Interparfums Inc (IPAR) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Interparfums, Inc.'s second quarter 2025 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Interparfums, Inc. 2025 年第二季電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

At this time, I'd like to turn the call over to Karin Daly, Vice President at the Equity Group and Interparfums' Investor Relations Representative.

現在，我想將電話轉給 Equity Group 副總裁兼 Interparfums 投資者關係代表 Karin Daly。

Thank you, Joe. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar; and Chief Financial Officer, Michel Atwood.

謝謝喬。今天參加電話會議的還有董事長兼執行長 Jean Madar 和財務長 Michel Atwood。

As a reminder, this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from projected results.

提醒一下，本次電話會議可能包含前瞻性陳述，其中涉及已知和未知的風險、不確定性和其他可能導致實際結果與預測結果有重大差異的因素。

These factors may be found in the company's filings with the Securities and Exchange Commission under the heading Forward-Looking Statements and Risk Factors. Forward-looking statements speak only as of the date on which they are made, and Interparfums undertakes no obligation to update the information discussed.

這些因素可以在公司向美國證券交易委員會提交的前瞻性聲明和風險因素部分中找到。前瞻性陳述僅代表其作出之日的觀點，Interparfums 不承擔更新所討論資訊的義務。

Interparfums consolidated results include two business segments: European-based operations through Interparfums SA, the company's 72% owned French subsidiary and United States-based operations.

Interparfums 的合併業績包括兩個業務部門：透過 Interparfums SA（該公司擁有 72% 股權的法國子公司）開展的歐洲業務，以及美國業務。

With that, it's now my pleasure to turn the call over to Jean Madar. Jean?

現在我很高興將電話轉給 Jean Madar。吉恩？

Thank you, Karin. And good morning, everyone, and thank you for joining us on today's call. We began the year on a strong note, and that is continuing, but at a slower pace and with more speed bumps along the way than in recent years.

謝謝你，卡琳。大家早安，感謝你們參加今天的電話會議。今年我們開局表現強勁，而且這種勢頭還在持續，但與前幾年相比，步伐有所放緩，並且遇到了更多障礙。

Even so, the measures undertaken months ago, including price increases that will come into effect beginning this month and strategically shifting some of our sourcing and manufacturing, along with product innovation and effective advertising and promotional programs have enabled us to maintain and fulfill demand for our fragrance products.

即便如此，幾個月前採取的措施，包括將於本月開始生效的價格上漲、策略性地轉移部分採購和製造環節，以及產品創新和有效的廣告和促銷計劃，使我們能夠維持和滿足對香水產品的需求。

There is no question that momentum eased in the second quarter for us and many others in our industry and some of the challenges we faced will likely continue into the second half of the year. That said, our lean, adaptable operating model, combined with the support from our distributor, retail and manufacturing partners as well as the proactive and timely actions we have taken position us to fully resolve these challenges by 2026.

毫無疑問，我們以及業內許多其他公司在第二季度的發展勢頭有所減弱，我們面臨的一些挑戰可能會持續到今年下半年。儘管如此，我們精益、適應性強的營運模式，加上經銷商、零售和製造合作夥伴的支持，以及我們採取的積極主動和及時的行動，使我們能夠在 2026 年之前徹底解決這些挑戰。

As we reported last month, for the first six months, organic net sales, which excludes the impact of foreign exchange and the discontinuation of the Dunhill license rose 3% with first quarter shipments ahead of budget and second quarter below.

正如我們上個月報導的那樣，前六個月的有機淨銷售額（不包括外匯影響和 Dunhill 許可證終止的影響）增長了 3%，第一季的出貨量超出預算，而第二季度的出貨量低於預算。

European-based operations reported net sales grew 6% in the second quarter and 7% in the first half, with robust performance in the US that outpaced the broader fragrance industry, led by Jimmy Choo fragrances. In our US based operations, reported second quarter net sales were down 20%, with 8% of that due to sell-out of the remaining Dunhill inventory last year, which concluded in August.

歐洲業務報告稱，第二季淨銷售額成長了 6%，上半年成長了 7%，其中美國市場表現強勁，超過了以 Jimmy Choo 香水為首的整個香水產業。在我們位於美國的業務中，報告的第二季淨銷售額下降了 20%，其中 8% 是由於去年剩餘的 Dunhill 庫存已於 8 月售罄。

On an organic basis, US operations sales were down 14% in the second quarter and down 6% in the first half. As I review regional performance, I will be focusing on the first half of the year rather than the second quarter, which was unusually volatile this year. We experienced solid growth in our two largest markets, North America and Western Europe. North America sales rose 7%, and Western Europe rose 3%.

從自然角度來看，美國業務銷售額第二季下降 14%，上半年下降 6%。當我回顧區域表現時，我將重點放在上半年，而不是今年異常動盪的第二季。我們在兩個最大的市場——北美和西歐——實現了穩健的成長。北美銷售額成長 7%，西歐銷售額成長 3%。

Central and South America sales increased 7% with the success of Lacoste fragrances and also nice growth in Coach fragrances and generally a healthy growing market. Sales in Eastern Europe were up 14% as compared to the first half of 2024, when we encountered sourcing constraints at the time.

中美洲和南美洲的銷售額增長了 7%，這得益於 Lacoste 香水的成功以及 Coach 香水的良好增長，總體而言市場增長健康。與 2024 年上半年我們遇到採購限制時相比，東歐的銷售額成長了 14%。

Asia Pacific fragrance sales were down 12% in the first half, and we were against strong sales last year in Australia, but we have very high challenges in South Korea.

