Lands' End Inc (LE) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Lands' End first-quarter 2025 earnings call. (Operator Instructions)

大家好，歡迎參加 Lands' End 2025 年第一季財報電話會議。（操作員指示）

Please note, this call may be recorded. I'll be standing by if you should need any assistance. It is now my pleasure to turn the program over to Tom Altholz.

請注意，此通話可能會被錄音。如果您需要任何幫助，我會隨時待命。現在我很高興將該計劃交給湯姆·阿爾托茲 (Tom Altholz)。

Good morning, and thank you for joining the Lands' End earnings call for a discussion of our first quarter 2025 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 2025 年第一季度業績，您可以在我們的網站 landsend.com 上找到。

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 Bernie 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.

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

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 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上提供的前瞻性資訊代表了本公司截至今天的展望，我們不承擔更新我們所做的前瞻性陳述的任何義務。後續事件和發展可能會導致公司前景發生變化。在本次電話會議中，我們將參考非公認會計準則指標。

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

這些非公認會計準則指標並非依照公認會計原則編製。在我們今天稍早發布的收益報告中，有非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表，該報告副本已發佈在我們網站 landsend.com 的「投資者關係」版塊。接下來，我將把電話轉給安德魯。

Thank you, Tom. Good morning, and thank you for joining us today. We continue to execute our proven customer-centric strategy through creative engagement, viral moments centered around the reimagining of our iconic totes, expansion of our brand through licensing and, of course, fresh solutions-based product.

謝謝你，湯姆。早安，感謝您今天加入我們。我們將繼續透過創造性的參與、圍繞重新構想我們標誌性手提包的病毒式傳播、透過許可擴展我們的品牌以及當然還有基於新鮮解決方案的產品來執行我們行之有效的以客戶為中心的戰略。

In addition, the period was characterized by improvement in the resiliency of our supply chain to maintain our momentum throughout fiscal 2025. Most pleasing was the continued performance at the top and bottom of our P&L with growth in GMV, which was low single-digit positive when adjusted for prior year inventory sell-off and a 12% improvement in our adjusted bottom line as we continue to flow through higher levels of incremental profitability, all accomplished on a faster inventory turn and with improved working capital.

此外，這段期間我們的供應鏈彈性得到改善，從而在整個 2025 財年保持了良好的發展勢頭。最令人高興的是，我們的損益表頂部和底部都繼續保持良好的表現，GMV 的增長在調整了上年庫存拋售後為低個位數正值，隨著我們繼續實現更高水平的增量盈利，調整後的底線提高了 12%，所有這些都是在更快的庫存週轉和改善的營運資本下實現的。

As always, our focus remains on building our brand, maintaining discipline around promotional activity, and staying the course to develop a healthier long-term brand. This resulted in a record gross margin rate for the quarter with our margin rate just shy of 51% and 210 basis points greater than last year. These are strong foundations upon which to build. We intentionally drove significant change in our supply chain as we accelerated production in the Western Hemisphere, giving us both speed and additional avenues to mitigate tariffs and provide resiliency.

像往常一樣，我們的重點仍然是打造我們的品牌、保持促銷活動的紀律以及堅持發展更健康的長期品牌。這使得本季的毛利率創下歷史新高，利潤率略低於 51%，比去年高出 210 個基點。這些都是堅實的基礎。我們在加速西半球生產的同時，也有意推動了供應鏈的重大變革，這不僅為我們提供了速度，也為我們提供了額外的途徑來減輕關稅並提供彈性。

Less than 8% of our purchase order dollars last fiscal year were utilized on buys out of China, while our supply of key franchises, including our sector-leading American-grown Supima are now co-sourced across the globe.

上個財政年度，我們用於從中國以外地區採購的訂單金額不到 8%，而我們的主要特許經營權的供應，包括我們行業領先的美國產 Supima，現在都是在全球範圍內共同採購的。

By intentionally creating a diverse sourcing network and strong relationships with excellent vendors, we are increasingly positioned to remain agile in our sourcing decisions, helping to address headwinds from the impact of tariffs. Innovation is the key to our successful brand building. As I touched on last quarter, we're leveraging digital and experiential marketing strategies that build our cultural relevancy, drive traffic to our owned channels and translate to new customer conversion.

透過有意創建多樣化的採購網絡以及與優秀供應商建立牢固的關係，我們越來越能夠在採購決策中保持靈活性，從而幫助應對關稅影響帶來的阻力。創新是我們成功打造品牌的關鍵。正如我在上個季度提到的，我們正在利用數位和體驗式行銷策略來建立我們的文化相關性，為我們自己的管道帶來流量並轉化為新客戶。

We recently launched our Tote Girl summer campaign, which features brand fans and influencers on social media and a series of pop-up shops across iconic summertime locations. The campaign introduces lovers of our iconic canvas pocket tote to a wider assortment of Lands' End apparel and swim products that fit their lifestyle as perfectly as our pocket tote.

我們最近推出了 Tote Girl 夏季活動，該活動以社交媒體上的品牌粉絲和有影響力的人物為特色，並在標誌性的夏季地點開設了一系列快閃店。這次活動向我們標誌性帆布口袋手提包的愛好者介紹了更廣泛的 Lands' End 服裝和游泳產品，這些產品與我們的口袋手提包一樣完美地適合他們的生活方式。

We kicked off Memorial Day weekend with pop-up shops throughout the Hamptons, Jersey Shore, Charleston and Nashville, and we will host further coastal pop-ups, including The Nantucket Hotel in June, July and August. These viral moments covered extensively on TikTok and Instagram saw these one-of-a-kind totes changing hands after purchase.

我們在陣亡將士紀念日週末期間在漢普頓、澤西海岸、查爾斯頓和納什維爾開設了快閃店，我們還將在 6 月、7 月和 8 月在沿海地區開設更多快閃店，包括楠塔基特酒店。這些在 TikTok 和 Instagram 上廣泛報道的熱門時刻見​​證了這些獨一無二的手提包在購買後易手。

As a reminder, our pocket tote remains our number one item in driving new customer acquisition and consistently attracts customers from all age ranges, notably driving brand awareness with a younger Gen Z and millennial cohorts. We also improved our customer experience in the first quarter through our focus on offering greater personalization, including the launch of a new AI-driven recommendation and outfitting engine that makes it easier for customers to personalize products. In addition, we improved our SMS marketing program capabilities, generating nearly 400,000 new subscribers in Q1.

提醒一下，我們的口袋手提包仍然是推動新客戶獲取的首要產品，並且持續吸引各個年齡段的客戶，尤其是在年輕的 Z 世代和千禧一代中提高品牌知名度。我們還在第一季透過專注於提供更高的個人化服務來改善客戶體驗，包括推出新的人工智慧驅動的推薦和裝備引擎，讓客戶更容易個人化產品。此外，我們也改進了簡訊行銷計畫能力，第一季新增了近 40 萬名用戶。

Picking up on our customer, our willingness to protect the brand continued to yield results with growth in new customers supplemented by increases in one-time or two-time buyers and our highest LTV, five-times buyers. Renewing our customer file, reaching a broader base of consumers and leveraging our franchise products like swim and Supima remain priorities as we build long-term shareholder value.

