Lands' End Inc (LE) 2025 Q3 法說會逐字稿

Please stand by. Your meeting is about to begin. Hello and welcome everyone joining today's Land's End third quarter 2025 earnings call. (Operator Instructions) Please note this call is being recorded.

請稍候。會議即將開始。大家好，歡迎各位參加今天的 Land's End 2025 年第三季財報電話會議。（操作員指示）請注意，本次通話正在錄音。

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

現在我很高興將會議交給湯姆·阿爾特霍爾茨主持。請繼續。

Good morning and thank you for joining us this morning for a discussion of our third quarter 2025 results, which we released this morning and can be found on our website, landsend.com. I'm Tom Altholz, Land's 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.

早安，感謝各位今天上午收看我們關於2025年第三季業績的討論會。這份業績報告已於今天上午發布，您可以在我們的網站landsend.com上查看。我是Land's End財務規劃與分析高級總監Tom Altholz，今天很高興與我們的執行長Andrew McLean和財務長Bernie McCracken一起與大家見面。

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 risk and uncertainties. The company's actual results could differ materially from those discussed on this call.

在發言結束後，我們將進行問答環節。另請注意，我們即將討論的資訊包含前瞻性陳述。此類聲明涉及風險和不確定性。本公司的實際業績可能與本次電話會議中討論的業績有重大差異。

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. 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.

造成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提交的文件中所列明和包含的項目，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。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日的展望，我們不承擔更新我們所作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，我們將提及非GAAP指標。這些非GAAP指標並非依照公認會計原則編製。有關非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表，請參閱我們今天早些時候發布的盈利報告，該報告的副本已發佈在我們網站 landsend.com 的投資者關係部分。

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

接下來，我會把電話交給安德魯。

Thank you, Tom. Good morning and thank you for joining us. At its core, our third quarter performance was a strong demonstration of our strategy and its ability to drive value for all stakeholders. We generated compelling results, including gross margin expansion, stronger customer engagement, and enhanced brand awareness. And critically, we built on and sustained the positive momentum that began during the second quarter.

謝謝你，湯姆。早安，感謝各位的參與。從本質上講，我們第三季的業績有力地證明了我們的策略及其為所有利害關係人創造價值的能力。我們取得了顯著的成果，包括毛利率成長、客戶參與度提高和品牌知名度提升。至關重要的是，我們延續並保持了第二季度開始的積極勢頭。

As a customer obsessed, solutions-oriented, forward-looking business, we are connecting with customers where and how they want to shop, delivering high-quality solutions that fit their lives. And we're doing all this in an asset-like, agile way that provides the opportunity for us to continue focusing on driving growth and value creation.

作為一家以客戶為中心、以解決方案為導向、前瞻性的企業，我們正在以客戶希望的方式和地點與他們建立聯繫，提供適合他們生活的高品質解決方案。我們正在以資產管理般的敏捷方式進行所有這些工作，這使我們能夠繼續專注於推動成長和創造價值。

For example, a return to EPS profitability and 28% growth in our adjusted EBITDA coupled with record gross margin and adjusted EBITDA rates since our spin-off, point to a brand delivering on its potential. In addition, growth in our GMV was supplemented by low single-digit gains in our North American businesses with flat revenues overall. Underpinning these wins is an unwavering belief in the customer.

例如，自分拆以來，每股收益恢復盈利，調整後 EBITDA 增長 28%，毛利率和調整後 EBITDA 率均創歷史新高，這表明該品牌正在發揮其潛力。此外，儘管我們的GMV有所成長，但北美業務僅實現了個位數低成長，整體收入卻持平。這些成功背後的根本在於對客戶始終如一的信念。

Over the last three years, we have intentionally taken steps to expand our traditional base to include new and evolved products, playing to our strengths with core products or developing new and exciting solutions to reach a broader audience.

過去三年，我們有意採取措施擴大傳統客戶群，納入新的和改進的產品，發揮核心產品的優勢，或開發新的、令人興奮的解決方案，以吸引更廣泛的受眾。

Our brand is more relevant than ever. Our marketing has expanded from functional to fun. Our product speaks directly to how the customer wants to feel, and our ambitions have found us increasingly meeting the customer where they are.

我們的品牌比以往任何時候都更具相關性。我們的行銷方式已經從功能性擴展到了趣味性。我們的產品直接滿足客戶想要感受到的情緒，而我們的雄心壯志也促使我們越來越努力地在客戶需要的地方滿足他們的需求。

Starting with our B2B businesses. One of the most exciting developments in our outfitters business was securing a long-term partnership with Delta Airlines, which Delta announced in November. Delta selected Lands' End as the exclusive design and manufacturing partner for its next generation of uniforms, outfitting more than 60,000 employees worldwide, including airport customer service agents, onboard flight attendants, and ground operations.

首先從我們的B2B業務說起。我們服裝供應商業務中最令人興奮的進展之一是與達美航空達成了長期合作關係，達美航空在 11 月宣布了這一消息。達美航空選擇 Lands' End 作為其下一代製服的獨家設計和製造合作夥伴，為全球超過 60,000 名員工提供製服，其中包括機場客戶服務代理、機上乘務員和地面運營人員。

Our school uniform business delivered on the promise we've discussed all year, up over 20% with a broad base of growth from both new and existing schools during the all-important back to school season. Turning to B2C, our licensing and third-party marketplace businesses remain major growth drivers. Third-party sales rose 34% year-over-year, led by Amazon and Macy's, both up approximately 40%.

我們的校服業務實現了我們全年都在討論的承諾，在至關重要的返校季期間，新舊學校都實現了廣泛的增長，增長幅度超過 20%。轉向 B2C 領域，我們的授權和第三方市場業務仍然是主要的成長動力。第三方銷售額年增 34%，其中亞馬遜和梅西百貨的銷售額均成長約 40%，領先市場。

Amazon's Prime Week performance was exceptional, with our top 25 items accounting for more than 50% of our Amazon marketplace sales. Our performance in this channel is also proving to be a great conduit to landsend.com, and yet we recognize that we are still only scratching the surface of this opportunity.

