Helen of Troy Ltd (HELE) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Helen of Troy Limited, first quarter fiscal 2025 earnings call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. (Operator Instructions)

大家好，歡迎參加 Helen of Troy Limited 2025 財年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。 （操作員說明）

As reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Sabrina Mckee, Senior Vice President of Investor Relations and Business Development for Helen of Troy Limited. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在我想將會議交給主持人，Helen of Troy Limited 投資者關係和業務開發高級副總裁 Sabrina Mckee 女士。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to Helen of Troy's first quarter fiscal 2025 earnings call. The agenda for the call this morning is as follows.

謝謝你，接線生。大家早安，歡迎參加 Helen of Troy 的 2025 財年第一季財報電話會議。今天上午的電話會議議程如下。

I will begin with a brief discussion of forward-looking statements. Mr. Noel Geoffroy, the company CEO will comment on business performance and then provide some perspective on current trends and our strategy for the remainder of the fiscal year. Then Mr. Brian Grass, the company's CFO, will review the financials in more detail and discuss our revised outlook. Following this, we will open up the call for Q&A.

我將首先簡要討論前瞻性陳述。該公司執行長 Noel Geoffroy 先生將評論業務績效，然後提供對當前趨勢和我們本財年剩餘時間策略的一些看法。然後，公司財務長 Brian Grass 先生將更詳細地審查財務狀況並討論我們修改後的前景。隨後，我們將開放問答環節。

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. Generally, the words anticipates, believes, expects and other similar words or words identifying forward-looking statement.

本次電話會議可能包含某些基於管理層對未來事件或財務表現的當前預期的前瞻性陳述。一般來說，「預期」、「相信」、「預期」等詞語以及其他類似詞語或詞語可識別前瞻性陳述。

Forward-looking statements are subject to a number of risks and uncertainties that could cause anticipated results to differ materially from the actual result. This conference call may also include information that may be considered non-GAAP financial information. 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 party. The company cautions listeners not to place undue reliance on forward-looking statements or non-GAAP information.

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。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。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。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 Ms. Geoffroy, I would like to inform all interested parties that a copy of today's earnings release and related investment deck has been posted to the company's website at www.helenoftroy.com and can be found by navigating to the Investor Relations section of the site or by scrolling to the bottom of the homepage.

在我將電話轉給 Geoffroy 女士之前，我想通知所有有興趣的各方，今天的收益發布和相關投資資料的副本已發佈到公司網站 www.helenoftroy.com 上，可以透過導航找到網站的投資者關係部分或滾動到主頁底部。

The earnings release contains tables that reconcile non-GAAP financial measures to their corresponding GAAP-based measures.

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。

I will now turn the conference call over to Ms. Geoffroy.

我現在將電話會議轉給傑弗羅伊女士。

Thank you, Sabrina. Hello, everyone, and thank you for joining us today. The results we reported this morning are disappointing and not reflective of the measurable progress we've made on key initiatives or of the opportunities I believe we have ahead of us.

謝謝你，薩布麗娜。大家好，感謝您今天加入我們。我們今天早上報告的結果令人失望，並沒有反映出我們在關鍵舉措上取得的可衡量的進展，也沒有反映出我認為我們面前的機會。

Net sales and adjusted diluted EPS came in below our expectations with current trends setting up a challenging backdrop for the remainder of the fiscal year. As a result, we see fiscal '25 as a time to reset and revitalize our business.

淨銷售額和調整後稀釋後每股收益低於我們的預期，當前趨勢為本財年剩餘時間奠定了充滿挑戰的背景。因此，我們將 25 財年視為重置和振興我們業務的時機。

We continue to believe that our strategies are the right one to deliver sustainable and profitable growth. However, the additional work and time needed to reset and revitalize means delaying our delivery of the long-term financial algorithm we aspire to.

我們仍然相信，我們的策略是實現可持續和獲利成長的正確策略。然而，重置和振興所需的額外工作和時間意味著我們延遲交付我們渴望的長期金融演算法。

The first quarter has revealed realities about the business and our company that been a call to action for me, our global leadership team and the entire organization. While we have made important progress against Project Pegasus and our strategic initiative, macro factors have worsened since we last spoke and we have more data and insight on the health of our brands and the business.

第一季揭示了有關業務和我們公司的現實，這對我、我們的全球領導團隊和整個組織來說是一種行動呼籲。雖然我們在飛馬計劃和策略舉措方面取得了重要進展，但自我們上次演講以來，宏觀因素已經惡化，我們對我們的品牌和業務的健康狀況有了更多的數據和見解。

These factors have put heightened focus on the work we must do in some key areas. I will walk you through the insights we've gained, the actions we are taking in response, and evidence of the progress we are making, all of which give me confidence we are making the right choices for the long-term health of our brands and sustained shareholder value creation.

這些因素使我們更加專注於一些關鍵領域必須做好的工作。我將向您介紹我們獲得的見解、我們正在採取的應對行動以及我們正在取得的進展的證據，所有這些都讓我相信我們正在為品牌的長期健康做出正確的選擇並持續創造股東價值。

First, let me level set with what has and has not changed. I will start with what has not changed. Our commitment to our purpose, vision and values has never been stronger, and our goal of fostering a winning culture anchored in the four A's of accountability, agility, taking action and accelerating growth remains steadfast.

首先，讓我先了解已經發生變化和未發生變化的情況。我將從沒有改變的地方開始。我們對我們的宗旨、願景和價值觀的承諾從未如此堅定，我們的目標仍然堅定不移，即培育以問責制、敏捷性、採取行動和加速增長 4 個 A 為基礎的製勝文化。

We are committed to the strategic choices we spoke to you about last October. Growing our portfolio through consumer obsession, being in winning where our shopper shop, fully leveraging our scale and assets and embracing next level data and analytics and everything we do.

我們致力於去年 10 月與您討論的策略選擇。透過對消費者的執著來擴大我們的產品組合，贏得購物者購物的勝利，充分利用我們的規模和資產，並採用更高水準的數據和分析以及我們所做的一切。

As a house of brands, we are proud of the diversity of our portfolio and the strong consumer following that our brands have across the Home & Outdoor, Beauty & Wellness categories. Our imperative is to revitalize our brands with stronger marketing, innovation and execution.

作為品牌之家，我們為我們的產品組合的多樣性以及我們的品牌在家居和戶外、美容與健康類別中擁有的強大消費者追隨者感到自豪。我們的當務之急是透過更強大的行銷、創新和執行來振興我們的品牌。

We are investing in the capabilities we need to successfully deliver our strategy over the plan period and well beyond. We are committed to investing in next-level data analytics and capabilities to improve our effectiveness and productivity across the enterprise.

我們正在投資在計劃期間及之後成功實施我們的策略所需的能力。我們致力於投資下一代數據分析和能力，以提高整個企業的效率和生產力。

Lastly, we continue to work smarter. Project Pegasus has been instrumental and further solidifying our transformation from a holding company into a true global operating company, enabling us to work more efficiently and effectively across the organization.

最後，我們繼續更聰明地工作。 Pegasus 計畫發揮了重要作用，進一步鞏固了我們從控股公司向真正的全球營運公司的轉型，使我們能夠在整個組織內更有效率、更有效地工作。

Our organization has embraced the changes and continues to learn new processes and new ways of collaborating. The savings generated from the changes, are being reinvested back into our brands, which we expect to refuel the value-creation flywheel.

我們的組織已經接受了這些變化，並繼續學習新的流程和新的協作方式。這些變化產生的節省將被重新投資到我們的品牌中，我們希望這些品牌能為價值創造飛輪提供動力。

Now let's discuss what has changed or been exacerbated in the first quarter. As has been widely reported, the macroenvironment and the health of consumers and retailers has worsened. Consumers are even more financially stretched and are even further prioritizing essentials over discretionary items.

現在讓我們討論一下第一季發生了哪些變化或加劇了哪些情況。正如廣泛報導的那樣，宏觀環境以及消費者和零售商的健康狀況已經惡化。消費者的財務狀況更加緊張，並且更加優先考慮必需品而不是非必需品。

Specific to our business, we have seen some areas become more challenged over the last three months. For example, an unexpected slowdown in the global outdoor category impacted sales of our packs and accessories. There was also more pressure in the specialty beauty channel and mass beauty overall, especially in beauty tools under $100. Also, more discretionary household items like dry food storage continued to trend down.

具體到我們的業務，我們發現一些領域在過去三個月中面臨更大的挑戰。例如，全球戶外類別的意外放緩影響了我們的背包和配件的銷售。專業美容通路和大眾美容整體也面臨更大壓力，尤其是 100 美元以下的美容工具。此外，乾糧儲存等更多非必需家庭用品持續呈下降趨勢。

We've heard broadly from mass retail that traffic overall is slower throughout the country and promotional pressure is increasing. In reaction to these dynamics, retailers are managing inventories more closely to account for the slowdown and some are implementing new systems to allow for just-in-time inventory management.

我們從大眾零售業廣泛了解到，全國各地的客流量整體放緩，促銷壓力不斷增加。為了應對這些動態，零售商正在更嚴格地管理庫存，以應對經濟放緩的情況，一些零售商正在實施新系統，以實現及時庫存管理。

All of this exposes us to more volatility and less visibility into order volumes and timing. We are also recognizing the impact that the COVID pandemic had on our business. The industry has had to deal with massive changes in consumption patterns and consumer behavior.

所有這些都使我們面臨更大的波動性以及對訂單量和時間安排的更少了解。我們也意識到新冠疫情大流行對我們業務的影響。該行業必須應對消費模式和消費者行為的巨大變化。

There were supply chain issues, overstocking, inventory clear outs and an explosion in e-commerce, all of this has led to general uncertainty around what a post-COVID environment looks like for many consumer categories, including many of ours from wellness to kitchen tools to home organization.

供應鏈問題、庫存過剩、庫存清理和電子商務的爆炸式增長，所有這些都導致​​了許多消費類別（包括我們從健康到廚房工具的許多消費類別）在後疫情環境下的普遍不確定性到家庭組織。

Also since 2020, categories such as insulated beverage, prestige beauty tools and liquid, air purification and travel have become increasingly competitive. As we settled into a more normalized world, we have realized that while consumers were still responding positively to our brands, the COVID volatility had masked some underlying weakness in our brand health.

同樣自2020年以來，保溫飲料、高端美容工具和液體、空氣淨化和旅行等類別的競爭變得越來越激烈。隨著我們進入一個更正常化的世界，我們意識到，雖然消費者仍然對我們的品牌做出積極的反應，但新冠疫情的波動掩蓋了我們品牌健康狀況的一些潛在弱點。

My assessment is that we previously underinvested in our brand-building fundamentals and marketing. This is why one of my first actions as COO was to initiate Project Pegasus to create fuel and focus to revitalize our brands.

我的評估是，我們之前在品牌建立基礎和行銷方面投資不足。這就是為什麼我作為營運長的首要行動之一就是啟動飛馬計畫來創造燃料並專注於振興我們的品牌。

We are taking actions to address this underinvestment by prioritizing strong brand-building fundamentals and continuing to increase our marketing and innovation spend. However, it has become clear that the path to sustainable brand growth will take longer than we originally anticipated.

我們正在採取行動，透過優先考慮強大的品牌建立基礎並繼續增加行銷和創新支出來解決投資不足的問題。然而，很明顯，永續品牌成長之路將比我們最初預期的時間更長。

I spoke earlier about the need to invest in our infrastructure and core capabilities to support the growth we are targeting. Our new distribution center in Tennessee is one of these necessary investment. While this facility brings us next-level technology and capacity that will serve us for years to come. We've encountered some near-term disruption as we go live with the last phase of automation.

我之前談到需要投資我們的基礎設施和核心能力，以支持我們的目標成長。我們在田納西州的新配送中心是這些必要的投資之一。該設施為我們帶來了更高水準的技術和能力，將在未來幾年為我們服務。當我們進入自動化的最後階段時，我們遇到了一些近期的干擾。

Some implementation hiccups are always expected, but the final phase of startup, which utilizes the highest level of technology and automation, has created some unexpected challenges affecting our fulfillment of small retail customer and direct to consumer orders for OXO and Hydro Flask.

實施過程中總是會出現一些問題，但啟動的最後階段利用了最高水準的技術和自動化，帶來了一些意想不到的挑戰，影響了我們滿足小型零售客戶以及直接面向消費者的OXO 和Hydro Flask 訂單。

These challenges have impacted us in three ways: lost revenue, delayed productivity savings and additional costs. The resulting shipping backlog was the factor that drove our net sales myth in the quarter, while the delayed savings and incremental cost to manually work around the system issues and address root causes hurt our profitability.

