JJill Inc (JILL) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Krista], and I will be your conference operator today. At this time, I would like to welcome everyone to the JJill first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我的名字是 [Krista]，今天我將擔任您的會議接線生。現在，我歡迎大家參加 JJill 2025 年第一季財報電話會議。（操作員指示）

Before we begin, I need to remind you that certain comments made during these remarks may constitute forward-looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

在我們開始之前，我需要提醒您，這些評論中所發表的某些評論可能構成前瞻性陳述，並且是根據經修訂的 1995 年《私人證券訴訟改革法》的安全港條款的含義做出的。

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and JJill's SEC filings.

此類前瞻性陳述受已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。這些風險和不確定性在新聞稿和 JJill 的 SEC 文件中有所描述。

The forward-looking statements made on this recording are as of June 11, 2025, and JJill does not undertake any obligation to update these forward-looking statements. Finally, JJill may refer to certain adjusted or non-GAAP financial measures during these remarks. A reconciliation schedule showing the GAAP versus non-GAAP financial measures is available in the press release issued June 11, 2025.

本紀錄所作的前瞻性陳述截至 2025 年 6 月 11 日，JJill 不承擔任何這些前瞻性陳述的義務。最後，JJill 可能會在這些評論中提到某些調整後或非 GAAP 財務指標。2025 年 6 月 11 日發布的新聞稿中提供了顯示 GAAP 與非 GAAP 財務指標的調整表。

If you do not have a copy of today's press release, you may obtain one by visiting the investors relation page of the website at jjil.com.

如果您沒有今天的新聞稿副本，您可以訪問網站 jjil.com 的投資者關係頁面獲取。

And it is now my pleasure to turn today's conference over to Mary Ellen Coyne, Chief Executive Officer and President at JJill. Mary Ellen, the floor is yours.

現在我很高興將今天的會議交給 JJill 執行長兼總裁 Mary Ellen Coyne。瑪麗艾倫，請你發言。

Good morning and thank you for joining us. I'm very excited to be speaking with you today as the newest member of the JJill executive team.

早安，感謝您加入我們。身為 JJill 執行團隊的最新成員，我非常高興今天能與大家交談。

Having spent the last 3 decades in retail and specifically women's apparel and accessories, I understand what a special brand JJill is and the important role we play in serving a very loyal customer base. One that has grown over time and is often underserved but highly valuable.

過去 30 年來，我一直從事零售業，特別是女裝和配件行業，我深知 JJill 是一個多麼特殊的品牌，也深知我們在服務非常忠誠的客戶群方面發揮著重要作用。隨著時間的推移而不斷發展，並且經常得不到充分服務，但卻非常有價值。

Throughout my career, I've learned that successful retail brands are built on authentic connections with customers, and JJill has that foundation in place. While we are navigating challenges today, stemming from the current environment, increased uncertainty affecting consumer spending, and certain underperforming areas of the assortment, I strongly believe in this brand and the opportunities ahead.

在我的整個職業生涯中，我了解到成功的零售品牌建立在與客戶的真實聯繫之上，而 JJill 已經建立了這樣的基礎。儘管我們今天正面臨來自當前環境、影響消費者支出的不確定性增加以及某些產品系列表現不佳的挑戰，但我堅信這個品牌和未來的機會。

It was this belief and my passion for serving this customer that brought me to this rule. I have a proven track record of building teams and growing businesses profitably. My background is rooted in products and merchandizing, having spent 16 years at Ralph Lauren before moving on to my most recent role as the CEO of J.McLaughlin.

正是這種信念以及我為這位顧客服務的熱情讓我制定了這條規則。我在組建團隊和實現業務盈利增長方面有著良好的記錄。我的背景紮根於產品和商品銷售領域，在擔任 J.McLaughlin 執行長之前，我曾在 Ralph Lauren 工作過 16 年。

I not only have a deep understanding for the industry, but strong admiration for the customer JJill serves. In my previous roles, I have scaled businesses through multi-channel expansion, elevating product offerings, and introducing new categories.

我不僅對這個行業有著深刻的了解，而且對 JJill 服務的客戶也深感欽佩。在我之前的職位中，我透過多通路擴張、提升產品供應和引入新類別來擴大業務規模。

I see opportunities across all those areas here while maintaining the brand's core identity, which has supported such loyalty over the years.

我看到了所有這些領域的機遇，同時保持了品牌的核心形象，多年來，這種形像一直支撐著人們的忠誠。

Over the past five weeks, I have immersed myself in the business, engaging with our teams, visiting stores, and talking with associates and customers. I am working diligently to assess all areas of the business, where our strengths are, where there are opportunities, and how we can evolve and improve performance. This initial review will inform my views on our path forward.

在過去的五周里，我全心投入業務中，與我們的團隊互動，參觀商店，並與同事和客戶交談。我正在努力評估業務的所有領域，我們的優勢在哪裡，哪裡有機會，以及我們如何發展和提高績效。這次初步審查將讓我了解我們未來發展方向的看法。

What is clear, however, is the inspiring dedication that I have seen across our organization to delivering customers the experience they value from JJill. I am energized by the opportunities ahead and will be working with the team to leverage the investments that have been made in stores, marketing, and systems. The fundamentals of this business are here.

然而，有一點是顯而易見的，我看到我們整個組織都表現出鼓舞人心的奉獻精神，致力於為客戶提供他們所珍惜的 JJill 體驗。我對未來的機會充滿信心，並將與團隊合作，充分利用在商店、行銷和系統方面所做的投資。這項業務的基本原理就在這裡。

We have a loyal customer base, a lean operating model, and strengthening omni-channel capabilities. I look forward to providing more insights into our plans and initiatives on our September earnings call.

我們擁有忠實的客戶群、精實的營運模式和不斷加強的全通路能力。我期待在九月份的收益電話會議上提供更多有關我們計劃和舉措的見解。

Now, I will hand the call over to Mark to review our first quarter performance. Mark?

現在，我將把電話交給馬克來回顧我們第一季的業績。標記？

Thank you, Mary Ellen. And good morning, everyone. I'd like to welcome Mary Ellen to her first earnings call. We are excited to have you leading JJill and are energized by your passion for this customer and proven track record driving growth in this industry.

