Fossil Group Inc (FOSL) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Fossil Group second quarter 2025 earnings call. (Operator Instructions) This conference call is being recorded and may not be reproduced in whole or in part without written permission from the company.

女士們、先生們，午安！歡迎參加 Fossil Group 2025 年第二季財報電話會議。 （操作員指示）本次電話會議正在錄音，未經本公司書面許可，不得全部或部分複製。

Now, I'll turn the call over to Christine Greany of the Blueshirt Group to begin.

現在，我將把電話交給 Blueshirt Group 的 Christine Greany 開始發言。

Hello, everyone, and thank you for joining us. With me on the call today is Franco Fogliato, Chief Executive Officer; and Randy Greben, Chief Financial Officer.

大家好，感謝大家的參與。今天與我一起參加電話會議的還有執行長Franco Fogliato和財務長Randy Greben。

Before we begin, I would like to remind you that information made available during this conference call contains forward-looking information and actual results could differ materially from those that will be discussed during this call. Fossil Group's policy on forward-looking statements and additional information concerning a number of factors that could cause actual results to differ materially from such statements is readily available in the company's Form 8-K, 10-Q and 10-K reports filed with the SEC. In addition, Fossil assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

在開始之前，我想提醒您，本次電話會議中提供的資訊包含前瞻性訊息，實際結果可能與本次電話會議中討論的結果有重大差異。 Fossil Group 關於前瞻性陳述的政策以及可能導致實際結果與此類陳述存在重大差異的諸多因素的補充信息，可在公司向美國證券交易委員會 (SEC) 提交的 8-K、10-Q 和 10-K 表格報告中查閱。此外，除非法律另有規定，否則 Fossil 不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。

During today's call, we will refer to constant currency results as well as certain non-GAAP financial measures. Please note that you can find a reconciliation of actual results to constant currency results and other information regarding non-GAAP financial measures discussed on this call in Fossil's earnings release, which was filed today on Form 8-K and is available in the Investors section on fossilgroup.com.

在今天的電話會議中，我們將參考固定匯率績效以及某些非公認會計準則 (non-GAAP) 財務指標。請注意，您可以在 Fossil 的收益報告中（該報告已於今日以 8-K 表格形式提交，可在 fossilgroup.com 的「投資者」版塊查閱）找到實際業績與固定匯率業績的對帳表，以及本次電話公認會議中討論的其他非會計準則 (non-GAAP) 財務資訊。

With that, I'll now turn the call over to Franco.

說完這些，我現在將電話轉給法蘭哥。

Thank you, Christine. Good afternoon, everyone, and thank you for joining us today. As noted in today's press release, we delivered second quarter financial performance above expectation, raised our full year guidance and announced a comprehensive debt refinancing. These developments reflect ongoing operational and financial momentum resulting from our turnaround plan. In Q2, our talented global teams drove a third consecutive quarter of both gross margin expansion and positive adjusted operating income against in a complex macro backdrop.

謝謝，Christine。大家下午好，感謝大家今天加入我們。正如今天的新聞稿中所述，我們第二季度的財務業績超出預期，上調了全年業績指引，並宣布了全面的債務再融資。這些進展反映了我們扭虧為盈計畫帶來的持續營運和財務成長動能。在第二季度，我們優秀的全球團隊在複雜的宏觀環境下，連續第三個季度實現了毛利率成長和調整後營業利潤的正成長。

A few highlights from the quarter. Net sales trends reflect continuing improvement in the wholesale channel as well as better-than-expected comparable sales strength in our Fossil retail stores. This is particularly meaningful given that we substantially lowered our promotional activity and took some strategic pricing action during the quarter. Importantly, we also fueled a strong bottom line performance with gross margin of more than 57% and significant cost reduction, delivering positive adjusted operating income of $4 million.

本季度的一些亮點。淨銷售額趨勢反映批發通路的持續改善，以及Fossil零售店的可比較銷售額強於預期。鑑於我們在本季度大幅減少了促銷活動並採取了一些策略性定價措施，這一表現尤其重要。重要的是，我們也實現了強勁的獲利表現，毛利率超過57%，成本大幅降低，調整後營業利潤達到400萬美元。

The results demonstrate the power of our rich brand heritage and ability to connect with consumers around the world as we continue to execute under the three key pillars of our turnaround, refocusing on our core, rightsizing our cost structure and strengthening our balance sheet.

這些結果證明了我們豐富的品牌傳承的力量以及與全球消費者建立聯繫的能力，我們將繼續在轉型的三大支柱下執行，重新關注我們的核心，調整我們的成本結構並加強我們的資產負債表。

Next month will mark the completion of my first year at Fossil Group. Since joining the company last September, the pace of change has been fast and furious, and our progress has been notable. During this time, we have built a world-class leadership team, bringing fresh perspective to key function across the organization. Most recently, Lakshmanan was appointed Chief Supply Chain Officer, bringing more than 20 years of expertise to the role.

下個月我將結束在 Fossil 集團的第一年任期。自去年九月加入公司以來，變革步伐迅猛，我們也取得了顯著的進步。在此期間，我們組建了一支世界一流的領導團隊，為整個組織的關鍵職能部門帶來了全新的視野。最近，Lakshmanan 被任命為首席供應鏈官，為該職位帶來了 20 多年的專業經驗。

I'm thrilled about the team we have assembled and the way everyone has united around our game plan and strong desire to succeed. We have much more work ahead, but the opportunity is significant. We're operating with excellent focus and intention. Our year-to-date results, coupled with ongoing operating and financial rigor, position us to raise our outlook for full year 2025. We have increased our top line guidance to the high end of our previous range and now expect to deliver breakeven to slightly positive adjusted operating margins. We're making bold moves, and it is clear that our actions are paying dividends.