這些挑戰從三個方面影響了我們：收入損失、生產力節省延遲和額外成本。由此產生的運輸積壓是推動我們本季淨銷售迷思的因素，而手動解決系統問題和解決根本原因的延遲節省和增量成本損害了我們的獲利能力。

Although these sorts of growing pains are disappointing, upgrading our processes and systems to state of the art capabilities is critical and continues to be the right strategic choice. Our team in Tennessee is working diligently with our suppliers to address the remaining issues, and we have seen our shipping throughput progressively improved during June and early July.

儘管這些成長的煩惱令人失望，但將我們的流程和系統升級到最先進的能力至關重要，並且仍然是正確的策略選擇。我們在田納西州的團隊正在與供應商努力合作解決剩餘問題，我們已經看到我們的運輸吞吐量在 6 月和 7 月初逐步改善。

I would like to turn now to the actions we are taking to address these issues and maximize our opportunities, everything starts with our brands. So let's begin there.

我現在想談談我們為解決這些問題並最大化我們的機會所採取的行動，一切都從我們的品牌開始。那麼就讓我們從這裡開始吧。

Beginning in fiscal '24, we refocused on the health of our brands and invested in elevating our brand building fundamentals by developing and implementing a Helen of Troy brand-building framework across our entire marketing organization.

從 24 財年開始，我們重新關注品牌的健康狀況，並透過在整個行銷組織中開發和實施 Helen of Troy 品牌建立框架來投資提升我們的品牌建立基礎。

This entailed a rigorous approach to quantitatively define and segment the market selecting who we are serving and clarifying what our brands stand for. All our marketing content, activation and innovation will be grounded in these revitalized data-centric brand strategies. It takes time to do this rigorous upfront work and then activate to rebuild brand relevance and the innovation pipeline needed to gain momentum and drive consistent revenue and share growth.

這需要採取嚴格的方法來定量定義和細分市場，選擇我們的服務對象並闡明我們的品牌代表什麼。我們所有的行銷內容、活化和創新都將基於這些重振的以數據為中心的品牌策略。完成這項嚴格的前期工作，然後啟動重建品牌相關性和獲得動力並推動持續收入和份額成長所需的創新管道需要時間。

We are encouraged that eight of our key categories are growing share this fiscal year through May and five others showed share trend improvement in May in our US measured channels. However, we know we are still in the early stages and there is more work to be done.

我們感到鼓舞的是，截至 5 月的本財年，我們的八個關鍵類別的份額不斷增長，另外五個類別在我們的美國測量管道中顯示 5 月份的份額趨勢有所改善。然而，我們知道我們仍處於早期階段，還有更多工作要做。

Let me share a couple of examples of our progress. Hydro Flask has embraced the shift in the category with new on-trend content that depicts young people in a range of activities extending beyond our traditional positioning.

讓我分享幾個我們所取得的進展的例子。 Hydro Flask 透過新的流行內容迎接了這一類別的轉變，這些內容描繪了年輕人參與的一系列活動，超越了我們的傳統定位。

We have launched new designs that appeal to more consumers such as the popular sugar crush line with the waterfall of pastel colors and the two tone ombre design that both tap into the fashion sense of our target consumer. We also have the timely limited edition USA water bottles for Americans to use as they cheer on our athletes this summer.

我們推出了吸引更多消費者的新設計，例如流行的糖果系列，柔和的色彩瀑布和雙色調漸變設計，都迎合了我們目標消費者的時尚感。我們還及時推出了限量版美國水瓶，供美國人在今年夏天為我們的運動員加油時使用。

In addition, we launched a new loyalty rewards program called house of hydro that allows consumers to earn points that can be used to purchase products on our website. I encourage you to visit hydroflask.com to see the change in our range and our content.

此外，我們還推出了一項名為 House of Hydro 的新忠誠度獎勵計劃，該計劃允許消費者賺取積分，用於在我們的網站上購買產品。我鼓勵您造訪 Hydroflask.com，以了解我們的產品系列和內容的變化。

Another example is OXO's recent launch of silicone reusable bags available in many sizes and colors. These bags solve the consumers' need to keep food fresh at home and on-the-go in a planet friendly way. They are differentiated from the competition by its seamless design that easily flip inside out for effortless cleaning. They are also microwave oven, dishwasher and freezer save for maximum versatility.

另一個例子是 OXO 最近推出的矽膠可重複使用袋，有多種尺寸和顏色可供選擇。這些袋子滿足了消費者以環保的方式在家中和旅途中保持食物新鮮的需求。它們與競爭對手的區別在於其無縫設計，可以輕鬆翻轉以輕鬆清潔。它們還配備微波爐、洗碗機和冰箱，以實現最大的多功能性。

OXO was also standing out with its coffee line, earning wire cutter recognition for its nine cup coffee maker and cold brew coffee maker in 2023 and now it's conical burr coffee grinder in 2024.

OXO 的咖啡系列也脫穎而出，在 2023 年推出的九杯咖啡機和冷萃咖啡機贏得了鋼絲鉗的認可，現在又在 2024 年推出了錐形毛刺咖啡研磨機。

I will now shift for a moment and focus on what we are doing at an organizational level to support and build up our brands. The hiring of our first ever global Chief Marketing Officer in mid fiscal '24 and the related investment in our centralized marketing center of excellence or COE has increased our marketing capabilities exponentially.

現在我將暫時轉移注意力，重點討論我們在組織層面為支持和建立我們的品牌所做的事情。我們在 24 財年中期聘用了第一位全球首席行銷官，並對我們的集中行銷卓越中心或 COE 進行了相關投資，使我們的行銷能力呈指數級增長。

This COE is comprised of 16 subject matter experts, bringing critical skills to the company, including business intelligence, category and consumer insights, experience planning and digital strategy, and of critical importance data and analytics.

該 COE 由 16 名主題專家組成，為公司帶來關鍵技能，包括商業智慧、品類和消費者洞察、體驗規劃和數位策略，以及至關重要的數據和分析。

We now have a clear and consistent view of our category and brand performance, including the underlying drivers and the ROI on our spending by brand and by marketing tactic. This will enable us to more accurately assess the landscape and our brand health and to invest more strategically.

現在，我們對品類和品牌表現有了清晰一致的看法，包括潛在驅動因素以及按品牌和行銷策略劃分的支出投資報酬率。這將使我們能夠更準確地評估情況和我們的品牌健康狀況，並更具策略性地進行投資。

To that end, we recently concluded our first ever marketing mix analytics study that provided detailed ROI data. This insight is already helping to inform our portfolio and brand level resource allocation. We will leverage this data to improve our ROI and to enhance our full funnel activation plans to ensure we are connecting with our consumers throughout their product and brand journeys.

為此，我們最近完成了首次行銷組合分析研究，提供了詳細的投資報酬率數據。這種洞察力已經有助於為我們的產品組合和品牌級資源分配提供資訊。我們將利用這些數據來提高投資回報率並增強我們的完整通路激活計劃，以確保我們在消費者的整個產品和品牌旅程中與他們保持聯繫。

As it relates to efficiencies, our COE has helped us refine our mix of agency partners to ensure we bring best in class creativity and maximize our working media investment. This refinement not only enhanced our capabilities but also reduce the number of agencies we work with resulting in a significant reduction in our nonworking spending.

由於它與效率相關，我們的 COE 幫助我們完善了代理商合作夥伴的組合，以確保我們帶來一流的創造力並最大化我們的工作媒體投資。這種改進不僅增強了我們的能力，還減少了與我們合作的機構數量，從而顯著減少了我們的非工作支出。

I spoke to you last quarter about sales and marketing team success identifying and capturing incremental distribution so that our brands are available where our shopper shop. Recently, we welcomed a new head of our North American regional market organization to provide further leadership to drive the implementation of joint customer business plans and sales capabilities, including our new distribution strategies.

上個季度我與您談論了銷售和行銷團隊成功識別和捕獲增量分銷的情況，以便我們的品牌在我們的購物者商店中可用。最近，我們迎來了北美區域市場組織的新負責人，他將提供進一步的領導力，推動聯合客戶業務計劃和銷售能力的實施，包括我們新的分銷策略。

I've previously shared that we expanded the OXO soft works kitchen gadget set at Walmart following a successful test. As of June, OXO soft works gadgets are in $32,000 and I'm pleased to report that our expansion is performing well, exceeding both our and the customers' expectations.

我之前曾分享過，在成功測試後，我們在沃爾瑪擴展了 OXO Soft Works 廚房小工具套件。截至 6 月，OXO 軟體工程小工具的價格為 32,000 美元，我很高興地報告，我們的擴張表現良好，超出了我們和客戶的期望。

Walmart shoppers, appreciate the value of OXO's high-quality and universal designing kitchen tool with items like our iconic peeler performing in the top 10.

沃爾瑪購物者非常欣賞 OXO 高品質和通用設計的廚房工具的價值，我們的標誌性削皮器等產品躋身前 10 名。

Examples of new distribution include Braun and Vicks expansion in key drug and mass customers drive our tools and liquid expansion across various North American retailers, Curlsmith test and Sephora brick-and-mortar and Hydro Flask, broadening presence in premium grocery customers and beyond.

新分銷的例子包括博朗和維克斯在主要藥品和大眾客戶中的擴張，推動我們的工具和液體在北美各零售商、Curlsmith test、絲芙蘭實體店和Hydro Flask 的擴張，擴大在優質雜貨客戶及其他領域的影響力。

At the brand level with our consolidation of the beauty business to central Boston, we have brought in 65 new team members with extensive beauty and consumer products experience. I've been in the Beauty & Wellness offices several times over the past couple of months, and I can tell you the team is energized and ready to revitalize our brands and pipeline.

在品牌層面，隨著我們將美容業務整合到波士頓市中心，我們引進了 65 位具有豐富美容和消費品經驗的新團隊成員。在過去的幾個月裡，我多次去過美容與健康辦公室，我可以告訴您，團隊充滿活力，準備振興我們的品牌和產品線。

This team's bold ideas can be seen in our upcoming new drive, our marketing campaign and our product innovation pipeline, as evidenced by the recent launch of Drybar liquid gloss, high gloss moving blow out creams, promising consumers up to 72 hours of smooth.

這個團隊的大膽想法可以從我們即將推出的新產品、我們的行銷活動和我們的產品創新系列中看到，最近推出的Drybar 液體光澤、高光動感吹發霜就證明了這一點，向消費者承諾長達72 小時的柔滑效果。

This innovation delivers right at the heart of our sharpened brand promise of your best blow out and in line with recent consumer trends for glossy hair, especially when used as a regimen with our drive our tools.

這項創新是我們堅定的品牌承諾的核心，讓您擁有最佳的髮型，並符合最近消費者對光澤頭髮的趨勢，特別是當與我們的驅動工具一起用作護理時。

Moving on to the business segments, first quarter market performance, I would like to call out a few bright spots for our brands. In Home & Outdoor, despite the earlier mentioned softness and the global packs and accessories categories, Osprey continues to gain share and tactical packs where it remains the leading brand.

談到業務領域，第一季的市場表現，我想指出我們品牌的一些亮點。在家居和戶外領域，儘管有前面提到的柔軟度以及全球背包和配件類別，Osprey 繼續獲得市場份額，在戰術包方面它仍然是領先品牌。

Consumers choose Osprey over the competition for its technical prowess and carry, fit, durability and its use of sustainable materials. The spring introduction of our escapist on bike collection was well received and gained immediate traction with bike and outdoor media outlets like gear junkie, bicycle retailer and bike groomer.

消費者之所以選擇 Osprey，是因為其技術實力、攜帶性、貼合性、耐用性以及永續材料的使用。我們在春季推出的逃避現實自行車系列受到了好評，並立即獲得了自行車和戶外媒體機構（如裝備迷、自行車零售商和自行車美容師）的關注。

Also recent additions to our extended fit collection generated standout engagement on social media in the quarter. Hydro Flask, while performing below our expectations in the US grew in all major international markets. This is the direct result of stronger collaboration between our teams as Hydro Flask leverages the experience of the international sales team to open up new opportunities.

