JJill Inc (JILL) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the J.Jill fourth quarter 2025 earnings call. (Operator Instructions)

感謝您耐心等候。我叫 Jay，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 J.Jill 2025 會計年度第四季財報電話會議。(接線員指示)

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. 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 J.Jill's SEC filings.

在開始之前，我需要提醒各位，本次發言中的某些評論可能構成前瞻性陳述，並係依據且在經修訂之 1995 年《私人證券訴訟改革法案》安全港條款的意義範圍內作出。此等前瞻性陳述受已知與未知之風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。相關風險與不確定性已於新聞稿及 J.Jill 向 SEC 提交的文件中說明。

The forward-looking statements made on this recording are as of March 31, 2026, and Jill does not undertake any obligation to update these forward-looking statements. Finally, J.Jill may refer to certain adjusted 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 March 31, 2026. If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page on the website at jjill.com.

本錄音中所作之前瞻性陳述截至 2026 年 3 月 31 日為止，J.Jill 不承擔更新該等前瞻性陳述之任何義務。最後，J.Jill 可能在本次發言中提及若干經調整的非 GAAP 財務衡量指標。顯示 GAAP 與非 GAAP 財務衡量指標之調節表已載於 2026 年 3 月 31 日發布的新聞稿中。若您尚未取得今日新聞稿，可造訪 jjill.com 網站的投資人關係頁面取得。

I would now like to turn the conference over to Mary Ellen Coyne, Chief Executive Officer and President of J.Jill. You may begin.

現在我將把電話會議交給 J.Jill 執行長兼總裁 Mary Ellen Coyne。您可以開始。

Good morning, everyone, and thank you for joining us today. 2025 marks the beginning of a strategic evolution for J.Jill. We embarked on a period of testing and learning in order to build a strong foundation for our business by expanding our customer file through product evolution, enhancing the customer journey and improving the way we work as an organization.

各位早安，感謝今天加入我們。2025 年標誌著 J.Jill 策略演進的起點。我們展開一段測試與學習的期間，透過產品演進擴大客戶名單、提升客戶旅程，並改善我們作為組織的運作方式，以為業務建立穩固基礎。

While we delivered fourth quarter results that exceeded the updated guidance we provided in January, the period reinforced why this evolution is essential. We had an early assortment that did not resonate as hoped. We came up against earlier and deeper competitive holiday promotions. And we watch our direct customer continue to migrate towards the promotional end of the spectrum, taking value and discount rather than engaging at full price. Against this backdrop, our teams remained agile and reacted in season to ensure we ended the period with inventories in a clean position.

雖然我們第四季的結果優於我們在一月提供的更新指引，但這段期間也再次印證了為何這項演進至關重要。我們在季初的商品組合未如預期引起共鳴。我們遭遇更早且更深的同業節慶促銷競爭。同時我們也看到直營客戶持續往促銷端移動，選擇價值與折扣，而非以原價購買。在此背景下，我們的團隊保持敏捷，於當季即時調整，確保期末庫存維持在健康、乾淨的水位。

As we enter 2026, we are taking the steps to transition and position the business for long-term growth. To achieve our objectives, we must expand our customer files. This requires patience and precision. We're expanding into new categories and modernizing our aesthetics to appeal to a broader customer base. but doing so in a way that helps holds the quality, fit and values that our loyal customers expect and trust from J.Jill.

進入 2026 年，我們正採取措施完成轉型，並為企業的長期成長做好定位。為達成目標，我們必須擴大客戶名單。這需要耐心與精準。我們正擴展至新類別並使美學風格更現代化，以吸引更廣泛的客群，但同時也要以能維持我們忠誠客戶對 J.Jill 所期待與信任的品質、版型與價值的方式來進行。

That's why our test-and-learn methodology is so critical. It allows us to validate new concepts with both new and existing customers before scaling, ensuring we're building sustainable growth rather than simply pursuing short-term gains. As we move through 2026 and beyond, you'll see us continue this balanced approach. And we believe the investments and strategic shifts we are making, will position us well to achieve our objectives. This evolution will take time, and we should not expect the path to be linear.

這也是為什麼我們的「測試與學習」方法如此關鍵。它讓我們在擴大推行之前，先與新客與既有客驗證新概念，確保我們建立的是可持續的成長，而不只是追求短期收益。隨著我們走過 2026 年及未來，您將看到我們持續採取這種平衡的做法。我們相信，我們正在進行的投資與策略調整，將使我們具備良好條件以達成目標。這項演進需要時間，我們不應期待其路徑會是線性的。

But we are committed to maintaining a disciplined operating model, carefully managing expenses and leveraging our strong financial position and strengthen balance sheet as we pursue this course. None of this transformation would be possible without a best-in-class team. A combination of strong internal leaders with deep knowledge of J.Jill, and outside leaders bringing relevant experience and new perspectives. Throughout 2025, we've made deliberate decisions to strengthen our leadership bench by recruiting proven talent with deep expertise in brand transformation. We brought Courtney O'Connor onboard in July as Chief Merchandising Officer to support our product evolution.

但我們承諾維持嚴謹的營運模式，審慎管理費用，並在推進此方向的同時，善用我們強勁的財務狀況並強化資產負債表。若沒有一支同級最佳的團隊，這些轉型都不可能實現。我們結合了對 J.Jill 具深厚了解的內部強力領導者，以及帶來相關經驗與新觀點的外部領導者。在 2025 年期間，我們有意識地做出決策，透過招募在品牌轉型方面具深厚專業的優秀人才，強化我們的領導梯隊。我們於七月延攬 Courtney O'Connor 擔任首席商品長，以支持我們的產品演進。

And [VIVREDKey] in November as the company's first-ever Chief Growth Officer to lead our e-commerce and AI initiatives. As we grow, we will continue investing in talent that complements our existing strengths and supports new capabilities. Turning now to our three key strategic pillars. First, evolving the product. In 2025, we analyzed our assortment and identified areas in which we needed to streamline remove redundancy and evolve to capture a greater share of our customers' wardrobe.

並於十一月延攬 [VIVREDKey] 擔任公司史上首位首席成長長，領導我們的電商與 AI 計畫。隨著我們成長，我們將持續投資於能補強既有優勢並支持新能力的人才。接下來談我們三大關鍵策略支柱。第一，產品演進。在 2025 年，我們分析了商品組合並找出需要精簡、移除重複，以及演進以取得客戶衣櫥更高占比的領域。

We began testing categories and concepts to expand the relevance of our product assortments. In Q4, for example, we successfully tested small capsules in areas where we saw potential but wanted to validate customer response before making larger commitments.

