Lulu's Fashion Lounge Holdings Inc (LVLU) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Lulu's Fashion Lounge Second Quarter 2025 Earnings Call. Today's call is being recorded, and we have allocated one hour for the prepared remarks and Q&A.

下午好，歡迎參加 Lulu 時尚休閒 2025 年第二季財報電話會議。今天的電話會議正在錄音，我們預留了一個小時的時間來準備好的發言和問答。

At this time, I'd like to turn the conference over to Lulu's General Counsel and Corporate Secretary, Naomi Beckman-Straus. Thank you. Please go ahead.

現在，我想將會議交給 Lulu 的總法律顧問兼公司秘書 Naomi Beckman-Straus。謝謝。請繼續。

Good afternoon, everyone, and thank you for joining us to discuss Lulu's Second Quarter Fiscal 2025 Results.

大家下午好，感謝大家加入我們討論 Lulu 2025 財年第二季業績。

Before we begin, we would like to remind you that this conference call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding management's expectations, plans, strategies, goals and objectives and their implementation, opportunities for growth, our expectations around the continued impact of the macroeconomic environment, including as a result of the imposition of tariffs, consumer demand and return rates on our business, our future expectations regarding financial results, including our financial outlook for the third quarter and fiscal year 2025, our ability to realize the intended impact of cost reduction measures and the negotiation of a new asset-based revolving credit facility.

在我們開始之前，我們想提醒您，本次電話會議將包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。本次電話會議上所有與歷史事實無關的陳述均應視為前瞻性陳述，包括但不限於有關管理層的期望、計劃、戰略、目標和宗旨及其實施、增長機會、我們對宏觀經濟環境持續影響的預期（包括徵收關稅、消費者需求和業務回報率的影響）、我們對財務業績的未來預期信貸（包括我們對 2025 年第三季度

These forward-looking statements are subject to various risks, uncertainties, assumptions and other important factors, which could cause our actual results, performance or achievements to differ materially from results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and assumptions are detailed in this afternoon's press release as well as our filings with the SEC, including our annual report on Form 10-K for the fiscal year ended December 29, 2024, and our quarterly reports on Form 10-Q for the fiscal quarters ended March 30, 2025, and June 29, 2025, the latter of which was filed with the SEC this afternoon and all of which can be found on our website at investors.lulus.com.

這些前瞻性陳述受各種風險、不確定性、假設和其他重要因素的影響，可能導致我們的實際結果、績效或成就與這些前瞻性陳述所表達或暗示的結果、績效或成就有重大差異。這些風險、不確定性和假設在今天下午的新聞稿以及我們向美國證券交易委員會提交的文件中都有詳細說明，包括截至 2024 年 12 月 29 日的財政年度的 10-K 表年度報告，以及截至 2025 年 3 月 30 日和 2025 年 6 月 29 日的美國財政季度的 10-Q 表investors.lulus.com 上找到。

Any such forward-looking statements represent management's estimates as of the date of this call. While we may elect to update such forward-looking statements at some point in the future, we undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

任何此類前瞻性陳述均代表管理階層截至本次電話會議之日的估計。雖然我們可能選擇在未來某個時間點更新此類前瞻性陳述，但我們不承擔修改或更新任何前瞻性陳述或資訊的義務，除非法律要求。

During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, adjusted EBITDA margin, net debt and free cash flow. We use non-GAAP measures in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP.

在今天的電話會議中，我們還將參考某些非 GAAP 財務信息，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、淨債務和自由現金流。我們在一些財務討論中使用非公認會計準則指標，因為我們相信它們更準確地反映我們業務的真實營運績效和基本結果。本非 GAAP 財務資訊的呈現並非設計用於單獨考慮或替代或優於根據 GAAP 編制和呈現的財務資訊。

Our non-GAAP measures may be different from non-GAAP measures used by other companies. Reconciliation of GAAP to non-GAAP measures as well as the description limitations and rationale for using each measure can be found in this afternoon's press release and in our SEC filings. We also use certain key operating metrics, including gross margin, average order value and total orders placed. The description of these metrics can also be found in this afternoon's press release and in our SEC filings.

