JJill Inc (JILL) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the JJill second quarter 2025 earnings conference call. 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.

感謝您的支持，歡迎參加 JJill 2025 年第二季財報電話會議。在我們開始之前，我需要提醒您，這些評論中所做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. These 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 September 3, 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.

本記錄所作的前瞻性陳述截至 2025 年 9 月 3 日，JJill 不承擔任何這些前瞻性陳述的義務。最後，JJill 在這些評論中可能會提到某些調整後或非 GAAP 財務指標。

A reconciliation schedule showing the GAAP versus non-GAAP financial measures is available in the press release issued September 3, 2025. If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page of the website at jjill.com.

2025 年 9 月 3 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。如果您沒有今天的新聞稿副本，您可以訪問網站 jjill.com 的投資者關係頁面獲取。

I'd now like to turn the call over to Mary Ellen Coyne, Chief Executive Officer and President at JJill.

現在我想將電話轉給 JJill 執行長兼總裁 Mary Ellen Coyne。

You may begin.

你可以開始了。

Good morning, everyone, and thank you for joining us today. With my first full quarter as CEO of JJill completed, I want to begin by thanking our team for their dedication and support. Since joining in May, I've had the opportunity to dive deeper into all aspects of our business, and I remain confident in the significant opportunities ahead despite navigating some near-term challenges.

大家早安，感謝大家今天加入我們。在我擔任 JJill 執行長的第一個完整季度結束之際，我首先要感謝我們團隊的奉獻和支持。自從五月加入以來，我有機會深入了解我們業務的各個方面，儘管面臨一些近期挑戰，但我仍然對未來的重大機會充滿信心。

In the second quarter, sales trends sequentially improved month-over-month, enabling us to deliver total sales down less than 1% and adjusted EBITDA of $25.6 million. Improved traffic, both online and in stores, supported this performance as well as increased promotional activity, which we leverage to better align inventory to sales trends as we enter the back half of the year.

第二季度，銷售趨勢較上季改善，使我們的總銷售額下降不到 1%，調整後的 EBITDA 為 2,560 萬美元。線上和線下客流量的增加以及促銷活動的增加支持了這一業績，我們利用這些優勢在進入下半年時更好地將庫存與銷售趨勢保持一致。

I am energized by what I see having had 100 days to assess this business. We serve a growing and valuable demographic. We have a deep understanding of this customer segment and have, therefore, developed a loyal customer base. We operate with discipline, which has allowed us to consistently deliver high margins and generate significant free cash flow. We will continue to lean into these strengths and position the brand to drive long-term profitable growth.

經過 100 天的時間來評估這項業務，我所看到的一切讓我充滿活力。我們服務於不斷成長且有價值的人群。我們對這群客戶有著深刻的了解，因此已經建立了忠實的客戶群。我們嚴格遵守紀律，這使我們能夠持續提供高利潤並產生大量自由現金流。我們將繼續利用這些優勢，推動品牌實現長期獲利成長。

To do this, we must expand our customer file, attracting a significant number of new customers, reengaging those who have shopped with us before and continuing to delight our existing loyal customer base. In the near term, we plan to move quickly but thoughtfully, testing new initiatives and leaning in to those that work to deliver on our objectives and widening the aperture of our focus to appeal to a broader audience.

為了實現這一目標，我們必須擴大我們的客戶檔案，吸引大量新客戶，重新吸引那些之前在我們這裡購物過的客戶，並繼續取悅我們現有的忠實客戶群。短期內，我們計劃迅速而周到地採取行動，測試新舉措，並傾向於那些有助於實現我們目標的舉措，擴大我們的注意力範圍以吸引更廣泛的受眾。

Concentrating on driving customer growth, we will execute immediately on three areas. One, evolving our product assortment; two, enhancing the customer journey; and three, improving the way we work. With respect to product, we need to widen the appeal of our assortment to attract new customers while continuing to deliver newness that is relevant and versatile to fit her lifestyle.

我們將專注於推動客戶成長，並立即在三個領域採取行動。一是改進我們的產品組合；二是改善客戶旅程；三是改進我們的工作方式。就產品而言，我們需要擴大產品種類的吸引力，以吸引新客戶，同時繼續提供與她的生活方式相關且多功能的新產品。

Our new Chief Merchandising Officer, Courtney O'Connor, has been partnering closely with Creative Director, Elliott Staples and the design, merchandising and planning teams to develop a compelling assortment for spring 2026 while making subtle refinements in the product assortments and presentations for fall and winter this year.

我們的新任首席行銷長 Courtney O'Connor 一直與創意總監 Elliott Staples 以及設計、行銷和規劃團隊密切合作，為 2026 年春季開發引人注目的產品組合，同時對今年秋冬季的產品組合和展示進行細微的改進。

We are going to focus on delivering a stronger, more cohesive product assortment moving forward, eliminating redundancy to incorporate new styles that serve more of the customers' lifestyle needs to capture a greater share of her wardrobe.

