Helen of Troy Ltd (HELE) 2026 Q2 法說會逐字稿

Greetings. Welcome to Helen of Troy's second-quarter fiscal 2026 earnings call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 Helen of Troy 2026 財年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I'll now turn the conference over to Anne Rakunas, Director, External Communications. Thank you, Anne. You may now begin.

現在我將會議交給外部通訊總監 Anne Rakunas。謝謝你，安妮。現在你可以開始了。

Thank you, operator. Good morning, everyone. Welcome to Helen of Troy's second-quarter fiscal 2026 earnings conference call. Before I review our agenda with you, I'd like to welcome our new Chief Executive Officer, Scott Uzzell, who joined the company last month.

謝謝您，接線生。大家早安。歡迎參加 Helen of Troy 2026 財年第二季財報電話會議。在與您一起回顧我們的議程之前，我想歡迎上個月加入公司的新任執行長 Scott Uzzell。

The agenda for the call this morning is as follows: I will begin with a brief discussion of forward-looking statements; Scott will then share some of his initial thoughts and areas of focus; and Brian Grass will provide a high-level discussion of the quarter and our progress on key initiatives. Tracy Schuerman, our Assistant CFO, will then provide an overview of our financial performance in the second quarter and provide commentary on our expectations for the full year fiscal '26. Following our prepared remarks, we will open up the call for Q&A.

今天早上的電話會議議程如下：我將首先簡要討論前瞻性陳述；然後斯科特將分享他的一些初步想法和關注領域；布萊恩·格拉斯將對本季度和我們在關鍵舉措上的進展進行高層討論。我們的助理財務長 Tracy Schuerman 將概述我們第二季的財務業績，並對我們對 26 財年全年的預期發表評論。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 expectation with respect to future events or financial performance. Generally, the words anticipates, 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. 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.

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、期望和其他類似的詞語是識別前瞻性陳述的詞語。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。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。

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

該公司提醒聽眾不要過度依賴前瞻性陳述或非公認會計準則資訊。

Before I turn the call over to Scott, I would like to inform all interested parties that a copy of today's earnings release and related investor presentation has been posted to the company's 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.

在我將電話轉給斯科特之前，我想通知所有感興趣的各方，今天的收益報告和相關投資者介紹的副本已經發佈在公司網站 helenoftroy.com 上，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 指標進行協調的表格。

And I will now turn the conference call over to Scott.

現在我將電話會議交給史考特。

Thank you, Anne, and good morning, everyone, and thank you for joining today's call. It is a great honor to speak to you as the CEO of Helen of Troy.

謝謝你，安妮，大家早安，謝謝你們參加今天的電話會議。作為 Helen of Troy 的首席執行官，我很榮幸能與您交談。

Before I begin, I want to like -- I would like to thank both Brian and Tracy for their leadership these past few months. I am so pleased they've agreed to continue helping me lead this company as Chief Financial Officer and Assistant CFO. I've enjoyed the opportunity to become acquainted and collaborate closely with them since I've joined.

在開始之前，我想感謝 Brian 和 Tracy 在過去幾個月的領導。我很高興他們同意繼續幫助我擔任財務長和助理財務長來領導這家公司。自從加入以來，我很高興有機會與他們相識並密切合作。

Their company knowledge, industry insight and enterprise leadership are immensely valuable, especially as we make a smooth transition to our future.

他們的公司知識、行業洞察力和企業領導力非常寶貴，特別是在我們順利過渡到未來的時候。

As this is my first earnings call since joining the company last month, let me share a little bit about me and why I'm enthusiastic about the future of Helen of Troy. I most recently served as Corporate Vice President and General Manager of Nike North America, and I was a member of the Nike executive leadership team. Prior to this role, I was the President and CEO of Converse Inc. for four years, where I led a turnaround, a turnaround built on placing the consumer at the center of the enterprise, investing in new product innovation and brand building and powering our teams around the world to win in the marketplace.

這是我上個月加入公司以來的第一次財報電話會議，請允許我分享一些關於我自己的情況以及我為什麼對特洛伊海倫的未來充滿熱情。我最近擔任耐吉北美公司副總裁兼總經理，並且是耐吉執行領導團隊的成員。在此之前，我曾擔任匡威公司總裁兼執行長四年，在此期間，我領導了公司的轉型，這一轉型建立在將消費者置於企業中心的基礎上，投資於新產品創新和品牌建設，並激勵我們遍布全球的團隊在市場上取勝。

I look forward to getting you know many of you during the weeks and months ahead. But as you get to know me, you will discover first, I'm extremely curious. I'm always looking at how things work and looking around the corner for the next key consumer behavior and category shift. Second, I'm a relationship builder. I enjoy meeting people and getting to know people makes me a better leader.

我期待在未來幾週和幾個月內認識你們。但當你了解我之後，你會先發現，我非常好奇。我總是在觀察事物的運作方式，並尋找下一個關鍵的消費者行為和類別轉變。其次，我是一個關係建立者。我喜歡與人認識，而認識他人可以讓我成為更好的領導者。

And finally, I'm incredibly competitive, and I want to win. These three characteristics have been a fundamental part of my DNA, both professionally and personally.

最後，我極具競爭力，我想要獲勝。無論是在職業方面還是在個人方面，這三種特質都是我 DNA 的基本組成部分。

The reason I chose to join Helen of Troy is simple. I love trusted brands. I love thoughtful product solutions and working with teammates that are passionate about consumers and solving consumer problems. I'm excited about the opportunity in front of us to engineer a great comeback story. We have the ability to reverse Helen of Troy's recent underperformance and restore this company's reputation for consistent growth by providing world-class innovation to our consumers.

我選擇加入海倫特洛伊的原因很簡單。我喜歡值得信賴的品牌。我喜歡周到的產品解決方案，並與對消費者充滿熱情並解決消費者問題的隊友一起工作。我很高興我們能有機會創造一個偉大的復出故事。我們有能力扭轉海倫特洛伊近期的業績不佳，並透過為消費者提供世界一流的創新來恢復該公司持續成長的聲譽。

But let's be clear, I am clear-eyed about the challenges we are facing. I embrace the opportunity to reverse course. Occasionally, companies need to go through a renewal, and at Helen of Troy, that renewal has started. It's underway. Our focus is to invigorate the exceptional assets we have to leverage our leadership brands and talent within our organization to win in the marketplace and to win in the workplace. There are many areas for enhancement, but no quick fixes. I work with great optimism, urgency and purpose.

但我們必須明確一點，我清楚知道我們面臨的挑戰。我抓住機會改變方向。有時，公司需要經歷一次革新，而在 Helen of Troy，這種革新已經開始。正在進行中。我們的重點是激發我們擁有的卓越資產，利用我們組織內的領導品牌和人才在市場和工作場所中獲勝。有許多領域需要改進，但沒有快速解決方案。我以極大的樂觀、緊迫感和目標去工作。

One of my leadership traits is to inspire my team to fear staying still. Execution is the job of management, and we will be laser-focused on executing fewer, more impactful initiatives with excellence. One of my indispensable learnings for executing well is the importance of culture. This is the secret sauce that binds and fuels the enterprise ambition and drive enduring value. I believe leadership influences culture by setting a vision, and management must set the pace and speed towards a clear destination.

我的領導特質之一就是激勵我的團隊不畏停滯不前。執行是管理階層的工作，我們將專注於執行更少、更有影響力的舉措，並追求卓越。為了出色地執行任務，我必須學習的其中一項重要知識就是文化的重要性。這是凝聚和激發企業雄心並推動持久價值的秘訣。我相信領導力透過設定願景來影響文化，而管理階層必須設定朝著明確目標前進的步伐和速度。

We will reduce organizational complexity and bureaucracy that has handcuffed this organization. It takes too long to make decisions. I'm so grateful for Brian, Tracy and other company leaders that have already started to install some of these cultural remedies. Together, we will continue to inspire right actions in our associates to accelerate the best decision-making.

我們將減少束縛該組織的組織複雜性和官僚主義。做決定需要太長時間。我非常感謝 Brian、Tracy 和其他公司領導，他們已經開始實施一些文化補救措施。我們將共同繼續激勵我們的員工採取正確的行動，以加速最佳決策的製定。

I intend to point and direct resources to the most innovative ideas to incubate and take hold. We will take thoughtful and swift actions to simplify our business and drive transparency and accountability across the company. We will empower nimble and more concentrated teams to act quicker and make decisions closer to the consumer in the marketplace.

我打算將資源引導到最具創新性的想法上，並進行孵化和實施。我們將採取周到而迅速的行動來簡化我們的業務並推動整個公司的透明度和問責制。我們將授權更靈活、更專注的團隊更快採取行動並做出更貼近市場消費者的決策。

I imagine, one of the big questions on your mind today is tell me more about your long-term strategic plan. It is the right question to ask. It is just a bit soon for me to provide all the details, but let me share with you four of my initial thoughts. First, I want to reenergize this company and its brands and its people. Although we've slipped recently, the categories we compete in demonstrate genuine growth potential.

我想，今天您最想問的一個問題就是請告訴我更多有關您的長期策略計劃的資訊。這是正確的問題。現在提供所有細節還為時過早，但請容許我與大家分享我的四個初步想法。首先，我想為這家公司及其品牌和員工注入新的活力。儘管我們最近有所下滑，但我們所參與競爭的類別顯示出了真正的成長潛力。

Going forward, our plan is to focus our attention and investments in a disciplined manner to those brands and opportunities that have the most promise.

展望未來，我們的計劃是將注意力和投資以嚴謹的方式集中在那些最有前景的品牌和機會上。

Helen of Troy is a firm foundation with the opportunity to get back to industry-leading margins and strong cash flow. We have the flexibility to invest in our future to create more competitive advantage and still deliver strong financial profile. Second, we will position our corporate structure to place the consumer at the center of everything we do. We will place resources and talent closer to the consumer in the marketplace. Our associates want to establish a closer connection with our marketplace and our consumers, which will enhance their engagement and create a [steep] presence as we win in the marketplace.

Helen of Troy 擁有堅實的基礎，有機會重返業界領先的利潤率和強勁的現金流。我們可以靈活地投資未來，以創造更多的競爭優勢，同時保持強勁的財務狀況。其次，我們將調整公司結構，將消費者置於我們一切工作的中心。我們將把資源和人才放在更靠近市場消費者的位置。我們的員工希望與我們的市場和消費者建立更緊密的聯繫，這將增強他們的參與度，並在我們在市場上獲勝時創造[強大的]存在感。

My early observation is we have talented people across this enterprise. They just want to win. With that in mind, nothing we will do is more important than developing our people and adding more top talent. At the end of the day, I place my bets on people, not on strategies.

我早期的觀察是，我們整個企業都有人才。他們只是想贏。考慮到這一點，沒有什麼比培養我們的人才和增加更多的頂尖人才更重要。歸根究底，我把賭注押在人身上，而不是策略上。

Third, I want to strengthen the broader portfolio for predictable volume and profit growth. In my experience, best brand innovations always win. It is especially important that we refocus our creative engine to amplify building best-in-class devices and complementary consumables. There is a solid foundation in place already. Our platform is valuable and durable.

第三，我想加強更廣泛的產品組合，以實現可預測的銷售和利潤成長。根據我的經驗，最好的品牌創新總是會贏。特別重要的是，我們要重新聚焦我們的創造力，以擴大一流的設備和互補的消耗品的製造。我們已經擁有了堅實的基礎。我們的平台是寶貴且持久的。

We have maintained leading market share positions in key categories. We have begun making necessary adjustments to our product road map so that we're positioned to make more best-in-class products while staying laser-focused on execution and ensuring that in the market on time.

我們在關鍵類別中保持了領先的市場份額地位。我們已經開始對我們的產品路線圖進行必要的調整，以便我們能夠製造更多一流的產品，同時專注於執行並確保按時上市。

However, I want to underline that there is not a quick fix. Our goal is to continue to be the brand solution of choice for our consumers. And this will require us to become even better at design, engineering and marketing while anticipating the needs of our consumers. Finally, I want to improve asset efficiency and maintain our shareholder-friendly policies. On the asset side, our emphasis will be on improving working capital efficiency, and more broadly, balance sheet productivity.

