Helen of Troy Ltd (HELE) 2026 Q1 法說會逐字稿

Greetings. Welcome to Helen of Troy Limited first quarter 2026 earnings call.

問候。歡迎參加 Helen of Troy Limited 2026 年第一季財報電話會議。

(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 Anne Rakunas, Director of Investor Relations. Thank you. You may begin.

現在我很高興介紹投資者關係總監 Anne Rakunas。謝謝。你可以開始了。

1% Thank you, operator. Good morning, everyone. Welcome to Helen of Troy's first quarter fiscal '26 earnings conference call.

1% 謝謝您，接線生。大家早安。歡迎參加特洛伊海倫 26 財年第一季財報電話會議。

Before I review our agenda with you, I'd like to welcome back Jack Jansen, our former SVP of Investor Relations and Business Development. He's temporarily rejoined the company while we conduct a search for a more permanent replacement for this role.

在與您一起回顧我們的議程之前，我想歡迎我們前投資者關係和業務發展高級副總裁傑克詹森 (Jack Jansen) 回來。我們正在為該職位尋找更合適的繼任者，在此期間他暫時重返公司。

The agenda for the call this morning is as follows: I will begin with a brief discussion of forward-looking statements. Mr. Brian Grass, the company's interim CEO, will provide his thoughts on the company's current operations and key priorities for fiscal '26. Tracy Scheuerman, our interim CFO, will then provide an update on our tariff mitigation strategies, give an overview of our financial performance in the first quarter, and provide commentary on our expectations for the second quarter of fiscal '26. Following our prepared remarks, we will open up the call for Q&A.

今天上午的電話會議議程如下：我將首先簡要討論前瞻性陳述。該公司臨時執行長 Brian Grass 先生將就公司目前的營運狀況和 26 財年的關鍵優先事項發表自己的看法。我們的臨時財務長 Tracy Scheuerman 將介紹我們的關稅減免策略的最新情況，概述我們第一季度的財務業績，並對我們對 26 財年第二季度的預期發表評論。在我們準備好發言之後，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 expectations with respect to future events or financial performance. Generally, the words anticipate, believes, expects, and other similar words are words 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對未來事件或財務表現的當前預期。一般來說，「預期」、「相信」、「期望」和其他類似的字詞都是辨識前瞻性陳述的字眼。前瞻性陳述受多種風險和不確定性的影響，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-GAAP financial information disclosed by other companies. The company cautions listeners not to place undue reliance on forward-looking statements or non-GAAP information.

本次電話會議也可能包含可被視為非公認會計準則財務資訊的資訊。這些非 GAAP 指標不能取代 GAAP 財務信息，並且可能與其他公司披露的非 GAAP 財務資訊的計算方式不同。該公司提醒聽眾不要過度依賴前瞻性陳述或非公認會計準則資訊。

Before I turn the call over to Mr. Grass, I would like to inform all interested parties that the copy of today's earnings release and investor relations presentation has been posted to our website at helenoftroy.com and can be found on the Investor Relations section of the site or by scrolling to the bottom of the homepage. The earnings release contains tables that reconcile non-GAAP financial measures to their corresponding GAAP-based measures.

在我將電話轉給格拉斯先生之前，我想通知所有感興趣的各方，今天的收益報告和投資者關係演示文稿的副本已經發佈到我們的網站 helenoftroy.com，您可以在網站的投資者關係部分找到，也可以滾動到主頁底部找到。收益報告包含將非 GAAP 財務指標與相應的 GAAP 指標進行調整的表格。

I will now turn the conference call over to Mr. Grass.

現在我將電話會議交給格拉斯先生。

Good morning everyone and thank you for joining us.

大家早安，感謝大家的參與。

I want to start by welcoming Jack Jansen back to the team. For those that may not know, before his retirement in 2024, Jack had been with the company for almost 25 years, with over 10 years in Investor Relations and Business Development. It's great to have him filling in as we transition to a new leader in this role.

首先，我歡迎傑克詹森重返球隊。有些人可能不知道，在 2024 年退休之前，傑克已經在公司工作了近 25 年，其中在投資者關係和業務發展方面有 10 多年的經驗。在我們向新領導過渡的過程中，有他來填補這個空缺真是太好了。

I also want to welcome Tracy back to the company. I'm grateful for her partnership as we navigate CEO change, tariffs in an uncertain macro environment.

我也歡迎 Tracy 重返公司。我很感謝她的合作，因為我們在不確定的宏觀環境下應對了執行長的變動和關稅問題。

Leadership transitions bring fresh perspective, opportunity, and urgency. It's been just over two months since Tracy and I stepped into our interim roles. We feel fortunate to step into these roles with a deep understanding of our business, but we intentionally spent much of the last 60 days listening closely to our key stakeholders, especially our associates. The message we heard was that our people are hungry to win. Our associates care deeply about our brands, our purpose, and each other.

領導階層的變動帶來了新的視角、機會和迫切性。崔西和我擔任臨時職務已經兩個多月了。我們很榮幸能夠在對我們的業務有深刻理解的情況下擔任這些職務，但我們有意在過去 60 天的大部分時間裡密切傾聽我們的主要利益相關者，特別是我們的同事的意見。我們聽到的信息是我們的人民渴望勝利。我們的員工非常關心我們的品牌、我們的目標以及彼此。

Through our conversations, we heard enthusiastic feedback and candid ideas on where we can do better. There's a clear sense of urgency and readiness to drive the company forward.

透過對話，我們聽到了關於如何做得更好的熱情回饋和坦誠的想法。人們明顯有一種緊迫感，並隨時準備推動公司向前發展。

But also became clear is that to win in today's environment, we must get back to fundamentals and move at greater speed. Candidly, we lost some of that along the way. It became too matrixed, too slow, and at times disconnected from each other and the marketplace. We made our company too complicated and lost focus on what made our businesses great. I own that as a leader. Now time to simplify, refocus, and accelerate.

但同樣清楚的是，為了在當今環境中取勝，我們必須回歸根本，加快腳步。坦白說，我們在這過程中失去了一些。它變得過於矩陣化、過於緩慢，有時彼此之間以及與市場之間都存在脫節。我們把公司弄得太複雜了，而忘記瞭如何讓我們的業務變得更好。身為領導者，我承認這一點。現在是時候簡化、重新聚焦和加速了。

With all that in mind, we are focusing on five key priorities to rebuild our platform for profitable growth: One, restoring confidence within the organization and meeting our external commitments to key stakeholders. We're strengthening connections with consumers, retail partners, investors, and associates, and are focused on rebuilding the adaptability needed to deliver on our commitments in a dynamic environment.

考慮到所有這些，我們將重點放在五個關鍵優先事項，以重建我們的獲利成長平台：第一，恢復組織內部的信心並履行對主要利害關係人的外部承諾。我們正在加強與消費者、零售合作夥伴、投資者和同事的聯繫，並致力於重建在動態環境中履行承諾所需的適應性。

Two, improving our go to market effectiveness and simplifying how we operate. We're taking deliberate steps to further reduce costs and simplify our business. That means making tough choices, rationalizing and sharpening our spend, and enabling greater accountability and ownership. As we drive efficiencies, we're forming a leaner, more agile organization that is much better connected commercially and can better capitalize on the incremental opportunities.

二、提高我們的市場進入效率並簡化我們的營運方式。我們正在採取慎重措施進一步降低成本並簡化業務。這意味著要做出艱難的選擇，合理化和精簡我們的支出，並加強問責制和主人翁意識。隨著我們提高效率，我們正在組建一個更精簡、更靈活的組織，在商業上聯繫更緊密，可以更好地利用增量機會。

Three, refocusing on innovation for more product-driven growth while optimizing our marketing investment. We intend to leverage consumer insights to reconnect with the consumer and our markets and allocate more investment to build a deeper pipeline of breakthrough innovation that is new to the market and solves real consumer pain points. The Drybar All Inclusive Styler we just soft launched is a good example of this kind of innovation.

第三，重新專注於創新，實現更多由產品驅動的成長，同時優化我們的行銷投資。我們打算利用消費者洞察重新與消費者和市場建立聯繫，並投入更多資金來建立更深層的突破性創新管道，這些創新對市場來說是全新的，可以解決消費者真正的痛點。我們剛試推出的 Drybar All Inclusive Styler 就是這個創新的一個很好的例子。

We will also seek to capture shorter term opportunities with new product features and enhancements, form factors, usage occasions, collaborations, hits and bundles, colors and finishes. In addition, we will work to accelerate time to market for innovation already in development.

我們還將尋求透過新產品功能和增強功能、外形尺寸、使用場合、合作、熱門產品和捆綁產品、顏色和飾面來抓住短期機會。此外，我們將努力加快正在開發的創新產品的上市時間。

Finally, we are sharpening our marketing investment to make it punch above its weight by focusing on the highest returns, channels and tactics, driving more earned media, optimizing our paid funnel mix, producing assets more cost effectively, and continually refining based on our measured performance.

最後，我們正在加強我們的行銷投資，透過專注於最高的回報、管道和策略，推動更多的贏得媒體，優化我們的付費管道組合，以更具成本效益的方式生產資產，並根據我們衡量的績效不斷改進，使其發揮更大的作用。

Four, focusing on the fundamentals and fully leveraging the unique -- strengths of our brands. Focusing on the fundamentals means doing fewer things and doing those things better, returning to core strengths and executing with excellence. We created unnecessary sprawl and became scattered in terms of priorities.

四、聚焦根本，充分發揮品牌獨特優勢。專注於基本面意味著做更少的事情，但要把這些事情做得更好，回歸核心優勢並卓越地執行。我們造成了不必要的蔓延，並且在優先事項方面變得分散。

Finally, we're sharpening our marketing investment to make it punch above its weight by focusing on the highest returns, channels, and tactics, driving more earned media, optimizing our paid funnel mix, producing assets more cost effectively, and continually refining based on our measured performance. We also became a little too homogenized across our brands and lost some of what made our brands great. Going forward, we'll put the brands first and unlock the power that comes from their unique strengths.

最後，我們正在加強我們的行銷投資，透過專注於最高的回報、管道和策略，推動更多的媒體，優化我們的付費管道組合，以更具成本效益的方式生產資產，並根據我們衡量的績效不斷改進，使其發揮更大的作用。我們的品牌也變得過於同質化，失去了一些讓我們品牌變得優秀的特質。展望未來，我們將把品牌放在第一位，釋放品牌獨特優勢帶來的力量。

Five, reinvigorating our culture with resilience and an owner's mindset. We've lost some of our cultural strength along the way, which we are making a concerted effort to reinvigorate. We're enabling our teams to be ownership driven to move forward quickly and deliver with purpose. That mindset is a force multiplier for performance and a critical driver of our future success.

