Helen of Troy Ltd (HELE) 2025 Q3 法說會逐字稿

Greetings.

問候。

Welcome to Helen of Troy Limited third-quarter 2025 earnings call.

歡迎參加 Helen of Troy Limited 2025 年第三季財報電話會議。

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

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Sabrina McKee, Senior Vice President of Business Development and Investor Relations.

現在我很高興介紹業務發展和投資者關係高級副總裁薩布麗娜·麥基 (Sabrina McKee)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝您，接線生。

Good morning, everyone.

大家早安。

Happy new year and welcome to Helen of Troy's third-quarter fiscal 2025 earnings conference.

新年快樂，歡迎參加特洛伊海倫 2025 財年第三季財報會議。

Call the agenda for the call this morning is as follows.

今天上午的電話會議議程如下。

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.

我將首先簡要討論前瞻性陳述，公司執行長 Noel Geoffroy 女士將對業務表現發表評論，然後對當前趨勢提供一些觀點。

Then, Mr. Brian Grass, the company's CFO, will review the financials in more detail and discuss our outlook.

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的前景。

Following this, we will open up the call for Q&A.

接下來，我們將開始問答環節。

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.

本次電話會議可能包含某些前瞻性陳述，這些陳述是基於管理層對未來事件或財務表現的當前預期。

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

一般來說，預期、相信、期望和其他類似的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 to differ materially from the actual results.

前瞻性陳述受多種風險和不確定因素的影響，這些風險和不確定因素可能導致預期結果與實際結果有重大差異。

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

本次電話會議也可能包含被視為非 GAAP 財務資訊的資訊。

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

這些非公認會計準則指標不能取代公認會計準則財務信息，並且可能與其他方披露的非公認會計準則財務信息的計算方式不同。

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

該公司提醒聽眾不要過度依賴前瞻性陳述或非 GAAP 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，我想通知所有感興趣的各方，今天的收益報告和相關投資組合的副本已經發佈在公司網站 www.helenoftroy.com 上，您可以通過導航到網站的投資者關係部分或滾動到主頁底部找到它。

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

收益報告包含非 GAAP 財務指標與相應的 GAAP 指標的調整表。

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

現在我將電話會議轉給 Geoffroy 女士。

Thank you, Sabrina.

謝謝你，薩布麗娜。

Happy new year, everyone, and thank you for joining us today.

大家新年快樂，感謝大家今天的參與。

We are pleased with our third-quarter results that are within the outlook range we provided in October, despite continued cautious consumer spending on discretionary purchases and a week's cough, cold, and flu season globally.

儘管消費者在可自由支配的支出上繼續保持謹慎，且全球正處於一周的咳嗽、感冒和流感季節，但我們對第三季度的業績感到滿意，該業績仍在我們十月份給出的預期範圍內。

We are also pleased that our tenancy distribution facility is running as designed, handling the volume of our heaviest quarter well.

我們也很高興我們的租賃分配設施按設計運行，很好地處理了我們最繁忙的季度的運輸量。

We continue to anticipate we will achieve our forecasted labor efficiencies by fiscal year end.

我們繼續預計我們將在財政年度結束時實現預測的勞動效率。

We also made further progress during the quarter on our fiscal '25 efforts to reset and revitalize our brands with improved results particularly in our home and outdoor portfolio.

本季度，我們也在重塑和振興品牌的努力中取得了進一步的進展，特別是在家居和戶外產品組合方面取得了更好的業績。

Project Pegasus remains on track with lower year over year product and commodity costs having a positive impact on our gross profit margin and providing critical fuel for reinvestment in our brands and business.

飛馬計畫 (Project Pegasus) 進展順利，產品和商品成本同比下降，對我們的毛利率產生了積極影響，並為我們品牌和業務的再投資提供了關鍵動力。

We also see continued progress on our long-term strategic initiatives.

我們也看到我們的長期策略舉措不斷取得進展。

As you may recall, one of those strategic priorities was the formation of the North American Regional Market Organization or NARMO, which in addition to our international RMO, is intended to make our brands more available where the shoppers shop through incremental distribution gains.

您可能還記得，其中一個策略重點是組成北美區域市場組織（NARMO），除了我們的國際 RMO 之外，該組織還旨在透過增量分銷收益讓我們的品牌在購物者購物的地方更容易買到。

During the quarter, we continued to benefit from the meaningful net distribution games won in the first half of fiscal '25 and further expanded distribution in the third quarter.

在本季度，我們繼續受益於 25 財年上半年贏得的有意義的淨分銷遊戲，並在第三季度進一步擴大分銷。

Fiscal year-to-date, we have grown our US weighted distribution by 11% year over year.

本財年迄今為止，我們的美國加權分佈年增了 11%。

We have also gained a meaningful distribution internationally through a combination of new channels and new distributor partnerships.

我們也透過新通路和新經銷商合作關係的結合，在國際上獲得了有意義的分銷。

Another strategic initiative we have made progress on is use of data and analytics across all facets of our business.

我們取得進展的另一項策略舉措是將數據和分析運用到我們業務的各個方面。

For example, we continue to use our marketing mix modeling data to prioritize investment opportunities across our brand portfolio, and also to select the marketing tactics where we see the best ROI potential.

例如，我們繼續使用我們的行銷組合模型數據，對我們的品牌組合中的投資機會進行優先排序，並選擇我們認為具有最佳投資報酬率潛力的行銷策略。

These efforts contributed to market share growth in multiple categories, with seven of our key categories growing or maintaining share this fiscal year through November in our US measured channels and improved POS and share across multiple markets internationally.

這些努力促進了多個類別的市佔率成長，截至本財年 11 月，在我們美國測量通路中，我們的七個關鍵品類的份額增長或保持不變，並提高了國際多個市場的 POS 和份額。

Another important long-term strategic initiative is to refine and shape our portfolio with a focus on maximizing profitable growth.

另一個重要的長期策略舉措是完善和塑造我們的產品組合，重點在於實現獲利成長最大化。

Subsequent to the end of the third quarter, we announced the closing of our acquisition of Olive & June.

第三季結束後，我們宣布完成對 Olive＆June 的收購。

We are very excited to add Olive & June to our portfolio of leading brands and to welcome its passionate associates and visionary leadership team to the Helen of Troy family.

我們非常高興將 Olive & June 納入我們的領先品牌組合，並歡迎其熱情的員工和富有遠見的領導團隊加入 Helen of Troy 大家庭。

Olive & June is an excellent fit with our goal of continuing better together M&A, both strategically and financially.

Olive & June 與我們繼續在策略和財務上更好地進行併購的目標非常契合。

The brand complements our existing beauty portfolio and broadens up beyond the hair category, adding a high-growth and high-margin consumables business that is immediately accretive to Helen of Troy.

該品牌是我們現有美容產品組合的補充，拓展了美髮類別以外的業務，增加了高成長、高利潤的消費品業務，可立即為 Helen of Troy 帶來增值收益。

Olive & June's innovative driven performance, highly relevant vision of democratizing nail care for everyone, award-winning products, and unique consumer engagement model are impressive and inspiring.

Olive & June 的創新驅動表現、讓每個人都能享受指甲護理的高度相關願景、屢獲殊榮的產品和獨特的消費者參與模式令人印象深刻且鼓舞人心。

Most recently, they were awarded Beauty Inc.'s 2024 Breakthrough Brand in Mass, and they introduced a new gel polish platform in the third quarter that is outperforming expectations.

最近，他們被 Beauty Inc. 評為馬薩諸塞州 2024 年突破品牌，並在第三季度推出了新的凝膠拋光平台，表現超乎預期。

As we mentioned previously, the Olive & June management team and associates will continue to drive both the strategy and operation of the business, working with the support of Helen Troy's leadership to fully realize the brand's potential.

正如我們之前提到的，Olive＆June 管理團隊和員工將繼續推動業務策略和運營，在 Helen Troy 領導層的支持下充分發揮品牌的潛力。

We see significant growth potential in Olive & June as the team continues to build on the brand's strength in consumer obsession and break through commercial and product innovation, in addition to leveraging Helen of Troy capabilities to help expand availability with increased distribution.

我們看到 Olive＆June 具有巨大的成長潛力，因為該團隊繼續鞏固該品牌在消費者癡迷方面的實力並在商業和產品創新方面取得突破，此外還利用 Helen of Troy 的能力來幫助擴大分銷範圍並擴大可用性。

We will continue to consistently evaluate our brand portfolio and remain disciplined in our approach to shaping it through both acquisitions and potential divestiture to position the company for long-term success and growth.

我們將繼續持續評估我們的品牌組合，並透過收購和潛在的資產剝離來嚴格塑造它，從而使公司長期成功和成長。

With acquisitions, we will continue to look for brands that have strong global growth potential, are financially accretive, and meet our better together criteria.

透過收購，我們將繼續尋找具有強勁全球成長潛力、具有財務增值能力並符合我們更好共同標準的品牌。

Now, it's turned to third-quarter performance across our portfolio.

現在，焦點轉向我們投資組合的第三季業績。

Home & Outdoor performed very well with growth in all three brands.

家居和戶外用品表現十分出色，三個品牌都實現成長。

In Wellness, Braun and Vicks remain leaders in their respective categories even as those categories have been impacted by a weak cough, cold and flu season.

在健康領域，博朗和維克斯仍然在各自的類別中處於領先地位，儘管這些類別受到了咳嗽、感冒和流感季節的影響。

In Beauty, we know there is more work to be done, but we did make further progress with focused actions to improve the fundamentals of the beauty business and its brands.

在美容領域，我們知道還有很多工作要做，但我們確實透過集中行動改善美容業務及其品牌的基本面，取得了進一步的進展。

International was again a highlight of the quarter, with sales growth of 7.5%, primarily driven by strength in Home & Outdoor.

國際業務再次成為本季的一大亮點，銷售額成長 7.5%，主要得益於家居和戶外業務的強勁成長。

Starting with Home & Outdoor.

從家居和戶外開始。

For OXO, growth was driven by distribution gains and continued shelf productivity at Walmart as well as higher international sales, driven by growth in EMEA and LatAm.

對於 OXO 而言，成長主要得益於沃爾瑪的分銷收益和持續的貨架生產率，以及國際銷售額的增加（受歐洲、中東和非洲地區以及拉丁美洲增長的推動）。

In October, OXO expansion at Walmart continued across kitchen and organization, notably with the introduction of our pop food storage line in over 2,000 Walmart stores.

10 月份，沃爾瑪的 OXO 業務繼續在廚房和組織領域擴張，尤其是在 2,000 多家沃爾瑪商店推出了我們的流行食品儲藏系列。

In November, OXO tot began an approximately 350 store tests at Walmart.

11 月，OXO tot 開始在沃爾瑪進行約 350 家商店測試。

It's early days, but we are seeing positive momentum and are excited at this expansion opportunity for our well-regarded top line.