我們致力於保護品牌，並不斷取得成果，新客戶不斷成長，一次性或兩次購買者以及我們最高的 LTV 五次購買者也不斷增加。在我們建立長期股東價值的過程中，更新我們的客戶檔案、接觸更廣泛的消費者群體以及利用我們的特許經營產品（如 swim 和 Supima）仍然是我們的首要任務。

Turning to product. With the late Easter and colder weather pushing swim selling back, our Wanderweight and Squall outerwear franchises were key winners for us in the quarter as were our Wear Now items like our Anyweather fleece and barn coats. Women's bottoms, knits, sweaters and dresses also performed successfully.

轉向產品。由於復活節的臨近和寒冷天氣導致泳衣銷售回落，我們的 Wanderweight 和 Squall 外套系列成為本季度的主要贏家，我們的 Wear Now 產品（如 Anyweather 羊毛衫和穀倉大衣）也是如此。女款下裝、針織衫、毛衣和洋裝的銷售也十分可觀。

Once the swim season kicked into gear, we saw good engagement with our core franchises. Tugless, a 40-year-plus stalwart of the category has expanded exponentially, building on the original one-piece silhouette to offer two-piece cross-body dresses, rompers and backless in a range of colors and prints. This continued focus on winning with market-leading franchises is a core brand platform that we are extending across channels and licenses to broaden distribution and create long-term shareholder value.

一旦游泳季節開始，我們就會看到核心特許經營者的良好參與。Tugless 是該類別中已有 40 多年歷史的品牌，其產品線不斷擴展，在原有的連身衣款式基礎上，推出了多種顏色和印花的兩件式斜挎連身裙、連身褲和露背裝。繼續專注於憑藉市場領先的特許經營權贏得勝利是我們的核心品牌平台，我們正在透過各種管道和許可證擴展這一平台，以擴大分銷範圍並創造長期股東價值。

Turning to the performance of our various businesses, beginning with our asset-light B2C activities. Our asset-light licensing business had a strong first quarter and continues as a significant vehicle for growth of the Lands' End brand with revenues up over 60% year on year.

談到我們各項業務的表現，首先從我們的輕資產 B2C 活動開始。我們的輕資產授權業務在第一季表現強勁，並繼續成為 Lands' End 品牌成長的重要載體，營收年增超過 60%。

Within the channels, we saw success in both the clubs and traditional department stores as the brand continues to reach new customers and offers incredible price and value. During the quarter, we completed the negotiation of additional licenses for travel accessories, men's underwear and base layer and women's intimates.

在通路方面，我們看到俱樂部和傳統百貨公司都取得了成功，因為該品牌不斷吸引新客戶並提供令人難以置信的價格和價值。本季度，我們完成了旅行配件、男士內衣和打底衫以及女士貼身衣物的額外許可談判。

Our activity continues into the second quarter as we recently executed licenses for hosiery and cold weather accessories. The skill sets that the company is developing around the licensing of its IP and its integration of leading channel and category experts to augment its core competencies in e-commerce continues to set it apart from competitors and offers Lands' End strategic options for significant future growth. Turning to our B2B Outfitters business.

我們的活動持續到第二季​​度，因為我們最近執行了襪子和寒冷天氣配件的許可證。該公司圍繞其知識產權許可而開發的技能以及其對領先渠道和品類專家的整合，以增強其在電子商務方面的核心競爭力，使其繼續在競爭中脫穎而出，並為 Lands' End 的未來顯著增長提供了戰略選擇。轉向我們的 B2B 戶外用品業務。

I am pleased to note that B2B delivered our revenue and profit objectives for the quarter. We saw strong performance across our enterprise business as well as growth in our school uniform business. We're pleased to launch a partnership with Delta Air Lines in the second quarter to serve as their uniform provider through the end of 2027.

我很高興地看到，B2B 實現了本季的營收和利潤目標。我們的企業業務表現強勁，校服業務也實現了成長。我們很高興在第二季與達美航空建立合作夥伴關係，直到 2027 年底成為其製服供應商。

We're excited to be working with Delta again as we finalize the details of our collaboration together. Our school uniform business saw strong new customer growth in the quarter with commitments in annualized new business of $13 million, driven from a focus on leveraging our strength as a sector leader to drive outreach across the country and supplemented by a competitor exiting the segment.

我們很高興能再次與達美航空合作，並共同敲定合作細節。我們的校服業務在本季度實現了強勁的新客戶成長，年度新業務承諾額為 1,300 萬美元，這得益於我們專注於利用我們作為行業領導者的優勢來推動全國範圍內的推廣，並且由於競爭對手退出該領域。

As previously noted, we have the most domestic embroidery capabilities of any retailer in the United States. We are continuing to win by leveraging the strength of our brand, our steadfast focus on quality, our market-leading embroidery and personalization capabilities and our great customer service.

如前所述，我們是美國國內刺繡能力最強的零售商。我們將憑藉品牌實力、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繼續取勝。

Looking at our B2C business. Domestically, we sharpened the customer proposition between landsend.com and our third-party marketplaces using a proprietary AI tool to maximize ranking through application of product titles and descriptions. This has created significant growth across our Amazon, Macy's and Nordstrom's marketplaces.

看看我們的 B2C 業務。在國內，我們使用專有的 AI 工具來加強 landsend.com 和我們的第三方市場之間的客戶主張，透過應用產品標題和描述來最大化排名。這為我們的亞馬遜、梅西百貨和諾德斯特龍百貨市場帶來了顯著的成長。

For example, on Amazon, we obsess on ranking by focusing our efforts on our top 25 items, product page optimization, Prime eligibility and in-stock availability. By leading with these top performers, we can create algorithm maximizing product titles and descriptions that drive search rankings, complemented with solutions-driven imagery.

例如，在亞馬遜上，我們專注於排名，將精力集中在前 25 個商品、產品頁面最佳化、Prime 資格和庫存情況上。透過與這些頂尖表演者合作，我們可以創建最大化產品標題和描述的演算法，以推動搜尋排名，並輔以解決方案驅動的圖像。

We can achieve better margins, maintain efficient inventory levels and turn faster. With new leadership, Europe began to show green shoots of progress to become the highly solutions-oriented, highly engaged, elevated brand that we know it is capable of being. During the quarter, we relaunched both the German and UK websites, taking a different marketing and assortment approach to each supported by specific and local influencer talent.