第五，以韌性和主人翁心態重振我們的文化。我們在發展過程中失去了一些文化力量，我們正在齊心協力地重振這些力量。我們正在使我們的團隊以主人翁精神為導向，快速前進並實現目標。這種心態是業績的倍增器，也是我們未來成功的關鍵驅動力。

We know this journey won't be a straight line. The macro environment remains uncertain with geopolitical friction, economic uncertainty, shifting consumer behavior, and global trade disruption. But I'm confident that we are building a stronger, more resilient Helen of Troy, one that is better prepared to navigate change and capitalize on opportunity. I intend to reinvigorate a renewed culture focusing on performance, execution, and consistent long term value creating results.

我們知道這段旅程不會是一條直線。宏觀環境仍不確定，地緣政治摩擦、經濟不確定性、消費者行為轉變與全球貿易中斷。但我堅信，我們正在創造一個更強大、更有韌性的“特洛伊海倫”，一個更有能力應對變化、抓住機會的“特洛伊海倫”。我打算重振一種注重績效、執行力和持續的長期價值創造成果的新文化。

Moving on to the quarter. Our Q1 results were well below our expectations. Tariff-related disruption on our shipments was greater than we originally expected in April. There are three tariff-related impacts, making up approximately 8-percentage-points of the 10.8% consolidated revenue decline.

進入本季。我們第一季的業績遠低於我們的預期。四月份，我們貨物運輸因關稅原因受到的干擾比我們最初預期的要嚴重。與關稅相關的影響有三項，佔綜合收入下降10.8%的約8個百分點。

One, cancellation of direct import orders from China in response to higher tariffs; two, tariff-related pull forward of orders into the fourth quarter of fiscal '25, leading to elevated inventory and lower replenishment in the first quarter of fiscal '26, which we expect to continue into the second quarter as demand continues to soften; and three, China softness, driven by a shift from cross-border e-commerce, the localized distribution models, and increased competition from domestic sellers driven by government subsidies.

一是因應關稅上調而取消了從中國的直接進口訂單；二是受關稅影響，訂單提前至25財年第四季度，導致26財年第一季庫存增加、補貨減少，我們預計，隨著需求持續疲軟，這種情況將持續到第二季度；三是中國市場疲軟，其原因是跨境電商的轉變、本地化、本地化模式以及政府補貼導致的國內賣家競爭。

In addition to the tariff-related impacts, we also saw weeks of supply adjustment at certain key retailers as shifting consumer demand curves are being reflected in retailers' inventory management practices.

除了關稅相關的影響之外，我們還看到某些主要零售商進行了數週的供應調整，因為消費者需求曲線的變化反映在零售商的庫存管理實踐中。

Finally, we are seeing clear evidence of the consumer trading down with average price compression of 3% to 4% in our US business, which impacted first quarter revenue and profitability. You may have seen other companies recently calling out trade down behavior, including the dollar stores, which are a beneficiary of this trend.

最後，我們看到明顯的證據表明，消費者的交易量正在下降，美國業務的平均價格壓縮了 3% 至 4%，這影響了第一季的收入和獲利能力。您可能已經看到其他公司最近呼籲降低消費行為，包括一元商店，它們就是這種趨勢的受益者。

Tracy will take you through second quarter revenue in more detail and you can also refer to the investor presentation on our website for an illustration of tariff-related and other revenue impacts by segment and in total.

Tracy 將向您更詳細地介紹第二季的收入，您也可以參考我們網站上的投資者介紹，以了解按部門和總體劃分的關稅相關收入和其他收入的影響。

Despite the headwinds, we are encouraged by underlying improvements we are seeing in our business. Highlights include US point-of-sale unit growth in 8 out of our 11 key brands in the first quarter, point-of-sale dollar growth in US mass of 4.4%, strong category growth in key categories such as prestige hair liquids, air purifiers and thermometry. DTC revenue growth of 9% year-over-year, Osprey revenue growth of 3.7% and point-of-sale growth of 3.8% driven in part by the success of our expansion into categories outside of technical packs. Curlsmith revenue growth of 17%.

儘管面臨阻力，但我們對業務的潛在改善感到鼓舞。亮點包括第一季我們 11 個主要品牌中的 8 個在美國的銷售點單位數有所增長，美國大眾的銷售點美元銷售額增長了 4.4%，高端護髮液、空氣清淨機和溫度計等主要類別的品類增長強勁。DTC 營收年增 9%，Osprey 營收成長 3.7%，銷售點成長 3.8%，部分原因是我們成功擴展到技術包以外的類別。Curlsmith 營收成長 17%。

Olive and June, revenue and profitability that continues to exceed expectations and strong free cash flow of $45 million compared to $16 million in the same period last year. We believe these are indicative examples of improving fundamentals in the company but we acknowledge that we need to deliver this kind of strength, much more consistently across the portfolio.

Olive 和 June 的營收和獲利能力持續超出預期，強勁的自由現金流達到 4,500 萬美元，而去年同期為 1,600 萬美元。我們相信這些都是公司基本面改善的典型例子，但我們承認，我們需要在整個投資組合中更一致地發揮這種優勢。

Turning to our business segments. The decrease in Home & Outdoor net sales was primarily driven by tariff-related impacts, which we believe are largely transitory over time but are expected to persist into the second quarter.

轉向我們的業務部門。家居和戶外淨銷售額的下降主要是由於關稅相關影響，我們認為這種影響在一段時間內基本上是暫時的，但預計會持續到第二季。

Turning to OXO. Brand fundamentals remained strong as OXO gained share and extended its leadership in kitchen utensils in the quarter. Our Twist & Stack food store line launched in January, has been highly praised by consumers for quality, versatility, and thoughtful design.

轉向 OXO。由於 OXO 在本季市場份額增加並擴大了其在廚房用具領域的領導地位，品牌基本面依然強勁。我們於一月推出的 Twist & Stack 食品店系列因其品質、多功能性和周到的設計而受到消費者的高度讚揚。

Hydro Flask remains one of the categories most loved brands as consumers continue to shift from Tumblers back toward traditional bottles where Hydro Flask has been historically strong. On the innovation front, the Micro Hydro, a 6.7 ounce insulated bottle, soft launched via DTC and Whole Foods has been an early winner with one of our brick-and-mortar buyers recently saying, I love seeing customers come up to the displays completely smitten with the product on site.

隨著消費者逐漸從隨行玻璃杯轉向傳統水瓶，Hydro Flask 仍然是最受歡迎的品牌之一，而傳統水瓶一直是 Hydro Flask 的強項。在創新方面，透過 DTC 和 Whole Foods 軟推出的 6.7 盎司保溫瓶 Micro Hydro 已成為早期的贏家，我們的一位實體店買家最近表示，我喜歡看到顧客來到展示台前，完全被現場的產品迷住。

Consumers are responding enthusiastically to its functional but fashionable size so much so, we continue to chase demand on our DTC platform. More to come as we lean further into this initial success.

消費者對其實用而時尚的尺寸反應熱烈，因此我們繼續在 DTC 平台上追逐需求。隨著我們進一步了解這一初步成功，我們將迎來更多驚喜。

Hydro Flask International business also grew, driven by expanded distribution in Asia Pacific region and Canada. As mentioned, Osprey posted nice growth benefiting from expanded distribution, category stabilization, and robust DTC performance.

受亞太地區和加拿大分銷範圍擴大的推動，Hydro Flask International 的業務也實現了成長。如上所述，Osprey 實現了良好的成長，得益於分銷範圍的擴大、品類的穩定以及強勁的 DTC 表現。

While the broader US technical pack market remains challenged, Osprey continues to lead, holding the number one market share 3 times the size of the next national brand. Osprey again gained share in the Kit Carrier Pack category and also received two major accolades this quarter. The Skarab 18 was named Best Hydration Pack for hiking and the Atmos AG 50 won Best Multiday Hiking Pack in the Men's Journal 2025 Outdoor Awards.

儘管美國技術背包市場仍面臨挑戰，但 Osprey 仍保持領先地位，其市佔率是第二大全國品牌的三倍。本季度，Osprey 在 Kit Carrier Pack 類別中的份額再次增加，並獲得了兩項重要榮譽。在《男士雜誌》2025 年戶外獎中，Skarab 18 被評為最佳健行水袋背包，Atmos AG 50 榮獲最佳多日健行水袋背包。

Turning now to our Beauty & Wellness business. Overall, the segment sales decline was driven primarily by similar direct import cancellations, tariff-related pull forward by retailers in the fourth quarter of last year, and softer point-of-sale internationally, driven in part cascading impacts of trade policy in the China market.

現在談談我們的美容與健康業務。總體而言，該部門銷售額下降主要是由於類似的直接進口取消、去年第四季度零售商因關稅而提前下調銷售額以及國際銷售點疲軟（部分原因是中國市場貿易政策的連鎖影響）。

In Beauty, Revlon is gaining share in the below $100 category with its value positioning resonating strongly in the current environment. In the above $100 category, we're excited about the initial soft launch success of the Drybar All-Inclusive Styler, which is an 8-in-1 multi styler that provides more functionality and styling options than the competition, but is more affordably priced.

在美容領域，露華濃在 100 美元以下產品的市場份額不斷擴大，其價值定位在當前環境下引起了強烈共鳴。在 100 美元以上的類別中，我們對 Drybar All-Inclusive Styler 的首次試運行成功感到非常興奮，這是一款 8 合 1 多功能造型器，比競爭對手提供更多的功能和造型選擇，但價格更實惠。

The all-inclusive has gained strong traction with influencers and online. We are now rolling into an exclusive brick-and-mortar hard launch at ULTA, which you will begin to see in store at the end of July.

全包式服務已獲得有影響力人士和網路的強烈關注。我們現在正在 ULTA 進行獨家實體發布，您將於 7 月底開始在店內看到它。

As mentioned, Curlsmith grew in the quarter, driven by new liquid innovations, including a fragrance free line, a detox shampoo, and a multi-benefit Curl Shield heat protecting cream. Curlsmith also launched an innovative new tool, the Defrizzion Curl Reviving Wand designed for enhanced styling to refresh, enhance, and define goals with less heat. It comes with interchangeable barrels to match varying consumer curl patterns and has been well received by consumers and retailers.

如上所述，Curlsmith 在本季度實現了成長，這得益於新的液體創新，包括無香味系列、排毒洗髮精和多效 Curl Shield 熱保護霜。Curlsmith 也推出了一款創新新工具——Defrizzion Curl Reviving Wand，旨在以更少的熱量刷新、增強和確定目標，從而增強造型效果。它配有可互換的捲髮筒，以適應不同消費者的捲髮模式，並受到消費者和零售商的一致好評。

Olive and June continued its momentum, growing much faster than the overall nail category at its brick-and-mortar customers and recently launching on Amazon at the end of the first quarter. The brand continues to distinguish itself within the industry. For the second year in a row, Olive and June has been named to Fast Company's most innovative companies, gaining recognition for its innovative gel polish system that was launched last October, it gives consumers the ability to produce salon quality nails at home. This coveted honors the definitive recognition organizations, not just keeping up, but setting the pace for transforming industries and shaping society.