我們的非公認會計準則衡量標準可能與其他公司使用的非公認會計準則衡量標準不同。在今天下午的新聞稿和我們提交給美國證券交易委員會 (SEC) 的文件中可以找到 GAAP 與非 GAAP 指標的對帳以及使用每種指標的描述限制和理由。我們也使用某些關鍵營運指標，包括毛利率、平均訂單價值和總訂單量。這些指標的描述也可以在今天下午的新聞稿和我們的美國證券交易委員會文件中找到。

Joining me on the call today are our CEO and Interim CFO, Crystal Landsem; and our President and CIO, Mark Vos. Following our prepared remarks, we'll open the call for your questions.

今天與我一起參加電話會議的還有我們的執行長兼臨時財務長 Crystal Landsem 和我們的總裁兼資訊長 Mark Vos。在我們準備好發言之後，我們將開始回答您的問題。

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

說完這些，我將把電話轉給 Crystal。

Thank you, Naomi, and good afternoon, everyone. We appreciate you joining us today.

謝謝你，娜歐米，大家下午好。感謝您今天加入我們。

In the second quarter, we built on our positive momentum from the start of the year with encouraging trends continuing across key areas of the business. Notably, we saw a meaningful sequential improvement in our quarterly year-over-year net revenue comparisons and generated positive adjusted EBITDA for the second quarter, in line with our expectations.

在第二季度，我們延續了年初以來的積極勢頭，各主要業務領域繼續呈現令人鼓舞的趨勢。值得注意的是，我們看到季度同比淨收入出現了顯著的連續改善，並且在第二季度產生了正的調整後 EBITDA，符合我們的預期。

Special occasion and bridesmaid categories were key growth drivers during the quarter, reflecting sustained consumer interest and underscoring the resonance of our offering. This performance was offset by continued softness in our casual wear and footwear businesses, and we are taking action to better align these categories with our strength in events-focused apparel. To that end, our more curated collections in casual and separates launched during the second quarter with early positive reads in key styles. We will continue to test and iterate to fine-tune our reorder pipeline.

特殊場合和伴娘類別是本季的主要成長動力，反映了消費者持續的興趣並強調了我們產品的共鳴。這一業績被我們休閒服和鞋類業務的持續疲軟所抵消，我們正在採取行動，使這些類別與我們在活動服裝方面的優勢更好地結合起來。為此，我們在第二季度推出了更精心策劃的休閒和單品系列，並在主要款式上獲得了早期的正面評價。我們將繼續測試和迭代以微調我們的重新排序管道。

In the second quarter, we continued to make progress strengthening our financial position with positive adjusted EBITDA performance and a reduction in our total debt position. With a more efficient cost structure and condition of our balance sheet, we believe we are well positioned to continue investing in our brand, deepen key wholesale partnerships and drive product margin gains in the second half of the year.

在第二季度，我們繼續在加強財務狀況方面取得進展，調整後的 EBITDA 業績呈正增長，總債務狀況有所減少。憑藉更有效率的成本結構和資產負債表狀況，我們相信我們有能力繼續投資我們的品牌，深化關鍵批發合作夥伴關係，並在下半年推動產品利潤率的成長。

As it relates to our refinancing efforts, on August 11, we entered into an amendment to our forbearance agreement and fifth amendment to our credit agreement with Bank of America, which extended the expiration of the forbearance period under the forbearance agreement and maturity date under the credit agreement from August 15 to August 22. Importantly, we are actively negotiating a new asset-based revolving credit facility. We will share updates as appropriate in the future.

就我們的再融資工作而言，8 月 11 日，我們與美國銀行簽署了寬限協議修正案和信貸協議第五修正案，將寬限協議項下的寬限期和信貸協議項下的到期日從 8 月 15 日延長至 8 月 22 日。重要的是，我們正在積極協商新的以資產為基礎的循環信貸安排。我們將在未來適時分享更新內容。

From an operational standpoint, we remain committed to executing against our strategic priorities, which should drive greater cost efficiency, optimize our business for long-term growth and expand our reach to new customers. Mark will walk you through our progress on these initiatives and how they've continued to take shape in Q2. Before I turn it over to Mark, I'll take a few minutes to talk through our key highlights during the second quarter.

