Helen of Troy Ltd (HELE) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to the Helen of Troy third-quarter fiscal 2024 earnings conference call.

歡迎參加 Helen of Troy 2024 財年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I'll now turn the conference over to Jack Jancin, Senior Vice President of Corporate Business Development.

我現在將會議交給企業業務開發資深副總裁傑克‧詹辛 (Jack Jancin)。

Mr. Jancin, you may now begin your presentation.

Jancin 先生，您現在可以開始您的演講了。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and welcome to Helen of Troy's third-quarter Fiscal-2024 earnings conference call.

大家早安，歡迎參加 Helen of Troy 的 2024 財年第三季財報電話會議。

The agenda for the call this morning is as follows.

今天上午的電話會議議程如下。

I'll begin with a brief discussion of forward-looking statements.

我將首先簡要討論前瞻性陳述。

Mr. Julien Mininberg, the company's CEO; and Ms. Noel Geoffroy, the company's COO, will comment on financial performance for the quarter and current trends.

公司執行長 Julien Mininberg 先生；該公司營運長 Noel Geoffroy 女士將評論本季的財務表現和當前趨勢。

Then Mr. Brian Grass, the company's CFO, will review the financials in more detail and our financial outlook for the remainder of the fiscal 2024.

然後，公司財務長 Brian Grass 先生將更詳細地審查財務狀況以及我們對 2024 財年剩餘時間的財務前景。

Following this, we will take questions you have for us today.

接下來，我們今天將回答您向我們提出的問題。

This conference call may contain certain forward-looking statements that are based on management's current expectation with respect to future events or financial performance.

本次電話會議可能包含某些基於管理層目前對未來事件或財務表現的預期的前瞻性陳述。

Generally, the words anticipates, believes, expects, and other words similar are words identifying forward-looking statements.

一般來說，「預期」、「相信」、「期望」以及其他類似的字詞都是辨識前瞻性陳述的字眼。

Forward-looking statements are subject to a number of risks and uncertainties that could cause anticipated results to differ materially from the actual results.

前瞻性陳述受到許多風險和不確定性的影響，這些風險和不確定性可能導致預期結果與實際結果有重大差異。

This conference call may also include information that may be considered non-GAAP financial information.

本次電話會議也可能包括可能被視為非公認會計準則財務資訊的資訊。

These non-GAAP measures are not an alternative to GAAP financial information and may be calculated differently than the non-GAAP financial information disclosed by other parties.

這些非 GAAP 指標不能取代 GAAP 財務信息，且計算方式可能與其他方揭露的非 GAAP 財務資訊不同。

The company cautions listeners not to place undue reliance on forward-looking statements or non-GAAP information.

該公司提醒聽眾不要過度依賴前瞻性陳述或非公認會計準則資訊。

Before I turn the call over to Mr. Mininberg, I would like to inform all interested parties that a copy of today's earnings release has been posted to the investor relations section of the company's website at ww.helenoftroy.com. The earnings release contains tables that reconcile non-GAAP financial measures to their corresponding GAAP-based measures.

在我將電話轉給 Mininberg 先生之前，我想通知所有有興趣的各方，今天的收益報告副本已發佈到公司網站 www.helenoftroy.com 的投資者關係部分。收益發布包含將非公認會計準則財務指標與其相應的基於公認會計準則的指標進行協調的表格。

The release can be obtained by selecting the investor relations tab on the company's homepage and then the press releases tab.

可以透過選擇公司主頁上的投資者關係選項卡，然後選擇新聞稿選項卡來取得新聞稿。

I will now turn the call over to Mr. Mininberg.

我現在將把電話轉給米寧伯格先生。

Thank you, Jack.

謝謝你，傑克。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

This morning, we reported results that came in slightly above our expectations.

今天早上，我們報告的結果略高於我們的預期。

I'm pleased with the recent consistency of our results and believe we are on track to achieve our full-year financial objectives.

我對我們最近業績的一致性感到滿意，並相信我們正在實現全年財務目標。

For the past several quarters, our organization has made significant progress across the initiatives we announced at the beginning of fiscal '24 as well as the comprehensive work streams we have been executing under Pegasus.

在過去的幾個季度中，我們的組織在 24 財年年初宣布的舉措以及我們在 Pegasus 下執行的全面工作流程方面取得了重大進展。

This outstanding work has helped enable our results in fiscal '24 and help set us up for future growth.

這項出色的工作幫助我們實現了 24 財年的業績，並幫助我們為未來的成長奠定了基礎。

Today marks my last earnings call with you as CEO of Helen of Troy.

今天是我作為 Helen of Troy 執行長最後一次與您召開財報電話會議。

As previously announced, after 10 years in my current role, 20 years in C-level roles, and 34 years in the global consumer products industry, I will be retiring on March 1, and Noel Geoffroy will become only the third CEO since the company's founding in 1968.

正如之前宣布的，在我擔任現任職務10 年、擔任C 級職位20 年以及在全球消費品行業工作34 年之後，我將於3 月1 日退休，Noel Geoffroy 將成為公司自成立以來的第三位執行長。成立於1968年。

Noel is an outstanding leader.

諾埃爾是一位傑出的領導者。

In addition to her work as COO, she has been working very closely with our global leadership team and the rest of our organization to develop and implement the Elevate for Growth strategy detailed in our Investor Day last October.

除了擔任營運長之外，她還與我們的全球領導團隊和組織其他部門密切合作，制定和實施去年 10 月投資者日詳細介紹的提升成長策略。

As I look back on the past decade, leading the company's transformation has been an honor.

回顧過去十年，領導公司轉型是我的榮幸。

I'm very proud of what we have achieved.

我對我們所取得的成就感到非常自豪。

When I became CEO in 2014, we challenged ourselves to increase sales of Helen of Troy by 50%, and we asked ourselves what it would take to double adjusted earnings per share.

當我在 2014 年成為執行長時，我們向自己提出了挑戰，要將 Helen of Troy 的銷售額增加 50%，我們問自己需要什麼才能使調整後的每股收益翻倍。

We far exceeded those goals, not only on the business results, but also by significantly strengthening our brand portfolio through strategic acquisition and divestiture and further building our existing brands into consumer-preferred solutions that are trusted, purchased, used, and adored.

我們遠遠超越了這些目標，不僅在業務成果上，而且還透過策略性收購和剝離顯著加強了我們的品牌組合，並進一步將我們現有的品牌打造成消費者信任、購買、使用和喜愛的首選解決方案。

We also established a set of highly capable global shared services that drive efficiency and effectiveness.

我們還建立了一套功能強大的全球共享服務，以提高效率和效益。

Our relentless focus over the past decade has been on executing the transformation with excellence, creating and delivering countless innovations, designed each to delight consumers, and continuously improving our capabilities as a unified global operating company.

過去十年來，我們不懈地專注於以卓越的方式實施轉型，創造和提供無數的創新，每一項創新的設計都旨在取悅消費者，並不斷提高我們作為一家統一的全球運營公司的能力。

I am most proud of the powerful culture we created.

我對我們創造的強大文化感到最自豪。

It helps make the company an employer of choice.

它有助於使公司成為首選雇主。

From all corners of Helen of Troy, our global associates work every single day to do together what none can do alone.

我們的全球員工每天都在特洛伊海倫的各個角落共同努力，共同完成無人能單獨完成的任務。

We take enormous pleasure in serving millions of consumers and retailers around the world.

我們非常高興為世界各地數百萬消費者和零售商提供服務。

I would like to thank our people for their enduring passion, engagement, and ownership mindset.

我要感謝我們的員工持久的熱情、參與和主人翁精神。

I am inspired by their never-ending devotion to drive the company, its brands, and its timeless values.

他們對推動公司、品牌和永恆價值的永無止境的奉獻精神激勵著我。

They are the secret sauce of Helen of Troy.

它們是特洛伊的海倫的秘密武器。

Before I turn the call over to Noel, I would like to leave you with one more thought.

在將電話轉給諾埃爾之前，我想再向您提出一個想法。

I remain confident that the best is still to come.

我仍然相信最好的還在後頭。

Noel is the right next CEO, the Elevate for Growth strategy has just the right balance of newness and continuity, and the organization is fully committed to delivering its stretching yet achievable goals.

諾埃爾是合適的下一任首席執行官，提升成長策略在新穎性和連續性之間取得了適當的平衡，並且該組織完全致力於實現其可擴展但可實現的目標。

To close, I would like to thank you, our investors and analysts.

最後，我要感謝你們、我們的投資人和分析師。

I have enjoyed getting to know so many of you throughout my tenure.

在我的任期內，我很高興認識你們中的許多人。

I learned from you, and I worked hard to use your input to make myself and our company significantly stronger and better.

我向您學習，並努力利用您的意見使我自己和我們的公司變得更加強大和更好。

With that, on to Noel.

說到這裡，諾埃爾。

Thank you, Julien, and congratulations on your distinguished career.

謝謝你，朱利安，並祝賀你傑出的職業生涯。

Your leadership over the last 10 years has transformed Helen of Troy from a holding company into a focused operating company and a leader in consumer devices and consumables with an outstanding brand portfolio and a highly capable global organization.

在您過去 10 年的領導下，Helen of Troy 從一家控股公司轉變為專注於營運的公司以及消費設備和消費品領域的領導者，擁有出色的品牌組合和強大的全球組織。

Building on its 50-plus year heritage, you repositioned Helen of Troy to create significant value and set a foundation for a bright future.

在其 50 多年的傳統基礎上，您重新定位了特洛伊的海倫，以創造重大價值並為光明的未來奠定基礎。

Above all, you led with genuine care and appreciation for all stakeholders, creating a powerful culture and an enduring legacy.

最重要的是，您以真誠的關懷和對所有利益相關者的讚賞來領導，創造了強大的文化和持久的遺產。

The entire organization will miss you, and we wish you all the very best in your retirement.

整個組織都會想念您，我們祝福您退休後一切順利。

Now let's turn to our third-quarter business results and outlook for the remainder of the year.

現在讓我們來看看第三季的業務業績和今年剩餘時間的展望。

As Julien highlighted, our third-quarter consolidated net sales and adjusted EPS were slightly better than the outlook we provided in October.

正如 Julien 所強調的那樣，我們第三季的合併淨銷售額和調整後每股收益略好於我們 10 月提供的前景。

We are pleased to be in a position to end the fiscal year within the ranges of our original full-year outlook for net sales, adjusted EPS, and free cash flow.