亞馬遜Prime會員週表現非常出色，我們排名前25的商品佔亞馬遜市場銷售額的50%以上。我們在該頻道的表現也證明是通往 landsend.com 的一個很好的管道，但我們也意​​識到，我們目前只是觸及了這個機會的冰山一角。

Our US consumer business profitability increased year-over-year, with outerwear leading the way, supported by strong results in both knitwear and bottoms. As we've discussed before, we're keenly focused on weatherproofing our assortment. Perhaps no category demonstrates that weatherproofing strategy more than outerwear, which is now an always on category, with traditional styles like Sherpa and rainwear extending the season and contributing to our performance.

我們的美國消費者業務獲利能力年增，其中外套業務表現突出，針織衫和褲裝業務也取得了強勁的業績。正如我們之前討論過的，我們非常注重提高我們產品系列的防風雨性能。或許沒有哪個品類比外套更能體現防風雨策略了，如今外套已成為一種常年穿著的品類，像 Sherpa 和雨衣這樣的傳統款式延長了穿著季節，並有助於提高我們的工作效率。

And importantly, we saw the largest new customer increase during a quarter other than peak COVID in Q3 2020. Traffic increases in our US consumer business were up 25%, driven by digital channels, social and search, with the most US e-commerce website third quarter visits ever, a very positive indicator heading into the holiday season.

更重要的是，我們看到了 2020 年第三季新冠疫情高峰期之外的最大新客戶成長。在數位管道、社群媒體和搜尋的推動下，我們美國消費者業務的流量成長了 25%，美國電子商務網站第三季的訪問量創歷史新高，這對於即將到來的假期季節來說是一個非常積極的信號。

Turning to our holiday strategy. We leveraged learnings from last year and launched our holiday shop in mid-September, well ahead of many brands, and the results were strong. Holiday patterns and novelty assortments sold rapidly. Christmas needlepoint stockings were up high double-digits year-over-year, and several prints in sleepwear and knits sold out quickly. Our focus on customization and personalization continue to resonate, reinforcing our positioning as a solutions oriented brand.

接下來談談我們的假期策略。我們吸取了去年的經驗教訓，在 9 月中旬推出了假日商店，比許多品牌都早得多，而且效果顯著。節慶圖案和新奇組合商品銷售迅速。聖誕節針織長襪的銷量比去年同期增長了兩位數，睡衣和針織衫的幾種印花圖案也很快售罄。我們對客製化和個人化的重視持續獲得認可，鞏固了我們作為解決方案導向品牌的定位。

As part of our holiday launch, we executed another very successful pop-up shop in New York City in November called Our Chaotically Customized Holiday Shop. We were thrilled to see so many customers come out to customize our iconic tote bags and cashmere sweaters. A major success for raising brand awareness and introducing Land's End to new customers. Many of whom are much younger than our typical customers.

作為假日促銷活動的一部分，我們在 11 月於紐約市成功舉辦了另一家快閃店，名為「我們混亂定制的假日商店」。我們很高興看到這麼多顧客來客製化我們標誌性的手提袋和羊絨衫。此次活動在提升品牌知名度和向新客戶介紹 Land's End 方面取得了重大成功。他們中的許多人比我們的典型客戶年輕得多。

The pop-up shop not only drove strong in-person sales but was a huge success online with more than 5 million social media impressions in just five days and coincided with record-breaking traffic to landsend.com, almost the same level we saw last year on Black Friday. With the introduction of embroidered totes, adding more customization options, canvas tote sales were up triple digits.

這家快閃店不僅帶動了實體店的強勁銷售，而且在網上也取得了巨大的成功，短短五天內就獲得了超過 500 萬次的社交媒體曝光，同時 landsend.com 的訪問量也創下了歷史新高，幾乎與我們去年黑色星期五的訪問量持平。隨著刺繡手提袋的推出，以及更多客製化選項的增加，帆布手提袋的銷量實現了三位數的成長。

Europe began to show early signs of improvement. During the first half of the year, we focused our efforts to become more effective sellers and position the brand to build on the success that we are seeing in the US. As part of these efforts, we recently announced two exciting collaborations with Harris Tweed and Lulu Guinness. In addition, we expanded our marketplace presence to include Amazon and Debenhams, implementing our successful US philosophy to meet the customer where they are.

歐洲開始顯現出初步好轉跡象。今年上半年，我們專注於提高銷售效率，並鞏固品牌在美國的成功，以實現品牌定位。作為這些努力的一部分，我們最近宣布與 Harris Tweed 和 Lulu Guinness 進行兩項令人興奮的合作。此外，我們也擴大了市場覆蓋範圍，將亞馬遜和德本漢姆百貨納入其中，貫徹了我們在美國取得成功的理念，即在客戶所在的地方滿足他們的需求。

We achieved record gross margins against a backdrop of uncertainty around tariffs and continue to refine our highly flexible co-source strategy, allowing us to shift production as needed. Our focus around a smaller vendor pool is clearly winning and continues apace.

在關稅不確定性的背景下，我們實現了創紀錄的毛利率，並不斷完善我們高度靈活的聯合採購策略，使我們能夠根據需要調整生產。我們專注於精簡供應商數量的做法顯然取得了成功，並且正在穩步推進。

As I mentioned, we added more customers in the third quarter than at any point outside of the pandemic since our spin-off 11 years ago. Leveraging additional channels as part of our distributed commerce model is yielding results. We opened a TikTok shop and saw our Instagram followers swell toward half a million. These customers are skewing younger, and we are seeing the brand relevance growing significantly with millennials, with new to file customers averaging in the 45- to 50 year old cohort.

