Helen of Troy Ltd (HELE) 2025 Q4 法說會逐字稿

Greetings and welcome to the Helen of Troy fourth-quarter fiscal 2025 earnings conference call. (Operator Instructions) It is now my pleasure to introduce your host, Sabrina McKee, Senior Vice President in Investor Relations and Business Development. Thank you, you may begin.

歡迎大家出席 Helen of Troy 2025 財年第四季財報電話會議。 （接線員指示）現在，我很高興介紹主持人 Sabrina McKee，她是投資者關係和業務發展高級副總裁。謝謝，您可以開始了。

Thank you, operator. Good morning, everyone. Welcome to Helen of Troy's fourth 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 provide comments on the current operating environment and the steps we have taken to navigate the volatile macro landscape.

謝謝接線生。大家早安。歡迎參加Helen of Troy 2025財年第四季財報電話會議。今天上午的會議議程如下：我將首先簡要討論前瞻性陳述。該公司執行長Noel Geoffroy女士將就當前的營運環境以及我們為應對動盪的宏觀環境所採取的措施發表評論。

She will give an overview of our fourth quarter results and accomplishments in fiscal 2025 and highlight our areas of focus in fiscal 2026. Brian Grass, our CFO, will then detail the steps we've already taken to diversify our supply chain, give an overview of our financial performance in the 4th quarter, and provide commentary on our expectations for fiscal 2026. Following this, we will open up the call for Q&A.

她將概述我們 2025 財年第四季的業績和成就，並強調我們 2026 財年的重點領域。隨後，我們的財務長 Brian Grass 將詳細介紹我們為實現供應鏈多元化所採取的措施，概述我們第四季度的財務業績，並對我們對 2026 財年的預期做出評論。此後，我們將進入問答環節。

This conference call may contain certain forward-looking statements that are based on management's current expectation with respect to future events or financial performance. Generally, the words anticipate, believes, expects, and other similar words are worth identifying forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause anticipated results to differ materially from the actual results.

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目前對未來事件或財務表現的預期。通常，「預期」、「相信」、「期望」和其他類似詞彙可用於識別前瞻性陳述。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. These non-GAAP measures are not an alternative to GAAP financial information and may be calculated differently than the non-gap financial information disclosed by other parties. The company cautions listeners not to place undue reliance on forward-looking statements or non-gap information.

本次電話會議可能包含一些被視為非公認會計準則 (non-GAAP) 財務資訊。這些非公認會計準則指標不能取代公認會計準則 (GAAP) 財務信息，其計算方式可能與其他方揭露的非公認會計準則 (non-GAAP) 財務資訊不同。本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 (non-GAAP) 資訊。

Before I turn the call over to Ms. Geoffory, I would like to inform all interested parties that a copy of today's earnings release and related investment debt has been posted to the company's website at www. heleneotroy.com and can be found by navigating to the investor relations section of the site or by scrolling to the bottom of the home page. The earnings release contains tables that reconcile non-GAAP financial measures to their corresponding gap-based measures. I will now turn a conference call over to Ms. Geoffory.

在將電話會議轉交給傑弗裡女士之前，我想告知所有相關人士，今天的收益報告及相關投資債務的副本已發佈在公司網站 www.heleneotroy.com 上，您可以訪問網站的投資者關係版塊或滾動至主頁底部查看。收益報告包含非公認會計準則 (Non-GAAP) 財務指標與其相應的基於差距的指標的調節表。現在，我將電話會議轉交給傑弗裡女士。

Thank you, Sabrina. Welcome, everyone, and thank you for joining us. Before discussing our business performance, I'd like to start by acknowledging the volatile environment we currently find ourselves in the scope, severity, speed, and daily changes to global trade policy are creating significant uncertainty and disruption to our business, and all indicators suggest we will see a meaningful impact to consumer behaviour.

謝謝，薩布麗娜。歡迎大家，感謝你們的參與。在討論我們的業務表現之前，我想先承認，我們目前所處的動盪環境——全球貿易政策的範圍、嚴重程度、速度以及每日變化，正在給我們的業務帶來巨大的不確定性和乾擾，所有指標都表明，我們將看到消費者行為受到重大影響。

As a result, until we have more clarity, we are not in a position to provide fiscal '26 guidance at this time, and we are also stepping back from the long-term algorithm we laid out at our investor day in October 2023.

因此，在我們獲得更清晰的答案之前，我們目前無法提供 26 財年的指導，我們也放棄了在 2023 年 10 月投資者日制定的長期演算法。

We face uncertainty at the onset of COVID, of course, for very different reasons. Our organizations face that crisis head on with agility, taking steps to protect our people while meeting the increased COVID demand for some of our products, including kitchen and home, thermometry, and air purification.

當然，新冠疫情伊始，我們面臨諸多不確定性，原因也大相逕庭。我們的組織敏捷應對危機，採取措施保護員工，同時滿足新冠疫情期間部分產品（包括廚房和家居產品、測溫產品和空氣淨化產品）日益增長的需求。

As we did then, we will navigate this moment by continuing to stay true to our purpose, vision, and values by working collaboratively on our tariff mitigation plans, and by staying centred on our consumers and our beloved brands.

正如我們當時所做的那樣，我們將繼續堅持我們的宗旨、願景和價值觀，共同製定關稅減免計劃，並始終以我們的消費者和我們喜愛的品牌為中心，以此來度過這一時刻。

We are proud to have many brands that hold leadership positions across multiple categories and that continue to earn consumer and industry recognition for their outstanding quality and performance. As a result of our recent actions to reset and revitalize our business, we strengthened our brand fundamentals, increased our gross investment, and expanded our brand's distribution.

我們引以為傲的是，旗下眾多品牌在多個品類中佔據領先地位，並憑藉卓越的品質和性能持續贏得消費者和行業的認可。近期，我們採取了一系列舉措，重塑並重振業務，鞏固了品牌基礎，增加了總投資，並擴大了品牌分銷管道。

Further, as we have seen in prior recessionary periods, many of our brands resonate well during economic downturns as they offer value to consumers who are looking to stretch their budgets. More on this in a moment.

此外，正如我們在以往經濟衰退時期所見，我們的許多品牌在經濟低迷時期仍然保持著良好的口碑，因為它們為那些希望節省預算的消費者提供了價值。稍後將詳細介紹這一點。

First, let me start with the actions we've already taken in response to the tariffs as they stand today. We are focusing on controlling our controllables while continuing to monitor the landscape closely. For the moment we have paused certain purchases from China that were destined for the US market and will rely on our current inventory to meet short-term demands.

首先，我想先介紹一下我們目前針對關稅措施已經採取的措施。我們正專注於控制可控因素，同時持續密切關注情勢發展。目前，我們已暫停部分原定運往美國市場的中國產品採購，並將依賴現有庫存滿足短期需求。

We'll call, we purchased targeted additional inventory in late fiscal '25 and early fiscal '26 ahead of tariffs. That will help us now. We accelerated our multi-year risk mitigation plan to further diversify our supply chain outside of China and expect to make meaningful progress by the end of fiscal '26.

我們會說，我們在25財年末和26財年初，在關稅生效前購買了有針對性的額外庫存。這對我們目前有所幫助。我們加快了多年期風險緩解計畫的實施，以進一步實現中國以外的供應鏈多元化，並預計在26財年末取得有意義的進展。

We refreshed our SUU prioritization with the latest data so that we allocate our purchases and efforts towards the most promising and profitable opportunities. We are evaluating pricing and promotional plans across the portfolio in close partnership with our retailers.

我們根據最新數據更新了 SUU 的優先排序，以便將採購和投入分配到最有前景、盈利能力最強的商機上。我們正在與零售商密切合作，評估整個產品組合的定價和促銷計劃。

We are also evaluating our marketing spend and we'll leverage our marketing mix modelling capability to optimize investment in brands and programs with the highest ROI and the highest relevance in this environment. We made targeted organizational changes to both manage costs and improve focus in key areas, including strengthening our innovation capability and beauty and wellness and aligning our supply chain and IT organizations to support our current priorities.

我們也正在評估行銷支出，並將利用我們的行銷組合模型能力，優化對投資報酬率最高、與當前市場環境最相關的品牌和專案的投資。我們進行了有針對性的組織變革，以控製成本並提升對關鍵領域的專注度，包括增強我們的創新能力以及美妝和健康業務，並調整我們的供應鏈和IT部門，以支持我們當前的優先事項。

We have increased our focus on controlling costs and capital expenditures across the organization. Importantly, as a result of Project Pegasus, we are now operating with a more efficient foundation both through reduced cost of goods and a more centralized data-driven organizational structure.

我們更加重視控制整個組織的成本和資本支出。重要的是，由於“飛馬計劃”，我們現在透過降低商品成本和更集中的數據驅動型組織結構，擁有了更有效率的營運基礎。

Finally, we are leaning into areas of opportunity, including international, which is not subject to tariffs, as well as value reframing across our portfolio. We believe that consumers will become even more cautious with their spending, and many of our leading brands are well positioned to offer consumers benefits they seek at a great value.

最後，我們正積極佈局機會領域，包括不受關稅影響的國際市場，以及我們投資組合的價值重塑。我們相信，消費者在消費方面將更加謹慎，而我們眾多領先品牌已做好準備，以超值的價格為消費者提供他們所需的益處。

For example, as consumers choose to eat out less, OCO is a go to for at-home cooking and coffee. Pure can save consumers up to $75 million every month when they switch from bottled water to a pure system. And our Revlon hair tools deliver great salon styles compared to other brands that can cost up to 10 times more.

例如，隨著消費者減少外出用餐，OCO 成為居家烹飪和咖啡的首選。消費者從瓶裝水轉向 Pure 系統後，每月可節省高達 7,500 萬美元。我們的露華濃 (Revlon) 美髮工具能打造出完美的沙龍造型，相比價格高出十倍的其他品牌，效果更佳。

As reported in the April 12, Wall Street Journal, young women are starting to recession proof their lives. As just one example, the article quotes searches for press-on nails are up 10% since February. We see Olive in June, Drybar, Hot Tools, and Revlon as ideal DIY alternatives to pricey salon services.

根據《華爾街日報》4月12日報道，年輕女性正開始努力讓自己的生活免受經濟衰退的影響。文章舉例稱，自2月以來，「美甲貼」的搜尋量增加了10%。我們認為，6月的Olive、Drybar、Hot Tools和露華濃(Revlon)等美甲產品是昂貴的美甲沙龍服務的理想DIY替代品。

Now turning to our business performance.

現在談談我們的業務表現。

Today we recorded fourth quarter net sales and adjusted EPS that were in line with our expectations with strengths and wellness, OSO, Osprey, and International, and better than expected contribution from Olive in June.