我對我們組成的團隊以及大家團結一致、共同製定計劃、渴望成功的精神感到非常興奮。我們還有很多工作要做，但機會也很大。我們正以高度專注和專注的態度開展營運。我們今年迄今的業績，加上持續嚴謹的營運和財務策略，使我們能夠提升2025年全年業績預期。我們已將營收指引上調至先前預期的高端，目前預計達到損益平衡，調整後的營業利潤率將略有上升。我們正在採取大膽舉措，顯然，我們的行動正在帶來回報。

Now, I will move to an update on the strategies driving our results. Looking at the strategies under our first pillar, refocusing on our core. Since we initiated this turnaround, we've been bringing a new Fossil brand platform to life to elevate the design and storytelling and initiatives to create a standout experience for the customer. On the digital side, we recently launched a second phase of improvement under our website redesign. The site features richer storytelling and a more seamless customer journey designed to drive increased engagement times and higher conversion rate.

現在，我將介紹推動我們業績成長的策略。首先，我們將回顧我們第一支柱下的策略，重新聚焦於我們的核心。自啟動此次轉型以來，我們一直在打造全新的 Fossil 品牌平台，以提升設計、故事敘事和各項舉措，為客戶打造卓越的體驗。在數位領域，我們最近啟動了網站改版的第二階段改進。新網站的故事敘述更加豐富，客戶旅程更加流暢，旨在提升客戶參與度和轉換率。

I encourage you to visit fossil.com, where we recently refreshed our landing pages to highlight Fossil's innovation around core classics, elevating the traditional watch platforms that reflect our history of design and storytelling.

我鼓勵您造訪 fossil.com，我們最近更新了我們的登陸頁面，以突出 Fossil 圍繞核心經典的創新，提升反映我們設計和講故事歷史的傳統手錶平台。

On the product and marketing front, our engine is fired up. Fossil traditional watch icons like the Neutra, Raquel and Machine platforms were top performers in Q2. This collection reflect our heritage and remain an important part of our product pipeline. Equally important, we have a long history of on-trend collaboration that enable us to enhance our storytelling and drive brand heat. Our latest launches, Fossil per Shelby, Superman and Fantastic Four have been standout drawing significant media attention, delivering outsized performance across our content channels and capturing consumer mind share.

在產品和行銷方面，我們動力十足。 Fossil 的傳統經典腕錶系列，例如 Neutra、Raquel 和 Machine 平台，在第二季度表現優異。這些系列體現了我們的傳承，並將繼續成為我們產品線的重要組成部分。同樣重要的是，我們長期以來與潮流品牌合作，這使我們能夠增強品牌故事的敘事性，並提升品牌熱度。我們最新的 Fossil 謝爾比系列、超人系列和神奇四俠系列，在媒體上表現出色，在我們的內容管道中取得了優異的業績，並牢牢抓住了消費者的注意力。

This year, we're increasing our investment in upper funnel marketing initiatives to cultivate enthusiasm for the Fossil brand through unique and immersive experiences. Consistent influencer and in-person activation around key commercial and cultural moments globally have contributed to rising engagement rates, price impression and improving top line trends in traditional watches.

今年，我們加大了對高端漏斗行銷計劃的投入，旨在透過獨特的沉浸式體驗來激發消費者對 Fossil 品牌的熱情。我們持續在全球重要商業和文化活動期間與意見領袖和線下實體店進行互動，這有助於提升參與度、提升價格印象，並改善傳統手錶的營收趨勢。

In Q3, our global teams are gearing up for the official worldwide launch of Nick Jonas as a Fossil global brand ambassador. We have a series of exciting consumer activation and VIP events planned, which will kick off next week when we welcome consumer and fans to the Fossil Diner, a branded pop-up experience in New York City. We will be replicating a traditional New Jersey diner, bringing this to life in an iconic Manhattan space with exclusive merchandise and experiences.

第三季度，我們的全球團隊正全力籌備尼克喬納斯正式成為 Fossil 全球品牌大使的全球發表會。我們計劃舉辦一系列令人興奮的消費者活動和 VIP 活動，這些活動將於下週拉開序幕，屆時我們將邀請消費者和粉絲們來到紐約的 Fossil Diner 快閃體驗店。我們將在曼哈頓標誌性的空間裡，以獨家商品和體驗，重現傳統新澤西餐廳的魅力。

We will also be investing in a robust wholesale marketing strategy to support the campaign launch. This includes window takeovers at our wholesale partners globally, point-of-sale marketing, new fixtures and improved storytelling collateral. We're thrilled about the launch of this campaign, which represent a pivotal moment for Fossil. We're confident that Nick's global reach and influence will help us build increased awareness of the Fossil brand, create excitement around our product offerings and drive cultural relevance.

