Lands' End Inc (LE) 2024 Q3 法說會逐字稿

Good day, everyone and welcome to today's Lands End 3Q earnings call. (Operator Instructions) Please note this call is being recorded, and I will be standing by if you need any assistance. It is now my pleasure to turn the conference over to Tom Altholz.

大家好，歡迎參加今天的 Lands End 第三季財報電話會議。（操作員說明）請注意，此通話正在錄音，如果您需要任何協助，我將隨時待命。現在我很高興將會議交給湯姆·阿爾索爾茲。

Good morning and thank you for joining the Lands End earnings call for discussion of our third quarter, 2024 results, which we released this morning and it can be found on our website, landsend.com. I'm Tom Altholz, Lands' End's Senior Director of Financial Planning and Analysis, and I'm pleased to join you today with Andrew McLean, our Chief Executive Officer; and Bernard McCracken, our Chief Financial Officer. After the prepared remarks, we will conduct a question-and-answer session. Please also note that the information we're about to discuss includes forward-looking statements. Such statements involve risks and uncertainties.

早安，感謝您參加 Lands End 財報電話會議，討論我們今天早上發布的 2024 年第三季業績，您可以在我們的網站 landsend.com 上找到該業績。我是 Tom Altholz，Lands' End 的財務規劃和分析高級總監，很高興今天能與我們的執行長 Andrew McLean 一起加入。以及我們的財務長伯納德·麥克拉肯 (Bernard McCracken)。在準備好的發言之後，我們將進行問答環節。另請注意，我們將要討論的資訊包括前瞻性陳述。此類陳述涉及風險和不確定性。

The company's actual results could differ materially from those discussed on this call. Factors that could contribute to such differences include, but are not limited to, those items noted and included in the company's SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

該公司的實際結果可能與本次電話會議中討論的結果有重大差異。可能導致此類差異的因素包括但不限於公司向 SEC 提交的文件中註明和包含的項目，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

The forward-looking information that is provided by the company on this call represents the company's outlook as of today, and we do not undertake any obligation to update the forward-looking statements made by us. Subsequent events and developments may cause the company's outlook to change. During this call, we will be referring to non-GAAP measures.

本公司在本次電話會議中提供的前瞻性資訊代表了本公司截至目前的展望，我們不承擔更新我們所做的前瞻性陳述的任何義務。隨後的事件和發展可能會導致公司的前景發生變化。在本次電話會議中，我們將提及非公認會計原則措施。

These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings release issued earlier today, a copy of which is posted in the Investor Relations section of our website at landsend.com.

這些非公認會計準則衡量指標並非依照公認會計原則制定。非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整可以在我們今天早些時候發布的收益報告中找到，其副本發佈在我們網站 landsend.com 的投資者關係部分。

With that, I will turn the call over to Andrew.

這樣，我會將電話轉給安德魯。

Thank you, Tom. Good morning and thank you for joining us today. Our performance in the third quarter of 2024 was characterized by the continued execution of our solutions based strategy and customer focus to drive higher quality sales.

謝謝你，湯姆。早安，感謝您今天加入我們。我們 2024 年第三季業績的特點是持續執行基於解決方案的策略和以客戶為中心，以推動更高品質的銷售。

In the third quarter, we delivered net revenue of $319 million, adjusted EBITDA of $20 million, a year-over-year increase of 17% and a low double-digit percentage growth in GMV. Through the evolution of our strategy, we're further solidifying our position as a classic American lifestyle brand that creates solutions for life's every journey and attracting new and existing customers to our wide-ranging assortment of fresh, on-trend items.

第三季度，我們實現淨收入 3.19 億美元，調整後 EBITDA 為 2,000 萬美元，年成長 17%，GMV 實現低兩位數百分比成長。透過策略的演變，我們進一步鞏固了作為經典美國生活方式品牌的地位，為生活的每一次旅程創造解決方案，並吸引新老客戶購買我們種類繁多的新鮮流行商品。

At the same time, we're leveraging new and innovative tactics, including greater personalization across our marketing programs to best engage customers and drive greater buying throughout the year. Paired with our strong execution, we also delivered growth in gross margin and gross profit dollars in the third quarter. When looking at our inventories, our efforts are continuing to yield results.

同時，我們正在利用新的創新策略，包括在我們的行銷計劃中實現更大的個人化，以最好地吸引客戶並推動全年更多的購買。與我們強大的執行力相結合，我們在第三季的毛利率和毛利也實現了成長。看看我們的庫存，我們的努力正在繼續取得成果。

In the third quarter, we drove a 20% year-over-year improvement in our inventory position and a double-digit increase in our churn rate. Our focus on newness and wear now products remain key to this success. By bringing customers relevant items faster, we're able to increase full price sales of quality inventory that fit the moment, thereby reducing the depth of promotions. One way we're optimizing our supply chain is by moving fabric closer to production with a focus on the Western Hemisphere, which helps reduce shipping time while diversifying our sourcing relationships.

第三季度，我們的庫存狀況年增了 20%，客戶流失率也實現了兩位數的成長。我們對新產品和現穿產品的關注仍然是這項成功的關鍵。透過更快為客戶提供相關商品，我們能夠增加適合當下的優質庫存的全價銷售，從而減少促銷的深度。我們優化供應鏈的一種方法是將布料移至更靠近生產的地方，重點放在西半球，這有助於減少運輸時間，同時使我們的採購關係多樣化。

We are always focused on identifying efficiencies across our supply chain, and we will continue to take steps to innovate and enhance our resiliency. Critically, our ongoing efforts to redefine and elevate our brand across our marketing channels is proving fruitful. As we continue to showcase Lands End as a quality brand that appeals to a wide range of consumers across price points, we're becoming a bigger part of the conversation on social media channels and ultimately more culturally relevant.

我們始終專注於提高整個供應鏈的效率，並將繼續採取措施進行創新並增強我們的彈性。至關重要的是，我們透過行銷管道重新定義和提升品牌的持續努力已被證明是卓有成效的。隨著我們繼續將 Lands End 展示為一個吸引各種價位消費者的優質品牌，我們正在成為社群媒體管道對話中更重要的一部分，並最終在文化上更具相關性。

Put another way, we're seeing greater impact from our work to build the brand from our deliberate investments in marketing rather than by relying on discounting. For example, our recent campaign to promote our family of iconic tote bags has been a success, thanks to a strategic marketing campaign, targeted promotional activity and the first of its kind totes pop-up in New York City.