我們很高興能夠在我們最初的全年淨銷售額、調整後每股收益和自由現金流預期的範圍內結束本財年。

For perspective, the midpoint of our current outlook for net sales and adjusted EPS is essentially the same as what we provided at the beginning of the fiscal year, and we have maintained our outlook for free cash flow.

從長遠來看，我們目前對淨銷售額和調整後每股盈餘的展望中點與我們在財年年初提供的基本相同，並且我們維持了對自由現金流的展望。

We also expect continued expansion of our gross margin and further improvement to our debt position.

我們也預期毛利率將繼續擴大，債務狀況將進一步改善。

Brian will elaborate further during his remarks.

布萊恩將在演講中進一步闡述。

In addition, our Pegasus initiatives remain on track and are enabling improved efficiency and effectiveness in fiscal '24.

此外，我們的 Pegasus 計畫仍在正軌上，並在 24 財年實現了效率和效益的提高。

Third-quarter net sales declined 1.6%, an improvement versus the decline of [2% to 4%] in the outlook we provided in October.

第三季淨銷售額下降 1.6%，與我們 10 月預測的下降 [2% 至 4%] 相比有所改善。

Adjusted diluted EPS was $2.79 or 1.3% increase over the same period last year and also slightly ahead of our expectations.

調整後攤薄每股收益為 2.79 美元，比去年同期成長 1.3%，也略高於我們的預期。

During the quarter, we further expanded our gross margin by over 200 basis points, controlled expenses while still investing in our strategic initiatives, and built on the strong cash flow generation we have been delivering over the past five quarters with a further $66 million of free cash flow.

本季度，我們的毛利率進一步擴大了200 多個基點，在控制開支的同時仍然投資於我們的戰略計劃，並以我們在過去五個季度交付的強勁現金流為基礎，另外還提供了6600 萬美元的免費資金。現金週轉。

This is a solid outcome in what continues to be a challenging macro consumer environment and is a testament to the initiatives we have chosen, the talent and dedication of our global associates, and the strength of our brand.

這是在仍然充滿挑戰的宏觀消費環境中取得的堅實成果，也證明了我們所選擇的舉措、我們全球員工的才華和奉獻精神以及我們品牌的實力。

Macro trends have remained broadly consistent since we spoke to you in October.

自從我們十月與您交談以來，宏觀趨勢基本上保持一致。

Persistent inflation and reduced household savings continue to require consumers to make tough choices on all types of spending.

持續的通貨膨脹和家庭儲蓄的減少繼續要求消費者對所有類型的支出做出艱難的選擇。

While overall consumer confidence has recently improved and the pace of inflation has slowed somewhat, consumers remain prudent with their money and continue to prioritize spending on travel and other entertainment experiences.

儘管整體消費者信心最近有所改善，通貨膨脹速度有所放緩，但消費者仍對金錢持謹慎態度，並繼續優先考慮在旅行和其他娛樂體驗上的支出。

We saw this trend play out with holiday performance for our brand portfolio.

我們看到這一趨勢在我們品牌組合的假期表現中得到體現。

Osprey and OXO performed well overall, Hydro Flask performed well online, and our hair tools performed below expectations.

Osprey 和 OXO 整體表現良好，Hydro Flask 在線上表現良好，我們的美髮工具表現低於預期。

As this consumer environment has evolved, so have we.

隨著消費環境的發展，我們也不斷發展。

We spoke earlier this year about the ways we are expanding our product assortment to incremental channels and price points to improve our availability and relevance in this environment.

今年早些時候，我們談到如何將產品種類擴展到增量管道和價格點，以提高我們在這種環境下的可用性和相關性。

I'm pleased with the progress with these efforts as we see benefits from expanded distribution, new product offerings, and organizational changes.

我對這些努力的進展感到高興，因為我們看到了擴大分銷、新產品供應和組織變革的好處。

As we prepare for fiscal '25, our entire organization is working to advance the ambitious set of initiatives and goals that we announced as part of our Elevate for Growth strategic plan at our October Investor Day.

在我們為 25 財年做準備時，我們整個組織正在努力推進一系列雄心勃勃的舉措和目標，這些舉措和目標是我們在 10 月投資者日宣布的作為「提升增長」戰略計劃的一部分。

Turning now to our segments.

現在轉向我們的部分。

Home and outdoor net sales grew 3.1% over the prior year period, driven by strong club channel sales, new product introductions, and expanded distribution and sell-through.

受強勁的俱樂部通路銷售、新產品推出以及擴大的分銷和銷售的推動，家庭和戶外淨銷售額比上年同期增長 3.1%。

Starting with OXO.

從 OXO 開始。

The brand was a standout in the quarter.

該品牌在本季表現出色。

Excluding the impact of the Bed Bath & Beyond bankruptcy, overall point of sales is strongly positive during the three-month period and OXO grew market share in the core kitchen utensils segment.

排除 Bed Bath & Beyond 破產的影響，三個月期間整體銷售點強勁，OXO 在核心廚房用具領域的市場份額有所增長。

Brick-and-mortar growth was primarily driven by our club programs as well as expanded distribution of OXO with several of our major retail partners in the bath, kitchen organization, and gadget categories.

實體店的成長主要是由我們的俱樂部計劃以及我們與浴室、廚房組織和小工具類別的幾個主要零售合作夥伴擴大 OXO 分銷所推動的。

Our product offerings also performed very well online, growing double digits over the same period last year, driven by success in the electrics and infant and toddler categories.

在電子產品和嬰幼兒類別的成功推動下，我們的產品在線表現也非常出色，與去年同期相比增長了兩位數。

OXO also benefited from strong sales across brick and mortar and online as consumers turn their attention to holiday entertaining.

隨著消費者將注意力轉向假日娛樂，OXO 也受益於實體店和網路上的強勁銷售。

Turning to Hydro Flask.

轉向水瓶。

As anticipated, consumer demand in the insulated beverageware category continued to shift from bottles to tumblers.

正如預期的那樣，消費者對保溫飲料用具類別的需求繼續從瓶子轉向玻璃杯。

We benefited from a full quarter of our new travel tumbler, including the launch of some new on-trend colors.

我們從新旅行杯的整整四分之一中受益，包括推出了一些新的流行顏色。

As mentioned previously, we progressively rolled out our tumbler line to retailers in September and October and continue to be pleased with both our consumer and retailer reception.

如前所述，我們在 9 月和 10 月逐步向零售商推出了隨行杯系列，並繼續對消費者和零售商的接待感到滿意。

Online sales for Hydro Flask were up driven by demand for our travel tumblers as well as some accelerated holiday

Hydro Flask 的線上銷售因旅行杯的需求以及一些加速假期的推動而成長

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We also saw increased demand for personalization through our MyHydro website.

我們也看到 MyHydro 網站對個人化的需求不斷增加。

Moving now to Osprey.

現在轉向魚鷹。

The brand continues to benefit from new innovations that meet consumers' desires to get out and travel.

該品牌繼續受益於滿足消費者外出旅行願望的新創新。

Strong demand and a better inventory position compared to the prior year periods drove sales of Osprey travel packs, travel wheeled packs, and lifestyle packs.

與去年同期相比，強勁的需求和更好的庫存狀況推動了 Osprey 旅行包、旅行輪包和生活方式包的銷售。

New innovations such as Osprey Sojourn travel series redesign for fall 2023 provide luggage and travel packs for adventure-seeking travelers.

2023 年秋季重新設計的 Osprey Sojourn 旅行系列等創新產品為尋求冒險的旅客提供行李箱和旅行包。

The all-new Aoede collection of lifestyle packs have also been doing well, offering Osprey's take on best-in-class comfort and urban sophistication.

全新 Aoede 系列生活風格包也表現出色，提供了 Osprey 一流的舒適度和都市精緻感。

Internationally, the brand continued to perform very well with growth in key regions of Great Britain, Germany, and France, driven by strong travel demand, brand strength, and a robust product lineup.

在國際上，在強勁的旅行需求、品牌實力和強大的產品陣容的推動下，該品牌繼續表現出色，在英國、德國和法國的主要地區實現了成長。

Stepping back, Osprey's growth continues to exceed our expectations and acquisition assumptions.

退一步來說，Osprey 的成長繼續超出我們的預期和收購假設。

Switching gears now to our beauty and wellness segment, net sales declined 4.9%, primarily driven by lower sales of hair appliances as well as a softer start to the cough, cold, and flu season versus prior year, which impact sales of our humidification and thermometry products.

現在轉向我們的美容和健康領域，淨銷售額下降了 4.9%，主要是由於美髮器具的銷量下降以及咳嗽、感冒和流感季節的開局較去年較緩，這影響了我們的加濕器和測溫產品。

While we have seen an increase in incidents since mid-November, cumulative incidence for the illness season was below year ago for the third quarter and in December.

雖然自 11 月中旬以來事件有所增加，但第三季和 12 月疾病季節的累積發病率低於去年同期。

Despite recent news reports citing increased cough, cold, flu, and COVID incidents, our outlook now assumes the season will be below historical averages.

儘管最近的新聞報導咳嗽、感冒、流感和新冠肺炎病例有所增加，但我們現在的預測是假設該季節的發病率將低於歷史平均值。

Ultimately, the impact on our results will depend on the severity and timing of the illness season and the resulting retailer inventory replenishment.

最終，對我們業績的影響將取決於疾病季節的嚴重程度和時間以及由此產生的零售商庫存補充。

Looking at our beauty portfolio specifically, while our hair appliances declined versus year ago, we gained market share on our key brands in mass retailers with our expanded assortment.

具體來看我們的美容產品組合，雖然我們的美髮器具與去年同期相比有所下降，但我們透過擴大產品種類，在大眾零售商的主要品牌上獲得了市場份額。

In addition, Drybar and Curlsmith [prestige] liquids continued to grow behind strong innovation pipeline.

此外，Drybar 和 Curlsmith [prestige] 液體在強大的創新管道的支持下繼續增長。

Drybar's Big Brew hair thickening cream saw strong performance by delivering on the highly desired consumer benefit of thicker-looking hair.

Drybar 的 Big Brew 頭髮增稠霜表現出色，能夠提供消費者高度期望的濃密頭髮效果。

Curlsmith anti-frizz collections quickly became one of our best sellers and a consumer favorite by addressing the number one unmet need among textured hair consumers.

Curlsmith 防毛躁系列解決了質感頭髮消費者中第一大未滿足的需求，迅速成為我們最暢銷的產品之一和消費者的最愛。

In our wellness portfolio, Braun grew double digit driven by strong demand in our key international markets.

