Helen of Troy Ltd (HELE) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Helen of Troy second 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) As reminder, this conference is being recorded.

您好，歡迎參加 Helen of Troy 2025 財年第二季財報電話會議。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） 請注意，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Sabrina McKee, Senior Vice President of Business Development and Investor Relations. Thank you. You may begin.

現在我想將會議交給東道主、業務開發和投資者關係高級副總裁 Sabrina McKee 先生。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to Helen of Troy's second quarter fiscal 2025 earnings conference call. The agenda for the call this morning is as follows. I will begin with a brief discussion of forward-looking statements. Ms. Noel Geoffroy, the company's CEO, will comment on business performance and then provide some perspective on current trends; and Mr. Brian Grass, the company's CFO, will review the financials in more detail and discuss our outlook. Following this, we will open up the call for Q&A.

謝謝你，接線生。大家早安，歡迎參加 Helen of Troy 的 2025 財年第二季財報電話會議。今天上午的電話會議議程如下。我將首先簡要討論前瞻性陳述。該公司執行長Noel Geoffroy女士將評論業務績效，然後提供對當前趨勢的一些看法；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 expectations with respect to future events or financial performance. Generally, the words anticipates, believes, expects and other similar words are words identifying forward-looking statements.

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。一般來說，「預期」、「相信」、「期望」和其他類似詞語是識別前瞻性陳述的詞語。

Forward looking statements are subject to a number of risks and uncertainties that could cause anticipated results could differ materially from the actual results. This conference call may also include information that may be considered non-GAAP financial 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。

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

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 Noel 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.

在我將電話轉接給 Noel Geoffroy 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。

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

我現在將電話會議轉交給傑弗羅伊女士。

Thank you, Sabrina. Hello, everyone, and thank you for joining us today. I am pleased to report second quarter results that were above expectations. During the quarter, we took decisive actions toward our long-term strategic initiatives, including strengthening the core and further shaping our growth portfolio. In addition, despite persistent macro headwinds, we are generating results on our efforts to reset and revitalize our business, which we believe indicates we are on the right path to improve our operating performance.

謝謝你，薩布麗娜。大家好，感謝您今天加入我們。我很高興地報告第二季業績超出預期。本季度，我們為長期策略性舉措採取了果斷行動，包括加強核心和進一步塑造我們的成長組合。此外，儘管宏觀阻力持續存在，我們在重置和振興業務方面的努力正在取得成果，我們相信這表明我們正走在改善營運績效的正確道路上。

Through our increasingly data-driven approach, we continue to see improvement in our brand fundamentals. Project Pegasus continues to be on track and is generating critical fuel for reinvestment in our brands. This fuel, combined with our sharper brand fundamentals, is leading to stronger marketing with new creative, new more agile media campaigns, better innovation and better execution.

透過我們日益數據驅動的方法，我們不斷看到我們的品牌基礎得到改善。飛馬座計畫繼續步入正軌，並為我們的品牌再投資提供重要動力。這種動力與我們更清晰的品牌基礎相結合，透過新的創意、更靈活的新媒體活動、更好的創新和更好的執行，帶來更強大的行銷。

We are also continuing to grow our distribution. Fiscal year to date, we meaningfully grew our US weighted distribution by 9% year over year, making our brands increasingly available where our shopper shop. All these efforts contribute to improved market share performance with eight of our key categories growing or maintaining share this fiscal year to date in our US measured channel.

我們也持續擴大我們的分銷範圍。財年至今，我們的美國加權分銷年增了 9%，使我們的品牌越來越多地可供消費者購物。所有這些努力都有助於提高市場份額表現，本財年迄今為止，我們的八個關鍵類別在我們的美國衡量管道中的份額不斷增長或保持不變。

Now to share an update on shaping our portfolio. We have previously shared that we were engaged in an active process to divest the business. Shortly after the end of the quarter, we opted to pause that process as the offers we received are not indicative of the value of the business or potential.

現在分享有關塑造我們的投資組合的最新資訊。我們之前曾表示，我們正在積極進行業務剝離。本季結束後不久，我們選擇暫停流程，因為我們收到的報價並未顯示業務價值或潛力。

We will continue to consistently evaluate our brands to ensure we position the company for long-term success and growth. Our acquisition strategy remains to look for brands with strong global growth potential are financially accretive and meet our Better Together criteria.

我們將繼續持續評估我們的品牌，以確保我們的公司能夠取得長期成功和發展。我們的收購策略仍然是尋找具有強大全球成長潛力、能夠帶來財務增值並符合我們的「Better Together」標準的品牌。

We will remain disciplined in our approach to both divestitures and acquisitions to ensure we are able to deliver on our commitment to increase shareholder value.

我們將在資產剝離和收購方面保持嚴格的紀律，以確保我們能夠履行增加股東價值的承諾。

Before I turn to the results for the quarter, I will provide an update on the Curlsmith and Tennessee distribution center operational issues. As previously discussed, we resolved the Curlsmith ERP integration issues. In the second quarter, and we successfully integrated Curlsmith into our distribution network ahead of plan.

在討論本季度的業績之前，我將提供有關科爾史密斯和田納西州配送中心營運問題的最新資訊。如前所述，我們解決了 Curlsmith ERP 整合問題。第二季度，我們提前成功地將 Curlsmith 整合到我們的分銷網絡中。

With respect to our Tennessee distribution center, I'm pleased to share that we consistently improved our shipping execution and operating efficiency throughout the quarter and have now addressed the root cause of the technology issues we experienced. We are now servicing customers and consumers in line with our expectations and anticipate reaching our productivity goals by the end of the fiscal year with a continued eye on best in class service.

關於我們的田納西州配送中心，我很高興地告訴大家，我們整個季度不斷提高運輸執行和營運效率，現在已經解決了我們遇到的技術問題的根本原因。我們現在按照我們的期望為客戶和消費者提供服務，並預計在本財年末實現我們的生產力目標，並繼續專注於一流的服務。

Now in terms of performance across our portfolio, overall, we see our Home and Outdoor performance strengthening, our Wellness performance ahead of our expectations and our International performance remains a bright spot. Our Beauty performance was below our expectations for the quarter, but we are taking focused actions to improve the fundamentals of the business and its brands.

現在，就我們產品組合的業績而言，總體而言，我們看到我們的家庭和戶外業績有所增強，我們的健康業績超出了我們的預期，而我們的國際業績仍然是一個亮點。我們的美容業績本季低於我們的預期，但我們正在採取集中行動來改善業務及其品牌的基本面。

Starting with Home and Outdoor, OXO grew share fiscal year to date in core kitchen utensils, a category that we see as largely normalize post pandemic. The brand achieved strong sell-through at Walmart following the June expansion into 3,200 stores and over 5 times increase versus the test with additional distribution coming soon.

從家庭和戶外產品開始，OXO 本財年迄今在核心廚房用具領域的份額有所增長，我們認為這一類別在大流行後基本上已經正常化。該品牌在 6 月擴展到 3,200 家門市後，在沃爾瑪取得了強勁的銷售業績，與測試相比增長了 5 倍多，而且即將進行更多分銷。

OXO is also gaining momentum in dry food storage with share growth fiscal year to date. After also continued strong momentum in coffee, shortly after the end of the quarter, OXO launched our new portable Rapid Brewer coffee maker, which make hot coffee or cold brew in five minutes or less.

OXO 在乾糧儲存領域也取得了強勁的發展勢頭，本財年迄今為止，其份額不斷增長。在咖啡領域繼續保持強勁勢頭之後，本季末後不久，OXO 推出了新型便攜式 Rapid Brewer 咖啡機，可在五分鐘或更短的時間內製作熱咖啡或冷咖啡。

It has already earned positive reviews from food and wine & consumer reports, as I will discuss in more detail later international performance especially in EMEA is also strong for OXO. Hydro Flask outperformed our expectations and is a key example of brand revitalization across innovation, distribution and marketing.

它已經獲得了食品、葡萄酒和消費者報告的積極評價，稍後我將更詳細地討論 OXO 的國際表現，尤其是在 EMEA 地區的表現也很強勁。 Hydro Flask 的表現超越了我們的預期，是品牌在創新、分銷和行銷方面振興的一個重要例子。

We still have many areas of opportunity, but are encouraged by our meaningful progress across all key focus areas. The new Travel Bottle was launched in the second quarter and provides consumers with the best of both worlds. Utility of fitting in most car cupholders or backpack pockets, and it is a leak-proof.

我們仍然有許多機會，但我們在所有關鍵重點領域取得的有意義的進展令我們感到鼓舞。新款旅行瓶於第二季推出，提供消費者兩全其美的體驗。適用於大多數汽車杯架或背包口袋，防漏。

The new bottle comes with your choice of the Hydro Flask flip straw or chest cap along with a convenient carrying strap. Hydro Flask also successfully launched into Costco, a key retailer for our expanded target consumer. The brand also benefited from strong distribution internationally with sales up in all key markets.

新瓶子配有您選擇的 Hydro Flask 翻蓋吸管或胸蓋以及方便的背帶。 Hydro Flask 也成功進入 Costco，這是我們擴大的目標消費者的主要零售商。該品牌還受益於強大的國際分銷，所有主要市場的銷售額均有所上升。

Hydro Flask also launched a new brand campaign called We Make It. You Own It. The campaign celebrates the individuality of the Hydro Flask consumer and highlights the broad array of products, configurations and colors we offer for a wide range of consumer preferences and occasions.