今天，我們記錄了第四季度的淨銷售額和調整後的每股收益，這些都符合我們的預期，其中包括優勢與健康、OSO、Osprey 和 International，而 6 月份 Olive 的貢獻也好於預期。

As we have discussed, fiscal '25 continues to be a challenging year as consumers continue to be financially stretched and further prioritized essentials over discretionary items. The competitive environment intensified, and retailers closely manage their inventory.

正如我們之前所討論的，2025財年仍然是充滿挑戰的一年，因為消費者的財務狀況依然捉襟見肘，而且他們更加優先購買必需品而非非必需品。競爭環境愈演愈烈，零售商也對庫存管理愈發嚴格。

During the fiscal year, we took necessary and focused actions to reset and revitalize our brands and business. We delivered the largest year of Project Pegasus savings, and we acquired the innovative nail care company Olive and June. Following are the key actions we executed as part of our reset and revitalized plan.

在本財年，我們採取了必要且有針對性的措施，重塑並重振我們的品牌和業務。我們實現了「飛馬計畫」 (Project Pegasus) 成本節省最多的一年，並收購了創新美甲公司 Olive and June。以下是我們作為重塑和重振計劃的一部分所採取的關鍵行動。

We implemented revitalized consumer and data-centric brand strategy, invested incremental fuel in full funnel experience plans. And expanded our distribution footprint globally. We launched new brand content to enhance brand relevance and improved our innovation processes and pipelines.

我們實施了以消費者和數據為中心的全新品牌策略，加大投入，打造全方位的體驗漏斗。並擴大了全球分銷網絡。我們推出了新的品牌內容，以提升品牌相關性，並改善了創新流程和管道。

We continue to invest in infrastructure, core capabilities and talent, and we fully operationalized our tenancy distribution facility. We elevated our operational rigor and accountability across the organization, and we added significant new talent and capability to help take our performance to the next level.

我們持續投資於基礎設施、核心能力和人才，並全面啟用了租賃分配設施。我們提升了整個組織的營運嚴謹性和問責制，並引進了重要的新人才和能力，助力我們的業績更上一層樓。

As a result of these actions in fiscal '25, we saw encouraging improvement in the following key performance metrics. Continued execution against Project Pegasus that contributed to a 60 basis points increase in gross margins and helped generate fuel to increase our growth investments by approximately 160 basis points.

2025財年採取這些措施後，我們在以下關鍵績效指標上取得了令人鼓舞的改善。持續推進“飛馬計劃”，毛利率提升了60個基點，並助力我們增長投資增長約160個基點。

Over the past three years, Pegasus has enabled us to increase our growth investments by over 40%.

在過去三年中，Pegasus 幫助我們將成長投資增加了 40% 以上。

Grew or maintained market share in five of our key categories in our US measured channels, where seven of our brands hold #one or #two positions in their respective categories. Grew international net sales by 5.3%, reflecting expanded distribution, greater collaboration between brand and sales teams, and incremental investments in our most promising opportunities.

在我們衡量的美國通路中，五個關鍵品類的市佔率均有所成長或維持不變，其中七個品牌在各自品類中佔據第一或第二的位置。國際淨銷售額成長了5.3%，這反映了分銷管道的擴大、品牌和銷售團隊之間合作的加強，以及對最具前景的機會的持續投資。

Increased our US weighted distribution by approximately 12% year over year, making our brands increasingly available where our shoppers’ shop. We are encouraged by the progress we have made and believe these steps have strengthened our position to navigate fiscal '26 and beyond.

我們在美國市場的加權分銷比去年同期成長了約 12%，使我們的品牌在消費者購物時更容易獲得。我們對所取得的進展感到鼓舞，並相信這些措施將增強我們應對 2026 財年及未來挑戰的能力。

Now I will turn to a closer review of the key drivers and trends in the fourth quarter and the fiscal year. Our wellness business performed better than we expected in the fourth quarter, driven by a late spike in flu that resulted in stronger POS for Brawn and Vicks in North America.

現在，我將更詳細地回顧第四季和本財年的關鍵驅動因素和趨勢。我們的健康業務在第四季度的表現超出預期，這得益於後期流感疫情的激增，這導致布朗和維克斯在北美的銷售業績有所提升。

Sales for our Honeywell air purification products were also stronger than expected, driven by demand in the areas affected by the Los Angeles wildfires. In both cases, the primary impact was to draw down existing retailer inventory. However, we did see some replenishment orders late in the quarter.

霍尼韋爾空氣淨化產品的銷售也超乎預期，這得益於洛杉磯山火影響地區的需求。這兩起山火事件的主要影響是消耗了零售商現有的庫存。不過，我們在本季末確實看到了一些補貨訂單。

On a full year basis, we were pleased with meaningful stabilization in our wellness business despite an overall softer cough, cold and flu season, as well as the headwind from the expiration of the out license discussed previously. In thermometry, Braun and Vick remain the #one and #two brands in the US respectively.

就全年而言，儘管咳嗽、感冒和流感季整體表現疲軟，且面臨先前提到的外部許可到期帶來的不利影響，但我們對健康業務的顯著穩定感到欣慰。在測溫領域，博朗和維克分別在美國市場保持第一和第二的位置。

Bronze grew revenue and share of thermometry despite the overall category decline. Bronze's growth was driven by commercial innovation that highlights Bronze's point of difference, accuracy made easy, and US distribution gains.

儘管整體溫度測量類別呈現下滑趨勢，Bronze 的營收和市佔率均有所成長。 Bronze 的成長得益於商業創新，凸顯了其差異化優勢、輕鬆實現精準測量以及美國分銷管道的拓展。

VIX also gained share in US thermometry and remains the market leader in RX humidifiers with particular strength in steam inhalers. Pure remained the #two water filtration brand in the US and is the only national brand that grew market share for the year in brick and mortar, gaining across all segments despite a decline in the water filtration category.

VIX 在美國體溫計領域的份額也實現了成長，並繼續保持 RX 加濕器市場的領先地位，尤其是在蒸汽吸入器領域。 Pure 仍然是美國排名第二的水過濾品牌，並且是唯一一個在實體店市場實現年度增長的全國性品牌，儘管水過濾類別的銷量有所下滑，但其在所有細分市場的份額均有所增長。

As we've previously outlined, beauty has had a very challenging year driven by soft POF and category declines from many of our key brands. There were some bright spots and learnings that informed our go forward plans.

正如我們之前所述，美妝業務經歷了充滿挑戰的一年，主要原因是產品線疲軟，以及許多主力品牌的品類表現下滑。但我們也有一些亮點和經驗教訓，為未來的規劃提供了參考。

Revlon is our largest beauty brand with our hero volumizer skew that remains the number one hot air styling tool in unit. Revlon showed sequential improvement driven by highly relevant value reframing content and strength in Walmart.

露華濃是我們最大的美妝品牌，其明星產品豐盈劑仍是部門內銷售第一的熱風造型工具。得益於高度相關的價值重塑內容以及沃爾瑪的強勁表現，露華濃的業績實現了環比增長。

We believe the brand's value proposition will resonate well with consumers in the current economic environment. We are also encouraged by signs of strength in our international Revlon business. During fiscal '25, we were especially focused on refining Drybar's positioning and reinvigorating the brand's innovation pipeline. We are pleased to be launching the new Drybar all-inclusive multi-styler tool along with the blowout defense system.

我們相信，在當前的經濟環境下，該品牌的價值主張將與消費者產生良好共鳴。露華濃國際業務的強勁表現也令我們備受鼓舞。 2025財年，我們特別專注於完善Drybar的定位，並重振品牌的創新產品線。我們很高興推出全新的Drybar全能造型工具以及防脫髮系統。

The blowout defense system is available now and addresses a major consumer need extending the life of a blowout. This new regimen delivers salon quality style for up to 96 hours. The all-inclusive tool builds on that regimen and launched earlier this month with influencer seating and events.

這款防吹風系統現已上市，滿足了消費者延長吹風時間的一大需求。這款全新護理方案可帶來長達96小時的沙龍級造型。這款全功能工具以此護理方案為基礎，並於本月初推出，並邀請了網紅坐席和活動嘉賓。

It will be available on our DTC site later this month and in retail stores in early May.

它將於本月晚些時候在我們的 DTC 網站上發售，並於 5 月初在零售店上發售。

The all-inclusive tool combines eight styling tools into one revolutionary product, giving the consumer unlimited ways to achieve her desired gorgeous hair. It combines both heated airflow and heated ceramic plates so consumers can take their hair from wet to dry to styled. It is unique in that all styling detachments can be used without air for second day heated only styling.

這款多功能造型工具將八種造型工具集於一身，帶來革命性的產品體驗，為消費者打造理想秀髮提供無限可能。它結合了加熱氣流和加熱陶瓷板，讓消費者輕鬆完成從濕髮到乾髮再到造型的整個過程。其獨特之處在於，所有造型配件均可在第二天無需使用空氣即可進行僅加熱造型。

This new tool simplifies the blowout routine with its innovative design and delivers on Drybar's promise of signature, high quality, salon worthy, long lasting blowout at home. Subsequent to the end of the quarter, Curlsmith launched three new liquid innovations, including a fragrance-free line, a detox shampoo, and a multi-benefit Curlshield heat protectant cream.

這款新工具以其創新設計簡化了吹發流程，並兌現了 Drybar 標誌性的高品質、媲美沙龍級、持久持久的居家吹發效果的承諾。本季結束後，Curlsmith 推出了三款全新的液體創新產品，包括無香型系列、排毒洗髮精和多效 Curlshield 熱保護霜。

Curlsmith also launched an innovative new tool, the Defrizzion Curl Reviving Wand designed for enhanced styling to refresh, enhance and define curls with less heat. It comes with interchangeable barrels to match the varying consumer curl patterns.

Curlsmith 也推出了一款創新造型工具——Defrizzion Curl Reviving Wand，旨在以更少的熱量，打造煥然一新的捲發，提升造型效果，並塑造更鮮明的捲發。它配有可更換的捲髮棒，以配合消費者不同的捲髮風格。

OXO performed below expectations, but we believe it has meaningful upside potential. Our focus going forward is to return to the brand's roots, styling tools that are inspired and developed by hair professionals. A key priority for the brand will be emphasizing its hallmark curling tools with unique 24K Gold Styling Surface, which helps conduct heat evenly and lock in style for up to 70% longer while minimizing damage.

