Helen of Troy Ltd (HELE) 2027 Q1 法說會逐字稿

Greetings. Welcome to Helen of Troy Limited's first quarter fiscal '27 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Helen of Troy Limited 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

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

現在我將把會議交給對外溝通總監 Anne Rakunas。謝謝你，Anne。你現在可以開始。

Thank you, operator. Good morning, everyone. Welcome to Helen of Troy's first quarter fiscal '27 earnings conference call. The agenda for the call this morning is as follows.

謝謝，接線員。各位早安。歡迎參加 Helen of Troy 2027 會計年度第一季財報電話會議。今天早上的會議議程如下。

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, will provide an overview of our financial performance in the first quarter and outline our expectations for the full year fiscal '27. Following our prepared remarks, we'll open up the call for Q&A.

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 將概述第一季的財務表現，並說明我們對 2027 會計年度全年的預期。在我們的準備發言之後，我們將開放問答。

This conference call may contain 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 or words identifying forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause anticipated results to differ materially from the actual results.

本次電話會議可能包含前瞻性陳述，係基於管理層對未來事件或財務表現的目前預期。一般而言，「預期」、「相信」、「預估」以及其他類似用語，或用以識別前瞻性陳述的字詞。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。

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 to place undue reliance on forward-looking statements or non-GAAP information.

本次電話會議也可能包含被視為非 GAAP 財務資訊的內容。這些非 GAAP 指標並非 GAAP 財務資訊的替代方案，且其計算方式可能不同於其他方所揭露的非 GAAP 財務資訊。公司提醒聽眾不要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.

在我把電話會議交給 Scott 之前，我想通知所有有興趣的各方，今天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。該財報新聞稿包含將非 GAAP 財務指標與其對應的 GAAP 指標進行調節的表格。我們也已在網站上發布投資人簡報。

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

那麼，現在我將把電話會議交給 Scott。

Good morning, everyone. Thank you for joining us. When we last spoke, we laid out our ambition to be a better company on the road to being a bigger company. Today, I want to share our progress on being a better Helen of Troy. We are focused on getting closer to the consumer, sharpening business -- how we run our business, we're starting to see early evidence we're making progress.

各位早安。感謝各位加入我們。上次我們交流時，我們提出的企圖心是：在成為更大公司的道路上，先成為更好的公司。今天，我想分享我們在打造更好的 Helen of Troy 方面的進展。我們專注於更貼近消費者、精進業務——也就是我們如何經營公司；我們已開始看到早期跡象，顯示我們正在取得進展。

Our quarter one sales results came in ahead of our expectations across both our business segments. Our margin EPS performance reflects deliberate investment in brands, innovation, and people as we focus on building more consistent, durable enterprise, not just a quarter or two of improvement.

我們第一季的銷售結果在兩大業務部門均優於預期。我們的利潤率與每股盈餘（EPS）表現反映了我們對品牌、創新與人才的有意投資；我們的重點是打造更一致、更具韌性的企業，而不只是追求一兩季的改善。

While we're encouraged by a solid start to the fiscal year, we remain clear eye. This is the first year of a multiyear road map. One we laid out for you in April at our April earnings call, we're focused on the work to be done to make Helen of Troy reach our potential. The long-term lens is particularly important as we continue to navigate a dynamic operating environment. The consumer remains under pressure, and we're managing through a more volatile cost environment.

雖然我們對本會計年度的良好開局感到鼓舞，但我們仍保持清醒。這是多年期路線圖的第一年。這份路線圖我們已在 4 月的財報電話會議中向各位說明；我們正專注於必須完成的工作，以讓 Helen of Troy 發揮潛力。在我們持續面對多變的營運環境之際，長期視角尤其重要。消費者仍承受壓力，而我們也在更為波動的成本環境中進行管理。

We're taking disciplined actions to balance near-term margin pressures while positioning the business for the long term. As we've said before, we cannot control the macro, but we can control how we execute within it. And while we're executing well and where we're executing well, we are winning. Our North America POS, they track channels. We saw consolidated growth year over year, concentrated in Braun, Osprey, OXO, Olive & June.

我們正採取嚴謹且有紀律的行動，在平衡短期毛利壓力的同時，為長期發展定位業務。如同我們先前所說，我們無法控制總體環境，但我們可以控制在其中如何執行。而在我們執行良好之處，我們正在勝出。我們的北美 POS（銷售點）數據（涵蓋追蹤通路）我們看到合併後的年對年成長，主要集中在 Braun、Osprey、OXO、Olive & June。

On a sequential basis, compared to fourth quarter, trends improved in key areas with the biggest improvement in Beauty & Wellness. Some brand callouts include Osprey's daylight and transporter expandable travel packs that deliver consumer-relevant solutions seamlessly converting from a personal item to an airline approved carry on. This is differentiated innovation over-delivering against financial targets and driving meaningful share gains.

以序列基礎來看，與第四季相比，關鍵領域的趨勢有所改善，其中改善幅度最大的是 Beauty & Wellness。部分品牌亮點包括 Osprey 的 Daylight 與 Transporter 可擴充旅行背包，提供貼近消費者需求的解決方案，可無縫從個人物品轉換為符合航空規範的隨身行李。這是具差異化的創新，不僅大幅超越財務目標，亦帶動顯著的市占提升。

OXO successfully extended the brand's award-winning performance and intuitive design into the high-growth pet category with a range of new products spanning feeding bowls, stands, mat, storage solutions, presenting the brand to capture incremental demand and expanding adjacent categories.

OXO 成功將品牌屢獲獎項的性能表現與直覺式設計延伸至高成長的寵物品類，推出涵蓋餵食碗、支架、墊子與收納解決方案等一系列新產品，使品牌得以掌握新增需求並擴展至相鄰品類。

Braun's blood pressure monitors launched a NAS channels last fall. They combined medical-grade accuracy with simplicity. They are outperforming plans and stand out as the only product in the category gaining share, the world's largest mass retailer based in the US.

Braun 的血壓計於去年秋季在 NAS 通路上市。其結合醫療級精準度與簡易操作。其表現優於計畫，並且是該品類中唯一在美國、以全球最大量販零售商為基礎的通路中持續提升市占的產品。

And Olive & June launched an out of this world collaboration with Star Wars, the Mandalorian and Grogu, bringing consumer collectibles, exclusive and culturally resonant products that elevate the brand and drive engagement at scale.

此外，Olive & June 與《星際大戰》、曼達洛人以及 Grogu 推出令人驚豔的聯名合作，帶來消費者收藏品、獨家且具文化共鳴的產品，提升品牌形象並在大規模層面推動互動與參與。

These results reflect a simple point. Brands that deliver meaningful innovation and meet real consumer needs can continue to win even in a more cautious spending environment. But as we said last quarter, fiscal '27 is about restoring momentum by focusing on editing and amplifying the priorities and actions of the enterprise by directing our time, capital and attention towards the highest impact opportunities.

這些結果反映了一個簡單的重點。即使在更為謹慎的支出環境中，能提供有意義創新並滿足真實消費者需求的品牌，仍能持續勝出。但正如我們上季所說，2027 會計年度的重點在於恢復動能：透過聚焦、取捨與放大企業的優先事項與行動，把我們的時間、資本與注意力導向影響力最高的機會。

Our actions are guided three pillars. First, consumer first innovation; second, commercial and operational excellence; third, our people and culture. As we reenergize the organization, we want to ensure that we have the capabilities to win. Our approach is intentional. We're focused first on strengthening operational discipline and improving how the business runs before we lean more fully in the broader brand acceleration.