從營運的角度來看，我們仍然致力於執行我們的策略重點，這將提高成本效率，優化我們的業務以實現長期成長，並擴大我們對新客戶的覆蓋範圍。馬克將向您介紹我們在這些舉措上的進展以及它們在第二季度如何繼續成形。在將時間交給馬克之前，我想花幾分鐘時間談談我們第二季的主要亮點。

We delivered our strongest Q2 performance ever in special occasion with formal and bridesmaid categories seeing robust year-over-year and net sales growth. Our consistent outperformance in event dressing reinforces our conviction in our assortment strategy and is a style destination for life standout moments.

我們在特殊場合取得了有史以來最強勁的第二季度業績，正式和伴娘類別的銷售額同比和淨銷售額均實現強勁增長。我們在活動著裝方面持續的出色表現增強了我們對產品分類策略的信心，並成為生活中精彩時刻的時尚目的地。

First-time reorders of new products continue to see momentum with another quarter of sequential and year-over-year growth. We are making ongoing refinements to our reorder funnel and merchandising strategy and making product investments in areas of our new assortment where we're seeing demand.

新產品首次重新訂購持續保持強勁勢頭，連續一個季度實現同比增長。我們正在不斷改進我們的重新訂購管道和銷售策略，並對我們新產品系列中有需求的領域進行產品投資。

Product margins improved for the third consecutive quarter and increased by roughly 170 basis points compared to the prior year period, reflecting a consumer preference shift to higher-margin product categories and continued traction with pricing and margin enhancement initiatives. Gross margin was nearly flat on a year-over-year basis and expanded on a sequential basis, consistent with typical Q2 trends, reaching 45.3% in the second quarter, up from 40.3% in Q1 2025.

產品利潤率連續第三個季度提高，與去年同期相比增加了約 170 個基點，反映出消費者偏好轉向利潤率更高的產品類別，以及定價和利潤率提高舉措的持續推動。毛利率與去年同期相比幾乎持平，且季比有所擴大，與第二季的典型趨勢一致，第二季達到 45.3%，高於 2025 年第一季的 40.3%。

Return rates improved 114 basis points during the quarter, marking our fourth consecutive quarter of improvement. Our continued success managing return rates reflects the ongoing positive impacts we're seeing from our improvements in fit and quality and thoughtful adjustments to our return policy.

本季回報率提高了 114 個基點，這是我們連續第四個季度實現改善。我們在管理退貨率方面持續取得成功反映了我們在合身度和品質方面的改進以及對退貨政策的周到調整所帶來的持續積極影響。

On the brand front, our campaigns and activations in the second quarter continued to drive meaningful gains in engagement and awareness through high-impact influencer collaborations, seasonal content and cultural moments that drove visibility and discovery. Our brand equity score had another record-breaking quarter, which we believe illustrates that our brand investments are working.

在品牌方面，我們在第二季度開展的活動和激活活動透過高影響力的合作、季節性內容和推動知名度和發現力的文化時刻，繼續在參與度和知名度方面取得有意義的增長。我們的品牌資產得分再創季度新高，我們相信這表明我們的品牌投資正在發揮作用。

Our wholesale business has continued to see significant traction with the addition of three new major partners and growth among boutique retailers, underscoring the growing demand for the Lulu's brand across channels. We remain extremely optimistic about our growth potential in wholesale and continue to expect strong growth in this business throughout 2025 and beyond.

我們的批發業務持續取得顯著進展，增加了三個主要合作夥伴，精品零售商的數量也有所增長，凸顯了各通路對 Lulu 品牌的需求日益增長。我們對批發業務的成長潛力仍然非常樂觀，並繼續預計該業務在 2025 年及以後將實現強勁成長。

Finally, and importantly, we returned to positive adjusted EBITDA in the second quarter as expected. This improvement was driven by our leaner cost structure and improved product margins resulting from the discipline and focus around streamlining operations and strengthening our bottom line. Now turning to our challenges during the quarter.