OXO 的業績低於預期，但我們認為其具有顯著的上漲潛力。我們未來的重點是回歸品牌的根源，打造出由專業美髮師啟發和研發的造型工具。品牌的一大重點將是強調其標誌性的捲髮工具，其獨特的 24K 金造型表面有助於均勻導熱，定型時間可延長高達 70%，同時最大限度地減少損傷。

The newest addition to our beauty portfolio, Olive and June, outperformed our expectations with growth driven by the strong gel system launch at Target and DTC and strong overall performance at Walmart. Subsequent to the end of the quarter, the brand expanded its retail footprint with an initial test launch in approximately 150 CVS stores in March and launched the gel system in Walmart in April.

我們美妝產品組合的最新成員Olive and June超出了我們的預期，其增長得益於其在Target和DTC渠道的強勢推出的凝膠系列，以及在沃爾瑪的強勁整體表現。本季結束後，該品牌擴大了零售版圖，於3月份在約150家CVS門市進行了初步試銷，並於4月份在沃爾瑪推出了凝膠系列。

Olive and June continues to receive industry accolades and was included in the 2025 Bain Insurgent Brand List for the second year in a row as well as Forbes Vetted Best Product Instant Mani Press-On and Laureus One to Watch for the Gel Mani System.

Olive and June 繼續獲得業界讚譽，連續第二年被列入 2025 年貝恩創新品牌榜單，同時被《福布斯》評為最佳產品 Instant Mani Press-On，並被《勞倫斯》評為最值得關注的 Gel Mani System 產品。

Through February, Olive and June is now the fastest growing and number one nail brand at Target driven by artificial. More broadly, Olive and June is growing well above the nail care category and is number two in the US in the artificial nail category. These are impressive accomplishments for this young brand, which we believe has significant growth potential.

截至二月份，Olive and June 已成為塔吉特成長最快的美甲品牌，在人造指甲的推動下位居榜首。更廣泛地說，Olive and June 的成長速度遠高於美甲護理類別，在美國人造指甲類別中排名第二。對於這個年輕品牌來說，這些成就令人矚目，我們相信它擁有巨大的成長潛力。

Turning to our Home and Outdoor segment. OXO grew in the quarter, driven by continued strong performance at Walmart and on Amazon. OXO's product quality and functionality continue to attract new consumers to the brand, with nearly 90% of Walmart OXO kitchen utensil consumers being first-time buyers of the brand. Expanded distribution and continued strong velocity helped drive POS and market share with OXO increasing its leading share of the kitchen utensils category for the full fiscal year.

談到我們的家居和戶外產品業務。得益於沃爾瑪和亞馬遜持續強勁的表現，OXO在本季實現了成長。 OXO的產品品質和功能持續吸引新消費者，近90%的沃爾瑪OXO廚具消費者是該品牌的首次購買者。分銷管道的擴大和持續強勁的銷售速度推動了銷售點和市場份額的提升，OXO在整個財年繼續保持其在廚具類別中的領先份額。

While the food storage category continues to normalize after strong growth during COVID, OXO continues to be the leading national brand in the category and is over 2 times the size of the next largest national brand.

儘管食品儲存類別在新冠疫情期間強勁增長後繼續恢復正常，但 OXO 仍然是該類別中領先的全國性品牌，其規模是第二大全國性品牌的 2 倍多。

OXO continues to innovate in food stores with the new Twist and Stack containers, which launched in January. True to OXO's heritage, the Twist and Stack containers are long-lasting, leak-proof, stain-resistant containers that can safely go from freezer to microwave to dishwasher. They come in a range of convenient sizes, are great for many occasions and offers uniquely stackable and components that easily match with interchangeable lids.

OXO 持續創新食品店領域，推出全新 Twist and Stack 旋轉式收納盒，並於今年一月正式上市。秉承 OXO 的優良傳統，Twist and Stack 旋轉式收納盒經久耐用、防漏防污，可安全放入冰箱、微波爐和洗碗機。它們提供多種便捷尺寸，適用於多種場合，並配有獨特的可堆疊組件，方便與可更換的蓋子輕鬆搭配。

Osprey also grew in the quarter with performance driven by strong growth in international and DTC. While the US tech pack category remains soft, Osprey continues to hold a strong number one position over 2 times the size of the next national brand. Osprey also continued to gain share in the adjacent everyday lifestyle pack and kid carrier pack categories.

Osprey 本季業績也實現了成長，這得益於國際市場和 DTC 業務的強勁成長。儘管美國科技背包類別依然疲軟，但 Osprey 依然穩居第一，其市佔率是第二名的兩倍以上。 Osprey 在日常生活用品背包和兒童背帶背包等相關類別的市佔率也持續成長。

Turning to Hydro Flask. We continue to see the overall insulated beverage category slowing with some shift away from travelers and back into bottles. The brand continued to expand its presence in target into the sporting goods section with an assortment of drinkware, soft coolers and lunch boxes.

再來說說Hydro Flask。我們持續看到整體保溫飲料類別的成長放緩，部分產品從旅行杯轉向瓶裝。該品牌繼續拓展其在體育用品領域的業務，推出了一系列飲具、軟飲箱和午餐盒。

The brand did an initial US DTC launch of a 7.6 ounce Micro Hydro that capture buzz subsequent to quarter end. That launch included three DTC-only drops that sold out within hours with either consumers waiting for the next drop.

該品牌首次在美國DTC市場推出了7.6盎司的Micro Hydro，並在季度結束後引發熱議。這次DTC市場推出的三款產品在數小時內就銷售一空，消費者們都在翹首以盼下一款產品。

The Micro Hydro was initially designed for the Japanese market primarily to carry hot water for tea or on-the-go soup while also tapping into the fashion trendsetting consumers. We launched in Japan in February to strong reception, more than doubling our initial forecast.

Micro Hydro 最初是為日本市場設計的，主要用於泡茶或方便攜帶的熱水，同時也吸引了引領時尚潮流的消費者。我們在二月在日本推出這款產品，反應熱烈，銷量超出了我們最初預測的兩倍以上。

We are pleased that Micro Hydro Flask has now also successfully captured the interest of US consumers who love it for both its functionality and its irresistible aesthetic. It even showed up as an accessory in New York Fashion Week.

我們很高興看到Micro Hydro Flask如今也成功捕捉了美國消費者的青睞，他們不僅喜歡它的功能性，也喜歡它令人無法抗拒的美感。它甚至還作為配件亮相了紐約時裝週。

Looking at the fiscal year for Home and Outdoor as a whole, we are pleased with the performance of OXO, particularly the distribution gains and strong performance at Walmart as well as growth online and in international.

縱觀整個家居和戶外財年，我們對 OXO 的表現感到滿意，尤其是分銷收益和沃爾瑪的強勁表現以及在線和國際的增長。

Hydro Flask continues to broaden its appeal and relevance with size and form innovation like Travel bottle and now Micro Hydro to meet different usage occasions and deliver share growth in the Travel tumbler segment.

Hydro Flask 繼續透過尺寸和形狀創新（如旅行瓶和現在的 Micro Hydro）來擴大其吸引力和相關性，以滿足不同的使用場合並在旅行杯領域實現份額增長。

We continue to introduce on-trend seasonal colors and design that's desired by consumers. The latest is our vibrant limited edition Jelly collection launched in March. International was also a bright spot where the brand leveraged our Home and Outdoor channel distribution strength. International is also a bright spot for Osprey in fiscal '25, particularly in APAC and EMEA.

我們持續推出符合消費者需求的當季流行色彩和設計。最新推出的是我們三月推出的活力四射的限量版Jelly系列。國際市場也是Osprey的一大亮點，充分利用了我們在家居和戶外通路的分銷優勢。國際市場也是Osprey在2025財年的一大亮點，尤其是在亞太地區和歐洲、中東和非洲地區。

Osprey continues to earn high praise for great quality and design, including Osprey Daylight being named one of Forbes' 2025 Vetted Best Product Awards and a top 12 must have for hiking by Travel and Leisure. Osprey's Daylight Sling was named as one of Glamour's 12 Best Bags for men and the Osprey AO Brief Pack was selected as the best work backpack in the Reader's Choice Carriology Carry Awards.

Osprey 憑藉卓越的品質和設計持續獲得高度讚譽，其中 Osprey Daylight 榮獲《福布斯》2025 年“最佳產品獎”之一，並被《旅遊與休閒》雜誌評為徒步旅行的 12 大必備單品之一。 Osprey Daylight Sling 包被《Glamour》雜誌評為 12 款最佳男士包之一，而 Osprey AO Brief Pack 則在“讀者之選 Carriology Carry Awards”評選中被評為最佳工作背包。

As I touched on a bit earlier, international was again a standout in the quarter with sales outperforming our expectations. Growth was broad-based across all key geographic markets and segments with particular strength in Osprey and Hydro Flask.

正如我之前提到的，本季國際業務再次表現突出，銷售額超出我們的預期。所有主要地域市場和細分市場均實現了廣泛成長，其中Osprey和Hydro Flask尤為強勁。

This capped off a strong year for our international business, which grew 5.3% in fiscal '25. As mentioned, we intend to lean into international opportunities even more in fiscal '26. Stepping back, fiscal '25 was a year of both internal and external challenges, but we feel good about the choices we have made and the actions we have taken to improve the strength of our brands and position them for improved performance.

這為我們25財年的國際業務強勁成長畫上了圓滿的句號，成長了5.3%。如前文所述，我們計劃在26財年進一步把握國際機會。回顧過去，25財年是充滿內部和外部挑戰的一年，但我們對所做的選擇和為提升品牌實力和提升業績所採取的行動感到欣慰。

We remain committed to our strategic choices of growing our brands through consumer obsession, being and winning where our shoppers shop, fully leveraging our scale and assets, shaping our portfolio through opportunistic M&A and embracing next level data and analytics in everything we do.

我們始終堅持我們的策略選擇：透過消費者至上來發展我們的品牌，在消費者購物的地方生存並取勝，充分利用我們的規模和資產，透過機會性併購來塑造我們的產品組合，並在我們所做的每一件事中融入更高層次的數據和分析。

As we continue to navigate the dynamic macro landscape, we will remain agile and disciplined while building on the actions we took in fiscal '25. More than ever, we are focused on controlling our controllables, as I outlined earlier, leveraging key initiatives to further improve the health, appeal and availability of our brands and executing as a collaborative team with excellence and agility. Before handing it over to Brian, I would like to acknowledge and thank our associates around the globe who remain dedicated and resilient during these challenging times.