我們開始測試各類別與概念，以擴大我們商品組合的相關性。例如在第四季，我們在看見潛力但希望先驗證客戶反應、再做更大承諾的領域，成功測試了小型膠囊系列。

We also piloted a localized merchandising strategy, adjusting our assortment to better reflect the lifestyle needs of specific markets. What became clear through those tests is that when we gave our customer the newness she wanted, she responded even in a highly challenging promotional environment. These learnings shaped how we approach our 2026 assortment and are informing our broader merchandising strategy going forward.

我們也試行在地化的商品策略，調整商品組合，使其更能反映特定市場的生活型態需求。透過這些測試清楚顯示，當我們提供客戶想要的新品時，即使在高度艱困的促銷環境中，她仍會做出回應。這些學習塑造了我們對 2026 年商品組合的做法，並將持續為我們更廣泛的商品策略提供指引。

As a reminder, our summer 2026 assortment, which will be introduced in Q2, we'll capture the first influence from our strengthened merchant and design team. and we expect continued improvements in assortment as we move throughout the year. There will be more newness with silhouettes and fabrics as well as the beginning stages of expansion into areas of accessories such as bags and belts.

提醒各位，我們將於第二季推出的 2026 年夏季商品組合，將首次反映我們強化後的商品與設計團隊所帶來的影響；我們也預期在全年推進過程中，商品組合將持續改善。在版型與面料方面將有更多新品，同時也將開始擴展至配件領域，例如包款與皮帶等。

Our goal is to continue to provide our loyal customer the quality and value she knows and loves us for, while introducing relevant and compelling products focused on the new customers who we aim to attract. Our second pillar is enhancing the customer journey. This past fall, we began to look at our marketing strategy differently and how we think about customer acquisition and engagement. Historically, our marketing spend has been disproportionately focused on our existing customer base. And while customer retention remains important, we know this approach was limiting our ability to expand our customer file and drive the kind of growth we're targeting.

我們的目標是在持續提供忠誠客戶所熟悉並喜愛的品質與價值的同時，推出聚焦於我們希望吸引之新客群、具相關性且具吸引力的產品。第二個支柱是提升客戶旅程。去年秋天，我們開始以不同方式檢視行銷策略，以及我們如何看待客戶獲取與互動。過去，我們的行銷支出不成比例地集中在既有客群。雖然客戶留存仍然重要，但我們知道這種做法限制了我們擴大客戶名單、並推動我們所追求之成長類型的能力。

In 2026 and beyond, we plan to continue to rebalance our marketing investments to address the top of the funnel, building broader brand awareness and capturing new customers who may not yet be familiar with J.Jill. We believe these awareness building initiatives will help us reach a larger, more diverse audience.

在 2026 年及未來，我們計畫持續重新平衡行銷投資，以強化漏斗上端，建立更廣泛的品牌知名度，並吸引可能尚不熟悉 J.Jill 的新客戶。我們相信，這些知名度建立的舉措將幫助我們觸及更大且更多元的受眾。

Our third pillar is operational improvements. Throughout 2025, we focused on strengthening our operational capabilities and leveraging new technologies that we expect to support future growth. We successfully implemented our new OMS system, providing us with a more modern platform, and created the Chief Growth Officer role to fully maximize e-commerce NII to help drive long-term success. As an organization, we are embracing the capabilities and efficiencies that AI can enable. With every potential use case, we ask ourselves: Will it increase revenue, will it increase efficiency and will it drive speed to market.

第三個支柱是營運改善。在 2025 年期間，我們專注於強化營運能力並運用新技術，我們預期這將支持未來成長。我們成功導入新的 OMS 系統，為我們提供更現代化的平台，並設立首席成長長職位，以充分最大化電商 NII，協助推動長期成功。作為一個組織，我們正擁抱 AI 所能帶來的能力與效率。對於每一個潛在的使用情境，我們都會問自己：它是否能提高營收、是否能提升效率，以及是否能加快上市速度。

As we begin 2026, we are introducing several new tools across the organization and have kicked off a significant project, the implementation of a new merchandise planning and allocation tool from Anaplan. We plan to leverage this predictive AI powered forecasting model to optimize how we plan and allocate inventory across the business. Thanks to the hard work of our team, we are on track late in the second half of 2026 with meaningful benefits expected to begin in 2027 and we will continue to improve as the system learns and we scale it to drive better demand forecasting, smarter allocation by location.

隨著我們邁入 2026 年，我們正在全公司推出數項新工具，並已啟動一項重大專案：導入 Anaplan 的全新商品規劃與配貨工具。我們計畫運用這個由預測式 AI 驅動的預測模型，最佳化我們在整體業務中進行庫存規劃與配置的方式。在團隊辛勤努力下，我們進度如期，預計於 2026 年下半年後段完成，並預期自 2027 年起開始帶來顯著效益；隨著系統學習與我們擴大規模，我們也將持續改善，以推動更佳的需求預測與更智慧的據點配置。

As we look forward to 2026, we are confident in our strategic direction while being realistic about the current consumer environment, the impacts of tariffs and the work ahead. While the quarter has seen a challenging start largely driven by continued price sensitivity, particularly in our direct channel, we are encouraged by the performance in our stores supported by trained associates, providing personalized guidance and tactile experiences that excite both existing and new customers around the brand's product evolution. Importantly, we are taking key learnings from these first few weeks of the year to inform our go-forward plan, all of which is reflected in our outlook, which Mark will review.

展望 2026 年，我們對策略方向充滿信心，同時也務實看待目前的消費者環境、關稅影響以及後續仍需完成的工作。本季開局具挑戰性，主要受持續的價格敏感度所驅動，尤其在我們的直營通路；但我們也受到門市表現的鼓舞，受過訓練的門市夥伴提供個人化建議與可觸摸的體驗，讓既有與新客戶都對品牌產品演進感到興奮。重要的是，我們正把今年前幾週的關鍵學習納入後續推進計畫，並已反映在我們的展望中，Mark 將進一步說明。

In closing, we're viewing 2026 as a period of deliberate accelerated change to expand our customer file while maintaining our operational discipline. We remain committed to our methodical test-and-learn approach, building on validated successes around new initiatives before scaling investments. I am confident that this measured approach, combined with our strong balance sheet and operational rigor, will position us to achieve our objectives and deliver long-term shareholder value. And with that, I'll turn it over to Mark.

