LandBridge Co LLC (LB) 2025 Q1 法說會逐字稿

Good morning. My name is Melissa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bath & Body Works first quarter 2025 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

早安.我叫梅麗莎，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bath & Body Works 2025 年第一季財報電話會議。請注意，今天的會議正在錄音。（操作員指示）

I'll now turn the call over to Luke Long, Vice President of Investor Relations. Luke, you may begin.

現在我將把電話轉給投資者關係副總裁 Luke Long。盧克，你可以開始了。

Good morning, and welcome to Bath & Body Works first quarter 2025 earnings conference call.Joining me on the call today are Daniel Heaf, Chief Executive Officer; and Eva Boratto, Chief Financial Officer.

早安，歡迎參加 Bath & Body Works 2025 年第一季財報電話會議。今天參加電話會議的還有執行長 Daniel Heaf；和財務長 Eva Boratto。

In addition to this call in this morning's press release, we have posted a slide presentation on our website that summarizes the information in these prepared remarks in addition to providing some related facts and figures regarding our operating performance and guidance.

除了今天早上新聞稿中的這次電話會議之外，我們還在我們的網站上發布了幻燈片演示，總結了這些準備好的評論中的信息，並提供了有關我們的經營業績和指導的一些相關事實和數據。

As a reminder, some of the comments today may include forward-looking statements related to future events and expectations. For factors that could cause the actual results to differ materially from these forward-looking statements please refer to the risk factors in Bath & Body Works 2024 Form 10-K.

提醒一下，今天的一些評論可能包括與未來事件和預期相關的前瞻性陳述。對於可能導致實際結果與這些前瞻性陳述有重大差異的因素，請參閱 Bath & Body Works 2024 10-K 表格中的風險因素。

Today's call also contains certain non-GAAP financial measures. Please refer to this morning's press release and supplemental materials for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measure.

今天的電話會議也包含某些非公認會計準則財務指標。請參閱今天早上的新聞稿和補充資料，以了解有關此類指標的重要揭露，包括與最具可比性的 GAAP 財務指標的對帳。

With that, I'll turn the call over to Daniel.

說完這些，我會把電話轉給丹尼爾。

Hello, everyone, and thank you for joining us. I'm excited to be with you today for my first Bath & Body Works earnings call. I want to begin by thanking the board for their trust and confidence in me.

大家好，感謝大家的參與。我很高興今天能和大家一起參加我的第一次 Bath & Body Works 收益電話會議。首先我要感謝董事會對我的信任與信心。

I would also like to thank Eva and the leadership team and the thousands of associates, who have warmly welcomed me over the last few days. It is truly a privilege to lead a brand as beloved as Bath & Body Works, what has an incredibly strong foundation and has a meaningful place in homes and in our customers' daily lives.

我還要感謝伊娃 (Eva) 和領導團隊以及數千名同事，他們在過去幾天裡給了我熱烈的歡迎。能夠領導像 Bath & Body Works 這樣深受喜愛的品牌，我深感榮幸，該品牌擁有極其堅實的基礎，在家庭和客戶的日常生活中佔據著重要的地位。

With more than 50,000 dedicated associates working in our 1,900 vibrant North American stores, a vertically integrated, predominantly US-based supply chain and a loyalty program with approximately 39 million members, we are well positioned for growth. But today's consumers are dynamic.

我們擁有 1,900 家充滿活力的北美門市，50,000 多名敬業的員工，垂直整合、主要位於美國的供應鏈以及擁有約 3900 萬會員的忠誠度計劃，這些都為我們的增長做好了充分的準備。但如今的消費者是動態的。

We must meet them where they are, positioning ourselves as the leading global brand in home fragrance and beauty. With this backdrop, we see a clear opportunity to transform Bath & Body Works to accelerate our growth, deepen our customer connection and continue evolving for the future.

我們必須滿足他們的需求，將自己定位為家居香氛和美容領域的全球領導品牌。在這樣的背景下，我們看到了轉型 Bath & Body Works 的明顯機會，以加速我們的成長、加深與客戶的聯繫並繼續為未來發展。

In my first 10 days, I have been incredibly energized by what I've seen. Our customers are passionate and loyal. Many of our highly engaged customers shop with us 10 or more times a year. And our strong innovation ensures that we always have something new for them. That is an extraordinary strength. We also have a significant opportunity to grow the brand by attracting new consumers, especially younger audiences and men.

在最初的十天裡，我所看到的一切給了我極大的鼓舞。我們的客戶熱情而忠誠。我們許多高度忠誠的客戶每年在我們這裡購物 10 次或更多。我們強大的創新能力確保我們總是能為他們提供新鮮的東西。那是一種非凡的力量。我們還有很大機會透過吸引新消費者（尤其是年輕消費者和男性）來發展品牌。

When I joined, I spoke to many of you on my philosophy. We will accelerate growth by putting the consumer at the center of everything we do. We'll execute that philosophy by listening to our consumers to gather insights, using those insights to create innovative and coveted products, telling bold and emotional brand and product stories and bringing it all to life in an integrated and elevated omnichannel marketplace globally.

當我加入時，我向你們中的許多人講述了我的哲學。我們將以消費者為中心來加速成長。我們將透過傾聽消費者的意見來收集見解，利用這些見解來創造創新和令人垂涎的產品，講述大膽和感人的品牌和產品故事，並在全球一體化和高端的全通路市場中將其變為現實，從而實現這一理念。

And the good news, this philosophy is already in motion here at Bath & Body Works. Our Disney collaboration and Everyday Luxury are great examples of what happens when we listen to our customers, build coveted products, tell emotional stories and deliver it all simply across all our channels.

好消息是，這項理念已在 Bath & Body Works 付諸實踐。我們與迪士尼的合作以及與Everyday Luxury的合作就是很好的例子，它們體現了我們傾聽客戶心聲、打造令人垂涎的產品、講述感人故事並透過所有管道輕鬆傳遞這些內容的成果。

But there is an opportunity to execute that philosophy more consistently and with greater focus to connect more intentionally with consumers across multiple touch points and to be less reliant on promotions to drive growth.

但我們有機會更一致、更專注地執行這個理念，透過多個接觸點與消費者建立更有針對性的聯繫，減少對促銷來推動成長的依賴。

Over the next few months, I'll work closely with the leadership team to identify the short- and medium-term lever we can pull to deliver quick wins and define a long-term strategy, which we will communicate in the coming quarters.

在接下來的幾個月裡，我將與領導團隊密切合作，找出我們可以採取的短期和中期措施，以快速取得勝利，並製定長期策略，我們將在未來幾個季度內進行溝通。

Some of the levers we are exploring are digital. There is an opportunity with our current site to better deliver what customers expect. Enhanced functionality, improved aesthetics and a compelling storytelling is the standard that consumers expect. There is a fast path to improvement that boosts conversion, brand equity and engagement.

我們正在探索的一些槓桿是數位化的。我們目前的網站有機會更好地滿足客戶的期望。增強的功能、改善的美觀度和引人入勝的故事情節是消費者期望的標準。有一條快速改進的途徑可以提高轉換率、品牌資產和參與度。

Second, packaging and labeling. We've made real strides in formulability, but our packaging doesn't emphasize it. We can do more to signal better-for-you ingredients, especially to health conscious and younger consumers.

第二、包裝和標籤。我們在配方方面取得了真正的進步，但我們的包裝並沒有強調這一點。我們可以做更多工作來宣傳對身體更有益的成分，特別是針對注重健康的年輕消費者。

Thirdly, distribution to attract consumers -- to attract new consumers, we must be in their path. That means exploring new forms of distribution beyond our own channels strategically and thoughtfully.

第三，分銷要吸引消費者－要吸引新消費者，我們必須走在他們的道路上。這意味著我們要策略性地、深思熟慮地探索我們自身管道之外的新分銷形式。

And finally, international expansion. Today, international represents about 5% of our business, but from my experience at both Nike and Burberry, I know that international growth is an incremental. It can define an era. In the coming weeks, I'll be on the ground with our partners and customers internationally to explore how we scale effectively.

最後，國際擴張。如今，國際業務約占我們業務的 5%，但根據我在耐吉和巴寶莉的工作經驗，我知道國際業務的成長是一個漸進的過程。它可以定義一個時代。在接下來的幾周里，我將與我們的國際合作夥伴和客戶一起探索如何有效地擴大規模。

As I mentioned, we'll be sharing a clear strategy in the coming quarters, one that puts the consumer at the center and commit to fewer, bolder priorities. Our strategy will address opportunities to accelerate growth through consistent, repeatable and durable drivers.

正如我所提到的，我們將在未來幾季分享一個明確的策略，即以消費者為中心，並致力於更少、更大膽的優先事項。我們的策略將透過一致、可重複和持久的驅動力來抓住加速成長的機會。

Now I'll turn it over to Eva.

現在我將把它交給 Eva。

Thank you, Daniel, and good morning, everyone. Last week, we welcomed Daniel at our Townhall with associates from across the company. Daniel shared his consumer cent philosophy, his personal journey and engage directly with associates across the company.

謝謝你，丹尼爾，大家早安。上週，我們與公司各部門的同事一起在全體會議中熱烈歡迎丹尼爾。丹尼爾分享了他的消費者中心哲學、他的個人經驗以及與公司各部門同事的直接交流。

The energy level here at BBW is high and associates are eager to accelerate growth under his leadership. I look forward to partnering with Daniel and the rest of the leadership team as we plan for Bath & Body Works' future and work to unlock value.

BBW 的活力水平很高，員工們渴望在他的領導下加速發展。我期待與丹尼爾和其他領導團隊合作，共同規劃 Bath & Body Works 的未來並努力釋放價值。

With that, let's turn to the quarter. I'll begin with a high-level summary of our first quarter results and key business drivers. I'll then share more detail on our Q1 financial performance and provide an update on our Q2 and fiscal year 2025 guidance, building on the preliminary results we shared last Monday.

