JJill Inc (JILL) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the J.Jill Inc. first-quarter 2026 earnings call. (Operator Instructions) 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.

感謝您耐心等候。我叫 JL，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 Inc. 2026 會計年度第一季財報電話會議。（接線員指示）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》安全港條款之意義範圍內作出。

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.

此等前瞻性陳述受已知與未知之風險及不確定性影響，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 向美國證券交易委員會（SEC）提交之文件中說明。

The forward-looking statements made on this recording are as of June 10, 2026, and J.Jill does not undertake any obligation to update these forward-looking statements. Finally, J.Jill 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 10, 2026. 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. I would now like to turn the conference over to Mary Ellen Coyne, CEO and President.

本錄音中所作之前瞻性陳述係截至 2026 年 6 月 10 日，J.Jill 不承擔更新該等前瞻性陳述之任何義務。最後，J.Jill 在本次發言中可能會提及若干經調整或非 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 6 月 10 日發布之新聞稿中。若您尚未取得今日新聞稿，可造訪 jjill.com 網站之投資人關係頁面取得。現在我想將會議交給執行長兼總裁 Mary Ellen Coyne。

You may begin.

您可以開始。

Good morning, and thank you for joining us. As I have said on previous calls, J.Jill is in the early stage of evolving both the brands and the business amidst the dynamics of a complicated external environment. We began 2026 with a sharp focus on expanding the customer file, making progress through disciplined execution in 3 key areas: evolving our product assortment, enhancing the customer journey and advancing the way we work. This strategic framework is essential to build a solid foundation for sustainable long-term growth.

各位早安，感謝各位加入我們。如同我在先前的電話會議中所說，J.Jill 正處於品牌與業務演進的早期階段，並同時面對複雜外部環境的各種動態。我們以高度聚焦於擴大客戶資料庫展開 2026 年，並透過在三個關鍵領域的紀律性執行取得進展：推動產品組合演進、提升顧客旅程，以及精進我們的工作方式。此一策略架構對於建立可持續長期成長的穩固基礎至關重要。

Evolution takes time and requires patience as our product and marketing strategies are introduced to both new and existing customers. Insights gained in the first quarter, particularly in stores where customers can touch, feel and experience our new assortment, supported by our exceptional sales associates, give us confidence in our ability to achieve success. We delivered first quarter results in line with our expectations for both sales and profitability. And while it was a challenging period for a number of reasons, we are actively applying learnings that should continue to drive momentum throughout the rest of this fiscal year and beyond.

演進需要時間，也需要耐心，因為我們的產品與行銷策略正逐步導入新客與既有客群。第一季所獲得的洞察，特別是在門市中，顧客能觸摸、感受並體驗我們的新產品組合，並在優秀銷售夥伴的支持下，讓我們對達成成功更具信心。我們第一季在銷售與獲利方面的表現符合預期。儘管這段期間因多項因素而充滿挑戰，我們正積極運用所學，這些學習應可在本會計年度其餘期間及更長遠的未來持續推動動能。

We know through both customer research and feedback from our sales associates that customers want J.Jill to evolve as their approach to building a wardrobe has evolved. But we also know that we must take care with the pace and scale of that change. We are being thoughtful about infusing newness while retaining the essential elements our most loyal customers value.

透過顧客研究以及銷售夥伴的回饋，我們知道顧客希望 J.Jill 隨著他們打造衣櫥的方式演變而演進。但我們也知道，必須謹慎掌握變革的速度與規模。我們會審慎地注入新意，同時保留最忠誠顧客所重視的核心要素。

From a product perspective, our assortment in Q1 reflected the start of a transition, still dominated by legacy product, but with some new styles and silhouettes representing where we are headed. Notable successes in the quarter were jackets and accessories. Accessories are only a small part of the business today, but they showed strong growth, and we see more opportunity. As we know, accessories are often an entry point into a brand for new customers or an impulse purchase that reactivates lapsed customers. In terms of key learnings, tops assortment skewed too far into shorter length and did not offer enough breadth in print.

就產品而言，第一季的商品組合反映了轉型的起點，仍以既有（legacy）產品為主，但也加入了一些新款式與輪廓，代表我們前進的方向。本季顯著的成功品類為外套與配件。配件目前僅占業務的一小部分，但呈現強勁成長，我們也看到更多機會。眾所周知，配件往往是新客接觸品牌的切入點，或是能重新喚回流失顧客的衝動型購買。就關鍵學習而言，上衣品類在版長上偏向過短，且印花款式的廣度不足。

Another highlight in the quarter was our new-to-brand customer acquisition, which had slight year-over-year growth, driven primarily through the retail channel. Our store teams continue to perform at a high level, engaging existing, returning and new customers and doing a great job speaking to the brand's evolution. We saw a meaningful improvement in the profile of these new customers who are younger than our existing customers' average age.

本季另一項亮點是我們的新客（首次購買本品牌）獲取，年增略有成長，主要由零售通路帶動。我們的門市團隊持續維持高水準表現，與既有、回流及新顧客互動，並在傳達品牌演進方面做得非常出色。我們看到這些新顧客的輪廓有顯著改善，其年齡層較我們既有顧客的平均年齡更年輕。

While the new-to-brand segment of our customer file remains relatively small, we believe its growth is key to our long-term success. This progress is encouraging. We are also leveraging learning to make enhancements to our e-commerce site, such as fabric guides, look books and stronger product storytelling, all of which help to educate online customers on our product evolution, the way our sales associates are already doing in-store. While the e-commerce channel continues to be more price sensitive, we expect these new tools and enhancements to more fully animate our product assortment and move someone from discovery to purchase.