正如我之前提到的，第三季我們新增的客戶數量比自 11 年前分拆以來疫情以外的任何時期都多。利用其他管道作為我們分散式商務模式的一部分，正在發揮成效。我們開設了一家 TikTok 商店，我們的 Instagram 粉絲數量也迅速增長到接近 50 萬。這些客戶群越來越年輕，我們看到品牌與千禧世代的相關性顯著提高，新客戶的平均年齡在 45 至 50 歲之間。

Taken altogether, our third quarter results reflect the intentional work we've done to weatherproof our assortment, align our promotional calendar to consumer behavior and ensure our customers can buy what they want when they want it.

總的來說，我們第三季的業績反映了我們為應對各種天氣狀況、調整促銷日程以適應消費者行為以及確保客戶能夠隨時購買他們想要的商品而做出的努力。

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

現在我將把發言權交給伯尼，讓他更詳細地討論一下我們第三季的業績。

Thank you, Andrew. For the third quarter of fiscal 2025, total revenue performance was $318 million essentially flat year-over-year, while GMV increased low single-digits. Through licensing, our network of third-party marketplace partners and our uniform business, we've built a more resilient model that doesn't rely too heavily on any one business unit, product, or partner.

謝謝你，安德魯。2025 財年第三季度，總營收為 3.18 億美元，與去年同期基本持平，而 GMV 僅實現了個位數低成長。透過授權許可、我們的第三方市場合作夥伴網路以及我們統一的業務模式，我們建立了一個更具韌性的模式，這種模式不會過度依賴任何一個業務部門、產品或合作夥伴。

Our US e-commerce business generated $180 million, a decrease of approximately 3% compared to the third quarter of 2024. The decrease was largely the result of improvements in promotional productivity and enhanced inventory efficiency, which resulted in over 100 basis points of gross margin expansion compared to the prior year.

我們的美國電子商務業務創造了 1.8 億美元的收入，與 2024 年第三季相比下降了約 3%。這一下降主要是由於促銷效率的提高和庫存效率的增強，與前一年相比，毛利率提高了 100 多個基點。

Our third-party marketplace business grew approximately 34%, with nearly all of our marketplace partners delivering year-over-year growth. We were very pleased with our exceptionally strong performance in Amazon and Macy's. Our strategic investment in third-party marketplace is accelerating brand reach and reinforcing our digital ecosystem while driving deeper customer engagement on landsend.com and positioning the brand for long-term growth.

我們的第三方市場業務成長了約 34%，幾乎所有市場合作夥伴都實現了同比增長。我們對在亞馬遜和梅西百貨的出色表現感到非常滿意。我們對第三方市場的策略性投資正在加速品牌傳播，加強我們的數位生態系統，同時推動 landsend.com 上更深層的客戶互動，並為品牌的長期成長奠定基礎。

Sales from Land's End Outfitters increased approximately 7% from the third quarter of 2024. Sales in our school uniform channel grew over 20%, driven by a strong back to school season and continued share gains across the market as we capitalize on industry disruption.

Land's End Outfitters 的銷售額比 2024 年第三季成長了約 7%。受強勁的返校季和我們利用產業變革帶來的市場份額持續成長的推動，我們校服通路的銷售額成長超過 20%。

We recently reacquired the Delta Airlines uniform business. While Land's End will produce and supply new inventory going forward, we did not acquire Delta's existing stock. During the transition period, we will distribute a mix of Delta-owned and Lands' End-owned products to Delta employees. Revenue from Delta's legacy inventory will primarily consist of processing fees, whereas Lands' End products will generate full retail.

我們最近重新收購了達美航空的製服業務。雖然 Land's End 將繼續生產和供應新的庫存，但我們並沒有收購 Delta 現有的庫存。在過渡期間，我們將向達美航空員工分發達美航空自有產品和 Lands' End 自有產品的混合物。Delta 遺留庫存的收入將主要包括手續費，而 Lands' End 產品將產生全部零售收入。

Sales in Europe decreased approximately 20% year-over-year, primarily due to increased promotional activity and continued macroeconomic pressures. Revenue from our licensing business grew over 30% year-over-year, reflecting the continued momentum of our licensing program. This growth was fueled by increased brand visibility from existing licensees, further expanding our reach and impact.

歐洲地區的銷售額年減約 20%，主要原因是促銷活動增加和宏觀經濟壓力持續存在。我們的授權業務收入年增超過 30%，反映了我們授權計畫的持續發展動能。這一增長得益於現有授權商品牌知名度的提高，進一步擴大了我們的覆蓋範圍和影響力。

Gross profit increased by approximately 2% compared to last year. Gross margin in the third quarter was nearly 52% and an approximately 120 basis point improvement from the third quarter of 2024. Margin improvement was supported by continued strength across key categories at a higher average unit retail and growth in our licensing business, partially offset by tariffs. These actions reflect disciplined execution by our supply chain team, which effectively minimize the impact of global tariffs.

與去年相比，毛利增加了約2%。第三季毛利率接近 52%，比 2024 年第三季提高了約 120 個基點。利潤率的提高得益於主要品類持續強勁的銷售表現（平均單價上漲）以及授權業務的成長，但部分被關稅抵消。這些措施體現了我們供應鏈團隊嚴謹的執行力，有效降低了全球關稅的影響。

SG&A expenses decreased by $2 million year-over-year. As a percentage of net revenue, SGA decreased approximately 60 basis points, primarily driven by operational efficiencies and strong cost controls across the entire business. For the third quarter we had an adjusted net income of $7 million or $0.21 per share.

銷售、管理及行政費用年減 200 萬美元。銷售、管理及行政費用佔淨收入的百分比下降了約 60 個基點，這主要得益於整個業務營運效率的提高和強有力的成本控制。第三季調整後淨收入為 700 萬美元，即每股 0.21 美元。

We delivered a just an EBITDA of $26 million in the third quarter, representing a year-over-year increase of $6 million or approximately 28%. The increase primarily driven by gross margin expansion and strong SG&A expense.