接下來，讓我們進入本季。我將首先對我們的第一季業績和關鍵業務驅動因素進行概述。然後，我將在我們上週一分享的初步結果的基礎上，分享有關我們第一季財務業績的更多細節，並提供我們第二季和 2025 財年指引的最新資訊。

As shared last week, we delivered another strong quarter, with net sales up 3%, coming in at the high end of our guidance range, and earnings per diluted share of $0.49, exceeding the high end of our range. Amid a challenging macro backdrop, we've remained disciplined and decisive in our actions and our Q1 performance is evidence of that.

正如上週所分享的，我們又度過了一個強勁的季度，淨銷售額增長 3%，達到我們指導範圍的高端，每股攤薄收益為 0.49 美元，超過了我們指導範圍的高端。在充滿挑戰的宏觀背景下，我們仍然保持紀律和果斷的行動，第一季的表現就是明證。

As a reminder, we have been focused on three priority areas: First, accelerating top line growth across our core while also extending our reach through adjacencies and international expansion. Second, enhancing operational excellence and efficiency through cost discipline and a continuous improvement mindset, which is particularly critical in this current environment.

提醒一下，我們一直專注於三個優先領域：首先，加速核心業務的營收成長，同時透過鄰接和國際擴張擴大我們的影響力。第二，透過成本控制和持續改進思維來提高卓越營運和效率，這在當前環境下尤其重要。

And third, consistently deploying our strong cash flow to invest in growth opportunities and return value to shareholders through dividends and share repurchases. Let's take a closer look at our top line performance and key growth drivers in the quarter. In the first quarter, we delivered our strongest underlying sales growth since 2021, and we drove positive dual channel traffic exceeding third-party benchmarks we track.

第三，持續利用我們強勁的現金流投資於成長機會，並透過股利和股票回購為股東帶來回報。讓我們仔細看看本季我們的營收表現和關鍵成長動力。在第一季度，我們實現了自 2021 年以來最強勁的基礎銷售額成長，並推動了雙通路流量的正成長，超過了我們追蹤的第三方基準。

We brought innovation again this quarter, giving customers a reason to visit our stores and reinforcing our industry leadership. Customers have always trusted us for our high-quality products and accessible price points. And even in this environment, they continue to have a strong appetite for compelling newness. In Q1, consumer excitement around fragrance innovation drove growth across all 3 core categories.

本季我們再次帶來創新，讓顧客有理由光臨我們的商店，並鞏固我們的產業領先地位。客戶始終信賴我們，因為我們的產品品質優良，價格合理。即使在這樣的環境下，他們仍然對引人注目的新事物有著強烈的興趣。在第一季度，消費者對於香水創新的熱情推動了所有三個核心類別的成長。

Our Disney collaboration was an enable success and exceeded our expectations. Customers lined up outside our stores to be the first to purchase 1 of our 6 Disney Princess fragrances. This was our largest collab to date featuring 85 SKUs across categories.

我們與迪士尼的合作非常成功，超出了我們的預期。顧客們在我們的商店外排隊，希望能夠率先購買我們 6 款迪士尼公主香水中的 1 款。這是我們迄今為止規模最大的合作，涉及 85 個跨類別的 SKU。

Consumers also actively engaged with us online, driving a record 1.8 billion impressions. Consumers also responded positively to our thoughtful gift assortments in the quarter, as they celebrated meaningful moments during Valentine's Day, Easter and the Start to Mother's Day, proving that gifting isn't just a Q4 driver.

消費者也積極與我們進行線上互動，創造了 18 億次的曝光記錄。消費者也對我們本季精心準備的禮品系列做出了積極的反應，他們在情人節、復活節和母親節期間慶祝了有意義的時刻，證明送禮不僅僅是第四季度的驅動力。

Moving to our performance across our key categories in the quarter. Body Care grew low single digits, driven by success in our Disney Princess line, strength in everyday luxuries and our single fragrance launch Sweetest Song.

轉向我們本季各主要類別的表現。身體護理產品實現了低個位數增長，這得益於迪士尼公主系列的成功、日常奢侈品的強勁增長以及我們推出的單一香水“最甜蜜的歌曲”。

We expanded our everyday luxuries line to body cream and body wash in the quarter, creating new fragrance layering opportunities for our customers. Home Fragrance grew low single digits, driven by our Single Wick candles, wall flowers and home sprays as consumers sought to diverse and elevate ways to infuse their spaces with fragrance. So since Sanitizers grew mid-single digits, driven by our convenient on-the-go assortment, including our one out sanitizer spray and PocketBac.

本季度，我們將日常奢侈品系列擴展到身體乳霜和沐浴露，為我們的客戶創造了新的香水分層機會。隨著消費者尋求多樣化和更高級的方式為自己的空間注入香氣，家居香氛的銷售額實現了低個位數增長，這主要得益於我們的單芯蠟燭、壁花和家居噴霧。因此，由於我們方便攜帶的便攜式消毒劑系列（包括一次性消毒噴霧和 PocketBac）的推動，消毒劑的銷量實現了中等個位數增長。

Our innovation and collaboration pipeline is strong, and we're excited about the fragrance experiences we're bringing to customers this summer, including our cross-category costs collection inspired by iconic coastal destinations. We've launched on-trend fragrances like Off the Vine, and we brought back our TrueBlue SPA collection due to strong demand from our customers.

我們的創新和合作管道非常強大，我們對今年夏天為客戶帶來的香水體驗感到非常興奮，包括受標誌性沿海目的地啟發的跨類別成本系列。我們推出了 Off the Vine 等流行香水，由於客戶的強烈需求，我們重新推出了 TrueBlue SPA 系列。

This is one of the most customer-based collections. We're also relaunching some of our original fragrances with updated efficacious formulas that are made without sulfate, parabens, valuates and artificial dies. Beyond product innovation, we continue to improve our customer experience, both in-store and online.

這是最以客戶為基礎的收藏之一。我們也重新推出了一些原創香水，採用最新有效配方，不含硫酸鹽、對羥基苯甲酸酯、羥丙基甲基纖維素和人工染料。除了產品創新之外，我們也持續改善店內和線上的顧客體驗。

We are building on the success of our brick-and-mortar strategy with the introduction of new in-store innovations. Our newer stores feature elevated design, a more open layout, interactive fragrance bars and integrated technology, creating a more immersive, elevated and seamless shopping experience, which meets the expectations of today's consumer.

我們正在透過引入新的店內創新來鞏固我們實體店策略的成功。我們的新店採用了更高級的設計、更開放的佈局、互動香水吧和整合技術，創造了更身臨其境、更高級和無縫的購物體驗，滿足了當今消費者的期望。

Our talented store design team has cost engineer the new stores to match the build cost of our traditional model, achieving similar payback periods and driving higher sales. Our loyalty program is performing well and driving increased spend, trip frequency, cross-channel purchases and retention. In Q1, we had approximately 39 million active loyalty customers, up 4% compared to the prior year.

我們優秀的店鋪設計團隊對新店鋪進行了成本工程設計，使其與傳統模式的建設成本相匹配，實現了類似的投資回收期並推動了更高的銷售額。我們的忠誠度計畫表現良好，推動了消費、旅行頻率、跨通路購買和保留的成長。第一季度，我們約有 3,900 萬活躍忠誠客戶，比上年成長 4%。

We are now in the third year following the full US rollout of the loyalty program, and we continue to make enhancements to elevate the customers' experience.

忠誠度計畫已在美國全面推行三年，我們將持續改進，以提升顧客體驗。

Most recently, we increased our loyalty reward redemption options giving members greater access to our most loved body care business, which we expect will drive higher engagement and redemption. With our large loyalty base in place, the risk opportunity now loss in deepening engagement and increasing value from existing members.

最近，我們增加了忠誠度獎勵兌換選項，讓會員能夠更享受我們最受歡迎的身體護理業務，我們預計這將推動更高的參與度和兌換率。憑藉我們龐大的忠誠度基礎，現在的風險機會在於深化參與度並增加現有會員的價值。

Increasing reward redemption drives higher trip frequency, stronger sales, deeper brand engagement. We see an opportunity to grow sales with our most loyal customers while also increasing loyalty among more casual shoppers.

增加獎勵兌換可以提高出遊頻率、增強銷售、加深品牌參與度。我們看到了透過最忠實的顧客來增加銷售額，同時提高更多休閒購物者的忠誠度的機會。

Finally, we extended our reach this quarter through adjacent category growth. Our adjacent categories, men's, lip, hair and laundry continue to represent approximately 10% of total sales. Our men's category, which is included in Body Care, remains a compelling avenue to expand our customer base, and we are also hyper-focused on increasing awareness.

最後，我們本季透過相鄰類別的成長擴大了我們的覆蓋範圍。我們的相鄰類別，男士、唇部、頭髮和洗衣產品繼續佔總銷售額的約 10%。我們的男士產品類別（包含在身體護理中）仍然是擴大客戶群的有效途徑，我們也高度重視提高知名度。

To increase visibility and engagement for our men's assortment, we're elevating Father's Day this year with an enhanced marketing strategy, store positioning and an expanded product lineup, including a new men's single fragrance launch and an exclusive purchase with purchase set.

為了提高我們男士系列的知名度和參與度，我們今年將透過增強的行銷策略、店鋪定位和擴大的產品陣容來提升父親節的氣氛，包括推出新的男士單品香水和購買套裝的獨家優惠。

This builds on insights from the 2024 holiday season, where we saw strong results from our first men's purchase with purchase offer. International expansion remains an important pillar of our long-term strategy, as Daniel mentioned earlier, with significant opportunity for long-term growth. International retail sales grew approximately 10% this quarter.