我們可以獲得更好的利潤，保持高效的庫存水準並加快週轉速度。在新領導階層的帶領下，歐洲開始展現出進步的綠芽，並逐漸成為一個高度以解決方案為導向、高度參與、高尚的品牌，我們知道歐洲有能力做到這一點。在本季度，我們重新推出了德國和英國網站，並針對每個網站採取了不同的行銷和分類方法，並得到了特定本地有影響力人才的支持。

That work continues into marketplaces where we launched on Next.com, our first true marketplace experience in Europe. This work to develop nuanced customer-focused touch points continues apace. In May, we relaunched a French catalog as a prelude to a full relaunch of a French language website next month. In June, we will begin selling on debenhams.com, again, creating a path to specific customer with a specific experience.

這項工作繼續延伸到我們在 Next.com 上推出的市場，這是我們在歐洲的第一個真正的市場體驗。開發以客戶為中心的細緻接觸點的工作正在持續進行中。五月，我們重新推出了法語目錄，作為下個月全面重新推出法語網站的前奏。六月，我們將開始在 debenhams.com 上銷售，再次為特定客戶創造一條具有特定體驗的道路。

I'll now turn it over to Bernie to discuss our first-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一季的表現。

Thank you, Andrew. For the first quarter, total revenue performance came in at $261 million, a decrease of 9% compared to last year. When excluding the impact of transitioning the kids and footwear inventory to licensees in the first quarter 2024, total revenue decreased by 4% year over year. GMV decreased low single digits for the first quarter of 2025, primarily driven by timing of orders. When excluding the impact of transitioning the kids and footwear inventory to licensees in the first quarter of 2024, GMV increased by low single digits year-over-year.

謝謝你，安德魯。第一季總營收為 2.61 億美元，較去年同期下降 9%。若不計入 2024 年第一季將兒童和鞋類庫存轉移給授權商的影響，總收入年減 4%。2025 年第一季度，GMV 下降了個位數，主要原因是訂單時間安排不當。若不計入 2024 年第一季將兒童和鞋類庫存轉移給授權商的影響，GMV 年成長僅為個位數。

We delivered adjusted EBITDA of $10 million in the first quarter, which came within our guidance. Gross profit decreased by 5% compared to last year. Gross margin was 51%, an approximately 210 basis point increase from the first quarter of 2024. The margin increase was driven by the impact of transitioning kids and footwear inventory to licensees in the first quarter of fiscal 2024. Our US e-commerce business saw approximately flat sales and gross profit compared to the first quarter of 2024 due to the continued strength in our outerwear product, offset by a slow start to seasonal swim assortment.

我們第一季的調整後 EBITDA 為 1000 萬美元，符合我們的預期。毛利較去年同期下降5%。毛利率為51%，較2024年第一季增加約210個基點。利潤率的成長是由於 2024 財年第一季將兒童和鞋類庫存轉移給授權商的影響。我們的美國電子商務業務的銷售額和毛利與 2024 年第一季相比基本持平，這得益於我們的外套產品持續強勁，但季節性泳裝系列起步緩慢。

Sales from Lands' End Outfitters increased 1% from the first quarter of 2024. Sales from the business uniform channel were slightly up year-over-year and sales from our school uniform channel were slightly down year-over-year, driven by timing of customer orders.

Lands' End Outfitters 的銷售額較 2024 年第一季成長了 1%。受客戶訂單時間的影響，商務制服通路的銷售額較去年同期略有上升，而校服通路的銷售額則較去年同期略有下降。

In our third-party marketplace business, gross profit dollars decreased by 11% compared to the first quarter of 2024 as revenue decreased by 9% year-over-year. While performance was consistently positive in most marketplaces, the combined third-party business was negatively impacted by challenges in one marketplace.

在我們的第三方市場業務中，毛利與 2024 年第一季相比下降了 11%，營收年減了 9%。儘管大多數市場的表現始終保持積極，但合併後的第三方業務卻因一個市場的挑戰而受到負面影響。

Overall, marketplaces saw marked improvement in April. Our European e-commerce business sales decreased 28% year-over-year as new leadership used the quarter to relaunch as a more premium brand, eliminating lower-value inventory and positioning for marketplace expansion.

整體而言，四月份市場表現明顯改善。我們的歐洲電子商務業務銷售額年減 28%，因為新領導層利用本季重新推出更高端的品牌，消除低價值庫存並定位於市場擴張。

Revenues from our licensing business increased by over 60% compared to the prior year. Licensing and our presence across our third-party marketplace partners continue to help the business diversify and reduce risk from any one individual partner. SG&A expenses decreased by $4 million year-over-year, driven by strong cost controls across the entire business.

我們的許可業務收入比上一年增長了60％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來自任何單一合作夥伴的風險。由於整個業務強而有力的成本控制，銷售、一般及行政費用較去年同期減少了 400 萬美元。

As a percentage of sales, SG&A was 47%, which was an increase of approximately 270 basis points compared to 2024, primarily driven by deleverage from lower revenues. For the first quarter, we had a net loss of $8.3 million or $0.27 per share. We had an adjusted net loss of $5.4 million or $0.18 per share, which were both within our guidance range.

銷售、一般及行政費用佔銷售額的百分比為 47%，與 2024 年相比增加了約 270 個基點，主要原因是收入下降導致的去槓桿化。第一季度，我們的淨虧損為 830 萬美元，即每股 0.27 美元。我們的調整後淨虧損為 540 萬美元或每股 0.18 美元，均在我們的指導範圍內。

Moving to our balance sheet. Inventories at the end of the first quarter were $262 million compared to $289 million a year ago. The 9% decrease in our inventory position resulted from our supply chain team's ongoing efforts to drive efficiencies and maintain resiliency and diversification with respect to our sourcing capabilities. In terms of our debt, at the end of the first quarter, our term loan balance was $244 million, and our ABL had $40 million of borrowings outstanding, which was flat to the first quarter last year.

前往我們的資產負債表。第一季末的庫存為 2.62 億美元，而去年同期為 2.89 億美元。我們的庫存水準下降了 9%，這是由於我們的供應鏈團隊不斷努力提高效率並保持採購能力的彈性和多樣化。就我們的債務而言，截至第一季末，我們的定期貸款餘額為 2.44 億美元，我們的 ABL 未償還借款為 4,000 萬美元，與去年第一季持平。

During the first quarter, we repurchased $3 million worth of shares under our $25 million share repurchase authorization announced in March of last year, bringing the balance of the remaining authorization to $11 million as of the end of the quarter. Now moving to guidance. For the full year, our guidance includes the impact of tariffs at 30% for China and approximately 10% for the rest of the world.

第一季度，我們根據去年 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 1,100 萬美元。現在轉向指導。對於全年而言，我們的預期包括關稅對中國的影響為 30%，對世界其他地區的影響為約 10%。

We are implementing mitigation measures to effectively manage the tariff headwinds at these levels. And accordingly, our annual guidance remains unchanged as we continue to 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. Adjusted net income of $15 million to $27 million and adjusted diluted earnings per share of $0.48 to $0.86. And our adjusted EBITDA to be in the range of $95 million to $107 million. Our guidance for the full year incorporates approximately $25 million in capital expenditures.

