Lands' End Inc (LE) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to today's Lands' End 4Q fiscal year 2024 end earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. (Operator Instructions) Please note today's conference is being recorded.

大家好，歡迎參加今天的 Lands' End 2024 財年第四季財報電話會議。此時，所有參與者都處於只聽模式。稍後，您將有機會在問答環節提出問題。（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to turn the conference over to Tom Altholz. Please go ahead.

現在我很高興將會議交給湯姆·阿爾索茲。請繼續。

Good morning, and thank you for joining the Lands' End earnings call for discussion of our fourth quarter and fiscal 2024 results, which we released this morning and can be found on our website, landsend.com.

早安，感謝您參加 Lands' End 收益電話會議，討論我們今天上午發布的第四季度和 2024 財年業績，您可以在我們的網站 landsend.com 上找到。

I'm Tom Altholz, Lands' End Senior Director of Financial Planning and Analysis, and I'm pleased to join you today with Andrew McLean, our Chief Executive Officer; and Bernie McCracken, our Chief Financial Officer. After the prepared remarks, we will conduct a question-and-answer session.

我是 Lands' End 財務規劃和分析高級總監 Tom Altholz，很高興今天能與我們的執行長 Andrew McLean 一起參加這次會議；以及我們的財務長 Bernie McCracken。準備好的發言結束後，我們將進行問答環節。

Please also note that the information we are about to discuss includes forward-looking statements. Such statements involve risk and uncertainties. The company's actual results could differ materially from those discussed on the 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.

另請注意，我們即將討論的資訊包括前瞻性陳述。此類聲明涉及風險和不確定性。該公司的實際結果可能與電話會議上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美國證券交易委員會 (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.

本公司在本次電話會議上提供的前瞻性資訊代表了本公司截至今天的前景，我們不承擔更新我們所做的前瞻性陳述的任何義務。後續事件和發展可能會導致公司前景發生變化。

During this call, we will be referring to non-GAAP measures. 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.

在本次電話會議中，我們將參考非公認會計準則指標。這些非公認會計準則指標並非依照公認會計原則編製。我們今天稍早發布的收益報告中提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表，其副本發佈於我們網站 landsend.com 的投資者關係部分。

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

說完這些，我會把電話轉給安德魯。

Thanks, Tom. Good morning and thank you for joining us today. We are proud of our fourth quarter and full-year 2024 results, which reflect our successful and deliberate evolution of Lands' End into a modern, digitally-focused, forward-looking brand that's ready for life's every journey.

謝謝，湯姆。早安，感謝您今天加入我們。我們為 2024 年第四季和全年的業績感到自豪，這反映了我們成功且慎重地將 Lands' End 轉變為一個現代化、以數字為中心、具有前瞻性的品牌，為生活的每一次旅程做好準備。

Our North Star is an obsession with providing our customers with fresh and relevant solutions based products and engaging with them in a highly personalized manner, utilizing industry-leading capabilities. This approach helps them understand and deepen their relationship with Lands' End.

我們的北極星致力於為客戶提供基於新鮮和相關解決方案的產品，並利用業界領先的能力以高度個人化的方式與他們互動。這種方法有助於他們理解並加深與 Lands' End 的關係。

By the numbers, the strong execution of our strategy enabled us to deliver on our fourth quarter commitments. We achieved low single-digit GMV growth on a like-for-like quarterly basis. Our sixth consecutive quarter of growth in gross profit dollars up 3% year-over-year. Our eighth consecutive quarter of gross margin expansion up approximately 760 basis points year-over-year. Adjusted EBITDA of $44 million up 38% year-over-year and adjusted net income of $18 million and adjusted EPS of $0.57 up 120% year-over-year.

從數據上看，我們策略的強大執行使我們能夠兌現第四季度的承諾。我們季度年增了低個位數的 GMV 成長。我們的毛利連續第六個季度成長，年增 3%。我們的毛利率連續第八個季度擴大，年增約 760 個基點。調整後 EBITDA 為 4,400 萬美元，年增 38%，調整後淨收入為 1,800 萬美元，調整後每股收益為 0.57 美元，年增 120%。

Our fourth quarter performance was key as we closed out the full-year, delivering mid-single-digit GMV growth with net revenue of $1.36 billion on a like-for-like basis. Gross margin improvement of 550 basis points to 48% compared to 43% in fiscal 2023 with year-over-year increases in each quarter throughout the fiscal year.

我們第四季的業績對於我們全年業績的收官起到了關鍵作用，實現了中等個位數的 GMV 增長，同比淨收入達到 13.6 億美元。毛利率從 2023 財年的 43% 提高 550 個基點至 48%，整個財年每季都較去年同期成長。

Adjusted EBITDA of $93 million, a year-over-year increase of 10% and a substantial increase in net income and return to profitability with adjusted net income of $30 million or $0.40 per share, when combined with our balance sheet improvements of growing high single-digit ROIC.

調整後的 EBITDA 為 9,300 萬美元，年成長 10%，淨收入大幅增加，恢復獲利能力，調整後的淨收入為 3,000 萬美元或每股 0.40 美元，再加上我們資產負債表的改善，ROIC 不斷成長，個位數較高。

I'm pleased with our successful evolution of the Lands' End business model. In particular, the outstanding performance of our licensing segment demonstrates the strength of the strategic initiative and further demonstrates its remarkable potential. Licensing is fueling significant expansion of our brand reach anchored on a capital efficient, low risk high margin financial framework. I want to talk about that in greater detail later in the call.

我很高興看到 Lands' End 商業模式的成功演變。特別是，我們許可部門的出色表現證明了該策略舉措的實力，並進一步證明了其巨大的潛力。授權正在推動我們的品牌影響力顯著擴大，並以資本高效、低風險、高利潤的財務框架為基礎。我想在稍後的通話中更詳細地討論這個問題。

But first I'd like to highlight a few operational and customer facing areas of focus that are driving incremental growth and value creation. First, our inventory, as we have talked about for the past few years, optimizing our inventory has been a priority and doing so has enabled a better cost structure while freeing up resources to invest in the newness and speed that our customers demand.

但首先我想強調幾個推動增量成長和價值創造的營運和麵向客戶的重點領域。首先，正如我們過去幾年所討論的那樣，優化庫存一直是我們的首要任務，這樣做可以實現更好的成本結構，同時釋放資源來投資於客戶所要求的新穎性和速度。

Our 12% year-over-year improvement in our yearend inventory position allows us to significantly increase our turns by double digits and provide our customers with fresh styles much more frequently throughout the year. We are not resting on our laurels though and are continuing to optimize our supply chain to minimize cost and bring items to market even faster. At the same time, we are closely monitoring changes to global trade policy and our position to take necessary steps to maintain an efficient and resilient global supply chain.

我們的年末庫存狀況年增了 12%，這使我們能夠大幅提高兩位數的周轉率，並在全年更頻繁地為客戶提供新款式。然而，我們並沒有滿足於現狀，而是繼續優化我們的供應鏈，以最大限度地降低成本，並更快地將產品推向市場。同時，我們正密切關注全球貿易政策的變化，並採取必要措施維持高效、有彈性的全球供應鏈。

Marketing has contributed significantly as we shift to a more balanced and innovative approach, leveraging digital and experiential engagement that constantly builds our cultural relevancy on top of our historic catalog engagement. We doubled our following on Instagram year-over-year, finishing fiscal year 2024 with nearly a quarter of a million followers.