換句話說，我們透過對行銷的刻意投資而不是依靠折扣來打造品牌，從而看到了更大的影響力。例如，我們最近的標誌性手提袋系列推廣活動取得了成功，這要歸功於策略行銷活動、有針對性的促銷活動以及紐約市首個此類手提袋快閃店。

As a result, total sales are up substantially year-over-year and our new customer acquisition from totes customers outpaced overall new customer acquisition for the quarter, largely driven by consumers much younger than our typical customer. Our totes make great gifts for everyone to order yours by December 8, and get it monogrammed in time for the holiday season. Thanks to our marketing efforts, we drove a 20% increase in new customer acquisition in the third quarter.

因此，總銷售額同比大幅增長，本季度我們從手提袋客戶中獲得的新客戶數量超過了總體新客戶數量，這主要是由比我們的典型客戶年輕得多的消費者推動的。我們的手提袋是每個人的絕佳禮物，請在 12 月 8 日之前訂購，並在節日期間及時印上字母組合。由於我們的行銷努力，我們第三季的新客戶獲取量成長了 20%。

And year-to-date, we've delivered mid-teens percentage growth in our new-to-file customers when compared to last year. Turning to product. Our transitional outerwear, including our wonder franchise of fleece and vest performed especially well in the third quarter as did wear now items like our any weather fleece and barn coats.

今年迄今為止，與去年相比，我們的新客戶數量實現了百分之十幾的成長。轉向產品。我們的過渡外套，包括我們的羊毛和背心系列，在第三季度表現尤其出色，現在我們的全天候羊毛和穀倉外套等產品也表現出色。

Additionally, sales of our layering products like woven tops, sweaters and flannels continued their momentum from Q2 despite a warmer fall. We saw strength in sweaters throughout the quarter as holiday sweaters performed especially well.

此外，儘管秋季變暖，但梭織上衣、毛衣和法蘭絨等分層產品的銷售仍延續第二季度的勢頭。我們在整個季度都看到了毛衣的強勢，因為假日毛衣的表現尤其出色。

We're also pleased with the strong response in home from our efforts to evolve and elevate that assortment. We're building a more authentic and innovative Lands End digital experience to drive improvements in speed, personalization, loyalty, promotions and merchandising.

我們也很高興看到我們為發展和提升該產品系列所做的努力在國內引起了強烈反響。我們正在打造更真實和創新的 Lands End 數位體驗，以推動速度、個人化、忠誠度、促銷和推銷的改進。

As we discussed last quarter, supporting the execution of our strategy, we are in the process of implementing a new ERP to increase collaboration and planning across the business and with our partners. Turning to the performance of our various businesses. As a reminder, consistent with the evolution of our brand, we now discuss our business in terms of B2C and B2B channels.

正如我們上季度所討論的，為了支持我們策略的執行，我們正在實施新的 ERP，以加強整個業務以及與合作夥伴的協作和規劃。轉向我們各項業務的業績。提醒一下，為了與我們品牌的發展保持一致，我們現在從 B2C 和 B2B 管道的角度討論我們的業務。

Beginning with our B2C activities. Our US e-commerce business delivered its seventh consecutive quarter of margin improvement with an increase of approximately 350 basis points. As a result of our evolved marketing strategy and a more measured approach to promotions, which continued to drive higher quality sales, new-to-file customer growth and improved inventory management. Our strategy to maximize key events paid off well in the third quarter.

從我們的 B2C 活動開始。我們的美國電子商務業務連續第七個季度實現利潤率成長，增幅約 350 個基點。由於我們不斷發展的營銷策略和更謹慎的促銷方法，繼續推動更高品質的銷售、新客戶成長和改進的庫存管理。我們最大化關鍵事件的策略在第三季取得了良好的回報。

We did so with lower levels of promotional activity, which contributed to our strong gross margin performance. I'll discuss our plan to continue these efforts into the holidays in a few moments. Our European business continued its momentum during the third quarter, more than offsetting consumer headwinds across the continent, with gross margin up approximately 900 basis points and gross profit up 13% year-over-year.

我們透過較低水準的促銷活動做到了這一點，這有助於我們強勁的毛利率表現。稍後我將討論我們在假期中繼續這些努力的計劃。我們的歐洲業務在第三季持續維持成長勢頭，毛利率成長約 900 個基點，毛利年增 13%，足以抵銷整個歐洲大陸消費者面臨的不利因素。

This gross margin performance exceeded our expectations in both the UK and Germany, with the brand attracting new and existing customers to its balanced offering of weather-proof outerwear and elevated knits. We remain confident about the trajectory of our international business, have begun to look at geographic expansion, both inside and outside of Europe and are continuing to focus on new customer acquisition efforts while at the same time, driving more full price sales in the region.

這一毛利率表現超出了我們在英國和德國的預期，該品牌以其均衡的防風雨外套和高級針織品吸引了新舊客戶。我們對國際業務的發展軌跡仍然充滿信心，並已開始考慮歐洲內外的地理擴張，並繼續專注於新客戶的獲取工作，同時推動該地區更多的全價銷售。

Turning to third-party. We continue to see success in our strategy of focusing on assortments tailored to individual marketplaces and working with partners that both share our vision for customer-focused solutions and elevate our brand. Our recently launched partnership with Nordstrom Online Marketplace performed well in the third quarter, further proof that Lands End is strengthening our position as an elevated brand. We're seeing great traction with significant full price selling on the platform, driven by outerwear. Now on to licensing.

轉向第三方。我們繼續看到我們的策略取得了成功，即專注於針對各個市場量身定制的產品組合，並與與我們擁有共同願景的以客戶為中心的解決方案並提升我們的品牌的合作夥伴合作。我們最近與 Nordstrom Online Marketplace 建立的合作夥伴關係在第三季表現良好，進一步證明 Lands End 正在鞏固我們作為高端品牌的地位。在外套的推動下，我們看到平台上全價銷售的巨大吸引力。現在開始許可。

Licensing continued to grow in the third quarter. Our asset-light licensing strategy continues to be a powerful part of our brand evolution and our customer acquisition strategy, helping to boost our relevancy with a large attractive base of customers. Our clubs channel performed well, and we expect that strength to continue in the fourth quarter.

第三季授權持續成長。我們的輕資產授權策略仍然是我們品牌發展和客戶獲取策略的重要組成部分，有助於提高我們與大量有吸引力的客戶群的相關性。我們的俱樂部通路表現良好，我們預計第四季將繼續保持這種勢頭。

Looking at 2025, we are actively negotiating additional license arrangements and continue to believe in the capital-light growth-oriented results that this channel provides. While we recognize only licensing royalties and fulfillment fees on our P&L, the GMV associated with this business allowed us to drive low double-digit overall brand growth, build market share and reach a much broader consumer base.