在我們的健康產品組合中，受主要國際市場強勁需求的推動，博朗實現了兩位數成長。

This growth also translated to higher market share, helped by our improved supply position to better meet the growing demand.

在我們改善供應狀況以更好地滿足不斷增長的需求的幫助下，這種成長也轉化為更高的市場份額。

Towards the end of the third quarter, we leaned into online marketing and e-commerce support for our Vicks brand and saw a double-digit pickup in demand.

到第三季末，我們開始為 Vicks 品牌提供線上行銷和電子商務支持，並看到需求出現了兩位數的成長。

As the branded market leader in the US, Vicks humidifiers, vapor steam, and vapor pads are well positioned to serve retailers and consumers if the illness incidents accelerates.

作為美國品牌市場的領導者，如果疾病事件加速，維克斯加濕器、蒸汽蒸汽和蒸汽墊可以很好地為零售商和消費者提供服務。

In water filtration, PUR increased market share for both faucet mounts and pitcher system behind increased demand in e-commerce and key brick-and-mortar customers.

在水過濾領域，隨著電子商務和主要實體客戶需求的增加，PUR 增加了水龍頭支架和水壺系統的市場份額。

Looking at our international business, sales were better than we expected, largely due to outperformance in EMEA from Braun and Osprey.

看看我們的國際業務，銷售額好於我們的預期，這主要歸功於博朗和魚鷹在歐洲、中東和非洲地區的出色表現。

As mentioned, Braun benefited from increased supply and Osprey enjoyed strong demand from continued growth in travel.

如前所述，博朗受益於供應量的增加，而魚鷹則受益於旅遊業持續成長的強勁需求。

Before I turn the call over to Brian, I want to share that our organization is energized and motivated to finish this fiscal year strong as we advance into the Elevate for Growth Era.

在我把電話轉給布萊恩之前，我想告訴大家，隨著我們進入“提升增長時代”，我們的組織充滿活力和動力，將強勁地完成本財年。

As detailed in our recent Investor Day, the multi-year Elevate for Growth strategic plan built on successful themes while also introducing several new strategies that I am optimistic will help us elevate to the next level.

正如我們最近的投資者日所詳述的那樣，多年期提升成長策略計畫建立在成功的主題之上，同時也引入了幾項新策略，我樂觀地認為這些策略將幫助我們提升到一個新的水平。

One of the strategies is to be consumer obsessed in all that we do.

其中一個策略是讓我們所做的一切都以消費者為中心。

As I shared in October, we are in the process of sharpening our brand equities to ensure our target consumer and brand positioning definitions are clear, distinctive, and inspiring.

正如我在 10 月分享的那樣，我們正在強化我們的品牌資產，以確保我們的目標消費者和品牌定位定義清晰、獨特且鼓舞人心。

This is the foundation that we believe will lead to elevated brand activation and pipelines.

我們相信這是提高品牌激活度和管道的基礎。

I'm pleased with the progress and engagement I'm seeing across our organization in this critical work.

我對整個組織在這項重要工作中所取得的進展和參與感到滿意。

We believe this combined with the fuel generated by Pegasus will allow us to deploy even more investment dollars into our brands, supported by more focused data-driven investment choices.

我們相信，這與 Pegasus 產生的燃料相結合，將使我們能夠在更集中的數據驅動投資選擇的支持下，為我們的品牌部署更多的投資資金。

We also intend to continue to expand our distribution, making our brands more available and more visible where our shoppers are shopping.

我們還打算繼續擴大我們的分銷範圍，使我們的品牌在購物者購物時更容易獲得、更引人注目。

We will also continue to lean into next-level centralization of shared services so that we leverage our functional expertise in all that we do.

我們也將繼續致力於下一級的共享服務集中化，以便我們在所做的一切工作中充分利用我們的職能專業知識。

I believe the best is yet to come for Helen of Troy and the Elevate for Growth era.

我相信，對於特洛伊的海倫和「提升成長」時代來說，最好的時刻尚未到來。

With that, I would like to hand the call over to Brian.

說到這裡，我想把電話轉給布萊恩。

Thank you, Noel.

謝謝你，諾埃爾。

Happy new year, everyone.

祝大家新年快樂。

I'm pleased to report third quarter results that exceeded our expectations.

我很高興地報告第三季的業績超出了我們的預期。

We achieved better than expected net sales, further strengthened gross margin, grew adjusted EPS, and generated strong cash from operations.

我們實現了優於預期的淨銷售額，進一步提高了毛利率，成長了調整後的每股收益，並從營運中產生了強勁的現金。

That puts us ahead of schedule at this point in the year.

這使我們在今年的這個時候提前了。

Our adjusted EBITDA margin was largely flat, despite higher marketing and annual incentive compensation expense and lower operating leverage compared to the same period last year.

儘管與去年同期相比，行銷和年度激勵補償費用較高，營運槓桿較低，但我們調整後的 EBITDA 利潤率基本上持平。

Our adjusted EPS of $2.79 exceeded expectations, even as we overcame a charge of approximately $0.05 related to the Rite Aid bankruptcy during the quarter.

儘管我們克服了本季與 Rite Aid 破產相關的約 0.05 美元的費用，但我們調整後的每股收益為 2.79 美元，超出了預期。

Our Pegasus initiatives remain on track, and we use fuel from Pegasus to make incremental growth investments during the quarter.

我們的 Pegasus 計劃仍在按計劃進行，我們使用 Pegasus 的燃料在本季度進行增量成長投資。

Consolidated net sales decreased 1.6%, which is favorable to [4% to 2%] decline we provided in our outlook in October.

綜合淨銷售額下降 1.6%，這有利於我們在 10 月的展望中預測下降 [4% 至 2%]。

As a reminder, our outlook continues to include the estimated year-over-year declines from SKU rationalization in the Bed Bath & Beyond bankruptcy of approximately 3.4% combined.

提醒一下，我們的展望繼續包括 Bed Bath & Beyond 破產事件中 SKU 合理化所帶來的預期年減，合計約為 3.4%。

Gross profit margin improved 210 basis points to 48% compared to 45.9% in the same period last year, largely in line with our expectations for the quarter.

毛利率較去年同期的 45.9% 提高 210 個基點至 48%，基本上符合我們對該季度的預期。

Year-over-year improvement was due to lower inbound freight costs, the favorable impact of SKU rationalization in beauty and wellness, and a more favorable customer mix within home and outdoor.

同比改善的原因在於入境貨運成本降低、美容和健康領域 SKU 合理化的有利影響以及家庭和戶外領域更有利的客戶組合。

These factors were partially offset by a less favorable product mix within beauty and wellness and a less favorable sales mix overall.

這些因素被美容和健康領域中不太有利的產品組合以及整體銷售組合不太有利的部分抵消。

GAAP operating margin for the quarter was 19.5% compared to 13.8% in the same period last year.

本季 GAAP 營業利益率為 19.5%，去年同期為 13.8%。

GAAP operating margin includes a gain of $34.2 million from the sale of our El Paso facility that was completed during the quarter as compared to a gain of $9.7 million from insurance recoveries included in the same period last year.

GAAP 營業利潤包括本季完成的埃爾帕索工廠出售帶來的 3,420 萬美元收益，而去年同期的保險賠償收益為 970 萬美元。

On an adjusted basis, operating margin declined 30 basis points to 16.3%.

調整後的營業利益率下降 30 個基點至 16.3%。

Decrease primarily reflects higher annual incentive compensation and marketing expense, the Rite Aid bankruptcy charge, lower operating leverage, a less favorable sales mix overall, and higher distribution expense as we fine tune our new state-of-the-art distribution facility and fully integrated into our network in fiscal '25.

減少主要反映了年度激勵薪酬和行銷費用的增加、Rite Aid 破產費用、營運槓桿的降低、整體銷售組合的不利以及分銷費用的增加，因為我們對新的最先進的分銷設施進行了微調，並完全整合在 25 財年進入我們的網絡。

These factors were partially offset by lower inbound and outbound freight costs, lower salary and wage costs primarily due to our Pegasus roll reductions, the favorable impact of SKU rationalization in beauty and wellness, and a more favorable customer mix within home and outdoor.

這些因素被較低的進出境貨運成本、較低的工資和工資成本（主要是由於我們的 Pegasus 卷減少）、美容和健康 SKU 合理化的有利影響以及家庭和戶外更有利的客戶組合所部分抵消。

On a segment basis, home and outdoor adjusted operating margin decreased 50 basis points to 16.9%, driven by higher distribution and depreciation expense related to our new distribution facility, increased marketing expense and increased inventory reserve expense, and higher annual incentive compensation expense.

按部門劃分，家庭和戶外調整後營業利潤率下降 50 個基點至 16.9%，原因是與我們的新分銷設施相關的分銷和折舊費用增加、營銷費用和庫存儲備費用增加以及年度激勵補償費用增加。

These factors were partially offset by lower inbound and outbound freight costs, lower commodity costs, lower salary and wage costs driven by Pegasus and a more favorable customer mix.

這些因素被進出境貨運成本降低、商品成本降低、Pegasus 驅動的工資和工資成本降低以及更有利的客戶組合所部分抵消。

Adjusted operating margin for beauty and wellness was in line with the prior year period at 16% despite lower operating leverage.

儘管營運槓桿較低，但美容和健康業務調整後的營運利潤率仍為 16%，與去年同期持平。

The segment's adjusted operating margin reflects lower inbound and outbound freight costs, reduced inventory reserve expense, the favorable impact of SKU rationalization, decreased distribution expense, and lower salary and wage costs driven by Pegasus.

該部門調整後的營業利潤率反映了進出境貨運成本的降低、庫存儲備費用的減少、SKU合理化的有利影響、分銷費用的減少以及Pegasus推動的工資和工資成本的降低。

These factors were offset by an increase in annual incentive compensation expense, higher marketing expense, the Rite Aid bankruptcy charge, and a less favorable product mix.

這些因素被年度激勵補償費用的增加、行銷費用的增加、Rite Aid 破產費用以及不太有利的產品組合所抵消。

Net income was $75.9 million or $3.19 per diluted share.

淨利潤為 7,590 萬美元，即稀釋後每股收益 3.19 美元。

Non-GAAP adjusted diluted EPS grew 1.5% to $2.79 per share, primarily due to a decrease in the adjusted effective tax rate, lower diluted shares outstanding, and the decrease in interest expense, partially offset by lower adjusted operating income.