我們將專注於提供更強大、更具凝聚力的產品組合，消除冗餘，融入更多滿足顧客生活方式需求的新風格，以佔據顧客衣櫃的更大份額。

As we make these enhancements, we will also be leading into expansion opportunities in areas such as accessories, building on what is currently a small but highly scalable business. Moving to our second area of focus, enhancing the customer journey. We are evaluating ways to expand our reach to capture the full marketing funnel, top, middle and bottom. We just recently completed a small test with television advertising.

在進行這些改進的同時，我們也將在目前規模雖小但高度可擴展的業務基礎上，開拓配件等領域的擴張機會。轉向我們的第二個重點領域，增強客戶旅程。我們正在評估擴大覆蓋範圍的方法，以涵蓋整個行銷管道，包括頂部、中間和底部。我們最近剛完成了電視廣告的小測試。

And for the back half of this year, we made adjustments to the marketing mix, enabling greater flexibility to engage a wider audience. In addition, as we evaluate the right balance across our marketing channels, we have reached out certain imagery for the second half of the year that you will begin to see across digital media, catalogs, in stores and online soon.

今年下半年，我們對行銷組合進行了調整，使其更加靈活，以吸引更廣泛的受眾。此外，當我們評估各個行銷管道的正確平衡時，我們已經為下半年推出了某些圖像，您很快就會在數位媒體、目錄、商店和網路上看到這些圖像。

We run highly profitable stores, which also served as a great marketing vehicle for the brand. They allow us to tell our product story to both new and existing customers, and we are excited for our upcoming store openings later this fall. We are confident in our long-term goal to open 50 stores by the end of 2029.

我們經營的商店利潤很高，這也成為品牌的絕佳行銷工具。它們讓我們能夠向新舊客戶講述我們的產品故事，我們對今年秋季晚些時候即將開業的商店感到興奮。我們對2029年底開設50家門市的長期目標充滿信心。

As we execute on this objective, we are constantly evaluating opportunities for store locations focused on driving productivity, welcoming new customers and increasing brand awareness. We know the opportunity that is in front of us, and it is one that our whole organization is rallying around. To support this, we are focused on improving the way we work, leaning into technology capabilities that will enable us to work smarter, faster and more effectively.

在執行此目標的過程中，我們不斷評估商店選址的機會，重點是提高生產力、歡迎新客戶和提高品牌知名度。我們知道我們面前的機遇，我們整個組織都在為之團結。為了支持這一點，我們專注於改進我們的工作方式，並依靠技術能力使我們能夠更聰明、更快速、更有效地工作。

This includes building a strategic technology road map, incorporating opportunities for AI implementation in order to accelerate growth, gain efficiencies and improve the customer experience. We're fostering a corporate culture that isn't just about process improvements, but about the agility and urgency needed to capitalize on the opportunities ahead of us.

這包括制定策略技術路線圖，融入人工智慧實施機會，以加速成長、提高效率並改善客戶體驗。我們正在培養一種企業文化，這種文化不僅涉及流程改進，還涉及利用我們面前的機會所需的敏捷性和緊迫性。

The teams did a great job in executing the implementation of OMS, and we are pleased to share that we launched the new ship from store capabilities well ahead of plan and in time for the fall and winter season launches. As we continue to evolve the brand and progress forward, we are in the office, collaborating with one another. There's a palpable energy across the organization.

團隊在執行 OMS 方面做得非常出色，我們很高興地告訴大家，我們提前完成了商店功能的新船的發布，並及時趕上了秋冬季的發布。隨著我們繼續發展品牌並不斷前進，我們在辦公室裡相互合作。整個組織充滿了活力。

In summary, I believe through the actions and strategies we are putting in place, we are addressing the right priorities, enabling us to build on the strength of our proven operating model while capitalizing on the areas that will drive sustainable, profitable growth. With that said, we are continuing to operate in a very dynamic and uncertain environment, particularly as it relates to inflation and tariffs.

總而言之，我相信透過我們正在採取的行動和策略，我們正在解決正確的優先事項，使我們能夠利用我們成熟的營運模式的優勢，同時利用能夠推動可持續盈利增長的領域。話雖如此，我們仍在一個非常動態和不確定的環境中運營，特別是與通貨膨脹和關稅相關的環境。

In response, our team is leveraging our strong relationships with vendor partners and staying nimble and responsive as we navigate the evolving macro landscape. As we look towards 2026 and beyond, we are excited to write the next chapter, building a stronger, more agile business to deliver enhanced shareholder value. I look forward to updating you on our progress.

作為回應，我們的團隊正在利用與供應商合作夥伴的牢固關係，並在不斷變化的宏觀環境中保持靈活和響應。展望 2026 年及以後，我們很高興能夠開啟新的篇章，打造更強大、更靈活的業務，進而提高股東價值。我期待向您通報我們的進展。

Now I'll turn it over to Mark for a detailed review of our financial performance.

現在我將把責任交給馬克，讓他詳細審查我們的財務表現。

Thank you, Mary Ellen, and good morning, everyone. Following a challenging start to the second quarter, we were encouraged that sales trends stabilized and improved into June and July. We remained committed to our disciplines during the quarter assessing slow-moving inventory units and taking action when necessary resulting in improved end of quarter inventory levels compared to the end of Q1.