我們的行動由三大支柱所引導。第一，以消費者為先的創新；第二，商業與營運卓越；第三，我們的人才與文化。在我們重新為組織注入活力之際，我們希望確保具備致勝能力。我們的方法是有意識且有計畫的。我們首先專注於強化營運紀律、改善業務運作方式，之後才會更全面地投入更廣泛的品牌加速。

In Q1, we've made meaningful progress against these priorities that form key elements of our three pillars. Making our consumer-centered offense reality, going from the abstract to how do we make this real. And it's about how we organize and what we do every day.

在第一季，我們在這些優先事項上取得了實質進展，而這些優先事項構成我們三大支柱的關鍵要素。讓以消費者為中心的進攻策略成為現實，從抽象概念走向「如何落地」。而這關乎我們如何組織，以及我們每天做什麼。

First, we're sharpening how we run the business, fewer priorities, clearer choices, more consistent execution against the things that matter most. A key step in executing our strategy is how we are evolving our operating model. We are reshaping the organization to move closer to our consumers, putting the energy, the inertia, the focus of decision-making closer to our consumer marketplace.

第一，我們正在精進業務運作方式：更少的優先事項、更清晰的選擇，並更一致地在最重要的事項上落實執行。執行我們策略的關鍵一步，是我們如何演進營運模式。我們正在重塑組織，以更貼近消費者，將能量、動能與決策重心更靠近我們的消費者市場。

This is about building brands and products that deliver utility and style. This is how amazing brands are built and create magical connections with their consumers. This can only happen when leaders live in the cultural space and life for the consumer so they can take consumers to new places. Our new Helen of Troy office will enable this to be a cornerstone of our company of the future.

這是關於打造兼具實用性與風格的品牌與產品。這正是卓越品牌得以建立並與消費者創造奇妙連結的方式。唯有當領導者身處消費者的文化場域與生活之中，才能帶領消費者前往新的境界。我們新的 Helen of Troy 辦公室將使這一點成為我們未來公司的一項基石。

Under this model, we've designated five dedicated segment general managers, each of full ownership of the brand portfolio, including strategy, innovation, commercial execution, and business results. These roles are a mix of internal leaders stepping into expanded roles as well as recruiting external talent, external count to broaden the capabilities of the organization, a deliberate combination that gives us both continuity and fresh perspective without materially increasing our operating costs.

在此模式下，我們已指派五位專責的事業部總經理，每位都對品牌組合擁有完整責任，包括策略、創新、商業執行與業務成果。這些職務由內部領導者擔任擴大後的角色，以及招募外部人才所組成；外部人選的引進旨在擴充組織能力。這種刻意的組合讓我們在不實質增加營運成本的情況下，同時兼具延續性與新觀點。

We've also formalized three geographic or geo general managers roles to stitch and accelerate brand development beyond the North American borders. It's strategic, it's intentional, and focused brand building in the right global markets to better leverage our strong international structure that's already in place.

我們也正式設立三個地理區域（geo）總經理職位，以串聯並加速北美以外的品牌發展。這是具策略性、具目的性且聚焦於在正確的全球市場進行品牌建設，以更好地運用我們既有的強大國際架構。

The result is dedicated leaders who live and breathe a focused consumer segment or marketplace rather than balancing competing priorities across multiple brands. We expect this will free up our segment presidents do what they do best, clear the forest for strategic growth by scaling enterprise solutions, advancing cross-portfolio opportunities, and shaping our long-term strategic agenda.

其結果是，領導者能專注於特定的消費者族群或市場，真正投入其中，而不是在多個品牌之間平衡相互競爭的優先事項。我們預期這將讓事業部總裁能更專注於其最擅長的工作：透過擴大企業級解決方案、推進跨組合機會，以及塑造我們的長期策略議程，為策略性成長掃除障礙。

We believe this result in a company closer to the consumer with sharper ownership, faster decision-making and the leadership firepower to unlock full potential of our brands. This is a natural next step in the operating model evolution we described last quarter.

我們相信，這將使公司更貼近消費者，責任歸屬更清晰、決策更快速，並具備足以釋放品牌全部潛力的領導火力。這是我們在上季所描述之營運模式演進的自然下一步。

Second, we're strengthening the fundamentals of our commercial and operational execution. We've identified clear priorities to operate with greater discipline, and we are moving quickly to address that. This starts with pricing discipline. Our previous pricing actions now in place across our major brands are largely holding in the market, though we continue to monitor retailer consumer response in select areas where elasticity has been higher than expected.

第二，我們正在強化商業與營運執行的基本功。我們已辨識出以更高紀律運作的明確優先事項，並正迅速採取行動加以改善。這首先從定價紀律開始。我們先前在主要品牌推行的定價措施目前大致在市場上站穩腳步，但在部分需求彈性高於預期的區域，我們仍持續監測零售商與消費者的反應。

Related focus is improving the quality of our revenue, being more deliberate about our product and channel mix, reducing exposure to lower-margin channels and shifting towards higher-value products and customers. We are also bringing greater consistency to how we price and promote ensuring we drive demand in ways that protect brand value.

相關的重點是提升營收品質，更有意識地管理產品與通路組合，降低對低毛利通路的曝險，並轉向更高價值的產品與客戶。我們也在定價與促銷方式上導入更高一致性，確保以能保護品牌價值的方式帶動需求。

At the same time, we are improving alignment across sales, marketing and product with a sharper focus on higher-impact products and our most important customers. At its core, this work is about bringing greater control and consistency to how we operate across channels and with our customers.

同時，我們也在銷售、行銷與產品之間提升協同一致性，更聚焦於高影響力產品與我們最重要的客戶。這項工作的核心，是在跨通路及與客戶互動的方式上，帶來更高的掌控度與一致性。

In parallel, we're strengthening the core capabilities that enable consistent execution. In e-commerce, we are bringing greater discipline to how we show up across channels, starting with pricing alignment and improving marketplace dynamics, including addressing third-party sellers to create a more consistent presence.

與此同時，我們也在強化能支撐一致執行的核心能力。在電商方面，我們正以更高紀律管理我們在各通路的呈現方式，從價格一致性著手並改善平台市場動態，包括處理第三方賣家問題，以建立更一致的品牌呈現。

We're also continuing to improve our digital shelf and retail media effectiveness, areas where we see meaningful opportunity. In demand planning, we're in the early stages of building a more connected approach to forecasting, improving how we link demand signals, promotional plans, and inventory decisions. And while we're doing all these things every day, we're maintaining a disciplined approach to capital allocation and balance sheet management as we strengthen the foundation of the business.

我們也持續提升數位貨架（digital shelf）與零售媒體成效，這些領域我們看到顯著的機會。在需求規劃方面，我們正處於建立更緊密連結之預測方法的早期階段，改善需求訊號、促銷計畫與庫存決策之間的連動。此外，在每天推進上述工作的同時，我們也在強化業務基礎之際，維持對資本配置與資產負債表管理的審慎與紀律。

Lastly, we're making progress and how decisions get made. We are simplifying processes, reducing unnecessary complexity, and pushing decision-making closer to the consumer in marketplace. As a result, we are already seeing faster decision-making across the organization. Our brand teams are collaborating more closely on incremental distribution opportunities. Our marketing and product teams are actively deploying test and learn model to try new tactics and measure results before scaling.

最後，我們在決策如何形成方面也取得進展。我們正在簡化流程、降低不必要的複雜性，並將決策權更貼近消費者與市場端。因此，我們已看到組織內的決策速度加快。我們的品牌團隊在增量鋪貨機會上更緊密合作。我們的行銷與產品團隊也正積極採用「測試與學習」模式，先嘗試新戰術並衡量成效，再進一步擴大推行。

These changes are fostering a more efficient operating model with clear ownership, one that enables us to act with clarity and control. At the same time, we're continuing to invest our time and resources and growth. Our approach is disciplined. We're targeting areas where we have a clear right to win and where the returns are compelling.