然而，我想強調的是，這個問題沒有快速解決方案。我們的目標是繼續成為消費者首選的品牌解決方案。這要求我們在預測消費者需求的同時，在設計、工程和行銷方面做得更好。最後，我想提高資產效率並維持我們對股東友善的政策。在資產方面，我們的重點將放在提高營運資本效率，以及更廣泛的資產負債表生產力。

On the capital side, we will use cash flow generation of our business to invest in our core business first, reduce our debt and in search for accretive acquisitions in the future, and then consider return of capital to our shareholders. I plan to continue Helen of Troy's practice of proactive investor outreach via investor meetings and attending relevant investor conferences.

在資本方面，我們將利用業務產生的現金流量首先投資於我們的核心業務，減少債務並尋求未來的增值收購，然後考慮向股東返還資本。我計劃繼續 Helen of Troy 的做法，透過投資者會議和參加相關的投資者會議來主動聯繫投資者。

In summary, we earned our way into a difficult period. And clearly, we need to behave our way back to a high-quality sustainable growth. Over the next few months, we will be working on a long-term plan which will provide a road map for our growth ambition. We operate like we are wearing [bifocals], with vigilance on the near term, but always maintaining our primary focus on maximizing sustainable long-term value for our stakeholders. I will not be satisfied to [place] the company on a sustainable path to further increase new market share, growing revenue and delivering consistent returns for our shareholders.

總而言之，我們經歷了一段艱難時期。顯然，我們需要採取適當的行動，回歸高品質的永續成長。在接下來的幾個月裡，我們將製定一項長期計劃，為我們的成長目標提供路線圖。我們的運作就像戴著雙光眼鏡一樣，對短期目標保持警惕，但始終將主要精力放在為利益相關者實現可持續的長期價值最大化。我不會滿足於讓公司走上永續發展的道路，進一步增加新的市場份額，增加收入，並為股東帶來持續的回報。

If we do this, I believe we can regain the trust of our stakeholders.

如果我們這樣做，我相信我們能夠重新贏得利害關係人的信任。

With that, I want to turn it over to Brian.

說完這些，我想把它交給 Brian。

Good morning, everyone. Thanks for joining. I'd like to start by welcoming Scott to the company as our new CEO. I believe his experience, business philosophy, leadership style and strategic vision are a perfect fit for us as we enter the next phase of our evolution. After only a little more than a month, our associates have been energized by his commitment, passion, growth mindset and people-first approach.

大家早安。感謝您的加入。首先，我歡迎斯科特加入公司並擔任新任執行長。我相信，他的經驗、經營理念、領導風格和策略眼光非常適合我們進入發展的下一階段。僅僅一個多月後，他的奉獻精神、熱情、成長心態和以人為本的理念就激勵了我們的同事。

I'm confident his leadership will help us deliver stabilization and reliability in our shorter-term results while we continue to rebuild our platform for sustainable long-term growth.

我相信他的領導將幫助我們在短期業績中實現穩定和可靠，同時我們將繼續重建可持續長期成長的平台。

As Scott joined us after the end of the quarter, Tracy and I will take the lead on discussing our results and outlook for the remainder of the year. But I know Scott is eager to take questions regarding his experience, why he chose Helen of Troy and what he sees after five weeks at the company.

由於史考特在本季結束後加入我們，特蕾西和我將帶頭討論我們的業績和今年剩餘時間的展望。但我知道斯科特很想回答有關他的經歷的問題，他為什麼選擇特洛伊的海倫，以及他在公司工作五週後看到了什麼。

Turning to the second quarter, while we are not at all satisfied with our results, we believe we took a step in the right direction, with net sales and adjusted EPS at or above the high end of our outlook ranges. Highlights include double-digit revenue growth for Hot Tools, Curlsmith and Osprey; growth in both point-of-sale dollars and units for Braun, Osprey, Olive & June and OXO; Olive & June revenue and profitability that continues to exceed expectations; DTC revenue growth of 15% year over year; and positive free cash flow of $23 million fiscal year-to-date despite a cash flow drag of approximately $34 million from higher tariff payments.

展望第二季度，雖然我們對業績並不滿意，但我們相信我們朝著正確的方向邁出了一步，淨銷售額和調整後的每股收益達到或超過了我們預期範圍的高端。亮點包括 Hot Tools、Curlsmith 和 Osprey 的兩位數收入增長；Braun、Osprey、Olive & June 和 OXO 的銷售點美元和單位均有所增長；Olive & June 的收入和盈利能力繼續超出預期；DTC 收入同比增長 15%；儘管關稅增加導致現金流量拖累約 340 萬美元的現金流量迄今為止為 300 萬美元的現金流。

Looking more broadly, during our last call in July, we identified five key priorities to rebuild our platform for profitable growth and shareholder value creation: one, restoring confidence with key stakeholders; two, improving go-to-market and operating effectiveness; three, refocusing on innovation for more product-driven growth; four, focusing on the fundamentals and fully leveraging the unique strengths of our brands; and five, reinvigorating our culture with resilience and an owner's mindset.

更廣泛地說，在 7 月的上次電話會議上，我們確定了重建盈利增長和股東價值創造平台的五個關鍵優先事項：第一，恢復主要利益相關者的信心；第二，提高上市和運營效率；第三，重新關注創新，實現更多產品驅動的增長；第四，關注基本面，充分利用我們品牌的獨特優勢；第五翁，以使他的韌性和主人翁振興我們的文化。

I'm pleased to share that we made meaningful progress across all five priorities since our last call. I'm most encouraged by the work we did to improve our go-to-market and operating effectiveness. We recognize that some of our past strategies and execution have fallen short, impacting our credibility with key stakeholders. We've made meaningful modifications to course correct our structure, strategy, execution and approach, which we believe will improve the reliability of our operating results in the near term and lead the way towards growth and consistent shareholder value creation in the longer term.

我很高興地告訴大家，自上次會議以來，我們在所有五個優先事項上都取得了有意義的進展。我們為提高市場進入效率和營運效率所做的工作令我感到非常鼓舞。我們認識到，我們過去的一些策略和執行存在不足，影響了我們在主要利害關係人中的信譽。我們對我們的結構、策略、執行和方法進行了有意義的修改，我們相信這將在短期內提高我們經營業績的可靠性，並在長期內引領成長和持續的股東價值創造。

As part of our effort to improve go-to-market effectiveness, we realigned our commercial triangle of product, sales and marketing within each division, putting our brands at the center, and rebuilt our organizational structure with single points of accountability under our segment leaders to deliver business results. We have seen immediate benefits in terms of alignment, communication, clarity, efficiency, speed and ownership of results. We are also making progress toward our goal of sustained operational excellence across the enterprise. As examples, our distribution operations are now hitting service level targets and nearing peak efficiency levels, and we've made improvements to our direct-to-consumer platforms, digital assets and overall consumer experience, which helped drive double-digit DTC growth for the first half of fiscal '26.

作為提高市場進入效率的努力的一部分，我們重新調整了每個部門內的產品、銷售和行銷商業三角，將我們的品牌置於中心，並重建了我們的組織結構，在部門領導的領導下設立單一責任點，以取得業務成果。我們在協調、溝通、清晰度、效率、速度和結果所有權方面看到了直接的好處。我們也朝著整個企業持續卓越營運的目標邁進。例如，我們的分銷業務現已達到服務水平目標並接近峰值效率水平，並且我們對直接面向消費者的平台、數位資產和整體消費者體驗進行了改進，這有助於推動 26 財年上半年 DTC 實現兩位數增長。

While our second quarter results reflect the early impact of our focus on fundamentals, simplifying operations, sharpening our priorities and increasing agility, they also highlight that we remain in a transition period, with further improvement still needed. I thought it'd be beneficial to give continued perspective on tariffs as the macro environment remains complex, with tariffs continuing to influence our operations and impact our financial performance.

雖然我們的第二季業績反映了我們關注基本面、簡化營運、明確優先事項和提高靈活性的早期影響，但也凸顯出我們仍處於過渡期，仍需要進一步改進。我認為繼續關注關稅是有益的，因為宏觀環境仍然複雜，關稅繼續影響我們的營運並影響我們的財務表現。

As most are aware, in April of this year, the US government implemented a broad set of tariffs aimed at restructuring trade relationships, particularly with China. Since then, we have experienced significant increases in tariff rates, which have created immediate and ongoing revenue, earnings, cash flow and balance sheet impacts. In response, we've taken a series of tariff mitigation, cost reduction and cash flow preservation actions that we've outlined in previous calls and continue to build on.

眾所周知，今年4月，美國政府實施了一系列廣泛的關稅，旨在重組貿易關係，特別是與中國的貿易關係。自那時起，我們的關稅稅率大幅上漲，這對收入、收益、現金流量和資產負債表產生了直接和持續的影響。作為回應，我們採取了一系列降低關稅、降低成本和保護現金流的措施，這些措施我們在先前的電話會議中已經概述過，並將繼續推進。

One, supplier diversification. We have actively worked to mitigate tariff risks by diversifying our sourcing and manufacturing footprint outside of China. Tracy will give you an update, and there is material in our investor presentation on this. Two, inventory management and SKU prioritization. We purchased targeted additional inventory in late fiscal '25 and early fiscal '26, ahead of potential tariffs.

一、供應商多元化。我們積極努力透過在中國以外地區實現採購和製造業務多元化來降低關稅風險。Tracy 將向您提供最新情況，我們的投資者簡報中也有相關資料。二、庫存管理和SKU優先排序。我們在 25 財年末和 26 財年初購買了有針對性的額外庫存，以應對潛在的關稅。

Subsequently, throughout April and May, we significantly reduced purchases of finished goods from China until tariff levels decreased to a more manageable level, limiting our overall exposure.

隨後，在整個四月和五月，我們大幅減少了從中國購買的成品，直到關稅水平降至更可控的水平，從而限制了我們的整體風險敞口。

Three, supplier cost reductions. In an effort to offset some portion of tariff increases, we have pursued cost reduction opportunities with our suppliers, which we have continued to stack up since Liberation Day. Four, customer price increases. We notified retail customers of targeted price increases with the original goal of having them in place near the end of the summer. Working collaboratively with our key retailers and in careful consideration of market and category dynamics, we have now implemented the majority of our planned price increases as of the end of September.

三、供應商成本降低。為了抵​​消部分關稅上調的影響，我們與供應商一起尋求降低成本的機會，自解放日以來，我們一直在不斷努力。四、顧客漲價。我們已通知零售客戶有針對性的價格上漲，最初的目標是在夏季結束時實施。透過與主要零售商合作並仔細考慮市場和類別動態，我們已於 9 月底實施了大部分計劃的價格上漲。

However, there are some isolated price increases that are still pending, and we're holding shipments in some instances as we work toward consistent adoption across our retail customer base. We expect the slight delay in implementation in the holding of shipments to compress our operating results in the second half of fiscal '26 as compared to our previous expectations, which has been factored into the outlook provided in our second quarter earnings release.

然而，仍有一些個別價格上漲尚未確定，並且在某些情況下，我們正在暫停發貨，以努力實現整個零售客戶群的一致採用。我們預計，與先前的預期相比，貨物持有實施的略微延遲將壓縮我們 26 財年下半年的經營業績，這已計入我們第二季度收益報告中提供的前景中。

And five, cost management: in response to tariffs and revenue declines over the past several quarters, we've implemented a series of measures to reduce overall cost, optimize working capital, improve balance sheet productivity and preserve cash flow. While tariffs present ongoing headwinds, we believe our diversified sourcing strategy, extensive tariff mitigation and proactive cost management positions us well to continue to adapt to the disruption and uncertainty that will continue to evolve. Our focus remains on balancing short-term adjustments with investments in innovation and growth, ensuring the business remains resilient and healthy as we take steps toward a return to growth and long-term value creation.

第五，成本管理：為了因應過去幾季關稅和收入的下降，我們實施了一系列措施來降低整體成本，優化營運資金，提高資產負債表生產力並維持現金流。儘管關稅持續帶來不利影響，但我們相信，多元化的採購策略、廣泛的關稅減免和積極的成本管理使我們能夠繼續適應持續演變的混亂和不確定性。我們的重點仍然是平衡短期調整與創新和成長投資，確保業務在我們採取措施恢復成長和創造長期價值的同時保持彈性和健康。

Turning back to our second-quarter results, I'll start with our Beauty & Wellness segment. Sales declined 4%, favorable to our outlook range of a decline of 11.3% to 6.1% despite ongoing consumer pressures and continued revenue disruption from tariffs. Olive & June was a standout, delivering better-than-expected sales of $33.4 million. Segment organic sales declined as consumers remain cautious, tariffs weighed on direct import orders, retailers adjusted inventories, and our overall point of sale declined.