隨著我們轉向更平衡和創新的方法，行銷做出了重大貢獻，利用數位和體驗式參與，在歷史目錄參與的基礎上不斷建立我們的文化相關性。我們的 Instagram 粉絲數量年增了一倍，截至 2024 財年結束時，我們的粉絲數已接近 25 萬。

We continue to use this channel to reach younger customers, who in turn have a high propensity to spend. Examples of that engagement are numerous, with amongst the most entertaining being the teaser launch of our recent collaboration with Andie Swim.

我們持續利用這個管道來接觸年輕客戶，而他們的消費傾向較高。這種合作的例子很多，其中最有趣的是我們最近與 Andie Swim 合作的預告片。

During the fourth quarter, we accelerated our experiential approach by launching a pop-up tote customization shop in New York City’s SoHo neighborhood exclusively via non-traditional media sources. This reached audiences on TikTok and Instagram via bloggers and influencers with views running into the tens of millions. It should come as no surprise that the tote bag was our number one item in driving new customer acquisition during the fourth quarter, sign-ups that consistently bring us a customer ten plus years younger than our average.

在第四季度，我們透過非傳統媒體管道在紐約市 SoHo 街區開設了一家快閃手提包訂製店，加速了我們的體驗式推廣方式。該影片透過部落客和有影響力的人物在 TikTok 和 Instagram 上傳播開來，觀看次數達到數千萬。毫不奇怪，手提袋是我們在第四季吸引新客戶的首要產品，這些新客戶不斷為我們帶來比平均年齡年輕十歲以上的客戶。

To continue building on this brand momentum, we will leverage the successful playbook from our SoHo shop to launch several beach pop-ups this summer and we will share more on that in the coming months. We continue to deepen our focus on technology to broaden the reach of the Lands' End brand.

為了繼續保持這個品牌勢頭，我們將利用 SoHo 商店的成功經驗，在今年夏天推出幾家海灘快閃店，並將在未來幾個月分享更多相關資訊。我們將繼續深化對科技的關注，以擴大 Lands' End 品牌的影響力。

Over the past quarter and throughout 2024, we made it a priority to better use our technology and data to drive our strategy. We completed the reskin of both our consumer and B2B websites, providing a more contemporary look and feel with enhanced functionality. The exercise saw us deploy tools to better serve the customer.

在過去的一個季度以及整個 2024 年，我們優先考慮更好地利用我們的技術和數據來推動我們的策略。我們完成了消費者和 B2B 網站的重新設計，提供了更現代的外觀和感覺以及增強的功能。這次演習讓我們部署了工具來更好地服務客戶。

Our Wear It With AI tool provides a carousel of product unique to every single customer, which when coupled with an enhanced positioning of the True Fit sizing tool allows for a step change in the level of personalization offered. This is only the beginning as we continue a significant effort to redesign traditional paid search and SEO placements to better work with AI agents to meet consumer demands. It’s certainly an exciting time as we look outward into an even brighter future.

我們的 Wear It With AI 工具為每位客戶提供了獨特的產品輪播，與 True Fit 尺寸工具的增強定位相結合，可以逐步改變所提供的個性化水平。這只是個開始，我們將繼續大力重新設計傳統的付費搜尋和 SEO 展示位置，以便更好地與 AI 代理商合作，滿足消費者的需求。當我們展望更光明的未來時，這無疑是一個令人興奮的時刻。

Clearly, our most significant path to success continues to be about the amazing product that we bring to our consumer and our ability to expand those franchise customers into lifestyle customers. Q4 wasn’t just about our existing franchises. Although we are proud of how they performed, it was about the constant reinvention and additions across the collection.

顯然，我們走向成功的最重要途徑仍然是我們為消費者帶來的優質產品，以及我們將特許經營客戶擴展為生活方式客戶的能力。Q4 不僅僅涉及我們現有的特許經營權。儘管我們為他們的表現感到自豪，但這關乎整個系列的不斷創新和增加。

Two years ago, we were focused on key items. Now we offer a full collection across numerous categories from apparel to home and enjoy bringing the customers something new and more solution oriented on a regular basis.

兩年前，我們集中精力於重點項目。現在，我們提供從服裝到家居等眾多類別的完整產品系列，並樂於定期為客戶帶來新穎且更具解決方案的產品。

As an example, during Q4, we cross pollinated our Wanderweight and Squall franchises, creating a waterproof puffer jacket in stylish colors that flew off the shelves. The innovation did not stop there. As part of our swim resort collection launch, we took our classic one piece Tugless silhouette and added a midkini swim dress and shorts, broadening the solution franchise and opening the aperture of creativity to reach a whole new cohort of customers.

例如，在第四季度，我們對 Wanderweight 和 Squall 系列進行了交叉融合，創造出了時尚色彩的防水羽絨夾克，該產品銷售一空。創新並未就此止步。作為我們游泳度假系列發布的一部分，我們採用了經典的一體式 Tugless 輪廓，並添加了 midkini 泳衣和短褲，擴大了解決方案特許經營權，並打開了創造力的口徑，以吸引全新的客戶群體。

Turning to the performance of our B2C and B2B businesses, I want to start with a key driver of our strategy where we’ve seen considerable growth over the past two years licensing. Licensing is an asset-light business that increases the reach of our brand, strengthens our customer acquisition strategy, and drives GMV growth.

談到我們的 B2C 和 B2B 業務的表現，我想從我們策略的關鍵驅動因素開始，過去兩年來，我們看到了授權業務的顯著成長。授權是一種輕資產業務，可以擴大我們品牌的影響力，加強我們的客戶獲取策略，並推動 GMV 的成長。

It is also one of our fastest growing and highest margin businesses and it continued to grow in the fourth quarter. It is worth calling out that over the last 12 months, we have created $150 million plus GMV licensing business with strong gross margin and gross profit dollar profiles.

它也是我們成長最快、利潤率最高的業務之一，並且在第四季度繼續成長。值得一提的是，在過去的 12 個月中，我們創造了價值 1.5 億美元以上的 GMV 授權業務，並擁有強勁的毛利率和毛利水準。

An example of our success is the club’s business, which we began licensing last year. This license business is performing exceptionally well, while also significantly increasing our brand’s reach and awareness with a broader array of consumers. Clearly, our licensing business is brand enhancing by virtue of greater exposure and our experience to date has helped us deepen our understanding of how to best operate within the Lands' End environment.

我們成功的一個例子就是俱樂部的業務，我們去年開始授權該業務。這項授權業務表現非常出色，同時也顯著提高了我們品牌在更廣泛消費者中的影響力和知名度。顯然，我們的授權業務透過更大的曝光度提升了品牌，而我們迄今為止的經驗幫助我們加深了對如何在 Lands' End 環境中最佳營運的理解。

As a result, our licensing business is well positioned for additional growth via product, channel, and international expansion. For example, taking advantage of our strong position in the category, our home licensees offering will launch on Amazon later this summer.

因此，我們的授權業務已做好準備，透過產品、通路和國際擴張實現進一步成長。例如，利用我們在該類別中的強勢地位，我們的家庭許可證產品將於今年夏天晚些時候在亞馬遜上推出。

And later this year, new partners plan to launch offerings of hosiery, men’s underwear, women’s intimates, base layers, and travel accessories, all manufactured and sold under licenses we’ve recently awarded. It is also notable that we are leveraging our platform and distribution capabilities again in an asset-light manner to offer licensed product via landsend.com.

今年晚些時候，新的合作夥伴計劃推出襪子、男士內衣、女士貼身衣物、底層服裝和旅行配件等產品，所有產品均根據我們最近授予的許可進行生產和銷售。值得注意的是，我們再次以輕資產的方式利用我們的平台和分銷能力，透過 landsend.com 提供授權產品。

Turning to our US E-commerce business. We delivered the eighth consecutive quarter of margin improvement with an increase of approximately 880 basis points. This improvement was primarily driven by our marketing strategy and focus on higher quality sales supported by our more conservative promotional approach, our new to file customer growth and our inventory management improvements.