非 GAAP 調整後稀釋每股盈餘成長 1.5%，至每股 2.79 美元，主要是由於調整後有效稅率下降、稀釋後流通股數量減少以及利息費用減少，但部分被調整後營業收入下降所抵銷。

As previously disclosed during the third quarter, we closed on the sale of our El Paso distribution and office facility for total proceeds of $51 million.

正如先前在第三季披露的那樣，我們完成了埃爾帕索分銷和辦公設施的出售，總收益為 5,100 萬美元。

During the third quarter, we recognized a pre-tax gain on the sale of approximately $34.2 million in SG&A, of which approximately $18 million was recognized in beauty and wellness and $16.2 million in home and outdoor.

在第三季度，我們確認了約 3,420 萬美元的 SG&A 銷售稅前收益，其中約 1,800 萬美元在美容和健康領域確認，1,620 萬美元在家庭和戶外領域確認。

We continued to generate strong cash flow with cash from operations of $75 million in the third quarter.

我們持續產生強勁的現金流，第三季營運現金流達 7,500 萬美元。

Year-to-date cash flow from operations was $233 million, which is an improvement of $183 million year over year.

年初至今，營運現金流為 2.33 億美元，年增 1.83 億美元。

We ended the quarter with total debt $736 million, sequential decrease of $109 million compared to the end of the second quarter, and a $345 million decrease compared to the same period last year.

本季末，我們的債務總額為 7.36 億美元，比第二季末季減 1.09 億美元，比去年同期減少 3.45 億美元。

Our net leverage ratio was 2.34 times compared to 2.68 times at the end of the second quarter and 3.1 times at the same time last year.

我們的淨槓桿率為2.34倍，而第二季末為2.68倍，去年同期為3.1倍。

Turning to our full-year outlook for fiscal '24, we are fine tuning our range for net sales and adjusted diluted EPS.

談到我們對 24 財年的全年展望，我們正在微調淨銷售額和調整後稀釋每股盈餘的範圍。

We're also raising our outlook for GAAP-diluted EPS to reflect lower expected restructuring charges and narrowing the range to align with the adjusted diluted EPS expectations.

我們還提高了對 GAAP 稀釋每股收益的預期，以反映較低的預期重組費用，並縮小範圍以與調整後的稀釋每股收益預期保持一致。

We are maintaining our outlook for free cash flow, reflecting slightly lower cash from operations, offset by slightly lower capital expenditures, and maintaining our ending net leverage ratio expectations.

我們維持對自由現金流的展望，反映出營運現金略有下降，但資本支出略有下降所抵消，並維持我們的期末淨槓桿率預期。

Finally, we are lowering our adjusted EBITDA outlook to reflect lower adjusted operating income and a lower depreciation [add-back] than originally expected.

最後，我們下調了調整後的 EBITDA 前景，以反映調整後的營業收入和折舊[回加]低於最初預期。

The lower adjusted operating income reflects a slightly less favorable sales mix and the impact of incremental growth investments as compared to our original expectations.

調整後營業收入較低反映了與我們最初的預期相比，銷售組合略顯不利以及增量成長投資的影響。

Our outlook factors in our year-to-date performance as well as our view of continued pressure and uncertainty on consumer spending are softer than expected holiday sales season and lower illness incidents than the prior year, which was in line with pre-COVID historical averages.

我們對今年迄今業績的展望因素以及我們對消費者支出持續壓力和不確定性的看法均低於預期的假日銷售季，疾病事件也低於上年，這與新冠​​疫情爆發前的歷史平均水平一致。

Finally, we believe retail inventory as a whole is at healthy levels, so we continue to expect that sell-in will more closely match sell through during the remainder of fiscal '24.

最後，我們認為零售庫存整體處於健康水平，因此我們繼續預期 24 財年剩餘時間內的銷售量將更接近銷售量。

We now expect consolidated net sales between $1.975 billion and $2 billion in fiscal '24, which continues to reflect the combined unfavorable year-over-year impacts of SKU rationalization and the bankruptcy of Bed Bath & Beyond of approximately 3.4%, as I referred to earlier.

我們現在預計 24 財年的合併淨銷售額將在 19.75 億美元至 20 億美元之間，這繼續反映了 SKU 合理化和 Bed Bath & Beyond 破產帶來的不利同比影響約 3.4%，正如我所提到的早些時候。

This compares to our previous range of $1.965 billion to $2.015 billion.

相較之下，我們之前的區間為 19.65 億美元至 20.15 億美元。

In terms of our net sales outlook by segment for the full fiscal year, we now expect a home and outdoor decline of 1.5% to 0.5% and a beauty and wellness decline of 7.5% to 5.9%.

就整個財年各細分市場的淨銷售額展望而言，我們目前預計家居和戶外用品將下降 1.5% 至 0.5%，美容和健康用品將下降 7.5% 至 5.9%。

We now expect GAAP-diluted EPS of $6.67 to $7.5 for the full year compared to our previous expectation of $6.36 to $7.3. We are narrowing our outlook range for non-GAAP adjusted diluted EPS to $8.60 to $8.85 compared to our previous expectation of $8.50 to $9.

我們現在預計全年 GAAP 攤薄後每股收益為 6.67 美元至 7.5 美元，而先前的預期為 6.36 美元至 7.3 美元。我們將非 GAAP 調整後稀釋每股收益的預期範圍縮小至 8.60 美元至 8.85 美元，而先前的預期為 8.50 美元至 9 美元。

Moving on to our tax outlook.

繼續我們的稅務展望。

We now expect a GAAP effective tax rate range of 20% to 19% for the full fiscal year and are maintaining our expectations for a non-GAAP adjusted effective tax rate range of 14.5% to 13.5%.

我們目前預計整個財年的 GAAP 有效稅率範圍為 20% 至 19%，並維持我們對非 GAAP 調整後有效稅率範圍 14.5% 至 13.5% 的預期。

We now expect capital asset expenditures of between $40 million and $45 million for fiscal '24 compared to our previous expectation of $45 million to $50 million.

我們現在預計 24 財年的資本資產支出將在 4,000 萬至 4,500 萬美元之間，而我們先前的預期為 4,500 萬至 5,000 萬美元。

We continue to expect free cash flow to be in the range of $250 million to $270 million, reflecting slightly lower cash flow from operations and slightly lower capital expenditures as just mentioned.

我們仍預期自由現金流將在 2.5 億至 2.7 億美元之間，這反映出營運現金流略有下降，資本支出也略有下降。

We now expect adjusted EBITDA of $330 million to $335 million, which implies growth of 0.8% to 2.3% compared to our previous expectation of 3.2% to 6.3% growth.

我們目前預計調整後 EBITDA 為 3.3 億至 3.35 億美元，這意味著成長 0.8% 至 2.3%，而我們先前的預期為 3.2% 至 6.3%。

We are maintaining our net leverage ratio outlook of 2 times to 1.85 times by the end of fiscal '24.

我們維持 2024 財年末淨槓桿率預期為 2 倍至 1.85 倍。

In closing, I'm pleased with our results year to date, which position us to end the year within the ranges of our original full-year outlook for net sales, adjusted EPS, free cash flow, and end-of-year debt leverage.

最後，我對我們今年迄今為止的業績感到滿意，這使我們能夠在今年結束時保持在最初的全年淨銷售額、調整後每股收益、自由現金流和年末債務槓桿預期的範圍內。

More specifically, the midpoint of our revised outlook for net sales and adjusted EPS is essentially the same as provided at the beginning of the fiscal year and we have fully maintained our outlook for free cash flow and ending debt leverage.

更具體地說，我們修訂後的淨銷售額和調整後每股收益展望的中點與本財年年初提供的基本相同，並且我們完全維持了對自由現金流和最終債務槓桿的展望。

I'm also pleased with our sequential improvement on year-over-year sales and gross profit performance throughout the year.

我也對我們全年銷售額和毛利表現的連續改善感到滿意。

Our teams are doing a great job of continuing to navigate a pressure consumer environment as well as the structural headwinds of higher annual incentive compensation, depreciation, and interest expense.

我們的團隊在繼續應對壓力巨大的消費者環境以及更高的年度激勵薪酬、折舊和利息支出的結構性阻力方面做得非常出色。

Year to date, we have improved our gross profit margin by 340 basis points, largely maintained our adjusted EBITDA margin despite structural headwinds and lower operating leverage, generated $203 million of free cash flow, improved balance sheet productivity, accelerated debt repayment, and return capital to shareholders.

今年迄今為止，我們的毛利率提高了340 個基點，儘管存在結構性阻力和較低的營運槓桿，但基本上保持了調整後的EBITDA 利潤率，產生了2.03 億美元的自由現金流，提高了資產負債表生產力，加速了債務償還和資本返還給股東。

We continue to expect Pegasus to provide the fuel and operational improvements that allow us to achieve the objectives we outlined in our Investor Day, which are average annual growth rates of 3% to 4% for net sales, 30 to 40 basis points of adjusted EBITDA margin expansion, and at least 10% adjusted EPS growth.

我們仍然期望 Pegasus 提供燃料和營運改進，使我們能夠實現我們在投資者日中概述的目標，即淨銷售額年均增長率為 3% 至 4%，調整後 EBITDA 增長 30 至 40 個基點利潤率擴張，調整後每股收益成長至少10%。

We look forward to providing our fiscal '25 outlook on our normal timing when we report our Q4 results in April.

我們期待在 4 月報告第四季業績時按正常時間提供 25 財年展望。

And with that, I'll turn it back to the operator for questions.

然後，我會將其轉回給接線員詢問問題。

(Operator Instructions) Bob Labick, CJS Securities.

（操作員指示）Bob Labick，CJS 證券。

I wanted to start off just by saying to Julien, congratulations once again on your retirement and the last earnings call.

首先，我想對朱利安說，再次恭喜你的退休和上次的財報電話會議。

It obviously has to be exciting.

顯然它必須令人興奮。

And it's been such a pleasure to work together since you took over as CEO.

自從您接任執行長以來，我們的合作非常愉快。

And we've learned a ton from you, and I want to congratulate you on the extreme success of Helen of Troy's transformation you led.

我們從你身上學到了很多東西，我要祝賀你所領導的特洛伊的海倫轉型取得了巨大成功。

And we know the company is in good hands with Noel and Brian and everyone else.

我們知道公司得到了諾埃爾、布萊恩和其他所有人的良好管理。

So congratulations

所以恭喜你

(technical difficulty)

（技術難度）

Well, thank you very much, Bob.