展望2025年，我們正在積極談判額外的授權安排，並繼續相信該管道提供的輕資本成長導向的結果。雖然我們在損益表中僅確認授權使用費和履約費，但與該業務相關的 GMV 使我們能夠推動低兩位數的整體品牌成長，建立市場份額並涵蓋更廣泛的消費者基礎。

Turning to our B2B Outfitters business. Our B2B business began to hit its stride during the quarter. We built a substantial new customer pipeline, emphasizing our leading market positions in banking, travel and health-related sectors. We relaunched our website and catalog with a more contemporary feel and reorganized our sales team to emphasize these business segment-oriented categories.

轉向我們的 B2B Outfitters 業務。我們的 B2B 業務在本季開始取得長足發展。我們建立了大量新客戶管道，強調我們在銀行、旅遊和健康相關領域的領先市場地位。我們重新推出了更具現代感的網站和目錄，並重組了我們的銷售團隊，以強調這些面向業務部門的類別。

As we elevate and expand our B2C channels, we are seeing the impact in our B2B channel as customers recognize us for our strong product capabilities, elevated assortments and competence in managing asset-light, faster turning, quicker speed-to-market business.

隨著我們提升和擴展 B2C 管道，我們看到了 B2B 通路的影響，因為客戶認可我們強大的產品能力、豐富的品種以及管理輕資產、更快週轉、更快上市業務的能力。

Revenue from our business uniform channel increased 7% year-over-year, primarily due to key wins, including the ramp-up of our partnership with Wells Fargo to outfit approximately 35,000 employees across over 4,000 branches. Looking ahead, we are ambitious about this channel, believe we have a well-defined market position and look forward to further leveraging it to provide recurring revenues and relatively high barriers to change.

我們的商務制服通路收入年增 7%，這主要歸功於關鍵的勝利，包括我們與富國銀行 (Wells Fargo) 合作夥伴關係的加強，為 4,000 多個分行的約 35,000 名員工提供服裝。展望未來，我們對該通路雄心勃勃，相信我們擁有明確的市場地位，並期待進一步利用它來提供經常性收入和相對較高的變革障礙。

School Uniform had a terrific end to the season. Once again, we were able to meet the seasonal peak and deliver on the expectations of both our school customers and their parent purchasers. We're the leading market share provider in the channel and continue to pursue growth with both existing and new uniform customers.

校服為本季畫下了圓滿的句點。我們再次能夠滿足季節性高峰並滿足學校客戶及其家長購買者的期望。我們是該通路中領先的市場份額提供商，並繼續追求與現有和新的製服客戶的成長。

Our sales team has been notably busy since October with the exit of a significant industry player. Their diligence has provided opportunity to add a meaningful amount of customers, revenue and profit to the Lands' End school uniform business. I'm taking this moment to also reassure our existing customers that we have the capabilities to continue to deliver on our school uniforms promise while accommodating the incremental business.

自 10 月以來，隨著一位重要行業參與者的退出，我們的銷售團隊一直非常忙碌。他們的勤奮為 Lands' End 校服業務帶來了大量的客戶、收入和利潤。我也藉此機會向現有客戶保證，我們有能力繼續兌現我們的校服承諾，同時適應增量業務。

I'll now turn it over to Bernie to discuss our third quarter performance in more detail.

現在我將把它交給伯尼，更詳細地討論我們第三季的業績。

Thank you, Andrew for the third quarter. Total revenue performance came in at the middle of our guidance range at $319 million. A decrease of 2% compared to last year when excluding the impact of transitioning the kids and footwear products to licensing agreements, total revenue grew by low single digits year-over-year. GMV increased low double digits for the third quarter of 2024, which exceeded our guidance. We delivered adjusted EBITDA of $20 million in the third quarter, which came within our guidance range and was a 17% increase over last year.

謝謝你，安德魯第三季。總收入表現為 3.19 億美元，處於我們指引範圍的中間位置。排除兒童和鞋類產品轉為授權協議的影響，總收入年減 2%，較去年同期成長較低的個位數。2024 年第三季 GMV 成長兩位數，超出了我們的預期。第三季調整後 EBITDA 為 2,000 萬美元，在我們的指導範圍內，比去年增長 17%。

These results reflect our continued efforts to prioritize profitability and balance sheet efficiency versus only the top line. We continue to improve profit margin across our business units, which has allowed us to continue to reinvest in the business.

這些結果反映了我們不斷努力優先考慮獲利能力和資產負債表效率，而不是只考慮營收。我們不斷提高各個業務部門的利潤率，這使我們能夠繼續對業務進行再投資。

Gross profit increased by 6% compared to last year, driven by our seventh straight quarter of gross margin expansion. Gross margin in the third quarter was 51%, an approximately 360 basis point improvement from the third quarter of 2023. The margin improvement was driven by newness across the assortment and lower promotional activity.

由於毛利率連續第七個季度增長，毛利比去年增長了 6%。第三季毛利率為51%，較2023年第三季提高約360個基點。利潤率的提高是由於品種的新穎性和促銷活動的減少所推動的。

Our US e-commerce business saw a sales decrease of 2% compared to the third quarter of 2023. Excluding the impact of kids and footwear, US e-commerce sales increased low double digits year-over-year. We generated a 6% increase in gross profit dollars driven by continued efforts to prioritize higher quality sales.

與 2023 年第三季相比，我們的美國電子商務業務銷售額下降了 2%。排除兒童和鞋類的影響，美國電子商務銷售額年增兩位數。由於不斷努力優先考慮更高品質的銷售，我們的毛利增加了 6%。

Our European e-commerce business increased gross margin by approximately 900 basis points and gross profit dollars by 13% compared to the third quarter of 2023, with sales decreasing 5% year-over-year. Sales from Lands and Outfitters were down 1% from the third quarter of 2023. Sales from business uniform channel increased 7% over last year, primarily due to the ramp-up of our partnership with Wells Fargo.

與 2023 年第三季相比，我們的歐洲電子商務業務毛利率增加了約 900 個基點，毛利增加了 13%，銷售額年減了 5%。Lands and Outfitters 的銷售額較 2023 年第三季下降 1%。商務制服通路的銷售額比去年增長了 7%，這主要是由於我們與富國銀行 (Wells Fargo) 合作夥伴關係的加強。

Sales from our school uniform channel were down 8% year-over-year, driven primarily by the timing of customer orders compared to the prior year. Consequently, we are seeing the benefits of our higher-quality sales approach in this channel, demonstrated by a profitable back-to-school selling season that has driven high single-digit growth in gross profit year-to-date.

