Helen of Troy Ltd (HELE) 2026 Q4 法說會逐字稿

Greetings, and welcome to the Helen of Troy fourth quarter 2026 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加海倫特洛伊（Helen of Troy）2026 年第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference call over to Anne Rakunas, Director of External Communications. Thank you. You may begin.

現在我將把電話會議交給對外溝通總監 Anne Rakunas。謝謝。您可以開始了。

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

謝謝，接線員。各位早安。歡迎參加海倫特洛伊 2026 會計年度第四季財報電話會議。

The agenda for the call this morning is as follows: I will begin with a brief discussion of forward-looking statements. Scott Uzzell, our CEO, will then share his thoughts and areas of focus; and Brian Grass, our CFO, provide an overview of our financial performance in the fourth quarter and fiscal year and outline our expectations for the full year fiscal '27. Following our prepared remarks, we will open up the call for Q&A.

今天早上的議程如下：我將先簡要說明前瞻性陳述。接著，我們的執行長 Scott Uzzell 將分享他的想法與重點關注領域；而我們的財務長 Brian Grass 將概述第四季與全年度的財務表現，並說明我們對 2027 會計年度全年的預期。在我們的準備稿發言結束後，將開放問答。

This conference call may contain certain forward-looking statements that are based on management's current expectations with respect to future events or financial performance. Generally, the words anticipates, believes, expects and other similar words are words identifying forward-looking statements. 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 parties. The company cautions listeners not place undue reliance on forward-looking statements or non-GAAP information.

本次電話會議可能包含某些前瞻性陳述，係基於管理層目前對未來事件或財務表現的預期。一般而言，「預期」、「相信」、「預估」及其他類似用語，通常用以識別前瞻性陳述。前瞻性陳述受到多項風險與不確定性影響，可能導致預期結果與實際結果出現重大差異。本次電話會議亦可能包含被視為非 GAAP 財務資訊的內容。這些非 GAAP 指標並非 GAAP 財務資訊的替代，且其計算方式可能不同於其他方所揭露的非 GAAP 財務資訊。公司提醒聽眾，不應過度依賴前瞻性陳述或非 GAAP 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 can be found on the Investor Relations section of our website 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. We've also posted an investor presentation to our website, which contains additional information and perspective on our results and outlook.

在我把電話交給 Scott 之前，我想通知所有有興趣的各方：今日的財報新聞稿可在我們網站的投資人關係（Investor Relations）專區找到，請在首頁向下捲動至底部。該新聞稿包含將非 GAAP 財務指標與其對應的 GAAP 指標進行調節（reconcile）的表格。我們也已在網站上發布投資人簡報，其中包含關於我們業績與展望的更多資訊與觀點。

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

接下來，我將把電話會議交給 Scott。

Thank you, Ann. Good morning, everyone. It's great to be with you as we close FY26, and I can begin to outline a look to our future. We finished quarter 4 with a sharp focus on execution. We're determined to be a better company on the road to being a bigger company.

謝謝你，Ann。各位早安。很高興在 FY26 結束之際與各位相聚，我也可以開始勾勒我們未來的方向。我們以高度聚焦執行力的狀態結束第四季。我們決心在成為更大公司的道路上，先成為一家更好的公司。

And we're going to do this through ruthless focus and disciplined execution. Focus, discipline and execution best characterize our exit out of FY26 and quarter 4. Net sales exceeded expectations and adjusted EPS was in line. Margins reflect our strategic investment as we made deliberate choices to invest in our brands and our people to position our organization for the future.

而我們將透過毫不妥協的聚焦與嚴謹的執行來做到這一點。聚焦、紀律與執行，最能概括我們在 FY26 與第四季的收官表現。淨銷售額超出預期，調整後 EPS 符合預期。利潤率反映了我們的策略性投資；我們有意識地選擇投資於品牌與人才，以使組織為未來做好準備。

This progress caps a dynamic year, one in which we took action to address both internal and external challenges by implementing organizational changes necessary to move closer to the consumer, prioritize brand health and win in the marketplace. Internal ownership is driving our reset. We're committed to operating Helen of Troy more effectively by removing complexity, editing our priorities, and amplifying our actions for impact. Operating rigor and supply chain and demand planning resulted in year-over-year inventory levels that were essentially flat even as we absorbed significant higher tariffs in our inventory.

這項進展為充滿變化的一年畫下句點；在這一年中，我們採取行動，透過推動必要的組織調整來應對內外部挑戰，以更貼近消費者、優先維護品牌健康，並在市場中取勝。內部的主人翁精神正推動我們的重整。我們致力於透過降低複雜度、重新梳理優先事項，並放大具影響力的行動，讓海倫特洛伊的營運更有效率。在營運紀律、供應鏈與需求規劃的帶動下，即便我們在庫存中吸收了顯著提高的關稅成本，年對年庫存水位仍基本持平。

Tariff mitigation was paramount, utilizing supplier diversification, SKU streamlining and pricing actions to protect our margins. Debt reduction continues to be a priority, driven by strong free cash flow and a successful post-quarter divestment of our Southaven, Mississippi distribution facility. We drove operational clarity by moving decisions closer to the consumer, empowering brand level ownership and enabling our teams to move with the speed of the consumer. As I have stated, our current situation was not created overnight, and our recovery will not be instantaneous. However, we're taking a measured approach to building our future.

關稅因應是首要任務，我們透過供應商多元化、SKU 精簡與調價措施來保護利潤率。在強勁自由現金流的推動下，降債仍是優先事項；此外，我們在季後成功出售位於密西西比州 Southaven 的配送中心，也進一步支持了降債。我們透過將決策更貼近消費者、賦能品牌層級的責任歸屬，並讓團隊能以消費者的速度行動，來提升營運清晰度。如我先前所說，我們目前的狀況並非一夕造成，我們的復原也不會立刻完成。然而，我們正以審慎的方式打造未來。

Before we or I discuss our fiscal '27 plans, I want to be direct about the market we are navigating. We've made progress, but we are in tune with the macro environment. Overall sales trends reflect a volatile market. While our Home & Outdoor business held steady, our Beauty and Wellness business felt the pressure. The flu season didn't really happen.

在我們（或我）討論 2027 會計年度計畫之前，我想直接談談我們正在應對的市場環境。我們已取得進展，但也密切關注總體環境。整體銷售趨勢反映出市場波動。雖然我們的家居與戶外（Home & Outdoor）業務保持穩定，但美容與健康（Beauty and Wellness）業務承受了壓力。流感季其實並未真正發生。

Respiratory and fever rates stayed well below average, which meant that fewer shoppers need to restock our wellness products. Retail inventory is finally stabilizing. Most retailers are back to healthy stock levels and are working through any residual pockets of excess. We can't control the macro challenges, but we will be intentional in our actions in service of brand and consumer. We are winning where it counts.

呼吸道疾病與發燒比率遠低於平均水準，意味著需要補貨我們健康產品的消費者更少。零售端庫存終於趨於穩定。多數零售商已回到健康的庫存水位，並正在消化任何殘留的局部過剩。我們無法控制總體挑戰，但我們將以品牌與消費者為核心，有意識地採取行動。我們正在關鍵之處取得勝利。

Consumers are being selective on where they spend, but brands that deliver innovative products that make consumers' lives better through style, utility and personalization will continue to win in the marketplace. Our innovation is landing. We see sales trends improving as we launch new products that offer real solutions. And we're taking market share. Even in this environment, brands like Vicks, Braun, OXO, Osprey, Olive & June are standing out as leaders.

消費者在支出上更為挑剔，但能透過風格、實用性與個人化，提供讓生活更美好的創新產品之品牌，仍將持續在市場中勝出。我們的創新正在落地。隨著我們推出能提供真正解決方案的新產品，我們看到銷售趨勢正在改善。而且我們正在取得市占率。即便在此環境下，像 Vicks、Braun、OXO、Osprey、Olive & June 等品牌仍以領導者之姿脫穎而出。

The challenges we navigated in fiscal '26 were a catalyst for change, providing the necessary clarity of where we must invest and where we must simplify. To achieve this, we're executing a multiyear road map, a three-phase evolution from stabilization to a portfolio of powerhouse brands.

我們在 2026 會計年度所面對的挑戰成為變革的催化劑，讓我們更清楚必須投資之處，以及必須簡化之處。為此，我們正在執行一個多年期路線圖，透過三階段演進，從穩定化走向由強勢品牌組成的品牌組合。

Fiscal '27 begins with Phase 1. This is about restoring brand momentum, driving our growing brands faster and rebuilding top line momentum for our declining scale brands. We will take the abstract concept of focusing on the consumer to action, making the consumer-centered offense real in FY27. And we'll do that through the following critical actions: powering our portfolio. This is about editing and amplifying our brand-building efforts by using a framework to identify the highest return brand investment opportunities. Two, futures capabilities. We have to skate to where the puck will be by investing in capabilities to leverage our consumer insights to inform a trend forward innovation road map. Three, strategic investment remains a priority -- remains a priority as we put capital behind innovation in brands and people.