這是基於對 2024 年假期季節的洞察，我們首次推出的男士購物優惠取得了強勁的成效。正如丹尼爾之前提到的，國際擴張仍然是我們長期策略的重要支柱，並且具有巨大的長期成長機會。本季國際零售額成長約 10%。

Turning to margins. We remain steadfast in our disciplined approach to cost management, leveraging a continuous improvement mindset and operational efficiencies to drive sustained financial strength. Our predominantly US based supply chain is a source of competitive advantage, allowing us to respond quickly and remain agile as the landscape evolves, while our exposure in China is limited to approximately 10% of Global Fed, we are taking proactive measures to mitigate global trade policy shifts and offset our tariff exposure over time.

轉向利潤。我們始終堅持嚴謹的成本管理方法，運用持續改善的思維方式和營運效率來推動持續的財務實力。我們主要位於美國的供應鏈是我們競爭優勢的來源，使我們能夠隨著情況的變化而快速做出反應並保持敏捷，雖然我們在中國的敞口僅限於全球美聯儲的約 10%，但我們正在採取積極措施來緩解全球貿易政策變化並隨著時間的推移抵消我們的關稅風險。

Now I will transition to details on our financial performance and guidance. We delivered net sales of $1.4 billion, up 2.9% to the prior year, at the high end of our guidance range. Again, our strongest underlying sales performance since 2021, fueled by our Disney collaboration. In US and Canadian stores, net sales totaled $1.1 billion, an increase of 4.3% versus the prior year. Direct net sales were $250 million, a decrease of 4.3% compared to last year.

現在我將詳細介紹我們的財務表現和指導。我們的淨銷售額達到 14 億美元，比上年增長 2.9%，達到我們預期範圍的高點。再次，在與迪士尼合作的推動下，我們實現了自 2021 年以來最強勁的基本銷售表現。在美國和加拿大的商店，淨銷售額總計 11 億美元，比上年增長 4.3%。直接淨銷售額為2.5億美元，較去年同期下降4.3%。

However, when adjusted for buy online, pick up in store, which is reported as store sales, direct outperformed stores. Focused demand increased by 29% in the quarter versus last year and represented approximately 30% of total digital demand.

然而，當對「網上購買，店內取貨」進行調整後（報告為店內銷售），直接銷售的表現優於店內銷售。本季重點需求較去年同期成長 29%，約佔總數位需求的 30%。

International, which represents approximately 5% of total net sales generated $64 million of net sales in the first quarter, an increase of 10.1% and versus the prior year due to timing of shipped sales and was in line with expectations. Our first quarter gross profit rate of 45.4% exceeded expectations and increased 160 basis points compared to the prior year.

國際業務約佔總淨銷售額的 5%，第一季淨銷售額為 6,400 萬美元，較上年同期增長 10.1%，這得益於發貨時間的安排，符合預期。我們第一季的毛利率為45.4%，超出預期，比去年同期增加了160個基點。

Gross profit rate expansion versus the prior year was driven by a 100-basis point improvement in merchandise margin primarily driven by low single-digit mix-adjusted AUR increases. We also drove favorable buying and occupancy leverage due to net sales growth this quarter as B&O expenses were flat.

與前一年相比，毛利率的擴大是由於商品利潤率提高了 100 個基點，這主要得益於低個位數的混合調整後 AUR 成長。由於本季淨銷售額成長且 B&O 費用持平，我們也推動了有利的購買和入住率槓桿。

SG&A as a percentage of net sales was 30.7%, slightly higher than our expectations, primarily driven by incremental investments in marketing and store associate training. First quarter operating income was $209 million, 14.7% of net sales, an improvement of 120 basis points versus prior year. With respect to inventory, we ended the first quarter with total inventory up 7% to prior year. This was slightly above our initial plan due to tariffs on purchases as well as strategic pull forwards to help mitigate tariff impacts. However, our underlying inventory levels remain healthy.

銷售、一般及行政費用佔淨銷售額的百分比為 30.7%，略高於我們的預期，主要得益於對行銷和店員培訓的增量投資。第一季營業收入為 2.09 億美元，佔淨銷售額的 14.7%，比去年同期提高了 120 個基點。就庫存而言，第一季末我們的總庫存比去年同期成長了 7%。由於購買關稅以及為幫助減輕關稅影響而採取的策略性提前措施，這一數字略高於我們的初步計劃。然而，我們的基礎庫存水準仍然保持健康。

Turning to real estate. Our portfolio remains healthy with 57% of our fleet in off-mall locations. In the first quarter, we opened 13 new North American stores, all in off-mall locations and permanently closed eight stores all in malls. Internationally, our partners opened 14 new stores and closed 19 stores during the quarter, and we ended the quarter with 524 stores.

轉向房地產。我們的投資組合保持健康，其中 57% 的車輛位於商場外。第一季度，我們在北美開設了 13 家新店，全部位於購物中心外，並永久關閉了 8 家位於購物中心的商店。在國際上，我們的合作夥伴在本季開設了 14 家新店，關閉了 19 家店，本季末我們擁有 524 家店。

The net closures in the first quarter were planned and were predominantly in low-performing stores in the Middle East. Our international expansion plans for 2025 remain on track with at least 30 planned net new store openings.

第一季的淨關閉是計劃內的，主要關閉中東地區業績不佳的門市。我們 2025 年的國際擴張計畫仍在順利進行中，計畫開設至少 30 家新店。

Turning now to our 2025 financial guidance. Our full year and second quarter guidance includes the anticipated impact of all tariff rates currently in effect and levied by the US government and other countries and excludes the anticipated financial impact of the CEO transition.

現在來談談我們的 2025 年財務指引。我們的全年和第二季指引包括美國政府和其他國家目前實施的所​​有關稅稅率的預期影響，但不包括執行長過渡的預期財務影響。

For the full year 2025, we are maintaining both our net sales guidance of 1% to 3% growth and our earnings per share guidance range of $3.25 to $3.60. Building on our Q1 outperformance, our current projections of the business, proactive tariff mitigation strategies and our strong predominantly US supply chain, we believe, we are well positioned to absorb the tariffs at current levels. If there are material changes in future tariffs, we will revisit our guidance. For the full year, you can find additional commentary on the details of our guidance in our slide presentation.

對於2025年全年，我們維持1%至3%的淨銷售額成長預期，以及3.25美元至3.60美元的每股盈餘預期。基於我們第一季的優異表現、我們目前的業務預測、積極的關稅減免策略以及我們強大的、以美國為主的供應鏈，我們相信，我們完全有能力在當前水平上消化關稅。如果未來關稅發生重大變化，我們將重新審視我們的指導。對於全年而言，您可以在我們的幻燈片演示中找到有關我們指導細節的更多評論。

Turning now to the second quarter. We expect Q2 net sales of flat to 2% growth to prior year, reflecting the current trends in our business, and we are lapping some accounting items in the prior year, largely loyalty. We expect Q2 system-wide international retail sales to be up high single digits with reported net sales decline of mid-single digits due to ship sales timing in Q1 this year. We expect second quarter gross profit rate to be approximately 41%, flat to prior year, including the impact of tariffs.

現在轉到第二季。我們預計第二季淨銷售額將與去年持平或成長 2%，這反映了我們當前的業務趨勢，並且我們正在彌補去年的一些會計項目，主要是忠誠度。我們預計，由於今年第一季船舶銷售時機的原因，第二季全系統國際零售額將成長高個位數，而報告的淨銷售額將下降中等個位數。我們預計第二季毛利率約為41%，與前一年持平，包括關稅的影響。

We expect our second quarter SG&A rate to be approximately 30%, reflecting wage rate inflation and investments in technology. Our second quarter outlook includes net nonoperating expense of approximately $65 million and a tax rate of approximately 29% and weighted average diluted shares outstanding of approximately $212 million.

我們預計第二季銷售、一般及行政費用率約為 30%，這反映了工資率通膨和技術投資。我們對第二季的展望包括約 6,500 萬美元的淨非營業支出、約 29% 的稅率以及約 2.12 億美元的加權平均稀釋流通股。

Considering these inputs, we are forecasting second quarter earnings per diluted share of $0.33 to $0.38. We expect inventory to remain elevated in the first half, up about 10%. This above -- this is above our initial expectations due to tariff-related costs impacting inventory. As a reminder, first half inventory levels reflect additional holiday-related inventory builds to support our growth goals.

考慮到這些因素，我們預測第二季每股攤薄收益為0.33美元至0.38美元。我們預計上半年庫存將保持在高位，增幅約為10%。由於關稅相關成本影響了庫存，這超出了我們最初的預期。提醒一下，上半年的庫存水準反映了與假期相關的額外庫存增加，以支持我們的成長目標。

Now for a quick update on capital allocation. We are a strong cash flow generating business. Our top priority remains driving sustainable long-term profitable growth through strategic investments in the business. To support this, we continue to plan capital expenditures of $250 million to $270 million during the year with a focus on real estate and technology. In the first quarter, our total capital expenditures were $37 million.

現在來快速更新一下資本配置。我們是一家現金流強勁的企業。我們的首要任務仍然是透過對業務的策略性投資來推動可持續的長期獲利成長。為了支持這一點，我們繼續計劃在今年支出 2.5 億至 2.7 億美元的資本，並專注於房地產和科技。第一季度，我們的總資本支出為 3,700 萬美元。

Our full year free cash flow expectations remain in the range of $750 million to $850 million and reflects working capital improvements driven by our Fuel for Growth initiatives. In Q1, we returned $43 million to shareholders through dividends and repurchased 4.3 million shares of common stock for $135 million at an average price of $31.24 per share.

我們全年的自由現金流預期仍然在 7.5 億美元至 8.5 億美元之間，這反映了我們的「成長動力」計畫推動的營運資本改善。第一季度，我們透過股息向股東返還了 4,300 萬美元，並以每股 31.24 美元的平均價格回購了 430 萬股普通股，總價值 1.35 億美元。

We continue to assume $300 million in share repurchases for the year, though as we've demonstrated, we will be opportunistic. Our business generates strong free cash flow, and we view our shares at an attractive investment at current levels.