雖然還為時過早，但我們看到了積極的勢頭，並對我們備受推崇的營收成長機會感到興奮。

OXO continued strong Walmart sales momentum into the holidays with significant sales growth versus the same period a year ago, driven by continued brand momentum and the expanded distribution.

OXO 延續了沃爾瑪在假期期間的強勁銷售勢頭，受品牌持續成長和分銷管道擴大的推動，銷售額與去年同期相比大幅增長。

OXO also gained additional distribution in the grocery channel.

OXO 在雜貨通路也獲得了額外的分銷。

In the US, OXO continues to grow its leading market share fiscal year-to-date in its key categories, including kitchen utensils, where the categories have normalized post-COVID and post retailer shifts from specialty to mass, and dry food storage where the category has been hindered by consumers' cautious spending.

在美國，OXO 財年迄今在其主要類別中繼續擴大其領先的市場份額，包括廚房用具，在疫情爆發和零售商從專業向大眾轉變後，這些類別已經恢復正常，而乾糧儲存類別則因消費者謹慎支出而受到阻礙。

As mentioned last quarter, we recently launched our OXO Brew Rapid Brewer coffee maker, building on the strength of our coffee line and offering a portable options for great tasting hot coffee or cold brew concentrate in less than five minutes.

正如上個季度所提到的，我們最近推出了 OXO Brew Rapid Brewer 咖啡機，增強了我們咖啡系列的優勢，並提供了便攜式選擇，可在不到五分鐘的時間內製作出美味的熱咖啡或冷萃濃縮咖啡。

The rapid brewer is performing very well with strong POS and was recently the number-one new release in coffee machines on Amazon during the important Thanksgiving shopping week.

這款快速沖泡機憑藉強大的 POS 表現非常出色，最近在重要的感恩節購物週期間成為亞馬遜咖啡機新品中的第一名。

We received exciting ERM social media coverage as award-winning and highly respected coffee influencer and barista, Morgan Eckroth, posted a favorable and informative video review of the OXO Brew Rapid Brewer on their YouTube channel amassed a strong engagement.

我們獲得了令人興奮的 ERM 社交媒體報道，因為屢獲殊榮且備受尊敬的咖啡影響者和咖啡師 Morgan Eckroth 在其 YouTube 頻道上發布了對 OXO Brew Rapid Brewer 的有利且內容豐富的視頻評論，獲得了強烈關注。

OXO also continues to serve the consumer and trend right ways with the introduction of ceramic coated metal bakeware in November, just ahead of Thanksgiving.

OXO 也繼續為消費者服務並引領潮流，於 11 月感恩節前夕推出了陶瓷塗層金屬烤盤。

Turning to Hydro Flask.

轉向 Hydro Flask。

We are pleased with the brand's positive momentum during the quarter, reflecting our focus on revitalizing the brand through innovation, distribution, and marketing.

我們對該品牌在本季度的積極勢頭感到滿意，這反映了我們致力於透過創新、分銷和行銷來振興品牌的重點。

Growth in the quarter was driven by initial distribution gains at target and a new essential hydration tumbler and bottle set offering at Costco.

本季的成長主要得益於目標公司的初始分銷收益以及 Costco 推出的全新基本補水杯和水瓶套裝。

International sales were also strong fueled by distribution expansion in EMEA, APAC, and LatAm as we continue to leverage opportunities to drive off both Osprey and OXO's strength and create stronger distributor partnerships.

由於我們繼續利用機會推動 Osprey 和 OXO 的實力並建立更強大的分銷商合作夥伴關係，國際銷售也因歐洲、中東和非洲 (EMEA)、亞太地區和拉丁美洲地區的分銷擴張而強勁增長。

Hydro class e-commerce overdelivered driven by stronger than forecasted POS that lifted post Labor Day replenishment and stronger-than-forecasted performance on Prime Day with Hydro Flask achieving the number-one best seller ranking within water bottles during the event.

Hydro 類電子商務超額交付，這得益於強於預期的 POS，這提升了勞動節後的補貨量，並且在 Prime Day 上的表現強於預期，Hydro Flask 在活動期間在水瓶類中取得了第一名的暢銷排名。

Hydro Flask continues to win additional shelf space with more permanent placement in both the housewares and sporting goods section at Target early in the fourth quarter and is extending this pattern in Canada.

在第四季初，Hydro Flask 繼續在 Target 的家庭用品和體育用品區以更永久的位置贏得額外的貨架空間，並且正在加拿大延續這種模式。

The brand also continues to drive engagement through relevant social media content, highlighting its popular seasonal offerings for the holidays, such as festive colorways, gift swaps, and personalization options and the sponsorship of the Charli XCX Sweat tour.

該品牌也繼續透過相關的社交媒體內容來推動參與度，重點推出其受歡迎的節日季節性產品，如節日配色、禮品交換和個性化選擇以及對 Charli XCX Sweat 巡演的贊助。

We also took the opportunity to remind our consumers of Hydro Flask's long-standing commitments to provide them with top-quality products supported by, for example, the rigorous testing of our three leak-proof lids.

我們也藉此機會提醒我們的消費者，Hydro Flask 長期以來致力於為他們提供最優質的產品，例如對我們的三個防漏蓋進行嚴格的測試。

The Flex Sip Lid, the Flex Straw Cap, and Chug Cap that fit across our various bottles and tumblers.

Flex Sip Lid、Flex Straw Cap 和 Chug Cap 適用於我們的各種瓶子和玻璃杯。

Osprey continues its momentum in everyday pack.

Osprey 在日常背包中繼續保持其強勁勢頭。

The Daylite fall 2024 travel launch has been very successful, help them drive a double-digit sales increase for the Daylite.

Daylite 2024 年秋季旅遊發表會非常成功，幫助他們推動 Daylite 的銷售額達到兩位數成長。

The Daylite expandable travel pack has been a top online seller since launch and is receiving strong Amazon reviews.

Daylite 可擴充旅行包自推出以來一直是網路暢銷產品，並獲得了亞馬遜的強烈評價。

The brand also did well internationally with growth across all regions.

該品牌在國際上也表現良好，所有地區均實現成長。

We were honored that Osprey was included in Fast Company's list of Brands that Matter 2024 for the brand's commitment to sustainability through its use of recycled content in the main body fabric of 98% of its textile products, connecting people of all sizes with the outdoors with its extended fit collection, and for the brand's support of local communities.

我們很榮幸 Osprey 被列入 Fast Company 的“2024 年重要品牌”榜單，這是因為該品牌致力於可持續發展，在其 98% 的紡織產品主體面料中使用再生材料，以其擴展的合身系列將各種體型的人與戶外活動聯繫起來，並且該品牌還支持當地社區。

During the quarter, we also successfully integrated Osprey into our ERP system and our distribution network in the US and Europe.

本季度，我們也成功將 Osprey 整合到我們的 ERP 系統以及美國和歐洲的分銷網絡中。

I am pleased to share that we went live with its integration with a minimal issue and have been successfully shipping our Osprey B2B and direct-to-consumer business from these facilities.

我很高興地告訴大家，我們在整合過程中只遇到了很少的問題，並且成功地從這些設施運送了我們的 Osprey B2B 和直接面向消費者的業務。

This is an example of our focus on elevating our operational discipline.

這是我們注重提升營運紀律的例子。

I am pleased with the team's strong planning and execution of this important integration.

我對團隊對此次重要整合的強大規劃和執行感到非常滿意。

Now turning to Beauty & Wellness.

現在轉向美容與健康。

For Beauty, many of the key trends we spoke about last quarter continued in the third quarter with POS softness across our portfolio.

對於美容產品而言，我們在上個季度談到的許多主要趨勢在第三季度繼續延續，我們整個產品組合的 POS 均呈現疲軟狀態。

Looking at the categories, overall growth for both hair appliances and hair liquids is moderating.

從類別來看，美髮用具和美髮液的整體成長都在放緩。

In hair appliances, we continue to see a bifurcation with demand stronger for high end of clients at the price points above $100.

在美髮用具方面，我們繼續看到分化的趨勢：價格在 100 美元以上的高端客戶需求更為強勁。

Despite category softness in the below-100 price point appliances, Revlon gained momentum at mass and online, reflecting our value reframing and strong activations for holiday.

儘管 100 美元以下價位家電產品類別表現疲軟，但露華濃在大眾市場和線上管道均獲得了發展勢頭，這反映了我們的價值重塑和假期市場的強勁激活。

The Revlon holiday pallet in Walmart from early October through December each are the volumizer and root booster and drove significant year-on-year growth.

從 10 月初到 12 月，沃爾瑪的露華濃假日托盤分別作為豐髮劑和髮根增強劑，推動了同比顯著增長。

The Revlon volumizer remains the number-one selling item in units within the hair plants category.

露華濃 (Revlon) 豐盈劑在植髮產品類別中仍是銷售第一的產品。

Drybar launched three new holiday kits and the new triple shop interchangeable blow dry brush, which continues to climb in sales and cost clarity of Amazon and Sephora as one of the brand's top tool SKUs.

Drybar 推出了三款全新假日套裝和新款三重可互換吹風刷，作為該品牌最熱門的工具 SKU 之一，其銷量和亞馬遜和絲芙蘭的價格透明度持續攀升。

Looking forward, we believe we have some promising innovation on the appliance side to help bring some news and momentum back to this brand.

展望未來，我們相信我們在設備方面有一些有前景的創新，有助於為該品牌帶來一些新聞和動力。

Curlsmith is benefiting from our incremental growth investments across both innovation and marketing.

Curlsmith 受益於我們在創新和行銷方面的增量成長投資。

At the beginning of the quarter, we launched Shake & Shine, a revolutionary pro-refreshing mist that is ideal for extending your wash day look.

本季初，我們推出了 Shake & Shine，這是一款革命性的清爽噴霧，非常適合延長您洗完頭後的造型。

It has quickly become one of Curlsmith's top-selling products.

它很快就成為 Curlsmith 最暢銷的產品之一。

Our data-driven marketing insight tells us that the awareness campaigns we ran ahead of Black Friday had their intended impact.

我們的數據驅動行銷洞察告訴我們，我們在黑色星期五之前所進行的宣傳活動已經達到了預期的效果。

DTC was up significantly, and we saw the biggest lift in new consumers to the brand that we have seen in the last year.

DTC 大幅成長，我們發現該品牌的新消費者數量出現了去年以來的最大增幅。

Curlsmith's consumer retention is a strength driven by product efficacy and instructional content.

Curlsmith 的消費者保留率源自於產品效能和指導內容。

We are excited to see our increased focus on top-of-funnel marketing bearing fruit to increase brand awareness.

我們很高興看到，我們對漏斗頂端行銷的日益關注已經取得成效，提高了品牌知名度。

Turning to our wellness business.

談談我們的健康業務。

As discussed last quarter, we gained new or expanded distribution on Braun Thermometers at CVS, Costco, and Walmart, which are all contributing to positive POS trends for the brand.