嗯，非常感謝你，鮑伯。

Very kind of you.

你是個好人。

And the company is in great hands, and I very much appreciate your comments.

公司管理得很好，我非常感謝您的評論。

Absolutely.

絕對地。

So obviously, here in the last few months, you've already given us a ton of information with a great Analyst Day recently, already giving guidance.

顯然，在過去的幾個月裡，您已經透過最近的分析師日向我們提供了大量信息，並已經提供了指導。

So I was hoping for my questions, I wanted just to ask you for an update on Project Pegasus and milestones and expectations for fiscal '25.

所以我希望大家能提出我的問題，我只是想請您了解 Pegasus 專案的最新情況以及 25 財年的里程碑和預期。

Maybe speaking a little about the regional marketing orientation, new sales opportunities, and win (technical difficulty) and I think next year is going to be kind of inflecting back to growth.

也許談談區域行銷導向、新的銷售機會和勝利（技術難度），我認為明年將會恢復成長。

And so maybe talk about how we're set up in that regard.

所以也許可以談談我們在這方面是如何設定的。

Yeah, sure.

好，當然。

Thanks, Bob.

謝謝，鮑伯。

So as we mentioned in our remarks, Project Pegasus remains on track.

正如我們在評論中提到的，Pegasus 項目仍在按計劃進行。

And a couple of the areas that we touched on today, we've talked about the last couple of quarters are some of the savings opportunities that came from this year and a lot of those were due to the one work stream that was around the reorganization.

我們今天談到的幾個領域，我們在過去幾季中討論過的一些節省機會來自今年，其中許多都是由於圍繞重組的一個工作流程。

And as you mentioned, one of the things that I'm most excited about in those changes are not only the efficiency, but also the effectiveness that they bring.

正如您所提到的，在這些變化中我最興奮的事情之一不僅是效率，而且是它們帶來的效果。

And one of the biggest choices that we made as part of Pegasus in that regard was the North American regional market organization where we created kind of a single selling organization across the company where our folks calling on our various large customers see across the entire portfolio versus just one of the segments.

作為Pegasus 的一部分，我們在這方面做出的最大選擇之一是北美區域市場組織，我們在整個公司內創建了一個單一的銷售組織，我們的人員拜訪我們的各種大客戶，可以看到整個產品組合只是其中一個部分。

And what that's really allowed them to do is one, build bigger joint business plans, more strategic relationships with those with those customers, but also identify some of the whitespace distribution opportunities, looking for those places where we might have distribution of certain of our products currently and others are not in distribution.

這真正讓他們能夠做的是，建立更大的聯合業務計劃，與這些客戶建立更具戰略性的關係，同時也確定一些空白分銷機會，尋找我們可能分銷某些產品的地方目前和其他尚未分發。

So we can kind of sell across the portfolio or they might identify places where the category is developed and were not developed, and we've got an opportunity to sell things in.

因此，我們可以在整個投資組合中進行銷售，或者他們可能會確定該類別已開發和未開發的地方，並且我們有機會出售產品。

And we've already seen some success there.

我們已經在那裡看到了一些成功。

We've gotten into the dollar channel with some of our water filtration products.

我們的一些水過濾產品已經進入了美元管道。

We've continued -- we've gotten into more mass channels with OXO that we've talked about.

我們繼續——我們已經透過我們討論過的 OXO 進入了更多大眾管道。

And we'll continue to see more of that kind of growth that can be one of our key levers as we get into fiscal '25 as some of those planograms come up.

當我們進入 25 財年時，隨著其中一些貨架圖的出現，我們將繼續看到更多這種增長，這可能成為我們的關鍵槓桿之一。

And so that's what the big part of sort of the efficiency that we saw in Pegasus in this year.

這就是我們今年在 Pegasus 看到的效率的重要部分。

As we go into next year, that's really where the bulk or the majority, a bigger part of the savings come into play.

當我們進入明年時，這確實是大部分或大部分、更大一部分的節省發揮作用的地方。

And that comes from some of the cost of goods initiatives that we saw.

這來自我們看到的一些商品成本措施。

And again, we feel very good about those initiatives that are on track.

再說一次，我們對那些步入正軌的舉措感到非常滿意。

And that becomes the fuel that we can use to reinvest back in the business, leveraging the new portfolio classification that we laid out, invest to grow, stronghold, and optimize.

這成為我們可以用來對業務進行再投資的燃料，利用我們制定的新投資組合分類，進行投資以實現成長、鞏固和優化。

So we really get a double benefit there.

所以我們確實得到了雙重好處。

We're able to invest the incremental fuel, but we're also doing it in a more focused way against the opportunities that we think are most appealing, best ROI, and most attractive.

我們能夠投入增量燃料，但我們也會以更集中的方式針對我們認為最具吸引力、最佳投資回報率和最具吸引力的機會進行投資。

Brian, I don't know if there's anything else you want to build up.

布萊恩，我不知道你是否還有什麼想要建立的。

No, I would just say that when we give our outlook for fiscal '25, we'll do our best to give you an idea of the kind of the cadence of Pegasus savings that we expect over the course of the year.

不，我只是想說，當我們給出 25 財年的展望時，我們將盡力讓您了解我們在這一年中預期的 Pegasus 儲蓄節奏。

Okay, great.

好的，太好了。

And then just to build on that a little bit.

然後在此基礎上再進一步發展。

Obviously, at the Analyst Day, you mentioned targeting investment in brands increasing from 6% to 9% and then in a targeted way you just discussed.

顯然，在分析師日，您提到了對品牌的定向投資從6%增加到9%，然後以您剛才討論的有針對性的方式。

Has that started already or will that be kind of implemented as the savings come in throughout next year and beyond?

這已經開始了嗎？還是會隨著明年及以後的節省而實施？

It's a great question.

這是一個很好的問題。

I would say as we commented, we already have started to lean in where we can.

我想說，正如我們所評論的，我們已經開始盡我們所能。

There are a couple of places that we leaned in recently.

我們最近傾斜了幾個地方。

One was Hydro Flask travel tumbler over the holiday season where we offered personalization, complementary personalization for consumers that did quite well.

其中之一是假期期間的 Hydro Flask 旅行杯，我們為消費者提供個人化、互補的個人化服務，效果非常好。

We also leaned into an opportunity we saw with Vicks on Amazon.

我們也利用了在亞馬遜上看到的 Vicks 的機會。

Vicks is a very strong market-leader brand in brick and mortar, but a bit less a bit less developed online.

Vicks 是實體店中非常強大的市場領導品牌，但在線上的發展稍差一些。

And so we really leaned in with some online marketing, online support, and saw double-digit increases in our performance there without seeing a dip in brick-and-mortar performance.

因此，我們確實依靠一些線上行銷和線上支持，並看到我們的業績實現了兩位數的成長，而實體業績卻沒有下降。

So those are some of the areas that as we identify them.

這些是我們確定的一些領域。

We've already started to lean into.

我們已經開始傾斜了。

And we'll continue to do more of that as we build our fiscal '25 plans to share that for the coming quarter.

我們將在製定 25 財年計畫時繼續做更多這樣的事情，以便在下一季分享這些內容。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator, and good morning, everyone.

謝謝接線員，大家早安。

Julien, I want to say thank you for all the help, and I wish you nothing but the best in retirement.

Julien，我想說謝謝你所有的幫助，祝你退休後一切順利。

So I wanted to ask about the top-line growth.

所以我想問一下營收成長情況。

Obviously, with the return to growth continues to be delayed.

顯然，恢復成長的速度持續被推遲。

But even kind of going back to the October earnings, there seem to be a degree of confidence that we could still see a return to growth in the fourth quarter.

但即使回到 10 月的收益，我們似乎仍然有一定程度的信心，認為我們仍然可以看到第四季度恢復成長。

And Noel, you touch on the environment hasn't really changed.

諾埃爾，你提到環境並沒有真正改變。

And I know we will get to '25 guidance in April, but I guess how does like you're seeing today in terms of consumer demand or retail ordering kind of inform your view on when we could actually see a return to growth?

我知道我們將在 4 月獲得 25 年的指導，但我想您今天在消費者需求或零售訂購方面所看到的情況如何影響您對我們何時能夠真正看到成長的看法？

This is Brian.

這是布萊恩。

I mean, I might look at it maybe a little bit differently than you.

我的意思是，我的看法可能和你有點不同。

I think if you drew a line between our -- or plotted our points of sales performance over the course of the year, I think there's a steady progression towards growth.

我認為，如果您在我們一年中的銷售業績點之間畫一條線，或者繪製出我們的銷售業績點，我認為我們正在穩步增長。

And it kind of ends with the fourth quarter and at the high end of our expectation at very slight growth for the fourth quarter.

它在第四季度結束，處於我們預期第四季度非常輕微增長的最高點。

So I actually think it's a very consistent and reliable, I would say, path towards growth and very much in line with our expectations.

所以我實際上認為這是一條非常一致且可靠的成長之路，並且非常符合我們的期望。

We did adjust our range on the high end down slightly and up on the bottom end of the range slightly for the fourth quarter.

我們確實在第四季度稍微下調了高端範圍，並稍微提高了範圍的底端。

And I would just view that as a fine tuning and narrowing and we explained the reasons why we did that.

我只是將其視為微調和縮小範圍，我們解釋了這樣做的原因。

I mean we had a slightly softer holiday season, and we're projecting now, at this point, lower overall illness for the full whole flu season versus an in-line level of incidents in the same period last year.

我的意思是，我們的假期季節稍微疲軟，目前我們預計整個流感季節的整體盛行率將低於去年同期的發病率。

So in my mind, nothing really much has changed from outlook that we gave in Q3.

因此，在我看來，與我們在第三季給出的前景相比，沒有什麼真正改變。

And I still feel we're very much on track and we are targeting growth for fiscal '25.

我仍然認為我們已經步入正軌，我們的目標是 25 財年的成長。

I can't tell you exactly what that looks like until we do all the work that we're doing, that goes into that.

在我們完成我們正在做的所有工作之前，我無法確切地告訴你那是什麼樣子。

But very much targeted and we feel it's achievable over time or we wouldn't have provided our long-term outlook that has growth.

但目標非常明確，我們認為隨著時間的推移這是可以實現的，否則我們就不會提供具有成長的長期前景。

That's super helpful, Brian.

這非常有幫助，布萊恩。

I guess just maybe a quick follow-up on the cough, cold, flu commentary.