我們繼續假設今年的股票回購額為 3 億美元，但正如我們已經證明的那樣，我們將抓住機會。我們的業務產生強勁的自由現金流，我們認為我們的股票在當前水準上具有投資吸引力。

In summary, I'm proud of our Q1 performance energized by the opportunity to accelerate our growth in the future. Our agile business model positions us well to compete effectively in today's dynamic environment. The team continues to execute with discipline, focusing on what we can control, and we're excited about the strength of our innovative pipeline for the second half of the year.

總而言之，我為我們第一季的業績感到自豪，這為我們未來加速成長提供了機會。我們靈活的商業模式使我們能夠在當今動態的環境中有效競爭。團隊繼續嚴格執行，專注於我們能夠控制的事情，我們對下半年創新管道的實力感到興奮。

I'd like to extend my gratitude to our teams across the company for their hard work and strong execution.

我要向公司各團隊的辛勤工作和強大的執行力表示感謝。

Now let's open it up for Q&A.

現在讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Simeon Siegel with BMO Capital Markets.

蒙特利爾銀行資本市場的 Simeon Siegel。

Good Morning. Hi everyone. Daniel, welcome to the company and the wonderful world of analyst Q&A. Glad to have you. Maybe to start, could you share a bit more about what brought you to Bath & Body Works a bit different than your prior company. I know you literally just started, but this was a very encouraging quarter. So perhaps any early looks you have at what you think is going right versus any high-level areas of opportunity that you're excited by? And then Eva obviously, great to see the return to this level of growth.

早安.大家好。丹尼爾，歡迎來到公司和精彩的分析師問答世界。很高興有你。首先，您能否分享一下是什麼讓您加入 Bath & Body Works 與您之前的公司有所不同？我知道你才剛開始，但這是一個非常令人鼓舞的季度。那麼，您是否對目前進展順利的領域以及令您興奮的高層機會有過初步了解？然後伊娃顯然很高興看到恢復到這種增長水平。

Can you just elaborate a little bit more on the go-forward top line commentary. Maybe just specifically, you mentioned current trends within the guide. So elaborate -- if you can elaborate there, sorry. And then on just the loyalty accounting comment.

您能否更詳細地闡述未來的頂線評論？也許具體來說，您在指南中提到了當前的趨勢。太詳細了——如果你能詳細說明的話，很抱歉。然後僅討論忠誠度會計評論。

Good morning, everyone, and thank you, Simeon. It's great to be on this call. Let me break that question down a little bit. So first, let me talk about what attractive me to Bath & Body Works. And as you can tell from the accent, I haven't grown up in -- with the brand in the way that many of our consumers have, but as I went through the selection process with the Board, I really, really researched the company, and I love what I discovered.

大家早安，謝謝你，西緬。很高興接到這通電話。讓我稍微分析一下這個問題。首先，讓我談談 Bath & Body Works 吸引我的地方。從我的口音中你可以看出，我並不像我們的許多消費者那樣對這個品牌有濃厚的興趣，但當我和董事會一起進行選擇過程時，我對這家公司進行了非常非常深入的研究，並且我對我的發現感到非常滿意。

Let me first speak from the heart. I believe that the best businesses connect product with purpose. And at Bath & Body Works, we empower our consumers to express themselves, whether that's through health care or home or beauty, we bring the power of fragrance into people's lives, helping them feel more confident, more joyful and more authentically themselves.

我先說說心裡話。我相信最好的企業會將產品與目的結合。在 Bath & Body Works，我們讓消費者能夠表達自己，無論是透過醫療保健、家居或美容，我們都將香水的力量帶入人們的生活，幫助他們感到更自信、更快樂、更真實。

That's a meaningful mission, and it's one I'm really, really proud to be a part of. And then the emotional connection is matched by the strength of our business. This is what I found when I really dug into the company, 1,900 North American stores, 39 million-or-so loyalty members, a passionate and knowledgeable team of 50,000 store associates and a vertically integrated domestic supply chain, and that is an amazing foundation to accelerate growth by reaching new consumers elevating our products and experiences, telling compelling brand stories and doing that in new ways. And when it comes to like what's going right obviously, it's a quality quarter.

這是一項有意義的使命，我非常非常自豪能夠成為其中的一員。然後，情感聯繫與我們的業務實力相匹配。當我深入研究這家公司時，我發現，該公司擁有 1,900 家北美門店、約 3,900 萬名忠誠會員、一支由 5 萬名店員組成的充滿熱情和知識淵博的團隊以及一條垂直整合的國內供應鏈，這是一個令人驚嘆的基礎，可以通過接觸新消費者體驗並提升我們的產品和故事、講述這一點來加速我們的產品和故事。當談到進展順利的時候，顯然這是一個高品質的季度。

It's great to see the growth. But what I find really encouraging is that my philosophy for growth, which is about putting the consumer at the center, making sure that we listen to those insights, we create coveted and innovative products that meet those needs that we tell bold, brand and emotional product story, and we bring it to life in an omnichannel integrated marketplace globally.

看到這樣的成長真是太好了。但真正讓我感到鼓舞的是我的成長理念，即以消費者為中心，確保我們傾聽這些見解，創造出令人垂涎的創新產品，滿足我們講述大膽、品牌和情感產品故事的需求，並在全球全通路整合市場中將其變為現實。

I can see where that is working here. As I said in my opening remarks, Disney is a good example of where that worked.

我知道這是如何運作的。正如我在開場白中所說，迪士尼就是一個很好的例子。

But I do see opportunity to do that more consistently, more frequently and more focused on bringing new consumers to this sticky platform that we've built.

但我確實看到了機會，可以更持續、更頻繁、更專注於為我們所建造的這個黏性平台帶來新的消費者。

Great. And Simeon, thanks for the question. So in terms of the drivers of sales go forward, let me start with Q1. we were really pleased with the 3% growth that we drove while also expanding margins. And as you dissect Q1, Disney was the key driver of the quarter. And I would say the balance of the quarter really performed more consistently with the growth we were seeing in Q4. So besides Disney, other products that stood out with EDL, particularly for women and our gifting that grew double digit. So as we enter Q2, right, we're entering in those trends for the Q4 as we exited Q1. Q2 is also our lowest quarter of innovation given the prominence of of SaaS, but we're confident in the outlook. In Q2, we're going to amplify Father's Day. We've created space in the quarter to really amplify, reposition it in the shop, enhanced marketing. We're focused on SaaS execution. As you know, last year, we had some challenges. And we also had the start of Halloween. So we feel good about the outlook that we provided for Q2. And overall, for the year, maybe just jumping as you look at the back half, we also continue to have innovation. Halloween and.

偉大的。西緬，謝謝你的提問。因此，就未來銷售的驅動力而言，讓我從第一季開始。我們對實現 3% 的成長以及利潤率的提高感到非常滿意。當你分析第一季時，你會發現迪士尼是本季的主要動力。我想說的是，本季的餘額確實與我們在第四季看到的成長更加一致。因此，除了迪士尼之外，EDL 的其他產品也表現突出，尤其是針對女性的產品和我們的禮品，其成長率達到了兩位數。因此，當我們進入第二季度時，我們就會進入第四季度的趨勢，就像我們退出第一季一樣。鑑於 SaaS 的突出地位，第二季度也是我們創新最低的季度，但我們對前景充滿信心。在第二季度，我們將擴大父親節的宣傳力道。我們在本季創造了空間來真正擴大規模，在商店中重新定位，加強行銷。我們專注於 SaaS 執行。如您所知，去年我們遇到了一些挑戰。我們也迎來了萬聖節。因此，我們對第二季的前景感到滿意。整體而言，就今年而言，也許只是當你回顧下半年時，我們還將繼續創新。萬聖節和。

So we feel good about the outlook that we provided for Q2. And overall for the year, maybe just jumping, if you look at the back half, we also continue to have innovation. Halloween's important both starts in Q2, but also continues into Q3. We're launching an elevated ceramic candle, and we have more collabs coming in the back half of the year. So there's plenty of innovation that gives us confidence in really maintaining our top line of 1% to 3% growth for the year.

因此，我們對第二季的前景感到滿意。整體而言，今年可能只是跳躍式成長，如果你看看後半年，我們還在繼續創新。萬聖節的重要性不僅始於第二季度，而且也持續到第三季度。我們正在推出一款高架陶瓷蠟燭，今年下半年我們將推出更多合作產品。因此，大量的創新讓我們有信心維持今年 1% 至 3% 的營收成長。

Matthew Boss with JPMorgan.

摩根大通的馬修‧博斯 (Matthew Boss)。

Great, thanks and welcome, Daniel. So maybe, Daniel, with your clear focus on accelerating growth, could you walk through the building blocks of opportunity relative to the company's recent return to low single-digit growth maybe just areas you see for market share opportunity and any investments that you see required to accomplish your plan?

太好了，謝謝，歡迎你，丹尼爾。那麼，丹尼爾，鑑於您明確關注的是加速成長，您能否詳細介紹一下與公司近期恢復低個位數成長相關的機會基礎，也許只是您看到的市場份額機會領域以及您認為實現計劃所需的任何投資？

Hi Matt, thanks for the question. I'm going to start with the caveat that it's still early days. I'm 10 days in, and my focus right now is continuing to listen and learn. And frankly, I don't know what I don't know yet. I'm listening to the leadership team, listening to our employees, our store associates, of course, listening to our consumers and you, our investors.