轉向我們的美國電子商務業務。我們連續第八個季度實現利潤率成長，增幅約 880 個基點。這項改善主要得益於我們的行銷策略和對更高品質銷售的關注，這得益於我們更保守的促銷方式、新客戶的成長以及庫存管理的改進。

We made a big decision with our approach to holiday, pivoting from the traditional heavy discounting that has characterized the brand over the last number of years. It didn’t resonate with all existing customers, which we anticipated, but for the customers who continued on the journey and the new customers we’ve attracted, we provided them with an exceptional balance of price and value, resetting the baseline for holidays to come and allowing us to return the business to growth with a younger, more vibrant, broader customer base.

我們在節慶促銷方式上做出了一個重大決定，改變了該品牌過去幾年來一貫採用的傳統大幅折扣策略。正如我們所預料的那樣，它並沒有引起所有現有客戶的共鳴，但對於繼續旅程的客戶和我們吸引的新客戶，我們為他們提供了價格和價值的卓越平衡，為即將到來的假期重新設定了基準，並使我們能夠通過更年輕、更有活力、更廣泛的客戶群恢復業務增長。

Our European business did not meet our expectations during the quarter and was the principal headwind on our overall performance. Due to our team’s strong work, however, we were still able to drive over 300 basis points in improved gross margin rate in the fourth quarter.

本季度，我們的歐洲業務未達到預期，成為我們整體業績的主要阻力。然而，由於我們團隊的出色工作，我們仍然能夠在第四季度將毛利率提高 300 個基點以上。

I’ve talked before about using Europe to test ideas that we can then deploy across the rest of the business. In this case, our efforts to reach consumers with more elevated product beyond our existing customer file didn’t resonate and we are reflecting our learnings in our go-to-market strategy and execution in 2025.

我之前曾談到利用歐洲來測試一些想法，然後我們可以將這些想法應用到其他業務領域。在這種情況下，我們試圖透過現有客戶檔案之外的更高品質產品來接觸消費者的努力並沒有產生共鳴，我們將在 2025 年的市場進入策略和執行中反映我們的經驗教訓。

We’ve also brought on Andy Houghton, a seasoned international leader from Nike to focus on growing the international business, including through new markets, while refreshing the brand identity in our existing UK and German markets.

我們還聘請了耐吉經驗豐富的國際領導者安迪霍頓 (Andy Houghton)，專注於發展國際業務，包括透過新市場，同時刷新我們現有的英國和德國市場的品牌形象。

Third-party partnerships continue to showcase the broad reach of Lands' End across all sectors of the market. The ability to tailor our assortment, not just by leaning into categories, but by carefully leveraging the good, best merchandise assortment that we now constantly refresh and balance with a deep understanding of the specific channel customer we are addressing is a significant win.

第三方合作關係繼續展示 Lands' End 在各個市場領域的廣泛影響力。我們能夠客製化我們的商品組合，不僅僅是依靠類別，而是透過仔細利用我們現在不斷更新和平衡的優質、最佳商品組合，並深入了解我們所針對的特定通路客戶，這是一個重大的勝利。

Throughout the quarter, we delivered excellent performances at Amazon and Nordstrom. Amazon drove numerous records for us, including a strong Black Friday and record Cyber Monday, mostly from our men’s Bedford quarter zip sweater being a best seller, which delivered record sales, resulting in an increase of 300% year-over-year, while Nordstrom, not surprisingly, drove the highest AOV and AURs Lands' End has recorded.

整個季度，我們在亞馬遜和諾德斯特龍都取得了出色的業績。亞馬遜為我們創造了無數記錄，包括強勁的黑色星期五和創紀錄的網絡星期一，這主要得益於我們的男士貝德福德四分之一拉鍊毛衣成為暢銷品，創造了創紀錄的銷量，同比增長 300%，而諾德斯特龍毫不意外地創造了 Lands' End 的最高 AOV 和 AUR 記錄。

Coming back to the significant opportunity we see with licensing. I want to know how much progress our data scientists and engineers have made in creating leverage for our licensees within our marketplaces. Through these improvements, we are continuing to drive growth while expanding the reach of our brand. For example, our shoe licensee leveraged our capabilities to make the Flurry Kids snow boot and the men’s Dakota Duck boot number one items in their categories for long stretches of the quarter on Amazon.

回到我們在許可方面看到的重大機會。我想知道我們的資料科學家和工程師在為我們的市場中的許可證持有者創造槓桿方面取得了多大進展。透過這些改進，我們在擴大品牌影響力的同時，持續推動成長。例如，我們的鞋類授權商利用我們的能力，使 Flurry Kids 雪靴和男士 Dakota Duck 靴在亞馬遜上連續很長一段時間成為各自類別中排名第一的商品。

Turning to our B2B outfitters business. I am pleased to note that B2B met our revenue and profit objectives for the quarter. Along with the Wells Fargo launch in Q3, it was a great back half to the full year. We have made significant progress in developing the sales pipeline for the Uniforms business. For example, over the next few months, we will begin supplying another customer in the aviation space.

轉向我們的 B2B 服裝業務。我很高興地註意到，B2B 實現了本季的營收和利潤目標。隨著富國銀行在第三季的推出，今年下半年的表現對全年而言非常出色。我們在開發制服業務的銷售管道方面取得了重大進展。例如，在接下來的幾個月裡，我們將開始為航空領域的另一位客戶供貨。

For our school uniform business, we also continue to see upside from our unrelenting focus on winning and retaining customers. For both of these uniform businesses, we win by leveraging both our brand, our steadfast focus on quality, our market-leading embroidery and personalization capabilities and our great customer service to beat out less qualified competition.

對於我們的校服業務，我們也繼續看到透過堅持不懈地專注於贏得和留住客戶而獲得的好處。對於這兩家製服企業，我們都充分利用了我們的品牌、對品質的堅定關注、市場領先的刺繡和個性化能力以及卓越的客戶服務，擊敗了資質較差的競爭對手。

Lands' End is a leader in the uniforms channel because it delivers on a promise of a branded experience that few, if any competitors can match that is now coupled with an extraordinary product engine and improved technology.

Lands' End 是製服通路的領導者，因為它兌現了品牌體驗的承諾，很少有競爭對手能夠比擬，而且現在還配備了非凡的產品引擎和改進的技術。

For our shareholders, the business remains attractive and highly differentiated with multi-year contracts, lower marketing expense, and the opportunity to reach hundreds of thousands of new B2B2C customers who can discover the consumer side of our brand.

對於我們的股東來說，該業務仍然具有吸引力，並且具有高度差異化，擁有多年期合約、較低的行銷費用，並且有機會接觸數十萬新的 B2B2C 客戶，這些客戶可以發現我們品牌的消費者方面。

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

現在我將把時間交給伯尼來更詳細地討論我們第四季的表現。

Thank you, Andrew. GMV increased low-single digits on a like-for-like basis for the fourth quarter of 2024, primarily driven by the ongoing successful execution of our licensing strategy. For the fourth quarter, total revenue performance came in at $442 million, a decrease of 14% compared to last year. When excluding the impact of the 53 week and the transition of kids and footwear products to licensing arrangements, total revenues decreased by mid-single digits year-over-year.

