Lands' End, Inc. (LE) 2026 Q1 法說會逐字稿

Hello, and welcome, everyone, joining today's Lands' End first-quarter fiscal 2026 enhanced earnings call. (Operator Instructions) Please note, this call is being recorded. It is now my pleasure to turn the meeting over to Tom Altholz. Please go ahead.

大家好，歡迎各位參加今天 Lands' End 2026 會計年度第一季加強版財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音。現在我很榮幸將會議交給 Tom Altholz。請開始。

Good morning, and thank you for joining our first quarter fiscal 2026 enhanced earnings conference call. In addition to our financial results, we will discuss our forward-looking strategy and financial outlook following the closing of our joint venture transaction with WHP Global.

各位早安，感謝各位參加我們 2026 會計年度第一季加強版財報電話會議。除了財務結果之外，我們也將在與 WHP Global 的合資交易完成交割後，討論我們的前瞻性策略與財務展望。

This morning's news release and an accompanying investor presentation can be found on our website, landsend.com. I'm Tom Altholz, Lands' End's Senior Director of Financial Planning and Analysis, and I'm pleased to join you today with Andrew McLean, our Chief Executive Officer; and Bernie McCracken, our Chief Financial Officer.

今天早上的新聞稿與隨附的投資人簡報可在我們的網站 landsend.com 上找到。我是 Tom Altholz，Lands' End 財務規劃與分析資深總監，很高興今天與各位一同出席的還有我們的執行長 Andrew McLean，以及財務長 Bernie McCracken。

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

在預先準備的發言之後，我們將進行問答環節。也請注意，我們接下來要討論的資訊包含前瞻性陳述。此類陳述涉及風險與不確定性。公司的實際結果可能與本次電話會議中討論的內容有重大差異。

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 and in the slides which accompany this webcast and can be found on our Investor Relations website.

可能導致此類差異的因素包括但不限於公司向 SEC 提交的文件中所註明並包含的事項，包括我們的 Form 10-K 年度報告與 Form 10-Q 季度報告，以及本次網路直播隨附的投影片（可於我們投資人關係網站查閱）。

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. In addition, our comments also present illustrative examples of potential outcomes related to our joint venture.

公司在本次電話會議中提供的前瞻性資訊代表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。後續事件與發展可能導致公司的展望改變。此外，我們的評論也將提出與合資企業相關之潛在結果的示例性案例。

There can be no assurance that such examples will occur or that the joint venture will deliver the hypothetical results presented. 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.

無法保證此類示例一定會發生，亦無法保證合資企業將實現所呈現的假設性結果。在本次電話會議中，我們將提及非 GAAP 指標。這些非 GAAP 指標並非依一般公認會計原則編製。

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'll turn the call over to Andrew.

非 GAAP 財務指標與最直接可比的 GAAP 指標之調節表，可在我們今日稍早發布的財報新聞稿中找到；該新聞稿副本已張貼於我們網站 landsend.com 的投資人關係專區。接下來，我把電話交給 Andrew。

Thank you, Tom. Good morning, everyone. I'll begin by noting that as we previewed last quarter, today's call will cover both our Q1 earnings as well as a more comprehensive discussion of our strategic priorities and the significant opportunities ahead. After our quarterly results, we will provide an overview of the joint venture transaction with WHP Global, which closed on April 1, our post-transaction operating model, including the key growth drivers behind it, our financial outlook for Q2, and full year 2026 as well as three-year targets and the potential value creation opportunities the joint venture unlocks.

謝謝你，Tom。各位早安。我先說明一下，正如我們在上一季所預告，今天的電話會議將涵蓋我們第一季的財報，同時也會更全面地討論我們的策略重點與未來的重要機會。在季度結果之後，我們將概述與 WHP Global 的合資交易（已於 4 月 1 日完成交割）、交易後的營運模式（包括其背後的關鍵成長動能）、我們對第二季與 2026 全年的財務展望，以及三年目標與合資企業所帶來的潛在價值創造機會。

We'll discuss more shortly, but at a high level, it's helpful to note that the creation of the joint venture marked a genuine inflection point for our business. By changing the structure of our business, we believe that we have enhanced the character of Lands' End as an investment and enhance the prospects for this iconic American brand and company.

我們稍後會進一步說明，但從高層次來看，有必要指出：合資企業的成立標誌著我們業務真正的轉折點。透過改變我們的業務結構，我們相信已提升 Lands' End 作為投資標的的特質，並增強這個具代表性的美國品牌與公司的發展前景。

We entered this new chapter with momentum. We closed fiscal 2025 with a return to top line growth in the fourth quarter. For the full year, we expanded gross margin, grew adjusted EBITDA and more than doubled adjusted net income, building a strong foundation for what comes next.

我們帶著動能進入這個新篇章。我們在 2025 會計年度以第四季營收重回成長作結。就全年而言，我們擴大了毛利率、提升了調整後 EBITDA，並使調整後淨利增加逾一倍，為下一階段奠定了堅實基礎。

Because of the many changes to our business on today's call, we will provide you with a clear picture of what to expect from the company. And then, of course, we'll look forward to your questions. With that, let me touch on some highlights from the first quarter. As we look at the first quarter, the most important takeaway is that underlying demand for the Lands' End brand continued to strengthen.

鑑於今天電話會議中涉及我們業務的多項變化，我們將為各位提供對公司未來可預期事項的清晰圖像。當然，之後我們也期待各位的提問。接下來，我先談第一季的一些重點。回顧第一季，最重要的結論是：Lands' End 品牌的基本需求持續增強。

Consumer traffic was up double digits, new customer acquisitions improved and Outfitters entered the year with a growing order book that reinforces our confidence in the business. While our reported results were affected by the temporary operational disruption tied to our US distribution center upgrades, which delayed shipments, and therefore, muted sales, the underlying sales performance of the business was stronger than the headline numbers suggest.

消費者流量呈現兩位數成長，新客獲取有所改善，而 Outfitters 以持續成長的訂單簿開啟新年度，進一步強化我們對業務的信心。雖然我們的揭露結果受到與美國配送中心升級相關的短期營運中斷影響（導致出貨延遲，進而抑制銷售），但公司的基本銷售表現其實比表面數字所呈現的更強。

Absent those issues, we had the orders needed to drive positive sales comps for the company. Europe provides a particularly clear proof point. In that business, where distribution centers were not an issue, we delivered strong double-digit revenue growth, confirming that our product merchandising was customers.

若排除上述問題，我們擁有足以帶動公司同店銷售為正的訂單量。歐洲市場提供了特別清楚的佐證。在該業務中，配送中心並非問題，我們實現了強勁的兩位數營收成長，確認我們的商品企劃正獲得客戶青睞。

Importantly, the backlog that built to roughly one week of demand has now been cleared. We are back to operating in a steady state, and we are already beginning to capture efficiency gains that should improve delivery speed, elevate the customer experience and support stronger execution as we move through the year.

重要的是，累積至約一週需求量的積壓訂單如今已清除。我們已回到穩態營運，並且已開始取得效率提升的成果，這應可改善配送速度、提升客戶體驗，並在今年接下來的時間支持更強的執行力。

Despite the operational challenges in the first quarter, we saw year-over-year improvement in both adjusted net income and adjusted earnings per share. A primary driver of that improvement was lower interest expense following repayment of the term loan in the quarter. And we have seen that momentum continue into the second quarter.

儘管第一季面臨營運挑戰，我們的調整後淨利與調整後每股盈餘仍較去年同期改善。推動改善的主要因素之一，是本季償還定期貸款後利息費用下降。而我們也看到這股動能延續到第二季。

Q2 has started off well with positive revenue comps and ongoing new customer growth through and now post the important Memorial Day period, led by key categories, including swim, totes and men's. There are, of course, a few factors that make the first quarter more complex to read on the surface.

第二季開局良好，在重要的陣亡將士紀念日檔期期間以及檔期之後，營收同店比較為正，新客成長持續，由泳裝、托特包與男裝等關鍵品類帶動。當然，也有幾個因素使得第一季在表面上更難解讀。

We repositioned parts of our marketplace business to prioritize profitability over lower quality revenue, and that decision weighed on top line growth in the quarter, even as it improved the quality of our sales and flow-through of profitability. We also completed the creation of our joint venture with WHP Global during the quarter, an important strategic milestone that changes how certain elements of our P&L are presented. Gross margin now reflects the additional cost of royalty payments under the license structure.

我們重新調整了部分市集（marketplace）業務的定位，優先追求獲利能力而非較低品質的營收；此一決策在本季對營收成長造成壓力，但同時提升了銷售品質與獲利的落地表現。我們也在本季完成與 WHP Global 合資企業的設立，這是一項重要的策略里程碑，並改變了損益表中某些項目的呈現方式。在授權架構下，毛利率現在反映了額外的權利金支付成本。

Licensing royalty revenue is no longer reflected in our reported revenue and the benefit of our 50% share of JV profits is reflected in adjusted EBITDA. At the same time, elimination of our term loan materially lowers interest expense. Bernie will walk through these changes later in our call. Another factor affecting the quarter was tariffs.

授權權利金收入不再反映於我們的揭露營收中，而我們持有合資企業 50% 的獲利分成則反映在調整後 EBITDA 中。同時，取消定期貸款使利息費用大幅降低。Bernie 稍後會在電話會議中說明這些變化。另一個影響本季的因素是關稅。

We continue to manage through that pressure, including booking at the higher rate currently in effect, while policy remains uncertain. Even with that headwind, we see encouraging evidence that the underlying margin structure of the business is improving. When we put it all together, our view is clear, fiscal 2026 is positioned to deliver positive revenue growth.

在政策仍不確定的情況下，我們持續管理這項壓力，包括以目前較高的稅率進行訂艙/下單安排。即便面臨這項逆風，我們仍看到令人鼓舞的證據，顯示公司基本的毛利結構正在改善。綜合來看，我們的觀點很清楚：2026 會計年度有望實現正向營收成長。

Our customer file is expanding with strength in younger cohorts, -- underlying merchandise margins are improving before the impact of tariffs and royalties and our operational footing is getting stronger. Just as important, we are guiding our adjusted EBITDA to grow versus 2025 on a like-for-like basis with further upside based on WHP Global unlocking more licensing value from the Lands' End brand.

我們的客戶檔案持續擴大，年輕族群表現強勁；在關稅與權利金影響之前，基本商品毛利率正在改善，而我們的營運基礎也愈加穩固。同樣重要的是，我們預期在可比基礎下，調整後 EBITDA 將較 2025 年成長，且隨著 WHP Global 從 Lands' End 品牌中釋放更多授權價值，仍有進一步上行空間。

That is why we remain optimistic, energized and confident in the path ahead. Those themes show up clearly when we look at the first quarter across our businesses. Our core franchises continue to resonate. Customer engagement improved and each part of the portfolio offer useful evidence that the strategic work underway is strengthening the foundation of the company. Turning to our US consumer business.

這也是為什麼我們對前方道路仍然保持樂觀、充滿活力並且信心十足。當我們檢視各項業務的第一季表現時，這些主題清楚可見。我們的核心事業群持續引起共鳴。客戶互動有所改善，而投資組合中的每一部分都提供了有力證據，顯示正在推進的策略性工作正強化公司的基礎。接下來談談我們的美國消費者業務。

Our solutions-based products and franchises continue to resonate as the reliable anchors of the business. Women's apparel and swim delivered positive comps in the first quarter, driven by product and fit improvements that are also showing up in lower return rates, a testament to the success of our solution strategy and our product and merchandising teams.

我們以解決方案為導向的產品與事業群持續引起共鳴，作為業務可靠的支柱。女裝與泳裝在第一季實現同店成長（comps）為正，主要受惠於產品與版型的改善，這也反映在較低的退貨率上，證明我們解決方案策略以及產品與商品企劃團隊的成功。

Swim also continues to benefit from our separate strategy and UPF 50 franchise. Continuing a theme we've seen build over the past several years, totes were a standout, driving revenue and bringing new customers into the brand. The strong response to newness in the assortment, including our Canvas Dog Tote Carrier, reinforces our view that totes remain both a meaningful growth category and a powerful expression of the brand.

泳裝也持續受惠於我們的獨立策略以及 UPF 50 系列。延續過去幾年逐步形成的趨勢，托特包表現突出，帶動營收並為品牌帶來新客。新品組合獲得強烈回響，包括我們的 Canvas Dog Tote Carrier，進一步強化我們的看法：托特包不僅是重要的成長品類，也是品牌有力的展現方式。

And to put a finer point on it, there is no category that better showcases the strength of our embroidery and personalization offering. From an overall product perspective, heading into Q2, we feel good about the assortment and the print and color stories we have in place. Our new CMO, Sarah Sylvester, who joined in March is already having a stellar impact, building on the success of our focus to better market the brand and reach new customers.

更精確地說，沒有任何品類比托特包更能展現我們刺繡與客製化服務的優勢。從整體產品角度來看，進入第二季（Q2）前，我們對目前的商品組合以及既定的印花與色彩主題感到樂觀。我們於 3 月加入的新任行銷長（CMO）Sarah Sylvester 已經帶來卓越影響，延續我們更有效行銷品牌並觸及新客的聚焦成果。

New-to-brand customer acquisition was up low single digits in the quarter over last year, proof that we are and continuing to convert new customers. Social followership continued to increase by more than 30% year-over-year, and traffic was up mid-teens across US digital channels with every channel showing growth. In addition to adding new customers, our product-led solutions-based approach continued to win across multigenerational customer segments.