我們正在實施緩解措施，以有效管理這些水準的關稅阻力。因此，我們的年度指引保持不變，我們繼續預期淨收入將在 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。調整後淨利為1500萬美元至2700萬美元，調整後每股稀釋收益為0.48美元至0.86美元。調整後息稅折舊攤提前利潤（EBITDA）在9,500萬美元至1.07億美元之間。我們對全年的指導包括約 2500 萬美元的資本支出。

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

說完這些，我會把電話轉回給安德魯。

Thank you, Bernie. As always, I want to thank all of the Lands' End employees for their dedication to building the brand and upholding our customer-centric strategy. Our commitment to delivering exceptional quality service and care to our customers is what continues to set us apart and help sustain our momentum.

謝謝你，伯尼。像往常一樣，我要感謝所有 Lands' End 員工對打造品牌和堅持以客戶為中心的策略的奉獻。我們致力於為客戶提供卓越品質的服務和關懷，這使我們繼續脫穎而出並保持發展勢頭。

Finally, the process our Board of Directors initiated last quarter to explore strategic alternatives, including a sale, merger or a similar transaction involving the company to maximize shareholder value remains ongoing. We will not be commenting further on it at this time, and we will provide an update once appropriate.

最後，董事會上個季度啟動的探索策略替代方案的流程仍在進行中，包括出售、合併或涉及公司的類似交易，以最大化股東價值。我們目前不會對此發表進一步評論，我們將在適當的時候提供更新。

With that, we look forward to your questions.

我們期待您的提問。

(Operator Instructions) Dana Telsey, Telsey Group.

（操作員指示）Dana Telsey，Telsey Group。

Nice to see the progress. A couple of questions. Typically, you provide the upcoming quarter guidance. I didn't see anything, I think, in the release this time. Any color you can give us on the complexion of the year and the cadence of what you're looking for?

很高興看到進展。有幾個問題。通常，您會提供下一季的指導。我認為，這次發布中我沒有看到任何內容。您能告訴我們今年最受歡迎的顏色以及您追求的節奏嗎？

And within that, tariff impacts, holistically, how are you thinking about it both in terms of pricing and on inventory? And I have one follow-up.

那麼，從整體上看，關稅對定價和庫存的影響您是如何考慮的？我還有一個後續問題。

Good morning, Dana. As far as guidance goes, based on the near-term uncertainty with tariff rates, the company has provided annual guidance based on the current tariff rates, which we have talked about, which is a 10% baseline and the 30% for China, which comes to about an effective 12% rate for us in the back half. And that we've put a lot of work into a transformation process to build mitigation efforts against that -- against those raised tariffs and feel strongly that we have the right mitigations to get -- to offset those for the year.

早安，達娜。就指引而言，基於近期關稅稅率的不確定性，公司已根據當前關稅稅率提供了年度指引，我們已經討論過，即以 10% 為基準，中國為 30%，這意味著下半年我們的有效稅率約為 12%。我們在轉型過程中投入了大量精力來製定緩解措施以應對提高的關稅，並強烈認為我們擁有正確的緩解措施來抵消今年的關稅上漲。

Dana, just a bit of color on the -- on your tariff impacts question. I mean, you know me, you know the company. It's like we're not going to sit around and wait for a solve later in the year. We rolled up our sleeves actually towards the end of Q4 and started shifting heavily into Western Hemisphere. So we were taking big programs, not the small programs.

達娜，我想稍微解釋一下關於關稅影響的問題。我的意思是，你了解我，你了解這家公司。就好像我們不會坐等今年晚些時候的解決方案一樣。實際上，我們在第四季末就開始大舉進軍西半球。所以我們開展的是大型項目，而不是小型項目。

We took Supima, which is one of our biggest programs. In fact, it is our biggest program, and we moved that to Western Hemisphere, actually in process of co-sourcing that in Eastern Hemisphere as well so that we've got a lot of pacing to go after it, to move with it and to be able to react to it. And so we're taking the pain of all those ships way upfront.

我們採用了 Supima，這是我們最大的項目之一。事實上，這是我們最大的項目，我們將其轉移到西半球，實際上也在與東半球共同採購，以便我們有足夠的時間來跟進它，隨之行動，並能夠對它做出反應。因此，我們預先承擔了所有這些船隻的痛苦。

Got it. And then congratulations on the new Delta agreement. That's very encouraging. How is it different than the last agreement that you have or had, or is it? And then on the marketplaces business, what are you seeing there? And it was encouraging to hear about Europe. What are your thoughts on the goals for Europe?

知道了。最後，祝賀達美航空達成新協議。這非常令人鼓舞。它與您上次達成的協議有何不同？那麼在市場業務方面，您看到了什麼？聽到有關歐洲的消息令人鼓舞。您對歐洲的目標有何看法？

Fair enough. Do you want to take Delta?

很公平。您想搭乘達美航空嗎？

Sure. The Delta arrangement is a 2.5-year completion of a contract they signed with another vendor that we will complete that, and we're in discussions on what the future of that will be beyond that.

當然。達美航空的協議是他們與另一家供應商簽署的一份為期 2.5 年的合約的完成協議，我們將完成該協議，我們正在討論此後的未來發展。

Yes. In terms of marketplaces, we feel really good about the marketplaces. Nordstrom continues to be the fastest growth marketplace for us. And actually, it's really driven off the back of a very high AOV. It's the highest AOVs we've ever recorded as we just see a very premium customer come to the brand.

是的。就市場而言，我們對市場感覺非常好。諾德斯特龍繼續成為我們成長最快的市場。事實上，它確實受到非常高的 AOV 的影響。這是我們記錄到的最高 AOV，因為我們看到非常高端的客戶選擇該品牌。

So we're excited about that. Amazon has continued to grow for us along with Macy's. And we saw progress on Target as well that we were happy with. I believe your question probably has some Kohl's embedded in it, and I do want to address that. We did have a tough quarter with Kohl's, but I actually feel very optimistic about it and the trends that we're seeing out of the business.

所以我們對此感到很興奮。亞馬遜和梅西百貨一起為我們持續成長。我們也看到了 Target 的進展，對此我們感到滿意。我相信您的問題可能與 Kohl's 有關，我確實想解決這個問題。我們與科爾士百貨公司度過了一個艱難的季度，但我實際上對它以及我們所看到的業務趨勢感到非常樂觀。

We had a reset with Kohl's and feel good about the direction we're seeing there and the selling we're getting, which is driven by actually also an increase in AOV. So in terms of marketplaces in general, we feel very positive. Europe, I couldn't be more excited about. I actually think the opportunity for Lands' End internationally is amazing.

我們與 Kohl's 進行了重新談判，對我們在那裡看到的方向和我們所獲得的銷售感到滿意，這實際上也是由 AOV 的成長所推動的。因此，就整個市場而言，我們感覺非常樂觀。我對歐洲感到無比興奮。我確實認為 Lands' End 在國際上的機會是驚人的。

We just used the opportunity of the challenges we had late last year to really lean in and say, we want to create a halo for the US brand. It's like we should be continually evolving this brand upwards, and it's like Europe is a great place to pick up on that cache. And we started to do a lot of work around customer segmentation as much as anything. And we found that we can reach a customer from Debenhams to Next to the UK to Germany.