謝謝你，瑪麗艾倫。大家早安。我歡迎瑪麗艾倫參加她的第一次財報電話會議。我們很高興您能領導 JJill，您對客戶的熱情以及推動該行業發展的良好記錄讓我們充滿活力。

We look forward to sharing more on Mary Ellen's assessment of the business and strategies on our second quarter earnings call in September. But for now, let me review our first quarter performance. We entered first quarter with known challenges. We experienced adverse weather in February, and we cut over to our new OMS system in March.

我們期待在 9 月的第二季財報電話會議上分享更多 Mary Ellen 對業務和策略的評估。但現在，讓我回顧一下我們第一季的表現。我們進入第一季時面臨已知的挑戰。我們在二月經歷了惡劣天氣，並在三月切換到了新的 OMS 系統。

Overall, the OMS project went very well, and we are excited to now have a modern platform from which we can scale and grow, but the cutover did have a slightly larger impact on Q1 performance than anticipated.

總體而言，OMS 專案進展非常順利，我們很高興現在擁有一個可以擴展和發展的現代化平台，但此次切換對第一季業績的影響確實比預期的要大一些。

In addition to these known headwinds, we believe we had opportunities in the assortment and the macroeconomic environment continued to be volatile with uncertainty related to global trade policy, impacting our customers' behavior, particularly in April and into May.

除了這些已知的不利因素之外，我們相信我們在產品組合方面也有機會，而且宏觀經濟環境持續動盪，全球貿易政策存在不確定性，影響著我們客戶的行為，尤其是在 4 月和 5 月。

Despite these challenges, we delivered EBITDA above the high end of our previously guided range, due primarily to disciplined expense management, and continued to deploy cash to shareholders through our quarterly dividend and share repurchase program.

儘管面臨這些挑戰，我們仍實現了高於先前預期範圍上限的 EBITDA，這主要歸功於嚴格的費用管理，並且我們繼續透過季度股息和股票回購計劃向股東提供現金。

While we remain confident in the long-term resiliency of our loyal customer base and the opportunities to grow this business, we continue to navigate near-term uncertainty with respect to tariffs and the impact the ongoing volatility will have on our customer because of this.

雖然我們對忠實客戶群的長期韌性和發展這項業務的機會仍然充滿信心，但我們仍在應對關稅方面的短期不確定性以及持續波動對我們的客戶造成的影響。

And also to provide Mary Ellen with the necessary time to complete her assessment of the business, we are withdrawing our prior full-year guidance and temporarily suspending our practice of providing forward guidance on most metrics. I will discuss more on this, but first, let me review more details on our first quarter performance.

同時，為了給瑪麗艾倫提供必要的時間來完成對業務的評估，我們撤回了先前的全年指導，並暫停了對大多數指標提供前瞻性指導的做法。我將對此進行更多討論，但首先，讓我回顧一下我們第一季業績的更多細節。

Total company sales for the quarter were about $154 million, down 4.9% compared to Q1 2024, inclusive of total company comparable sales decline of 5.7%, which was partially offset by sales from new stores opened last year. Total company sales also reflected a $2 million dollar negative impact from the OMS cutover.

本季公司總銷售額約為 1.54 億美元，與 2024 年第一季相比下降 4.9%，其中公司可比銷售額總下降 5.7%，但部分被去年開設的新店銷售額所抵銷。該公司總銷售額也反映了 OMS 切換帶來的 200 萬美元的負面影響。

Store sales for Q1 were down about 4.4% compared to Q1 2024, and direct sales, which represented about 47% of total sales in the quarter, were down 5.4% compared to first quarter of fiscal 2024.

與 2024 年第一季相比，第一季的門市銷售額下降了約 4.4%，而直接銷售額（佔本季總銷售額的 47% 左右）與 2024 財年第一季相比下降了 5.4%。

As mentioned, weather-impacted store traffic earlier in the quarter while the OMS cutover had an outsized impact in our direct channel in March. In addition, our customer became more discerning with her spend in April, which was most pronounced in our direct channel as she primarily shopped markdowns which put pressure on average unit retails and gross margin.

如上所述，本季早些時候天氣影響了商店客流量，而 3 月份 OMS 切換對我們的直接管道產生了巨大影響。此外，我們的客戶在四月份的消費變得更加挑剔，這在我們的直接管道中最為明顯，因為她主要購買降價商品，這給平均零售單位和毛利率帶來了壓力。

Q1 total company gross profit was about $110 million, down about $7 million compared to Q1 2024. Q1 gross margin was 71.8%, down 110 basis points versus Q1 2024, driven by higher mix of markdown sales, primarily in the direct channel, and higher full-price promotional rates in both channels.

第一季公司總毛利約 1.1 億美元，與 2024 年第一季相比下降約 700 萬美元。第一季毛利率為 71.8%，較 2024 年第一季下降 110 個基點，主要原因是降價銷售組合增加（主要集中在直銷通路）以及兩個通路的全價促銷率均有所提高。

SG&A expenses for the quarter were about $91 million compared to approximately $89 million last year. The increase was driven primarily by store expenses associated with five incremental new stores compared to prior year, OMS-related costs, which came in at $1.6 million versus $700,000 last year, and merit increases partially offset by lower management incentive accruals.

本季銷售、一般及行政費用約為 9,100 萬美元，而去年同期約為 8,900 萬美元。成長的主要原因是與前一年相比新增了 5 家門市的費用、OMS 相關成本（本年為 160 萬美元，上年為 70 萬美元）以及績效工資增加，但管理激勵計劃的減少部分抵消了這一增長。

Adjusted EBITDA was $27.3 million in the quarter compared to $35.6 million in Q1 2024. Interest expense was $2.8 million in Q1 compared to $6.4 million last year.

本季調整後 EBITDA 為 2,730 萬美元，而 2024 年第一季為 3,560 萬美元。第一季利息支出為 280 萬美元，而去年同期為 640 萬美元。

Adjusted net income per diluted share was $0.88 compared to $1.22 last year, which reflected a diluted share count of 15.4 million shares this year versus 14.4 million shares last year, as well as a benefit of about $0.01 per share related to repurchase activity in the quarter.