隨著我們繼續應對不斷變化的宏觀環境，我們將保持敏捷和嚴謹，並在25財年採取的行動基礎上繼續深化。正如我之前所述，我們比以往任何時候都更加專注於掌控可控因素，利用關鍵舉措進一步提升品牌的健康度、吸引力和可用性，並作為一個協作團隊，以卓越和敏捷的方式開展工作。在將工作交給Brian之前，我想感謝我們遍布全球的同事們，感謝他們在這些充滿挑戰的時期仍然保持敬業和韌性。

Thank you, Noel, and good morning, everyone. Thank you for joining us. We are pleased to report fourth-quarter net sales and adjusted EPS goals in line with our expectations despite unfavorable foreign currency that was not included in our outlook.

謝謝，Noel，大家早安。感謝大家的參與。儘管我們的展望中未考慮不利的外匯因素，但我們很高興地報告第四季度淨銷售額和調整後每股收益目標符合我們的預期。

While fiscal '25 was not the year we had hoped for, our results and business fundamentals steadily improved throughout the year and put us in a position to navigate in an environment that has quickly become more challenging and uncertain as we enter fiscal '26.

雖然 25 財年不是我們所希望的一年，但我們的業績和業務基本面全年穩步改善，並使我們能夠在進入 26 財年時迅速變得更具挑戰性和不確定性的環境中前行。

Given constantly evolving global trade policies and the related business and macroeconomic disruption, we are not providing an outlook for fiscal '26 at this time. We are in the process of assessing the incremental tariff impact in light of continual changes in policy, the full expense of our mitigation plans as well as the associated timing and capacity to fully execute these plans in a rapidly changing environment.

鑑於全球貿易政策不斷演變，以及由此帶來的商業和宏觀經濟衝擊，我們目前無法提供2026財年的展望。我們正在評估增量關稅的影響，具體情況包括政策的持續變化、我們緩解計劃的全部成本，以及在快速變化的環境中全面執行這些計劃所需的時間和能力。

In addition to the uncertainty from evolving trade policies, we believe there is a high probability of unfavorable ripple effects on inflation, consumer confidence, employment and overall macroeconomic conditions that are impossible to predict and are outside of our control.

除了貿易政策演變帶來的不確定性之外，我們認為，通貨膨脹、消費者信心、就業和整體宏觀經濟狀況很可能產生不利的連鎖反應，這些反應是無法預測的，也是我們無法控制的。

That said, we've been here before. We faced a similar degree of uncertainty going into the pandemic, which gives me confidence that our organization can successfully adapt to the current environment. We learned then that success or failure is less about what happens to us and more about how we respond to it.

話雖如此，我們以前也經歷過類似的情況。在疫情爆發前，我們也面臨過類似程度的不確定性，這讓我有信心，我們的組織能夠成功適應當前的環境。我們當時明白，成敗不在於我們經歷了什麼，而是我們如何應對。

Our leadership and associates are responding with the same level of commitment and find a way attitude as we face the current challenge ahead of us. Over the course of the past few years, we've made meaningful improvements in our supply chain to better prepare us for this moment.

面對當前面臨的挑戰，我們的領導階層和員工正以同樣的決心和積極的態度來應對。過去幾年，我們對供應鏈進行了卓有成效的改進，以便更好地應對這項挑戰。

We took out significant sourcing costs for Project Pegasus, and we consolidated down to fewer, more strategic suppliers. We are now partnering with those strategic suppliers to diversify into new geographies that we believe will be less exposed to trade disruption with the goal of achieving a lower overall cost.

我們為「飛馬計畫」削減了大量採購成本，並將供應商精簡到數量更少、更具戰略意義的供應商。目前，我們正在與這些策略供應商合作，拓展新的地區，我們認為這些地區受貿易摩擦的影響較小，目標是降低整體成本。

We also began dual sourcing more of our production and are now intensifying those efforts even further. We purchased additional inventory several months ahead of tariff implementation, and we are using this as an opportunity to move through existing lower velocity inventory, not subject to tariffs.

我們也開始更多地採用雙重採購方式生產，目前正在進一步加強這項措施。我們在關稅實施前幾個月購買了額外的庫存，並藉此機會處理現有的低週轉率、不受關稅影響的庫存。

These actions will allow us more time to complete supplier transitions before the tariff impacts are felt and will allow us to offer a more favorable value proposition to our retailers and consumers in a time of economic uncertainty. An expected slowdown in consumer demand, while unfavorable, will further extend the time to complete diversification initiatives and mitigate as much of the tariff impact as possible.

這些措施將使我們有更多時間在關稅影響顯現之前完成供應商轉型，並使我們能夠在經濟不確定時期為零售商和消費者提供更有利的價值主張。預期的消費需求放緩雖然不利，但將進一步延長完成多元化計畫的時間，並盡可能減輕關稅的影響。

Finally, with our additional inventory buffer, we are pausing all China purchases in the short term with a few exceptions. This will allow us to evaluate and adapt to further trade policy developments and minimize the overall tariff impact in the event there was a reversion back to a more normalized global trade posture in the near future.

最後，由於我們增加了庫存緩衝，除了少數例外情況，我們將在短期內暫停所有中國採購。這將使我們能夠評估並適應進一步的貿易政策發展，並在不久的將來全球貿易狀況恢復正常時，最大限度地降低整體關稅影響。

In light of the size of current China tariffs, the estimated tariff impact that we will not be able to directly mitigate and the expectation of cascading impacts on the economy and consumer, we are taking additional actions to reduce other operating costs, optimize the balance sheet, maximize cash flow and accelerate debt paydown.

鑑於當前中國關稅的規模、我們無法直接緩解的預計關稅影響以及對經濟和消費者的連鎖影響的預期，我們正在採取額外措施來降低其他營運成本，優化資產負債表，最大化現金流並加快償還債務。

With these actions and the tariff mitigation strategies referred to earlier, we believe we can offset 70% to 80% of the tariff impact in fiscal '26 based on tariffs currently in place. I'll outline the specific actions we are taking shortly. Turning now to our fourth-quarter results.

透過這些行動以及前面提到的關稅緩解策略，我們相信，基於現行關稅，我們可以在2026財年抵銷70%至80%的關稅影響。我稍後將概述我們正在採取的具體行動。現在談談我們第四季的業績。

Consolidated net sales decreased 0.7%, which is at the higher end of the range implied in our full-year outlook provided in January despite an unfavorable foreign currency impact of 0.5% that was not included in our outlook.

合併淨銷售額下降了 0.7%，儘管我們的展望中未包括 0.5% 的不利外匯影響，但仍處於我們 1 月份提供的全年展望中隱含範圍的高端。

Total sales in our Beauty and Wellness segment increased 0.1%, driven by the contribution from Olive and June and growth in Honeywell, Vicks and Braun. Olive and June outperformed expectations with sales of $23 million. Home and Outdoor saw an organic business decline of 1.2%, driven by Hydro Flask, partially offset by growth in both Osprey and OXO.

美容與健康事業部總銷售額成長0.1%，這得益於Olive和June的貢獻以及霍尼韋爾、Vicks和博朗的業績成長。 Olive和June的銷售額超出預期，達到2,300萬美元。家居與戶外事業部有機業務下滑1.2%，主要受Hydro Flask的影響，但Osprey和OXO的業績成長部分抵銷了這一下滑。

Consolidated gross profit margin decreased 40 basis points to 48.6%, primarily due to a less favorable product mix within the segments, a less favorable customer mix within Home and Outdoor and the unfavorable foreign currency impact on net sales. These factors were partially offset by favorable inventory obsolescence expense and lower commodity and product costs.

合併毛利率下降40個基點至48.6%，主要原因是各業務部門的產品組合不佳、家居及戶外業務部門的客戶結構不佳以及外匯對淨銷售額的不利影響。這些因素被有利的庫存報廢費用以及商品和產品成本的下降部分抵消。

SG&A ratio increased 120 basis points to 35.9%, primarily due to acquisition-related expenses related to Olive and June and incremental growth investment of approximately 90 basis points. These factors were partially offset by lower overall personnel expense driven by lower annual incentive and share-based compensation expense.

銷售、一般及行政開支比率上升120個基點至35.9%，主要由於與Olive及June相關的收購相關費用及約90個基點的增量成長投資。這些因素被年度激勵和股權激勵費用下降導致的整體人事費用下降部分抵消。

GAAP operating margin for the quarter was 0.4% compared to 13.5% in the same period last year, primarily due to noncash asset impairment charges of $51.5 million with respect to the Drybar business, higher restructuring charges and an increase in the SG&A ratio.

本季 GAAP 營業利潤率為 0.4%，而去年同期為 13.5%，主要原因是 Drybar 業務的非現金資產減損費用為 5,150 萬美元、重組費用增加以及銷售、一般及行政費用 (SG&A) 比率增加。

As it relates to the Drybar impairment charges, during the fourth quarter, we concluded a goodwill impairment triggering event had occurred primarily due to a continued sustained decline in our stock price. After performing quantitative impairment test work, we concluded that the impairment charges were necessary with respect to the Drybar business.

關於Drybar的減損支出，我們在第四季認定，商譽減損觸發事件主要因為我們股價持續下跌。在進行定量減損測試後，我們認為Drybar業務的減損支出是必要的。

Despite the impairment charges, we continue to believe in the longer-term prospects for the Drybar business and continue to make progress on improving its fundamentals. On an adjusted basis, operating margin decreased 160 basis points to 15.4%.

儘管提列了減損支出，我們仍對Drybar業務的長期前景充滿信心，並將繼續在改善其基本面方面取得進展。經調整後，營業利益率下降160個基點至15.4%。

The decrease was primarily driven by incremental growth investment of 90 basis points, less favorable product mix within the segments, a less favorable customer mix within Home and Outdoor and unfavorable foreign currency. These factors were partially offset by favorable inventory obsolescence expense, lower commodity and product costs and lower annual incentive compensation expense.

下降主要由於90個基點的增量成長投資、各部門產品組合不佳、家居及戶外產品部門客戶結構不佳以及外匯不利。這些因素被有利的庫存報廢費用、較低的商品和產品成本以及較低的年度激勵薪酬費用部分抵消。

On a segment basis, Home and Outdoor adjusted operating margin decreased 80 basis points to 17.9%, driven by a less favorable product and customer mix. These factors were partially offset by lower commodity and product costs, favorable inventory obsolescence expense and lower annual incentive compensation expense. Adjusted operating margin for Beauty and Wellness declined 220 basis points to 13.4%, primarily due to incremental growth investments and a less favorable product mix.

依分部劃分，家居與戶外事業部調整後營業利潤率下降80個基點至17.9%，主要原因是產品與顧客組合不佳。這些因素被商品和產品成本的下降、庫存報廢費用的下降以及年度激勵薪酬費用的下降部分抵消。美容與健康事業部調整後營業利益率下降220個基點至13.4%，主要原因是增量成長投資與產品組合不佳。

These factors were partially offset by favorable inventory obsolescence expense, lower annual incentive compensation expense and lower commodity and product costs. Income tax was a benefit of $62.5 million, primarily due to a favorable transitional tax impact of $64.6 million resulting from the intangible reorganization we completed during the fourth quarter as we adapt to global minimum tax rules and final Phases of Pillar 2 tax changes.

