Oxford Industries Inc (OXM) 2022 Q2 法說會逐字稿

Greetings, welcome to the Oxford Industries, Inc. Second Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候，歡迎來到牛津工業公司 2022 財年第二季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Jevon Strasser. Thank you. You may begin.

我現在將把會議交給 Jevon Strasser。謝謝你。你可以開始了。

Thank you, and good afternoon. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws.

謝謝，下午好。在開始之前，我想提醒與會者，在今天的電話會議和問答環節中所做的某些陳述可能構成聯邦證券法意義上的前瞻性陳述。

Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results of operations or our financial condition to differ are discussed in our press release issued earlier today and in documents filed by us with the SEC, including the risk factors contained in the Form 10-K. We undertake no duty to update any forward-looking statements.

前瞻性陳述並非保證，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。我們今天早些時候發布的新聞稿和我們向 SEC 提交的文件中討論了可能導致實際運營結果或我們的財務狀況不同的重要因素，包括表格 10-K 中包含的風險因素。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will be discussing certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today, which is posted under the Investor Relations tab of our website.

在本次電話會議中，我們將討論某些非公認會計原則財務措施。您可以在我們今天早些時候發布的新聞稿中找到非 GAAP 與 GAAP 財務指標的對賬，該新聞稿發佈在我們網站的“投資者關係”選項卡下。

And now I'd like to introduce today's call participants. With me today are Tom Chubb, Chairman and CEO; and Scott Grassmyer, CFO and COO. Thank you for your attention.

現在我想介紹一下今天的電話會議參與者。今天和我在一起的是董事長兼首席執行官 Tom Chubb；和首席財務官兼首席運營官 Scott Grassmyer。感謝您的關注。

And now I'd like to turn the call over to Tom Chubb.

現在我想把電話轉給 Tom Chubb。

Good afternoon, and thank you for joining us. We are pleased to be reporting an incredibly strong second quarter of fiscal 2022. I will provide some highlights of the quarter with more detailed commentary from Scott to follow.

下午好，感謝您加入我們。我們很高興報告 2022 財年第二季度的強勁表現。我將提供該季度的一些亮點，隨後斯科特將發表更詳細的評論。

Outstanding results are not possible without outstanding people, and we have a team that is second to none. I would like to thank each and every member of our dedicated team for all of their hard work, which enabled us to deliver our sixth consecutive quarter of record earnings.

優秀的成績離不開優秀的人才，我們擁有首屈一指的團隊。我要感謝我們敬業團隊的每一位成員的辛勤工作，這使我們能夠連續第六個季度實現創紀錄的收益。

During the quarter, the strength of our brands, our products and our customer experiences fueled 14% comparable direct-to-consumer sales growth and expansion of our already healthy gross margin. Favorable market conditions during the quarter included the continued return of the consumer to physical retail the continued return to in-person work and social events, the continued growth in year-round population in many of our key markets and the continued rebound in leisure travel. All of these factors, which play to the strength of our portfolio of brands, continue unabated and augur well for the balance of the year.

在本季度，我們的品牌、產品和客戶體驗的實力推動了 14% 的可比直接面向消費者的銷售額增長，並擴大了我們已經健康的毛利率。本季度有利的市場條件包括消費者繼續回歸實體零售、繼續回歸面對面的工作和社交活動、我們許多主要市場的全年人口持續增長以及休閒旅遊的持續反彈。所有這些因素都發揮了我們品牌組合的實力，並在今年餘下時間繼續有增無減，並預示著良好的發展。

On an adjusted basis, we recorded consolidated second quarter sales of $363 million and EPS of $3.61, which was an 11% increase over last year's record second quarter EPS of $3.24. Adjusted gross margin expanded 30 basis points to 64.6% and adjusted operating profit increased 8% to $78 million or 21.5% of sales.