Olive and June 繼續保持強勁勢頭，其成長速度遠遠超過實體店客戶的整體美甲產品類別，並於第一季末在亞馬遜上線。該品牌繼續在行業中脫穎而出。Olive and June 連續第二年被《Fast Company》評為最具創新力的公司，並因其去年 10 月推出的創新凝膠拋光系統而獲得認可，該系統讓消費者能夠在家中打造沙龍品質的指甲。這項令人垂涎的榮譽是對各組織的權威認可，這些組織不僅跟上了行業轉型和塑造社會的步伐，而且樹立了榜樣。

In Wellness, our business was primarily impacted by lower international sales, largely driven by China where geopolitical trade tensions and government subsidies are pushing the Chinese consumer toward domestic goods. We also saw a weak close to the illness season in the Asia Pacific region.

在健康領域，我們的業務主要受到國際銷售額下降的影響，這主要是由於中國地緣政治貿易緊張局勢和政府補貼促使中國消費者轉向國內商品。我們也看到亞太地區疾病季節即將結束。

The highlight of the quarter was the launch of the [PUR Slimline] at Walmart and select grocery stores at the end of May. We expect additional distribution to roll out over the summer. The PUR Slim picture is an [8Cup] picture system, available in multiple colors, large enough to quench a sizable first yet compact enough to fit in a mini fridge.

本季的亮點是 5 月底在沃爾瑪和部分雜貨店推出 [PUR Slimline]。我們預計夏季將推出更多發行。PUR Slim 杯是一款 [8Cup] 杯系統，有多種顏色可供選擇，大到足以盛放一杯大杯的牛奶，同時又足夠緊湊，可以放入迷你冰箱中。

Domestically, Braun benefited from both category growth and market share gains across the brick-and-mortar and online channels fiscal year-to-date. This was strengthened by new distribution in Walmart and CDS as well as strong performance on Amazon.

在國內，博朗本財年迄今的業績得益於實體店和線上通路的品類成長和市場份額的成長。沃爾瑪和 CDS 的新分銷管道以及亞馬遜的強勁表現進一步增強了這一優勢。

During the quarter, we also secured new brand distribution for blood pressure monitors at Walmart. Additionally, our new Vicks Vaposteam Lavender scent launched on Amazon and will hit shelves at Walmart and other select retailers later this summer, just in time for the upcoming cough cold and flu season. When used with the humidifier or vaporizer, Vicks Vaposteam Lavender releases a lavender scented medicated mist that helps calm the impulse to cough, promoting a restful night sleep.

本季度，我們也獲得了沃爾瑪血壓監測儀的新品牌分銷。此外，我們的新 Vicks Vaposteam 薰衣草香味產品已在亞馬遜上線，並將於今年夏天晚些時候在沃爾瑪和其他指定零售商上架，正好趕上即將到來的咳嗽感冒和流感季節。與加濕器或蒸發器一起使用時，Vicks Vaposteam Lavender 會釋放出薰衣草香味的藥霧，有助於緩解咳嗽衝動，促進安寧的睡眠。

Moving on to our outlook. We are providing an outlook for the second quarter of fiscal '26 but not the full year, given the uncertainty related to still evolving tariffs and their potential impact on both revenue and cost. As mentioned, we expect tariff-related disruption on our revenue to persist into the second quarter. We believe the disruption is largely transitory, but will require more certainty with respect to global trade policy in order to stabilize.

繼續我們的展望。鑑於仍在變化的關稅及其對收入和成本的潛在影響的不確定性，我們僅提供了 26 財年第二季的展望，而非全年展望。如上所述，我們預計與關稅相關的收入中斷將持續到第二季。我們認為，這種混亂基本上是暫時的，但需要全球貿易政策更加確定才能穩定下來。

As we saw from the US administration's trade announcements on Monday, there is still a lot of uncertainty that will need to play out. We also believe that the inflationary impacts from higher tariffs have not yet been fully realized by the consumer, which could create further pressure on our results in the second half of the year.

正如我們從週一美國政府的貿易聲明中看到的那樣，仍然存在許多不確定性，需要解決。我們也認為，消費者尚未完全意識到提高關稅帶來的通膨影響，這可能會對我們下半年的業績造成進一步壓力。

We are providing some information in our investor presentation to give some directional perspective on puts and takes for the first and second halves of the year. In the meantime, we are focused on improving our fundamentals, adapting to a dynamic environment, controlling the things we can control, and delivering on our commitments. We look forward to updating you on the progress of our five key initiatives to rebuild our platform for profitable growth.

我們在投資者介紹中提供了一些信息，為今年上半年和下半年的看跌期權和看漲期權提供一些方向性的觀點。同時，我們專注於改善我們的基本面，適應動態環境，控制我們能夠控制的事情，並兌現我們的承諾。我們期待向您通報我們重建獲利成長平台的五項關鍵舉措的進展。

With that, I'll pass the call to Tracy to provide more detail on our financial results and outlook for the second quarter.

說完這些，我將把電話轉給 Tracy，讓她提供有關我們第二季財務業績和前景的更多詳細資訊。

Thank you, Brian, and good morning, everyone.

謝謝你，布萊恩，大家早安。

Thank you for joining us. I'm excited for the opportunity to come back to Helen of Troy and work once again alongside a dedicated and talented team, and I'm energized by the opportunity I see ahead for the company.

感謝您加入我們。我很高興有機會回到海倫特洛伊並再次與一支敬業且才華橫溢的團隊一起工作，並且我對公司未來的機會感到振奮。

Just a bit of my background on me. I started my career in public accounting with KPMG over 30 years ago before joining Board and Inc. for a health roles and internal audit and corporate finance. I joined OXO when the business operated under World Kitchen and remained through its acquisition by Helen of Troy in 2004, holding leadership roles across finance, supply chain, and operations.

這只是我的一些背景介紹。30 多年前，我在畢馬威會計師事務所 (KPMG) 開始了我的公共會計職業生涯，之後加入 Board and Inc. 從事健康職位以及內部審計和公司財務工作。我在 OXO 隸屬於 World Kitchen 時就加入了該公司，並在 2004 年被 Helen of Troy 收購之前一直留在那裡，擔任財務、供應鏈和營運方面的領導職務。

Over the years, I have had the opportunity to help lead the acquisition and integration of several brands within our portfolio, experiences that have given me a deep understanding of business both strategically and operationally and supported the organization's continued growth and transformation.

多年來，我有機會幫助領導我們投資組合中多個品牌的收購和整合，這些經驗讓我對策略和營運業務有了深刻的理解，並支持了組織的持續成長和轉型。

Most recently, I served as Senior Vice President of Finance and Operations for the Home & Outdoor segment. Like Brian, Helen of Troy has shaped much of my professional journey, and I'm fortunate to step to this role with a deep understanding of the business, the passion for these brands, and a love for the people behind them.

最近，我擔任家居和戶外部門財務和營運高級副總裁。就像布萊恩一樣，特洛伊的海倫塑造了我的大部分職業生涯，我很幸運能夠擔任這個職位，因為我對這個行業有深刻的理解，對這些品牌充滿熱情，並且熱愛背後的人。

Our first quarter proved to be a particularly challenging one with sales and profitability below our expectations. As Brian mentioned, being focused and disciplined will be key as we move forward. His message is a great reminder of the mindset we need to bring every day thinking like owners and keeping our customers at the center of what we do. By staying true to what matters, we're positioning ourselves to deliver on our commitment.

我們的第一季尤其具有挑戰性，銷售額和獲利能力低於我們的預期。正如布萊恩所說，專注和自律是我們前進的關鍵。他的訊息很好地提醒了我們，我們需要以主人的身份每天思考，並將客戶放在我們工作的中心。透過堅持重要的事情，我們正在履行我們的承諾。

In my first two months back, I cannot only see but also truly feel a new sense of focus and optimism across the organization.

回來後的頭兩個月，我不僅看到而且真切感受到整個組織煥然一新的專注感和樂觀精神。

During the quarter, we made significant progress on the tariff mitigation plans we outlined on our fourth quarter call. We continue to build out our internal Southeast Asia sourcing capabilities to accelerate supplier transitions out of China, leveraging our long-standing strategic partnerships. And in many cases, we are dual sourcing our production and making capital investments to replicate legacy China production. In addition, we have implemented strategic price increases that will take effect near the end of summer.

本季度，我們在第四季度電話會議上概述的關稅減免計劃取得了重大進展。我們將繼續建立我們的內部東南亞採購能力，利用我們長期的戰略合作夥伴關係，加速供應商從中國向外轉移。在許多情況下，我們採用雙重生產來源，並進行資本投資來複製傳統的中國生產方式。此外，我們也實施了策略性漲價，將於夏季末生效。

As we mentioned in April, we purchased additional inventory in advance of the incremental 145% tariff implementation to limit our exposure. After the temporary pause is implemented, we resumed targeted inventory purchases. While the impact on our cost of goods was minimal, we layered approximately $14 million of direct tariff cost into our ending inventory.

正如我們在四月提到的那樣，我們在增量 145% 關稅實施之前購買了額外的庫存，以限制我們的風險敞口。暫停措施實施後，我們恢復了有針對性的庫存採購。雖然對我們的商品成本的影響很小，但我們將大約 1400 萬美元的直接關稅成本計入了我們的期末庫存。

As we move forward, we are approaching our inventory buys with a thoughtful approach and expectation of measured consumer demand in the short to immediate term as inflation continues to shape spending behavior. Please refer to the investor presentation on our website for a complete summary of the tariff mitigation actions we are taking.

隨著我們不斷前進，我們將以深思熟慮的方式進行庫存購買，並預期在短期內衡量消費者需求，因為通貨膨脹將繼續影響消費行為。請參閱我們網站上的投資者介紹，以了解我們正在採取的關稅減免措施的完整摘要。

On our April earnings call, we highlighted some planned cost reduction measures in light of the proposed tariffs at that time. Following the temporary tariff suspension, we adjusted our cash preservation measures but remain disciplined in our approach, given continued tariff uncertainty. Our current cost reduction measures include the following: suspension of noncritical projects and capital expenditures, except those supporting supplier diversification and dual sourcing projects, reduction of personnel costs and extended pause on those projects and travel spend, prioritization of marketing, promotions and product development investments with the highest returns. And lastly, we have taken actions to improve working capital efficiencies and balance sheet productivity.