總結而言，我們將 2026 年視為一段有意識、加速變革的時期，在維持營運紀律的同時擴大客戶名單。我們仍致力於有系統的「測試—學習」方法，在擴大投資前，先以新計畫已驗證的成功為基礎持續累積。我相信，這種審慎的做法，結合我們強健的資產負債表與嚴謹的營運管理，將使我們能達成目標並為股東創造長期價值。接下來我把時間交給 Mark。

Thank you, Mary Ellen, and good morning, everyone. As Mary Ellen outlined, 2025 marked the beginning of a strategic evolution for J.Jill, a deliberate period of evaluation, testing and learning, that began to build the foundation for expanding our customer file.

謝謝你，Mary Ellen，各位早安。如 Mary Ellen 所述，2025 年標誌著 J.Jill 策略演進的起點；那是一段有意識的評估、測試與學習期，並開始為擴大客戶名單奠定基礎。

As we enter 2026, we are deploying these learnings which, while we expect will take some time to fully take hold, we are confident we'll position the business well for long-term sustainable growth. Before discussing our 2026 outlook, let me provide context on fiscal 2025, which demonstrated the resilience of our operating model even as we began this evolution and despite significant external headwinds. We generated $23.2 million in free cash flow in the year, maintained a solid gross margin rate of 68.7% despite incurring approximately $7.5 million of incremental net tariff costs, we opened 4 net new stores, successfully upgraded our order management system and delivered adjusted EBITDA of $84.3 million on sales of $596.5 million cash interest expense.

進入 2026 年，我們正落實這些學習；雖然我們預期需要一些時間才能完全發揮效果，但我們有信心這將使公司在長期可持續成長方面處於有利位置。在討論我們對 2026 年的展望之前，我先提供 2025 會計年度的背景：即使我們開始這段演進、且面臨顯著外部逆風，我們的營運模式仍展現韌性。我們全年產生 2,320 萬美元自由現金流，儘管承擔約 750 萬美元的新增淨關稅成本，仍維持 68.7% 的穩健毛利率；我們淨新增 4 家門市，成功升級訂單管理系統，並在銷售額 5.965 億美元的基礎上，交出 8,430 萬美元的調整後 EBITDA 以及現金利息費用。

We repurchased $10.4 million or about 638,000 shares of J.Jill stock and paid approximately $5 million in ordinary dividends demonstrating our ongoing commitment of returning cash to shareholders and supporting total shareholder return. These results reflect the operational discipline and agility of our organization in navigating a complex environment. The tariff policy enacted in April created unprecedented operational complexity and we experienced a slowdown in our customers' shopping behavior throughout the year, contributing to a 3% decline in comparable sales for the year. I want to thank our vendor partners for their support amidst these challenges and recognize and thank our cross-functional teams for their agility and resilience adapting their work and processes in response to the changing business requirements. Many of the same team members manage the successful March 2025 cutover to our new OMS system, a major modernization of our technology foundation.

我們回購了 1,040 萬美元、約 638,000 股的 J.Jill 股票，並支付約 500 萬美元的普通股股利，展現我們持續將現金回饋股東、支持股東總報酬的承諾。這些成果反映出我們組織在複雜環境中展現的營運紀律與敏捷性。4 月實施的關稅政策造成前所未有的營運複雜度，我們也在全年看到客戶購物行為放緩，導致全年同店銷售下滑 3%。我想感謝供應商夥伴在這些挑戰中的支持，也要肯定並感謝我們跨部門團隊的敏捷與韌性，能因應不斷變化的業務需求調整其工作與流程。其中許多成員也負責並成功完成 2025 年 3 月切換至新的 OMS 系統，這是我們技術基礎的一次重大現代化。

As we move into 2026, we are planning for a year of strategic investment and measured transition. We're building the foundation for sustainable, profitable growth by expanding our customer file modernizing our product offering and further strengthening our operational capabilities. This requires deliberate investments that will pressure near-term profitability, but position us for stronger performance in 2027 and beyond. Our financial approach doesn't change. We're being disciplined about where we invest, measuring returns carefully and maintaining financial flexibility to adjust as we learn.

展望 2026 年，我們規劃這將是一個策略性投資與審慎轉型的一年。我們將透過擴大客戶名單、現代化產品供給，並進一步強化營運能力，為可持續且具獲利性的成長奠定基礎。這需要有意識的投資，將對短期獲利造成壓力，但可使我們在 2027 年及之後展現更強勁的表現。我們的財務方針不變。我們將嚴守投資紀律，審慎衡量報酬，並維持財務彈性，以便在學習過程中進行調整。

Our strong balance sheet and cash position provide flexibility to execute this strategic evolution while continuing to return capital to shareholders.

我們強健的資產負債表與現金部位，讓我們在推動這項策略演進的同時，仍能持續向股東返還資本。

With that context, let me walk through our fourth quarter performance and then provide our outlook for fiscal 2026. Total company sales for the quarter were $138.4 million down 3.1% compared to Q4 of 2024. Total company comparable sales for the fourth quarter decreased 4.8%, driven by the retail channel. Store sales for Q4 were down 9% versus Q4 2024, driven by soft traffic and conversion, which were partially offset by stronger average unit retails and average transaction values in the quarter. Net new stores contributed approximately $2 million in revenue.

在上述背景下，我先帶各位回顧第四季表現，接著提供 2026 會計年度的展望。本季公司整體銷售額為 1.384 億美元，較 2024 年第四季下降 3.1%。第四季公司整體同店銷售下降 4.8%，主要由零售通路所致。第四季門市銷售較 2024 年第四季下降 9%，主要因來客數與轉換率疲弱；但本季較高的平均單品零售價與平均交易金額部分抵銷了影響。淨新增門市約貢獻 200 萬美元營收。

Direct sales as a percentage of total sales were 53.5% in the quarter, compared to the fourth quarter of fiscal 2024, direct sales were up 2.6%, driven by markdown sales, which benefited from ship-from-store capabilities.