2027 會計年度將從第一階段開始。這一階段著重於恢復品牌動能、加速成長型品牌的成長，並重建規模下滑品牌的營收動能。我們將把「聚焦消費者」這個抽象概念轉化為行動，讓以消費者為中心的進攻策略在 FY27 具體落地。我們將透過以下關鍵行動來達成：第一，強化我們的品牌組合。這是透過一套框架來識別最高投資報酬的品牌投資機會，進而精簡並放大我們的品牌建設投入。第二，未來能力。我們必須「滑向冰球將到之處」，投資於能力建設，運用消費者洞察來制定前瞻趨勢的創新路線圖。第三，策略性投資仍是優先事項——在品牌與人才的創新上投入資本仍是優先事項。

Four, operationalizing consumer-centered decision-making by placing talent and decisions closer to the consumer and marketplace for speed and execution. Five, modernizing operations is a parallel priority, strengthening our digital foundation, building a baseline in AI, elevating our e-commerce presence, and upgrading our advanced planning systems to drive greater supply chain visibility and responsiveness. And then sixth, platform level improvements to our operating engine will continue as we stabilize the enterprise for long-term growth.

第四，將以消費者為中心的決策機制落實到營運中，把人才與決策更貼近消費者與市場，以提升速度與執行力。第五，營運現代化也是並行的優先事項，包括強化數位基礎、建立 AI 基礎能力、提升電商布局，並升級先進規劃系統，以提高供應鏈可視性與反應速度。第六，隨著我們為長期成長而穩定企業，平台層級對營運引擎的改善將持續推進。

Three pillars will fortify our plan. Our first pillar, consumer-first innovation. This is centered on accelerating product development and modernizing our global reach through high-impact social and digital storytelling that resonates across our global footprint. In Home & Outdoor, we're expanding brand reach by entering product lines where our brands are resonating with consumers and have a clear right to win.

三大支柱將鞏固我們的計畫。第一支柱：以消費者為先的創新。其核心在於加速產品開發，並透過高影響力的社群與數位敘事來現代化我們的全球觸達，讓內容在我們的全球版圖中引發共鳴。在居家與戶外（Home & Outdoor）領域，我們正透過切入品牌已與消費者產生共鳴、且具備明確勝出優勢的產品線，來擴大品牌觸及。

At Hydro Flask, in response to strong consumer demand for a wider variety of use cases, we extended our successful Micro Hydro franchise with two additional sizes. We also recently launched a new carryout soft coolers and totes, redesigned for improved comfort, performance, and longevity. Hydro Flask's legacy continues to be recognized by the industry with the wide mouth awarded Gear Junkie's overall pick for best insulated water bottle of 2026.

在 Hydro Flask，為回應消費者對更多使用情境的強勁需求，我們在成功的 Micro Hydro 系列上新增兩種尺寸。我們近期也推出全新的外帶型軟式保冷箱與托特包，並重新設計以提升舒適度、效能與耐用年限。Hydro Flask 的傳承持續獲得產業肯定：其寬口款在 2026 年獲 Gear Junkie 評選為最佳保溫水瓶的總體首選。

OXO is expanding in adjacent categories in food storage and feeding in the second half of the year, bringing OXO's award-winning performance and ease of use in high-growth areas where we see significant opportunity. OXO's successful Rapid Brewer continues to achieve accolades, winning best new product release in 2025 during the 17th Annual Sprudgie Awards, which is considered the Oscars of Coffee among other recognition we've received. And Osprey continues to augment its technical pack offerings, providing outdoor enthusiasts with new pack solutions that excel in hiking, backpacking, and travel environments.

OXO 將於下半年在食品收納與餵食等相鄰品類擴張，把 OXO 屢獲獎項的效能與易用性帶入我們看見重大機會的高成長領域。OXO 成功的 Rapid Brewer 持續獲得讚譽，在被視為咖啡界奧斯卡的第 17 屆 Sprudgie Awards 中，於 2025 年贏得最佳新品發布獎，並獲得我們所取得的其他多項肯定。而 Osprey 也持續擴充其專業技術背包產品，為戶外愛好者提供在健行、登山健行與旅行情境中表現出色的新背包解決方案。

In Beauty & Wellness, innovation remains a primary driver for brand building and consumer relevance. Our new Revlon VersaStyler launched exclusively at Walmart in the first quarter with really early consumer demand exceeding expectations. Priced below $100, this is an all-in-one tool that delivers meaningful time-saving innovation by taking hair from wet to damp to dry and refreshed without the need for multiple attachments.

在美容與健康（Beauty & Wellness）領域，創新仍是品牌建立與提升消費者關聯性的主要驅動力。我們全新的 Revlon VersaStyler 於第一季在 Walmart 獨家上市，早期消費者需求確實超出預期。定價低於 100 美元，這是一款一體式工具，透過讓頭髮從濕到微濕再到吹乾並恢復清爽、且無需多個配件，帶來具實質節省時間的創新。

Curlsmith expanded its portfolio with the new Curl Fit Reviving Mist, a unique alternative to a traditional dry shampoo. While Olive & June introduced new press-ons with hand-painted charms and fresh spring colors. I'm so proud to share that beauty brands continue to receive top industry recognition, including multiple Glamor 2026 Best of Beauty Awards for Olive & June, Revlon, and Drybar. Vicks and PUR have several new introductions planned in the coming months as we continue to leverage these trusted brands to deepen our consumer relevance.

Curlsmith 以全新的 Curl Fit Reviving Mist 擴充產品組合，作為傳統乾洗髮的獨特替代方案。而 Olive & June 則推出帶有手繪吊飾與清新春季色彩的新款穿戴甲。我非常自豪地分享，美妝品牌持續獲得業界最高肯定，包括 Olive & June、Revlon 與 Drybar 榮獲多項 Glamor 2026 Best of Beauty Awards。Vicks 與 PUR 在未來幾個月也規劃多項新品推出，我們將持續運用這些深受信賴的品牌來深化與消費者的關聯性。

In international, strategic global expansion is a critical priority. We're accelerating our global reach as a key investment in our operating model to lay the groundwork for durable and long-term growth. For online engagement, we're sharpening our execution. Social commerce is increasingly important connection point for our consumer. We will advance our work across platforms like TikTok Shop and Meta Shop to meet our consumers where they are, and digital experience is receiving significantly more rigor to ensure our online presence matches our premium nature of our brands.

在國際市場方面，策略性的全球擴張是關鍵優先事項。我們正加速全球觸達，作為營運模式中的一項關鍵投資，為持久且長期的成長奠定基礎。在線上互動方面，我們正強化執行力。社群電商正日益成為與消費者連結的重要接觸點。我們將推進在 TikTok Shop 與 Meta Shop 等平台的工作，在消費者所在之處與其相遇；同時也將以更嚴謹的標準打造數位體驗，確保我們的線上呈現符合品牌的高端定位。

Our second pillar, commercial and operational excellence, prioritizing critical capabilities to grow our strategic retail partners. We're strengthening digital marketplace capabilities, including catalog and product page management and third-party seller mitigation. Our US club business development efforts are focused on building long-term multi-brand partnerships. We're modernizing our technology and systems by prioritizing core platform upgrades, data and analytics, automation, and AI-enabled solutions.

第二支柱：商業與營運卓越，優先打造關鍵能力以成長我們的策略零售夥伴。我們正強化數位市集能力，包括型錄與商品頁管理，以及第三方賣家風險緩解。我們在美國會員制通路（club）業務的開發重點，是建立長期的多品牌合作夥伴關係。我們正透過優先推動核心平台升級、資料與分析、自動化，以及 AI 賦能解決方案，來現代化我們的技術與系統。

We're investing in advanced planning capabilities to improve forecast accuracy and optimize inventory performance. And we're continuing to make targeted investments in Southeast Asia to strengthen our dual sourcing capabilities.

我們正投資先進的規劃能力，以提升預測準確度並最佳化庫存表現。同時，我們也持續在東南亞進行有針對性的投資，以強化雙重採購（dual sourcing）能力。

Our final pillar, people and culture, is reenergizing our organization and ensuring we have the right capabilities to win. Like culture relaunch is establishing a brand-led model, reengaging our current teams as we transition toward a new era of ownership mindset and impactful execution. Talent infusion is a parallel priority we're thoughtfully investing in high potential talent internally and attracting new talent externally to provide fresh ideas and modern brand-building skills to drive our future. AI workflow evolution is augmenting our team's ingenuity. We're investing in hands-on training to automate routine tasks, allowing our people to focus on creative storytelling and innovation that wins with the consumer.