最後，也是最重要的一點，我們在第二季如預期的那樣恢復了正向調整後 EBITDA。這項改善得益於我們精簡的成本結構和提高的產品利潤率，這得益於我們嚴格控制並專注於精簡營運和加強我們的底線。現在來談談我們本季面臨的挑戰。

Shoes and separates continued to weigh on top line results, again, accounting for the majority of the year-over-year decline in net sales. We are actively addressing these challenges with our refined merchandising strategy and early signs of improvement are visible, most notably in our casual and separates categories where we are seeing traction with our more elevated styles launched during Q2. Furthermore, we believe actions to narrow assortment and reduce SKU complexity as we align our offerings with our core brand identity and occasion wear, will continue to support profitability and brand alignment. In shoes, we are closely evaluating and adapting our sourcing and merchandising strategies to address the continued soft sales in this category, which should position us well for improvement in 2026.

鞋類和單品持續對營收造成壓力，再次成為淨銷售額年減的主要原因。我們正在透過完善的商品銷售策略積極應對這些挑戰，並且已經看到了改善的早期跡象，最明顯的是在我們的休閒和單品類別中，我們在第二季度推出的更高級的款式受到了歡迎。此外，我們相信，隨著我們的產品與核心品牌標誌和場合服裝保持一致，縮小品種和降低 SKU 複雜性的措施將繼續支持獲利能力和品牌一致性。在鞋類方面，我們正在密切評估和調整我們的採購和銷售策略，以應對該類別持續疲軟的銷售狀況，這將使我們在 2026 年取得良好的改善。

Shifting to our cost reduction initiatives. In the back half of 2024 through Q1 2025, we implemented targeted cost savings initiatives alongside our broader strategic priorities to drive improved profitability and set the foundation for long-term growth. With the implementation of these initiatives, we're seeing meaningful benefits reflected in our operating expenses.

轉向我們的成本削減措施。從 2024 年下半年到 2025 年第一季度，我們實施了有針對性的成本節約舉措以及更廣泛的戰略重點，以提高盈利能力並為長期增長奠定基礎。隨著這些措施的實施，我們看到營運費用中體現出了顯著的效益。

In the second quarter, OpEx declined 15% year-over-year. And within that, fixed costs were down 19%, supporting our inflection to positive adjusted EBITDA for the quarter. We expect to continue to benefit from our leaner cost structure and the additional actions we're taking to drive operational efficiency, optimize performance and sustained profitability.

第二季度，營運支出較去年同期下降15%。其中，固定成本下降了 19%，支持我們本季調整後 EBITDA 轉為正值。我們預計將繼續受益於更精簡的成本結構以及我們為提高營運效率、優化績效和持續獲利而採取的額外措施。

On our last earnings call, we announced additional steps we are taking to streamline our cost structure following the heightened macro uncertainty stemming from trade policy actions initiated earlier this year, namely driving cash generation and reinforcing our balance sheet, which includes SKU rationalization and the acceleration of our direct sourcing strategy, among other supply chain initiatives. As a reminder, our SKU rationalization focuses on leveraging data to shift our buying strategy towards deeper investments in a narrower, more curated assortment, aiming to drive improved efficiencies, margin expansion, reduction of excess inventory and additional cost savings.

在我們上次的收益電話會議上，我們宣布了我們將採取額外措施來精簡我們的成本結構，以應對今年早些時候發起的貿易政策行動導致的宏觀不確定性加劇的情況，即推動現金產生和加強我們的資產負債表，其中包括SKU合理化和加速我們的直接採購戰略以及其他供應鏈舉措。提醒一下，我們的 SKU 合理化重點是利用數據將我們的採購策略轉向對更窄、更精心策劃的商品進行更深入的投資，旨在提高效率、擴大利潤率、減少過剩庫存並節省更多成本。

On the direct sourcing side, we are making excellent progress shifting to a direct-from-factory approach for select product category segments. We continue to expect to double our direct sourcing sales mix by year-end, which was previously less than 5%, further supporting margin expansion.