上半年亞太地區香水銷售額下降了 12%，與去年相比，我們在澳洲的銷售表現強勁，但在韓國，我們面臨著非常大的挑戰。

Positive takeaway from the region is that overall trends in China and Japan become a little bit more favorable. Middle East and Africa declined 19% and it's an important region for us reflecting the exit of the Dunhill license. Excluding the impact of Dunhill, net sales

該地區的積極跡像是，中國和日本的整體趨勢變得更加有利。中東和非洲下降了 19%，這對我們來說是一個重要地區，反映了 Dunhill 授權的退出。不計 Dunhill 的影響，淨銷售額

declined 6%. We have a strong fragrance lineup in the works for the remainder of the year. For our European-based brands, we will be launching the latest edition of the Jimmy Choo, I Want Choo franchise called I Want Choo with Love.

下降了6%。我們將在今年剩餘時間內推出一系列強大的香水產品。對於我們位於歐洲的品牌，我們將推出 Jimmy Choo, I Want Choo 系列的最新版本，名為「I Want Choo with Love」。

And while Montblanc sales were broadly flat during the quarter, we are already encouraged by the promising response to the recent debut of Montblanc Explorer Extreme, and we'll continue to strengthen the brand with a new extension to the Montblanc Elixir brand alongside an exciting addition to Karl Lagerfeld Ikonik franchise.

儘管本季度萬寶龍的銷售額基本持平，但最近推出的萬寶龍探險家至尊系列 (Montblanc Explorer Extreme) 所獲得的良好反響讓我們備受鼓舞，我們將繼續加強品牌實力，為萬寶龍 Elixir 品牌增添新的延伸，並為卡爾拉格斐 Ikonik 專營權增添令人興奮的新成員。

Since joining our portfolio, Lacoste fragrances have delivered outstanding results, and we are eager to build on that momentum with the upcoming introduction of Lacoste Original Parfum. We are adding new members also to the Moncler's [Les Sommets] collection as well.

自從加入我們的產品組合以來，Lacoste 香水已經取得了出色的成績，我們渴望透過即將推出的 Lacoste Original Parfum 來延續這一勢頭。我們也在為 Moncler 的 [Les Sommets] 系列添加新成員。

Additionally, we are nearing the debut of our first fragrance release for our owned brand called Solferino. This collection of 10 fragrances crafted by master perfumers stays true to artisanal roots through carefully selected distribution and premium merchandising, ensuring a truly exceptional experience for our customers.

此外，我們即將推出自有品牌 Solferino 的首款香水。該系列由調香大師精心製作的 10 款香水，透過精心挑選的分銷和優質的營銷，忠實於手工藝的根源，確保為我們的客戶提供真正非凡的體驗。

Next month, we will open our flagship boutique in the heart of Paris alongside the launch of our e-commerce platform and the products were just introduced this week at Selfridges in London, allowing us to connect with customers both locally and globally. This marks a new chapter for Interparfums, filled with the promise of growth and discovery in the art of artisanal and luxury fragrance craftmanship.

下個月，我們將在巴黎市中心開設旗艦精品店，同時推出我們的電子商務平台，產品本週剛在倫敦塞爾福里奇百貨公司推出，這使我們能夠與本地和全球客戶建立聯繫。這標誌著 Interparfums 的新篇章，充滿了手工和奢華香水工藝的成長和探索的希望。

And the insights we gain will not only enrich these lines of fragrance, but further empower us to elevate and better serve the entire family of brands within our portfolio. For our U.S.-based operations, we are set to introduce several scents including Just Cavalli blockbuster duo for Roberto Cavalli plus several extensions for GUESS, for DKNY, Ferragamo and Abercrombie.

我們獲得的見解不僅會豐富這些香水系列，而且還會進一步使我們能夠提升並更好地服務於我們產品組合中的整個品牌系列。對於我們在美國的業務，我們準備推出幾款香水，包括為 Roberto Cavalli 推出的 Just Cavalli 重磅香水二重奏，以及為 GUESS、DKNY、Ferragamo 和 Abercrombie 推出的幾款延伸香水。

As announced last month, Interparfums has been selected as the exclusive fragrance licensee for Longchamp, a leather goods a French leather goods and fashion brand that was established in 1948 and now has approximately 400 stores across 80 countries. By combining Longchamp's rich heritage and creativity with our expertise in fragrance development, we plan to launch their first ever women's fragrance in 2027 with a focus on Europe and Asia Pacific.

正如上個月宣布的那樣，Interparfums 已被選為 Longchamp 的獨家香水授權商，Longchamp 是法國皮革製品和時尚品牌，成立於 1948 年，目前在 80 個國家/地區擁有約 400 家門市。透過將 Longchamp 的豐富傳統和創造力與我們在香水開發方面的專業知識相結合，我們計劃在 2027 年推出其首款女士香水，重點是歐洲和亞太地區。

So we are very happy to have signed this new fragrance license. And of note, there was no upfront fee to obtain this license. Before I hand it over to Michel to discuss the financial results, I want to touch on a few operational updates that have been front and center across the industry. We are seeing strong momentum in our e-commerce channels and expanding our presence, especially on Amazon.

因此，我們很高興簽署了這項新的香水許可證。值得注意的是，獲得此許可證無需預付費用。在交給米歇爾討論財務結果之前，我想先談談整個行業最關注的一些營運更新。我們看到電子商務通路發展勢頭強勁，業務範圍不斷擴大，尤其是在亞馬遜上。

Platforms like Divabox and TikTok Shop are also gaining traction and showing promising growth. In fact, we are developing special programs tailored for e-commerce, such as TikTok specific SKUs, typically smaller size at lower price point to better meet the expectations of these customers who are often looking for a more affordable version options, I'm sorry. Amazon continues also to be a key focus. The good news is that thanks to our success there, more brands are now willing to sell on Amazon after we demonstrated strong numbers.