本季直營（Direct）銷售占總銷售的 53.5%；相較於 2024 會計年度第四季，直營銷售成長 2.6%，主要由折扣（markdown）銷售帶動，而這也受惠於門市出貨（ship-from-store）能力。

Q4 total company gross profit was $87.3 million compared to $94.8 million last year. Q4 gross margin was 63.1%, down 320 basis points versus Q4 2024, driven by approximately $4.5 million of net tariff costs incurred during the quarter and deeper year-over-year discounting amidst a very competitive promotional environment. These headwinds were partially offset by favorable freight costs this year compared to last. SG&A expenses for the quarter were about $87 million compared to $89.3 million last year as increased selling expense and G&A overhead were more than offset by lower marketing management incentive, nonrecurring costs and stock-based compensation. Adjusted EBITDA was $7.2 million in the quarter compared to $14.5 million in Q4 2024.

第四季公司整體毛利為 8,730 萬美元，去年同期為 9,480 萬美元。第四季毛利率為 63.1%，較 2024 年第四季下降 320 個基點，主要因本季認列約 450 萬美元的淨關稅成本，以及在競爭激烈的促銷環境下，年度同比折扣加深。上述逆風部分被今年相較去年更有利的運費成本所抵銷。本季 SG&A 費用約為 8,700 萬美元，去年同期為 8,930 萬美元；銷售費用與一般及管理費用（G&A）間接費用增加，已被較低的行銷、管理獎酬、一次性成本與股份基礎給付所抵銷並超過。本季調整後 EBITDA 為 720 萬美元，去年同期（2024 年第四季）為 1,450 萬美元。

Interest expense was $2.2 million in Q4, down about $500,000 compared to last year, driven by the term loan refinance completed in December. Adjusted net income per diluted share in Q4 2025 was a loss of $0.02 per share compared to earnings of $0.32 per share in Q4 2024. Average weighted diluted share count in Q4 this year of 15.3 million shares reflected the impact of repurchasing 637,700 shares in fiscal 2025. Please refer to today's press release for reconciliations of non-GAAP financial measures to their most comparable GAAP financial measures. Adjusted EBITDA, adjusted net income and adjusted net income per diluted share to net income and free cash flow to cash from operations.

第四季利息費用為 220 萬美元，較去年下降約 50 萬美元，主要受惠於 12 月完成的定期貸款再融資。2025 年第四季調整後稀釋每股淨利為每股虧損 0.02 美元，相較之下，2024 年第四季為每股盈餘 0.32 美元。今年第四季加權平均稀釋股數為 1,530 萬股，反映 2025 會計年度回購 637,700 股的影響。請參閱今日新聞稿，以取得非 GAAP 財務衡量指標與其最具可比性的 GAAP 財務衡量指標之調節表。包括調整後 EBITDA、調整後淨利與調整後稀釋每股淨利對應至淨利，以及自由現金流對應至營運活動現金流量。

Turning to cash. We ended the quarter and full year with $41 million of cash. For fiscal 2025, we generated $42.1 million of cash from operations and $23.2 million of free cash flow, defined as cash from operations less capital expenditures. We refinanced our $75 million term loan in December extending the term through December of 2030 and saving approximately $10.4 million of share funded from cash on hand. As of January 31, 2026, a there was $14.1 million of availability remaining under the stock repurchase authorization that expires in December 2026.

接著談現金。我們在本季末與全年末的現金為 4,100 萬美元。2025 會計年度，我們產生 4,210 萬美元的營運活動現金流量，以及 2,320 萬美元的自由現金流；自由現金流定義為營運活動現金流量扣除資本支出。我們於 12 月為 7,500 萬美元的定期貸款完成再融資，將到期日延長至 2030 年 12 月，並節省約 1,040 萬美元的股份，資金來源為手上現金。截至 2026 年 1 月 31 日，將於 2026 年 12 月到期的股票回購授權項下，尚餘可用額度為 1,410 萬美元。

Looking at inventory.

檢視庫存。

At the end of the fourth quarter, total inventory, excluding the impact of tariffs was about flat compared to the end of fourth quarter last year, including approximately $9 million related to net tariff costs reported inventory at end of Q4 was up 14% compared to end of Q4 inventory last year. Capital expenditures for the quarter were $10.1 million.

在第四季末，若排除關稅影響，總庫存相較去年第四季末約持平；其中約有900萬美元與淨關稅成本相關。以申報口徑計，第四季末庫存較去年第四季末增加14%。本季資本支出為1,010萬美元。

Total capital expenditures for full year 2025 were $18.9 million focused on new store openings and the OMS project. With respect to store count, we opened seven stores in the fourth quarter with no closures. We ended the year with 256 stores, a net increase of four for the year as nine new store openings were offset by 5 closures.

2025財年全年資本支出合計1,890萬美元，主要投入於新店開幕以及OMS專案。就店數而言，我們在第四季開出7家門市，沒有關店。年底門市總數為256家，全年淨增加4家；9家新店開幕被5家關店所抵銷。

Turning to our expectations for fiscal 2026. As mentioned, we expect 2026 will be a year of deliberate investment. Our guidance reflects this along with the continued uncertainty in the consumer and geopolitical environment, the turbulent trade policy landscape and the expectation that it will take some time for new customers to respond to our evolving product assortments.

接著談談我們對2026財年的展望。如前所述，我們預期2026年將是審慎投資的一年。我們的財測反映了這一點，同時也納入消費者與地緣政治環境的持續不確定性、動盪的貿易政策局勢，以及我們預期新客戶需要一些時間才能對我們持續演進的產品組合做出回應。

As Mary Ellen mentioned, and as is reflected in our first quarter guidance, we have seen a softer start to Q1. We expect this performance to gradually improve in second quarter as the new assortment hit in their entirety incurred and for products landed before for February 28, 2026, will expense through the P&L during the first half of 2026.

如Mary Ellen所提到的，也如我們第一季指引所反映，我們看到第一季開局較為疲弱。我們預期隨著新品組合完整到位，表現將在第二季逐步改善；且針對2026年2月28日之前到港的商品所產生的成本，將在2026年上半年透過損益表認列。

As a reminder, these tariffs were an average rate of approximately 20% and net of vendor offsets are expected to result in about $5 million of added cost of goods sold in the first quarter compared to 0 tariffs incurred in Q1 2025. Going forward, we are now assuming 10% tariffs on goods received after February 28 through the end of the first quarter and 15% on goods received for the rest of the year.

提醒一下，這些關稅平均稅率約為20%，在扣除供應商抵減後，預期將使第一季銷貨成本增加約500萬美元；相較之下，2025年第一季未發生關稅。展望未來，我們目前假設：2月28日之後至第一季末收貨的商品適用10%關稅，而其餘年度收貨的商品適用15%關稅。

Given these rates we expect the second quarter to incur approximately $4 million of incremental net tariff costs compared to less than $1 million incurred last year in Q2 and Q3 and Q4 to incur approximately $3 million of net tariff costs each compared to $2.5 million and $4.5 million in Q3 and Q4 last year, respectively.