雖然新客在我們的客戶資料庫中仍占相對較小的比重，但我們相信其成長是我們長期成功的關鍵。這樣的進展令人鼓舞。我們也正運用所學對電商網站進行強化，例如布料指南、造型型錄（look books）以及更有力的產品故事敘述，這些都有助於教育線上顧客了解我們的產品演進，就如同我們的銷售夥伴在門市已經在做的一樣。儘管電商通路仍較為價格敏感，我們預期這些新工具與強化措施將更完整地呈現我們的商品組合，並推動消費者從「發現」走向「購買」。

Turning to our three key areas of focus. First, evolving our product assortment. We are excited by customers' initial reactions to our summer assortment so far in the second quarter. These assortments reflect better alignment between our merchandising and design teams, represent a real step forward in terms of product evolution and are a good indication of where the brand is headed. These positive early reads are encouraging and position us for gradual sequential improvement in the second quarter and further throughout the remainder of the year as indicated in our guidance.

接著談我們三個關鍵聚焦領域。第一，推動產品組合演進。我們對第二季迄今顧客對夏季商品組合的初步反應感到振奮。這些商品組合反映出我們的商品企劃與設計團隊之間更佳的一致性，就產品演進而言代表實質的向前邁進，也清楚顯示品牌未來的方向。這些正向的早期訊號令人鼓舞，並使我們如同在財測指引中所示，有望在第二季逐步呈現連續性的改善，且在今年剩餘期間進一步提升。

Second, enhancing the customer journey. As part of our plan to reinvigorate the brand and expand the customer file, we have already begun to enhance how people engage with J.Jill across channels. During the quarter, we saw growth in the SMS file. And in March, we launched a new nontender loyalty program called J.Jill Collective to a small subset of our customer base. We have plans to roll this out and we'll share more in the coming months.

第二，提升顧客旅程。作為我們重振品牌並擴大客戶資料庫計畫的一部分，我們已開始強化消費者在各通路與 J.Jill 互動的方式。本季我們看到簡訊（SMS）名單成長。並且在 3 月，我們向一小部分客群推出名為 J.Jill Collective 的新「非折扣型」（nontender）會員忠誠計畫。我們計畫逐步擴大推行，並將在未來幾個月分享更多資訊。

Leading this program and all customer and marketing strategies is our new Chief Marketing Officer, Kimberly Wallengren, who joined us at the end of April. Previously with Coach and American Eagle, she brings a proven track record of leveraging marketing to drive brand evolution, boost relevance and broaden the customer base. Kimberly's expertise is perfectly matched to our objectives, and we are delighted to welcome her to J.Jill.

主導此計畫以及所有顧客與行銷策略的是我們新任行銷長（Chief Marketing Officer）Kimberly Wallengren，她於 4 月底加入我們。她先前任職於 Coach 與 American Eagle，具備運用行銷推動品牌演進、提升關聯性並擴大客群的卓越實績。Kimberly 的專業與我們的目標高度契合，我們非常高興歡迎她加入 J.Jill。

Our third area of focus is advancing the way we work. In addition to developing the right strategy, we have also been building the right capabilities. Our executive leadership team has the right balance of institutional knowledge, new insights and transformation experience to deliver on this strategy. Our strategies and capabilities will also be reinforced with new tools, starting with a merchandise planning and allocation system later this year.

第三個聚焦領域是精進我們的工作方式。除了制定正確的策略之外，我們也在建立適切的能力。我們的高階管理團隊在制度性知識、新洞察與轉型經驗之間取得了恰當的平衡，以落實此一策略。我們的策略與能力也將透過新工具加以強化，首先是在今年稍晚導入商品規劃與配貨系統。

The new system will move us from a manual and time-intensive approach to one with more predictive and data-driven forecasting that will allow us to better assess demand planning and allocate more effectively, which we expect will support higher full price sell-through and greater markdown yields beginning in earnest in 2027.

新系統將使我們從手動且耗時的方法，轉向更具預測性、以數據驅動的預測方式，讓我們能更好地評估需求規劃並更有效地進行配置；我們預期這將自 2027 年起開始明顯支持更高的正價售罄率以及更高的折扣（降價）收益。

In summary, we are still in the early days of our transformation, but I'm encouraged by our progress and the discipline with which our team is executing against our strategic priorities. With that, I'll turn it over to Mark to speak to the details of the financials and our outlook.

總結來說，我們的轉型仍處於早期階段，但我對我們的進展以及團隊以紀律性執行策略優先事項的方式感到鼓舞。接下來我將把時間交給 Mark，請他說明財務細節與我們的展望。

Thank you, Mary Ellen, and good morning, everyone. I'll begin with a review of first quarter performance before discussing our outlook. Regarding first quarter, total company sales for the quarter were about $144 million, down 6% compared to Q1 2025, inclusive of total company comparable sales decline of 8.7%, which was partially offset by sales from new stores opened last year.

謝謝你，Mary Ellen，各位早安。我將先回顧第一季的表現，接著再談我們的展望。就第一季而言，公司整體季度銷售額約為 1.44 億美元，較 2025 年第一季下降 6%，其中包含公司整體同店銷售下滑 8.7%，但部分被去年新開門市帶來的銷售所抵銷。

Retail sales for Q1 were down about 4% compared to Q1 2025, driven by soft conversion, partially offset by higher average unit retails and supported by net 6 new stores compared to the first quarter of 2025. Direct sales were down approximately 8% compared to Q1 2025 and represented about 46% of total sales. Sales declines were driven by conversion and a mix to markdowns as consumers continue to demonstrate price sensitivity, especially in the direct channel.

第一季零售銷售較 2025 年第一季下降約 4%，主要受轉換率疲弱影響；較高的平均單價（AUR）部分抵銷了影響，且相較 2025 年第一季淨增加 6 家新店亦提供支撐。直營（Direct）銷售較 2025 年第一季下降約 8%，約占總銷售的 46%。銷售下滑主要由轉換率下降以及銷售組合轉向折扣（降價）所致，因消費者持續展現價格敏感度，尤其在直營通路更為明顯。

Q1 total company gross profit was about $98.7 million, down about $12 million compared to Q1 2025. Gross margin rate for Q1 was 68.3%, down 350 basis points versus Q1 2025, driven by approximately $4.7 million in net tariff costs and a higher mix of markdown sales, primarily in the direct channel. SG&A expenses for the quarter were about $90 million compared to approximately $91 million in Q1 2025. Lower marketing costs driven by a timing shift of the April catalog into May, lower G&A overhead and lower technology project costs were all partially offset by new store costs, occupancy inflation and merit increases.