經調整後，我們第二季度的合併銷售額為 3.63 億美元，每股收益為 3.61 美元，比去年第二季度創紀錄的 3.24 美元增長了 11%。調整後的毛利率增長 30 個基點至 64.6%，調整後的營業利潤增長 8% 至 7800 萬美元，佔銷售額的 21.5%。

The biggest contributor to our record earnings was the performance of our largest brand, Tommy Bahama. Compared to last year, sales grew 17% versus 2021 to $244 million. Adjusted gross margin expanded to 64.3% and adjusted operating margin increased by 150 basis points to an exceptional 24%. These results exceeded our expectations for the brand this quarter and at the risk of sounding immodest or spectacular. The success starts with our powerful Live the Island Life brand message, which our team brings to life through beautiful, inspirational creative messaging, differentiated products that are relevant to today's consumer in marketplace than delivering all that through wonderful customer experiences on our website, in our stores, bars and restaurants, and through our carefully selected wholesale partners.

我們創紀錄的收益的最大貢獻者是我們最大的品牌 Tommy Bahama 的表現。與去年相比，銷售額與 2021 年相比增長了 17%，達到 2.44 億美元。調整後的毛利率擴大到 64.3%，調整後的營業利潤率增加了 150 個基點，達到了驚人的 24%。這些結果超出了我們對本季度品牌的預期，並且有聽起來不謙虛或壯觀的風險。成功始於我們強大的 Live the Island Life 品牌信息，我們的團隊通過美麗、鼓舞人心的創意信息、與當今市場上的消費者相關的差異化產品將其變為現實，而不是通過我們網站上的精彩客戶體驗來提供所有這些。商店、酒吧和餐館，並通過我們精心挑選的批發合作夥伴。

As noted a minute ago, market conditions are playing to the strength of our portfolio. The return to leisure and vacation travel and permanent migration of so many people to warmer climates are obvious advantages for us. What is possibly less obvious is how much we benefit from the return to in-person work and social events. While Tommy Bahama is famous in menswear, for our colorful camp shirts, polos, teas, shorts and swimwear. We also have a powerful assortment of long pants and long-sleeve woven shirts that are appropriate for most post-pandemic workplaces and a wide variety of social events.

如前所述，市場狀況正在發揮我們投資組合的優勢。如此多的人回歸休閒和度假旅行以及永久遷移到溫暖的氣候對我們來說是明顯的優勢。可能不太明顯的是，我們從重返現場工作和社交活動中受益多少。雖然 Tommy Bahama 以男裝聞名，但我們以色彩繽紛的露營襯衫、polo 衫、茶、短褲和泳裝著稱。我們還有種類繁多的長褲和長袖梭織襯衫，適合大多數疫情后的工作場所和各種社交活動。

A couple of our notable everyday go-to long sleeve shirts include the Sarasota stretch and the San Lucio stretch, both of which present a very polished look and also feature the luxurious fabrics and the high degree of comfort that Tommy Bahama is famous for.

我們著名的幾款日常必備長袖襯衫包括 Sarasota 彈力和 San Lucio 彈力，兩者都呈現出非常優雅的外觀，還採用了 Tommy Bahama 聞名的奢華面料和高度舒適性。

One of the most exciting merchandising developments in Tommy Bahama over the last couple of years has been the growth and strength of our men's pant business. It started with the Boracay Chino, which quickly gained popularity with our guests, and we have extended into shorts, jeans, 5 pockets and even women's. More recently, we have added the IslandZone performance pants, the Chip Shot performance 5-pocket and the On Par performance flat-front pants. All of these pants are examples of product that is on brand while being relevant to today's consumer and are resonating across all channels of distribution. They are a perfect purchase for the guest who is getting out about more, whether that is to go to the office or out to dinner.

在過去的幾年裡，Tommy Bahama 最令人興奮的銷售發展之一是我們男士褲業務的增長和實力。從 Boracay Chino 開始，它很快在我們的客人中流行起來，我們已經擴展到短褲、牛仔褲、5 口袋甚至女裝。最近，我們增加了 IslandZone 性能褲、Chip Shot 性能 5 口袋和 On Par 性能平前褲。所有這些褲子都是品牌上的產品示例，同時與當今的消費者相關，並在所有分銷渠道中引起共鳴。無論是去辦公室還是出去吃飯，它們都是外出旅行的客人的完美選擇。

What we love about building a substantial pant business is that it tends to be a repeat business. Once a guy finds a pant that he likes, he will tend to come back for it over and over again. And every time he does, we can refresh is pant inventory and have a chance to show him other products that he will love.