謝謝你，安德魯。2024 年第四季度，GMV 年成長低個位數，這主要得益於我們持續成功執行的授權策略。第四季總營收為 4.42 億美元，較去年同期下降 14%。如果排除第 53 週以及兒童和鞋類產品向許可安排的轉變的影響，總收入將同比下降中等個位數。

Gross profit increased by 3% compared to last year, driven by our eighth straight quarter of gross margin expansion. Gross margin in the fourth quarter was 46%, an approximately 760 basis point improvement from the fourth quarter of 2023. The margin improvement was driven by newness across the assortment, lower promotional activity, and fewer clearance sales.

毛利較去年同期成長 3%，這得益於我們連續第八個季度的毛利率擴大。第四季毛利率為46%，較2023年第四季提高約760個基點。利潤率的提高是由於商品種類的新穎性、促銷活動的減少以及清倉銷售的減少。

We delivered adjusted EBITDA of $44 million in the fourth quarter, a year-over-year increase of 38%. These revenue and profitability results reflect our continued efforts to prioritize less promotional, higher quality sales over sales volume, which has translated to consistent gross profit margin improvement throughout our business.

我們第四季的調整後 EBITDA 為 4,400 萬美元，較去年同期成長 38%。這些收入和獲利結果反映了我們持續努力優先考慮減少促銷、提高銷售品質而不是銷售量，這轉化為我們整個業務的毛利率持續提高。

Before moving into the discussion of our performance across different lines of business, we want to note that consistent with segment reporting requirements, our forthcoming 10-K will include new segment level reporting based on business units with similar characteristics. There will be more detail to share in the 10-K, but for the purpose of consistency on today’s discussion, we are continuing to provide detail about our business units rather than the broader segments.

在討論我們不同業務線的表現之前，我們要指出，根據分部報告要求，我們即將發布的 10-K 將包括基於具有相似特徵的業務部門的新分部級報告。10-K 中將會分享更多細節，但為了保持今天討論的一致性，我們將繼續提供有關我們業務部門而不是更廣泛部門的詳細資訊。

Our US E-commerce business saw a sales decrease of 19% compared to the fourth quarter of 2023. Excluding the impact of the 53 week and kids and footwear, US E-commerce sales decreased mid-single digits year-over-year. Sales from Lands' End Outfitters was down 2% from the fourth quarter of 2023 when adjusting for the 53 week in 2023.

與 2023 年第四季相比，我們的美國電子商務業務銷售額下降了 19%。不計第 53 週以及兒童和鞋類的影響，美國電子商務銷售額年減中個位數。根據 2023 年第 53 週的調整，Lands' End Outfitters 的銷售額較 2023 年第四季下降了 2%。

Sales from business uniform channel declined year-over-year due to program timing of larger accounts, partially offset by growth in our school uniform channel. Third-party revenue decreased 2% compared to last year when adjusting for the 53 week in 2023 as declines in existing marketplaces were all partially offset by new relationships.

由於大客戶的規劃時間安排，商務制服通路的銷售額年減，但被校服通路的成長部分抵銷。在根據 2023 年第 53 週進行調整後，第三方收入較去年同期下降了 2%，因為現有市場的下滑被新關係部分抵消。

Our licensing and retail business combined to grow revenue over 50% to last year with the expansion of our licensing model. Licensing and our presence across our third-party marketplace partners continue to help the business diversify and reduce risk to any one individual partner. Sales from our European E-commerce business decreased 22% year-over-year, but we grew gross margin by approximately 310 basis points.

隨著授權模式的擴展，我們的授權和零售業務的總收入比去年增長了 50% 以上。授權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樣化並降低任何一個合作夥伴的風險。我們歐洲電子商務業務的銷售額年減 22%，但毛利率成長了約 310 個基點。

SG&A expenses decreased $15 million compared to the prior year, driven by leveraging digital marketing investments in new customer acquisition earlier in the year and strong cost controls across the entire business. As a percentage of sales, SG&A was 36%, which was an increase of approximately 230 basis points compared to 2023, primarily driven by deleverage from lower revenues.

銷售、一般及行政費用與上年相比減少了 1500 萬美元，這得益於今年早些時候在獲取新客戶方面進行的數位行銷投資以及整個業務的強有力成本控制。銷售、一般及行政費用佔銷售額的百分比為 36%，與 2023 年相比增加了約 230 個基點，主要原因是收入下降導致的去槓桿化。

For the fourth quarter, we had net income of $19 million or $0.59 per share. We had adjusted net income of $18 million or $0.57 per share.

第四季度，我們的淨收入為 1900 萬美元，即每股 0.59 美元。我們的調整後淨收入為 1800 萬美元，即每股 0.57 美元。

Moving to our balance sheet. Inventories at the end of the fourth quarter were $265 million compared to $302 million a year-ago. The 12% improvement in our inventory position benefited from our supply chain team’s ongoing efforts to drive efficiencies paired with our speed-to-market initiatives.

前往我們的資產負債表。第四季末的庫存為 2.65 億美元，而去年同期為 3.02 億美元。我們的庫存狀況提高了 12%，這得益於我們的供應鏈團隊不斷努力提高效率以及加快上市速度的措施。

In terms of our debt, at the end of the fourth quarter, our term loan balance was $247 million and our ABL had zero borrowings outstanding, which was in line with our fourth quarter last year. During the fourth quarter, we repurchased $3 million worth of shares under our $25 million share repurchase authorization announced in March, 2024, bringing the balance of the remaining authorization to $14 million as of the end of the quarter.

就我們的債務而言，截至第四季末，我們的定期貸款餘額為 2.47 億美元，我們的 ABL 沒有未償還借款，這與去年第四季的情況一致。第四季度，我們根據 2024 年 3 月宣布的 2,500 萬美元股票回購授權回購了價值 300 萬美元的股票，截至本季末，剩餘授權餘額達到 1,400 萬美元。

To reiterate some highlights for fiscal year 2024, we delivered mid-single-digit GMV growth on a like-for-like basis with net revenue of $1.36 billion. Gross margin improvement of 550 basis points to 48% compared to 43% in fiscal 2023 with year-over-year increases in each quarter throughout the fiscal year, adjusted EBITDA of $93 million, a year-over-year increase of 10% and adjusted net income of $13 million or $0.40 per share.

為了重申 2024 財年的一些亮點，我們實現了中等個位數的 GMV 年成長，淨收入為 13.6 億美元。毛利率由 2023 財年的 43% 提高 550 個基點至 48%，且整個財年每季均較去年同期成長，調整後 EBITDA 為 9,300 萬美元，較去年同期成長 10%，調整後淨收入為 1,300 萬美元或每股 0.40 美元。

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 spring and summer selling season. In the first quarter of 2025, we expect net revenue to be between $260 million and $290 million with Gross Merchandise Value or GMV expected to be approximately flat to low single-digit growth.

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，我們預計這將推動春季和夏季銷售季節的持續毛利和利潤率擴大。2025 年第一季度，我們預計淨收入將在 2.6 億美元至 2.9 億美元之間，商品交易總額 (GMV) 預計將保持大致持平或低個位數成長。

We expect an adjusted net loss of $7 million to $4 million and adjusted diluted loss per share to be between $0.22 and $0.13. We expect adjusted EBITDA to be in the range of $9 million to $12 million. For the full-year, we expect net revenue to be between $1.33 billion to $1.45 billion while GMV is expected to be mid-to-high single-digit growth. We now expect adjusted net income of $15 million to $27 million and adjusted diluted earnings per share of $0.48 to $0.86. We now expect our adjusted EBITDA to be in the range of $95 million to $107 million.