Hydro Flask 也推出了名為「We Make It」的新品牌活動。你擁有它。該活動頌揚了 Hydro Flask 消費者的個性，並突出了我們為各種消費者喜好和場合提供的廣泛產品、配置和顏色。

The brand also shows great consumer possession and marketing agility this quarter by being a part of two relevant cultural moments, Brat Summer and the MTV Video Music Awards. Music artist, Charli XCX launched her Brat Album in June with an iconic lime green album cover, leading Gen-Z to christen the summer as the Brat Summer, which was typified by Cool Girl style and Lime Green Everything.

該品牌在本季也透過參加 Brat Summer 和 MTV 音樂錄影帶大獎這兩個相關文化時刻，展現了強大的消費者佔有率和行銷敏捷性。音樂藝術家 Charli XCX 在 6 月推出了她的 Brat 專輯，封面採用了標誌性的檸檬綠專輯封面，Z 世代將這個夏天命名為“Brat Summer”，以酷女孩風格和檸檬綠一切為代表。

Hydro Flask quickly created a brat summer water bottle that we promoted on our social media accounts. Our instagram post achieved hydro's highest year-to-date engagement rate, drove a double-digit lift in sales around the post and gained the attention of Charli XCX, leading to a new partnership for her current concert tour and great overall exposure for the brand.

Hydro Flask 很快就製作了一款夏季水瓶，我們在社群媒體帳號上進行了推廣。我們的Instagram 貼文實現了Hydro 年初至今最高的參與率，推動了該貼文周圍銷售額的兩位數增長，並引起了Charli XCX 的關注，為她當前的巡迴演唱會建立了新的合作夥伴關係，並為該品牌帶來了巨大的整體曝光。

Our second cultural moment came in late summer when the VMA's Best New Artist winner, walked the red carpet and sat in the front row with a custom Hydro Flask in hand. Social engagement on that post has now eclipsed our Brat Summer post.

我們的第二個文化時刻是在夏末，當時 VMA 最佳新人獎得主走上紅地毯，坐在前排，手裡拿著定制的水瓶。該帖子的社交參與度現在已經超過了我們的 Brat Summer 帖子。

These are two great examples of moving at the speed of culture which is critical to driving relevance with our target consumer. Turning to Osprey, the brand is maintaining its leading share in US technical path, even as that category softened. Osprey continues to extend in exciting new adjacencies. A great example that is rooted in consumer obsession is Osprey's new photography accessories line.

這是跟上文化步伐的兩個很好的例子，這對於提高與目標消費者的相關性至關重要。至於 Osprey，該品牌在美國技術路線上保持領先的份額，儘管該類別有所疲軟。魚鷹繼續在令人興奮的新鄰域中擴展。 Osprey 的新攝影配件系列就是一個根深蒂固的消費者癡迷的好例子。

After years of consumers asking us for photography gear and extensive research and testing by Osprey. We launched our new photography accessories line in July. The line is built around the PhotoLid, an innovative padded camera case to support active photographers and content creators and designed to replace the removable top lid on those backpacks while also offering accessible and protective storage for photogear.

經過多年的消費者向我們詢問攝影裝備以及 Osprey 的廣泛研究和測試。我們於七月推出了新的攝影配件系列。該系列產品圍繞著PhotoLid 打造，這是一款創新的帶襯墊相機包，可為活躍的攝影師和內容創作者提供支持，旨在取代這些背包上的可拆卸頂蓋，同時還為攝影器材提供方便且具保護性的儲存空間。

The new line has received strong consumer engagement and a tremendous response from the industry earning Gear Junkie's Best in show award from the Outdoor Market Alliance Show. In Everyday and Lifestyle packs, Osprey is having strong success with its daylight line which is driven by new color designs, Osprey high quality materials and durability and an affordable price point that caters to consumers in the current economic environment.

新系列得到了消費者的廣泛關注和業界的巨大反響，並獲得了戶外市場聯盟展會上 Gear Junkie 的最佳展示獎。在日常和生活方式包中，Osprey 憑藉其日光系列取得了巨大成功，該產品線由新的色彩設計、Osprey 高品質材料和耐用性以及在當前經濟環境下迎合消費者需求的實惠價格點推動。

This line continues to offer extended distribution opportunities for the brand. Now turning to Beauty and Wellness. Our Wellness business performed above our expectations with particular strength in fans and thermometry, as widely noted by the media illness rates in the US increased through July and much of August and both Braun and Vicks thermometers saw higher POS.

該系列繼續為該品牌提供擴展的分銷機會。現在轉向美容和健康。我們的健康業務表現超出了我們的預期，尤其是在風扇和溫度測量方面表現出色，媒體廣泛指出，美國的發病率在7 月和8 月的大部分時間都在上升，而且Braun 和Vicks 溫度計的POS 都出現了較高的成長。

Fiscal year-to-date while the thermometry category overall has remained relatively flat. Braun and Vicks have outperformed and gained share. They remain the number one and number two brands in the US respectively. We also gained new or expanded distribution on Braun thermometers at CBS, Costco, and Walmart. In addition to Braun blood pressure monitors in Walmart.

財年迄今，測溫類別大致保持相對穩定。布勞恩（Braun）和維克斯（Vicks）表現出色並增加了市場份額。它們仍然分別是美國第一和第二品牌。我們還在哥倫比亞廣播公司 (CBS)、好市多 (Costco) 和沃爾瑪 (Walmart) 獲得了新的或擴大的博朗溫度計分銷。除了沃爾瑪的博朗血壓計。

In Humidification, while the category remains soft, Vicks has maintained its number one share position. As we enter the peak cough, cold and flu season, our inventory is well positioned to serve customers and consumers as the season progresses. In water filtration, we are also seeing positive POS for PUR at Walmart where the brand has been growing its presence.

在加濕領域，雖然該類別仍然疲軟，但維克斯仍保持第一的市佔率地位。隨著我們進入咳嗽、感冒和流感的高峰季節，我們的庫存已做好準備，可以隨著季節的進展為客戶和消費者提供服務。在水過濾方面，我們也看到沃爾瑪的 PUR 銷售點表現良好，品牌的影響力不斷擴大。

For beauty, we continue to see softer POS across the brand portfolio and are taking actions to revitalize the brand and lean in where we see meaningful opportunities, leveraging consumer insights and our new brand building frameworks.

對於美妝產品，我們繼續看到整個品牌組合的銷售點更加疲軟，並正在採取行動振興品牌，並利用消費者洞察和我們新的品牌建立框架，抓住我們看到的有意義的機會。

We also recently added new leadership with fresh perspective to help set this business up for long term success. I mentioned the new driver marketing campaign last quarter as an example of where we are evolving our marketing content and targeting with the support of our marketing center of Excellence.

我們最近還任命了具有新視角的新領導層，以幫助業務取得長期成功。我提到上個季度的新司機行銷活動是我們在卓越行銷中心的支持下不斷發展行銷內容和目標的一個例子。

We began the rollout of that new Drybar Polyglamorous campaign in July. This is a bold and fun repositioning of the brand that focuses on Drybar's more than 80 hairstyling products and complementary tools that allow consumers to dabble, tease and play. The campaign has been very well received with social media engagement over twice the historic rate.

我們於 7 月開始推出新的 Drybar Polyglamorous 活動。這是對品牌的一次大膽而有趣的重新定位，專注於 Drybar 的 80 多種美髮產品和配套工具，讓消費者能夠涉獵、逗弄和玩耍。該活動廣受好評，社群媒體參與度是歷史水平的兩倍以上。

We continue to see market opportunity for our hair products. We are pleased that Curlsmith is gaining market share in the fast growing prestige hair liquids category fiscal year today. This quarter, Curlsmith launched shake and shine refresh mist, which is crafted to refresh, moisturize and define curls to extend the result of a wash day.

我們繼續看到我們的護髮產品的市場機會。我們很高興 Curlsmith 在今天的財年快速成長的高端護髮液類別中獲得了市場份額。本季度，Curlsmith 推出了 Shake and Shine 清爽噴霧，專為清爽、滋潤和定型捲髮而設計，可延長一天的洗髮效果。

In addition, Curlsmith earned an Allure Best Beauty of 2024 award for Frizz Control Cleanser and Duo Conditioner. Last quarter, we extended our popular Drybar Liquid Glass product line and we followed that up this quarter with additions to our thickening line Drybar Big Brew. Revlon remains the unit share leader in hot air stylist, fiscal year-to-date and we have sold 3 times more Revlon One-Step Volumizers than the next largest competitive item.

此外，Curlsmith 也以Frizz Control Cleanser 和 Duo Conditioner 榮獲 Allure Best Beauty of 2024 獎。上個季度，我們擴展了廣受歡迎的 Drybar Liquid Glass 產品線，本季我們又增加了增稠系列 Drybar Big Brew。截至本財年，露華濃仍是熱風造型師的單位份額領先者，我們的露華濃一步式豐髮劑銷售量是第二大競爭產品的 3 倍。

This month, we launched a new marketing campaign to appeal to savvy consumers who want salon quality results without breaking the bank. The value reframe highlights that on average Revlon retails for [tenth] of the price of a prestige competitor for similar results.