第三季度，我們的 EBITDA 為 2,600 萬美元，比上年同期成長 600 萬美元，增幅約 28%。成長主要由毛利率擴張及銷售、管理及行政費用大幅增加所推動。

Moving to our balance sheet. Inventories at the end of the third quarter were $347 million increasing only 3% compared to last year. This increase compared to the prior year was primarily due to tariffs, partially offset by continued diligence and inventory management and tariff mitigation strategies.

接下來來看看我們的資產負債表。第三季末庫存為 3.47 億美元，僅比去年同期成長 3%。與前一年相比，這一增長主要是由於關稅，但持續的盡職調查、庫存管理和關稅緩解策略部分抵消了這一增長。

In terms of our debt, at the end of the third quarter, our term loan balance was $237 million and our ADL had $75 million of borrowings outstanding. Total long-term debt was approximately flat last year.

就我們的債務而言，截至第三季末，我們的定期貸款餘額為 2.37 億美元，我們的 ADL 未償還借款為 7,500 萬美元。去年長期債務總額基本持平。

Now moving to guidance. For the full year, our guidance includes the impact of tariffs at the current regulatory rates. We have implemented mitigation measures to effectively manage the tariff headwinds at these levels for the remainder of 2025. For the fourth quarter, we expect net revenue to be between $460 million to $490 million while GMV is expected to be mid- to high single-digit growth.

現在進入指導環節。全年業績指引已考慮當前監理稅率下的關稅影響。我們已實施緩解措施，以有效應對 2025 年剩餘時間內這些水準的關稅不利因素。我們預計第四季淨收入將在 4.6 億美元至 4.9 億美元之間，而商品交易總額預計將實現中高個位數成長。

Adjusted net income of $22 million to $26 billion and adjusted diluted earnings per share of $0.71 to $0.84. And our adjusted EBITDA to be in the range of $49 million to $54 million.

調整後淨利潤為 2,200 萬美元至 260 億美元，調整後攤薄每股收益為 0.71 美元至 0.84 美元，調整後 EBITDA 為 4,900 萬美元至 5,400 萬美元。

Turning to full year. We now expect net revenue to be between $1.33 billion to $1.36 billion while GMV is expected to be low single-digit growth. Adjusted net income of $21 million to $25 million and adjusted diluted earnings per share of $0.68 to $0.81. And our adjusted EBITDA to be in the range of $99 million to $104 million. Our guidance for the full year incorporates approximately $28 million in capital expenditures.

進入全年。我們現在預計淨收入將在 13.3 億美元至 13.6 億美元之間，而 GMV 預計將實現低個位數成長。調整後淨利為 2,100 萬美元至 2,500 萬美元，調整後攤薄每股收益為 0.68 美元至 0.81 美元。調整後 EBITDA 預計在 9,900 萬美元至 1.04 億美元之間。我們對全年的預期包括約 2800 萬美元的資本支出。

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

這樣，我就把電話轉回給安德魯了。

Thanks, Bernie. Turning to our fourth quarter, we were pleased with November, starting with a strong Veterans Day holiday and continuing through the Black Friday, Cyber Monday period. Successes were shared across our channels with notable achievements including European Black Friday volumes hitting a post-pandemic high and a record-breaking performance from our Amazon marketplace business.

謝謝你，伯尼。展望第四季度，我們對 11 月的表現感到滿意，從強勁的退伍軍人節假期開始，一直持續到黑色星期五和網路星期一。我們在各個通路都取得了成功，其中最顯著的成就包括歐洲黑色星期五的銷量創下疫情後新高，以及亞馬遜市場業務的業績創下歷史新高。

Our deliberate and patient efforts to build our brand showed significant progress. We added more than 150,000 new customers in November and reached half a million followers on Instagram. Our new customers continue to be younger and more diverse, extending our presence with millennials and touching all the way to Gen Z.

我們為打造品牌所做的深思熟慮和耐心努力取得了顯著成效。11 月我們新增了 15 萬多名客戶，Instagram 粉絲數達到了 50 萬。我們的新客戶群越來越年輕、越來越多元化，不僅擴大了我們在千禧世代中的影響力，也涵蓋了 Z 世代。

Underpinning growth are our franchises. While heavier down outerwear led the business, we saw the true emergence of a competitive growth differentiator in personalized embroidery, particularly for totes and Christmas stockings. Here's to the dachshund as our leading embroidery icon for the season.

我們的特許經營業務是成長的基石。雖然較重的羽絨外套是業務的主力軍，但我們看到個人化刺繡真正成為了具有競爭力的成長差異化因素，尤其是在手提袋和聖誕襪方面。讓我們把本季的主打刺繡圖案獻給臘腸犬。

A call out to for our men's Bedford Quarter zip, our top selling item, which also earned a coveted number one bestseller rank for its category on Amazon over the period, introducing our brand to tens of thousands of new customers. As always, I want to thank the entire Lands' End team for their commitment and belief as we manage through a significant period for the company.

隆重介紹我們的男士 Bedford Quarter 拉鍊衫，這是我們最暢銷的產品，在此期間，它還在亞馬遜同類產品中獲得了夢寐以求的第一名暢銷榜，將我們的品牌推廣給了成千上萬的新客戶。一如既往，我要感謝 Lands' End 團隊全體成員的付出和信任，幫助我們度過公司發展的重要時期。

We're also pleased to announce two key leadership appointments that are strengthening our strategic focus and helping to drive growth. Kym Maas has been promoted to President of US Consumer and retains her role as Chief Creative Officer.