第一季公司整體毛利約為 9,870 萬美元，較 2025 年第一季減少約 1,200 萬美元。第一季毛利率為 68.3%，較 2025 年第一季下降 350 個基點，主因約 470 萬美元的淨關稅成本，以及折扣（降價）銷售占比提高，主要發生在直營通路。本季 SG&A 費用約為 9,000 萬美元，2025 年第一季約為 9,100 萬美元。由於 4 月型錄時點延後至 5 月而帶來的行銷成本下降、較低的 G&A 管理費用以及較低的科技專案成本，部分被新店成本、租賃成本（占用成本）通膨與績效調薪所抵銷。

Adjusted EBITDA for the quarter was $16.7 million compared to $27.3 million in Q1 2025. Interest expense was $1.9 million in Q1 compared to $2.8 million in Q1 2025. Adjusted net income per diluted share was $0.45 compared to $0.88 last year, which reflected a diluted share count of 15.0 million shares this year versus 15.4 million shares last year. During the quarter, we repurchased 68,500 shares for approximately $790,000. And as of today, we have approximately $13 million remaining on the $25 million share repurchase authorization.

本季調整後 EBITDA 為 1,670 萬美元，2025 年第一季為 2,730 萬美元。第一季利息費用為 190 萬美元，2025 年第一季為 280 萬美元。稀釋後每股調整後淨利為 0.45 美元，去年為 0.88 美元；其中今年稀釋後股數為 1,500 萬股，去年為 1,540 萬股。本季我們回購 68,500 股，金額約 79 萬美元。截至今日，在 2,500 萬美元的股票回購授權額度下，尚餘約 1,300 萬美元可用。

Turning to cash flow. For the quarter, we generated about $1.7 million of cash from operations, resulting in ending cash of about $36.3 million. Free cash flow was an outflow of $1.1 million in the quarter. 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.

接著談現金流。本季我們由營運活動產生約 170 萬美元現金，使期末現金約為 3,630 萬美元。本季自由現金流為流出 110 萬美元。非 GAAP 財務指標與其最可比 GAAP 財務指標之調節表（包括調整後 EBITDA、調整後淨利與稀釋後每股調整後淨利對應至淨利，以及自由現金流對應至營運活動現金流），請參閱今日新聞稿。

Looking at inventory. Total reported inventories, excluding tariffs, were down about 3.5% at the end of the first quarter compared to end of first quarter last year. As reported inventory, inclusive of the cost of tariffs was up 5.6%. Capital expenditures for the quarter were $2.8 million compared to $2.7 million last year. Investments were focused primarily on stores as well as the new merchandise planning and allocation project.

再看庫存。第一季末，剔除關稅後的申報庫存總額較去年第一季末下降約 3.5%。按申報口徑（包含關稅成本）計算的庫存則上升 5.6%。本季資本支出為 280 萬美元，去年為 270 萬美元。投資主要集中在門市，以及新的商品規劃與配置專案。

With respect to store count, we closed two stores during the first quarter and opened one new, resulting in end-of-quarter store count of 255 stores compared to 249 stores at the end of Q1 last year.

就門市數量而言，我們在第一季關閉兩家門市並新開一家，使季末門市數達 255 家，去年第一季末為 249 家。

Now for more on our outlook. For full year, we are reaffirming our prior guidance for sales, comparable sales, gross margin, adjusted EBITDA and free cash flow. We still expect full year sales to be flat to down 2%; full year comp sales to be down 1%, to down 3%; year-over-year gross margin to decline approximately 50 basis points; and adjusted EBITDA of $70 million to $75 million. In addition, full year free cash flow is still expected to be about $20 million.

接下來談展望。就全年而言，我們重申先前對銷售、同店銷售、毛利率、調整後 EBITDA 與自由現金流的指引。我們仍預期全年銷售持平至下降 2%；全年同店銷售下降 1% 至下降 3%；全年毛利率年對年下降約 50 個基點；調整後 EBITDA 為 7,000 萬至 7,500 萬美元。此外，全年自由現金流仍預期約為 2,000 萬美元。

We are continuing to invest in new stores but are adjusting our targeted net opening store count this year and related capital spend to reflect the current operating environment. As such, we now expect to spend between $20 million and $25 million of CapEx during the fiscal year compared to prior guidance of approximately $25 million, and we now expect to open between 1 and 5 net new stores this year versus prior guidance of about 5 net new stores. These expectations reflect about 6 to 8 new stores, offset by closures.

我們將持續投資新店，但會調整今年目標的淨開店數以及相關資本支出，以反映目前的營運環境。因此，我們目前預期本會計年度資本支出（CapEx）介於 2,000 萬至 2,500 萬美元，低於先前約 2,500 萬美元的指引；同時，我們目前預期今年淨新增門市 1 至 5 家，低於先前約淨新增 5 家的指引。上述預期反映約 6 至 8 家新店，並由關店所抵銷。

Our full year guidance reflects our expectation that strategies will show gradual improvement into Q2 before gaining more traction into Q3 and further momentum into Q4. For second quarter, we expect sales to be down 1% to down 3%, comp sales to be down 2% to down 4% and adjusted EBITDA to be in the range of $18 million to $20 million. This guidance includes the expectation for second quarter gross margin to decline approximately 100 basis points compared to last year, primarily driven by approximately $4 million of net tariff costs.