本季品牌新客獲取較去年同期小幅成長（低個位數），證明我們正在且持續成功轉化新客。社群追蹤人數年增超過 30%，美國數位通路整體流量成長約中十位數百分比（mid-teens），且各通路皆呈現成長。除了新增客戶外，我們以產品驅動、以解決方案為導向的方法，也持續在跨世代客群中勝出。

We are also continuing to lean into experiential marketing. Recent swim-focused activations and our plans for another Nantucket pop-up build on the success we had there last year. These efforts are designed to put the brand in front of new customers in high affinity environments with one of our most important categories.

我們也持續加碼體驗式行銷。近期以泳裝為主題的活動，以及我們計畫再次於楠塔基特（Nantucket）設立快閃店，都是延續去年在當地取得的成功。這些努力旨在於高契合度的場域中，透過我們最重要的品類之一，讓品牌接觸到更多新客。

In third-party marketplaces, we deliberately pulled back on promotional activity to prioritize profitability. Amazon performed well, and we remain focused on making our key items bigger on the platform. At Nordstrom, more full price selling in the quarter reinforces how we want the brand to be positioned in a premium retail environment. Our European business had a strong first quarter, and the top and bottom line results reflect disciplined execution.

在第三方平台方面，我們刻意降低促銷活動，以優先提升獲利能力。Amazon 表現良好，我們仍聚焦於讓關鍵商品在該平台上做大規模。在 Nordstrom，本季更多的正價銷售強化了我們希望品牌在高端零售環境中的定位。我們的歐洲業務第一季表現強勁，營收與獲利（上、下線）結果反映出嚴謹的執行力。

The strategic shift to a franchise-first assortment simplifies the business, improves inventory efficiency and ensures our strongest programs anchor the range. Our focus on newness and solutions-based products resonated with our customers when they were ready to buy early in the season.

策略性轉向以主力系列（franchise-first）為核心的商品組合，簡化了業務、提升庫存效率，並確保我們最強的產品計畫成為整體品類的支柱。我們對新品與解決方案型產品的聚焦，在季初客戶準備購買時成功引起共鳴。

Investment in a more localized consumer experience, European photography, more locally relevant content, resonated with customers. We also launched a charity tote collaboration with four prominent London-based designers to reimagine our signature canvas tote ahead of London Fashion Week, a brand moment that reinforced our relevance with a new and influential audience.

投資於更在地化的消費者體驗、歐洲在地攝影，以及更貼近當地的內容，均獲得客戶共鳴。我們也與四位知名倫敦設計師推出慈善托特包聯名，在倫敦時裝週前重新演繹我們的經典帆布托特包；這是一個強化品牌時刻的行動，提升我們在新且具影響力受眾中的相關性。

Turning to our business-to-business offering, Lands' End Outfitters. Outfitters had a strong quarter with demand led by national accounts, specifically our airline accounts, a channel where we have demonstrated expertise and leadership in meeting clients' exacting requirements.

接下來談談我們的企業對企業（B2B）業務：Lands' End Outfitters。Outfitters 本季表現強勁，需求主要由全國性客戶帶動，特別是航空公司客戶；在此通路中，我們已展現出在滿足客戶嚴格要求方面的專業與領導地位。

In schools, the timing of promotional activity shifted in the quarter, and we pulled back in February and April. We view this as a timing dynamic, not a demand issue and expect a portion of that volume to come back in Q2. Importantly, the pipeline remains healthy. Overall, underlying demand in our Outfitters business is strong. The pipeline is growing, and we see identifiable opportunities ahead in Q2 and beyond. I'll now turn it over to Bernie to discuss our first quarter performance in more detail.

在學校通路方面，本季促銷活動的時點有所調整，我們在 2 月與 4 月縮減了促銷。我們將此視為時點因素，而非需求問題，並預期其中一部分銷量將在第二季回補。重要的是，商機管線（pipeline）仍維持健康。整體而言，Outfitters 業務的基本需求強勁。商機管線正在成長，我們也看到第二季及之後具體可辨識的機會。接下來我把時間交給 Bernie，更詳細說明第一季表現。

Thank you, Andrew. For the first quarter, total revenue was $239 million, a decrease of 9% compared to Q1 2025. That result was driven primarily by the temporary disruption associated with the rollout of our new warehouse management system and the deliberate pacing of shipments as we ramped our distribution centers back to normal capacity.

謝謝你，Andrew。第一季總營收為 2.39 億美元，較 2025 年第一季（Q1 2025）下降 9%。此結果主要受到新倉儲管理系統上線所帶來的短期干擾，以及在配送中心逐步恢復至正常產能期間，我們刻意控制出貨節奏所影響。

Importantly, that disruption was timing related rather than demand related. And excluding its impact, we would have expected low single-digit revenue growth in the quarter. We delivered adjusted EBITDA of negative $6 million, down $16 million from the prior year, reflecting the shipment timing disruption, the effect of the new royalty structure following the WHP Global transaction and continued tariff pressure.

重要的是，這項干擾屬於時點因素，而非需求因素。若排除其影響，我們原本預期本季營收將呈現低個位數成長。我們的調整後 EBITDA 為負 600 萬美元，較去年同期減少 1,600 萬美元，反映出貨時點干擾、WHP Global 交易後新權利金結構的影響，以及關稅壓力持續。

Our US e-commerce business decreased 10% compared to Q1 2025, reflecting the temporary disruption tied to the rollout of our new warehouse management system across our distribution centers. That issue is behind us, and we expect to return to positive comps in Q2. Sales from Lands' End Outfitters decreased 10% from Q1 2025, while Outfitters results were also affected by the distribution center upgrades.

我們的美國電商業務較 2025 年第一季下降 10%，反映新倉儲管理系統在各配送中心上線所造成的短期干擾。該問題已經排除，我們預期第二季同店成長（comps）將回到正成長。Lands' End Outfitters 的銷售較 2025 年第一季下降 10%，而 Outfitters 的結果也受到配送中心升級影響。

Absent those issues, we would have had positive sales comps, and we continue to feel good about the underlying demand environment, the order book and the pipeline heading into the balance of the year. Third-party marketplace revenue decreased 6%. The decline was mainly driven by a strategic focus on higher-margin, higher-quality sales, prioritizing brand integrity over lower value promotion-driven volume.

若沒有上述問題，我們本可實現正向的銷售同店成長（comps）；展望今年剩餘期間，我們對基本需求環境、訂單簿（order book）以及商機管線仍感到樂觀。第三方平台營收下降 6%。下滑主要源於我們策略性聚焦於更高毛利、更高品質的銷售，優先維護品牌完整性，而非追求由低價促銷驅動的低價值量。

Performance on Amazon remained solid, and we were encouraged by the level of full price selling in premium environments such as Nordstrom. As a result, while this strategy weighed on reported revenue, it improved the quality of the business and supports healthier margin flow-through over time.

Amazon 的表現仍然穩健，而我們也對在 Nordstrom 等高端環境中的正價銷售水準感到鼓舞。因此，雖然此策略對已揭露的營收造成壓力，但它提升了業務品質，並有助於隨時間推進帶來更健康的毛利流入（margin flow-through）。

In our European e-commerce business, our transformation work is continuing. Sales grew 15% versus last year and profitability improved with gross margin increasing approximately 70 basis points in the first quarter. Gross profit in the first quarter decreased 16% versus the prior year, and gross margin was down 47%, approximately 410 basis points year-over-year.

在歐洲電商業務方面，我們的轉型工作持續推進。銷售較去年成長 15%，獲利能力也改善，第一季毛利率提升約 70 個基點。第一季毛利較去年同期下降 16%，毛利率下降 47 個基點，約年減 410 個基點。

That decline was driven principally by the deleverage created by the temporary distribution center disruption the new royalty structure associated with the WHP Global joint venture and continued tariff headwinds. At the same time, the underlying merchandise margin of the business remained healthy, supported by our solutions-focused merchandising strategy, disciplined promotional posture and better product mix.

該下滑主要由以下因素驅動：配送中心短期干擾造成的規模槓桿下降（deleverage）、與 WHP Global 合資案相關的新權利金結構，以及持續的關稅逆風。同時，業務的基本商品毛利仍維持健康，受惠於我們以解決方案為核心的商品策略、嚴謹的促銷立場以及更佳的產品組合。

SG&A increased $3 million year-over-year and as a percentage of net revenue increased approximately 570 basis points. This reflected a combination of the fixed cost deleverage from lower reported revenue and the ongoing investment in marketing and brand building. Adjusted net loss for the quarter was $4 million or $0.11 per share compared to adjusted net income of $5 million or $0.18 per share in the prior year.

SG&A 較去年同期增加 300 萬美元，佔淨營收比重約上升 570 個基點。這反映已揭露營收較低所帶來的固定成本槓桿下降，以及我們持續投入行銷與品牌建設。本季調整後淨損為 400 萬美元或每股 0.11 美元，相較去年同期調整後淨利 500 萬美元或每股 0.18 美元。

While those comparisons reflect a complex quarter, we believe they do not fully capture the underlying momentum in demand, the benefits of the new structure or the earnings power of the business as operations normalize.

雖然這些比較反映出一個較為複雜的季度，但我們認為它們未能完全呈現需求的基本動能、新結構帶來的效益，以及在營運恢復正常後本業的獲利能力。

Turning to the balance sheet. Inventory at the end of the first quarter was $300 million compared to $262 million a year ago. That increase primarily reflects the timing effects of the distribution center ramp-up and the impact of tariffs on inventory costs. As operations normalize and inventory flow improves, we expect inventory levels to become better aligned with demand and with our revenue trajectory. In terms of our debt, we ended the first quarter with $30 million in ABL borrowings compared to $40 million last year.

接著看資產負債表。第一季期末存貨為3億美元，去年同期為2.62億美元。該增加主要反映配送中心擴建爬坡的時點效應，以及關稅對存貨成本的影響。隨著營運正常化且存貨流轉改善，我們預期存貨水位將更能與需求及我們的營收走勢相匹配。就我們的負債而言，我們第一季末的ABL借款為3,000萬美元，去年為4,000萬美元。

As previously announced, we used the majority of the $300 million in cash proceeds from the WHP Global transaction to fully repay our term loan, leaving us with enhanced liquidity and significantly reduced interest payments. The remainder of the transaction consideration was used for transaction-related and other corporate expenses. Finally, in conjunction with the April 1 closing of the WHP Global transaction, our Board authorized the repurchase of up to $100 million of common stock through March 31, 2029.

如先前所宣布，我們將WHP Global交易取得的3億美元現金收入中的大部分用於全額償還定期貸款，使我們的流動性提升並大幅降低利息支出。交易對價的其餘部分用於交易相關及其他公司費用。最後，配合4月1日WHP Global交易完成交割，我們董事會核准於2029年3月31日前回購最多1億美元普通股。

As we will discuss in more detail shortly, with a strong balance sheet and this authorization in place, we have meaningful flexibility to evaluate opportunities to enhance shareholder value, including returning capital to shareholders. We will provide second quarter and full year 2026 guidance in the next section of this call. With that, I'll turn it back to Andrew.

我們稍後將更詳細說明，憑藉強健的資產負債表以及此項授權，我們具備相當大的彈性來評估提升股東價值的機會，包括向股東返還資本。我們將在本次電話會議的下一部分提供2026年第二季及全年指引。接下來我把時間交還給Andrew。

Thanks, Bernie. We'll now turn to a broader discussion of our strategy and outlook following the completion of the transformational JV we created with WHP Global and the opportunity for shareholder value it created going forward. I'll be referring to the slides, which are now on the screen of this webcast and can also be found on our Investor Relations website.

謝謝，Bernie。接下來，在我們與WHP Global所建立的具轉型意義的合資企業（JV）完成後，我們將更廣泛地討論我們的策略與展望，以及其未來為股東價值所帶來的機會。我將參考投影片，投影片目前已顯示於本次網路直播畫面上，也可在我們的投資人關係網站找到。

Beginning on slide 3, we want to spend a moment clearly laying out the strategic and financial rationale for the JV and importantly, how it translates into multiple reinforcing drivers of shareholder value. First, in April, we completed the creation of the JV, which included Lands' End contributing our intellectual property in exchange for $300 million in gross proceeds from WHP Global. Lands' End and WHP each have 50% ownership of the JV with WHP having a controlling interest.

從第3頁投影片開始，我們想花點時間清楚說明此合資企業的策略與財務理由，更重要的是，它如何轉化為多項相互強化的股東價值驅動因素。首先，我們於4月完成合資企業的設立，其中Lands' End以其智慧財產權作為出資，換取來自WHP Global的3億美元總收入。Lands' End與WHP各持有合資企業50%股權，且WHP擁有控制性權益。

We believe this transaction drove immediate value for our shareholders, both indirectly and directly. The $300 million of proceeds from WHP enabled us to immediately pay our term loan in full, deleveraging the balance sheet and fundamentally changing our financial position. This is a step change, not an incremental improvement in financial flexibility. In addition, WHP Global completed a tender offer for approximately $100 million in Lands' End shares at a purchase price of $45 per share available to all shareholders to realize near-term value creation.