這些因素被有利的庫存報廢費用、較低的年度激勵薪酬費用以及較低的商品和產品成本部分抵消。所得稅收益為6,250萬美元，主要由於我們在第四季度完成的無形資產重組產生了6,460萬美元的有利過渡稅影響，這些重組是為了適應全球最低稅規則和第二支柱稅法改革的最後階段。

Net income was $50.9 million or $2.22 per diluted share. Non-GAAP adjusted EPS was $2.33, which includes an unfavorable impact from foreign currency of approximately $0.11, not included in our outlook compared to $2.45 in the same period last year.

淨利為5,090萬美元，即每股攤薄收益2.22美元。非公認會計準則調整後每股收益為2.33美元，其中約0.11美元的外匯不利影響未計入我們的預期，而去年同期的每股收益為2.45美元。

The year-over-year decrease in adjusted diluted EPS was primarily due to lower adjusted operating income and higher interest expense, partially offset by a decrease in the adjusted effective tax rate and lower weighted average diluted shares outstanding.

調整後稀釋每股盈餘年減主要由於調整後營業收入下降和利息支出增加，但被調整後有效稅率下降和加權平均稀釋流通股數下降部分抵銷。

We ended the fourth quarter with total debt of $917 million, a sequential increase of $183 million compared to the third quarter which primarily reflects the acquisition of Olive and June and December 2024. Our net leverage ratio was just under 3 times at the end of fiscal '25, which reflects capital deployment of almost $330 million for the Olive and June acquisition and open market share repurchases during the year, compared to 2 times at the end of fiscal '24.

截至第四季度，我們的總債務為 9.17 億美元，與第三季度相比連續增加 1.83 億美元，這主要反映了對 2024 年 Olive、June 和 December 的收購。截至 25 財年末，我們的淨槓桿率略低於 3 倍，這反映了本年度用於 Olive、June 收購和公開市場份額回購的近 3.3 億美元資本部署，而 24 財年末為 2 倍。

Looking ahead to fiscal '26, while we are not providing a formal outlook, I do want to share with you how we are thinking about expected tariff impacts, further mitigation initiatives and expectations for ongoing China exposure past fiscal '26. I also want to share some early consumer and retailer trends we are seeing and additional actions we are taking in response to the challenges we see ahead of us.

展望2026財年，雖然我們不會提供正式的展望，但我想與大家分享我們對預期關稅影響、進一步的減稅舉措以及2026財年之後中國業務持續擴張的預期。我還想分享一些我們觀察到的消費者和零售商的早期趨勢，以及我們為應對未來挑戰所採取的額外行動。

First, related to expected tariff impacts, there are direct impacts from the tariffs themselves, and there is incremental costs associated with our ongoing efforts to diversify our exposure. Based on tariffs currently in place, current inventory levels and pre-tariff consumer demand trends, we expect the vast majority of direct tariff cost impact will fall in the second half of our fiscal year.

首先，關於預期的關稅影響，既有關稅本身的直接影響，也有我們持續努力分散風險敞口所帶來的增加成本。根據現行關稅、當前庫存水準以及關稅生效前的消費者需求趨勢，我們預期絕大多數直接關稅成本影響將在本財年下半年消退。

If consumer demand begins to slow, the weighted impact will be pushed out even further. With respect to diversification, we intensified our efforts in fiscal '25 and early fiscal '26 to further diversify our tariff exposure. We began to build out our internal Southeast Asia sourcing capabilities to accelerate supplier transitions out of China and, in many cases, dual source our production.

如果消費需求開始放緩，加權影響將進一步擴大。在多元化方面，我們在25財年和26財年初加大了力度，進一步分散我們的關稅風險。我們開始建立東南亞內部採購能力，以加速供應商從中國遷出，並在許多情況下實現生產雙重採購。

We also began making capital investments in equipment needed to replicate legacy China production. As the tariffs became more imminent, we doubled our investment in Southeast Asia sourcing capabilities, increased the number of projects and accelerated their timing where possible.

我們也開始對複製中國傳統生產所需的設備進行資本投資。隨著關稅措施愈發迫在眉睫，我們對東南亞採購能力的投資翻了一番，增加了專案數量，並儘可能加快了專案進度。

Finally, as I referred to earlier, we pulled forward select inventory purchases in advance of tariff implementation. We continue to believe that diversification and dual sourcing are the best strategies to mitigate supply risk now and in the future, but they come at a cost of higher operating and interest expense in fiscal '26. In some cases, the diversification benefits won't be realized until the end of fiscal '26 or in early fiscal '27 while some of the direct tariff impacts will begin to be realized sooner.

最後，正如我之前提到的，我們在關稅實施前提前了部分庫存採購。我們仍然認為，多元化和雙重採購是當前和未來降低供應風險的最佳策略，但這是以26財年營運和利息支出增加為代價的。在某些情況下，多元化的效益要到26財年末或27財年初才能實現，而一些直接的關稅影響則會更早顯現。

As a result of our extensive diversification efforts, we estimate that we will reduce our ongoing purchasing exposure to China to less than 20% of consolidated cost of goods sold by the end of fiscal '26. In the investor presentation posted to our website, we've included a slide that illustrates the estimated composition of our ongoing purchasing exposure by the end of fiscal '26 as compared to fiscal '25.

由於我們廣泛的多元化策略，我們預計到26財年末，我們將在中國的持續採購曝險佔合併銷售成本的20%以下。在我們網站上發布的投資者簡報中，我們提供了一張投影片，展示了我們26財年末與25財年相比持續採購曝險的預期組成。

We also expect that over 40% of our US bound purchases sourced from China will be available from other regions by the end of fiscal '26 and over 60% will be available from other regions by the end of fiscal '27. This gives us increased ability to adapt as the trade and cost environment continues to evolve.

我們也預計，到26財年末，我們在美國採購的中國產品中，超過40%將可從其他地區供應；到27財年末，我們在美國採購的中國產品中，超過60%將可從其他地區供應。這將增強我們適應貿易和成本環境變化的能力。

We continue to assess and implement other mitigation actions, including cost reductions from suppliers and the evaluation of pricing and promotional plans across the portfolio in close partnership with our retailers. While we have not yet made all of our pricing and promotional decisions, pricing actions will be considered with tariffs at current levels.

我們將繼續評估並實施其他緩解措施，包括降低供應商的成本，並與零售商密切合作，評估整個產品組合的定價和促銷計劃。雖然我們尚未做出所有定價和促銷決策，但我們將根據當前關稅水準考慮採取定價措施。

We believe we can over-index towards goods produced in the US or in lower tariff geographies, and we believe we can further feed international sales for which product is not subject to US tariffs. Finally, we believe we can take advantage of higher inventory levels and existing lower velocity inventory to avoid tariff compression and create value propositions that resonate with our retailers and consumers in a difficult economic environment.

我們相信，我們可以過度依賴在美國或低關稅地區生產的商品，並相信我們可以進一步促進那些不受美國關稅影響的國際銷售。最後，我們相信，我們可以利用更高的庫存水準和現有的低週轉庫存來避免關稅壓縮，並在艱難的經濟環境下創造與我們的零售商和消費者產生共鳴的價值主張。

With respect to early consumer and retailer trends, we are beginning to see softer demand given the deterioration in consumer confidence and uncertain macro environment and as retailers adjust to the expectation of higher prices and a consumer slowdown.

就早期消費者和零售商趨勢而言，由於消費者信心惡化和宏觀環境不確定，以及零售商適應價格上漲和消費放緩的預期，我們開始看到需求疲軟。

Finally, out of an abundance of caution and in the expectation of a difficult and uncertain environment, we are implementing a number of measures to reduce costs and preserve cash flow that will remain in place until there's greater certainty and less variability, which includes the following.

最後，出於謹慎考慮並預期未來環境將困難且不確定，我們正在實施一系列措施來降低成本並保持現金流，這些措施將持續到確定性增強、可變性減少為止，其中包括以下內容。

A suspension of projects and capital expenditures that are not critical were in support of supplier diversification for dual sourcing initiatives, a reduction in deferral of marketing, promotional and new product development expense, actions to reduce overall personnel costs and pause most projects and travel expenses, a freeze on inventory purchases from China in the short term, with the exception of purchases supporting key launches already underway, an overall reduction in inventory purposes to optimize inventory and expectation of softer consumer demand in the short to intermediate term, and actions to optimize accounts receivable and payable days outstanding.

暫停非關鍵項目和資本支出是為了支持雙重採購計劃的供應商多元化，減少營銷、促銷和新產品開發費用的延期，採取行動降低總體人事成本並暫停大部分項目和差旅費用，短期內凍結從中國的庫存採購（支持已經在進行的關鍵產品發布的採購除外），全面減少庫存以優化庫存並支付短期至中期消費者

As mentioned, through the combination of tariff mitigation actions and cost reduction measures, we believe we can offset 70% to 80% of the currently expected tariff impact in fiscal '26. As of April 21, the borrowing availability on our revolving credit facility is $423 million, the limitation on our ability to borrow based on leverage is $407 million, and we have over $85 million in cash and investments.

如上所述，透過結合關稅減免措施和成本削減措施，我們相信能夠在2026財年抵銷目前預期的70%至80%的關稅影響。截至4月21日，我們的循環信貸額度可用借款額度為4.23億美元，基於槓桿的借款限額為4.07億美元，我們擁有超過8500萬美元的現金和投資。

With the cash flow preservation measures I just mentioned, we expect to further improve our financial position and liquidity during the first half of fiscal '26. We believe this positions us well to navigate a downturn in the economy should it occur.

透過我剛才提到的現金流保護措施，我們預計在2026財年上半年將進一步改善我們的財務狀況和流動性。我們相信，這將使我們能夠在經濟低迷時期更好地應對。

We now expect to have an estimated average of 81% of our outstanding debt swapped at fixed SOFR of 3.7% for fiscal '26 and an estimated average of 56% swapped at fixed SOFR of 3.3% for fiscal '27. The fiscal '26 and '27 fixed rates are favorable to current floating rates by 60 and 105 basis points, respectively, and give us certainty with respect to our interest costs going forward.