我們的全年指引反映我們預期各項策略將在第二季逐步改善，並在第三季獲得更多成效，第四季進一步加速。就第二季而言，我們預期銷售下降 1% 至下降 3%，同店銷售下降 2% 至下降 4%，調整後 EBITDA 介於 1,800 萬至 2,000 萬美元。此指引包含第二季毛利率較去年下降約 100 個基點的預期，主要由約 400 萬美元的淨關稅成本所致。

With respect to tariff refunds, though we received early in the second quarter a small portion of our IEEPA tariff refund claim, we are not assuming any refund benefit in our guidance at this time, given ongoing uncertainties related to the timing and ultimate amount of any remaining reimbursement. Embedded in our guidance is an assumed average 20% reciprocal tariff rate on applicable inventory received prior to February 28, 2026, an assumed average 10% tariff rate on applicable inventory received after February 28, 2026, through the second quarter of fiscal 2026 and an assumed average 15% tariff rate thereafter.

關於關稅退稅，雖然我們在第二季初收到 IEEPA 關稅退稅申請的一小部分款項，但鑑於與任何剩餘補償之時點及最終金額相關的不確定性仍在，我們目前在指引中未假設任何退稅利益。我們的指引中已內含以下假設：對於 2026 年 2 月 28 日之前收到的適用庫存，假設平均 20% 的對等關稅稅率；對於 2026 年 2 月 28 日之後至 2026 財年第二季期間收到的適用庫存，假設平均 10% 的關稅稅率；其後則假設平均 15% 的關稅稅率。

These assumptions equate to approximately $14.5 million of net tariff costs in our expected fiscal 2026 gross profit, down slightly versus our prior expectation with the benefit assumed to be offset by higher fuel and other input costs within our outlook.

上述假設相當於我們預期 2026 財年毛利中約 1,450 萬美元的淨關稅成本，較先前預期略有下降；但我們在展望中假設該利益將被較高的燃料及其他投入成本所抵銷。

Lastly, we remain committed to executing on our total shareholder return strategies. As announced on June 3, the Board declared a quarterly dividend of $0.09 per share payable July 8 to shareholders of record as of June 24 and we will continue to opportunistically repurchase shares, though we'll do so at an appropriate pace.

最後，我們仍致力於推動整體股東報酬（Total Shareholder Return, TSR）策略的執行。如同 6 月 3 日所宣布，董事會宣告每股 0.09 美元的季度股利，將於 7 月 8 日支付給截至 6 月 24 日登記在冊的股東；同時我們也將持續在適當的節奏下，伺機回購股份。

Now I'll hand it back to Mary Ellen for a few remarks before we go to Q&A.

現在我把時間交還給 Mary Ellen，在進入問答之前請她再補充幾點。

Thanks, Mark. As our product continues to evolve and our new marketing strategies take hold, we expect to see gradual sequential improvement in our business. We are encouraged by the learnings gained in Q1 and the green shoots we have seen to date, most notably the growth in new-to-brand customers and the strength in emerging product categories. Our enthusiasm for the potential of J.Jill is balanced by an understanding that successful transformations take time. We are confident we are making the right decisions today to position the brand for sustainable long-term growth and value creation.

謝謝你，Mark。隨著我們的產品持續演進、以及新的行銷策略逐步發揮效果，我們預期業務將出現逐季、循序漸進的改善。我們對第一季所獲得的學習以及迄今看到的初步正向跡象感到鼓舞，尤其是新客（new-to-brand）客群的成長，以及新興產品類別的強勁表現。我們對 J.Jill 潛力的熱情，也同時建立在對成功轉型需要時間的理解之上。我們有信心，今天所做的正確決策將使品牌具備可持續的長期成長與價值創造的定位。

Thank you. And now we'll take your questions.

謝謝。現在我們開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Jonna Kim with TD Cowen.

TD Cowen 的 Jonna Kim。

How would you assess sort of the macro impact to your consumer in the first quarter and second quarter versus sort of assortment still that needs to improve? And could you give us a little bit more color on how Mother's Day trended for you? I know it's a big event for you. So what are some learnings from this year versus last year and how you sort of evolve that event going forward?

你們會如何評估第一季與第二季宏觀環境對消費者的影響，相較於商品組合仍需改善的因素各占多少？另外能否再多分享一些母親節期間的表現趨勢？我知道這對你們是很重要的檔期。因此，今年相較去年有哪些學習，以及未來你們將如何持續演進這個檔期？

Thanks for the questions. I'll start with consumer. So in our most recent surveys, our consumer continues to exhibit caution and admittedly is more choiceful. But what we also see is she truly believes in the hallmarks of this brand in quality and customer service, and she is -- has had a very positive response to our latest collections.

謝謝你的提問。我先從消費者談起。在我們最近的調查中，消費者仍然保持謹慎，坦白說也更會做選擇。但我們也看到，她確實相信這個品牌在品質與客戶服務上的核心特質，而且她——對我們最新系列的反應非常正面。

So the way that we think about this in an environment that is challenging and promotional, we know that we need to focus internally on getting her to -- on putting product in front of her that she will respond to. And that's what we've seen really as we're heading into Q2. We're very encouraged by the latest floor sets. What I would say is that includes Mother's Day, right?

因此，在一個具挑戰且促銷氛圍濃厚的環境中，我們的思考方式是：我們知道必須把重點放在內部，讓她——把她會有反應的產品呈現在她面前。而這正是我們在邁入第二季時所看到的情況。我們對最新的門市陳列檔期（floor sets）感到非常鼓舞。我想說的是，這也包含母親節，對吧？

So as we entered Q2, we saw positive reads on the floor sets, certainly the one that dropped right before Mother's Day. We saw a more coordinated marketing effort this year and know that as we move forward, there is opportunity for us to continue to build on that as it is such an important holiday for us. Stores performed stronger than direct, which you would expect, again, with some activations in stores that were very positive.