調整後每股攤薄淨收益為 0.88 美元，而去年為 1.22 美元，這反映了今年攤薄股數為 1,540 萬股，而去年為 1,440 萬股，以及與本季度回購活動相關的每股收益約 0.01 美元。

During the quarter, we repurchased 186,800 shares for approximately $3.5 million and as of June 11, we have approximately $21 million remaining on the $25 million share repurchase authorization.

在本季度，我們以約 350 萬美元的價格回購了 186,800 股股票，截至 6 月 11 日，我們在 2,500 萬美元的股票回購授權中還剩餘約 2,100 萬美元。

Please refer to today's press release for reconciliations of non-GAAP financial measures to their most comparable GAAP financial measures adjusted net income and adjusted net income per diluted share to net income, and free cash flow to cash from operations.

請參閱今日的新聞稿，以了解非 GAAP 財務指標與其最可比較的 GAAP 財務指標調整後淨收入、調整後每股攤薄淨收入與淨收入以及自由現金流與經營現金的對帳。

Turning to cash flow for the quarter, we generated about $5.3 million of cash from operations, resulting in ending cash of about $31 million and zero borrowings against the ABL.

談到本季的現金流，我們從營運中產生了約 530 萬美元的現金，導致期末現金約為 3,100 萬美元，而 ABL 借款為零。

Looking at inventory, total reported inventories were up about 14% at the end of the first quarter compared to end of first quarter last year, primarily due to an extra week in the supply chain we initiated last year in Q2 in response to Red Sea disruption.

從庫存來看，第一季末報告的總庫存比去年第一季末增加了約 14%，這主要是因為我們去年第二季為應對紅海中斷而啟動了額外一周的供應鏈。

Excluding this extra week of inventory, normalized inventory was up about 5%, consisting primarily of higher seasonal basic and basic full price inventory, which, while less liable than fashion, will present margin pressure in Q2 as we take select markdowns and implement promotions.

除去這額外一周的庫存，正常化庫存上漲了約 5%，主要包括季節性基本庫存和基本全價庫存，雖然這些庫存不像時尚庫存那樣容易受到影響，但由於我們採取精選降價和實施促銷，它們將在第二季度給利潤帶來壓力。

Capital expenditures for the quarter were $2.7 million compared to $2.3 million last year. Investments were focused primarily on stores, as well as the completion of the OMS project, including the initiation of work to enable shipment store capabilities in the back half of this year.

本季資本支出為 270 萬美元，去年同期為 230 萬美元。投資主要集中在商店以及 OMS 項目的完成，包括在今年下半年啟動實現發貨商店功能的工作。

With respect to store count, we closed three stores during the first quarter, including the two we discussed on our last call that shifted in from the fourth quarter of 2024. We did not open any new stores in the quarter, resulting in end of quarter store count of 249 stores compared to 244 stores at end of Q1 last year.

就門市數量而言，我們在第一季度關閉了三家門市，其中包括上次電話會議上討論過的從 2024 年第四季開始關閉的兩家門市。本季我們沒有開設任何新店，因此本季末的門市數量為 249 家，而去年第一季末的門市數量為 244 家。

Now for more on our Outlook. As I mentioned, given the increased uncertainty with respect to the macroeconomic environment along with our recent CEO transition, we are withdrawing our prior full year guidance and temporarily suspending our practice of providing forward guidance on most metrics.

現在讓我們進一步了解我們的展望。正如我所提到的，鑑於宏觀經濟環境的不確定性增加以及我們最近的執行長過渡，我們將撤回先前的全年指引，並暫停對大多數指標提供前瞻性指引的做法。

That said, our teams are diligently working to assess opportunities for improvement within the assortment. And we have taken swift actions to reduce inventory investments in floor sets beginning in the third quarter to better align with current demand trends.

儘管如此，我們的團隊正在努力評估產品系列中的改進機會。我們從第三季開始迅速採取行動，減少地板套件的庫存投資，以更好地適應當前的需求趨勢。

Quarter to date through May, total company sales are down mid-single digits compared to the prior year period. While comparisons get easier as we move forward, should sales continue to decline at this level, we would expect to see significant SG&A leverage, as well as further pressure on gross margin driven by actions taken to ensure the movement of inventory in season.

截至 5 月的本季度，公司總銷售額與去年同期相比下降了中個位數。雖然隨著時間的推移，比較會變得更加容易，但如果銷售額繼續以這樣的水平下降，我們預計銷售、一般和行政費用將顯著增加，而且由於採取了措施確保庫存按季流動，毛利率將進一步承壓。

With respect to tariffs in developing our financial models for the rest of the year, we have assumed tariffs will remain at 10% on all countries and 30% on China.

關於關稅，在製定今年剩餘時間的財務模型時，我們假設所有國家的關稅仍為 10%，中國的關稅仍為 30%。

While we expect to begin to see incremental product costs beginning toward the end of the second quarter from tariffs currently in place, we expect to mitigate most of these costs through a combination of vendor negotiations, on-order adjustments, and strategic price increases on select items in the assortment.

雖然我們預計從第二季末開始，現行關稅將導致產品成本增加，但我們預計透過供應商談判、訂單調整以及對系列中部分商品進行策略性提價等方式，可以降低大部分成本。

However, any increases to current rates will result in additional margin headwinds for the year. We remain committed to operating the business with discipline, tightly managing inventory buys, and clearing goods as needed in season, and our strong balance sheet, and ongoing cash generation enable us to continue to support our strategic investments in marketing, new stores, and in systems capabilities such as ship-from-store, which is in pilot now and will ramp through the back half of 2025.

然而，當前利率的任何增加都將導致今年的利潤率面臨額外的阻力。我們仍然致力於有紀律地經營業務，嚴格管理庫存採購，並根據季節需要清理貨物，我們強勁的資產負債表和持續的現金產生使我們能夠繼續支持我們在營銷、新店和系統功能方面的戰略投資，例如現在正在試行並將在 2025 年下半年逐步推廣的店內發貨功能。

We are maintaining our current run rate marketing spend in support of the customer file, but are reviewing the mix and creative to ensure maximum impact amidst the broader market backdrop. We are investing in new stores but are evaluating nonessential capital spend. We now expect to spend between $20 million, $25 million during the fiscal year compared to prior guide of approximately $25 million.