謝謝你，瑪麗艾倫，大家早安。在第二季充滿挑戰的開局之後，我們很高興地看到，6 月和 7 月的銷售趨勢趨於穩定並有所改善。本季度，我們始終堅持紀律，評估滯銷庫存單位，並在必要時採取行動，從而使季度末庫存水準與第一季末相比有所改善。

And we rolled out (inaudible) store, our first omnichannel capability post OMS go-live, extending it to the entire fleet during the month of July. Our operating model continues to demonstrate its strength and resilience, generating $17 million of free cash flow in the quarter, resulting in end of quarter cash on the balance sheet of $46 million.

我們推出了（聽不清楚）商店，這是我們 OMS 上線後的第一個全通路功能，並在 7 月將其擴展到整個車隊。我們的營運模式持續展現其實力和韌性，本季產生了 1,700 萬美元的自由現金流，導致季末資產負債表上的現金達到 4,600 萬美元。

Now let me provide more details on our second quarter results. Total company sales for the quarter were about $154 million, down 0.8% compared to Q2 2024. Total company comparable sales for the quarter were down 1%. Store sales for Q2 were up 0.4% compared to Q2 2024, driven by three net new stores in the quarter compared to last year. And direct sales, which represented about 46% of total sales in the quarter, were down about 2% compared to second quarter of fiscal 2024.

現在讓我提供有關我們第二季度業績的更多詳細資訊。本季公司總銷售額約為 1.54 億美元，與 2024 年第二季相比下降 0.8%。本季公司可比銷售額整體下降了 1%。與 2024 年第二季相比，第二季的門市銷售額成長了 0.4%，這得益於本季與去年同期相比淨增了 3 家門市。直銷佔本季總銷售額的 46% 左右，與 2024 財年第二季相比下降了約 2%。

As mentioned, sales trends improved each month of the second quarter. This was in part due to positive customer response to the summer sale in July which helped clear markdown goods and end the quarter with clean inventories. Q2 total company gross profit was about $105 million, down about $4 million compared to Q2 2024.

如上所述，第二季的銷售趨勢每個月都有所改善。部分原因是由於客戶對七月份夏季促銷的積極反應，這有助於清理降價商品並在本季度結束時清空庫存。第二季公司總毛利約 1.05 億美元，與 2024 年第二季相比下降約 400 萬美元。

Q2 gross margin was 68.4%, down about 210 basis points versus Q2 2024 driven primarily by a higher mix of markdown sales and higher full-price promotional rates as we took action and successfully moved the liable inventory we carried into the quarter. Gross margin rate was also pressured by approximately 50 basis points related to tariffs.

第二季毛利率為 68.4%，較 2024 年第二季下降約 210 個基點，主要原因是我們採取行動並成功將所持有的負債庫存轉移至本季度，導致降價銷售和全價促銷率更高。毛利率也因關稅而受到約50個基點的壓力。

SG&A expenses for the quarter were about $89 million compared to approximately $86 million last year. The increase was driven by higher store expenses driven by net new stores and higher occupancy costs on lease renewals, higher shipping expenses, nonrecurring costs and higher marketing expenses partially offset by lower management incentive accruals and OMS related costs, which were slightly below last year at about $300,000 for the quarter.

本季銷售、一般及行政費用約為 8,900 萬美元，而去年同期約為 8,600 萬美元。成長的原因是淨新店增加、租約續約帶來的入住成本增加、運輸費用增加、非經常性成本和行銷費用增加導致門市費用增加，但管理激勵應計費用和 OMS 相關成本降低部分抵消了這一增長，本季度這些成本略低於去年同期，約為 30 萬美元。

Adjusted EBITDA was $25.6 million in the quarter compared to $30.2 million in Q2 2024. Interest expense was $2.7 million in Q2 compared to $3.7 million last year. Adjusted net income per diluted share was $0.81 compared to $1.05 last year, which reflected an average weighted diluted share count of 15.3 million shares this year versus 15.1 million shares last year.

本季調整後 EBITDA 為 2,560 萬美元，而 2024 年第二季為 3,020 萬美元。第二季利息支出為 270 萬美元，去年同期為 370 萬美元。調整後每股攤薄淨收益為 0.81 美元，而去年為 1.05 美元，反映出今年平均加權攤薄股數為 1,530 萬股，而去年為 1,510 萬股。

We repurchased 68,000 shares for approximately $1 million in the second quarter, bringing year-to-date repurchases to 255,000 shares for $4.5 million and resulting in approximately $0.01 benefit to reported second quarter adjusted diluted EPS. As of September 3, we have approximately $20 million remaining on the $25 million share repurchase authorization.

我們在第二季度回購了 68,000 股，回購金額約為 100 萬美元，使年初至今的回購金額達到 255,000 股，回購金額為 450 萬美元，為報告的第二季度調整後稀釋每股收益帶來約 0.01 美元的收益。截至 9 月 3 日，我們在 2,500 萬美元的股票回購授權中還剩餘約 2,000 萬美元。

We also paid our quarterly dividend of $0.08 per share on July 9, and as announced on August 27, our Board approved payment of the Q3 dividend on October 1, to shareholders of record as of September 17. Please refer to today's press release for reconciliations of non-GAAP financial measures to their most comparable GAAP financial measures. Turning to cash flow.