因此，當我們進入第二季時，我們看到門市陳列檔期的表現讀數是正向的，尤其是母親節前剛上架的那一檔。今年我們看到更協同一致的行銷投入，也知道未來仍有機會在此基礎上持續加強，因為這對我們而言是非常重要的節日。門市表現強於直營電商（direct），這也符合預期；同時門市端的一些活動帶來了非常正面的效果。

Got it. Understood. And then just one follow-up. As you look at second half, I mean, you talked about gradual sort of improvement, but what really gives you confidence in that inflection? Is there a specific sort of product changes and marketing that you feel especially more optimistic on?

了解。明白。那再追問一題。當你們看下半年時，你提到會逐步改善，但究竟是什麼讓你們對那個轉折點更有信心？是否有特定的產品調整與行銷作法，讓你們特別更樂觀？

Sure. So yes, what I would say is, as you know, Q1 was a period of testing and learning for us. It was the start of our evolution. The product was predominantly legacy products, but we did fast track new categories, new silhouettes and really are taking the learnings from that and using them appropriately as we're moving forward. A lot of learnings around product specifics, around communications to our consumer.

當然。我會說，是的，如你所知，第一季對我們而言是測試與學習的期間。那是我們演進的起點。產品仍以既有（legacy）商品為主，但我們也加速導入新類別、新版型（silhouettes），並確實把從中得到的學習在往前推進時加以適當運用。我們在產品細節以及與消費者溝通方式上，都有很多學習。

We talked a little bit about the direct business and really the things that we are adding in terms of the book and fabric guide to move her from consideration to conversion.

我們也稍微談到直營電商（direct）業務，以及我們正在新增的內容，例如型錄（book）與布料指南（fabric guide），以協助她從「考慮」走向「轉換」（conversion）。

So moving forward, we're taking those learnings. We're very encouraged by current results as Q2 has kicked off, assortments, assets, and we're adjusting appropriately. So we are rebalancing where we feel that we need to. We know that we did not have enough color in the first quarter. We know that she wanted more tunics in the first quarter. These are things that we have corrected as we move into the back half of the year, and we're very excited about it.

因此，往前看，我們會把這些學習帶著走。隨著第二季展開，我們對目前的結果、商品組合（assortments）與素材資產（assets）感到非常鼓舞，並且正在做出適當調整。所以我們正在重新平衡我們認為需要調整的地方。我們知道第一季的色彩不夠豐富。我們知道第一季她想要更多長版上衣（tunics）。這些都是我們在進入今年下半年時已經修正的事項，我們對此非常期待。

So again, we continue to underscore that this is an evolution and that evolution takes time. All of that is implied in our guidance in a gradual sequential improvement. But the way that I would say that we are very much thinking about the product and the way that we're building our product framework and strategy is around a Venn diagram that is very much 60% of what we do will be applicable to our existing as well as new customers, and then we'll have 20% on either side where we are protecting legacy and moving forward. And what we've learned is that balance in categories where we are having an assortment of silhouettes that address the middle and both ends is where we're seeing much success.

所以再次強調，這是一個演進的過程，而演進需要時間。這些都已反映在我們的財測中，也就是逐季、循序漸進的改善。但我想說，我們在思考產品、以及建立產品框架與策略時，採用的是一個維恩圖（Venn diagram）的概念：大約 60% 的產品會同時適用於既有客戶與新客戶，另外兩側各有 20%，一邊是保護既有（legacy），另一邊是向前推進。而我們學到的是：在類別上取得平衡、提供能涵蓋中間與兩端需求的多樣版型組合，是我們看到成功的關鍵。

And Mary Ellen, Jonna, I would probably just build on that from sort of the implications in the guidance. Everything that Mary Ellen said about this year and relative to how different it was this time last year, this is the first quarter now where we're fully aligned with our merchants and design teams and everything that Mary Ellen just mentioned gives us the confidence that we'll continue to gradually build this year.

Mary Ellen、Jonna，我可能也從財測意涵的角度補充一下。Mary Ellen 所說的今年的情況，以及相較於去年此時的差異——這是第一個季度，我們與商品企劃（merchants）與設計團隊已完全對齊；而她剛提到的所有事項，都讓我們有信心今年會持續逐步建立動能。

As compared to last year, this time where we had a relatively new team coming together, we were in the process of working forward to this moment and the business performance actually degraded a little bit through the end of the year into Q4. So it's a combination of both of those years. And just to underscore also the ending inventory period at the end of Q1 is in a better place than it's been in a while, and we've adjusted the buys as we go forward a bit as well. So feel like -- so that supports as well some of the full price and new product strategies that we're executing.

相較於去年此時，當時我們是一個相對新的團隊正在磨合，我們正朝著現在這個時點推進，而業務表現其實在年底一路到第四季（Q4）還略有惡化。所以這是兩個年度因素的綜合。另外也要強調，第一季末的期末庫存水位比過去一段時間都更健康，我們也在往前的採購（buys）上做了一些調整。因此我覺得——這也支持我們正在執行的正價（full price）與新品策略。

Janine Stichter of BTIG.

BTIG 的 Janine Stichter。

Congrats on the progress. I wanted to ask about the direct channel. How do you think about restoring the more full price nature of that channel? Or do you think of it as remaining more of a clearance channel? And then on the stores, you lowered the outlook for new stores.

恭喜你們的進展。我想問一下直營電商（direct）通路。你們如何看待恢復該通路更偏正價銷售（full price）的特性？或者你們認為它會維持更偏清倉（clearance）的通路定位？另外在門市方面，你們下調了新開店的展望。

Just curious how new stores are performing. Is this more a function of adding less new stores just based on the environment or anything you're seeing on the stores you're closing? Is there any changes to how you're thinking about the hurdles for closing units?