正如上個季度所討論的那樣，我們在 CVS、Costco 和沃爾瑪獲得了新的或擴大的博朗溫度計分銷管道，這些都為該品牌的 POS 趨勢帶來了積極的推動作用。

Offsetting this has been a weak cough, cold, and flu season.

與此相反的是，咳嗽、感冒和流感季節較弱。

Data indicates that through November, US illness rates are down, below the slow start we saw same time last year and at the lowest level in the past eight years, excluding the COVID anomaly year of 2020 to 2021.

數據顯示，截至 11 月，美國的發病率有所下降，低於去年同期的緩慢開局，並且處於過去八年來的最低水平（不包括 2020 年至 2021 年的新冠異常年）。

Illness rates are similarly low in Europe and APAC.

歐洲和亞太地區的發生率同樣較低。

Subsequent to quarter end, data through December 21, shows illness rates to remain below the prior year and well below historic averages.

截至 12 月 21 日的季度末數據顯示，疾病發生率仍低於去年同期，且遠低於歷史平均值。

While this is contributing to overall softness in the humidification and thermometry categories, Vicks and Braun have maintained their leading market shares.

雖然這導致加濕和測溫類別產品的整體表現不佳，但維克斯和博朗仍然保持了領先的市場份額。

Vicks remains by far the number-one brand in Rx humidification and Braun and Vicks remain the number-one and number-two brands respectively, in the thermometry category.

維克斯 (Vicks) 仍然是 Rx 加濕領域中遙遙領先的第一品牌，而博朗 (Braun) 和維克斯 (Vicks) 在溫度測定領域分別保持第一和第二大品牌的位置。

In water filtration, PUR continues to grow share with strong POS and is gaining share in filter systems as the brand continues to highlight the relevant value reframing message that PUR can save over $75 per month versus bottled water.

在水過濾領域，PUR 憑藉強大的 POS 繼續增長份額，並在過濾系統中獲得份額，因為該品牌繼續強調相關的價值重塑訊息，即與瓶裝水相比，PUR 每月可節省 75 美元以上。

The brand team also quickly put liquid activation in market to leverage the renewed focus on cleaner drinking water, highlighted by the government's directive for local municipalities to identify and replace lead pipes over the coming decades.

該品牌團隊也迅速將液體活化技術推向市場，利用人們對更清潔飲用水的重新關注，政府指示地方政府在未來幾十年內識別和更換鉛管，突顯了這一點。

As the number-one selling lead reducing filter brand, PUR launched an initiative to educate consumers to help them access cleaner drinking water.

作為銷售第一的減鉛過濾器品牌，PUR 發起了一項計畫來教育消費者，幫助他們獲得更乾淨的飲用水。

The campaign included educational resources available on PUR website and a $25,000 donation to the Water Quality Research Foundation to support education and access to water testing kits for schools and need nationwide.

該活動包括在 PUR 網站上提供的教育資源以及向水質研究基金會捐贈 25,000 美元，以支持全國學校和有需要的人進行教育並獲得水質檢測試劑盒。

These are great examples of leveraging our leading products with relevant and timely commercial activation.

這些都是利用我們的領先產品進行相關且及時的商業活化的很好的例子。

In summary, we remain focused on executing our strategic initiatives while we continue to navigate the challenging and evolving consumer environment.

總而言之，我們將繼續專注於執行我們的策略計劃，同時繼續應對充滿挑戰和不斷變化的消費者環境。

Since we launched reported earnings, three large retailers have filed for bankruptcy, including the Container Store, which is a meaningful customer for OXO.

自我們發布報告收益以來，已有三家大型零售商申請破產，其中包括 OXO 的重要客戶 Container Store。

We also continue to see the widely reported bifurcation in spending between higher income and lower income households.

我們也繼續看到廣泛報告的高收入家庭和低收入家庭之間的支出差異。

While holiday spending overall is up year-over-year, it is driven by higher income consumers purchasing higher-priced items, while lower income consumers continue to struggle, prioritizing necessities of our discretionary goods.

雖然假日消費總體同比增長，但這是由於高收入消費者購買高價格商品所致，而低收入消費者則繼續掙扎，優先考慮非必需品。

We are flexing our portfolio and go-to-market execution to meet our consumers where they are with relevant product assortment and brand messaging.

我們正在靈活調整我們的產品組合和市場執行力，以相關的產品組合和品牌資訊來滿足消費者的需求。

As we discussed, we are on a journey to reset and revitalize our brands.

正如我們所討論的，我們正在重塑和振興我們的品牌。

Despite some headwinds in the third quarter from the macro factors I just mentioned, we continue to make progress on our initiatives and the data tells us our investments are bearing fruit.

儘管我剛才提到的宏觀因素在第三季為我們帶來了一些阻力，但我們的舉措仍在繼續取得進展，數據告訴我們，我們的投資正在取得成果。

We believe we are building a stronger, more collaborative, data-driven, and disciplined Helen of Troy that is better positioned to maximize the potential of our brands globally.

我們相信，我們正在打造一個更強大、更具協作性、數據驅動性和更自律的特洛伊海倫集團，以更好地在全球範圍內最大限度地發揮我們品牌的潛力。

Lastly, before I turn it over to Brian, I want to give thanks to everyone at Helen of Troy for being part of why we have earned two important recognitions, including a significant jump in ranking for 16 in the 2024 Healthiest 100 workplaces in America, which recognizes people-first organizations that prioritize the well-being of their associate population.

最後，在我將發言權交給布萊恩之前，我想感謝海倫特洛伊的每一個人，感謝他們為我們贏得兩項重要認可做出了貢獻，這兩項認可包括在 2024 年美國最健康的 100 個工作場所排名中大幅躍升至第 16 位，該獎項旨在表彰以人為本、優先考慮員工福祉的組織。

And for the third year in a row, recognition by Newsweek as none of America's most responsible companies 2025.

並且連續第三年被《新聞週刊》評為 2025 年美國最負責任的公司之一。

Now I will turn it over to Brian.

現在我將把話題交給 Brian。

Thank you, Noel, and good morning, everyone.

謝謝你，諾埃爾，大家早安。

I'm pleased to report results that were within the outlook range for net sales and adjusted EPS we provided in October, despite weaker-than-expected winter and illness season.

我很高興地報告，儘管冬季和疾病季節的業績弱於預期，但十月份我們提供的淨銷售額和調整後每股收益的業績仍在預期範圍內。

We also increased our gross profit and adjusted operating margins even as we continue to invest in our business for long-term health.

我們在繼續投資業務以實現長期健康發展的同時，也提高了毛利和調整後的營業利潤率。

During the quarter, growth investment for both product innovation and marketing support increased approximately 140 basis points year-over-year.

本季度，產品創新和行銷支援的成長投資年增約 140 個基點。

As Noel mentioned, we are beginning to see the benefits of that growth investment in terms of market share improvement for many of our key brands.

正如諾埃爾所提到的，我們開始看到這項成長投資為我們許多主要品牌的市佔率提升帶來的好處。

After the end of the quarter, on December 16, we announced the closing of the Olive & June acquisition.

本季結束後，即12月16日，我們宣布完成對Olive＆June的收購。

Olive & June represents a great addition to our portfolio and is immediately accretive to our revenue growth rate, gross profit margin, adjusted EBITDA margin, adjusted EPS, and our expected ongoing adjusted EPS growth rate.

Olive＆June 是我們產品組合的一大補充，可立即提高我們的收入增長率、毛利率、調整後的 EBITDA 利潤率、調整後的 EPS 以及我們預期的持續調整後 EPS 增長率。

We borrowed a principal amount of $235 million on our revolver to pay the initial cash consideration of $229.4 million net of cash acquired.

我們藉了 2.35 億美元的循環信貸本金，以支付 2.294 億美元的初始現金對價（扣除所獲現金）。

As of December 16, 2024, inclusive of these borrowings, we now have swapped an aggregate amount of $550 million or 56% of our outstanding floating rate debt to an average fixed SOFR rate of 3.9% through February 2026.

截至 2024 年 12 月 16 日，包括這些借款在內，我們目前已將總額為 5.5 億美元或 56% 的未償還浮動利率債務交換為平均固定 SOFR 利率 3.9%，直至 2026 年 2 月。

Our pro forma net leverage ratio was 3 times at the time of closing.

截至收盤時，我們的預期淨槓桿率為 3 倍。

I'll now move on to a more detailed discussion of our third-quarter results.

我現在將更詳細地討論我們的第三季業績。

Consolidated net sales declined 3.4%.

綜合淨銷售額下降3.4%。

Sales in our Home & Outdoor segment increased 4.3%, driven by growth in all three brands and strength in international.

受三大品牌成長及國際業務強勁推動，家居及戶外部門銷售額成長 4.3%。

This was more than offset by a decline in Beauty & Wellness, which was unfavorably impacted by a weaker-than-expected winter and illness season during the quarter, which I will further discuss later in my remarks.

但這一增幅被美容與健康業務的下滑所抵消，該業務受到本季度弱於預期的冬季和疾病季節的不利影響，我將在後面的評論中進一步討論這一點。

Consolidated gross profit margin increased 90 basis points to 48.9%.

綜合毛利率增加90個基點至48.9%。

The increase was primarily due to favorable inventory obsolescence expense year-over-year, and lower commodity and product costs, partly driven by Project Pegasus initiatives.

成長的主要原因是庫存報廢費用較去年同期下降，以及商品和產品成本下降（部分原因是飛馬計畫 (Project Pegasus) 的推動）。

GAAP operating margin for the quarter was 14.2%, compared to 19.5% in the same period last year, which benefited from a gain on the sale of our El Paso facility of $34.2 million or 620 basis points.

本季的 GAAP 營業利潤率為 14.2%，而去年同期為 19.5%，這得益於我們出售埃爾帕索工廠的收益 3,420 萬美元或 620 個基點。

On an adjusted basis, operating margin increased 30 basis points to 16.6%.

經調整後，營業利益率增加 30 個基點至 16.6%。

The increase was primarily driven by lower annual incentive compensation expense, favorable inventory obsolescence expense year-over-year, and lower commodity and product costs, partly driven by Project Pegasus.

成長的主要原因是年度激勵薪酬費用降低、庫存報廢費用同比有利以及商品和產品成本降低，而這部分是由於飛馬計劃 (Project Pegasus) 推動的。

These factors were partially offset by the incremental growth investment of approximately 140 basis points I referred to earlier and the impact of unfavorable operating leverage.

這些因素被我之前提到的約140個基點的增量成長投資和不利的營運槓桿的影響部分抵消。

On a segment basis, Home & Outdoor adjusted operating margin increased 150 basis points to 18.4%, driven by favorable inventory obsolescence expense year-over-year, lower annual incentive compensation expense, and lower commodity and product costs.