在上述稅率下，我們預期第二季將產生約400萬美元的淨關稅增量成本；相較去年第二季不到100萬美元。第三季與第四季各預期約300萬美元的淨關稅成本；相較去年第三季與第四季分別為250萬美元與450萬美元。

Total tariff load net of vendor offsets in 2026 will be about $15 million compared to about $7.5 million incurred in 2025. Our assumptions related to tariff rates are all subject to any additional changes the US may enact to global trade policies.

2026年全年關稅負擔（扣除供應商抵減後）約為1,500萬美元，對比2025年約750萬美元。我們對關稅稅率的所有假設，均可能因美國對全球貿易政策的任何進一步變動而調整。

Further, our guidance does not assume receipt of any refunds of tariffs paid to date. For the first quarter of fiscal 2026, we expect sales to be down approximately 5% to 7% compared to last year, with total company comp sales down approximately 7% to 9%. We expect adjusted EBITDA to be in the range of $15 million to $17 million, reflecting approximately $5 million of tariff pressure.

此外，我們的指引並未假設收到任何截至目前已繳關稅的退稅。就2026財年第一季而言，我們預期營收較去年下降約5%至7%，全公司同店銷售（comp）約下降7%至9%。我們預期調整後EBITDA介於1,500萬至1,700萬美元，反映約500萬美元的關稅壓力。

For Q1, we expect gross margin to be down about 400 basis points compared to Q1 2025 as the annualized impacts of tariffs is incurred and product and marketing strategies are still evolving. While the quarter is off to a challenging start, as discussed, we are seeing relatively better performance quarter-to-date in our retail channel.

第一季方面，我們預期毛利率將較2025年第一季下滑約400個基點，原因在於關稅的年化影響開始發生，以及產品與行銷策略仍在演進中。雖然本季開局具挑戰性，但如先前所述，截至目前我們在零售通路的表現相對較佳。

For full year fiscal 2026, we expect sales to be down 2% to about flat compared to last year. Total company comp sales to be in the range of down 3% to down 1% and adjusted EBITDA of $70 million to $75 million. This guidance assumes full year gross margins down about 50 basis points compared to 2025 and as we expect headwinds related to tariffs in the first half to be partially offset by better full-price selling, lower promotions and lower year-over-year tariffs beginning in Q4.

就2026財年全年而言，我們預期營收較去年下降2%至大致持平。全公司同店銷售（comp）預期介於下降3%至下降1%，調整後EBITDA為7,000萬至7,500萬美元。此指引假設全年毛利率較2025年下滑約50個基點；且我們預期上半年關稅帶來的逆風，將部分被更高的正價銷售、更少的促銷，以及自第四季起較去年同期更低的關稅所抵銷。

Regarding inventory, we will continue to take a prudent approach to inventory investments given the relative uncertainty we have discussed with unit purchases positioned down in the mid-single digits. Regarding store count, we continue to see opportunity to expand, but remain disciplined in our approach amidst our brand evolution.

就庫存而言，鑑於我們所討論的相對不確定性，我們將持續以審慎方式進行庫存投資，並將採購件數定位在中個位數百分比的下降幅度。就店數而言，我們仍看到擴張機會，但在品牌演進之際，仍會保持紀律、審慎推進。

We are pleased with the performance of new stores opened to date and expect to grow net store count by about 5 stores by the end of fiscal 2026 of our planned openings, approximately half are in reentry markets.

我們對迄今新開門市的表現感到滿意，並預期在2026財年末，淨店數將增加約5家；在我們規劃的開店中，約有一半位於重返市場（reentry markets）。

We expect reentry stores to ramp very quickly given the customer reception and brand awareness that exists in these markets, while new markets are experiencing a longer ramp period. We expect openings in new markets to experience about a three- to five-year ramp to maturity. New stores represent an attractive investment opportunity and we are excited to continue to expand our footprint at a disciplined pace.

我們預期重返市場門市將因當地既有的客戶接受度與品牌知名度而快速爬坡；相較之下，新市場的爬坡期較長。我們預期新市場的開店約需3至5年才能爬坡至成熟。新店代表具吸引力的投資機會，我們也很期待以有紀律的步調持續擴大我們的版圖。

With respect to total capital expenditures, we expect to spend about $25 million in fiscal 2026 with investments focused on new stores and a new merch planning and allocation system that is projected to be completed toward the end of 2026.

就總資本支出而言，我們預期2026財年約投入2,500萬美元，投資重點為新店，以及一套新的商品規劃與配貨系統，預計於2026年底前後完成。

Regarding free cash flow, we expect free cash flow for fiscal 2026 of about $20 million.

就自由現金流而言，我們預期2026財年自由現金流約為2,000萬美元。

And finally, with respect to cash distributions we announced today that our Board of Directors approved a $0.09 dividend, reflecting a $0.01 or 12.5% increase in our ordinary dividend payable April 28 to shareholders of record as of April 14, and we have $14 million remaining on our fair repurchase program, which is authorized through December 2026. It is important to note that given the timing of year-end and Q4 earnings announcements, our Q1 repurchase window tends to be shorter than other windows during the year.

最後，關於現金分配，我們今天宣布董事會核准每股0.09美元股利，較我們的普通股利提高0.01美元或12.5%，將於4月28日支付給4月14日登記在冊的股東；此外，我們的股票回購計畫尚餘1,400萬美元額度，該計畫授權至2026年12月。需要特別注意的是，由於年終與第四季財報公告的時點安排，我們第一季的回購窗口通常比年度其他窗口更短。

In summary, we believe we are making the adjustments necessary to position the business for sustainable growth. We are confident the modernization and evolution of our product and marketing efforts will enhance and broaden the appeal and awareness of our incredible brand.

總結而言，我們相信我們正在進行必要的調整，以使業務具備可持續成長的定位。我們有信心，產品與行銷工作的現代化與演進，將提升並擴大我們這個卓越品牌的吸引力與知名度。

And we believe the investments we are making in our front-end MP&A platforms will position us well and provide benefits into fiscal 2027 and beyond, all while continuing with our commitment to distribute excess cash to shareholders through our ordinary dividend program and share repurchases.