我們預計調整後的淨虧損為 700 萬美元至 400 萬美元，調整後的每股攤薄虧損在 0.22 美元至 0.13 美元之間。我們預計調整後的 EBITDA 將在 900 萬美元至 1200 萬美元之間。我們預計全年淨營收將在 13.3 億美元至 14.5 億美元之間，而 GMV 預計將實現中高個位數成長。我們現在預計調整後的淨收入為 1500 萬美元至 2700 萬美元，調整後的每股攤薄收益為 0.48 美元至 0.86 美元。我們現在預計調整後的 EBITDA 將在 9,500 萬美元至 1.07 億美元之間。

Our guidance for the full year incorporates approximately $30 million in capital expenditures. Our guidance also incorporates the impact of already implemented global tariffs. With that, I will turn the call back over to Andrew.

我們對全年的指導包括約 3000 萬美元的資本支出。我們的指導也考慮了已經實施的全球關稅的影響。說完這些，我會把電話轉回給安德魯。

Thank you, Bernie. With a successful 2024 behind us, we have now turned our attention to 2025 and beyond with clear strategic goals and priorities. GMV growth supplemented by a return to growth in revenue, speed-to-market allowing us to control inventory and drive enhanced margins and increased ROIC.

謝謝你，伯尼。2024 年取得了成功，現在我們已將目光轉向 2025 年及以後，並制定了明確的策略目標和重點。GMV 成長加上收入的恢復成長、上市速度使我們能夠控制庫存並提高利潤率並增加 ROIC。

SG&A leveraging as we grow, including by delayering the organization and utilizing new technologies. Marketing leverage, driven by a careful consideration of the balance between catalog and digital spend and an emphasis on leveraging technologies like AI-driven personalization and driving increased adjusted EBITDA.

隨著我們的發展，銷售、一般及行政管理費用將充分利用，包括減少組織層級和利用新技術。行銷槓桿，透過仔細考慮目錄和數位支出之間的平衡，以及強調利用人工智慧驅動的個人化等技術並推動調整後 EBITDA 的成長。

Within our business, we will continue our focus on increasing our asset-light licensing business to grow and enhance our brand, solutions oriented products that customers love to power the whole company, our Uniforms business to aggressively continue developing meaningful long-term partnerships and marketplace specialization to forge winning partnerships to extend the reach of our brand.

在我們的業務中，我們將繼續專注於增加輕資產授權業務，以發展和提升我們的品牌，以客戶喜愛的解決方案為導向的產品為整個公司提供動力，我們的製服業務將積極繼續發展有意義的長期合作夥伴關係和市場專業化，以建立成功的合作夥伴關係，擴大我們品牌的影響力。

As we close out the year, I want to thank all Lands' End's employees for their tireless work and dedication to this iconic American brand and to our loyal customers who depend on us to be there for life's every journey. Because of their hard work and the strong execution of our strategy, 2024 was a pivotal year and our successes set up Lands' End for a bright future ahead.

在這個新年即將結束之際，我要感謝 Lands' End 的所有員工，感謝他們為這個標誌性的美國品牌所做的不懈努力和奉獻，也感謝我們忠實的客戶，他們依靠我們陪伴客戶的每一次人生旅程。由於他們的辛勤工作和我們策略的有力執行，2024 年是關鍵的一年，我們的成功為 Lands' End 的光明未來奠定了基礎。

Lastly, earlier this month, we announced that the Board of Directors has initiated a process to explore strategic alternatives, including a sale, merger or similar transaction involving the company to maximize shareholder value. Because the review is ongoing, we will not be commenting further on it at this time and will provide an update once appropriate.

最後，本月早些時候，我們宣布董事會已啟動一項程序來探索策略替代方案，包括出售、合併或涉及公司的類似交易，以最大化股東價值。由於審查仍在進行中，我們目前不會對此發表進一步評論，並將在適當的時候提供更新。

We look forward to your questions.

我們期待您的提問。

Thank you. (Operator Instructions) Dana Telsey, Telsey Group.

謝謝。（操作員指示）Dana Telsey，Telsey Group。

Hi. Nice to see the progress on the year. Andrew, it seems like the business is becoming more asset-light as the potential to continue to increase the adjusted EBITDA and profitability. As you see the growth from licensing and now the entry into Amazon in a bigger way and we are seeing what’s happening with the health of the consumer, how do you frame what the cadence of the year could look like in terms of sales?

你好。很高興看到今年的進步。安德魯，由於調整後的 EBITDA 和盈利能力有繼續增加的潛力，該業務似乎變得更輕資產。正如您所看到的，授權業務的成長以及現在更大規模地進入亞馬遜，以及我們看到的消費者健康狀況的變化，您如何預測今年的銷售節奏？

And as you think of the other business lines, whether E-commerce -- the US E-commerce business, how are you seeing that develop in terms of where we could see the rate of growth going forward? And does pricing come into any play given the headwinds of what we’ve been seeing from tariffs? Thank you.

當您考慮其他業務線時，無論是電子商務—美國電子商務業務，您如何看待其未來的發展速度？鑑於我們所看到的關稅阻力，定價是否會產生任何影響？謝謝。

Thanks, Dana. Great set of questions. I look at February, which is the month I think we’ve all been through, there’s been a lot of conversation on it. And I look at the performance of really some of our product because it was a colder February, I’ve been talking for the last couple of years about weatherproofing the assortment and we really leaned in on our outerwear and our fleece for February and we’re able to drive that.

謝謝，達娜。很棒的一組問題。我回顧二月，我想這是我們都經歷過的月份，對此有很多討論。我真正關注的是部分產品的表現，因為二月比較冷，過去幾年我一直在談論產品系列的防風雨性能，而二月份我們的重點是外套和羊毛衫，我們能夠推動這一趨勢。

And in fact, as we came through, we see that’s a record on a record in terms of the comps that we’re driving out of that business and some of the franchises I pull out of that would be feather free. We saw the customer really lean in. They like that. They like being in that product. It’s a great price point. It’s a lower price point than Wanderweight, which is the down fill that we have, but we’re able to pull through.

事實上，正如我們所看到的，就我們從該業務中剝離出來的可比產品以及我剝離的一些不含羽毛的特許經營權而言，這是一個創紀錄的記錄。我們看到顧客真的傾身靠近。他們喜歡那樣。他們喜歡該產品。這是一個很棒的價格點。它的價格比我們現有的羽絨填充物 Wanderweight 要低，但我們能夠負擔。

And I think that’s going to characterize the year. We’re merchants fundamentally. And for us, the whole industry, it’s about being able to take our assortment and manage it in the best way possible against everything that gets thrown at you. And that’s what we’re going to continue to do in every channel we’re in. I appreciate you picking up on the asset-light licensing business and we are continuing to lean into that.

我認為這就是今年的特徵。從根本上來說，我們是商人。對於我們和整個產業來說，關鍵在於能夠以最佳方式管理我們的產品組合，並應對我們遇到的所有問題。我們也將繼續在每個管道上這樣做。感謝您關注輕資產許可業務，我們將繼續致力於此。

We see significant opportunity there. For Lands' End, it really becomes about creating a flywheel effect where the more physical representation that we can have of the brand in some of these channels and actually some of the better product that we can get into because we don’t have the resources ourselves, the more we can put ourselves in front of a new customer in a new venue.

我們在那裡看到了巨大的機會。對於 Lands' End 來說，這實際上變成了一種飛輪效應，由於我們自己沒有資源，我們在某些​​管道中對品牌的實體呈現越多，實際上我們可以推出一些更好的產品，我們就越能在新的場所將自己展示在新客戶面前。

And ultimately, the thought is always to bring them back to the E-commerce engine to landsend.com because they’ll see a full representation of our assortment and we’ll be able to lock them in as a customer coming out of that. So we were very pleased with the way that all the dots connected. And I think Amazon was not a piece of it.