回顧我們的第二季業績，我將從我們的美容與健康部門開始。儘管消費者壓力持續存在且關稅持續對收入造成乾擾，但銷售額仍下降了 4%，符合我們預期的 11.3% 至 6.1% 的降幅範圍。Olive & June 表現突出，銷售額超出預期，達到 3,340 萬美元。由於消費者保持謹慎、關稅對直接進口訂單造成壓力、零售商調整庫存以及我們的整體銷售點下降，分部有機銷售額下降。

Turning to international results for the segment, remaining retail inventory from last year's weak cough, cold and flu season, coupled with the slow start to this year's season, led to lower replenishment in the second quarter. In China, government incentives favoring localized fulfillment are driving consumer and distributor purchases away from preferred global brands like Braun, which are not sourced domestically and are not price competitive without the subsidy.

談到該部門的國際業績，去年咳嗽、感冒和流感季節的疲軟導致零售庫存剩餘，再加上今年季節的緩慢開局，導致第二季度的補貨量減少。在中國，政府鼓勵在地化生產的誘因正在促使消費者和經銷商放棄博朗等受青睞的全球品牌，因為這些品牌並非國內採購，如果沒有補貼，價格就沒有競爭力。

Taking a step back from the Beauty & Wellness financial results for the quarter, I'd like to highlight some underlying bright spots we see in the business. Curlsmith recently completed a brand refresh under the campaign, It's a [Curls World]. The update simplifies currently hair care into a three-step routine, introduces fresh new packaging for easier navigation and brings innovation with products like the Awestruck Definition Cream and Moisture Memory Release. These are designed to extend curl longevity, boost hydration and provide customized solutions across moisture, strength and frizz control. Shipments to retail partners, including Ulta, began in the second quarter.

回顧本季美容與健康財務業績，我想強調我們在該業務中看到的一些潛在亮點。Curlsmith 最近在「It's a」活動下完成了品牌更新[捲髮世界]。此次更新將目前的頭髮護理簡化為三個步驟，引入了全新的包裝以便於導航，並帶來了 Awestruck Definition Cream 和 Moisture Memory Release 等產品的創新。這些設計旨在延長捲髮壽命、促進保濕並提供針對水分、強度和毛躁控制的客製化解決方案。向包括 Ulta 在內的零售合作夥伴發貨已於第二季開始。

Olive & June continues to build momentum in DIY nail care. With innovative tools and products that deliver salon quality results, the brand is resonating with the broad customer base. Growth this quarter was fueled by replenishment demand, new product launches and expanded distribution. Retail partners are also expanding assortment and in-store placement, giving Olive & June even more reach in the back half of the fiscal year.

Olive & June 在 DIY 指甲護理領域繼續保持強勁勢頭。憑藉可提供沙龍品質效果的創新工具和產品，品牌贏得了廣大客戶的共鳴。本季的成長得益於補貨需求、新產品發布和分銷擴大。零售合作夥伴也正在擴大產品種類和店內擺放位置，使 Olive & June 在本財年下半年的影響力進一步擴大。

We are pleased that our Beauty portfolio was recently recognized by the Allure Best of Beauty Awards, often called the Oscars of the beauty industry. They are a powerful endorsement in recognition of product excellence and innovation. This year, our brands earned 5 top honors: Curlsmith for Best Curl Enhancer; Drybar [Hot Toddy] for Best Heat Protector; Revlon One-Step Volumizer Plus for Best Brush Dryer; Hot Tools for Best Static Curling Iron; and Olive & June [Jill Manny] for Best Breakthrough. These wins underscore the strength and diversity of our beauty brands and reflect the team's outstanding work, drive innovation and execution across our Beauty business.

我們很高興我們的美容產品組合最近獲得了 Allure 最佳美容獎的認可，該獎項通常被稱為美容行業的奧斯卡。它們是對產品卓越性和創新性的有力認可。今年，我們的品牌獲得了 5 項最高榮譽：Curlsmith 獲得最佳捲髮增強劑獎；Drybar [Hot Toddy] 獲得最佳熱保護劑獎；Revlon One-Step Volumizer Plus 獲得最佳刷式吹風機獎；Hot Tools 獲得最佳靜態捲髮器獎；Olive & June [Jill Manny] 獲得最佳突破獎。這些勝利凸顯了我們美容品牌的實力和多樣性，反映了團隊的出色工作，推動了我們美容業務的創新和執行。

In Home & Outdoor, second quarter results were consistent with our expectations. Net sales declined 13.7% as the domestic market remained under pressure from the impact of tariffs on direct import orders, cautious consumer spending and lower replenishment from retail partners as they manage inventory levels with a cautious view of the consumer environment. This was partially offset by OXO distribution gains and continued strong performance in food storage, bath and kitchen gadgets at retail. Internationally, segment sales grew, driven by Osprey.

在家居和戶外領域，第二季的業績符合我們的預期。淨銷售額下降了 13.7%，因為國內市場仍然承受著關稅對直接進口訂單的影響、謹慎的消費者支出以及零售合作夥伴在謹慎管理庫存水平的情況下減少補貨的壓力。但這被 OXO 分銷收益以及食品儲存、浴室和廚房用具零售業務的持續強勁表現部分抵消。在 Osprey 的推動下，國際市場的分部銷售額將實現成長。

Turning to OXO, the brand's fundamentals remain strong. Consumers are responding well to Twist & Stack food storage solutions for their durability and secure sealing lids. Our rapid brewer is earning outstanding feedback for speed, versatility and thoughtful design. And the new compact [ConicoBur] coffee grinder was recognized by Forbes as the Best Value Pick in its category, praised for consistent grind quality and slim user-friendly design.

談到 OXO，該品牌的基本面依然強勁。Twist & Stack 食品儲存解決方案因其耐用性和安全的密封蓋而受到消費者的好評。我們的快速沖泡機因其速度、多功能性和周到的設計而獲得了出色的回饋。而新款緊湊型 [ConicoBur] 咖啡研磨機被《福布斯》評為同類產品中最有價值之選，因其穩定的研磨品質和纖薄的用戶友好型設計而受到稱讚。

Other recent launches continue to grow, including OXO Ceramic Bakeware and additions to our emerging OXO [Tot Feeding Line], further reinforcing OXO's reputation for solving everyday problems with high-quality, intuitive products.

其他近期推出的產品也不斷增加，包括 OXO 陶瓷烤盤和我們新興的 OXO [幼兒餵食系列] 的新增產品，進一步鞏固了 OXO 透過高品質、直觀的產品解決日常問題的聲譽。

Hydro Flask highlights include the new Micro Hydro, which is proving to be highly fashionable and versatile, compact enough for everyday carry, yet functional across wellness, outdoor and travel occasions. Early adoption has been strong, and we see opportunity to build this into a distinct franchise. Our new 24-ounce Travel Tumbler and Travel Bottle also drove nice growth during the quarter, reflecting continued demand for performance hydration and the brand's ability to continue to expand into adjacent sizes, shapes, form factors and categories.

Hydro Flask 的亮點包括新款 Micro Hydro，它非常時尚且用途廣泛，足夠緊湊，適合日常攜帶，同時也適用於健康、戶外和旅行場合。早期的採用情況一直很好，我們看到了將其打造為獨特特許經營的機會。我們新的 24 盎司旅行杯和旅行瓶也在本季實現了良好的成長，反映了對高性能補水產品的持續需求，以及該品牌繼續擴展到相鄰尺寸、形狀、外形和類別的能力。

Osprey posted strong growth in the quarter, led by technical and travel packs. In the US technical pack market, Osprey remains the number-one brand, with share more than 3x larger than the next competitor. Consumers are rewarding the brand's sustainability leadership, including our move to 100% recycled fabrics and elimination of PFAS-based durable water repellent across all textile products.

Osprey 本季實現了強勁成長，主要由技術和旅行包帶動。在美國科技背包市場，Osprey 仍然是第一大品牌，其市佔率是第二名競爭對手的 3 倍以上。消費者對該品牌的可持續發展領導力表示讚賞，包括我們轉向 100% 再生面料以及在所有紡織產品中淘汰基於 PFAS 的耐用防水劑。

Performance remains a differentiator as well. Our new [Arteon] series, featuring an abrasion-resistant, 100% recycled fabric, performed so strongly in testing that our machines could not wear it down. That level of quality is resonating with consumers. The limited edition [Arcion] [Fujen] backpack, created in collaboration with [Carryology], sold out in just 24 hours. In addition, new Transporter and Daylight travel packs grew double digits, and our [Kit Carriers] gained share and grew point of sale.

性能仍然是一個差異化因素。我們的新款 [Arteon] 系列採用耐磨、100% 再生布料，在測試中表現非常出色，以至於我們的機器無法磨損。這種品質水準引起了消費者的共鳴。與[Carryology]合作推出的限量版[Arcion] [Fujen]背包在短短24小時內就銷售一空。此外，新的 Transporter 和 Daylight 旅行包的銷量增長了兩位數，我們的 [Kit Carriers] 的市場份額增加了，銷售點也增加了。

Despite near-term demand variability and ongoing retail inventory adjustments, OXO, Hydro Flask and Osprey continue to show positive consumer traction. We are prioritizing innovation, brand relevance and sustainability, the core elements that will restore growth and deliver long-term value in Home & Outdoor.

儘管近期需求變化和零售庫存持續調整，OXO、Hydro Flask 和 Osprey 仍然表現出積極的消費者吸引力。我們優先考慮創新、品牌相關性和永續性，這些是恢復成長並在家居和戶外領域實現長期價值的核心要素。

In closing, we are giving perspective on challenging external factors today. But let me be clear, it's up to us whether we grow or not. While we expect the environment to remain challenging, our North Star must be to keep the consumer at the center of everything we do. Consumers are seeking a better value proposition for their limited share of wallet. We can deliver that proposition across a strong portfolio of brands with innovative products that resonate with the consumer and exceed their expectations with differentiated features, thoughtful designs and superior performance.

最後，我們來談談對當今具有挑戰性的外在因素的看法。但我要明確一點，我們是否成長取決於我們自己。儘管我們預計環境仍將充滿挑戰，但我們的北極星必須是將消費者置於我們所做的一切的中心。消費者正在尋求用有限的資金獲得更好的價值主張。我們可以透過強大的品牌組合來實現這一主張，這些創新產品能夠引起消費者的共鳴，並透過差異化的功能、周到的設計和卓越的性能超越他們的期望。

When we support these efforts with the right brand building initiatives, flawless retail and operational execution and a delightful end-to-end consumer experience, it should be a winning formula in any environment. Getting that formula right is up to us.

當我們透過正確的品牌建立舉措、完美的零售和營運執行以及令人愉悅的端到端消費者體驗來支持這些努力時，它應該成為任何環境下的成功秘訣。獲得正確的公式取決於我們。

Before turning the call over to Tracy, I want to acknowledge the dedication and professionalism of our associates. Their resilience and commitment are critical as we work through this period of new beginning. We are taking deliberate steps to strengthen our foundation, refine our strategies, improve our execution and position Helen of Troy for long-term success. We remain focused on delivering our commitments while we rebuild our platform to drive profitable growth and value creation for our shareholders.

在將電話轉給 Tracy 之前，我想對我們同事的奉獻精神和專業精神表示感謝。當我們度過這個新的開始時期時，他們的韌性和承諾至關重要。我們正在採取慎重措施，鞏固基礎，完善策略，提高執行力，為海倫的特洛伊長期成功做好準備。我們將繼續專注於履行承諾，同時重建平台，推動獲利成長並為股東創造價值。

And now, Tracy will review the financials in more detail and provide our financial outlook for the remainder of fiscal '26.

現在，特蕾西將更詳細地審查財務狀況，並提供 26 財年剩餘時間的財務展望。

Good morning, everyone, and thank you for being with us today. I want to give Scott a warm welcome to Helen of Troy. In just a short time, I've been impressed by his leadership style and his ability to inspire and engage with teams across the organization. Like many others, I'm confident he is a great fit for our culture and the brands that define Helen of Troy as we move into our next chapter. Today, we reported results at the favorable end of the net sales and adjusted EPS outlook ranges we communicated during our earnings call in July.