本月，我們推出了一項新的行銷活動，以吸引精明的消費者，他們希望在不花太多錢的情況下獲得沙龍品質的效果。價值重構強調，露華濃的平均零售價是知名競爭對手的十分之一，但效果類似。

We also continue to see strong momentum with the Revlon portfolio at Walmart where consumers appreciate great hair tools at accessible price points. Internationally, our businesses performed well with sales up almost 5% in all key regions contributing to the positive growth. Home and Outdoor outperformed our expectations and grew in all key international markets driven by expanded distribution and greater collaboration between the brand and sales teams.

我們也持續看到沃爾瑪露華濃產品組合的強勁勢頭，消費者欣賞價格實惠的優質美髮工具。在國際上，我們的業務表現良好，所有關鍵地區的銷售額成長了近 5%，為積極成長做出了貢獻。家居和戶外產品的表現超出了我們的預期，在擴大分銷以及品牌與銷售團隊之間加強合作的推動下，所有主要國際市場均實現成長。

In the UK, you'll find a Drybar pop up not only in Boots Battersea in London, but also on board the hair tour (inaudible) as part of an exclusive multi branded campaign where consumers were treated to a styling. Curlsmith launched in select Sephora and Boot stores in the UK and Hydro Flask expanded into GO Outdoors flagship stores.

在英國，您不僅會在倫敦的Boots Battersea 發現Drybar 快閃店，還會在美髮之旅（聽不清楚）上發現Drybar 快閃店，這是獨家多品牌活動的一部分，消費者可以在這裡享受到造型服務。 Curlsmith 在英國的精選 Sephora 和 Boot 商店推出，Hydro Flask 則擴展到 GO Outdoors 旗艦店。

OXO has expanded at John Lewis Leeds in the UK has a beautiful pop up in BHV Marais, one of Paris's most famous department stores in the heart of the city and expanded its retail footprint in Japan. Osprey is well represented in Germany with a large display of Sports Schuster mean its leading sporting goods retailer. These are just a few examples of how we are increasing our global footprint.

OXO 已在英國 John Lewis Leeds 擴張，在巴黎市中心最著名的百貨商店之一 BHV Marais 開設了一家漂亮的快閃店，並擴大了其在日本的零售足跡。 Osprey 在德國擁有廣泛的知名度，其領先的體育用品零售商 Sports Schuster 擁有大量展示。這些只是我們如何擴大全球足跡的幾個例子。

Stepping back, I remain confident that the reset and revitalized building blocks we discussed last quarter will prove to be a solid foundation for the future, but we know that change of this magnitude takes time. We remain committed to our strategic choices, growing our portfolio through consumer obsession, being and winning where our shoppers shop, fully leveraging our scale and assets, and embracing next-level data and analytics in everything we do. We are making significant progress on the road back to sustainable long-term top line growth and you heard evidence of that today.

退一步來說，我仍然相信我們上季度討論的重置和振興構建模組將被證明是未來的堅實基礎，但我們知道這種規模的變化需要時間。我們仍然致力於我們的策略選擇，透過對消費者的痴迷來擴大我們的產品組合，在購物者購物的地方成為並贏得勝利，充分利用我們的規模和資產，並在我們所做的一切中採用新水平的數據和分析。我們在恢復可持續長期收入成長的道路上正在取得重大進展，您今天已經聽到了這方面的證據。

I want to thank our exceptional global associates across Helen of Troy for their dedication and passion for our company and brands. Now I will turn it over to Brian.

我要感謝特洛伊海倫的傑出全球員工對我們公司和品牌的奉獻和熱情。現在我將把它交給布萊恩。

Thank you, Noel. Good morning, everyone. I'm pleased to report second quarter results that were slightly above the high end of our expectations for net sales, adjusted EPS, and adjusted EBITDA. As Noel mentioned, we substantially completed the remediation efforts related to the automation system at our Tennessee distribution facility with minimal impact to sales in the quarter.

謝謝你，諾埃爾。大家早安。我很高興地報告第二季業績，略高於我們對淨銷售額、調整後每股收益和調整後 EBITDA 的預期上限。正如諾埃爾所提到的，我們基本上完成了與田納西州配送設施自動化系統相關的修復工作，對本季銷售的影響最小。

We believe that we are now in a position to achieve targeted efficiency levels by the end of fiscal '25. We also rightsized our cost structure in line with our fiscal '25 net sales expectations, while maintaining our planned incremental growth investment, an increase of approximately 165 basis points year over year in the second quarter.

我們相信，我們現在能夠在 25 財年末實現目標效率水準。我們也根據 25 財年淨銷售預期調整了成本結構，同時維持計畫的增量成長投資，第二季年增約 165 個基點。

While we know we have more work to do to achieve our long-term goals, we believe these results represent solid progress considering the executional challenges we overcame in the quarter.

雖然我們知道要實現長期目標還有更多工作要做，但考慮到我們在本季克服的執行挑戰，我們相信這些結果代表了堅實的進展。

I'll now move on to a more detailed discussion of our second quarter results. Consolidated net sales declined 3.5%, slightly ahead of our expectations as the second quarter sales impact from automation challenges at our Tennessee distribution facility were less than originally expected.

我現在將更詳細地討論我們第二季的業績。合併淨銷售額下降 3.5%，略高於我們的預期，因為田納西州配送設施自動化挑戰對第二季銷售的影響小於最初預期。

The sales decrease was primarily due to a decline in Beauty & Wellness, reflecting lower sales of hair appliances, air purifiers, and humidifiers, primarily driven by softer consumer demand, reduced replenishment from retail customers, and a strong competitive environment in hair appliances and air purification.

銷售額下降主要是由於美容與健康業務的下降，反映出美髮器具、空氣清淨機和加濕器的銷量下降，這主要是由於消費者需求疲軟、零售客戶補貨減少以及美髮器具和空氣行業的激烈競爭環境所致純化。

Home & Outdoor grew almost 1% year-over-year, primarily due to improving trends in OXO and Hydro Flask, partially offset by a slight decline in Osprey. Our International business continues to perform well with sales growth of almost 5%.

家居和戶外用品年增近 1%，主要是由於 OXO 和 Hydro Flask 的趨勢改善，但 Osprey 的小幅下降部分抵消了這一趨勢。我們的國際業務持續表現良好，銷售額成長近 5%。

Consolidated gross profit margin was 45.6%. The 110 basis point decrease was primarily due to a less favorable product and customer mix within Home & Outdoor and unfavorable inventory obsolescence expense year-over-year. These factors were partially offset by lower commodity and product costs, partly driven by Project Pegasus.

綜合毛利率為45.6%。下降 110 個基點主要是由於家居和戶外領域的產品和客戶組合不太有利，以及庫存報廢費用同比不利。這些因素部分被商品和產品成本下降所抵消，部分是由飛馬計劃推動的。

GAAP operating margin for the quarter was 7.3% compared to 9.5% in the same period last year. On an adjusted basis, operating margin decreased 290 basis points to 9.8%. The decrease was primarily driven by the planned incremental growth investment of 165 basis points I referred to earlier, and an estimated 85 basis point impact from additional costs associated with automation start-up issues in our new distribution facility.

本季 GAAP 營運利潤率為 7.3%，去年同期為 9.5%。調整後的營業利益率下降 290 個基點至 9.8%。這一下降主要是由於我之前提到的 165 個基點的計劃增量增長投資，以及與我們新配送設施的自動化啟動問題相關的額外成本估計造成的 85 個基點的影響。

Decline also reflects the lower gross profit margin and the impact of unfavorable operating leverage. These factors were partially offset by lower overall personnel expense and the lower commodity and product costs I referred to earlier.

下降也反映出毛利率較低以及不利的經營槓桿的影響。這些因素被我之前提到的整體人員費用降低以及商品和產品成本降低部分抵消。

On a segment basis, Home & Outdoor adjusted operating margin decreased 270 basis points to 15%, primarily due to unfavorable distribution center expense, a less favorable product and customer mix, and planned incremental growth investment.

按部門劃分，家居與戶外業務調整後營業利潤率下降 270 個基點至 15%，這主要是由於不利的配送中心費用、不太有利的產品和客戶組合以及計劃的增量增長投資。

Adjusted operating margin for Beauty & Wellness decreased 350 basis points to 4.4%, primarily due to planned incremental growth investment, unfavorable inventory obsolescence expense year-over-year, and the impact of unfavorable operating leverage.

美容與健康業務調整後營業利潤率下降 350 個基點至 4.4%，主要是由於計劃增量增長投資、同比不利的庫存報廢費用以及不利的營業槓桿的影響。

Our tax rate in the second quarter was 22% compared to 17.9% last year. The year-over-year increase was primarily due to the impact of our Barbados tax legislation enacted during the first quarter of fiscal '25, shifts in the mix of income in our various tax jurisdictions and an increase in tax expense for discrete items.

我們第二季的稅率為 22%，而去年為 17.9%。同比增長主要是由於 25 財年第一季頒布的巴貝多稅收立法的影響、我們各個稅收管轄區收入結構的變化以及離散項目稅收費用的增加。

Net income was $17 million or $0.74 per diluted share. Non-GAAP adjusted diluted EPS was $1.21 per share, reflecting lower adjusted operating income and an increase in the adjusted effective tax rate, partially offset by lower weighted average diluted shares outstanding and a decrease in interest expense.