最終，我們的想法始終是將他們帶回電子商務引擎 landsend.com，因為他們將看到我們產品系列的完整展示，並且我們能夠將他們鎖定為客戶。因此，我們對所有點連接的方式感到非常滿意。我認為亞馬遜不屬於其中。

I talked before on the calls that we had the opportunity to really lean in. And what was great and so is the stretch of Lands' End is that we were the two guardrails of our marketplace business were Amazon and Nordstrom. We saw records on both of those and we saw tremendous growth on both of those and we’ll continue to see that growth going forward is my take. And in particular, it’s because we’ve adopted different strategies. The strategy for Amazon continues to be a much, much narrower assortment.

我之前在電話中說過，我們有機會真正傾力合作。最棒的是，Lands' End 的延伸也很棒，因為我們的市場業務的兩大護欄是亞馬遜和諾德斯特龍。我們看到了這兩項業務的記錄，也看到了這兩項業務的巨大成長，我的看法是，我們將繼續看到未來的成長。特別是因為我們採用了不同的策略。亞馬遜的策略仍然是縮小商品種類。

We sold hundreds of thousands of quarter zip sweaters on men’s quarter zip sweaters and we find it’s a great place to meet that men’s customer. And so we’ll continue to lean into that. And for their full assortment, we’ll see them back on landsend.com.

我們銷售了數十萬件男士四分之一拉鍊毛衣，我們發現這是滿足男士客戶的好地方。因此我們將繼續傾向於此。如需查看其全部產品系列，我們將在 landsend.com 上看到。

Similarly with Nordstrom, we reached a new customer. We actually leaned in and reached a woman’s customer and that was a very powerful consumer to lean into and it’s worth reiterating the comment from the script, which is we saw the highest AOVs and AURs that really -- we pretty much ever recorded.

同樣，透過與諾德斯特龍 (Nordstrom) 的合作，我們也獲得了一位新客戶。我們實際上傾力接觸了一位女性顧客，她們是一位非常強大的消費者，值得重申腳本中的評論，那就是我們看到了幾乎有史以來最高的 AOV 和 AUR。

I’m not going to say they’re records because they don’t have all the history going back through time, but they were very, very strong. So it’s about managing the product. It’s about managing the assortment. It’s about managing what’s thrown at you. We’ll continue to lean into these new channels as we go forward.

我不會說它們是記錄，因為它們沒有追溯到過去的所有歷史，但它們非常非常強大。所以這跟產品管理有關。這是關於管理分類的問題。這是關於如何管理你所面臨的問題。我們將繼續利用這些新管道向前發展。

And then Dana, Bernie, and I will lean into the tariffs a little bit. As you know and we’ve talked about in the past, we are not heavily risked in China. It’s less than 8% of our buy. So our guidance incorporates the impact of already implemented tariffs at this point.

然後，達納、伯尼和我會稍微談談關稅問題。如你所知，我們過去也談過，我們在中國面臨的風險並不大。這還不到我們購買量的 8%。因此，我們的指導意見已將目前已實施的關稅的影響納入其中。

And I’ll just give you the product sensibility on that. It will mean less Cashmere in our lineup, but that doesn’t mean we’re walking away from it. We’re replacing it with Merino. We’re replacing it with cotton fiber that we can get out of other markets. It’s again that notion of you have your business, you have issues that come up, you have headwinds, you have tailwinds, we manage in and we manage through.

我只會向您介紹該產品的感受。這意味著我們的產品線中羊絨的含量會減少，但這並不意味著我們會放棄它。我們將用美利奴羊毛來取代它。我們正在用從其他市場獲得的棉纖維來取代它。這又是那種想法：你有你的生意，你有問題出現，你有逆風，你有順風，我們設法應對，我們設法度過。

Thank you.

謝謝。

Marni Shapiro, Retail Tracker.

Marni Shapiro，零售追蹤者。

Congrats on all the improvements. I have to just call out, you’ve done and Andrew, you know I’ve been obsessed about this and I love the new straw tote bag. You’ve done an exceptional job with pop-up social media getting in this younger customer, taking advantage of a moment out there. I guess how do you move those customers, these younger customers coming in from tote bags into your other segments? Like what’s the next obvious move? You have a couple of very iconic segments in your house.

恭喜你所取得的所有進步。我必須大聲說出來，你已經做到了，安德魯，你知道我一直對此很著迷，而且我喜歡新的草編手提包。你們在利用彈出式社群媒體吸引年輕客戶方面做得非常出色，充分利用了當時的時機。我想問一下，您如何將這些顧客，這些從手提袋中走出來的年輕顧客吸引到您的其他細分市場中呢？下一步明顯的舉措是什麼？您的家裡有幾個非常具有標誌性的部分。

And then just on licensing if I could ask a follow-up. As you continue to extend the licensing, at the same time, you’re improving and elevating the core Lands' End brand. Do you have very strict guardrails around the marketing that others are doing with your licensing? What does that look like?

然後就許可問題，我可以問一個後續問題嗎？在您繼續延長授權的同時，您也在改進並提升核心 Lands' End 品牌。對於其他人利用您的許可進行的行銷，您是否有非常嚴格的監管？那是什麼樣子的？

Yes, I’ll start with the licensing. And good morning, Marni. It’s nice to have you on the call. I have a big background. I mean, you know my past history, I mean, I’ve licensed with Urban Outfitters, I’ve licensed with American Eagle. And for me, it’s really about leaning in and having a very tight agreement so that you have approval over the product, you have approval over the manufacturing, and you have approval over where it’s going to be sold.

是的，我將從許可開始。早安，瑪尼。很高興您接聽電話。我的背景很大。我的意思是，你知道我過去的歷史，我的意思是，我已經獲得了 Urban Outfitters 的許可，我已經獲得了 American Eagle 的許可。對我來說，這實際上意味著傾力投入並達成非常嚴格的協議，以便你獲得對產品的批准，對製造的批准，以及對銷售地點的批准。

And so we contractually obligate our partners on that. And I wouldn't do anything that put our customer or our brand positioning in jeopardy because from my perspective, and I truly believe this, the customer doesn't know that they're dealing with a licensee. As far as they’re concerned, they’re dealing with Lands' End. And so it should always be representative.

因此，我們透過合約的方式要求我們的合作夥伴履行這項義務。我不會做任何危及我們的客戶或品牌定位的事情，因為從我的角度來看，而且我確實相信這一點，客戶不知道他們正在與被許可人打交道。就他們而言，他們正在與 Lands' End 打交道。因此它應該始終具有代表性。

And actually, one of the things and it is a point of difference for us, and that’s been intuiting this as I’ve gone along. It’s been in the back of my mind, but it’s really come to the fore because we sell all the products on our website. So we have the licensees consign their inventory, we’ll sell it out of our own distribution facilities.

事實上，其中一件事就是我們的不同點，隨著我的前進，我一直有這種直覺。我一直有這個想法，但是它真正凸顯出來是因為我們在我們的網站上銷售所有產品。因此，我們讓被授權人寄售他們的庫存，然後我們會透過自己的分銷設施將其出售。

We’re able to see exactly what the quality of the product is and we’re able to run it through our own QC processes. We’re able to read the customer feedback from the site. And so it gives us that extra control point, a lot of license source don’t necessarily get. So there’s a real value add in there. You’re right about the pop-ups. You’re right about the social media. And I’m going to just note it because it was a great fact.