我們維持目前的行銷支出運作率以支援客戶文件，但正在審查組合和創意，以確保在更廣泛的市場背景下產生最大影響。我們正在投資新店，但正在評估非必要的資本支出。我們現在預計本財政年度的支出將在 2,000 萬美元至 2,500 萬美元之間，而先前指導的金額約為 2,500 萬美元。

We are now expecting to open between one and five net new stores this year versus prior guided range of net five to ten new stores, as some new deals have pushed into 2026.

由於一些新交易已推遲到 2026 年，我們現在預計今年將開設 1 至 5 家新店，而先前的指導範圍是開設 5 至 10 家新店。

And lastly, we remain committed to executing on our total shareholder return strategies. As announced on June 3, we are maintaining our quarterly dividend of $0.08 per share payable on July 9 to shareholders of record on June 25, and we will continue to opportunistically repurchase shares that will do so judiciously until trend visibility improves.

最後，我們仍然致力於執行我們的整體股東回報策略。正如 6 月 3 日宣布的那樣，我們將維持每股 0.08 美元的季度股息，於 7 月 9 日支付給 6 月 25 日登記在冊的股東，並且我們將繼續擇機回購股票，直到趨勢可見度改善為止。

The considerable actions we have taken in the past few years to invest in our systems and strengthen our balance sheet will support us going forward. Our new OMS system is up and running, and teams are making progress on the next objective, which is to ramp the ship from store capability for benefit in the second half of this year.

過去幾年來，我們為投資系統和加強資產負債表所採取的大量行動將支持我們未來的發展。我們的新 OMS 系統已啟動並運行，團隊正在朝著下一個目標邁進，在今年下半年提高船舶的庫存能力，從而帶來效益。

With funded debt of $74 million and $31 million in cash, we have the necessary flexibility to navigate through this environment and enable us to be better positioned to capitalize on improvement when trends normalize for our customer.

憑藉 7,400 萬美元的債務和 3,100 萬美元的現金，我們擁有必要的靈活性來應對這種環境，並使我們能夠在客戶趨勢恢復正常時更好地利用改進的機會。

Despite near-term headwinds, we are fortunate to have a strong brand and a very attractive customer. Our teams have managed through challenges such as this before, and I look forward to working with Mary Ellen as she continues to assess and develop plans to position us for long-term success.

儘管近期面臨阻力，但我們很幸運擁有強大的品牌和極具吸引力的客戶。我們的團隊以前曾成功應對過類似的挑戰，我期待與瑪麗艾倫合作，她將繼續評估和製定計劃，以幫助我們取得長期成功。

Thank you. I'll now hand it back to the operator for questions.

謝謝。我現在將其交還給接線員以供提問。

(Operator Instructions)

（操作員指示）

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone. And welcome, Mary Ellen, to JJill. As you coming from J.McLaughlin and Ralph Lauren, you've had experience with this customer.

大家好，早安。歡迎 Mary Ellen 加入 JJill。由於您來自 J.McLaughlin 和 Ralph Lauren，您一定有過與這位顧客打交道的經驗。

Given the current macro environment, what did you put in place at J.McLaughlin, for example, during tariffs, and what do you see the opportunity for JJill? And then lastly, you mentioned certain underperforming parts of the assortment. What are those and how do you see the merchandise mix evolving for the upcoming holiday season?

鑑於當前的宏觀環境，例如在關稅期間，您在 J.McLaughlin 採取了哪些措施，您認為 JJill 有哪些機會？最後，您提到了產品系列中某些表現不佳的部分。這些是什麼？您認為即將到來的假期季節的商品組合將如何發展？

And lastly, Mark, on the OMS cut over that you had, are there any other costs that go into the second or third quarter that we should be mindful of? And what magnitude of price increases are you talking and how promotional is it compared to where it could be? Thank you.

最後，馬克，關於您進行的 OMS 切換，第二季或第三季是否還有其他成本需要我們注意？您說的價格上漲幅度是多少？與可能的漲幅相比，促銷效果如何？謝謝。

Hi Dan, it's Mark. I'm going to jump in if I can just on the tariff conversation, so we were speaking directly about JJill and what we've done around the tariff exposure we mentioned. In my remarks, that the overall tariff assumption we're going with right now, though, as everybody knows, the final trade negotiations are not yet landed.

嗨，丹，我是馬克。如果可以的話，我將直接談論關稅問題，所以我們直接談論了 JJill 以及我們針對所提到的關稅風險所採取的措施。在我的評論中，我們目前所採用的整體關稅假設是，但眾所周知，最終的貿易談判尚未達成。

And it's unclear when they will be or what potential news flow will be until they are, but we've assumed 10%, we've kind of assumed status quo here in the post, 10%, everywhere except China and 30% on China, as we've discussed previously, we've made as a company, great strides getting our China sourcing down below 5% that continues to be an opportunity for us.

目前還不清楚他們什麼時候會這樣做，或者在他們這樣做之前會有什麼潛在的新聞流，但我們已經假設了 10%，我們已經假設了現狀，除了中國以外的所有地方都是 10%，而中國是 30%，正如我們之前討論過的，作為一家公司，我們已經取得了巨大的進步，將我們的中國採購比例降至 5% 以下，這對我們來說仍然是一個機會。

And we've been looking at one of our strategies around mitigating tariffs is on-order adjustments, which would include country migration. It includes adjustments in quantities. We mentioned vendor negotiations.

我們一直在研究降低關稅的策略之一就是按順序進行調整，其中包括國家移民。其中包括數量的調整。我們提到了供應商談判。

We have a very strong a long standing relationship with our vendor community and our agents, so we're working on those levers and then, very select and strategic price increases that the team has gone through and believe there's opportunity to price up strategically within the assortment.

我們與供應商社群和代理商保持著長期牢固的關係，因此，我們正在努力利用這些槓桿，然後，團隊經歷了非常選擇性和策略性的漲價，並相信有機會在產品組合中進行策略性提價。

All of those things combined for us, we believe at the current status quo, while it does represent a headwind, just given that it's an incremental cost are manageable within our current environment with respect to tariffs.