我們還將投資強大的批發行銷策略，以支持此次活動的啟動。這包括我們全球批發合作夥伴的櫥窗覆蓋、銷售點行銷、新的裝置以及改進的故事宣傳資料。我們非常高興能夠啟動這項活動，這對 Fossil 來說是一個關鍵時刻。我們相信，Nick 的全球影響力將有助於我們提升 Fossil 品牌的知名度，激發人們對我們產品的熱情，並提昇文化相關性。

Turning now to our core licensed brands, Armani, Kors and Diesel. We have strengthened our position in the wholesale channel by investing in point-of-sale and in-store presentation. This is driving improved results in key markets, including the US, India, Germany and the UK, while China performance remains under pressure by the macro environment.

現在談談我們的核心授權品牌：Armani、Kors 和 Diesel。我們透過投資銷售點和店內展示，鞏固了在批發通路的地位。這推動了包括美國、印度、德國和英國在內的主要市場的業績改善，而中國市場的業績仍受到宏觀環境的壓力。

From a brand perspective, Kors and Armani Exchange both demonstrate year-over-year growth in the wholesale channel during the first half of the year, while Armani performance was challenged in China, the brand grew in other key markets, including North America and EMEA in the first half.

從品牌角度來看，Kors 和 Armani Exchange 上半年在批發管道均實現了同比增長，儘管 Armani 在中國的業績受到挑戰，但該品牌上半年在北美和 EMEA 等其他主要市場均實現了增長。

Next, we are remaining focused on optimizing our global wholesale footprint. We are prioritizing key geographies where we continue to see strengthening trends. This included Americas where Fossil traditional watch sales were up double digit in the second quarter as well as India, where we are seeing strong momentum across brands and channels.

接下來，我們將繼續專注於優化我們的全球批發業務。我們優先考慮那些持續呈現強勁成長趨勢的關鍵地區。其中包括美洲地區（Fossil 傳統腕錶銷量在第二季度實現了兩位數增長），以及印度地區（我們在該地區各個品牌和渠道都呈現強勁增長勢頭）。

Additionally, we're gaining traction quickly with our European distributor partners, driving increased sales and profitabilities in those geographies. Our aggressive action to strengthen channel profitability are paying dividends. Our strategic decision to dramatically scale back promotional activity in our e-commerce channel is driving significant improvement in our gross margin profile and bottom line profitability.

此外，我們與歐洲經銷商合作夥伴的合作也正在迅速升溫，推動這些地區的銷售額和獲利能力不斷提升。我們積極提升通路獲利能力的措施正在發揮成效。我們大幅縮減電商通路促銷活動的策略決策，正在大幅提升我們的毛利率和獲利能力。

We're also seeing uplift in key performance indicators, including traffic quality and average unit retail in both our Fossil's stores and e-commerce sites. This is having a halo effect across other channels, most notably wholesale. We're pleased to be leading by example with our return to a full price selling model, further demonstrating our commitment to strengthen our relationship with our wholesale partners.

我們也看到關鍵績效指標有所提升，包括 Fossil 門市和電商網站的客流量品質和平均單位零售額。這在其他管道，尤其是批發管道，也產生了連鎖反應。我們很高興能夠率先恢復全價銷售模式，這進一步表明了我們致力於加強與批發合作夥伴關係的決心。

Looking at our Fossil retail stores, we're continuing to optimize the portfolio through the closure of underperforming doors. In Q2, we exited an additional six locations. As part of our efforts to deliver an engaging shopping experience and improve fleet productivity, we have begun prototyping our store of the future, which blends lifestyle selling, data-led decision-making and purpose-driven strategy.

就 Fossil 零售店而言，我們正透過關閉業績不佳的門市來持續優化產品組合。第二季度，我們又關閉了六家門市。為了提供引人入勝的購物體驗並提高門市效率，我們已經開始設計未來門市的原型，該門市將融合生活方式銷售、數據驅動的決策和目標驅動的策略。

The new program is shifting our selling culture to one that is rooted in proactive clientele and outreach and prioritize personalized service and community. We started with a pilot in our home base of Dallas and are quickly expanding to more than 50 of our US stores this summer. The initial results are compelling. We're seeing month-over-month increase in conversion, average daily sales and unit per transaction. We're planning to roll out the program to all of our North American locations this year and have some pilot stores underway in EMEA.

這項新計畫正在改變我們的銷售文化，使其根植於積極主動的客戶關係和拓展，並優先考慮個人化服務和社區。我們首先在達拉斯總部進行了試點，並於今年夏天迅速擴展到美國50多家門市。初步成果令人矚目。我們的轉換率、日均銷售額及單筆交易單位數逐月成長。我們計劃今年將該計劃推廣到所有北美門市，並在歐洲、中東和非洲地區（EMEA）的一些門市開展試點。

Turning to our second turnaround pillar, rightsizing Fossil Group's cost structure. We've taken action to strengthen our operating model and continue to act with financial rigor to position the business for long-term profitable growth. Our cost-cutting actions have generated nearly $50 million of savings in the first half of 2025. And we remain on track to capture full year SG&A savings of $100 million. Additionally, we are continuing to evaluate incremental opportunities, including the potential sale of non-core assets.

談到我們的第二個扭虧為盈支柱，即優化 Fossil 集團的成本結構。我們已採取行動強化營運模式，並持續採取嚴謹的財務措施，以確保業務實現長期獲利成長。我們的成本削減措施已在 2025 年上半年節省近 5,000 萬美元。我們仍有望實現全年 1 億美元的銷售、一般及行政費用 (SG&A) 節省目標。此外，我們仍在繼續評估增量機會，包括出售非核心資產的潛在方案。

Lastly, I would turn to our third key pillar, strengthening the balance sheet. I'm pleased to share that we have successfully refinanced our revolving credit facility and entered into a transaction support agreement with our largest bondholders to amend and extend our bond maturities into 2029. This balance sheet transformation, which Randy will cover in more detail, will meaningfully improve our liquidity and provide us with added flexibility to execute our turnaround and return Fossil to a profitably growing cash-generating organization.