只是好奇新店的表現如何。這比較是基於環境因素而減少開新店的結果，還是你們在關閉的門市上看到了一些情況？你們對於關閉門市的門檻（hurdles）是否有任何想法上的改變？

So I'll kick off and then Mark will join in for sure. On the direct channel, again, what we're seeing is stores are driving stronger results than direct at the moment. And again, we know that we are up against a promotional environment. But as I said earlier, we're very encouraged as we head into Q2 to see some improvement in full price selling. And we're actively taking steps to make sure that we can more fully engage that consumer in the lifestyle of the brand with the things that we talked about with a look book, with a fabric guide.

我先開頭，然後 Mark 肯定也會補充。就直營通路而言，再次強調，我們目前看到的是門市端的表現比直營（direct）更強。而且同樣地，我們知道我們正面對一個促銷氛圍濃厚的環境。但如我先前所說，隨著我們進入第二季（Q2），看到正價銷售（full price selling）有些改善，這讓我們非常受到鼓舞。我們也正積極採取措施，確保能更完整地讓消費者融入品牌的生活風格，例如我們提到的型錄（look book）與布料指南（fabric guide）。

The team has added video to the site. There are things that we're doing to really engage that customer because we know we're sitting in a promotional environment, but we know that we can stand out if we have the right product and the right messaging. So that's what I'll say about direct.

團隊也在網站上加入了影片。我們正在做一些事情來真正提升顧客的參與度，因為我們知道身處促銷環境，但也知道只要有對的產品與對的訊息傳達，我們就能脫穎而出。以上就是我對直營（direct）的看法。

And I would just -- with respect to the store count and the capital, we just felt, Janine, at this point, it was prudent to nudge that down a bit. It's more about just the general environment and some of the uncertainty in the macro world and a little bit about some of the developments that are going on in the mall landscape, some of the remerchandising, the luxury additions, just to make sure that we're prudent in watching how those -- some of those efforts impact traffic and our customer, et cetera.

另外，就門市數量與資本支出而言，Janine，我們覺得在這個時間點把目標稍微下修一點是審慎之舉。這更多是關於整體環境、宏觀層面的不確定性，以及購物中心（mall）生態的一些發展——例如重新招商／調整品類（remerchandising）、引進更多奢侈品牌（luxury additions）——我們希望以審慎態度觀察這些舉措如何影響人流與我們的顧客等。

But we still feel very confident in the 300-store target we put out there before. I think more than anything, we're sort of reassessing the timing to that goal that feel like that's a very realistic goal. And overall, the stores continue to perform as we've indicated on previous calls, better in markets that we're reentering where we're kind of know the customer, the customer knows us, a little longer ramp in some of the new markets. We'll continue to prioritize where we can lifestyle centers and reentry markets and a select few new markets as well in the guide that we provided.

但我們對先前提出的 300 家門市目標仍然非常有信心。我想更重要的是，我們正在重新評估達成該目標的時間節奏；我們認為那是一個非常務實可行的目標。整體而言，門市表現仍如我們在先前電話會議所提到的：在我們重新進入的市場（reentry markets）表現更好，因為我們算是了解顧客、顧客也認識我們；而在一些新市場的爬坡期（ramp）會稍微長一些。我們會持續優先布局生活型態商場（lifestyle centers）與重返市場，並依照我們提供的指引，也會選擇少數新市場。

Great. And I know it's still early, but anything you can share on the initial pilot of the non-tender loyalty program?

很好。我知道現在還早，但你們能否分享一下非支付型（non-tender）忠誠計畫試點（pilot）的初步情況？

Yes. So it is early days. We've had a very strong response so far. As you know, this J.Jill Collective is -- it's a vehicle that we will use to continue to engage and retain our existing customers and the response so far in terms of engagement has been very high. So we're looking forward to rolling that out to a broader group as we progress through the balance of the year.

可以。確實還在初期。到目前為止，我們的回應非常強勁。如你所知，J.Jill Collective 是——它是一個我們用來持續提升互動、並留住既有顧客的載體（vehicle），而目前在互動參與（engagement）方面的反應非常高。因此，我們期待在今年剩餘時間的推進過程中，把它擴大推廣到更廣泛的族群。

Dana Telsey of the Telsey Group.

Telsey Group 的 Dana Telsey。

Mary Ellen, as you enhance the product, one of the categories that wasn't mentioned was bottoms. How did they do, whether in skirts or in bottoms? And as you see the continued enhancement of the product like the takeaways you had on shirts that were a little bit shorter, what -- how much should remain the core? How much should remain new? Do you think of it as a percentage?

Mary Ellen，當你們強化產品時，有一個類別沒有被提到，就是下身（bottoms）。它們表現如何，不論是裙子或其他下身品類？另外，當你們持續強化產品，例如你們在襯衫上得到的結論是衣長稍短一些，那麼——核心款（core）應該保留多少？新品（new）應該保留多少？你們會用百分比的方式來思考嗎？

And then on new customer additions, any new demographic profile of those customers? And lastly, Mark, in terms of, I think there was some marketing that goes to the second quarter, how do you think of gross margin and SG&A, any puts and takes for Q2 and beyond?

再來，關於新增顧客（new customer additions），這些顧客的人口統計輪廓（demographic profile）有任何新的變化嗎？最後，Mark，就我理解有一些行銷費用會落在第二季，你如何看待毛利率（gross margin）與銷售、一般及行政費用（SG&A）？對第二季以及之後，有哪些拉動與抵銷（puts and takes）？

Thanks for the question. I'll start with your first, which is around bottoms. And we saw a tougher first quarter in terms of bottoms. We saw growth in the other categories. Bottoms was tougher for us.

謝謝你的問題。我先回答第一個，也就是下身（bottoms）。第一季我們的下身品類表現比較艱難。其他品類有成長。下身對我們來說比較吃力。

And I think from what we've read, that seems to be an industry trend. We did see as the quarter progressed, our dress business picking up, which usually offsets bottoms, right? If they're buying one, they're generally -- don't need the other. So -- but we are -- we'll continue to watch as we move forward. That was one of the tougher categories.