在直接採購方面，我們在針對特定產品類別轉向工廠直供方式方面取得了顯著進展。我們仍然預計到年底我們的直接採購銷售組合將增加一倍，此前這一比例不到 5%，這將進一步支持利潤率的擴大。

Furthermore, we have been closely evaluating our sourcing geographies to reduce dependence on any single region where possible, including China, and we are pursuing proactive mitigation in partnership with our vendors as well as through price strategy and assortment optimization. Regardless of final tariff policy outcomes, we maintain conviction in our supply chain diversification and direct sourcing strategies, which better position our business for the long term.

此外，我們一直在密切評估我們的採購地理位置，以盡可能減少對包括中國在內的任何單一地區的依賴，我們正在與供應商合作以及透過價格策略和分類優化來積極緩解影響。無論最終的關稅政策結果如何，我們都堅信我們的供應鏈多樣化和直接採購策略，這將使我們的業務更有利於長期發展。

Even in light of the dynamic macro backdrop, we remain firmly committed to maintaining positive year-to-date cash flow, protecting brand integrity and investing in our long-term objectives to support our return to growth. We believe we're well equipped to manage today's challenges while remaining focused on our long-term growth plans. Before I turn it over to Mark, I want to briefly address our CFO transition.

即使在動態的宏觀背景下，我們仍然堅定地致力於保持年初至今的正現金流，保護品牌完整性並投​​資於我們的長期目標，以支持我們恢復成長。我們相信，我們有能力應對當今的挑戰，同時繼續專注於我們的長期成長計劃。在將時間交給馬克之前，我想簡單談談我們的財務長的過渡。

As you may know, in addition to my responsibilities as CEO, I'm currently serving as Interim CFO while we conduct a search for our next finance leader. Identifying the right candidate for this role is a top priority, and I'm working closely with our Board to ensure we bring a strong leader to the business. In the meantime, I have the utmost confidence in the current finance team in place today and having served as Lulu's CFO for a number of years, I believe we are well equipped to continue to execute against our plans until we find a successor.

您可能知道，除了擔任執行長的職責外，我目前還擔任臨時財務官，同時我們正在尋找下一任財務主管。確定擔任該職位的合適人選是當務之急，我正在與董事會密切合作，以確保為公司帶來一位強有力的領導者。同時，我對目前的財務團隊充滿信心，並且作為 Lulu 的財務長多年，我相信我們有能力繼續執行我們的計劃，直到我們找到繼任者。

With that, I'd like to turn the call over to Mark Vos, our President and Chief Information Officer. Mark will provide updates around progress we're seeing against our strategic priorities. Mark?

接下來，我想將電話轉給我們的總裁兼資訊長馬克沃斯 (Mark Vos)。馬克將提供有關我們的戰略重點進展的最新資訊。標記？

Thank you, Crystal. While active customers were lower on a year-over-year basis, we continue to see great traction with our brand engagement efforts to drive visibility and awareness of the brand.

謝謝你，Crystal。儘管活躍客戶數量同比有所下降，但我們的品牌參與度仍然很高，從而提高了品牌的知名度和認知度。

Our Love Rewards loyalty program membership, saw year-over-year double-digit growth in the second quarter, driving an overall increase in total membership. We also continued with positive year-over-year reactivation rates of lapsed customers. Notably, we saw improved average order values in the second quarter, which drove continued comp improvement through May. With another quarter of positive momentum across key customer engagement metrics, we're optimistic about the impact our strategic initiatives are having on the momentum of the Lulu's brand.

我們的「愛心獎勵」忠誠度計劃會員數量在第二季度實現了同比兩位數的增長，推動了會員總數的總體增長。我們的流失客戶重新激活率也持續維持年增。值得注意的是，我們看到第二季的平均訂單價值有所提高，這推動了整個 5 月的持續成長。隨著關鍵客戶參與度指標再度呈現正面勢頭，我們對我們的策略舉措對 Lulu 品牌發展勢頭的影響感到樂觀。

Turning now to our second quarter progress against our strategic initiatives. Starting with our product assortment optimization and related margin expansion efforts. The launch of our updated return policy in the first quarter has continued to show positive traction with another quarter of improved return rates as well as a decrease in customer returns related to damaged items. As a reminder, we shifted to a flat fee rather than a per unit return fee early in Q1, which better aligns us with industry standards. We are continuing to monitor these trends but are pleased with the positive performance we have seen so far in the first half of the year.