最後，我想談談我們的第三個關鍵支柱——強化資產負債表。我很高興地告訴大家，我們已成功完成循環信貸額度的再融資，並與我們最大的債券持有人達成了交易支持協議，將債券期限修改並延長至2029年。蘭迪將詳細介紹這項資產負債表轉型，它將顯著提升我們的流動性，並為我們帶來更大的靈活性，幫助我們扭轉頹勢，使Fossil重回盈利增長、現金流充沛的營運模式。

We're incredibly grateful to our stakeholders for their support and appreciate their conviction in our team, our business plan and our long-term vision. Looking ahead, I'm confident we have what is needed to win, world-class teams, a clear strategy and a plan of action, a solid balance sheet and a strong brand equity, underpinned by a 40-year heritage in watchmaking.

我們衷心感謝股東們的支持，並感謝他們對我們團隊、業務計畫和長期願景的信任。展望未來，我相信我們擁有製錶業40年傳承的堅實後盾，擁有世界一流的團隊、清晰的戰略和行動計劃、穩健的資產負債表和強大的品牌資產，這一切都將為我們帶來勝利。

As we face an increasingly complex environment, we're controlling what we can in leaning into our strength. Halfway through the year, we're performing ahead of our expectation and gaining increasing traction against our initiatives. Importantly, as we continue on our path to restoring top line growth, we're strengthening our underlying operating model and unlocking efficiencies, which is driving improved profitability. We greatly appreciate the support of our shareholders and look forward to keeping you updated on our progress.

面對日益複雜的環境，我們正竭盡所能，發揮自身優勢。年中至今，我們的業績超乎預期，各項措施也日益獲得支持。重要的是，隨著我們繼續恢復營收成長，我們正在強化基礎營運模式，提升效率，從而推動獲利能力的提升。我們非常感謝股東的支持，並期待隨時向您通報我們的進展。

Now, I will turn the call over to Randy to review the second quarter financials and discuss our outlook.

現在，我將把電話轉給蘭迪，讓他回顧第二季的財務狀況並討論我們的前景。

Thank you, Franco, and good afternoon, everyone. We're pleased to have delivered another quarter of outperformance across the P&L as we continue to advance our turnaround strategies. As a result of our strong year-to-date performance, we're raising full year guidance on the top and bottom line with adjusted operating margin now expected to be breakeven to slightly positive.

謝謝弗朗哥，大家下午好。我們很高興在持續推動扭虧為盈策略的同時，再次實現了季度業績的優異表現。鑑於年初至今的強勁表現，我們上調了全年營收和淨利潤的預期，調整後的營業利潤率目前預計為盈虧平衡或略微為正。

Second quarter net sales totaled $219 million, down 16% in constant currency and in line with our expectations. Second quarter gross margin expanded 480 basis points compared to last year, coming in at 57.4%. You'll note that this is now the third consecutive quarter of meaningful gross margin expansion. The year-over-year increase primarily reflects higher product margins in our core categories, driven by improved product costing, our exit from connected watches, lower freight costs and importantly, a completely refreshed philosophy with significantly lower reliance on discounts and promotions.

第二季淨銷售額總計2.19億美元，以固定匯率計算下降16%，符合我們的預期。第二季毛利率較去年同期成長480個基點，達57.4%。您會發現，這已是毛利率連續第三個季度大幅成長。同比成長主要反映了我們核心產品類別利潤率的提高，這得益於產品成本核算的改進、我們退出智慧手錶市場、運費成本的降低，以及更重要的是，我們徹底革新了經營理念，大幅降低了對折扣和促銷的依賴。

We are proactively addressing the tariff landscape and remain confident that we can mitigate the full impact to our cost of goods sold in 2025. As a global organization with a flexible supply chain and significant scale, we are well positioned. We have several tactics in our arsenal, ranging from cost sharing with vendors to optimizing our sourcing allocations and distribution to strategic pricing actions. Specific initiatives include partnering with our long-standing suppliers to drive cost reduction on our key platforms, utilizing our strong supply base to optimize costs across multiple sourcing regions and supply chain tiers, leveraging our free trade zone status at our Dallas distribution center and implementing surgical price increases.

我們正積極應對關稅情勢，並堅信能夠在2025年全面降低其對銷售成本的影響。作為一家擁有靈活供應鏈和龐大規模的全球性企業，我們已做好準備。我們擁有多種策略，從與供應商分攤成本到優化採購分配和分銷，再到策略性定價行動。具體措施包括：與長期供應商合作，推動關鍵平台的成本削減；利用我們強大的供應基礎，優化多個採購區域和供應鏈層級的成本；利用達拉斯配送中心的自由貿易區地位；以及大幅提價。

With respect to pricing, thus far, we have not seen any pushback from the consumer, which we view as a testament to our democratic pricing architecture. Continuing down the P&L and looking at operating expenses, our commitment to strict cost control was evident in the quarter. Our teams brought down SG&A by $32 million to $122 million, excluding an $11 million gain from the sale leaseback of our European distribution center, which we discussed on our May earnings call and as expected, closed in Q2.