我們還在 7 月 9 日支付了每股 0.08 美元的季度股息，正如 8 月 27 日宣布的那樣，董事會批准於 10 月 1 日向截至 9 月 17 日登記在冊的股東支付第三季度股息。請參閱今天的新聞稿，以了解非公認會計準則財務指標與最具可比性的公認會計準則財務指標的對帳情況。轉向現金流。

For the quarter, we generated about $19 million of cash from operations, resulting in ending cash of about $46 million. Looking at inventory, we successfully cleared excess inventory units during the quarter, ending second quarter with inventories about flat to last year, excluding the incremental costs associated with tariffs.

本季度，我們從營運活動中產生了約 1,900 萬美元的現金，期末現金約為 4,600 萬美元。從庫存來看，我們在本季成功清理了多餘的庫存單位，第二季末的庫存與去年同期基本持平，不包括與關稅相關的增量成本。

Including the cost of tariffs in both on hand and in-transit inventory, total reported inventory is up about 5% compared to end of second quarter last year. Capital expenditures for the quarter were about $3 million compared to $2 million last year. Investments were focused primarily on stores and the project to launch (inaudible) store capabilities which rolled out during the quarter and are now active in all stores across the fleet.

包括庫存和在途庫存的關稅成本在內，報告的總庫存與去年第二季末相比增長了約 5%。本季的資本支出約為 300 萬美元，而去年同期為 200 萬美元。投資主要集中在商店和推出（聽不清楚）商店功能的項目上，該項目於本季度推出，目前已在整個車隊的所有商店中投入使用。

We are excited to have this omni capability enabled. It will help drive sales growth and support gross margins as previously unfulfillable demand is fulfilled. With respect to store count, we closed 2 stores during the second quarter. We did not open any new stores in the quarter, resulting in end-of-quarter store count of 247 stores compared to 244 stores at end of Q2 last year. Now turning to our outlook.

我們很高興能夠啟用這種全方位功能。它將有助於推動銷售成長並支持毛利率，因為以前無法滿足的需求已經得到滿足。就門市數量而言，我們在第二季度關閉了 2 家門市。本季我們沒有開設任何新店，因此季度末門市數量為 247 家，而去年第二季末門市數量為 244 家。現在轉向我們的展望。

Under the current global trade agreements, we now have more visibility to the impact of tariffs on our cost of goods sold and our working levers to mitigate the impact as much as possible. While there remains some uncertainty with how all of these actions by us and others across the industry will impact the US consumer, we are providing certain guidance metrics for the third quarter of fiscal 2025 as detailed today in our press release.

根據現行的全球貿易協定，我們現在對關稅對銷售成本的影響有了更多的了解，並且可以採取一些措施盡可能減輕其影響。儘管我們和業內其他人採取的所有這些行動將如何影響美國消費者仍存在一些不確定性，但我們在今天的新聞稿中詳細說明了 2025 財年第三季度的一些指導指標。

For third quarter, we expect adjusted EBITDA to be in the range of $18 million to $22 million. This range assumes sales will be about flat to down low single digits for the quarter, and comps will be down in the low to mid-single digits.

對於第三季度，我們預計調整後的 EBITDA 將在 1800 萬美元至 2200 萬美元之間。此範圍假設本季銷售額將基本持平或下降低個位數，而同店銷售額將下降低至中個位數。

Gross margins are assumed to be down compared to last year, more than experienced in Q2, driven primarily by tariff pressure. With respect to tariffs, rates for our largest sourcing countries have landed on average around 20% with India now at 50%. This compares to our prior assumption of 10% on all countries and 30% on China.

預計毛利率將與去年同期相比有所下降，降幅超過第二季度，主要原因是關稅壓力。就關稅而言，我們最大採購國的關稅稅率平均已降至 20% 左右，而印度目前已達到 50%。相較之下，我們先前的假設是所有國家的比例為 10%，中國的比例為 30%。

Given these elevated rates, our guidance for the third quarter assumes approximately $5 million of incremental impact from tariffs net of vendor negotiated offsets. We would assume a similar level going forward on a quarterly basis should current tariff policies remain in place.

鑑於這些上漲的稅率，我們對第三季的預測是，關稅扣除供應商協商的抵銷金額後將產生約 500 萬美元的增量影響。如果現行關稅政策保持不變，我們預計未來季度關稅水準將保持相似。

As Mary Ellen mentioned, we are working multiple levers to mitigate the impact as much as possible, including negotiating savings offsets with our vendors, adjusting on over quantities and strategically reviewing promotion and pricing strategies to drive higher average unit retails. With respect to capital expenditures for the year, we continue to expect spend of between $20 million and $25 million. And regarding store count, we still expect to open between 1 and 5 net new stores this year with 2 new stores planned to open toward the end of the third quarter.