現在來談談我們第二季策略舉措的進展。從我們的產品組合優化和相關的利潤擴大努力開始。我們在第一季推出的更新退貨政策繼續顯示出積極的牽引力，退貨率在另一個季度有所提高，並且與損壞物品相關的客戶退貨也有所減少。提醒一下，我們在第一季初就將收費標準從單位退還費用改為固定費用，這樣可以更好地符合業界標準。我們將繼續監測這些趨勢，但對今年上半年迄今看到的正面表現感到滿意。

The success of our ongoing fit enhancement initiatives have continued to support the decline in return rates while also enhancing customer experience. In Q2, we continued to see a positive trend, which we attribute to our attention to the improved fit consistency and flexibility across categories, a clearer fit guidance and a more supportive return policy.

我們正在進行的改進合身度措施的成功繼續支持了退貨率的下降，同時也提升了客戶體驗。在第二季度，我們繼續看到積極的趨勢，這歸因於我們對改進各類別的合身一致性和靈活性、更清晰的合身指導和更有支持的退貨政策的關注。

Turning to our investments in strengthening brand awareness and customer engagement. Throughout the quarter, we made sure the Lulu's brand stayed front and center from launching our spring campaign to showing up in cultural moments that drove real conversation and visibility from our Childbella campaign to the festival showroom or Derby race to hot concert tour activations. Additionally, the launches of our wedding trend report, Elliott and Garden Girl and RSVP edits were key drivers of media coverage during the quarter, supporting a number of unique placements in top-tier lifestyle, fashion, entertainment and business outlets, broadening our visibility and industry relevance.

談到我們在加強品牌知名度和客戶參與度方面的投資。在整個季度中，我們確保 Lulu 品牌始終處於中心位置，從啟動春季活動到出現在文化場合，從我們的 Childbella 活動到節日展廳或德比比賽到熱門音樂會巡迴活動，都引發了真正的對話和知名度。此外，我們發布的婚禮趨勢報告、Elliott and Garden Girl 和 RSVP 編輯是本季度媒體報告的主要驅動力，支持在頂級生活方式、時尚、娛樂和商業網點中的許多獨特展示位置，擴大了我們的知名度和行業相關性。

Influencer and ambassador efforts continued to scale in the second quarter, delivering strong returns with record earned media value and engagement, supported by a strong creator strategy, which is delivering from a reach, potency and cost standpoint. These partnerships allow us to connect with new audiences through content that reflects how she shops, shares and dresses for life's moments. In parallel, we saw strong gains in social engagement with growing followings and clicks across Instagram and TikTok with more customers coming back to shop the products they discovered through our content.

影響者和大使的努力在第二季度繼續擴大，透過創紀錄的媒體價值和參與度獲得了強勁的回報，這得益於強大的創作者策略，從覆蓋面、效力和成本的角度都取得了成效。這些合作使我們能夠透過反映她如何購物、分享和穿著生活點滴的內容與新的觀眾建立聯繫。同時，我們的社交參與度也大幅提升，Instagram 和 TikTok 的追蹤者和點擊量不斷增長，越來越多的顧客回來購買他們透過我們的內容發現的產品。

Finally, these ongoing brand and engagement efforts resulted in Lulu's brand equity hitting a new all-time high in Q2, following a record break in Q1. We believe the sequential improvement underscores the effectiveness of our investments, social and content strategies and overall momentum of our brand.

最後，這些持續的品牌和參與努力使得 Lulu 的品牌資產在第一季創下紀錄後，在第二季創下了歷史新高。我們相信，連續的改善凸顯了我們的投資、社交和內容策略以及我們品牌整體發展動能的有效性。

Our third initiative focuses on driving technology enablement to improve decisioning, efficiencies and create a seamless customer experience across channels. In Q2, we expanded our usage of AI-driven site merchandising for product discovery by trend, core and end use case. Additionally, we enhanced our cross-category merchandising to further optimize impressions of newly introduced and reintroduced products to drive both new product adoption and continuation of best sellers. Lastly, we have also seen great customer response to individual customer personalized AI-curated product selections, and we will continue to build on this success towards truly individual shopping experiences.