我們只是利用了去年年底面臨的挑戰的機會，真正地傾身投入其中，並說我們想為美國品牌創造光環。就好像我們應該不斷向上發展這個品牌，而歐洲是一個拾起這個寶藏的好地方。我們開始圍繞客戶細分做大量工作。我們發現我們可以聯繫到從 Debenhams 到 Next 再到英國和德國的客戶。

But also we're looking at how we're really going to lean into France now. We see that as a very fashion-forward market. We've always had sales to France, but we see that as a significant opportunity for us. And we see more market expansion coming off the back of that. So we're actually way more bullish on it than we necessarily were even three months ago.

但我們現在也在研究如何真正依靠法國。我們認為這是一個非常時尚的市場。我們一直有對法國的銷售，但我們認為這對我們來說是一個重要的機會。我們看到，市場將進一步擴張。因此，我們實際上比三個月前更看好它。

Marni Shapiro, [Retail Tracker].

瑪尼·夏皮羅，[零售追蹤器]。

Congratulations on the improvements. Could you talk a little bit about -- obviously, swim was a highlight in the quarter. I'm curious about some of your other segments, key segments like towels and things like that, that you guys have focused on. And could you also just talk a little bit about the changes happening here? The site has been outstanding, really much more modern, your storytelling, it feels more youthful.

祝賀您取得進步。您能否稍微談談——顯然，游泳是本季的一大亮點。我對你們關注的其他一些領域，例如毛巾等關鍵領域感到好奇。您能否稍微談談這裡發生的變化？這個網站非常出色，確實更加現代化，你的故事敘述方式讓人感覺更年輕。

I guess, could you talk about what's happening behind the scenes? Even your fashion is really on trend, but not trendy. And could you kind of roll out what we could expect to see, especially with some big seasons coming up ahead with back-to-school and then winter with your outerwear business?

我想，您能談談幕後發生的事情嗎？即使你的時尚確實很流行，但並不流行。您能否透露我們可以期待看到什麼，特別是即將迎來開學季和冬季外套業務的重要季節？

Right now, Marni. Marni, you can just keep asking questions forever. It's great. I think that we wanted to be curious with us. We're the number one online brand for women over 40.

現在，瑪尼。Marni，你可以一直問問題。這很棒。我認為我們希望大家對我們保持好奇心。我們是 40 歲以上女性的頭號線上品牌。

And we felt we had the right actually and the opportunity to move the market. And I think we built a team from design to merchandising to tech design to sourcing that could really start to react to that. And we gave them the opportunity to be curious with the franchises.

我們覺得我們實際上有權利和機會來推動市場。我認為我們建立了一個從設計到行銷到技術設計到採購的團隊，可以真正開始對此做出反應。我們讓他們有機會對特許經營權產生好奇。

So you take Tugless and Tugless, I think everybody who knows Tugless thinks about it as it's -- it does exactly what it says on the tin, but it always comes in black and it always comes in the same silo. And we just felt that there was such an opportunity to reach a wider consumer.

所以你選擇 Tugless 和 Tugless，我想每個了解 Tugless 的人都會認為它——它的功能與它的名字完全一致，但它總是黑色的，而且總是在同一個筒倉裡。我們只是覺得這是一個接觸更廣大消費者的機會。

And we just started to get curious about what we were seeing around the world and leveraging the comments that I was just making to Dana about Europe, we see so much trend coming out of places like France. And it's like there's no reason that, one, we shouldn't be servicing that, but there's another, which is that we should be starting to channel that.

我們開始對世界各地所見所聞感到好奇，並利用我剛剛對達娜關於歐洲的評論，我們看到很多趨勢來自法國等地。似乎沒有理由，首先，我們不應該為此提供服務，但還有另一個理由，那就是我們應該開始引導這一點。

And so as we looked at turning Tugless into swim dresses, it's like taking the back out of Tugless, making it into a two-piece and actually hitting some of the real trends about having a romper Tugless. It's been really powerful. And what we see is you heard the numbers about how our customer is responding.

因此，當我們考慮將 Tugless 改造成泳衣時，就像是將 Tugless 的背部取出，將其變成兩件套，實際上迎合了連身衣 Tugless 的一些真正潮流。它確實非常強大。我們看到的是您聽到了有關我們的客戶如何回應的數據。

It's really our existing customer responds to the existing product, but we have a whole new customer responding to the new product. And we are really excited about the dynamics of the customer we're seeing coming into the brand. It's like they're less age oriented and they're more oriented towards the fit and style and aesthetic of Lands' End. And that's a handwriting that we're trying to develop across the business.

確實是我們現有的客戶對現有產品有反應，但是我們有一個全新的客戶對新產品有反應。我們對看到顧客對該品牌的熱情感到非常興奮。就好像他們不太注重年齡，而更注重 Lands' End 的合身度、風格和美感。這正是我們試圖在整個企業中大力推廣的。

And I've got Kym and Matt and team that's on the creative side of the business, really leaning in and challenging us every day to think about a different customer, a different consumer and how we're going to consistently reach them.

我還有 Kym 和 Matt 以及負責商業創意的團隊，他們每天都在向我們提出挑戰，讓我們思考不同的客戶、不同的消費者，並思考我們如何持續地接觸他們。

And so we're not going to compromise on that. We see an opportunity to remake the brand. Towels, I'm going to talk about towels and totes. You can put a towel in the totes. And I think what we've done is we've taken the tote and we've opened it up, too.

因此我們不會在這方面妥協。我們看到了重塑品牌的機會。毛巾，我要談談毛巾和手提袋。您可以在手提袋中放入一條毛巾。我認為我們所做的就是拿起手提包並將其打開。

I mean we have Gen A, let alone Gen Z coming in and grabbing at the totes. It's our #1 acquisition vehicle for new customers. You saw the work that we did with the collabs over Memorial Day. We're selling back to that because the tote opens you up to sell the swim, to sell the tote, to sell the swim dress. And I think that's been incredibly powerful for us.

我的意思是，我們有 A 世代，更不用說 Z 世代進來搶奪手提包了。這是我們獲取新客戶的首要工具。您看到了我們在陣亡將士紀念日期間與合作夥伴共同完成的作品。我們之所以回頭賣這個，是因為這個手提袋可以讓你賣泳衣、賣手提袋、賣泳衣。我認為這對我們來說非常有幫助。

The site -- thank you for the site. We've done a lot with the site. We think we can do more with the site. And what we're trying to do is open up the various channels to find different shoppers. So I talked about being on Next.com or I talked about being on Nordstrom.com.