這些改變正在促成更有效率、責任清楚的營運模式，使我們能以更清晰的方向與更強的掌控力採取行動。同時，我們也持續投入時間與資源以推動成長。我們的方法是有紀律的。我們鎖定我們具備明確勝出權（right to win）且報酬具吸引力的領域。

A really good -- or a great example of this is in our international business. We plan to accelerate growth by evolving how we go to market leading into a more agile hybrid model that pairs strong local partners that know the market with direct consumer engagement with our brands. It's a more flexible approach in helping us move a lot faster, execute better, and build stronger connections with consumers as we scale in specific global markets. We'll share more about this later this fall.

一個非常好——或說很好的例子，就是我們的國際業務。我們計畫透過演進我們的市場進入策略來加速成長，邁向更敏捷的混合模式：一方面結合熟悉市場的強勢在地合作夥伴，另一方面也透過我們的品牌直接與消費者互動。這是一種更具彈性的做法，能幫助我們更快行動、執行得更好，並在特定全球市場擴張時與消費者建立更強連結。我們將在今年秋季稍晚分享更多內容。

We're being delivered in these investments and certain that we're aligned with the near-term priorities and our ability to execute. So as we look ahead, our focus remains on execution on giving you visible markers of progress. We'll have more to share in the coming quarters.

我們在這些投資上採取審慎推進，並確保其與短期優先事項以及我們的執行能力保持一致。因此，展望未來，我們的重點仍在於執行，並為各位提供可見的進展指標。我們將在接下來的幾個季度分享更多。

To bring it all together, we're encouraged by how the year is starting and the progress we're seeing. Our focus now is staying disciplined, building consistency and continuing to get better at how we operate. Execution will drive the rest of the year, delivering great problem-solving products, moving on key commercial priorities and managing through cost volatility. We've still got work to do, but we're headed in the right direction, and we're building on a strong foundation to unlock full potential of our portfolio and drive more consistent long-term growth.

綜合來看，我們對今年的開局以及所看到的進展感到鼓舞。我們目前的重點是維持紀律、建立一致性，並持續提升我們的營運方式。執行力將驅動今年其餘時間的表現：提供優秀、能解決問題的產品，推進關鍵商業優先事項，並在成本波動中妥善管理。我們仍有工作要做，但方向正確；我們也正建立在堅實基礎之上，以釋放我們產品組合的全部潛力並推動更一致的長期成長。

With that, I'll turn it over to Brian.

接下來，我把時間交給 Brian。

Thank you, Scott, and good morning, everyone. We believe our start to fiscal '27 is another step in the right direction with net sales and adjusted EPS above our expectations, driven by disciplined execution across the organization and improving business fundamentals. I'm encouraged by how we are navigating a dynamic operating environment and addressing margin pressure from heightened geopolitical and supply chain disruption, which I will cover in more detail shortly.

謝謝你，Scott，各位早安。我們認為，2027 會計年度的開局是朝正確方向邁出的又一步；在全組織有紀律的執行與業務基本面改善的帶動下，淨銷售與調整後 EPS 均高於我們的預期。我也很受鼓舞，因為我們正因應多變的營運環境，並處理因地緣政治升溫與供應鏈中斷加劇所帶來的毛利壓力；我稍後會更詳細說明。

Overall, the quarter reinforces the initial progress we are making as we transition to a growth-first model while maintaining a prudent and disciplined approach to investing back into our business and mitigating supply chain volatility.

整體而言，本季結果強化了我們在轉型為「成長優先」模式過程中所取得的初步進展，同時我們仍維持審慎且有紀律的方式，將投資回饋至業務並降低供應鏈波動的影響。

Turning to the financial highlights for the first quarter. Consolidated sales increased 8.2% favorable to our expectations. Note that our Q1 sales results benefited from approximately $4 million to $5 million of favorable order phasing driven by the earlier timing of Prime Day. For Home & Outdoor sales increased 9.5%, with broad-based growth across all three brands.

接著看第一季的財務重點。合併銷售額成長 8.2%，優於我們的預期。請注意，我們第一季銷售結果受惠於約 400 萬至 500 萬美元的有利訂單時點（order phasing），主要由於 Prime Day 時程提前。在 Home & Outdoor（居家與戶外）方面，銷售成長 9.5%，三個品牌皆呈現廣泛成長。

Osprey was the strongest performer with growth driven by improvements in our international distribution network and e-commerce momentum. OXO benefited from lapping prior year tariff-related disruption, strong point-of-sale trends and expanded brick-and-mortar distribution. Hydro Flask growth reflects expanded retail distribution, inventory optimization and e-commerce momentum.

Osprey 表現最為強勁，成長動能來自國際經銷網路的改善以及電商動能。OXO 受惠於去年關稅相關干擾的比較基期效應、強勁的銷售點（POS）趨勢，以及實體通路鋪貨擴張。Hydro Flask 的成長反映零售通路鋪貨擴張、庫存最佳化與電商動能。

For Beauty & Wellness, sales increased 7%, reflecting growth in both Beauty & Wellness. Our Wellness portfolio outperformed expectations driven by growth across Braun, Vicks, Honeywell, and PUR, driven by lapping prior year tariff-related disruption, solid point of sale and expanded distribution.

在 Beauty & Wellness（美妝與健康）方面，銷售成長 7%，反映美妝與健康兩大業務皆成長。我們的健康（Wellness）產品組合表現優於預期，成長動能來自 Braun、Vicks、Honeywell 與 PUR 的成長，主要受惠於去年關稅相關干擾的比較基期效應、穩健的銷售點表現以及通路擴張。

In Beauty, Olive & June led the way with strong growth supported by expanded distribution, continued innovation and strong consumer engagement. These gains were partially offset by continued softness in some of our core beauty brands, reflecting ongoing point-of-sale pressure and pricing elasticity impacts.

在美妝（Beauty）方面，Olive & June 表現領先，在通路擴張、持續創新與強勁消費者互動的支持下實現強勁成長。上述成長部分被我們部分核心美妝品牌持續疲弱所抵銷，反映銷售點壓力仍在，以及定價彈性影響。

International sales increased 1.1% for the quarter. Growth was driven primarily by Osprey's improved distribution network and broad-based strength across the wellness portfolio, partially offset by softer consumer demand in Kitchenware and hair appliances amid a competitive retail environment.

本季國際銷售成長 1.1%。成長主要由 Osprey 改善的配銷網路以及健康（Wellness）產品組合的全面性強勁表現所帶動，但在競爭激烈的零售環境下，廚房用品與美髮電器的消費需求較疲弱，部分抵銷了成長。

Our margins and profitability were largely in line with our expectations with adjusted EPS and EBITDA results, reflecting the execution of our growth first model that reinvest the majority of overperformance back into the business. We recognized a pretax benefit of $1.8 million for Phase I tariff refunds that we estimated to be collectible as of the end of the quarter, which contributed to adjusted EPS ahead of expectations. I'll share more regarding tariff refunds when I cover our outlook for the remainder of the year.

我們的毛利率與獲利能力大致符合預期，調整後 EPS 與 EBITDA 的表現反映了我們「成長優先」的營運模式：將大部分超預期的表現再投資回業務。我們就第一階段關稅退稅認列了 180 萬美元的稅前利益（截至季末我們估計可收回），使調整後 EPS 優於預期。在我說明今年剩餘期間的展望時，會分享更多關於關稅退稅的資訊。

Consolidated gross profit margin decreased 110 basis points to 46%, reflecting the net unfavorable impact of tariffs a less favorable inventory obsolescence impact year over year and a less favorable customer mix within Home and Outdoor. We expect the first quarter of fiscal '27 to have the most year-over-year gross margin compression from tariffs due to higher rates still cycling through cost of goods sold and minimal tariff impact in the same period last year.