嗨，馬特，謝謝你的提問。首先我要聲明的是，現在還為時過早。我已經堅持了 10 天，現在的重點是繼續傾聽和學習。坦白說，我還不知道我不知道什麼。我正在聽取領導團隊的意見，聽取我們的員工、我們的店員的意見，當然，也聽取我們的消費者和你們，我們的投資者的意見。

As I said in my opening remarks, we will come back and share a clear strategy in the coming quarters, and that strategy will have some key components. We will be guided by a clear and compelling vision. It will put the consumer at the center of everything that we do. We will focus on fewer, bolder priorities, and we will target opportunities to accelerate the growth through consistent and repeatable growth drivers.

正如我在開場白中所說，我們將在未來幾季回來分享一個明確的策略，該策略將包含一些關鍵組成部分。我們將以清晰而令人信服的願景為指導。我們將把消費者置於我們所做的一切的中心。我們將專注於更少、更大膽的優先事項，並將瞄準機會，透過一致、可重複的成長動力來加速成長。

We will provide a clear road map and consistent KPIs, so you can track our progress, and we can hold ourselves accountable for that growth. In my opening remarks, I mentioned a few things that we're getting underway now, not sitting around and waiting to pen a strategy and then start work. There are clear opportunities as far as I see them in the short and medium term, our digital refresh, packaging and labeling, alternative distribution and international.

我們將提供清晰的路線圖和一致的關鍵績效指標 (KPI)，以便您可以追蹤我們的進度，我們也可以對這一成長負責。我在開場白中提到了我們現在正在著手做的幾件事，而不是坐在那裡等著製定策略然後開始工作。在我看來，短期和中期存在明顯的機會，包括我們的數位更新、包裝和標籤、替代分銷和國際化。

So I think that's all I'm going to say really about our strategy at this point. And then to your second point on financials, and investments required to accomplish the plan. I'm super aware that a successful consumer goods companies need to grow the top and the bottom line simultaneously. It's not an either role. And as I said, we're going to be doing fewer things.

所以我想這就是我現在要說的關於我們策略的全部。然後談談第二點，即完成計劃所需的財務和投資。我非常清楚，一家成功的消費品公司需要同時增加營收和利潤。這不是一個二者擇一的角色。正如我所說的，我們將會做更少的事情。

So, edit to amplify is important. Less breadth, more depth, fewer priorities. And so I'm not asking for more investment and making sure that the investment that we have today is aimed at the greatest opportunity to drive growth.

因此，編輯擴充很重要。廣度減少，深度增加，優先順序減少。因此，我並不是要求增加投資，而是確保我們今天的投資能帶來最大的成長機會。

And if I could just add, Daniel, we're always looking for efficiencies to offset new investment areas. I think we've done that over the last couple of years with our Fuel for Growth program. And we're diligent about that. And just to give you an example, during Q1, we exited one of our third-party fulfillment centers. We expect this can drive two improvements, one, improved cost that's reflected in the outlook we provided today as well as improved customer satisfaction. So we're going to consistently mine for those areas to help offset investments.

丹尼爾，如果我可以補充一點的話，我們一直在尋求效率來抵消新的投資領域。我認為我們在過去幾年中透過「成長動力」計畫已經實現了這一點。我們對此非常勤勉。舉個例子，在第一季度，我們退出了其中一個第三方履行中心。我們預期這可以帶來兩方面的改進，一是降低成本（這反映在我們今天提供的展望中），二是提高客戶滿意度。因此，我們將持續在這些地區進行開採，以幫助抵消投資。

Great caller. Best of luck.

很棒的來電者。祝你好運。

Lorraine Hutchinson with Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. Daniel, it sounds like one of the first things you can impact is marketing. Can you talk about plans there? And then over the longer term, I was just curious to hear about any early work you've done on the potential to accelerate growth globally and also what those new forms of distribution beyond your own channels might look like? Thank you.

謝謝。早安.丹尼爾，聽起來你能影響的第一件事就是行銷。你能談談那裡的計劃嗎？從長遠來看，我只是好奇想聽聽您在加速全球成長潛力方面所做的任何早期工作，以及除了您自己的管道之外的那些新分銷形式會是什麼樣子？謝謝。

Hi and thanks for the question. And thanks for the question. When it comes to adjusting marketing, I do think that the business has made progress in marketing as we mentioned, traffic is up and exceeded benchmarks in the first quarter.

你好，謝謝你的提問。感謝您的提問。在調整行銷方面，我確實認為業務在行銷方面取得了進展，正如我們所提到的，第一季的流量上升並超過了基準。

But I do believe that there is much, much more we can do to connect emotionally with our consumers, and we can do that online and offline in that part of the work that I mentioned in terms of the digital refresh that's getting underway now.

但我確實相信，我們還可以做更多的事情來與消費者建立情感聯繫，我們可以在線上和線下進行這些工作，正如我所提到的，現在正在進行的數位化更新就是其中的一部分。

And I also believe our marketing has to be less about price and promotion. We need to give our consumers compelling stories and reasons to buy that are not linked to price. And then finally, I do think that there is an opportunity to focus more of our marketing dollars on the innovation that we have and that we have coming.

我也認為我們的行銷不能只專注於價格和促銷。我們需要為消費者提供引人入勝的故事和與價格無關的購買理由。最後，我確實認為我們有機會將更多的行銷資金集中在我們現有的和即將推出的創新上。

I do believe that we have made meaningful strides in improving the ingredients of our products, and we have not taken advantage of that by telling that story in a compelling way consistently to our consumers, and we know that, that is something that's important to them. So the next part of your question really relating to international.

我確實相信我們在改進產品成分方面已經取得了有意義的進展，但我們並沒有利用這一點，以令人信服的方式向消費者持續講述這個故事，我們知道，這對他們來說很重要。所以你的問題的下一部分實際上與國際有關。

Of course, I've said before, I do see international as a significant opportunity. I'm still learning about the international business, what's working, what's not working, what are the impediments to accelerating growth. And I'm going to spend some time this summer on the ground with our international partners, with our international consumers really getting under the hood.

當然，我之前說過，我確實認為國際化是一個重要的機會。我仍在學習國際業務，了解哪些有效，哪些無效，加速成長的障礙是什麼。今年夏天，我將花一些時間與我們的國際合作夥伴以及我們的國際消費者一起深入實地了解情況。

But I'm pretty sure that our strategy will pick priority markets, the areas where we believe that there are the most -- the largest opportunities to accelerate growth, and we must match that opportunity with the right business model.

但我非常肯定，我們的策略將選擇優先市場，也就是我們認為擁有最多、最有可能加速成長機會的領域，而且我們必須將這些機會與正確的商業模式相匹配。

So more to come in that way, but it is something that I'm -- it's going to be spending a lot of time on in the coming months. And then finally, on third-party distribution. I'm sure you're going to hear me say this frequently, we put the consumer at the center of everything that we do and consumers see brands, not channels.

因此，還會有更多這樣的事情發生，但這是我未來幾個月將花費大量時間的事情。最後，關於第三方分銷。我相信你會經常聽到我這麼說，我們把消費者放在我們所做的一切的中心，消費者看到的是品牌，而不是管道。

I do believe one of the greatest opportunities that this company has is to plug in new consumers to our ecosystem and our new consumers are not-- we're not necessarily in their path. So we'll think about this strategically and thoughtfully. But reaching new consumers through new platforms is definitely something that we're looking at right away.

我確實相信這家公司最大的機會之一就是將新消費者引入我們的生態系統，而我們的新消費者並不一定會擋在他們的道路上。因此，我們會從戰略角度和深思熟慮的角度來考慮這個問題。但透過新平台接觸新消費者絕對是我們目前正在考慮的事情。

Next question please?

請問下一個問題？

Alex Straton from Morgan Stanley.

摩根士丹利的 Alex Straton。

Great, thank you. Maybe for Eva first. Both Home Fragrance and Body Care grew low single digits in the first quarter and kind of helped in that range for a few quarters. What do you view as the right long-term growth rates for those categories? Should they be better than low single digits, or is this where they should kind of hover? And then secondly, just could you go through your plan for the semiannual sale, maybe just remind us the time frame last year and walk through any change in approach year-over-year that you might be using. Thanks a lot.

太好了，謝謝。也許首先針對的是 Eva。家居香氛和身體護理產品在第一季均實現了低個位數成長，並在接下來幾季中保持了這一成長勢頭。您認為這些類別的正確長期成長率是多少？它們是否應該比低個位數更好，還是應該徘徊在這個水平？其次，您能否介紹一下您的半年銷售計劃，也許可以提醒我們去年的時間範圍，並介紹一下您可能使用的逐年方法變化。多謝。

Sure. Alex, I'll take your second question first, around the semiannual sale. As I said previously, last year, we all know it didn't perform to our expectations. So we've taken some poor learnings to drive stronger performance this year. First, we're going to start semiannual sale a couple of weeks later than prior year. And really, this is to do two things: one, to give a space to amplify Father's Day and elevate men's that critically important adjacency as well as our timing will be more consistent with the general market and when summer sales occur.

當然。亞歷克斯，我先回答你的第二個問題，關於半年銷售。正如我之前所說，去年，我們都知道它的表現沒有達到我們的期望。因此，我們吸取了一些不好的教訓，以推動今年取得更好的業績。首先，我們將比去年晚幾週開始半年一次的促銷活動。實際上，這是為了做兩件事：第一，提供一個空間來擴大父親節並提升男士的至關重要的相鄰性，以及我們的時間將與一般市場和夏季銷售發生時更加一致。

Second, we're amplifying our marketing to ensure customers know of the change in timing and also about the exciting products that we'll have to offer. And importantly, we believe we have a great product offering that consumers are going to love. Overall, there's not really any material changes to the duration. It's going to be a couple of days shorter.

其次，我們正在加強行銷，以確保客戶了解時間的變化以及我們將提供的令人興奮的產品。重要的是，我們相信我們擁有消費者會喜愛的優質產品。整體而言，持續時間實際上並沒有什麼實質的改變。時間會縮短幾天。

But overall, the duration generally consistent. As you look at the core categories, Body Care and Home have been great categories. You see the market growing, you see fragrance growing. So we would expect, particularly Body Care, you would get more than low single-digit growth over time growing with the market.