我們相信這筆交易以間接與直接兩種方式為股東帶來即時價值。WHP提供的3億美元款項使我們得以立即全額償還定期貸款，降低槓桿並從根本上改變我們的財務狀況。這是結構性的躍升，而非漸進式的財務彈性改善。此外，WHP Global完成了對約1億美元Lands' End股份的要約收購，收購價為每股45美元，所有股東皆可參與，以實現短期價值創造。

WHP's acquisition of approximately 7% of Lands' End at a substantial premium signals their commitment to the future success and growth of our company. Under the long-term license agreement with the JV, Lands' End will pay the JV annual royalties of at least $50 million, and we will receive half of all JV profits on a quarterly basis.

WHP以顯著溢價收購約7%的Lands' End股權，顯示其對本公司未來成功與成長的承諾。依據與合資企業的長期授權協議，Lands' End每年將向合資企業支付至少5,000萬美元權利金，而我們將按季取得合資企業全部利潤的一半。

These profits will come from the royalties we pay, the growth of Lands' End's existing licenses, which were contributed to the JV as well as the growth of the brand with new licenses. The expansion possibilities available to the JV create a highly attractive revenue stream, creating a recurring, high-quality source of earnings with the JV expected to operate with EBITDA margins of no less than 85%.

這些利潤將來自我們支付的權利金、Lands' End既有授權業務的成長（該等授權已出資至合資企業），以及透過新增授權帶動的品牌成長。合資企業可運用的擴張可能性創造出極具吸引力的營收來源，形成可重複、具高品質的獲利來源；合資企業預期營運的EBITDA利潤率不低於85%。

By partnering with WHP Global, we believe Lands' End is now positioned as a brand to grow faster and more profitably than it could have on a stand-alone basis. This is because WHP is a proven global licensing platform with a track record of scaling brands across new categories, new geographies and new partners.

我們相信，透過與WHP Global合作，Lands' End如今作為品牌，已具備比單打獨鬥更快且更高獲利地成長的定位。這是因為WHP是經驗證的全球授權平台，擁有將品牌擴展至新類別、新地理市場與新合作夥伴的實績。

In just a moment, I'll discuss the JV's early wins. Finally, the opportunity to exchange our stake into WHP Global equity creates a unique and powerful second layer of value for shareholders should WHP execute a monetization event, such as a sale or an IPO, Lands' End may exchange our stake in the JV for equity in WHP Global at the same multiple that WHP receives in the monetization event.

稍後我將談到合資企業的早期成果。最後，將我們的持股交換為WHP Global股權的機會，為股東創造了獨特且強大的第二層價值；若WHP執行變現事件（例如出售或IPO），Lands' End可按WHP在該變現事件中所獲得的相同倍數，將我們在合資企業的持股交換為WHP Global的股權。

Importantly, scaled brand management companies like WHP typically command materially higher valuation multiples than traditional retailers. This creates the opportunity for Lands' End shareholders to effectively step up into a higher multiple business through the exchange event.

重要的是，像WHP這類具規模的品牌管理公司，通常享有顯著高於傳統零售商的估值倍數。這使Lands' End股東有機會透過交換事件，實質上「升級」至一個估值倍數更高的業務。

When you step back, this transaction delivers multiple layers of value, immediate value realization, balance sheet transformation, accelerated high-margin licensing growth, growing royalty income platform and high multiple upside opportunity. These are additive, not alternative drivers of shareholder value.

整體而言，這筆交易帶來多層次價值：即時價值實現、資產負債表轉型、加速高毛利授權成長、擴大的權利金收入平台，以及高倍數上行機會。這些是相加的股東價值驅動因素，而非彼此取代的選項。

Turning to slide 5. We've outlined here the four key levers to drive value for all Lands' End shareholders. First, as I just referenced, the significant financial flexibility we have following the completion of the JV transaction represents a fundamental reset of our financial position. By eliminating our term loan debt in full, we strengthened our financial position while shedding debt covenants that previously limited our ability to execute on strategies that could grow shareholder value.

接著看第5頁投影片。我們在此概述了推動所有Lands' End股東價值的四個關鍵槓桿。第一，如我剛才提到的，完成合資企業交易後我們所具備的顯著財務彈性，代表我們財務狀況的根本性重置。透過全額清償定期貸款負債，我們強化了財務狀況，同時解除先前限制我們執行可提升股東價值策略的債務契約條款。

Second, key to our success over the years has been the strength of our direct-to-consumer business and our B2B platform, Lands' End Outfitters. Across both businesses, we operate highly capable, digitally enabled platforms that when paired with ongoing strategic focus and cost discipline, provide the operating foundation to support future growth, cash generation and shareholder value creation.

第二，多年來我們成功的關鍵在於直面消費者（DTC）業務的實力，以及我們的B2B平台Lands' End Outfitters。在兩項業務中，我們皆營運能力強、數位化賦能的平台；搭配持續的策略聚焦與成本紀律，提供支撐未來成長、現金創造與股東價值創造的營運基礎。

Third, -- following the completion of the JV transaction, the Lands' End Board authorized a $100 million share repurchase program through March 2029. This is a clear and deliberate capital allocation option aligned with shareholder value creation. At current prices, this authorization represents the ability to repurchase a significant portion of shares outstanding. Programs at this scale are often associated with both EPS accretion and multiple expansion over time.

第三，-- 在合資企業交易完成後，Lands' End董事會核准一項至2029年3月的1億美元庫藏股回購計畫。這是一項清楚且審慎的資本配置選擇，與股東價值創造一致。以目前股價計算，此項授權代表我們有能力回購相當比例的流通在外股數。此規模的計畫通常與每股盈餘（EPS）增厚及估值倍數隨時間擴張相關。

Importantly, we now have the financial flexibility to act opportunistically when we believe our stock is trading below its intrinsic value. Finally, as I referenced earlier, the ability for Lands' End to exchange our JV stake for equity in WHP Global in a potential WHP monetization event presents compelling and unique upside opportunity.

重要的是，現在我們具備財務彈性，可在我們認為股價低於其內在價值時把握機會採取行動。最後，如我先前提到的，在潛在的WHP變現事件中，Lands' End可將我們的合資企業持股交換為WHP Global股權的能力，帶來具吸引力且獨特的上行機會。

This is a highly differentiated component of our equity story, one that is not typically reflected in traditional retail valuations. Now turning to our commercial strategy on slide 6. Consistent with the JV agreement, Lands' End will continue to do what it does best and operate its portions of the Lands' End business under a long-term license agreement with the JV. This model creates 2 complementary growth engines.

這是我們股權故事中高度差異化的一環，而在傳統零售估值中通常不會被充分反映。接著看第6頁投影片的商業策略。依合資企業協議，Lands' End將持續專注於其最擅長的事，並在與合資企業的長期授權協議下，營運Lands' End業務中由我們負責的部分。此模式創造兩個互補的成長引擎。

Lands' End is focused on operating, driving its consumer businesses through its websites, serving the needs of enterprises with Outfitters and day-to-day positioning and delivery of Lands' End through other digital channels such as marketplaces.

Lands' End專注於營運，透過自有網站推動其消費者業務，透過Outfitters服務企業客戶需求，並透過其他數位通路（如市集平台）進行Lands' End的日常定位與交付。

The joint venture is focused on extending the brand, unlocking higher-margin licensing growth across new categories, partners and geographies. Together, they expand both the earnings power and the strategic reach of the Lands' End brand. Our direct-to-consumer business remains the core of the Lands' End operating model.

合資企業則專注於延伸品牌，在新類別、新合作夥伴與新地理市場中釋放更高毛利的授權成長。兩者結合，共同擴大Lands' End品牌的獲利能力與策略觸及範圍。我們的直面消費者業務仍是Lands' End營運模式的核心。

Through our digital channels in the US, UK, France and Germany as well as marketplace partners, including Amazon, Nordstrom, Kohl's, Macy's and Target, we meet customers where they are and serve them with a solutions-based customer-first assortment. Across this business, we are expanding our customer file, improving new-to-brand acquisition and strengthening gross margin by emphasizing higher quality, full price selling rather than chasing lower value promotional volume.

透過我們在美國、英國、法國與德國的數位通路，以及包含Amazon、Nordstrom、Kohl's、Macy's與Target在內的市集合作夥伴，我們在客戶所在之處與其互動，並以解決方案導向、以客為先的商品組合為其服務。在此業務中，我們正擴大客戶名單、提升新客（新進品牌）獲取，並透過強調更高品質、以正價銷售為主，而非追逐低價值的促銷量，來強化毛利率。

Next, our B2B business, Lands' End Outfitters, provides branded apparel and uniform solutions to national accounts, Fortune 500 companies, small and midsized businesses and more than 5,000 US schools. Outfitters is a competitively differentiated business with a long runway ahead.

接下來，我們的 B2B 業務 Lands' End Outfitters，為全國性客戶、財富 500 強企業、中小型企業以及超過 5,000 所美國學校提供品牌服飾與制服解決方案。Outfitters 是一項具備競爭差異化的業務，且未來仍有很長的成長跑道。

We win by combining the strength of the Lands' End brand with market-leading embroidery and personalization capabilities, service levels customers trust and a platform that supports recurring demand across attractive markets. Importantly, these operating businesses are the Lands' End cash flow engine. They fund reinvestment in product, marketing, technology and customer experience.

我們的致勝之道在於結合 Lands' End 品牌的實力、領先市場的刺繡與個人化客製能力、客戶信賴的服務水準，以及一個能在具吸引力的市場中支撐經常性需求的平台。重要的是，這些營運業務是 Lands' End 的現金流引擎。它們為產品、行銷、科技與客戶體驗的再投資提供資金。

They support disciplined capital return and they provide the earnings base from which we can create value as the JV adds incremental high-margin growth. In other words, Lands' End and the JV are designed to work together. The operating company drives durable commerce and cash generation, while the JV extends the reach and monetization of the brand.

它們支持有紀律的資本回饋，並提供獲利基礎，使我們能在合資企業（JV）帶來額外高毛利成長時創造價值。換言之，Lands' End 與 JV 的設計就是要相互協作。營運公司推動持久的商務動能與現金創造，而 JV 則擴大品牌的觸及與變現能力。

Now that we've discussed this transaction and our operating model, it's important to highlight the growth drivers that strengthen Lands End, support cash generation and position the company to deliver long-term shareholder value.

既然我們已討論這筆交易與我們的營運模式，接下來重要的是強調能強化 Lands End、支持現金創造，並使公司具備交付長期股東價值定位的成長驅動因素。

Beginning on slide 7. On the top left is the strategy you've heard us talk about before, one that has been greatly accelerated through the JV with WHP Global. Together, we're partnering to expand the Lands' End brand into new categories, new channels and international markets where we do not currently operate.

從第 7 頁投影片開始。左上方是你們之前聽我們談過的策略，而這項策略已透過與 WHP Global 的 JV 大幅加速。我們將攜手合作，把 Lands' End 品牌拓展到我們目前尚未經營的新類別、新通路與國際市場。

WHP Global brings a terrific track record when it comes to licensing high-caliber brands, and we have great confidence in their ability to drive success with the Lands' End brand. This strategy is now materially accelerated through WHP's platform.

WHP Global 在授權高品質品牌方面擁有卓越的實績，我們對其推動 Lands' End 品牌成功的能力充滿信心。透過 WHP 的平台，這項策略如今已實質加速。

Shifting to the right, another core growth driver is our solutions-driven product strategy. We build the brand to be ready for life's every journey with franchises that solve real customer needs and keep Lands' End relevant across the arc of the year.

往右看，另一個核心成長驅動因素是我們以解決方案為導向的產品策略。我們打造品牌以因應人生每段旅程，透過能解決真實客戶需求的系列（franchises），讓 Lands' End 在一年各季節的需求曲線中都保持相關性。

In outerwear, we are focused on owning the weather through standard programs like Squall, Wanderweight and Anyweather. In swim, Tugless, Slender and our new SlenderLite Suits extend that same solutions leadership into a category where Lands' End has been a market leader for more than a decade by bridging fashion, technology, fit and function.

在外套品類，我們聚焦於「掌控天氣」，透過 Squall、Wanderweight 與 Anyweather 等標準化產品計畫。在泳裝方面，Tugless、Slender 以及我們全新的 SlenderLite Suits，將同樣的解決方案領導力延伸到一個 Lands' End 十多年來一直是市場領導者的品類，並在時尚、科技、版型與機能之間搭起橋樑。

Our tote franchise tells the same story. It is iconic, functional and a true wardrobe staple and the business continues to grow double digits. Just as important, totes are the number one item purchased by new-to-file customers who are younger than our existing customers, making the category both a significant revenue driver and one of the strongest entry points into the brand.

我們的托特包（tote）系列也講述同樣的故事。它具代表性、實用，是真正的衣櫥必備單品，而該業務持續以雙位數成長。同樣重要的是，托特包是新建檔客戶（new-to-file）中、且年齡比我們既有客群更年輕者最常購買的第一名商品，使該品類既是重要的營收驅動因素，也是進入品牌的最強入口之一。

Moving down the slide and picking up on that theme, our customer relationship remains a distinctive advantage with the average customer relationship spanning 20 years, and we continue to bring in new customers who show strong loyalty once they enter the brand. There is also real connectivity across our divisions, a school uniform mom can become a DTC customer, then shop with her child over time, reinforcing the lifetime value cycle that makes the Lands' End customer model so powerful.