我們喜歡建立一個龐大的褲子業務是因為它往往是一個重複的業務。一旦一個人找到他喜歡的褲子，他就會一遍又一遍地回來。每次他這樣做時，我們都可以刷新褲子庫存，並有機會向他展示他會喜歡的其他產品。

At Lilly Pulitzer for the second quarter, we posted modest top line growth and a very healthy 24% operating margin. The sales growth was driven by solid increases in both our wholesale and retail channels, which saw healthy comp store sales gains with some contraction in e-commerce. This contraction was due to some temporary challenges that we faced on the marketing front.

在禮來普利策第二季度，我們公佈了適度的收入增長和非常健康的 24% 營業利潤率。銷售增長是由我們的批發和零售渠道的穩健增長推動的，在電子商務有所收縮的情況下，實體店銷售增長穩健。這種收縮是由於我們在營銷方面面臨的一些臨時挑戰。

A hallmark of the Lilly team has always been an incredible drive to improve in all areas of the business, even those where we already excel. Lilly has long been a leader in digital marketing, against the backdrop of a rapidly evolving digital marketplace and landscape and in an effort to maintain and even increase our digital marketing edge, we implemented some new technology and changed some of our marketing agency partnerships. This transition created some temporary headwinds that we believe suppressed our second quarter results, keeping them somewhat below our expectation for the quarter.

禮來團隊的一個標誌一直是在業務的各個領域都以令人難以置信的動力進行改進，即使是我們已經擅長的領域也是如此。禮來長期以來一直是數字營銷的領導者，在快速發展的數字市場和環境的背景下，為了保持甚至增加我們的數字營銷優勢，我們實施了一些新技術並改變了我們的一些營銷代理合作夥伴關係。這種轉變造成了一些暫時的不利因素，我們認為這些不利因素抑制了我們的第二季度業績，使其略低於我們對該季度的預期。

We felt the impact primarily in our e-commerce business as the digital marketing issues impacted our flow of new customers. Our team reacted quickly and has made appropriate adjustments to our marketing approach effective in August. We are already seeing the benefit of the changes, including a strong gift with purchase event over this past weekend. As there is some ramp-up period before the full impact is realized, we expect to see some benefit during the third quarter and should be in excellent shape for the fourth quarter.

由於數字營銷問題影響了我們的新客戶流，我們主要感受到了電子商務業務的影響。我們的團隊反應迅速，並對我們的營銷方法進行了適當的調整，於 8 月生效。我們已經看到了這些變化的好處，包括在上週末的購買活動中提供了一份強有力的禮物。由於在實現全面影響之前還有一段提升期，我們預計在第三季度會看到一些好處，並且在第四季度應該會處於良好的狀態。

Our consumer remains as excited about the Lilly brand and our product as ever. And with the changes we have made, we expect to finish the year strong.

我們的消費者一如既往地對禮來品牌和我們的產品感到興奮。隨著我們所做的改變，我們預計今年會表現強勁。

Our emerging brands group posted an impressive 31% year-over-year sales gain during the second quarter with all 3 brands Southern Tide, The Beaufort Bonnet Company and Duck Head, delivering solid growth. The growth was driven in part by our efforts to enhance the EBG's digital and omnichannel capabilities.

我們的新興品牌集團在第二季度實現了令人印象深刻的 31% 的同比銷售額增長，所有 3 個品牌 Southern Tide、The Beaufort Bonnet Company 和 Duck Head 均實現了穩健的增長。增長的部分原因是我們努力增強 EBG 的數字和全渠道能力。

Gross margin for the EBG was suppressed during the quarter as the result of an inventory markdown that we took in this operating group to address an overbought position. we have taken an appropriate markdown to deal with the long inventory position and have worked with the Emerging Brand team to fortify our inventory planning and buying processes.

EBG 的毛利率在本季度受到抑制，原因是我們在該運營部門採取了庫存降價措施以解決超買狀況。我們採取了適當的降價措施來處理長期庫存頭寸，並與新興品牌團隊合作以加強我們的庫存計劃和購買流程。

We could not be more bullish about the future opportunity for Southern Tide, The Beaufort Bonnet Company and Duck Head and look forward to the outstanding results we expect them to deliver in the second half.