我想這可能只是對咳嗽、感冒、流感評論的快速跟進。

Obviously, maybe gotten off to a slower start.

顯然，也許起步較慢。

But can you maybe help us understand how much of a -- like when you think about the marginal changes to guidance.

但是，您能否幫助我們理解，當您考慮指南的邊際變化時，有多大程度的變化。

I mean, how much of the weaker season is having on the outlook?

我的意思是，淡季對前景有多少影響？

And I guess should illness incident does pick up, which at least it seems like around the [half], could this be a source of upside versus your guidance from here?

我想如果疾病事件確實有所增加，至少看起來是在[一半]左右，這可能是相對於您這裡的指導而言的上行來源嗎？

Just trying to understand the degree of visibility kind of where we are today as it pertains to cough, cold, and flu.

只是想了解我們今天與咳嗽、感冒和流感有關的可見度。

Thanks.

謝謝。

Yeah.

是的。

Sure, Peter.

當然，彼得。

Yes.

是的。

What I would say is what we look at is the data as it comes in.

我想說的是，我們關注的是進來的數據。

And both November and December were meaningfully below the prior year in terms of the illness levels.

就疾病水準而言，11 月和 12 月均明顯低於去年。

And as you noted -- and I noted in my prepared remarks, we feel like we're hearing about it in the news quite a bit.

正如你所指出的——我在準備好的演講中指出，我們感覺我們在新聞中聽到了很多關於它的消息。

And it is in the news quite a bit, that there is no doubt about that.

新聞中經常報道這一點，這是毫無疑問的。

But the reality is in literally all cases, including COVID, which we're hearing a lot about, it's below prior year levels.

但現實情況是，在幾乎所有情況下，包括我們經常聽到的新冠疫情，它都低於去年的水平。

Now if that changes and things accelerate, that could be an upside to our fourth quarter.

現在，如果這種情況發生變化並且事情加速發展，這可能會為我們第四季度帶來好處。

But it all depends on the severity, and it depends on the timing of that because we've got to-- it's got to happen fairly quickly in order for it to make a meaningful impact to our fourth quarter.

但這一切都取決於嚴重程度，也取決於發生的時間，因為我們必須——它必須相當快地發生，才能對我們的第四季產生有意義的影響。

And that's why we made the adjustment that we did in our outlook.

這就是我們對前景進行調整的原因。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great.

偉大的。

Thanks.

謝謝。

Good morning and best of luck, Julien, with all that you have planned going forward, and it's been great working with you.

早上好，祝你好運，Julien，祝你一切順利，與你一起工作真是太棒了。

Thank you.

謝謝。

My first question is really around sort of visibility.

我的第一個問題實際上是關於可見性的。

You mentioned in the commentary towards Peter about the sort of steady improvement through the year.

你在對彼得的評論中提到了這一年的穩定進步。

We kind of look at this and sort of think about this year's performance versus last year.

我們會關注這一點，並思考今年與去年相比的表現。

And there have been obviously a couple of different fits and starts with respect to that.

顯然，在這方面有一些不同的調整和開始。

But maybe just boiling down in terms of your view on visibility as you head into -- as you finish up this year and head into next year, you mentioned that retail inventory are in a better place in terms of sell-in versus sell-through, do you think the destocking is done as you think about next year?

但也許只是歸結為您對可見性的看法，當您進入今年並進入明年時，您提到零售庫存在銷售與銷售方面處於更好的位置，您認為明年的去庫存是否如您所想的那樣完成了？

And some of the innovation plans for next year.

以及明年的一些創新計劃。

And reflect on the tumbler launch, where you are with respect to that.

並反思一下不倒翁的發布，你對此的態度。

If you could just talk a little bit about some of the building blocks there, that would be helpful as we think about finish -- and put attainable in this year and embarking on next year.

如果您能簡單談談其中的一些構建模組，那麼當我們考慮完成並在今年實現並在明年開始時，這將很有幫助。

Thanks.

謝謝。

Yeah.

是的。

So as we think about fiscal '25, it's really a Tier 1 of Elevate for Growth.

因此，當我們考慮 25 財年時，它實際上是成長提升的一級。

And so when -- we're in the process of pulling together those plans now.

因此，我們現在正在整合這些計劃。

We had some pre-budget meetings in December.

12 月我們召開了一些預算前會議。

And then we'll continue that process later this month and February before we kind of provide our full look for next year.

然後我們將在本月晚些時候和二月繼續這個過程，然後再提供明年的完整外觀。

But the things that are on my mind are very similar to what we discussed in the October Investor Day.

但我想到的事情與我們在十月投資者日討論的內容非常相似。

The first, as I mentioned in my prepared remarks, kind of really clear sharpened brand equities to set the foundation.

第一個，正如我在準備好的發言中提到的，非常明確地強化了品牌資產，奠定了基礎。

And then this new portfolio classification strategy that we talked about so that we can really focus our investment and our resources against those opportunities that we think have the best ROI and the best chance for driving growth fueled by the incremental investment that we will put behind it through Project Pegasus, that will really start to kick in.

然後我們討論了這個新的投資組合分類策略，以便我們能夠真正將我們的投資和資源集中在那些我們認為具有最佳投資回報率和由我們將投入的增量投資推動的增長的最佳機會的機會上透過 Pegasus 計劃，這將真正開始發揮作用。

As I mentioned, we kicked in a little bit of it this year that a lot of the Project Pegasus efficiency this year offset some of the headwinds that Brian talked about the AIP, the interest expense, et cetera.

正如我所提到的，我們今年做了一些工作，今年 Pegasus 計畫的效率很大一部分抵消了 Brian 談到的 AIP、利息支出等方面的一些不利因素。

So next year, we really have more opportunity to invest back into the business.

所以明年，我們確實有更多機會重新投資業務。

And then another key lever that I mentioned to Bob earlier is the expanded distribution.

我之前向鮑伯提到的另一個關鍵槓桿是擴大發行版。

We've seen a couple of those wins that have already come in this fiscal year, but I expect more of that kind of whitespace distribution closing to be a significant lever for us in fiscal '25.

我們已經看到了本財年已經取得的一些勝利，但我預計更多此類空白分配的結束將成為我們 25 財年的重要槓桿。

So those would be some of the things that I think are going to be important drivers.

因此，我認為這些將成為重要的驅動因素。

Of course, we also have an innovation pipeline as we do each in every year.

當然，我們也有一個創新管道，就像我們每年所做的那樣。

We'll bring out some great new products as well.

我們還將推出一些很棒的新產品。

So all of those aspects are what doing the confidence that Brian and I have on what we shared at the Investor Day kind of year one of Elevate for Growth in fiscal '25.

因此，所有這些方面都讓 Brian 和我對我們在 25 財年第一年的投資者日分享的內容充滿信心。

Do you want to build on, Brian?

布萊恩，你想繼續發展嗎？

No.

不。

It's good.

很好。

Got it.

知道了。

And then I know at Analyst Day, you had mentioned some -- you made some discussion on M&A looking at divesting, also looking at acquiring.

然後我知道在分析師日上，您提到了一些關於併購的討論，包括剝離和收購。

If you could give us an update on that.

如果您能為我們提供最新情況。

And then also, would you -- your debt, obviously, the leverage profile has improved through the year.

然後，你的債務，顯然，槓桿狀況在這一年裡有所改善。

Would you look at buying something before selling something?

在賣東西之前你會考慮買東西嗎？

Or is your preference to sort of match those as much as possible?

或者你的偏好是盡可能地匹配這些？

Yes.

是的。

Olivia, this is Brian.

奧莉維亞，這是布萊恩。

I'd say there's activity going on in both of the areas I've mentioned.

我想說的是，我提到的兩個領域都在進行活動。

Of course, activity doesn't always mean that there's something imminent or anything like that.

當然，活動並不總是意味著有迫在眉睫的事情或類似的事情。

But I would say we're putting effort behind both potential divestiture and potential acquisition.

但我想說的是，我們正在努力支持潛在的剝離和潛在的收購。

And I agree with the comments about the leverage ratio coming down.

我同意關於槓桿率下降的評論。

I don't think we would need to do divestiture at this point before we consider doing acquisition.

我認為在考慮進行收購之前，我們目前不需要進行資產剝離。

I think acquisition is available to us.

我認為我們可以進行收購。

And sometimes these processes take quite a bit of time to execute.

有時這些過程需要相當多的時間來執行。

And so we have even more time really, honestly, to delever before getting to the end of the transaction.

因此，老實說，在交易結束之前，我們有更多的時間去槓桿化。

And the other comment I'll make is I think in this environment, some people might view interest rates as being a barrier to completing acquisition.

我要說的另一個評論是，我認為在這種環境下，有些人可能會將利率視為完成收購的障礙。

And while we have to be aware of interest rates on our end, I think we look at things maybe a little bit more strategically.

雖然我們必須了解我們這邊的利率，但我認為我們可能會更具策略性地看待事情。

And I kind of actually even view the environment with lower multiples because of interest rates as more of an opportunity than a barrier.

實際上，我甚至認為市盈率較低的環境是因為利率更多的是機會而不是障礙。

I think it gives us the opportunity to find quality assets at low valuations.

我認為這讓我們有機會以低估值找到優質資產。

And so we're really looking to maybe trying to take advantage of that and get something for good value.

因此，我們確實希望嘗試利用這一點並獲得物有所值的東西。

And the only build I would make is our approach to acquisition remains consistent.

我唯一要做的就是我們的收購方式保持一致。

The discipline, the criteria that we use, the better together is key.

我們使用的紀律和標準，一起變得更好是關鍵。

So as Brian said, we have gotten our debt to a place where we can be even more interested in what is out there.

因此，正如布萊恩所說，我們已經得到了一個可以讓我們對外面的事物更加感興趣的地方。

And we continue to look for what's available, but also things that we might be interested in that may not be on the market like we did with Osprey to see if there's something that we think is a great strategic fit.

我們繼續尋找可用的東西，但也尋找我們可能感興趣但可能不在市場上的東西，就像我們對 Osprey 所做的那樣，看看是否有我們認為非常適合戰略的東西。

Linda Bolton Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Yes, hello.

是的你好。

So I was wondering if you could comment on the hair appliance category.

所以我想知道您是否可以對美髮器具類別發表評論。

So you mentioned you're kind of gaining market share, but maybe the whole category is not so good.

所以你提到你正在獲得市場份額，但也許整個類別並不是那麼好。

And it feels like Dyson is doing some nice innovation and things like that's probably at the higher end.