我們也很高興地宣布兩項重要的領導任命，這將加強我們的策略重點並有助於推動成長。Kym Maas 已晉升為美國消費者總裁，並繼續擔任首席創意長一職。

John DeFalco has been promoted to President of Lands' End Outfitters, where he will continue to lead our B2B business and drive growth in our enterprise and school uniform channels. Both Kym and John have been instrumental in leading our business, and we congratulate them both on these well earned promotions.

John DeFalco 已晉升為 Lands' End Outfitters 總裁，他將繼續領導我們的 B2B 業務，並推動我們在企業和校服管道的成長。Kym 和 John 都對我們公司的領導做出了重要貢獻，我們祝賀他們獲得這兩項當之無愧的晉升。

Finally, the Board's process to explore strategic alternatives remains ongoing. We will not be commenting further on it at this time, and we will provide an update once appropriate.

最後，董事會探索策略替代方案的進程仍在進行中。目前我們不對此事作進一步評論，待時機成熟時，我們將提供最新消息。

With that, we look forward to your questions.

最後，我們期待您提出問題。

(Operator Instructions)

（操作說明）

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

Hi, good morning, Andrew and Bernie, and nice to hear the update on the business. As you think about on the revenue side of the business, the puts and takes of any of the different areas relative to your expectations, what did you see in promotional levels, and here going through Black Friday, any particular surprises?

嗨，安德魯和伯尼，早上好，很高興聽到關於公司業務的最新進展。在考慮公司收入方面，各領域與預期相比有哪些變化？在促銷方面，你看到了什麼？在黑色星期五期間，有沒有特別的驚喜？

And then just the continued strength of the gross margin is impressive. How do you think of the puts and takes on gross margin and any framework for what could be different in '26? Thank you.

此外，毛利率的持續強勁表現也令人印象深刻。您如何看待毛利率的波動，以及2026年可能會有哪些不同？謝謝。

Thank you, Dana, great set of questions. With revenue, clearly, we were very happy with what we saw in the business in North America. We saw that move to a back to growth after a number of years of decline, and the disappointment in there with the business in Europe which we've spoken to in the past. I think looking at it, we've been leaning in and we continue to see that growth into the fourth quarter.

謝謝你，達娜，這些問題都很好。就收入而言，我們對在北美的業務表現非常滿意。我們看到，在經歷了多年的下滑之後，公司開始恢復成長，但我們過去也曾與歐洲的業務部門談過，他們對業務感到失望。我認為從目前的情況來看，我們一直在加大投入，而且這種成長勢頭一直延續到第四季。

And I think from my comments you would have picked up that we saw some tremendous numbers from our European business in the month of November. So what I would say is the momentum continues to build, and we're incredibly excited about it. And if you recall over the three years we've been together, our gross margins have made a step change during that period. So to now be growing top-line with that gross margin structure in place, really augurs well for the future of the brand.

我想從我的發言中你們應該已經了解到，我們在11月份的歐洲業務取得了非常亮眼的成績。所以我想說的是，這股勢頭仍在不斷增強，我們對此感到無比興奮。如果你還記得的話，在我們合作的這三年裡，我們的毛利率在這段期間發生了巨大的變化。因此，在現有毛利率結構下實現營收成長，對品牌的未來發展來說確實是一個好兆頭。

In terms of promo levels, we did not see promo levels step out of line. We actually ran a very successful back to school campaign in August, and for many years we had not really approached back to school. But reaching to a newer consumer who is younger is been really powerful for us because she comes in and shops for the kids and then shops for herself, and so we were able to manage promo levels really pretty well and felt good about that, and that's something that again has continued into the fourth quarter.

就促銷力道而言，我們沒有發現促銷力道超出正常範圍的情況。實際上，我們在八月開展了一次非常成功的返校活動，而多年來我們並沒有真正開展過返校活動。但吸引更年輕的新消費者對我們來說非常有效，因為她們會來店裡給孩子買東西，然後再給自己買東西，所以我們能夠很好地控制促銷力度，對此我們感到很滿意，而且這種情況也延續到了第四季度。

And actually if I -- and I'm sort of mixing between third and fourth quarter, but we were very, very thoughtful about how we would manage our promo levels, and we were very thoughtful about making sure we don't chase the business and that we get ahead of it. And really manage to that gross margin because I think the route to, the future of Lands' End lies through continuing to push that gross margin.

實際上，如果我——我有點兒把第三季度和第四季度混為一談，但我們非常認真地考慮瞭如何管理我們的促銷水平，並且非常認真地確保我們不會追逐業務，而是要領先於業務。真正做到提高毛利率，因為我認為 Lands' End 的未來在於不斷提高毛利率。

And the sales will always follow when you do that, and that's a function of having the right product for the right customer in the right channels.

當你這樣做的時候，銷售量自然會隨之而來，而這取決於你是否在合適的管道為合適的客戶提供合適的產品。

In terms of Black Friday, surprises in there. I was actually very happy with how we ran Black Friday. I think the biggest surprise I got was actually prior to Black Friday when we had tremendous success around Veterans Day. So the season started earlier for us, and we had made comments in the script there that we had started in September, but we did see good selling in September, but the selling was really very strong, very early in the quarter and then continued right through, and that was a different curve than we've been on.

至於黑色星期五，其中會有一些驚喜。我對我們黑色星期五的促銷活動非常滿意。我覺得最大的驚喜其實是在黑色星期五之前，我們在退伍軍人節前後取得了巨大的成功。所以對我們來說，銷售季開始得比較早，我們在劇本中提到，我們是從九月份開始的，雖然九月份的銷售情況確實不錯，但銷售情況在本季度初就非常強勁，並且一直持續到季度末，這與我們之前經歷的曲線有所不同。

There's a lot I could say about that. Here's what I think about it, and I think that we're seeing so many new consumers to the brand with a different profile and different psychographics than we've necessarily seen in the past, that we're actually seeing our seasonality change as we reflect that customer and it probably looks more like something from a younger brand.