淨利潤為 1700 萬美元，即稀釋後每股收益 0.74 美元。非 GAAP 調整後稀釋每股收益為 1.21 美元，反映出調整後營業收入下降和調整後有效稅率上升，但部分被加權平均稀釋後流通股下降和利息費用減少所抵消。

Free cash flow was $39.7 million, an increase of $11.7 million year-over-year, but slightly below our expectations for the quarter due to higher working capital needs. We ended the second quarter with total debt of $713 million, a sequential decrease of $35 million compared to the first quarter. Our net leverage ratio was 2.34 times compared to 2.37 times at the end of the first quarter.

自由現金流為 3,970 萬美元，年增 1,170 萬美元，但由於營運資金需求增加，略低於我們對該季度的預期。第二季結束時，我們的債務總額為 7.13 億美元，比第一季連續減少 3,500 萬美元。我們的淨槓桿率為2.34倍，而第一季末為2.37倍。

At the end of the second quarter, our Board authorized the repurchase of $500 million of our outstanding stock in keeping with our intention to return capital to shareholders, not otherwise deployed for core business growth or strategic acquisitions. The authorization was approved as part of the Board's regular process of reviewing our capital allocation and existing authorization.

第二季末，我們的董事會授權回購 5 億美元的已發行股票，以符合我們向股東返還資本的意圖，而不是用於核心業務成長或策略性收購。此授權的批准是董事會審查我們的資本分配和現有授權的常規流程的一部分。

Turning now to our outlook for fiscal '25, we are maintaining our expectations for consolidated net sales, adjusted EPS, and adjusted EBITDA, and have updated our expectations for sales by segment, free cash flow, and ending net leverage ratio. We remain cautious as external headwinds of increased promotional activity, softer and more variable retail replenishment, and macro pressure and uncertainty remain.

現在轉向我們對 25 財年的展望，我們維持對合併淨銷售額、調整後每股收益和調整後 EBITDA 的預期，並更新了對各部門銷售額、自由現金流和期末淨槓桿率的預期。由於促銷活動增加、零售補貨更加疲軟且變化更大以及宏觀壓力和不確定性仍然存在，我們仍保持謹慎態度。

While the Federal Reserve's move to begin lowering interest rates will likely provide relief for some, we believe that the benefit will take some time to cycle through to many consumers. We also expect a year-over-year headwind from a shorter holiday shopping season between Thanksgiving and Christmas this year.

儘管聯準會開始降低利率的舉措可能會讓一些人鬆一口氣，但我們認為，這種好處需要一段時間才能惠及許多消費者。我們也預計，今年感恩節和聖誕節之間假期購物季的縮短將帶來同比的不利影響。

We continue to expect net sales between $1.885 billion and $1.935 billion, which implies a decline of 6% to 3.5%. This includes the unfavorable impact to net sales of approximately $8 million due to the shipping disruption from the automation startup issues at our distribution facility and the Curlsmith ERP integration challenges in the first quarter.

我們繼續預期淨銷售額在 18.85 億美元至 19.35 億美元之間，這意味著下降 6% 至 3.5%。這包括由於我們的配送設施的自動化啟動問題和第一季 Curlsmith ERP 整合挑戰造成的運輸中斷，對淨銷售額約 800 萬美元的不利影響。

In terms of our net sales outlook by segment, we now expect a Home & Outdoor decline of 2.3% to growth of 1.4%, which includes the impact of shipping disruption in our Tennessee distribution facility during the first quarter, and a Beauty & Wellness decline of 9% to 7.5%, 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前景而言，我們目前預計家居和戶外用品將下降 2.3%，增長 1.4%，其中包括第一季田納西州分銷設施運輸中斷的影響以及美容和健康用品的下降9% 至7.5%，其中繼續包括與我們的一個健康品牌的外部授權關係到期有關的約1% 的同比逆風。

We continue to 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 of 21.4% to 15.8%. We continue to expect full-year adjusted EBITDA of $287 million to $297 million, which implies margin compression of approximately 150 basis points to 160 basis points year-over-year with approximately 50 basis points coming from the automation start-up issues at our distribution facility.

我們仍預期全年GAAP 稀釋後每股收益為4.69 美元至5.45 美元，非GAAP 調整後稀釋每股收益為7 美元至7.50 美元，這意味著調整後稀釋後每股收益將下降21.4% 至15.8% 。我們仍然預計全年調整後 EBITDA 為 2.87 億至 2.97 億美元，這意味著利潤率同比壓縮約 150 個基點至 160 個基點，其中約 50 個基點來自我們分銷的自動化啟動問題設施。

We continue to incrementally invest back into product innovation and marketing for the long-term health of our business and our brands and continue to plan for a year-over-year increase in growth investment spending of roughly 100 basis points.

為了我們業務和品牌的長期健康發展，我們繼續逐步加大對產品創新和行銷的投資，並繼續計劃將成長投資支出年增約 100 個基點。

We continue to expect some gross margin compression given our expectation 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.

鑑於我們對促銷環境更加有利和銷售組合不太有利的預期，我們仍然預期毛利率會有所壓縮。然而，由於飛馬項目，我們仍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 offset by the rightsizing of our cost structure that we began to implement in the second quarter.

最後，我們預計收入下降會導致營運槓桿下降，我們預計這將被我們在第二季開始實施的成本結構調整所抵消。

Our first quarter interest expense outlook included the expectation of 225 basis point reductions for the remainder of fiscal '25, which now largely aligns with the Fed's 50 basis point reduction in September, and we have assumed no further rate reductions for the remainder of fiscal '25. As such, our full-year interest expense expectations remain unchanged.

我們對第一季利息支出的展望包括對25 財年剩餘時間降息225 個基點的預期，目前這與聯準會9 月降息50 個基點的預期基本一致，並且我們假設25 財年剩餘時間不會進一步降息。因此，我們的全年利息支出預期保持不變。

We expect a GAAP effective tax rate range of 27.3% to 29.5% for the full fiscal year and a non-GAAP adjusted effective tax rate range of 20.7% to 21.3%. We now expect capital and intangible asset expenditures of between $32 million and $37 million for fiscal '25, which includes remaining equipment and technology of $11 million to $12 million associated with our Tennessee distribution facility.

我們預計整個財年的 GAAP 有效稅率範圍為 27.3% 至 29.5%，非 GAAP 調整後的有效稅率範圍為 20.7% 至 21.3%。我們現在預計 25 財年的資本和無形資產支出將在 3,200 萬至 3,700 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 1,100 萬至 1,200 萬美元。

We now expect free cash flow in the range of $180 million to $200 million, which implies a free cash flow yield of 12.7% to 14.1% using Monday's closing share price. Our lower free cash flow expectations for fiscal '25 reflect a slower start to the year and revised estimates for working capital and CapEx needs to support the continued improvement in our operating trends and opportunities we see for the remainder of the year.

我們現在預計自由現金流在 1.8 億至 2 億美元之間，這意味著以周一收盤價計算的自由現金流收益率為 12.7% 至 14.1%。我們對 25 財年較低的自由現金流預期反映出今年開局較慢，並且修訂了營運資本和資本支出的估計，以支持我們在今年剩餘時間內看到的營運趨勢和機會的持續改善。

We now expect net leverage ratio as defined in our credit agreement to be between 1.9 times and 1.8 times by the end of fiscal '25.

現在，我們預計到 25 財年末，信貸協議中定義的淨槓桿率將在 1.9 倍至 1.8 倍之間。

In terms of cadence, for the third quarter of fiscal '25, we expect net sales decline in the range of 4.5% to 1% year-over-year and adjusted diluted EPS decline in the range of 10% to 3% year-over-year.

就節奏而言，我們預計 25 財年第三季淨銷售額將年減 4.5% 至 1%，調整後稀釋每股收益將年減 10% 至 3% -年。

As we look towards fiscal '26, we thought it beneficial to provide an update on our efforts to diversify our production outside of China and mitigate the impact of potential incremental tariffs in the future. With the first step of this strategy, we have reduced our exposure to incremental tariffs to a range of 25% to 30% of consolidated cost of goods sold.

當我們展望 26 財年時，我們認為提供有關我們在中國境外實現生產多元化並減輕未來潛在增量關稅影響的努力的最新資訊是有益的。透過此策略的第一步，我們已將增量關稅風險降低至綜合銷售成本的 25% 至 30%。

We are now launching the second step of our strategy, which targets a further reduction to our exposure by the end of fiscal '26. We plan to share more on this important initiative when we provide our fiscal '26 outlook this coming April.

我們現在正在啟動策略的第二步，目標是在 26 財年末進一步減少我們的風險敞口。我們計劃在今年 4 月提供 26 財年展望時分享更多關於這項重要舉措的資訊。

Finally, I'd like to update you on the process to divest one of our businesses. After a thorough and rigorous process that included both strategic and private equity bidders, we have decided to put the process on hold until further notice.

最後，我想向您介紹剝離我們一項業務的最新流程。經過包括策略性投標人和私募股權投標人在內的徹底而嚴格的流程後，我們決定暫停流程，直至另行通知。

We feel the valuation and structure of the offers we received were not reflective of the current health of the brand and future potential of the business. Year-to-date, the business has performed largely in line with expectations. We believe there is potential to further improve its performance. We intend to continue to consistently evaluate our portfolio to ensure our assets position us for long-term success.