Divabox 和 TikTok Shop 等平台也越來越受歡迎，並展現出良好的成長前景。事實上，我們正​​在開發專為電子商務量身定制的特殊方案，例如 TikTok 特定的 SKU，通常尺寸較小，價格較低，以更好地滿足這些經常尋找更實惠版本選項的客戶的期望，我很抱歉。亞馬遜也繼續成為焦點。好消息是，由於我們在那裡取得了成功，在我們展示了強勁的業績後，現在有更多的品牌願意在亞馬遜上銷售。

Their business on Amazon has been growing steadily. It's important to note that Amazon Beauty is very much a control platform, but we can't overlook the platform shares influence and reach. Divabox, currently the number 2 e-commerce platform for fragrance in France is another exciting area for us. On the traditional retail side, there are no major changes.

他們在亞馬遜上的業務一直在穩步成長。值得注意的是，亞馬遜美妝很大程度上是一個控制平台，但我們不能忽視該平台的影響力和覆蓋範圍。Divabox 是目前法國第二大香水電子商務平台，對我們來說是另一個令人興奮的領域。傳統零售方面，沒有太大的變化。

Big retailers and specialty stores like Macy's and Ulta continue to hold steady market share and maintain strong business. As we discussed on our previous call, we are making strong progress and remain on track with the transition out of our own operated facility in Dayton, New Jersey.

梅西百貨和 Ulta 等大型零售商和專賣店繼續保持穩定的市場份額並維持強勁的業務。正如我們在上次電話會議上討論的那樣，我們正在取得重大進展，並將繼續按計劃從位於新澤西州代頓的自營工廠進行轉型。

This move will likely happen just after the summer with a target to be fully relocated to the new facility and working with a third-party logistics partner by the end of Q3. At that point, we expect to be fully utilizing third-party providers for packing, shipping, warehousing and order fulfillment. As it relates to tariffs, and I'm sure if you have more questions, I will answer this during the session of the Q&A.

此次搬遷很可能在夏季之後進行，目標是在第三季末完全搬遷到新工廠並與第三方物流合作夥伴合作。屆時，我們希望充分利用第三方供應商進行包裝、運輸、倉儲和訂單履行。因為它與關稅有關，我相信如果您還有其他問題，我會在問答環節中回答。

But we got some good news recently, the agreement to keep tariffs on goods from Europe at 15% and to eliminate tariff on US export to Europe. Earlier projections had us bracing for 30% to 50% plus also reciprocal tariff from Europe. So this is a meaningful improvement even though the increase from 10% to 15% for imports to the US is higher than we had initially planned.

但最近我們得到了一些好消息，雙方同意將對來自歐洲的商品的關稅維持在15%，並取消美國對歐洲出口的關稅。早先的預測是，我們將面臨 30% 至 50% 的關稅，甚至歐洲將徵收互惠關稅。因此，儘管美國進口額從 10% 增加到 15% 的增幅高於我們最初的計劃，但這仍然是一個有意義的進步。

The recent agreements finalized with South Korea, Vietnam and the Philippines as well as a preliminary deal with China provide greater clarity on the global trade environment and confirm the immediate action and longer-term plans we put in place three months ago remain the right ones. On our sourcing strategy, first, just to clarify, we do not fill or finish any of our goods in China.

最近與韓國、越南和菲律賓達成的協議以及與中國的初步協議使全球貿易環境更加清晰，並證實了我們三個月前採取的緊急行動和長期計劃仍然是正確的。關於我們的採購策略，首先需要澄清的是，我們的任何產品都不在中國生產或完成。

That said, we do still source a lot of components from there, including plastic caps, certain pumps, some metal parts and we have already started moving towards alternative sourcing options outside of China. It's a transition, and there may be some short-term impact, but between this and other steps we are taking, we expect to absorb it without major disruption.

儘管如此，我們仍然從那裡採購許多零件，包括塑膠蓋、某些泵浦、一些金屬零件，而且我們已經開始轉向中國以外的替代採購選項。這是一個過渡期，可能會產生一些短期影響，但透過這項措施以及我們正在採取的其他措施，我們預計能夠在不造成重大干擾的情況下吸收這些影響。

Another key step is localizing production where it makes sense, we are shifting manufacturing closer to the end market. This is mostly valid for certain SKUs that are produced in the US but where most of the business is in Europe or other region. This shift will help us to minimize the US import tariff on components. As it relates to pricing, we have taken a very selective approach, meaning it hasn't been applied across the board.

另一個關鍵步驟是在合理的範圍內實現生產本地化，我們正在將製造業轉移到更靠近終端市場的地方。這主要適用於在美國生產但大部分業務在歐洲或其他地區的某些 SKU。這一轉變將有助於我們最大限度地降低美國對零件的進口關稅。就定價而言，我們採取了非常選擇性的方法，這意味著它並未全面應用。

We implemented more aggressive mid-single-digit percentage price increase in the U.S. where the tariff on imported finished goods have had the biggest impact. In other markets, we've generally held entry-level pricing steady on smaller sizes to maintain accessibility while applying more pricing adjustments to larger sizes or on brands that are less price sensitive.

我們在美國實施了更激進的中位數百分比價格上漲，因為進口成品關稅對美國的影響最大。在其他市場，我們通常會對較小尺寸的產品保持穩定的入門級定價以保持可訪問性，同時對較大尺寸的產品或對價格不太敏感的品牌應用更多的價格調整。

Overall, we are looking at approximately 2% average price increase at the total company level, which will progressively take effect between now and the end of the year. The next three months are going to be critical as we focus on the holiday selling. In the first half of the year, sell-through outpaced sell-in and store inventory levels are still relatively low. It will be a key marker to see how retailers stock up for the holiday season.