在 4 月的收益電話會議上，我們根據當時提議的關稅強調了一些計劃中的成本削減措施。在暫時取消關稅之後，我們調整了現金保全措施，但鑑於關稅的持續不確定性，我們仍保持嚴謹的態度。我們目前的成本削減措施包括：暫停非關鍵項目和資本支出（支持供應商多元化和雙重採購項目的項目除外）、降低人員成本並延長這些項目和差旅支出的暫停時間、優先考慮回報率最高的營銷、促銷和產品開發投資。最後，我們已採取行動提高營運資金效率和資產負債表生產力。

The combination of these cost reduction measures and the tariff mitigant actions I just mentioned, the company now believes it can reduce the net tariff impact on operating income for less than $15 million based on tariffs currently in place.

透過結合這些成本削減措施和我剛才提到的關稅減免措施，公司現在相信，根據現行關稅，它可以將關稅對營業收入的淨影響減少不到 1500 萬美元。

Please refer to the investor presentation on our website for a summary of the gross unmitigated impact of tariffs at current rates, the amount we believe we can mitigate or offset in the net remaining impact on operating income for fiscal '26.

請參閱我們網站上的投資者介紹，以了解當前稅率下關稅的未緩解總影響的摘要，以及我們認為可以緩解或抵消 26 財年營業收入淨剩餘影響的金額。

Turning now to our first quarter results. Consolidated net sales decreased 10.8%. Excluding the impact from Olive and June, organic net sales decreased by 17.3%.

現在來看看我們的第一季業績。合併淨銷售額下降10.8%。不計 Olive 和 June 的影響，有機淨銷售額下降了 17.3%。

To provide a little color around the revenue decline, approximately 45% organic revenue decline was driven by tariff-related trade disruption. This primarily reflects three factors: the pause or cancelation of China direct import orders in response to increased tariff rates and trade policy uncertainty, a slowdown in retail orders following pull-forward activity in the fourth quarter of fiscal 2025; and evolving dynamics in the China market, including a shift towards localized fulfillment models and heightened competition from domestic sellers benefiting from government subsidies. We believe these impacts are largely transitory, but we do expect them to linger into the second quarter.

為了更清楚地解釋收入下降的原因，大約 45% 的有機收入下降是由於關稅相關的貿易中斷造成的。這主要反映了三個因素：由於關稅稅率提高和貿易政策不確定性導致中國直接進口訂單暫停或取消，2025財年第四季度提前活動後零售訂單放緩；中國市場動態不斷變化，包括向本地化履行模式的轉變以及受益於政府補貼的國內賣家競爭加劇。我們認為這些影響基本上是暫時的，但我們預計它們將持續到第二季。

The remaining decline reflects broader demand softness across our categories, even as several of our brands gained or maintained share. This category softness was driven by shift in consumer behavior, including trade down to value price points, and prioritizing essential categories amid concerns about future pricing pressures and broader economic uncertainty. If these trends impacted purchase volumes, retailers also adjusted their inventory levels.

儘管我們的幾個品牌的份額增加或保持不變，但剩餘的下降反映了我們各個品類的需求普遍疲軟。這一類別的疲軟是由消費者行為的轉變造成的，包括降低價格以購買價值價位，以及在擔心未來價格壓力和更廣泛的經濟不確定性的情況下優先考慮必需類別。如果這些趨勢影響了購買量，零售商也會調整其庫存水準。

In addition, we also saw slower replenishment in the Asia Pacific region due to a milder cost, cold and flu season. These impacts were partially offset by favorable year-over-year comparisons including prior year shipping disruptions at our Tennessee distribution facility and the integration challenges from Curlsmith.

此外，由於成本較低、感冒和流感季節的影響，亞太地區的補貨速度也較慢。這些影響被同比有利因素部分抵消，包括去年我們田納西州配送中心的運輸中斷以及 Curlsmith 帶來的整合挑戰。

Now shifting to a closer look at our segment performance, I'll begin with Home and Outdoor where net sales declined 10.3% with approximately 6.7 percentage points of the decline in by tariff-related disruption. This included direct import cancellations within the club channel as well as what we believe to be tariff-related pull-forward activity at the end of fiscal 2025 and our home category.

現在讓我們更仔細地看一下我們的分部業績，首先是家居和戶外部門，該部門的淨銷售額下降了 10.3%，其中約 6.7 個百分點是由於關稅相關的干擾造成的。其中包括俱樂部管道內的直接進口取消，以及我們認為的 2025 財年末與關稅相關的提前活動和我們的家居類別。

The remaining decline reflects broader demand softness in the home and insulated beverage ware categories, retailer inventory adjustments in response to the softness and net distribution declines within our beverage ware and the outdoor channel. These headwinds were partially offset by the favorable comparison to prior year shipping disruptions on Tennessee distribution facility as well as strong domestic demand for technical paths.

剩餘的下降反映了家庭和保溫飲料器皿類別中更廣泛的需求疲軟，零售商為應對疲軟而進行的庫存調整以及飲料器皿和戶外管道的淨分銷下降。與去年同期相比，田納西州配送設施的運輸中斷情況良好，而且國內對技術路線的需求強勁，因此部分抵銷了這些不利因素。

Turning to our Beauty & Wellness business. Net sales declined 11.3% with approximately 9.7-percentage-points of the decline driven by tariff-related disruption. This included direct import cancellations as well as decline in international to monitor sales driven by softer POS trends, partially impacted by the cascade impacts, the trade policy in the China market.

轉向我們的美容和健康業務。淨銷售額下降 11.3%，其中約 9.7 個百分點的下降是由於關稅相關影響造成的。其中包括直接進口取消以及受 POS 趨勢疲軟推動的國際銷售下滑，部分受到連鎖影響和中國市場貿易政策的影響。

The remaining decline reflects broader demand softness in the fans, hair appliances, and prestige hair care categories along with retailer inventory adjustments in response to softer demand and a weaker illness season in the Asia Pacific region. These headwinds were partially offset by incremental revenue from Olive and June of $26.8 million and the integration challenges from Curlsmith in the prior year period.

其餘的下降反映了風扇、美髮用具和高端護髮產品類別的需求普遍疲軟，以及零售商為應對亞太地區需求疲軟和疾病季節較弱而進行的庫存調整。這些不利因素被 Olive 和 June 的 2,680 萬美元增量收入以及去年同期 Curlsmith 的整合挑戰部分抵消。

Consolidated gross profit margin decreased 160 basis points to 47.1%, primarily due to increased consumer shift toward lower price alternatives, which pressured margins as well as elevated retail trade expense in response to a more competitive retail environment. Margin was further pressured by the comparison impact of favorable inventory obsolescence expense in the prior year period and a less favorable brand mix within home and outdoor. These factors were partially offset by the favorable impact of the acquisition of Olive and June within Beauty & Wellness and lower commodity and product costs, partially driven by Project Pegasus initiative.

綜合毛利率下降 160 個基點至 47.1%，主要原因是消費者更多地轉向低價替代品，這給利潤率帶來壓力，同時零售環境競爭更加激烈也導致零售貿易費用增加。利潤率因去年同期有利的庫存報廢費用和不太有利的家居及戶外品牌組合的比較影響而進一步承壓。這些因素被美容與健康部門收購 Olive 和 June 的有利影響以及商品和產品成本的降低（部分由飛馬計劃推動）所部分抵消。

SG&A ratio increased 420 basis points, primarily due to incremental growth increment of approximately 240 basis points. CEO succession costs of approximately 100 basis points, higher outbound freight costs resulting from moderate increases in channel shift mix, the impact of the Olive and June acquisition and the impact of unfavorable operating leverage.

銷售、一般及行政開支比率增加 420 個基點，主要由於增量成長增加約 240 個基點。執行長繼任成本約為 100 個基點，通路轉移組合適度增加導致出站貨運成本增加，收購 Olive 和 June 的影響以及不利的營運槓桿的影響。

Our SG&A ratio is typically higher in the first quarter than is our lowest revenue period of the year. However, the greater-than-expected revenue decline outpaced our spending reductions for their elevated ratio.

我們第一季的銷售、一般及行政費用比率通常高於一年中收入最低的期間。然而，超出預期的收入下降幅度超過了我們支出削減幅度的上升。

GAAP operating loss for the quarter was $407 million, primarily due to a $414 million of noncash ferment charges incurred primarily due to the sustained decline in our stock price and the lower gross profit margin and higher SG&A rates I just mentioned.

本季的 GAAP 營業虧損為 4.07 億美元，主要原因是 4.14 億美元的非現金發酵費用，這主要是由於我們股價的持續下跌以及我剛才提到的毛利率較低和 SG&A 費率較高而產生的。

On an adjusted basis, operating margin decreased 600 basis points to 4.3%. The decrease was primarily driven by consumer trade down behavior, 240 basis points of incremental growth investments, higher retail trade expense, higher outbound freight costs, a less favorable brand mix within Home and Outdoor, comparative impact of favorable inventory obsolescence expense in the prior year and the impact of unfavorable operating leverage. These factors were partially offset by the contribution from Olive and June and lower commodity and product costs, primarily driven by our Project Pegasus initiative.

經調整後，營業利益率下降 600 個基點至 4.3%。下降的主要原因是消費者的降價行為、240 個基點的增量增長投資、更高的零售貿易費用、更高的出境運費、家居和戶外品牌組合不太有利、上一年有利的庫存報廢費用的比較影響以及不利的經營槓桿的影響。這些因素被 Olive 和 June 的貢獻以及商品和產品成本的降低部分抵消，這主要得益於我們的 Project Pegasus 計劃。

On a segment basis, adjusted operating margin declined by -- declined to 5% for Home & Outdoor and to 3.7% for Beauty & Wellness, which benefited from the contribution of Olive and June. Income tax expense was $30.2 million compared to $12.1 million for the same period last year, primarily due to the timing of the accounting for the tax impact of the interment charge in the quarter.

從分部來看，家居與戶外事業部調整後的營業利潤率下降至 5%，美容與健康事業部調整後的營業利潤率下降至 3.7%，這得益於 Olive 和 June 的貢獻。所得稅費用為 3,020 萬美元，而去年同期為 1,210 萬美元，這主要是因為本季對安葬費用的稅收影響進行了會計處理。

Non-GAAP adjusted EPS was $0.40 compared to $0.99 in the same period last year. This year-over-year decrease was primarily due to lower adjusted operating income and higher interest expense.

非公認會計準則調整後每股收益為 0.40 美元，去年同期為 0.99 美元。年比下降主要是由於調整後營業收入下降和利息支出增加。

Turning to our inventory balance. We ended the quarter at $484 million or approximately $40 million higher than the same period last year. Including inventory related to the Olive and June acquisition and $14 million of tariff-related costs that layered in to inventory, our ending inventory was largely flat year-over-year. However, we are not satisfied with our current levels and have worked underway to improve our inventory position and turns in the second half of the year.