此外，我們最近新增的加長版型系列在本季的社群媒體上也產生了出色的參與度。 Hydro Flask 雖然在美國的表現低於我們的預期，但在所有主要國際市場上都有成長。這是我們團隊之間加強合作的直接結果，因為 Hydro Flask 利用國際銷售團隊的經驗來開闢新的機會。

We expect this expanded distribution internationally, coupled with the previously mentioned distribution gains and new designs in North America to benefit us in the latter half of this fiscal year.

我們預計，這種擴大的國際分銷，加上前面提到的北美分銷收益和新設計將使我們在本財年下半年受益。

Turning to OXO, the brand retains its number one share in kitchen utensils and we see signs that the category is stabilizing. We expect our leading market share along with OXO's award-winning product design and innovation to benefit us as we continue to expand distribution in current categories and relevant adjacencies.

至於 OXO，該品牌在廚房用具領域保持第一的份額，我們看到該類別正在穩定的跡象。我們預計，隨著我們繼續擴大當前類別和相關鄰接領域的分銷，我們領先的市場份額以及 OXO 屢獲殊榮的產品設計和創新將使我們受益。

In beauty & wellness, Drybar expanded its retail presence in Canada, launching in 140 Shoppers Drug Mart locations as well as online in the first quarter. The previously mentioned bold new drive our campaign launching later this month is a great example of what I mean when I say we are elevating our marketing game.

在美容與健康領域，Drybar 擴大了在加拿大的零售業務，第一季在 140 家 Shoppers Drug Mart 門市以及線上推出。前面提到的我們本月稍後推出的大膽新活動就是我所說的我們正在提升行銷遊戲的一個很好的例子。

For wellness year to date, PUR and our Vicks and Braun thermometers have gained market share. Braun and Vicks will see an expanded presence in the drug and mass channels beginning in the second quarter ramping up more in the second half of fiscal '25.

今年迄今為止，在健康方面，PUR 以及我們的 Vicks 和 Braun 溫度計已經贏得了市場份額。 Braun 和 Vicks 將從第二季開始擴大在藥品和大眾通路的業務，並在 25 財年下半年進一步擴大。

And finally, despite the delayed savings related to our Tennessee distribution center, Project Pegasus continues to move forward. We have made good progress on the cost of goods sold work streams, implementing multiple projects that reduce costs and simplify our supplier base. We have also made good progress on our distribution center optimization by reducing our footprint by four.

最後，儘管與田納西州配送中心相關的節省有所延遲，但飛馬工程仍在繼續向前推進。我們在銷售成本工作流程方面取得了良好進展，實施了多個專案來降低成本並簡化我們的供應商基礎。我們在配送中心優化方面也取得了良好進展，將佔地面積減少了四個。

In closing, when I spoke to you almost three months ago, as I was stepping into the CEO role, I could not anticipate I would be sitting here today, delivering this message. As I've discussed, the quarter has revealed some realities about our business and our company that we have acknowledged and are addressing.

最後，當我大約三個月前與你們交談時，當我即將擔任執行長時，我無法預料我今天會坐在這裡傳達這一訊息。正如我所討論的，本季揭示了我們已經承認並正在解決的有關我們業務和公司的一些現實情況。

Even with these challenges I want to reiterate that we remain committed to our strategic choices to deliver sustainable and profitable growth long term. I can assure you the organization has never been more focused and committed to addressing our challenges with speed and agility.

儘管面臨這些挑戰，我想重申，我們仍然致力於我們的策略選擇，以實現可持續和盈利的長期成長。我可以向您保證，該組織從未如此專注並致力於以速度和敏捷性應對我們的挑戰。

We are committed to the actions needed to reset and revitalize our brands, embrace next level of data and analytics, being win where the shopper shops and fully leverage our new distribution network capability. Our success will be driven by the passion and dedication of our exceptional people who remain committed to our purpose, vision and values. We can and we will do better.

我們致力於採取必要的行動來重置和振興我們的品牌，採用更高水準的數據和分析，在購物者購物時獲勝，並充分利用我們新的分銷網絡能力。我們的成功將由我們優秀員工的熱情和奉獻精神推動，他們始終致力於我們的宗旨、願景和價值觀。我們可以而且會做得更好。

Now I will turn it over to Brian.

現在我將把它交給布萊恩。

Thank you, Noel. Good morning, everyone. I'll start by echoing Noel's comments regarding the disappointment, our first quarter performance and the revision to our full-year outlook.

謝謝你，諾埃爾。大家，早安。首先，我同意諾埃爾關於令人失望的情況、我們第一季的業績以及對全年前景的修改的評論。

New headwinds emerged in the first quarter and some existing headwinds became more pronounced since we spoke to you last. These include a combination of executional challenges, a global outdoor slowdown, increased promotional activity, softer, more variable retail replenishment and greater macro pressure and uncertainty.

第一季出現了新的不利因素，自從我們上次與您交談以來，一些現有的不利因素變得更加明顯。其中包括執行挑戰、全球戶外活動放緩、促銷活動增加、零售補貨更加疲軟、變化更大以及宏觀壓力和不確定性加大等綜合因素。

Many of these became more pronounced towards the end of the first quarter and some continue to evolve. Our first quarter adjusted EPS results include an adverse impact of approximately $0.5 from unexpected factors that we believe will be largely transitory by the end of the second quarter.

其中許多問題在第一季末變得更加明顯，有些還在繼續發展。我們第一季調整後每股盈餘結果包括約 0.5 美元的意外因素帶來的不利影響，我們認為到第二季末，這些影響在很大程度上是暫時的。

This includes the shipping disruption and additional costs from the automation start-up issues in our Tennessee distribution facility. Lost revenue from the Curlsmith ERP system integration challenges and an unexpected spike in health insurance and product liability costs.

這包括我們田納西州配送設施的自動化啟動問題造成的運輸中斷和額外成本。 Curlsmith ERP 系統整合挑戰以及健康保險和產品責任成本意外飆升導致收入損失。

We also faced higher tax expense from Barbados tax reform, which became immediately effective in the first quarter. We believe we are now past the Curlsmith ERP integration challenges, but we expect to largely overcome the automation start-up issues in our distribution facility by the end of the second quarter.

我們也面臨巴貝多稅收改革帶來的更高的稅收支出，該改革於第一季立即生效。我們相信我們現在已經克服了 Curlsmith ERP 整合挑戰，但我們預計到第二季末將在很大程度上克服我們配送設施的自動化啟動問題。

It's important to note that automation start-up issues are only impacting a limited subset of OXO and Hydro Flask quarters that rely on the highest level of automation but unfortunately, the impact is enough to have a meaningful effect on our results for the first half of fiscal '25.

值得注意的是，自動化啟動問題僅影響依賴最高水平自動化的 OXO 和 Hydro Flask 季度的有限子集，但不幸的是，這種影響足以對我們上半年的業績產生有意義的影響財政'25。

In response to this backdrop, we are adjusting our cost structure in a thoughtful way that preserves our planned growth investments for the year. We are taking actions to realize between $30 million and 40 million of additional pretax profit improvement in fiscal '25. It's partially offset the impact of expected revenue decrease, lower operating leverage, the more promotional environment we now see for the remainder of the year and our outlook for a less favorable sales mix than we expected as we entered the year.

為了應對這一背景，我們正在深思熟慮地調整成本結構，以保留今年計劃的成長投資。我們正在採取行動，爭取在 25 財年實現 3,000 萬至 4,000 萬美元的額外稅前利潤改善。這部分抵消了預期收入下降、營運槓桿降低、今年剩餘時間內我們看到的更多促銷環境以及我們對銷售組合的前景不如我們進入今年時預期的影響的影響。

I'll now move on to a more detailed discussion of our first quarter results. Consolidated net sales declined 12.2%, driven by a decline in sales of hair appliances, prestige hair care products and humidifiers in Beauty & Wellness.

我現在將更詳細地討論我們第一季的業績。由於美容與健康領域美髮器具、高級護髮產品和加濕器銷量下降，綜合淨銷售額下降了 12.2%。

And a decline in Home & Outdoor, driven by lower replenishment orders from retail customers and a global slowdown in outdoor. Last quarter, we called out pockets of higher inventory and outdoor channels, which has led to a broader and more pronounced category slowdown this quarter.

由於零售客戶補貨訂單減少以及全球戶外用品銷售放緩，家居和戶外用品銷售下降。上個季度，我們指出庫存和戶外管道的庫存增加，導致本季類別出現更廣泛、更明顯的放緩。

System executional challenges accounted for approximately $8 million of the consolidated net sales decline between the automation startup issues in our Tennessee distribution facility and the integration of Curlsmith into our ERP system. These factors were partially offset by international growth and higher sales of fans in beauty & wellness.

由於田納西州配送設施的自動化啟動問題以及 Curlsmith 與我們的 ERP 系統的集成，系統執行方面的挑戰導致綜合淨銷售額下降約 800 萬美元。這些因素被國際成長和美容與健康粉絲銷售的增加部分抵消。

We were able to expand gross profit margin by 330 basis points to 48.7% compared to 45.4% the same period last year. The year over year improvement was driven by a favorable segment mix with a higher percentage of Home & Outdoor sales, lower commodity and product costs, driven by Pegasus initiatives and favorable inventory obsolescence expense year over year.

毛利率由去年同期的 45.4% 擴大 330 個基點至 48.7%。同比改善是由有利的細分市場組合推動的，其中家居和戶外銷售比例較高，商品和產品成本較低，而飛馬計劃和有利的庫存報廢費用同比則較低。

These factors were partially offset by a less favorable product mix within the segments, a less favorable customer mix within Home & Outdoor, and a higher sales -- in higher sales dilution from trade discount and promotional allowance programs in Beauty & Wellness.

這些因素部分被細分市場內不太有利的產品組合、家居和戶外領域不太有利的客戶組合以及美容與健康領域的貿易折扣和促銷補貼計劃帶來的更高的銷售稀釋所抵消。

GAAP operating margin for the quarter was 7.4% compared to 8.6% in the same period last year. On an adjusted basis, operating margin decreased 360 basis points to 10.3%. The decrease was primarily driven by planned incremental marketing expense of 290 basis points and 120 basis points estimated impact from additional costs associated with automation start-up issues I referred to earlier.

本季 GAAP 營運利潤率為 7.4%，去年同期為 8.6%。調整後的營業利益率下降 360 個基點至 10.3%。這一下降主要是由於計劃增量行銷費用為 290 個基點，以及我之前提到的與自動化啟動問題相關的額外成本的估計影響為 120 個基點。

The margin decrease also included higher sales dilution from trade discount promotional allowance programs, increased depreciation on favorable health insurance and product liability expense, less favorable mix within the segments and lower operating leverage.

利潤率下降還包括貿易折扣促銷津貼計劃導致的銷售稀釋增加、有利的健康保險和產品責任費用折舊增加、部門內不太有利的組合以及營運槓桿降低。

These factors were partially offset by a favorable overall segment mix with a higher percentage of Home & Outdoor sales, lower commodity and product costs driven by Pegasus initiatives and favorable inventory obsolescence expense year over year.

這些因素被有利的整體細分市場組合所部分抵消，其中家居和戶外銷售比例較高、Pegasus 計劃推動的商品和產品成本降低以及逐年有利的庫存報廢費用。

On a segment basis, Home & Outdoor adjusted operating margin decreased 520 basis points to 10.6%, driven by planned incremental marketing expense. The additional costs at our Tennessee distribution center, higher depreciation, lower operating leverage and a less favorable mix. These factors were partially offset by lower commodity and product costs.

從分部來看，受計畫增量行銷費用的推動，家居與戶外調整後營業利潤率下降 520 個基點至 10.6%。我們田納西州配送中心的額外成本、更高的折舊、更低的營運槓桿以及較不利的組合。這些因素被較低的商品和產品成本部分抵消。

Adjusted operating margin for Beauty & Wellness decreased 240 basis points to 10%, driven by planned incremental marketing expense, a less favorable product mix, higher sales dilution from trade discount, promotional allowance programs and lower operating leverage. These factors were partially offset by lower commodity and product costs and favorable inventory obsolescence expense year over year.

美容與健康業務的調整後營業利潤率下降240 個基點至10%，原因包括計劃增量行銷費用、不太有利的產品組合、貿易折扣、促銷補貼計劃和較低的營運槓桿導致的銷售稀釋度增加。這些因素被較低的商品和產品成本以及同比有利的庫存報廢費用部分抵消。

Our tax rate in the first quarter was 66.1% compared to 15.5% last year. The year over year increase was primarily due to Barbados tax legislation enacted during the first quarter of fiscal '25, which resulted in a discrete tax charge of $6 million to revalue deferred tax liabilities, as well as an increase in our ongoing income tax expense due to the change in tax rate.