就定價而言，到目前為止，我們尚未看到消費者有任何抵觸情緒，這反映了我們民主定價架構的概念。繼續查看損益表並考察營運費用，我們在本季對嚴格成本控制的承諾顯而易見。我們的團隊將銷售、一般及行政費用 (SG&A) 降低了 3,200 萬美元，降至 1.22 億美元，這還不包括歐洲配送中心售後回租帶來的 1,100 萬美元收益。我們在 5 月的財報電話會議上討論過該交易，並如預期在第二季完成。

As a percentage of sales, SG&A was 340 basis points lower versus prior year, coming in at 55.7%. The year-over-year improvement in SG&A is attributable to 44 fewer stores in operation versus a year ago, lower compensation and administrative expenses and a planned decrease in performance marketing spend.

銷售、行政及管理費用佔銷售額的百分比較上年下降340個基點，為55.7%。銷售、行政及管理費用較去年同期改善的原因是，營運門市數量較前一年減少44家，薪資和管理費用下降，以及計畫減少績效行銷支出。

On a year-to-date basis, we have delivered $48 million of SG&A savings, putting us well on track to capture our targeted full year savings of $100 million. During Q2, we closed another 6 stores, bringing us to 34 closures year-to-date. We expect to close 45 to 50 locations this year as we work towards optimizing the fleet and improving productivity. As a reminder, virtually all of our store closures are occurring at natural lease expiration with minimal closing costs.

年初至今，我們已節省了4,800萬美元的銷售、一般及行政費用 (SG&A)，這讓我們有望實現全年節省1億美元的目標。第二季度，我們又關閉了6家門市，使年初至今關閉門市總數達到34家。我們預計今年將關閉45至50家門市，以優化門市佈局並提高生產力。需要提醒的是，我們幾乎所有門市的關閉都是在租約自然到期時進行的，而關閉成本極低。

Turning now to earnings. We delivered a third consecutive quarter of profitability. Second quarter adjusted operating income came in at positive $4 million compared to a loss of $17 million a year ago. This strength drove Q2 adjusted operating margin of 1.7%. Of note, adjusted operating income does not include the $11 million gain I just discussed.

現在談談獲利情況。我們連續第三個季度獲利。第二季調整後營業利潤為正400萬美元，去年同期則虧損1,700萬美元。這一強勁表現推動第二季調整後營業利益率達1.7%。值得注意的是，調整後營業利潤不包括我剛才提到的1,100萬美元的收益。

Moving to the balance sheet. We ended the quarter with $110 million of cash and cash equivalents, which includes more than $20 million from the sale leaseback of our German distribution center. Inventory levels were down 12% compared to the prior year and totaled $178 million. Most importantly, as Franco pointed out, subsequent to quarter end, we meaningfully strengthened the balance sheet, a critical pillar under our turnaround plan that we have been working with urgency to address.

再來看看資產負債表。本季末，我們持有1.1億美元的現金及現金等價物，其中包括德國配送中心售後回租的2,000多萬美元。庫存水準較前一年下降12%，總計1.78億美元。最重要的是，正如Franco指出的那樣，季度末之後，我們顯著增強了資產負債表，這是我們扭虧為盈計劃的關鍵支柱，我們一直在加緊努力解決這一問題。

The comprehensive financing plan we announced today considerably improves our liquidity position and provides us with a runway to transform Fossil into a consistent, profitable grower and strong cash flow generator. Let me unpack the mechanics of what we announced. We are pleased to have secured a new $150 million asset-based revolving credit facility with Ares Management Credit Fund, a best-in-class lender and partner. The new facility, which has a five-year maturity, is commensurate with the size of our current business, carries enhanced terms and provides increased availability to meet our working capital needs.

我們今天宣布的全面融資計劃顯著改善了我們的流動性狀況，並為我們奠定了基礎，使Fossil能夠成為一家持續盈利、不斷增長並擁有強勁現金流的公司。讓我來詳細解釋一下我們宣布的計劃的具體細節。我們很高興與Ares Management Credit Fund（一流的貸款機構和合作夥伴）達成了一筆1.5億美元的資產導向循環信貸額度。這筆新額度期限為五年，與我們目前的業務規模相符，條款更為寬鬆，並能提供更高的可用性，以滿足我們的營運資金需求。

Concurrently, we have signed a transaction support agreement with our two largest bondholders to amend and extend the maturity on our 7% senior notes into 2029. We are pleased to have reached this collaborative agreement with these key stakeholders, which also includes their commitment to provide a cash backstop of $32 million in additional funding to further fuel our turnaround. Their support covers approximately 60% of our outstanding bonds, and we expect to launch a public exchange later this month to address the balance of our notes. We look forward to sharing the results of the exchange with the investor community prior to year-end.

同時，我們已與兩大債券持有人簽署了交易支持協議，將我們7%優先票據的到期日修改並延長至2029年。我們很高興與這些關鍵利害關係人達成了這項合作協議，其中還包括他們承諾提供3,200萬美元的額外現金支持，以進一步推動我們的扭虧為盈。他們的支持涵蓋了我們約60%的未償債券，我們預計將於本月稍後啟動公開交易，以處理我們剩餘的票據。我們期待在年底前與投資者群體分享交易結果。

Before moving to guidance, I'd like to underscore the importance of these balance sheet movements. As Franco mentioned, we are confident that we now have ample liquidity to affect our turnaround. A big thank you to our bondholders, advisers and new partners.