合併毛利率下滑 110 個基點至 46%，反映關稅的淨不利影響、存貨報廢影響較去年同期不利，以及 Home and Outdoor 事業中較不利的客戶組合。我們預期 2027 會計年度第一季的毛利率年對年受關稅擠壓最為明顯，原因是較高的關稅稅率仍在成本中循環反映於銷貨成本，而去年同期幾乎沒有關稅影響。

SG&A ratio decreased to 31% compared to 45.1% in the same period last year, primarily driven by a pretax gain of $55 million from the sale of a distribution facility that we disclosed in April, partially offset by higher investment in our people year over year.

SG&A 比率降至 31%，去年同期為 45.1%，主要受惠於我們在 4 月揭露的出售一處配銷設施所帶來 5,500 萬美元的稅前處分利益；但部分被我們在人員方面年對年較高的投資所抵銷。

Adjusted operating margin decreased 30 basis points to 4%, reflecting the unfavorable impact of tariffs and higher investment in our organization and go-to-market structure, partially offset by lower outbound freight and favorable operating leverage.

調整後營業利益率下滑 30 個基點至 4%，反映關稅的不利影響，以及我們在組織與市場進入（go-to-market）架構上的較高投資；部分被較低的出貨運費與有利的營運槓桿所抵銷。

Moving on to balance sheet highlights. Inventory ended at $467 million, a $17 million decrease from the prior year despite approximately $15 million of incremental tariff costs in inventory. We reduced our total debt by $716 million as we used the proceeds from the sale of the distribution facility to lower outstanding borrowings. Our net leverage ratio decreased to 3.48 times compared to 3.87 times at the end of the fourth quarter. Free cash flow was slightly negative in the quarter, primarily due to cash used for tariff payments annual incentive compensation payments and higher cash taxes, partially offset by an increase in cash earnings.

接著說明資產負債表重點。存貨期末為 4.67 億美元，較去年減少 1,700 萬美元，儘管存貨中包含約 1,500 萬美元的新增關稅成本。我們運用出售配銷設施的所得款項降低未償借款，使總負債減少 7.16 億美元。淨槓桿比率降至 3.48 倍，較第四季期末的 3.87 倍下降。本季自由現金流略為負值，主要因關稅付款、年度獎金（激勵）薪酬支付與較高的現金稅負所致；部分被現金獲利增加所抵銷。

Turning now to our full year fiscal '27 outlook. We are raising our net sales expectations slightly to $1.759 billion to $1.831 billion, with Home & Outdoor net sales of $859 million to $884 million and Beauty & Wellness net sales of $900 million to $947 million.

接著談我們 2027 會計年度全年展望。我們小幅上調淨銷售額預期至 17.59 億至 18.31 億美元，其中 Home & Outdoor 淨銷售額為 8.59 億至 8.84 億美元，Beauty & Wellness 淨銷售額為 9.00 億至 9.47 億美元。

We are maintaining adjusted EBITDA of $190 million to $197 million which implies year-over-year growth of 2.1% to 6.3%. We are maintaining adjusted EPS of $3.25 to $3.75 and we are maintaining free cash flow of $85 million to $100 million while increasing our planned capital expenditure range by $2 million.

我們維持調整後 EBITDA 為 1.90 億至 1.97 億美元，代表年對年成長 2.1% 至 6.3%。我們維持調整後 EPS 為 3.25 至 3.75 美元，並維持自由現金流為 8,500 萬至 1 億美元，同時將計畫資本支出區間上調 200 萬美元。

Our full year revenue outlook reflects our first quarter performance, partially offset by retailer order pull forward of approximately $4 million to $5 million out of the second quarter due to the shift in Prime Day timing as well as revenue risk from expected supply disruption largely driven by the conflict in the Middle East.

我們的全年營收展望反映第一季表現，但部分被零售商因 Prime Day 時點調整而將約 400 萬至 500 萬美元的訂單自第二季提前拉貨所抵銷；此外，亦納入主要由中東衝突所驅動、預期供應中斷帶來的營收風險。

Our adjusted EBITDA and EPS outlook now reflects the pretax benefit of Phase I tariff refunds now estimated to be approximately $9.2 million but that benefit is more than offset by the expectation of cost inflation for the remainder of the year. The higher costs are being driven by increases in commodity inputs and pressure from unfavorable Chinese yuan fluctuations increased inbound and outbound freight expense and higher cost of secured goods to avoid supply disruption.

我們的調整後 EBITDA 與 EPS 展望現已反映第一階段關稅退稅的稅前利益，現估約 920 萬美元，但該利益被我們對今年剩餘期間成本通膨的預期所超過抵銷。成本上升主要來自原物料投入成本增加、不利的人民幣匯率波動壓力、進出貨運費上升，以及為避免供應中斷而採購保供貨源的較高成本。

Some of this pressure was building before the conflict in the Middle East, but the heightened geopolitical and supply chain disruption has exacerbated the impact we are now expecting. We are not assuming any benefit from future tariff refund phases at this time since we can't reliably predict when those refunds might be received or whether they will ultimately be collected. We are preparing to file claims for the second phase of tariff refunds, which was just announced on June 29.

其中部分壓力在中東衝突前就已累積，但地緣政治升溫與供應鏈中斷加劇了我們目前預期的影響。由於我們無法可靠預測未來關稅退稅階段何時收到或最終是否能收回，目前並未在展望中假設任何未來退稅利益。我們正準備就第二階段關稅退稅提出申請，該階段已於 6 月 29 日剛宣布。

When we are able to get enough clarity on the timing and collectibility, I expect that we will include future phases in our outlook. We have paid $71 million in EPA tariffs that were not included in the Phase I refund process. While we expect that future phase refunds could provide some upside to our current earnings outlook, we are developing plans to reinvest a large portion of the P&L benefit back into our business as well as increase our capital expenditures on key product development and commercial initiatives with the expected cash flow benefit.

當我們能對時程與可收回性取得足夠明確資訊時，我預期會把未來階段納入我們的展望。我們已支付 7,100 萬美元的 EPA 關稅，該部分未納入第一階段退稅流程。雖然我們預期未來階段的退稅可能為目前獲利展望帶來一些上行空間，但我們也在擬定計畫，將損益表（P&L）利益中的很大一部分再投資回業務，並運用預期的現金流效益，提高在關鍵產品開發與商業推進計畫上的資本支出。

In terms of quarterly cadence, we expect first half year-over-year sales growth in the low to mid-single digits with a low single-digit decline in the second half of the year. Due to the cadence of people and brand investment and higher average tariff costs cycling out of inventory and into cost of goods sold in the first half of fiscal '27. We now expect roughly 20% of our total annual adjusted EPS outlook in the first half of the year with roughly 15% in the second quarter, consistent with our previous outlook.

就季度節奏而言，我們預期上半年銷售年對年成長為低至中個位數，而下半年則為低個位數下滑。這主要是因為人員與品牌投資的節奏，以及 2027 會計年度上半年存貨中較高的平均關稅成本逐步轉出並反映至銷貨成本。我們目前預期全年調整後 EPS 展望中約 20% 會落在上半年，其中第二季約占 15%，與先前展望一致。

In closing, while the operating environment remains challenging with increasing inflationary pressures, softer and more selective discretionary demand, cautious retailer behavior, and elevated promotional intensity. We are taking deliberate actions to position the business for improved performance and deliver reliable results. We continue to prioritize targeted investments in our brands and capabilities to position us for growth the store operating leverage and build long-term momentum.