我們第一季的稅率為 66.1%，而去年為 15.5%。同比增長主要是由於巴貝多在 2025 財年第一季頒布的稅收立法，導致為重估遞延稅負債而產生了 600 萬美元的離散稅費，以及由於我們的持續所得稅費用的增加到稅率的變化。

While we were aware of the longer-term potential of Barbados enacting a tax change, we did not expect legislation to be enacted with immediate effect as tax legislation is rarely introduced in this manner.

雖然我們意識到巴貝多實施稅收改革的長期潛力，但我們並不期望立法會立即生效，因為稅收立法很少以這種方式引入。

In response to the global minimum tax changes, we have been developing and implementing various phases of our overall tax planning strategy so we expect that the Barbados tax change will not have a meaningful impact on us beyond fiscal '25.

為了因應全球最低稅率的變化，我們一直在製定和實施整體稅務規劃策略的各個階段，因此我們預計巴貝多的稅收變化在 25 財年之後不會對我們產生有意義的影響。

Net income was $6.2 million or $0.26 per diluted share, non-GAAP adjusted diluted EPS was $0.99 per share, reflecting lower adjusted operating income and an increase in the adjusted effective income tax rate, partially offset by a decrease in interest expense.

淨利潤為620 萬美元，即稀釋後每股收益0.26 美元，非GAAP 調整後稀釋每股收益為每股0.99 美元，反映了調整後營業收入的下降和調整後有效所得稅率的增加，部分被利息費用的減少所抵銷。

We continue to generate solid cash flow with cash from operations of $25.3 million and free cash flow of $16.2 million. The year-over-year decline in cash flow is largely due to from strategic inventory build to take advantage of opportunities we see in our peak selling season.

我們繼續產生穩定的現金流，營運現金流為 2,530 萬美元，自由現金流為 1,620 萬美元。現金流的年減主要是由於我們為了利用銷售旺季的機會而建立的策略庫存。

We ended the quarter with total debt of $748 million, a sequential increase of $83 million compared to the fourth quarter of fiscal '24 due to the repurchase of $100 million of our stock in the quarter. Our net leverage ratio was 2.37 times compared to 2 times at the end of fiscal '24.

截至本季末，我們的總債務為 7.48 億美元，與 2024 財年第四季相比，由於本季回購了 1 億美元的股票，季增了 8,300 萬美元。我們的淨槓桿率為 2.37 倍，而 2024 財年末為 2 倍。

Now I would like to discuss our revised outlook for fiscal '25. We have taken a hard look at the internal challenges that impacted our business in the first quarter as well as more pronounced external trends to reestablish what we believe are obtainable objectives.

現在我想討論一下我們修訂後的 25 財年展望。我們認真審視了第一季影響我們業務的內部挑戰以及更明顯的外部趨勢，以重新確立我們認為可以實現的目標。

We expect to resolve the remainder of the automation issues at our Tennessee distribution center by the end of the second quarter, leading to better volume throughput, lower costs and greater operating efficiency.

我們預計在第二季末解決田納西州配送中心的其餘自動化問題，從而提高吞吐量、降低成本和提高營運效率。

Our outlook now reflects the expected impact of our executional challenges as well as our view of increased macro uncertainty and increasingly stretched consumer, a more promotional environment and retailers even more closely managing their inventories.

我們的前景現在反映了我們執行挑戰的預期影響，以及我們對宏觀不確定性增加、消費者日益緊張、促銷環境更加激烈以及零售商更加嚴格地管理庫存的看法。

We now expect net sales between $1.885 billion and $1.935 billion in fiscal '25, which implies a decline of 6% to 3.5%. This includes a full year estimated impact to net sales of approximately $13 million due to shipping disruption from the automation startup issues that our Tennessee distribution facility and the Curlsmith ERP integration challenges.

我們現在預計 25 財年的淨銷售額將在 18.85 億美元至 19.35 億美元之間，這意味著下降 6% 至 3.5%。這包括由於田納西州配送設施和 Curlsmith ERP 整合所面臨的自動化啟動問題造成的運輸中斷，預計全年淨銷售額將受到約 1,300 萬美元的影響。

In terms of our net sales outlook by segment, we now expect a Home & Outdoor decline of 3% to 1%. And a Beauty & Wellness decline of 8% to 5% which continues to include a year over year headwind of approximately 1% related to the expiration of an out license relationship with respect to one of our wellness brands.

就我們按細分市場劃分的淨銷售額前景而言，我們目前預計家居和戶外用品將下降 3% 至 1%。美容與健康業務下降了 8% 至 5%，其中繼續包括與我們一個健康品牌的授權關係到期有關的同比約 1% 的逆風。

We now expect GAAP diluted EPS of $4.69 to $5.45 for the full year, and non-GAAP adjusted diluted EPS in the range of $7 to $7.50, which implies an adjusted diluted EPS decline 21.4% to 15.8%.

我們目前預計全年 GAAP 攤薄每股收益為 4.69 美元至 5.45 美元，非 GAAP 調整後攤薄每股收益為 7 美元至 7.50 美元，這意味著調整後攤薄每股收益將下降 21.4% 至 15.8%。

We now expect full year adjusted EBITDA margin to compress by approximately 150 to 160 basis points year-over-year, with approximately 60 basis points coming from the automation start-up issues at our Tennessee distribution facility.

我們現在預計全年調整後 EBITDA 利潤率將年比壓縮約 150 至 160 個基點，其中約 60 個基點來自我們田納西州配送設施的自動化啟動問題。

We continue to expect benefits from Pegasus and other gross profit improvements to be reinvested for growth, while external factors have become more challenging than originally expected. We remain focused on the long-term health of our business and our brands and continue to plan for year over year increase in growth investment spending of roughly 100 basis points.

我們繼續預期 Pegasus 和其他毛利改善帶來的收益將再投資以促進成長，而外部因素變得比最初預期更具挑戰性。我們仍然專注於業務和品牌的長期健康發展，並繼續計劃成長投資支出年增約 100 個基點。

Our adjusted EBITDA outlook continues to include a year over year headwind of approximately 50 basis points from the expiration of the out license relationship referred to earlier.

我們調整後的 EBITDA 前景繼續包括因先前提到的許可關係到期而同比下降約 50 個基點的阻力。

We now expect some gross margin compression from our view of a more promotional environment and a less favorable sales mix. However, we still expect to expand gross margin year over year due to Project Pegasus.

由於促銷環境更加激烈，銷售組合較不利，我們現在預期毛利率會有所壓縮。然而，由於飛馬項目，我們仍然預計毛利率將比去年同期擴大。

Finally, we anticipate lower operating leverage from the decline in revenue, which we expect to be more than offset by the additional profit improvement actions I referred to earlier.

最後，我們預計收入下降會導致營運槓桿下降，我們預計這將被我之前提到的額外利潤改善行動所抵消。

In terms of Project Pegasus, we are maintaining the cost savings, cadence and restructuring cost estimates that we discussed in our April call and which are outlined in our earnings release. We now expect a GAAP effective tax rate range of 27.3% to 29.5% for the full fiscal year and a non-GAAP adjusted tax rate range of 20.7% to 21.3%.

就 Pegasus 計畫而言，我們將維持我們在 4 月的電話會議中討論的成本節約、節奏和重組成本估算，以及我們的收益發布中概述的內容。我們目前預計整個財年的 GAAP 有效稅率範圍為 27.3% 至 29.5%，非 GAAP 調整後稅率範圍為 20.7% 至 21.3%。

We expect capital and intangible asset expenditures of between $30 million and $35 million for fiscal '25, which includes remaining equipment, technology of approximately $9 million associated with our Tennessee distribution facility.

我們預計 25 財年的資本和無形資產支出將在 3,000 萬至 3,500 萬美元之間，其中包括與田納西州分銷設施相關的剩餘設備和技術，費用約為 900 萬美元。

We now expect free cash flow in the range of $220 million to $240 million, which implies a free cash flow yield of 10.8% to 11.8% using Friday's closing share price. And adjusted EBITDA in the range of $287 million to $297 million.

我們現在預計自由現金流在 2.2 億至 2.4 億美元之間，這意味著以週五收盤價計算，自由現金流收益率為 10.8% 至 11.8%。調整後的 EBITDA 在 2.87 億美元至 2.97 億美元之間。

Net leverage ratio as defined in our credit agreement is now expected to be between 1.6 times and 1.5 times by the end of fiscal '25.

到 25 財年末，我們信貸協議中定義的淨槓桿率預計將在 1.6 倍到 1.5 倍之間。

In terms of the quarterly cadence of sales, we now expect a decline of 7% to 4% in the second quarter of fiscal '25 and a decline of 2.5% to growth of 1% in the second half of the year. We expect a decline in adjusted diluted EPS of 45% to 35% in the second quarter and a decline of 3% to growth of 3% in the second half of the year.

就銷售季度節奏而言，我們目前預計 25 財年第二季將下降 7% 至 4%，下半年將下降 2.5% 至成長 1%。我們預計第二季調整後攤薄每股收益將下降45%至35%，下半年將下降3%至成長3%。

Finally, our outlook does not include an estimated impact of a potential divestiture. We have continued to advance in our process, but have extended our time line as there have been new entrants and we are prioritizing value over speed.

最後，我們的展望不包括潛在剝離的估計影響。我們繼續推進我們的流程，但隨著新進入者的出現而延長了我們的時間線，而且我們優先考慮的是價值而不是速度。

We have a small team that is largely dedicated to the effort, so we believe the risk of distraction is minimal. We believe M&A requires discipline and if our value expectations are not met, we will not transact. We have improved the business significantly over the last couple of years, and it's dilutive impact to our growth rate and margin has been minimized.

我們有一個小團隊，主要致力於這項工作，因此我們相信分心的風險很小。我們相信併購需要紀律，如果我們的價值期望沒有得到滿足，我們將不會進行交易。在過去幾年中，我們的業務得到了顯著改善，並且它對我們的成長率和利潤率的稀釋影響已降至最低。

While we are disappointed with the start of fiscal '25 and its implications for the full year, we intend to use it as an opportunity to reset and revitalize our business. As Noel mentioned, we see underlying improvement in many aspects of our business, but it is clear that it will take longer than originally expected to produce long-term growth algorithm in our strategic plan.

雖然我們對 25 財年的開始及其對全年的影響感到失望，但我們打算利用它作為重新調整和振興我們業務的機會。正如諾埃爾所提到的，我們看到我們業務的許多方面都有根本性的改善，但很明顯，在我們的策略計劃中產生長期成長演算法需要比最初預期更長的時間。

However, I continue to see proof points that we are on the right path. We now have a much stronger brand building capability and culture within the company. We generated savings to fuel a step level increase in brand and innovation investment.

然而，我繼續看到證據表明我們走在正確的道路上。我們現在在公司內部擁有更強大的品牌建立能力和文化。我們節省了資金，推動品牌和創新投資的逐步增加。

We are better leveraging data to invest that spend more efficiently and strategically, and we are investing in state-of-the-art infrastructure that is critical for our future success. I'm more convinced than ever that these foundational improvements are positioning us to deliver reliable long-term growth and sustained shareholder value creation. And with that, I'll turn it back to the operator.

我們更好地利用數據進行投資，從而更有效率、更具策略性地進行支出，並且我們正在投資最先進的基礎設施，這對我們未來的成功至關重要。我比以往任何時候都更加確信，這些基礎性的改進使我們能夠實現可靠的長期成長和持續的股東價值創造。然後，我會將其返還給操作員。

Thank you. At this time, we'll be conducting a question and answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。 （操作員說明）

Rupesh Parikh, Oppenheimer & Company.

魯佩什·帕里克 (Rupesh Parikh)，奧本海默公司。

Good morning and thanks for taking my question. So I just wanted to go back to your quarterly cadence back half of your commentary. Just wanted to get a sense, what's driving that confidence in being able to drive the top and bottom line improvement in the back half of the year.

早安，感謝您提出我的問題。所以我只想回到你的季度節奏後半部分評論。只是想了解一下，是什麼推動了人們對下半年實現營收和利潤改善的信心。

It just appears some of the challenges on the macro consumer front and competitive side could continue to back half of the year. So maybe some more granularity in terms the top line drivers that drive that improvement. Also, some of the key drivers to the bottom line improvement. Thank you.