我們的校服通路銷售額年減 8%，這主要是由於與前一年相比客戶訂單的時間安排所致。因此，我們在該通路中看到了更高品質的銷售方式的好處，獲利的返校銷售季證明了這一點，該銷售季推動了年初至今毛利的高個位數成長。

Our third-party business gross profit dollars increased by over 20% compared to the third quarter of 2023, with revenue increasing by over 6% year-over-year. The increase was primarily due to revenue generated from licensing arrangements. Licensing and our presence across our third-party marketplace partners continue to help the business diversify and reduce risk to any one individual partner.

與 2023 年第三季相比，我們的第三方業務毛利成長超過 20%，營收年增超過 6%。這一增長主要是由於許可安排產生的收入。許可以及我們在第三方市場合作夥伴中的存在繼續幫助業務多元化並降低任何單一合作夥伴的風險。

As a percentage of sales, SG&A was 44%, which was an increase of approximately 250 basis points compared to 2023, primarily driven by reinvesting in the business through higher digital marketing spend focused on new customer acquisition. For the third quarter, we had a net loss of $0.6 million or $0.02 per share.

SG&A 佔銷售額的百分比為 44%，與 2023 年相比增加了約 250 個基點，這主要是透過增加專注於新客戶獲取的數位行銷支出對業務進行再投資推動的。第三季度，我們淨虧損 60 萬美元，即每股虧損 0.02 美元。

We had an adjusted net income of $1.8 million or $0.06 per share, which was within our guidance range. Moving to our balance sheet. Inventories at the end of the third quarter were $336 million compared to $422 million a year ago. The 20% improvement in our inventory position benefited from our supply chain team's ongoing efforts to drive efficiencies paired with our strategy to increase turns of our assortment. In terms of our debt, at the end of the third quarter, our term loan was $250 million, and our ABL had $60 million of borrowings outstanding, which was $50 million lower than the third quarter last year.

我們的調整後淨利潤為 180 萬美元，即每股 0.06 美元，在我們的指導範圍內。轉向我們的資產負債表。第三季末的庫存為 3.36 億美元，而去年同期為 4.22 億美元。我們的庫存狀況提高了 20%，這得益於我們的供應鏈團隊不斷努力提高效率，以及我們提高品種週轉率的策略。就我們的債務而言，截至第三季末，我們的定期貸款為 2.5 億美元，ABL 的未償借款為 6,000 萬美元，比去年第三季減少了 5,000 萬美元。

During the third quarter, we repurchased $4 million worth of shares under our $25 million share repurchase authorization announced in March, bringing the balance of the remaining authorization to $16 million as of the end of the quarter. Now moving to guidance. We are continuing to prioritize high-quality sales and improved cash flows, which we expect to drive continued gross profit and margin expansion during the fall and holiday selling season.

第三季度，我們根據 3 月宣布的 2,500 萬美元股票回購授權回購了價值 400 萬美元的股票，使截至本季末剩餘授權餘額達到 1,600 萬美元。現在轉向指導。我們將繼續優先考慮高品質的銷售和改善的現金流，我們預計這將在秋季和假日銷售季節推動毛利和利潤率的持續成長。

In the fourth quarter, we expect net revenue to be between $440 million and $480 million, with gross merchandise value, or GMV, expected to be low to mid-single-digit growth. We expect an adjusted net income of $16 million to $19 million and adjusted diluted earnings per share to be between $0.51 and $0.61.

我們預計第四季淨收入將在 4.4 億美元至 4.8 億美元之間，商品總價值 (GMV) 預計將呈現低至中個位數成長。我們預計調整後淨利潤為 1,600 萬美元至 1,900 萬美元，調整後攤薄每股收益為 0.51 美元至 0.61 美元。

We expect adjusted EBITDA to be in the range of $43 million to $47 million. For the full year, we now expect net revenue to be between $1.36 billion to $1.4 billion, while GMV is expected to be low to mid-single-digit growth. We now expect adjusted net income of $11 million to $14 million and adjusted diluted earnings per share of $0.35 to $0.45. We now expect our adjusted EBITDA to be in the range of $92 million to $96 million. Our guidance for the full year incorporates approximately $35 million in capital expenditures.

我們預計調整後的 EBITDA 將在 4,300 萬美元至 4,700 萬美元之間。我們目前預計全年淨收入將在 13.6 億美元至 14 億美元之間，而 GMV 預計將呈現低至中個位數成長。我們目前預計調整後淨利潤為 1,100 萬美元至 1,400 萬美元，調整後稀釋每股收益為 0.35 美元至 0.45 美元。我們現在預計調整後的 EBITDA 將在 9,200 萬美元至 9,600 萬美元之間。我們對全年的指導包括約 3500 萬美元的資本支出。

As we have discussed, we expect our improved inventory management to enable us to maintain inventory at normalized levels and bolster our work to further expand gross margin. Moving forward with that, I turn the call back over to Andrew.

正如我們所討論的，我們預計改進的庫存管理將使我們能夠將庫存維持在正常水平，並加強我們進一步擴大毛利率的工作。接下來，我將電話轉回給安德魯。

Thank you, Bernie. I want to spend a minute discussing our initial read on the Black Friday Cyber Monday weekend. This kickoff to the holiday season was in line with our expectations and was further demonstration that our strategy is working. Throughout the weekend, we saw both longer tenured and newer to Lands End customers visit, engage and purchase directly from Lands End. We also saw balance across our channels, continued strength and growth in our licensed products and strong performance in our marketplace business.

謝謝你，伯尼。我想花一點時間討論我們在黑色星期五網路星期一週末的初步閱讀。假期季節的開始符合我們的預期，並進一步證明我們的策略正在發揮作用。整個週末，我們看到長期和新的 Lands End 客戶直接從 Lands End 訪問、參與和購買。我們也看到了各個通路的平衡、授權產品的持續實力和成長以及市場業務的強勁表現。

Taken together, we're pleased with the start to the holiday season. Before we conclude, I'd like to highlight two updates to our leadership team. First, I'd like to congratulate Kym Maas on her appointment as Lands End's Chief Creative Officer. Kym previously served as our Senior Vice President of Product and Merchandising, where she played a key part in our brand evolution efforts. I look forward to her future contributions in her new role, where she leads all elements of the creative vision for the Lands End global brand.

總的來說，我們對假期的開始感到高興。在結束之前，我想先強調一下我們領導團隊的兩項最新情況。首先，我要祝賀 Kym Maas 被任命為 Lands End 的首席創意官。Kym 先前曾擔任我們的產品和銷售高級副總裁，她在我們的品牌發展工作中發揮了關鍵作用。我期待她未來在新職位上做出貢獻，她將領導 Lands End 全球品牌創意願景的所有要素。

Secondly, in October, we announced that after over 30 years at Lands End, Angie Rieger, our Chief Transformation Officer, will retire effective April 15, 2025. Angie is a consummate leader who has not only been instrumental to the execution of our inventory strategy, but has become a trusted adviser.