我們對 Southern Tide、The Beaufort Bonnet Company 和 Duck Head 的未來機會非常看好，並期待他們在下半年取得的優異成績。

Across the enterprise, we continue to make excellent progress towards our strategic pillars: growing our brands for the long term, enhancing our digital and omnichannel capabilities, operational excellence, managing our portfolio, capital allocation to draw long-term shareholder value, and developing our people and team.

在整個企業中，我們繼續在我們的戰略支柱方面取得出色進展：長期發展我們的品牌，增強我們的數字和全渠道能力，卓越運營，管理我們的投資組合，資本配置以吸引長期股東價值，並發展我們的人和團隊。

Our share repurchase program illustrates the continued execution of our objective to maximize long-term shareholder value. Since initiating the plan in December 2021, we have used this vehicle to return $86 million to our shareholders, repurchasing at an average price of $89 per share, enhancing the already high returns from our stock performance and dividend payments of $32 million in the last 12 months. While we are aware of some of the macroeconomic headwinds, the momentum that we created in the first half of the year has continued into the early part of the third quarter.

我們的股票回購計劃表明我們將繼續執行最大化長期股東價值的目標。自 2021 年 12 月啟動該計劃以來，我們已使用該工具向股東返還 8600 萬美元，以每股 89 美元的平均價格回購，提高了過去 12 年我們股票表現和股息支付 3200 萬美元的高回報個月。雖然我們意識到一些宏觀經濟逆風，但我們在上半年創造的勢頭一直持續到第三季度初。

In addition, we are in a much healthier inventory position than we were a year ago. Our excellent results in the first half, healthier inventory position and the outstanding plans we have for the second half should allow us to deliver double-digit top and bottom line growth with some modest operating margin expansion for the year.

此外，與一年前相比，我們的庫存狀況要好得多。我們上半年的出色業績，更健康的庫存狀況以及我們對下半年的出色計劃應該使我們能夠實現兩位數的頂線和底線增長，並在今年適度擴大營業利潤率。

I'll now turn it over to Scott for more detail about second quarter results and our forecast for the remainder of the year. Scott?

我現在將把它交給斯科特，以獲取有關第二季度業績和我們對今年剩餘時間的預測的更多詳細信息。斯科特?

Thank you, Tom. We executed well during the second quarter and once again delivered record performance, as Tom mentioned earlier.

謝謝你，湯姆。正如湯姆之前提到的，我們在第二季度表現良好，再次創造了創紀錄的業績。

Our strong quarter was driven by sales growth across all distribution channels and particularly notable sales growth in Tommy Bahama of 17%. In the second quarter of fiscal 2022, consolidated net sales were $363 million, an 11% increase over last year's second quarter net sales of $329 million. Excluding $8 million of sales from Lanier Apparel in the prior year period, sales increased 14% year-over-year. Our full price e-commerce business grew significantly, up 13%.

我們強勁的季度是由所有分銷渠道的銷售增長推動的，尤其是在湯米巴哈馬的銷售額增長了 17%。在 2022 財年第二季度，合併淨銷售額為 3.63 億美元，比去年第二季度的 3.29 億美元淨銷售額增長 11%。不包括去年 Lanier Apparel 的 800 萬美元銷售額，銷售額同比增長 14%。我們的全價電子商務業務顯著增長，增長 13%。

On the bricks-and-mortar front, we generated full-price retail comps of plus 14%. Performance of our food and beverage locations was healthy as well with 6% growth over last year. Our second quarter adjusted gross margin was 64.6% compared to 64.3% in fiscal 2021. This 30 basis point improvement was fueled by a ship and sales mix towards full-price direct-to-consumer channels and higher IMUs, particularly in innovative new performance offerings. Higher freight costs of approximately 50 basis points and inventory markdowns within the Emerging Brands group offset some of the margin improvement.

在實體店方面，我們產生了 14% 以上的全價零售組合。我們的餐飲場所的表現也很健康，比去年增長了 6%。我們第二季度調整後的毛利率為 64.6%，而 2021 財年為 64.3%。這 30 個基點的改善是由於船舶和銷售組合轉向全價直接面向消費者的渠道和更高的 IMU，特別是在創新的新性能產品方面.新興品牌集團內約 50 個基點的較高運費成本和庫存降價抵消了部分利潤率的改善。

Our operating profit increased to $78 million on an adjusted basis or 21.5% of net sales with notable operating income growth in Tommy Bahama. This excellent operating margin was highlighted by 24% operating margins at both Tommy and Lilly.