宏觀消費者方面和競爭方面的一些挑戰可能會持續到今年下半年。因此，也許在推動這項改進的主要驅動因素方面有更多的粒度。此外，還有一些推動利潤改善的關鍵驅動因素。謝謝。

Hey Rupesh, it's Brian, I can start and Noel may want to build. I'd say our outlook reflects what we believe is a conservative view of point of sale trends. And what we did is really assume that those remain constant for the remainder of the year. Our most recent trends are better than what we assumed and share has improved across many categories through May as well has discussed.

嘿，魯佩什，我是布萊恩，我可以開始，諾埃爾可能想要建造。我想說，我們的前景反映了我們對銷售點趨勢的保守看法。我們所做的實際上是假設這些在今年剩餘時間內保持不變。我們最近的趨勢比我們假設的要好，並且截至 5 月份，許多類別的份額都有所改善。

We also reflected visibility that we have into promotions, order replenishment with our retailers and any other factors we have visibility to with our retailers into our outlook. As mentioned, we assume that Curlsmith integration issues are now behind us and that shipping disruption in our Tennessee distribution facility would continue through Q2.

我們也反映了我們對促銷、零售商訂單補充的可見性以及我們對零售商可見的任何其他因素對我們前景的影響。如前所述，我們假設 Curlsmith 整合問題現已成為過去，田納西州配送設施的運輸中斷將持續到第二季​​度。

And then any incremental kind of revenue layered on that base is really from tangible building blocks that we have clear line of sight to. So that would be new innovation and we take a conservative view on new innovation because it's a new product and sometimes those take time to get traction. So we look at that conservatively new distribution that we have line of sight to.

然後，在此基礎上分層的任何增量收入實際上都來自我們有清晰視線的有形構建塊。因此，這將是新的創新，我們對新的創新持保守態度，因為它是一種新產品，有時需要時間才能獲得吸引力。因此，我們著眼於我們視線範圍內的保守的新發行版。

And then marketing investment that we're making and retained in our outlook on and the return that we assume on that is based on data and analytics that we feel comfortable with. So that's kind of the top line a view.

然後，我們正在做出並保留在我們的前景中的行銷投資以及我們所假設的回報是基於我們感到滿意的數據和分析。這就是最上面的觀點。

And then with respect to a margin, which -- we have a bridge in our investor deck that you may have seen that we've talked about kind of the puts and takes that we did assume with respect to margin and we did take into account more promotional environment that we've recently seen. We're also seeing a less favorable mix than what we expected as we were going into the year.

然後就保證金而言，我們的投資者平台中有一個橋樑，您可能已經看到我們已經討論了我們確實假設的關於保證金的看跌期權和看跌期權，並且我們確實考慮了這一點我們最近看到的更多促銷環境。我們也看到，今年的情況比我們預期的還要差。

So we factored that in and assume that for the remainder of the year, it continues to reflect the impact of the out license expiration. And then importantly, we intentionally made our cost structure decisions in a way that preserves the growth investments target that we had going into the year.

因此，我們考慮了這一點，並假設在今年剩餘時間內，它繼續反映許可證到期的影響。然後重要的是，我們有意以維持今年成長投資目標的方式做出成本結構決策。

So our intent is to continue to invest in brand health for the long term and so we've retained our growth investment on for the remainder of the year as a percentage of sales. And then we factored in what we think is a very conservative view of the high incremental iron giant costs with respect to margin.

因此，我們的目的是繼續長期投資於品牌健康，因此我們在今年剩餘時間內保留了成長投資佔銷售額的百分比。然後，我們考慮到了我們對鋼鐵巨頭成本相對於利潤率的高增量的非常保守的看法。

Pegasus, no change, as you probably saw in the earnings release. And so we think we'll continue to get those benefits. And then importantly, we adjusted our cost structure and identified cost improvement or profit improvement actions of $20 million to $30 million that we're using to offset operating leverage, offset the incremental iron giant costs and allow us to preserve the growth investment spending.

Pegasus，沒有變化，正如您可能在財報中看到的那樣。因此，我們認為我們將繼續獲得這些好處。然後重要的是，我們調整了成本結構，並確定了2000 萬至3000 萬美元的成本改善或利潤改善行動，我們用這些行動來抵消營運槓桿、抵消鋼鐵巨頭的增量成本，並使我們能夠保留成長投資支出。

So those are the puts and takes in both revenue and earnings or margin. And I believe we've tried very hard to have a conservative view on all aspects.

這些是收入和收益或利潤的看跌期權和賣出期權。我相信我們已經非常努力地在各方面保持保守的觀點。

(technical difficulty) Is just that we again, as Brian outlined and all the different pieces and parts we really tried to work here as we got all of this information data in the first quarter to reestablish what we believe our obtainable objectives for the remainder of the year across both the top and bottom line.

（技術難度）只是我們再次，正如布萊恩概述的那樣，我們真正嘗試在這裡工作的所有不同部分和部分，因為我們在第一季度獲得了所有這些信息數據，以重新建立我們認為剩餘時間可以實現的目標全年的營收和淨利。

And then my quick follow-up question. Is there any granular in terms of updated gross margin expectation? I know last time that you guys expected or implied a little over 100 basis points. I don't know if there's anything more granular you can provide.

然後是我的快速跟進問題。更新後的毛利率預期是否有任何細節？我知道上次你們預期或暗示了略高於 100 個基點。不知道您是否可以提供更詳細的資訊。

Yeah, what I said in my prepared remarks, and I'm trying to stay away from giving you any specific targets other than adjusted EBITDA margin and adjusted operating income. But what I said in my prepared remarks is we do expect some compression from the more promotional environment and the slightly less favorable mix, but we still expect to expand gross profit margin for the full year.

是的，正如我在準備好的演講中所說的那樣，除了調整後的 EBITDA 利潤率和調整後的營業收入之外，我試圖避免向您提供任何具體目標。但我在準備好的發言中所說的是，我們確實預計更多的促銷環境和稍微不太有利的組合會帶來一些壓縮，但我們仍然預計全年毛利率會擴大。

Okay. Great. Thank you. I'll pass it on.

好的。偉大的。謝謝。我會把它傳遞下去。

Linda Bolton Weiser, with D.A.Davidson.

博爾頓韋瑟 (Linda Bolton Weiser) 和 D.A.戴維森 (D.A.Davidson)。

Yes, hi. So I sort of get the feeling that there's a little bit of a peeling back of the onion in terms of discovering, I guess, maybe things that we're not as expected within the company. So I guess I'm wondering like do you feel that there's been some holding back of information by some of the operating people in the company. Do you feel like you need maybe it to bring in a Chief Operating Officer to help manage all these moving pieces?

是的，嗨。所以我有一種感覺，在發現我們公司內部可能沒有達到預期的事情方面，有一點點剝開洋蔥的感覺。所以我想我想知道你是否覺得公司的一些營運人員隱瞞了資訊。您是否覺得您可能需要聘請一位營運長來幫助管理所有這些變動的部分？

I just like I'm afraid, that there's more shoes to drop, in terms of realizing that there's some other issues because we've seen a couple of quarters now when things have emerged. So -- maybe you could just kind of explain, like kind of internally what's going on communication wise across the divisions? And how Noel, I guess, how you feel about what's going on. Thank you.

我只是擔心，在意識到還存在一些其他問題方面，還有更多的問題需要解決，因為我們已經看到了幾個季度的情況。那麼，也許你可以解釋一下，例如內部各部門之間的溝通狀況如何？我想，諾埃爾對正在發生的事情有何感想。謝謝。

Yeah, thanks Linda and I appreciate the spirit of the question. And I would say the biggest thing I would say in this quarter is the real emphasis on data and analytics as the basis for our strategy and a basis for our decision making. And that is new, it's more of a new muscle for the company.

是的，謝謝琳達，我很欣賞這個問題的精神。我想說，本季我想說的最重要的事情是真正強調數據和分析，將其作為我們策略的基礎和決策的基礎。這是新的，它更像是公司的新力量。

I talked about in my prepared remarks, bringing in a lot of new subject matter experts from a marketing COE standpoint and data and analytics, business intelligence, rigor behind our brand-building framework, et cetera, were all a part of that.

我在準備好的發言中談到，從行銷 COE 的角度引入了許多新的主題專家，數據和分析、商業智慧、我們品牌建立框架背後的嚴謹性等等，都是其中的一部分。

And I would say during the quarter, several of those data points came together that allowed me to really get further under the hood on our brand health and that with the combination of the quantitative data associated with the brand-building framework. But also importantly, we've got the marketing that's model regression data and this quarter.

我想說的是，在本季度，其中幾個數據點匯集在一起，使我能夠真正進一步了解我們的品牌健康狀況，以及與品牌建立框架相關的定量數據的結合。但同樣重要的是，我們已經獲得了本季的模型迴歸數據行銷。

And is a powerful wake-up call, I think not only for me to get that data and insight, but also for the full organization. We had an organization of both and you've covered the company for a long time who enjoyed strong growth during the pandemic. And so their mindset was in one of brand house. And I think as we've gotten some of this data and we've recognized there are some things that the pandemic masks some brand health -- underlying brand health issues that it masked and also some of the underinvestment that we have had previously on the business.

這對我來說是一個強有力的警鐘，不僅讓我能夠獲得這些數據和洞察力，而且對整個組織來說也是如此。我們有一個兼具兩者的組織，您已經對這家公司進行了很長時間的報道，該公司在大流行期間實現了強勁的增長。所以他們的心態是品牌之一。我認為，隨著我們獲得了一些數據，並且我們認識到，疫情掩蓋了一些品牌健康狀況——它掩蓋了潛在的品牌健康問題，以及我們之前在品牌健康方面的一些投資不足。

So I think the new data and that data-based approach to things and the insights that brings up is allowing us to bring more clarity across the organization of where we are, what an acknowledge what we need to work on and now focus on the actions that we need to take the momentum moving forward across the organization.

因此，我認為新數據和基於數據的處理方法以及所帶來的見解使我們能夠在整個組織中更加清晰地了解我們所處的位置，承認我們需要做什麼，現在專注於行動我們需要在整個組織內推動前進的勢頭。

I would say if I look specifically at the marketing mix data, a few things, come out of that for me. One is -- I'm actually generally very encouraged to see a positive ROI on media investment across most of our brands and most of our tactics. So that tells me we have room to optimize further, and we've built that into our year-to-go as Brian outlined.

我想說，如果我專門查看行銷組合數據，我會從中得出一些結論。一是——實際上，看到我們大多數品牌和大部分策略的媒體投資取得積極的投資回報率，我感到非常鼓舞。這告訴我，我們還有進一步優化的空間，正如布萊恩所概述的那樣，我們已將其納入我們的未來一年。

We also see there's further room to invest, but we have not reached saturation, which is why we worked so hard in our year to go to preserve the incremental growth investment that we have built into the P&L because that's going to be really key for us.

我們也看到還有進一步的投資空間，但我們尚未達到飽和，這就是為什麼我們在這一年如此努力，以保留我們已納入損益表的增量成長投資，因為這對我們來說非常關鍵。

But it also showed us an underlying brand health weakness that's slowing our progress and not allowing us to make as much headway as quickly as we might anticipated before. We do have a lot of positive building blocks that we've talked about in the past. We've got the incremental distribution, we've gained some, there's some a slide in the investor deck that you can see online that shows tangibly what we've gained and we've got more to come in the back half of the year.

但它也向我們展示了一個潛在的品牌健康弱點，它減緩了我們的進步，並且不允許我們像之前預期的那樣快速取得進展。我們確實有很多我們過去討論過的積極的組成部分。我們已經獲得了增量分配，我們已經獲得了一些，您可以在網上看到投資者甲板上的一些幻燈片，它切實地顯示了我們所獲得的東西，並且我們在今年下半年將獲得更多。

But we've also got some other areas of weakness that we've got to address in order to get the full portfolio turn back to a growth posture. And so that's what I would say in terms of kind of the brands and the brand health. I think some of the other areas that came up probably the biggest one is the Tennessee distribution center. This was, as we've talked about for quite some time, a very significant state of the art new distribution facility, most of which is operating very, very well and started operating back in fiscal '24 this last piece of phase up is where the most complex part of automation has come in.