但整體來說，持續時間大致一致。從核心類別來看，身體護理和家居都是很好的類別。你會看到市場在成長，你會看到香水在成長。因此，我們預計，特別是身體護理產品，隨著時間的推移，隨著市場的成長，您將獲得超過個位數的低成長。

On the Home, as you know, the candle market has been pressured. We haven't seen the Canada market return to growth yet. We did this quarter increase our market share modestly in our strategies. But overall, we're pleased in this market where there is pressure on candles.

就家居而言，如您所知，蠟燭市場一直面臨壓力。我們尚未看到加拿大市場恢復成長。本季度，我們確實根據策略適度增加了市場份額。但總體而言，我們對這個蠟燭面臨壓力的市場感到高興。

We're overall growing home fragrance, but we're going to look for ways to innovate to continue to drive growth there. And while gifting is small right? That is an area that grew really nicely. It was up double digits this quarter and just reinforces that we can be a gifting destination no matter what time of the year it is, customers will come to us whether it's Valentine's Day, Easter, Mother's Day and hopefully, Father's Day.

我們總體上正在發展家居香氛業務，但我們將尋找創新方式來繼續推動該領域的成長。雖然送禮物很小，對吧？這是一個發展非常好的領域。本季的銷售額成長了兩位數，這進一步證明，無論在一年中的任何時候，我們都可以成為送禮的目的地，無論是情人節、復活節、母親節，還是父親節，顧客都會來找我們。

Ike Boruchow with Wells Fargo.

富國銀行的 Ike Boruchow。

Hey, good morning. Eva, two questions for you, if that's okay. Just curious, would you have raised guidance including tariffs when you looked at the full year view that you're issuing? And then I guess, just simply just kind of what gives you the confidence in the back half for 1% to 3% revenue growth. Obviously, the compares are a little bit tougher. So I'm just kind of curious where the confidence comes from there.

嘿，早安。伊娃，如果可以的話，我想問你兩個問題。只是好奇，當您查看發布的全年展望時，您是否會提高包括關稅在內的指導價格？然後我想，這只是讓你對下半年收入成長 1% 到 3% 有信心的原因。顯然，比較起來有點困難。所以我只是有點好奇他們的信心是從何而來。

Thank you.

謝謝。

Yeah, Ike, for the question and good morning. On the back half of the year, I'll say what gives us confidence is the innovation that we have planned. I mentioned a couple of things earlier. We have -- we're launching a new and elevated ceramic handle in the back part of the year. We have additional collaborations coming off of the Disney Princess, and we know how well those have performed for us, and Halloween, an important time of the year for us, and we have some new and exciting products with elevated storytelling and new fragrances to bring there.

是的，艾克，回答這個問題，早安。談到下半年，我想說，讓我們充滿信心的是我們計畫的創新。我之前提到過幾件事。我們將在今年稍後推出一款新型高級陶瓷手把。我們與迪士尼公主有更多合作，我們知道這些合作對我們來說表現如何，還有萬聖節，這是我們一年中的重要時刻，我們有一些新的和令人興奮的產品，它們具有高級的故事敘述和新的香水。

So that's what really gives us the confidence. As we've said quarter after quarter, our customers respond when we have great innovation. Now on the -- on your question on the tariff -- on the tariff front, overall -- let me give a little context before I answer your specific question, if we would have raised guided. The guidance that we provided includes all of the tariffs that have been announced prior to last night's court ruling, which has already been appealed.

這確實給了我們信心。正如我們每個季度所說的那樣，當我們有偉大的創新時，我們的客戶就會做出回應。現在，關於您關於關稅的問題，就關稅方面而言，總體而言，在回答您的具體問題之前，請允許我先介紹一下背景情況，看看我們是否提出了指導性的問題。我們提供的指導包括昨晚法院裁決之前宣布的所有關稅，該裁決已被上訴。

And if you think about the guidance and absorbing that, it was our delivery of margin expansion and our opportunities to mitigate some of those tariffs through the levers we're pulling. If tariffs were to continue at current levels for the remainder of the year, we'd probably be at the lower half of the guidance range. And if they were to moderate or be reduced, we would be at the upper half.

如果你考慮指導意見並吸收這些意見，你會發現，這是我們採取槓桿措施擴大利潤率並減輕部分關稅的機會。如果關稅在今年剩餘時間內繼續保持在當前水平，我們的關稅水平可能將處於指導範圍的下半部分。如果這些數字有所緩和或減少，我們就會處於上半部。

And what I would say is to your real question, all else equal, if tariffs haven't changed from the initial 10%, yes, we would have been increasing our guidance today. And it's a dynamic time for us. I'm really pleased with our position, our agile model, and we'll compete in any environment.

我想回答你真正的問題是，在其他條件相同的情況下，如果關稅沒有從最初的 10% 發生變化，是的，我們今天就會提高我們的指導價。對我們來說這是一個充滿活力的時代。我對我們的地位、我們的敏捷模式感到非常滿意，我們將在任何環境中競爭。

Paul Lajuez with Citi.

花旗銀行的 Paul Lajuez。

Leon for Paul. Just wondering if you could elaborate on the strength of the merch margins in AURs in the first quarter. How much do you attribute that to the Disney collab versus sort of the underlying core business and any benefits that carry forward. And then just secondly, could you just give more detail on the accounting of these collabs, where do you see the licensing revenue to your partners? Where does that show up in the P&L? Just any color there would be helpful.

萊昂代替保羅。只是想知道您是否可以詳細說明第一季 AUR 中的商品利潤率的強度。您認為這在多大程度上歸功於與迪士尼的合作，而不是其核心業務以及由此帶來的任何好處？其次，您能否更詳細地介紹這些合作的會計核算，您認為合作夥伴的授權收入來自哪裡？這在損益表中顯示在哪裡？任何顏色都有幫助。

Thank you.

謝謝。

Great, thanks for the question. We're really pleased with our gross margin performance in the first quarter. Great. Thanks for the question. We're really pleased with our gross margin performance in the first quarter. We expanded gross margin 160 basis. We exceeded our guidance of 210 basis points.

太好了，謝謝你的提問。我們對第一季的毛利率表現非常滿意。偉大的。謝謝你的提問。我們對第一季的毛利率表現非常滿意。我們將毛利率擴大了160%。我們超越了 210 個基點的預期。

So as you dissect that, first, merch margin was up about 100 basis points, this was primarily driven by we had mix-adjusted AURs up low single digits as well as our cost savings work where we were able to improve some of our product costs through our value engineering as well as our transportation costs.

因此，當您分析這一點時，首先，商品利潤率上升了約 100 個基點，這主要是由於我們將混合調整後的 AUR 提高了較低的個位數，以及我們的成本節約工作，我們能夠透過價值工程以及運輸成本來改善部分產品成本。

B&O dollars were flat. Leverage was also favorable 50 basis points, and I'd say there were a couple of things driving that. First, as I mentioned previously, we exited from a fulfillment center that's driving improvements that will, of course, continue for the remainder of the year. We also had some lower store asset depreciation expenses we evaluated our useful life.

B&O 的銷售額持平。槓桿率也達到了有利的 50 個基點，我想說有幾個因素推動了這個趨勢。首先，正如我之前提到的，我們退出了正在推動改進的履行中心，當然，這種改進將在今年剩餘時間內繼續進行。我們也評估了一些較低的商店資產折舊費用，以評估其使用壽命。

So as you look at that performance, there are those opportunities that enabled us to really be able to offset the tariffs and hold our guidance for the remainder of the year. And the royalty payment hits merch margin.

因此，當您看到這一表現時，您會發現這些機會使我們能夠真正抵消關稅並維持我們在今年剩餘時間內的預期。且特許權使用費會影響商品利潤。

Mark Altschwager with Baird.

貝爾德 (Baird) 的馬克‧阿爾特施瓦格 (Mark Altschwager)。

Good morning. This is Amy Teske on the line for Mark. The strong performance on the Disney collaboration is exciting. Could you provide any commentary about the potential size of the opportunities you have in the pipeline on the collaboration side compared to Disney, and how we should think about the pace and timing of those collaborations through the rest of the year and in the second half.

早安.我是艾米‧特斯克 (Amy Teske)，找馬克。與迪士尼合作的強勁表現令人興奮。您能否評論一下與迪士尼相比，您在合作方面所擁有的機會的潛在規模，以及我們應該如何考慮在今年剩餘時間和下半年開展這些合作的速度和時間。

Yeah, Thanks for the question. I think the timing, as I referenced, still be in the back half of the year, we'll have more to say in due time. Listen, each of the collabs are different sizes, the Disney Princesses was our most expansive with fixed with 6 princesses over 82 SKUs.

是的，謝謝你的提問。我認為時間，正如我所提到的，仍然在今年下半年，我們會在適當的時候透露更多消息。聽著，每個合作系列的尺寸都不同，迪士尼公主系列是我們最廣泛的系列，共有 6 位公主，SKU 超過 82 個。

In the back half of the year, we had more than one collab plan. And what I would say there meaningful enough that they're going to be a contributor to our back half growth at our full year, up 1% to 3%.

下半年我們有多個合作計畫。我想說的是，它們足夠有意義，它們將為我們下半年和全年的成長做出貢獻，成長 1% 至 3%。

Jonna Kim from Cowen and Company.

Cowen and Company 的 Jonna Kim。

Thank you for taking my question. Curious about your pricing strategy. I would imagine some competitors are taking pricing due to tariffs. What is your take on pricing throughout the year? And then also any early learnings from the Disney partnerships were you able to bring in new customers? And how are -- what are the strategies you're trying to retain those customers that come through the partnership?

