銷售，應該會占公司營收的兩位數百分比。另外，當我談這些時，請記住，我們做的市集包括 Amazon、Walmart 和 Etsy。我們也在做配送服務供應商，特別是針對我們的鮮花業務。

We announced Instacart, but we're also doing DoorDash and Uber Eats. The intention here is we want to be where the customers are shopping. We do have a website, but we also have operations. We manufacture product and we represent our florists. So I think there was a huge miss from our side not to be in those channels, which we are trying to correct.

我們已宣布與 Instacart 合作，但我們也在做 DoorDash 和 Uber Eats。這裡的用意是，我們希望出現在客戶正在購物的地方。我們確實有網站，但我們也有營運。我們製造產品，並代表我們的花店夥伴。所以我認為，我們先前沒有進入那些通路是一個很大的失誤，而我們正試圖加以修正。

It's early days, but we are it's growing really, really fast from low numbers, but we're optimistic about that.

目前還在初期階段，但它確實從很低的基數開始非常、非常快速地成長，我們對此感到樂觀。

And as we kind of think of the inflection point and coming out of the more of the growth phase of the company, I was just wondering what would be now the true baseline growth rate of the businesses now? Like historically, we had looked at 3% to 5% revenue growth and about 8% EBITDA growth. And I was just wondering if you had any thoughts in terms of the baseline growth rate coming out of this inflection point.

另外，當我們在思考拐點、以及公司逐步走出較偏成長階段時，我想請教目前這些業務真正的基準成長率會是多少？例如過去我們看的是營收成長 3% 到 5%，以及 EBITDA 成長約 8%。我想請問您對於在這個拐點之後的基準成長率是否有任何看法。

So Michael, we're not giving guidance yet for FY27. So we believe longer term, further out, we would get back to those growth rates.

所以 Michael，我們目前還不會提供 FY27 的指引。我們相信從更長期、更往後看，我們會回到那些成長率。

And let me build on that, Michael. It's a process and we are sequencing. I think I mean, I've been in this role, I think to this day, it's a year. When I joined, we were declining at a rate of 20-plus percent. From there, you need to suddenly stop declining, you get to one or two days of positive comps, then you get to a week in one business and then you want the entire company to drive growth.

我再補充一下，Michael。這是一個過程，而且我們在分階段推進。我想我在這個職位上，到今天為止大概一年。我加入時，我們的下滑幅度是 20% 以上。從那裡開始，你必須先立刻止跌，接著出現一兩天的同店正成長，然後在某個業務做到一週的正成長，最後才希望整家公司帶動成長。

We are seeing those positive days and those positive weeks in businesses. But I mean, it's a process. We at some point, we want the company to grow. And then it's going to be or we're building a very different business model. The previous one was manually driven.

我們在各項業務中已經看到那些正成長的日子與正成長的週。但這確實是一個過程。我們在某個時間點希望公司能夠成長。而且我們正在打造一個非常不同的商業模式。先前的模式是以人工驅動。

And the new one is going to be AI technology-driven. So I'm cautiously optimistic about what this company can deliver in the future, but it is a process. And the only thing we can tell you at this point is we are ahead of where we thought we would be, but there's still a lot of work in front of us.

新的模式將會是以 AI 技術驅動。所以我對公司未來能交付的成果抱持審慎樂觀，但這是一個過程。而我們目前唯一能告訴你的是，我們的進度比原先預期更超前，但前方仍有很多工作要做。

Gotcha. It sounds like you made a lot of progress. Thank you. That's all I have.

了解。聽起來你們已經取得很大進展。謝謝。我這邊沒有其他問題了。

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

Yeah, good morning, everybody. Just staying on the whole margin cost side of things. It looks like your EBITDA outlook this year improved a little bit despite the fact that you have $10 million more of the incentive comp and consulting costs running through it than you had last quarter. So it looks like the underlying margin outlook has improved pretty decently since you last reported results. So where are the 2 or 3 key areas that you're seeing the improved margins on the EBITDA level?

各位早安。我想延續整體毛利率與成本面的問題。看起來你們今年的 EBITDA 展望略有改善，儘管相較於上季，你們有多出 1,000 萬美元的激勵薪酬與顧問費用計入其中。因此，自上次公布業績以來，底層的毛利率展望似乎有相當不錯的改善。那麼，在 EBITDA 層級上，你們看到毛利率改善的 2 到 3 個關鍵領域是哪些？

So Doug, it's part of it, as you mentioned, part of it is we are starting to see some of the cost benefits flow through on the gross margin. So we're seeing that. And as Adolfo mentioned, with on the floral side, with the florist-fulfilled versus direct, we're seeing much more pricing discipline, more targeted promotional activity, as we mentioned, a better coordination between the florist-fulfilled and the direct shipment. So we're seeing that overall improve the gross margin and improved AOV. So we're being more consistent with our pricing decisions and again, reducing discounts, which is improving our overall margin quality.