正如瑪麗艾倫所提到的，我們正在採取多種手段盡可能地減輕影響，包括與供應商協商節省抵銷額度、調整過量供應以及策略性地審查促銷和定價策略，以推動更高的平均單位零售額。關於今年的資本支出，我們預計支出仍將在 2,000 萬美元至 2,500 萬美元之間。至於門市數量，我們仍預計今年將淨開設 1 至 5 家新店，並計劃在第三季末開設 2 家新店。

As demonstrated year-to-date, the business continues to generate strong free cash flow, and we remain committed to our strategies to support total shareholder returns, which includes paying our dividend, repurchasing shares and paying down debt. As previously mentioned, we announced our quarterly dividend of $0.08 per share payable on October 1 to shareholders of record on September 17.

正如年初至今所顯示的那樣，業務繼續產生強勁的自由現金流，我們仍然致力於支持股東總回報的策略，其中包括支付股息、回購股票和償還債務。如前所述，我們宣布季度股息為每股 0.08 美元，並將於 10 月 1 日支付給 9 月 17 日登記在冊的股東。

We have repurchased approximately 255,000 shares year-to-date, including the repurchase of 68,000 shares in Q2 for about $1 million. We will continue to opportunistically repurchase shares under the remaining $20 million of our $25 million authorization and with funded debt currently sitting at $70 million on the balance sheet. With plenty of term remaining, we have ample flexibility, and we'll continue to opportunistically evaluate refinancing options.

今年迄今為止，我們已回購了約 255,000 股，其中包括第二季以約 100 萬美元回購的 68,000 股。我們將繼續擇機回購 2,500 萬美元授權中剩餘的 2,000 萬美元的股票，目前資產負債表上的已償債務為 7,000 萬美元。由於剩餘期限充足，我們擁有充足的彈性，並且我們將繼續擇機評估再融資方案。

Importantly, as Mary Ellen mentioned in her remarks, we are encouraged by the opportunities in front of us. We will continue to operate the business with discipline and are committed to making strategic investments this year to sharpen our brand voice through evolved and focused product assortments and a refined marketing approach to build our customer file and drive profitable growth.

重要的是，正如瑪麗艾倫在演講中提到的那樣，我們對眼前的機會感到鼓舞。我們將繼續嚴格經營業務，並致力於今年進行策略性投資，透過不斷發展和集中的產品組合以及精細的營銷方法來增強我們的品牌聲音，以建立我們的客戶檔案並推動盈利增長。

Thank you. I will 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。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Hi, thank you for taking my question. Just would love additional color around what drove the improvement in June and July? And Mark, on tariffs, how should we think about sort of the annualized tariff impact next year as you mitigate some of the impact that you have this year, would love additional color there?

你好，謝謝你回答我的問題。只是想了解更多關於推動 6 月和 7 月改善的原因嗎？馬克，關於關稅，當你減輕今年的一些影響時，我們應該如何看待明年年度關稅的影響，你希望獲得更多細節嗎？

Thank you very much.

非常感謝。

Great. Thanks, Jonna. I'll jump in and Mary Ellen can provide some color as needed. The performance in Q2 was really driven by clearance activities coming out of the sort of slowdown we saw at the end of Q1, beginning of Q2 and then really committing to our discipline to drive markdowns and promos as necessary. And we saw good customer response to that, really good response to the sale in July.

偉大的。謝謝，喬娜。我會加入，瑪麗艾倫可以根據需要提供一些顏色。第二季的業績實際上是由清倉活動推動的，清倉活動是在第一季末、第二季初出現的放緩趨勢之後出現的，然後我們真正致力於我們的紀律，在必要時推動降價和促銷。我們看到了客戶對此的良好反應，七月的銷售反應非常好。

So that was kind of what was behind the trends that we saw in Q2. Underneath that, traffic improved a little bit, conversion improved a little bit, which is not uncommon with elevated levels of promotion and markdown at the end of Q2. Tariffs, what we've indicated, Jonna, is that tariffs really net of vendor negotiated offsets of about $5 million in Q3.

這就是我們在第二季度看到的趨勢背後的原因。在此之下，流量略有改善，轉換率略有提高，這在第二季末促銷和降價水準提高的情況下並不罕見。關稅，喬娜，我們已經指出的是，關稅實際上是扣除供應商協商的補償金後在第三季度達到約 500 萬美元。

We expect will roll forward for the most part in the quarters to come. So I think there's a -- without giving the specific answer, there's the annualized portion of the $5 million annualizing closer to $20 million, that's probably the best math at this point.

我們預計未來幾季大部分時間都會繼續向前發展。所以我認為——雖然沒有給出具體的答案，但 500 萬美元的年化部分接近 2000 萬美元，這可能是目前最好的計算方法。

And then, of course, we're working other levers around -- on order adjustments as well as well as strategic pricing and promotions that over time may mitigate the absolute dollar amount of that tariff hit on a quarterly basis.

當然，我們也正在採取其他措施——訂單調整以及策略定價和促銷，隨著時間的推移，這些措施可能會按季度減輕關稅造成的絕對金額。

And just one question. In the second half, do you expect promotional level to be in line or elevated versus last year? Any thoughts there would be helpful.