網站—感謝您的網站。我們對該網站做了很多工作。我們認為我們可以利用該網站做更多的事情。我們正在嘗試開闢各種管道來尋找不同的購物者。所以我談到了在 Next.com 或 Nordstrom.com 上的事情。

And I think that we find different customers there. I would point you to some of the work we're doing in Europe. You should take a look at landsend.co.uk and the.de site as well to get some perspective of how we're not even so much regionalizing, but personalizing to those markets is becoming key to us because I've always believed it's about the individual customer and the experience they're having and the more we can personalize that, the better.

我認為我們在那裡找到了不同的客戶。我想向你介紹一下我們在歐洲進行的一些工作。您也應該看看 landsend.co.uk 和 the.de 網站，這樣就能了解為什麼我們不僅在進行區域化，而且針對這些市場進行個性化服務也正變得越來越重要，因為我一直認為，一切都關乎個人客戶及其體驗，我們越能個性化，效果就越好。

Fashion and trend that's coming up, we dropped our June catalog next week. I'm really curious to see what you think about it, and I'd love to talk to you about it. I'm going to leave it at that.

即將到來的時尚和潮流，我們將於下週發布六月目錄。我真的很好奇你對此有何看法，我很樂意與你討論此事。我就不多說了。

By the way, I just popped on to the UK site, and it's so different -- it feels like a European site, not an American site, which is a good thing. Can I just ask you one quick follow-up. You're getting a lot of new people in on totes. Are you able to transition them into other products? And I guess, where do they move from totes? Like where is the next place do they go to towels or is it swim or is it dresses? I'm curious like what the transition -- what the path looks like for that customer.

順便說一句，我剛剛訪問了英國網站，它非常不同——感覺像是一個歐洲網站，而不是美國網站，這是一件好事。我可以問您一個簡短的後續問題嗎？你正在吸引很多新人加入。您能將它們轉換為其他產品嗎？我猜，他們從手提袋裡搬到哪裡去了？例如，他們接下來要去哪裡買毛巾、泳衣還是裙子？我很好奇這個轉變──對那位客戶來說，路徑是什麼樣的。

The big -- yes, it's a great question. We talked about this a lot. The big pivot point it covers swim and dresses. So they go to swim dresses. So if you look at our swim dresses, a lot of women pick up our swim dresses and they wear the most regular dresses.

最大的問題是——是的，這是一個很好的問題。我們對此討論了很多。它最大的支點是涵蓋游泳和服裝。所以他們就穿上泳衣了。所以如果你看看我們的泳衣，你會發現很多女性選擇我們的泳衣，而且她們穿的是最常規的泳衣。

That whole trend that's out there right now of beach to bar, pool to dinner is really calling for having the ability to not have to go to your room and change. And what we are seeing is a real growth in that swim dress trend. And actually, swim dresses outperformed regular dresses. Now I don't want to do regular dresses as a service, they continue to be strong, and we've seen some really strong trends in there. But where the customer goes, where we're seeing a lot of action is on that swim dress.

現在流行的從海灘到酒吧、從泳池到晚餐的潮流，實際上就是要求人們能夠不用回到房間換衣服。我們看到的是泳裝潮流的真正成長。事實上，泳衣比普通衣服賣得更好。現在我不想把普通的服裝當作一種服務，它們仍然很強大，我們已經看到了一些非常強勁的趨勢。但我們看到，顧客們最熱衷的就是購買泳衣。

And it's so of a moment, and I think it's a franchise we can further build on going into particularly next year.

這是一個非常重要的時刻，我認為我們可以進一步發展這個系列，特別是明年。

Eric Beder, SCC Research.

Eric Beder，SCC 研究部。

I want to talk a little bit about licensing here. Part of the kind of doing the apples-to-apples piece is that you licensing (inaudible) this year are somewhat of a replacement for categories you already have. Are we now entering the part where licensing where we're seeing incremental categories that will start to add to the total revenue because they're not really replacing something that's already out there. And I guess I'd love to get an update on how you are happy on how you feel about the footwear and the kids licenses in terms of helping drive business both online and with your partners?

我想在這裡談論一下許可問題。進行同類比較的部分原因是，您今年的許可（聽不清楚）在某種程度上是您已有類別的替代。我們現在是否正在進入許可階段，我們看到增量類別將開始增加總收入，因為它們實際上並沒有取代已經存在的東西。我想我很想了解您對鞋類和兒童許可證的滿意度，以及它們對推動線上業務和與合作夥伴的業務有何幫助？

Eric, good to have you on. I'll start with just the strategy side of it, and I'll let Andrew move to the feelings about the current categories. You are correct in that, as you noticed that we added a few new licenses in our announcement today that were repeats from Q4 that we have signed. And those are white space. So those will be purely incremental and start to build the brand and get us to additional channels that we're very excited about.

艾瑞克，很高興你能來。我將從戰略方面開始，然後讓安德魯談談對當前類別的感受。您說得對，正如您所注意到的，我們在今天的公告中添加了一些新許可證，這些許可證與我們簽署的第四季度許可證相同。那些是空白。因此，這些將是純粹的增量，並開始建立品牌並讓我們進入令我們非常興奮的額外管道。

And as you'll realize that licensing just started in Q1 last year. So each quarter, we'll be building the historical license that we signed and they'll continue to grow quarter-to-quarter. Andrew, do you want to talk about footwear and I mean in the...

您會發現，許可證制度於去年第一季才剛開始。因此，每個季度，我們都會建立我們簽署的歷史許可證，並且它們將繼續逐季度成長。安德魯，你想談談鞋類嗎？我的意思是......

I mean the other color in there, Eric, is the reach that we get by being in other channels, being in the clubs and being in wholesale is absolutely huge for us. And I don't want to diminish the opportunity there of how far we can go.

艾瑞克，我的意思是，透過其他管道、俱樂部和批發業務，我們獲得的覆蓋範圍對我們來說絕對是巨大的。我不想減少我們能夠走多遠的機會。

And I think the adjunct to that coming out of the conversation we just had about Europe is that this opens us up globally as well to significant opportunity to push the brand into new markets. So on top of everything Bernie said, I just want to make sure that, that's not getting lost in the midst of it. Specific to kids and shoes, kids came out of the gate strong.

我認為，我們剛才關於歐洲的談話也為我們在全球範圍內打開了重大機遇，將品牌推向了新的市場。因此，除了伯尼所說的一切之外，我只想確保這一點不會被忽視。具體到兒童和鞋子，兒童鞋表現強勁。

We've been really happy with the transition we made. And kids was an emotional one for Lands' End because it's always been in the kids business. And inside a vertical retailer, that's something that almost every one of my employees wanted to hang on to. And I felt that we needed to concentrate on our best at because we're not a $10 billion company, not yet, give us a couple of years. So it was who do you lean in and work with.

我們對於所做出的轉變感到非常高興。對於 Lands' End 來說，孩子是一個令人感動的話題，因為它一直從事兒童業務。在垂直零售商內部，幾乎我的每位員工都希望保留這一點。我覺得我們需要集中精力做好我們最擅長的事情，因為我們還不是一家價值 100 億美元的公司，再過幾年就不行了。那麼問題來了，你該依靠誰、跟誰一起工作呢？

And so we found the best -- what we believe to be the best partner out there. And they've done a great job. We see tremendous sales on our own website from kids, and it's not just discounted sales or it's not just add-on sales. It's customers coming and buying at or near full price, and they're specifically buying for kids.