綜合考慮所有這些因素，我們認為，在目前的現狀下，雖然這確實代表著一種阻力，但考慮到這是一個增量成本，在目前的關稅環境下，它是可控的。

You mentioned the assortment? I would say there's opportunity in the assortment around, I think the teams, I'll let Mary Ellen jump in on this, but around some newness, particularly in times like this where the consumer is a little bit more uncertain.

您提到了品種嗎？我想說的是，在產品組合中存在著機會，我認為團隊，我會讓瑪麗艾倫參與進來，但圍繞著一些新事物，特別是在消費者有點不確定的時代。

And then, we did have some successes in the assortment as well. I know this is an area that Mary Ellen is diving into with the teams.

然後，我們在產品分類上也確實取得了一些成功。我知道這是瑪麗艾倫和團隊正在深入研究的領域。

Thanks, Mark. Good morning, Dana. It's nice to meet you.

謝謝，馬克。早安，達娜。很高興認識你。

I'll start with your first question, which was around customer. And yes, in my experience, both my time at Ralph Warren and at J.McLaughlin, what I have learned is that the most important thing you can do is to create meaningful relationships with your customer.

我先從您的第一個問題開始，該問題與客戶有關。是的，根據我在 Ralph Warren 和 J.McLaughlin 工作的經驗，我學到的是，你能做的最重要的事情就是與客戶建立有意義的關係。

And JJill has done that in spades. This is a very valued segment. It is traditionally an underserved segment, and so we're very excited that that we have her here, and it's a customer that I'm very familiar with, so thrilled about that.

JJill 確實做到了這一點。這是一個非常有價值的部分。傳統上這是一個服務不足的領域，因此我們很高興她能來到這裡，她是我很熟悉的一位客戶，對此我們感到非常興奮。

What we know about this customer in addition is when there are times of uncertainty. She pulls back. She is a smart, engaged consumer, one who is more discerning with her spend, and that is what we saw and to Mark's comments, we did not have enough newness in the assortment, and that will be a focus as we move forward.

我們也知道，當客戶遇到不確定的情況時，他們就會採取相應的措施。她往後退了一步。她是一位聰明、投入的消費者，在消費方面更有眼光，這就是我們所看到的，正如馬克所評論的那樣，我們的產品組合中沒有足夠的新鮮感，這將是我們今後關注的重點。

In my experience, this customer always returns and returns to the brand that she knows and that she trusts, and we are confident that that will happen here. With regard to your question about the holiday season, our product line is thought through the end of the year. But that being said, there is always more that we can do to win share of wallet, and that is my immediate focus with the team right now.

根據我的經驗，這位顧客總是會再次光顧她熟悉和信任的品牌，我們相信這裡也會發生這種情況。關於您關於假期的問題，我們的產品線將持續到年底。但話雖如此，我們總是可以做更多的事情來贏得錢包的份額，這是我現在與團隊一起關注的重點。

We can impact presentations in store and online. We can impact marketing efforts. We can impact the way that we show up for her as we work through the balance of the year.

我們可以影響店內和網路上的演示。我們可以影響行銷工作。我們可以影響我們在全年工作中為她出現的方式。

Great, thanks. And I'll just lastly, Danny, you mentioned OMS. Thanks for that question. First of all, I would say we're extremely excited to have our new OMS system in and stable. And we mentioned that there was slightly more negative impact in the cutover than we had anticipated.

太好了，謝謝。最後，丹尼，你提到了 OMS。謝謝你的提問。首先，我想說，我們非常高興我們的新 OMS 系統能夠正常運作。我們提到，切換帶來的負面影響比我們預期的要稍微大一些。

We had provided guidance that we expected $1.5 million. We came in at $2 million. I'll tell you that the extra [500] and $2 million in total for a project as far-reaching and important as LMS in the grand scheme of things is a pretty good cutover for us from our perspective.

我們曾給出預計收入為 150 萬美元的指導。我們的投資額為 200 萬美元。我可以告訴你，對於像 LMS 這樣影響深遠、非常重要的項目來說，額外的 [500] 和總計 200 萬美元從我們的角度來看是一個相當不錯的過渡。

The teams have worked really hard in what we call hyper care, which are the weeks following the cutover to address some unforeseen issues that weren't caught in testing. The $1.5 million we guided to we expected and the [500] that we didn't really came out of some customer-facing issues, some glitches with checkout on the website.

團隊在我們所謂的「超級護理」下非常努力地工作，這是切換後的幾週，旨在解決測試中未發現的一些不可預見的問題。我們預計的 150 萬美元和實際上未達到的 5 億美元是由於一些客戶面臨的問題以及網站結帳時的一些故障。

Some glitches with stored credit cards on a website that were quickly diagnosed, addressed, and fixed, so are now behind us. We'll continue to learn the new systems and as we continue to get every day, behind us with the new system, we are excited about it. It was a very large project. The cutover went very well.

網站上儲存的信用卡存在一些故障，但已快速診斷、處理和修復，因此現在已經解決了。我們將繼續學習新系統，隨著我們每天不斷掌握新系統，我們對此感到興奮。這是一個非常大的項目。切換進行得很順利。

A very large team was dedicated to it, and they did a fantastic job of getting it to where we are today. And at the same time, we're excited that we're bringing up ship-from-store, which we talked before was the primary first omni capability that we were going to deploy. We're in pilot. We're in about 10% of the fleet.

我們有一個非常龐大的團隊致力於此，他們做了出色的工作，使它達到了今天的水平。同時，我們很高興能夠推出從商店出貨的服務，我們之前談到這是我們將要部署的主要全方位功能。我們正在進行試點。我們的飛機約佔整個機隊的 10%。

We're learning. We're fine tuning and we'll be ramping that through the back half of the year, which should, as we previously discussed, provide value as we ramp it.

我們正在學習。我們正在對此進行微調，並將在今年下半年加大力度，正如我們之前討論的那樣，這將在提升過程中提供價值。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Thank you for taking my question. Just curious on the unit’s comment. How are you thinking about rolling out units in the second half and struggling that with also the scale of how the tariff dynamics are? And how do you feel about the inventory expression in the fall and also the holiday season? And then would love any color around ticket and traffic during the quarter, if you can provide any details?