我們目前預計，2026財年，我們未償債務中約有81%將以3.7%的固定SOFR進行掉期，2027財年約有56%將以3.3%的固定SOFR進行掉期。 2026財年和2027財年的固定利率分別比目前浮動利率高出60個基點和105個基點，這為我們未來的利息成本提供了確定性。

Lastly, to help with modeling, I want to remind everyone that our first quarter is typically our lowest revenue quarter. The seasonality of our portfolio and retailer ordering patterns have evolved over the past few years which has caused even more contraction in the first quarter.

最後，為了方便建模，我想提醒大家，我們的第一季通常是收入最低的季度。過去幾年，我們產品組合的季節性變化以及零售商的訂購模式發生了變化，導致第一季營收萎縮幅度更大。

We expect this trend to further exacerbate in fiscal '26. We are also expecting an unfavorable impact from retailers with positive direct import shipments from China to avoid the current level of tariffs, which we expect to have an impact on our first quarter revenue. Finally, we are expecting a decline in international revenue in the first quarter due to lower revenue from China, driven primarily by trade tensions.

我們預計這一趨勢將在2026財年進一步加劇。我們也預計，一些零售商為了規避當前的關稅水平，積極從中國直接進口貨物，這將對我們第一季的收入產生不利影響。最後，我們預期第一季國際收入將下降，主要原因是貿易緊張局勢導致中國收入下降。

In closing, while trade tensions and pressure on the macro environment have led to considerable uncertainty, we believe we have a strong set of tariff mitigation actions and cost reduction measures that we expect to offset a high percentage of the estimated tariff impact and preserve cash for a further downturn in the economy.

最後，儘管貿易緊張局勢和宏觀環境壓力導致了相當大的不確定性，但我們相信，我們有一套強有力的關稅減免行動和成本削減措施，預計這些措施將抵消很大一部分預計的關稅影響，並為經濟進一步下滑保留現金。

We see many opportunities to create value for our retailers and consumers, which we believe will be favored in the environment we are facing. Many of our products in our diversified portfolios have performed well in past economic downturns and we will look to leverage those trends in fiscal '26.

我們看到了許多為零售商和消費者創造價值的機會，我們相信，在當前環境下，這些機會將受到青睞。我們多元化投資組合中的許多產品在過去的經濟低迷時期都表現良好，我們將在2026財年繼續利用這些趨勢。

We are excited about the potential of Olive and June acquisition, which we believe will perform even better in a cost-conscious environment. With our resilient associates, efficient operating platform, solid financial position, ample liquidity and robust action plan to control the controllables, I believe we are well positioned to successfully navigate the current environment and a projected economic downturn if that should occur.

我們對收購Olive和June的潛力感到興奮，我們相信在成本敏感的環境下，它們的表現會更加出色。憑藉我們堅韌的員工隊伍、高效的營運平台、穩健的財務狀況、充足的流動性以及掌控可控因素的穩健行動計劃，我相信我們完全有能力成功應對當前的市場環境以及可能出現的經濟衰退。

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

說完這些，我就會將其轉回給接線生。

(Operator Instructions) Bob Labick, CJS Securities.

（操作員指示）Bob Labick，CJS 證券。

Good morning. Thanks for taking our questions.

早安.感謝您回答我們的問題。

Hey Bob.

嘿，鮑伯。

So you talked about diversifying your manufacturing base and kind of adding partners outside of China. Can you talk a little bit more about what percent of the new manufacturing where you're moving is going to be with existing partners so that you've already worked with? And how much of that's going to be with finding a completely new partner and qualifying them and getting them up to speed.

您之前提到要實現生產基地多元化，並增加中國以外的合作夥伴。能否再詳細談談，你們即將遷往的新生產基地中，有多少比例將與現有的合作夥伴（也就是你們已經合作過的合作夥伴）合作？其中有多少比例將用於尋找全新的合作夥伴，並對其進行資格審查，使其快速上手？

Hey Bob, thanks for the question. Yes, as you know, we've been working on supplier diversification over the past several years. And I would say it is a blend of the two. We've got some of the opportunities where we're working with current suppliers in areas outside of China. And then in a few cases, there are some new suppliers. So it's a combination of the two as we look at our mitigation efforts. Brian, anything you want to build on --

嘿，鮑勃，謝謝你的提問。是的，正如你所知，過去幾年我們一直在致力於供應商多元化。我想說，這是兩者的結合。我們有一些機會，與中國以外地區的現有供應商合作。在少數情況下，我們也會與一些新的供應商合作。所以，當我們著眼於緩解氣候變遷的努力時，這兩者是結合的。布萊恩，你想在此基礎上再做點什麼嗎？

Yeah, I'd say the larger percentage is with existing suppliers, a smaller percentage with new suppliers.

是的，我認為現有供應商所佔比例較大，新供應商比例較小。

Okay. Great. And then excluding tariffs for a moment, I know it's impossible. But what do you see as the potential cost increase of the new manufacturing locations versus if there weren't tariffs and you could have left them in China? I'm trying to think of like what level of tariffs, as you mentioned, changing daily, is breakeven for you moving?

好的。太好了。那麼，先排除關稅，我知道這是不可能的。但是，您認為新工廠的潛在成本增長與沒有關稅、可以留在中國的情況相比會是多少？正如您所提到的，關稅每天都在變化，您認為在什麼水平上才能保持盈虧平衡？

What is it -- how do you think about it in that context. And so how much is the higher cost, no matter what, if you have to move everything to say, Vietnam, it costs 10% more? Or what -- excluding tariffs is kind of the thing I'm trying to think about.

從這個角度來看，您是怎麼看待這個問題的？那麼，如果必須把所有東西都搬到越南，成本會高出10%，那麼無論如何，更高的成本是多少？或者說，我正在考慮的是排除關稅。

I'd say largely, we're seeing the ability to be cost neutral irrespective of the tariffs as we move into these other geographies. Where we're going to incur additional costs in fiscal '26 is the cost of doing the moves themselves. We have to fund that with CapEx in some cases. We're kind of funding it with holding higher inventory as we -- to have a buffer as we kind of navigate the trade environment.

我想說的是，在很大程度上，我們看到了在進軍其他地區時，無論關稅如何，都能保持成本中立的能力。 26財年，我們將產生的額外成本是這些遷移本身的成本。在某些情況下，我們必須用資本支出來支付這部分成本。我們透過持有更高的庫存來提供資金，以便在我們應對貿易環境時擁有緩衝。

We've had to build capability Southeast Asia, in particular, kind of the capability internally that then works with the manufacturers to make the moves and to, as you say, qualify the inventory and do all the things that are necessary when you're changing a sourcing partner.

我們必須在東南亞建立能力，特別是內部能力，然後與製造商合作採取行動，並如你所說，確認庫存，並在更換採購合作夥伴時做所有必要的事情。

So I'd say there's less of a cost coming from the cost impact of the product itself and more of a cost impact coming from having to build the capability, fund the CapEx in some cases, and fund holding more inventory right now than we probably normally would but navigating such extensive changes in your supply chain, you need it as a buffer.

因此，我認為來自產品本身的成本影響較小，而來自必須建立能力、在某些情況下為資本支出提供資金以及為持有比通常更多的庫存提供資金的成本影響較大，但要應對供應鏈中如此廣泛的變化，您需要它作為緩衝。

Got it. Okay. That makes sense. And last one, I'll jump back in queue. But you said you're contemplating potential price increases. Can you talk about like, I guess, which areas and roughly how much? Is this like 5% to 10%, 10% to 15%, more or less? And is it across the board? Or is it more specific in certain brands? Because others, I think Osprey is mostly made in Vietnam. So I guess we'll wait to find out what those tariffs are, but not made in China.

明白了。好的。這很有道理。最後一個問題，我先插隊。不過你說你正在考慮潛在的漲價。能不能談談具體是哪些地區，大概漲多少？漲幅是5%到10%、10%到15%左右？是全線漲價嗎？還是只針對特定品牌？因為其他品牌，像是Osprey，我覺得大部分都是越南產的。所以我想，我們得等著看具體關稅是多少，但不包括中國產的。

Yeah. Yeah, Bob, I would say we're still in the process of contemplating and evaluating the various different scenarios and doing that in conjunction with our retail partners. As we talked about in the past, this isn't an environment where we want to have to raise price as a significant amount based on where the consumer is, and these are discretionary categories. We -- as you said, we are evaluating it across the portfolio.

是的。鮑勃，我想說的是，我們仍在考慮和評估各種不同的方案，並與我們的零售合作夥伴一起進行。正如我們過去談到的，在目前的環境下，我們不希望根據消費者的消費習慣大幅提價，而且這些都是非必要的類別。正如你所說，我們正在對整個產品組合進行評估。

So we've got some parts of the portfolio that are more exposed to China and more exposed to the tariffs than others. As you mentioned, Ospreys for right now, the reciprocal tariffs are on pause. So we're at the 10%.

因此，我們的投資組合中有些部分比其他部分更容易受到中國的影響，也更容易受到關稅的影響。正如你所提到的，目前，對等關稅已暫停。所以我們的稅率是10%。

Now with the reciprocal tariffs come back into play at some point in the future, that changes the environment. So these are all the -- as we mentioned and you reiterated the daily changes that we're navigating, which is why we're not locking in at this point on pricing.

現在，隨著互惠關稅在未來某個時候重新生效，環境將會改變。正如我們之前提到的，以及您反覆強調的，我們正在應對的每天都在發生的變化，這就是為什麼我們目前不會鎖定定價。

We're partnering with our retailers looking at the various options. As you do with pricing, we look at thresholds. We look at where the tariffs are. We look at all -- take all of those things into account as we look at the scenarios that we think are going to make the most sense.

我們正在與零售商合作，研究各種方案。就像定價一樣，我們會考慮門檻。我們會考慮關稅。我們會綜合考慮所有這些因素，最終找到我們認為最合理的方案。

And just to your point, is it across the board or more targeted, I'd say it's very much more targeted. We're looking almost item by item, price thresholds, being very choiceful and careful with the pricing decisions kind of almost on an item by item basis.

就你剛才提到的問題，是全面定價還是更有針對性？我認為是更有針對性。我們幾乎會逐項審查價格門檻，在定價決策上非常謹慎，幾乎是逐項審查。

This is not something that we're just doing across the board. And to Noel's point, you have to work with the retailers as well as to what makes sense given their assortment, the competitive set, that type of thing as well. So taking all that into consideration and trying to be as thoughtful and targeted as possible.

這不是我們一刀切的做法。正如Noel所說，你必須與零售商合作，並根據他們的產品組合、競爭格局等因素，找到最合理的方案。所以，要把所有因素都考慮進去，並且盡可能做到周到和有的放矢。

Okay. Super. Thank you very much.