往下看並延續這個主題，我們的客戶關係仍是獨特優勢：平均客戶關係長達 20 年；同時我們持續引入新客戶，而他們一旦進入品牌後便展現高度忠誠。我們各事業部之間也有真實的連結性：一位學校制服的媽媽可能成為 DTC 客戶，接著隨著孩子成長持續購買，強化終身價值循環，這正是 Lands' End 客戶模型如此強大的原因。

Finally, on the bottom right of the slide, underpinning everything we do to drive performance is our continued focus on world-class operational execution. First, we're continuing to invest in and grow our 2 digitally native businesses, our DTC and B2B platform, leaning into the franchises and solutions that are clearly resonating with customers.

最後，在投影片右下角，支撐我們推動績效的所有作為，是我們持續聚焦於世界級的營運執行。第一，我們持續投資並擴大兩個數位原生業務：DTC 與 B2B 平台，並加碼那些明顯引起客戶共鳴的系列與解決方案。

Second, we are deploying AI and advanced analytics to sharpen our marketing with a focus on reaching the right customers at the right moment with greater precision and efficiency. Third, we are deepening our personalization capabilities to deliver a stronger digital experience, strengthen customer loyalty and convert onetime buyers into repeat customers.

第二，我們部署 AI 與進階分析以精準化行銷，聚焦於在正確的時點以更高的精準度與效率觸及正確的客戶。第三，我們深化個人化能力，以提供更強的數位體驗、強化客戶忠誠度，並將一次性買家轉化為回購客戶。

These are active areas of investment and focus, and we believe the progress we make here will be meaningful drivers of the company's future performance. Moving to slide 9. Our intellectual property joint venture with WHP Global closed on April 1, 2026.

這些都是我們積極投資與聚焦的領域，我們相信在此取得的進展將成為公司未來績效的重要驅動因素。轉到第 9 頁投影片。我們與 WHP Global 的智慧財產權合資企業已於 2026 年 4 月 1 日完成交割。

And in roughly 60 days, we have already seen clear evidence of the platform's potential. The JV has agreed to consolidate and extend three licenses with our largest apparel licensee to create one license through 2033 at meaningfully higher guaranteed minimum royalties, reached an agreement in principle to extend our footwear partnership by seven years and selected a new home textiles partner after a competitive process.

在大約 60 天內，我們已清楚看到該平台的潛力證據。JV 已同意與我們最大的服飾被授權商整併並延展三項授權，整合為一份延續至 2033 年的授權合約，且保證最低權利金（guaranteed minimum royalties）顯著提高；並已達成原則性協議，將我們的鞋類合作夥伴關係延長七年；同時在競爭性流程後選定新的家用紡織品合作夥伴。

Together, these actions are expected to drive more than $150 million of long-term guaranteed royalty value to the JV over the term of these agreements with additional opportunities active across more than a dozen new categories and international markets. Just as important, WHP Global continues to expand its brand platform with real ambition, validating our choice of partner. This recently announced definitive agreement to acquire Marc Jacobs from LVMH increases WHP's global retail sales to more than $9.5 billion annually and further strengthens its position in premium fashion.

綜合而言，預期這些行動在協議期間將為 JV 帶來超過 1.5 億美元的長期保證權利金價值，且在十多個新類別與國際市場仍有更多機會正在推進。同樣重要的是，WHP Global 持續以高度企圖心擴張其品牌平台，驗證了我們對合作夥伴的選擇。近期宣布的、與 LVMH 達成收購 Marc Jacobs 的最終協議，使 WHP 的全球零售銷售額提升至每年超過 95 億美元，並進一步強化其在高端時尚領域的地位。

That matters to Lands' End because our exchange option gives shareholders exposure not only to the growth of our brands within the JV, but also to the value creation potential of a scaling increasingly strategic platform. Taken altogether, these updates reinforce the strategic value of the joint venture and give us even greater confidence in the long-term opportunity with WHP Global. Bernie, over to you.

這對 Lands' End 很重要，因為我們的交換選擇權讓股東不僅能參與 JV 內我們品牌的成長，也能參與一個規模擴大、且日益具策略性的平台所帶來的價值創造潛力。綜合來看，這些更新強化了合資企業的策略價值，並讓我們對與 WHP Global 的長期機會更具信心。Bernie，交給你。

I'll take slide 11, where we reset the baseline for how to think about Lands' End financially following the creation of the joint venture. What we've done here is recast our fiscal 2025 results as if the JV structure had been in place for the entire year. And similarly, we used the proceeds to pay off the term loan. This is an important step to provide investors with a clear comparable starting point as we move forward. At a high level, there are four key changes to call out in this exercise.

我來看第 11 頁投影片，我們在成立合資企業後，重新設定了思考 Lands' End 財務表現的基準。我們在此所做的是，將 2025 會計年度的結果重編（recast），假設 JV 架構在全年都已存在。同樣地，我們也假設使用該筆款項收益償還定期貸款（term loan）。這是重要的一步，能在我們往前推進時，為投資人提供清晰且可比較的起點。從高層次來看，這項重編有四個關鍵變動需要說明。

First, on revenue. Reported revenue declined modestly by approximately $18 million. This reflects the fact that certain licensing revenues are no longer recorded within Lands' End as those rights now sit with the JV. Second, at the gross profit level, you see a more significant change.

第一，營收方面。揭露的營收小幅下降，約減少 1,800 萬美元。這反映出部分授權收入不再在 Lands' End 內入帳，因為相關權利如今由 JV 持有。第二，在毛利層級，你會看到更顯著的變化。

Gross profit decreases by about $83 million and gross margin declined from 49% to 43%. This is primarily due to the introduction of royalty payments that Lands' End now makes to the JV under the long-term license agreement. Third, and importantly, you begin to see the offset from the new structure in other income, which now includes our 50% share of JV profits. That contribution adds approximately $37 million in this recast view.

毛利約減少 8,300 萬美元，毛利率由 49% 下降至 43%。這主要是因為在長期授權協議下，Lands' End 現在需向 JV 支付權利金。第三，且同樣重要的是，你開始在其他收入中看到新架構帶來的抵銷效果；其他收入現在包含我們持有的 JV 利潤 50% 份額。在此重編視角下，該貢獻約增加 3,700 萬美元。

When you put these elements together, adjusted EBITDA shifts from $102 million to $56 million. While that is a lower absolute level, it's critical to emphasize that this is largely a structural reclassification rather than a reflection of weaker underlying economic.

將這些要素合併後，調整後 EBITDA 由 1.02 億美元轉為 5,600 萬美元。雖然絕對金額較低，但必須強調，這主要是結構性的重分類，而非反映基礎經濟面轉弱。

Finally, and just as important, below the line, the benefits of the transaction become very clear. Interest expense declined dramatically from roughly $37 million to just over $4 million as a result of fully repaying the term loan with the proceeds from the JV transaction.

最後，同樣重要的是，在損益表下方，這筆交易的效益變得非常清楚。由於使用 JV 交易所得全額償還定期貸款，利息費用由約 3,700 萬美元大幅下降至略高於 400 萬美元。

So while adjusted net income and EPS are modestly lower in this recast view, the company is now operating with significantly reduced leverage, materially lower interest burden and a more flexible capital structure. Stepping back, the key takeaway from this slide is straightforward. We are establishing a new financial baseline that reflects a hybrid model where Land's End generates cash through consumer digital and Outfitters, while the joint venture provides a growing high-margin royalty stream through licensing.

因此，雖然在此重述視角下，調整後淨利與每股盈餘（EPS）略為下降，但公司目前以顯著降低的槓桿水準營運，利息負擔大幅減輕，資本結構也更具彈性。退一步看，這張投影片的關鍵重點很直接。我們正在建立一個新的財務基準，反映一種混合模式：Lands' End 透過消費者數位業務與 Outfitters 產生現金，而合資企業則透過授權提供一條成長中的高毛利權利金收入來源。

This framework is what underpins our outlook for improving earnings quality, stronger cash generation and long-term shareholder value creation. Now turning to guidance on slide12. Our guidance reflects current conditions, including tariffs at currently implemented rates and prevailing macroeconomic factors.

此一架構支撐我們對獲利品質改善、更強勁的現金產生能力，以及長期股東價值創造的展望。接著看第12頁投影片的財測指引。我們的指引反映目前狀況，包括以現行已實施的稅率計算的關稅，以及當前的總體經濟因素。

For the second quarter, we expect net revenue to be between $290 million to $310 million, adjusted net income of $2 million to $5 million and adjusted diluted earnings per share of $0.06 to $0.16 and our adjusted EBITDA to be in the range of $11 million to $14 million.

就第二季而言，我們預期淨營收介於2.90億至3.10億美元之間，調整後淨利為200萬至500萬美元，調整後稀釋每股盈餘為0.06至0.16美元，而調整後EBITDA預計介於1,100萬至1,400萬美元。

Turning to full year. We expect net revenue to be between $1.3 billion to $1.4 billion, adjusted net income of $10 million to $20 million and adjusted diluted earnings per share of $0.32 to $0.65 and our adjusted EBITDA to be in the range of $68 million to $78 million. Our guidance for the full year incorporates approximately $40 million in capital expenditures.

再看全年。我們預期淨營收介於13億至14億美元之間，調整後淨利為1,000萬至2,000萬美元，調整後稀釋每股盈餘為0.32至0.65美元，而調整後EBITDA預計介於6,800萬至7,800萬美元。我們的全年指引包含約4,000萬美元的資本支出。

Let me shift now to our three-year targets, which we view as a separate but important way to frame the earnings power of the business under the new model. Starting with revenue, we are targeting mid-single-digit annual growth over this period. It's important to emphasize that this growth is expected to be driven primarily by our core operating businesses, specifically continued expansion in direct-to-consumer and Outfitters. We see opportunity to grow through increased customer acquisition and retention, strength in key product franchises and continued momentum in our B2B platform.

接下來我想轉到我們的三年目標；我們將其視為另一種獨立但重要的方式，用以界定在新模式下本業的獲利能力。先從營收來看，我們目標是在此期間達成每年中個位數的成長。需要強調的是，這項成長預期主要由我們的核心營運業務所驅動，特別是直面消費者（DTC）與 Outfitters 的持續擴張。我們看到透過提高客戶獲取與留存、關鍵產品系列的強勢表現，以及我們B2B平台的持續動能來推動成長的機會。

Turning to profitability. We expect to deliver a growing adjusted EBITDA margin reaching the high single digits over time. That margin expansion is supported by improved merchandise margins, disciplined cost management, operating leverage as the business scales and increasing contribution from high-margin JV profit streams.

再看獲利能力。我們預期可交付持續成長的調整後EBITDA利潤率，並隨時間推進達到高個位數水準。該利潤率擴張由多項因素支撐，包括商品毛利率改善、嚴謹的成本管理、隨業務規模擴大而產生的營運槓桿，以及高毛利合資企業（JV）利潤來源貢獻提升。

And importantly, underpinning both our growth and margin outlook is the step change in financial flexibility we've achieved following the JV transaction. With a stronger balance sheet and significantly reduced interest burden, we now have greater capacity to allocate capital deliberately and consistently in support of shareholder value creation.

而且很重要的是，支撐我們成長與利潤率展望的，是在完成合資交易後我們所達成的財務彈性之躍升。在資產負債表更強健且利息負擔顯著降低的情況下，我們如今有更大的能力，以審慎且一致的方式配置資本，以支持股東價值創造。

That includes reinvestment in the business to support profitable growth, maintaining a disciplined cost structure and executing against our authorized share repurchase program when we see compelling value. So while revenue growth is driven by the core business, the combination of financial flexibility, capital allocation discipline and high-margin JV economics positions us to deliver high-quality earnings and stronger long-term returns to shareholders. Back to you, Andrew.

這包括再投資於業務以支持獲利性成長、維持嚴謹的成本結構，以及在我們看到具吸引力的價值時，執行已核准的庫藏股回購計畫。因此，雖然營收成長由核心業務驅動，但財務彈性、資本配置紀律與高毛利合資經濟效益的結合，使我們有能力交付高品質獲利與更強的長期股東報酬。交回給你，Andrew。

Thanks, Bernie. We want to spend a few minutes walking through how Lands' End realizes value from the JV today and the potential additional upside embedded in the exchange option over time. On slide 13, the framework is straightforward. There are two complementary sources of value from the JV, recurring royalty cash flow and event-driven equity upside. First, the JV generates royalty income from the Lands' End operating company from new licenses added over time.

謝謝，Bernie。我們想花幾分鐘說明 Lands' End 目前如何從合資企業中實現價值，以及隨時間推進，交換選擇權中所蘊含的潛在額外上行空間。在第13頁投影片，架構很直接。合資企業帶來兩個互補的價值來源：經常性的權利金現金流，以及事件驅動的股權上行。首先，合資企業會從 Lands' End 營運公司取得權利金收入，來源為隨時間新增的授權。

Because Lands' End owns 50% of the JV, we receive 50% of those profits on a quarterly basis, net of expenses. That creates a recurring, high-quality earnings stream that grows as the brand expands. Second, in the event of a qualifying WHP global monetization event, Lands' End may or in some cases, be obligated to exchange its JV stake for equity in WHP Global at the same valuation multiple implied by that transaction.