其次，我們在 10 月宣布，在 Lands End 工作 30 多年後，我們的首席轉型長 Angie Rieger 將於 2025 年 4 月 15 日退休。安吉（Angie）是一位完美的領導者，她不僅對我們庫存策略的執行發揮了重要作用，而且已成為值得信賴的顧問。

On behalf of the entire Lands' End team, I want to thank Angie for all her contributions. We wish her nothing but the best in her well-deserved retirement. As always, I want to thank all of the Lands End employees wherever they are, for their dedication to the brand, the company and our continued success.

我謹代表 Lands' End 整個團隊感謝 Angie 所做的所有貢獻。我們祝福她在她當之無愧的退休生活中一切順利。一如既往，我要感謝所有 Lands End 員工，無論他們身在何處，感謝他們對品牌、公司和我們持續成功的奉獻。

With that, we look forward to your questions.

因此，我們期待您的提問。

(Operator Instructions)

（操作員說明）

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi, good morning, everyone. The new customer acquisition, hi. The new customer acquisition increase of 20% was definitely a call out. What are you seeing working there? What are the demographics of these new customers? And how is it informing your product development? And then just getting some more color on the Black Friday weekend and the kickoff to this -- well, we're in the fourth quarter, what are you seeing in terms of the promotional landscape given the fact of the strength of your margins? How much is internal versus external? And lastly, China, any percentage of goods from China and thoughts on tariff impact and what it may mean for pricing for you? Thank you.

嗨，大家早安。新客戶獲取，嗨。新客戶獲取量增加 20% 無疑是個巨大的進步。你在那裡工作看到了什麼？這些新客戶的人口統計是怎麼樣的？它如何為您的產品開發提供資訊？然後，在黑色星期五週末和開始時獲得更多色彩 - 好吧，我們已經進入第四季度，鑑於您的利潤強勁，您對促銷前景有何看法？內部與外部的比例是多少？最後，中國，來自中國的商品所佔的比例以及對關稅影響的想法以及它對您的定價可能意味著什麼？謝謝。

Great. I'll kick off with China, Dana. We've worked to put some real agility into our supply chain over the last couple of years, and China now accounts for less than 6% of our open to buy. We have been progressively moving towards Western Hemisphere. We have taken a view that the closer we can get the product to our customer, the quicker we're going to be able to turn and that works with our margin model really well.

偉大的。我將從中國開始，達納。過去幾年，我們一直致力於讓我們的供應鏈變得更加敏捷，目前中國在我們的開放採購中所佔比例不到 6%。我們一直在逐步向西半球邁進。我們認為，產品越接近客戶，我們就能越快轉變，這非常適合我們的利潤模型。

So we're not feeling much pressure around China. If there's anything specifically, it would be around cashmere, but that tends to be a smaller part of our assortment in any case. So we're good there. They kind of go together the new customer and the promotional landscape in the fourth quarter. If we look at the new customer, we're really seeing a couple of cohorts, which we talked about before on prior calls.

所以我們在中國周圍並沒有感受到太大的壓力。如果有什麼特別的，那就是羊絨，但無論如何，羊絨往往只占我們產品種類的一小部分。所以我們在那裡很好。他們將第四季的新客戶和促銷情況結合在一起。如果我們觀察新客戶，我們確實會看到一些群體，我們之前在之前的電話會議中談到過這一點。

We've got the revolvers, which tend to be our traditional customer, come back, tend to buy the same items, wear it out and come back. And then we've got a revolver who tends to be a new customer. We continue to see the path with adding extra revolvers as our new customers. They tend to be 10 to 12 years younger. We see them coming in from all avenues, our website, our third-party business, and our stores.

我們有左輪手槍，他們往往是我們的傳統客戶，他們回來後往往會購買相同的物品，用完後又回來。然後我們有一把左輪手槍，他往往是新客戶。作為我們的新客戶，我們將繼續尋找添加額外左輪手槍的途徑。他們往往年輕 10 至 12 歲。我們看到他們來自各個管道、我們的網站、我們的第三方業務和我們的商店。

I can talk about the pop-up that we had in Soho because it sort of really spoke to sort of the cultural moment that we're having with our tote bags where we're able to reach out via influencers and target a customer who's in their late 20s to early 30s. So we're continuing to halo down and reach this new group, and they come with a very much a sort of fashion-forward perspective. You're seeing that in our assortment. I know that you spend time on our site, Dana. And I think you'll see that there's more fashion on there, and we've modernized whole parts of the assortment.

我可以談談我們在 Soho 開設的快閃店，因為它確實體現了我們透過手提袋所擁有的文化時刻，我們可以透過有影響力的人來接觸並瞄準 他們20歲末到他們20歲末到30歲出頭。因此，我們將繼續關注這個新群體，他們具有非常前衛的時尚視角。您可以在我們的產品組合中看到這一點。我知道您在我們的網站上花了時間，達納。我想你會發現那裡有更多的時尚，我們已經對整個品種進行了現代化改造。

So even if I take something as traditional as our Starfish pant, which is probably 30 years old at this point, we have modernize it so you can buy the existing pants for the traditional customer and you can buy an elevated version of it or a more fashionable version of it for our newer customer. It is a trick to be able to keep these two customer cohorts together because we want both of them. It isn't a matter of needing both of them, we want both of them. We want to be a family lifestyle brand. And they know to have these two cohorts and be able to reach them via the appropriate marketing is absolutely critical.

因此，即使我選擇像我們的海星褲這樣傳統的東西，它可能已經有30 年的歷史了，我們也對其進行了現代化改造，這樣您就可以為傳統顧客購買現有的褲子，您也可以購買它的升級版或更多版本。能夠將這兩個客戶群保持在一起是一個技巧，因為我們想要他們兩個。這不是需要他們兩個的問題，而是我們想要他們兩個。我們希望成為一個家庭生活風格品牌。他們知道擁有這兩個群體並能夠透過適當的行銷來接觸他們絕對是至關重要的。

I would say to that, where there might be more traditional reaches from, say, Facebook to a more resolver-based customer, we would use pop-ups or we would use social media or we would use influencers to our newer revolver customer. And actually, coming out of the work that we did with the pop-up in New York, we've actually moved on and we're working with an influencer now called [indiscernible], who is a pop-up in Miami and our website where she's customizing Land's End coats. In terms of the promotional landscape, we're not going to buy into the promotional landscape, Dana. It's like we have a model for our business, and we're going to stay very firmly on it, which is managing our inventories tightly, bringing the best product to market that we can and being far less promotional than we have been in the past, and we will continue to drive gross margins. So it should come as no surprise that the third quarter gross margin was the highest that I can find in any quarter going all the way back to the IPO.