我們的營業利潤經調整後增至 7800 萬美元，占淨銷售額的 21.5%，Tommy Bahama 的營業收入顯著增長。 Tommy 和 Lilly 24% 的營業利潤率突顯了這一出色的營業利潤率。

Our business is supported by our strong balance sheet. Here are some highlights. Our inventory balance at the end of the quarter positions us well to execute on our sales plan for the second half of fiscal 2022, which calls for revenue growth in the high- single to low-double digits.

我們強大的資產負債表支持我們的業務。這裡有一些亮點。我們在季度末的庫存平衡使我們能夠很好地執行我們的 2022 財年下半年的銷售計劃，這要求收入增長在高個位數到低兩位數。

Inventory increased $58 million on a LIFO basis and $71 million or 53% on a FIFO basis compared to the end of the second quarter of fiscal 2021. Inventory balances at July 30, 2022, representing a more normalized level after inventory levels were lower than optimal throughout fiscal 2021 with a stronger-than-expected rebound in consumer demand outpaced inventory purchases. Also, inventory increases included early receipt of an incremental $27 million of fall inventory to mitigate supply chain delays or disruptions, inventory to support anticipated sales increases in the second half of fiscal 2022 and higher product costs.

與 2021 財年第二季度末相比，按 LIFO 計算的庫存增加了 5800 萬美元，按 FIFO 計算增加了 7100 萬美元或 53%。截至 2022 年 7 月 30 日的庫存餘額，在庫存水平低於最佳水平後呈現更加正常化的水平整個 2021 財年，消費者需求的反彈強於預期，超過了庫存購買。此外，庫存增加包括提前收到增加的 2700 萬美元的秋季庫存以緩解供應鏈延遲或中斷，庫存以支持 2022 財年下半年的預期銷售增長以及更高的產品成本。

Compared to the end of the second quarter of fiscal 2019, when on FIFO basis, inventory decreased by 3%. While the sales for the first half of fiscal 2022 were 23% higher than the first half of fiscal 2019. To crystallize where we are on inventory. Our trailing 12-month FIFO inventory turns at the end of the second quarter of 2022 were 3x compared to 2.3x in 2021 and 2.5x in 2019.

與 2019 財年第二季度末相比，在 FIFO 基礎上，庫存減少了 3%。雖然 2022 財年上半年的銷售額比 2019 財年上半年高出 23%。但要明確我們的庫存狀況。我們在 2022 年第二季度末的 12 個月 FIFO 庫存周轉率為 3 倍，而 2021 年為 2.3 倍，2019 年為 2.5 倍。

Our liquidity position is healthy with no debt and $186 million of cash and short-term investments at the end of the second quarter. Our sizable cash flow allowed us to invest in our businesses, return capital to shareholders via multiple approaches and still have a significant amount of cash and short-term investments on our balance sheet.

我們的流動性狀況良好，在第二季度末沒有債務和 1.86 億美元的現金和短期投資。我們龐大的現金流使我們能夠投資於我們的業務，通過多種方式向股東返還資本，並且我們的資產負債表上仍有大量現金和短期投資。

Today, we have repurchased approximately 970,000 shares for $86 million, representing over 5% of our shares outstanding. Since the December announcement of our Board's new share repurchase authorization. As Tom noted, we are very pleased with the results of our repurchasing program to date.

今天，我們以 8600 萬美元回購了大約 970,000 股股票，占我們流通股的 5% 以上。自 12 月董事會公告新的股份回購授權以來。正如湯姆所說，我們對迄今為止的回購計劃的結果感到非常滿意。

We have further returned $32 million of capital to investors through dividends over the last 12 months. Looking forward, I am pleased to share that our Board of Directors declared a dividend of $0.55 per share for the third quarter.

在過去的 12 個月裡，我們通過股息進一步向投資者返還了 3200 萬美元的資本。展望未來，我很高興地分享我們的董事會宣布第三季度每股股息為 0.55 美元。

I'd now like to walk you through our projections for the remainder of 2022. After outstanding performance and EPS beat in the second quarter, we are raising our guidance for the year. We expect our e-commerce business to continue to expand. Also, our physical locations are seeing encouraging comp sales as consumers continue to return to in-store shopping, and we continue to have a very robust board order book in our wholesale channel for 2022.