從分部來看，家居和戶外用品部門的調整後營業利潤率增加了 150 個基點，達到 18.4%，這得益於庫存報廢費用同比有利、年度激勵薪酬費用下降以及商品和產品成本下降。

These factors were partially offset by incremental growth investments.

這些因素被增量成長投資部分抵銷。

Adjusted operating margin for Beauty & Wellness declined 100 basis points to 15%, primarily due to incremental growth investment and the impact of unfavorable operating leverage.

美容與健康業務的調整後營業利潤率下降 100 個基點至 15%，主要原因是增量成長投資和不利的營業槓桿的影響。

These factors were partially offset by lower annual incentive compensation expense, lower outbound freight, lower commodity and product costs, and favorable inventory obsolescence expense year-over-year.

這些因素被年度激勵薪酬費用降低、出境運費降低、商品和產品成本降低以及同比有利的庫存報廢費用部分抵消。

Our tax rate in the third quarter was 21.4% compared to 19.5% last year.

我們第三季的稅率為 21.4%，去年同期為 19.5%。

The year-over-year increase was primarily due to the impact of Barbados tax legislation enacted during the first quarter of fiscal '25, partially offset by the comparative impact of higher tax expense recognized on the gain on the sale of the El Paso facility in the same period last year.

同比增長主要由於25財年第一季頒布的巴貝多稅法的影響，部分抵消了去年同期出售埃爾帕索工廠收益確認的更高稅費的比較影響。

Net income was $49.6 million or $2.17 per share.

淨收入為 4,960 萬美元，即每股 2.17 美元。

Non-GAAP adjusted EPS was $2.67 per share, reflecting lower adjusted operating income and Beauty & Wellness, and a higher adjusted effective tax rate, partially offset by higher adjusted operating income in Home & Outdoor, lower interest expense, and lower diluted shares outstanding.

非公認會計準則調整後每股收益為 2.67 美元，反映了調整後營業收入和美容與健康業務的下降以及調整後有效稅率的提高，但被家居與戶外業務調整後營業收入的提高、利息支出的降低和攤薄後流通股的減少部分抵消。

We ended the third quarter with total debt of $734 million, a sequential increase of $21 million compared to the second quarter.

截至第三季度，我們的總債務為 7.34 億美元，與第二季度相比環比增加 2,100 萬美元。

This reflects higher inventory levels due to the impact of a weaker-than-expected illness season, and our strategy to build targeted inventory levels to capture potential demand and to defer potential tariff impacts for production we are transitioning out of China in the near term.

這反映了由於疾病季節弱於預期的影響導致的庫存水平較高，以及我們的策略，即建立有針對性的庫存水平，以滿足潛在需求，並推遲潛在關稅對短期內我們將生產轉移出中國的影響。

We also held more cash on the balance sheet due to the timing of customer payments received at the end of the quarter.

由於季度末收到客戶付款的時間，我們也在資產負債表上持有更多現金。

Our net leverage ratio was 2.35 times, roughly in line with the end of the second quarter.

我們的淨槓桿率為2.35倍，與第二季末大致持平。

Turning now to our outlook for fiscal '25.

現在來談談我們對25財年的展望。

We are updating our expectations for consolidated net sales, adjusted EPS, adjusted EBITDA, sell by segment, free cash flow, and ending net leverage ratio.

我們正在更新合併淨銷售額、調整後每股盈餘、調整後息稅折舊攤銷前利潤、分部銷售額、自由現金流量和期末淨槓桿率的預期。

There are two key changes from our prior outlook.

與我們先前的展望相比，有兩個主要變化。

These include an unfavorable revision to our wellness revenue outlook to reflect our expectation that the global illness season will be well below historical averages and the incremental contribution from the Olive & June acquisition.

其中包括對我們的健康收入前景進行不利的修改，以反映我們的預期，即全球疾病季節將遠低於歷史平均水平，以及收購 Olive＆June 帶來的增量貢獻。

In terms of the impact of illness, we came into the fiscal year assuming an average cough, cold, flu season.

就疾病的影響而言，我們假設本財政年度將是一個平均咳嗽、感冒和流感季節。

Excluding the COVID anomaly year of 2020 to 2021, US illness incidents through December is at an eight-year low.

除去 2020 年至 2021 年的新冠異常年，美國截至 12 月的疾病發生率處於八年來的最低水準。

We are now assuming the season will be well below historical averages for the full year.

我們現在預測本季的產量將遠低於全年的歷史平均值。

This adversely impacted our third quarter net sales by approximately $10 million, and we estimate the unfavorable impact to be $15 million to $20 million in the fourth quarter.

這對我們第三季的淨銷售額產生了約 1,000 萬美元的不利影響，我們預計第四季的不利影響將達到 1,500 萬至 2,000 萬美元。

While there is a possibility that illness incidents could increase, we do not expect retailers to place meaningful incremental replenishment orders as we are now roughly midway through the season.

儘管疾病事件可能會增加，但我們預計零售商不會下達有意義的增量補貨訂單，因為現在我們大約處於季節的中期。

Our outlook now includes an expected incremental net sales contribution in the range of $17 million to $18 million and adjusted EPS in the range of $0.05 to $0.07 from the Olive & June acquisition for the partial period from the date of transaction closing on December 16, through the end of fiscal '25.

我們現在的預期包括，從 12 月 16 日交易完成之日起到 2025 財年末的部分期間，Olive＆June 收購帶來的預期增量淨銷售額貢獻在 1700 萬美元到 1800 萬美元之間，調整後每股收益在 0.05 美元到 0.07 美元之間。

Olive & June outlook reflects the slower time of the year in the typical operating cycle after the holiday selling season.

Olive 和 June 的展望反映了節日銷售季之後典型營運週期中一年中較為淡季的情況。

We now expect net sales between $1.888 billion and $1.913 billion, which implies a decline of 5.8% to 4.6% and reflects the two key changes I just discussed as well as the previously disclosed unfavorable impact of approximately $5 million due to shipping disruption from the automation start-up issues at our Tennessee distribution facility and the impact of the Curlsmith ERP integration challenges of approximately $3 million in the first quarter.

我們現在預計淨銷售額在 18.88 億美元至 19.13 億美元之間，這意味著下降 5.8% 至 4.6%，並反映了我剛才討論的兩個關鍵變化，以及之前披露的約 500 萬美元的不利影響，原因是我們田納西州配送中心的自動化啟動問題導致的運輸中斷以及第一季 Curlsmith ERP 整合的影響約 300 萬美元。

In terms of our net sales outlook by segment, we now expect a home and outdoor decline of 0.7% to growth of 0.6%, which continues to include the unfavorable impact of shipping disruption at our Tennessee distribution facility of $5 million during the first quarter and a Beauty & Wellness decline of 10.3% to 9%, which continues to include a year-over-year headwind of approximately 1% related to the expiration of an out-license relationship and now includes our revised expectation for an illness season well below historical averages as well as the incremental contribution from the Olive & June acquisition.

就各部門的淨銷售額前景而言，我們目前預計家居和戶外產品銷售額將下降 0.7% 至增長 0.6%，這仍然包括第一季度田納西州配送中心運輸中斷造成的 500 萬美元的不利影響，以及美容和健康產品銷售額將下降 10.3% 至 9%，這仍然包括與外部許可關係增量貢獻。

We now expect GAAP EPS of $4.60 to $5.02 for the full year, and non-GAAP adjusted EPS in the range of $7.15 to $7.40, which includes estimated accretion of $0.05 to $0.07 from the Olive & June acquisition for the partial post-closing period in our fourth quarter.

我們現在預計全年 GAAP 每股收益為 4.60 美元至 5.02 美元，非 GAAP 調整後每股收益在 7.15 美元至 7.40 美元之間，其中包括第四季度部分收盤後期間收購 Olive & June 帶來的 0.05 美元至 0.07 美元的預計增值。

We now expect full year adjusted EBITDA of $292 million to $295 million, which includes an estimated contribution in the range of $3 million to $4 million from the Olive & June acquisition.

我們現在預計全年調整後 EBITDA 為 2.92 億美元至 2.95 億美元，其中包括收購 Olive & June 帶來的 300 萬至 400 萬美元的預期貢獻。

Our adjusted EBITDA outlook implies margin compression of approximately 130 to 140 basis points year-over-year with approximately 50 basis points coming from the automation start-up issues at our distribution facility.

我們調整後的 EBITDA 前景意味著利潤率將比去年同期壓縮約 130 至 140 個基點，其中約 50 個基點來自於我們配送設施的自動化啟動問題。

We continue to make incremental investment into product innovation and marketing for the long-term health of our business.

為了業務的長期健康發展，我們將繼續加大對產品創新和行銷的投資。

We are preserving the year-over-year dollar increase in growth investment spending, which now translates to a range of 120 to 130 basis points as a percentage of sales.

我們維持了成長投資支出的年成長，現在佔銷售額的百分比為 120 到 130 個基點。

With respect to Project Pegasus, as Noel mentioned, we remain on track with our savings targets and cadence and expect that restructuring charges will be largely completed in fiscal '25.

關於飛馬計劃，正如諾埃爾所提到的，我們仍在按計劃實現節約目標和節奏，預計重組費用將在 25 財年基本完成。

We now expect full-year interest expense of approximately $50 million to $52 million, which includes the impact of additional debt borrowed for Olive & June acquisition, the interest rate swaps executed in the third quarter and recent interest rate decreases made by the Federal Reserve.

我們現在預計全年利息支出約為 5,000 萬至 5,200 萬美元，其中包括收購 Olive & June 而藉入的額外債務、第三季執行的利率互換以及聯準會最近的降息的影響。

We expect a GAAP effective tax rate range of 25.8% to 27.6% for the fiscal year and a non-GAAP adjusted effective change of 18.6% to 19.4%.

我們預計本財年的 GAAP 有效稅率範圍為 25.8% 至 27.6%，非 GAAP 調整後有效變動率為 18.6% 至 19.4%。

We now expect capital and intangible asset expenditures of between $33 million and $36 million for fiscal '25, which includes remaining equipment and technology of $12 million to $13 million associated with our Tennessee distribution facility.

我們現在預計25財年的資本和無形資產支出將在3,300萬美元至3,600萬美元之間，其中包括與我們田納西州配送設施相關的剩餘設備和技術1,200萬美元至1,300萬美元。

We now expect free cash flow in the range of $145 million to $155 million which reflects key changes from our previous outlook.

我們現在預計自由現金流在 1.45 億美元至 1.55 億美元之間，這反映了我們先前預測的重大變化。

The lower overall revenue and weaker illness season is expected to unfavorably impact our full year cash flow results compared to our prior expectation.

與我們先前的預期相比，整體收入下降和疾病季節減弱預計將對我們的全年現金流結果產生不利影響。

We also begun to further build strategic inventory levels in advance of potential tariffs, as I mentioned earlier, which was not included in our previous outlook.