在討論績效指引之前，我想先強調一下這些資產負債表變動的重要性。正如弗朗哥所說，我們有信心，現在擁有充足的流動性來扭轉局面。非常感謝我們的債券持有人、顧問和新合夥人。

Turning now to guidance. Based on the results we're seeing from our turnaround initiatives and ongoing momentum across the business, we are raising our full year outlook for 2025 as follows. We expect worldwide net sales to decline in the mid-teens, which includes approximately $40 million of impact related to retail store closures. This compares to prior guidance of a decline in the mid- to high teens. We are also taking up our expectations on the bottom line, reflecting the combination of gross margin expansion and significant cost reduction. Our updated outlook calls for breakeven to slightly positive adjusted operating margins, which compares to prior guidance of negative adjusted operating margin in the low single digits.

現在談談業績指引。基於我們從扭虧為盈計畫中看到的成果以及整個業務的持續發展勢頭，我們將2025年全年業績展望上調如下。我們預計全球淨銷售額將下降15%左右，其中包括與零售店關閉相關的約4000萬美元的影響。相比之下，之前的指引是下降15%左右。我們也上調了對獲利的預期，這反映了毛利率的提升和成本的大幅削減。我們最新的展望是調整後營業利潤率將達到盈虧平衡或略微正值，而先前的指引是調整後營業利潤率將為負值，為個位數的低位。

To provide more context, I'll speak to the cadence of profitability in the second half. First and foremost, we continue to expect to deliver healthy gross margins in the mid to upper 50s on a full year basis. From an accounting perspective, we recognize any minimum royalty deficits in the second half of the year, the majority of which are recorded in our third quarter. In 2025, the impact will be more significant than prior years due to our smaller sales base.

為了提供更多背景信息，我將談談下半年的盈利節奏。首先，我們預計全年毛利率將維持在55%左右的健康水準。從會計角度來看，我們會在下半年確認任何最低特許權使用費赤字，其中大部分赤字已計入第三季。由於我們的銷售基數較小，2025年的影響將比往年更為顯著。

Therefore, in Q3, we anticipate that gross margin and adjusted operating margin will decline on both a year-over-year and sequential basis. Excluding royalty shortfalls, we expect Q3 gross margin to increase versus prior year. Our turnaround efforts began to take root in Q4 of last year when we started to see meaningful gross margin expansion associated with our lower promotional full price selling strategies.

因此，我們預計第三季的毛利率和調整後營業利潤率將年比和季均下降。剔除特許權使用費缺口，我們預期第三季的毛利率將較上年同期上升。我們的轉虧為盈措施在去年第四季開始見效，當時我們開始看到毛利率因較低的促銷全價銷售策略而顯著提升。

Therefore, we expect a more comparable gross margin rate year-over-year in Q4 as the minimum royalty reductions we've agreed with our license partners benefit us moderately in 2025 and much more meaningfully in 2026 when we expect to bend the curve of these minimum royalty guarantee shortfalls. Implicit in our outlook is a return to positive adjusted operating income in the fourth quarter.

因此，我們預計第四季度的毛利率將比去年同期更加可比，因為我們與授權合作夥伴達成的最低特許權使用費下調將在2025年為我們帶來適度收益，並在2026年帶來更顯著的效益，屆時我們預計這些最低特許權使用費保證金缺口將得到彌補。我們的展望暗示，第四季調整後營業利潤將恢復正值。

In summary, we are entering the second half of the year with momentum from both an operational and financial perspective. Our teams are delivering strong execution against our turnaround pillars and are acting with financial rigor, remaining committed to driving long-term profitable growth and building durable shareholder value.

總而言之，從營運和財務角度來看，我們正以強勁的勢頭邁入下半年。我們的團隊正在強有力地執行扭虧為盈的關鍵目標，並採取嚴謹的財務措施，繼續致力於推動長期獲利成長並創造持久的股東價值。

Now, I'll ask the operator to open the call to Q&A.

現在，我請接線生開始問答環節。

(Operator Instructions) Francesco Marmo, Maxim Group.

（操作員指示） Francesco Marmo，Maxim 集團。

Congratulations on the quarter. I would like to start from the ongoing impressive gross margins improvement. I understand that there's a lot of moving parts, but I was hoping you guys could focus a bit more on the impact of the changes in your promotional activity in your price increases. And then also I was hoping you guys could give us some color if there was any impact from tariffs?

恭喜本季取得佳績。首先我想說一下持續顯著的毛利率提升。我知道這其中有很多因素在起作用，但我希望你們能更專注於促銷活動變化對價格上漲的影響。另外，我還希望你們能透露一下關稅是否會帶來影響。

Francesco, thanks for the question. Look, we're extremely pleased. As I mentioned, since I joined the company, for us, it was very important to really move into a full price model. And the full price model, combined with the very strong work done by the supply chain teams has led this improvement into gross margin, which we think we guided in the mid- to high 50s in a long-term perspective.

Francesco，謝謝你的提問。你看，我們非常高興。正如我所提到的，自從我加入公司以來，對我們來說，真正轉向全價模式非常重要。全價模式，加上供應鏈團隊的出色工作，帶來了毛利率的提升，我們認為從長期來看，我們預計毛利率將達到55%左右。

We're very pleased. I would say what is very pleased in what we have seen over the last month since we changed our strategy is that our brands are so strong that despite being less promotional, we haven't seen really any decrease. Consumers have been paying the value for the brand. They understand that the product has more value than what we were asking for, and they've been very resilient.