關於這一點，我有很多話要說。我的看法是，我們看到許多新消費者加入了我們的品牌，他們的特徵和心理特徵與我們過去看到的有所不同，因此我們的季節性也在發生變化，以反映這些消費者的特點，這可能看起來更像是一個年輕品牌的產品。

And I can talk about that more if you want when we talk later, but we feel good about where we're at. Bernie, is there anything I missed?

如果你想的話，我們可以稍後再詳細談談，但我們對目前的狀況感到很滿意。伯尼，我漏掉了什麼嗎？

No, I think you covered it all. As far as the puts and takes on gross margin, I think we're really proud of what we did in the third quarter. With the headwinds of tariffs, we were able to still drive an incremental improvement in gross margin rate.

不，我覺得你已經說得很清楚了。至於毛利率的漲跌，我認為我們對第三季的表現感到非常自豪。儘管面臨關稅帶來的不利影響，我們仍能夠逐步提高毛利率。

Much of that is being driven by what Andrew just talked about promotions and being very deliberate about our promotional calendar and selling more full-price at the start of the season and then pushing into promotions later in the season. But it also the -- we worked very hard to mitigate the tariffs to the best of our ability.

這很大程度上是受到 Andrew 剛剛談到的促銷活動的影響，我們要非常謹慎地安排促銷日程，在賽季初多賣一些全價商品，然後在賽季後期加大促銷力度。但我們也盡力減輕關稅的影響。

But then we also, really have pushed the investment in our DCs and in our systems, and we are really much more efficient than we were a year ago on putting product through our DCs and being more profitable in the process.

但同時，我們也確實增加了對配送中心和系統的投資，與一年前相比，我們在產品通過配送中心方面效率更高，並且在這個過程中也獲得了更高的利潤。

[Eric Beeder, SCC Research].

[Eric Beeder，SCC Research]。

Good morning. Let me add my congratulations. We had a lot of -- there's a lot of effort put into the licensing business. Could you give us kind of an update of where we are in terms of what we're going to see in 2026 in terms of licensing? What is the anniversary, and kind of where does it become more accretive and apples to apples in terms of running through here?

早安.我也要向你表示祝賀。我們在授權業務上投入了許多精力。能否簡單介紹一下我們在 2026 年的授權政策上會有哪些發展趨勢？週年紀念日是什麼時候？從某種意義上來說，從哪裡開始，這件事就更具累積性和可比較性了？

Yeah, sure, Eric. I think that to start with, the shoes and kids business we have annualized, and the upside to those businesses are they're getting their feet under them on our website and selling and so we've seen really nice progression from them in growing that business and we think that will continue to grow.

當然可以，艾瑞克。我認為首先，我們已經對鞋類和童裝業務進行了年度結算，這些業務的優勢在於它們正在我們的網站上站穩腳跟並開始銷售，因此我們看到了它們在業務增長方面取得的非常好的進展，我們認為這種增長將會繼續下去。

We announced a couple quarters ago signing five- or six smaller licenses. Those will kick into effect a little bit in fourth quarter, but more so in next year. And then we have a pipeline of additional licenses that we are working to expand to.

幾個季度前，我們宣布簽署了五到六項規模較小的許可證。這些措施將在第四季開始略有生效，但明年生效幅度將更大。此外，我們還有一系列正在努力拓展的許可證項目。

Okay. So it's fair to say that next year, it becomes -- your apples to apples, most of the categories that we start to see the full kind of impact on what licensing can do in terms of revenues and in terms of margins, yes?

好的。所以可以公平地說，明年，大多數類別將真正實現公平比較，我們將開始看到授權對收入和利潤率的全面影響，對嗎？

We expect -- and good morning to you, Eric, I hope you're doing well. We expect to see licensing continue to grow for us. We see this as a growth opportunity. If you look at just shoes and kids by way of example, I mean, I believe we're still scratching the surface. On that, in terms of how far we can push it and new doors that we can go to, and then actually, if you pick up on Bernie's comments, what we're doing on the website is phenomenal as well.

我們期待著──還有，早安，艾瑞克，希望你一切都好。我們預計授權業務將持續成長。我們認為這是一個發展機會。如果僅以鞋子和兒童為例，我認為我們目前所了解的還只是冰山一角。關於這一點，就我們能把它推向多遠以及我們可以開拓的新領域而言，實際上，如果你關注伯尼的評論，就會發現我們在網站上所做的事情也非常出色。

We're really rebuilding those businesses and actually there's leverage that we get by having higher quality kids and shoes on our website along with other licenses, but I'll just stick to those two because they are anniversarying themselves. We're able to complete baskets and pull customers to the website for other categories, and I go back to the customer that we are attracting to Land's End, which is a younger, millennial customer, who's often got kids and it's like to be able to come in and get their kids dressed and pull that together into one story is really key.

我們正在重建這些業務，實際上，透過在我們的網站上提供更高品質的兒童用品和鞋子以及其他授權產品，我們可以獲得一些優勢，但我只會專注於這兩個品牌，因為它們本身也迎來了周年紀念。我們能夠完成購物籃，並將顧客引導至網站瀏覽其他類別。我回到我們吸引到 Land's End 的顧客群體，他們是年輕的千禧世代，通常有孩子。能夠讓他們來店裡幫孩子穿衣服，並將所有商品組合成一個完整的購物體驗，這才是關鍵所在。

So I'll give you an example. When we licensed kids out, we did not -- we separated kids from our catalogs and we separated design. We've really taken the view over this back half of the year that they should come back together. So for example, if you watch sleepwear, we now do sleepwear for the family and we do that tightly in partnership with our licensees.

我舉個例子。當我們把兒童內容授權出去時，我們沒有——我們將兒童內容從我們的產品目錄中分離出來，並將設計也分離出來。今年下半年，我們一直認為他們應該重歸於好。例如，如果您關注睡衣，我們現在生產家庭睡衣，並且我們與授權商緊密合作生產。

So what we're starting to see is the leverage now that you get from having those licenses so closely intertwined with the core business and tell one story, and I think that's upside that we're really anticipating coming through in full next year. So we see opportunity.