我想說的是，如果可能有更傳統的影響力，例如Facebook 到更多基於解析器的客戶，我們會使用彈出窗口，或者我們會使用社交媒體，或者我們會使用有影響力的人來接觸我們新的左輪手槍客戶。事實上，在紐約快閃店的工作結束後，我們實際上已經繼續前進，我們正在與一位現在名為[音頻不清晰]的有影響力的人合作，他是邁阿密的一家快閃店，我們的她正在訂製 Land's End 外套的網站。就促銷環境而言，我們不會相信促銷環境，達納。這就像我們有一個業務模式，我們將非常堅定地堅持下去，即嚴格管理我們的庫存，盡我們所能將最好的產品推向市場，並且比過去少得多的促銷活動，我們將繼續提高毛利率。因此，第三季毛利率是自 IPO 以來任何季度中最高的也就不足為奇了。

I think that's a pattern that we'll continue with. And we see that, that's a way to win versus just playing the promotional game.

我認為這是我們將繼續採用的模式。我們看到，與僅僅玩促銷遊戲相比，這是一種獲勝的方式。

Eric, SCC Research.

埃里克，SCC 研究。

Good morning. Hey, let's talk a little bit of licensing. First of all, I know you talked about aggressively adding more licenses. What kind of the criteria when you look for new licenses and where do you want to go? And could you remind us of what is new that beyond the two licenses you have coming up for 2025? And how should we be thinking about longer term, the split kind of here between licensed product and non-licensed product?

早安.嘿，讓我們談談許可。首先，我知道您談到了積極添加更多許可證。您尋找新許可證時的標準是什麼？您能否提醒我們，除了 2025 年推出的兩個授權之外，還有哪些新內容？從長遠來看，我們應該如何考慮授權產品和非授權產品之間的劃分？

Sorry, what was the last part? You broke up on me there, Eric.

抱歉，最後一部分是什麼？你在那裡跟我分手了，艾瑞克。

I'm sorry, the split between longer term, what should be the split between amount of licensed products sold versus non-licensed product?

抱歉，從長遠來看，授權產品銷售量與非授權產品銷售量之間的分配應該是多少？

I'll start with that one. It's going to be, it's an 80%-20% rule in there. I think about 20% of what we should be doing should be coming from licenses. I've been doing this for a lot of my career and I think when you start to become over-licensed, you probably give up too much brand control. Mostly, it's about just trying to keep the whole concert that playing to the same beat.

我將從那個開始。那裡有 80%-20% 的規則。我認為我們應該做的事情中大約 20% 應該來自許可證。我在職業生涯的大部分時間都在這樣做，我認為當你開始獲得過度許可時，你可能會放棄太多的品牌控制。大多數情況下，這只是為了讓整場音樂會保持相同的節奏。

And if you have too many licensees, that becomes a challenge and I've talked before about just trying to manage to between five and 10 licensees for the whole of the business. For licenses that we'll be adding on top of the ones we've discussed, Home starts in 2025.

如果你有太多的被授權人，這就會成為一個挑戰，我之前已經談過，試圖為整個業務管理 5 到 10 個被授權人。對於我們將在我們討論過的許可證之上添加的許可證，Home 將於 2025 年開始。

We will continue to provide our own home merchandise on our site, although we've given ourselves the option to be able to buy from our license partner, and we can evaluate that as we go forward. But we just didn't have the experience of selling it outside of our digital channels. We're looking at noncore categories.

我們將繼續在我們的網站上提供我們自己的家居商品，儘管我們已經為自己提供了從我們的許可合作夥伴處購買的選項，並且我們可以在前進的過程中對此進行評估。但我們只是沒有在數位管道之外銷售它的經驗。我們正在研究非核心類別。

So I would think beauty is one that we continue to look at. We look at things like luggage. We look at things like fragrance. There's a number of areas that we can lean into in that space, and we'll continue to do that. The other big one that's going to be coming up is international.

所以我認為美是我們繼續關注的問題。我們關注行李之類的東西。我們關注諸如香水之類的東西。在這個領域有很多我們可以藉鏡的領域，我們將繼續這樣做。即將出現的另一件大事是國際性的。

The three license groups that we talked about, one is product, one channel and one is geographic. And I think what you'll see as we build the brand up over the coming months that we'll start to look more towards international. We're already talking to a number of potential partners about it and I think that could be very positive for the business and really start to balance out that sort of like heavy North American reliance that we have. I think you asked me a question on licensing criteria. The criteria is, first of all, the partner has to be established in this space.

我們討論的三個許可證組，一組是產品，一組是管道，一組是地理。我認為，當我們在未來幾個月建立品牌時，您會看到我們將開始更多地關注國際化。我們已經在與一些潛在的合作夥伴討論此事，我認為這對業務來說可能非常積極，並且真正開始平衡我們對北美的嚴重依賴。我認為您問了我有關許可標準的問題。標準是，首先，合作夥伴必須在這個領域建立。

I've seen a lot of deals in my career that just don't work out because you went with the highest, most attractive set of economics that the partner wasn't able to deliver on it. And in particular, I've seen vendors struggle with this the most or manufacturers struggle with this the most, where they think they're going to capture 70, 80 points of margin. And the reality is they're not about the whole cost structure. So we need established partners that we can lean in. We've got a proven track record in this space.

在我的職業生涯中，我見過很多交易都沒有成功，因為你採用了最高、最具吸引力的經濟效益，而合作夥伴卻無法實現。特別是，我看到供應商在這方面最掙扎，或者製造商在這方面最掙扎，他們認為他們將獲得 70、80 個百分點的利潤。事實上，它們並不涉及整個成本結構。因此，我們需要可以依賴的成熟夥伴。我們在這個領域擁有良好的記錄。

And then really, they have to mesh up with our brand values. I mean they have to be ready for licensing in every journey. It's the promise we make to our customer, and we view a customer who shops licensed product or licensed channels just as importantly as we view the customers who shop our own channels, and we have to have that promise kept. So that's going to be the materially important part. Obviously, behind that, we're going to look at the economics, which is going to be a combination of royalty and minimum payments.