但我們也必須解決其他一些弱點，以便使整個投資組合恢復成長態勢。這就是我要說的品牌類型和品牌健康狀況。我認為其他一些可能最大的區域是田納西州的配送中心。正如我們已經談論了相當長一段時間的那樣，這是一個非常重要的最先進的新分銷設施，其中大部分運行得非常非常好，並在24 財年開始運營，這最後一個階段性的升級是在自動化最複雜的部分已經出現。

And that's where kind of mid-May we reached -- we uncovered some challenges with the systems and the automation there. The team is working really diligently and powering through now shipping the business, but we still have some root caused work on some of the systems to get that last piece of the distribution center operating. That's a little bit of a perspective of where my head is.

這就是我們在五月中旬到達的地方——我們發現了系統和自動化方面的一些挑戰。團隊正在非常努力地工作，並為目前的業務提供動力，但我們仍在某些系統上進行一些根本原因的工作，以使配送中心的最後一部分正常運作。這就是我的想法的一點點看法。

Okay. And then my second question is just to have a better understanding like maybe a breakdown somehow more of the 12% sales decline in the quarter because you said the execution issues were only $8 million, that's only about 2% decline.

好的。然後我的第二個問題只是為了更好地理解，例如也許以某種方式細分本季 12% 的銷售額下降，因為你說執行問題只有 800 萬美元，這只是大約 2% 的下降。

Your POS in tracked channels is actually running flattish against easy prior year comparisons. So in tracked channels, that should be worse than your non-track channels. So your POS is -- I don't know, do you have a sense for what your all channel POS is in the quarter or what it was? I mean, was it up? Was it down?

與去年的簡單比較相比，您在追蹤頻道中的 POS 實際上表現平平。因此，在追蹤頻道中，這應該比非追蹤頻道更糟。所以你的 POS 是——我不知道，你是否了解本季全通路 POS 的情況或過去的情況？我是說，起來了嗎？是掉下來了嗎？

But even if it was down 5% or it just seems like your 12% sales decline is far exceeding what your POS is. So is the rest of all that just the inventory reductions at retail? Is that the plug that is the difference between your POS and your sales performance? Thanks.

但即使下降了 5%，或者看起來你的 12% 銷售額下降也遠遠超過了你的 POS。那麼剩下的只是零售庫存的減少嗎？這就是您的 POS 和銷售業績之間的差異所在嗎？謝謝。

Yeah. So I mean, if you look at our Q1 revenue shortfall, there were -- there's a piece of it that the executional challenges with both Curlsmith and T and DC, and that's about 1.7-percentage-points of the decline that we saw in the quarter.

是的。 So I mean, if you look at our Q1 revenue shortfall, there were -- there's a piece of it that the executional challenges with both Curlsmith and T and DC, and that's about 1.7-percentage-points of the decline that we saw in the四分之一.

The other area is a big one for us with the global outdoor slowdown. That was we talked last quarter about pockets of retailer inventory there, it manifested into a slowdown. So an area that had been much stronger has slowed down. There's not a lot of that probably in the measured channels that you're looking at, outdoor tends to be outside of, I think what you track and that was a big change for us in the quarter.

隨著全球戶外活動放緩，另一個領域對我們來說是一個重要領域。我們上個季度談到了那裡的零售商庫存，它表現為經濟放緩。因此，原本強勁得多的區域已經放緩了速度。在您正在查看的測量管道中，可能沒有太多此類內容，戶外往往是在外面，我認為您追蹤的內容，這對我們本季來說是一個很大的變化。

I would say we did as we called out the softer and more variable retailer replenishment. So that impacted kind of the sales for the quarter that you're not going to see in the POS from an ordering pattern standpoint. Those are probably the biggest drivers. Brian?

我想說的是，我們確實這麼做了，因為我們呼籲零售商補貨更加溫和、更加多變。因此，這會影響該季度的銷售，但從訂購模式的角度來看，您不會在 POS 中看到這種情況。這些可能是最大的驅動因素。布萊恩？

Well, and promotional activity too, which is a reduction to sales it's a sales dilution. So that's something that also you wouldn't see in the POS data that you're looking at. And we're trying to have a very complete view. We can't get data on all channels and all categories, but to your question about do we have a complete view? We attempt very hard and by a lot of data to get the most complete view possible.

嗯，還有促銷活動，這會減少銷售額，這是一種銷售稀釋。因此，這也是您在查看的 POS 數據中看不到的東西。我們正在努力獲得一個非常完整的視圖。我們無法取得所有管道、所有類別的數據，但對於你的問題，我們是否有完整的了解？我們非常努力地嘗試透過大量資料來獲得盡可能完整的視圖。

Yes, we've increased our view. I would say from a data and analytics standpoint of our view across point of sale across our categories. I will say, as we've looked at June, we've seen some more favorable trends than what we saw in May. As Brian mentioned, our assumption ,was we would stay where we were for the remainder of the year on where we were in May. June was a bit more positive than what we were seeing through May.

是的，我們擴大了視野。我想說的是，從數據和分析的角度來看，我們對各個類別的銷售點的看法。我想說的是，正如我們所看到的 6 月，我們看到了一些比 5 月更有利的趨勢。正如布萊恩所提到的，我們的假設是我們將在今年剩餘的時間裡保持在五月的水平。六月的情況比我們五月看到的要正面一些。

Okay. Thank you.

好的。謝謝。

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券公司。

Good morning. I just wanted to kind of follow up on the last points you made there. The question that came speculative answer yet is kind of what happened to the visibility. You gave initial guidance in kind of late April, so two thirds of the way through the quarter, but then Q1 was obviously more difficult than expected even with that.

早安.我只是想跟進你最後提出的觀點。推測性答案的問題是可見性發生了什麼事。您在 4 月下旬（也就是本季的三分之二）給出了初步指導，但即使如此，第一季顯然也比預期更困難。

And this hasn't really been typical for Helen of Troy. So I guess what's impacting or what impacted your visibility and what can be done to change and restore it? Or was it just faster macro, and the kind of prior visibility that we thought was or an allusion? How should we think about your visibility and what impacted? It's specifically this quarter, our last quarter's guidance to now?

對於特洛伊的海倫來說，這並不是典型的情況。所以我猜是什麼影響了您的可見性，以及可以採取哪些措施來改變和恢復它？或者它只是更快的宏觀，以及我們認為的那種事先可見性或暗示？我們應該如何考慮您的知名度以及影響因素？具體來說是本季度，我們上個季度到現在的指導？

Yeah, I would say, there are some things that got worse. Some things that back when we talked to you in April we knew that got worse. That would be things like the some of the macro areas, the weakening consumer, higher promotional activity from the retailer replenishment and got worse as the quarter went on the global outdoor slowdown that I just mentioned that was more pronounced as the quarter one on.

是的，我想說，有些事情變得更糟了。當我們在四月與您交談時，我們知道有些事情變得更糟。這將是一些宏觀領域的問題，消費者疲軟，零售商補貨帶來的促銷活動增多，並且隨著本季度全球戶外活動放緩而變得更糟，我剛才提到，這種情況在第一季更加明顯。

As I mentioned earlier, the marketing mix model data was something that we got in the quarter that gave us kind of Linda use the phrase peeling back the onion, it allowed us to peel back the onion a bit more and really understand what was going on some of our base businesses.

正如我之前提到的，行銷組合模型數據是我們在本季度獲得的數據，琳達使用了「剝洋蔥」這個短語，它讓我們能夠進一步剝洋蔥，真正了解發生了什麼我們的一些基礎業務。

What we didn't know at all, Bob, when we talk to in April were some of the T and DC issues, that the distribution center issues, those arose in mid-May. So they were quite late in the quarter, those came to fruition.

鮑勃，當我們在四月談話時，我們根本不知道一些 T 和 DC 問題，即配送中心問題，這些問題是在五月中旬出現的。所以他們在本季很晚才實現了這些目標。

And then on the bottom line, side, a couple things that came at the end of the quarter was the unexpected rise or spike in our health insurance costs, product liability costs, and then the very sudden enactment of the Barbados tax reform.

然後，在底線方面，本季末發生的幾件事是我們的健康保險成本、產品責任成本意外上升或飆升，以及巴貝多突然頒布的稅收改革。

So those would be the things that I would say we -- certain things we have some visibility too, but they were worse than what we were anticipating and then some others that truly were very, very late in the quarter developments. Brian do you want to build in?

因此，這些就是我要說的事情——某些事情我們也有一定的知名度，但它們比我們的預期更糟糕，然後是其他一些事情，這些事情在本季度的發展中確實非常非常晚。 Brian 你想加入嗎？

Yeah. I got a little Bob. If you just trying to walk backwards from the 12.2% decline the system challenges, get it close to 10. And then from there to look at the range that we had provided, I would say that for me, the biggest surprise was really the acceleration of the outdoor slowdown. That was something we were not expecting.

是的。我有一個小鮑伯。如果你只是想從系統挑戰的 12.2% 下降中倒退，讓它接近 10。 然後從那裡看我們提供的範圍，我想說，對我來說，最大的驚喜實際上是加速室外減速。這是我們沒有預料到的。

Osprey was growing, Osprey was gaining share. By the way, it continues to gain share. The category is down, but it's gaining share as the category declines. And then we did see a fairly sudden and abrupt adjustment in order patterns with two key retailers.

魚鷹正在成長，魚鷹正在擴大市場份額。順便說一句，它的份額仍在增加。該類別有所下降，但隨著該類別的下降，其份額正在增加。然後我們確實看到兩家主要零售商的訂單模式發生了相當突然和突然的調整。

So those were big adjustments that we were not expecting. And then we had not been seen promotional activity very much up until very recently towards the end of the quarter started to see that amp up fairly significantly. So for me, it's kind of those three big things that kind of gets you from 10% down to the outlook that we provided.

所以這些都是我們沒有預料到的重大調整。然後我們還沒有看到太多促銷活動，直到最近接近季度末，促銷活動才開始顯著增加。所以對我來說，這三件大事可以讓你從 10% 下降到我們提供的前景。

Okay, thanks. And then maybe just help us level set because there's so many moving parts. What is the underlying demand from your categories right now? What do you expect it to be this year? And what do you expect it to be over the medium term period?

好的謝謝。然後也許只是幫助我們設定水平，因為有很多移動部件。目前您所在類別的潛在需求是什麼？您預計今年會怎樣？您預計中期會怎樣？

Yeah. I would say, as I look across our categories, we have a lot and they're all in various different stages. I think we've got some categories that are performing fairly well, insulated beverage, high-end hair tools, plus these liquids and hair continued to perform well as a total category, I would say kitchen utensils, as I mentioned in my remarks are stabilizing.

是的。我想說，當我縱觀我們的類別時，我們有很多類別，而且它們都處於不同的階段。我認為我們有一些表現相當好的類別，隔熱飲料、高端美髮工具，加上這些液體和頭髮作為一個整體類別繼續表現良好，我想說的是廚房用具，正如我在發言中提到的那樣穩定。

I think kind of coming off of the pandemic that's a category now, but stabilizing on the flip side, the drive food storage is declining. That's one that I think really had a spike during the pandemic. It's been coming down since then. And it's actually taken an even more dramatic negative turn more recently as consumers are tightening and not spending as much on discretionary items.

我認為現在已經擺脫了大流行的影響，但另一方面趨於穩定，推動食品儲存量正在下降。我認為這一數字在大流行期間確實出現了激增。從那時起它就一直在下降。事實上，隨著消費者緊縮開支，在非必需品上的支出減少，最近情況出現了更戲劇性的負面轉變。

Outdoor had been -- as Brian just mentioned had been performing quite well from a pack standpoint, a travel standpoint that's also come down in the recent quarter, somewhat unexpectedly that has been a really strong performer for us. So that what I would say overall from a category standpoint, I would say that as we look at our performance in those categories, as I mentioned in my remarks, May saw some more positive green shoots.

正如布萊恩剛才提到的，從背包的角度來看，戶外的表現相當不錯，從旅行的角度來看，最近一個季度的表現也有所下降，有點出乎意料的是，這對我們來說表現非常強勁。因此，從類別的角度來看，我想說的是，當我們審視我們在這些類別中的表現時，正如我在評論中提到的，五月看到了一些更積極的萌芽。

We grew share in eight of our categories, some of which are healthy categories, some of which are maybe less healthy categories, but grew share, for example, in thermometers on both Braun and this. Grew share and kitchen utensils on OXO, as Brian mentioned, grew share tech packs with Osprey despite the decline in that category as well as some other adjacent categories in Osprey, as we've extended that brand.