好的。太棒了。非常感謝。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning, and thanks for taking my questions. So I guess just starting out with the tariff commentary. As we think about the 20% to 30% of tariffs that are not mitigated net of cost savings, is there a way to quantify a dollar amount in terms of what that could be for the year?

早上好，感謝您回答我的問題。我想先從關稅評論開始。考慮到扣除成本節省後，仍有20%到30%的關稅沒有得到減免，有沒有辦法量化全年的美元金額？

Yeah. I'll give you some directional numbers. I think the -- we don't want to get too specific with the assessed impact of the tariff because timing plays a big factor into that -- changes in tariffs plays a big factor into that and what's demand going to do because demand dictates how much inventory that we currently have will work through and when tariffs could potentially impact us.

是的。我會給你一些方向性的數字。我認為——我們不想太具體地說明關稅的評估影響，因為時機是其中的一個重要因素——關稅的變化是其中的一個重要因素，以及需求將如何影響，因為需求決定了我們目前有多少庫存可以消化，以及關稅何時可能對我們產生影響。

Currently, we're pausing all our China purchases, so we don't even have that coming into our inventory. When we toggle that off is something that we still have to work through. So there's a lot of variables in terms of when the tariff impact will be felt. So what I would say is it's -- at current rates, including China at 145% and the step-up in reciprocal tariffs after the 90-day pause is over $200 million of impact to fiscal year '26.

目前，我們暫停了所有中國採購，所以這些產品甚至還沒有進入我們的庫存。何時取消這項措施仍需我們自行研究。因此，關稅影響何時顯現存在許多變數。我想說的是，以目前的稅率，包括對中國的145%關稅，加上90天的暫停期後互惠關稅的上調，將對2026財年造成超過2億美元的影響。

Okay. That's helpful. And then 20% to 30%, if that's what not mitigated at this point, net of cost savings. That's helpful.

好的。這很有幫助。如果目前還沒有緩解，扣除成本節省後，預計還能達到 20% 到 30%。這很有幫助。

True.

真的。

Okay. And then just on -- just clearly, your team is going more defensive mode near term. Do you expect positive free cash flow for the full year?

好的。然後——顯然，您的團隊近期將採取更偏向防守的模式。您預計全年自由現金流為正嗎？

Absolutely.

絕對地。

Okay. Great. And then maybe my last question. So I appreciate some of the comments in terms of what you guys are seeing near term from a retail or consumer perspective. Is there any directional commentary versus the organic sales growth decline in Q4, whether you expect Q1 to be worse? Or I don't know if there's anything you can just share in terms of -- it sounds like it will be worse in Q4, but I don't know if there's any additional color you can provide in terms of Q1 top line dynamics?

好的。太好了。這也許是我的最後一個問題了。我很感謝你們就零售或消費者角度對近期業績的一些評論。針對第四季有機銷售額成長下滑的情況，您有什麼方向性的評論嗎？您是否預期第一季的業績會更糟？或者，您可以分享一些資訊——聽起來第四季度的業績會更糟，但我不知道您是否能提供一些關於第一季營收動態的額外資訊？

Well, we talked -- in my remarks, I talked about pressure on Q1. We did make it a point to call out pressure that we see and some of it is tariff related. We have retailer -- we have a pretty sizable direct import business.

嗯，我剛才在發言中談到了第一季面臨的壓力。我們確實強調了我們所看到的壓力，其中一些與關稅有關。我們有零售商—我們有相當規模的直接進口業務。

So those are shipments where the retailers pick up our product from where it's sourced. And basically, they turn that off at this point. And so we expect that to have an unfavorable impact on Q1 and the year, and we'll see how that evolves.

所以，這些出貨方式就是零售商從我們的產品來源提貨。基本上，他們現在就關閉了這一環節。因此，我們預計這對第一季和全年產生不利影響，我們將拭​​目以待。

But yeah, we're expecting softness in Q1. And as you know, it's the lowest kind of quarter in our seasonal cycle, and we kind of see just the confluence of things with retail ordering patterns and that kind of exacerbating this year and actually being even weaker for all those reasons and then later on the direct import impact.

不過，是的，我們預期第一季經濟會疲軟。如你所知，這是我們季節性週期中表現最差的一個季度，我們看到零售訂單模式等因素共同作用，今年經濟形勢會進一步惡化，實際上由於所有這些原因，以及隨後的直接進口影響，經濟形勢會更加疲軟。

And then also in our international business, we're seeing headwinds due to the kind of nationalism in China, related to how they view their brands and US brands, and that's -- we expect that to have an impact on our international revenue, which is growing, but we do not expect it to grow in Q1.

在我們的國際業務中，我們看到了由於中國民族主義而產生的阻力，這與他們如何看待自己的品牌和美國品牌有關，我們預計這會對我們的國際收入產生影響，雖然我們的國際收入正在增長，但我們預計它在第一季不會增長。

Okay, great. Thank you. I'll pass it along. I appreciate all the color.

好的，太好了。謝謝你。我會傳達的。我很欣賞你分享的顏色。

Susan Anderson, Canaccord Genuity.

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

Hi, good morning. Thanks for taking my questions. I guess maybe just a follow-up one more question on the tariff front. The 70% to 80% mitigation, did you -- could you maybe give some color on what percent of that is coming from price increases versus pushing back on the suppliers for additional cost savings? And then also, do you have an exposure number once you include Olive and June?

大家好，早安。感謝您回答我的問題。我想再問一個關於關稅的後續問題。 70%到80%的減免，您能否具體說明一下，其中有多少比例是來自價格上漲，還是透過向供應商施壓以節省更多成本？另外，如果算上Olive和June，您能提供一下風險敞口資料嗎？

Well, just to answer Olive and June question, because they have a plan where we think we can mitigate their costs. So they've got a plan where they would be neutral and maybe even slightly ahead. So not a concern with respect to Olive and June.

嗯，我先回答奧利佛和瓊的問題，因為他們有一個計劃，我們認為可以降低他們的成本。所以他們的計劃是中性的，甚至可能略有優勢。所以奧利佛和瓊不用擔心。

As we were trying to convey, there's a lot of variables here, and we've got a range of outcomes on multiple variables. So I don't want to lock into what a pricing scenario would look like because there's a range of outcomes just for a pricing scenario.

正如我們試圖表達的那樣，這裡面有很多變量，而且這些變量會引發一系列結果。所以我不想局限於定價情景，因為僅僅一個定價情景就存在一系列結果。

Then there's a range of outcomes for cost reductions from suppliers. There's range of welcomes and the choices that we make in terms of spending adjustments and things of that nature. There's -- we're making tough choices currently with the tariffs that are in place now that we would adjust most likely if there's a change in the tariff posture or a reduction in the amount of tariffs.

供應商降低成本會帶來一系列結果。在支出調整等方面，我們也會做出一系列選擇，也歡迎各式各樣的選擇。目前，我們正在就現行關稅做出艱難的選擇，如果關稅態勢改變或關稅金額減少，我們很可能會做出調整。

So I would hesitate to give you. I would say we are pulling all the levers and there's a meaningful amount of cost mitigation with respect to all the levers that we're pulling. So hopefully, that gives you some dimensionality. I mean there's five or six levers that we're doing and the size of them is not (technical difficulty)

所以我不太確定具體數字。我想說的是，我們正在全力以赴，而且這些措施都帶來了顯著的成本降低。希望這能給你一些維度。我的意思是，我們正在採取五到六個措施，它們的規模並不（技術難度）。

The only other build I would have is, there's also variability on the supplier diversification moves. We are -- we had a lot of these in place. We're working to accelerate as many of them as we can. So to the extent we can move more quickly and mitigate some of the tariffs by accelerating the moves, that will also put us in a better position. So we are really working to pull all the levers across the organization multifunctionally.

我唯一想說的是，供應商多元化措施也存在不確定性。我們已經實施了許多類似的舉措，正在努力盡可能加快推進。因此，如果我們能夠加快步伐，並透過加快這些措施來減輕部分關稅，那麼我們就能處於更有利的地位。因此，我們正在努力以多種方式調動整個組織的所有槓桿。

And I would just add, all of you have heard me talk about the importance of investing in our brands. And we've increased that investment by 40% over the last three years from a growth investment standpoint. It continues to be a critical part of how we'll go forward and our long-term health. And so reducing any marketing or innovation expense will be one of the last levers that I want to pull.

我想補充一點，大家都聽我說過投資品牌的重要性。從成長投資的角度來看，過去三年我們增加了40%的品牌投資。這仍然是我們未來發展和長期健康發展的關鍵部分。因此，削減任何行銷或創新支出將是我最後想要採取的措施之一。

And as we do that, if we get to a point that we need to do that, we will leverage all of the new marketing mix capability that we've built to optimize that investment in areas where we've got the highest ROI, the highest relevant in this environment, some of the value reframing work that we think will really resonate and we'll maintain the key innovation that we think is critical for the future health of the brand. So I just want to emphasize that point.

當我們這樣做的時候，如果我們到了需要這樣做的地步，我們將利用我們構建的所有新的營銷組合能力，在投資回報率最高、與當前環境最相關的領域優化投資，進行一些我們認為真正能引起共鳴的價值重構工作，並保持我們認為對品牌未來健康至關重要的關鍵創新。所以我只想強調這一點。

Okay. Great. That was really helpful. And then I guess maybe if you could just give some color on -- I mean it sounds like maybe you're expecting consumer weakness and maybe there's been a little bit so far, but not to the extent that were in a recessionary environment.

好的。太好了。這真的很有幫助。然後我想，也許您可以稍微解釋一下——我的意思是，聽起來您似乎預計消費者經濟將疲軟，到目前為止可能確實出現了一些疲軟，但還沒有達到經濟衰退時期的程度。

I guess if you can maybe just elaborate a little bit on what you're seeing so far in this quarter. And then from the consumer's perspective, both in the US and then, I guess, international ex China? And then what you're also seeing from retailer orders if you're already seeing them pull back on those? Thanks.

您能否稍微闡述本季迄今的情況？從消費者的角度來看，包括美國消費者，以及中國以外的國際消費者。此外，如果您已經看到零售商訂單有所減少，您如何看待這些情況？謝謝。

Yeah, sure, Susan. Here's what I would say. I mean, as we've talked even in fiscal '25, we saw some consumer softness, especially as they were prioritizing kind of necessities over discretionary. I would say right now with all of the potential tariffs that are out there, all indicators would say that, that will get softer, yeah. Now if there is a change in that posture, that will likely change where the consumer's headed.