總體而言，我們預計整個公司層級的平均價格將上漲約 2%，並將從現在到年底逐步生效。由於我們將專注於假日銷售，因此接下來的三個月將至關重要。上半年，銷售量超過銷售量，門市庫存水準仍相對較低。這將成為觀察零售商如何為假日季節儲備庫存的關鍵指標。

We already started Phase 1 gift sets and holiday orders and how this phase perform will set the tone. One thing to keep in mind, the holiday seasons continue to shift later and later. If retailers don't carry heavy inventory now, we will need to be ready to ship deeper into the season, potentially even into beginning of December.

我們已經開始第一階段的禮品套裝和節日訂單，這一階段的表現將定下基調。需要記住的一件事是，假期越來越晚。如果零售商現在不持有大量庫存，我們就需要準備在季節後期發貨，甚至可能要到 12 月初。

That puts added pressure on logistics and manufacturing, so we are making sure we are ready to respond quickly. As we continue to navigate the current landscape, we remain confident in our ability to deliver on our goals for the year by making progress across all areas of our business.

這給物流和製造帶來了額外的壓力，因此我們要確保做好快速反應的準備。隨著我們繼續應對當前的情況，我們仍然有信心透過在業務的各個領域取得進展來實現今年的目標。

With that, I will turn it over to Michel Atwood. Michel?

說完這些，我會把話題交給米歇爾‧阿特伍德 (Michel Atwood)。米歇爾？

Yeah, thank you, Jean. Good morning, everyone. Let me start with our overall results, and then I'll go through the details for our European and United-based operations. As Jean shared and as previously reported, we delivered net sales of $334 million, a slight decline from the 2024 second quarter due in part to the shift of some of the sales from the second quarter into the first quarter we had disclosed in the first quarter release.

是的，謝謝你，Jean。大家早安。我先介紹一下我們的整體業績，然後再詳細介紹我們在歐洲和美國的業務。正如 Jean 所分享的以及之前報導的那樣，我們的淨銷售額為 3.34 億美元，較 2024 年第二季度略有下降，部分原因是我們在第一季報告中披露的部分銷售額從第二季度轉移到了第一季。

On an organic basis, our first half sales grew by 3%, and we remain on track to meet our guidance for the year, supported by a balanced mix of legacy scent sales, key brand extensions, the seasonal lift we typically see from gift set sales in the third and fourth quarter and favorable foreign exchange impacts. Gross margin expanded by 170 basis points to 66.2% and 150 basis points to 65% for the second quarter and first six months of the year.

從有機成長來看，我們上半年的銷售額成長了 3%，並且我們仍有望實現全年預期，這得益於傳統香水銷售的均衡組合、主要品牌的延伸、我們通常在第三季度和第四季度從禮品套裝銷售中看到的季節性增長以及有利的外匯影響。第二季和今年上半年的毛利率分別擴大 170 個基點和 150 個基點，至 66.2% 和 65%。

This was driven by favorable brand and channel mix and namely the impact of the discontinuation of Dunhill, which drove a big part of the improvements on the US operations during the quarter, which you've seen as well. SG&A expenses as a percentage of net sales were 48.5% and 45% for the second quarter and first half of 2025 as opposed as compared to 45.6% and 43.6% for the comparable periods in 2024, with A&P expenses of $69 million or 20.6% in the second quarter and $120 million or 18% of first half net sales, respectively.

這是由良好的品牌和通路組合以及 Dunhill 停產的影響所推動的，這在很大程度上推動了本季度美國業務的改善，這一點您也已經看到了。2025 年第二季及上半年，銷售、一般及行政費用佔淨銷售額的百分比分別為 48.5% 和 45%，而 2024 年同期分別為 45.6% 和 43.6%，其中第二季的廣告和銷售費用為 6,900 萬美元，佔 20.6%，佔 1.2% 的1.2%。

Our A&P investments grew 5% in the first half compared to 2024 as we continue to execute our successful strategy of investing in A&P slightly ahead of growth to fuel healthy sellout. Overall, our consolidated operating income was $59 million for the quarter, a 9% decrease from the prior period, resulting in an operating margin of 17.7% or 120 basis points decline from the 2024 second quarter.

與 2024 年相比，我們的 A&P 投資在上半年成長了 5%，因為我們繼續執行我們的成功策略，即在成長之前略微投資於 A&P，以推動健康的銷售。整體而言，本季我們的綜合營業收入為 5,900 萬美元，較上期下降 9%，導致營業利潤率為 17.7%，較 2024 年第二季下降 120 個基點。

Year-to-date, however, operating income increased by 1% to $134 million with operating margin at 20%, with 10 basis points improvement from the prior year period. Below the operating line in the first half of the year, there was a loss of $6.7 million as compared to a loss of $1.5 million in the corresponding period last year. Two factors were behind the swing. The first is foreign exchange.

然而，年初至今，營業收入成長 1% 至 1.34 億美元，營業利潤率為 20%，比去年同期提高了 10 個基點。上半年營業利潤虧損 670 萬美元，去年同期虧損 150 萬美元。造成這變化的因素有兩個。第一是外匯。

There was a loss of $2.4 million in the first half of 2025 compared to a gain of $300,000 in the first half of 2024. As you know, the significant swings in the euro-USD, which went from 1.03 in early February to 1.17 at the end of June helped our top line but resulted in larger-than-usual FX losses.

2025 年上半年虧損 240 萬美元，而 2024 年上半年獲利 30 萬美元。如你所知，歐元兌美元匯率大幅波動，從 2 月初的 1.03 跌至 6 月底的 1.17，這對我們的營業收入有幫助，但也導致了比平常更大的外匯損失。

The second factor was the impact on our marketable securities, where we recorded a loss of $3.4 million in the first half of 2025 compared to a loss of $600,000 in the first half of 2024. We did not experience a significant change in our blended effective tax rate, which was at 24.3%, up 40 basis points from 23.9% over the prior year period.