我們也相信，我們在前端MP&A平台上的投資將使我們處於有利位置，並在2027財年及其後持續帶來效益；同時，我們也將持續履行承諾，透過普通股利計畫與股票回購，向股東分配多餘現金。

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

謝謝。接下來我把時間交回給接線員，進行提問。

(Operator Instructions)

(接線員指示)

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

Thank you for taking my question your customers are more sensitive to macro, how would you assess how much of the softness you're seeing in the first quarter is due to macro versus other factors? Would love any color there?

謝謝讓我提問。你們的客戶對總體環境更敏感；你會如何評估你們在第一季看到的疲弱，有多少是由總體因素造成、又有多少來自其他因素？也希望你能提供一些補充說明。

And then second question, how will this year's Mother's Day differ from last year? What are key product and marketing changes ahead of the Mother's Day. Thank you.

第二個問題，今年的母親節會與去年有何不同？在母親節檔期前，產品與行銷方面有哪些關鍵變化？謝謝。

Good morning Jonna, thanks for your question. So we are at the start of a very deliberate evolution. That being said, we do believe that Q1 had a challenging start was a midst of very tough macro backdrop, and we've talked about this consumer being impacted by that. We absolutely see that more in our direct channel, which is a continuation from what we saw in Q4. What is very encouraging to us is what we are seeing in stores with our talented store teams able to engage to have convert new customers and existing customers.

早安，Jonna，謝謝你的提問。我們正處於一個非常審慎的演進起點。話雖如此，我們確實認為第一季在非常艱困的總體背景下開局具挑戰性，我們也談到消費者正受到其影響。我們在直營通路（direct channel）上更明顯看到這點，這也延續了我們在第四季所見的情況。讓我們非常振奮的是，我們在門市端看到的表現：我們優秀的門市團隊能夠與顧客互動，並成功轉化新客與既有客。

But we do believe that the macro environment had an impact in this quarter for sure.

但我們確實相信，宏觀環境在本季肯定產生了影響。

With respect to Mother's Day, the marketing team has exciting initiatives in play. We are really focused on the timing of when we're launching our catalog when we are launching digital marketing. There is a whole program around it that we're super excited about, all backed up by product drop that is coming in the 10 days before.

就母親節而言，行銷團隊正在推動一些令人振奮的計畫。我們非常專注於型錄上線與數位行銷啟動的時點安排。圍繞此有一整套我們非常期待的方案，並且在前 10 天會有產品上新作為支撐。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

Hi. Good morning, everyone.A lot of work underway. As you think about the product assortment and the test and learn that is put in place, what is changing bottoms, tops, sweaters, style, look, print patterns, what is changing? And what do you expect to see and when will the new full assortment be there? And then with the customer acquisition strategies, who do you want to capture now that's different than your old customer? And as you think of the balance of the business, how much should be new versus existing customers go forward?

嗨。各位早安。很多工作正在進行中。當你們思考產品組合以及已建立的「測試並學習」機制時，哪些在改變——下裝、上衣、毛衣、風格、整體造型、印花圖案，哪些在改變？你們預期會看到什麼，以及何時會有新的完整產品組合到位？另外在客戶獲取策略方面，你們現在想要抓住哪些與過去客群不同的新客？再者，從業務結構的平衡來看，未來新客與既有客的占比大概應該是多少？

And then lastly, Mark, just on the components of margins. What are you seeing from energy prices and the impact of freight costs. Thank you.

最後，Mark，關於毛利率的構成。你們從能源價格以及運費成本的影響上看到了什麼？謝謝。

Good morning Dana. I'll start with the first question, which is what is changing in the assortment. So we are taking this time to really test and learn coming out of Q4 going into Q1. And what we are focused on is both new and existing customers achieving more of her wardrobe.

早安，Dana。我先回答第一個問題，也就是產品組合有哪些改變。我們正利用這段時間，從第四季走到第一季，真正去做測試並學習。我們聚焦的是讓新客與既有客都能在她的衣櫥中擁有更多我們的單品。

We are moving with what we are calling a more modern aesthetic, which is really addressing her lifestyle, and that lifestyle will be built with core things that she has known and loved from the J.Jill brand for years. accentuated by newness, and we see her really responding to newness, but it's how we give her versatile wardrobing pieces that take her through every aspect of her day and her life.

我們正朝我們所稱的更現代的美學方向前進，這其實是在回應她的生活型態；而這個生活型態會以她多年來熟悉且喜愛的 J.Jill 品牌核心單品為基礎，再以新品來點綴。我們看到她對新品的反應非常好，但關鍵在於我們如何提供多用途的衣櫥單品，讓她能應對一天與生活中的各種情境。

We see it being a very balanced approach, both in product and in marketing with everything we do, really benefiting the three customer segments that you referred to, right? So as we think about customers, we are focused on retaining the customers we have, we are focused on attracting new, and we are focused on reactivating people who have not shopped the brand recently. When we think about this customer segment, -- we love this customer segment.

我們認為這會是一個非常均衡的做法，無論在產品或行銷上，我們所做的一切都能真正讓你提到的三個客群受益，對吧？因此在客戶方面，我們專注於留住現有客戶、吸引新客，並重新喚回近期未購買本品牌的客人。談到這個客群——我們很喜歡這個客群。

She's loyal. She's responsive. She is -- has money and time to spend on herself. When we look at the segment today, we -- 45 to 65 is our target audience.

她很忠誠。她反應很快。她——有錢也有時間願意花在自己身上。就目前來看，我們的目標客群是 45 到 65 歲。

Today, our customer sits at the higher end of that and we know we have tremendous opportunity to target the middle of that range and bring very qualified women into this audience.

目前我們的客戶年齡落在這個區間的較高端，而我們知道在這個區間的中段仍有很大的機會，可以把非常優質的女性帶進這個客群。

Great. And with respect to the gross margin, Dana, as we discussed on the last question, the macro environment is obviously very volatile right now and evolving quite real time. what we've included in our guidance is anything that we have seen concrete as of now with respect to gas or oil prices, et cetera. What that means is that in sort of the ocean container rate environment, we've seen some momentary spikes here and there, but it seems to be normalizing itself fairly quickly. And so right now, what we're seeing is more flat ocean container rates maybe up a tiny bit that we would have factored in that I mentioned in Q4 was the first quarter in a while where we actually had great -- small freight savings.