大家早安，感謝大家今天的來訪。我想向斯科特表示熱烈的歡迎，歡迎他來到特洛伊的海倫。在短短的時間內，他的領導風格以及激勵和吸引整個組織團隊的能力給我留下了深刻的印象。與許多其他人一樣，我相信他非常適合我們的文化以及定義特洛伊海倫的品牌，因為我們將進入下一個篇章。今天，我們報告的業績符合我們在 7 月財報電話會議上傳達的淨銷售額和調整後每股收益預期範圍的有利水準。

This result is encouraging and reinforces our commitment to maintaining focus and discipline as we implement key initiatives to strengthen our business performance. As Brian highlighted, we made further progress on our tariff mitigation strategies, which include initiatives aimed at reducing costs and safeguarding cash flow. We now anticipate that we can lower our cost of goods sold subject to China tariffs to between 25% and 30% by the end of fiscal '26, as compared to our previous expectation of below 25%.

這一結果令人鼓舞，並加強了我們在實施關鍵措施以加強業務績效時保持專注和紀律的承諾。正如布萊恩所強調的，我們在關稅減免策略方面取得了進一步進展，其中包括旨在降低成本和保障現金流的措施。我們現在預計，到 26 財年末，受中國關稅影響的商品銷售成本可以降至 25% 至 30% 之間，而我們先前的預期是低於 25%。

While this is slightly higher than we originally targeted, we believe we are making the right choices to mitigate supply risk, ensure product quality, secure favorable costs and navigate the business disruption that has emerged. Year-to-date, we have experienced an approximate $10 million impact from tariffs on our cost of goods sold, and we expect a reduced negative effect in the later half of the year amounting to less than $9 million as we benefit from the price increases that Brian mentioned.

雖然這比我們最初的目標略高，但我們相信我們正在做出正確的選擇，以降低供應風險，確保產品質量，確保有利的成本並應對出現的業務中斷。今年迄今為止，關稅對我們的銷售成本造成了約 1000 萬美元的影響，我們預計下半年的負面影響將減少至不到 900 萬美元，因為我們將受益於 Brian 提到的價格上漲。

Please refer to the investor presentation on our website for a complete summary of the tariff mitigation actions we are taking, as well as a summary of the gross unmitigated impact of tariffs at current rates, the amount we believe we can mitigate or offset and the net remaining impact on operating income for fiscal '26.

請參閱我們網站上的投資者介紹，以了解我們正在採取的關稅減免措施的完整摘要，以及當前稅率下關稅的未緩解總影響的摘要、我們認為可以緩解或抵消的金額以及對 26 財年營業收入的淨剩餘影響。

Turning your attention to the results from the second quarter, consolidated net sales decreased 8.9%. When excluding the effects of Olive & June, organic net sales experienced a decline of 16%. Approximately 30% of the organic revenue decline was attributed to tariff-related revenue disruptions.

關注第二季的業績，合併淨銷售額下降了 8.9%。排除 Olive & June 的影響後，有機淨銷售額下降了 16%。約 30% 的有機收入下降歸因於與關稅相關的收入中斷。

As expected, this primarily stems from two key factors: the pause or cancellation of direct import orders in China in response to higher tariffs and trade policy uncertainty; and changing dynamics within the China market, which include a transition towards localized fulfillment models and increased competition from domestic sellers who are benefiting from government subsidies.

正如預期的那樣，這主要源於兩個關鍵因素：由於關稅上調和貿易政策不確定性，中國直接進口訂單暫停或取消；中國市場內部動態的變化，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的競爭加劇。

While we expect these headwinds to persist into the second half, the impact is expected to be less significant compared to the first half. The remaining decline is indicative of softness in certain categories and overall point-of-sale decline, even as several of our brands gained or maintained market share and saw point-of-sale unit improvement. Category softness can be attributed to changing consumer behaviors, particularly the prioritization of essential categories amid concerns regarding future pricing pressures and overall economic uncertainty. As these trends influence purchasing volumes, retailers also continue to modify their inventory levels. Furthermore, we observed a slowdown in thermometry replenishment across the Asia Pacific region, which was a result of a less severe illness season last year.

雖然我們預計這些不利因素將持續到下半年，但與上半年相比，其影響預計會較小。儘管我們的幾個品牌獲得或維持了市場份額，且銷售點單位有所改善，但剩餘的下降表明某些類別的疲軟和整體銷售點的下降。類別疲軟可歸因於消費者行為的改變，特別是在對未來價格壓力和整體經濟不確定性的擔憂中對必需類別的優先考慮。由於這些趨勢影響購買量，零售商也會持續調整其庫存水準。此外，我們觀察到整個亞太地區的測溫補充速度有所放緩，這是由於去年疾病季節不太嚴重造成的。

Now, I would like to turn to our business segment performance, starting with Home & Outdoor, where net sales experienced a decline of 13.7%. Approximately 4 percentage points of this decline can be attributed to tariff-related disruptions, which include lower club direct import orders and the insulated beverageware and home categories in response to increased tariff rates. The remaining decrease reflects ongoing broader demand weakness in both the home and the insulated beverageware categories, including continued POS decline in beverageware due to heightened competition and net distribution losses. This softness was further pressured by retailer inventory adjustments and lower sales in the closeout channel. These challenges were somewhat mitigated by strong demand for technical, travel and lifestyle packs, increased sales from expanded distribution in the home category and additional sales generated from a new product launch in the insulated beverageware category.

現在，我想談談我們業務部門的表現，首先是家居和戶外部門，其淨銷售額下降了 13.7%。其中約 4 個百分點的下降可歸因於關稅相關的干擾，包括俱樂部直接進口訂單減少以及因關稅稅率提高而導致的保溫飲料器皿和家居用品類別的下降。其餘的下降反映了家庭和保溫飲料器皿類別的持續更廣泛的需求疲軟，包括由於競爭加劇和淨分銷損失導致飲料器皿的 POS 持續下降。零售商庫存調整和清倉通路銷售下降進一步加劇了這種疲軟。由於科技、旅行和生活方式套裝的需求強勁，家居類別分銷擴大帶來的銷售額增加，以及保溫飲料器皿類別新產品的推出帶來的額外銷售額，這些挑戰得到了一定程度的緩解。

Shifting our focus to the Beauty & Wellness segment. Net sales saw an organic business decline of 18.2%, with approximately 5 percentage points of this decrease attributed to tariff-related disruption. The decline also includes the cascading impact of trade policy in the China market affecting international thermometry sales, in addition to a reduced reduction in domestic sales of heaters and certain beauty products. The remaining decline is reflective of broader demand weakness for thermometers internationally, which is attributed to lower replenishment levels due to a less severe illness season last year in Asia, a downturn in beauty sales primarily driven by diminished consumer demand, tightened competition and a net distribution loss compared to the previous year, as well as a decrease in water filtration, largely due to weaker consumer demand, and intensified competitive promotional efforts. These headwinds were partially offset by incremental revenue from Olive & June of $33.4 million.

將我們的重點轉移到美容與健康領域。淨銷售額有機業務下降 ​​18.2%，其中約 5 個百分點的下降歸因於關稅相關的中斷。下降還包括中國市場貿易政策對國際溫度計銷售的連鎖影響，以及加熱器和某些美容產品的國內銷售減少。其餘的下降反映了國際上對溫度計的普遍需求疲軟，這歸因於去年亞洲疾病季節不太嚴重導致補貨水平較低，美容銷售下滑主要由於消費者需求減少、競爭加劇和與上一年相比淨分銷損失，以及水過濾減少，主要由於消費者需求減弱，以及競爭性促銷力度加大。這些不利因素被 Olive & June 的 3,340 萬美元增量收入部分抵消。

Consolidated gross profit margin decreased 140 basis points to 44.2% due to higher tariffs on cost of goods sold, which unfavorably impacted gross profit margin by approximately 200 basis points, entire retail trade and promotional expense in response to a more competitive retail environment. These factors were partially offset by the favorable impact of the Olive & June acquisition, lower commodity and product costs and favorable inventory obsolescence expense year over year.

綜合毛利率下降 140 個基點至 44.2%，原因是銷售成本關稅上調，對毛利率產生了約 200 個基點的不利影響，同時零售貿易和促銷費用也因零售環境競爭加劇而受到影響。這些因素被 Olive & June 收購的有利影響、較低的商品和產品成本以及同比有利的庫存報廢費用部分抵消。

SG&A ratio increased 310 basis points, primarily due to increased share-based compensation expense, higher outbound freight costs, the impact of the Olive & June acquisition and the impact of unfavorable operating leverage. These factors were partially offset by the favorable comparative impact of higher distribution center expense in the prior year period due to additional costs and loss efficiency associated with automation start-up issues at the Tennessee distribution facility.

銷售、一般及行政費用比率增加 310 個基點，主要由於股權激勵費用增加、出境運費增加、收購 Olive & June 的影響以及不利的經營槓桿的影響。這些因素被去年同期配送中心費用增加的有利比較影響部分抵消，這是由於田納西州配送設施的自動化啟動問題導致的額外成本和損失效率所造成的。

GAAP operating loss for the quarter was $315.7 million, primarily due to $326.4 million of noncash asset impairment charges incurred primarily due to the sustained decline in our stock price and the lower gross profit margin and higher SG&A rate I just mentioned. On an adjusted basis, operating margin decreased 360 basis points to 6.2%. The decrease was primarily driven by the impact of higher tariffs on cost of goods sold, which unfavorably impacted adjusted operating margin by approximately 200 basis points.

本季 GAAP 營業虧損為 3.157 億美元，主要原因是非現金資產減損費用為 3.264 億美元，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。經調整後，營業利益率下降 360 個基點至 6.2%。下降的主要原因是關稅上調對銷售成本的影響，對調整後的營業利潤率產生了約 200 個基點的不利影響。

As Brian discussed, our price increases to retailers largely became effective after the end of the second quarter, so the tariff cost impact on our second quarter operating margin was greater than what we expect on a go-forward basis. The gross margin decline was also driven by higher retail trade and promotional expense, higher outbound freight costs and the impact of unfavorable leverage. This was partially offset by the favorable impact of the acquisition of Olive & June, lower commodity and product costs, favorable inventory obsolescence expense year over year and the favorable comparative impact of higher distribution center expense in the prior year period, as I mentioned earlier.

正如布萊恩所討論的，我們對零售商的價格上漲基本上是在第二季末之後生效的，因此關稅成本對我們第二季營業利潤率的影響大於我們預期的未來影響。毛利率下降也受到零售貿易和促銷費用增加、出境運費增加以及不利槓桿的影響。正如我之前提到的，這部分被收購 Olive & June 的有利影響、較低的商品和產品成本、同比有利的庫存報廢費用以及去年同期較高的配送中心費用的有利比較影響所抵消。

Home & Outdoor adjusted operating margin decreased approximately 540 basis points to 9.6%. This reflects the impact of higher tariffs on cost of goods sold, which reduced operating margin by approximately 240 basis points. This is partially offset by the favorable comparative impact of higher distribution center expenses in the prior year period. Adjusted operating margin for Beauty & Wellness decreased 130 basis points to 3.1%. This reflects the impact of higher tariffs on cost of goods sold, which reduced operating margin by approximately 180 basis points. This was partially [offset] by the contribution from Olive & June.

家居和戶外用品調整後的營業利潤率下降約 540 個基點至 9.6%。這反映了關稅上調對銷售成本的影響，導致營業利潤率降低約 240 個基點。這被去年同期配送中心費用增加帶來的有利比較影響部分抵銷。美容與健康業務的調整後營業利潤率下降 130 個基點至 3.1%。這反映了關稅上調對銷售成本的影響，導致營業利潤率降低約 180 個基點。這部分被 Olive & June 的貢獻所抵消。

Income tax benefit as a percentage of loss before income tax was 6.4%, compared to an income tax expense as a percentage of income before income tax of 22% for the same period last year. The decrease in the effective tax rate is primarily due to the tax effect of the impairment charges in fiscal '26 and increases in tax benefits for discrete items, partially offset by valuation allowances on intangible asset deferred tax assets.

所得稅收益佔所得稅前虧損的百分比為 6.4%，而去年同期所得稅支出佔所得稅前收入的百分比為 22%。有效稅率的下降主要是由於 26 財年的減損費用的稅務影響以及離散項目的稅務優惠的增加，部分被無形資產遞延稅務資產的估價準備所抵銷。

Non-GAAP adjusted EPS was $0.59 compared to $1.21 in the same period last year. This year-over-year decrease was primarily due to lower adjusted operating income and higher interest expense, partially offset by a decrease in adjusted income tax expense.

非公認會計準則調整後每股收益為 0.59 美元，去年同期為 1.21 美元。年比下降主要是由於調整後的營業收入下降和利息支出增加，但調整後的所得稅支出減少部分抵消了這一影響。

Turning to our inventory balance, we ended the quarter with $528.9 million or approximately $59 million higher than the same period last year. Excluding inventory related to the Olive & June acquisition and $32 million of tariff-related costs layered into inventory, our ending inventory was largely flat year-over-year. That said, our inventory remains higher than we'd like, and we remain focused on driving improvement in the second half of the year.