由於 Lands' End 持有合資企業50%的股權，我們每季可取得扣除費用後的50%利潤分配。這形成一條可重複、品質高的獲利來源，並會隨品牌擴張而成長。其次，若發生符合條件的 WHP Global 變現事件，Lands' End 可能（在某些情況下亦可能被要求）以該交易所隱含的相同估值倍數，將其合資持股交換為 WHP Global 的股權。

Because scaled brand management companies like WHP often command materially higher multiples than traditional retailers, this creates a meaningful second layer of potential value. Put simply, the JV can create value in two ways: through cash earnings we receive along the way and through the equity value that could be realized in a potential monetization event. slide 14 is intended to show what the second source of value could mean under various illustrative assumptions.

由於像 WHP 這類具規模的品牌管理公司，通常享有顯著高於傳統零售商的估值倍數，這就創造了第二層具意義的潛在價值。簡言之，合資企業可透過兩種方式創造價值：一是我們沿途取得的現金獲利，二是在潛在變現事件中可能實現的股權價值。第14頁投影片旨在展示在各種示例性假設下，第二個價值來源可能代表的意義。

Now turning to slide 14. This is one of the most important slides in the presentation because it illustrates how a potential WHP monetization event could translate into additional value for Lands' End shareholders beyond the recurring royalty stream we discussed on the prior slide. The mechanics are straightforward. Lands' End owns 50% of the JV and in certain qualifying WHP monetization events such as a sale or an IPO, we may exchange that JV stake for equity in WHP Global.

現在轉到第14頁投影片。這是簡報中最重要的投影片之一，因為它說明潛在的 WHP 變現事件，如何能為 Lands' End 股東帶來除我們在前一頁所討論的經常性權利金收入之外的額外價值。其運作機制很直接。Lands' End 持有合資企業50%的股權，在某些符合條件的 WHP 變現事件（例如出售或IPO）中，我們可以將該合資持股交換為 WHP Global 的股權。

The value of that exchange would be based on the JV's EBITDA at the time of the event and the valuation multiple implied by the WHP transaction. Put differently, if the JV grows meaningfully and WHP is valued at a premium multiple in a monetization event, Lands' End could participate in that upside through the exchange option.

該交換的價值將以事件發生時合資企業的EBITDA，以及 WHP 交易所隱含的估值倍數為基礎。換言之，若合資企業顯著成長，且 WHP 在變現事件中以溢價倍數估值，Lands' End 可透過交換選擇權參與該上行空間。

To illustrate the range of outcomes, we've modeled two scenarios using different assumptions for JV EBITDA and the monetization multiple. In the first scenario, assuming JV EBITDA of $100 million on a trailing 12-month basis and determined in accordance with our LLC agreement and a 13x monetization multiple, the JV would be valued at approximately $1.3 billion.

為了說明可能結果的區間，我們以不同的合資企業EBITDA與變現倍數假設，建模了兩種情境。在第一種情境中，假設合資企業過去12個月（TTM）EBITDA為1億美元，並依據我們的有限責任公司（LLC）協議認定，且變現倍數為13倍，則合資企業估值約為13億美元。

Lands' End's 50% share of that value would be approximately $650 million, which equates to roughly $22 per Lands' End share. In the second scenario, assuming JV EBITDA of $150 million and a 15x monetization multiple, the JV value would rise to approximately $2.25 billion.

Lands' End 持有的50%價值約為6.5億美元，約相當於每股 Lands' End 股票22美元。在第二種情境中，假設合資企業EBITDA為1.5億美元，且變現倍數為15倍，則合資企業估值將上升至約22.5億美元。

Lands' End's 50% share would be approximately $1.1 billion or about $38 per Lands' End share. These scenarios are illustrative and actual outcomes will depend on the timing and terms of any potential monetization event. But the purpose of this slide is clear to show that the exchange option could represent a meaningful and currently under reflected component of Lands' End's value.

Lands' End 的50%份額約為11億美元，或約每股 Lands' End 股票38美元。這些情境僅為示例，實際結果將取決於任何潛在變現事件的時點與條款。但這張投影片的目的很清楚：展示交換選擇權可能代表 Lands' End 價值中一個具意義、且目前尚未充分反映的組成部分。

We do not believe this is reflected in our current valuation, and we now have both the balance sheet flexibility and the repurchase authorization to respond when the disconnect is too wide. Before we open the line for Q&A, I want to take a moment to bring together what we have covered today.

我們不認為這已反映在我們目前的估值中，而我們現在同時具備資產負債表的彈性與回購授權，可在落差過大時做出回應。在我們開放Q&A之前，我想花點時間把今天所涵蓋的內容做個總結。

We came into this call with a clear objective to give investors a fuller picture of where Lands' End is headed and why we believe the company is at a genuine inflection point. We have real momentum in the business, and we are executing against a clear and deliberate strategy. At its core, Lands' End remains fundamentally strong with underlying demand, growing new customer acquisition and improving engagement across key categories.

我們帶著明確目標參與這次電話會議：讓投資人更完整地了解 Lands' End 的發展方向，以及我們為何相信公司正處於真正的轉折點。我們的業務具備實質動能，並正依循清晰且審慎的策略執行。從根本來看，Lands' End 仍然具備堅實的基本面，包括底層需求、新客獲取持續成長，以及在關鍵品類上的互動度提升。

We have created a business model that is now more flexible, less leveraged and better positioned to convert brand strength into earnings and cash flow. At the same time, the WHP transaction has strengthened our investment case in multiple ways. We have realized immediate value through the $45 per share WHP tender offer, significantly deleveraged the balance sheet and created new avenues for long-term value creation through recurring JV profit participation and the exchange option.

我們已打造出一個更具彈性、槓桿更低、且更能將品牌優勢轉化為獲利與現金流的商業模式。同時，WHP 交易也以多種方式強化了我們的投資論點。我們已透過每股45美元的 WHP 要約收購立即實現價值，顯著降低資產負債表槓桿，並透過合資企業利潤參與的經常性收益與交換選擇權，開創長期價值創造的新途徑。

Additionally, our Board has authorized a $100 million share repurchase program. Taken together, we believe the opportunity in front of Lands' End has never been clearer. We have an iconic brand, durable customer relationships, differentiated operating platforms, improved fundamentals and a capital structure that now gives us the ability to invest in growth while also acting decisively on behalf of shareholders.

此外，我們的董事會已核准一項1億美元的股票回購計畫。綜合來看，我們相信，Lands' End 眼前的機會從未如此清晰。我們擁有具代表性的經典品牌、穩固的客戶關係、差異化的營運平台、改善的基本面，以及如今使我們得以在投資成長的同時，也能果斷為股東採取行動的資本結構。

To our shareholders, our message is straightforward. We believe there is significant value in this company, and we are focused on driving shareholder value. We appreciate your support, and we take this responsibility seriously, and we are focused to deliver the progress and value creation opportunities we have outlined today.

致我們的股東，我們的訊息很直接。我們相信這家公司具有顯著價值，並且我們專注於推動股東價值。感謝各位的支持；我們嚴肅看待這項責任，並專注於交付我們今天所概述的進展與價值創造機會。

Finally, I want to thank all of our dedicated employees at Lands' End. Together, you've built a tremendous brand, and the results we've discussed today are a reflection of your commitment and hard work. With that, we are pleased to open the line for questions.

最後，我要感謝 Lands' End 所有敬業的員工。你們一起打造了一個卓越的品牌，而我們今天討論的成果正是你們投入與辛勤工作的體現。接下來，我們很高興開放提問。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

Hi. Good morning, everyone. Thank you very much for the detailed presentation of the opportunities that lie ahead, which certainly are compelling. A couple of questions just on the now and in the future. On the now, in terms of current business trends, what you're seeing, is the distribution center warehouse management system update complete? Is there any hangover into Q2? And then tariffs and tariff refunds and how you're planning that?

嗨。各位早安。非常感謝你們就未來機會所做的詳細簡報，確實相當引人注目。我有幾個問題，分別關於現在與未來。先談現在：就目前的業務趨勢而言，你們所看到的情況是什麼？配送中心的倉儲管理系統更新是否已完成？是否有任何影響延續到第二季？另外，關於關稅與關稅退稅，你們如何規劃？

And then on the future, with the opportunities that WHP brings, particularly in licensing, how are the 2 of you ensuring that it's the quality that you want, design process? And how do you see the time line of when new license categories begin to evolve? And what you -- in terms of the royalty stream, how you're thinking about it between the two of you? And then lastly, just on that $45 price, how did that come to be? Or how did that number come to be? What's the background? Or how did that get set up?

再談未來：隨著 WHP 帶來的機會，特別是在授權方面，你們兩位如何確保品質符合你們的要求，以及設計流程如何把關？你們如何看待新授權品類開始發展的時間表？以及就權利金收入流而言，你們兩方之間如何思考與安排？最後，關於那個45美元的價格，那是怎麼來的？或者說，那個數字是如何形成的？背景是什麼？或那是如何被設定出來的？

Morning, Dana. Thank you for taking the call and thank you for the questions. I'll get going, and Bernie can fill in. Current business trends are really pretty positive. I mean we said it in the call that we had seen positive comps not just through Memorial Day, but beyond Memorial Day.

早安，Dana。謝謝你參與這通電話，也謝謝你的提問。我先回答，Bernie 可以再補充。目前的業務趨勢其實相當正面。我們在電話會議中也提到，我們看到的同店表現為正，不僅到陣亡將士紀念日為止，甚至在那之後也是如此。

And actually, we're seeing a stronger swim season come together. There's been a trend in the market for the last couple of years for one pieces. We do see that continuing. Our big product launch for the spring was the SlenderLite Suit, and that's been very positively received. But actually, one of the things that we're seeing that I'm particularly pleased about because it really is in Land's End DNA are two pieces. We put mix and match capabilities into the site that let you personalize a whole lot more.

而且，我們也看到更強勁的泳裝季正在成形。過去幾年市場一直有偏好連身款的趨勢。我們確實看到這個趨勢仍在延續。我們春季最大的新品上市是 SlenderLite Suit，市場反應非常正面。但其實，有一件事讓我特別高興，因為這真的很符合 Lands' End 的 DNA，那就是兩件式泳裝。我們在網站上加入了混搭功能，讓你可以更大幅度地個人化搭配。

And frankly, they're a great solution and that they -- your top may be a medium and your bottom may be a small and we can accommodate you appropriately. And I think that continues to be very positive for us and a nice surprise. In terms of that, we've seen really good numbers coming out of our home business, our men's business and actually even our women's business. As it's warmed up, we've really seen the numbers also warm up and feel good about where Q2 is.

坦白說，這是一個很好的解決方案：你的上身可能是 M 號、下身可能是 S 號，我們都能適切滿足。我認為這對我們持續非常正面，也是一個令人驚喜的亮點。就此而言，我們看到家居品類、男裝品類，甚至女裝品類的表現都相當不錯。隨著天氣轉暖，我們也確實看到數字同步升溫，對第二季的走勢感到樂觀。

With regard to tariffs, I mean, there's two parts to this. There's the accounting of it and then there's the book part of it. And I would say, and I'll let Bernie speak to it, we have started to receive cash back from the government for the tariffs that were ruled illegal last year. And then for this year, we're just taking a very prudent stance. We're booking everything at 15%, so the higher rate and then realizing it as it comes in and right now at a lower rate, but we just stand ready to deal with that and really have built it into our operating model.

至於關稅，我想這裡有兩個部分。一個是會計認列，另一個是帳務處理的層面。我會說——也讓 Bernie 補充——我們已開始收到政府退回的現金，這是針對去年被裁定為違法的關稅。而對於今年，我們採取非常審慎的立場。我們以15%的較高稅率全數入帳，之後再隨實際發生（目前為較低稅率）逐步認列；我們已準備好因應，並且已將其納入我們的營運模型。

We've done a lot of work around AUC to make sure that we have good margin structure that can see us through this. We've done a lot of editing our line and making sure that it's more balanced and more concentrated. And actually, we continue to reduce the number of factories that we source to. That's been something that I've been working on since I joined the company. And I think with Matt DelVecchio coming in as our Head of Sourcing, we'll continue to see that reduce further. Before I go on to the future questions, I'm just going to see if there are any sort of --

我們在 AUC（平均單位成本）方面做了大量工作，以確保我們有良好的毛利結構能夠度過這段期間。我們也大幅調整產品線，確保更均衡、也更集中。此外，我們持續降低採購來源工廠的數量。這是我加入公司以來一直在推動的工作。我認為隨著 Matt DelVecchio 加入並擔任我們的採購主管，我們會看到這個數量進一步下降。在我繼續回答未來的問題之前，我先看看是否有任何--

Yes. I think the only thing I'd add on the tariffs is when Andrew talks about us consolidating our supply chain, what we've done is we've gone with many larger manufacturers who have very flexible supply chains and can move between countries so that as there is challenges in tariffs in one country, we're able to move that production to a different country with the same vendor with the same timing, and that's been very positive for us. And as Andrew talked about, been very positive for our average unit cost of product.

是的。我想在關稅方面我唯一要補充的是，當 Andrew 談到我們整併供應鏈時，我們所做的是與更多大型製造商合作；這些製造商的供應鏈非常有彈性，能在不同國家之間移轉，因此當某一國家面臨關稅挑戰時，我們能在同一供應商、相同交期下，把產能移到另一個國家，這對我們非常有利。而如 Andrew 所說，這也對我們的產品平均單位成本帶來非常正面的影響。

Thank you, Bernie. Turning to the future and your questions there, Dana. I mean, first of all, let's just get to the emotional side of it. We ran a long process, and we found the partner that best match Lands' End, and that was WHP. So we see the world from the same perspective, and we see their ambition and vision and it meshes with us.