我們能夠準確地了解產品的質量，並能夠透過我們自己的品質控制流程來運作它。我們能夠從網站上讀取客戶回饋。因此，它為我們提供了額外的控制點，許多許可證來源不一定能獲得。因此這其中確實存在附加價值。您關於彈出視窗的說法是對的。您對社交媒體的看法是正確的。我要記下這一點，因為這是一個偉大的事實。

When we did the Katie Holmes photoshoot, we got 7.1 billion impressions of Katie Holmes with her pocket tote bag. And I think that was just a testament to not only the marketing teams, but to the product teams and to the strength of the Lands' End brand.

當我們為凱蒂荷姆斯拍攝照片時，凱蒂荷姆斯拿著她的口袋手提包的曝光次數達到了 71 億次。我認為這不僅證明了行銷團隊的實力，也證明了產品團隊的實力以及 Lands' End 品牌的實力。

The places where that customer is going to go and where we encourage them to cross shop into the most are going to be our market leading positions and the most obvious one is swimwear. And I look at what we’ve been doing in swimwear and it’s really about for us; swimwear just isn’t about a traditional franchise in swimwear. It’s about creating a lifestyle in swimwear.

顧客最常去的地方以及我們鼓勵他們購物的地方將成為我們的市場領先地位，其中最明顯的就是泳裝。我看看我們在泳裝方面所做的事情，這對我們來說真的很重要；泳裝不僅僅是傳統的泳裝特許經營。這是為了創造一種泳裝生活方式。

So if I look at and I mentioned it in the script, if I look at Tugless, which is now 41 years old, we really only had one Zillow for most of those 41 years. Now we sort of like busted it out into a midkini. We’ve busted it out into a swim dress. We’ve made it into a two piece. We’re looking at a bikini with it.

因此，如果我看一下並且在腳本中提到過，如果我看一下現在已經 41 歲了的 Tugless，那麼在這 41 年的大部分時間裡，我們實際上只有一個 Zillow。現在我們有點喜歡把它打造成一個 midkini。我們把它改造成一件泳衣了。我們把它做成了兩件套。我們正在看一件帶有它的比基尼。

We did listen to you, Marni. And I think that the opportunity then is to really put that in a place where our customer can see it. So if you think about what we did with Andie Swim and the collab we put in there, that reached a much younger customer than our traditional demographics. And it was a different psychographic as well. It’s a very fashion forward customer.

我們確實聽了你的話，瑪尼。我認為，真正的機會是將其放在客戶能夠看到的地方。因此，如果你想想我們與 Andie Swim 合作的成果以及我們在其中開展的合作，你會發現，我們的客戶群比傳統的目標客戶群年輕得多。這也是一種不同的心理特徵。這是一位非常時尚的顧客。

And so you’re going to see more of that. And I know you saw it because we discussed it. We did the Alice and Olivia Lands' End collabs. It wasn’t about swim, but it did actually start to introduce a younger customer to some of our denim cuts and we spent a lot of time really reengineering jeans and making great denim – a great denim assortment for us. But I would say it’s about swim and it’s really about outerwear followed by that, and then we’ll look to make a move into apparel. It’s a good question.

所以你會看到更多這樣的情況。我知道你看到了，因為我們討論過它。我們與 Alice 和 Olivia Lands' End 進行了合作。這與泳裝無關，但它確實開始向年輕顧客介紹我們的一些牛仔剪裁，我們花了很多時間真正重新設計牛仔褲並製作出優質的牛仔布——對我們來說是一個很棒的牛仔布系列。但我想說的是，它是關於游泳的，實際上是關於外套的，然後我們會考慮進入服裝領域。這是個好問題。

We give it a lot of thought, and I think by the collabs you’re seeing us do in particular and what we’re doing on social media, that leads into the power in there. And I think there’s a lot of power in there to drive this brand over the coming years.

我們對此進行了深思熟慮，我認為，透過您所看到的我們的合作以及我們在社交媒體上所做的事情，這些都會產生力量。我認為，在未來幾年裡，這個品牌將擁有巨大的發展動力。

Yes. There’s a lot of, I would say, nostalgia is a huge theme out there in general with the consumers and I feel like people have a lot of nostalgia for this brand. So best of luck with the spring season.

是的。我想說，懷舊是消費者普遍存在的一個巨大主題，我覺得人們對這個品牌有很多懷舊之情。祝你春季好運。

Okay. Thanks, Marni. Take care.

好的。謝謝，瑪尼。小心。

Eric Beder, SCC Research.

Eric Beder，SCC 研究部。

Good morning. In terms of the licensed product, can we get kind of a feel for how it’s going to flow? I know last year you launched shoes and there was an in between period where there weren’t shoes. I’m assuming we’ve been kind of in that in between period I believe now with kids. When are we going to see kids start to come into your catalog and rollout through there? And in terms of the wholesale and other pieces, when are we going to start to see some of these products, the license products roll in?

早安.就授權產品而言，我們能否了解它的流程是如何的？我知道去年你們推出了鞋子，中間有一段時間沒有鞋子。我認為我們現在正處於這樣的過渡時期，因為有了孩子。我們什麼時候才能看到孩子們開始進入您的目錄並通過那裡推出？就批發和其他部分而言，我們什麼時候才能開始看到這些產品和授權產品的推出？

Kids and shoes are already there. So there in the market, you will see home on Amazon with our license partner comes the back half of the year. And in addition to that, you’ll see our licensed partner in Kohl’s and also in Target with Swim as we get later into the year. So those are the biggies.

孩子和鞋子已經在那裡了。因此，在市場上，您將在今年下半年看到我們與授權合作夥伴在亞馬遜上推出的產品。除此之外，隨著今年稍後的到來，您還將在 Kohl's 和 Target 看到我們的授權合作夥伴 Swim。這些都是大問題。

In terms of the licenses that we’ve discussed, I talked about men’s underwear, I talked about women’s intimates, I talked about socks and hosiery, travel accessories and base layer, they will all launch in the back half of this year. So we’re continuing to build that muscle with the launches.

就我們討論過的許可證而言，我談到了男士內衣，談到了女士貼身衣物，談到了襪子和襪類、旅行配件和底層，它們都將在今年下半年推出。因此，我們將透過發布新產品來繼續增強實力。

And actually one I would add is you will see shoes come into the clubs in the back half of the year. And I want to call that out because you know the clubs can move a lot of volume. So I would expect to be talking about that as we get into the Q3 call.

實際上我想補充一點，你會在今年下半年看到鞋子進入俱樂部。我想指出這一點是因為你知道俱樂部可以帶來很大的流量。因此，我希望在第三季電話會議中討論這個問題。

Okay. And in terms of – so we’ve seen a tremendous evolution in the catalog in the last few months. It’s become much more of a lifestyle and a resource here. And how is in the response to that? And what is kind of in the thought process and what should we be seeing going forward in terms of the catalog as a driver for a younger customer for a more customer who’s looking for that key item, a key look? Thank you.

好的。就此而言——我們在過去幾個月中看到目錄發生了巨大的變化。它在這裡已經成為一種生活方式和一種資源。對此的反應如何？您的思考過程是怎麼樣的？就目錄而言，我們應該如何看待它，以推動更年輕的顧客，吸引那些尋找關鍵商品和關鍵外觀的顧客？謝謝。

The catalogs, you’re not seeing all the catalogs. We are able to drop 58 different catalogs in a year. So we have a huge breadth of assortment. And traditionally, it’s been very much about how many pages you get in the catalog. What you are seeing going forward far more now is it’s about the pages – it is about how many pages you get, but it’s also about what’s on those pages.

目錄，您看不到所有目錄。我們一年可以推出 58 個不同的目錄。因此我們的產品種類非常豐富。傳統上，這很大程度上取決於目錄中有多少頁。現在，您看到的更多內容是關於頁面的內容——它不僅與您獲得的頁面數量有關，還與您頁面上的內容有關。

And so as we lean in, we see a very traditional customer. You remember from various calls I’ve talked about the (technical difficulty) customer who’s been with us a long time. They’re going to continue to see more of those traditional items, whereas the Evolver customer is going to see more of the collection put together.