正如我之前提到的，我們也開始在潛在關稅之前進一步建立戰略庫存水平，這並未包括在我們先前的展望中。

We now expect net leverage ratio as defined in our credit agreement, to be between 2.85 and 2.75 times by the end of fiscal '25.

我們現在預計，到 25 財年末，信用協議中定義的淨槓桿比率將在 2.85 至 2.75 倍之間。

In closing, we've seen progress in our efforts to reset and revitalize our business in fiscal '25 while ensuring that we are set up for success in the future.

最後，我們看到在 25 財年重置和振興業務的努力取得了進展，同時確保我們為未來的成功做好準備。

As we look forward to fiscal '26, we believe that many of our investments and initiatives are beginning to bear fruit.

展望26財年，我們相信我們的許多投資和措施都開始取得成果。

Automation system at our Tennessee distribution facility is now fully functional, and we expect to realize significant efficiency gains and scale for years to come.

我們田納西州配送中心的自動化系統現已全面投入運行，我們預計未來幾年將實現顯著的效率提升和規模擴大。

We improved our portfolio with the completion of the Olive & June acquisition after the end of the quarter, which we believe will be an accretive growth contributor to beauty and wellness, while we continue to work on improving the fundamentals of the core business.

我們在本季末完成對 Olive & June 的收購，改善了我們的投資組合，我們相信這將成為美容和健康領域的成長動力，同時我們將繼續致力於改善核心業務的基礎。

We've enhanced key processes that we believe will unlock greater working capital efficiency, and we'll look for opportunities to further optimize our balance sheet to quickly pay down debt and consider further accretive capital deployment.

我們已經增強了關鍵流程，相信這將提高營運資本效率，我們將尋找機會進一步優化資產負債表，以快速償還債務並考慮進一步增加資本部署。

Our initiative to diversify our supplier base outside of China is making solid progress with more opportunities on the horizon.

我們在中國以外實現供應商基礎多元化的措施正在取得穩步進展，未來將迎來更多的機會。

We generated significant investment fuel with Pegasus and are now focused on optimizing our investments to achieve maximum returns and productivity going forward.

我們透過 Pegasus 獲得了大量投資動力，目前我們專注於優化我們的投資，以實現未來的最大回報和生產力。

Finally, we intend to build on the momentum of Pegasus with the next phase of ongoing productivity initiatives and system enhancements, create further investment fuel, offset potential tariff impacts, and drive earnings accretion.

最後，我們打算利用下一階段的持續生產力計劃和系統改進，繼續保持 Pegasus 的發展勢頭，創造進一步的投資動力，抵消潛在的關稅影響，並推動盈利增長。

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

說完這些，我就把電話轉回接線生。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions) Bob Labick, CJS Securities.

（操作員指示）Bob Labick，CJS Securities。

Please proceed.

請繼續。

Good morning and happy new year.

早安，新年快樂。

Happy new year, Bob.

新年快樂，鮑伯。

Yeah.

是的。

So I wanted to start with Iron Giant with the distribution center.

所以我想從 Iron Giant 的配送中心開始。

Obviously, congrats on getting the headwinds behind you here.

顯然，祝賀你已經克服了逆風。

Could you remind us of the benefits now that you expect?

您能否提醒我們一下您現在期望的益處？

What benefits should you get?

您應該得到什麼好處？

How long does that take?

這需要多長時間？

And how does the O&J acquisition impact your distribution centers and Iron Giant, in particular, if at all?

那麼，O&J 收購對您的配送中心和 Iron Giant 有何影響？

Thanks, Bob.

謝謝，鮑伯。

I'll start, and then I'll ask Brian to build from there.

我先開始，然後我會讓 Brian 從那裡開始建造。

Overall, as you know, we've -- the Iron Giant or Tennessee distribution center has been a major investment and a big project for us for some time.

總的來說，如你所知，Iron Giant 或田納西配送中心對我們來說一直是一項重大投資，也是一個大項目。

And we're excited about the capability that it provides us in a myriad of ways, both in full case volume for the Home & Outdoor business, which we've been shipping out of TNBC for quite some time very well, and then also in the less than full case or direct-to-consumer business for Home & Outdoor as well.

我們對它以多種方式為我們提供的功能感到興奮，既包括家庭和戶外業務的整箱產品（我們已經從 TNBC 發貨很長一段時間了，而且發貨情況非常好），也包括家庭和戶外業務的非整箱產品或直接面向消費者的業務。

So that was that last piece that was the automation that was coming up towards the end of the last piece of the distribution facility.

這就是配送設施最後一部分即將完成的自動化最後一部分。

We had to get working we struggled with in quarter 1, really pleased with the team's efforts to get that working, particularly during this really busy holiday period, and we were able to accomplish that quite nicely.

我們必須繼續完成第一季遇到的困難，我們對團隊的努力感到非常高興，特別是在這個非常繁忙的假期期間，我們能夠很好地完成這項工作。

I think at this point, when it comes to Olive & June and how it will impact that acquisition, as we talked about when we made the acquisition, we haven't assumed that in yet.

我認為目前為止，當談到 Olive＆June 以及它將如何影響此次收購時，正如我們在收購時所討論的那樣，我們還沒有考慮到這一點。

I think over time, we probably will and can bring some productivity to their direct-to-consumer business.

我認為隨著時間的推移，我們可能會並且能夠為他們的直接面向消費者的業務帶來一些生產力。

They've been pretty substantial direct-to-consumer business, but we are not currently assuming that.

他們的直接面向消費者的業務規模相當可觀，但我們目前並不這麼認為。

We are currently assuming that we're going to operate Olive & June as they are a bit as a stand-alone and then look for those opportunities over time.

我們目前假設我們將以獨立的方式經營 Olive＆June，然後隨著時間的推移尋找這些機會。

So I would say that will be upside, if you will, when we get to that point.

所以我想說，當我們到達那個點時，如果你願意的話，那將是一種好處。

Brian, do you want to build?

布萊恩，你想建造嗎？

Yeah, I would add by saying the benefit -- the vision for the benefit from Iron Giant is similar to what we laid out -- it remains the same, actually, from what we laid out in the Investor Day materials.

是的，我想補充一點，Iron Giant 帶來的益處與我們所闡述的類似，實際上，與我們在投資者日資料中闡述的一樣。

It's just been delayed a bit by the automation challenges that we had and had to get through.

只是由於我們遇到並必須克服的自動化挑戰，它被稍微推遲了。

So in those materials, we called out our distribution cost as a percentage of sales being in the 5%-plus range in the vision after we get Iron Giant to peak efficiency and make the other distribution moves that we have planned is that we go to a rate of more like in the mid-3%s, 3.5%-ish as a percentage of sales over time.

因此，在這些資料中，我們將分銷成本佔銷售額的百分比定在 5% 以上，而在我們的願景中，當我們讓 Iron Giant 達到效率峰值並完成我們計劃的其他分銷舉措後，我們的分銷成本佔銷售額的百分比將隨著時間的推移達到 3% 中間到 3.5% 左右。

So we still think we're on track to achieve that benefit.

因此我們仍然認為我們有望實現這一利益。

It's just taken a little bit longer as we had to get through the last speed bump that we had.

只是花的時間稍微長了一點，因為我們必須克服最後一個減速帶。

And then just a little bit on Olive & June.

接下來我們再簡單談談 Olive 和 June。

If you compare our cost of doing distribution to what they're currently incurring, there is a pretty big opportunity there.

如果將我們的分銷成本與他們目前的分銷成本進行比較，就會發現其中存在著相當大的機會。

We'll be careful to pursue that opportunity.

我們會謹慎地尋求這個機會。

And I think we're starting the partnership of doing less is more kind of thing.

我認為我們正在開始一種「少做多得」的夥伴關係。

But as Noel said, we see meaningful opportunity there to add some efficiency and squeeze out some more accretion, which we have not factored into any of our pro forma estimates or forecasts, so it would be upside going forward.

但正如諾埃爾所說，我們看到了有意義的機會，可以提高一些效率並擠出更多的增量，我們還沒有將這些因素計入任何形式上的估計或預測中，因此未來這將是一個上行空間。

And then as my follow-up, next question, you touched on this briefly as it relates to tariffs.

然後作為我的後續問題，您簡要地談到了與關稅有關的問題。

But how do you plan for tariffs when you don't know what they're going to be or how they're going to be in things like that?

但是，當你不知道關稅是多少或關稅將如何變化時，你該如何制定計劃？

You mentioned some inventory, maybe you can elaborate there.

您提到了一些庫存，也許您可以詳細說明一下。

But just give us your latest thoughts on how you guys go about planning.

但請告訴我們你們關於如何進行規劃的最新想法。

This is like a macro question for everyone.

這對大家來說就像是個宏觀問題。

It's not specific to you.

這並不是針對你個人的。

But for an event that may or may not happen at a magnitude that could be considerably different and all that kind of stuff.

但對於可能發生或不發生的事件，其規模可能會大不相同，諸如此類的事情。

Yeah, thanks Bob.

是的，謝謝鮑伯。

I'll start briefly and then turn it over to Brian.

我會簡單開始，然後交給 Brian。

But, I think I would just echo what you, what you said, I think you know, there are, there are changing, you know, changing stories right now on what that's going to look like and what, what areas and what products, you know, the tariffs may or may not be effective on what the magnitude of the tariffs would be, whether the tariffs would be targeted on only China or more broadly than that.

但是，我想我只是重複你所說的話，我認為你知道，現在關於情況將會如何、對哪些領域和哪些產品徵收關稅可能會或可能不會有效、關稅的幅度是多少、關稅是否僅針對中國還是範圍更廣等說法正在發生變化。

And so, the inauguration is literally days away.

現在，就職典禮已經只剩幾天了。

So I think, we'll get some more clarity.

因此我認為，我們會得到更清晰的答案。

President elect Trump is in office and we know exactly where he's going.

當選總統川普已經上任，我們清楚知道他要去哪裡。

That said we do believe that diversification is a smart move for us and that's what we are pursuing and, and I'll let Brian kind of touch on where we are and in some of those letters, Brian.

話雖如此，我們確實相信多元化對我們來說是一個明智之舉，這也是我們所追求的，我會讓布萊恩談談我們目前的情況以及在一些信件中，布萊恩。

Yeah. Thanks, Bob. I'll start briefly and then turn it over to Brian, but I think I would just echo what you said. I think there are changing stories right now on what that's going to look like and what areas and what products the tariffs may or may not be effective on, what the magnitude of the tariffs would be, whether the tariffs will be targeted only China or more broadly than that. And so, the inauguration is literally date away.

是的。謝謝，鮑伯。我會先簡單說一下，然後交給布萊恩，但我想我只是重複你所說的話。我認為，目前關於情況將會如何、關稅可能對哪些領域和產品生效或無效、關稅的幅度是多少、關稅是否只針對中國還是範圍更廣等說法正在改變。因此，就職典禮確實已經迫在眉睫。

So I think we'll get some more clarity once President-elect Trump is in office, and we know exactly where he's going.