我們認為我們收到的報價的估值和結構並不能反映品牌當前的健康狀況和業務的未來潛力。今年迄今為止，該業務的表現基本上符合預期。我們相信其業績還有進一步提升的潛力。我們打算繼續持續評估我們的投資組合，以確保我們的資產使我們能夠取得長期成功。

In closing, I am pleased with the progress we are making to reset and revitalize our business in fiscal '25 and believe this will position us well to improve our core and achieve our long-term objectives. Our Project Pegasus initiatives are on track and are fueling a step-level increase in brand and innovation investment, and we have invested more in data-driven decision making and capabilities to leverage that investment more efficiently.

最後，我對我們在 25 財年重置和振興業務所取得的進展感到高興，並相信這將使我們能夠很好地改進我們的核心並實現我們的長期目標。我們的飛馬計畫計劃正在步入正軌，正在推動品牌和創新投資的逐步增加，並且我們在數據驅動的決策和能力方面投入了更多資金，以更有效地利用這些投資。

We will continue to use our free cash flow to deploy capital using a balanced approach, which we believe can drive significant accretion, whether we pay down debt, repurchase our shares, or make strategic acquisition.

我們將繼續利用自由現金流以平衡的方式部署資本，我們相信無論是償還債務、回購股票還是進行策略性收購，這都可以帶來顯著的成長。

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

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）

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks. Operator and good morning, everyone. Hope, you're doing well. Maybe my first question was just, you know, I wanted to ask about kind of the quarter and in the past from here, you know, maybe just to start, you both outlined a lot of great things that are going on across the, the portfolio.

謝謝。接線員，大家早安。希望，你過得很好。也許我的第一個問題只是，你知道，我想問一下這個季度的情況，從這裡開始，你知道，也許只是開始，你們都概述了整個行業正在發生的許多偉大的事情。

But when you think about the upside in the quarter, is there a way to parse out how much of that was the category coming in better versus maybe some of the actions and innovation you outlined? And then as we look ahead, you know, what's really embedded from, from a category perspective last quarter, I think it was or it seemed you more or less were anticipating what you saw in May was going to hold, can you maybe share, what's kind of embedded in the outlook today from a category standpoint?

但是，當您考慮本季的上行空間時，是否有一種方法可以分析出該類別中有多少是比您概述的一些行動和創新更好的？然後，當我們展望未來時，你知道，從上個季度的類別角度來看，真正嵌入的是什麼，我認為是或似乎你或多或少地預期你在5 月份看到的情況將會發生，你可以分享一下嗎？

Yeah. Hey, thanks Peter, great, great to hear from you. You know, so I would say overall, as we look at kind of the balance of the year and the impact of our performance versus the categories, there's, you know, there's a, there's a little bit of both, but I would say, as I highlighted in my remarks, I'm really pleased with some of the performance that we're seeing on some of our brands.

是的。嘿，謝謝彼得，太棒了，很高興收到你的來信。你知道，所以我想說，總的來說，當我們審視今年的平衡情況以及我們的表現對各個類別的影響時，你知道，兩者都有一點，但我想說，正如我在發言中強調的那樣，我對我們在某些​​品牌上看到的一些表現感到非常滿意。

You know, we've been hard at work, putting brand building frameworks in place. You know, really understanding our target consumer, putting the incremental investment behind the brands. You're seeing a lot of new products come out that, that I touched on today from the Hydro Flask travel bottle, the Rapid Brewer from OXO, big brew extensions that are performing well, Curlsmith, new products that are coming out.

你知道，我們一直在努力建立品牌建立框架。你知道，真正了解我們的目標消費者，對品牌進行增量投資。你會看到很多新產品問世，我今天談到了 Hydro Flask 旅行瓶、OXO 的 Rapid Brewer、表現良好的大型沖泡擴展、Curlsmith，以及即將問世的新產品。

So really across the portfolio, we've got a lot of new products and they're making an impact distribution gains or another. I talked about Hydro Flask performing and doing well in Costco. We continue to be really pleased with the performance of OXO and Walmart. And so, you know, I'm pleased that, you know, that we're seeing the results start to come through from the work we've been doing.

因此，實際上在整個產品組合中，我們有許多新產品，它們正在對分銷收益或其他方面產生影響。我談到了 Hydro Flask 在 Costco 的表現和表現。我們仍然對 OXO 和沃爾瑪的表現感到非常滿意。因此，我很高興我們看到我們一直在做的工作開始取得成果。

You know, across all of our portfolio category wise, you know, I would say it's a mixed bag, we play across a lot of categories. So we've got some categories where we still see a little bit of softness like a dry food storage, for example, some of flattened out like kitchen utensils, Thermometers, I mentioned my mark is flattened out a little bit of softness still in technical packs. I would say the outdoor kind of the core outdoor category is still a little bit soft, but we're holding share there, our leadership share and technical packs. So, you know, if I were going to attribute it to anything I'd say, you know, our performance is improving.

你知道，在我們所有的投資組合類別中，你知道，我想說這是一個混合體，我們涉及很多類別。因此，我們有一些類別，我們仍然看到一點柔軟性，例如乾食品儲存，例如，一些扁平化的廚房用具，溫度計，我提到我的標記被扁平化了一點柔軟性仍然在技術上包。我想說的是，核心戶外類別的戶外類別仍然有點軟，但我們在那裡佔有份額，我們的領導份額和技術包。所以，你知道，如果我要把它歸因於我所說的任何事情，你知道，我們的表現正在改善。

Nice with that Peter that in terms of assumptions for the remainder of the year, we do attempt to update our category view every quarter and we did do that, but I would say it was very similar to the view that we had, you know, last quarter. So, no, I'd say no major change being driven from category assumptions.

彼得很好，就今年剩餘時間的假設而言，我們確實嘗試每個季度更新我們的類別視圖，我們確實這樣做了，但我想說這與我們的觀點非常相似，你知道，上個季度。所以，不，我想說類別假設不會帶來重大改變。

Okay. That's, super helpful. And then just on the buyback and I apologize if I missed this. But just any thoughts on how you're thinking about timing, is this something you're looking to complete in a relatively short time frame here or is this more of a longer term program?

好的。那是，超有幫助。然後就是回購，如果我錯過了這一點，我深感抱歉。但是，關於您如何考慮時間安排的任何想法，這是您希望在相對較短的時間內完成的事情還是這更像是長期計劃？

No, I'd say there's no views on it really. This was really just good housekeeping of the board of refreshing our authorization because it had, it was expiring at the end of August. And so it was really a refresh of our authorization and getting it back to the level that, we kind of historically set them at and then we'll look to execute those as we see opportunities going forward. So, no burning views and really just good housekeeping.

不，我想說的是，對此確實沒有任何看法。這確實是董事會刷新我們授權的良好內務管理，因為它已經在八月底到期了。因此，這確實是我們授權的刷新，並將其恢復到我們歷史上設定的水平，然後我們將在看到未來機會時執行這些授權。所以，沒有灼熱的景色，而且真的只是很好的家事服務。

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

知道了。非常感謝。我會把它傳遞下去。

Thanks, Peter.

謝謝，彼得。

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 the implied outlook for the back half of the year. You know, given the Q2 be, it would imply that maybe the back half is slightly softer on sales and EPS, I just want to get a sense of whether, you know what's driving that or maybe it's just embedding more conservatism.

早安，感謝您提出我的問題。所以我只想回到今年下半年的隱含前景。你知道，考慮到第二季度，這意味著下半年的銷售和每股盈餘可能會稍微疲軟，我只是想了解一下，你知道是什麼推動了這一趨勢，或者可能只是嵌入了更多的保守主義。

Yeah, Rupesh, good to hear from you. So, you know, look, when we looked at quarter two, we saw less of a revenue impact from the Tennessee distribution center than we anticipated as Brian called out in his remarks. And you know, so that helps us in the quarter and, and then we, we didn't feel it was enough to flow through from there. That's really the difference, Brian, anything you want to add?

是的，Rupesh，很高興收到你的來信。所以，你知道，當我們看到第二季時，我們發現田納西州配送中心對收入的影響比我們預期的要小，正如布萊恩在演講中指出的那樣。你知道，這對我們這個季度有幫助，然後我們覺得這不足以從那裡流過。這確實是不同之處，布萊恩，你還有什麼要補充的嗎？

I would say we really exceeded the high end of our expectations by about $4 million and we had planned for approximately $5 million of disruption from the distribution center. So I would say all in, we kind of felt like it was more of a met expectations in that regard and really not enough for us to consider, you know, raising our guidance for the second half.

我想說，我們確實超出了我們預期的上限約 400 萬美元，而且我們原計劃對配送中心造成約 500 萬美元的中斷。所以我想說，總而言之，我們覺得這在這方面更滿足了預期，而且確實不足以讓我們考慮提高下半年的指導。

Great. And then maybe just my follow up question just as we look at the beauty category, clearly, it's gotten more competitive out there. Maybe some, you know, there's also some macro headlines with the consumer there. You know, what, what would you say are the key efforts to drive that category back to growth. And you know, how do you guys think about timing? Is this something that could take a few quarters to drive an improvement or just any more color there in terms of efforts and potential timing of a return in the beauty category?