第二個因素是對我們的有價證券的影響，我們在 2025 年上半年虧損 340 萬美元，而 2024 年上半年虧損 60 萬美元。我們的混合有效稅率沒有重大變化，為 24.3%，比去年同期的 23.9% 上升了 40 個基點。

Moving on to our two business segments. And given the volatility experienced in the second quarter, which is largely isolated and not reflective of ongoing trends, we will focus our discussion on the first half results. European-based operations net sales rose by 7% on a reported basis and 6% on an organic basis. Gross margin expanded by 60 basis points to 66.9%, driven by favorable brand and channel mix, while SG&A expenses increased 7% to $212 million.

繼續討論我們的兩個業務部門。鑑於第二季度經歷的波動很大程度上是孤立的，並不反映當前的趨勢，我們將重點討論上半年的業績。歐洲業務淨銷售額報告成長 7%，有機成長 6%。受品牌和通路組合利多推動，毛利率擴大 60 個基點至 66.9%，而銷售、一般及行政費用 (SG&A) 增加 7% 至 2.12 億美元。

SG&A as a percentage of net sales remained flat at 43.4%, benefiting from economies of scale with higher sales. A&P expenses grew 8%, slightly ahead of sales and totaled $89 million, and represented 18% of European-based net sales for the first half. Overall, net income attributable to European-based operations increased 3% to $81 million.

銷售、一般及行政費用佔淨銷售額的百分比保持不變，為 43.4%，受益於銷售額增加帶來的規模經濟效應。廣告與宣傳費用成長 8%，略高於銷售額，總額為 8,900 萬美元，佔上半年歐洲淨銷售額的 18%。整體而言，歐洲業務淨收入成長 3%，達到 8,100 萬美元。

For European-based operations, net sales declined by 12% on a reported basis as the bulk of the Dunhill impact was absorbed during this period, which accounted for approximately 6% points of decline. As such, net sales declined 6% on an organic basis.

對於歐洲業務而言，報告淨銷售額下降了 12%，因為大部分 Dunhill 的影響在此期間被吸收，這佔了約 6% 的降幅。因此，淨銷售額有機下降了 6%。

Gross margin expanded by 220 basis points to 59.7%, largely due to the discontinuation of Dunhill in the prior year period. While SG&A expenses declined by 1% to $91 million, SG&A as a percentage of net sales increased to 47.8% from 42.5% of net sales in the prior year period.

毛利率擴大了 220 個基點，達到 59.7%，這主要是由於去年同期停止了 Dunhill 業務。雖然銷售、一般及行政費用下降 1% 至 9,100 萬美元，但銷售、一般及行政費用佔淨銷售額的百分比從去年同期的 42.5% 上升至 47.8%。

And that's largely driven due to the lower sales. A&P expenses which remained broadly flat despite the sales drop and in order to protect sell-out totaled $31 million and represented 17% of United States-based net sales for the first half. Overall, net income attributable to the United States-based operations decreased 26% to $18 million, again, due in large part to the lower sell-in.

這主要是由於銷售額下降所致。儘管銷售額下降，但為了保證銷售，廣告宣傳費用基本上保持平穩，總計 3,100 萬美元，佔上半年美國淨銷售額的 17%。總體而言，歸屬於美國業務的淨收入下降 26% 至 1,800 萬美元，這在很大程度上同樣是由於銷售額下降。

At June 30, our balance sheet remains strong with $205 million in cash, cash equivalents and short-term investments and working capital of $654 million. From a cash flow perspective, accounts receivable was down 1% from year-end 2024 and days sales outstanding remained consistent at 74 days, similar to the 72 days in the prior year period, driven by changes in channel mix.

截至 6 月 30 日，我們的資產負債表依然強勁，現金、現金等價物和短期投資為 2.05 億美元，營運資金為 6.54 億美元。從現金流角度來看，應收帳款較 2024 年底下降 1%，未收帳款天數維持在 74 天，與去年同期的 72 天相似，這得益於通路組合的變化。

By effectively managing working capital relative to our sales, we continue to improve our operating cash flow by $31 million, shifting from a $26 million of cash consumption in the first half of 2024 to a $5 million cash generation in the present six-month period.

透過有效管理相對於銷售額的營運資本，我們繼續將營運現金流提高 3,100 萬美元，從 2024 年上半年的 2,600 萬美元現金消耗轉變為本六個月的 500 萬美元現金產生。

We expect to achieve similar productivity in the back half of 2025. With a healthy sellout in the first half, driven by the strength of our portfolio and disciplined execution, we look ahead with cautious optimism about achieving our full year objectives and continue to maintain the guidance we outlined in November 2024.

我們預計在 2025 年下半年實現類似的生產力。在我們強大的投資組合和嚴格的執行力的推動下，上半年實現了健康的銷售，我們對實現全年目標持謹慎樂觀的態度，並繼續維持我們在 2024 年 11 月概述的指導。

We believe that the continued resilience of the fragrance category, tariff-driven pricing actions in the second half and ongoing foreign exchange tailwinds will support us in meeting our goals. As such, we are reaffirming our 2025 guidance, which calls for net sales of $1.51 billion, and earnings per diluted share of $5.35.

我們相信，香水類別的持續彈性、下半年關稅驅動的定價行動以及持續的外匯順風將支持我們實現目標。因此，我們重申 2025 年的預期，淨銷售額達到 15.1 億美元，每股攤薄收益達到 5.35 美元。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Ashley Helgans with Jefferies.