只有一個問題。下半年，您預計促銷水準會與去年持平還是有所提升？任何想法都會有幫助。

Thank you so much.

太感謝了。

Yeah, it's a good question. I mean the landscape from here forward somewhat changes from the landscape through the first half because now we're -- now we're in sort of the tariffs part of the year. And our expectation is, as we mentioned previously, our unit receipts in the back half are bought down closer to the mid-single digits. So the sort of supply side is adjusting. The expectation would be that our strategic pricing actions as well as tighter promotions helped to offset some level of those tariffs.

是的，這是個好問題。我的意思是，從現在開始的情況與上半年的情況有所不同，因為現在我們正處於一年中的關稅階段。正如我們之前提到的，我們的預期是，下半年的單位收入將下降到接近中個位數。因此，供應方面正在進行調整。我們期望我們的策略定價行動以及更嚴格的促銷措施能夠在一定程度上抵消這些關稅。

So we stand ready and in all honestly, the guidance range that we provided for Q3 assumes a range of outcomes on -- with specific respect to the receptivity of the customer to those pricing actions that we're taking, knowing that we're not the only ones. And so that level of macro uncertainty is what's sort of color in the range of guidance, the low end being lower receptivity to our pricing increases and the high end being a more receptive customer to the price increases.

因此，我們已經做好準備，坦白說，我們為第三季度提供的指導範圍假設了一系列結果——具體來說是關於客戶對我們採取的定價行動的接受程度，我們知道我們並不是唯一的。因此，宏觀不確定性的水平就是指導範圍內的顏色，低端表示對我們的價格上漲的接受度較低，而高端表示客戶對價格上漲的接受度較高。

Corey Tarlowe, Jefferies.

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

Great, thanks and good morning. Mary Ellen, could you maybe talk a little bit about kind of 100 days into the business at this point, where you see opportunity for change, where you see opportunity to accelerate innovation? What's working in the business? And then maybe other areas or trends you've seen quarter-to-date that you might want to shed some light on?

太好了，謝謝，早安。瑪麗艾倫，您能否談談目前開展業務 100 天的情況，您在哪裡看到了變革的機會，在哪裡看到了加速創新的機會？業務上什麼進展順利？那麼，您是否想闡明本季迄今為止您看到的其他領域或趨勢？

Good morning, Corey.

早上好，科里。

Yes, super excited after 100 days and having had a moment to assess the business. I'm very pleased to report that we are already seeing cultural shifts within the organization, ship from store being the most recent example where the teams work together, greater sense of urgency and purpose and delivered results well ahead of schedule.

是的，經過 100 天並有時間評估業務，我非常興奮。我很高興地報告，我們已經看到組織內部的文化轉變，商店發貨就是最近的例子，團隊共同努力，緊迫感和目標感更強，並且提前交付了成果。

So we're excited to see that in terms of the momentum and the team efforts here. As we look forward, we are -- our focus is on growing the customer file. That is truly what we are -- our goal is. And there's three immediate areas of focus that we know we need to do that. It's the product, it's the customer journey, and it's the way we worked that I just referenced.

因此，我們很高興看到這裡的勢頭和團隊努力。展望未來，我們的重點是擴大客戶檔案。這確實是我們的本質──我們的目標。我們知道我們需要立即專注於三個領域。它是產品，它是客戶旅程，它是我剛才提到的我們的工作方式。

So changes and innovation that we're working on right away are around marketing mix and attracting more customers. We know that we have an incredible demographic she holds the largest wealth in this country. It's a growing segment. She's incredibly loyal to the brand she loves, and she wants to look more stylish today than ever.

因此，我們正在進行的變革和創新是圍繞行銷組合和吸引更多客戶。我們知道，我們擁有令人難以置信的人口結構，她擁有這個國家最大的財富。這是一個正在不斷成長的領域。她對自己喜愛的品牌極其忠誠，並且希望自己現在看起來比以往任何時候都更加時尚。

So we're very excited that we have a base of a loyal customer and the opportunity ahead of us immediately is to really think about the marketing mix that will add to that customer file. In terms of what's working right now, we are in the back half of this year, making slight refinement to our presentations, both in-store and online and to our assets that will be shared both catalog and digital. The focus really is on 2026 and how we drive compelling assortments to attract this customer.

因此，我們很高興擁有一群忠實的客戶，而我們眼前的機會就是認真思考能夠豐富該客戶檔案的行銷組合。就目前的工作而言，我們正處於今年下半年，對店內和線上的展示以及將在目錄和數字上共享的資產進行略微改進。我們的重點是 2026 年，以及我們如何推出引人注目的產品來吸引這些客戶。

Great, thanks so much. And then just, Mark, could you maybe walk us through some of the puts and takes in margin? Obviously, tariffs was one that was already addressed and talked about. But are there any other considerations in the back half of this year? And how do you see the top to kind of the high teens EBITDA margin continuing and sustaining over the long term?

太好了，非常感謝。那麼，馬克，您能否向我們介紹保證金中的一些投入和產出？顯然，關稅問題是已經解決和討論過的問題之一。但今年下半年還有其他的考量嗎？您如何看待 EBITDA 利潤率長期持續並維持在較高水準？

And what do you think the key drivers are to get you there?