最後一支柱：人才與文化，旨在重新激發組織動能，並確保我們具備致勝所需的正確能力。例如，文化重啟正在建立以品牌為主導的模式，在我們邁向所有權心態與高影響力執行的新時代之際，重新凝聚現有團隊。人才注入是並行的優先事項：我們正審慎投資於內部高潛力人才，並從外部延攬新人才，帶來新想法與現代化的品牌打造技能，以驅動未來。AI 工作流程的演進正在強化團隊的創造力。我們投資實作訓練以自動化例行工作，讓同仁能專注於能打動消費者、並帶來勝利的創意敘事與創新。

Fiscal '27 will be a pivotal year of restoration as we align our organizational architecture and pivot back towards growth. Our outlook reflects our focus on restoring top line performance while operating with excellence across our enterprise. Our net sales outlook reflects growth in outdoor as we work to stabilize Beauty and Wellness. Adjusted EPS and profitability targets are grounded in disciplined investment framework, allocating capital to high ROI initiatives that strengthen long-term brand health. Free cash flow generation remains a priority, supported by ongoing work to drive working capital efficiencies and continued debt reduction.

2027 財年將是關鍵的修復之年，我們將對齊組織架構並轉向重回成長。我們的展望反映出：在全企業範圍內以卓越營運的同時，聚焦於修復營收端表現。我們的淨銷售展望反映戶外業務的成長，同時我們致力於穩定美容與健康業務。調整後 EPS 與獲利目標建立在嚴謹的投資框架之上，將資本配置於高投資報酬率（ROI）的計畫，以強化長期品牌健康度。自由現金流的創造仍是優先事項，並由持續推動營運資金效率與持續降債的工作所支撐。

Phase 2. Phase 2 is about concentrating and catalyzing during year 2 and year 3. We're prioritizing high-velocity scale potential brands to ensure capital and resources behind the categories and regions where we have the biggest right to win. Active portfolio management is designed to ensure capital is deployed where it generates the highest return. But to that end, portfolio optimization is an ongoing process as we prioritize capital and resources toward high-growth categories where we have the greatest right to be successful. A fortified shared service platform empowers our brand teams to spend 100% of their time on what's visible against product, storytelling, and consumer experience.

第二階段。第二階段著重於在第 2 年與第 3 年期間聚焦並催化成長。我們將優先投入具備高速成長與規模化潛力的品牌，確保資本與資源配置在我們最具明確勝出優勢的品類與區域。主動式的產品組合管理旨在確保資本部署於能產生最高回報之處。因此，產品組合最佳化是一個持續的過程，我們將把資本與資源優先導向高成長品類，在那裡我們擁有最大的成功優勢。強化的共享服務平台使品牌團隊能將 100% 的時間投入於對外可見的工作：產品、敘事與消費者體驗。

Phase 3 is about building and scaling during year 4 and 5. We plan to shift our full weight behind a concentrated portfolio of leadership brands that demonstrate a clear positioning and shared capabilities, expanding on sourcing, governance, international reach to create a durable growth and sustainable value creation model. We plan to pursue strategic portfolio expansion through high-impact acquisitions of both brands and specialized capabilities that leverage our enterprise scale. We plan to prioritize expansion into high-growth adjacencies as we utilize our platform to become a global leader in consumer-first innovation. We plan to support $1 billion brand category leadership goals by deeper organizational alignment, internal engagement sessions scheduled for later this spring. More detailed long-term initiatives in our specific multi-year road map will be shared later this calendar year.

第三階段著重於在第 4 年與第 5 年建立並擴大規模。我們計畫將全部重心轉向一個更聚焦的領導品牌組合，這些品牌具備清晰定位與共享能力，並在採購、治理與國際觸達方面擴展，以打造持久成長與可持續價值創造的模式。我們計畫透過對品牌與專業能力的高影響力併購，推動策略性的產品組合擴張，並運用我們的企業規模優勢。我們計畫在高成長的相鄰領域優先擴張，運用我們的平台成為以消費者為先創新的全球領導者。我們計畫透過更深度的組織對齊，以及預計於今年春末舉行的內部參與會議，來支持 10 億美元品牌品類領導目標。我們特定的多年期路線圖中更詳細的長期計畫，將於本曆年稍晚分享。

To bring it all together, we believe fiscal '27 marks a turning point for Helen of Troy as we enter our first-year goal of restoring our competitive edge. We want to be a better company on the road to being a bigger company. We're methodically deploying digital and data-driven capabilities that bring us closer to the consumer and accelerate our speed to market. Grounded in our do fewer things better mantra, I am confident our teams are aligned to deliver high-velocity execution required to restore long-term growth, and we will win.

綜合而言，我們相信 2027 財年將標誌著 Helen of Troy 的轉捩點，因為我們進入第一年的目標：恢復競爭優勢。我們希望在成為更大公司的道路上，先成為一家更好的公司。我們正有系統地部署數位與資料驅動能力，使我們更貼近消費者並加速上市速度。秉持「少做但做得更好」的信念，我有信心團隊已對齊，能交付恢復長期成長所需的高速執行力，而我們將會勝出。

Now I want to pass it over to Brian to walk you through our results and outlook in more detail.

現在我想把時間交給 Brian，請他更詳細地帶各位了解我們的業績與展望。

Thank you, Scott, and good morning, everyone. Our fourth quarter results are a step in the right direction with net sales, adjusted EPS and cash flow at the better end of our expectations, demonstrating the focus and resilience of our associates. Their stewardship is rebuilding the necessary momentum as we transition to a growth-first mindset in fiscal '27. Looking more broadly at the year, our performance reflects continued progress on a number of commercial and operational initiatives. While these actions did not fully offset external pressures in fiscal '26, they have built the foundation for product-driven growth that we are prioritizing in the year ahead.

謝謝你，Scott，各位早安。我們第四季的業績朝正確方向邁進，淨銷售、調整後每股盈餘（adjusted EPS）與現金流均落在我們預期的較佳區間，展現了同仁的專注與韌性。在我們於 2027 會計年度轉向「成長優先」思維之際，他們的盡責管理正重建所需的動能。更廣泛地看全年，我們的表現反映出在多項商業與營運計畫上持續取得進展。雖然這些行動在 2026 會計年度未能完全抵銷外部壓力，但已為我們在未來一年所優先推動的「產品驅動成長」奠定基礎。

During the year, we made tangible progress on several fronts. One, portfolio focus. We leaned into innovation-led growth with multiple new launches, as Scott mentioned, and more to come in fiscal '27.

在這一年中，我們在幾個面向取得了具體進展。第一，聚焦產品組合。如 Scott 所提及，我們加大投入以創新帶動成長，推出多項新品，且在 2027 會計年度還會有更多推出。

Two, tariff management and dual sourcing. We've strengthened our supply chain, which is helping to mitigate the impact of continued geopolitical uncertainty. For the full fiscal year, gross unmitigated tariffs had a $51 million impact on gross profit. Through a disciplined combination of SKU prioritization, cost reductions, price increases, and supplier diversification, we successfully reduced the net operating income impact to less than $30 million for the fiscal year and our diversified cost of goods sold subject to China tariffs to approximately 30% by year-end. We currently have the capacity to dual source approximately 45% of our annual product volume. We expect this figure to reach approximately 55% by the end of fiscal '27, further mitigating our supply chain risk.

第二，關稅管理與雙重採購。我們強化了供應鏈，有助於降低持續的地緣政治不確定性所帶來的影響。就全年而言，未採取緩解措施的關稅對毛利造成 5,100 萬美元的影響。透過嚴謹結合 SKU 優先排序、成本降低、提價以及供應商多元化，我們成功將全年對淨營業利益的影響降至 3,000 萬美元以下，並在年末將受中國關稅影響的多元化銷貨成本占比降至約 30%。目前我們具備對約 45% 年度產品量進行雙重採購的能力。我們預期到 2027 會計年度末，該比例將提升至約 55%，進一步降低供應鏈風險。

Three, operational fundamentals and go-to-market. Beyond supply footprint diversification, we focused on strengthening the fundamentals of our execution. This included improving our go-to-market effectiveness, sharpening our focus on our brands, putting them at the center of our commercial execution and strategy. By leaning into innovation for more product-driven growth, we are ensuring our supply chain and sales teams are aligned to support our strongest and highest margin brands.

第三，營運基本功與上市策略（go-to-market）。除了供應據點多元化之外，我們也聚焦於強化執行的基本功。這包括提升我們的 go-to-market 成效、更加聚焦於我們的品牌，並將品牌置於商業執行與策略的核心。透過加大創新以推動更多產品驅動的成長，我們確保供應鏈與銷售團隊一致對齊，以支援我們最強且毛利最高的品牌。

Four, pricing integrity. Last quarter, we chose to temporarily stop shipments in Beauty & Wellness to support consistent pricing adoption. I'm pleased to report we have resumed shipments in almost all of these instances, and I'm grateful for the collaborative partnerships we have with our retail customers.

第四，價格一致性。上季我們選擇在 Beauty & Wellness 暫停出貨，以支持一致的價格採用。我很高興報告，在幾乎所有這些情況下我們已恢復出貨，也感謝我們與零售客戶之間的合作夥伴關係。

Turning to the financial highlights for the fourth quarter. Consolidated sales decreased 3.3%, favorable to our outlook. The impact of our pricing actions and the contribution of Olive & June partially offset the year-over-year decline from tariff-related revenue disruption and lower core business volume. Home & Outdoor segment sales declined 1.5%, ahead of our expectations. OXO and Hydro Flask were ahead of plan and Osprey contributed solid year-over-year growth.