而且我想從我們讀到的資訊來看，這似乎也是整個產業的趨勢。我們確實看到隨著季度推進，我們的洋裝（dress）業務有所回升，而這通常會抵銷下身品類，對吧？如果她買了其中一種，通常——就不需要另一種。所以——但我們會——在往前走的過程中持續觀察。那是其中一個較具挑戰的品類。

We saw great business in our jackets and outerwear as we keep talking about and again -- but dress is better. To the point about core versus new, we are very measured about it. And as I mentioned earlier, we are making sure that the vast majority of what is in our assortment appeals to both customers. What we've seen is that when we then in any given category, offer a balanced assortment of silhouettes, 20% leaning toward new, 20% being very legacy, but the vast majority in the middle appealing to both, that's how we're building it.

我們的外套與外衣（jackets and outerwear）表現非常好，正如我們一直在談的；而且——洋裝也更好。至於核心款與新品的比例，我們掌握得非常謹慎。如我先前提到的，我們確保我們商品組合（assortment）中的絕大多數能同時吸引兩類顧客。我們看到的是：當我們在任何一個品類提供一個平衡的版型（silhouettes）組合——20%偏向新品、20%是非常傳統／既有（legacy）的款式，但絕大多數落在中間、同時吸引兩邊——我們就是用這樣的方式來建構商品組合。

In terms of shirtlings, it's interesting. A year ago, our business in tunics was terrible. We had a terrible season. And yet this year, when we reduced them, the consumer came back and said she wanted more choice in tunics. So that's one that's fortunately easy to rebalance.

至於 shirtlings（襯衫類），很有意思。一年前，我們的長版上衣（tunics）業務很糟。那一季非常差。但今年，當我們減少供給後，消費者反而回來表示她希望有更多長版上衣的選擇。所以這一塊幸好很容易重新調整回平衡。

And we have done that in the back half of the year. And -- so I would say -- and color was also a very, very obvious call out that February leading into March was too neutral and our customer response to color. And again, we've seen that improve the Q2 business, and we'll watch that as a percent of the business going forward.

而我們已經在今年下半年做了這樣的調整。另外——色彩也是一個非常、非常明顯的重點：2 月進入 3 月時太過中性色，而我們的顧客對色彩的反應——同樣地，我們看到這已改善了第二季（Q2）的業務表現，未來也會持續觀察其在整體業務中的占比。

When -- look at new-to-brand customers, we are very encouraged for a few reasons. One, this new-to-brand customer coming in is younger than our customers' average age; and two, she's spending higher. And so both of those things encourage us. And so as we think about marketing efforts moving forward, right, we have things like the J.Jill Collective to retain our existing, we are focused on bringing new-to-brand in, but we are also focused on converting them to existing customers and keeping them within the brand. We're very excited about that set, which is growing and younger and has a high AOV.

至於新進品牌顧客（new-to-brand customers），我們在幾個原因上感到非常振奮。第一，這批新進品牌顧客的年齡比我們顧客的平均年齡更年輕；第二，她的消費金額更高。因此這兩點都讓我們受到鼓舞。所以當我們思考未來的行銷投入時，對吧，我們有像 J.Jill Collective 這樣的工具來留住既有顧客；同時我們也聚焦引入新進品牌顧客，但也聚焦把她們轉化為既有顧客，並讓她們持續留在品牌之內。我們對這個族群非常興奮，因為它正在成長、年齡更年輕，而且客單價（AOV）很高。

And Dana, addressing your question on the marketing spend, we did -- so SG&A in Q1, we mentioned was down about $1 million, and that was driven in part by the catalog shift. It really was a 4-day shift or so from the last week in April into the first week in May. And that's a contributor to what I'll mention in a second in Q2 SG&A.

Dana，針對你關於行銷支出的問題，我們確實有——所以第一季的SG&A，我們提到約減少了100萬美元，其中一部分是由型錄調整所帶動。實際上大約是4天左右的時點移轉，從4月最後一週移到5月第一週。而這也是我接下來要提到的第二季SG&A的一個影響因素。

The other contributor to the upside in Q1 was project costs, given that last year, we were in OMS cutover in Q1. And this year, we have our merge planning allocation project going on, but it's a much lower burn rate than the final effort of OMS last year. So those were contributing factors. As you get into Q2, we'll continue to invest in marketing and then we have the timing shift. So that puts a bit more pressure into Q2 than we had in Q1.

第一季優於預期的另一個貢獻因素是專案成本，因為去年第一季我們正處於OMS切換。而今年我們在進行合併規劃配置（merge planning allocation）專案，但其資金消耗率遠低於去年OMS最後衝刺階段。所以這些都是貢獻因素。進入第二季後，我們會持續投資行銷，同時也會有這個時點移轉。因此，相較於第一季，第二季的壓力會稍微大一些。

And the project costs really start to normalize year-over-year before they become a little bit of a headwind in the back half of the year.

而專案成本在年對年比較上會開始趨於正常化，之後在下半年會稍微變成一個逆風。

So the modeling with the guidance we provided for Q2 with margin down about 100 bps implies that the margin tariff -- the net tariff load that we gave insight into that we're expecting with the inventory positioning and some of the progress that we're expecting to get some better performance through full price and yield. And then the model would indicate something like a few million dollar pressure most likely on SG&A in Q2. And I would say the first half net is probably a good way to model the back half SG&A as well in terms of -- relative to the prior year.

因此，依照我們對第二季提供的指引來建模——毛利率約下滑100個基點——這意味著關稅對毛利率的影響，也就是我們先前已提供一些能見度的淨關稅負擔，將反映在庫存配置，以及我們預期透過正價與收益率（yield）取得更佳表現的一些進展。此外，模型也會顯示第二季SG&A大概可能會有數百萬美元的壓力。我會說，以相對於前一年而言，用上半年淨額的方式來推估下半年SG&A，可能也是一個不錯的建模方法。

(technical difficulty) of Jefferies.