談到我們的庫存餘額，本季末我們的庫存餘額為 5.289 億美元，比去年同期高出約 5,900 萬美元。不包括與 Olive & June 收購相關的庫存以及計入庫存的 3,200 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。話雖如此，我們的庫存仍然高於我們的預期，我們仍然專注於推動下半年的改善。

Turning to our debt and liquidity position, we ended the second quarter with total debt of $893.2 million, a sequential increase of $22 million compared to the first quarter of fiscal '26. The cash flow was unfavorably impacted by roughly $27 million of cash outflow from tariffs, inventory build ahead of our peak selling season and higher capital spending tied to supplier transitions outside of China. The borrowing availability on our revolving credit facility is $578.6 million, and the limitation on our ability to borrow based on our leverage ratio is $212.7 million. Our net leverage ratio was 3.5x at the end of the second quarter compared to 3.1x at the end of the first quarter of fiscal '26. The increase was driven by higher net debt and lower trailing 12-month EBITDA due to the revenue decline in the first half of the fiscal year.

談到我們的債務和流動性狀況，第二季末我們的總債務為 8.932 億美元，與 26 財年第一季相比較上季增加了 2,200 萬美元。現金流受到約 2,700 萬美元的關稅現金流出、銷售旺季前的庫存增加以及與中國以外供應商轉型相關的資本支出增加的不利影響。我們的循環信貸額度的借款餘額為 5.786 億美元，而基於我們的槓桿率，我們的借款能力限額為 2.127 億美元。我們的淨槓桿率在第二季末為 3.5 倍，而 26 財年第一季末為 3.1 倍。成長的原因是，由於本財年上半年收入下降，淨債務增加，以及過去 12 個月 EBITDA 下降。

Looking ahead, free cash flow is expected to sequentially improve over the balance of the year, though leverage and interest coverage will remain areas of focus. At the end of the second quarter, we are in compliance with all covenants under our credit agreement. However, given the potential range of outcomes related to sales trends, tariffs and other macroeconomic factors, we will likely proactively engage with our lender group to secure additional flexibility to ensure continued compliance.

展望未來，預計自由現金流將在今年餘下時間逐步改善，但槓桿率和利息覆蓋率仍將是關注的重點。截至第二季末，我們已遵守信貸協議下的所有契約。然而，考慮到與銷售趨勢、關稅和其他宏觀經濟因素相關的潛在結果，我們可能會主動與我們的貸方集團合作，以獲得額外的靈活性，確保持續合規。

Now, I'd like to turn to our outlook. Despite the ongoing trade disruption that presents a challenging operational landscape, we are encouraged by the progress we are making to alleviate the [efforts] of tariffs and enhance our operational and financial standing. As such, we are providing an outlook for the remainder of the fiscal year. Our outlook includes our anticipation of lower direct import orders following tariff-related pullbacks, the ongoing impact from changing dynamics in the China market, lapping of tariff-related order pulled forward in the fourth quarter of fiscal '25 and continued soft consumer demand. Additionally, we're observing ongoing consumer trade-down behavior as shoppers seek value and prioritize essential categories.

現在，我想談談我們的展望。儘管持續的貿易中斷給營運環境帶來了挑戰，但我們在減輕關稅影響和提高營運和財務狀況方面取得的進展令我們感到鼓舞。因此，我們對本財年剩餘時間做出了展望。我們的展望包括：我們預期關稅相關回調將導致直接進口訂單減少，中國市場動態變化的持續影響，2025財年第四季關稅相關訂單的提前收回以及持續疲軟的消費需求。此外，我們觀察到消費者的消費行為正在持續下降，因為購物者尋求價值並優先考慮必要的類別。

In light of these trends, we expect retailers to remain cautious, managing inventory levels tightly amid ongoing uncertainty and inflationary pressures. We expect these challenges to be somewhat mitigated by additional revenue generated from the Olive & June acquisition, the implementation of pricing actions largely effective by the end of September and the cautious view of potential unit volume declines tied to price elasticity. As Brian mentioned, there are some price increases still pending, and we are holding shipments in some cases to ensure consistent adoption across our retail customer base. We expect that this will slightly compress the pricing benefits in the second half of the year as compared to our original expectations, but is necessary to avoid pricing disruption in the market.

鑑於這些趨勢，我們預計零售商將保持謹慎，在持續的不確定性和通膨壓力下嚴格管理庫存水準。我們預計，收購 Olive & June 帶來的額外收入、9 月底基本生效的定價措施的實施以及對與價格彈性相關的潛在單位銷售下降的謹慎看法將在一定程度上緩解這些挑戰。正如 Brian 所提到的，一些價格上漲仍懸而未決，並且在某些情況下我們會暫停發貨，以確保我們的零售客戶群能夠一致採用。我們預計，與我們最初的預期相比，這將略微壓縮下半年的定價優勢，但這對於避免市場定價混亂是必要的。

On a full year basis, we expect net sales between $1.74 billion and $1.78 billion, which implies a decline of 8.8% to 6.7% year over year. In terms of our net sales outlook by segment, we expect a Home & Outdoor decline of 11.8% to 9.7% and a Beauty & Wellness decline of 6.2% to 4%, which includes an expected incremental net sales contribution of $130 million to $137 million from Olive & June. On a full year basis, we expect consolidated adjusted EPS in the range of $3.75 to $4.25, which implies a decline of 47.7% to 40.7% year-over-year. For the third quarter, we expect net sales between $491 million and $512 million, which implies a decline of 7.5% to 3.5%.

我們預計全年淨銷售額將在 17.4 億美元至 17.8 億美元之間，這意味著年減 8.8% 至 6.7%。就各部門的淨銷售額前景而言，我們預計家居和戶外部門將下降 11.8% 至 9.7%，美容和健康部門將下降 6.2% 至 4%，其中包括 Olive & June 預計的 1.3 億美元至 1.37 億美元的增量淨銷售額貢獻。從全年來看，我們預計合併調整後每股盈餘將在 3.75 美元至 4.25 美元之間，這意味著年減 47.7% 至 40.7%。對於第三季度，我們預計淨銷售額在 4.91 億美元至 5.12 億美元之間，這意味著下降 7.5% 至 3.5%。

In terms of our net sales outlook by segment, we expect a Home & Outdoor decline of 12.8% to 8.7% and a Beauty & Wellness decline of 2.9% to growth of 1%, which includes expected incremental net sales contribution of $36 million to $39 million from Olive & June. We expect third quarter consolidated adjusted diluted EPS in the range of $1.55 to $1.80, which implies a decline of 41.9% to 32.6% year-over-year. Our adjusted EPS outlook includes expected margin compression reflecting growth investments to support future revenue expansion and new product development, pressures from a more promotional environment, consumer trade-down behavior within our categories, a less favorable overall product mix, higher product costs driven by higher tariffs and unfavorable operating leverage.

就各部門的淨銷售額前景而言，我們預期家居和戶外部門將下降 12.8% 至 8.7%，美容和健康部門將下降 2.9% 至成長 1%，其中包括 Olive & June 預計的 3,600 萬至 3,900 萬美元的增量淨銷售額貢獻。我們預計第三季合併調整後稀釋每股盈餘將在 1.55 美元至 1.80 美元之間，這意味著年減 41.9% 至 32.6%。我們調整後的每股盈餘預期包括預期利潤率壓縮，這反映了支持未來收入擴張和新產品開發的成長投資、來自更多促銷環境的壓力、我們產品類別內的消費者降級行為、不太有利的整體產品組合、關稅提高導致的產品成本上升以及不利的經營槓桿。

We expect margin compression in the second half of fiscal '26 to be partially offset by Project Pegasus initiatives and strategic price increases implemented largely by the end of September, the comparative impact of unfavorable operating efficiencies at our Tennessee distribution facility in the prior year and cost reduction measures implemented in the first 6 months and continuing throughout the year. We believe our actions to reduce spending will lead to more normalized non-GAAP SG&A ratio in the range of 34% to 36% for the second half of the fiscal year, supported by our seasonal revenue patterns and more favorable operating leverage, easing tariffs related to trade disruptions and the favorable impact of our price increases to retail on our SG&A ratio.

我們預計，26財年下半年的利潤率壓縮將部分被飛馬計劃 (Project Pegasus) 舉措和9月底基本實施的戰略性提價、上一年田納西州配送中心不利的運營效率的比較影響以及上半年實施並持續全年的成本削減措施所抵消。我們相信，我們削減支出的行動將使本財年下半年的非 GAAP 銷售、一般及行政費用比率更加正常化，介於 34% 至 36% 之間，這得益於我們的季節性收入模式和更有利的經營槓桿、與貿易中斷相關的關稅降低以及我們對零售價格上漲對銷售、一般及行政費用比率的有利影響。

In terms of our tax rate, we expect our adjusted effective tax rate to range from 15% to 16% for the full fiscal year, with third and fourth quarter ranges between 22% to 25% and 28% to 31%, respectively. Inventory is expected to decline from current levels to approximately $480 million to $500 million by the end of the fiscal year, or roughly $27 million to $47 million above fiscal '25. This increase is primarily driven by approximately $41 million of tariff-related costs we expect to be capitalized into inventory at year-end, along with inventory prebuilds related to Southeast Asia sourcing transition.

就我們的稅率而言，我們預計整個財年的調整後有效稅率將在 15% 至 16% 之間，第三季和第四季分別在 22% 至 25% 和 28% 至 31% 之間。預計到本財年末，庫存將從目前的水準下降至約 4.8 億至 5 億美元，或比 25 財年高出約 2,700 萬至 4,700 萬美元。這一增長主要源於我們預計將在年底資本化為庫存的約 4,100 萬美元關稅相關成本，以及與東南亞採購轉型相關的庫存預建。

We also expect to hold additional inventory ahead of Chinese New Year, which falls 2 weeks later than last year. As previously shared, we still expect the majority of direct tariff cost to impact the second half of the fiscal year, which is largely aligned with our pricing actions. We also expect our diversification in dual sourcing strategies to reduce supply risk and help insulate us from tariff policy changes. Related operating expenses and capital expenditures are expected in fiscal '26, with most of the diversification benefit realized towards late fiscal '26 and early fiscal '27.

我們也預計在農曆新年前儲存額外的庫存，因為農曆新年前的到來比去年晚了兩週。如同先前所述，我們仍預期大部分直接關稅成本將影響財年的下半年，這與我們的定價行動基本一致。我們也希望透過雙重採購策略的多樣化來降低供應風險，並幫助我們免受關稅政策變化的影響。預計相關營運費用和資本支出將在 26 財年出現，大部分多元化收益將在 26 財年末和 27 財年初實現。

In closing, I am confident we are well positioned to navigate the current environment and come out stronger by focusing on a few clear priorities: strengthening supply chain diversification beyond China; implementing focus in collaborative pricing strategies; maintaining cost and cash discipline; and protecting our balance sheet. Under the guidance of Scott and Brian and the renewed energy of our global team, I believe we are on track to begin unlocking the full potential of our diverse portfolio of leading brands and driving sustainable long-term growth.

最後，我相信，透過專注於幾個明確的優先事項，我們完全有能力應對當前的環境，並變得更加強大：加強中國以外的供應鏈多元化；實施合作定價策略的重點；保持成本和現金紀律；保護我們的資產負債表。在史考特和布萊恩的指導下，以及我們全球團隊的全新活力下，我相信我們正走在正確的軌道上，開始釋放我們多元化領先品牌組合的全部潛力，並推動可持續的長期成長。

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

說完這些，我將把問題交還給操作員進行問答。

(Operator Instructions) Rupesh Parikh, Oppenheimer.

（操作員指示）Rupesh Parikh，Oppenheimer。

So maybe, Scott, a question for you to start out. I know you've only been there a few weeks at this point, but just curious how you feel about the portfolio today? Are there any opportunities for divestitures? So just at a high level, your initial take on just the portfolio as you see it today?

那麼，史考特，也許我可以先問你一個問題。我知道你到那裡才幾個星期，但我只是好奇你對今天的作品集有何感想？是否存在剝離的機會？那麼從高層次來看，您對目前所看到的投資組合的初步看法是什麼？

Tracy?

特蕾西？

Yes. Before we answer that question, Rupesh, we're going to let Tracy clarify a comment she made in her remarks.