所以我們開始看到的是，將這些許可證與核心業務緊密結合起來，講述一個故事，就能帶來巨大的優勢。我認為，我們非常期待明年這種優勢能完全實現。所以我們看到了機會。

Right. I mean the International front, you've had these great collaborations, Harris Tweed and Lulu Guinness, and when you look at it, a, what does that imply for the US?

正確的。我的意思是，在國際方面，你們有像 Harris Tweed 和 Lulu Guinness 這樣很棒的合作，當你審視這些合作時，這對美國意味著什麼？

And also we've talked this conversation about how 15% as a percentage of the international business that comes to the US in terms of product, how should we be thinking about that opportunity going forward and as kind of the profile of the international completes, the potential to do things like that maybe here.

我們也討論過，在進入美國的國際業務中，有 15% 的產品進入美國，我們應該如何看待這一機遇，以及隨著國際業務的完善，我們是否有可能在這裡做類似的事情。

So we do. So it's a great question. Thank you. We do do collaborations in the US. So I think the Park collaboration has been really key. And if you go and look at Park, she's an influencer out of Miami, splits her time in New York, and has done work with a number of terrific brands of which Land's End is one.

我們就是這樣。這是一個很好的問題。謝謝。我們確實在美國開展合作。所以我認為樸氏的合作是關鍵。如果你去了解 Park，她是一位來自邁阿密的網紅，在紐約生活，並與許多優秀的品牌合作過，Land's End 就是其中之一。

So I just think that's a natural extension of what we are already doing. With the Harris Tweed and Lulu Guinness collaborations, we wanted them to be halos in Europe and really help build the brand identity there. We have no issue and no reason not to bring those to the US, and I think you'll see more of us starting to do that.

所以我認為這只是我們目前所做工作的自然延伸。我們希望透過與 Harris Tweed 和 Lulu Guinness 的合作，在歐洲樹立品牌光環，真正幫助建立歐洲的品牌形象。我們沒有理由也不介意把這些東西帶到美國，而且我認為你會看到越來越多的人開始這樣做。

I think that's a little bit of the tail wagging the dog because what we're actually trying to do, and intent on doing with the business in Europe is creating a halo there where it sits in more rarefied air and really pulls through a higher valuation for the brand because we've got this European cachet and this European halo. That's part of the reason that we opened the French language website this year, which has actually been a really nice success for us.

我認為這有點本末倒置，因為我們真正想做的，也是我們打算在歐洲開展業務的，是在那裡打造一個光環，讓它處於更高端的地位，真正提升品牌的價值，因為我們擁有這種歐洲的聲望和光環。這也是我們今年開通法語網站的部分原因，而該網站也確實取得了非常好的成功。

We didn't talk about it specifically on the call, but we've seen the ability to reach a French customer. It adds cachet. It adds sophistication. And that creates a halo that I think creates valuation for us. So we're not running these in isolation. We're not ignoring working with influencers or other brands. It's all there and we're doing it all the time.

我們在電話中沒有具體討論這個問題，但我們已經看到了聯繫法國客戶的能力。它增添了魅力。它增添了精緻感。我認為這會為我們帶來光環效應，從而提升我們的估值。所以我們並不是孤立地運行這些程式。我們並沒有忽略與網紅或其他品牌的合作。一切都在那裡，而且我們一直在做這件事。

Thank you. Last question on inventory, so inventories went up for the first time in a while. How should we be thinking about inventories going forward? Thank you.

謝謝。最後一個關於庫存的問題，庫存一段時間以來首次出現成長。我們未來該如何看待庫存問題？謝謝。

Sure, Eric. Actually, we're pretty proud that the inventory is only at 3% because with the overhanging or tailwinds or headwinds of tariffs, we've worked very hard to be more efficient to bring product closer to selling and keep our inventories down. So despite the tariffs, we're only up 3% and we really feel good about how hard the team's worked on that.

當然可以，艾瑞克。事實上，我們非常自豪庫存率只有 3%，因為儘管面臨關稅帶來的各種影響，我們仍然努力提高效率，讓產品更快投入銷售，並保持較低的庫存水準。所以儘管有關稅，我們的利潤只增加了 3%，我們對團隊為此付出的努力感到非常滿意。

And should we expect kind of that level kind of low single-digits going forward?

我們是否應該預期未來會一直維持在這種低個位數水準？

That's fair.

這很合理。

Good luck for the rest of the holiday season.

祝您假期餘下的日子一切順利。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究公司。

Thank you, operator, and thanks for taking my questions and my congratulations as well. Andrew, a couple of times during the prepared remarks you mentioned the term scratching the surface, I guess as it relates to licensing as well as the momentum you're seeing with the Amazon marketplace.

謝謝接線員，也謝謝您回答我的問題，並接受我的祝賀。Andrew，你在準備的演講稿中幾次提到「只是淺嚐輒止」這個詞，我想這指的是授權許可以及你在亞馬遜市場看到的成長勢頭。

I'm curious as to your thoughts in terms of how long it takes for that surface to go beyond for deeper penetration to where it really starts driving an inflection point in GMV expansion?

我很好奇，您認為這個表面需要多長時間才能進一步滲透，從而真正開始推動GMV擴張的拐點？

That's a great question. Good morning. I think that Amazon is a perfect example of that scratching the surface where you have to create momentum. I think there's a perception out there that you can take any brand and add it to Amazon, and it will drive volume and profitability. The reality is, it's like it's a channel that you have to open up, you have to market it in a different way. And you have to spend time, really betting in how your brand performs, because you're going to bring a different merchandizing profile.