我現在想向您介紹我們對 2022 年剩餘時間的預測。在第二季度表現出色且每股收益超過預期之後，我們正在提高今年的指導。我們預計我們的電子商務業務將繼續擴大。此外，隨著消費者繼續回到店內購物，我們的實體店銷售情況令人鼓舞，而且我們在 2022 年的批發渠道中繼續擁有非常強勁的板訂單。

For the year, we still expect modest gross margin expansion as we continue to see the benefits of higher IMUs, partially offset by what we expect to be a somewhat more promotional environment. For the year, we expect some modest SG&A leverage, driven by a significant leverage in Q1 despite inflationary cost pressures, including a challenging labor market.

今年，我們仍然預計毛利率將適度增長，因為我們繼續看到更高 IMU 的好處，部分被我們預期的更具促銷性的環境所抵消。儘管存在通脹成本壓力，包括充滿挑戰的勞動力市場，但我們預計今年的 SG&A 槓桿率將適度，這是由第一季度的顯著槓桿率推動的。

Putting together these dynamics, we expect to deliver double-digit top and bottom line growth with operating margin expansion for the full year. Full year sales are now expected to increase to a range of $1.3 billion to $1.325 billion compared to $1.142 billion in fiscal 2021, which included $25 million of Lanier Apparel sales.

綜合這些動態，我們預計全年營業利潤率將實現兩位數的收入和利潤增長。現在預計全年銷售額將增至 13 億美元至 13.25 億美元，而 2021 財年為 11.42 億美元，其中包括 2500 萬美元的 Lanier Apparel 銷售額。

For the full fiscal year, we now expect adjusted EPS in the range of $9.85 to $10.10 compared to $7.99 in fiscal 2021. Third quarter sales are expected to increase from $248 million last year, which included $4 million of Lanier Apparel to a range of $270 million to $280 million, reflective of strong quarter-to-date results in our direct-to-consumer channels as well as substantial wholesale sales planned in the quarter.

對於整個財年，我們現在預計調整後每股收益在 9.85 美元至 10.10 美元之間，而 2021 財年為 7.99 美元。第三季度銷售額預計將從去年的 2.48 億美元（包括 400 萬美元的 Lanier Apparel）增加到 270 美元百萬至 2.8 億美元，反映了我們直接面向消費者的渠道的強勁季度業績以及本季度計劃的大量批發銷售。

On an adjusted basis, we spent EPS in the range of $0.90 to $1.05 in the third quarter of fiscal 2022 compared to $1.19 last year. In the third quarter, similar to the first 2 quarters of the year, we anticipate some modest gross margin expansion -- this expected gross margin expansion includes our expectation of lower freight costs and higher IMUs in the third quarter, partially offset by a change in sales mix with an increased proportion of Lilly Pulitzer e-commerce flash clearance sales.

經調整後，我們在 2022 財年第三季度的每股收益為 0.90 美元至 1.05 美元，而去年為 1.19 美元。在第三季度，與今年前兩個季度類似，我們預計毛利率會出現適度增長——這種預期的毛利率增長包括我們對第三季度貨運成本降低和 IMU 增加的預期，部分被禮來普利策電子商務閃電清倉銷售的比例增加。

As a reminder, the third quarters are smaller sales and earnings quarter of the year due to the seasonality of our brands. Thus, as our business continues to expand, the higher SG&A associated with the growing business often results in deleveraging in the lower sales third quarter, but also allows for additional SG&A leverage and earnings growth in our higher sales quarters during the year.

提醒一下，由於我們品牌的季節性，第三季度是一年中較小的銷售額和收益季度。因此，隨著我們業務的不斷擴展，與業務增長相關的更高的 SG&A 通常會導致第三季度銷售額較低的去槓桿化，但也允許我們在年內較高的銷售季度實現額外的 SG&A 槓桿和盈利增長。

Our effective tax rate for fiscal 2022 is expected to be between 24% and 25%.

我們 2022 財年的有效稅率預計在 24% 至 25% 之間。

Thank you for your time today, and we will now turn the call over for questions. Alex?