接著看第四季的財務重點。合併銷售額下降 3.3%，優於我們的展望。我們的定價行動影響以及 Olive & June 的貢獻，部分抵銷了因關稅相關的營收干擾與核心業務量下滑所造成的年對年下降。Home & Outdoor 部門銷售額下降 1.5%，優於我們的預期。OXO 與 Hydro Flask 均優於計畫，Osprey 也帶來穩健的年對年成長。

OXO benefited from good point of sale at value customers and replenishment at mass. Hydro Flask benefited from the success of recent product launches and also saw strength in the closeout channel as we improved our inventory composition. Osprey's growth was primarily driven by the e-commerce channel, their continuing stream of new products and expansion into adjacencies and the clearance of end-of-season goods through the outdoor channel.

OXO 受惠於價值型客戶端良好的終端銷售（point of sale），以及大眾通路的補貨。Hydro Flask 受惠於近期新品上市的成功，同時在我們改善庫存結構後，清倉通路也展現強勁表現。Osprey 的成長主要由電商通路帶動，並受益於其持續推出新品、拓展至相鄰品類，以及透過戶外通路清理季末商品。

Beauty & Wellness sales decreased 4.7% with approximately 2.8 percentage points driven by tariff-related disruption. Revlon, Olive & June, and Braun were the standouts in the quarter. Revlon outperformed our expectations, driven by continued strong point of sale at Walmart and Target and a solid contribution from international. Olive & June saw organic growth in its business of 18% and contributed 4.9 percentage points of growth to total segment sales, driven by effective digital grassroots marketing, new product introductions and strong brand loyalty and consumer engagement.

Beauty & Wellness 銷售額下降 4.7%，其中約 2.8 個百分點來自關稅相關的干擾。本季表現突出的品牌為 Revlon、Olive & June 與 Braun。Revlon 表現優於我們預期，主要受惠於在 Walmart 與 Target 持續強勁的終端銷售，以及國際業務的穩健貢獻。Olive & June 的業務有機成長 18%，為部門總銷售成長貢獻 4.9 個百分點，動能來自有效的數位草根行銷、新品導入，以及強勁的品牌忠誠度與消費者互動。

Olive & June has been a great addition to the Helen of Troy portfolio, strengthening our profitability and outperforming valuation metrics. And Bronze saw solid performance in EMEA and APAC, driven by early flu incidents in those regions, order timing shifts and strong replenishment. International sales grew 5.4%, surpassing our expectations with strong point of sale, expanded distribution and new product innovation.

Olive & June 是 Helen of Troy 產品組合中非常出色的新增品牌，強化了我們的獲利能力，且表現優於估值指標。而 Bronze 在 EMEA 與 APAC 表現穩健，主要受惠於這些地區較早出現的流感事件、訂單時點的變化，以及強勁的補貨。國際銷售成長 5.4%，在強勁的終端銷售、通路擴張與新品創新帶動下，超越我們的預期。

Gross profit margin decreased 400 basis points to 44.6%, primarily due to the impact of higher tariffs, less favorable inventory obsolescence than in the prior year, higher retail trade and promotional expense and a less favorable channel mix within Home & Outdoor. These factors were partially offset by the favorable impact of the acquisition of Olive & June and lower commodity and product costs, exclusive of tariffs.

毛利率下降 400 個基點至 44.6%，主要因較高關稅的影響、相較前一年較不利的庫存報廢（obsolescence）、較高的零售通路費用與促銷支出，以及 Home & Outdoor 內部較不利的通路組合。上述因素部分被收購 Olive & June 的有利影響，以及（不含關稅）較低的原物料與產品成本所抵銷。

SG&A ratio increased 270 basis points, primarily due to unfavorable operating leverage, higher annual incentive compensation expense year-over-year, EPA compliance costs, and the acquisition of Olive & June. Adjusted operating margin decreased 710 basis points to 8.3%, primarily due to the net impact of tariffs, the increase in incentive compensation year-over-year, unfavorable operating leverage and the preservation of trade and brand spending to support future revenue growth.

SG&A 比率上升 270 個基點，主要因營運槓桿不利、年對年較高的年度獎酬費用、EPA 合規成本，以及收購 Olive & June。調整後營業利益率下降 710 個基點至 8.3%，主要因關稅的淨影響、年對年獎酬費用增加、營運槓桿不利，以及為支持未來營收成長而維持通路與品牌投入。

Moving on to balance sheet highlights. We continue to emphasize working capital efficiency and balance sheet productivity as an engine to fund our strategic investments, improve our operating flexibility and position the company for long-term growth. Regarding our year-end position, inventory ended at $456 million, were largely flat to the prior year despite $34 million of incremental tariff costs and inventory at the end of fiscal '26. We accelerated the turns of our more productive inventory while also clearing out slower moving inventory, which resulted in a net reduction of almost $50 million in the fourth quarter alone.

接著看資產負債表重點。我們持續強調營運資金效率與資產負債表生產力，將其作為資金引擎，以支應策略性投資、提升營運彈性並讓公司具備長期成長定位。就年末狀況而言，庫存為 4.56 億美元，與前一年大致持平，儘管在 2026 會計年度末包含 3,400 萬美元的新增關稅成本與庫存。我們加速周轉較具生產力的庫存，同時清理周轉較慢的庫存，僅第四季就帶來近 5,000 萬美元的淨減少。

Debt closed at $781 million. Our net leverage ratio was 3.87 times compared to 3.77 times at the end of the third quarter. The increase was primarily driven by lower trailing 12-month EBITDA, reflecting lower revenue and higher average tariff costs. This was partially offset by favorable free cash flow driven by the inventory reduction and the conversion of prior quarter peak season receivables, enabling $112 million of debt paydown in the quarter. Free cash flow for the fiscal year was $132 million despite $72 million of incremental cash outflows, specifically for tariff payments, transitory costs associated with diversifying our supplier base regions outside of China.

期末負債為 7.81 億美元。淨槓桿比率為 3.87 倍，相較第三季末的 3.77 倍。上升主要由過去 12 個月 EBITDA 較低所致，反映營收較低與平均關稅成本較高。上述影響部分被有利的自由現金流所抵銷，自由現金流來自庫存下降以及前一季旺季應收帳款的回收，使我們在本季償還 1.12 億美元債務。儘管有 7,200 萬美元的新增現金流出（主要為關稅支付，以及將供應商基地多元化至中國以外地區所產生的過渡性成本），本會計年度自由現金流仍達 1.32 億美元。

And subsequent to the end of the fourth quarter, we further improved the productivity of our balance sheet with the sale of our distribution facility in Southaven, Mississippi. The sale generated proceeds of approximately $78 million, which we used to pay down our debt. We expect to continue to consider balance sheet productivity opportunities to further strengthen our financial flexibility, focus our resources on the core business as we pivot to growth.

此外，在第四季結束後，我們透過出售位於密西西比州 Southaven 的配送中心，進一步提升資產負債表的生產力。此次出售帶來約 7,800 萬美元的款項，我們已用於償還債務。我們預期將持續評估提升資產負債表生產力的機會，以進一步強化財務彈性，並在我們轉向成長之際，將資源聚焦於核心業務。

Turning now to our full year fiscal '27 outlook. We expect net sales in the range of $1.751 billion to $1.822 billion, with Home & Outdoor net sales of $854 million to $882 million, and Beauty & Wellness net sales of $897 million to $940 million. Adjusted EBITDA of $190 million to $197 million, which implies year-over-year growth of 2.1% to 6.3%. Adjusted EPS of $3.25 to $3.75 and free cash flow in the range of $85 million to $100 million. We expect our quarterly sales cadence to be uneven driven by lapping of prior year revenue dynamics.

接著說明我們 2027 會計年度的全年展望。我們預期淨銷售額介於 17.51 億至 18.22 億美元，其中 Home & Outdoor 淨銷售額為 8.54 億至 8.82 億美元，Beauty & Wellness 淨銷售額為 8.97 億至 9.40 億美元。調整後 EBITDA 為 1.90 億至 1.97 億美元，意味年對年成長 2.1% 至 6.3%。調整後 EPS 為 3.25 至 3.75 美元，自由現金流介於 8,500 萬至 1 億美元。我們預期季度銷售節奏將不均衡，主要受前一年營收動態的比較基期影響。

At the midpoint of our range, we expect first half year-over-year sales growth to be slightly positive with the second half of the year slightly negative. Due to the cadence of people and brand investments and higher average tariff costs cycling out of inventory and into cost of goods sold in the first half of fiscal '27, we expect roughly 15% of our total annual adjusted EPS outlook in the first half of the year with roughly breakeven adjusted EPS in the first quarter.