謝謝你，Bernie。Dana，回到未來以及你在那部分的問題。首先，先談比較感性的層面。我們進行了一個很長的流程，最後找到最符合 Lands' End 的合作夥伴，那就是 WHP。因此我們看待世界的角度一致，也看見他們的企圖心與願景，並且與我們高度契合。

If you look at the Marc Jacobs deal, that's a big push forward for a scaled brand management company like WHP. And so if that's their direction, that's the direction we saw during the joint venture negotiations. And I think that speaks volumes to how we will go forward. From a more practical standpoint, obviously, we have a governance solution in place where -- we sit -- I sit along with my Chair, Josephine, on the Board of the IP company, along with Yehuda, Stanley, and Effie.

如果你看 Marc Jacobs 的交易，對像 WHP 這樣具規模的品牌管理公司而言，那是一個很大的向前推進。因此，如果那是他們的方向，那也是我們在合資談判期間所看到的方向。我認為這充分說明了我們未來將如何推進。從更務實的角度來看，顯然我們已建立一套治理機制——我們在其中任職——我與我們的董事長 Josephine 一起在該 IP 公司的董事會任職，並與 Yehuda、Stanley 以及 Effie 一同參與。

So we're able to meet on a regular basis and ensure the brand goes forward right. And then fundamentally, once you get below that, and this is part of our agreement and again, part of why we bought into WHP as such a great partner for us. They talk about Lands' End, HQ, what we represent and what Bernie and I were discussing this morning and all of the design comes out there and all of the direction.

因此我們能定期會面，確保品牌以正確的方式向前推進。而從根本上來說，當你再往下看——這也是我們協議的一部分，也再次說明為何我們認為 WHP 是我們極佳的合作夥伴——他們談到 Lands' End 的總部、我們所代表的意義，以及 Bernie 和我今天早上討論的內容：所有設計與所有方向都從那裡產出。

And they have been really great sort of tapping into the work that Kim and Sarah are doing, in particular, in the consumer brand to make sure that we're really staying on brand and the story is consistent, and we don't end up with some weird looking brand that grows around the world. So that's been excellent. I think the time line for new licenses, we should expect to see new licenses really start to kick off next year, if I'm perfectly honest. There's a lot of work going on right now.

他們也非常善於汲取 Kim 和 Sarah 的工作成果，特別是在消費者品牌方面，以確保我們真正維持品牌一致性、故事敘事一致，並避免在全球擴張時出現某種看起來很怪的品牌樣貌。因此這點做得非常好。至於新授權的時間表，老實說，我們應該預期明年才會真正開始啟動新的授權。目前正在進行大量工作。

And I think we mentioned that there's probably a dozen or so in the pipeline, licenses in the pipeline that Yehuda and his team are working on. And we're very excited about those and doing our part to help to bring them to market. In terms of how we look at those royalty streams coming in, we're very thoughtful about how we balance that out. how we put that into the numbers. And we looked at various business cases. And the one we presented to you, I would say, is the most realistic and then I'll let Bernie give his comments on it.

我想我們提到過，管線裡大概還有十來個左右的案子，也就是 Yehuda 和他的團隊正在推進的授權案。我們對這些非常興奮，也會盡我們的本分協助把它們推向市場。至於我們如何看待這些權利金收入的流入，我們在如何取得平衡上非常審慎，也就是如何把它反映在數字裡。我們也看過各種不同的商業情境。而我們向各位呈現的那個，我會說是最貼近現實的，接下來我讓 Bernie 來補充他的看法。

Yes. I think I'd also like to start with on -- when you talked about the time line of opportunities. What WHP started with is renegotiating the current licenses we have, and they've been able to extend the terms of those licenses and increase the total amount of GMR, which we stated in our presentation, which I think is a big first step and shows what benefits they're going to start applying to this.

是的。我想我也想先從你提到的機會時間線開始談起。WHP 一開始做的是重新談判我們現有的授權合約，他們已經能夠延長這些授權的期限，並提高 GMR 的總額，我們在簡報中也提到了；我認為這是很重要的第一步，也顯示他們將開始把這些效益帶進來。

As far as the royalty streams go, we already had the Lands' End licensing team already had some new licenses in line, and those stuff will start coming in -- we will start producing royalties in the fall. And then we expect to see the WHP effect take effect in the next year, as Andrew stated.

就權利金收入而言，我們原本的 Lands' End 授權團隊就已經排定了一些新的授權案，這些會開始進來——我們會在秋季開始產生權利金。接著如 Andrew 所說，我們預期在明年會看到 WHP 的效應開始發揮。

And then I think to your last question on the $45 per share, Dana, I think I'd direct you to talk to Stanley and E at WHP as to why they make that. On a completely separate note, I'd point you to Page 10, where we looked at what a potential monetization event could be in an exchange.

然後我想針對你最後一個關於每股 45 美元的問題，Dana，我會建議你去問 WHP 的 Stanley 和 E，了解他們為什麼會提出那個數字。另外完全不同的一點，我想請你看第 10 頁，我們在那裡討論了在交換交易中可能出現的變現事件。

And scenario two is an incremental $38, which if you take that with our share price right now, puts you above that $45 threshold. That's how I would look at a number like that. But again, I can't speak for them. I think that's -- I think as a conversation you should feel free to have with you who invest and you see them. But I think it all underpins the incredible amount of value that I think is achievable within the greater Lands' End world.

情境二是額外增加 38 美元，如果把這個加上我們目前的股價，就會高於 45 美元那個門檻。我會用這樣的方式來看待那樣的數字。但再次強調，我無法替他們發言。我認為——我想這是你可以自由跟他們聊的話題，畢竟你投資他們、也會見到他們。但我認為這一切都奠基於我相信在更大的 Lands' End 生態系中可實現的驚人價值。

Also, as I look at it, the opportunity that shareholders have is really to invest with Lands' End and participate in WHP's event. It's a great backdoor in for a regular investor that isn't necessarily available with WHP being private and part of a private equity company. So there's some upsides in there that I think merit further exploration that we feel really excited about.

另外，以我的角度來看，股東真正的機會是投資 Lands' End，並參與 WHP 的事件。對一般投資人而言，這是一個很好的「後門」切入方式，因為 WHP 是私人公司、又屬於私募股權公司的一部分，通常不一定有這樣的機會。所以我認為這裡面有一些上行空間值得進一步探索，而我們也對此感到非常興奮。

And Dana, just one last follow-up to one of the litany of questions you asked about the DC status. That is behind us. We have completed that implementation and are back on pace and shipping on time.

Dana，最後再追問一下你剛才一連串問題中關於 DC 狀態的其中一點。那已經是過去式了。我們已完成導入，並且已回到正常節奏、按時出貨。

Yes, Dana, we switched WM on. And it's like how many of these calls if you've done where some have switched on Manhattan and they find themselves backlogged by weeks. We were backlogged by 1 week, and we've taken care of that.

是的，Dana，我們已經把 WM 上線了。就像你可能參加過很多這類電話會議，有些公司切換到 Manhattan 之後會發現積壓好幾週。我們只積壓了 1 週，而且已經處理完了。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《The Retail Tracker》。

Hey, guys. So before I ask about product, which is really my favorite conversation, could you just clarify one thing about the JV? Any licenses that Yehuda will do for the brand, do you have -- I don't want to say control, but like at least a red stamp so that they -- we don't see something crazy or they don't set up shop with a huge display in the front of Walmart selling Lands' End grapefruits or something weird?

嗨，各位。在我問產品之前——那其實是我最喜歡聊的話題——能不能先幫我釐清 JV 的一件事？Yehuda 會替品牌做的任何授權案，你們是否有——我不想說是控制權，但至少有個核准章，確保不會出現什麼離譜的狀況，或是他們不會在 Walmart 前面弄個超大的展示，賣 Lands' End 的葡萄柚之類的怪東西？

That's a great question, Marni. We have a 50-50 joint venture. which is our IP company, the licenses are within that. It is controlled by WHP. There are some instances where we have rights over where the brand can go, and they should address exactly what you're talking about so that if things went crazy, we wouldn't end up in a place where we didn't think it was right for the brand.

這是個很好的問題，Marni。我們是一個 50/50 的合資企業；我們的 IP 公司、授權都在那裡面。它由 WHP 控制。在某些情況下，我們對品牌可以進入哪些地方是有權利的，而這些權利正是用來處理你說的那種狀況：如果事情走偏了，我們不會落入一個我們認為不符合品牌定位的局面。

And I think there's an understanding that bears reiterating that has come through that we very much see the world in the same way. We see growth opportunities for Lands' End around the world in categories and in channels.

而且我想有一個共識值得再強調一次：我們確實以非常相近的方式看待這個世界。我們看到 Lands' End 在全球、在品類與通路上都有成長機會。

And I think that there are so many of those to go get that we're not really going to get into a conversation about the brand being diluted -- and again, I come back to it, Lands' End was an important deal for WHP to do. That's an important marker for its portfolio. And the stepping stone from there was to Marc Jacobs. So you can see the trajectory that Yehuda and his team are taking. And I think that speaks volumes to the ambition that we have for this joint venture.

我想這樣的機會多到我們根本不需要去討論品牌被稀釋——而且我再回到這點：Lands' End 對 WHP 來說是一筆重要的交易。這是其投資組合的一個重要里程碑。而從那裡往前的踏腳石就是 Marc Jacobs。所以你可以看到 Yehuda 和他的團隊正在走的軌跡。我認為這充分說明了我們對這個合資企業的企圖心。

And -- but Marc Jacobs isn't part of -- Marc Jacobs part of the joint venture? I mean I understand that you would participate in -- the joint venture would participate in WHP's success, but it -- and Lands' End then gets a percentage from that. Is that how it works?

那——但 Marc Jacobs 並不是合資企業的一部分——Marc Jacobs 是合資企業的一部分嗎？我的意思是，我理解你們會參與——合資企業會參與 WHP 的成功，但——然後 Lands' End 會從中拿到一個比例。是這樣運作的嗎？

That's right. So WHP as an event, whatever multiple that they have that are 50% of our joint venture will convert at that EBITDA multiple, and then we'll receive that back. may convert.

沒錯。所以 WHP 若發生事件，他們持有我們合資企業的 50% 那部分，會以該 EBITDA 倍數去轉換，然後我們會收到回饋；可能會轉換。

Right. Yes, yes. Right. And then just to clarify one last thing. If you are watching -- you're watching your stock, you don't like the valuation. It's trading at you now have the ability to buy back shares and/or at some point, like if you feel like the valuation has been -- has not been fair for 6 months, you can turn to WHP and say, all right, let's do the sale. And is that an opportunity? Is that sort of the floor that you're putting at for the company?

了解。是，是。對。那最後再釐清一件事。如果你在看你們的股價，你不喜歡目前的估值。現在股價交易在這個水準，你們有能力回購股票；或者在某個時間點，比如你覺得這個估值已經——已經不公平持續了 6 個月，你可以轉向 WHP 說，好吧，我們來做出售。這是一個選項嗎？這算是你們為公司設定的某種底線嗎？

No. specifically, we've given ourselves $100 million to go out and buy our stock in case we think it's undervalued. I mean we look at it and I point you to Page 10. We think that the exchange mechanism for us is worth an incredible amount of money. We don't necessarily believe that's reflected in our share price right now.

不是。具體來說，我們給自己 1 億美元的額度，當我們認為股價被低估時，就可以去市場回購我們的股票。我的意思是，我們看這件事時，我會請你看第 10 頁。我們認為對我們而言，這個交換機制價值非常可觀。我們不一定認為這個價值目前已反映在股價上。

And we do want it to be reflected in our share price, and we have the ammunition from our Board to go after it to get that value for our shareholders. In terms of the ability to back out or buy into it, no, this mechanism is a one-way mechanism where we will stay in partnership with WHP. We believe in this for the long term.

而我們確實希望它能反映在股價上；董事會也給了我們彈藥，讓我們可以採取行動，為股東爭取到那個價值。至於退出或再買進的能力，不行；這個機制是單向的，我們會持續與 WHP 合作。我們相信這是一個長期的合作。

Okay. That makes sense. Perfect. And then could we just talk about two other things. You talked about the marketplaces, which you have with Target, Macy's, Nordstrom and then B2B as both growth vehicles. I guess if I was ranking the two, is the B2B the bigger opportunity right now? Or is it kind of equally split?

好的。這樣就說得通了。很好。那我們可以再談另外兩件事嗎？你提到 marketplace，你們在 Target、Macy's、Nordstrom 上有，然後 B2B 也都是成長載體。如果要我把這兩個排個優先順序，B2B 現在是更大的機會嗎？還是說兩者差不多各占一半？

B2B is an amazing opportunity. Don't get me wrong. I'll take all the opportunities out there, Marni. I think that we can continue -- I'm going to be greedy and ambitious for Lands' End. I think that B2B, we never give it enough airtime. But the reality of it is that's an incredibly powerful business for us going forward, and it touches so many different avenues because we split it into a couple of pieces.