是的，蘇珊。我想說的是，正如我們之前討論過的，即使在25財年，我們也看到了一些消費疲軟，尤其是在他們優先購買必需品而非非必需品的情況下。我想說，現在考慮到所有潛在的關稅，所有指標都表明，消費將會減弱，是的。如果這種態勢發生變化，很可能會改變消費者的消費方向。

But I think all of the different indicators, surveys, et cetera, that we see on consumers indicate that they're looking to make choices, pullback, eat out less, travel less, pull back on their discretionary spend, et cetera. And so we're anticipating that sort of environment as we look forward.

但我認為，我們看到的關於消費者的各種指標、調查等等都表明，他們正在考慮做出選擇，減少外出用餐、減少旅行、減少可自由支配的支出等等。因此，我們預期未來會出現這樣的環境。

Again, as the tariff posture changes, that could change the consumer sentiment and where the consumers are. In terms of so far in quarter one, I would say it's fairly early, the retailer patterns that we see, Brian touched on a bit earlier, like we are pausing our current purchases from China, we're seeing the retailers pause the direct import orders from China. So that has a meaningful impact on us in the first quarter. I would say we probably don't have enough data yet to see a lot of consumer impact in quarter one quite yet.

再次，隨著關稅態勢的變化，這可能會改變消費者情緒和消費趨勢。就第一季目前的情況而言，我認為現在還為時過早。正如Brian之前提到的，我們看到零售商的模式，例如我們暫停了目前從中國的採購，我們看到零售商暫停了從中國直接進口的訂單。所以這對我們第一季產生了重大影響。我想說，我們可能還沒有足夠的數據來預測第一季對消費者的影響有多大。

I'd just add that demand changes and potentially demand softness actually helps the tariff impact algorithm because if demand softens, it bides us more time to work through existing inventory and complete diversification moves that we expect to occur towards the end of this year and early fiscal '27. And so it would reduce the tariff impact that we actually see in fiscal '26 if demand softens.

我想補充一點，需求變化以及潛在的需求疲軟實際上有助於計算關稅影響，因為如果需求疲軟，我們就能有更多時間消化現有庫存，並完成我們預計在今年年底和2027財年年初完成的多元化舉措。因此，如果需求疲軟，這將降低我們在2026財年實際看到的關稅影響。

So I'm not calling that a positive, obviously, but it does help the tariff algorithm. And as Noel said, we're trying to accelerate things and do them as quickly as possible. So we have those moves in place while we work through our inventory buffer.

所以，我當然不會說這是好事，但它確實有助於關稅演算法。正如諾埃爾所說，我們正在努力加快進度，盡快完成。因此，我們在處理庫存緩衝的同時，也採取了這些措施。

Okay, great. Thanks so much for all the details.

好的，太好了。非常感謝你提供的所有詳細資訊。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks operator. Good morning, everyone. So I guess I wanted to ask a few just building block questions for fiscal '26. I know there are a lot of variables, a huge range of outcomes here. But maybe just a few follow-ups to some of the prior lines of questions. Like first, just the Pegasus or the cost savings, I mean, I guess, are those -- are you including those as mitigation efforts? Or is that kind of incremental to other efforts? That's first.

謝謝接線生。大家早安。我想問幾個關於2026財年的基礎性問題。我知道這裡面有很多變量，結果也千差萬別。但我想針對之前的一些問題再問幾個問題。例如，首先，飛馬座專案或成本節約，我的意思是，我想，這些是──你們把這些也算作緩解措施了嗎？還是說，這些措施是其他措施的補充？這是第一步。

And then I guess the 70% to 80% that you would expect to mitigate, is that a fiscal '26 number? Or is that something you would expect to kind of mitigate over time? And I guess what I'm just trying to get at here is if we were to take, Brian, your response to Rupesh's question of $200 million, and then you say you mitigate 75%, that would -- is that $50 million number, is that the direct impact to the bottom line we should be expecting as things stand today. So I know you're not giving guidance, but I do think it would be helpful to kind of just give some guardrails in terms of maybe where we should be kind of the puts and takes for fiscal '26?

那麼，您預計能減輕的70%到80%的損失，是2026財年的數字嗎？還是您預計會隨著時間的推移而減輕？布萊恩，我想問的是，如果我們以您回答魯佩什提出的2億美元問題為例，然後您說您減輕了75%的損失，那麼5000萬美元這個數字，就目前的情況而言，這是否就是我們預期對利潤的直接影響？我知道您沒有給予指引，但我認為，就2026財年的預期收益和預期收益而言，提供一些參考值會很有幫助。

Yeah. What I would say about the cost savings is the intention of the cost savings that we already knew that we had was to fund our growth investment. And so that was the benefit that we get to the P&L, but we're going to put it back into investment. So I would not count that, that savings is incremental to what we're framing up for you today. That was kind of already embedded in our plans.

是的。關於成本節約，我想說的是，我們之前知道的成本節約是為了支持我們的成長投資。這部分收益計入了損益表，但我們會將其重新投入投資。所以我不會把這部分算進去，這些節省是相對於我們今天為大家製定的計劃而言的增量。這部分已經包含在我們的計劃中了。

Now what we are having to adjust is some level of marketing expense with the focus on nonworking marketing to achieve the 70% to 80% cost mitigation that we have along with all the other levers that we talked about. So -- and I just want to be clear too that we said it's over $200 million. You can use $200 million, if you want, but the amount is over $200 million. And then I forgot the second part of your question.

現在我們必須調整的是一定程度的行銷費用，重點放在非有效行銷上，以實現我們目前已實現的70%到80%的成本降低，以及我們之前提到的所有其他措施。所以——我還想澄清一下，我們之前說的是超過2億美元。如果你願意，你可以用2億美元，但這個數字已經超過2億美元了。然後我忘了你問題的第二部分。

No. Just like is that mitigation that you mentioned 70%, 80%, like as we do the math on fiscal '26, is that what you would expect to mitigate this year alone? Or is that saying over time, we would expect to mitigate 70% to 80%?

不。您提到的減排幅度是70%還是80%，就像我們對26財年進行計算一樣，您預計今年就能減排這麼多嗎？還是說隨著時間的推移，我們預計可以減排70%到80%？

That is specific to fiscal '26. I would envision -- and tariffs are kind of rolling in on a half year basis, both -- there's another path that has a full-year impact that has to be realized. Now the benefit that we get in fiscal '27 is we will have all our supplier diversification in place by very early in fiscal '27. So we get those diversification benefits in '27 to offset more of the tariff impact.

這是針對2026財年的具體情況。我預計——關稅的周期是半年，所以還有另一種方式會對全年產生影響，這一點必須實現。我們在2027財年獲得的好處是，我們將在2027財年初期就實現所有供應商的多元化。因此，我們將在2027年獲得這些多元化效益，從而抵消更多關稅的影響。

We also have to incur less cost to do the diversification work that I mentioned on one of the previous questions, there's a cost -- the diversification comes out of cost in fiscal '26, that will largely be out of the system in '27.

我們還必須花費更少的成本來完成我在之前的問題中提到的多樣化工作，這需要成本——多樣化的成本來自 26 財年的成本，而這在 27 年將基本從系統中消除。

So there's two benefits in '27. We have the diversification in place and we're exposed to less tariffs and we don't have to incur the cost to continue to do the intensive diversification that we're doing currently. Now we could choose to do more diversification later. We'll have to see how that goes, and there could be some costs associated with that, but much smaller in scale, I would imagine.

所以，2027年有兩個好處。我們已經實現了多元化，關稅風險降低了，我們無需承擔成本來繼續進行目前正在進行的密集多元化。現在，我們可以選擇以後再進行更大規模的多元化。我們得看看情況如何，這可能會產生一些相關成本，但我想規模會小得多。

Okay. That's super helpful. And then I guess just following up on the 1Q commentary. I mean, we're kind of -- I know it's still a little early to have visibility on consumer demand and the retail commentary was super helpful. But Brian, anything that you would say just as we think about earnings at this point in time, margins?

好的。這非常有幫助。我想接下來繼續第一季的評論。我的意思是，我知道現在了解消費者需求還為時過早，零售評論非常有幫助。但是，Brian，就我們目前的利潤和利潤率而言，您有什麼想說的嗎？

I'm just trying to think through the parameters at this point in time. I totally get that for the year, it's very hard to have visibility. But I would imagine you have some line of sight in terms of how things are trending from a cost perspective or a margin perspective at this point for the first quarter?

我只是在思考目前的情況。我完全理解，今年的情況很難預測。但我想，從成本角度或利潤率角度來看，您對第一季目前的趨勢應該有一定的了解吧？

Yeah, I would say, we call that the softness that we see potentially in Q1 revenue. I would say we're being very cautious with spending in this environment, both based on the revenue trends that we're seeing for Q1 and the potentially, broader impact that could result from all of this. And so, I would say we're being very cautious with respect to spending if that helps.

是的，我想說，我們稱之為第一季營收可能出現的疲軟。我想說，在這種環境下，我們對支出非常謹慎，這既基於我們第一季的收入趨勢，也基於所有這些可能造成的更廣泛的影響。所以，如果有幫助的話，我想說，我們在支出方面非常謹慎。

Yes. Many of the measures we talked about, we're implementing now in terms of T&E and being very cautious with our marketing spend, really making sure we're spending on things that we feel have a great return and are really relevant right now. So being very choiceful on those things. And if the environment changes and we're able to turn some of those things back on, we will.

是的。我們之前談到的許多措施，現在都在落實，例如差旅費和費用，並且非常謹慎地控制行銷支出，確保把錢花在我們認為回報豐厚、目前真正重要的事情上。所以，我們會非常謹慎地選擇這些項目。如果環境發生變化，我們能夠重新啟用其中一些項目，我們就會這麼做。

And that's a good point. A lot of the choices that we're making, we're doing it in a way that allows us to very easily and quickly turn them off and turn them back on again. So they're as least disruptive to the business as possible. It's almost across the board with every lever that we have. We have -- it's not a choice that locks us into anything. It's choices where we can pause, evaluate and then turn things back on.

這說得對。我們做的很多選擇，都是為了讓我們能夠非常輕鬆快速地關閉和重新啟動。這樣，它們對業務的干擾就盡可能小了。我們幾乎用盡了所有手段。我們擁有的——這不是一個束縛我們前進的選擇。這些選擇讓我們可以暫停、評估，然後重新開啟。

Got it thank you so much I'll pass it on.

明白了，非常感謝，我會傳達的。

We have reached the end of the question-and-answer session. I would now like to turn the floor back over to management for closing comments.

問答環節到此結束。現在，我想將發言權交還給管理階層，請他們發表最後評論。

Thank you everyone for joining us. We appreciate it and we look forward to speaking with any of you in the next couple of days.

感謝各位的參與。我們對此深表感謝，並期待在接下來的幾天與各位進行交流。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。