最後總結，儘管營運環境仍具挑戰，包括通膨壓力上升、可支配性需求轉弱且更具選擇性、零售商行為趨於保守，以及促銷強度維持高檔。我們正採取審慎且有意識的行動，以使業務定位於更佳表現並交付可靠成果。我們持續優先投入於品牌與能力的精準投資，以支持成長、提升門店營運槓桿，並建立長期動能。

While we make plans to use additional potential tariff refund benefits, the feed the flywheel even further and mitigate expected inflationary pressure on our supply chain. Our continued focus on working capital efficiency and balance sheet productivity supports both strategic investment and operational flexibility. We continue to evaluate opportunities to enhance financial flexibility and concentrate our resources on our core business as we advance in our next phase.

同時，我們也規劃如何運用額外潛在的關稅退稅利益，進一步推動「飛輪效應」，並緩解供應鏈預期的通膨壓力。我們持續聚焦於營運資金效率與資產負債表生產力，以同時支持策略性投資與營運彈性。在邁向下一階段之際，我們也持續評估提升財務彈性的機會，並將資源更集中於核心業務。

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

以上，我把時間交回給主持人進行問答。

(Operator Instructions) Bob Labick, CJS Securities.

(主持人指示) Bob Labick，CJS Securities。

Congratulations on a good start to the year. So just kind of starting off with what, Brian, with you just finished up with a little bit of kind of cadence and guidance there. Can you just maybe expand a little bit upon when the tariff refunds may hit the P&L if you think about that? And just -- and the drivers of the kind of, I guess, low single-digit declines in the second half revenue that you've talked about, which is consistent with what you said last time as well.

恭喜今年開局不錯。我先從你剛才提到的一些節奏與指引開始問起，Brian。你能否再多談一點，若從損益表（P&L）的角度來看，你認為關稅退稅可能會在何時入帳？另外，你提到下半年營收會出現低個位數下滑（這也與你上次所說一致），能否說明一下背後的驅動因素？

Yes. And just to clarify the second point, Bob, when I referred to low single-digit decline for the second half, that refers to the midpoint of our range. I failed to say that when speaking but that is the intent.

好的。先釐清第二點，Bob：我提到下半年低個位數下滑，是指我們區間的中位數。我在說明時漏講了這點，但本意如此。

Then to kind of go back and get to your question about tariff refunds and cadence, we don't totally know because the process while it's defined in terms of what to do to submit refund claims and there's a general rule that within 90 days, you should get claims approved. It doesn't totally follow -- there's doesn't appear to us that there's a pattern that we can reliably depend on.

回到你關於關稅退稅與節奏的問題，我們其實不完全確定，因為流程雖然有明確規範如何提交退稅申請，且一般規則是申請應在 90 天內獲核准。但實際執行並不完全遵循——看起來並沒有一個我們能可靠依賴的規律模式。

But what I would say is this is the first phase, which is about $7 million remaining yet to be selected. I would expect that the bulk of that would be collected within our second quarter. Then that leaves future phases.

但我想說的是，這是第一階段，約有 700 萬美元尚未被選定。我預期其中大部分會在我們的第二季內收回。接著就會進入後續階段。

And really, we haven't even submitted our Phase II claims yet. And then we know we're going to have some claims that fall out of Phase II and will fall into potentially a Phase III or a Phase IV. So I do see that the tariff refund benefit getting spread out over a period of quarters. I do think that potentially we could have some even fall into fiscal '28 probably won't be hugely meaningful. But I do think that, that is possible at this point in time.

而且坦白說，我們甚至還沒提交第二階段（Phase II）的申請。然後我們也知道，會有一些申請會從第二階段被剔除，並可能落入第三階段或第四階段。所以我確實看到關稅退稅的效益會分散在好幾個季度中實現。我也認為，可能甚至有一些會落到 2028 財年，雖然可能不會非常重大。但我確實認為，就目前而言這是有可能的。

And I actually like the fact that the cadence is being spread out a little bit is not concentrated in one quarter because that gives us the ability to better execute the reinvestment back into the business. If it's all in one quarter, it's very hard to match up the spending with the benefit if it's spread out over a period of time, I think we can really do well to invest to benefit and improve the health of our businesses.

而且我其實喜歡這個節奏被稍微拉長、而不是集中在單一季度，因為這讓我們能更好地把資金再投入回業務中並有效執行。如果全部集中在一個季度，就很難讓支出與效益相匹配；若分散在一段時間內，我認為我們就能更好地做到投資以帶來效益，並改善我們各項業務的健康度。

So that's kind of our view of the potential cadence. I know it probably doesn't give you much more in terms of specifics, but it's kind of the best information we have. And if there's questions about reinvesting that, happy to take those questions.

所以這大概就是我們對可能節奏的看法。我知道這可能無法在細節上提供更多具體資訊，但這算是我們目前掌握的最佳資訊。如果對再投資有問題，我很樂意回答。

Yes, actually, that was exactly where I wanted to go with that. Obviously, you saw some nice recovery and good sales growth in the quarter. And part of what you've been talking about particularly last quarter, and I think even a little before is reinvest in the business to get growth versus cut to get higher earnings.

是的，其實這正是我想接著問的方向。很明顯，你們在本季看到不錯的復甦與良好的銷售成長。而你們一直在談的，特別是上季，我想甚至更早一些，就是把資金再投入業務以帶動成長，而不是透過削減來提高獲利。

And so maybe talk a little bit about where are you seeing now that you've had a little more time to look into it or explore it or whatever you want to call it where are you seeing the best opportunities for reinvestment to get kind of near-term growth, what brands and what areas offer the best opportunities for reinvestment?

所以也許請談談，現在你們有更多時間去檢視、探索（或你想怎麼稱呼都可以）之後，你們在哪些地方看到最好的再投資機會，以帶來較近端的成長？哪些品牌、哪些領域提供最佳的再投資機會？

Bob, this is Scott. I'll take the first part and then Brian can finish it off. Thanks, Bob. I'd say this, just to be consistent with what we talked about last quarter is that we know a healthy Helen of Troy to make us a better Helen of Troy is built on healthy brands. And so we're focused really in five areas maniacally.

Bob，我是 Scott。我先回答前半段，然後 Brian 可以補充收尾。謝謝你，Bob。我想說的是，為了與我們上季談到的保持一致，我們知道，一個健康的 Helen of Troy，要成為更好的 Helen of Troy，是建立在健康的品牌之上。因此我們在五個領域上非常專注、近乎偏執地投入。

An agile operating model, which is really investing in talent and how we stand up getting our folks closer to the consumer. I'll talk more about that. Investing in strategic innovation against many of our brands that are ready to connect with the consumer, investing in omnichannel acceleration, making sure we've got the right capabilities to work brick-and-mortar, online as well as in between.

第一是敏捷的營運模式，這主要是投資於人才，以及我們如何建立機制，讓同仁更貼近消費者。我會再多談一些。第二是針對多個已準備好與消費者連結的品牌，投資於策略性創新；第三是投資於全通路加速，確保我們具備正確能力，能同時服務實體通路、線上通路以及介於兩者之間的各種型態。

We've been standing up work in our supply chain, how we make and move product around the world. And then I just recently was over in Asia, spending time for our international team on what's the right markets going forward to be short -- fewer markets that are more sharper the right business model to execute investment in other parts of the world.

我們也正在建立供應鏈方面的工作，也就是我們如何在全球製造並移動產品。另外我最近也去了亞洲，與我們的國際團隊相處一段時間，討論未來哪些市場才是正確的選擇——聚焦在更少但更精準的市場，以及用正確的商業模式來執行在世界其他地區的投資。

So it's really around brands, innovation and people. That's what we're focused on as we go to more growth forward approach in 2027. Brian, you may add.