很好。至於毛利率，Dana，如同我們在上一題討論的，宏觀環境現在顯然非常波動，且幾乎是即時在變化。我們在指引中納入的是截至目前為止、我們已看到的關於汽油或原油價格等任何具體影響。這表示在海運貨櫃運價環境方面，我們確實看到零星的短暫飆升，但似乎很快就恢復正常。因此目前我們看到的是海運貨櫃運價大致持平，可能小幅上升；我們已把這點納入考量。我在第四季提到過，那是我們一段時間以來首次實際出現不錯——小幅的運費節省。

And now, as I mentioned, more flat, maybe a little bit of pressure, but still watching it closely and it's evolving real time. In the expenses, we've seen some of the carriers, including the USPS pass-through fuel charge surcharges and we've reflected that in our SG&A included in our guidance going forward.

而現在，如我所說，較為持平，可能有一點壓力，但我們仍在密切觀察，且它是即時在變化。在費用方面，我們看到部分承運商（包括 USPS）轉嫁燃油附加費，我們已在未來的指引中，將其反映在 SG&A 裡。

Yeah, and I just want to circle back for 1 minute, Dana and just reiterate, while we know we have a great customer, we also are now the number 1 priority for us is to appeal to a broader audience, and we're excited about some of the testing that we've done with performance indicators that are encouraging as we move forward.

是的，我想再回到這點 1 分鐘，Dana，再次強調：雖然我們知道我們有很棒的客戶，但現在我們的第一優先要務是吸引更廣泛的受眾。我們對已做的一些測試感到興奮，因為其績效指標令人鼓舞，讓我們對後續推進更有信心。

Thank you.

謝謝。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

Great. Thanks, and good morning can you talk a little bit about trends by month? And any color on what you're seeing quarter-to-date? Thanks so much.

很好。謝謝，早安。你們能談談按月份的趨勢嗎？以及截至本季目前為止你們看到的情況，有沒有一些補充說明？非常感謝。

Yes, Corey, it's Mark. With respect to Q4, we mentioned, overall, it was a pretty promotional quarter it was markdown driven, particularly in the direct channel. The month themselves, January was the strongest, and it was sequentially better than December, better than November. I think we messaged some of that in some of our inter-quarter remarks that we've made around the guidance. The January performance was heavily sale.

好的，Corey，我是 Mark。就第四季而言，我們提到整體來看那是一個促銷力度相當大的季度，主要由折價清貨（markdown）驅動，尤其是在直營（direct）通路。就各月份來看，1 月最強，而且較 12 月更好、也較 11 月更好。我想我們在一些跨季度、圍繞指引的評論中也傳達過部分內容。1 月的表現高度依賴促銷。

It's a sale period. It was heavily markdown driven as well. So the cadence was, as I mentioned, but with a deepening markdown support later in the quarter. And then I would say quarter-to-date, we've seen a challenging start. We mentioned that in our remarks.

那是一個促銷期。同樣也高度由折價清貨驅動。因此節奏如我所說，但在季度後段折價支持更深。至於截至本季目前為止，我們看到一個具挑戰性的開局。我們在發言中也提到了。

It's very much in line with how we've guided the quarter overall. -- and are committed as we exit all of these quarters through this learning period to manage our inventory as necessary during the quarter to exit as clean as we can entering the new quarter.

這與我們對整個季度的指引非常一致。——而且在這段學習期內，當我們走出每一個季度時，我們承諾會在季度內視需要管理庫存，盡可能以乾淨的庫存狀態進入下一個季度。

Understood. And I think you mentioned a new merchandise planning system. I know that there have been other initiatives that you've undertaken, whether it was the OMS project or other items. Can you talk a little bit about the benefits of this what the costs are and then how we should think about other incremental projects that are coming in, in this year, which I think you called it an investment year?

了解。我想你提到了一個新的商品規劃系統。我知道你們也推動了其他計畫，不論是 OMS 專案或其他事項。你能談談這個的效益、成本是什麼，以及我們應該如何看待今年將導入的其他增量專案嗎？我想你們稱今年為投資年。

I mean, Corey, I'll start just by saying we are so excited about the MP&A project through out of plan. It will allow us to take what is today a very manual Excel-based system and move it to predictive AI forecasting, which will allow us to have inventory optimized in the right location, in the right step at the right time. So we're very excited about what this means from a customer service -- customer experience because the inventory will be where they need it, but also from a revenue and margin driving initiative.

我是說，Corey，我先說我們對 MP&A 專案非常興奮，且它完全符合我們的計畫。它將讓我們把目前非常手動、以 Excel 為基礎的系統，轉移到具預測性的 AI 預測，讓我們能在正確的時間、以正確的節點，把庫存最佳化配置在正確的位置。因此我們非常期待這對客戶服務——客戶體驗的意義，因為庫存會在他們需要的地方；同時這也是一項能推動營收與毛利的計畫。

Yes. And Corey, the one of the great advantages of the OMS project was taking a very old system and modernizing it, which then enables you to bolt in these newer technologies. So excited to be leveraging the newer platform to now start enhancing front-end systems, as Mary Ellen mentioned.

是的。而且 Corey，OMS 專案的一大優勢，是把一個非常老舊的系統現代化，進而讓你能把這些較新的技術模組化地加上去。因此我們很高興能利用這個較新的平台，開始強化前端系統，如 Mary Ellen 所提到的。

With respect to the investments, I would say the investments this year continue to be new stores. We mentioned we're opening net 5. We also have some relocations in the plan in 2026. And then the Anaplan project is a more targeted projects than an OMS project would be an LMS project is far region, which allows us within the capital guide that we provided to also invest in other smaller systems enhancements, benefits.

就投資而言，我會說今年的投資仍然以新店為主。我們提到我們將淨增開 5 家。我們也在 2026 年的計畫中安排了一些搬遷。另外，Anaplan 專案相較於 OMS 專案會更聚焦；而 LMS 專案則更偏向區域性，這讓我們在先前提供的資本指引範圍內，也能投資於其他較小的系統強化與效益。

Mary Ellen mentioned a few of them in her remarks around driving direct -- the direct business, et cetera. So that's kind of what's behind the expectation of it being and investment here with respect to capital.

Mary Ellen 在她的談話中提到其中幾項，例如推動直營——直營業務等等。所以，這大致就是我們在資本面預期會有投資的原因。

And then in the SG&A side of things, the investments really start with marketing more in Q2 and forward. and then obviously, payroll and some of the investments we've made in talent.