是的。在我們回答這個問題之前，魯佩什，我們先讓特蕾西澄清一下她在評論中提出的一個評論。

Yes. Thanks, Brian. Yes, I just think to clarify my commentary related to the full year revenue outlook by segment. So in my remarks, I provide an outlook for the incremental revenue contribution from Olive & June of roughly $130 million to $137 million, which is the total revenue contribution for the year, not the incremental contribution for the brand. So the correct incremental contribution for Olive & June is in the range of $109 million to $112 million.

是的。謝謝，布萊恩。是的，我只是想澄清一下我對各部門全年收入前景的評論。因此，在我的評論中，我對 Olive & June 的增量收入貢獻做出了約 1.3 億美元至 1.37 億美元的預測，這是全年的總收入貢獻，而不是該品牌的增量貢獻。因此，Olive & June 的正確增量貢獻應在 1.09 億至 1.12 億美元之間。

So this information [is spend] provided in the earnings release, which is correct as well as the investor presentation.

因此，收益報告中提供的這些資訊是正確的，投資者的介紹也是正確的。

Thank you, Tracy. Rupesh, nice to meet you. Super excited about being here. I think to reask your question myself, he said, what have I seen after the first couple of weeks here at Helen of Troy, why I'm excited. I tell you this.

謝謝你，特蕾西。魯佩什，很高興認識你。非常興奮來到這裡。我想重新問你的問題，他說，在特洛伊海倫的頭幾周里，我看到了什麼，為什麼我感到興奮。我告訴你這個。

I think about first, when I first investigated Helen of Troy a couple of months ago and then as I'm looking at the background information on the company, I look around my home and I see the Osprey backpack that my son and I used as he was on his road to becoming an Eagle Scout, or the OXO products in my kitchen, or the Curlsmith products that my daughter uses and I say, wow, what a collection of amazing brands that have so much promise and opportunity.

我首先想到的是幾個月前我第一次調查 Helen of Troy 的時候，然後當我查看公司的背景信息時，我環顧我的家，看到我和兒子在他成為鷹級童子軍的路上使用的 Osprey 背包，或者我廚房裡的 OXO 產品，或者我女兒使用的 Curlsmith 產品，我不禁擁有令人驚嘆的潛力，擁有令人驚嘆的潛力。

And then as I did more investigation, I said to myself, a company that has such an amazing path that in the most recent days have been challenged, and we have so much opportunity going forward. As far as divestiture, our portfolio after 5 weeks at this point, all of our brands, I think, have promise, but it's something that we're evaluating on a go-forward basis as we think about our long-range plan and where we're going. But at this point, I can't give you a specific answer on any one brand or any decision at this point.

然後，當我做了更多的調查時，我對自己說，一家擁有如此令人驚嘆的發展道路的公司，在最近幾天受到了挑戰，但我們未來還有如此多的機會。就資產剝離而言，我們的投資組合在五週後就已剝離，我認為，我們所有的品牌都有前景，但我們正在根據我們的長期計劃和發展方向進行評估。但目前，我無法就任何一個品牌或任何決定給你具體的答案。

Great. I look forward to meeting you. And then maybe just 1 follow-up question. Say, I'm not sure how much color you can provide today, Brian, Tracy. But just curious, as you look at the guidance for this year as we look to next year and beyond, like is this -- do you think this is a fair earnings base you could potentially grow off of going forward?

偉大的。我期待與您見面。然後也許只有一個後續問題。說吧，布萊恩、崔西，我不確定你們今天能提供多少色彩。但只是好奇，當您查看今年的指導方針並展望明年及以後時，就像這樣 - 您是否認為這是一個合理的盈利基礎，您有可能在未來實現增長？

Or I don't know if there's any like, any color you can provide on just how to think about the earnings base that we're seeing now and the ability to grow off of it in future years?

或者我不知道您是否可以提供任何類似的信息，說明如何看待我們現在看到的盈利基礎以及未來幾年的增長能力？

Yes. I think we're not going to want to give specific guidance for fiscal '27 at this point, but I would call out, there's large transitory, we believe, transitory impacts to both revenue and expense in fiscal '26. And we believe a lot of those will dissipate in the second half of this year and especially as we get into next year. So I would point that out as being a building block for growth next year. We'll have to finish going through our planning and size up everything in the aggregate as we get more visibility through the second half of this year.

是的。我認為我們目前還不想為 27 財年提供具體的指導，但我要指出的是，我們認為，26 財年的收入和支出都會受到很大的暫時性影響。我們相信，其中許多因素將在今年下半年消散，尤其是進入明年。因此，我想指出這是明年成長的基石。隨著今年下半年情況的逐漸明朗，我們必須完成我們的規劃，並對所有事情進行總體評估。

But we definitely believe there's transitory impacts that were unfavorable on '26 that we don't believe would exist in '27. Tracy, do you want to add anything to that?

但我們確實相信，26 年出現的暫時性不良影響在 27 年不會再存在。崔西，你還有什麼要補充的嗎？

Yes. No, I think that's absolutely right. I think what we experienced in first quarter and second quarter, you're going to see that improve in the back half, and I think that will help us see the building blocks as we look at fiscal '27.

是的。不，我認為這是絕對正確的。我認為，我們在第一季和第二季所經歷的情況，在下半年將會有所改善，我認為這將有助於我們在展望 27 財年時看到基礎。

Robert Labick, CJS Securities.

CJS 證券公司的 Robert Labick。

Good morning, and welcome, Scott. Nice to meet you, and thanks for taking my questions. So to start, just with Scott here. In your experience, what does it take and how does the company revitalize brands that were leaders, maybe still are, had really strong growth, but aren't growing as much, maybe losing a little share here and there? What are the steps needed and what are the biggest challenges to restoring growth to leading brands that aren't growing as much?

早安，歡迎你，史考特。很高興見到你，謝謝你回答我的問題。首先，請聽聽斯科特的發言。根據您的經驗，公司需要做什麼，如何振興那些曾經處於領先地位的品牌，這些品牌可能現在仍然處於領先地位，成長非常強勁，但成長速度卻沒有那麼快，甚至可能在某些地方失去了一些市場份額？需要採取哪些措施，以及恢復那些成長緩慢的領先品牌的最大挑戰是什麼？

Bob, great question. I tell you from my past, a couple of things. One is obsessing the consumer and consumer insights. Two is driving innovation. And then looking at the operating model and saying to yourself, what's getting the way of decision-making so that you can go from idea to marketplace with speed.

鮑勃，這個問題問得好。我根據我的過去告訴你幾件事。一是關註消費者和消費者洞察。二是推動創新。然後看看營運模式，問問自己，什麼是決策方式，這樣你就可以快速地從想法走向市場。

When I look at a company at our size, I see much opportunity in terms of the people, the culture and the background that really comes down to management philosophy, management discipline and management role modeling, what's most important. The work that Tracy, Brian and the team has done in the last couple of months to put more resources and more people closer to the marketplace, closer to the brands, close to the consumers. It's a step in the right direction, but really creating the piping and the plumbing, so this becomes something we do every day. It's about growth. It's about where we're going.

當我審視一家與我們規模相當的公司時，我看到了許多在人才、文化和背景方面的機會，而這些機會實際上取決於管理理念、管理紀律和管理榜樣，這些才是最重要的。崔西、布萊恩和團隊在過去幾個月所做的工作是將更多的資源和更多的人力投入更貼近市場、更貼近品牌、更貼近消費者的領域。這是朝著正確方向邁出的一步，但實際上創建管道和水管，所以這成為我們每天都要做的事情。這是關於成長的事情。這關乎我們要去哪裡。

It's about leading the consumer, it's about building the category. When we talk about our long reach brands in the future, that's what our focus is going to be around.

這是為了引導消費者，這是為了建立產品類別。當我們談論我們未來的長遠品牌時，這就是我們的重點。

Okay. Great. And then just kind of for my follow-up question, I guess, Brian, can you just maybe discuss optimal leverage and capital structure for the business and your expectations for talks with -- you mentioned, obviously, you're in compliance with all covenants, but maybe looking to get some better options going forward?

好的。偉大的。然後，對於我的後續問題，我想，布萊恩，您能否討論一下業務的最佳槓桿和資本結構，以及您對談判的期望——您提到，顯然，您遵守了所有契約，但也許希望在未來獲得一些更好的選擇？

Relief, maybe.

也許是一種解脫。

Relief, yes, exactly, going forward. And just give us a sense of your thoughts on the balance sheet and how that relief may go?

是的，確實如此，繼續前進，解脫。請您簡單介紹一下您對資產負債表的看法以及減免措施將如何實施？

Yes. I mean, optimally in this environment, we would like leverage to be closer to 2x and maybe even below that as we go forward. In terms of my view of the covenant situation and where we are, I feel really good about where we are. We've had discussions with the vast majority of our banking group at this point to make them aware of the possibility and to talk through what it means, what it will look like and that type of thing. And I would say every single one of those conversations has been supportive and constructive.

是的。我的意思是，在這種環境下，我們希望槓桿率最好接近 2 倍，甚至可能低於這個數字。就我對契約情況和我們所處位置的看法而言，我對我們所處的位置感到非常滿意。目前，我們已經與銀行集團的絕大多數成員進行了討論，讓他們意識到這種可能性，並詳細討論它的含義、它會是什麼樣子以及諸如此類的事情。我想說的是，每一次對話都是支持性和建設性的。

So I expect some form of holiday in terms of those covenants.

因此，我期望這些契約能帶來某種形式的假期。

And in terms of what other impacts there would be, there will be fees associated with doing an amendment, but I'm not expecting any large structural changes to the cost of interest or anything else like that. So that's what I know at this point. We'll continue to evaluate the need to work through that process. And if we do need to work through that process, we'll do it swiftly.

至於其他影響，進行修改會產生費用，但我預計利息成本或其他類似成本不會有任何重大的結構性變化。這就是我目前所知道的。我們將繼續評估完成該流程的必要性。如果我們確實需要完成這個過程，我們會迅速完成。

Susan Anderson, Canaccord Genuity.

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

Thanks for all the details this morning, and welcome aboard, Scott. I was wondering maybe if you had any high-level views yet just on the categories and where you see the opportunity going forward for growth, whether that's in Beauty & Wellness or Home & Outdoor or maybe even categories that you're not in yet?

感謝您今天上午提供的所有詳細信息，歡迎加入，斯科特。我想知道您是否對這些類別有任何高層次的看法，以及您認為未來的成長機會在哪裡，無論是在美容與健康領域還是在家居與戶外領域，甚至是您尚未涉足的類別？

Yes. Go ahead. Susan, nice to meet you. Again, early days, but a couple of things. One, the answer is yes and yes, both in Home & Outdoor and in Beauty & Wellness.

是的。前進。蘇珊，很高興見到你。再次強調，現在還處於早期階段，但有幾件事。首先，答案是肯定的，無論是在家居與戶外領域還是在美容與健康領域。

As I've traveled and I still have many travels to go over the next days and weeks, whether it be the innovation I'm seeing around Osprey and building the legacy [and Ethostet] brand and adjacent categories as well as in existing categories, a lot of upside opportunity. Curlsmith still is just scratching the surface as I talk to retailers and talk to our consumers around restaging that brand and connecting with the consumers that resonate with them. And the restage is happening as we speak. We talked about Olive & June. It's in its early days of a great book that's being written.

我已經旅行過很多次了，而且在接下來的幾天和幾周里我還有很多次旅行要去，無論是我看到的 Osprey 周圍的創新，還是建立傳統 [和 Ethostet] 品牌和相鄰類別以及現有類別，都有很多上升機會。當我與零售商和消費者討論如何重塑該品牌並與能引起共鳴的消費者建立聯繫時，Curlsmith 仍然只是觸及了表面。正如我們所說，重新上演正在進行。我們談論了奧利佛和瓊。這是一本正在創作的偉大著作的早期階段。

And then OXO has an abundance of innovation that starts with authenticity and really a connection with the [true chef] that really can't be characterized by our competition. But I can tell you that in early days that we have a lot of opportunity to focus on fewer initiatives and drive impact with the brands that we have for fixing that foundation. And second, paying down debt and then looking at M&A as a growth driver, which has been a part of our past going forward, but we've got to get our foundation right first.