感謝您回答我的問題。只是對該單位的評論感到好奇。您如何考慮在下半年推出新產品，以及如何應對關稅動態的規模？您對秋季和假期的庫存表現有何看法？然後，如果您能提供任何詳細信息，請問本季度的票務和交通情況如何？

Thank you very much.

非常感謝。

Great. Thank you for the question. I'll start with the question around newness again. As I had just said, the line is bought through the end of the year. That being said, we're able to make small adjustments, but really, the impact of that will really come as we head into 2026.

偉大的。謝謝你的提問。我將再次從有關新穎性的問題開始。正如我剛才所說，該線路的銷量到年底為止。話雖如此，我們能夠做出一些小的調整，但實際上，其影響將在 2026 年真正顯現出來。

And Jonna, I would add and I apologize if we missed some of your questions, it was a little hard to hear. Please follow up with us if you can, and operator, if you could allow that. I heard the question on inventory positioning going into fall on holiday.

喬娜，我想補充一點，如果我們錯過了你的一些問題，我深感抱歉，因為聽不清楚。如果可以的話，請與我們聯繫，如果允許的話，請與接線員聯繫。我在假期期間聽到了有關秋季庫存定位的問題。

One of the immediate things or the nearer-term things that we can impact our orders that are coming. So we did take our Q3, which is really that fall and forward buys down more in line with the current demand trends that we've seen -- which is sort of the first part of that.

這是我們可以影響即將到來的訂單的直接或近期的事情之一。因此，我們確實採取了第三季度的措施，實際上秋季和遠期購買量下降更符合我們所看到的當前需求趨勢 - 這是其中的第一部分。

We exited Q1 with normalized inventories. Remember, our balance sheet inventories reflect about an extra week of in-transits and on hands now related to the extra week we put into the supply chain last year when the Red Sea issues began.

我們在第一季結束時庫存已恢復正常。請記住，我們的資產負債表庫存反映了大約一周的在途和庫存，這與去年紅海問題開始時我們投入供應鏈的額外一周有關。

We'll [last] those at the end of Q2, but we're still showing that in our balance sheet. So when we normalize that out, we're up about 5%, which is mostly, and we have made some investments in some key basic items.

我們將在第二季末完成這些，但我們仍將在資產負債表中顯示這一點。因此，當我們將其標準化時，我們的成長幅度約為 5%，這主要是因為我們對一些關鍵的基本項目進行了一些投資。

Some bottoms that actually did well during the quarter. But as you get into Q2, having inventories at five, we will do what's necessary to clear our inventories, given that we're going to be entering summer sale periods in July and want to exit Q2 clean with those new buys bought more appropriately with demand.

本季度，一些底部實際上表現良好。但是，隨著進入第二季度，庫存達到 5 件，我們將採取必要措施清理庫存，因為我們將在 7 月份進入夏季銷售期，並希望在第二季度結束時，根據需求更適當地購買新貨，從而實現庫存清空。

And this is, yeah, the second question just for additional color on ticket versus traffic during the quarter, and opportunities to drive more traffic to the store as well. Thank you.

是的，這是第二個問題，只是為了了解本季的票務與客流量的更多情況，以及為商店帶來更多客流量的機會。謝謝。

Yeah, so through the quarter and Q1 for us was choppy. It had weather, which we had spoken about on our last call in February, which impacted traffic in stores. We had the OMS cutover which impacted direct in March, and that primarily is a conversion type impact just and a little bit of traffic as we brought the site down to cut over.

是的，所以整個季度和第一季對我們來說都是不穩定的。我們二月上次電話會議上討論過天氣問題，天氣影響了商店的客流量。我們在 3 月進行了 OMS 切換，這產生了直接影響，這主要是轉換類型的影響，並且在我們關閉網站進行切換時只產生了一點點流量。

And then really, when April and some of the global trade policy announcements kicked off, we saw overall a pullback in demand, and that was traffic. It was also a migration which we tend to see a migration to mark down selling and promo selling which impacted AURs maybe even a little more than traffic.

然後，實際上，當四月一些全球貿易政策公告開始時，我們看到整體需求（即流量）出現回落。這也是一種遷移，我們傾向於看到向降價銷售和促銷銷售的遷移，這對 AUR 的影響甚至可能比流量更大。

The opportunities we mentioned that we remain committed to and are fortunate to have the financial model of the business and a strong balance sheet to be able to maintain our strategic investments. One of those in a primary area is marketing and also stores and systems.

我們提到的機會我們仍然致力於此，並且很幸運擁有業務的財務模式和強大的資產負債表，能夠維持我們的策略投資。主要領域之一是行銷、商店和系統。

And the marketing effort will look at mixed and creative just in light of the current state of the consumer and that's as much about near-term as it is really about supporting the file for the long term, which we're still very excited about when the customer does come back. And we fully expect her to that we can get back to driving profitable growth.

行銷工作將根據消費者的現狀進行混合和創意，這不僅是為了短期利益，也是為了長期支持文件，當客戶回來時，我們仍然感到非常興奮。我們完全相信她能夠幫助我們重新推動獲利成長。

Got it. Thank you so much.

知道了。太感謝了。

Corey Tarlowe, Jefferies.

傑富瑞 (Jefferies) 的科里‧塔洛 (Corey Tarlowe)。

Great, thanks. Mary Ellen, could you talk a little bit about what drew you to JJill, some of the characteristics that you see of strength that you think are likely to continue, going forward for the business, any categories where maybe you see some opportunities or green shoots?

太好了，謝謝。瑪麗艾倫，您能否簡單談談是什麼吸引您加入 JJill，您認為 JJill 的一些優勢特徵，以及您認為這些特徵在未來的業務發展中可能會繼續保持下去，在哪些領域您可能看到了機會或希望？

And then, Mark, just on the quarter-to-date momentum, is there any way to put into context kind of some of the drivers or maybe how that compared relative to what you saw in the first quarter? Thanks so much.