感謝您今天的寶貴時間，我們現在將把電話轉過來提問。亞歷克斯？

(Operator Instructions) Our first question comes from the line of Edward Yruma with Piper Sandler.

（操作員說明）我們的第一個問題來自 Edward Yruma 和 Piper Sandler。

A couple for me. I guess, first, I know that some of your regions are performing strongly relative to others from a tourist perspective. I was wondering if you can kind of talk about some of the regions holistically and kind of where is New York, Hawaii, Las Vegas, et cetera, versus kind of previous peak.

給我一對。我想，首先，我知道從旅遊者的角度來看，你們的一些地區的表現相對於其他地區來說表現得很好。我想知道你是否可以從整體上談論一些地區，以及紐約、夏威夷、拉斯維加斯等在哪裡，而不是之前的高峰。

And then as a follow-up, I know you've had the strategy of raising AUR, adding more content to the product. How much more headroom do you think is still available? Are you seeing any signs of price resistance?

然後作為後續行動，我知道您已經制定了提高 AUR 的策略，為產品添加更多內容。您認為還有多少可用空間？您是否看到任何價格阻力的跡象？

Okay. Thank you, Ed. Great to have you on the call today, and I would comment on the regionality, and Scott as always may add some color to this. But really, the only area that's still sort of lagging, if you will, is New York City itself where we have the big Tommy Bahama store, bar and restaurant. And I suspect you've been into the city recently, and it's -- New York is just not fully back yet, not really even quite close to fully back, and we are definitely seeing that in that store.

好的。謝謝你，埃德。很高興今天有你的電話，我會評論區域性，斯科特一如既往地可能會為此增添一些色彩。但實際上，唯一仍然有點落後的地區，如果你願意的話，是紐約市本身，我們擁有大型的 Tommy Bahama 商店、酒吧和餐廳。而且我懷疑你最近去過這座城市，而且——紐約還沒有完全恢復，甚至還沒有完全接近完全恢復，我們肯定在那家商店看到了這一點。

Other than that, I think the -- all other regions of the country really performed well. There were a couple of small pockets in California that were kind of flattish for the quarter. But really no laggards at this point other than New York City.

除此之外，我認為該國所有其他地區的表現確實不錯。加利福尼亞有幾個小口袋在本季度表現平平。但在這一點上，除了紐約市之外，真的沒有落後者。

And then in terms of raising AUR by increasing the sort of features in the product and the differentiation in the product, we continue to have great success with that. I think as long as the customer perceives that we're delivering additional value to them. I think we've got plenty of room to run on that.

然後在通過增加產品的功能種類和產品的差異化來提高 AUR 方面，我們繼續在這方面取得了巨大的成功。我認為只要客戶認為我們正在為他們提供額外的價值。我認為我們在這方面有足夠的空間。

And Scott, if you would, please add anything.

斯科特，如果你願意，請添加任何內容。

Yes, we are seeing -- we're really not seeing resistance in the price increases we took and then our AURs are off and part of that is to price increases on existing items, but part is also just going out with more higher cost items that we do put more value into the product, and we're not seeing resistance to that either.

是的，我們看到了——我們真的沒有看到我們採取的價格上漲阻力，然後我們的 AUR 被關閉，其中一部分是現有商品的價格上漲，但部分也只是推出了更多成本更高的商品我們確實為產品賦予了更多價值，而且我們也沒有看到對此的抵制。

Our next question comes from the line of Steve Marotta with CL King & Associates.

我們的下一個問題來自 CL King & Associates 的 Steve Marotta。

Tom, I was wondering if so many other retailers are reporting that consumers kind of turned on a dime in late May and early June, particularly in traffic to brick-and-mortar locations. Did you experience anything like that? Was there any discernable change in consumer behavior during those months?

湯姆，我想知道是否有這麼多其他零售商報告說，消費者在 5 月下旬和 6 月初的情況有所好轉，尤其是在前往實體店的客流量方面。你有過這樣的經歷嗎？在那幾個月裡，消費者行為是否有任何明顯的變化？

Not really. I think, Steve, and you're a great student of the industry, you know this. There is a very real bifurcation going on. So in the moderate and lower end of the income spectrum, people are really getting squeezed hard by the increases in gasoline prices, food prices, housing costs, health care costs, all these things. And we're very empathetic to that.