(技術問題) Jefferies。

I think you just touched on it a bit just now about second half gross margins. But can you just walk through the implied second half improvement for gross margin, especially after the improving tariff environment?

我想你剛剛已稍微提到下半年毛利率。但你能否再說明一下，隱含的下半年毛利率改善，特別是在關稅環境改善之後？

Sure, (technical difficulty). A couple of points on that, and it's -- I want to be really clear that we haven't factored anything related to refunds. We're sort of status quo to where we've talked previously about tariff load in the margin with the small exception that the 10% rates we had previously assumed would go through Q1. Now we're assuming they go through Q2, which is some upside in the tariff expectation.

當然，(技術問題)。這裡有幾點要說明——我想非常清楚地強調，我們沒有把任何與退稅/退款（refunds）相關的因素納入。我們基本上維持先前談到的關稅對毛利率的負擔假設不變，只有一個小例外：我們先前假設10%的稅率會延續到第一季。現在我們假設它會延續到第二季，這在關稅預期上帶來一些正面影響。

We mentioned the full year load of $14.5 million. Last time we said about $15 million. It's about $1 million movement in that line, which does provide less year-over-year pressure from tariffs in Q3. And then we expect that at the current assumptions to be a tailwind into Q4. And at the same time, the inventory positioning, which ex all of the tariff load at the end of Q1 was down 3.5%. And we indicated in our press release today that we're positioning back half units down about mid-single digits.

我們提到全年負擔為1,450萬美元。上次我們說大約1,500萬美元。這條線大約變動了100萬美元，確實會讓第三季關稅帶來的年對年壓力較小。接著，在目前假設下，我們預期第四季會成為順風。同時，庫存配置方面——若排除第一季末所有關稅負擔——下降了3.5%。而我們也在今天的新聞稿中指出，我們下半年配置的件數（units）將下調約中個位數百分比。

We feel like that, along with the product strategies should help drive more fundamental margin at full price and yield across full price and markdown. So those are some of our assumptions, again, gradually improving and getting more so in Q3 and more so again in Q4, just as the product strategies solidify and we get reps under our belt with every floor set, and that's what's implied underneath the margin predominantly in the guide.

我們認為，這一點加上產品策略，應能在正價與收益率上帶來更根本性的毛利改善，涵蓋正價與折扣（markdown）兩端。因此，這些就是我們的一些假設——同樣地，會逐步改善，第三季改善幅度更大，第四季再更進一步；因為產品策略會更穩固，而且每次陳列更新（floor set）我們都會累積更多實戰經驗，而這些正是指引中毛利率主要隱含的驅動因素。

Marni Shapiro of The Retail Tracker.

《The Retail Tracker》的Marni Shapiro。

Sorry, I had to hop on one or two minutes early -- late, sorry. I just wanted to ask, I know you had a little bit of trouble with the colors. But where you had color from my vantage point, it's sold out immediately. You had a beautiful pop of pink that came in, some blues. So was it across the board?

抱歉，我得提前一兩分鐘加入——不對，是晚了一點，抱歉。我想問的是，我知道你們在顏色方面遇到一些問題。但就我看到的，有顏色的地方都立刻售罄。你們有一波很漂亮的粉紅色上架，還有一些藍色。所以這是全面性的情況嗎？

Or when those colors came in, they sold and sold very quickly and at full price?

還是說，當那些顏色到貨時，它們賣得非常、非常快，而且都是以正價售出？

The latter, Marni. So yes, we struggled with color in Feb and March when it was much more neutral and the colors were muted. The minute that we dropped that pink delivery, the full price selling was very, very strong. Both pink solid and print that had pink in it followed up by a delivery that was all around a beautiful aqua color sold very strong. Then we go into Memorial Day, red, white and blue, very -- red always very strong for us.

後者，Marni。所以是的，我們在2月和3月的顏色表現不理想，當時偏中性色，色調也比較低飽和。但粉紅色那批一上架，正價銷售就非常、非常強勁。不論是粉紅色素色款，或是帶有粉紅元素的印花款，接著又有一批整體是漂亮水藍色（aqua）的到貨，也賣得非常好。然後進入陣亡將士紀念日（Memorial Day）檔期，紅、白、藍——紅色一向對我們來說非常強。

So color is working. And again, just something that we will be very cognizant of in terms of the percent of the assortment as we move forward.

所以顏色是有效的。而且同樣地，隨著我們往前推進，在商品組合中顏色占比方面，我們會非常留意。

Also, I felt like in and out of your stores instantaneously. Could we also just talk about the customer that's looking for the deals a little bit more? I guess, are these newer customers that are coming in online and looking for deals? Or are they across the file?

另外，我也覺得你們的門市來去客流很快、很即時。我們也能談談更偏向找優惠的客群嗎？我想問的是，這些是較新的客戶在網路上進來找折扣嗎？還是說，這種情況遍及整個客戶資料庫？

They are across the file, and it's what we've seen the last several quarters just continuing with the promotional cadence online being so elevated and remaining elevated. Again, what we know we need to do is we need to cut through, and we're seeing some encouraging results as we started Q2 with some full price selling in the direct channel, and we'll continue to really elevate that experience online. And as we bring new people in, be sure that they are having a full -- the true J.Jill experience and that they are converting at full price.

這是遍及整個客戶資料庫的現象，而且也是我們過去幾個季度看到的情況：線上促銷節奏一直非常高，且仍維持在高檔。同樣地，我們知道自己需要做的是要能脫穎而出；而我們在第二季開始時，直營通路（direct channel）出現一些正價銷售，看到了一些令人鼓舞的結果，我們也會持續在線上大幅提升那個體驗。並且在我們帶進新客時，確保他們獲得完整——真正的J.Jill體驗，並且能以正價完成轉換。

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

若沒有其他問題，我們的問答環節以及今天的電話會議到此結束。感謝各位參與。您現在可以掛線。