在我們區間的中點，我們預期上半年年對年銷售成長將略為正成長，而下半年則略為負成長。由於人員與品牌投資的節奏，以及較高的平均關稅成本在 27 財年上半年自庫存轉入銷貨成本，我們預期全年調整後 EPS 展望中約 15% 會落在上半年，且第一季調整後 EPS 約為損益兩平。

To help with modeling, our fiscal '27 outlook includes tariffs in place as of April 2026 assumed to remain in effect for the balance of the year, not including the benefit from any potential tariff refunds, no significant fluctuation in commodity costs, freight, or disruption in supply availability. Interest expense of $47 million to $49 million with cash flow prioritized for debt reduction and an expected net leverage ratio of approximately 3.2 times or lower by the end of the year. A full year adjusted effective tax rate of 25% to 27%. Continued working capital efficiency during fiscal '27 with an emphasis on further inventory reduction. Capital expenditures are expected to be between $28 million to $32 million with an emphasis on product innovation and supply chain diversification. Finally, we are assuming April 2026 foreign currency exchange rates remain constant for the remainder of fiscal '27.

為協助建模，我們的 27 財年展望包含：假設截至 2026 年 4 月已實施的關稅在全年剩餘期間持續有效，不包含任何潛在關稅退還的利益；大宗商品成本、運費不出現重大波動，且供應可得性不發生中斷。利息費用預估為 4,700 萬至 4,900 萬美元，並將現金流優先用於減債，預期年底淨槓桿比率約為 3.2 倍或更低。全年調整後有效稅率為 25% 至 27%。27 財年持續提升營運資金效率，並著重進一步降低庫存。資本支出預期介於 2,800 萬至 3,200 萬美元，重點放在產品創新與供應鏈多元化。最後，我們假設 2026 年 4 月的外匯匯率在 27 財年剩餘期間維持不變。

In terms of our expectations regarding the operating environment, we continue to expect inflationary pressures, softness in discretionary categories, conservative retailer inventory management, and an increasingly competitive and promotional landscape. Our outlook does not assume a significant or prolonged impact from the conflict in Iran or other similar macro disruption on the supply chain as it cannot be reasonably estimated. We expect continued diversification of our global manufacturing footprint, reducing the cost of goods sold exposed to China tariffs to less than 20% by the end of fiscal '27 and limiting the net operating income impact to less than $10 million for the full fiscal year.

就我們對營運環境的預期而言，我們仍預期通膨壓力、非必需消費品類別疲弱、零售商保守的庫存管理，以及競爭與促銷態勢日益加劇。由於無法合理估計，我們的展望未假設伊朗衝突或其他類似的總體面擾動會對供應鏈造成重大或長期影響。我們預期將持續分散全球製造版圖，於 27 財年年底前把暴露於中國關稅的銷貨成本占比降至 20% 以下，並將全年對淨營業利益的影響限制在 1,000 萬美元以下。

Our outlook reflects a deliberate choice to preserve investments in our brands and people and includes an increase in growth investments of approximately 40 basis points, prioritizing high-return marketing and innovation initiatives. As we transition back to growth mode, we have a clear bias toward revenue improvement over aggressive cost reduction. By focusing on revenue recovery now, we expect to recapture operating leverage and build long-term sustainable momentum. Finally, while we are not yet where we want to be in terms of financial performance, the midpoint of our outlook implies a forward free cash flow yield of 20% using Tuesday's market capitalization. We believe this is a compelling value metric that compares favorably with our peer set and the market overall.

我們的展望反映出一項刻意的選擇：維持對品牌與人才的投資，並包含約 40 個基點的成長投資增加，優先投入高報酬的行銷與創新計畫。在我們轉回成長模式之際，相較於激進的成本削減，我們明確更偏向改善營收。透過現在聚焦營收復甦，我們預期可重新取得營運槓桿，並建立長期且可持續的動能。最後，雖然就財務表現而言我們尚未達到理想狀態，但以週二的市值計算，我們展望中點所隱含的前瞻自由現金流殖利率為 20%。我們認為這是一項具吸引力的價值衡量指標，與同業組合及整體市場相比都相當有利。

With that, I'll turn it back to the operator for Q&A.

接下來我把時間交還給主持人進行問答。

(Operator Instructions) Peter Grom, UBS.

(主持人指示) UBS 的 Peter Grom。

So Scott, the commentary on the different phases and the path forward was incredibly helpful. But can you maybe frame or help us understand what success looks like on the other side of this? I'm not trying to get guidance on '28 or '29 today. But for a business that several years ago had significantly greater earnings power versus what's outlined in guidance today, I'm just curious how you would frame the opportunity and whether you think the business can get back to levels we saw several years ago, particularly as it sounds like you may be stepping up investment levels across a greater number of brands moving forward.

Scott，你對不同階段以及未來路徑的說明非常有幫助。但你能否從另一端來框架一下，或協助我們理解成功的樣貌會是什麼？我今天不是要你提供 28 或 29 財年的指引。但對於一家幾年前獲利能力明顯高於目前指引所描繪水準的企業，我只是好奇你會如何界定這個機會，以及你是否認為公司能回到幾年前我們看到的水準，尤其聽起來你們未來可能會在更多品牌上提高投資強度。

Peter, thank you for your question. Let me just give you a little bit of backdrop, myself, and the leadership team to just kind of put a pin in quarter 4 and then get more into your question. When we think about quarter 4, there were four things we are really focused on. One is to get really sharp on our ambition so that the work that we set up for FY27, we can begin to show markers of progress. Two, how do we begin to start that journey now in quarter 4 through trying to build against top line and begin to put things in place in our organization to set us up for the future.

Peter，謝謝你的提問。我先提供一些背景，從我自己以及領導團隊的角度，先把第四季先做個註記，然後再更深入回應你的問題。談到第四季，我們真正聚焦在四件事上。第一，是把我們的企圖心釐清得非常明確，讓我們為 27 財年所建立的工作能開始展現進展的指標。第二，是我們如何在第四季就開始這段旅程：努力強化營收端，並在組織內部開始建立能讓我們為未來做好準備的要素。

Three, how do we invest in our people and our culture for not only for quarter 4, but to start the journey as we get back to where we want to get to. And then four, balance sheet productivity and paying down debt. I would say that from our standpoint that we quietly feel like we made progress in all four of those areas. But as we look to the future, we think about that a healthy Helen of Troy is really about first being a better company before on our road to being a bigger company, and it's built on many pillars. First, putting the consumer at the center of everything we do that's then underpinned by brands that are healthy with the scoreboard around growth and market share and then investing in critical capabilities.

第三，是我們如何投資於我們的人才與文化，不僅是為了第四季，也是為了在我們回到想要達到的位置時啟動這段旅程。第四，是資產負債表的生產力與償還債務。我會說，從我們的角度，我們私下覺得在這四個面向都取得了進展。但展望未來，我們認為「健康的 Helen of Troy」首先是先成為一家更好的公司，然後才是在成為一家更大的公司的道路上前進，而這建立在許多支柱之上。第一，把消費者置於我們所做一切的核心，其基礎是健康的品牌，並以成長與市占作為衡量成效的記分板，並投資於關鍵能力。

First, making sure we get our organization and team and talent closer to the marketplace and closer to where decisions are made so they can rapidly innovate, tell relevant stories, and commercially execute. Second, invest in commercial and brand-building capabilities that are going to enable our brands to have the right to win on the shelf or on the digital marketplace. Third, how do we invest in a make, move and hold with our supply chain so we can be agile and responsive of a dynamic marketplace. And then lastly, how do we continue to be thoughtful on our global execution because we know that our global business needs to play a bigger role than it plays today.

第一，確保我們的組織、團隊與人才更貼近市場、也更貼近決策發生之處，讓他們能快速創新、講出相關的品牌故事，並在商業上有效執行。第二，投資於商業與品牌建設能力，使我們的品牌在實體貨架或數位市場上具備「勝出的權利」。第三，我們如何在供應鏈的製造、運輸與庫存持有（make, move and hold）上投資，讓我們能對動態市場保持敏捷與快速回應。最後，我們如何持續審慎地推進全球執行，因為我們知道全球業務需要扮演比現在更重要的角色。

And all of that should be underpinned by investing in our culture and people because they're going to have to help us drive it and then continue to be focused on a healthy balance sheet. So for us, for FY27, it's really showing markers of progress by doing the things I just talked about, becoming a better Helen of Troy on the road to a faster-growing Helen of Troy.

而所有這些都應以投資於文化與人才作為基礎，因為他們將必須協助我們推動這一切，同時也要持續聚焦於健康的資產負債表。因此對我們而言，27 財年就是透過我剛才談到的這些事情來展現進展的指標，讓 Helen of Troy 在邁向更快成長的道路上，先成為更好的 Helen of Troy。

That's super helpful. And then, Brian, just a question on the guidance. And I guess just it's more around the level of visibility or flexibility that you have today. And I just ask that more in the context pretty volatile external backdrop. And the guidance, I think you mentioned is more than 80% weighted to the back half of the year. So can you just walk through the level of confidence that you've embedded in that inflection? Have you embedded more conservative underlying assumptions to account for maybe some things that might not go your way?