因此我認為，一旦當選總統川普上任，我們就會得到更清晰的認識，確切地知道他要去哪裡。

That said, we do believe that diversification is a smart new for us, and that's what we are pursuing, and I'll let Brian touch on where we are in some of those levers, Brian?

話雖如此，我們確實相信多樣化對我們來說是一個新趨勢，而這正是我們所追求的，我會讓布萊恩談談我們在這些槓桿中的現狀，布萊恩？

Yeah.

是的。

I think what went well ended with there is the key point.

我認為那裡進展順利的事情才是關鍵。

What we try to do is ask ourselves the question of does it make sense to make the change even without tariffs?

我們試著問自己一個問題：即使沒有關稅，做出這樣的改變是否有意義？

So that we're not in a position where we regret transitions or changes that we made and tariffs don't come to be in these particular categories.

這樣，我們就不會對我們所做的轉變或改變感到後悔，也不會對關稅不屬於這些特定類別感到後悔。

So that’s our north star is it's a broader concept in our mind, which is diversification outside of China not being so concentrated.

所以，我們的北極星是我們心目中的一個更廣泛的概念，即中國以外的多樣化不要太集中。

That's really the theme that we're using to make our choices.

這其實是我們用來做出選擇的主題。

And in every case where we're looking at making a transition out of China, asking ourselves a question of, does it make sense even if tariffs don't come to be?

每當我們考慮從中國轉型時，我們都會問自己一個問題：即使不徵收關稅，這是否合理？

So it is a difficult algorithm to solve when you don't know where it's totally going.

因此，當你不知道它到底走向何處時，這是一個很難解決的演算法。

Recent reports have said that it may be more focused on items, certain sectors deemed critical to national or economic security, which will probably exclude a lot of our categories. but there are reports that are contrary to that.

最近的報告稱，它可能會更加關注對國家或經濟安全至關重要的項目或某些領域，這可能會排除我們的許多類別。但有報道卻與此相反。

We just think the level of diversification that we're pursuing makes sense either way.

我們只是認為，無論如何，我們追求的多樣化程度都是有意義的。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家早安。

Happy new year and I hope you're doing well.

新年快樂，祝你一切順利。

Two for me.

對我來說是兩個。

And I guess I just want to start on the fourth quarter.

我想我只是想從第四季開始。

I'd love to just get some perspective on the underlying drivers from a top-line perspective.

我很想從頂線角度了解潛在的驅動因素。

It seems like a pretty wide range with call it, two months to go here.

看起來範圍很廣，還有兩個月的時間。

So can you maybe just walk us through the underlying assumptions a bit more?

那麼您能否再向我們詳細闡述其中的基本假設呢？

What would put you at the high end versus the lower end?

什麼會讓您處於高端而不是低端？

And I guess it doesn't really sound like there's a lot of room for that $15 million to $20 million headwind from lower elements to change.

我想，這聽起來似乎沒有太多空間可以改變來自較低元素的 1500 萬到 2000 萬美元的逆風。

So just curious what the key variables we should be watching over the next couple of months are?

所以我很好奇接下來幾個月我們應該要關注的關鍵變數是什麼？

Hi Peter, happy new year.

嗨，彼得，新年快樂。

Thanks for joining in.

感謝您的加入。

I would say what I see in the fourth quarter is continued strength in Home & Outdoor.

我想說，我看到第四季家居和戶外產品持續保持強勁成長。

I'm pleased with the progress that we're making there.

我對我們在那裡取得的進展感到滿意。

We're seeing -- we saw growth in the third quarter on all three brands.

我們看到—第三季這三個品牌都實現了成長。

We're seeing some sequential improvement on Hydro Flask, we're seeing share growth on OXO to in its two key categories, kitchen utensils and dry food storage.

我們看到 Hydro Flask 取得了一些連續的進步，我們也看到 OXO 在兩個主要類別（廚房用具和乾糧儲存）的份額有所增長。

Osprey also continues to be strong across all regions and nice share growth in its extended travel and everyday lifestyle packs, and so I look to see continued improvement and continued progress along those lines in Home & Outdoor.

Osprey 在所有地區都保持強勁勢頭，其擴展旅行和日常生活方式背包的份額也實現了良好的增長，因此我期待看到其在家居和戶外領域繼續改進和進步。

On the Beauty & Wellness side, you touched on it, the very low global illness that we're seeing is really impacting our wellness business.

至於美容與健康方面，您曾提到過，我們看到全球疾病發生率非常低，這確實影響了我們的健康業務。

We do have strong brand positions, we have Vicks in humidifier and then Braun and Vicks thermometers are both gaining share, maintaining very strong positions.

我們確實擁有強大的品牌地位，例如加濕器領域的維克斯 (Vicks)，而博朗 (Braun) 和維克斯 (Vicks) 溫度計的市場份額都在增加，保持著非常強勢的地位。

But the categories are just way down based on that eight-year low with the exception of that COVID year and similarly low seasons in EMEA and APAC.

但除了新冠疫情那年以及歐洲、中東和非洲地區和亞太地區的類似淡季外，其他類別的銷量較八年來的最低點均大幅下降。

And so that's really the biggest driver in the change in our outlook for the fourth quarter there.

這實際上是我們改變第四季前景的最大驅動因素。

We have baked in softer performance on Beauty.

我們在美容方面融入了更柔和的表現。

And I would say what we saw in the third quarter in line with what we forecasted.

我想說，第三季的表現與我們的預測一致。

And so I feel like we forecasted where our business is on Beauty.

所以我覺得我們預測了我們的美容業務的發展方向。

The real driver of the change here is the illness season.

造成這種變化的真正原因是疾病季節。

Brian, anything you'd like to add?

布萊恩，您還有什麼要補充嗎？

No, I would just say that the environment continues to be pretty highly variable, and there's customers of ours that are doing better, and there's other customers that are not doing as well.

不，我只想說，環境仍然變化很大，我們的一些客戶表現較好，而其他客戶的表現則不太好。

And that variability with the consumer and the retailers is part of the explanation as to why the range might be a little bit later than you were expecting.

而消費者和零售商之間的差異可以部分解釋為什麼該範圍可能比您預期的要晚一點。

Makes sense.

有道理。

Okay.

好的。

And then just -- I guess just looking ahead here.

然後只是——我想只是在這裡展望未來。

This year has been reset and revitalized.

今年已經重置並煥發活力。

But where are we in that process?

但是我們處於這個過程的哪個階段呢？

And just going back to the targets outlined at the Investor Day, I mean, do you think those targets or growth rates outlined are still achievable at this point in time?

回到投資者日所概述的目標，我的意思是，您認為這些目標或成長率目前仍然可以實現嗎？

And if so, when do you expect we could see that?

如果是的話，您預計我們什麼時候可以看到它？

And I guess what I'm really trying to get at is, should we anticipate fiscal '26 being another year of this continued reset and revitalize and growth below those below that long-term algorithm?

我想我真正想知道的是，我們是否應該預期 26 財年將是持續重置、振興和成長的另一年，且成長率將低於長期演算法？

Or do you think it's plausible that we can approach those targets as we look out to next year?

或者您認為我們在展望明年時有可能實現這些目標嗎？

I know that's a lot of moving pieces, and we'll get more color in April.

我知道有很多活動的部分，我們將在四月看到更多細節。

But just anything we should be thinking about as we sit here today as it relates to '26?

但是，當我們今天坐在這裡時，應該思考與 26 有關的任何事情嗎？

Yeah.

是的。

Peter, what I would say right now is the long-term targets that we have out there stand.

彼得，我現在要說的是，我們的長期目標依然存在。

We haven't revised them.

我們還沒有修改它們。

Now as you also ended your question, we're the midst of our budgeting process right now when we'll be sharing our outlook for fiscal '26 in late April.

正如您結束提問時所說，我們現在正處於預算編制過程中，我們將在 4 月底分享我們對 26 財年的展望。

So that will be the moment I think that we'll be able to provide a lot more color on we're seeing in fiscal '26.

所以我認為那時我們將能夠提供更多關於 26 財年的資訊。

I think I continue, as I just said, Home & Outdoor, I feel like is moving in the right direction.

我想我會繼續，正如我剛才所說，家居和戶外，我覺得正在朝著正確的方向前進。

International is moving in the right direction.

國際正在朝著正確的方向發展。

I think Wellness has underlying stability, but a lot of our brands are subject to the seasonal -- whether it's illness season or other events that can swing that are harder for us to control or predict, if you will.

我認為健康具有潛在的穩定性，但我們的許多品牌都受到季節性的影響——無論是疾病季節還是其他可能波動的事件，這些事件對我們來說更難控製或預測。

And then the beauty business, we've got more work to do.

然後對於美容業務，我們還有更多的工作要做。

And I think we're making some progress.

我認為我們正在取得一些進展。

We've got some I would say, green shoots on the less than $100 hair appliances, Revlon performance in mass is solid, could be better, but solid where we really have room for improvement is on those appliances over $100 where a lot of the growth is, and that's still a work in progress.

我想說，在 100 美元以下的美髮器具上，我們已經取得了一些進展，露華濃在大眾市場上的表現很穩定，可能會更好，但我們真正有改進空間的是那些價格超過 100 美元的美髮器具，這些器具的銷量有很大的增長，而且這項工作仍在進行中。

So that's how I'm seeing the portfolio and where we are in the journey, overall.

這就是我對投資組合的看法以及我們整體的進展。

And I think we can give you more perspective on how we see that shaping up numerically and longer term as we come in late April.

我認為，隨著四月下旬的到來，我們可以從數字和長期角度為您提供更多關於這一趨勢的看法。

Brian, anything you would add?

Brian，您還有什麼要補充嗎？

Perfectly said.

說得太好了。

Well, thanks so much.

好吧，非常感謝。

I'll pass it on.

我會傳達的。

Thanks, Peter.

謝謝，彼得。

Rupesh Parikh, Oppenheimer & Company.

奧本海默公司的 Rupesh Parikh。

So just going back to some of the distribution gains you're seeing, OXO, Hydro Flask, et cetera.

所以回過頭來看看您看到的一些分銷收益，OXO、Hydro Flask 等等。

Just want to get a sense of how the velocities are performing at the new distribution that you're winning?

只是想了解您獲勝的新分佈中速度的表現如何？

Hi Rupesh, Happy New Year.

你好，Rupesh，新年快樂。

Great to hear your voice.

很高興聽到你的聲音。

So distribution gains, Clearly, in Home & Outdoor, we've gotten some major distribution games, and they're into retailers who represent significant category volume the potential with that =distribution gain to expand our household penetration, our velocity, our market share are really significant.