我們在八個類別中的份額有所增長，其中一些是健康類別，其中一些可能不太健康，但份額有所增長，例如博朗和這款溫度計。正如 Brian 所提到的，儘管該類別以及 Osprey 的其他一些相鄰類別有所下降，但隨著我們擴展了該品牌，OXO 上的共享和廚房用具增加了與 Osprey 的共享技術包。

We grew share in insulated travelers on Hydro Flask in a fiscal year to date through May. So we're starting to see some positive momentum there. We would also say some share trend improvements in May, in areas like hair appliance, insulated beverageware and total travel packs that those kinds of areas.

在截至 5 月的一個財年中，我們使用 Hydro Flask 進行隔離的旅客的份額有所增加。因此，我們開始看到一些正面的動力。我們還想說，5 月美髮器具、保溫飲料用具和旅行套裝等領域的一些份額趨勢有所改善。

So there's kind of puts and takes in various areas. But I would say overall, I was encouraged by some of the positive momentum in our share performance in May. We still have a long way to go a lot of work to do, but I was encouraged by that progress.

因此，各領域都有不同的投入與投入。但我想說，總的來說，我對 5 月份股票表現的一些積極勢頭感到鼓舞。我們還有很長的路要走，還有很多工作要做，但我對這項進展感到鼓舞。

And just to clarify Bob, when the world refers to May, that's data that we'll get in June or later, and that's not what we used for our outlook. So our outlook would have had an earlier view of point of sale trends, demand, categories and all the share, all those things.

只是為了澄清鮑勃，當世界提到五月時，這是我們將在六月或更晚獲得的數據，而這不是我們用於展望的數據。因此，我們的展望將對銷售點趨勢、需求、類別和所有份額等所有內容有更早的了解。

And so to -- one of the questions I answered earlier, the conservatism we feel like we've taken a conservative point of view of all those trends from an earlier point that we saw kind of in May. But what's Noel's referring to is the data through May that we got after that, which has improved in many aspects.

因此，對於我之前回答的問題之一，保守主義，我們覺得我們從五月看到的早期觀點開始，對所有這些趨勢都採取了保守的觀點。但諾埃爾指的是我們之後得到的截至5月份的數據，在許多方面都有所改善。

Okay. I think I get that. Thanks very much.

好的。我想我明白了。非常感謝。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great, thanks. Good morning. Just following up on share performance, as we go into sort of the fall reset period, how should we think about not necessarily share moves, but the risks that there is going to be less space -- less shelf space for the categories that you're in?

萬分感謝。早安.只是追蹤股票表現，當我們進入秋季重置期時，我們應該如何考慮不一定是股票走勢，而是空間將會減少的風險 - 您所購買的類別的貨架空間會減少回來了？

Yeah. I would say, Olivia, we continued to have a strong strategy of being win where the shopper shops as part of our strategic plan and that has been a focus. We've successfully gained new distribution across many different customers and channels already, and we've got more lined up in the year to go period. So I see successfully using data and analytics, bringing good perspective on our brands and broadening the presence of our brands and retailers.

是的。我想說，奧利維亞，作為我們戰略計劃的一部分，我們繼續採取強有力的策略來贏得購物者的購物，這一直是我們的重點。我們已經成功地在許多不同的客戶和通路中獲得了新的分銷，並且在接下來的一年裡我們還有更多的產品。因此，我看到數據和分析的成功使用，為我們的品牌帶來了良好的視角，並擴大了我們的品牌和零售商的影​​響力。

So I think overall, that's going to be a positive for our portfolio and for our brands. There are pockets and places where we've lost some ground in places. Maybe we've lost couple of items that aren't performing as well or on shelf presence or placement might have gone down.

所以我認為總的來說，這對我們的產品組合和我們的品牌來說都是正面的。在某些領域和地方，我們已經失去了一些陣地。也許我們丟失了一些表現不佳的商品，或者貨架上的存在或放置可能已經下降。

And those are some of the factors that come into some of the underlying brand health issues and part of what we need to really focus on is strengthening the core brands so that we maintain all the facings, all the high level placement, all of those things that really help ensure that the brand is physically available and front and center on the shelf.

這些是導致一些潛在品牌健康問題的一些因素，我們需要真正關注的一部分是加強核心品牌，以便我們保持所有的面貌、所有的高水平定位，所有這些事情這確實有助於確保該品牌在貨架上有貨並且位於貨架的前面和中間。

Got it. And maybe I want to pivot the discussion a little bit to a couple of line items. One being the hair categories because you mentioned the greatest pressures on tools under $100. Can you talk about order of magnitude of sales versus your expectations at the low end versus the high end, if you kind of give us an idea of order of magnitude of the differences there.

知道了。也許我想將討論的重點轉向幾個項目。其中之一是頭髮類別，因為您提到 100 美元以下的工具壓力最大。如果您能讓我們了解其中差異的數量級，您能否談談低端產品與高端產品的銷售數量級與您的預期。

Yeah. I would say we're -- for several quarters now that the kind of the energy and the category has been at the high end of hair tools, I would say at the low end there, that's what the pressure the consumer is kind of not making purchases of discretionary items like new hair tools.

是的。我想說的是，幾個季度以來，能源和類別一直處於美髮工具的高端，我想說的是，處於低端，這就是消費者所面臨的壓力。

And so we're seeing more pressure there. I will say we do still have a strong presence there as we look at the build out shelf stuff that we have in mass retailers, for example of what I would call kind of more opening good items, basic hair dryers, basic curling irons, basic straight nervous, et cetera.

因此我們看到那裡面臨更大的壓力。我想說的是，當我們看看大眾零售商的貨架上的東西時，我們確實仍然有很強的影響力，例如我所說的更多打開好的商品，基本的吹風機，基本的捲發器，基本的直接緊張等。

We're performing well there from a share standpoint. But the category overall at that under $100 is more depressed as consumers in that shopping that range are looking to spend their money more on the essentials and less on the discretionary items.

從股票的角度來看，我們在那裡表現得很好。但 100 美元以下的品類整體表現更為低迷，因為該範圍內的消費者希望將錢更多地花在必需品上，而不是非必需品上。

The energy and the category is more at the high end. We play not at the very high end that the category has traded up, but we do have Drybar in that area. And that's an area, quite frankly, I want us to play stronger in the future, and that's part of the brand-building framework work was really to get after through with our target there. What are our points of difference and how can we play even more successfully at that higher end where the category is performing well.

能源和品類更偏高端。我們的業務並不是處於該類別已升級的非常高端，但我們確實在該領域擁有 Drybar。坦白說，這是一個領域，我希望我們在未來發揮得更強，這是品牌建立框架工作的一部分，實際上是為了實現我們的目標。我們的差異點是什麼？ 我們如何在該類別中表現良好的高端領域取得更大的成功。

I think regimen is going to be a key to that. We're one of the few brands that offer both liquids and tools. I talked about hot roll or last time that's doing well for us. We've launched liquid glass on Drybar that is having a positive impact on our drive our liquids portfolio when used in combination with some of our drive our tools, you really get that perfect at-home blow out that our consumers looking for.

我認為養生法將是實現這一目標的關鍵。我們是少數同時提供液體和工具的品牌之一。我上次談到了熱卷，這對我們來說效果很好。我們在Drybar 上推出了液體玻璃，當與我們的一些驅動器工具結合使用時，它對我們的驅動器液體產品組合產生了積極的影響，您確實得到了我們的消費者所尋求的完美的家庭吹氣。

So those are some of the initiative and angles that we need to continue to push in order to perform more strongly where the category action is in that higher end.

因此，這些是我們需要繼續推動的一些舉措和角度，以便在類別行動處於高端時表現得更強勁。

Got it. So fair to assume that you're doing better inherent Alta versus Walmart I assume.

知道了。可以公平地假設，與沃爾瑪相比，你固有的阿爾塔做得更好。

And I would say that our performance at Walmart at the on the entry level tools is strong. The category overall is in performance -- is not as strong as consumers are changing their -- but our performance with Revlon on tools, in particular, Walmart from a share perspective is good. The category is less good, where the category is stronger is in that higher price range.

我想說的是，我們沃爾瑪在入門工具的表現非常強勁。這個類別整體表現良好——不如消費者改變的那麼強勁——但我們與露華濃在工具方面的表現，特別是從份額角度來看，沃爾瑪的表現很好。該類別不太好，該類別較強的是在較高的價格範圍內。

Got it. That's very helpful. Just last question two for me. One on shipping and logistics and just thinking through the potential for higher tariffs, first on shipping logistics, can you talk about your -- whether that higher shipping costs are already avoiding things like that are embedded into the revised outlook?

知道了。這非常有幫助。對我來說只是最後第二個問題。關於運輸和物流，只是考慮提高關稅的可能性，首先是關於運輸物流，您能否談談您的——更高的運輸成本是否已經避免了修訂後的前景中包含的此類問題？

And then on the manufacturing exposure, just thinking through the potential that we'll have higher tariffs, what percentage of your products are made in China and how difficult would it be to diversify our manufacturing footprint if that made -- if that was a logical choice, should tariffs go higher? Thank you.

然後在製造業方面，只要考慮一下我們徵收更高關稅的可能性，你們的產品中有多少比例是在中國製造的，如果實現的話，我們的製造足跡多元化會有多困難——如果這是一個邏輯的話選擇，關稅該提高嗎？謝謝。

So Olivia, thanks for the question. On with respect to shipping costs, we are contracted for a very high percentage of our costs. And so we feel good and we purposely don't contract to 100%. So we can have some level of flexibility to take advantage of opportunistic pricing, but somewhere near 80% is contracted up into next fiscal year. So we feel good about that and the protection that provides.

奧莉維亞，謝謝你的提問。就運輸成本而言，我們簽訂的合約佔成本的比例非常高。所以我們感覺很好，故意不收縮到 100%。因此，我們可以有一定程度的彈性來利用機會定價，但將有近 80% 的成本壓縮到下一財年。因此，我們對此及其提供的保護感到滿意。

With respect to tariffs, I would say, look, there's no way to perfectly protect ourselves. We manufacture about 79% of our goods in Asia and about 15% of that is outside of China. And so the difference there is what we would be dealing with respect to tariff exposure we are currently working on several significant projects with our suppliers to move production into areas outside of China that are still in the Asia region.

關於關稅，我想說，看，沒有辦法完全保護自己。我們約 79% 的商品在亞洲生產，其中約 15% 在中國境外生產。因此，不同之處在於我們將如何處理關稅風險，我們目前正在與供應商合作進行幾個重大項目，將生產轉移到中國以外仍位於亞洲地區的地區。

And right now that that seems like the best strategy to diversify the supply base and reduce potential exposure to tariffs. We also had North America sourcing that we were taking action there's a strategic initiative that one has proven out to be not as successful as I would say, the Asia areas outside of China, that's proving to be a more successful strategy. And that's one that we're leaning into. And like I said, we have several projects underway to move production there. So hopefully that gives you a sense.

目前，這似乎是實現供應基礎多元化和減少潛在關稅風險的最佳策略。我們還有北美採購，我們正在採取行動，有一項戰略舉措已被證明並不像我所說的那麼成功，在中國以外的亞洲地區，這被證明是一項更成功的戰略。這就是我們正在關注的一個。正如我所說，我們正在進行幾個將生產轉移到那裡的項目。希望這能讓你有所了解。

All right. Clear. Thank you very much.

好的。清除。非常感謝。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator, and good morning, everyone. So I wanted to take a step back and kind of think about long-term strategy in the context of what you're learning both internally and externally right now. Maybe going back to the commentary into prior questions.

謝謝接線員，大家早安。因此，我想退後一步，結合您現在在內部和外部學到的知識來思考長期策略。也許回到之前問題的評論。

Maybe just to start, you still feel like these targets are achievable. And then, Brian, I think you mentioned that it could take longer to achieve these targets. Just any thoughts on when that may happen. I mean, is this more of a one year reset? Or do you think kind of these internal external tax changes could make returning to the targets outlined back in October, a multi-year process.

也許剛開始時，您仍然覺得這些目標是可以實現的。然後，布萊恩，我想你提到實現這些目標可能需要更長的時間。只是關於什麼時候可能發生的任何想法。我的意思是，這更像是一年重置嗎？或者您是否認為這些內部外部稅收變化可能會使回到 10 月概述的目標成為一個多年的過程。

Peter, just to clarify, when you say these targets, I think you're referring to the long term elevate for growth, strategic plan targets. Is that correct?

彼得，我想澄清一下，當你說這些目標時，我認為你指的是成長的長期提升、策略計畫目標。那是對的嗎？

Correct.