所以核心就是品牌、創新與人才。這就是我們在邁向 2027 年更偏向成長導向策略時所聚焦的重點。Brian，你可以補充。

Yes. The only thing I would add is the intent is also to mitigate any cost inflation that's above and beyond what we've assumed in our outlook currently. We have made an attempt to capture our current view of what that is and that's already baked into the outlook that you have to the extent that it's worse than what we currently estimated, we would use part of the tariff refund benefit to mitigate those extra costs. That's not our preference in our base plan. Our base plan is to use it for reinvestment, but it is there as a buffer as well.

是的。我唯一想補充的是，我們的意圖也包括緩解任何超出我們目前展望假設的成本通膨。我們已嘗試把目前對此的看法納入，並且已經反映在你們看到的展望之中；若實際情況比我們目前估計更糟，我們會使用部分關稅退稅的效益來抵消那些額外成本。這不是我們在基本計畫中的偏好。我們的基本計畫是用於再投資，但它同時也可作為緩衝。

Peter Grom, UBS.

UBS 的 Peter Grom。

Great. I guess I just wanted to get some perspective on the revenue outlook. I think Brian, you kind of gave some commentary around the pull forward around Prime Day, which makes sense.

很好。我想我只是想了解一下對營收展望的看法。我記得 Brian 你提到一些關於 Prime Day 提前拉貨（pull forward）的評論，這很合理。

And I think you also made a comment around revenue risk from expected supply disruption. So can you maybe just unpack that a bit? Is that just conservatism given the current environment? Or is that something you have a reasonable line of sight into?

我想你也提到，因預期的供應中斷而帶來的營收風險。所以你能否再拆解說明一下？這只是基於目前環境的保守估計嗎？還是你們對此其實有相當程度的可視性（line of sight）？

Brian, let me take the first part, and I'll let -- you can pay it off. I think as we look at our enterprise, we're focused on the things 80% that we believe we can control, which is investing in brands, people and new product innovation and getting back to growth. But think about the external factors that are out there, whether it be continued inflationary pressures, softness in discretionary categories, retailers in the marketplace in general, being just much conservative as they wait by. These are things that are not just for us. This is everybody in the category.

Brian，我先回答前半段，然後你可以補充收尾。我想當我們看整個企業時，我們聚焦在我們相信能掌控的那 80%，也就是投資於品牌、人才與新產品創新，並回到成長軌道。但再看看外部因素，不論是持續的通膨壓力、非必需消費品類的疲弱、以及整體市場中的零售商在觀望之下變得更保守。這些不只是我們面臨的問題。這是整個品類的共同情況。

We're just -- it's just we live in an uncertain world. But Brian, I don't know if you want to talk more about the way we cadence the revenue throughout the year. But we're confident in the work that we're doing inside the building to make sure we're better (inaudible), but we have a lot of concerns in the long term. We just have -- are cautious around what's happening around the world that we deal in. Brian, any adds?

我們只是——我們活在一個不確定的世界。但 Brian，我不知道你是否想再多談談我們如何在全年安排營收的節奏。我們對於在公司內部所做的工作很有信心，確保我們變得更好（聽不清）。但從長期來看我們有很多顧慮。對於我們所處的全球環境正在發生的事情，我們就是保持謹慎。Brian，有要補充的嗎？

No, I agree with all of that. And just to do the math on kind of if you say we beat expectations by $25 million in the first quarter, the -- there's $5 million approximately, that was pulled forward out of Q2. So I think factored that into the equation. We flowed through 10, so that is about 15 in terms of potential supply risk that, to your point, we do have line of sight to.

沒有，我同意以上所有說法。另外就數字來算，如果你說我們第一季比預期高出 2,500 萬美元，其中大約有 500 萬美元是從第二季提前拉到第一季的。所以我認為要把這點納入計算。我們實際流過（實現）了 1,000 萬美元，因此就潛在供應風險而言，大約還有 1,500 萬美元；如你所說，這部分我們確實有可視性。

And up until yesterday, I would say things are moderating and starting to look better, and that's a conservative estimate. But now you have the things that happened last night where there's probably going to be more disruption.

而直到昨天為止，我會說情況正在緩和並開始看起來更好，而那也是一個保守的估計。但現在又發生了昨晚的事情，可能會帶來更多中斷。

So I think it was intended to be a conservative estimate of the potential supply chain. And it's -- look, it's 2 or 3 pinch points where we may have scarcity of supply and will we be able to get access to that supply. It's not like it's a massive amount in the system.

所以我認為這原本就是對潛在供應鏈情況的保守估計。而且——你看，主要是 2 到 3 個瓶頸點，我們可能會出現供應稀缺，並且不確定能否取得那部分供應。並不是說整個系統裡有非常大量的影響。

So it's really 2 or 3 pinch points or being -- we're trying to be conservative and hopefully appreciate that as volatile. I mean, one day, two days ago, I would have said things are moderating, but up until last night, things going in the other direction.

所以實際上就是 2 或 3 個關鍵壓力點，或是——我們正試著保守一些，也希望大家能理解在這種波動下採取保守立場。我的意思是，一天前、兩天前我會說情況正在趨緩，但直到昨晚為止，事情又往相反方向發展。

And so I'm glad that we embedded a conservative point of view into our outlook.

因此我很高興我們在展望中納入了保守的觀點。

That's helpful. And I guess I wanted to go there next. I mean, I guess going back to April, right. I think -- and I know some of this was not included in the guidance, but there was some thought around the benefit from tariffs would kind of largely offset input costs. And I know Phase I refund is coming through.

這很有幫助。我想我接下來就想談這個。我的意思是，回到 4 月，對吧。我想——而且我知道其中有些沒有納入指引，但當時有一些想法是關稅帶來的好處大致上可以抵銷投入成本。而且我知道第一階段（Phase I）的退稅正在到位。

But -- and I hear you, yes, in the last couple of days are starting to move the other way, but it would appear from our perspective that relative to where we were in April, that costs are lower. So can you maybe just provide some context around what's embedded from the outlook from a cost standpoint? And just given how volatile how we should be monitoring that as we think about the balance of the year?

但是——我聽到你說，沒錯，過去幾天開始往另一個方向走，但從我們的角度看，相較於 4 月時的水準，成本似乎更低。所以你能否就成本面，說明一下你們展望中納入了哪些假設、提供一些背景？以及考量波動性這麼高，我們在思考今年剩餘期間的平衡時，應該如何追蹤與監控？

Yes. Not to give you specific amounts, Peter, but what we said was -- so there was a tariff refund benefit that we are now capturing in our outlook, and that's about $9 million. We said that the cost that we're estimating is more than that, more than offsets that. And so not to give you a specific amount, what we've assumed is something greater than the $9 million of tariff refund benefit. And we've kind of found a way to offset the amount that's more than the tariff refund.

是的。Peter，我不提供具體金額，但我們說的是——我們現在在展望中已經納入關稅退稅的利益，約為 900 萬美元。我們也說過，我們估計的成本高於這個數字，足以抵銷這項利益。因此不給出具體金額，我們假設的是一個高於 900 萬美元關稅退稅利益的數字。而我們也大致找到方法去抵銷那個超過關稅退稅的部分。

So that's our current view. And look, you got to understand it takes time for some of that to bleed through -- the total cost of this inflationary pressure will be higher than that greater than $10 million number, but it takes time for that to cycle through cost of goods sold. And so that's why it may be smaller --

這就是我們目前的看法。而且你要理解，這些影響需要時間才會逐步反映出來——這波通膨壓力的總成本會高於那個「大於 1,000 萬美元」的數字，但它需要時間才能在銷貨成本中循環反映。所以這也是為什麼它可能會比較小--

Please go ahead, I'm sorry.