轉向我們的庫存餘額。本季結束時我們的營業額為 4.84 億美元，比去年同期高出約 4,000 萬美元。包括與 Olive 和 June 收購相關的庫存以及計入庫存的 1400 萬美元關稅相關成本，我們的期末庫存與去年同期基本持平。然而，我們對目前的水準並不滿意，並已開始努力改善下半年的庫存狀況和周轉率。

Turning to our debt and liquidity position. We ended the first quarter with total debt of $871 million, a sequential decrease of $46 million compared to the fourth quarter of fiscal '25.

談談我們的債務和流動性狀況。我們第一季的總債務為 8.71 億美元，與 25 財年第四季相比較上季減少 4,600 萬美元。

During the quarter, we borrowed $250 million under our delayed draw term loan facility and utilized the proceeds to repay debt outstanding under our revolving credit facility. The borrowing availability on our credit -- on our revolving credit facility is $605 million, and the limitation on our ability to borrow based on our leverage ratio is $346.7 million.

在本季度，我們根據延期提取定期貸款借入了 2.5 億美元，並利用所得款項償還循環信貸額度下的未償債務。我們的循環信貸額度可提供的借款金額為 6.05 億美元，而基於我們的槓桿率，我們的借款能力限額為 3.467 億美元。

Our net ratio was just over 3.1 times at the end of the first quarter as compared to 3 times at the end of fiscal '25.

我們第一季末的淨比率略高於 3.1 倍，而 25 財年末為 3 倍。

With cash flow preservation measures I mentioned earlier, we expect continued improvement in our financial position and liquidity, driven by positive free cash flow in the second half of the fiscal year. However, we do expect second quarter free cash flow to be negatively impacted by lower sales in the first quarter, higher tariff costs, and timing-related working capital movements.

透過我之前提到的現金流保護措施，我們預計我們的財務狀況和流動性將繼續改善，這得益於財政年度下半年的正自由現金流。然而，我們確實預期第二季的自由現金流將受到第一季銷售額下降、關稅成本上升以及與時間相關的營運資本變動的負面影響。

Now I'd like to turn to our outlook. The evolving trade disruption, ongoing uncertainty, and the potential impact on inflation, consumer confidence and consumer spending in our discretionary categories make longer-term forecasting challenging. As such, we are not providing an outlook for the first -- for the full fiscal year at this time. However, we are providing outlook for our fiscal second quarter.

現在我想談談我們的展望。不斷演變的貿易混亂、持續的不確定性以及對通膨、消費者信心和可自由支配類別的消費者支出的潛在影響，使得長期預測充滿挑戰。因此，我們目前不會提供第一財年乃至整個財年的展望。不過，我們正在提供第二財季的展望。

Consistent with what we experienced in the first quarter, we expect continued tariff-related trade disruptions, including pause or reduce direct-import orders due to tariff uncertainty as well as lower international sales, driven by shifting market dynamics in China. Demand softness is also expected to persist, driven by ongoing consumer pricing pressures.

與我們在第一季經歷的情況一致，我們預計與關稅相關的貿易中斷將繼續發生，包括由於關稅不確定性而暫停或減少直接進口訂單，以及受中國市場動態變化推動的國際銷售下降。受持續的消費者價格壓力推動，需求疲軟預計將持續下去。

In response to these trends, we anticipate that retailers will remain cautious in their ordering patterns as they manage inventory levels and continue to adjust for elevated inventory on select brands following first quarter.

針對這些趨勢，我們預計零售商在管理庫存水準時仍將保持謹慎的訂購模式，並在第一季之後繼續調整精選品牌的庫存增加。

We expect these impacts to be partially offset by incremental revenue from the Olive and June acquisition. We expect net sales between $408 million and $432 million in the second quarter of fiscal '26, which implies a decline of 14% to 9%.

我們預計這些影響將被收購 Olive 和 June 帶來的增量收入部分抵消。我們預計 26 財年第二季的淨銷售額將在 4.08 億美元至 4.32 億美元之間，這意味著下降 14% 至 9%。

In terms of our net sales outlook by segment, we expect a Home & Outdoor decline of 16.5% to 11.5%. And and a Beauty & Wellness line of 11.3% to 6.1%, which includes an expected incremental net sales contribution of $26 million to $27 million from Olive and June.

就各部門的淨銷售額前景而言，我們預計家居和戶外部門的淨銷售額將下降 16.5% 至 11.5%。美容與健康產品線的銷售額成長 11.3% 至 6.1%，其中包括 Olive 和 June 預計帶來的 2,600 萬美元至 2,700 萬美元的增量淨銷售額貢獻。

We expect consolidated adjusted diluted EPS in the range of $0.45 to $0.60. Our adjusted EPS outlook includes expected margin compression due to the impact of the more promotional environment, consumer trade down behavior, less favorable mix, higher direct tariff-related costs, and unfavorable operating leverage, partially offset by lower commodity and product costs driven by our Project Pegasus initiative.

我們預計合併調整後稀釋每股盈餘將在0.45美元至0.60美元之間。我們的調整後每股盈餘預期已包含預期利潤率壓縮，壓縮原因包括促銷環境增強、消費者降價行為、產品組合利空、直接關稅相關成本上升以及經營槓桿率下降，但飛馬計劃 (Project Pegasus) 帶來的商品和產品成本下降部分抵消了這一影響。

In response to unfavorable operating leverage, we are taking actions through spending and expect to normalize our SG&A ratio to approximately 37% to 38% for the remaining three quarters of the fiscal year. We anticipate a more pronounced improvement in the second half, supported by our seasonal revenue patterns, easing tariff to trade disruptions, and the impact of our price increases to retail on our SG&A ratio.

為了應對不利的營運槓桿，我們正在透過支出採取行動，並預計在本財年剩餘的三個季度將我們的銷售、一般和行政費用比率正常化至約 37% 至 38%。我們預計下半年將出現更明顯的改善，這得益於我們的季節性收入模式、關稅放寬對貿易中斷的影響以及零售價格上漲對銷售、一般和行政費用比率的影響。

In terms of our tax rate in the second quarter, we expect our adjusted effective tax rate to range from [29% to 30% -- 31%] (sic-see slide 13, " 28.9% to 30.9%”), , which excludes the timing of the accounting for the tax impact of the impairment charge taken in the first quarter.

就我們第二季的稅率而言，我們預計調整後的有效稅率將在 [29% 至 30% - 31%] 之間（原文如此 - 參見投影片 13，「28.9% 至 30.9%」），這不包括對第一季度提列的減損費用的稅務影響進行會計處理的時間。

Inventory levels are expected to increase to approximately $510 million to $520 million at the end of second quarter or roughly $40 million to $50 million above the same period last year. This increase is primarily driven by seasonal inventory builds, the impact of the Olive and June acquisition and approximately $35 million in tariff-related costs capitalized into inventory, partially offset by lower levels of excess and obsolete inventory.

預計第二季末庫存水準將增至約 5.1 億美元至 5.2 億美元，比去年同期高出約 4,000 萬至 5,000 萬美元。這一增長主要得益於季節性庫存增加、收購 Olive 和 June 的影響以及資本化到庫存中的約 3500 萬美元關稅相關成本，但過剩和過時庫存水平的降低部分抵消了這一增長。

Looking at the full fiscal year, based on tariffs currently in place, current inventory levels, and consumer demand trends, we continue to expect that the vast majority of direct care costs will impact the second half of our fiscal year, which is largely aligned with our planned price increases. If consumer demand begins to slow, the way this impact will be pushed out even further.

縱觀整個財政年度，根據現行關稅、當前庫存水準和消費者需求趨勢，我們繼續預期絕大多數直接照護成本將影響我們財政年度的下半年，這與我們計劃的價格上漲基本一致。如果消費需求開始放緩，這種影響將會進一步延緩。

As mentioned previously, we believe diversification and dual sourcing will allow us to mitigate supply chain risk now and in the future but we do expect incremental operating expenses and capital spending in fiscal '26 as a result.

如前所述，我們相信多元化和雙重採購將使我們能夠減輕現在和未來的供應鏈風險，但我們預計 26 財年的營運費用和資本支出將會增加。

We continue to believe that the majority of the diversification benefits won't be realized until the end of fiscal '26 or early fiscal '27 while some of the direct care impacts will begin to be realized sooner. We now estimate that our diversification efforts will reduce our ongoing exposure to time tariffs on US imports to approximately 25% of cost of goods sold by the end of fiscal '26.

我們仍然相信，大部分多元化效益要到 26 財年末或 27 財年年初才能實現，而一些直接的護理影響將會更早開始實現。我們現在估計，到 26 財年末，我們的多元化努力將使我們對美國進口產品的時間關稅的持續影響降低到銷售成本的約 25%。

Our estimated end exposure increased from 20% to 25% since our last earnings call, primarily due to updated timing for the Southeast Asia transition and revisions to our inventory strategy, which was originally developed under assumption of 145% tariff. With tariff now at 30% and pricing actions underway, retailers remain focused on in-line goods to avoid shelf disruptions, prompting a corresponding change in our sourcing approach.

自上次收益電話會議以來，我們估計的最終風險敞口從 20% 增加到 25%，這主要是由於東南亞轉型時間的更新以及庫存策略的修訂，該策略最初是在 145% 的關稅假設下制定的。目前關稅已達到 30%，且正在採取定價行動，零售商仍將重點放在線上商品上，以避免貨架中斷，這促使我們的採購方式發生相應的變化。

Looking ahead to fiscal '27, we expect continued progress to further reduce our exposure to China tariffs on US imports to approximately 15%. In parallel, we continue to expect that over 40% of our US down purchases sourced in China will be dual sourced and available from other regions by the end of fiscal '26, increasing to over 60% by the end of fiscal '27, positioning us to offer with greater control, flexibility, and an increasingly dynamic global environment. We have an updated slide in our investor presentation that illustrates the estimated composition of our ongoing purchasing exposure by the end of fiscal '26 and fiscal '27 as compared to fiscal '25.

展望27財年，我們預計將持續取得進展，進一步將美國進口產品所受的中國關稅影響降低至約15%。同時，我們繼續預計，到 26 財年末，我們在中國採購的美國羽絨中 40% 以上將實現雙重採購，並可從其他地區採購，到 27 財年末這一比例將增至 60% 以上，這使我們能夠在日益動態的全球環境中提供更強的控制力、靈活性和競爭力。我們在投資者簡報中更新了幻燈片，其中展示了與 25 財年相比，26 財年和 27 財年末我們持續購買風險的估計組成。

As we wrap up, I want to leave you with a few key takeaways. First, I believe we are well positioned to navigate the macroeconomic environment and emerged stronger with the following clear priorities in place. Accelerating supply chain diversification outside of China, executing targeted pricing strategies, maintaining cost and cash discipline and preserving balance sheet strength.