我們非常高興。我想說，自從我們改變策略以來，過去一個月裡，我們非常欣慰的是，我們的品牌非常強大，儘管促銷活動減少了，但我們並沒有看到任何下滑。消費者一直在為品牌付出代價。他們明白產品的價值遠高於我們的預期，而且他們的韌性非常強。

So we've seen a strong increase in AUR. We're very pleased, and we believe that this is a new model that we can continue over the long run. Same on our supply chain, but I will ask Randy to jump in. He's going to give you an idea on all of the work that's been happening.

因此，我們看到了平均銷售額（AUR）的強勁成長。我們非常高興，並相信這是一個可以長期延續的新模式。我們的供應鏈也是一樣，不過我會請蘭迪來談談。他會向大家介紹目前正在進行的所有工作。

Yeah. Thank you, Franco. And thank you, Francesco, very much for the question. To address specifically your question, we have not seen any negative impact in our gross margins year-to-date from tariffs. As I shared in my prepared remarks, we have a litany of strategies that we are employing to address tariffs. Obviously, that situation remains quite fluid with nearly daily or weekly changes.

是的。謝謝你，法蘭哥。弗朗西斯科，非常感謝你的提問。具體回答你的問題，今年迄今為止，關稅尚未對我們的毛利率產生任何負面影響。正如我在準備好的演講中所說，我們正在採取一系列策略來應對關稅。顯然，情況仍然相當不穩定，幾乎每天或每週都在變化。

But as we've said in the past, and we continue to believe into the future, our diverse, sophisticated supply chain affords us with a number of levers that we can pull to effectively mitigate any sort of incremental tariff pressure.

但正如我們過去所說的那樣，我們仍然相信未來，我們多樣化、複雜的供應鏈為我們提供了多種槓桿，我們可以利用這些槓桿來有效緩解任何形式的增量關稅壓力。

One thing that I do want to mention, though, because while tariffs right now are not currently a tailwind or a headwind that we're unable to manage through, we did want to make sure that folks understood the way in which minimum royalty guarantees do impact our business. We shared externally prior to this call that we'd achieved modest royalty reductions in '25 and meaningful royalty reductions in '26. That's why in Q3 in years past and certainly in 2025, we would expect a debit in our gross margin percentage from the recognition of those minimum royalty rate shortfalls. Our underlying margin rate remains quite strong, very much in line with the actions that Franco just articulated.

不過，有一件事我想提一下，因為雖然目前的關稅既不是我們無法應付的順風，也不是逆風，但我們確實想確保大家了解最低特許權使用費保證對我們業務的影響。在本次電話會議之前，我們對外透露，我們在2025年實現了適度的特許權使用費削減，並在2026年實現了大幅削減。因此，在過去幾年的第三季度，當然在2025年，我們預期毛利率百分比會因確認最低特許權使用費不足而下降。我們的基礎利潤率仍然相當強勁，與Franco剛才闡述的行動非常一致。

Okay. Great. That was extremely helpful. And then shifting gear one second. Talking about wholesale, it looks like a pretty resilient part of your business, and it sounds like you guys are working closely with your partners. I was wondering whether you guys could give us some color on the initiatives you are taking and in general, the trends that you're seeing in that channel.

好的。太好了。這非常有幫助。然後換個話題。說到批發業務，這看起來是你們業務中一個相當有韌性的部分，而且聽起來你們正在與合作夥伴緊密合作。我想知道你們能否介紹一下你們正在採取的舉措，以及你們在該頻道看到的整體趨勢。

Yeah, great question. So Francesco, look, let me take the lead and maybe Randy can give some color. We're excited. I've been in a roadshow since I joined the company talking to our -- really our largest partners globally. The love that our partners have for our brands is extremely high. But they've also been very critical to all of us about our promotional activity, which led us to really start to lead by example. We're building great relationship. I think -- when I was talking to them early days, they loved my story. They said we want to see action. We proved that in quarter 4. They said, great. Let's see the future. We proved in Q1, and we doubled down in Q2.

是的，這個問題問得好。那麼，弗朗西斯科，聽著，讓我來主導，也許蘭迪可以解釋一下。我們很興奮。自從我加入公司以來，我一直在進行路演，與我們全球最大的合作夥伴溝通。我們的合作夥伴對品牌的熱愛程度極高。但他們也對我們所有人的推廣活動提出了很高的要求，這促使我們真正開始以身作則。我們正在建立良好的關係。我想——當我早期與他們交談時，他們很喜歡我的故事。他們說我們希望看到行動。我們在第四季度證明了這一點。他們說，太好了。讓我們拭目以待吧。我們在第一季證明了這一點，並在第二季加倍投入。

And even last week, our teams were in New York meeting with the largest accounts, they all have been very complementary. You guys are now leading the industry by example. You're driving stronger relationship. This is step number one. Step number two is about what we are doing to invest with them.

甚至上週，我們的團隊還在紐約與最大的客戶會面，他們都非常互補。你們現在正以身作則，引領產業發展。你們正在推動更牢固的關係。這是第一步。第二步是我們正在採取哪些措施與他們合作進行投資。

And we've been very clear over the last -- over the plan that wholesale channel was really a priority for the company. We are doubled down on investing in-store presentation for this year. The project is really taking live now with a lot of new fixture delivered to our accounts globally as well as we are doubled down on activities from a marketing perspective. And I will mention the pretty soon launch of the Nick Jonas collaboration, which we are excited about hitting our wholesale partners globally.