這非常有幫助。接著 Brian，我想問一下關於指引的問題。我想主要是關於你們目前的能見度或彈性程度。我之所以這麼問，是因為外部背景相當波動。而我記得你提到，指引有超過 80% 的權重落在下半年。所以你能否談談你們對這個轉折點所內含的信心程度？你們是否納入了更保守的基本假設，以因應可能有些事情不如預期？

And I guess very specifically, there was a commentary in the release around commodity costs, freight, and supply availability. I think it was mentioned no significant fluctuation. Is that just related to where things stand today? Or does guidance assume no major cost impacts related to these factors?

另外更具體地說，新聞稿中有一段提到大宗商品成本、運費與供應可得性。我記得提到「沒有重大波動」。那只是反映目前的狀況嗎？還是指引假設這些因素不會帶來重大的成本影響？

Yes. Just to cover the last part first, we've called out the fact that things have changed as a result of the Iran conflict pretty quickly. So it's only a few weeks old, but resin prices, commodity prices, fuel prices have all reacted pretty significantly, and that does impact our raw material costs. So we're calling it out. But I think almost anyone would say it's a little too new, a little too fresh to think that you can get your arms around it and embedded in your outlook. And so we have not attempted to do that.

是的。先回應最後一部分，我們已經指出，伊朗衝突使情勢很快就發生了變化。所以這才過了幾週，但樹脂價格、商品價格、燃料價格都出現了相當明顯的反應，而這確實會影響我們的原物料成本。所以我們特別提出來說明。但我想幾乎任何人都會說，這還太新、太剛發生，要說你已經能完全掌握並把它納入你的展望假設，還言之過早。因此我們並未嘗試這麼做。

We are proactively working to minimize any impact such as we've bought some raw material to make sure that we have raw material that we're going to need in the short term. There could be scarcity issues that come up and to lock in pricing. We also attempt to lock in our inbound freight pricing and are in the process of securing favorable rates as compared to current spot pricing, which has also spiked.

我們正主動採取措施把影響降到最低，例如我們已採購了一些原物料，以確保短期內我們需要的原物料供應無虞。未來可能會出現供應稀缺的問題，因此也藉此鎖定價格。我們也嘗試鎖定進口運費價格，目前正著手取得相較於現行即期價格更有利的費率，而即期價格也已大幅飆升。

So I would say, look, we haven't adjusted our outlook up or down as a result of the conflict, we have taken actions to minimize the impact, and then we're just going to have to see how that plays out. Hopefully, from a modeling perspective, you appreciate that, us not trying to model something that's really difficult in an early stage to model. So that's how we've approached that.

所以我會說，我們並未因這場衝突而上調或下調我們的展望；我們已採取行動以降低影響，接下來就得看後續如何發展。希望從建模的角度，你能理解我們不去嘗試建模一個在早期階段非常難以建模的事情。這就是我們的處理方式。

With respect to the cadence, it's really not about conservatism. It's really kind of about the comparison to the prior year and the lumpiness of the prior year and the cadence of our people and brand investment in the current year, which kind of -- and then how tariffs layer into all that and mixing that all together really results in the lower EPS in the first half of the year and the higher EPS in the second half of the year. And really, the biggest part of it is the higher average tariff costs that are cycling out of our inventory into our cost of goods sold in the first half of this year, whereas you really didn't have almost any tariff impact on COGS. We did have a tariff revenue impact in the first half of last year, but we really didn't have a COGS impact.

至於節奏（cadence），其實並不是出於保守。主要是關於與前一年的比較、前一年業績的波動性，以及本年度我們在人員與品牌投資的投入節奏——再加上關稅如何疊加在這一切之上，把這些因素混合起來，最終就會導致上半年EPS較低、下半年EPS較高。而其中最大的一部分，是今年上半年較高的平均關稅成本從庫存結轉進入銷貨成本（COGS）；反觀去年上半年，你幾乎看不到關稅對COGS的影響。去年上半年我們確實有關稅對營收的影響，但基本上沒有對COGS的影響。

So now we're getting the full blunt of that COGS impact in the first half of this year and then overlay that with the investments that we're making in our people and our brands, and that compresses the first half of the year. And then it also releases in the second half of the year and you get the benefit in the second half of the year. So I wouldn't say it's about conservatism or trying to make the numbers a certain way. It's really the dynamics of three or four different impacts prior year versus current year.

所以現在我們在今年上半年承受了COGS影響的全面衝擊，再疊加我們對人員與品牌所做的投資，就壓縮了上半年的表現。而到了下半年，這些因素也會釋放，你就能在下半年看到其帶來的好處。因此我不會說這是因為保守或想把數字做成某種樣子。這其實是前一年與本年度之間三到四個不同影響因素的動態所致。

Bob Labick, CJS Securities.

Bob Labick，CJS Securities。

So I just want to start with -- in terms of the revenue guidance, how much price is baked into the guidance for next year? And have retailers fully accepted that? Because we had the stop order and this. So kind of where do you stand in that? How much price is in the revenue guidance? Where are you getting it? And I guess I'll stop there for a second, and then I'll ask a follow-up.

我想先從——就營收指引而言，明年指引中已納入多少價格因素？零售商是否已完全接受？因為我們之前有停單（stop order）以及這些狀況。所以你們目前的立場大概是什麼？營收指引中包含多少漲價？你們是從哪裡取得的？我先問到這裡，然後再追問一題。

Brian, do you want to go ahead and take it?

Brian，你要不要先回答？

Yes. So if you bake it all in together, if you're looking for total revenue impact of price increases, Bob, it's about $50 million that were -- is impacting our revenue through price increase. Now that sounds like a big number. That doesn't even probably come close to covering all of our tariff costs as well as all kind of regulatory costs that are emerging related to packaging and things of that nature. So it makes a little bit of a dent in terms of a profit perspective, but it does influence kind of the revenue impact. And that impact that I'm giving you is kind of the year-over-year impact in terms of fiscal '27 versus '26. And I would say in '26, we only got partial realization of that. And in some cases, it was delayed and so on and so forth.

好的。如果把所有因素一起納入來看，Bob，如果你想知道漲價對總營收的影響，大約是5,000萬美元——也就是透過漲價對我們營收造成的影響。這聽起來是個很大的數字。但這甚至可能遠遠不足以覆蓋我們所有的關稅成本，以及所有正在浮現、與包裝等相關的各類法規成本。所以從獲利角度來看，它只能稍微彌補一些，但確實會影響營收表現。而我給你的這個影響，是以會計年度'27相較於'26的年對年影響。我會說在'26年，我們只部分實現了這個效果。而在某些情況下，它是延後發生的，等等。

With respect to where we are, we have almost or effectively 100% of our planned pricing increases in place. It did take us a period of time, the second half of fiscal '26 to get everything in place, but we now have the ones that we intend to pursue effectively all in place with a couple of minor exceptions. So that's where we are on that. It was just one of the levers that we pulled to try and offset tariffs along with a combination of price decreases, SKU evaluation, all the things we talked about in the past, price was one of them, and that's the impact.

至於目前的進度，我們幾乎——或實際上——已把計畫中的漲價措施100%落地。確實花了一段時間，在會計年度'26的下半年才把所有項目都到位，但現在我們打算推進的項目基本上都已到位，只剩少數小例外。所以目前就是這樣的狀況。這只是我們為了抵消關稅所採取的槓桿之一，另外還搭配降價、SKU評估，以及我們過去談過的所有措施；漲價是其中之一，而這就是它的影響。

Okay. Great. And then in the theme of invest to grow, I think, Brian, at the end of the prepared remarks, you mentioned a 40-basis-point increase in growth investment. What are the steps? What's necessary, I guess, internally to be done before you increase it more? I imagine when you get to where you want to be, it will be more than 40 basis points more of investment spending to get to the right growth and to reignite growth. So kind of what are the next steps that you guys are taking so that you can lean harder into the growth engine?

好的。很好。接著在「投資以成長」這個主題下，我想Brian，你在事先準備的發言最後提到成長投資增加40個基點。接下來的步驟是什麼？我想問的是，在你們進一步提高投資之前，內部需要先完成哪些事情？我想像當你們達到想要的狀態時，為了達到合適的成長並重新點燃成長動能，投資支出增加的幅度應該會超過40個基點。所以你們接下來會採取哪些步驟，讓你們能更用力地推動成長引擎？

I think you're right. I'm glad you asked the question. 40 -- we built the plan this year intentionally to lean into any over performance with additional growth investment. We have framed up and have kind of planned and sitting on the shelf a whole host of investments that we couldn't afford to make in the plan that we're providing today. And the idea is that with any over performance, we're going to continue to pursue those high ROI investments and lean in. And the hope is that by the end of the year, it's not 40 basis points, it's more because we've got better operating leverage and produce more profit as a result of the growth and then continue to feed the flywheel. So we've -- we've intentionally built a plan that allows us to do that and are giving you the base plan. And then when we have upside, which we're expecting and think we can drive that over performance will go into greater investment. Does that make sense?