接著在 SG&A 方面，投資主要從第二季起、並延續到之後，會更多投入在行銷；然後當然也包括薪資，以及我們在人才方面所做的一些投資。

Okay, great. Thanks so much. Best of luck.

好的，很棒。非常感謝。祝你們好運。

Thanks.

謝謝。

Dylan Carden, William Blair.

Dylan Carden，William Blair。

Hi, This is Ann bingo on for Dylan Carden. So the guide implies a softer first quarter with improvement as the year progresses, which I believe is a similar setup to this time last year. What would you say is different this year versus last year that gives you the confidence in the back half inflection? And how much of that outlook depends on macro stabilization or improvement? Thanks.

嗨，我是 Ann Bingo，代替 Dylan Carden 提問。指引顯示第一季較疲弱、但隨著年度推進會改善，我認為這和去年此時的情況類似。你們認為今年相較去年有哪些不同之處，讓你們對下半年轉折更有信心？而這個展望有多少取決於總體環境的穩定或改善？謝謝。

So I'll start you for the question. as we're entering 2026, we are in a period of evolution, and we are testing and learning every day -- what I would say is we are sitting today with an incredibly talented team who are aligned on our vision and are committed to our journey. So as we move forward, we will see product improvements through Q2, 3, 4 we will see learnings from our marketing initiatives that we're attaching where we are rebalancing spend where we are trying new things. And moving forward, we'll see that growth as we lean into the things that are working and equally as we pull away from those tests that don't.

我先回答你的問題。當我們進入 2026 年時，我們正處於演進的階段，我們每天都在測試與學習——我想說的是，我們現在擁有一支極具才華的團隊，大家對我們的願景一致，並致力於我們的旅程。因此，隨著我們往前走，我們會在第二、三、四季看到產品改善；也會從我們正在推動的行銷計畫中獲得學習，我們正在重新平衡支出、嘗試新做法。往後，我們會在加碼那些有效的事情時看到成長，同時也會撤出那些測試結果不佳的項目。

Got it, that makes sense. Thank you.

了解，這很合理。謝謝。

Sorry, I was just going to add with respect to the Q4, as Marion mentioned, the product, obviously, it's -- we're still pre the new assortments in -- and we're also in that period of unanniversaried tariffs. So the first half of the year, currently, as we outlined in my remarks, carries $9 million of tariffs against less than $1 million last year. And then that tariff load actually evens and becomes again, assuming the assumptions that we laid out that the tariff rates for the rest of the year around 15% post the Q1 receipts. -- that Q4 would then turn to a small tailwind.

抱歉，我想補充一下關於第四季的部分。如 Marion 提到的，產品方面，顯然——我們仍處於新款組合尚未導入之前——同時我們也正處於關稅尚未滿一年可比的期間。因此，今年上半年，如我在談話中所概述的，關稅負擔為 900 萬美元，而去年不到 100 萬美元。之後，這個關稅負擔會趨於持平，並再次——在我們所提出的假設下，也就是第一季到貨後、全年其餘期間的關稅稅率約為 15%——那麼第四季就會轉為一個小幅的順風。

So just with respect to the years over years, there's some elements of just that structural component of tariff that supports that as well.

所以就年對年來看，也有一些因素是來自關稅這種結構性組成，對此也提供支撐。

Understood. And then on pricing, do you guys see additional opportunity for targeted price increases in 2026? Is this reflected in the current guide? Or does the current consumer environment or a more cautious approach? Thanks.

了解。那在定價方面，你們是否看到 2026 年仍有針對性調價的額外機會？這是否已反映在目前的指引中？或者是因為目前的消費環境而採取更審慎的做法？謝謝。

We will be taking a very measured approach to pricing. As we've said in our remarks, we have seen the overall consumer and specifically our direct channel be more price-sensitive. We're seeing incredible promotion out there in the market. So we will be very measured about any increases we take in price.

我們會以非常審慎的方式來處理定價。如同我們在談話中所說，我們看到整體消費者、尤其是我們的直營通路，對價格更敏感。我們也看到市場上有非常激烈的促銷。因此，對於任何價格上調，我們都會非常謹慎。

Understood thank you.

了解，謝謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Morning. You've got Eaton Sage on for Janine. Can you just provide some more color on which categories performed well and which may have lagged in Q4 and quarter-to-date?

早安。我是 Eaton Sage，代替 Janine 提問。你能否再多提供一些細節，說明第四季以及本季迄今哪些品類表現較好、哪些可能較落後？

Sure. So in Q4, what we saw was that newness and novelty were driving the business. So where we had repeat programs from a year prior or two years prior, they were very soft. We also saw success in some of the tests we had out there. We saw success in our travel capsule we saw success in expanded categories in outerwear, we saw the start of accessories, which has really moved into Q1 as a success story.

當然。第四季我們看到的是，新品與新奇感在帶動業績。因此，若是延續前一年或前兩年的重複款式／常態企劃，表現就非常疲弱。我們也看到一些測試項目取得成功。我們的旅行膠囊系列測試成功；外套品類的擴張也成功；配件品類開始起步，而這在第一季已成為一個成功案例。

-- and we tested some price points, particularly in sweaters with Casimir and soft success.

——另外我們也測試了一些價位帶，特別是在毛衣品類，包含喀什米爾等，並取得一些成功。

As we moved into Q1, a we are seeing newness rebounding. We are -- but again, Q1 is not indicative of our two product evolution. -- where we really see that evolution is in Q2, where newness in fabric and silhouette and category mix really starts to evolve based on our learnings. Clearly, with the goal to drive full price selling in both channels because we know that we've really seen the retail channel working. We've seen things like our dress business turnaround.

進入第一季後，我們看到新品動能正在回升。我們——但同樣地，第一季並不能代表我們產品演進的全貌。——我們真正看到那個演進是在第二季，基於我們的學習，在面料、輪廓與品類組合上的新品開始真正演變。很明確地，我們的目標是在兩個通路都推動正價銷售，因為我們知道零售通路的表現確實在發揮作用。我們也看到像是洋裝業務的回溫。

It's exciting to see what's happening there.

看到那裡正在發生的事情令人振奮。

Got it. That's helpful. I'll pass it on thank you.

了解。這很有幫助。我把時間交回去，謝謝。

With no further questions, that concludes our Q&A session and also concludes today's conference call. Thank you for your participation. You may now disconnect.

若沒有其他問題，我們的問答環節到此結束，今天的電話會議也到此結束。感謝各位的參與。您現在可以掛線。