因此，我們找到了最好的——我們認為是最好的合作夥伴。他們做得非常出色。我們在自己的網站上看到了來自兒童的大量銷售，而且這不僅僅是折扣銷售，也不僅僅是附加銷售。顧客來這裡以全價或接近全價購買商品，而且他們專門為孩子們購買。

And what a great adjunct that is for our school uniform business, which we're seeing a lot of growth from as well where we like to put the two side by side, and it's like you've got like good symbiosis, I want to put a plug in for backpack date, which is coming up.

這對我們的校服業務來說是一個很好的補充，我們也看到了很大的增長，我們喜歡將兩者並存，就像你們有了一種良好的共生關係，我想為即將到來的背包約會插上電源。

That's going to be huge for us. And again, it's something we work with our partner on. And their ability to actually increase the penetration of Lands' End Kids out into the other channels and into a wider population. Again, I just can't diminish that. That is extremely powerful for us.

這對我們來說意義重大。再次強調，這是我們與合作夥伴共同努力的事。他們實際上有能力提高 Lands' End Kids 在其他管道和更廣泛人群中的滲透率。再說一次，我實在無法否認這一點。這對我們來說非常有力。

Shoes is going to be slower. The newness works really well for us. I think we were slow because we tried to reinvent -- sorry, we tried to go with what the original shoes were. I was going to say silhouettes, but that doesn't work for shoes. We really took the original assortment and we kept that.

鞋子會比較慢。新鮮事物對我們來說確實很有幫助。我認為我們進展緩慢是因為我們試圖重新發明——抱歉，我們試圖沿用原來的鞋子。我本來想說輪廓，但這不適用於鞋子。我們確實採用了原有的品種並保留了下來。

We've turned that on its head now. We've started to go to much more newness, and we've been more aggressive about that. And so we're seeing a lot -- we're seeing that work a lot and it works back to swim. I'll pick up on Marni's question, which is, again, we'll see her wear the slide. She's going to wear the whole uniform from the beach, the whole uniform from the pool to go to dinner.

現在我們已經徹底改變了這一點。我們已經開始嘗試更多新事物，並且我們對此更加積極主動。所以我們看到了很多——我們看到了很多這樣的工作，而且它對游泳也有作用。我會繼續回答 Marni 的問題，也就是，我們會看到她穿著拖鞋。她將穿著在海灘穿的全套制服、在游泳池穿的全套制服去吃晚餐。

And I think that gives us a lot of hope. And we're seeing actually the clubs start to get interested in choosing that as well. And I like that because that puts us in front of hundreds of millions of people.

我認為這給了我們很大的希望。事實上我們看到俱樂部也開始對此產生興趣。我喜歡這一點，因為這讓我們面向數億人。

Yes. We've been seeing that in the catalogs with the shoes becoming much more wider in terms of styles and trends here going forward. In terms of B2B, you have the Delta contract coming up. Could you remind us historically how these kind of contracts launch? I remember correctly, there's a big bump initially, and then they have a nice flow afterwards.

是的。我們在產品目錄中看到，鞋子的款式和趨勢將變得更加多樣化。在 B2B 方面，您即將簽訂 Delta 合約。您能否回顧一下這類合約是如何推出的？我記得沒錯的話，一開始會有一個很大的顛簸，然後就會有一個平穩的流動。

And what should we be thinking about -- in terms of back-to-school, I know that the competitor disappeared. When did you think that's going to be fully manifested and we're going to see that in terms of the flow here this year also?

我們該考慮什麼呢——就返校而言，我知道競爭對手已經消失了。您認為什麼時候這種情況才會完全反映出來？我們今年是否也會從這裡的流量中看到這種情況？

Yes, Eric, as far as Delta goes, it isn't necessarily the beginning or end of a contract that there's large flows. It's when they decide to launch a new product line. Our current agreement with Delta does not have a near-term new launch of product. They're working on that themselves. So this will be just the normal run rate that we experienced with them historically.

是的，艾瑞克，就達美航空而言，大額流量並不一定是合約的開始或結束。這是他們決定推出新的產品線的時候。我們與達美航空目前的協議並未涉及近期推出新產品。他們自己也在致力於此事。因此，這只是我們歷史上經歷過的正常運作率。

Okay. In terms of back-to-school --

好的。關於返校——

School uniforms, we're excited about the volume that we added. Andrew noted in his comments that there's $13 million of new customer schools that we have added over the last 6 months as one of our competitors exited the industry. So we are -- back-to-school tends to start in June for us and then play out through September. So we're excited for the effects on Q2 of that new added business.

校服，我們對增加的數量感到非常興奮。安德魯在評論中指出，由於我們的一個競爭對手退出了該行業，我們在過去 6 個月中增加了價值 1300 萬美元的新客戶學校。所以我們的開學季通常在六月開始，然後持續到九月。因此，我們對新業務對第二季的影響感到非常興奮。

One of the things that we like about this year, it's just worth noting because I know it's a lot of implications for all back-to-schools is we're seeing back-to-school line up very closely with 2024's back-to-school. So it should be relatively comp is the way we're viewing it.

我們喜歡今年的事情之一，值得注意，因為我知道這對所有返校活動都有很多影響，因為我們看到返校與 2024 年的返校非常接近。因此從我們的角度來看，它應該是相對比較的。

And last question. You mentioned in your release about swim. Do you look -- and I agree that the product has materially improved, do you believe that's just because of some ways and timing of the weather in some of the pieces? I know it's been colder year-over-year in certain areas. How should we think about that?

最後一個問題。您在新聞稿中提到了游泳。您是否看過——我同意產品已經有了實質性的改進，您是否認為這僅僅是因為某些部件的某些方式和天氣時機？我知道某些地區的氣溫比去年同期更冷。我們該如何看待這個問題？

No, Eric. We improved it ourselves. I keep telling you this. It's like we make great product, and it's connecting with the customer. So that continues to be big for us.

不，艾瑞克。我們自己改進了它。我一直告訴你這一點。這就像我們製造出優質的產品並與客戶建立聯繫。所以這對我們來說仍然很重要。

No, I'm being slightly facetious. It definitely was a chilled start. It was cold and wet, and it was interesting that for the first month of the quarter, we're actually outselling swim with outerwear, which has never happened to us before. So we saw that business pick up and get on its trend. I think we'll continue to see it get on its trend.

不，我只是有點開玩笑而已。這確實是一個令人放鬆的開始。天氣又冷又潮濕，有趣的是，在本季度的第一個月，我們的泳衣和外套的銷量實際上超過了前者，這在我們以前從未發生過。因此，我們看到業務回升併步入正軌。我認為我們將繼續看到它的趨勢。

And our view is that with the product that we've got and the reach that it's getting, that there is opportunity for us. But I do want to put in a plug for the Lands' End teams who've really worked hard to put this collection together. I think it's a splendid collection.