我覺得你說得對。也很高興你問這個問題。40——我們今年在制定計畫時，是刻意設計成：若有超預期表現，就加碼成長投資。我們已經把一整套投資方案框架化、也做了規劃，先放在架上備用——這些是在我們今天提供的計畫中，原本負擔不起去做的投資。想法是，只要有任何超預期表現，我們就會持續推進那些高ROI的投資並加大投入。我們希望到年底時，不是只有40個基點，而是更多，因為我們會有更好的營運槓桿，並因成長而產生更多利潤，然後持續推動飛輪效應。所以我們——我們刻意建立了一個能讓我們做到這點的計畫，並先提供你們基礎方案。然後當我們有上行空間——我們也預期並相信能推動超預期表現——那部分就會投入到更大的投資。這樣說清楚嗎？

Yes. Yes. No, absolutely. That's great.

是的。是的。不，完全清楚。很好。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess, Brian, maybe just to drill down on the segments in the quarter a little bit. I guess within Beauty & Wellness, maybe if you can talk about kind of the brand performance. I guess, was beauty or wellness the bigger driver of the decline? And how did Drybar and then Curlsmith perform? And then you mentioned the cold cough season being weak. So was that the biggest driver? Or was it pretty equal between the two?

我想，Brian，或許就本季各事業部再深入一點。在 Beauty & Wellness 方面，能否談談各品牌的表現。這次下滑的主要驅動因素是 beauty 還是 wellness？Drybar 以及 Curlsmith 的表現如何？另外你提到感冒咳嗽季偏弱。所以那是最大的驅動因素嗎？還是兩者影響差不多？

And then I guess, same thing in Home & Outdoor. I think you talked about Osprey doing well online. Just curious how it did in the stores? And are you still seeing that category decline? And is Osprey still gaining share?

接著在 Home & Outdoor 也是同樣的問題。我記得你提到 Osprey 在線上表現不錯。想請教它在實體門市的表現如何？你們是否仍看到該品類在下滑？以及 Osprey 是否仍在提升市占？

Yes. So if I might break it down a little bit differently within Beauty & Wellness than you did. I would say Olive & June and Revlon had relative strength. And then the remainder of beauty, I would say, relatively compared to them was on the weaker side of things. And then in Wellness, yes, I would say, overall, that was a little weaker than we'd like it to be, both in terms of cough, cold, flu season and in some of the more competitive categories where Honeywell plays and some of the other brands, a little bit of relative softness. So hopefully, that gives you kind of the walk on Beauty and Wellness.

是的。如果可以的話，我想用跟你剛才稍微不同的方式來拆解 Beauty & Wellness。我會說 Olive & June 和 Revlon 相對表現較強。而其餘的 beauty，相較於它們來說，我會說偏弱一些。至於 Wellness，是的，我會說整體而言比我們希望的稍弱一些，無論是在咳嗽、感冒、流感季的表現，或是在 Honeywell 所在的一些競爭更激烈的品類，以及其他品牌方面，都有一些相對疲弱。希望這樣能讓你大致了解 Beauty 與 Wellness 的情況。

With respect to Home & Outdoor, we're seeing very positive trends almost across the board in that business. And so we're excited about what we're beginning to see there. With respect to Osprey in particular, the category is generally trending down, but Osprey is generally trending up and taking share and performing well in that category. And then we continue to expand into adjacent categories. So we like that part of the business.

至於 Home & Outdoor，我們幾乎在整個業務面都看到非常正向的趨勢。因此我們對目前開始看到的變化感到振奮。就 Osprey 而言，該品類整體趨勢通常是下滑，但 Osprey 的趨勢通常是上升，正在取得市占，並在該品類中表現良好。同時我們也持續擴展到相鄰品類。所以我們喜歡這一塊業務。

And then I would say, overall, as a company, if you just kind of look at the trends, we're not where we want to be across all brands and all categories with respect to POS, but we are trending largely in the right direction. If you look across categories and brands and looked at the trend line, we are trending up across the majority of the brands in their respective categories. So we think that that's a sign of progress.

另外我會說，整體來看，若你只看公司的趨勢，我們在所有品牌、所有品類的 POS 表現上，還沒到我們想要的位置，但大致上正朝正確方向前進。如果你跨品類、跨品牌去看趨勢線，我們在多數品牌各自所屬品類中的趨勢都在走升。因此我們認為這是進展的跡象。

Okay. Great. And then, Scott, maybe if you could talk about the new innovation. I think you mentioned that resonated maybe with consumers well in the quarter across the portfolio. And any color you can give on kind of newness coming out throughout this year?

好的。很棒。那 Scott，或許你可以談談新的創新。我想你提到本季在整個產品組合中，創新似乎與消費者產生了不錯的共鳴。能否補充一些今年接下來將推出的新產品/新動態？

And then I think you also mentioned increased focus on e-comm investment. Maybe talk about what that will look like? Is that going to be in brand websites to drive DTC? Or is it more increase in tech investment and social selling?

另外我想你也提到會更聚焦於電商投資。可以談談那會是什麼樣子嗎？會是投資在品牌官網以推動 DTC？還是更多增加技術投資與社群銷售？

Yes. So we -- of course, we've had a number of innovations across the portfolio, but I'll highlight a couple. So Osprey continues to have new innovation to expand its strength in technical packs to adjacent categories that we saw continued strength on. Olive & June, not only in their core business, they continue to bring new innovation and new reasons to bring consumers to the category. The VersaStyler, really bringing new news to the category and really early off to a very, very promising new start. So we've had multiple levels of innovation.

是的。我們——當然——在整個產品組合中有多項創新，但我先強調幾個。Osprey 持續推出新創新，將其在專業技術背包的優勢延伸到相鄰品類，我們也看到該部分持續走強。Olive & June 不僅在核心業務上持續帶來新創新，也持續提供新的理由把消費者帶進這個品類。VersaStyler 為該品類帶來真正的新訊息，而且一開始就有非常、非常令人期待的良好開局。所以我們在多個層面都有創新。

What I can tell you what I've been focused on over the last several months that as I traveled around the company, it's really trying to pull innovation forward, innovation that had the right consumer insights and business cases, how do we put more investment against it. And if it makes sense, how do we pull it in the fourth quarter/first quarter on a faster track. And so those are connecting the 2, I don't know if that answers your question, but that's what I meant when I made that statement. As well as Hydro Flask, I could go on and on and on sorry.

我可以告訴你，過去幾個月我在公司各處走訪時一直聚焦的，是如何把創新往前拉——也就是那些具備正確消費者洞察與商業案例的創新，我們要如何加大投資。如果合理的話，我們要如何把它在第四季/第一季以更快的節奏提前推進。所以這兩件事是連在一起的；我不確定這是否回答了你的問題，但這就是我那句話的意思。另外還有 Hydro Flask，我可以一直講下去，抱歉。

The second part of your question is around digital capabilities. Yes. So depending on the brand, clearly trying to drive some web traffic, but that -- the bulk of my comments are really around digital capabilities on sensing and understanding where the consumer is going to be, digital capabilities on making sure that we're showing up on partner sites with the best advantage versus our competition and driving more agility for our brands to interact with social commerce, whether it be Meta Shop, TikTok Shop and other future ways of connecting with our consumers.

你問題的第二部分是關於數位能力。是的。依品牌而定，確實會嘗試帶動一些網站流量，但——我大部分的評論其實是關於數位能力：在洞察與理解消費者將走向何處的數位能力；在合作夥伴網站上以相較競品更有利的方式呈現的數位能力；以及提升我們品牌與社群商務互動的敏捷度，無論是 Meta Shop、TikTok Shop，或其他未來與消費者連結的方式。

(Operator Instructions) Olivia Tong, Raymond James.

(接線員指示) Olivia Tong，Raymond James。

I wanted to get a better sense of your expectation for category growth that you're embedding for next year and what it was this year. As we think -- also as we think about your cadence of stabilization, realize there's a big difference in year-over-year comps. But why do you not expect growth in the second half on sales? I think sort of alluding to Peter's earlier question, there's been a multiyear challenge. So as you think about your optimism around innovation and several other things, why shouldn't we expect a little bit more in the second half?

我想更清楚了解你們對明年所內含的品類成長預期，以及今年的預期是什麼。同時在思考你們的穩定化節奏時，我知道年對年比較基期差異很大。但為什麼你們不預期下半年營收會成長？我想這也呼應 Peter 先前的問題，這是一個多年的挑戰。因此當你們談到對創新與其他幾件事的樂觀時，為什麼我們不應該預期下半年會好一些？

And just following up on that, if you could talk about retailer discussions that support some of the enthusiasm that you have around innovation and then managing the tail of brands or the tail of exits that still need to be managed down?

另外延伸追問，如果可以的話，請談談與零售商的討論——有哪些內容支持你們對創新的熱情——以及如何管理品牌尾端，或仍需要逐步退出/收尾的品牌尾端。

Yes. So we're going to take this in a couple of parts. A great question. This is Scott. When we talk about stabilization for FY27, first, I think about what do we control within kind of the four walls of Helen of Troy, and it's really around editing our agenda and amplifying the things that we think have the biggest growth potential and moving with the speed of the marketplace.