感覺戴森正在做一些不錯的創新，類似的事情可能是高端的。

Can you just comment on Dyson's influence in the category and just what you think the category needs in order to get it kind of growing a little bit better?

您能否簡單評論一下戴森在該類別中的影響力以及您認為該類別需要什麼才能使其發展得更好一些？

Thanks.

謝謝。

Yeah, sure.

好，當然。

Thanks.

謝謝。

Good to hear from you, Linda.

很高興收到你的來信，琳達。

So here's what I would found on hair tools.

這就是我在美髮工具上發現的東西。

Europe.

歐洲。

When I look at the category in total, especially over the holiday period, the part of the category, that's kind of $199 and lower price points is not performing as well.

當我查看整個類別時，尤其是在假期期間，該類別的一部分價格為 199 美元，而較低的價格點表現不佳。

It's the higher end, which is what you're calling out with -- or Dyson is playing.

這是高端，這就是你所呼喊的——或者戴森正在玩的。

That is performing better.

那就是表現更好。

We play more in the $199 and below part of the category today.

今天我們玩的更多是 199 美元及以下的類別。

A few items that may be above that, but for the most part, we're in that $199 and below.

有一些商品可能會高於這個價格，但大多數情況下，我們的價格都在 199 美元及以下。

What we're seeing is, and I've mentioned this in a couple of the earnings calls, we work to broaden our assortment across this year in our hair tool to make sure that we have the full range.

我們看到的是，我在幾次財報電話會議中提到過這一點，我們今年努力擴大美髮工具的品種，以確保我們擁有全系列產品。

So not just the higher end of that $199, but also some of the entry price point hair dryers, curling irons, straighteners, et cetera.

因此，不僅有 199 美元的高端產品，還有一些入門價位的吹風機、捲髮棒、直髮器等。

And that has made a positive impact for us in sort of that mass class of trade where we're seeing share improvement now that we've gotten that assortment broadened again.

這對我們的大眾貿易產生了積極影響，我們看到份額有所提高，因為我們已經再次擴大了品種。

As we mentioned in the remarks, holiday for us on hair tools in particular was softer than we anticipated, and it really kind of came down to that category of the $199 and that's not performing as well in the holiday period.

正如我們在評論中提到的，假期對我們來說，美髮工具的銷售比我們預期的要軟，而且它確實歸結為 199 美元的類別，並且在假期期間表現不佳。

In terms of what it's going to take.

就需要做什麼而言。

It's going to take -- it's really the fundamentals.

這確實是基礎。

It's really making sure that we've got great innovation that addresses consumers' needs, whether it's their pain points or whether it's the opportunities to save them time, get a better result, et cetera.

這確實確保我們擁有能夠滿足消費者需求的偉大創新，無論是他們的痛點還是節省他們時間、獲得更好結果的機會等等。

And the right claims and marketing to reach them, when and where they're most receptive.

並在他們最容易接受的時間和地點進行正確的宣傳和行銷。

And that's certainly part of the activity and plans that our team have as we move forward into fiscal '25 to continue to do that.

這當然是我們團隊在進入 25 財年繼續這樣做的活動和計劃的一部分。

We've done that very well in the past, but volumizer was a winning success for us from an innovation standpoint.

我們過去在這方面做得很好，但從創新的角度來看，volumizer 對我們來說是一次巨大的成功。

So we know how to do it.

所以我們知道該怎麼做。

We know how to understand consumers' needs and build those opportunities.

我們知道如何了解消費者的需求並創造這些機會。

And that's exactly what the team is focused on doing.

這正是團隊專注於要做的事。

Thanks.

謝謝。

And then I just wanted to ask, I mean, you talked quite a bit about the flu season and everything.

然後我只是想問，我的意思是，你談了很多關於流感季節和一切的事情。

But certainly in China, they're going through a first post COVID flu season.

但可以肯定的是，在中國，他們正在經歷新冠流感後的第一個季節。

So it's been very severe in China.

所以中國的情況非常嚴重。

And I understand you mentioned in the past, the Braun thermometers do very well online in China.

據我所知，您過去提到過，博朗溫度計在中國的網路銷售非常好。

Is that a source of strength right now?

這是現在的力量泉源嗎？

Or are you seeing growth in that part of your portfolio?

或者您的投資組合中的這一部分是否有所成長？

We are, Linda.

我們是，琳達。

You're exactly right.

你說得完全正確。

We are seeing higher level of illness in China right now.

我們現在看到中國的疾病水平更高。

And our Braun business, which is quite developed outside of the US, in both Europe and Asia, and we are growing very nicely in the absolute based on just the trends that you're calling out as well as our share performance is growing in that part of the business.

我們的博朗業務在美國以外的歐洲和亞洲都相當發達，並且基於您所指出的趨勢以及我們的股票表現在這方面的增長，我們絕對增長得非常好業務的一部分。

An interesting phenomenon that we're seeing over there is during COVID, there was a really big run-up in the no-touch portion of thermometer that at that point, people were really kind of looking to get whatever thermometer they could.

我們在那裡看到的一個有趣的現像是，在新冠疫情期間，溫度計的非接觸部分出現了很大的增長，那時，人們真的希望獲得他們能得到的任何溫度計。

And a lot of new types of thermometers were sold.

並且銷售了很多新型溫度計。

Since the pandemic has ended, consumers there have kind of come to the realization that they're a lot less accurate than the ear thermometers are.

自從大流行結束以來，那裡的消費者開始意識到它們的準確性比耳溫計要低得多。

And we're seeing a lot of backlash on that as we monitor social media, we monitor ratings and reviews, et cetera.

當我們監控社交媒體、監控評級和評論等時，我們看到了很多對此的強烈反對。

And they're coming, really coming to the ear thermometer driven by the accuracy.

他們來了，真正來到了耳溫計的精度驅動下。

And then you layer on top of that, the strength of the Braun brand and the trust that consumers have in it.

除此之外，還有博朗品牌的實力以及消費者對其的信任。

It's really making for a winning combination.

這確實是一個成功的組合。

That's a very bright spot for sure, in the business.

這無疑是業界中的一個非常亮點。

Thanks.

謝謝。

And then just my last question is on Hydro Flask.

我的最後一個問題是關於 Hydro Flask 的。

Just what is the root of why it is performing so much better online than in brick and mortar?

它在網路上的表現比實體店好得多的根本原因是什麼？

And then finally, I just want to say farewell as well, to Julien.

最後，我也想向朱利安說再見。

Julien, it's been a pleasure working with you.

朱利安，很高興與你合作。

I've learned so much and best of luck with everything.

我學到了很多東西，祝一切順利。

Thank you, Linda.

謝謝你，琳達。

So on Hydro Flask, here's what I would say.

關於 Hydro Flask，我要說的是。

I mean, I think one of the reasons I think it performed better online than in brick-and-mortar is that the whole holiday trend went to online more than brick and mortar.

我的意思是，我認為在線銷售比實體銷售更好的原因之一是，整個假期趨勢更多地轉向在線銷售，而不是實體銷售。

We were looking at some syndicated studies, et cetera.

我們正在研究一些聯合研究等等。

And you really see brick and mortar traffic over the holidays down overall, down more in December than it was in November.

你確實可以看到假期期間實體店客流量整體下降，12 月的下降幅度比 11 月還要多。

And so I think this was the holiday season that really skewed more online than in brick-and-mortar in most categories and in most cases.

因此，我認為在這個假期季節，在大多數類別和大多數情況下，線上購物的影響確實比實體購物更嚴重。

And then as I mentioned, this was a place that we leaned into.

正如我所提到的，這是我們所關注的地方。

The travel tumbler did well.

旅行杯表現不錯。

We continue to see that shift from bottles to tumblers.

我們繼續看到從瓶子到玻璃杯的轉變。

And so that was an area that we really leaned into both with retail partners online, but also on [R&D to C side], we saw really significant increases in the personalization over the holiday period on Hydro Flask.

因此，這是我們與線上零售合作夥伴真正關注的一個領域，而且在 [C 端的研發] 方面，我們看到 Hydro Flask 的個人化在假期期間確實顯著增加。

And so I think that those extra offerings really made the online side of it perform well.

因此，我認為這些額外的產品確實使其在線上表現良好。

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Hi.

你好。

Good morning.

早安.

Alec Legg on for Susan.

亞歷克·萊格 (Alec Legg) 替補蘇珊 (Susan)。

First, we just wanted to share our congratulations as well to Julien and all of your successful work and your long career at Helen.

首先，我們只想向 Julien 以及您在 Helen 的所有成功工作和長期職業生涯表示祝賀。

And Noel, we're also very excited to see you execute the next step of Helen of Troy's story.

諾埃爾，我們也很高興看到你執行特洛伊的海倫故事的下一步。

My question, just on the gross margins in the quarter and longer term.

我的問題只是關於本季和長期的毛利率。

For this quarter, how much was driven by lower inbound freight versus the SKU rationalization?

本季度，與 SKU 合理化相比，入境貨運量下降有多少推動力？

And then looking forward, how should we expect gross margins to play out between the two buckets?

然後展望未來，我們該如何預期這兩個類別之間的毛利率會如何變化？

Thank you.

謝謝。

We've not really broken out or parse out publicly the specific impacts from SKU rat versus the other -- some of the other factors.

我們還沒有真正公開地分解或解析 SKU 老鼠與其他因素（其他一些因素）的具體影響。

But there is a meaningful impact year over year, starting to get less and less since we [anniversary] quarters of inbound freight reduction.

但逐年影響是有意義的，自從入境貨運減少[週年]季度以來，這種影響開始變得越來越小。

So I would say more pronounced at the beginning of the year on that and then becoming less and less over the course of the year.

因此，我想說，這一點在年初更加明顯，然後在這一年中變得越來越少。

So probably still meaningful, but less meaningful than it had been in maybe Q1 and Q2.

所以可能仍然有意義，但不如第一季和第二季有意義。

SKU rat, very meaningful impact that we expect to continue to do in smaller degrees as we go forward.

SKU 比率，非常有意義的影響，我們預計隨著我們的發展，這種影響將繼續以較小的程度產生。

This was a kind of a fresh look at it as we went through Project Pegasus.

當我們經歷飛馬計劃時，這是一種全新的視角。

And so I don't want people to expect the kind of revenue impact that we had going into this year from it.

因此，我不希望人們期望我們今年會受到這樣的收入影響。

But we did that because we could get the meaningful profit impact that you're now seeing gross profit margins.