當我們靠近時，我們看到的是一個非常傳統的客戶。您還記得嗎，在各種電話會議中，我都談到與我們合作了很長時間的（技術難題）客戶。他們將繼續看到更多傳統商品，而 Evolver 客戶將看到更多組合在一起的商品。

And I think it’s for us, we’ve definitely taken catalog and we’ve pivoted it away from being at channel and we’ve pivoted it to being a marketing device. And it really gets covered in the topic of personalization, where I just view it as another form of marketing that should be personalized.

我認為對我們來說，我們已經明確採用了目錄，並將其從管道轉變為行銷設備。它確實涵蓋了個人化的主題，我只是將其視為另一種應該個性化的行銷形式。

And the big driver for our industry over the next few years, I really do believe is going to be personalization. And so having that catalog that we’re able to slice and dice is going to be really important for us. It also has a comparing; I’m sat by Bernie. I’d be remissed if I missed out on that.

我確實相信，未來幾年我們行業的最大驅動力將是個人化。因此，擁有一個可以進行細分的目錄對我們來說非常重要。它還有一個比較；我坐在伯尼旁邊。如果我錯過了這個機會，那我就太失禮了。

There’s a customer who responds to the nudge from it versus getting 40 pages. And I think that nudge can be handled in different ways. It’s also an ability to prospect, but we lead in and instead of having to have a 40- or 50-page book, we might have a 10 page fold out postcard. And that might be the way that we lean into it.

有一位客戶對它的提示做出了回應，而不是獲得 40 頁的內容。我認為可以用不同的方式來處理這種推動。這也是一種勘探能力，但我們先行一步，不必準備一本 40 或 50 頁的書，我們可能會有一張 10 頁的折疊明信片。這也許就是我們傾向的方式。

And again, we’re not necessarily doing that for cost reasons, but we are doing it to be thoughtful about the value that we put against the customer and the return on that individual customer from a pricing standpoint.

再次強調，我們這樣做不一定是出於成本原因，而是為了從定價的角度認真考慮我們為客戶賦予的價值以及單一客戶的回報。

(Operator Instructions) Alex Fuhrman, Craig-Hallum.

（操作員指示）Alex Fuhrman，Craig-Hallum。

Hey, guys. Thanks for taking my question and congratulation on all the progress that you made last year. It looks like you’re expecting some pretty nice GMV growth for the year, but not as much in Q1. Can you just explain that difference and why you’re expecting GMV growth to accelerate after Q1?

嘿，大家好。感謝您回答我的問題，並祝賀您去年的所有進步。看起來您預計今年的 GMV 會有一些相當不錯的成長，但第一季的成長幅度不會那麼大。您能解釋一下這種差異嗎？以及為什麼您預計 GMV 成長將在第一季後加速？

Yes. Good morning, Alex. Last year in 2024, we were liquidating our shoe and kid’s inventory. So there’s a chunk that is non-comp last year and that’s pretty much the variance between, and on a like-for-like basis it will be very (technical difficulty) for the whole year.

是的。早安，亞歷克斯。去年，也就是 2024 年，我們正在清算鞋子和兒童庫存。因此，去年有一部分是不可比擬的，這幾乎是兩者之間的差異，並且在同類基礎上，全年的技術難度將非常大。

Okay. That’s really helpful, Bernie. Thanks. And then Andrew, you mentioned there’s a subset of your customer base that the holiday promotional strategy didn’t resonate. Is there a plan to try to get those customers back this year? Or is that a customer that’s more of a once-a-year customer looking for gifts or clearance items?

好的。這真的很有幫助，伯尼。謝謝。然後安德魯，你提到節日促銷策略並沒有引起你客戶群中一部分人的共鳴。今年是否有計劃讓這些顧客回來？或者這位顧客更像是一年一次的顧客，正在尋找禮物或清倉商品？

Hey, Alex. How is it going?

嘿，亞歷克斯。最近好嗎？

Good. Thanks.

好的。謝謝。

Yes. Love the question. Alex, we love all of our customers, but I think there are different times to reach those customers. And instead of being 50 to 70 off over Black Friday or Cyber Monday because you’re just hunting volume, I think there’s a time when we can address that customer very specifically. And right now, it’s about how we manage our winter sale and our summer sale.

是的。喜歡這個問題。亞歷克斯，我們愛我們所有的客戶，但我認為接觸這些客戶的時間不同。而且，由於我們只追求銷量，所以在「黑色星期五」或「網路星期一」打五到七折，我認為我們有時可以非常有針對性地滿足客戶需求。現在，我們要討論如何管理冬季促銷和夏季促銷。

It’s like we give great offers for them. It’s like we’ve got products that we specifically have engineered it for them. And I think it’s about how we connect them with that marketing. And the trick and it is a trick as we go down this path of personalization is how you widen that aperture out from them just being a sale customer a couple of times a year to introducing them to other franchises that they’re prepared to pay more for. And so I’ll give you a perfect example of it.

就像我們為他們提供了很棒的優惠一樣。這就像我們專門為他們設計了產品一樣。我認為這與我們如何將他們與行銷聯繫起來有關。當我們走個人化這條路時，訣竅在於如何擴大客戶群體，讓他們不再只是每年幾次的銷售客戶，而是向他們介紹他​​們願意支付更多費用的其他特許經營店。因此我將給你一個完美的例子。

We’ve always had the expedition parka as it’s been our most expensive piece of outerwear. It’s actually arguably the most expensive thing we’re carrying on the site at any one time. And we weatherproofed that by adding our lighter weight, Wanderweight, and then we further weatherproofed that by adding feather free, and we further weatherproofed on top of that by adding fleece.

我們一直都有探險派克大衣，因為它是我們最昂貴的外套。事實上，它可以說是我們網站上任何時候承載的最昂貴的東西。我們透過添加更輕的 Wanderweight 來增強其防風雨性能，然後我們透過添加無羽毛來進一步增強其防風雨性能，最後我們透過添加羊毛來進一步增強其防風雨性能。

That creates a series of entry points for that customer and they can come in and they can find product that works for them at a price point that’s relevant to them. And we see very specific behavior there.

這為客戶創建了一系列切入點，他們可以進來並以適合他們價格找到適合他們的產品。我們在那裡看到了非常特殊的行為。

So again, it’s back to the question Eric was asking is, how do you customize the marketing to be right on it? And it’s like the starting point is definitely these two sale events, but how we open the aperture from there will define it.

所以，再次回到 Eric 提出的問題：如何客製化行銷以達到最佳效果？而起點肯定是這兩次銷售活動，但我們如何從那裡打開光圈將決定一切。

And I’m not going to chase any customers away from the brand, but nor am I on the other side of this going to have a brand where we just discount to be at the – be at a price point that attracts a customer who’s not really going to be tremendously profitable for us and not really help support the brand. So there’s a couple of ways at it. Does that answer your question?

我不會把任何客戶從品牌中趕走，但另一方面，我也不會建立一個僅僅透過打折來吸引客戶的品牌——這個價格點實際上不會為我們帶來巨大的利潤，也不會真正幫助支持品牌。因此，有幾種方法可以解決此問題。這回答了你的問題嗎？

It sure does. Thanks very much, Andrew. Appreciate that.

確實如此。非常感謝，安德魯。非常感謝。

No worries. See you, Alex.

不用擔心。再見，亞歷克斯。

Thank you. And this does conclude today’s program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。