然後，馬克，就本季迄今為止的發展勢頭而言，有什麼方法可以將其中的一些驅動因素放在背景中，或者與第一季的情況相比如何？非常感謝。

Sure. Thanks for the question. For me, as I looked at JJill, the opportunity to build upon this brand's strong history while driving future growth was irresistible for me, right? This is what I love to do is scale profitable businesses.

當然。謝謝你的提問。對我來說，當我看到 JJill 時，我無法抗拒在這個品牌悠久歷史的基礎上推動未來成長的機會，對嗎？我喜歡做的事情就是擴大獲利業務。

In my past experiences, I've done that through multi-channel expansion. I'm a big believer in stores, but the balance here of the e-commerce business to the brick-and-mortar business is really healthy and both able to scale, but I've also elevated product assortments, introduced new categories.

根據我過去的經驗，我已經透過多管道擴展做到了這一點。我非常相信商店，但這裡的電子商務業務與實體業務之間的平衡確實很健康，而且兩者都能夠擴大規模，但我也提升了產品種類，推出了新的類別。

And I see tremendous potential for to do all of those things here, continuing to serve the very loyal customer that we have and to acquire new ones.

我看到在這裡做所有這些事情的巨大潛力，繼續服務我們現有的忠實客戶並獲得新客戶。

And Corey, I would put context around the Q1 performance into the May trend in this manner, the quarter I mentioned before was choppy, so we had weather in February and the OMS cut over in March. It really was that slowdown once we were through those issues in April that seemed to very much coincide with the uncertainty that started to swirl out in the global trade arena.

科里，我會以這種方式將第一季的表現納入 5 月的趨勢中，我之前提到的這個季度很不穩定，所以 2 月有天氣因素，而 OMS 在 3 月就結束了。當我們在四月解決這些問題後，經濟確實出現了放緩，這似乎與全球貿易領域開始出現的不確定性非常吻合。

And so that trend we honestly didn't anticipate. And the May comment with down mid-single digits is indicating that some of that trend in April continued, as I mentioned in my remarks.

所以我們確實沒有預料到這種趨勢。正如我在發言中提到的那樣，5 月的下降幅度達到個位數中段，這表明 4 月的這種趨勢仍在繼續。

The uncertainty that is out there is, and as Mari Ellen mentioned with respect to our customer, just creates in our world uncertainty in the planning and is a primary reason why we are temporarily suspending our practice of providing guidance, but that also coupled with having Mary Ellen as new CEO and making sure she has the time to assess and develop plans on the business, which we would plan to come back and share more on in the Q2 call in September.

正如瑪麗艾倫在談到我們的客戶時所提到的那樣，不確定性的存在只會給我們的規劃帶來不確定性，這也是我們暫時停止提供指導的主要原因，但這也與瑪麗艾倫擔任新任首席執行官並確保她有時間評估和製定業務計劃有關，我們計劃在 9 月份的第二季度電話會議上回來分享更多相關信息。

Great, thank you so much and best of luck.

太好了，非常感謝，祝你好運。

Marnie Shapiro, The Retail Trucker. Please go ahead.

瑪妮‧夏皮羅 (Marnie Shapiro)，零售卡車司機。請繼續。

Hey, guys, and welcome, Mary Ellen. I feel terrible that you have to start and then tariffs happen. Not a fun way to start, but welcome aboard. We're excited to have you. I'm just curious just to follow up on the conversation about trends and what's happening out there.

嘿，大家好，歡迎瑪麗艾倫。我感覺很糟糕，你必須開始，然後關稅就會發生。雖然這不是一個有趣的開始，但歡迎加入。我們很高興您能來。我只是好奇地想了解有關趨勢和正在發生的事情的討論。

May was not a great weather month in the Midwest and the Northeast as well. The stock market was all over the place. I know your customer pays attention to those kinds of things.

五月對中西部和東北部來說也不是一個好天氣。股票市場一片混亂。我知道你的客戶會關注這些事情。

Have you seen any improvements in areas where the weather was more seasonal? Where the trend is different in those areas, or any improvement as we got towards a little bit away from that noise or was made down across the board?

您是否看到天氣較季節性的地區有所改善？這些領域的趨勢有何不同，或者隨著我們逐漸遠離噪音或全面降低噪音，情況是否有所改善？

And then just one other quick question. I know you keep talking about ramping up ships from stores, very exciting, but will you be careful, I guess, about split shipments which other retailers, have called out as being very costly and prohibitive. Is that something that's already on your mind?

然後還有一個簡短的問題。我知道您一直在談論增加從商店發貨的數量，這非常令人興奮，但我想，您是否會對分批發貨保持謹慎，因為其他零售商認為這種發貨方式成本高昂且價格過高。你已經想到這個了嗎？

Hey Marni, it's Mark. Thanks for the questions. I'll start with the second one, ship-from-store.Shipping complete is a big objective, so we're well aware of the shipping cost per unit, et cetera and that is as we're rolling out and piloting and ramping.

嘿，瑪妮，我是馬克。感謝您的提問。我將從第二個開始，即從商店發貨。完成出貨是一個很大的目標，因此我們很清楚每單位的運輸成本等等，這就是我們正在推出、試行和擴大規模時的情況。

One of those knobs you can turn and rules you can engage to make sure you're managing it appropriately. So very much aware of that, very excited about the opportunity to fulfill what was previously unfulfillable demand within our business.

您可以轉動其中一個旋鈕並遵守其中的規則，以確保您可以對其進行適當的管理。我們非常清楚這一點，並且對有機會滿足我們業務中以前無法滿足的需求感到非常興奮。

So but applying learnings as we do so. And then you mentioned the weather, honestly, weather is, it's becoming the new norm, I guess. I would say that across country, there hasn't really been any major impacts that we would say February was widespread, which is why we called it out.

所以，我們這樣做時要運用所學。然後你提到了天氣，說實話，我猜天氣正在成為新的常態。我想說的是，在全國範圍內，並沒有出現什麼重大影響，但二月的影響卻十分廣泛，這就是我們提出這一問題的原因。

And I think at the time, we mentioned it was everywhere except for the Southwest and Colorado, which seemed to be the only bubbles of protected from the weather areas. The weather in May, no big callouts.