在結束之前，我想給你們留下一些關鍵的收穫。首先，我相信我們已做好準備，能夠應對宏觀經濟環境，並透過以下明確的優先事項變得更加強大。加速中國以外的供應鏈多元化，執行有針對性的定價策略，維持成本和現金紀律並維持資產負債表實力。

Second, we are taking clear actions to simplify how we work, serve and how we invest and strengthen our connections with consumers, retail partners and each other.

其次，我們正在採取明確的行動，簡化我們的工作、服務和投資方式，並加強與消費者、零售合作夥伴以及彼此之間的連結。

Third, we continue to focus on delivering high-quality, purpose-built products that not only meet real consumer needs but are also both functional and accessible in today's value-driven landscape.

第三，我們持續致力於提供高品質、專用的產品，這些產品不僅能滿足消費者的實際需求，而且在當今價值驅動的環境下也兼具功能性和可近性。

And finally, we are building on the strength of our diverse portfolio of brands that resonate deeply with consumers and stand for quality, performance, and trust.

最後，我們正在鞏固多元化品牌組合的優勢，這些品牌與消費者產生深刻共鳴，代表著品質、性能和信任。

And with that, I will turn it back over to the operator for Q&A.

說完這些，我將把時間交還給接線員進行問答。

(Operator Instructions)

（操作員指示）

Rupesh Parikh, Oppenheimer & Company.

魯佩什·帕里克 (Rupesh Parikh)，奧本海默公司。

So I just wanted to go back to your commentary on pricing. We'd love to hear your plans from a pricing perspective, just more color in categories you're taking price and then just how you're thinking about elasticity just given we are in a weaker environment.

所以我只是想回到你對定價的評論。我們很樂意從定價的角度聽取您的計劃，希望您能對定價類別進行更詳細的說明，並了解在當前環境較弱的情況下您如何考慮彈性。

Yeah, I can start and then maybe Tracy can build, Rupesh. So -- and this is indicated on one of the slides in the investor deck. We did put a lot of content in the investor deck this quarter as there's a lot of nuance and puts and takes to explain. So hopefully, it's helpful.

是的，我可以開始，然後也許 Tracy 可以構建，Rupesh。所以——這在投資者簡報中的一張投影片上有所體現。本季度我們確實在投資者簡報中放入了很多內容，因為有很多細微差別和利弊需要解釋。希望它能有所幫助。

We are implementing and have them ready to go and essentially lined up with the retailers to implement average -- an average price increase across our portfolio in the range of 7% to 10%. And if you look on an individual product basis, that ranges from zero because there's items we're not taking price on to as high as 15% on an individual item. So that's kind of the breadth and the scope of the price increases that we have lined up.

我們正在實施並做好準備，基本上與零售商保持一致，實施平均價格上漲——我們整個產品組合的平均價格上漲幅度在 7% 到 10% 之間。如果你從單一產品的角度來看，這個價格範圍從零到單一產品的 15% 不等，因為有些產品我們沒有收取價格。這就是我們所安排的價格上漲的廣度和範圍。

And then I'm sorry, what was the second part of the question?

那麼抱歉，問題的第二部分是什麼呢？

Just relate that elasticity -- high elasticity.

只需將彈性連結起來—高彈性。

Yeah, it is a very good question because I think it's times not considered and it is a big consideration. We have tried to be very conservative with respect to the elasticity assumptions that we're making because of the reason you said, which is it's a difficult environment. And so I know that there's a little bit of at 145% tariff, you could offset $50 million to $60 million of the impact. And then at 30% tariff, we're still seeing unmitigated. We have less than $15 million. That math doesn't necessarily square up. One of the reasons for that is we're making conservative elasticity assumptions with respect to our price increases.

是的，這是一個非常好的問題，因為我認為這是一些未被考慮過的時刻，而這是一個重要的考慮因素。由於您所說的原因，我們一直試圖對我們所做的彈性假設採取非常保守的態度，因為這是一個困難的環境。所以我知道，145%的關稅可以抵銷5000萬到6000萬美元的影響。然後，在 30% 的關稅下，我們仍然看到關稅沒有得到緩解。我們的資金不足 1500 萬美元。這道數學題不一定正確。其中一個原因是，我們對價格上漲做出了保守的彈性假設。

Right. And then I guess my -- I'm sorry, go ahead. yes.

正確的。然後我想我的——對不起，請繼續。是的。

Go ahead. I just going to layer on that. When we look at our pricing, it's very selected by brand. It's really based on where that brand is in the category, whether it's essential or more of a discretionary item and then also the country of origin. And overall, like Brian said, we are taking pricing, and it's making sure that we align with where we think the category is going to line in market to make sure that we're in the right spot to get to the sweet spot of pricing.

前進。我只是要將其分層。當我們查看我們的定價時，它是根據品牌進行選擇的。這實際上取決於該品牌在類別中的位置，它是必需品還是可自由支配的物品，以及原產國。總的來說，就像布萊恩所說的那樣，我們正在製定定價，並確保與我們認為該類別在市場上的位置保持一致，以確保我們處於正確的位置以達到最佳定價。

Right. And then my follow-up action is just for Q2 specifically. Any more color you can provide in terms of the interplay between gross margin and SG&A?

正確的。然後我的後續行動只是針對第二季。您能提供更多關於毛利率和銷售、一般及行政費用之間相互作用的詳細資訊嗎？

Yeah. For Q2, and I would say, if you compare it to Q1, we'll probably be a little bit worse. Maybe by like 40 bps to 50 bps better than the first quarter, but year-over-year, we're going to see improvement. So last year, we had a lot of inventory cleanup, working to the warehouse. We also have a favorable headwind or a tailwind for Pegasus coming in Q2. So we do see some improvement in Q2 versus Q1 or versus prior year.

是的。對於第二季度，我想說，如果將其與第一季進行比較，我們的情況可能會更糟一些。可能比第一季好 40 個基點到 50 個基點，但與去年同期相比，我們將看到改善。因此，去年我們進行了大量庫存清理工作，並對倉庫進行了清理。我們也迎來了 Pegasus 在第二季的有利逆風或順風。因此，我們確實看到第二季與第一季或去年同期相比有所改善。

And then in terms of our SG&A ratio, so we were elevated in Q1, we were around 45% of revenue. That is going to come down right now. We're in the 40% to 41%-ish range. But as we implement our cost reduction measures, we'll level out to about 39% in the back half.

就我們的銷售、一般及行政費用比率而言，我們在第一季有所上升，約為收入的 45%。現在它就要下降了。我們處於 40% 到 41% 左右的範圍內。但隨著我們實施成本削減措施，下半年這一比例將穩定在 39% 左右。

And I'll just build on that. There's likely a question about growth investment spending as we move forward. Our point of view, at least in the short term, is that there was a point in time we were trying to get to 9% of net sales, and we had achieved as of the end of last year, about 8% of net sales. The vision, at least in the short term, is to not pursue the 9%, but likely to keep our growth investment flat with revenue especially in the environment we're in and the decline in revenue, there's too much fixed cost leverage, it's lost if you're trying to grow that. And we really think we can make our growth investment spending punch above its weight and still achieve the same revenue results, but spend the money more effectively. So that's what we're working on there.

我將以此為基礎繼續努力。隨著我們不斷前進，可能會出現有關成長投資支出的問題。我們的觀點是，至少在短期內，我們曾經試圖達到淨銷售額的 9%，而截至去年年底，我們已經實現了約 8% 的淨銷售額。我們的願景，至少在短期內，不是追求 9%，而是可能保持我們的成長投資與收入持平，特別是在我們所處的環境中，收入在下降，固定成本槓桿太多，如果你試圖成長它，就會失敗。我們確實認為，我們可以讓我們的成長投資支出發揮超乎尋常的作用，同時仍然實現相同的收入結果，並且更有效地使用資金。這就是我們正在做的工作。

Peter Grom, UBS.

瑞銀的 Peter Grom。

This may be a hard question to answer. But I guess what I'm trying to understand is how we should be thinking about the long-term earnings power of the business just in the context of what we're seeing, right?

這可能是一個很難回答的問題。但我想我試圖理解的是，我們應該如何根據我們所看到的情況來考慮企業的長期獲利能力，對嗎？

You look at first quarter performance, second quarter guidance, earnings are going to be down quite substantially. And I guess what I'm really trying to underhand is how much of this is really a timing mismatch between the cost and the headwinds versus the mitigation versus how much of this is now ongoing in the base. Again, it's a broad-based question, a lot of moving pieces, but just any thoughts in terms of how investors should think about that as we look out over the next, call it, one to two years?

你看看第一季的表現、第二季的預期，你會發現收益將大幅下降。我想我真正想弄清楚的是，這其中有多少是成本和阻力與緩解措施之間的時間不匹配，以及其中有多少是目前基地正在進行的。再次強調，這是一個廣泛的問題，涉及許多變化的部分，但對於投資者在未來一到兩年內應該如何看待這個問題，您有什麼看法嗎？

Yeah. No, actually, Peter, I think it's a great question. I'm glad you asked it because I did want to address it.

是的。不，實際上，彼得，我認為這是一個很好的問題。我很高興你問了這個問題，因為我確實想解決這個問題。

So we called out -- let me just start by referring to some of the big exogenous impacts that we experienced in Q1 and we expect in Q2. And a big part of that is the direct import business, which we did call out in April but we acknowledge that it turned out to be much more significant than we expected.

因此我們呼籲——首先讓我談談我們在第一季經歷的一些重大外部影響以及我們預計在第二季將出現的一些重大外部影響。其中很大一部分是直接進口業務，我們確實在四月提到過，但我們承認，它的重要性遠遠超出了我們的預期。

There was only about two weeks between the tariff announcements in our Q4 earnings. So there was not a lot of time to understand all the cascading impacts and the size of them. While we're not giving guidance for the full year, I would -- just so we can be grounded in something, we believe the existing consensus estimate for the full year is not unreasonable.

我們第四季財報中的關稅公告間隔僅約兩週。因此，沒有太多時間去了解所有連鎖影響及其規模。雖然我們沒有給出全年的指導，但為了讓我們有依據，我認為現有的全年預期並非不合理。

However, as you mentioned, the cadence of the results between the first half and the second half is off versus our point view. And the part -- the reason for that is the consensus estimates were developed with the assumption of 145% China tariffs, not 30% tariffs. With 30% tariffs that tariff mitigation plan is much, much different. We can mitigate much more of the impact of pricing actions, which we do have teed up to become effective in the second half of the year.