傑富瑞 (Jefferies) 的 Ashley Helgans。

Hi, this is Sydney on for Ashley. First wondering, can you just talk about what you saw in terms of promotional levels, maybe how that progressed versus Q1 and then throughout the quarter? And then any more color you can provide kind of on what you're seeing from the destocking? It sounded like that wasn't a huge concern last quarter.

大家好，我是悉尼，為您播報阿什利的節目。首先，您能否談談促銷水平方面的情況，與第一季以及整個季度相比進展如何？那麼，您能否進一步說明一下您對去庫存的看法？聽起來上個季度這並不是什麼大問題。

So wondering if you do feel like that's kind of worsened in Q2 and maybe what you've seen from a trend perspective there? And then just any comments on end demand and kind of more granularity around that? Thank you.

所以想知道您是否覺得第二季的情況惡化，以及從趨勢角度來看您看到了什麼？那麼，對於最終需求以及更詳細的細節您有什麼評論嗎？謝謝。

Yeah, so maybe Sydney, I'll probably take the question around your last two, and then Jean can address the promotional levels. So I mean, destocking is always a very difficult one to assess. As you know, we sell to distributors who sell to retailers. So think about it as like it's kind of like when you get to a toll booth and somebody hits the brake on the highway, everything kind of starts to back up and things start to slow down.

是的，也許悉尼，我可能會回答你最後兩個問題，然後 Jean 可以解決促銷水平問題。所以我的意思是，去庫存一直是一個非常難以評估的問題。如您所知，我們向分銷商銷售產品，分銷商再將產品銷售給零售商。所以想像一下，當你到達收費站時，有人在高速公路上踩下煞車，一切都開始倒退，速度開始減慢。

We've certainly seen a slowdown in the market. And as a result, the retailers have been more prudent and the distributors have also been more prudent. And I think that, that little disconnect between sell-in and sell-out is largely basically is factored and triggered that.

我們確實看到市場放緩。因此，零售商變得更加謹慎，分銷商也變得更加謹慎。我認為，賣出和賣出之間的微小差距很大程度上是造成這現象的原因和誘因。

Now related to that, your last question around the demand. Actually, the end demand was pretty good this quarter. The market was up overall for the top 7 markets that we track, the market was up 5% in the second quarter and is up 3% on a year-to-date basis.

現在與此相關，您的最後一個問題是關於需求的。實際上，本季的終端需求相當不錯。我們追蹤的前 7 個市場整體呈現上漲趨勢，第二季上漲了 5%，年初至今上漲了 3%。

So it's actually quite healthy. And actually, if you look at how we did versus the market, we actually did a little bit better. We grew share in the first quarter. We also grew share in the second quarter. So overall, we have performed slightly better than the market. Now when we look at our competitors, we're seeing very similar situation, which is their sell-out typically is looking better than their sell-in.

所以它實際上非常健康。實際上，如果你看看我們的表現與市場表現相比，我們實際上做得更好一些。我們在第一季的份額有所增長。我們在第二季的份額也增加了。因此整體而言，我們的表現略優於市場。現在，當我們看看我們的競爭對手時，我們看到的情況非常相似，那就是他們的銷售情況通常比銷售情況更好。

And as you know, obviously, Coty and Estee Lauder haven't published yet, but we see that pretty clearly through the numbers from LVMH and L'Oreal that actually had pretty had actually flat to slightly declining numbers for the first for this quarter.

如您所知，科蒂和雅詩蘭黛顯然尚未公佈業績，但我們透過 LVMH 和歐萊雅的數據可以清楚地看到，本季度的業績實際上基本上持平或略有下降。

So overall, I think we're seeing pretty similar trends from our key competitors, which is sell-in is growing more slowly. And I think that really does show that it's a broad industry-wide situation that's kind of happening related to the slowdown, right. And Jean, on the promotional level?

所以總的來說，我認為我們看到的主要競爭對手的趨勢非常相似，即銷售成長較慢。我認為這確實表明，這是一個與經濟放緩有關的、整個行業普遍存在的情況，對吧。那麼 Jean 的晉升水準如何？

I will add before promotional level, I would like to add something. As you know, we have been in this business for many years, more than 35. It's not the first time that we see gaps between sell-in and sell-out. And what I remember is it's usually a response to lack of visibility. The sellout is good, but the distributors or the retailers do not want to buy as much and take this opportunity to reduce their inventory.

我會在促銷等級之前添加，我想添加一些內容。如你所知，我們從事這個行業已經很多年了，超過 35 年。這並不是我們第一次看到賣入量和賣出量之間的差距。我記得這通常是對缺乏可見性的反應。銷售一空是好事，但分銷商或零售商並不想購買那麼多，並藉此機會減少庫存。

When it happened at this time of the year, I told my team that we have to be very ready to answer a big surge of orders that could happen in September, in October, in November, even at a very late stage. So we need to be agile.

當這種情況在每年的這個時候發生時，我告訴我的團隊，我們必須做好準備，以應對可能在 9 月、10 月、11 月甚至很晚才出現的大量訂單。所以我們需要敏捷。

We need to and that's why we kept our guidance at this level because we think that due to the fact that the products are selling, our distributors are going to need merchandise very soon for destocking. Regarding the first can you remind me the first question?

我們需要這樣做，這就是為什麼我們將指導保持在這個水平，因為我們認為由於產品正在銷售，我們的分銷商很快就會需要商品來去庫存。關於第一個問題，您能提醒我第一個問題嗎？

Promotional it's a promotional level, Jean.

促銷，這是一個促銷級別，Jean。

Nothing in particular, nothing different than before. It's not more or less. The business, as you know, is already very promotional. We are using a lot of tools like gift with purchase and sampling, et cetera. But very I don't see any new things going on in the promotion.