請繼續，不好意思。

No, I was just going to say probably just to clarify, like would -- if I were to include the other phases of the tariffs, would that be more than enough to offset the inflation? I think that's how I originally interpreted to comment back to April. Rather not just the Phase I.

不，我只是想澄清一下：如果我把其他階段的關稅也算進去，那是否就足以、甚至綽綽有餘地抵銷通膨？我想這是我當初對 4 月那段評論的理解。而不只是第一階段（Phase I）。

Yes. In terms of impact of fiscal '27, I would expect if we're able to collect all of the tariff refunds that we are do that the tariff refund benefit would be greater than the inflationary cost pressure. Yes, that's a reasonable assumption.

是的。就 2027 財年的影響而言，我預期如果我們能夠收回我們應可收回的所有關稅退稅，那麼關稅退稅帶來的利益會大於通膨成本壓力。是的，這是合理的假設。

(Operator Instructions) Olivia Tong, Raymond James.

(接線員指示) Olivia Tong，Raymond James。

I wanted to talk a little bit about the price mix impact on the quarter and then your assumption for the year. clearly, a tough consumer backdrop and given the level of promotion in your categories, what's your level of confidence that you can hold the current levels of pricing that you've pushed through what you're embedding in terms of the promotional backdrop for the rest of the year and how you think about the phasing of margins over the course of the year as a result of that.

我想談談本季價格/組合（price mix）對業績的影響，以及你們對全年所做的假設。顯然，消費者環境艱難，而且在你們所處品類促銷力度很高的情況下，你們對於能否維持目前已推行的定價水準有多大信心？你們在今年剩餘期間對促銷環境（promotional backdrop）納入了哪些假設？以及因此你們如何看待全年毛利率在各季度之間的節奏/分布？

Olivia, I'll take the first part. The thing about it is from a pricing standpoint, as we shared in prior quarters, it varies by brand and category. But for the most part, we feel like 80% of where we wanted to get pricing, we were able to pass it through, and we're competing in those markets.

Olivia，我先回答第一部分。關於定價，我們在前幾季也分享過，會因品牌與品類而異。但整體而言，我們覺得我們想達到的定價目標中，大約 80% 已經成功轉嫁出去，並且我們正在那些市場中競爭。

We'll always continue to monitor that, make sure that whether it's competition, what's going on in the marketplace or what's going for our retailers, we have the right to adjust, but at this point, we had to flow that through to offset the work of the negative impact of tariffs a year ago.

我們會持續監控，確保無論是競爭態勢、市場發生的事情，或是零售商端的狀況，我們都有適當調整的空間；但就目前而言，我們必須把這些反映出去，以抵銷一年前關稅帶來的負面影響。

Brian, do you have anything you want to add?

Brian，你有什麼想補充的嗎？

Yes, I would just add that we do have -- our overall point-of-sale dollar growth, we do have overall point-of-sale dollar growth across the portfolio. And in certain areas where we took price there's a divergence between dollar share growth and POS growth, which I would say is in line with our expectations. We built elasticity assumptions into our outlook and assume that there would be a high level of elasticity.

有的，我補充一下：我們整體的 POS（銷售點）金額成長，在整個產品組合上是有的。而在某些我們調漲價格的領域，金額市占成長與 POS 成長之間出現分歧；我會說這符合我們的預期。我們在展望中已納入需求彈性（elasticity）的假設，並假設彈性會很高。

And I would say that the dollars are doing better than what we originally assumed in terms of performance in light of the price increases. But as Scott said, it's something that we're going to continue to monitor, and we may adjust over time.

我會說，就價格上調後的表現而言，金額表現比我們原先假設的要好。但如 Scott 所說，這是我們會持續監控的事情，並且我們可能會隨時間調整。

Currently, we feel good about our pricing situation. But like in areas where units are down, we want to continue to stay on top of that and say, do we have the right price mix. And so it will be something that we continue to evolve or stay on top of. But currently, we think we're in a good position.

目前我們對定價狀況感覺良好。但像是在某些銷量（units）下滑的領域，我們希望持續掌握並檢視：我們的價格/組合是否正確。因此這會是我們持續演進、持續緊盯的事項。但目前我們認為我們處於不錯的位置。

Got it. And then just following up, the updated sales line, I appreciate the color that you gave, the quantification you gave to Peter's question. But it does assume pretty flattish sales for the next three quarters after a nice bump in Q1, realizing, of course, a piece of that is a pull forward.

了解。接著追問一下，更新後的營收指引（sales line），我很感謝你對 Peter 問題所提供的背景與量化說明。但它確實假設在第一季有不錯的跳升之後，接下來三個季度的銷售會相當持平；當然也理解其中一部分是提前拉貨（pull forward）。

But that being said, can you talk about your confidence in the recovery path from here? Clearly, I assume you want to do better than flattish. But could you maybe talk also about what underlying category growth expectations you have embedded in your outlook and the path forward in terms of any new product introductions that could potentially improve the sales cadence from this point forward.

但即便如此，你能談談你們對於從現在起復甦路徑的信心嗎？顯然，我想你們希望表現能優於「持平」。另外也請談談，你們在展望中納入的底層品類成長預期是什麼？以及在未來路徑上，有哪些新品導入可能改善從現在起的銷售節奏（sales cadence）？

Sure. I can take that. So it's important to think about the comparison when you think about the sales trajectory for the remainder of the year. And why Q1 would be the highest sales performance in our expectations because the compare is so low and there was so much tariff revenue disruption in the first quarter and first half of the year. So that kind of moderated in the second half of last year.

當然。我可以回答。所以在思考今年剩餘期間的銷售走勢時，重要的是要看比較基期。而為什麼在我們的預期中，第一季會是最高的銷售表現，是因為比較基期非常低，而且去年第一季與上半年有大量關稅營收的干擾。因此到了去年下半年，那些干擾就有所緩和。

And so there's less disruption to recapture. And so that's why the growth rate decelerates in the remaining three quarters. And you asked about level of confidence, we've not stretched in terms of any assumptions like you mentioned, category expansion or anything like that.

所以可回補的干擾變少了。這也是為什麼剩下三個季度的成長率會放緩。你問到信心程度，我們並沒有在任何假設上做得很激進，例如你提到的品類擴張之類。

We've kind of kept current state with respect to that and are really using current POS trends to project the remainder of the year, which I think is the right thing to do. So that's how we're thinking about that. And then we layer in, as you mentioned, new innovation, new distribution, things like that, that are known and that we have line of sight to. And so we feel like it's a very supportable forecast that we think we can deliver on.

我們在這方面基本上維持現狀，並且主要是用目前的 POS 趨勢來推估今年剩餘期間，我認為這是正確的做法。所以我們是這樣思考的。然後如你所提，我們再疊加新品創新、新通路鋪貨等已知、且我們有能見度的事項。因此我們認為這是一個非常可支撐的預測，我們有信心可以達成。

Does that answer all the parts of your question? I think you had a couple of different things in there. I want to make sure I got everything.

這有回答到你問題的所有部分嗎？我覺得你剛才提到了幾個不同的面向。我想確認我都有涵蓋到。

No, that's great.

沒有，這樣很好。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe just a follow-up on the sales cadence. And then I think you guys had mentioned you guys had some expanded distribution in home and insulated beverages. I guess I was curious where that was at and what channels? And then also just in general, the core sales without the pull forward and the increased distribution, I guess, did you see kind of like growth in existing channels?