但我們這樣做是因為我們可以獲得有意義的利潤影響，就像你現在看到的毛利率一樣。

So we felt like the juice is worth the squeeze.

所以我們覺得果汁值得榨。

Hopefully, going forward, the amount -- that impact that will have on revenue will be less than less, but we'll still be able to get some of that profit drive that you saw over the course of this year.

希望未來對收入的影響不會減少，但我們仍然能夠獲得您在今年看到的一些利潤驅動。

So hopefully, that gives you some directional answer to your question without specifics.

希望這能為您的問題提供一些定向答案，而不涉及具體細節。

I would say they're both fairly meaningful in Q3.

我想說它們在第三季都相當有意義。

Got it.

知道了。

That's pretty helpful.

這很有幫助。

And then on the top line, so sales came in ahead of guidance.

然後在營收方面，銷售額超出了預期。

I guess was there anything that changed during the quarter that led to better top-line sales in the quarter and then also the narrowing of top line for the rest of the year?

我想本季是否發生了任何變化，導致本季的營收有所改善，然後導致今年剩餘時間的營收收窄？

I'd say nothing specific.

我不想說任何具體的事情。

I'd say just strong execution, taking advantage of our opportunities.

我想說的是強大的執行力，利用我們的機會。

We mentioned two bright spots I would call out, Noel probably elaborate, is the areas where we leaned into from a marketing spend perspective, we really leaned into Hydro Flask and drove good online sales there with free engraving and some other activities, higher marketing spends, and things like that.

我們提到了兩個亮點，諾埃爾可能會詳細闡述，那就是我們從行銷支出角度傾斜的領域，我們確實傾向於Hydro Flask，並透過免費雕刻和其他一些活動推動了良好的在線銷售，更高的行銷支出，諸如此類的事情。

And then on Vicks, we really leaned into the cold-flu season and really driving sales online.

然後在 Vicks 上，我們確實迎合了感冒流感季節，並真正推動了在線銷售。

I'd say those are the two of the larger things that kind of drove slight overperformance in the quarter versus our expectation.

我想說的是，這兩件大事推動了本季業績略高於我們的預期。

Yes.

是的。

I called out the prepared remarks, OXO was a real standout in the quarter.

我大聲說出準備好的言論，OXO 在本季確實表現出色。

If you take out the Bed Bath & Beyond bankruptcy, really strong point of sale across the board, growing share in that for kitchen utensil segment.

如果你把 Bed Bath & Beyond 破產的情況排除掉，那麼它的銷售點確實非常強大，在廚房用具領域的份額不斷增長。

So OXO was a bright spot.

所以 OXO 是一個亮點。

And Osprey continues to perform well.

魚鷹繼續表現出色。

We continue to see that strong travel demand, better inventory position than we had year ago, and really growth across all of the different portions of the business.

我們繼續看到強勁的旅行需求，比一年前更好的庫存狀況，以及業務所有不同部分的真正成長。

Obviously, there's the tech pack that is the heritage of the brand, but also nice growth in travel and duffel and lifestyle as we extend that brand across.

顯然，技術包是該品牌的傳統，但隨著我們將品牌擴展到各個領域，旅行、行李和生活方式也取得了良好的成長。

And then I mentioned international.

然後我提到了國際。

International was a bright spot, both with Braun and Osprey.

國際比賽是一個亮點，包括布勞恩和魚鷹。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning, and thanks for taking my question.

早安，感謝您提出我的問題。

And also Julien, best of luck with your retirement.

還有 Julien，祝你退休順利。

Thank you, Rupesh.

謝謝你，魯佩什。

So just to follow up on this.

所以只是跟進此事。

So the last question just on gross margin.

最後一個問題是關於毛利率的。

Brian, I'm not sure if you can give any updated expectations for how you think about gross margins in Q4.

布萊恩，我不確定您是否可以對第四季度的毛利率給出最新的預期。

I would say you could expect similar to Q3, with slight maybe expansion off of Q3.

我想說，您可以期待與第三季類似的情況，但第三季可能會略有擴張。

Okay.

好的。

That's helpful.

這很有幫助。

And then as we think about gross margins, you're now in that 48%-plus range.

然後，當我們考慮毛利率時，您現在處於 48% 以上的範圍內。

Is that a fair base that you can build off of going forward?

這是您可以繼續前進的公平基礎嗎？

Is this like the new steady state to think of?

這就像是新的穩定狀態嗎？

And then going forward, maybe there's still opportunity expansion from here.

然後展望未來，也許這裡仍然有機會擴展。

I think it's a fair base to build off of, assuming there's not significant exogenous changes in commodity or freight costs.

我認為，假設商品或貨運成本沒有重大的外生變化，這是一個公平的基礎。

And then yeah, I think we've built off a bit with Pegasus savings that we're expecting in fiscal '25, which is largely cost that the [sold] focus.

然後，是的，我認為我們已經透過 Pegasus 節省了一些資金，我們預計在 25 財年，這主要是[銷售]重點的成本。

And the only build I would have on that is you also get kind of the brand portfolio classification benefit.

我唯一想要的就是你還可以獲得品牌組合分類的好處。

So as we put more invest to grow sales into the mix, that's also a help over time.

因此，當我們投入更多投資來增加銷售時，隨著時間的推移，這也會有所幫助。

So remember, we've now that we've classified them, as we put the incremental Pegasus investment, we're going to focus it more on those brands that are in invest to grow and those are the higher margin brands in the portfolio.

所以請記住，我們現在已經對它們進行了分類，當我們進行飛馬座增量投資時，我們將更專注於那些正在投資以實現成長的品牌，以及投資組合中利潤率較高的品牌。

Yeah, that's a good point.

是的，這是一個好點。

I would say for fiscal '24, we actually sort of underachieved on gross profit margin versus our expectations because we weren't able to achieve the mix that allows us or to the degree that the we would like, that Noel is talking about.

我想說，對於 24 財年，我們的毛利率實際上沒有達到我們的預期，因為我們無法實現諾埃爾所說的允許我們或達到我們想要的程度的組合。

And we do see the opportunity to do that in fiscal year '25.

我們確實看到了在 25 財年實現這一目標的機會。

So I would say our base wasn't quite where we wanted it to be for this fiscal year, but we feel like we can get it to where it needs to be going forward.

所以我想說，我們的基礎在本財年並沒有完全達到我們想要的水平，但我們覺得我們可以讓它達到未來需要發展的水平。

Great.

偉大的。

And then I guess my follow-up question.

然後我猜我的後續問題。

So as you look at the holiday season, in terms of trends, if you look at November, December.

因此，當你觀察假期季節時，就趨勢而言，如果你觀察 11 月和 12 月。

Just curious the cadence of trends as you look at some of the POS data.

只是好奇當您查看一些 POS 數據時趨勢的節奏。

And then from a promotional backdrop perspective, just curious how that played out versus your expectations.

然後從促銷背景的角度來看，只是好奇這與您的期望相比效果如何。

So holiday performance for us, Rupesh, I would say broadly was in line with what we're seeing in general consumer spending trends.

因此，我想說，魯佩什，我們的假期表現與我們在一般消費者支出趨勢中看到的情況大致一致。

So OXO and Osprey performed well and that kind of matches the entertainment travel focus of where consumers are spending their discretionary dollars more than other places.

因此，OXO 和 Osprey 表現良好，這與消費者比其他地方花費更多可自由支配資金的娛樂旅遊重點相匹配。

As we mentioned, Hydro Flask performed well online.

正如我們所提到的，Hydro Flask 在線上表現良好。

And the hair tools performance was a little bit softer.

而且美髮工具的表現也稍微柔和一些。

Those are probably the parts of our portfolio that are most holiday exposed.

這些可能是我們投資組合中最受假期影響的部分。

We've obviously got the big illness on portion of our portfolio that we've touched on during the call today.

顯然，我們在今天的電話會議中談到的部分投資組合存在嚴重問題。

So not everything is holiday relevant, if you will.

所以，如果你願意的話，並不是所有事情都與假期有關。

What was the last part of your question?

你問題的最後一部分是什麼？

Just (multiple speakers) accurate.

只是（多個發言者）準確。

(inaudible)

（聽不清楚）

Yeah, just on promotional backdrop.

是的，只是在促銷背景下。

Yeah, promotional backdrop.

是的，宣傳背景。

I would say we didn't see anything hugely unusual.

我想說我們沒有看到任何非常不尋常的事情。

What I would say across holiday in general is that it started earlier.

一般來說，我想說的是整個假期開始得更早。

So we saw retailers starting to offer some of their better deal.

因此我們看到零售商開始提供一些更好的優惠。

Not waiting all the way to Black Friday but starting to kind of lean into it a bit earlier in the season.

沒有一直等到黑色星期五，而是在這個季節早些時候開始傾向於它。

But not dramatically different levels of activity and discounts.

但活動和折扣水準並沒有顯著不同。

And as I look at our portfolio, not meaningfully different are deeper areas.

當我審視我們的投資組合時，更深層的領域並沒有顯著的差異。

I've mentioned a couple of things that we did on Hydro Flask.

我已經提到了我們在 Hydro Flask 上所做的幾件事。

It's a really competitive category.

這是一個競爭非常激烈的類別。

We offer the free customization.

我們提供免費客製化。

We have some of the kind of typical offers that we would have online.

我們有一些在線提供的典型優惠。

We have an offer on some special items, special colors that we brought back and things like that.

我們對一些特殊物品、我們帶回來的特殊顏色以及類似的東西有報價。

But in general, not a dramatic difference year on year in what we did promotionally.

但總的來說，我們的促銷活動與往年相比並沒有顯著差異。

Thank you.

謝謝。

At this time, we have reached the end of the question-and-answer session, and I'll turn the call over to Noel for closing remarks.

現在，我們的問答環節已經結束，我將把電話轉給諾埃爾做總結發言。

Great.

偉大的。

Thank you.

謝謝。

And thank you, everyone, for joining us today and for your continued interest in Helen of Troy.

感謝大家今天加入我們並感謝你們對特洛伊的海倫的持續關注。

We look forward to speaking with many of you over the next two days at ICR as well as virtually at the CJS conference on Wednesday.

我們期待在接下來的兩天內在 ICR 以及週三的 CJS 會議上與你們中的許多人進行交流。

And I hope everyone has a great day.

我希望每個人都有美好的一天。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

此時您可以斷開線路，我們感謝您的參與。