OXO 擁有豐富的創新，這些創新始於真實性以及與真正的廚師的真正聯繫，這是我們的競爭對手無法比擬的。但我可以告訴你，在早期，我們有很多機會專注於較少的舉措，並利用我們擁有的品牌來鞏固這個基礎。其次，償還債務，然後將併購視為成長動力，這是我們過去前進的一部分，但我們必須先打好基礎。

I would just add, Susan, Beauty, it's not one that Scott maybe specifically touched on, but it is a category that we think there's opportunity in. We need to do better within the category. We realized that we're actually excited about short-, medium- and long-term innovation that we have in the pipeline there that we're going to leverage to drive that growth and perform better within that category. So it's not an opportunity at this moment, but we see it being an opportunity as we go forward.

蘇珊，我只想補充一點，美麗，這不是斯科特特別提到的一個類別，但我們認為這是一個有機會的類別。我們需要在這一類別中做得更好。我們意識到，我們實際上對我們正在進行的短期、中期和長期創新感到興奮，我們將利用這些創新來推動成長並在該類別中表現得更好。所以現在這不是一個機會，但我們認為這是一個未來的機會。

Okay. Great. And then maybe if you can give some more color just on the segments and the puts and takes of the brand in the quarter, like, for instance, in Beauty & Wellness. It sounded like the wellness brands for kind of a weaker part of the portfolio, I'm curious how the prestige hair brands did, and then also the tools? And then within Home & Outdoor, there also sounded like home was kind of the weaker area.

好的。偉大的。然後，也許您可以更詳細地介紹該品牌在本季度的細分市場和投入和產出，例如在美容和健康領域。聽起來健康品牌是投資組合中較弱的部分，我很好奇高端美髮品牌的表現如何，工具品牌的表現又如何呢？然後在家庭和戶外領域，聽起來家庭似乎也是較弱的領域。

I'm curious how OXO performed?

我很好奇 OXO 的表現如何？

Okay. Yes, we can walk around the wheel a little bit. I would say, overall, what we saw is that sell through -- sell-in is lagging sell-through for the first 2 quarters of the year. And hopefully, that would be evident based on some of the disruptive factors and things like that, but I want to make sure people understand that. And I think inventory is being managed cautiously by retailers in most cases.

好的。是的，我們可以繞著輪子走一小會兒。我想說，總體而言，我們看到的是，今年前兩個季度的銷售量落後於銷售量。我希望這能夠根據一些破壞性因素和類似的事情而顯現出來，但我想確保人們理解這一點。我認為大多數情況下零售商都會謹慎管理庫存。

We have 1 or 2 cases where we've got isolated higher pockets of inventory, but those are exceptions and isolated, I think. So I would say that as a broad statement. You're correct on your first statement about Wellness being a little bit weaker in terms of our revenue. I think that was driven largely by direct import disruption. And we continue to see impacts of weak cough/cold/flu season from last year, and then a slow start to the season this year is kind of having a double effect on -- in terms of the Wellness business.

我們有 1 或 2 個案例，其中我們擁有孤立的較高庫存，但我認為，這些都是例外，而且是孤立的。所以我想以寬泛的表述來表達這一點。您關於健康業務在收入方面稍弱的說法是正確的。我認為這主要是由於直接進口中斷造成的。我們繼續看到去年咳嗽/感冒/流感季節疲軟的影響，而今年季節的緩慢開始對健康業務產生了雙重影響。

Beauty, as we kind of talked about -- we're in some strong categories, and Beauty overall is doing well. I think there's pockets where there is some consumer trade down occurring. And there's strong competition in the channel and some of our categories. But I feel really good about where we're going in that business in terms of the alignment we've done internally and kind of the doors that that's unlocking. And then our new product pipeline, like I said, short, medium and longer term looks really good.

正如我們所談論的，美容產品是我們在某些​​領域表現強勁的產品，而且美容產品整體表現良好。我認為，有些地區的消費者的消費水準正在下降。且通路和某些類別的競爭非常激烈。但就我們內部所做的調整以及由此打開的大門而言，我對我們在該業務中的發展方向感到非常滿意。然後我們的新產品線，就像我說的，短期、中期和長期看起來都非常好。

And the All-Inclusive Tool that we just launched is now starting to get really good traction. So that's exciting for us.

我們剛推出的全包工具現在開始獲得很好的關注。這對我們來說是令人興奮的。

And then I think the last is Home & Outdoor, and I'll give Tracy a chance to weigh in after. Home was softer in terms of our shipments, but I wouldn't -- I think that's, again, a lot of disruption related to retail inventory adjustments and impact of direct imports and kind of a lot of that noise. I think as we look more steady state going into the second half of the year, we feel really good about the Home business.

然後我認為最後一個是家居和戶外，之後我會給 Tracy 一個表達意見的機會。就我們的出貨量而言，國內市場表現較為疲軟，但我不會——我認為這又與零售庫存調整、直接進口的影響以及類似的噪音有關。我認為，隨著我們進入下半年，情況將更加穩定，我們對家庭業務感到非常滿意。

And then Outdoor and hydration, I think you know the story there. Osprey is doing really, really well, and it did well in the quarter. And we think we have the ability to continue to build on that white space opportunities, continued new products, adjacencies, that type of thing. And then hydration, we do see that category softening. What we like about it is there's kind of a pivot back to bottles where we've had historical strength.

然後是戶外和補水，我想你知道那裡的故事。Osprey 的表現確實非常好，並且在本季表現良好。我們認為我們有能力繼續利用這些空白機會、不斷推出新產品、鄰接關係等等。然後是水合物，我們確實看到該類別軟化。我們喜歡它的原因在於，它有點像是回到了我們歷史上一直擁有優勢的瓶裝啤酒。

We intend to lean into that, and we're working on some stuff to kind of differentiate ourselves from the competition in the bottle space, and that will be coming out in the future.

我們打算朝著這個方向努力，我們正在做一些事情來使我們在瓶裝領域的競爭中脫穎而出，這些將會在未來實現。

And then the last point I'll make is related to new products and category adjacencies for Hydro Flask. It's not in hydration. But as we look broadly, where can Hydro Flask go, we're excited about opportunities to kind of expand it into some other areas, which will be coming soon. Tracy, anything you would add?

我要說的最後一點與 Hydro Flask 的新產品和類別鄰接有關。它沒有保濕。但當我們放眼更廣闊的視野，Hydro Flask 可以走向何方時，我們很高興有機會將其擴展到其他一些領域，這些領域很快就會到來。崔西，您還有什麼要補充的嗎？

I think that's a very good overview of how the brands performed. I would say for Home & Outdoor, both OXO and Osprey had favorable POS within the quarter. As Brian mentioned, where we're soft is insulated beverageware. But I think the work that we're doing in rebuilding our connectivity with the consumer and our pipeline is going to help fuel the division overall.

我認為這是對品牌表現的非常好的概述。我想說，對於家居和戶外用品而言，OXO 和 Osprey 在本季度都擁有良好的 POS。正如 Brian 所提到的，我們的軟肋在於隔熱飲料器皿。但我認為，我們在重建與消費者和通路的連結方面所做的工作將有助於推動整個部門的發展。

Olivia Tong, Raymond James.

奧利維亞·童，雷蒙德·詹姆斯。

Great. Welcome, Scott. Looking forward to working with you. My first question for you is just when you look at the categories that Helen of Troy is in, where do you see the greatest opportunity for innovation? And if you could layer in your past experiences driving turnarounds, where you've done that, how you think that you can bring that to Helen of Troy?

偉大的。歡迎光臨，斯科特。期待與您合作。我要問您的第一個問題是，當您查看《特洛伊的海倫》所屬的類別時，您認為最大的創新機會在哪裡？如果您能結合自己過去推動轉型的經驗，看看您是在哪裡做到的，您認為可以如何將這些經驗運用到《特洛伊的海倫》中？

And then for all of you guys, I suppose, specifically for the drinkware category, the innovation in the [decons] is very compelling, the personalization, the better color profile, so forth (inaudible). But how do you balance some of the fairly heavy discounting that we're seeing both in external retailers and then on your own DTC with plans to turn around the business? And then also, can you give some broad strokes just on the category and the competitive dynamics that is a particularly competitive category?

然後對於你們所有人來說，我想，特別是對於飲具類別，[decons] 的創新非常引人注目，個性化，更好的顏色配置，等等（聽不清楚）。但是，您如何平衡我們在外部零售商和您自己的 DTC 中看到的相當大的折扣與扭轉業務的計劃？然後，您能否對該類別以及競爭特別激烈的類別的競爭動態進行一些概述？

Great. Nice meeting you. I'll take the first part, and maybe Brian and Tracy, you can jump in. I think I see opportunity really across our whole portfolio of making innovation and putting the consumer in the marketplace kind of first and foremost, like kind of more in the DNA of what we do every day. And that comes from the way we lead from the top, the talent that we have in our businesses and where we place our resources and investments.

偉大的。很高興認識你。我將負責第一部分，也許 Brian 和 Tracy 也可以加入。我認為，我們整個產品組合中都存在著機會，即進行創新，並將消費者放在市場第一位，這更像是我們日常工作的 DNA。這源自於我們高層的領導方式、企業所擁有的人才以及我們資源和投資的分配方式。

So several weeks in, I wouldn't say there's any 1 category that we have to do it in. We need to do it in the categories where we have strength right now today as well as the categories that are not performing where they need to be for the future. So that's the way I think about it today. The way I think about it from my past, it's really making sure that team, talent and routines are focused around innovation in the consumer and making sure we're acting with speed to capture consumer and category opportunities ahead of the marketplace. I've done that in the past, and it's such an opportunity for us at Helen of Troy, and it's not something that we can't do.

因此幾週後，我不會說我們必須在任何一個類別中做到這一點。我們需要在目前具有優勢的類別以及未來表現不佳的類別中做到這一點。這就是我今天的想法。從我過去的經驗來看，真正重要的是確保團隊、人才和日常工作都圍繞著消費者創新，並確保我們迅速採取行動，搶佔市場先機，抓住消費者和類別機會。我以前也這樣做過，這對我們特洛伊海倫來說是一個很大的機會，這不是我們不能做的事情。

It's just something we have to make a priority on how we operate every day.

這只是我們在日常營運中必須優先考慮的事情。

Yes. Olivia, on your second question, what we see is that the hydration category had been heavily influenced by kind of the tumbler part of that category, and maybe some saturation has kind of occurred in the channel. And I think the bulk of what you're referring to in terms of discounting and kind of trying to clean a lot of that out is in the tumbler space. It's another reason why I like kind of the pivot to bottles, where we have our strength. I think we're less exposed on the tumbler side.

是的。奧利維亞，關於你的第二個問題，我們看到的是，水合類別受到該類別的滾筒部分的嚴重影響，並且可能在通道中出現了某種飽和現象。我認為，您所提到的折扣和清理大部分庫存的舉措主要集中在滾筒領域。這也是我喜歡以瓶裝飲料為主導的另一個原因，因為我們的優勢在於瓶裝飲料。我認為我們在翻轉機方面曝光較少。

And so we're really going to lean into where the trends are going in the kind of the pivot and form factor and try and maximize that opportunity. We also think we have distribution opportunities to maximize and improve on, and we're going to go after that.

因此，我們確實會傾向於關注樞紐和形式因素的趨勢，並嘗試最大化這個機會。我們也認為，我們有可以最大化和改進的分銷機會，並且我們會努力實現這一點。

But -- and then thirdly, what I said earlier about kind of we think Hydro Flask can go into some adjacent categories, and we're working on that product lineup now. So we still feel good about the space. I think there's some normalization going on there, and I think that's largely concentrated in tumblers, but we'll obviously have to navigate the broader kind of dynamics going on in terms of discounting and what's kind of in the channel already that we'll have to navigate through.

但是——第三，我之前說過，我們認為 Hydro Flask 可以進入一些相鄰的類別，我們現在正在研究該產品陣容。所以我們仍然對這個空間感到滿意。我認為那裡正在發生一些正常化，我認為這主要集中在翻轉機上，但我們顯然必須應對折扣方面正在發生的更廣泛的動態，以及我們必須應對的管道中已經存在的情況。

Got it. That's helpful. And then just following up about tariff pressures and your level of confidence in offsetting those pressures. I know it's too early to see the impact of the pricing yet. But given the increased promotional environment and the distribution losses that you've seen, it doesn't necessarily sound like price is the most available lever at this moment.

知道了。這很有幫助。然後，請繼續關注關稅壓力以及您對抵消這些壓力的信心程度。我知道現在觀察定價的影響還為時過早。但考慮到促銷環境的增強和您所看到的分銷損失，價格聽起來並不一定是目前最有效的槓桿。

So to the extent that you can comment on other mitigation plans that you have, the conversations that you've had with retailers -- I know you mentioned earlier about some of the holding of shipments that may impact the second half. What other tools do you have at your disposal? Should it take a little bit longer to get the price increases flowing through?