我們的第三項舉措重點是推動技術支持，以改善決策、提高效率並創造跨渠道的無縫客戶體驗。在第二季度，我們擴大了人工智慧驅動的網站行銷的使用範圍，以便根據趨勢、核心和最終用例發現產品。此外，我們加強了跨類別行銷，進一步優化新推出和重新推出的產品的印象，以推動新產品的採用和暢銷產品的延續。最後，我們也看到客戶對個人客戶個人化 AI 精選產品選擇的熱烈反響，我們將繼續在此成功的基礎上，實現真正個人化的購物體驗。

In summary, we are pleased with our consistent progress against our strategic priorities, which we believe lay the foundation for our businesses return to profitable and sustainable growth.

總而言之，我們對我們在策略重點方面取得的持續進展感到滿意，我們相信這為我們的業務恢復盈利和可持續增長奠定了基礎。

And with that, I'll turn it back to Crystal to provide more color on our financial performance.

說完這些，我將把話題轉回給 Crystal，以便為我們的財務表現提供更多細節。

Thanks, Mark. In the second quarter, net revenue was approximately $81.5 million, a decrease of 11% year-over-year, driven by a 16% decrease in total orders placed, partially offset by a 1% increase in average order value and the favorable impact of lower return rates, marking our fourth consecutive quarter of year-over-year improvement in return rates. Gross margin for the quarter was 45.3%, down 20 basis points versus the prior year with notable improvement in product-related margins, offset by outbound and returns logistics cost pressures from rate increases and higher fuel surcharges pass-through from shipping carriers.

謝謝，馬克。第二季度，淨營收約為 8,150 萬美元，年減 11%，主要由於訂單總量下降 16%，但平均訂單價值增長 1%，以及退貨率降低帶來的有利影響部分抵消了這一下降，這標誌著我們連續第四個季度實現退貨率同比改善。本季毛利率為 45.3%，較前一年下降 20 個基點，產品相關利潤率顯著提高，但被運費上漲和航運公司轉嫁的燃油附加費增加造成的出站和退貨物流成本壓力所抵銷。

On the expense side, Q2 selling and marketing expenses totaled $22 million, down about $2.9 million year-over-year, primarily due to lower marketing and merchant processing fees on lower revenues. General and administrative expenses decreased $3.9 million to $17.5 million in Q2, an 18% decline year-over-year, primarily due to a decrease in fixed labor costs driven by reduced headcount, lower variable labor costs on lower sales volumes as well as lower equity-based compensation expense and lower travel, supplies and insurance costs.

在費用方面，第二季銷售和行銷費用總計 2,200 萬美元，年減約 290 萬美元，主要原因是收入下降導致行銷和商家處理費用降低。第二季度，一般及行政開支減少 390 萬美元至 1,750 萬美元，年減 18%，主要原因是員工人數減少導致固定勞動力成本下降、銷售量下降導致變動勞動力成本降低、股權激勵費用降低以及差旅、物資和保險費用降低。

Our net loss for Q2 improved to $3 million from $10.8 million in the same period last year, driven primarily by a $1.8 million reduction in our operating loss, a $0.3 million increase in net interest expense and other income and a $6 million reduction in our income tax provision. Last year's income tax provision was unusually high due to the initial establishment of the valuation allowance on our deferred tax assets.

我們第二季的淨虧損從去年同期的 1,080 萬美元改善至 300 萬美元，主要原因是我們的營運虧損減少 180 萬美元，淨利息支出和其他收入增加 30 萬美元，以及我們的所得稅準備金減少 600 萬美元。由於我們最初對遞延稅務資產設立了估價準備，因此去年的所得稅準備金異常高。

Q2's adjusted EBITDA was approximately $0.5 million compared to a $0.2 million loss in Q2 2024. Adjusted EBITDA margin was 0.6% versus negative 0.2% in the prior year period. Interest expense in Q2 totaled $856,000 versus $270,000 in Q2 2024, inclusive of onetime fees paid related to amendments to our credit agreement. Diluted loss per share for the quarter was $1.08 compared to a diluted loss per share of $3.92 in Q2 of 2024.