事實上，他們必須與我們的品牌價值觀一致。我的意思是他們必須為每次旅程的許可做好準備。這是我們對客戶的承諾，我們對待購買授權產品或授權管道的客戶就像對待購買我們自己管道的客戶一樣重要，我們必須信守這項承諾。所以這將是重要的部分。顯然，在這背後，我們將著眼於經濟，這將是特許權使用費和最低付款額的結合。

We like that, and it gives us good longevity and protection to both our P&L and balance sheet. I would say this, just to underscore it all, that asset-light capital model of licensing is really important to us. And I think it came through very clearly in the numbers where we had a strong double-digit GMV growth as a company. So Lands End is gaining market share and very clearly is starting to come through in our profitability.

我們喜歡這一點，它為我們提供了良好的壽命並為我們的損益表和資產負債表提供了保護。我這麼說只是為了強調這一點，輕資產資本授權模式對我們來說非常重要。我認為這一點在數字中表現得非常清楚，我們公司的 GMV 實現了兩位數的強勁成長。因此，Lands End 正在贏得市場份額，並且很明顯我們的獲利能力已開始實現。

Great. One last question inventories. You've done a tremendous job of reducing inventories and listening, kind of to licensing and kind of where you're resetting the manufacturing. It sounds like there is actually probably still more there. How should we be thinking about the opportunities, inventories even though you've spent the last seven quarters reducing the inventory amount? Thank you.

偉大的。最後一個問題是庫存。你們在減少庫存和傾聽、許可和重置製造方面做了巨大的工作。聽起來實際上可能還有更多。即使您在過去七個季度中都在減少庫存量，我們應該如何考慮機會和庫存？謝謝。

Yeah, Eric, we expect to normalize inventory levels going forward. . As we continue to improve our infrastructure and our supply chain processes, there will be some efficiencies built into that, where we'll be able to, as Andrew said, nearshore more product and not have to have it on our balance sheet and be able to buy closer to trend. So we're excited about that going forward. But you can think of our inventory levels now as being our normalized levels going forward as we build those efficiencies.

是的，埃里克，我們預計未來庫存水準將正常化。。隨著我們繼續改善我們的基礎設施和供應鏈流程，將會提高一些效率，正如安德魯所說，我們將能夠在近岸生產更多產品，而不必將其列入我們的資產負債表上，並且能夠購買更接近趨勢的產品。所以我們對未來感到興奮。但您可以將我們現在的庫存水準視為我們在提高效率時的標準化水準。

Okay. Great. Thank you and good luck for the rest of the holiday season.

好的。偉大的。謝謝你，祝你在假期剩下的時間裡一切順利。

Thanks, Eric, take care.

謝謝，埃里克，保重。

Alex Fuhrman, Craig-Hallum Capital Group.

亞歷克斯·福爾曼，克雷格-哈勒姆資本集團。

Hey guys, thanks for taking my question and you know, congratulations on a strong quarter during what seems like it has been a pretty promotional holiday season, for a lot of retailers here. I wanted to ask just about the guidance, if we could just drill into the revenue versus GMV, it looks like a little bit lower GMV guidance despite revenue guidance being within the prior range, albeit a little bit lower at the midpoint. Is there a simple explanation there? Or is it just a matter of a small move lower and that's what all there is to it?

嘿夥計們，感謝您提出我的問題，您知道，祝賀這裡的許多零售商在似乎是一個相當促銷的假期期間實現了強勁的季度業績。我想問一下指導，如果我們能深入研究收入與 GMV 的比較，儘管收入指導在之前的範圍內，但 GMV 指導看起來有點低，儘管中點有點低。那裡有簡單的解釋嗎？或者只是小幅下跌，僅此而已？

Yeah, Eric, of course, our US e-commerce has the impact of transitioning our kids and footwear products to licensing arrangements. So naturally, the revenue year-on-year will be lower in that business. But those businesses lean heavier into Q4. So there'll be a little more effect on the revenue line in Q4, but that does not affect GMV as those businesses will be selling Lands' End branded product.

是的，艾瑞克，當然，我們的美國電子商務對將我們的兒童和鞋類產品轉變為許可安排產生了影響。因此，該業務的收入自然會比去年同期下降。但這些業務更傾向於第四季。因此，第四季的營收線將會受到更多影響，但這不會影響 GMV，因為這些企業將銷售 Lands' End 品牌產品。

Okay. That's helpful, Bernie. And then just big picture, marketing over the last year or so, you guys have been spending a lot more on marketing and seem to be getting a very strong return on that. Are there opportunities to continue to increase marketing spending next year and in future years off of this base? Or do you feel like you found a pretty good level for now?

好的。這很有幫助，伯尼。然後就大局而言，在過去一年左右的行銷中，你們在行銷上投入了更多資金，並且似乎獲得了非常豐厚的回報。明年和未來幾年是否有機會在此基礎上繼續增加行銷支出？或者你覺得你現在找到了一個相當不錯的水平？

We've spent the year investing in our marketing. As you can tell that it's driven a very nice new customer acquisition, which we expect to create a flywheel and drive additional business going forward. As we generate those additional revenues, we expect to then still spend a percentage of that, an equal percentage on marketing to keep that flywheel going. So we feel strongly that it will stay on a percentage basis, and then we'll be able to start -- as we improve our gross margins over the year, we've spent some of that investing in this marketing and new customer acquisition. And I think we'll be able to start leveraging that going forward.

我們花了一年的時間投資行銷。如您所知，它推動了非常好的新客戶獲取，我們希望這將創造一個飛輪並推動更多業務向前發展。當我們產生這些額外收入時，我們預計仍會花費其中的一定比例，即同等比例的行銷費用，以保持飛輪的運作。因此，我們強烈認為，它將保持在百分比基礎上，然後我們就可以開始——隨著我們在這一年中毛利率的提高，我們已經在行銷和新客戶獲取方面投入了一些投資。我認為我們未來將能夠開始利用這一點。

Okay. That's really helpful. Thank you.

好的。這真的很有幫助。謝謝。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究中心。

Thanks operator and thanks for taking the questions. I was curious about the rollout of the third-party business. Over the last couple of quarters, there's been a lot of talk about the expansion of the roster, including Nordstrom and Costco, among others. I'm curious as to how long you expect that will take to kind of translate into increased traffic to the Lands End website, which you guys have talked about in previous quarters.

感謝接線員並感謝您提出問題。我對第三方業務的推出感到好奇。在過去的幾個季度裡，關於品牌擴張的討論很多，其中包括諾德斯特龍 (Nordstrom) 和好市多 (Costco) 等。我很好奇你們預計需要多長時間才能轉化為 Lands End 網站流量的增加，你們在前幾個季度已經討論過這一點。

And the double-digit increase in GMV in Q3, curious as to how much of that you attribute to the third-party expansion versus other channels? I'm just trying to get a sense as to the data you're capturing from these third-party businesses in terms of your new customer acquisitions in terms of what percentage of that is organic versus coming to you from these third parties.