因此，分銷收益，顯然，在家庭和戶外領域，我們已經獲得了一些主要的分銷遊戲，而且它們屬於代表重要類別數量的零售商，這種分銷收益的潛力=擴大我們的家庭滲透率，我們的速度，我們的市場份額確實非常顯著。

And talk to maybe OXO and Hydro Flask because it's two examples that are at a bit of a different point in where we are.

也許可以與 OXO 和 Hydro Flask 進行討論，因為這兩個例子與我們的處境略有不同。

OXO Kitchen utensils, as you know, and Walmart has been in distribution a little bit longer.

如您所知，沃爾瑪分銷 OXO 廚房用具的時間較長。

So we've got more perspective and more data that can inform us there.

因此，我們獲得了更多的視角和數據來為我們提供幫助。

And what we see is double-digit household penetration expansion for OXO simply made that move.

我們看到 OXO 兩位數的家庭滲透率擴張只是實現了這一舉措。

So that tells us that it is meaningfully expanding the footprint of the brand because Walmart share of the kitchen utensil is pretty significant.

這告訴我們，它正在有意義地擴大品牌的足跡，因為沃爾瑪在廚房用具領域的份額相當大。

So we're reaching a much broader audience of consumers by being in distribution at Walmart.

因此，透過在沃爾瑪進行分銷，我們可以接觸到更廣泛的消費者群體。

The velocity has been quite strong there.

那裡的速度相當快。

We see overall market share growth since we've expanded into Walmart.

自從我們擴展到沃爾瑪以來，我們看到整體市場份額的成長。

And all of that strong performance is gaining -- earning the brand more opportunities to expand into other OXO categories.

強勁的表現為該品牌贏得了更多向其他 OXO 類別擴張的機會。

As I mentioned in my remarks, Pop containers have gone into the home organization part of Walmart.

正如我在評論中提到的那樣，Pop 容器已經進入沃爾瑪的家庭組織部分。

We've got a top test going, et cetera.

我們正在進行頂級測試等等。

So all of that is exactly what I want to see when we think about expanding distribution.

所以當我們考慮擴大分銷時，我希望看到的正是這些。

On the Hydro Flask side, I would say -- it's a little bit too early to tell on what we're doing there.

關於 Hydro Flask 方面，我想說——現在談論我們在那裡做什麼還為時過早。

What we do know is in the insulated beverage category, the category is growing in customers like Target and Costco.

我們確實知道，在保溫飲料類別中，Target 和 Costco 等客戶的銷售量正在成長。

Because as we think about how that category is evolving from sports enthusiasts into more women, Gen Z consumers, et cetera, they shop a lot at those customers.

因為當我們思考這個類別是如何從運動愛好者演變為更多的女性、Z 世代消費者等等時，他們會在這些顧客那裡大量購物。

And so we know as to where the category is growing there, it's declining or flat in the historic sports and outdoor channel.

因此，我們知道哪裡的類別正在成長，哪裡的類別在歷史體育和戶外管道中下降或持平。

So similar to OXO, it's the right place for the brand to be because that's where the category is -- our distribution for Hydro Flask can target very initial.

與 OXO 類似，這裡是該品牌的正確位置，因為這裡就是該類別的所在地——我們對 Hydro Flask 的分銷可以定位到非常初始的目標。

We have some off-shelf placement.

我們有一些現成的展示位置。

We expect to get broader placement.

我們希望獲得更廣泛的關注。

In fact, it's shipping now, if you will, in home, and the sporting goods.

事實上，如果你願意的話，它現在就可以運送到家裡，還有體育用品。

So I think we'll have a lot more perspective a few months down the line once that takes hold and we see what the velocity is doing.

因此我認為，一旦這種情況持續下去並且我們看到速度在變化，幾個月後我們就會有更多的看法。

I would say on Costco, we have a little bit more data.

我想說，在 Costco，我們有更多的數據。

I think I mentioned this last quarter that the initial program did show strong velocity such that Costco ordered a replenishment beyond what we initially forecasted for the double pack that we had in Costco.

我想我在上個季度提到過，初始計劃確實顯示出強勁的速度，以至於 Costco 訂購的補貨超出了我們最初對 Costco 雙包裝的預測。

So that's how I would characterize the performance of the distribution.

這就是我對分佈表現的描述。

Great.

偉大的。

And my one follow up question is just on the Olive & June acquisition.

我的一個後續問題是關於 Olive＆June 的收購。

Brian, you gave the accretion benefits for this year.

布萊恩，你給了今年的累積福利。

Is there a way to help us quantify what the carrier of benefits are too into next year related to the accretion?

有沒有辦法幫助我們量化明年與增值相關的承運商的福利？

I guess for Q1, Q2, and Q3 presumably?

我猜大概是 Q1、Q2 和 Q3？

Yeah, without providing specific guidance, which we're not doing yet, I think you can get somewhat of an idea from the accretion based on what we gave you in Q4.

是的，雖然我們還沒有提供具體的指導，但我認為您可以根據我們在第四季度給您的信息，對增長情況有所了解。

I think you'd have to account for the fact that that's partial period of about 70 days and that it's also a softer period in their operating cycle post the holiday selling season.

我認為你必須考慮到這是一個大約 70 天的部分時期，而且這也是假期銷售季節後營運週期中較為疲軟的時期。

The transaction closed on the 17.

該交易於17日完成。

We really didn't get any benefit of holiday selling in our results.

我們的業績確實沒有從假期銷售中獲得任何好處。

Those sales all occurred prior to the closing date.

這些銷售均發生在截止日期之前。

The other thing I think you'd have to factor in is they're growing quickly.

我認為你必須考慮的另一件事是它們正在快速成長。

So if you're focused on EPS you have to factor in some level of EPS secretion growth throughout next fiscal year.

因此，如果您關注 EPS，那麼您必須將下一財年的 EPS 分泌量增長考慮在內。

So that's how I would try to get your arms around the level of accretion with respect to EPS, I'll call it.

這就是我嘗試讓您了解 EPS 的累積水平的方法，我會這樣稱呼它。

And then as we implied in our announcement, adjusted EBITDA margin is north of 20%, before any synergies.

正如我們在公告中所暗示的，在產生任何協同效應之前，調整後的 EBITDA 利潤率將超過 20%。

And as we talked about, there's likely synergies with respect to distribution and other areas.

正如我們所討論的，在分銷和其他領域可能會產生協同效應。

And so that's positive.

這是積極的。

And their gross profit margin is between 60% and 70%, which we really like.

他們的毛利率在60%到70%之間，我們非常喜歡。

So that's how I would think about accretion without getting into specific guidance for next year, which we're not prepared to do.

這就是我對成長的看法，但不會對明年給予具體的指導，因為我們還沒準備好這樣做。

Okay, great.

好的，太好了。

Thank you for all the color possible.

感謝您提供的所有顏色。

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

Great, thanks.

太好了，謝謝。

Good morning, and happy new year.

早安，新年快樂。

Just first, a few points of clarification.

首先，我想澄清幾點。

In terms of the bifurcation between high end versus low to mid end consumer, is that worsening in your view?

就高端消費者和中低端消費者之間的分化而言，您認為這種情況是否正在惡化？

Or is your point that it continues to be a headwind?

或者您的觀點是它將繼續成為一種阻力？

And then secondly, you talked about a few trends last quarter that seemed quite encouraging return to replacement cycle in home, the shelf space gains rocks.

其次，您談到了上個季度的幾個趨勢，這些趨勢似乎令人鼓舞，家庭重新回到更換週期，貨架空間的成長非常可觀。

So innovation [hydrolase] touching a couple of these today as well. as you continue to rebuild some of these businesses, is there an opportunity in your view for shelf to be a net positive over the next 12 months?

因此創新[水解酶]今天也涉及其中的幾個。當您繼續重建其中一些業務時，您認為貨架業務是否有機會在未來 12 個月內實現淨盈利？

Or do things like weaker cough, cold, the container store bankruptcy, things like that push the sales inflection out even further as we think about fiscal '26?

或者，當我們考慮 26 財年時，諸如咳嗽、感冒等症狀減弱、貨櫃商店破產等因素是否會進一步推動銷售轉折點？

Thank you.

謝謝。

Hey Olivia, happy new Year, thanks for joining.

嘿，奧利維亞，新年快樂，謝謝你的加入。

I would say from a macro consumer standpoint, I would largely say it's a continuation, although -- I mean, things are always shifting as you look at some of the macro data out there.

我想說，從宏觀消費者的角度來看，我基本上會說這是一種延續，儘管 - 我的意思是，當你查看一些宏觀數據時，事情總是在變化。

There was a rebound in consumer confidence that wasn't really sustained in December.

消費者信心有所反彈，但 12 月並沒有真正持續下去。

As the index dropped back to the middle of the range, the expectations index that consumer short-term outlook for income business and labor went down quite a bit in the numbers.

隨著該指數回落至區間中間位置，消費者對收入、業務和勞動力的短期前景預期指數也大幅下降。

So I think there's some data out there that consumer is definitely still concerned cautious.

所以我認為有一些數據顯示消費者肯定仍然擔心和謹慎。

And as mentioned, I think that's particularly most of what we see in our business and what I think is reported widely is it's that middle to lower income consumer that's being that pressure the most, the higher income consumer is a bit insulated from that.

如同前面所提到的，我認為這是我們在業務中看到的大部分情況，我認為廣泛報導的是，中低收入消費者承受的壓力最大，高收入消費者受到的影響較小。

So roughly, the same as what we've been seeing, although some of those more recent reports would indicate that December maybe was a little bit worse in the consumer's mindset than where we were trending prior to December.

大致如此，與我們所看到的情況相同，儘管最近的一些報告表明，12 月消費者的心態可能比 12 月之前的趨勢要糟糕一些。

And then your second question, I think, was around some of the positives and then some of the headwinds.

我認為，您的第二個問題涉及一些積極因素和一些不利因素。

I think -- yeah, I do see some positive tailwinds for us with the distribution gains, and I talked about a couple of them with OXO and Hydro Flask in particular, where we're gaining meaningful placement in important retailers from a category perspective.

我認為 - 是的，我確實看到分銷收益為我們帶來了一些積極的推動力，我特別談到了其中的幾個，即 OXO 和 Hydro Flask，從類別角度來看，我們在重要零售商中獲得了有意義的地位。

One of the key strategies that we have is be and win with the shopper shops, if you're not in a retailer where the category is quite developed, that's a gap.

我們的一個關鍵策略是與購物者商店合作並取勝，如果你不在某個類別已經相當發達的零售商那裡，那就是一個差距。

And so that's been a real focus for us in the North American RMO to close those gaps and some of the ones we've talked about today are meaningful.

因此，縮小這些差距一直是我們北美 RMO 的真正關注點，我們今天討論的一些差距非常有意義。

So I think that's a real positive and will continue to be a tailwind, it's our responsibility to continue to bring the right assortment, the right promotions, the right programming the velocities perform once we're in those retailers so that we see that continue to boost forward.