偉大的。然後也許只是我的後續問題，就像我們審視美容類別一樣，顯然，它的競爭變得更加激烈。也許有些，你知道，還有一些與消費者有關的宏觀頭條新聞。你知道，你會說什麼是推動該類別恢復成長的關鍵努力。你們知道，你們如何看待時機？這是否需要幾個季度才能推動改善，或者只是在美容類別的努力和潛在回歸時機方面有更多的色彩？

Yeah, I would say in beauty, you know, a few things, one, you know, it started for me with really doing the foundational brand building framework, work that we did including that detailed quantitative category segmentation of consumers that we really understand who the consumers are, what our segments are and how do we position our portfolio of brands against those different consumer segments. And so that foundation, you know, we completed kind of at the start of the year and now the brands are using those frameworks and using all of that insight to, you know, to build their plans and kind of continue to move forward.

是的，我想說的是，在美容方面，你知道，有幾件事，一，你知道，對我來說，它從真正做基礎的品牌建立框架開始，我們所做的工作包括對消費者進行詳細的定量類別細分，我們真正了解誰是消費者消費者是誰，我們的細分市場是什麼，以及我們如何針對這些不同的消費者細分市場定位我們的品牌組合。因此，我們在今年年初就完成了這個基礎，現在各品牌正在使用這些框架並利用所有這些洞察力來製定他們的計劃並繼續前進。

We did bring in some new leadership in beauty and wellness for some fresh perspective. We've had a lot of meetings with some of our key retailers. So we're getting customer and buyer input on what they're seeing, what they're looking for. And I think you're already seeing some of the fruits of all that labor come, come into the market that I talked about today. Curlsmith, a real bright spot, you know, really pleased with how that's performing growing share in a growing, you know, a high growing category, a lot of new products that are really hitting the mark award and getting a lot of positive consumer feedback on Drybar, the liquids you know, are some of the liquid extensions are a bright spot like big brew that I commented on really hitting on that consumer insight of thinning hair with the power claim of 150% volume producing with big [brew].

我們確實在美容和健康領域引入了一些新的領導層，以帶來一些新的視角。我們與一些主要零售商進行了多次會議。因此，我們正在收集客戶和買家的意見，以了解他們所看到的、正在尋找的東西。我認為您已經看到了所有勞動成果的一些成果，進入了我今天談到的市場。 Curlsmith，一個真正的亮點，你知道，非常高興它在一個不斷增長的、你知道的、高增長的類別中表現出越來越大的份額，許多新產品確實達到了標準獎項，並獲得了很多積極的消費者反饋在Drybar 上，你知道的液體，有一些液體延伸物是一個亮點，比如大啤酒，我評論說，它真正擊中了消費者對稀疏頭髮的洞察力，聲稱大啤酒可以產生150% 的產量。

So that's standing out the Revlon Volumizer, we just, you know, launched some value reframing, which came directly from that brand building framework, you know, understanding that there's a group of consumers out there who are value seeking right now, right? They want that great song quality performance, but they don't want it to break the bank.

因此，Revlon Volumizer 脫穎而出，我們只是，你知道，推出了一些價值重構，這些價值重構直接來自品牌建立框架，你知道，了解現在有一群消費者正在尋求價值，對嗎？他們想要出色的歌曲品質表演，但又不想花太多錢。

So they're looking for a product like a Revlon on one step. It's still the, you know, Revlon the share leader in hot air stylers and, and that particular item still sells more three times more than the next largest competitor. So it's, you know, really putting our marketing out there so the consumer can choose us more often. So those will be the things that, that we continue to do. We've got some more innovation in the pipeline. I think, you know, there's something we're excited about towards the end of the year that will come out from a new product standpoint.

因此，他們正在尋找像露華濃這樣的一次性產品。你知道，露華濃仍然是熱風造型器市場份額的領導者，而且該產品的銷量仍然是第二大競爭對手的三倍。所以，你知道，我們確實在進行行銷，以便消費者可以更頻繁地選擇我們。因此，這些將是我們繼續做的事情。我們正在醞釀更多創新。我想，你知道，到今年年底，我們會從新產品的角度來看一些令人興奮的事情。

But those are going to be the steps, right? It's the marketing, it's the new products. It's positioning our brands in the marketplace with our retail partners effectively.

但這些就是步驟，對嗎？這是行銷，這是新產品。它與我們的零售合作夥伴一起有效地在市場上定位我們的品牌。

Great. Thank you for all the color and best of luck.

偉大的。感謝您提供的所有顏色，祝您好運。

Thanks for the question.

謝謝你的提問。

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券公司。

Good morning. Thanks for taking our questions. I wanted to kind of follow up on what you were just saying there. You've increased brand investment, but you've also increased investment in data and analytics capabilities.

早安.感謝您回答我們的問題。我想跟進一下你剛才所說的內容。您增加了品牌投資，但也增加了對數據和分析能力的投資。

Can you tell us what are the key learnings from this increased data and analytics so far? And what have you done? What have you changed in your processes or your, you know, outlook investment, etcetera as a result of the learnings from the data and analytics capabilities you now have.

您能否告訴我們，到目前為止，從增加的數據和分析中獲得的主要經驗是什麼？你做了什麼？由於從您現在擁有的數據和分析能力中學到的知識，您的流程或您的前景投資等發生了哪些變化。

Yeah, thanks Bob. You know, that's been a really big focus for me. I really felt that we will be better by using data and analytics to inform everything we do. And so it started with the foundational consumer segmentation and understanding in the brand building framework so that we're really clear going into our planning, who we're who we're looking to reach and who is sort of a, you know, high growth prospect consumer segment by brand.

是的，謝謝鮑伯。你知道，這對我來說是一個非常重要的焦點。我真的覺得透過使用數據和分析來告知我們所做的一切，我們會變得更好。因此，它從基本的消費者細分和對品牌建立框架的理解開始，這樣我們就可以非常清楚地進行規劃，我們想要接觸的人是誰，以及誰是一個，你知道的，高水平的人。

And then as we're allocating the incremental media that that project Pegasus helped generate, it's using that insight to, to go after the right target audience. And then we did a very robust first time ever marketing mix model that allows us to understand our return on ad spend across all the brands in our portfolio. But also importantly, every single tactic that we use.

然後，當我們指派 Pegasus 專案幫助產生的增量媒體時，它會利用這種洞察力來吸引正確的目標受眾。然後，我們首次建立了一個非常強大的行銷組合模型，使我們能夠了解我們投資組合中所有品牌的廣告支出回報。但同樣重要的是，我們使用的每一種策略。

So we're able to optimize our spend across the brand portfolio. But also importantly, across the tactics that we can look across upper and lower funnel and really optimize against that return on investment and the reach that we're looking to get. So it's really a completely new way of going to market for, for Helen of Troy, who we're talking to and then how we're measuring the impact of that spend.

因此，我們能夠優化整個品牌組合的支出。但同樣重要的是，我們可以在整個策略中審視上漏斗和下漏斗，並根據投資報酬率和我們希望獲得的覆蓋範圍真正進行最佳化。因此，對於特洛伊的海倫來說，這確實是一種全新的行銷方式，我們正在與她交談，然後我們如何衡量該支出的影響。

Okay, great. And then, you know, Brian, I think you touched on the shorter holiday season, I guess with later Thanksgiving and stuff, could you give us a sense of how the, you know, retail environment is setting up right now versus I guess expectations and versus prior years?

好的，太好了。然後，你知道，布萊恩，我想你談到了較短的假期季節，我想是感恩節晚些時候之類的事情，你能否讓我們了解一下，你知道的，零售環境現在是如何建立的，而不是我想的預期與往年相比？

Yeah, I mean, there is an expectation of a softer environment which I would say we, you know, kind of had for the remainder of the year before we, you know, really got to the holiday season. So I would say the expectations are more value oriented and maybe a little bit softer, but I feel like we had that embedded in our expectations already.

是的，我的意思是，人們期望有一個更溫和的環境，我想說，在我們真正進入假期之前，我們，你知道，在今年剩下的時間裡已經經歷了這種情況。所以我想說，期望更加以價值為導向，也許有點溫和，但我覺得我們已經將這一點嵌入了我們的期望中。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Bob.

謝謝，鮑伯。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great. Thanks. Good. Morning. You had mentioned that several quarter, several categories have been normalized. Now, for example, so can you talk about how, how do you expect that to manifest? Are you advertising more behind them? Is there more shelf space either in brick and mortar or more focused online on those categories?

偉大的。謝謝。好的。早晨。您剛才提到，幾個季度，幾個類別已經標準化。現在，例如，您能談談您希望如何體現這一點嗎？你在他們背後有做更多廣告嗎？實體店或網路上是否有更多的貨架空間或更專注於這些類別？

And how do we think about that in light of the more challenging macros, particularly as it relates to promotional levels in your key categories and whether retailers are going to be tighter on inventory near term?

鑑於更具挑戰性的宏觀因素，特別是與關鍵類別的促銷水平以及零售商近期是否會收緊庫存有關，我們如何看待這一點？

Yeah, thanks, Olivia, you know, I would say when it comes to the normalizing categories, those are really the ones that were impacted by COVID. So if you think about kitchen utensils, you know, we were still kind of continuing to see that category decline.