我想也許只是針對銷售節奏再追問一下。另外我記得你們提到在家用與保溫飲品方面擴大了通路覆蓋。我想了解目前進展到哪裡、是在什麼通路？再者，整體而言，若不考慮提前拉貨與通路擴張的因素，我想問核心銷售在既有通路是否也看到某種程度的成長？

Brian, I'll take off. It's a great question. I'd say this, what you'll see across from an outdoor -- that team has been really focused on a couple of things. What's the right level of investment against brands so that we make sure we're connecting for our core consumer in this dynamic operating environment, bringing relevant innovation that not only is in the core categories they're in, but enabling them to also go into adjacent spaces, and we're continuing to focus on great storytelling to connect with the consumer.

Brian，我先來回答。這是個很好的問題。我會這麼說，你會看到在戶外這一塊——那個團隊一直非常聚焦在幾件事上。也就是，針對品牌投入的適當水準是什麼，確保我們在這個充滿變動的營運環境中，能與核心消費者建立連結；帶來相關的創新，不僅在他們所處的核心品類中，也讓他們能延伸到相鄰領域；同時我們也持續專注於透過優秀的品牌敘事來與消費者連結。

And what we're seeing across Home & Outdoors, it's not only landing as with distribution in the current channels that we're in with either more SKUs or more different types of products, but it's allowed us to expand in different places without me going into specific partners, but it's allowing us to continue to grow our distribution and other partners within Home & Outdoor.

而我們在 Home & Outdoors 看到的，不只是在既有通路中透過更多 SKU 或更多不同類型的產品來提升鋪貨與覆蓋，

Brian, I don't know if you have anything to add as well as around the sales cadence for the year.

Brian，不知道你是否也想補充一下，包含今年的銷售節奏？

Yes. And just on the distribution question. in home, it's Walmart distribution, that expansion that's driving it. And then we're also seeing good growth on Amazon part of that due to the Prime Day shift. And then on Hydro Flask, the distribution expansion is with DICK'S Sporting Goods, and then we also had a target planogram reset and then we're also seeing good momentum on e-commerce as well supported by Amazon.

是的。先就通路問題來說，在家用方面，主要是 Walmart 的通路擴張在帶動。另外我們也看到 Amazon 有不錯的成長，其中一部分是因為 Prime Day 時點的移動。至於 Hydro Flask，通路擴張是在 DICK'S Sporting Goods；此外我們也做了 Target 的貨架配置（planogram）重置；同時在 Amazon 的支持下，我們也看到電商動能良好。

So those are kind of the distribution drivers there. Did I get everything on the question? Was there something else?

所以以上大概就是通路面的驅動因素。我有把問題都回答到嗎？還有其他部分嗎？

Yes. No, that was great. That's helpful. And then I guess maybe just in Beauty, I think you talked about Olive & June, driving that growth and then some of the wellness products as well. But I guess just in terms of the other core beauty brands, I believe they're still down. But I guess, are you seeing that trend line improve at all sequentially? Are you seeing, I guess, the declines moderate as you kind of move forward?

有的。沒有，這樣很棒。很有幫助。另外我想在 Beauty 方面再問一下：我記得你提到 Olive & June 帶動成長，還有一些健康（wellness）產品也是。但就其他核心美妝品牌而言，我相信仍然是下滑的。我想問的是，這個趨勢線在季度序列上有改善嗎？也就是說，隨著你們往前推進，跌幅是否有在收斂？

Yes, I can start and Scott can build. We're still not where we want to be if you look at the rest of that. If you take Beauty carve out all of the June from Beauty, we're still not where we want to be, but we do see some bright spots in terms of trend line improving with respect to POS.

是的，我可以先開始，Scott 再補充。如果看其餘部分，我們仍未達到我們想要的狀態。如果把 Beauty 裡的 June 全部剔除來看，我們仍未達到我們想要的狀態，但我們確實看到一些亮點，顯示 POS 的趨勢線正在改善。

So not where we want to be, but we do see indicators that say we're doing some of the right things and the POS is starting to move in the right direction.

所以雖然還沒到我們想要的水準，但我們看到一些指標顯示我們做對了一些事，POS 正開始往正確方向移動。

Okay. Great. And then maybe if I could add just one last one on the model. Just SG&A going forward, I guess, as you guys continue to look to maybe invest more in the brands, like how are you thinking about that investment? And then also as the SG&A cadence.

好的。很好。最後如果可以，我想再加問一題關於模型。就未來的 SG&A 而言，當你們持續希望加大對品牌的投資時，你們是如何思考這些投入的？以及 SG&A 的節奏會是如何？

The -- how I would think about it is we kind of have a base plan that just assumes Phase I tariff refunds of the $9 million that we have embedded in our outlook in that base plan investment is increasing 40 bps. That stayed consistent with our original outlook, and we're carrying that forward.

——我會這樣看：我們有一個基礎方案（base plan），其中假設第一階段（Phase I）的關稅退稅為 900 萬美元，這已經嵌入我們的展望；在這個基礎方案下，投資增加 40 個基點（bps）。這與我們原先的展望一致，我們也會延續這個假設。

So we would look to maintain that at a minimum and then any overperformance, not any, but a large portion of any overperformance would then be reinvested in terms of increasing the SG&A based on the overperformance. And then you have the plan that reflects tariff refunds where, as I mentioned, we want to reinvest the bulk of the tariff refund benefit.

因此我們至少會維持這個水準；接著若有超預期表現——不是全部，但相當大一部分的超預期——我們會再把它回投（reinvest），也就是基於超預期而提高 SG&A。另外還有一個反映關稅退稅的方案；如我提到的，我們希望把關稅退稅帶來的效益大部分拿來再投資。

So it's hard to really tell you what that looks like from a margin perspective and dollar perspective because we kind of don't know yet what the tariff refund cadence will be. But we want to reinvest the high proportion of whatever that tariff refund benefit is. And we know that we have $70 million EPA tariffs that we paid that we believe should be subject to tariff refunds at some point in time over the next several quarters.

所以從毛利率角度與金額角度來看，很難精確告訴你會長什麼樣子，因為我們目前還不確定關稅退稅的回收節奏。但我們希望把不論關稅退稅效益是多少，都以很高的比例進行再投資。我們也知道，我們已支付 7,000 萬美元的 EPA 關稅，我們認為這些在未來幾個季度的某個時間點應該會符合退稅條件。

And so we'll be looking to deploy, again, the bulk of that in our Plan B, as I'll call it, when we're able to get visibility on when we'll be able to collect those. So I hope that helps. We're sticking with our 40 basis point increase in the base plan. And then when we get the tariff refunds, we'll be looking to amp that up significantly can't tell you exactly what the margins will look like, but hopefully, you've got enough direction.

因此，一旦我們能看清楚何時可以收回這些款項，我們會在我所稱的 Plan B 中，再次把其中大部分用於投入。希望這有幫助。在基礎方案中，我們會維持 40 個基點的增加。而當我們拿到關稅退稅時，我們會大幅提高投入；我無法精確告訴你毛利率會呈現什麼樣子，但希望你已得到足夠的方向。

At this time, I'll turn the floor back to management for closing comments.

此時，我將把時間交回管理層作結語。

Yes, I want to say thank you very much for spending time for us this morning. As we talked about, we're off to our races around a three-phase road map to growth. This year is about putting markers on the board and getting back to restoring brand momentum, standing up a new operating model, which we'll share more about in detailed comments and continue to focus on balance sheet productivity. Thank you for spending time for this morning. Have a great day.

是的，非常感謝各位今天早上撥冗與我們交流。如我們所談到的，我們正依循一個三階段的成長路線圖全力推進。今年的重點是把成果指標寫在成績板上，讓品牌動能回到正軌，建立新的營運模式——我們之後會在更詳細的評論中分享更多——並持續聚焦於資產負債表的效率提升。感謝各位今天早上的時間。祝各位有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。