所以我認為這是非常積極的，並將繼續成為一種順風，我們有責任繼續帶來正確的分類，正確的促銷，正確的編程，一旦我們進入這些零售商，速度就會執行，這樣我們就會看到它繼續向前推進。

I think when it comes to the wellness part of the portfolio, we do have businesses that are susceptible to the illness season and those things kind of and flow typically at the beginning of each fiscal year, we assume an average season, it's difficult to really do anything other than that.

我認為，當涉及投資組合的健康部分時，我們確實有一些業務容易受到疾病季節的影響，而且這些事情通常在每個財政年度開始時發生，我們假設一個平均季節，除此之外很難做任何其他事情。

And then it varies as it does year-on-year this year happens to be an eight-year low so that as we think about next year, I don't see why we wouldn't again assume an average season.

然後它逐年變化，今年恰好是八年來的最低點，所以當我們考慮明年時，我不明白為什麼我們不再次假設一個平均的季節。

That's how we start every fiscal year as we go into it.

這就是我們進入每個財政年度時的開始方式。

And then on Beauty, we have more work to do.

在美容方面，我們還有許多工作要做。

As I said, I see a few places where we're beginning to make improvement.

正如我所說的，我看到我們在一些地方開始取得進步。

I talked about this last quarter.

我在上個季度談到了這個問題。

We did changed leadership in the Beauty & Wellness business unit and that new leader is really digging in across the portfolio.

我們確實更換了美容與健康業務部門的領導層，新領導階層確實對整個產品組合進行了深入研究。

We've got some new innovation coming at the higher-end appliances on Drybar that we're enthusiastic about.

我們在 Drybar 的高階設備上推出了一些新創新，我們對此感到非常興奮。

So I see some things coming and some work happening that I anticipate should improve the performance, but it doesn't happen overnight.

因此，我看到一些事情即將發生，一些工作正在進行，我預計這些事情和工作應該會提高效能，但這不會在一夜之間發生。

Thanks for all the detail.

謝謝你的詳細說明。

Appreciate it.

非常感謝。

Yeah, thanks, Olivia.

是的，謝謝，奧莉維亞。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi, good morning.

嗨，早安。

Thanks for taking my questions.

感謝您回答我的問題。

I guess maybe just a follow-up on the Beauty segment on the liquids.

我想這可能只是對液體美容部分的後續報導。

You mentioned some strength there.

您提到了一些力量。

I guess -- was that across both Drybar and Curlsmith.

我猜——這是 Drybar 和 Curlsmith 共同擁有的。

And then I think maybe you got more space with Drybar in retailers.

然後我想也許 Drybar 在零售商中獲得了更多的空間。

Did that flow through in the quarter, and I guess, how is that performing?

這在本季是否順利進行？

Thanks.

謝謝。

Hi, Susan.

你好，蘇珊。

Thanks for joining us.

感謝您的加入。

I would say on hair liquids, Curlsmith continues to be a good, strong, steady performer.

我想說，在護髮液方面，Curlsmith 繼續表現良好、強勁、穩定。

It is a leading brand in the texture to hair segment continues to do well.

它是髮質護理領域的領先品牌，並且繼續表現良好。

As I mentioned in my remarks, we didn't lean into Curlsmith with some incremental investment leading into the holiday season that that did well for us.

正如我在評論中提到的那樣，我們並沒有在假期前對 Curlsmith 進行一些增量投資，而這對我們來說並不是一件好事。

It's a brand that has really strong consumer retention based on product efficacy.

該品牌憑藉產品功效而擁有極強的消費者保留率。

Our really strong consumer education.

我們確實對消費者進行了強而有力的教育。

Speaking from personal experience, currently here is a bit of a journey.

從個人經驗來說，目前這是一段小小的旅程。

And so it's helpful when brands like Curlsmith really show consumers how to use products and how to achieve styles and it's the strength of Curlsmith.

因此，當像 Curlsmith 這樣的品牌真正向消費者展示如何使用產品以及如何實現造型時，這很有幫助，這就是 Curlsmith 的優勢。

And so as we put more money behind the brand, we see it respond positively.

因此，隨著我們向該品牌投入更多資金，我們看到它做出了積極的反應。

So I feel like Curlsmith continues to perform well.

所以我覺得 Curlsmith 會繼續表現出色。

On Drybar, liquids, I would say, we've got pockets of strong performance.

我想說，在 Drybar 液體方面，我們擁有表現強勁的領域。

Drybar Big Brew, I've mentioned that last quarter is a relatively new collection on Drybar that focuses on thickening.

Drybar Big Brew，我曾經提到過，上個季度 Drybar 上推出了一個相對較新的系列，重點是增稠。

That has continued to perform very well for us, up significantly and doing well.

這對我們來說仍然表現得非常好，大幅上升並且表現良好。

I would also say the Drybar liquid glass collection is up after broadening the portfolio of that.

我還想說，在擴大產品組合後，Drybar 液體玻璃系列也隨之增加。

That's performing well for us.

對我們來說這表現很好。

So I think there are pockets of certain subsegments within the Drybar liquids that are doing well.

因此我認為 Drybar 液體飲料中的某些子細分市場表現良好。

Unlike the whole portfolio to rise and I've talked about this before, that synergy between tools and liquids, I think, is a unique position for Drybar something that the team continues to work on, especially as we bring out more news on tools.

與整個產品組合的崛起不同，我之前也談到過這一點，我認為，工具和液體之間的協同作用是 Drybar 的獨特優勢，團隊會繼續致力於此，特別是當我們推出更多關於工具的消息時。

I think that double regimen play is where Drybar can really shine.

我認為雙重訓練方式是 Drybar 真正大放異彩的地方。

Okay, great.

好的，太好了。

And then just one follow up question inventory.

然後只剩下一個後續問題清單。

It looked like it was up in the quarter.

本季度它看起來有所上漲。

Just curious, the drivers there.

只是好奇那裡的司機。

And then just inventory at retail as well.

然後也只是零售庫存。

Do you feel like there's any areas that are over inventoried or are you guys feeling pretty good about inventory at retail?

您是否覺得某些領域的庫存過剩，或者您對零售庫存感到滿意嗎？

Brian, I'll let you touch on our inventory and then I can touch on retailer inventory if you want.

布萊恩，我讓你看看我們的庫存，然後如果你願意的話，我也可以看看零售商的庫存。

Sure.

當然。

Yes, our inventory is higher, and it's higher than we were expecting at this point in the year and there are two primary factors driving that.

是的，我們的庫存較高，高於我們今年此時的預期，主要有兩個因素推動這一趨勢。

One is we had made a decision to lean in, in some areas where we thought we had demand opportunities.

一是，我們決定向一些我們認為有需求機會的領域傾斜。

One of those is in thermometry where we built strategic inventory to serve that market for a variety of reasons.

其中之一是溫度測量領域，我們建立了戰略庫存，以滿足各種需求。

And with the weaker cough, cold, flu season, We're going to end up with higher inventory at this point in the year.

隨著咳嗽、感冒、流感季節的減弱，我們今年的這個時候庫存將會更高。

And I would expect it to carry through the remainder of the year because most likely that the season is largely done from a retailer replenishment order perspective.

我希望這種趨勢能持續到今年剩餘時間，因為從零售商補貨訂單的角度來看，本季的銷售旺季很可能已經結束。

So that's one factor.

這是一個因素。

The other factor is in conjunction with our tariff strategy, in cases where we have line of sight to make a supplier transition out of China, but could use more time managing those transitions, we did make the decision and have begun to execute the acquisition or the build of more inventory levels which buys us more time before a potential impact so that we can make the supplier transitions and minimize the impact before the transition is made.

另一個因素是與我們的關稅策略相結合，在我們有能力將供應商轉移出中國但可能需要更多時間來管理這些轉移的情況下，我們確實做出了決定並已開始執行收購或建立更多庫存水平，這為我們在產生潛在影響之前贏得了更多時間，以便我們能夠進行供應商轉移並在轉移之前將影響降至最低。

So we did -- that is a change from our previous outlook as well as impact of the cough, cold, flu season on inventory levels as we close the year.

所以我們這樣做了——這與我們之前的展望不同，也反映了咳嗽、感冒、流感季節對年底庫存水準的影響。

So I would call those the two primary drivers with respect to inventory.

因此，我將其稱為與庫存有關的兩個主要驅動因素。

And then, Susan, I would say on the retailer side, from a retailer inventory standpoint, probably not surprising based on what we've talked about on the weak illness season.

然後，蘇珊，我想說，在零售商方面，從零售商庫存的角度來看，根據我們在疾病淡季所討論的情況，這可能並不奇怪。

Wellness is where we see some retailer inventory build due to that weakness.

在健康方面，我們看到一些零售商因這種疲軟而增加庫存。

So that, as Brian said, I think, in his prepared remarks, even if the illness season accelerates in the next couple of months, they've got a lot of inventory on hand.

因此，正如布萊恩在他的準備好的演講中所說的那樣，即使未來幾個月疾病季節加速，他們仍然有大量庫存。

We have plenty of inventory, we also just said.

我們的庫存充足，我們剛才也說了。

So if it really site and retailers started to replenish, we are ready to service it.

因此，如果站點和零售商真的開始補貨，我們就準備好提供服務。

But I would say, at this point, their inventory levels are high on the wellness side.

但我想說，目前他們的健康方面的庫存水準很高。

I think in other parts of our business, retailers continue to kind of react to the pressured consumer, as I talked about earlier, they do continue to use some of these just-in-time inventory replenishment strategies.

我認為在我們業務的其他部分，零售商繼續對壓力消費者做出反應，正如我之前談到的，他們確實繼續使用其中一些即時庫存補充策略。

So sometimes we'll see some shifts that happen based on that.

因此有時我們會看到基於此而發生的一些轉變。

But the place that probably has the highest inventory right now from our category standpoint as well as to the illness season.

但從我們的類別角度以及疾病季節來看，這個地方目前可能是庫存最高的地方。

Okay, great.

好的，太好了。

Thanks so much for all the details.

非常感謝您提供的所有詳細資訊。

Good luck next quarter.

祝下個季度好運。

With no further questions in the queue, I would like to turn the conference back over to management for closing remarks.

由於沒有其他問題，我想將會議交還給管理階層，以便他們作結束語。

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

感謝大家今天的參與以及對《特洛伊的海倫》的持續關注。

We really look forward to speaking with many of you this week as well as next week at the ICR Conference in the virtual CJS conference.

我們非常期待本週以及下週在 ICR 會議的虛擬 CJS 會議上與大家交談。

Thanks, everyone, and have a great day.

謝謝大家，祝大家有個愉快的一天。

Thank you.

謝謝。

This will conclude today's conference.

今天的會議到此結束。

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

現在您可以斷開您的線路了，感謝您的參與。