Doug，如你所提到的，其中一部分是我們開始看到一些成本效益反映在毛利率上。我們確實看到了。另外，如 Adolfo 提到的，在花卉業務方面，針對由花店履約（florist-fulfilled）相較於直送（direct），我們看到更強的定價紀律、更具針對性的促銷活動；如我們所說，也看到花店履約與直送之間更好的協調。因此，我們看到這些整體上改善了毛利率並提升了 AOV（平均訂單金額）。所以我們在定價決策上更一致，並再次降低折扣，進而提升整體毛利率品質。

Now part of that's still being offset, Doug, by the higher tariff and commodity and shipping costs. But overall, our gross margin on a year-over-year basis was up about 10 basis points. So we are starting to see that flow through and the strategy is working.

不過 Doug，其中一部分仍被較高的關稅、原物料與運輸成本所抵銷。但整體而言，我們的毛利率年對年約提升了 10 個基點。所以我們開始看到效益逐步反映出來，而且策略正在奏效。

Well, that's what I wanted to probe because you got the $10 million more of the consultants and incentive comp, and you've also got a commodity cost environment that arguably has deteriorated since you last reported results. And then I don't even know what cocoa prices are doing these days, but are the commodity inputs actually down? Is that another thing that you're trying that you're having to offset here? I'm just trying to get an order of magnitude of what you're really seeing from your internal cost savings efforts. And it sounds like it's a little bit more than it's obvious by the numbers on the surface.

這正是我想深入了解的，因為你們多了 1,000 萬美元的顧問費與激勵薪酬，而且原物料成本環境自上次公布業績以來，按理說可能也變得更不利。另外我也不確定可可價格最近怎麼走，但原物料投入成本實際上有下降嗎？這是否也是你們正在、或必須在此抵銷的另一項因素？我只是想掌握你們內部成本節省努力所帶來的實際量級。聽起來，從表面數字看起來，實際改善可能更大一些。

So I just want to be clear, Doug, that the $22 million is an annualized number, just wasn't for the quarter, right? So I want to make sure that I'm clear on that. So on a from a commodity perspective, obviously, cocoa prices are still elevated on a year-over-year basis. What we are seeing is butter, flour and eggs are down on a year-over-year basis. So we're starting to see a little relief on that.

Doug，我想先釐清一下，2,200 萬美元是年化數字，不是單一季度的數字，對吧？我想確保這點說清楚。就原物料而言，顯然可可價格年對年仍處於高位。我們看到奶油、麵粉和雞蛋年對年是下降的。所以我們開始在這方面看到一些緩解。

As you mentioned, obviously, we are starting to see a little bit of the impact on the fuel surcharges on our outbound shipping because of the increase in the oil prices. Inbound, we're not there's no impact yet on inbound from a fuel standpoint because we have the contracts in place for the remainder of the year. So yes, we have commodity headwinds with cocoa starting to see some relief on the other commodities, still have the impact of tariffs, but we are getting the benefit of the cost savings as well as I just talked about the pricing discipline that we have. So that's what's flowing through. And that's why you're seeing gross margin up slightly this year versus last year.

如你所提到的，因油價上升，我們開始在出貨端運輸看到燃油附加費帶來的一些影響。至於進貨端，從燃油角度目前尚未受到影響，因為我們已簽訂合約，涵蓋今年剩餘期間。所以是的，我們在可可方面仍有原物料逆風，其他原物料開始有些緩解，仍有關稅影響，但同時我們也受惠於成本節省，以及我剛提到的定價紀律。這些就是正在反映出來的因素。因此你才會看到今年毛利率相較去年略有上升。

And are you still expecting the consultants to roll off at the end of June? Or are they going to be spilling over into '27?

那你們仍預期顧問費用會在 6 月底結束嗎？還是會延續到 '27 年？

The costs roll off at the end of June. So we will not have that starting July 1, Doug.

這些成本會在 6 月底結束。所以從 7 月 1 日起，我們就不會再有這項費用了，Doug。

And then tariffs as well, you've got some tariff relief here and then you start to anniversary the implementation of tariffs in 2025. So the tariff impact should begin to recede in the first part of fiscal '27 as well, right?

然後還有關稅方面，你們這裡有一些關稅減免，接著在 2025 年開始進入關稅實施的周年期。所以關稅影響也應該會在財年 '27 的前半段開始消退，對吧？

Yes. We still have right now, there still are tariffs in place. But yes, we will start to anniversary that, and we'll start to get the benefit of the lower tariff rates in 2027, Doug.

是的。我們目前仍然，現在仍有關稅在實施。但沒錯，我們會開始進入周年期，並且在 2027 年開始享受到較低關稅稅率帶來的好處，Doug。

Okay. And just one last one for me. You raised the flag that marketing spend as a percent of sales not a flag, but just to let us know that marketing spend as a percent of sales will be flat in the June quarter. But going forward, the base case should be improved marketing spending lowers as a percent of sales because it will be more efficient. Is that still the base case?

好的。我最後還有一個問題。你提到行銷支出占銷售額的比例——不是說拉警報，而是讓我們知道行銷支出占銷售額的比例在 6 月季度將持平。但往後看，基本情境應該是行銷投放會更有效率，因此行銷支出占銷售額的比例會下降。這仍然是基本情境嗎？

I know you're not giving guidance for '27, but just directionally.