第二季的調整後 EBITDA 約為 50 萬美元，而 2024 年第二季的虧損為 20 萬美元。調整後的 EBITDA 利潤率為 0.6%，而去年同期為-0.2%。第二季的利息支出總計 856,000 美元，而 2024 年第二季的利息支出為 270,000 美元，其中包括與修訂我們的信貸協議相關的一次性費用。本季每股攤薄虧損為 1.08 美元，而 2024 年第二季每股攤薄虧損為 3.92 美元。

In the second quarter, net cash used in operating activities was $1.4 million, a $5 million decline from $3.7 million of cash provided in the same period last year, primarily due to a larger decrease in accounts payable related to the timing of payments in Q2 '25 compared to Q2 '24. Free cash flow during Q2 was negative $1.9 million, reflecting a $4.9 million decrease year-over-year.

第二季度，經營活動所用淨現金為 140 萬美元，較去年同期提供的 370 萬美元減少 500 萬美元，主要原因是與 2024 年第二季度相比，2025 年第二季與付款時間相關的應付帳款減少幅度較大。第二季的自由現金流為負 190 萬美元，年減 490 萬美元。

Net debt was $4.2 million at the end of Q2, a $4.4 million reduction from our net debt position of $8.6 million at the end of the fourth quarter 2024. Our inventory balance at quarter end was $37.3 million, a $0.3 million or an approximately 1% decrease year-over-year. Moving on to guidance.

第二季末的淨債務為 420 萬美元，較 2024 年第四季末的 860 萬美元淨債務減少了 440 萬美元。我們季末的庫存餘額為 3,730 萬美元，年減 30 萬美元，約佔 1%。繼續指導。

For the third quarter, we once again expect to generate positive adjusted EBITDA and are confident in the work we are doing to strengthen our liquidity position while focusing on driving the success of our business. This confidence is reinforced by the active negotiation of a new asset-based revolving credit facility. Additionally, we now expect capital expenditures for the full year to be approximately $2.5 million, which represents the low end of our previously estimated range of between $2.5 million and $3 million.

對於第三季度，我們再次預計會產生正的調整後 EBITDA，並且對我們為加強流動性狀況同時專注於推動業務成功所做的工作充滿信心。積極協商新的以資產為基礎的循環信貸安排進一步增強了這種信心。此外，我們現在預計全年資本支出約為 250 萬美元，這處於我們先前估計的 250 萬美元至 300 萬美元範圍的低端。

We continue to evaluate options to help mitigate the potential impacts of tariffs through a combination of vendor collaboration, sourcing diversification, strategic pricing and assortment optimization. Potential tariff costs are being closely managed and partly offset with the ramp of our direct sourcing strategy, which we expect to more materially benefit the business in the second half of the year.

我們將繼續評估各種方案，透過供應商合作、採購多樣化、策略性定價和產品組合優化等方式，有助於減輕關稅的潛在影響。潛在的關稅成本正在嚴格管理，並透過我們直接採購策略的提升得到部分抵消，我們預計這將在今年下半年為業務帶來更實質的好處。

We are very pleased with the work the team has done to progress our growth strategy and return to profitability. This quarter has shown the positive outcome of our cost management and overall business strategy, even amid a dynamic macroeconomic environment. We remain focused on executing and driving cost efficiencies as well as the continued strengthening of our liquidity position. Thank you to our team, the entire Lulu's community for their engagement with our brand and their enthusiasm and to our shareholders for their continued support.

我們對團隊為推進我們的成長策略和恢復獲利能力所做的工作感到非常滿意。即使在動態的宏觀經濟環境下，本季也顯示出我們的成本管理和整體業務策略取得了積極成果。我們將繼續專注於執行和推動成本效率以及持續加強我們的流動性狀況。感謝我們的團隊、整個 Lulu 社群對我們品牌的參與和熱情，也感謝我們股東的持續支持。

With that, I'll turn it over to questions.

好了，接下來我將開始提問。

(Operator Instructions)

（操作員指示）

At this stage, there are no questions. Ladies and gentlemen, thank you for your attendance. You may now disconnect your lines.

現階段還沒有任何疑問。女士們、先生們，感謝各位的光臨。現在您可以斷開線路了。