然而，正如您所提到的，上半年和下半年的結果節奏與我們的觀點不一致。部分原因是，這些一致估計是基於對華關稅 145% 的假設而製定的，而不是 30% 的關稅。30%的關稅與關稅減免計畫有很大不同。我們可以減輕定價行動帶來的影響，我們已經準備好在今年下半年生效。

The majority, by far, of our net mitigated unmediated tariff impact will fall into Q2 because there's no pricing action in place to offset the impact.

到目前為止，我們淨緩解的非中介關稅影響大部分將落入第二季度，因為沒有採取任何定價行動來抵消影響。

The quarterly net unmitigated tariff impact in Q3 and Q4 will be much less, even though, as we mentioned to Rupesh, we believe we're making conservative estimates with respect to demand elasticity and loss of volume. Just to be point on this, we don't think it's correct to take Q1 results, Q2 outlook, and then add it to the existing consensus to try and get an estimate for the full year.

儘管正如我們向 Rupesh 所提到的那樣，我們認為我們對需求彈性和數量損失做出了保守的估計，但第三季和第四季的季度淨未緩解關稅影響將會小得多。只是為了指出這一點，我們認為，將第一季的業績、第二季的展望添加到現有的共識中，試圖對全年情況進行估計，這是不正確的。

So the whole cadence of the year has kind of shifted versus maybe original expectations to what we expect now. And it's really because of the change in the size of the tariffs and then the changes in our mitigation plan as a result and then the much heavier weight in terms of mitigation coming from price increases than they were previously. And what we tried to do is make this at least somewhat helpful in terms of understanding the puts and takes.

因此，今年的整體節奏與最初的預期相比已經發生了變化，現在我們預計也會如此。這實際上是因為關稅規模的變化，以及由此帶來的緩解計劃的變化，以及價格上漲帶來的緩解壓力比以前大得多。我們試圖做的是讓這至少在某種程度上有助於理解利弊。

If you look at slide 14, you're going to see the first half of the year with a much heavier weight of headwinds and a much lower weight of tailwinds and then it really flips in the second half of the year where we have a much heavier weight of tailwinds and then a much lower weight of headwinds.

如果你看幻燈片 14，你會看到上半年逆風的壓力要大得多，順風的壓力要小得多，而下半年的情況則完全相反，順風的壓力要大得多，而逆風的壓力要小得多。

So I'll stop there and see if that was helpful. And if there's any follow-ups, let me know.

所以我會停下來看看是否有幫助。如果有任何後續情況，請告訴我。

No, that was super helpful. I guess just to play it back, if consensus is in -- I'm looking at Bloomberg, it seems like it's roughly in the $5 range. If you back that out, that would imply in the second half despite all these moving pieces, you would expect earnings to be flat to down modestly versus what we're seeing right now. Is that the right take? And then as we think about the run rate moving forward, that would imply some substantial recovery, at least in the first half of fiscal '27?

不，這非常有幫助。我想，如果大家達成共識的話，我回顧一下——我正在看彭博社，它似乎大約在 5 美元的範圍內。如果你推翻這一觀點，那就意味著，儘管存在所有這些變動因素，但下半年的收益預計將與我們目前看到的情況相比將持平或略有下降。這是正確的看法嗎？然後，當我們考慮未來的運行率時，這是否意味著至少在 27 財年上半年會出現一些實質的復甦？

Yeah. I think it's still net down to get to that point, but definitely improvements. I mean, so yes, I think you're in the ballpark of what would need to be true in the second half of the year to make consensus estimates reasonable, it would require improvement, which we are expecting. But I don't think it has to get all the way to flat.

是的。我認為要達到這一點還需要繼續努力，但肯定會有所進步。我的意思是，是的，我認為你已經大致了解了下半年需要達到的水平，才能使普遍預期變得合理，這需要改進，這也是我們所期待的。但我不認為它必須完全平坦。

Okay. And then, I guess just on that point, I mean, how much of that is with going to that slide just hearing your thoughts there, how much of that is within your control versus how much of that is predicated on maybe the category is getting better, and it could be good or bad, right? Maybe you're making very conservative assumptions. And if things do get better from a demand perspective, that will be upside. But just to be curious, how you're thinking about the things that are not within your control, we look as you talk about that back half?

好的。然後，我想就這一點而言，我的意思是，其中有多少是透過觀看幻燈片聽到您的想法，其中有多少是在您的控制範圍內，其中有多少是基於類別可能變得更好，可能是好是壞，對嗎？也許您所做的假設非常保守。如果從需求角度來看情況確實有所好轉，那將是一個利好。但只是好奇，當您談論後半部分時，您是如何看待那些超出您控制範圍的事情的？

Yeah, I think it's a great question. I mean I think the price increases to some extent, are in our control, and they are set with the retailers. Now the question is what's the consumer going to do in response? And that's where we've tried to make conservative elasticity assumptions.

是的，我認為這是一個很好的問題。我的意思是，我認為價格上漲在某種程度上是在我們的控制範圍內的，並且是由零售商決定的。現在的問題是消費者會做出什麼反應？這就是我們試圖做出保守的彈性假設的地方。

Then we're making an assumption that retail inventory has to stabilize at some point. There's been a lot of pull forward and then lack of (technical difficulty) orders, and we definitely saw that in Q1, and we think we're going to see it in Q2. That has to stabilize at some point. And so we've assumed that it will in the second half of the year.

然後我們假設零售庫存必須在某個時候穩定下來。出現了許多提前下單和（技術難度）訂單不足的情況，我們在第一季度確實看到了這種情況，我們認為在第二季度也會出現這種情況。這必須在某個時候穩定下來。因此我們預計它將在今年下半年實現。

The direct import ordering, I mean, I think that has to stabilize at some point as well. There's product that retailers are just very ingrained in buying on a direct import basis and they haven't had a lot of time to adjust to buying it on a different basis.

我的意思是，我認為直接進口訂單在某個時候也必須穩定下來。有些產品零售商已經習慣了直接進口，他們還沒有太多時間適應以不同的方式購買。

And what I really think they're doing is they're waiting to see what level of price increase that we give them at retail and then they can arbitrage, they can see the price increase at retail through normal replenishment and then they can arbitrage that against buying on direct import.

我真正認為他們正在做的是，他們在等著看我們給他們的零售價上漲到什麼水平，然後他們就可以進行套利，他們可以透過正常補貨看到零售價上漲，然後他們可以透過直接進口購買進行套利。

And in most cases, I think they're going to pick buying on a replenishment basis because direct import is going to have 30% tariff. In many cases, our price increases are not fully covered -- I don't say in many cases. In some cases, our price increases are not fully covering the tariff impact and so they can arbitrage and pick the one that's more beneficial to them.

在大多數情況下，我認為他們會選擇以補貨的方式購買，因為直接進口將徵收 30% 的關稅。在很多情況下，我們的價格上漲並沒有完全得到覆蓋——我不是說在很多情況下。在某些情況下，我們的價格上漲並不能完全抵消關稅的影響，因此他們可以進行套利，選擇對他們更有利的方案。

So I think they're waiting for that to play out for then this business to come back into the fold and be stabilized.

所以我認為他們正在等待這一結果，以便業務恢復正常並穩定下來。

More assumptions that you have to make is regarding cough, cold, flu season versus assuming normal, which would be an improvement over what we've seen in the last two years. We do have distribution gains that are kind of in place and just need to be executed against. So that's positive. And if you're looking at year-over-year comparison, we had some challenges with our Osprey integration last year. That comparison gets more favorable because we don't have those same challenges now.

您必須做出的更多假設是關於咳嗽、感冒、流感季節，而不是假設正常，這將比我們在過去兩年中看到的情況有所改善。我們確實已經獲得了分銷收益，只需要付諸實行。這是積極的。如果你進行同比比較，你會發現去年我們在 Osprey 整合方面遇到了一些挑戰。由於我們現在不再面臨同樣的挑戰，因此這種比較更加有利。

From a profitability perspective, we have improvement through greater efficiency from our distribution facility, which is now ramping up the peak efficiency levels. Olive and June, we expect their results to continue to accelerate. So increasing sales and increasing EPS as time goes. And then we hopefully, you saw that we generated strong cash flow in the quarter. And we expect to do that in the second half of the year, which will allow us to pay down debt and get interest expense. So that's a lock related to the tailwinds that we're assuming for the second half.

從獲利能力的角度來看，我們透過提高配送設施的效率取得了進步，目前配送設施的尖峰效率水準正在提高。奧利佛和瓊，我們預計他們的成績將繼續加速。因此隨著時間的推移，銷售額和每股盈餘都會增加。然後我們希望您看到我們在本季度產生了強勁的現金流。我們預計將在今年下半年實現這一目標，這將使我們能夠償還債務並支付利息費用。因此，我們假設下半年會出現與順風相關的鎖定。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great. I want to first follow up on your comments around retail distribution gains, what you say on slide 14. And if you could just talk about what categories and I would assume that that's a net number. Are there anywhere, as you think about the fall reset where you saw self-pace conflation, destocking of your brand and just give a little bit more color there?

偉大的。我想先跟進您對零售分銷收益的評論，即您在第 14 張投影片上所說的內容。如果您能談談類別，我會認為這是一個淨數字。當您想到秋季重置時，您是否看到了自我節奏的融合、品牌的去庫存，並在那裡增添了一點色彩？

Sorry, Olivia, I didn't hear the first part of your question. Could you repeat that?

抱歉，奧利維亞，我沒有聽到你問題的第一部分。你能再說一次嗎？

Sure. My question was just around your comment around retail distribution gains that should benefit the second half given that it would suggest that consensus is probably off by about $1. So just in terms of the retail distribution gains, I assume that's a net number. Could you talk about where you made gains and if there were any areas where you didn't lose any self space?

當然。我的問題只是圍繞您對零售分銷收益的評論，這應該會對下半年有利，因為這表明共識可能會偏離約 1 美元。因此，僅就零售分銷收益而言，我認為這是一個淨數。您能談談您在哪些方面取得了進步以及在哪些方面您沒有失去自我空間嗎？

Yeah, I'll start with that one. Hi Olivia, nice to meet you. I would say, in terms of our distribution gains. So we are expanding distribution in Walmart within our blood pressure monitors. So that's a nice tailwind for us.

是的，我就從那一個開始。你好，奧莉維亞，很高興認識你。我想說，就我們的分銷收益而言。因此，我們正在沃爾瑪擴大我們的血壓監測儀的分銷範圍。這對我們來說是一個很好的順風。

In addition, we are expanding both Hydro Flask and Osprey in our EMEA and Asia Pacific region. So we're looking at new distribution, partnering with new strategic partners. So there's a lot of acceleration, a lot of end-market activity happening behind those two brands.