沒什麼特別的，和以前沒什麼不同。不多也不少。如您所知，這項業務已經非常具有推廣性。我們使用了很多工具，例如購買贈品和樣品等等。但我沒有看到促銷中發生任何新的事情。

Great, thank you so much.

太好了，非常感謝。

Thank you.

謝謝。

Susan Anderson with Canaccord Genuity.

Canaccord Genuity 的 Susan Anderson。

I think just a follow-up really quick on the tariff-related impact to second quarter. By that, I guess, did you just mean retailers pulling back on ordering because of the tariffs? So I guess, similar to the destocking?

我認為這只是對關稅對第二季度的影響的快速跟進。我想，您這麼說是不是代表零售商因為關稅而減少了訂單？所以我猜，這跟去庫存類似？

No, I would not. The retailers are not subject to tariffs. We gave them a price. But distributors for sure. But this is part of this uncertain times, lack of visibility that I was mentioning before. As of a couple of weeks ago, we are talking about a much higher tariff, and we are also talking about a reciprocal tariff, which thank God did not happen. But no, we cannot say that the lack of purchasing or the lack of the level of purchasing is lower because of tariff.

不，我不會。零售商不受關稅約束。我們給了他們一個價格。但肯定是分銷商。但這是我之前提到的不確定時期、缺乏可見性的一部分。截至幾週前，我們還在談論更高的關稅，我們也在談論互惠關稅，但感謝上帝，這並沒有發生。但我們不能說因為關稅而導致購買不足或購買水準較低。

Got it. Okay.

知道了。好的。

Yeah, I think that just generally people are being, I think, a little bit more prudent, I think is really what you're hearing from Jean. And that inevitably can drive a point or two.

是的，我認為人們總體上會變得更加謹慎，我想這正是你從 Jean 那裡聽到的。這不可避免地會引發一兩點爭論。

And then I guess just looking out over the next couple of years, you've added quite a few brands, I guess, to the lineup, especially now with Longchamp, you have Off-White, Solférino. I guess do you think you'll still be looking to add like do you think you have capacity to take on more? Or is this going to kind of be the lineup in terms of new brands coming on board in the next couple of years?

然後我想，展望未來幾年，你們已經在產品線中增加了不少品牌，尤其是現在的 Longchamp、Off-White 和 Solférino。我猜你認為你仍會尋求增加什麼嗎？你認為你有能力承擔更多嗎？或者這會成為未來幾年新品牌加入的陣容？

This is a very good question. We always look for diversifying the portfolio. And I think the addition of the latest addition of Longchamp, Longchamp is a great company selling bags. We have very, very good experience and results with a brand like Coach. So it was very natural to capture the Longchamp brand.

這是一個非常好的問題。我們始終尋求投資組合的多樣化。我認為，Longchamp 的最新成員 Longchamp 是一家出色的箱包銷售公司。我們與 Coach 這樣的品牌合作擁有非常非常好的經驗和成果。因此收購 Longchamp 品牌是非常自然的事。

So between Longchamp, Lacoste that are very well recognized and also more less known brands like Off-White or Goutal, we think that these are good complements to the portfolio. What does it does it mean we can take more?

因此，我們認為，Longchamp、Lacoste 等知名品牌以及 Off-White 或 Goutal 等不太知名的品牌可以作為產品組合的良好補充。這是什麼意思呢？我們可以拿更多嗎？

Definitely, we can absolutely take more brands. We will, of course, with time, edit the portfolio. There are some brands, smaller brands that maybe in a year or two or three will not be part of the portfolio. It's a natural life of a company.

毫無疑問，我們絕對可以接納更多的品牌。當然，隨著時間的推移，我們會編輯作品集。有些品牌，較小的品牌，可能在一兩年或三年後就不會再成為投資組合的一部分。這是公司的自然生命。

Okay great thanks so much for the details. Good luck for the rest of the year.

好的，非常感謝您的詳細資訊。祝你今年餘下的時間一切順利。

Thank you.

謝謝。

Hamed Khorsand with BWS Financial.

Hamed Khorsand 是 BWS Financial 的董事。

Hello, Hamed. Hi.

你好，哈米德。你好。

Hi, I just want to ask you about your comment about the retailers and how they're waiting on purchasing. What kind of risk does that impose for you? Is there a chance where you get a big slug of your revenue gets pushed into Q4?

你好，我只是想問一下你對零售商的評論以及他們如何等待購買。這會帶給您什麼樣的風險？您的大部分收入是否有可能被推遲到第四季？

Yeah, I mean definitely, when you have this kind of uncertainty, the September period, August, September period is generally a pretty big period for gift sets. It's very easy for things to kind of move from one week to another and could shift from September to October. I mean it's very difficult to kind of plan. It's also one of the reasons why we typically don't guide by quarter. We generally guide for the year.

是的，我的意思是，當你有這種不確定性時，九月、八月、九月通常是禮品套裝銷售旺季。事情很容易從一周轉移到另一周，甚至可能從九月轉移到十月。我的意思是製定計劃非常困難。這也是我們通常不按季度提供指導的原因之一。我們一般進行全年指導。

But again, I think, what Jean said is that what we're clearly seeing is that there is pent-up demand. We're seeing it through the market growth, through the consumption of our brands. And it's not only the case for us, but it's also the case for our competitors. So we believe that there's definitely some pent-up demand. And if the market continues to be strong, I think we'll certainly see probably some orders picking up in the third and fourth quarter.

但我再次認為，正如 Jean 所說，我們清楚地看到存在著被壓抑的需求。我們透過市場成長、透過我們品牌的消費看到了這一點。不只我們如此，我們的競爭對手也同樣如此。因此我們相信肯定存在一些被壓抑的需求。如果市場繼續保持強勁，我認為我們肯定會看到第三季和第四季的一些訂單回升。

I think the other thing that people are going to wait and see and particularly in the US is the impact of the pricing that is being taken to offset some of the cost of the tariffs. And I think that's probably why also some of the retailers in the US are being a little more prudent.