B2B 是一個令人驚豔的機會。別誤會我。Marni，外面所有的機會我都會把握。我認為我們可以持續——我會對 Lands' End 更貪心、更有企圖心。我覺得對於 B2B，我們從來沒有給它足夠的曝光。但現實是，這對我們未來而言是一門極其強大的業務，而且它觸及非常多不同的面向，因為我們把它拆分成幾個部分。

The school uniform continues to be really powerful for us. We're the largest player in the school uniform market. We service over 5,000 schools. And I think the opportunity is almost unlimited to grow that, particularly as we see school uniforms being such a strong future trend. It's important that we stay with that.

校服業務對我們而言仍然非常強勁。我們是校服市場最大的業者。我們服務超過 5,000 所學校。我認為成長機會幾乎是無限的，特別是當我們看到校服正成為非常強勁的未來趨勢。我們必須持續深耕這一塊。

And we've really refined that model. I'm going to go to plug in for the team now. I mean everything we do for the school uniforms is done with OEKO?TEX. So you can send your kids to school in the knowledge that they're not wearing any chemicals in their uniforms that haven't been tested or could harm them. These are the best uniforms in the market.

而且我們確實把這個模式精煉得更成熟了。我現在要替團隊打個廣告。我的意思是，我們在校服上做的每一件事都採用 OEKO?TEX。所以你可以放心讓孩子穿去上學，因為他們的制服不含任何未經測試或可能傷害他們的化學物質。這些是市場上最好的制服。

We have a similar approach when it comes to the commercial uniforms. And the goal there is to continue to build with our big partners and then offer a full-service sort of self-service model increasingly to mid- and smaller-sized companies. And I think that if you look at the growth in the market space of B2B, there's one thing that is really absent brands. We bring a really strong brand and have a really strong brand positioning that I think can really enable and empower us to grow. So I'm greedy for both, but I do really want to call out that B2B business. It's an incredible business.

在商用制服方面，我們也採取類似的做法。那裡的目標是持續與大型合作夥伴共同擴張，並且逐步為中小型公司提供一種全方位服務、某種程度上可自助的模式。我認為如果你看 B2B 市場空間的成長，有一件事非常缺乏——品牌。我們帶來非常強的品牌，以及非常強的品牌定位，我認為這能真正讓我們有能力、也更有動能去成長。所以兩邊我都很貪心，但我確實想特別點出 B2B 這門業務。這是一門非常了不起的生意。

And then can I sneak in one more?

然後我可以再偷偷加一個嗎？

The products --

產品--

Is greatly improved. I mean the women's has looked so amazing this spring. And you guys are right there on the trends, but with a lens from Lands' End, which I really appreciate. And I'm on your site all the time. And sometimes I question, why are you so promotional?

已經大幅改善。我的意思是，今年春季女裝看起來非常棒。而且你們緊貼潮流，但又是以 Lands' End 的視角來詮釋，這點我非常欣賞。我一直都在你們網站上。但有時我會想，你們為什麼促銷這麼多？

I know it's very hard to pull that needle, but there are times where I'm on the site and I'm looking at some of this great product, and I'm thinking you don't need to discount this. But is it a process to get away from that? Or is it priced with the intention of that because at the end of the day, in the US, people want to deal.

我知道要把那個平衡拿捏好很難，但有些時候我在網站上看著這些很棒的產品，我會想你們其實不需要打折。但要擺脫這種做法是一個過程嗎？還是你們一開始定價就預期會這樣，因為說到底在美國，大家就是想撿便宜？

Thank you, Marni. First of all, it's great that you're on our site. It's great that you like our product. I know you and your mom will both wear it, so you are perfect intergenerational customers. And that just -- that's exactly what we're looking for. I put everything into a 2x2 grid and the sort of like there's new and 5x customers and the 5x customers are the ones who've been with us for 20 years on one axis and then along the other axis, there's like full price and discount pricing.

謝謝你，Marni。首先，很高興你在我們的網站上。也很高興你喜歡我們的產品。我知道你和你媽媽都會穿，所以你是完美的跨世代客群。而那正是——那正是我們在找的。我把所有事情放進一個 2x2 的矩陣裡：有一個維度像是新客與 5x 客戶，5x 客戶是指跟了我們 20 年的那些人；另一個維度則像是原價與折扣定價。

And it's the weighting of it, Marni, in that we've got a lot of customers who've been with us for years. And so we do tend to adopt more of a high-low strategy. So it's not that we build the product and then we suddenly find we have to discount it and give it away when you get on the site and you see those offers. Part of the secret sauce is that we've built our margins around that. And so that 5x customer who's the preponderance of our customers still, they really like the deal. And so they get a great deal, and we make plenty of margin in it. I can't say that we don't work on it every day to improve it, we do. But that's the model.

Marni，關鍵在於權重配置：我們有很多跟了我們多年的客戶。因此我們確實比較傾向採用高低價（high-low）策略。所以並不是我們做出產品後，突然發現必須打折、必須在你上網站看到那些優惠時把它送出去。部分的祕密武器在於，我們的毛利結構就是圍繞這個模式來設計的。因此那位 5x 客戶——目前仍占我們客戶的大多數——他們真的很喜歡優惠。所以他們拿到很好的價格，而我們也能在其中維持充足的毛利。我不能說我們沒有每天都在努力改善，我們確實有。但這就是我們的模式。

Makes sense. Congrats. Best of luck for the spring season -- summer season, I guess.

合理。恭喜。祝你們春季——我想應該是夏季——銷售旺季一切順利。

Yes. Hey, thank you. Take care. We'll talk soon.

是的。嘿，謝謝你。保重。我們很快再聊。

Eric Beder, Small Cap Consumer Research.

Eric Beder，Small Cap Consumer Research。

Good morning. Can we talk a little bit -- a few things here. First of all, we've seen continued emphasis on kind of leveraging the embroidery and the customization for the consumer to get them to kind of, I guess, buy more product and kind of shift even more to a lifestyle brand. I mean, how much are you looking upon that? I know you've always done it with totes. But now when you're looking at the catalogs, you can see pretty much with every product and a push. And is that bringing in kind of a different or better customer?

早安。我們可以聊一下——這裡有幾件事。首先，我們看到你們持續強調某種程度上運用刺繡與客製化，讓消費者更願意——我想——買更多產品，並且更進一步轉向生活風格品牌。你們對這件事的重視程度有多高？我知道你們一直都有在托特包上做。但現在看型錄，幾乎每個產品都能看到、而且有推廣。這是否帶來某種不同的或更好的客戶？

Okay. I'll take that one. And is this -- you try to complete your bingo card and get me to say sausage dog again? I would say that we think that we have a competitive advantage in that we are the largest embroiderer in the United States. And we think that personalization is one of the most important trends out there. And so our choice has been to lean into it. And actually, what we're really doing is we're putting machines to work. We have -- I think you've been to our distribution facility, Eric.

好的。這題我來回答。你這是——想把你的賓果卡填滿，逼我再說一次「臘腸狗」嗎？我會說，我們認為我們有競爭優勢，因為我們是美國最大的刺繡服務商。而我們認為個人化是當前最重要的趨勢之一。所以我們選擇加大投入。而且實際上，我們真正做的是讓機器充分運轉。我們有——我想你去過我們的配送中心，Eric。

We have hundreds of these machines, and we have a staff that are well and smartly able to use them. And we have started to run basically a light manufacturing process with our systems and our processes that allow us to get more throughput. It's value added to the customer. It's value-added to us because there's an incremental cost that comes with it. And I think that it gives the customer choices in how they want to be seen and how they want to present themselves and how much they want to spend.

我們有數百台這樣的機器，也有一支訓練有素、且能夠聰明運用它們的團隊。我們已經開始用我們的系統與流程，基本上跑起一個輕量製造（light manufacturing）的作業，讓我們能提高產出吞吐量。這對客戶是加值。對我們也是加值，因為這會帶來額外的增量成本。我認為這也讓客戶在他們想如何被看見、如何呈現自己，以及想花多少錢方面，有更多選擇。

So the entry price points for a tote bag may be great, but you can certainly make it into your own with a whole customization kit that actually goes beyond embroidery and we can give you chains, pearls, doodads, whatever you want to put on it. And so yes, it's a concerted strategy. It has incredible reach. It takes -- and it works on both the customers that customer groups that I was just talking to Marni about. So it's our new to our new-to-brand customers, they tend to find it in social. That's become very powerful for us.

所以托特包的入門價位可能很棒，但你當然也可以透過一整套客製化套件把它變成自己的——而且其實不只刺繡，我們還能提供鍊條、珍珠、小配件等等，任何你想加上去的東西。所以是的，這是一個有計畫的策略。它的觸及面非常驚人。它同時——而且它對我剛剛跟 Marni 談到的兩類客群都有效。所以對我們的新客、也就是新加入品牌的客戶，他們往往是在社群上發現的。這對我們來說已經變得非常有力。

And social is about your own personalized feed, the algorithm interacts with you and you interact with it. And so we're able to really give you that breadth of personalization that you're seeking. And then for our 5x customer, who tends to be more of a value seeker, that's that long-term customer. Again, we give them opportunities to buy the products at a price that they like that then customize on top of it and that allows us to build margin, give us that differentiation and move the whole customer cohort upwards.

而社群（social）是關於你自己的個人化動態消息（feed），演算法會與你互動，而你也會與它互動。因此，我們能夠真正提供你所追求的那種廣度的個人化。接著，對於我們的 5x 客戶——他們通常更偏向價值導向的尋找者——那就是長期客戶。同樣地，我們給他們機會以他們喜歡的價格購買產品，然後再在其上進行客製化，這讓我們能建立毛利、形成差異化，並推動整個客戶族群往上提升。

And Eric, we also create leverage because we require to have all that infrastructure for our B2B business. So by then leveraging that into our D2C business, we're just getting extra benefit from those machinery.

而且 Eric，我們也創造了槓桿效益，因為我們的 B2B 業務本來就需要具備所有那些基礎設施。因此，當我們把這些能力槓桿到我們的 D2C 業務上時，就只是從那些設備與系統中獲得額外的效益。

Great. So it's a great leverage tool. When you look at you talked about the freedom to now pursue more share repurchases than you were before under the prior debt agreement. I guess the other piece here is that I know Lands' End hasn't done this, but you now have, I guess, the potential to acquire other brands and look at other companies to invest in also. Is that part of a long-term kind of playbook here, too, that you can leverage kind of the infrastructure you've built that way?

很好。所以這是一個很好的槓桿工具。當你提到在先前的債務協議之下，相較於過去，你現在有更大的自由度去進行更多的股票回購。我想另一個面向是，我知道 Lands' End 以前沒有這麼做，但你們現在也有潛力去收購其他品牌，並且評估投資其他公司。這是否也是一個長期的行動藍圖的一部分，也就是你們可以用你們建立起來的基礎設施去做這件事？

Yes. As we build away from the transaction and build out cash, we've never been in a position really where we've been able to reach out and deploy capital where it might make the best sense for the best return for our shareholders. And we now have the latitude to do that, and we will do that.

是的。隨著我們逐步走出這筆交易並累積現金，我們過去其實從未真正處於一個能夠主動出手、把資本部署到對股東而言最合理、回報最佳的地方的位置。而我們現在有這樣的彈性可以做，而且我們也會這麼做。

So if it makes sense to buy the stock, we will buy the stock back. If it makes sense to go out and acquire a complementary company, we will go out and acquire a complementary company. And I think that, that's a great place for us to be in that many paths to valuation have opened up for us.

所以，如果回購股票是合理的，我們就會回購。如果外出收購一家互補性的公司是合理的，我們就會去收購一家互補性的公司。我認為，對我們而言這是一個很好的位置，因為通往估值提升的多條路徑已經為我們打開了。

And then you sort of like layer on top of it, we've got this option or exchange component if and when WHP has an event is a third stream of value for us that I just think is incredibly powerful for shareholders and potential investors in the Land stock.

然後你再把它疊加上去，我們還有這個選擇權或交換（exchange）機制的組成部分——在 WHP 發生某個事件時或如果發生——這對我們而言是第三條價值來源；我認為這對股東以及潛在的 Lands' End 股票投資人來說，力量非常強大。

And then obviously, with the partnership, you have the same ability to use structures like the recent Marc Jacobs deal they did with GI. They bring that flow in there, too.

然後很明顯地，透過這個合作夥伴關係，你也同樣有能力使用類似他們最近與 GI 進行的 Marc Jacobs 交易那樣的架構。他們也把那樣的資金流帶進來。

Yes. I think that retail is obviously changing a lot. I've talked about this before. Things have -- things in the industry are not so cut and dry as they were. And I think that we're all looking for different ways to unlock value for our shareholders. And the deal that we did and then I think subsequently a version of it has come to pass between WHP and Marc Jacobs, we'll see more of that because I think that we all bring certain skills to the table. We all have certain investor profiles. I think the opportunity is to look for like-minded partners and like-minded companies where we can amplify that and drive shareholder value.