感謝您回答我的問題。對您的定價策略感到好奇。我可以想像一些競爭對手會因為關稅而採取定價措施。您對全年的定價有何看法？另外，從與迪士尼的合作中，您早期學到了什麼，能夠吸引新客戶嗎？您嘗試採用什麼策略來留住透過合作獲得的客戶？

Thank you very much.

非常感謝。

Yeah, So overall, as you look at our tourist mitigation strategies, right? AUR was a lever, and we're going to stay flexible. We're going to ensure that we're meeting the customer where their mindset is. The customer continues to be value-seeking. We're pleased in the first quarter that our AURs makes adjusted were up low single digits, and it just speaks to the ability of our agile model to respond to customers.

是的，總的來說，您可以看看我們的旅遊緩解策略，對嗎？AUR 是一個槓桿，我們將保持彈性。我們將確保根據客戶的心態來滿足他們的要求。客戶繼續尋求價值。我們很高興看到第一季我們的 AUR 調整後上漲了個位數，這說明了我們的敏捷模型能夠回應客戶的需求。

Great. And then I'll just follow up with the second part of that question around new consumers. So I think we should be pleased with the results that we got from Disney. We should be pleased with that philosophy around growth model that when we bring the right product, when we listen to consumers bring the right products, tell them brand stories, we definitely drive traffic to the brand.

偉大的。然後我將繼續討論有關新消費者的問題的第二部分。所以我認為我們應該對迪士尼的成果感到滿意。我們應該對這種成長模式的概念感到滿意，當我們帶來正確的產品，當我們傾聽消費者的意見並帶來正確的產品，向他們講述品牌故事時，我們肯定會為品牌帶來流量。

But at the same time, I'd say we do see trends in the sector with younger people, and we know that that's a big part of our opportunity to accelerate growth. And I believe that when we do bring them to the brand, they join this platform. That's remarkably sticky. We've seen the effect of our loyalty program in driving repeat purchase, repeat visits, increase spend, so it remains a big opportunity to bring new consumers to the brand, whether that's through collaborations or through other products and growth levers that we have.

但同時，我想說我們確實看到了該行業年輕人的趨勢，我們知道這是我們加速成長的重要機會。我相信，當我們將他們帶入這個品牌時，他們就會加入這個平台。這真是太黏了。我們已經看到了忠誠度計劃在推動重複購買、重複訪問、增加支出方面的作用，因此，這仍然是一個為品牌帶來新消費者的巨大機會，無論是透過合作還是透過我們擁有的其他產品和成長槓桿。

Got it. Thank you very.

知道了。非常感謝。

Kate McShane with Goldman Sachs.

高盛的凱特‧麥克沙恩 (Kate McShane)。

Hi, good morning. Thanks for taking our question. We just wanted to ask about the new store format that you mentioned on the call today. And if this is the same initiative as the Gingham Plus that you had mentioned several quarters ago?

嗨，早安。感謝您回答我們的問題。我們只是想詢問一下您在今天電話中提到的新商店形式。這是否與您幾季前提到的 Gingham Plus 是同一項舉措？

Kate, this is Eva. Yes, the new store format is the it is the Gingham Plus that we mentioned. And we're really pleased with how the format is performing. It's brought some modernization to it, some better navigation, some better technology some additional engagement. And financially, they're outperforming the stores, and we're building them at comparable costs, so the returns are favorable.

凱特，這是伊娃。是的，新的店鋪形式就是我們提到的Gingham Plus。我們對這種格式的表現非常滿意。它帶來了一些現代化、一些更好的導航、一些更好的技術和一些額外的參與。從財務角度來看，它們的業績優於商店，而且我們建造它們的成本與商店相當，因此回報豐厚。

And I'll just jump in there which is I had the opportunity to spend two days this weekend in our Gingham Plus store, and I really like what I see I do think it's a material improvement in terms of brand experience and in terms of the overall store layout. That said, I believe that we can iterate on it further.

我直接說一下，這個週末我有幸在我們的 Gingham Plus 商店待了兩天，我真的很喜歡我所看到的，我確實認為它在品牌體驗和整體商店佈局方面都有了實質性的改進。話雖如此，我相信我們可以進一步重複這一點。

I do believe that we can go further in terms of offering services, in terms of some of the engagement that we offer and in terms of using our stores as a marketing vehicle to bring more new consumers to the brand. So I think that we're going to continue to iterate on it, and we see it as a very positive step but with more to deliver.

我確實相信，我們可以在提供服務、提供一些參與以及利用我們的商店作為行銷工具為品牌帶來更多新消費者方面走得更遠。所以我認為我們將繼續對此進行迭代，我們認為這是一個非常積極的步驟，但還有更多工作要做。

And is there a goal for a number of stores you'd like it in by by the end of the year?

到今年年底，您希望在多少家商店開設該款產品？

We're -- Kate, I think overall, our -- the format is going in all of the new stores we build and remodel. So that's how you should think about it. We have not accelerated our CapEx on these stores either, I would say.

凱特，我認為總體而言，我們建造和改造的所有新店都將採用這種模式。所以你應該這樣想。我想說，我們也沒有加快這些商店的資本支出。

Olivia Tong from Raymond James.

雷蒙德詹姆斯 (Raymond James) 的 Olivia Tong。

Thanks and good morning. I wanted to understand how -- a little bit more about how you think about the current backdrop and your view on your pricing opportunity. Clearly, your tariff exposure is a bit lower than peers.

謝謝，早安。我想進一步了解您對當前背景的看法以及您對定價機會的看法。顯然，您的關稅風險比同行要低一點。

But do you view that their need to price as an opportunity to push price as well for you or perhaps an opportunity to consolidate more market share? And then, Daniel, you mentioned the desire to expand more aggressively outside of the US

但是，您是否認為他們的定價需求也是您提高價格的一個機會，或者是鞏固更多市場份額的一個機會？然後，丹尼爾，你提到了希望在美國以外更積極地擴張

Can you talk about how you think about doing that? Are there certain markets that are particularly attractive? Do you think about markets that so far don't have a ton of competition where maybe you have to convince the audience a little bit more, or is it more thinking about established markets where they have already been improvement?

你能談談你對此有何想法嗎？是否存在特別有吸引力的市場？您是否考慮過那些迄今為止競爭還不激烈的市場，在這些市場上您可能需要花更多的功夫去說服觀眾，還是更多地考慮那些已經有所進步的成熟市場？

Thank you so much.

太感謝了。

Yeah, Olivia, I'll start with your pricing question. What I'll say, it's a dynamic market out there, and we're going to stay agile. We know customers are value seeking, and we're in a great position that we bring great products at a great value where we sit. So we'll be agile and read and react to the customer and the market.

是的，奧利維亞，我將從您的定價問題開始。我想說的是，這是一個充滿活力的市場，我們將保持敏捷。我們知道客戶追求的是價值，而我們則處於有利地位，能夠以極高的價值為客戶帶來優質的產品。因此，我們將敏捷地了解客戶和市場並做出反應。

Thank you. And then on international, I'll just kind of repeat what I said, which, of course, it's an opportunity to accelerate growth. I've had a strong track record of doing that at both Nike and Burberry. And I'm looking forward to getting on the ground this summer with our partners with our international consumers and really understanding what it is that needs to change.

謝謝。然後關於國際，我只是想重複我所說的話，當然，這是一個加速成長的機會。我在 Nike 和 Burberry 都有過這樣的出色表現。我期待著今年夏天與我們的合作夥伴和國際消費者一起實地考察，真正了解需要改變的是什麼。

I am in agreement with you that we will be focusing on a select group of markets, and we'll be matching those markets with the business model that most makes sense. So there isn't a one-size-fits-all strategy in my mind in terms of international expansion. It's going to be which market, prioritizing those and which business models lead to the best growth outcomes and financial outcomes for the business.

我同意你的觀點，我們將專注於一組特定的市場，並將為這些市場提供最合理的商業模式。因此，就國際擴張而言，我認為沒有一個放諸四海皆準的策略。這將是哪個市場、優先考慮哪些市場以及哪種商業模式能為企業帶來最佳的成長結果和財務結果。

Korinne Wolmeyer from Piper Sandler.

派珀·桑德勒 (Piper Sandler) 樂隊的科琳·沃爾邁耶 (Korinne Wolmeyer)。

Hey team. Good morning. Thanks so much for taking the question. I'd like to touch a little bit on, one, how you're thinking about lapping some of the bigger launches as we progress through the year, such as men's that's been doing particularly well everyday luxuries. How should we be thinking about cycling through those? And then also, I think the adjacent categories as a percent of sales hasn't changed meaningfully in the past couple of quarters.

嘿，團隊。早安.非常感謝您回答這個問題。我想稍微談一下，首先，隨著我們在今年的發展，您如何考慮推出一些更大型的產品，例如表現特別好的男士日常奢侈品。我們應該如何考慮循環這些過程？而且，我認為相鄰類別佔銷售額的百分比在過去幾個季度中並沒有顯著變化。

Can you just touch a little bit on your strategy behind those categories? Is there a goal to get those as a larger piece of the mix, or are you pretty pleased with how they're doing right now?

您能否稍微談談這些類別背後的策略？是否有一個目標，讓它們成為更大的一部分，或者你對它們現在的表現感到滿意嗎？

Thank you.

謝謝。

Yeah, I'll start, Korinne, and maybe Daniel will have something to jump in. So first, on the launches such as men's everyday luxury, we see those as foundational to build upon those versus thinking about them as we have to we have to lap. Everyday luxuries was in the full fleet and by the end of the second quarter of last year.

是的，我先開始，科琳，也許丹尼爾也會有事要談。因此，首先，對於男士日常奢侈品等產品的推出，我們將其視為基礎，並在此基礎上進行改進，而不是將其視為我們必須要改進的部分。去年第二季末，日常奢侈品已進入全部船隊。

So we -- for women's, it continue to perform well. We've brought new fragrances. We introduced by cream and customers really responded favorably. On the adjacencies, they did grow faster than the overall -- than our overall growth. So the rate of growth is greater.