這是一個很好的問題。早安.我認為亞馬遜就是一個很好的例子，說明僅僅觸及皮毛還不夠，還需要創造發展動能。我認為目前有一種誤解，認為任何品牌只要放到亞馬遜上銷售，就能提升銷售量和獲利能力。事實上，這就好比是一個需要你開闢的管道，你需要用不同的方式進行行銷。你必須花時間認真考慮你的品牌表現，因為你將帶來不同的商品銷售模式。

You're going to bring a different costing profile, and ultimately you're going to bring a different marketing. Profile because you're going to reach different consumers. And so how you sell on Amazon is different than how you would necessarily sell on your own website or in stores or wherever.

你們將帶來不同的成本結構，最終也將帶來不同的行銷方式。建立使用者畫像，因為這樣可以接觸到不同的消費者群體。因此，在亞馬遜上銷售產品的方式與你在自己的網站、商店或其他任何地方銷售產品的方式有所不同。

And I think that that's not done lightly. It requires changes to supply chain. It requires changes to how you think about your marketing. It's more digital. It's more done with Amazon, and it's like, and you have to make decisions on what customer you're going to meet there, and I think we've done all that heavy lifting.

我認為這並非輕率之舉。這需要對供應鏈進行變革。這需要你改變對行銷的看法。它更數位化。亞馬遜在這方面做得更多，就像，你必須決定你要在那裡遇到什麼樣的客戶，我認為我們已經完成了所有這些繁重的工作。

Really over the last couple of years that set us up for, tremendous growth, and we look out there and I hesitate to give numbers, Steve, but as I think about it, the bigger brands on Amazon in our space tend to have a handful of items and get to a couple $100 million and that tends to get you that number one badge.

過去幾年，這確實為我們帶來了巨大的成長。我們放眼全球，史蒂夫，我不太想給出具體數字，但仔細想想，亞馬遜上我們這個領域的大品牌往往只有幾件商品，銷售額就能達到幾億美元，而這往往能讓你獲得第一名的稱號。

Now, we've started to do that. I was very proud that the whole week of Black Friday and into Cyber Monday, we had the number one badge for sweaters with our Bedford quarter zip, and that really speaks volumes to us being able to get behind the TikTok trend, realize it's there, and position ourselves to reach a new customer, and we're going to continue to be in and out of that as we look for these trend moments because that will really drive our business model on something like Amazon.

現在，我們已經開始這麼做了。我非常自豪的是，在黑色星期五到網路星期一的整個一周裡，我們的 Bedford 四分之一拉鍊毛衣一直穩居毛衣銷量榜首。這充分說明我們能夠掌握 TikTok 的潮流，並意識到它的存在，並準備好接觸新的客戶群。我們將繼續關注並掌握這些潮流時刻，因為這將真正推動我們在亞馬遜等平台上的商業模式。

And it's no different when you go international, it's like you're really laying in the groundwork to build a brand because you want to be more than a flash in the pan and you want to build something that's sustainable and endures for the long-term.

走向國際市場也是如此，就像是在為打造品牌打好基礎，因為你想要的不只是曇花一現，而是要打造一個永續發展、能夠長期延續的品牌。

Now, with international, we'll look for more opportunities to license because we can leverage other people's skill sets. I think that there's continued opportunity there. And if I look at the positioning that we've done. We'll talk about Lulu Guinness and Harris's Tweet again. I think that really sets us up to be a brand that's going to have a draw right across the globe. It's not just about a handful of countries in Europe anymore.

現在，隨著國際市場的拓展，我們將尋求更多授權機會，因為我們可以利用其他人的技能。我認為那裡仍然存在機會。如果我看一下我們所做的定位。我們再來聊聊露露·吉尼斯和哈里斯的推文。我認為這確實讓我們有機會成為一個在全球範圍內都具有吸引力的品牌。這不再只是關乎歐洲的幾個國家了。

That's helpful. Great. So with the customer base skewing to the low side combined with Lands' End, its history of innovation, I'm curious as to whether there's anything category-wise we should be looking for in terms of new patents heading into the 2026 season.

那很有幫助。偉大的。因此，鑑於客戶群偏低，再加上 Lands' End 的創新歷史，我很好奇在 2026 年新專利方面，我們是否應該關注某個類別的新專利。

Well, we are always open to that, and I think that you will continue to see that as we build around our concept of solutions. I have the company very focused on solutions and those solutions lead to franchises. If I look at out to where you've got franchises like, Feather Free, we'll continue to evolve those.

我們始終對此持開放態度，我認為隨著我們圍繞解決方案理念不斷構建，您會繼續看到這一點。我的公司非常注重解決方案，而這些解決方案最終會帶來特許經營權。如果我看看像 Feather Free 這樣的品牌，我們會繼續發展壯大它們。

And I think, some of the work that we've been doing this year, we've produced water resistant fleece. Have we put a patent on it? Not yet. Will we? Probably. But the reality is that we continue to look for ways to innovate that our customer will notice because it's a solution that really gets them ready for life's every journey. And that's something that we're incredibly proud of, and I encourage all our teams at Land's End to always be innovating, and I think that the customer recognizes it and they lean into it, so it continues to be critical to our future.

我認為，我們今年所做的一些工作，例如生產防水抓絨布料，已經取得了成果。我們是否已為其申請專利？還沒有。會嗎？大概。但現實是，我們一直在尋找創新的方法，讓我們的客戶注意到，因為這是一個真正能讓他們為人生中的每一次旅程做好準備的解決方案。對此我們感到無比自豪，我鼓勵 Land's End 的所有團隊不斷創新，我認為客戶也認識到了這一點，並且非常支持創新，因此創新對我們的未來至關重要。

Great, thanks so much and best of luck again through the rest of the holiday season as well.

太好了，非常感謝，也祝您在接下來的假期一切順利。

Thanks, Steve. Take care.

謝謝你，史蒂夫。小心。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。