我們認為，憑藉我們現有的產品及其影響力，我們有機會。但我確實想為 Lands' End 團隊做些宣傳，他們確實為製作這個系列付出了巨大的努力。我認為這是一個精彩的收藏。

Steve Silver, Argus Research.

史蒂夫·西爾弗（Steve Silver），阿格斯研究公司（Argus Research）

My first question is really about the Outfitters business in general, particularly on the enterprise side. Just curious as to whether there's been any implied hesitancy across the pipeline for Outfitters given all the macroeconomic noise that we're dealing with every day. I'm just curious as to whether it's really business as usual in terms of enterprise prospects moving forward with these kind of discussions or if any companies that you're talking to are getting a little bit more like a wait-and-see mode given everything that's going on in the macro environment?

我的第一個問題實際上是關於 Outfitters 的整體業務，特別是企業方面的業務。我只是好奇，考慮到我們每天都要面對的所有宏觀經濟噪音，Outfitters 在整個管道中是否存在任何隱含的猶豫。我只是好奇，就企業前景而言，進行此類討論是否真的一切如常，或者，考慮到宏觀環境中發生的一切，您正在交談的一些公司是否更像是處於觀望狀態？

The answer is a little surprisingly, no. So we went through the cycles with everyone else, yourself included, which was, oh, there's going to be a bump because everyone is going to pull forward to get ahead of tariffs. And then there's going to be a dip because everyone's got ahead of tariffs, and then there's going to be a slowdown. And we saw none of that. We saw very consistent business.

答案有點令人驚訝：不是。因此，我們和其他人（包括你自己）一起經歷了這個週期，那就是，哦，將會有一個障礙，因為每個人都會向前邁進以應對關稅。然後就會出現下滑，因為每個人都搶在了關稅之前，然後就會放緩。但我們什麼也沒看到。我們看到業務非常穩定。

And I think that -- I think that's a testament to how our teams engage with the market. I think it's also a testament to strengthen the enterprise businesses out there that we're continuing to see that consistency from them. So right now today, I feel pretty good about that business, and it's showing consistent strength that again, like you, I probably wasn't necessarily expecting was going to come through.

我認為這證明了我們的團隊如何與市場互動。我認為這也證明了企業業務的加強，我們繼續看到他們的一致性。所以今天現在，我對這項業務感覺很好，它表現出持續的實力，就像你一樣，我可能不一定會期望它能夠實現。

Great. And one more, if I may. You mentioned in your prepared remarks about increasing the customer file through SMS subscriptions and the like. Curious as to how that maybe compares just in context to previous campaigns where the customer file was expanded and just in terms of maybe how many of those new subscribers showed stickiness and not unsubscribing once they've taken advantage of the product that brought them into the system in the first -- just trying to get some context in terms of the stickiness of some of these new customer adds.

偉大的。如果可以的話，我還要再說一句。您在準備好的發言中提到透過簡訊訂閱等方式增加客戶檔案。我很好奇，這與之前擴大客戶檔案的活動相比如何，有多少新訂戶表現出粘性，並且在利用了最初將他們帶入系統的產品後沒有取消訂閱——只是想了解一下這些新客戶增加的粘性方面的一些背景信息。

Yes. The number we called out -- that's a great question, actually. The number we called out that I think you would key on in the script is that one-time to two-time customer because that's exactly, I think, where you're going and that answers that question. You can -- paid search, the very sort of traditional method will get you that one-time customer. But where you really get them in is making them two-time customer, and we saw significant growth in that.

是的。我們呼叫的數字——實際上，這是一個很好的問題。我認為您會在腳本中重點關注我們提到的數字，即一次性或兩次的客戶，因為我認為這正是您要去的地方，並且回答了這個問題。你可以——付費搜索，這種傳統的方法可以為你帶來一次性客戶。但真正吸引他們的地方是讓他們成為二次客戶，我們看到了這方面的顯著成長。

And I think that's a testament to how we've chosen to market and the brand that we're choosing to market, which is we're not trying to sell so much on discounting. We're trying to stand behind the quality of our product, the fashion of our product and the experience that you have coming to Lands' End.

我認為這證明了我們選擇的行銷方式以及我們選擇行銷的品牌，即我們並不想透過折扣來銷售太多產品。我們盡力保證我們產品的品質、產品的時尚性以及您來到 Lands' End 的體驗。

And we were really excited to see the one-time customer become a two-time customer at the rate they did and help build our LTV relative to the cost of acquisition. I think there's a sort of subpart to this question, which is worth covering, which is we're doing less paid search than we were, and we're doing more in channels where I think we can have a fuller expression of the brand. So for example, in social, we do a lot on Insta now.

我們非常高興地看到一次性客戶以這樣的速度成為二次客戶，並幫助我們建立相對於收購成本的 LTV。我認為這個問題有一個值得討論的子部分，那就是我們進行的付費搜尋比以前少了，我們在其他管道做的更多，我認為我們可以在這些管道上更充分地展現品牌。例如，在社交方面，我們現在在 Insta 上做了很多事情。

It's not out of the question that we will ourselves be on TikTok. We are certainly on TikTok through our influencers. And I think it's about reaching customers more individually or through cohorts that they follow. I mean I think the whole Parke collab that we do, and we continue to collab with Parke has been really powerful for us in reaching a whole new customer. So I hope that answers your question.

我們自己出現在 TikTok 上並非不可能。我們當然是透過我們的有影響力的人進入 TikTok 的。我認為這是為了更個人化地接觸客戶或透過他們關注的群體來接觸客戶。我的意思是，我認為我們與 Parke 的整個合作以及我們繼續與 Parke 的合作對於我們接觸全新的客戶非常有幫助。我希望這能回答你的問題。

I think the other thing I'd throw in there actually is we're starting to look more and more about using AI agents to market to customers. So we see a lot of search now, whether you're on Safari or whether you're in Google, you're getting an answer offered to you from an AI agent. So more of our marketing is starting to go against that. And while it's a very small base, it has tremendous growth associated with that. And we see that as the sky is the limit as we use and deploy more AI-based tools in the business.

我認為我要補充的另一件事是，我們開始越來越多地考慮使用人工智慧代理來向客戶行銷。因此，我們現在看到很多搜索，無論您是在 Safari 上還是在 Google 上，您都會得到來自 AI 代理的答案。因此，我們的行銷活動開始更朝著相反的方向發展。儘管基數很小，但卻具有巨大的成長潛力。我們看到，隨著我們在業務中使用和部署更多基於人工智慧的工具，前景無限。

And this does conclude our question-and-answer session as well as the Lands' End first-quarter 2025 earnings call. You may now disconnect your lines, and everyone, have a great day.

我們的問答環節以及 Lands' End 2025 年第一季財報電話會議到此結束。現在您可以斷開您的線路了，祝大家有個愉快的一天。