是的。我們會分幾個部分來回答。這是個很好的問題。我是 Scott。當我們談到 FY27 的穩定化時，首先，我會思考在 Helen of Troy 的「四面牆內」我們能控制什麼——主要是精簡我們的議程，放大我們認為具有最大成長潛力的事項，並以市場的速度行動。

That's kind of one. And we've been doing that work, and that's embedded in our plan. Then underneath that, we're very sharp and very -- with conviction, the critical capabilities necessary for each one of our brands to have the best chance to compete.

這是第一點。我們一直在做這些工作，而且已經納入我們的計畫之中。接著在此之下，我們非常聚焦、也非常——有信念地——建立每個品牌要有最佳競爭機會所需的關鍵能力。

And there are everything from what's the right operating model to drive decision-making and move with the speed of the consumer, taking it from abstract concept to making sure organizationally, we're set up for success. We're doing that work, consumer-led innovation by leveraging consumer insights to not only develop an innovation road map that's going to answer the question today, but to get ahead of the marketplace for the future we're doing that work as we speak.

這些涵蓋從：什麼是能推動決策、並以消費者速度前進的正確營運模式；把抽象概念落地，確保在組織上我們已為成功做好配置。我們正在做這些工作；以及以消費者為導向的創新，透過消費者洞察不僅制定能回答當下問題的創新路線圖，也要為未來提前布局、走在市場前面——我們此刻正在進行這些工作。

Investing in omnichannel capabilities, I talked about this in the last question, everything from sensing the consumer, engaging with the right capabilities against social commerce, making sure we're partnering with our biggest strategic retail partners in the right way and being really sharp on that against these critical opportunities that we've identified and then standing up work in our supply chain that helps us make, move and hold product in the way to make sure that the right products in the right place at the right time and doing it more effectively. And the combination of those four things, just the way we operate will drive us towards stabilization. The second piece is the part of your question of what's embedded in terms of the category assumptions and how does it play out? I'm going to flip it over to Brian.

投資於全通路能力，我在上一個問題中談到過，涵蓋從洞察消費者、以適當的能力因應社群電商進行互動、確保我們以正確方式與最重要的策略性零售夥伴合作，並針對我們已識別的這些關鍵機會保持高度敏銳；同時在供應鏈端建立相關工作，協助我們以適當方式生產、運輸與備貨，確保在正確的時間、正確的地點提供正確的產品，並且更有效率地做到這一點。而這四件事的組合，加上我們的營運方式，將推動我們走向穩定。第二部分是你問題中關於類別假設內含了什麼，以及它將如何展現。我把這個問題交給 Brian。

Yes. So I mean, in terms of category, we haven't really changed any assumptions overall. It's kind of hard to talk about all our categories and boil it all down to one measure. I would say the categories are pressured by the same pressure on the consumer and price elasticity and all of those things. And so category, I would call it, is a little bit of a headwind as we look to next year.

是的。就類別而言，我們整體上其實沒有真正改變任何假設。要把我們所有類別都談一遍並濃縮成單一衡量指標，其實有點困難。我會說，各類別都受到相同因素影響：消費者壓力、價格彈性以及所有這些因素。因此，展望明年，我會把類別面視為一點逆風。

And if you kind of just want to understand why you're not seeing maybe more revenue, I think I can help you through that. We kind of assumed that current POS trends will continue and where they are today. So we have seen improvement, but we haven't assumed continued improvement. We've also assumed a continued pressure consumer and that price elasticity has an impact.

如果你想了解為什麼你可能沒有看到更多營收，我想我可以協助你釐清。我們基本上假設目前的 POS 趨勢會延續，並維持在今天的水準。所以我們確實看到改善，但我們沒有假設會持續改善。我們也假設消費者壓力會持續，且價格彈性會產生影響。

Now that is a pretty big headwind. And then what we're doing is offsetting that. We're offsetting that several ways. We are lapping prior year tariff-related revenue headwinds, but we're not -- the $80 million or $90 million that we saw in fiscal '26, we're recovering about half of that at this point. Now direct imports in China market, that's all still a work in process, and we may recover more of that.

這是一個相當大的逆風。而我們正在做的是抵消它。我們透過幾種方式來抵消。我們正在消化去年與關稅相關的營收逆風基期，但我們並沒有——在 2026 財年我們看到的 8,000 萬到 9,000 萬美元影響，目前大約只收復了一半。至於中國市場的直接進口，仍在推進中，我們可能會收復更多。

But what we've assumed at this point is we recover about half. And then you have the other offsets, which are really the exciting parts, which is product innovation and commercial building blocks, international growth. We also have price increases in there.

但截至目前我們的假設是收復約一半。接著還有其他抵消因素，也就是真正令人振奮的部分：產品創新與商業化的基礎構件、國際成長。我們也把價格上調納入其中。

And so when you just put all those puts and takes together, it happens to result in flattish net sales year-over-year. But we are assuming current POS trends, which are not yet in the positive state, even though they are trending in the right direction. And I think any upside is our continued improvement in those POS trends, which we have not assumed.

因此，當你把所有這些增減因素加總起來，結果就是淨銷售額年對年大致持平。但我們是假設目前的 POS 趨勢延續，而這些趨勢尚未轉為正成長，儘管方向是朝正確方向發展。我認為任何上行空間都來自 POS 趨勢持續改善，而這點我們尚未納入假設。

Understood. And then if I could just follow up. I appreciate the color that you gave in terms of your outlook and on commodity costs and supply chain and what have you. And realize that it is, of course, a moving target. But as we look at oil still off its peaks, but still quite a bit above pre-Iran conflict and the discussions that you've had with some of your providers. You mentioned that you're paying below market. But can you talk about the change relative to the prior year that you're looking at and discussing with those providers?

了解。那如果我可以再追問一下。我很感謝你就展望、商品成本、供應鏈等等所提供的補充說明。也理解這當然是一個持續變動的目標。但當我們看到油價雖然已從高點回落，但仍明顯高於伊朗衝突前的水準，以及你們與部分供應商的討論。你提到你們支付的價格低於市場。但你能否談談，相較於前一年，你們目前所觀察並與這些供應商討論的變化？

Yes. Thanks, Olivia. The comment we made on being below spot price was relative specifically to freight. So just calling out the spot prices are increasing, but we feel like we've contracted at rates below that and we feel comfortable with that, assuming we can stay on contracted rates and there's no significant disruption that would push us outside of that. So that's the freight, and that's related to that one specific comment I made.

可以。謝謝你，Olivia。我們提到低於即期價格的評論，是特別針對運費而言。也就是說，即期運價正在上升，但我們認為我們簽約的費率低於即期水準，並且對此感到安心，前提是我們能維持在合約費率上，且沒有重大干擾把我們推離該範圍。所以那是運費，且是針對我那一則特定評論。

As it relates to the impact from the conflict overall and its potential impact on our suppliers, raw material prices, it's obvious, are going up almost instantaneously as a result of the conflict and a lot of it is driven based on fuel. So we know that, that's out there, and we have had discussions with our suppliers on potential impacts.

至於整體衝突的影響，以及其對我們供應商、原物料價格的潛在影響，很明顯地，原物料價格幾乎是因衝突而立即上升，其中很大一部分是由燃料所驅動。所以我們知道這個情況確實存在，也已與供應商就潛在影響進行討論。

At this point in time, I can't give you any estimate of where that will go or end up. And typically, when we have these discussions, they evolve over a period of time, and there's not like this instantaneous kind of adjustment. Same thing played out with tariffs. We absorbed a direct tariff impact and then how we manage that with our suppliers evolved over time, and there were adjustments over time, but a lot of adjustments didn't occur overnight. So it's an ongoing discussion.

就目前這個時間點，我無法給你任何估計，說它會走到哪裡或最後會落在什麼水準。而通常我們進行這類討論時，會在一段時間內逐步演變，不會有那種即時性的調整。關稅也是同樣的情況。我們先承擔了直接的關稅影響，之後我們如何與供應商一起管理，會隨時間演進並逐步調整，但很多調整並不是一夜之間發生。所以這是一個持續進行的討論。

It is happening live. We are aware of the potential impact, but it's such early days. I don't think it's possible to estimate anything, and we're going to work with our suppliers like we always have and get to a good outcome in terms of what our ultimate pricing is.

這件事正在即時發生。我們知道其潛在影響，但現在仍是非常早期的階段。我認為目前不可能估算任何數字；我們會一如既往與供應商合作，並在最終定價方面取得良好的結果。

We have no further questions at this time. I'd like to turn the floor back over to management for closing comments.

我們目前沒有其他問題。我想把時間交回給管理團隊作結語。

Thank you for joining us today, and we look forward to speaking to many of you in the coming weeks. Have a wonderful day.

感謝各位今天加入我們，我們期待在接下來幾週與各位中的許多人交流。祝各位有美好的一天。

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

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。