是的，謝謝，奧利維亞，你知道，我想說，當談到正常化類別時，這些確實是受到新冠病毒影響的類別。因此，如果您考慮廚房用具，您就會知道，我們仍然看到該類別繼續下降。

As, we were coming off of the COVID, you know, kind of the COVID surge of that particular product by now, I would say it's acting more normally on a go forward basis, a category like kitchen utensils and really a lot of OXO gets driven by new, new home formation. You know, back to school meal prep, holiday meal prep things, things like that, it becomes, you know, more of those normal activities I will say right now, you know, we're also impacted on OXO by eating in or dining out, you know, how consumers, you know, choose, choose to kind of spend their money that way.

因為，我們剛剛擺脫了新冠疫情的影響，你知道，現在該特定產品的新冠疫情激增，我想說，它在未來的基礎上表現得更加正常，像廚房用具這樣的類別，而且確實有很多OXO得到了由新的、新的家園形成所驅動。你知道，回到學校準備膳食，準備節日膳食，諸如此類的事情，它變成了，你知道，更多的正常活動，我現在要說的是，你知道，我們也通過在家裡吃飯或就餐而受到OXO 的影響你知道，消費者如何選擇、選擇以這種方式花錢。

So as consumers are being a little bit more, you know, diligent about how they're spending if they choose to eat out a bit less in the home more, that's a positive for a brand like OXO thermometer was another one, you know, that had a big normalization, air purifier, a big normalization, post, post COVID.

因此，隨著消費者變得更加謹慎，如果他們選擇在家裡少一點外出就餐，那麼這對像 OXO 溫度計這樣的品牌來說是一個積極的因素，你知道，有一個大的正常化，空氣淨化器，一個大的正常化，後，後新冠病毒。

So I think, you know, those you know, a couple of them are still normalizing, I would say air is still a little bit, a little bit normalization hasn't fully occurred yet similar on dry food storage. That's another one from a category standpoint, that's still normalizing. I think in terms of retail inventory, I mean, look, we don't see anything hugely unusual right now from a retail inventory standpoint, the thing that we see is the retailers who are maybe performing a little bit less well in the marketplace, are you using different techniques to manage their inventory, you know, quarter, so we've got a little bit less visibility than maybe we have in the past. They tend to manage it at a total store level versus category by category.

所以我認為，你知道，那些你知道的，其中一些仍在正常化，我想說空氣仍然有一點正常化還沒有完全發生，與乾食品儲存類似。從類別的角度來看，這是另一個問題，而且仍在正常化。我認為就零售庫存而言，我的意思是，從零售庫存的角度來看，我們現在沒有看到任何非常不尋常的事情，我們看到的是零售商在市場上的表現可能不太好，你是否使用不同的技術來管理他們的庫存，你知道，季度，所以我們的可見性比過去可能要低一些。他們傾向於在整個商店層級進行管理，而不是按類別進行管理。

And so those are things that we see from time to time that impact us, that can be a little bit surprising, but that otherwise I don't see a huge inventory issue in the retail marketplace right now.

因此，這些是我們不時看到的影響我們的事情，這可能有點令人驚訝，但除此之外，我目前在零售市場上並沒有看到巨大的庫存問題。

Got it. That's helpful. And then just thinking about you know, the guide and, and maybe you can help us understand sort of the building blocks to get from one end of the range to the other. Now that you are, you're at the halfway point of the year, likely you have some fairly reasonable visibility into holiday. Recognizing of course the shortened holiday period this, this year versus last year, but just any, you know, sort of building blocks around one end to the other. Thanks.

知道了。這很有幫助。然後想想你知道的，指南，也許你可以幫助我們理解從一端到另一端的建構模組。現在你已經到了一年中的一半，你可能對假期有一些相當合理的了解。當然，要認識到今年的假期時間比去年縮短了，但你知道，任何一種都是圍繞一端到另一端的構建模組。謝謝。

So you're talking about what would change between the high end and the low end of our guidance, Olivia.

所以你正在談論我們指導的高端和低端之間會發生什麼變化，奧利維亞。

Basically just trying to understand, you know, what, what the parameters are to get to the high end of the outlook versus the lower end of your outlook. Given that you presumably,

基本上只是想了解，你知道，達到前景的高端與前景的低端的參數是什麼。鑑於您大概，

You know what holiday looks like already and a couple of other things. (multiple speakers)

您已經知道假期是什麼樣子以及其他一些事情了。 （多個發言者）

Okay. That helps. Yeah, I would say that the building blocks on the high end of our guidance would be what we have clear line of sight to and as we've said before, we've taken a hard look at POS trends and tried to assume that the current trends not tried to assume that current trends would remain consistent throughout the remainder of the year. I would really say the big thing that would change from there would be POS trends declining.

好的。這有幫助。是的，我想說，我們指導的高端構建模組將是我們有清晰的視線，正如我們之前所說，我們已經仔細研究了 POS 趨勢，並試圖假設當前趨勢並未試圖假設當前趨勢在今年剩餘時間內保持一致。我真的想說，從此以後發生的重大變化將是 POS 趨勢下降。

So if POS trends were to decline from where they were, then that would be a factor that would put us more towards the lower end of the range, but that's really it. I would say we, we've not lean forward on opportunities that we didn't have line of sight on with respect to our end of our outlook.

因此，如果 POS 趨勢從原來的水平下降，那麼這將是一個使我們更接近該範圍低端的因素，但事實就是如此。我想說的是，就我們的前景而言，我們不會依賴那些我們沒有預見到的機會。

So that, there in the POS we've assumed current to trends. If they were slightly lower or lower, that could pull us down closer towards the lower end of the range. But that's really it because we haven't really made leaning forward assumptions with respect to the incremental building blocks such as distribution gains or new product innovation or even our return on investment from our market.

因此，我們在 POS 中假設了當前的趨勢。如果它們略低或更低，可能會將我們拉向該範圍的下限。但事實就是如此，因為我們還沒有真正對增量建構模組（例如分銷收益或新產品創新，甚至我們的市場投資回報）做出前瞻性假設。

We feel good about the data. We have to support that. And so we think that's a tangible building block. So I think it would really have to be a major change in trend or a major change in the macro environment.

我們對這些數據感覺良好。我們必須支持這一點。所以我們認為這是一個有形的構建塊。所以我認為這確實必須是趨勢的重大變化或宏觀環境的重大變化。

Noel, you want to add anything?

諾埃爾，你想補充什麼嗎？

No, I think that's right. And as we've said before, the biggest tangible building block in the back half is distribution followed by me would say some incremental innovation and then the marketing spend.

不，我認為這是對的。正如我們之前所說，後半部最大的有形構件是分銷，其次是一些增量創新，然後是行銷支出。

Got it. Thank you so much.

知道了。太感謝了。

Linda Bolton Weiser, D.A.Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Well, thank you. So I think originally if we go back to the original expectations about the cadence of growth or decline or whatever the original I guess idea was that you had gained a lot of distribution in the second half of 2024 and that benefit would carry on into the first half.

嗯，謝謝。因此，我認為，如果我們回到最初對成長或下降節奏的預期，或者無論最初的想法是什麼，我想你在 2024 年下半年獲得了大量分配，並且這種好處將持續到上半年一半。

Is there any way to quantify, you know, despite all this other noise that occurred from the DC integrate implementation, is there any way to quantify that distribution benefit in the first half of your fiscal? And then is the distribution benefit in the second half kind of going to be bigger or smaller than what you've already had? If you can understand what I'm asking? Thank you.

有沒有什麼方法可以量化，儘管 DC 整合實施中出現了所有其他噪音，有沒有什麼方法可以量化上半財年的分配效益？那麼下半年的分配效益會比你已經擁有的更大還是更小？如果你能明白我在問什麼？謝謝。

Yeah, just to answer the second question, first, the distribution gains we are getting in the second half of this year should be bigger than the carry forward gains from the prior year that impacted the first half of this year. So, we have, we have secured incrementally more distribution, I would say that will apply new distribution that will apply to fiscal year '25 than we had secured in fiscal year '24. And, we haven't really sized it.

是的，只是回答第二個問題，首先，我們今年下半年獲得的分配收益應該大於影響今年上半年的上一年的結轉收益。因此，我們已經獲得了越來越多的分配，我想說，這將應用新的分配，該分配將適用於 25 財年，而不是我們在 24 財年所獲得的分配。而且，我們還沒有真正確定它的大小。

So II, I would not, you know, be comfortable giving that right now. We, we haven't really sized it publicly and, and so, you know, we have talked about the dimensionality of the new distribution that we have for fiscal year '25 but with, with respect to '24 and its carryover impact on fiscal '25 we haven't really disclosed that.

所以，你知道，我現在不願意透露這一點。我們，我們還沒有真正公開地確定其規模，所以，你知道，我們已經討論了 25 財年新分配的維度，但是，關於 24 財年及其對財政的結轉影響'25 我們還沒有真正透露這一點。

But, I will tell you that the fiscal '25 games are bigger than fiscal '24.

但是，我會告訴你，25 財年的比賽比 24 財年的比賽規模更大。

Okay. Thank you. That's helpful. And then, I was just curious about in our store checks. When we checked at the Ulta within target, you know, it's sort of a limited selection of brands. It's not a huge array like a regular store, but we did notice that your driver in your Curlsmith had very nice shelf space there.