您認為實現這目標的關鍵驅動因素是什麼？

Yeah, Corey, good questions. Look, I think in the back half of the year, the primary margin story comes down to tariffs. And part of that is the strategy that we're deploying on the strategic pricing and selective pricing. The goal really is to offset the dollar amount of the tariffs versus trying to mark it up and maintain the rate. So that carries with it out of the gates, full receptivity to the pricing increases, margin pressure.

是的，科里，這個問題問得很好。我認為，今年下半年，主要的利潤因素取決於關稅。其中一部分是我們在策略定價和選擇性定價方面部署的策略。其真正目的是抵消關稅的美元金額，而不是試圖提高關稅並維持關稅稅率。因此，這從一開始就帶來了對價格上漲和利潤壓力的充分接受。

And then as I mentioned, we're providing the closer-in outlook for Q3 that has a range of expectations around that receptivity. So that's the primary. But underneath the covers some opportunities to offset that through the level of promotions executed in the business, the fact that the inventories are bought, as I mentioned, down in the back half of the year, which we feel is a prudent way to position the inventories.

然後，正如我所提到的，我們提供了對第三季度的更近一步的展望，其中對這種接受度有一系列的預期。這是最重要的。但在幕後，有一些機會可以透過在業務中執行的促銷水平來抵消這一影響，事實上，正如我所提到的，庫存是在下半年購買的，我們認為這是定位庫存的謹慎方式。

And that's sort of enabling us to continue to manage the business with the discipline of the operating model on display, still cash generative and allowing us to make these investments, which, to your last question, is really the path for us going forward to invest, as Mary Ellen said, in expanding the customer file, the breadth of the assortment, the appeal of the assortment and the marketing mix is really the opportunity to drive profitable growth deliberately in the coming year.

這使我們能夠繼續按照現有的營運模式管理業務，仍然能夠產生現金，並使我們能夠進行這些投資，對於您的最後一個問題，這實際上是我們未來投資的道路，正如瑪麗·艾倫所說，擴大客戶檔案、擴大產品種類的廣度、增加產品種類的吸引力和營銷組合實際上是在來年有意推動盈利增長的機會。

Which will be the kind of the go-forward story to drive that performance back into the business. In the meantime, we continue those investments and continue to generate the cash and distribute the cash in support of our TSR strategies as evidenced by the dividend and the share repurchase activity to date.

這將是推動業績重回業務的前進故事。同時，我們繼續進行這些投資，繼續產生現金並分配現金以支持我們的 TSR 策略，迄今為止的股息和股票回購活動就是明證。

(Operator Instructions)

（操作員指示）

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, good morning. Mary Ellen, I just wanted to get your thoughts on the [seat] of your consumer. I know your consumer tends to be pretty headline sensitive, and they weren't feeling great at the start of Q2. Outside of some of the noise you saw from promotions in Q2 that did drive sequential improvement. How is she feeling today?

嗨，早安。瑪麗艾倫，我只是想了解您對消費者的看法。我知道您的消費者往往對新聞標題非常敏感，他們在第二季開始時感覺不太好。除了您在第二季促銷活動中看到的一些噪音確實推動了連續的改善。她今天感覺怎麼樣？

Good morning, Janine. Thanks for the question. What we're seeing is the consumer slowly return. And we saw that, again, sequentially month-over-month in Q2, and we're optimistic as we're heading into Q3. I believe as the tariff noise has settled, we have seen or come back into the business, which is very exciting for us.

早上好，珍妮。謝謝你的提問。我們看到的是消費者正在慢慢回升。我們再次看到，第二季的環比成長，我們對進入第三季感到樂觀。我相信，隨著關稅風波的平息，我們將重新回到業務中，這對我們來說非常令人興奮。

Great. And then I just wanted to clarify around the back half promotional levels. Inventory is clean, but obviously, your consumer still is selective and price sensitive. Would you expect promotions to be up year-over-year in the back half down? Or is that still part of the range of outcomes you're contemplating?

偉大的。然後我只想澄清一下後半部分的促銷水平。庫存是乾淨的，但顯然，您的消費者仍然具有選擇性並且對價格敏感。您是否預計下半年促銷活動會比去年同期增加？或者這仍然是您正在考慮的結果範圍的一部分？

Sorry, I was just going to say, as Mark said earlier, that will really depend on the consumer acceptance with our brand as well as our peers of the price increases. And the range that we've put out there, sort of the high end is she's very accepting because we were strategic and thoughtful about where we increase prices and on the low end, is that she is more resistant to the overall cost of purchases moving forward.

抱歉，我只是想說，正如馬克之前所說，這實際上取決於消費者對我們品牌以及同行對價格上漲的接受程度。我們提出的範圍，在高端，她非常容易接受，因為我們在漲價方面是經過戰略性和深思熟慮的，而在低端，她對未來購買的總成本有更強的抵觸情緒。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Hey guys, nice improvements here, at least getting some traffic back in the stores. I'm curious if you could talk a little bit. You upgraded your POS systems. Will you, I guess, upgrade, modernize, change anything with inspired rewards? I think you have a pretty loyal customer as far as I recall.