我們在過去的計畫中明確表示，批發管道是公司的首要任務。今年，我們將加倍投入店內展示。該專案目前進展順利，許多新產品已交付給我們全球客戶，同時，我們也加倍投入行銷活動。我還想提一下即將推出的與尼克喬納斯的合作系列，我們非常期待與全球的批發合作夥伴見面。

So we're building a relationship. We know it takes time. We want to be credible. We want to be their best partner, and we will focus on continuing to do that, and we're seeing this paying off dividends.

所以我們正在建立關係。我們知道這需要時間。我們希望贏得信任。我們希望成為他們最好的合作夥伴，我們將專注於繼續這樣做，而且我們已經看到回報。

Okay. Great. And then if I have time, if I can sneak in one more. So we're seeing anecdotal evidence of a renewed interest in traditional fashion watches among younger consumers. And then we've been following clearly the Fossil brand really closely. And we noticed that several of the limited edition collaboration are actually sold out on your website. I'm talking about the -- Fantastic Four, Superman S-Shield and Minecraft.

好的。太好了。如果有時間的話，我可以再偷偷說一點。我們看到一些軼事證據表明，年輕消費者對傳統時尚手錶的興趣重新燃起。而且，我們一直在密切關注Fossil品牌。我們注意到，你們網站上的幾款限量版合作款實際上已經售罄。我說的是──神奇四俠、超人S-Shield和我的宇宙。

So I was wondering whether you guys saw any strength in that younger consumer category? What kind of products are those customers more interested in? And then when it comes to the collaboration side of things, I was hoping you guys could give us an idea of the kind of initiatives you guys are undertaking to manage and promote those launches and how you see that brand momentum kind of reverberate across the broader offering of the Fossil brand?

所以我想知道你們是否看到了年輕消費者群體的優勢？這些消費者對什麼樣的產品比較感興趣？說到合作方面，我希望你們能介紹一下你們正在採取哪些舉措來管理和推廣這些新品，以及你們認為這種品牌勢頭將如何影響Fossil品牌更廣泛的產品線？

Great question. Thanks for asking. Look, we're definitely seeing a comeback of the traditional watch. I would say it's really different by region, definitely very strong in India, in the Americas. We don't see that really happening in China. China has been still -- even has been a little better, but we still don't see those consumers there.

好問題，謝謝提問。你看，我們確實看到了傳統手錶的回歸。我想說的是，不同地區的情況確實不同，印度和美洲的情況肯定非常強勁。但我們在中國並沒有看到這種情況。中國的情況仍然——甚至略有好轉，但我們仍然沒有看到像中國這樣的消費者。

From what we see is exciting because you see this new generation coming and the relevance of the smart watch for them is not quite there. The traditional watch becomes an accessory, a way to express themselves. They don't need to -- they really don't need to take the smart watch approach in general as I've done over the years or many other consumers have done over the years.

我們看到的情況令人興奮，因為新一代消費者正在崛起，而智慧手錶對他們來說意義不大。傳統手錶變成了一種配件，一種表達自我的方式。他們不需要——他們真的不需要像我或許多其他消費者多年來那樣，普遍採用智慧手錶的策略。

So we're excited about the traditional watch coming back. I think a collaboration are helping us to connect with some very key communities that drive brand awareness and brand momentum. I think we have an amazing team that has been able to refocus the business into what we are good on, which is really building great product and telling stories. And those communities and those collaborations are just helping us to tell a better story. You're right, I recall Minecraft, honestly, we didn't expect that. It was impressive. We were sold out within hours. Shelby, Superman has been -- I'm really, really proud of the work the teams have done because it really has led Fossil to a different level, to a new level.

所以我們對傳統手錶的回歸感到興奮。我認為合作有助於我們與一些非常重要的社群建立聯繫，這些社群能夠提升品牌知名度和品牌動能。我認為我們擁有一支出色的團隊，能夠將業務重心重新集中在我們擅長的領域，即打造優秀的產品和講述故事。這些社群和合作正幫助我們講述一個更好的故事。你說得對，我還記得《我的世界》，說實話，我們沒想到會是這樣。它令人印象深刻。幾個小時內就銷售一空。謝爾比、超人……我真的非常非常為團隊的工作感到自豪，因為這真的將Fossil提升到了一個全新的高度。

And -- but I'm also very excited about what's coming next. I'm going to be in New York next week, and I can't wait to see the new collaboration with Nick Jonas. This is going to be by far the biggest activation we've done for the Fossil brand since years. So I look forward to tell more in the next call about the success of this collaboration.

而且──我對接下來的計畫也非常期待。下週我要去紐約，迫不及待想看到我們和尼克喬納斯的新合作。這將是我們多年來為Fossil品牌舉辦的規模最大的活動。所以我期待在下次電話會議中詳細介紹這次合作的成功之處。

There are no further questions for Q&A. I'll turn the call back to management for closing comments.

其餘問題已解決。我將把電話轉回給管理層，請他們發表最後評論。

Thank you, everyone, for joining today. We're excited about the future. We're looking forward to see you and talk to you for Q3 earnings. Thank you.

感謝各位今天的參與。我們對未來充滿期待。我們期待與大家見面，並就第三季的業績進行溝通。謝謝！

This concludes the meeting. You may now disconnect.

會議到此結束。您可以斷開連線了。