好的。謝謝。這很有幫助。然後，我只是對我們商店的檢查感到好奇。當我們檢查目標內的 Ulta 時，您知道，這是一個有限的品牌選擇。它不像普通商店那樣有很大的陣列，但我們確實注意到你的 Curlsmith 司機那裡有非常好的貨架空間。

So, can you talk about that? And is that like a benefit to the whole growth rate? I mean, does it move the needle at all or just can you talk about sort of that positioning within Ulta and target? Thanks.

那麼，你能談談這個嗎？這對整體成長率有好處嗎？我的意思是，它是否有任何改變，或者你能談談 Ulta 和 Target 中的那種定位嗎？謝謝。

Yeah, thanks Linda. You know, I would say, you know, look, I'm physical availability. So having our brands is, is widely available in front of as many shoppers as possible, is a benefit in my view. And so I think you know, the Ulta and Target helps to do that. It brings some of our, you know, premium prestige liquids like Curlsmith and, and Drybar, even in the limited assortment that's there, as you mentioned.

是的，謝謝琳達。你知道，我會說，你知道，看，我有空。因此，在我看來，擁有我們的品牌，在盡可能多的購物者面前廣泛使用，是一種好處。所以我想你知道，Ulta 和 Target 有助於做到這一點。它帶來了我們的一些優質液體，如 Curlsmith 和 Drybar，即使種類有限，正如您所提到的。

I see it as a positive thing. You know, there's just, there's a lot of people, a lot of football going through target. And so having that store within a store there and being part of that assortment is a positive. You know whether or not it's a needle mover. You know, I don't know that we break it out in a way to be able to see specifically that, you know, what's coming from, one versus the other.

我認為這是一件正面的事情。你知道，有很多人、很多足球都在射門。因此，在商店內開設該商店並成為該品種的一部分是一件積極的事情。你知道它是否是一個針動器。你知道，我不知道我們以一種方式來分解它，以便能夠具體地看到，你知道，一個與另一個的對比來自什麼。

It's all, it's all for us. But, I just subjectively would say, you know, I think it's a, it's a great thing for our brand and it allows, you know, a brand like Curlsmith to be in, in front of shoppers at, at target within that store, within store. So all positive from my perspective and similarly the Sephora and KOHL, you know, it's a similar idea.

這一切，這一切都是為了我們。但是，我只是主觀地說，你知道，我認為這對我們的品牌來說是一件很棒的事情，它允許像 Curlsmith 這樣的品牌出現在商店內的購物者面前，店內。因此，從我的角度來看，所有這些都是積極的，絲芙蘭和 KOHL 也同樣如此，你知道，這是一個相似的想法。

Thank you.

謝謝。

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Hi, thanks for taking my question. I was wondering if maybe you can give some thoughts, just kind of going into the holiday season. How you're expecting consumer spending? Do you expect them to, you know, do you expect it to be similar to what we saw all year on spend on discretionary items? And then also maybe if you could just talk about the promotional cadence year over year that you're expecting and just how you're planning for the season. Thanks.

您好，感謝您提出我的問題。我想知道你是否可以給出一些想法，就像進入假期一樣。您對消費者支出有何預期？你是否期望他們，你知道，你是否期望它與我們全年在可自由支配項目上的支出類似？然後也許你可以談談你所期望的逐年促銷節奏以及你如何計劃這個季節。謝謝。

Yeah, thanks, Susan. You know, I would say in general on holidays we talked about there was, you know, one last week, I think, you know, prime days are happening kind of right now. So I think that's going to give us some indication. It's a little bit of a run up to the holidays to see, you know, where consumers are leaning in and what they're, what they're looking at, you know, I, you know, continue to think of everything we hear is the consumer balance sheet continues to be challenged and so I think consumers are spending but they're being choosy on where and how they, they spend their money and I think it will be similar in the holiday season.

是的，謝謝，蘇珊。你知道，我想說，一般來說，在我們討論過的假期裡，你知道，上週就有一次，我想，你知道，黃金日現在正在發生。所以我認為這會給我們一些指示。距離假期還有一段時間，你知道，消費者在哪裡，他們在看什麼，你知道，我，你知道，繼續思考我們聽到的一切消費者的資產負債表繼續受到挑戰，所以我認為消費者正在消費，但他們對花錢的地點和方式很挑剔，我認為假期期間的情況也會類似。

They're going to, you know, look for, you know, items that, that really meet a specific need or items that they, you know, really think will bring, you know, delight to, you know, to who they're giving the gifts to. And so that, I think that kind of macro sentiment is going to carry over into the holiday. I think promotion wise again, consumers are looking for value.

他們會尋找真正滿足特定需求的物品，或者他們真正認為會給他們帶來快樂的物品。因此，我認為這種宏觀情緒將延續到假期。我認為促銷再次明智，消費者正在尋找價值。

What I really see is where consumers are shopping. So, you know, you're seeing customers and retailers like Walmart, Costco doing really well and those are the retailers that consumers think of when they think I'm getting a good value when I'm shopping in those places or they're interested in events like prime day and things like that. When it comes to our promotional planning, you know, we have promotional plans for all of our brands across the year kind of coming into the year.

我真正看到的是消費者在哪裡購物。所以，你知道，你會看到像沃爾瑪、好市多這樣的顧客和零售商做得非常好，當消費者認為我在這些地方購物時物有所值時，他們就會想到這些零售商，或者他們對黃金日之類的活動感興趣。當談到我們的促銷計劃時，你知道，我們為所有品牌制定了全年的促銷計劃。

And those key temp pole events and those key windows are things that we will continue to support I don't see us doing, doing anything dramatically different in terms of depth of discount. You know, I would say, for example, the prime days right now, our breadth of assortment is a little bit broader than what we've done in the past.

那些關鍵的臨時桿事件和那些關鍵的窗口是我們將繼續支持的事情，我不認為我們在做任何在折扣深度方面有顯著不同的事情。你知道，我會說，例如，在現在的黃金時期，我們的品種範圍比我們過去所做的要廣泛一些。

So Osprey is participating for the first time, but a lot of that, is it more because Osprey is diversifying into adjacent categories like the day pack, the everyday lifestyle packs. And so we've got items that make sense to participate there and it's an important temple even.

Osprey 是第一次參加，但很大程度上是因為 Osprey 正在向鄰近的類別多元化，例如日用包、日常生活包。所以我們有一些值得參與的項目，而且它甚至是一座重要的寺廟。

So I see us you know, continuing to look at you know, as our brands expand into these categories where, are there opportunities to participate in 10 full events? But I don't see us doing major depth discounts. You know, in light of, of where the consumer is right now.

所以我看到我們，你知道，繼續關注你知道，隨著我們的品牌擴展到這些類別，有機會參加 10 個完整的活動嗎？但我不認為我們會進行大幅折扣。根據消費者現在的情況，你就知道了。

Okay, great. That was very helpful. Maybe if I could just add one more, If you could talk about the cadence of gross margin, I guess between the third and fourth quarter in the back half. Are you expecting any differences there? Maybe you could just talk about the puts and takes also versus the first half. Thanks.

好的，太好了。這非常有幫助。也許我可以再補充一點，如果你能談談毛利率的節奏，我猜是在後半段的第三季和第四季之間。您期待那裡有任何差異嗎？也許你可以只談談上半場的看跌期權和拿跌期權。謝謝。

Yeah, I would say just if you compared Q2, our growth margin was below our expectations and there were a couple of, you know, things going on there that we wouldn't necessarily expect to repeat like year over year inventory obsolescence. And then a little bit of margin compression that we did see in Q2 because we launched a Costco, we had lower DTC, which I think is going to normalize and, and then we had a little bit higher, close out. So those all weigh in the March on the margin.

是的，我想說的是，如果你比較第二季度，我們的成長率低於我們的預期，而且有一些我們不一定會重複的事情，例如逐年庫存過時。然後，我們在第二季度確實看到了一點利潤壓縮，因為我們推出了 Costco，我們的 DTC 較低，我認為這將正常化，然後我們的利潤稍微高一點，平倉。因此，這些因素都對三月的影響微乎其微。

But I expect that to normalize and get back more towards a prior year and maybe slightly above prior year in the second half. And sorry, what was the second question?

但我預計這種情況會正常化，並在下半年恢復到去年的水平，甚至可能略高於去年。抱歉，第二個問題是什麼？

And that was, well, I guess just the difference between the first half and then the third and fourth quarter as well.

我想這就是上半場、第三節和第四節之間的差別。

Okay. Yeah, I'd say third and fourth quarter are very similar and both pretty consistent with prior year, maybe slightly above.

好的。是的，我想說第三季和第四季非常相似，而且都與去年同期非常一致，甚至略高於去年。

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。

Thank you

謝謝

Thank you, ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to management for any final comments.

謝謝女士們先生們，我們的問答環節到此結束。我將把最後的意見轉回給管理階層。

Thank you all for joining us today as we share the significant progress we are making to reset and revitalize our business this fiscal year. We believe we're taking the right steps on the path to sustainable long term topline growth and we really look forward to updating you all on our progress in future calls. Thanks so much.

感謝大家今天加入我們，與我們分享本財年我們在重置和振興業務方面所取得的重大進展。我們相信，我們正在採取正確的步驟，實現可持續的長期營收成長，我們真誠地期待在未來的電話會議中向大家通報我們的最新進展。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。