第三季 GMV 實現了兩位數的成長，想知道與其他管道相比，您將其中有多少歸因於第三方擴張？我只是想了解您從這些第三方企業獲取的新客戶獲取的數據，其中有機客戶的百分比與來自第三方的客戶的百分比是多少。

Yeah. It's a great couple of questions. Let me take the first one on the third-party business. We started Nordstrom's in the summer, and it has exceeded all our expectations. What's been interesting is that we're tailoring each of these businesses to a specific customer.

是的。這是一個很好的問題。我先講第一個關於第三方業務的問題。我們在夏天開設了 Nordstrom's，它超出了我們的所有預期。有趣的是，我們正在針對特定客戶客製化這些業務。

So we will merchandise accordingly from both an assortment and the price point. So for example, with Nordstrom, we've already found that there's a very strong school customer on there. And we're finding that we're able to be actually at the moment, Nordstrom's only resource for school, and it's really opened up a new avenue for us. And so there is a lag between seeing those customers from the Nordstrom website onto the Lands' End website, but we do see them because we curtail the inventory, we curtail the assortment. We make it quite specific and then we use that to find their way back.

因此，我們將根據品種和價格點進行相應的銷售。例如，對於 Nordstrom，我們已經發現那裡有一個非常強大的學校客戶。我們發現，我們目前實際上能夠成為 Nordstrom 學校的唯一資源，這確實為我們開闢了一條新途徑。因此，從 Nordstrom 網站到 Lands' End 網站看到這些客戶之間存在滯後，但我們確實看到了他們，因為我們減少了庫存，我們減少了品種。我們把它做得非常具體，然後我們用它來找到他們回來的路。

Our data, and we do spend a lot of data on this, third party see to be one of the biggest areas from which we grab customers. Now there's a second part to this question, which is Costco. Costco is managed arm's length. It's a license partner where we manage that Nordstrom's relationship very specifically ourselves, and that's supply from our inventory. But with a Costco, that supply from our partner inventory.

我們的數據，我們確實在這方面花費了大量數據，第三方認為這是我們吸引客戶的最大領域之一。現在這個問題還有第二部分，那就是 Costco。Costco 是保持一定距離的。這是一個授權合作夥伴，我們自己非常具體地管理 Nordstrom 的關係，而這就是我們的庫存供應。但對於 Costco，我們的合作夥伴庫存供應。

So it's harder for us to get the data. Here's how I view it. Having that physical manifestation of the brand in like-minded retailers and while Costco is a club, a very much view as a like-minded retailer given the demographics of the customer, it presents almost as a store in many ways. And it opens us up not just to our existing consumer shopping there, but very much to a new consumer. And we do see the benefit as we go back and look at our customers and try and match up against those that we survey to see if there's a growing percentage of them come from Costco, for example, and we do see that coming through.

所以我們要取得數據就比較困難了。我是這樣看的。在志同道合的零售商中擁有該品牌的實體表現，雖然Costco 是一個俱樂部，但考慮到顧客的人口統計數據，它在很大程度上被視為志同道合的零售商，但它在許多方面幾乎都呈現為一家商店。它不僅向我們現有的消費者開放，也向新消費者開放。例如，當我們回過頭來觀察我們的客戶，並嘗試與我們調查的客戶進行比較，看看來自 Costco 的客戶比例是否在增加時，我們確實看到了這樣做的好處，我們確實看到了這一點。

But in terms of hard and fast being able to tie that together, we don't have the insights given the arm's length nature of that licensing agreement versus owning the third party.

但考慮到授權協議與擁有第三方的獨立交易性質，我們無法將其牢固且快速地結合在一起。

Yeah. And to add on to that, Steve, the new customers in marketplaces, 80% of our sales on marketplaces are from customers who either have never shopped or haven't shopped with Lands' End in over 5 years. So it's a new customer we're attracting there. And then the benefit of the marketplace, as Andrew says, is we are fulfilling that product from our single source of inventory.

是的。除此之外，史蒂夫，市場上的新客戶，我們在市場上的銷售額的 80% 來自從未在 Lands' End 購物過或超過 5 年沒有在 Lands' End 購物過的客戶。所以這是我們在那裡吸引的新客戶。正如安德魯所說，市場的好處是我們可以透過我們的單一庫存來源來履行該產品。

So one, it de-risks our inventory, but two, more importantly, from a customer acquisition standpoint is we are getting the information on that customer and knowing what that journey is for that customer, which as we're only a year or a couple of years into our expanded marketplace that we're starting to build those customer journeys and truly understand where their next purchase is from.

因此，其一，它降低了我們的庫存風險，但其二，從客戶獲取的角度來看，更重要的是，我們正在獲取有關該客戶的信息，並了解該客戶的旅程，因為我們只有一年或一年的時間。

Is it from that same marketplace? Is it on landsend.com? And it's data analytics that we're very excited to keep learning from.

是來自同一個市場嗎？是在 landsend.com 上嗎？我們非常高興能夠繼續學習數據分析。

And we're seeing customers come from many avenues. We're really only a year into our journey on Instagram. And we have 200,000 followers now. So we're able to see customers from places where we've never seen them before. So what Bernie is saying is right.

我們看到客戶來自多種管道。我們在 Instagram 上的發展才剛一年。我們現在有 20 萬粉絲。因此，我們能夠從以前從未見過的地方見到客戶。所以伯尼說的是對的。

We've invested against understanding that customer journey. It's why we're so excited about the new customers that we're seeing to file in the third quarter and into the fourth quarter where they're coming in, they're younger. They come from many venues, and they're much more about occasion buyers than they are necessarily about an event buyer. I think that high intent is really transferring through to much, much stronger margins for us and we'll continue to do so.

我們在理解客戶旅程方面進行了投資。這就是為什麼我們對第三季和第四季出現的新客戶感到非常興奮，他們變得更年輕。他們來自許多場所，他們更關注的是場合購買者，而不是活動購買者。我認為這種高度的意願確實為我們帶來了更大、更強勁的利潤，我們將繼續這樣做。

Great. I appreciate all the color and again, best of luck for the rest of the holiday season.

偉大的。我很欣賞所有的顏色，再次祝你在假期剩下的時間裡好運。

Okay. Thank you very much. Take care. Happy holiday.

好的。非常感謝。小心。節日快樂。

Thank you. And that concludes today's teleconference. Thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。