我知道你們不會對 '27 提供指引，但就方向性來說。

Doug, I would say, potentially, we're planning with some of the savings that we're getting in cost of goods sold and SG&A. Part of that savings is going to be redeployed in marketing. So it's not necessarily that you're going to see marketing percentage as a percentage of sales going down in FY27 as we make strategic investments in marketing.

Doug，我會說，有可能，我們在規劃把我們在銷貨成本與 SG&A 上取得的一些節省。其中一部分節省將會重新配置到行銷上。所以不一定會看到在 FY27 行銷占銷售額的比例下降，因為我們會在行銷上進行策略性投資。

Let me build on that.

我補充一下。

But longer term, Doug. So in the short run, as Adolfo mentioned, we need to invest back in the brand and some of the top-of-the-funnel and mid-funnel. So in the shorter term, you may not see that. But longer term, absolutely, you will start to see the improvement in the spend becoming more efficient.

但從更長期來看，Doug。所以短期內，如 Adolfo 所提到的，我們需要再投資於品牌，以及一些漏斗上層與中層。因此在較短期內，你可能看不到那樣的變化。但長期來看，絕對會開始看到支出效率提升所帶來的改善。

The other thing I would say, building on that, Doug, is 1-800-FLOWERS.com, it's a very different company right now because every investment we make, it's being evaluated and measured versus a control group. So we are making investments. And if there is a lift, whether it's sales of margin, it goes through. If it doesn't if we don't see a lift, we can just declare a victory by failing fast and move on. So we are not going to make crazy investments, but we are making investments and we are experimenting.

另外我想說的是，延續剛才的話，Doug，1-800-FLOWERS.com 現在是一家非常不同的公司，因為我們做的每一項投資，都會相對於對照組進行評估與衡量。所以我們會做投資。如果有帶來提升，不論是銷售或毛利，就會推進。如果沒有——如果我們看不到提升——我們就可以用快速失敗來宣告勝利，然後繼續往前。所以我們不會做瘋狂的投資，但我們確實在投資，也在做實驗。

I'm convinced, and I think we all are convinced in this company that really our future is we need to find a way to drive growth. So the investments that I mentioned on marketing, on the Martech stack, on digital capabilities and so on and so forth are targeted towards that, is how do we invest to drive efficiencies on conversion on the website, traffic from a marketing perspective, conversion from an assortment perspective. And every investment we make is being tested, measured and we decide whether it goes forward or not.

我深信，而且我想公司裡我們都深信，我們的未來其實在於必須找到推動成長的方法。因此我提到的在行銷、Martech 技術堆疊、數位能力等等方面的投資，都是朝向這個目標：我們要如何投資以提升效率——從網站的轉換效率、行銷角度的流量、以及從商品組合角度的轉換等。而我們做的每一項投資都會被測試、衡量，並決定是否繼續推進。

So the $50 million in run rate that we already have in our pocket, some of that will flow through the bottom line. Some of that is going to go through investments. But rest assured that when we invest, it's because we want to see a return on that. So that should help the company in the midterm.

所以我們已經握在手上的、以年化計算的 5,000 萬美元效益，其中一部分會流向損益表底線。其中一部分將會用於投資。但請放心，我們投資是因為我們希望看到回報。因此這應該會在中期幫助公司。

Okay, that's very helpful. Thank you.

好的，這非常有幫助。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Adolfo Villagomez for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Adolfo Villagomez，請他做任何結語。

Thank you all once again for joining us today and for your continued support. Fiscal 2026 continues to be a year of stabilization for the company. During the third quarter, we continued to make progress on the initiatives that matter most, and we're beginning to see tangible evidence that these actions are improving execution, strengthening the customer experience and driving more disciplined performance across the business. We're also taking the next step in our transformation as we begin to balance cost discipline with targeted investments, supported by the progress we have made on our cost savings initiatives.

再次感謝各位今天加入我們，也感謝各位持續的支持。2026 財年仍然是公司穩定化的一年。在第三季，我們持續推進最重要的各項計畫，並開始看到具體證據顯示，這些行動正在改善執行力、強化客戶體驗，並在整個業務中推動更有紀律的表現。隨著我們在成本節省計畫上取得進展，我們也正邁出轉型的下一步，開始在成本紀律與有針對性的投資之間取得平衡。

These investments, including marketing and digital capabilities, are beginning in the fourth quarter and will continue into the next fiscal year to support stabilization and future growth. While we recognize that progress will not be linear, we remain focused on executing our strategy with discipline and consistency. The actions we are taking today are intended to stabilize the business and build a strong and durable foundation to support improved performance over time. We appreciate your continued interest in and support of the company, and we look forward to keeping you updated on our progress. Thank you.

這些投資（包括行銷與數位能力）將從第四季開始，並延續到下一個財年，以支持穩定化與未來成長。雖然我們認知到進展不會是線性的，我們仍專注於以紀律與一致性來執行策略。我們今天採取的行動旨在穩定業務，並建立強健且持久的基礎，以支持隨時間推進而改善的表現。感謝各位持續關注並支持公司，我們也期待持續向各位更新我們的進展。謝謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。