是的。我認為零售業顯然正在發生很大的變化。我以前談過這件事。產業裡的事情已經不像過去那樣非黑即白。我認為我們都在尋找不同的方法來為股東釋放價值。我們做的這筆交易，以及我認為之後 WHP 與 Marc Jacobs 之間也出現了某種版本的交易，我們會看到更多這類案例，因為我認為我們各自都能帶來某些能力。我們也各自有不同的投資人輪廓。機會在於尋找志同道合的夥伴與志同道合的公司，讓我們能放大這些優勢並推動股東價值。

Great. When you look at the international business, could you -- I know that you've been expanding in France and Germany. How should we think about the potential -- the potential of those and how that's moving forward and the potential now in the new structure to continue kind of the European expansion? Or is that going to be part of the licensing?

很好。談到國際業務，你能不能——我知道你們一直在法國與德國擴張。我們應該如何看待這些市場的潛力——以及它們的推進情況，還有在新架構下繼續進行歐洲擴張的潛力？還是說那會是授權（licensing）的一部分？

I think it's going to be a hybrid. I think that it is going to be a hybrid. There are -- we have certain rights to markets, particularly digital marketplaces in the countries that you've mentioned. And then our joint venture with WHP has rights to different components of retail in some different countries in there.

我認為會是混合模式。我認為會是混合模式。我們在你提到的那些國家的一些市場上擁有特定權利，特別是數位市集（digital marketplaces）。然後我們與 WHP 的合資企業在其中一些不同國家，對零售的不同組成部分也擁有權利。

It doesn't mean that we won't go to market together. It doesn't mean that we won't assess some of those opportunities to take within the four walls of land. But I think that there's is opportunity. And if we call it out specifically, it has been a very strong first half so far for Germany. We've been very pleased to see what's going on in that market. The customer has really embraced where we're taking the brand.

這不代表我們不會一起進入市場。也不代表我們不會評估其中一些機會，看看是否要在 Lands' End 自身的範圍內承接。但我認為確實存在機會。如果具體點名，到目前為止德國上半年表現非常強勁。我們很高興看到那個市場正在發生的事情。消費者確實很接受我們帶領品牌前進的方向。

The brand looks different than it's been. We've really made a conscious decision to get away from our traditional cataloging routes. That doesn't mean that we're not sending catalogs out, but it means that we're coming to market in a more branded way, attracting newer customers and really looking to leverage our brand strengths versus maximize with the customers we had.

品牌看起來已經不同於以往。我們非常有意識地決定要逐步遠離我們傳統的型錄行銷路徑。這不代表我們不再寄送型錄，但代表我們以更具品牌化的方式進入市場，吸引更新的客群，並真正著重於槓桿我們的品牌優勢，而不是只是在既有客戶身上把效益最大化。

If I contrast that, the UK, it's been harder. I think the economy is a little more challenged. In the UK, there is more uncertainty in the UK. But even in saying that, we've continued to see positive comps in there through the first quarter and into the second. So I remain quietly optimistic that we're going in the right direction with our franchise product that we have in place geared towards new and existing customers and really being about a more aspirational brand that fits the consumer's life much as we've done in the US. But again, as I've talked about in the past, elevating it along the way so that it creates a halo for our brand in the US.

如果我拿英國來對比，情況就比較困難。我認為經濟面臨的挑戰更大一些。在英國，不確定性也更高。但即便如此，我們在那裡從第一季到第二季仍持續看到正向的同店成長（comps）。因此，我仍然抱持審慎的樂觀，認為我們以現有的主力／招牌產品（franchise product）為基礎、面向新舊客群的策略方向是正確的，並且真正把品牌定位成更具向往感（aspirational）、更貼近消費者生活的品牌，就像我們在美國所做的一樣。但同樣地，如同我過去談過的，我們也在過程中持續提升品牌，讓它在美國市場為我們的品牌帶來光環效應（halo）。

Great. Last one. You've talked a lot about the changes in the DC and how they impacted negatively impacted. What going forward will the upgrade that you've done in the DC drive help improve the business going forward?

很好。最後一題。你談了很多關於配送中心（DC）的變更，以及它們如何帶來負面影響。展望未來，你們在 DC 所做的升級將如何推動並改善未來的業務表現？

Okay. It's a lot of questions this morning, Eric. They're all good questions. The DC -- by moving to the Manhattan warehouse management system, we've been able to make the distribution center in real time. So we can actually complete and fulfill orders within the day. So we pick up a day for our customers.

好的。今天早上問題很多，Eric。但都是好問題。DC——透過導入 Manhattan 的倉儲管理系統（WMS），我們已經能讓配送中心做到即時運作。因此，我們實際上可以在當天完成訂單處理與出貨履約。也就是說，我們為客戶爭取到一天的時間。

And that's really important because that cuts down our delivery time for a standard order roughly 20% to 25% -- and I think that's an important enabler. It also opens us up to a future where we are able to, for example, Prime badge our product on the website, I think to really leverage the Amazon network as we go forward that we haven't been able to do before.

這非常重要，因為這能把一般訂單的配送時間縮短約 20% 到 25%——我認為這是一個重要的推動因素。它也為我們打開了未來的可能性，例如我們能在網站上讓產品取得 Prime 標章（Prime badge），我認為這能讓我們在未來真正槓桿 Amazon 的網路，而這是我們以前做不到的。

And then the third part is it really enables us to do a lot more work around embroidery and personalization that we've not been able to reach. So there are immediate improvements for the customer, and I think they'll only continue to grow. Thank you, Eric.

第三點是，它確實讓我們能在刺繡與個人化方面做更多工作，而這是我們過去無法觸及的。所以對客戶而言會有立即的改善，而我認為這些改善只會持續擴大。謝謝你，Eric。

Thank you.

謝謝。

Michael Kupinski, NOBLE Capital Markets.

Michael Kupinski，NOBLE Capital Markets。

Thank you for the comprehensive detail on the company's transformation. A couple of quick questions. You mentioned the CapEx will be $40 million. What additional investments are required to complete the warehouse transformation? And I guess if you could just tell us what would maintenance CapEx, what would that look like?

感謝你對公司轉型提供如此全面的細節。我有幾個簡短問題。你提到資本支出（CapEx）將是 4,000 萬美元。要完成倉庫轉型還需要哪些額外投資？另外，如果可以的話，請你說明一下維護性資本支出（maintenance CapEx）大概會是什麼樣子？

Sure. And welcome, Michael, to our calls. Most of that $40 million is actually our investment in SAP, which we will go live with next year. And then, of course, the WM, which is helping prepare us to be able to go on SAP going forward. From a maintenance standpoint, we will be setting a new baseline once we have SAP in place, and then we will be able to set that baseline. But our expectations are after SAP is in place and we have that fully run rate built in that we will be at $20 million or less.

當然。也歡迎 Michael 參加我們的電話會議。那 4,000 萬美元中的大部分其實是我們對 SAP 的投資，我們將在明年上線。然後當然還有 WM，這有助於我們為未來導入 SAP 做好準備。從維護的角度來看，一旦 SAP 就位，我們會設定一個新的基準，之後就能以此基準來管理。但我們的預期是，在 SAP 就位且我們把完整的常態化運行水準（run rate）建立起來之後，費用將會是 2,000 萬美元或更低。

Got you. And the gross margin decline of 400 basis points, how much of that was attributable to the distribution disruptions, tariffs? What gross margin level should investors expect once the operations are fully normalized?

了解。那麼毛利率下滑 400 個基點，其中有多少是由配送中斷、關稅所造成的？一旦營運完全恢復正常，投資人應該預期毛利率會落在什麼水準？

Right. As you would be aware, the tariffs were not in place in the product last year in the first quarter. So all tariffs are extra in Q1. So there's a run rate there that is affected that we have now hopefully mitigated going forward. And then, of course, with the distribution disruption, there was costs that were incurred, but the product -- the revenue was not recorded. So we will expect to be flat on a like-for-like basis.

是的。如你所知，去年第一季的產品並沒有包含關稅。所以第一季的所有關稅都是額外增加的。因此那裡有一個受影響的常態化水準（run rate），我們希望往後已經把它大致緩解掉了。另外，因為配送中斷，我們確實產生了一些成本，但產品——收入並沒有入帳。所以我們預期在可比基礎上會持平。

But now when you build in, if you look at the resetting the baseline and you build in the royalties from the WHP deal, you'll be able to calculate what that variance will be running forward. It was 500 basis points, 600 basis points when you do the resetting of the baseline. And that will be an effective rate for the most part going forward from the effect of the WHP deal.

但現在當你把基準重設納入考量，並把 WHP 交易的權利金納入，你就能計算出往後運行的差異。在你做基準重設時，那會是 500 個基點、600 個基點。而這將在很大程度上成為未來主要的有效比率，反映 WHP 交易的影響。

So I think, Michael, you should -- if you look at Page 7, that's what Greg is referring to. We've got that -- we recast 2025. We have the 43% margin in there. I think that sets the new base from which we'll work. And you should plan for your model for improvements on that annually.

所以我想，Michael，你應該——如果你看第 7 頁，那就是 Greg 所指的內容。我們在那裡——我們重編了 2025 年。我們把 43% 的毛利率放在裡面。我認為那就設定了我們接下來工作的新基準。而你在模型中應該規劃每年在此基礎上有所改善。

Got you. And then the increased inventory levels, how much of that was timing related? I know that you said that there was -- you think that there is a shift into Q2. I was just wondering if there -- if you could just -- I know there's some seasonality and things like that. But I mean, is there a way to kind of tell us a little bit about the shift that you were thinking --

了解。那庫存水位增加，有多少是時點因素造成的？我知道你提到——你認為有一部分會移到第二季。我只是想知道是否——你能否——我知道有一些季節性之類的因素。但我的意思是，有沒有辦法跟我們多說一點你所想的這個移轉——

Sure. It's equal parts timing from the DC. It's equal parts tariffs compared to last year. And it's equal parts, we took a very conservative approach when tariff risk became part of the situation, and we reduced our inventory buys through that period. And we are now resetting back to our normal purchasing levels.

當然。其中三分之一是來自配送中心（DC）的時點因素；三分之一是相較去年關稅的影響；另外三分之一是，我們在關稅風險成為情勢的一部分時採取了非常保守的做法，在那段期間降低了庫存採購。而我們現在正把採購水準重設回正常的採購水位。

Okay. Perfect. And in terms of the tariffs, are there additional mitigation actions that remain available? Or is that largely now complete?

好的。很好。那就關稅而言，還有其他可用的緩解措施嗎？還是說現在大致已經完成了？

We will continue to look at pricing opportunities to the consumer. We've passed -- I mean, roughly, and I know we haven't had the chance to meet Michael, but we took the view and we continue to take the view that the vendors would take about half the tariffs and then we would split the remainder between ourselves and the consumer, and that continues to be how we think about it going forward.

我們會持續尋找對消費者端的定價機會。我們已經轉嫁——我的意思是，大致上，而且我知道我們還沒機會和 Michael 見面，但我們的看法是、也持續是：供應商大約會承擔一半的關稅，剩下的部分由我們與消費者分攤，而這也會是我們未來持續思考的方式。

So there is a piece of it that we're definitely going to have to eat and it will flow through the P&L, but that's reflected in the margin guidance that we've just given you.

所以其中有一部分我們肯定必須自行吸收，並會反映在損益表上，但這已經包含在我們剛提供的毛利率指引之中。

Okay. Perfect. And I just want to go back to the stock buyback one more time. I know that -- you indicated that the stock is currently trading well below intrinsic value. The repurchase authorization is nearly 1/3 of the current market capitalization of the company. What determines the pace of buybacks? And under what conditions are you -- would you become aggressively buyers of your stock?

好的。很好。我想再回到股票回購的問題一次。我知道——你提到目前股價交易水準遠低於內在價值。回購授權金額接近公司目前市值的三分之一。是什麼因素決定回購的速度？在什麼情況下你們——會成為積極買回自家股票的買方？

I think that's something that we'll view in future calls. I think that's too early for us to get into at the moment. What I would say is that we have the ammunition. We are ready to use it. We believe that the stock price should be higher, and we will continue to make judgment calls on how we buy into that.

我想這是我們會在未來的電話會議中再來看的事情。我認為現在談這個還太早。我能說的是，我們有足夠的彈藥。我們已準備好使用它。我們相信股價應該更高，而我們會持續就如何進行回購做出判斷。

And I think it's better that we spend more time on the future call, but that we have more time line grow about where you have seen the buybacks I would agree with you, $100 million would be a significant buyback. It would change our float materially. And actually, it would change the valuation of the company.

而且我認為我們最好在未來的電話會議花更多時間討論，但當我們有更多時間脈絡來說明你所看到的回購情況時——我同意你的看法，1 億美元會是一筆相當可觀的回購。它會實質改變我們的流通股數（float）。而且實際上，它也會改變公司的估值。

As we made comments in the main body of the presentation, we really would expect this to be something that drove our multiple. And as we saw the EPS increase, we'd expect an elevated stock price coming out of it just based on looking at how this has happened or transformed other companies. Okay. We are out of time. The market opens in 5 minutes. So Michael, we will look forward to speaking to you offline.

正如我們在簡報主體中所評論的，我們確實預期這會是推動我們估值倍數的因素。而當我們看到 EPS 提升時，基於觀察這在其他公司如何發生或帶來轉變，我們也預期股價會因此走高。好的。我們時間到了。市場 5 分鐘後開盤。所以 Michael，我們期待會後再與你私下交流。

Thank you. This does conclude our Q&A session as well as our conference call. Thank you for your participation. You may now disconnect.

謝謝。我們的問答環節以及本次電話會議到此結束。感謝各位的參與。您現在可以掛線。