此外，我們正在歐洲、中東和非洲地區以及亞太地區擴大 Hydro Flask 和 Osprey 的銷售。因此，我們正在尋找新的分銷管道，與新的策略合作夥伴建立合作關係。因此，這兩個品牌背後有著巨大的發展加速和大量的終端市場活動。

In terms of -- it is a net distribution. So in terms of things that are headwinds for us, we for Hydro Flask, we reduced the footprint within our Outdoor segment. So there's a little bit of a decline there as well as some adjusted retail levels within the Beauty appliance categories.

就此而言——這是一個淨分佈。因此，就我們面臨的阻力而言，對於 Hydro Flask，我們減少了戶外領域的足跡。因此，美容器具類別的零售水準略有下降，並且有所調整。

I just build we've also got additional distribution related to thermometry as well. So yes, it's a net number. We think it's real. It's already in place and there's a heavier weight that there's emerging or not emerging, but there's white space in international that we're really looking to take advantage of and be a big driver as we go forward. So that's a big component.

我剛剛建立了與溫度測定相關的附加分佈。是的，這是一個淨數字。我們認為這是真的。它已經到位，新興或非新興市場具有更大的權重，但國際上存在空白，我們確實希望利用它並成為我們前進的巨大推動力。所以這是一個重要的組成部分。

Got it. That's helpful. And then I'm not sure you can answer this question, but if you could talk about, a little bit about the CEO search process, where you guys stand? I don't know if there's any comment that you can make. But as you think about the profile of your next leader. How is the Board thinking about that?

知道了。這很有幫助。然後我不確定您是否可以回答這個問題，但是如果您可以談談 CEO 搜尋過程，您的立場是什麼？我不知道您是否可以發表任何評論。但當你考慮下一任領導人的形象時。董事會對此有何看法？

Yeah, I can't, as you said, speak too much to it because I'm not -- of course, I'm involved to a certain degree, but they're really leading the search. And at this stage of the process, they're doing the bulk of the interacting with the candidates that they have in front of them. There will be a point in time likely later, where it's management is a little bit more involved. But at this point, they're the ones leading it.

是的，正如你所說，我不能談論太多，因為我沒有——當然，我在一定程度上參與其中，但他們確實在領導搜尋。在此階段，他們主要與眼前的候選人互動。很可能在稍後的某個時間點，管理層會更多地參與其中。但目前，他們是領導者。

And they're really looking for someone who -- with deep experience in terms of brand building, growth. Growth is very much something that we want to get back to. They're looking for somebody, even though we're not in the best position currently with respect to results and getting back to growth, but someone that believes in the growth potential of the business and the brands and can really help us drive that and move that forward.

他們確實在尋找一位在品牌建立和發展方面擁有豐富經驗的人。我們非常希望恢復成長。他們正在尋找這樣的人，儘管我們目前的業績和恢復成長方面並不處於最佳狀態，但他們要尋找的是相信業務和品牌的成長潛力，並能真正幫助我們推動和推進這一成長潛力的人。

I'll just say this. What I can speak to is what we're doing in the meantime. We're doing in the meantime, it's not standing still. And you might have heard from my prepared remarks, I have a little bit of a different philosophy than maybe what we had previously in terms of the best and most sustainable way to drive that growth.

我只想說這一點。我可以說一下我們目前正在做的事情。我們目前正在做這件事，它並沒有停滯不前。您可能已經從我準備好的演講中聽說，在推動這一增長的最佳和最可持續的方式方面，我的理念與我們之前的理念略有不同。

My belief is with the business that we have and the brands that we have, product-driven growth is more sustainable and we're better off with more product-driven growth than with what may be marketing-driven growth or other ways to achieve it, maybe focusing on distribution.

我相信，就我們現有的業務和品牌而言，產品驅動的成長更具可持續性，而且，與行銷驅動的成長或其他方式（例如專注於分銷）相比，產品驅動的成長對我們更有利。

I think you got to start with product. And when you start with product, it sets the table for everything else. And so that's the approach we're taking.

我認為你必須從產品開始。當你開始生產產品時，它為其他一切做好了準備。這就是我們採取的方法。

Now the downside of that is product innovation takes longer in a lot of cases. But what we're trying to do is pull all the levers with respect to innovation. There is shorter-term innovation that's available to us and we'll take advantage of that, and that could be new features, that could be new finishes and colors, reskinning things of that nature. And then we're also looking at bringing in outside expertise, which is going to allow us to deploy faster and there are cost-effective ways of doing that. And so we're looking at that as well.

現在的缺點是，在許多情況下產品創新需要更長的時間。但我們正在努力做的是充分利用創新方面的所有優勢。我們可以進行短期創新，並會加以利用，這些創新可能是新功能，可能是新的飾面和顏色，重新設計這類事物。然後，我們也正在考慮引入外部專業知識，這將使我們能夠更快地部署，並且有經濟有效的方式來實現這一點。我們也正在關注這個問題。

How we structure it such that the upfront investment is less and then the investment or the payment that has to go to the outside expertise comes only if the projects are successful and it's more on a royalty basis as a part of sales.

我們如何建構它，使得前期投資較少，然後，只有當專案成功時，才需要投資或支付給外部專業知識，並且更多的是以特許權使用費為基礎作為銷售的一部分。

So there's a whole mixture of levers and actions that we can take, and we think there's a sweet spot to be found where we can kind of make both our innovation investment and our marketing investment punch above its weight by just looking at it differently and accepting that top-of-funnel awareness investment maybe isn't the best choice for us right now, and we need things that produce strong ROIs immediately.

因此，我們可以採取多種手段和行動，我們認為可以找到一個最佳平衡點，讓我們的創新投資和營銷投資都發揮出超乎尋常的作用，只需換個角度來看待它，並接受漏斗頂端意識投資可能不是我們目前的最佳選擇，我們需要的是能夠立即產生強勁投資回報率的東西。

So just a little bit of flavor of what we're doing now, and we're really trying to, and hopefully, you heard us simplify the organization. We've made things a little bit too complex. Decisions are too slow and require too many points of views. So we're creating more single accountability and trying to move very quickly as a way to accelerate results improvement.

所以這只是我們現在所做的事情的一個小小介紹，我們確實在努力，希望您聽到我們簡化了組織。我們把事情弄得有點太複雜了。決策太慢並且需要太多的觀點。因此，我們正在建立更多的單一責任制，並試圖快速採取行動，以加速結果的改善。

Susan Anderson, Canaccord Genuity.

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

Thanks for all the detail today. I was wondering if maybe you can give just a little bit of color on just your sell-throughs at retail? How that performs versus kind of what your selling are, just trying to get a sense of a better sense of how the brands are performing at retail and how consumers are responding to them versus the disruption that we're seeing in the sell-in?

感謝您今天提供的所有詳細資訊。我想知道您是否可以稍微介紹一下您的零售銷售情況？與您的銷售情況相比，其表現如何？只是想更了解品牌在零售方面的表現以及消費者對它們的反應，以及我們在銷售中看到的混亂？

Yeah. Great question. We actually had pretty positive point sale -- that unit point of sale was actually up in 8 out of our 11 brands in the quarter. Now, dollar POS was down, which we think is clear evidence of the consumer trading down. So we have called out consumer trade down as one of the factors that we're seeing in the marketplace, and I think it shows in our point-of-sale data.

是的。好問題。我們的銷售點實際上相當積極——本季度，我們 11 個品牌中有 8 個品牌的單位銷售點實際上有所上升。現在，POS機的美元銷售下降了，我們認為這是消費者消費下降的明顯證據。因此，我們將消費者的消費降級視為我們在市場上看到的因素之一，我認為這在我們的銷售點數據中有所體現。

We're up overall in units, but down in dollars and we need to fix that. I'm not saying that, that's something that's acceptable. But we do think the point of sale performance is a leading indicator, and we are seeing positive results on a unit basis.

我們的銷量總體上有所上升，但銷售額卻有所下降，我們需要解決這個問題。我不是這麼說的，這是可以接受的事。但我們確實認為銷售點表現是一個領先指標，而且我們在單位基礎上看到了正面的結果。

Also on a dollar basis and [POS]. So 4 out of the 11 brands also grew point of sale on a dollar basis, but we need that more broadly across the portfolio to then start showing up in our revenue results.

也以美元為基礎[位置]。因此，11 個品牌中有 4 個品牌的銷售點也以美元計算有所增長，但我們需要在整個產品組合中更廣泛地實現這一增長，然後才能開始在我們的收入結果中體現出來。

So point-of-sale is a leading indicator. I think point-of-sale unit growth is a positive that shows that we're going in the right direction or a good first step now we need to work on dollar improvement and then assuming we can continue to do that with point of sale, it should show up in our revenue.

因此銷售點是一個領先指標。我認為銷售點單位的成長是一個積極的信號，表明我們正朝著正確的方向前進，或者說邁出了良好的第一步，現在我們需要努力提高美元收入，然後假設我們可以繼續在銷售點上做到這一點，它應該會體現在我們的收入中。

Okay. Great. And then I guess with that spread there or that difference? Are you seeing any -- the inventory at retail? Is it getting too lean at all? Or is it still really in the back half where you're going to see that switch and retailers starting to order more?

好的。偉大的。那我猜那裡有那個差額或那個差異嗎？您看到任何零售庫存了嗎？它是不是變得太瘦了？或者說，在後半段，您仍會看到這種轉變，零售商開始訂購更多產品？

Yeah. I would say coming out of first quarter, we're pretty well balanced, except where a few thoughts as being over-inventoried. So we do and we did out forecast for additional retailer adjustments into Q2. But at this point, there's only a few areas where we're lean on a few brands. But other than that, we're pretty well situated retail.

是的。我想說，從第一季開始，我們的狀況相當平衡，除了庫存過剩的一些想法。所以我們確實這樣做了，並且我們確實預測了第二季度零售商的額外調整。但目前，我們只在少數領域依賴少數幾個品牌。但除此之外，我們的零售業務狀況相當良好。

There are no further questions at this time. I would like to turn the conference back over to management for closing remarks.

目前沒有其他問題。我想將會議交還給管理階層，請他們發表結束語。

Thank you for joining us today. I remain confident about the company, its brands, its people and its ability to return to profitable growth. As we navigate the uncertainty of fiscal '26, we're focused on consistently delivering on our quarterly commitments. We look forward to speaking with many of you over the days and weeks to come to discuss how we expect to achieve our short-term objectives while rebuilding Helen of Troy to provide long-term shareholder value.

感謝您今天加入我們。我仍然對該公司、其品牌、其員工以及恢復獲利成長的能力充滿信心。在應對 26 財年的不確定性時，我們專注於持續履行季度承諾。我們期待在未來幾天和幾週內與你們中的許多人進行交談，討論我們如何實現短期目標，同時重建特洛伊海倫以提供長期股東價值。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。