正確的。

Okay. Yes. I mean, look -- I think we at this point in time that's what we're working towards. I think we have to assess obviously how the environment progresses for the remainder of this year. We do see this as we mentioned, a reset or revitalize year, and we are making investment were over two years, we will have increased our growth investment by over $40 million.

好的。是的。我的意思是，看——我認為我們目前正在努力實現這一目標。我認為我們必須明顯評估今年剩餘時間內環境的進展。正如我們所提到的，我們確實看到了這一點，重置或振興的一年，我們正在進行投資兩年多，我們將增加超過 4000 萬美元的成長投資。

And I'll point out that it was very back-half weighted in fiscal '24 and it's going to be very front end weighted in fiscal '25. And so we feel like we are making the right choices for the long-term health of the business. And with that level of investment, new distribution, new innovation, we feel like that gives us a lot of tangible building blocks to get on the path towards elevate for growth. And so yes, we have to see how the rest of the year plays out. How the environment plays out. But I would say at this point in time, that's still very much our vision. Noel you want to add anything?

我要指出的是，在 24 財年，它的權重非常靠後半部分，而在 25 財年，它的權重也將非常靠前。因此，我們覺得我們正在為業務的長期健康做出正確的選擇。憑藉這種水準的投資、新的分銷、新的創新，我們覺得這為我們提供了許多有形的基石，以走上提升成長的道路。所以，是的，我們必須看看今年剩餘時間的情況如何。環境如何發揮作用。但我想說，此時此刻，這仍然是我們的願景。諾埃爾你想補充什麼嗎？

No. I agree. I mean, I would the -- the only thing I would build on is, as I've gotten the marketing mix modeling data and seen fairly positive ROIs across our portfolio across the tactics with opportunity to optimize that opportunities, continue to invest smarter and strategically that only bolsters my confidence that's the right path forward for us.

不，我同意。我的意思是，我唯一要建立的基礎是，因為我已經獲得了行銷組合建模數據，並在整個策略中看到了我們的投資組合相當積極的投資回報率，並有機會優化這些機會，繼續更明智地投資，從策略上講，這只會增強我的信心，這對我們來說是正確的前進道路。

We've got to get our core brands growing consistently and the data actually shows that will work with the right continued fueling in the right kind of brand fundamentals in place.

我們必須讓我們的核心品牌持續成長，數據實際上表明，這將與適當的品牌基礎適當的持續推動相結合。

Okay. That's really helpful. And then just maybe two quick follow-ups. Just on the outdoor declines. Maybe just talk about the channel more broadly. A lot of the commentary seems to be concentrated in packs rather than weakness across the entire channel. So but I'm not sure if that's a fair read or not.

好的。這真的很有幫助。然後可能只有兩次快速跟進。就在室外斜坡上。也許只是更廣泛地談論管道。許多評論似乎都集中在整體而非整個管道的弱點上。所以，但我不確定這是否是一個公平的閱讀。

And then a Hydro Flask, you mentioned you were disappointed with North America performance. Maybe could you unpack that a bit more? Is that a function of category softness? Are you seeing share losses versus some of the brands in the category? Thanks.

然後是 Hydro Flask，您提到您對北美的表現感到失望。也許你能把它再拆開一點嗎？這是類別軟度的函數嗎？與該類別中的某些品牌相比，您是否看到份額下降？謝謝。

Yeah. So I would say in outdoor, we're seeing a slowdown overall in outdoor -- our outdoor retailers in general are have slowed down and they're managing their inventories accordingly. So for us, the main -- the major impact is on our pack business, that's where our predominant outdoor is, little bit on Hydro Flask, as we know.

是的。所以我想說，在戶外，我們看到戶外整體放緩——我們的戶外零售商總體上已經放緩，他們正在相應地管理庫存。因此，對我們來說，主要影響是我們的包裝業務，這是我們主要的戶外業務，據我們所知，對 Hydro Flask 也有一點影響。

And I'll pivot to answer, the second question is the insulated beverageware category has broadened well beyond the kind of an outdoor consumer lens to a much broader consumer base. So while it has -- it is impacted somewhat by outdoor. It's actually much, much broader than that now.

我將轉向回答，第二個問題是隔熱飲料器具類別已經遠遠超出了戶外消費者的範圍，擴展到了更廣泛的消費者基礎。因此，儘管它確實受到了室外的影響。它實際上比現在要廣泛得多。

And then I would say on Hydro Flask, my disappointment in North America is it has become a big competitive category. And, I think Hydro Flask has now really embraced the shift of where this category has gone. And I think that's really evident in a lot of the new designs that we see.

然後我想說的是，關於 Hydro Flask，我對北美感到失望的是它已經成為一個競爭很大的類別。而且，我認為 Hydro Flask 現在已經真正接受了這個類別的轉變。我認為這在我們看到的許多新設計中非常明顯。

If you look at our website, you look at our content, you look at the designs we have out there from the on-trade to the sugar crush to the USA limited edition. We just launched a new happy days floral limited edition, et cetera. These are very, very different looking design than you would have seen from Hydro Flask probably then six months ago where everything was more of an earthy tone and very focused on hiking and outdoor activities.

如果您瀏覽我們的網站，您會看到我們的內容，您會看到我們的設計，從現貨貿易到糖壓榨再到美國限量版。我們剛剛推出了新的快樂時光花卉限量版等等。這些外觀設計與您在六個月前看到的 Hydro Flask 的設計非常非常不同，當時一切都更加樸實，並且非常注重徒步旅行和戶外活動。

Now it's a much broader view of where the category is, and we're seeing positive traction from that. As I mentioned, we're now growing share in that tumbler section. And in May, we're starting to see a share trend uptick across the entire insulated beverage category. And I think we'll continue to see that momentum and we'll continue to see a broader distribution footprint that's going to help us get back on track for this brand.

現在，人們對這個類別的定位有了更廣泛的認識，我們看到了積極的推動力。正如我所提到的，我們現在在玻璃杯部分的份額不斷增加。五月份，我們開始看到整個保溫飲料類別的份額趨勢上升。我認為我們將繼續看到這種勢頭，我們將繼續看到更廣泛的分銷足跡，這將幫助我們重回該品牌的正軌。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Susan Anderson, Cannacord Genuity.

蘇珊安德森，《Cannacord Genuity》。

Hi, good morning. Thanks for taking my question and all the detail today. I guess maybe just to follow up on the consumer softness that you saw in the quarter. I guess wondering if you're expecting that to improve in the back half based on the guidance. Or is it really just the other external factors improving? And then maybe just talk about kind of what you're expecting for a second quarter for demand as well. Thanks.

早安.感謝您今天提出我的問題和所有細節。我想也許只是為了跟進您在本季看到的消費者疲軟情況。我想知道您是否期望根據指導在後半部分有所改善。或者真的只是其他外在因素的改善？然後也許只是談談您對第二季需求的預期。謝謝。

Thanks, Susan. No, I would say, as Brian outlined earlier, what we did when we put together that outlook as we assumed at the point of sale trends that we were seeing kind of through, call it mid-May timing and that would continue through the rest of the year. And those were difficult trends.

謝謝，蘇珊。不，我想說，正如布萊恩之前概述的那樣，當我們將這一前景匯總在一起時，我們做了什麼，就像我們在銷售點趨勢中所假設的那樣，我們將其稱為五月中旬的時機，並將在接下來的時間裡繼續下去今年的時間。這些都是困難的趨勢。

And I would say, as we've now got a little bit more data through June, we're seeing actually more positive trends in June than what we used for our outlook. So I would say we were not factoring in a measurably improved consumer outlook. Actually we are assuming that the POS trends were challenging in the first quarter continued throughout the balance of the year.

我想說的是，由於我們現在獲得了 6 月的更多數據，因此我們實際上看到 6 月的正面趨勢比我們用於展望的趨勢要多。所以我想說，我們沒有考慮到消費者前景的顯著改善。事實上，我們假設第一季的 POS 趨勢在整個今年餘下時間都充滿挑戰。

And that Susan, the only point I would add is in the second half of the year, we'll start to lap some easier compares. We did not assume any improvement in trend, even though the comparisons will be easier in the second half of the year.

蘇珊，我唯一要補充的一點是，在今年下半年，我們將開始進行一些更容易的比較。我們不認為趨勢會出現任何改善，儘管下半年的比較會更容易。

So hopefully, that gives you a little bit of perspective in terms of our attempts to have a conservative view with respect to this outlook. So we've assumed that the trends that were pretty unfavorable mid-May and said that those remain constant for us for the entire year. So no improvement, even though the comparison in the second half of the year will get significantly easier.

因此，希望這能讓您對我們試圖對這一前景持保守觀點的看法有所了解。因此，我們假設 5 月中旬的趨勢非常不利，並表示這些趨勢對我們來說全年保持不變。因此，儘管下半年的比較會變得更加容易，但沒有任何改善。

Okay. Got it. Yeah, that's helpful. And then maybe just in beauty, a follow up there. You talked about softer consumer demand, I believe, in both tools and liquids now, which that's a first time, I think I've heard you guys talk about it in liquids. So it seemed like last quarter was silver, the category was strong. And Noel, I think you mentioned too that, hair liquids is still and a pretty strong industry.

好的。知道了。是的，這很有幫助。然後也許只是在美容方面，後續行動。我相信，您談到了工具和液體方面的消費者需求疲軟，這是第一次，我想我聽你們談論過液體方面的問題。所以看起來上個季度是白銀，這個類別很強勁。諾埃爾，我想你也提到過，護髮液仍然是一個相當強大的行業。

So I'm curious, I guess how much of the softness you're seeing is industry-wide versus maybe some other share losses with your brands there? And then just on Curlsmith, I guess, when do you expect the disruption to be fixed? Thanks.

所以我很好奇，我想你看到的疲軟有多少是整個行業範圍內的，而不是你的品牌在那裡的其他一些份額的損失？然後就在 Curlsmith 上，我想，您預計什麼時候可以解決中斷問題？謝謝。

Yeah, when I look at the hair liquids, the category -- in prestige liquids still pretty strong. It's maybe a little less strong than it once was, but it's still have some growth to it.

是的，當我觀察護髮液時，高端護髮液的類別仍然相當強大。它可能比以前稍微弱一些，但仍然有一些增長。

The Curlsmith issue that you just mentioned at the end did adversely impact us. We have a stronger June then we did a first quarter as we put those behind us. We do believe those are now behind us on Curlsmith.

您剛才提到的Curlsmith問題確實對我們產生了不利影響。我們的六月表現比第一季更強勁，因為我們把這些都拋在了身後。我們確實相信這些現在已經在Curlsmith 上被我們拋在了身後。

Drybar, I would say from a liquid standpoint, we've had some wins and some losses from a retailer standpoint. The new innovation on liquid gloss is doing well for us, very, very strong ratings on Alta.com for the blow up cream that I mentioned, the finishing serum, that's showing some positive halo on the business.

Drybar，我想說，從流動性的角度來看，從零售商的角度來看，我們有一些勝利，也有一些損失。液體光澤的新創新對我們來說表現良好，我提到的吹氣霜和整理精華液在 Alta.com 上的評級非常非常高，這給我們的業務帶來了一些積極的光環。

So I think starting to see some positive there and Drybar, but probably not as strong overall performance on Drybar as I'd like to see us. And I think for both some of the new innovation will help us trend and a better direction there.

所以我認為，Drybar 開始看到一些積極的一面，但 Drybar 的整體表現可能不如我希望看到的那麼強勁。我認為一些新的創新將幫助我們發展趨勢並找到更好的方向。

Okay, great. Thanks so much. Good luck the rest of the year.

好的，太好了。非常感謝。祝你今年剩下的時間一切順利。

Thanks Susan.

謝謝蘇珊。

Thank you. Ladies and gentlemen, we come to the end of our time allowed for questions. I'll now turn the floor back to Ms. Geoffroy for any final comments.

謝謝。女士們、先生們，提問時間即將結束。現在我將請傑弗羅伊女士徵求最後意見。

Thank you all for joining us today. I know we covered a lot this morning, but I hope as you leave the call, we've been able to articulate how committed we are to the choices that we've made and that the entire organization is very focused on achieving the financial objectives that we outlined for you today.

感謝大家今天加入我們。我知道今天早上我們討論了很多內容，但我希望當您結束通話時，我們能夠闡明我們對所做選擇的承諾，以及整個組織非常專注於實現財務目標我們今天為您概述了這一點。

Thanks very much.

非常感謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。