因此，就女性而言，我們繼續表現良好。我們帶來了新的香水。我們透過乳霜進行了介紹，顧客們的反應確實很好。從鄰接角度來看，它們的成長速度確實比整體成長速度要快——比我們的整體成長速度還要快。因此成長率更大。

I would say given the predominance of Disney and the impact in first quarter, you don't see it as a percent of total with 10% being consistent. But we're pleased with where we're positioned and look forward to continuing to drive growth.

我想說，考慮到迪士尼的主導地位和第一季的影響，你不會將其視為佔總數的百分比，而 10% 是一致的。但我們對自己的定位感到滿意，並期待繼續推動成長。

Thanks, Eva. Let me just jump in and say what my observations around adjacencies are. I do think that a business should feel proud about the business that they've built in the adjacencies. They are segments we've entered with large addressable markets. And as Eva said, it's growing above shop.

謝謝，伊娃。讓我直接說說我對鄰接的觀察。我確實認為企業應該為他們在周邊地區建立的業務感到自豪。這些是我們已進入的具有巨大潛在市場的領域。正如伊娃所說，它正在商店上方生長。

But I'll come back to something I mentioned earlier, which is I do believe we're going to need to focus, edit to amplify, fewer bigger things and less more depth. And I think that when we do that, we're going to put more marketing heft behind fewer priorities. And it also tells our consumer what's most important. So of course, we want to make sure that we continue to build the basket of existing consumers through the adjacencies that we have. But really, the focus is on the adjacencies, building new consumers and bringing new consumers to the brand.

但我會回到我之前提到的事情，那就是我確實相信我們需要集中精力，進行編輯以擴大規模，少做一些大事，少做一些深度的事情。我認為，當我們這樣做時，我們將把更多的行銷精力放在更少的優先事項上。它也告訴我們的消費者什麼是最重要的。因此，我們當然希望確保透過現有的鄰接關係繼續擴大現有消費者群體。但實際上，重點在於鄰近性、培養新消費者、為品牌帶來新消費者。

Ashley Helgans from Jefferies.

來自 Jefferies 的 Ashley Helgans。

Hi, this is Sydney on for Ashley. Wondering if you can share any underlying assumptions you have for the Fragrance category? And then just curious how you think about the long-term mix of online versus in-store with kind of the extra digital initiatives?

大家好，我是悉尼，為您播報阿什利的節目。想知道您是否可以分享您對香水類別的任何基本假設？然後我很好奇，您如何看待線上和店內銷售的長期組合以及額外的數位計劃？

Yes. Are you going to start with the online store?

是的。您要從網路商店開始嗎？

Sure. I'll kind of go back to my growth philosophy here. The most important thing that we do is listen to the consumer. And the most important thing that we do is meet the consumer where they are. So we're not setting a target that is for our digital business, but we do expect our digital business to be in line or slightly above market penetration, and we have got an opportunity to grow that.

當然。我將在這裡回顧我的成長哲學。我們所做的最重要的事情就是傾聽消費者的意見。我們所做的最重要的事情就是在消費者所在的地方與他們見面。因此，我們沒有為我們的數位業務設定目標，但我們確實希望我們的數位業務與市場滲透率一致或略高，並且我們有機會實現成長。

We know that, that is where the overall segment is growing. So we do expect to see accelerated growth in that area. But we won't do something that forces the consumer into a channel mix that's not right for them.

我們知道，這就是整個細分市場正在成長的地方。因此我們確實預計該地區將加速成長。但我們不會強迫消費者選擇不適合他們的通路組合。

Yeah, and on your Fragrance category, as we all know, fragrance is on trend and growing nicely. And as we look at our business as the category leader in each of our businesses, right, we're going to always look to grow with the market and grow share. And we're excited about the newness that we're bringing and we'll look to continue to drive momentum with that newness.

是的，就香水類別而言，眾所周知，香水正流行並且發展良好。當我們將我們的業務視為每個業務領域的領導者時，我們將始終尋求與市場一起成長並增加份額。我們對即將帶來的新事物感到非常興奮，並期待繼續利用這種新事物來推動發展勢頭。

Adrienne Yih from Barclays

巴克萊銀行的 Adrienne Yih

Good morning. This is Angus on for Adrienne. So maybe for Eva first. You noted positive dual channel traffic and maintained market share. Can you elaborate on what drove the traffic outperformance and whether you see this trend sustaining into Q2? And what is incorporated into full year guidance regarding market share? And then a quick one for Daniel.

早安.這是為 Adrienne 表演的 Angus。所以也許首先針對的是 Eva。您注意到雙通路流量呈正成長，並且保持了市場份額。您能否詳細說明是什麼推動了流量的優異表現，以及您是否認為這種趨勢會持續到第二季​​？全年市場佔有率預測包含哪些內容？接下來是 Daniel 的簡短演講。

Obviously, this company generates strong free cash flow and the $300 million in buybacks for reaffirmed. How are you approaching capital allocation under your leadership, particularly the trade-offs between returning capital and funding new growth initiatives?

顯然，這家公司產生了強勁的自由現金流，並重申了 3 億美元的回購。在您的領導下，您如何處理資本配置，特別是在資本回報和資助新增長計劃之間的權衡？

Thank you.

謝謝。

Yeah, Thanks for the question. Overall, in Q1, as we said earlier, we drove positive traffic dual channel in both of our in stores and online, and we outperformed the benchmarks that we track. As we look at the trends, they're embedded they're embedded in the Q2 guidance that we provided today. We don't guide to market share, but what I will tell you is we strive to look to gain market share, grow with the market gain share.

是的，謝謝你的提問。總體而言，正如我們之前所說，在第一季度，我們在線上和實體店的雙通路流量都呈現正成長，並且超過了我們追蹤的基準。當我們觀察這些趨勢時，我們發現它們已經深深植根於我們今天提供的第二季指引中。我們不指導市場份額，但我要告訴你的是，我們努力尋求獲得市場份額，並與市場份額一起成長。

Thanks, Eva. So on capital allocation, I would say, 10 days in, it's probably too early to be signaling what we're doing in terms of capital allocation or changes to capital allocation. I'm going to work obviously with the Board and with Eva on that. But again, my focus is making sure that the investment that we are using today is focused in the right priority growth areas, and so that will be the first place I'm looking.

謝謝，伊娃。因此，關於資本配置，我想說，10 天后，可能還不能預示我們在資本配置方面將採取什麼措施或改變資本配置。我顯然會與董事會和 Eva 合作解決此事。但同樣，我的重點是確保我們今天的投資集中在正確的優先成長領域，因此這將是我首先關注的地方。

Dana Telsey from Telsey Advisory Group.

來自 Telsey 諮詢集團的 Dana Telsey。

Hey, good morning, everyone. As you think about the comment that you had traffic in both channels that exceeded third-party benchmarks, what are you seeing in your open air stores versus the enclosed mall stores.

嘿，大家早安。當您想到您在兩個管道中的流量都超過了第三方基準的評論時，您在露天商店和封閉式商場商店中看到了什麼。

And Daniel, any way that you're thinking about malls versus open air, given the significant shift that's going to open air, and how they're doing. And what are you -- how are you thinking about the online channel? And if any website enhancements should be coming. Thank you.

丹尼爾，考慮到向露天購物的重大轉變以及它們目前的經營狀況，您如何看待購物中心與露天購物之間的差異？您如何看待線上管道？以及是否有任何網站增強功能即將推出。謝謝。

Thanks, Dana, for the question. I'll start with the mall versus off-mall performance consistent with prior quarters, off-mall stores performed better than all stores, largely driven by stronger conversion. So that's pretty consistent. No change in trends there.

謝謝達娜提出的問題。我先從商場與非商場的表現開始，與前幾季一致，非商場商店的表現優於所有商店，這主要是由於更強勁的轉換率。所以這是相當一致的。那裡的趨勢沒有改變。

Yeah, Dana. I mean anecdotally, I've just been in both malls and off more locations. And on the off-mall locations, I like the adjacencies. I like the fact that we're next to big anchors in traffic like Walmart, like Target, and they're driving strong traffic to our doors.

是的，達娜。我的意思是，根據軼事，我剛剛去過這兩個商場和更多地方。對於商場外的地點，我喜歡鄰近的地點。我喜歡我們毗鄰沃爾瑪、塔吉特等大型主力店，它們為我們的店鋪帶來了強勁的客流量。

When it comes to website enhancements, again, something that we're going to be prioritizing I'm pleased with the underlying tech foundation that the company has invested in does allow for some rapid change in this area.

當談到網站增強功能時，我們再次強調，這是我們將優先考慮的事情，我很高興公司投資的底層技術基礎確實允許在這個領域進行一些快速的改變。

We'll be bringing some, I would call, feature enhancements in August to the app, but really looking to try to bring a much bigger pic change to our digital platforms in the coming couple of quarters. That is something the team is prioritizing and something that we are going to be getting after straightaway.

我們將在八月為該應用程式帶來一些我稱之為的功能增強，但我們真正希望的是在接下來的幾個季度內為我們的數位平台帶來更大的改變。這是團隊優先考慮的事情，也是我們將立即著手解決的事情。

And I do think that as well as allowing our consumers to connect more emotionally to the brand, to telling better product stories. It will drive conversion and growth. It is both -- it is head and heart. It is content and commerce.

我確實認為，這不僅可以讓我們的消費者在情感上與品牌建立更緊密的聯繫，還可以講述更好的產品故事。它將推動轉化和成長。兩者皆是──既是頭腦，又是心靈。它是內容和商業。

We want to thank everyone for joining today's call. A replay will be available for 90 days on our website. Thank you for your interest in Bath & Body Works.

我們要感謝大家參加今天的電話會議。重播將在我們的網站上保留 90 天。感謝您對 Bath & Body Works 的關注。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。