我認為當時我們提到過，除了西南部和科羅拉多州以外，其他地方都存在這種情況，而這兩個地區似乎是唯一不受天氣影響的地區。五月的天氣，沒有大的呼叫。

We've also been tracking from the political landscape, red states, blue states. We don't see any real major callouts across any of those differences as we look at them. We see general pullback in our customer segment when things like the stock market volatility increases and uncertainty and worry tend to enter the mindset.

我們也一直在追蹤政治格局，紅州，藍州。當我們觀察這些差異時，我們並沒有發現任何真正的重大問題。當股市波動性增加，不確定性和擔憂情緒進入人們的思維模式時，我們會看到客戶群普遍出現回落。

So that that's kind of how we're looking at things right now and a little bit of that rationale again behind the decision to suspend our guidance for right now, but comfortable that we've got the strength to manage through it. Thanks, Marty.

這就是我們現在看待事物的方式，也是我們決定暫時暫停指導的一點理由，但我們確信我們有能力應對這項挑戰。謝謝，馬蒂。

Thank you, guys.

謝謝你們。

Janine Stitcher, BTIG.

Janine Stitcher，BTIG。

Good morning and welcome, Mary Ellen. I want to get your thoughts on new store openings. I saw you lowered the number this year. It seems mostly do the timing, but is there any change in the view for plans to NetApp stores over the next few years? And then just curious how the newer stores are performing?

早上好，歡迎瑪麗艾倫。我想了解一下您對新店開幕的看法。我看到你今年降低了這個數字。這似乎主要與時間有關，但未來幾年 NetApp 商店的計劃是否有任何變化？我只是好奇新店的表現如何？

Thanks, Janine.

謝謝，珍妮。

Hi, Janine. I'll take that. So the question on new stores, we ended up, as we mentioned last quarter, we had a couple of store closures that pushed from last year into this year, which was part of the closure activity in Q1.

你好，珍妮。我會接受的。關於新店的問題，正如我們上個季度提到的那樣，我們關閉了幾家店，這些店從去年推遲到今年，這是第一季關閉活動的一部分。

Overall, the store, the portfolio of stores that we've opened, we've opened nine in the last a little over a year, are performing in line with where we would expect.

總體而言，我們開設的商店組合（過去一年多的時間裡我們開設了九家商店）的表現符合我們的預期。

They are subject to the macro as well, so we're watching that a couple of learnings and smaller markets where it's a single store market that the ramp may be a little longer than we had expected, but working on that part of the marketing investments will be to support those markets.

它們也受到宏觀因素的影響，因此我們正在觀察一些經驗教訓和較小的市場，這些市場是單店市場，其成長速度可能比我們預期的要長一些，但對這部分行銷投資將用於支持這些市場。

But overall, very remain, very excited about the store growth opportunity. The store growth guidance for this year really represents available spaces, and we will not compromise on the quality of the space.

但總體而言，我對商店的成長機會感到非常興奮。今年的門市成長指引確實代表了可用空間，我們不會在空間品質上妥協。

We talked a lot about the economics required. We're getting visibility to a void list and a potential opening list that we're very comfortable with. The guide this year was more about some slippage that has already occurred with the available spaces we're looking at that are likely to push into 2026.

我們討論了很多所需的經濟學問題。我們正在了解一份我們非常滿意的無效名單和一份潛在的開場名單。今年的指南更關注的是，我們正在考慮的可用空間已經出現的一些下滑，這些下滑可能會延續到 2026 年。

And then we're also in a couple of areas, working with some uncertainties around planning commissions and FEMA and whether or not the centers that we're in clear those hurdles, and then we can work through them. So that's primarily why we guided the stores down a little bit. We still feel comfortable in the 50-store opportunity by the end of 2029. And we'll likely speak more about shorter-term objectives at a later point.

然後，我們也在幾個領域處理規劃委員會和聯邦緊急事務管理署的一些不確定因素，以及我們所在的中心是否清除了這些障礙，然後我們就可以解決它們。這就是我們稍微降低商店價格的主要原因。我們仍然對 2029 年底擁有 50 家門市的機會充滿信心。我們稍後可能會更多地談論短期目標。

And I'll just add to that that as I said earlier, JJill is in an enviable position, having a balanced mix with room-to-scale both channels, in store and online, but I feel very strongly about brick-and-mortar retail.

我還要補充一點，正如我之前所說，JJill 處於令人羨慕的地位，擁有均衡的線下和線上管道，並且具有足夠的規模發展空間，但我對實體零售有著強烈的信心。

I think stores are the best way you can tell your brand story and build authentic customer connections and really grow brand awareness, so we're excited about the growth that's planned into the model as we move forward.

我認為商店是講述品牌故事、建立真實的客戶聯繫並真正提高品牌知名度的最佳方式，因此我們對未來計劃在該模式中的成長感到興奮。

Great. And then just one more, I think Mary Ellen, you alluded to some white space or potential new categories. Anything more you can share there or is that something we'll hear more about in September?

偉大的。然後再問一個問題，我想瑪麗艾倫，您提到了一些空白或潛在的新類別。還有什麼可以分享的嗎？或者我們會在九月聽到更多相關資訊嗎？

We are working on that right now and we will be sharing all of that in September. Sounds good. Thank you.

我們現在正在進行這項工作，並將於 9 月與大家分享所有成果。聽起來不錯。謝謝。

So that concludes our question-and-answer session. And I will now turn the conference back over to Mary Ellen Coyne for closing comments.

我們的問答環節到此結束。現在我將會議交還給瑪麗艾倫科因，請她發表最後評論。

Thank you. And thank you all for joining us. As I said earlier, I am energized by the opportunities ahead. While we are navigating a challenging backdrop, we know there is always more that we can do to win our share of wallets, and that is where we are focused. I look forward to sharing more on our plans and my overall assessment of the business on our next earnings call. Thank you.

謝謝。感謝大家的參與。正如我之前所說，未來的機會讓我充滿活力。儘管我們正面臨挑戰，但我們知道，我們總是可以做更多的事情來贏得我們的錢包份額，而這正是我們關注的重點。我期待在下次財報電話會議上分享更多我們的計劃以及我對業務的整體評估。謝謝。

Ladies and gentlemen, it does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。