我認為人們將要觀望的另一件事，尤其是在美國，是為了抵消部分關稅成本而採取的定價措施的影響。我認為這可能也是為什麼美國一些零售商變得更加謹慎的原因。

Okay. And then to your comments about Amazon and TikTok, would you entertain a bigger portion of your manufacturing to smaller quantities, the smaller-size packaging?

好的。然後，回到您對亞馬遜和 TikTok 的評論，您是否會考慮將更多的生產轉移到更小的批量、更小尺寸的包裝上？

We will do that not for every brands, but, we noticed that, there is some. Price on price point on TikTok that if you're above your sales drop immediately. So, in order to do that, we have to create a special program. This was something that we started to work at the beginning of the year and we'll have it ready for Christmas, so it will be interesting, but it's not right for all the brands, but some brands that are on TikTok need a lower.

我們不會針對每個品牌都這樣做，但是，我們注意到，有些品牌是這樣的。TikTok 上的價格點是這樣的，如果價格高於這個點，你的銷售額就會立即下降。因此，為了做到這一點，我們必須創建一個特殊的程式。這是我們在年初開始著手的事情，我們將在聖誕節前做好準備，所以這會很有趣，但它並不適合所有品牌，但 TikTok 上的一些品牌需要更低的價格。

Lower price means for us we give them a smaller size. It's becoming more of a paid sampling and it's the margins are good. The margins are actually the same. So, I'm absolutely for this kind of programs. Amazon is a different animal.

對我們來說，較低的價格意味著我們可以提供較小的尺寸。它正變得越來越像一種付費採樣，而且利潤率很高。邊距實際上是相同的。所以，我絕對支持這類項目。亞馬遜則不同。

We really start to have some very good business on Amazon. We advertise with them, we work with them, it's growing at a double-digit pace. We are opening also Amazon in Europe. We start to work with them in Europe, in UK.

我們確實開始在亞馬遜上開展一些非常好的業務。我們與他們一起做廣告，我們與他們合作，它正以兩位數的速度成長。我們還將在歐洲開設亞馬遜。我們開始在歐洲、英國與他們合作。

I'm quite I'm quite happy with the business on Amazon. And as we own 25% of, a very important website, in based in France called Viva Box that. Going to do over $100 million sales. We don't consolidate the sales because it's an investment in the company, but we meet with them on a regular basis and we learn from them what works, what doesn't work. This helps us a lot in our decision making.

我對亞馬遜的業務非常滿意。我們擁有一個非常重要的網站 25% 的股份，該網站位於法國，名為 Viva Box。銷售額將超過 1 億美元。我們不會合併銷售額，因為這是對公司的投資，但我們會定期與他們會面，從他們那裡了解什麼有效，什麼無效。這對我們的決策有很大幫助。

Yes, Hamed, great question. I mean we essentially took out a loan. We made a few purchases at the end of last year and particularly in the first quarter. And I just we felt that it was a good time now to just kind of we like to manage our finances very conservatively.

是的，哈米德，這個問題問得好。我的意思是我們基本上是藉了一筆貸款。我們在去年年底，特別是在第一季進行了一些採購。我只是覺得現在正是我們以非常保守的方式管理財務的好時機。

So it's largely to fund that. And also, we've been buying some additional space around our head offices in Paris. So it's really to buy it was really to buy assets, particularly like Goutal and Extra Space.

所以這主要是為了資助這一點。此外，我們還在巴黎總部周圍購買了一些額外的空間。所以這其實就是購買資產，特別是像 Goutal 和 Extra Space 這樣的資產。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. I'd like to turn the call back to Michel Atwood for closing remarks.

謝謝。問答環節到此結束。我想請米歇爾‧阿特伍德 (Michel Atwood) 作最後發言。

All right. Well, thanks a lot, Joe. All right. Well, thank you all for joining our call today. And Jean, I really want to thank our incredible team, partners, brands and all of our stakeholders. Your dedication, trust and collaboration continue to drive our success, especially as we navigate through these uncertain times together.

好的。嗯，非常感謝，喬。好的。好吧，感謝大家今天參加我們的電話會議。讓，我真的要感謝我們出色的團隊、合作夥伴、品牌和所有利害關係人。您的奉獻、信任和合作繼續推動我們的成功，特別是當我們共同度過這些不確定的時期時。

I would also like to mention a couple of upcoming events. We will be hosting our annual meeting in person here in New York on September 10. And I will also be participating in the Wells Fargo Consumer Conference in Laguna Niguel, California on September 16 and 17. So if you'd like to participate in these events, please reach out to your sales representative at Wells Fargo.

我還想提一下即將舉行的幾項活動。我們將於 9 月 10 日在紐約親自舉辦年度會議。我還將於 9 月 16 日至 17 日參加在加州拉古納尼格爾舉行的富國銀行消費者會議。因此，如果您想參加這些活動，請聯絡富國銀行的銷售代表。

And if you have any additional questions, please contact Karin Daly from the Equity Group, our Investor Relations representative. Her telephone number and e-mail address can be found in most of our recent earnings releases. We look forward to meeting with you all at these events or the next conference call. Thank you again, and have a great day.

如果您還有其他問題，請聯絡我們投資者關係代表 Equity Group 的 Karin Daly。在我們最近的大多數收益報告中都可以找到她的電話號碼和電子郵件地址。我們期待在這些活動或下次電話會議上與大家見面。再次感謝您，祝您有個愉快的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的會議到此結束。現在您可以斷開線路。享受剩餘的一天。