因此，如果您可以評論一下您所製定的其他緩解計劃，以及您與零售商進行的對話——我知道您之前提到過一些可能會影響下半年的貨物扣留問題。您還可以使用哪些其他工具？是否需要更長的時間才能使價格上漲真正發揮作用？

Yes, I can start, and Tracy may want to build. Look, we've been working on pricing ever since Liberation Day occurred. I mean, first, we had to do our internal work to assess what pricing we thought made sense, and a lot goes into that. And so we spent a period of time doing that. And then we also collaborated with retailers as to what they thought made sense and price points and all that type of stuff.

是的，我可以開始，而 Tracy 可能想要建造。你看，自從解放日以來，我們就一直在研究定價。我的意思是，首先，我們必須做好內部工作來評估我們認為合理的定價，這涉及很多工作。因此我們花了一段時間來做這件事。然後，我們也與零售商合作，了解他們認為合理的價格點以及所有這類的東西。

And then they have notification periods that you have to work through.

然後他們會有通知期，你必須遵守。

And then the last piece of it is as you get it out there and you get it accepted, you got to have consistent adoption amongst your key retailers. It doesn't work if you don't get that. And that's really where we are today. If there are any pockets of holding shipments, it's to make sure that we have that consistent adoption, and we're going to hold the line on that to make sure. And if you're 1 retailer, you don't want a different adoption by another retailer, you're not going to like that.

最後一點是，當你將它推向市場並獲得認可時，你必須在主要零售商中得到一致的採用。如果你不明白這一點，那就行不通了。這確實就是我們今天的處境。如果有任何滯留貨物的情況，那是為了確保我們能夠持續採用，我們將堅持這一點以確保這一點。如果你是零售商，你不希望另一家零售商採取不同的做法，你不會喜歡這樣的。

And so it's our responsibility to get all that right. And I think we've done that for the vast majority of our pricing, and there's just a few additional things to work through.

因此，我們有責任把所有事情都做好。我認為我們已經對絕大多數定價進行了這樣的調整，只剩下一些額外的事情需要處理。

So I feel confident about the ability to have the prices in place with our retailers with -- really without exception, and I think that's coming very shortly. Then I think there's what do you assume in terms of price elasticity. And what we tried to do is be very conservative in our assumptions about price elasticity. And I think that's -- we've done that, and that's reflected in our outlook. You might ask, well, why do the price increase if you're going to lose a lot of it in unit volume?

因此，我對我們能夠毫無例外地與零售商達成一致價格的能力充滿信心，而且我認為這很快就會實現。那我認為您對價格彈性有何假設。我們試圖要做的是，對價格彈性的假設非常保守。我認為我們已經做到了這一點，這反映在我們的展望中。您可能會問，如果單位體積會損失很多，為什麼價格還要上漲？

You're still better off, I believe, in terms of profitability. And in some cases, retailers where they have private label product, they want the price increase in market because they can't raise the price on their private label and have it bumping up against the branded product. And so strategically, they want the differentiation there. And so from a few different perspectives that the price increase makes sense and it definitely helps the profitability even if you lose a large part of it in terms of unit volume.

我相信，從獲利能力來看，你們的境況仍然更好。在某些情況下，擁有自有品牌產品的零售商希望市場價格上漲，因為他們無法提高自有品牌產品的價格，使其與品牌產品的價格相衝突。因此從戰略上來說，他們希望實現差異化。因此，從幾個不同的角度來看，價格上漲是合理的，即使在單位數量方面損失很大一部分，它也肯定有助於提高獲利能力。

So I hope that answers your question. That's kind of the way just that we look at pricing. I feel really good about getting it in place and where we are in terms of that. And then it's about what happens with the consumer and what choices do they make.

我希望這能回答你的問題。這就是我們看待定價的方式。我很高興看到這一切的實現，也很高興看到我們目前所處的階段。然後是關於消費者發生了什麼以及他們做出了什麼選擇。

You asked about other levers also. Pricing is a big lever in terms of our ability to offset what we're able to. And we pulled a lot of other levers as well. And we mentioned all of those in our prepared remarks that are also kind of referred to in the earnings release. The ability to use those more, I would say -- look, we're going to continue to pursue cost decreases with our suppliers, and we continue to kind of stack those up.

您也詢問了其他槓桿。就我們抵銷損失的能力而言，定價是一個很大的槓桿。我們還採取了很多其他措施。我們在準備好的評論中提到了所有這些，在收益報告中也提到了這些。我想說的是，更多地使用這些技術的能力——看，我們將繼續與我們的供應商一起降低成本，並且我們將繼續將這些技術堆積起來。

And hopefully, those will just be upside as we're able to continue to get those. And we're going to do that no matter what happens with retail price increases. We've pulled a lot of the other levers and made significant choices. What we don't want to do is pull so far back on our growth investment for the remainder of this year that it puts us in a bad spot as we go into fiscal '27. So we are trying to sustain and hold the line on new product development and the right brand building initiatives to keep our business healthy and position ourselves for growth.

希望這些都只是好處，因為我們能夠繼續獲得這些。無論零售價格如何上漲，我們都會這樣做。我們已經採取了許多其他措施並做出了重大選擇。我們不想做的是，在今年剩餘時間內大幅削減成長投資，以免我們在進入 27 財年時陷入困境。因此，我們正努力維持和堅持新產品開發和正確的品牌建設舉措，以保持我們的業務健康並為成長做好準備。

So we're not going to go any further than we kind of have at this point there. In fact, we may find opportunities we want to lean into.

因此，我們不會再進一步採取目前的做法。事實上，我們可能會找到我們想要抓住的機會。

And often the case is, when we lean into those, they're incremental, so there's a cost, but they're incremental and they drive revenue. And so those are easy choices to make. And they don't -- they're not all easy, but some are, and we'll lean into the ones that we think can improve our -- both our position and drive incremental revenue for us in the second half of the year.

通常的情況是，當我們傾向於這些時，它們是漸進的，因此會有成本，但它們是漸進的，並且會帶來收入。所以這些都是很容易做出的選擇。但並非所有措施都容易，但有些措施是容易的，我們會傾向於那些我們認為可以改善我們的地位並在下半年為我們帶來增量收入的措施。

So hopefully, that's a little bit of flavor of how we're looking at it. I think we've pulled a lot of the levers feel good about where we've ended up from a price increase perspective. Only thing that we're being cautious about is how the consumer responds and the elasticity of it, and I feel good about the other mitigation actions that we're taking and feel good about the position of, okay, we're only going to go so far in terms of reducing our new product or brand building investment.

所以希望這能讓我們稍微了解一下我們的看法。我認為我們已經採取了很多措施，從價格上漲的角度來看，我們對最終的結果感到滿意。我們唯一需要謹慎的是消費者的反應及其彈性，我對我們正在採取的其他緩解措施感到滿意，並且對我們目前的立場感到滿意，好吧，在減少新產品或品牌建設投資方面，我們只會走這麼遠。

Yes. No, I think that wraps it up, actually. As Brian mentioned, we are just focused on making sure we can implement across our retailers and controlling our spending to make sure that we can manage to these headwinds.

是的。不，實際上我認為事情已經結束了。正如布萊恩所提到的，我們只是專注於確保我們能夠在零售商中實施並控制我們的支出，以確保我們能夠應對這些不利因素。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Hey, this is Sharad for Peter Grom. Thanks for taking our questions. So, just two questions here, with a good part of your tariff headwinds now largely behind you and price/mix expected to flow through in the second half, I'm curious, like how much of the recovery is dependent on some level of volume stabilization? I know you've mentioned being conservative on elasticity assumptions. But to what extent does your outlook assume that volumes at least hold steady or begin to recover? And if so, do you see that being more of a [full] to dynamic?

嘿，我是 Peter Grom 的 Sharad。感謝您回答我們的問題。所以，這裡只有兩個問題，現在你們的關稅逆風已經基本過去，價格/組合預計將在下半年得到解決，我很好奇，復甦在多大程度上依賴於某種程度的產量穩定？我知道您提到對彈性假設持保守態度。但是，您的展望在多大程度上假設交易量至少保持穩定或開始恢復？如果是這樣，您是否認為這會更加動態？

Yes. I would say -- thank you for that question. I would say for the outlook, we're assuming kind of the consistent soft demand trend that we're seeing in the first half. And then we took a conservative position on the elasticity. Where we're seeing a headwind, a tailwind in the back half, it's from the retailers rebalancing inventory and recovery of the direct imports in the second half.

是的。我想說——謝謝你提出這個問題。我想說，對於前景，我們假設上半年的需求趨勢將持續疲軟。然後我們對彈性採取了保守的立場。我們看到下半年有逆風，也有順風，這是由於零售商重新平衡庫存和下半年直接進口的恢復。

Okay. Great. And then my last question here, which is the -- anything you can share on the broader consumer backdrop? I know you've mentioned some trade down before. And are you still seeing similar things there?

好的。偉大的。我的最後一個問題是，您能分享一些關於更廣泛的消費者背景的資訊嗎？我知道您之前提到過一些降價交易。你在那裡還看到類似的事情嗎？

And then one more on Beauty, we have seen some improvement there, just based on what we've heard from public companies. Are you also seeing the same thing?

再說美容，根據我們從上市公司聽到的消息，我們已經看到了一些進步。您是否也看到了同樣的事情？

Yes. Let me do the Beauty one first. Beauty at a broad level, there's probably not overall trade down occurring. I think there is trade down within certain categories within Beauty, and we do see it in some of the data related to our categories, especially as it relates to the younger consumer, which is increasingly stretched in this kind of environment. But at a broad level, when you're looking at some of those other companies, you may not see it.

是的。讓我先做一下美容部分。從廣義上講，美麗可能不會出現整體的下降。我認為美容產品某些類別的消費正在下降，我們確實在一些與我們的類別相關的數據中看到了這一點，特別是與年輕消費者相關的，他們在這種環境下的壓力越來越大。但從廣義上講，當你觀察其他一些公司時，你可能看不到這一點。

We also see it in terms of -- an indication of it anyway in terms of the disparity between POS dollars that we have for our products and POS units. And I'll give you an example of how it's kind of mixed. We actually saw average unit strength in Curlsmith and Hot Tools. So average unit revenue was higher in those two. And then in Revlon and Drybar, average unit revenue was down fiscal year-to-date for 2 brands.

我們也從我們的產品和 POS 單位的 POS 美元之間的差異方面看到了這一點。我會給你一個例子來說明它是如何混合的。我們實際上看到了 Curlsmith 和 Hot Tools 的平均單位實力。因此，這兩家公司的平均單位收入較高。而露華濃和 Drybar 這兩個品牌本財年迄今的平均單位收入均有所下降。

So it's a little of a mixed bag. I would say we see indications of it. But I would agree with you at a broader Beauty level, it's not moving the needle on the overall category. I think you got to go a couple of clicks down to decide, okay, is it driving this category or another category. We are seeing indications of it.

所以它有點混亂。我想說我們已經看到了跡象。但我同意你的觀點，從更廣泛的美容層面來看，它不會對整個美容類別產生影響。我認為你必須點擊幾下才能決定，好的，它是推動這個類別還是另一個類別。我們已經看到了這樣的跡象。

But it's not an excuse. We need to adjust to the market. And I think it all comes down to new product development and how we support that new product development. And then once we get that right, all of this other stuff takes care of itself.

但這不是藉口。我們需要適應市場。我認為這一切都取決於新產品開發以及我們如何支援新產品開發。一旦我們把這件事做好了，其他所有事情都會迎刃而解。

This concludes our question-and-answer session. I'd like to turn the floor back to management for closing comments.

我們的問答環節到此結束。我想將發言權交還給管理階層，請他們發表最後評論。

Thank you all for joining us today. As I mentioned, I'm excited to be a part of Helen of Troy. In closing, I want you to walk away with that we are clear about our current situation. We are focused on fixing our foundation, and we're bullish and excited about our future. I look forward to speaking with many of you in the coming weeks.

感謝大家今天的參與。正如我所提到的，我很高興成為特洛伊海倫的一部分。最後，我希望你們能明白我們清楚我們目前的情況。我們專注於鞏固基礎，並對我們的未來充滿信心和興奮。我期待在接下來的幾週內與你們中的許多人交談。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。