嘿夥計們，這裡的改進很不錯，至少商店的客流量又回來了。我很好奇你是否可以聊一聊。您升級了 POS 系統。我想，你會透過激勵獎勵來升級、現代化或改變任何東西嗎？據我所記得，我認為您有一個非常忠誠的客戶。

And will you use that to sort of expand your base of customer? And then I just have one follow-up on that if you wouldn't mind.

您會利用它來擴大您的客戶群嗎？如果您不介意的話，我還有一個後續問題。

Sure. Marni, yes, we are very happy to have sort of POS and OMS implementation behind us. And the team is currently working on drafting a reward program that is nontender because as you know, right now, the JCC (inaudible) credit card program, highly penetrated to our sales and a very loyal audience. And we do have many programs for them. But as I said, the team is working on one that's non-tender and one that we will have rolled out in the back half of the year.

當然。Marni，是的，我們很高興能夠實施 POS 和 OMS。該團隊目前正在起草一項非招標獎勵計劃，因為如您所知，目前，JCC（聽不清楚）信用卡計劃已高度滲透到我們的銷售中，並擁有非常忠誠的受眾。我們確實為他們準備了很多項目。但正如我所說，團隊正在研究一種非招標方案，我們將在今年下半年推出。

Fantastic. And then you said you were going to launch -- you launched some TV or you were testing some television. I'm curious what your thoughts are on social media content in real life events? I feel like your customers, when I'm in your stores, they're all talking to each other. So I'm curious what you think about those two aspects of -- to grab people into your stores.

極好的。然後你說你要推出——你推出了一些電視節目或你正在測試一些電視節目。我很好奇您對現實生活中的社群媒體內容有何看法？當我在您的商店時，我感覺到您的顧客正在互相交談。所以我很好奇您對吸引人們進入您的商店的這兩個方面有何看法。

Yeah, great question. So we are very clear that we need to get our message out to more people to drive awareness all levels of the funnel, and we would say particularly really looking at top and middle as we've been converting very well on the bottom to grow the customer file. And the television test was very small, and it was very local, but it's super exciting for us because it did have a tremendous impact.

是的，很好的問題。因此，我們非常清楚，我們需要將我們的訊息傳達給更多的人，以提高管道各個層面的認知度，並且我們會特別關注頂部和中部，因為我們在底部的轉換效果非常好，從而擴大了客戶檔案。電視測試規模很小，而且非常本地化，但它對我們來說非常令人興奮，因為它確實產生了巨大的影響。

And as we look forward to changing the marketing mix, we will absolutely be looking to what you're talking -- more digital, more direct interaction, that mix going forward will be very different. And honestly, we'll be testing strategically in the back half of the year to really understand how we can free up some resources to really engage these new to brands and react as opposed to focusing only on our existing files.

當我們期待改變行銷組合時，我們絕對會關注您所說的內容——更多的數位化、更直接的互動，未來的組合將會非常不同。老實說，我們將在今年下半年進行策略測試，以真正了解如何釋放一些資源來真正吸引這些新品牌並做出反應，而不是只專注於我們現有的文件。

Fantastic. And then can I sneak in just one more. I don't know if I'm projecting on to your stores. But in the last, I think, 2-weeks, even last 1.5-weeks, the stores already look different. They look cleaner, the front of the store looks different.

極好的。然後我可以再偷偷溜進去一次嗎？我不知道我是否會將其投射到您的商店。但我認為，在過去的兩週，甚至在過去的一周半里，商店已經看起來有所不同了。它們看起來更乾淨，商店的正面看起來不一樣。

I don't want to say younger, maybe more modern, the way things are paired. Am I projecting onto it? Or have you already made changes in the merchandising without changing the product?

我不想說事物配對的方式比較年輕，也許更現代。我是否將其投射到它上面了？或者您已經在商品銷售方面做出了改變，但沒有改變產品？

Marni, I love this question. Yeah, for the back half of the year, as we have said, because the product was already locked in. What we have done is change the presentation. So both in stores and online and to your point, making it much easier for the customer to shop, cleaner color stories and honestly, we rethought what we're doing in windows to make them more compelling. And yes, we are seeing a positive response so far.

Marni，我喜歡這個問題。是的，正如我們所說，對於下半年來說，因為產品已經被鎖定了。我們所做的就是改變呈現方式。因此，無論是在商店還是在網上，正如您所說，讓顧客購物變得更加容易，色彩故事更加清晰，老實說，我們重新思考了我們在櫥窗中所做的事情，以使它們更具吸引力。是的，到目前為止我們看到了正面的反應。

So very glad to hear that the people are noticing. Thank you.

很高興聽到人們注意到了這一點。謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to Mary Ellen Coyne for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給瑪麗艾倫科因 (Mary Ellen Coyne)，請她做最後的總結發言。

Thank you all for joining us today. We are focused and committed to executing on our objectives, and we look forward to speaking with you again on our next earnings call.

感謝大家今天的參與。我們專注並致力於實現我們的目標，我們期待在下次財報電話會議上再次與您交談。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

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。