並不真地。我認為，史蒂夫，你是這個行業的優秀學生，你知道這一點。有一個非常真實的分歧正在發生。因此，在收入範圍的中低端，人們確實受到汽油價格、食品價格、住房成本、醫療保健成本等所有這些因素的嚴重擠壓。我們對此非常感同身受。

And from a bigger macro picture. We've got our eye on that, and we're very sympathetic to those people. We recognize that people are feeling real pain and they're cutting back their discretionary spending. But in the part of the market that we play in, which is really the top 20% or 25%. That group, their discretionary spending has not been impacted nearly as much by the very real inflation that's out there. They're getting out about more going to the office, maybe not all the time, but more than they were a year or 2 ago, going to more and more social events, leisure travel continues to be very, very strong. All of these things really play to our strengths. And so we really didn't see the pivot and really haven't seen one since the end of the quarter.

從更大的宏觀圖景來看。我們已經註意到了這一點，我們非常同情這些人。我們認識到人們感到真正的痛苦，他們正在削減可自由支配的開支。但在我們參與的市場部分，這實際上是前 20% 或 25%。那個群體，他們的可自由支配支出幾乎沒有受到非常真實的通貨膨脹的影響。他們開始更多地去辦公室，也許不是一直，但比一年或兩年前更多，參加越來越多的社交活動，休閒旅行繼續非常非常強大。所有這些都真正發揮了我們的優勢。因此，我們真的沒有看到轉折點，而且自本季度末以來真的沒有看到過轉折點。

Our August sales were very strong. We had a great comp in August and have started out September very strong. And I think it's -- part of it is the consumer we play to. And then a big part of it, of course, is the strength of our brands and our products.

我們八月份的銷售非常強勁。我們在 8 月的比賽中表現出色，並且在 9 月開始時表現非常強勁。我認為這是 - 部分原因是我們玩的消費者。當然，其中很大一部分是我們品牌和產品的實力。

And last but not least, I would add the outstanding customer experience that we deliver. And just today, for example, we were named by a major news magazine as 1 of the top 5 retailers in the country for customer service in our Tommy Bahama stores. That's the second year in a row that we've been in there and we are the only retailer to be in there 2 years in a row. And I think that's part of our success, and that's part of why we're so proud of our teams because they're the ones that deliver those great experiences.

最後但並非最不重要的一點是，我將添加我們提供的出色客戶體驗。例如，就在今天，我們被一家主要新聞雜誌評為該國 Tommy Bahama 商店客戶服務排名前 5 位的零售商之一。這是我們連續第二年在那裡，我們是唯一連續兩年在那裡的零售商。我認為這是我們成功的一部分，這也是我們為我們的團隊感到驕傲的部分原因，因為他們是那些提供這些偉大體驗的人。

Congratulations on that honor. Relatedly, have you looked at customer retention since the pandemic began? In other words, for the customers that were gained during the pandemic, are they acting any differently than customers that were active prior to the pandemic, either in average annual spend, frequency of spend, lifetime spend, anything -- churn, anything like that?

祝賀你獲得這一榮譽。與此相關的是，自大流行開始以來，您是否關注過客戶保留率？換句話說，對於在大流行期間獲得的客戶，他們的行為是否與大流行之前活躍的客戶有任何不同，無論是在平均年支出、支出頻率、終生支出等方面——客戶流失，還是類似方面?

I have to tell you, Steve, I don't know that we've separated that cohort out those added during the pandemic to see what their performance was versus people that came in more normal times. I will tell you that as a general rule, all our customer KPIs have continued to improve. So we really haven't seen any degradation. But I can't say that we've separated that cohort and looked at it. It's a good question though. We might -- the customer analytics team might have just gotten a new assignment.

我必須告訴你，史蒂夫，我不知道我們是否已經將那些在大流行期間添加的人群分開，看看他們的表現與更正常時期的人相比如何。我會告訴你，作為一般規則，我們所有的客戶 KPI 都在持續改進。所以我們真的沒有看到任何退化。但我不能說我們已經分離了那個隊列並對其進行了研究。不過這是個好問題。我們可能——客戶分析團隊可能剛剛接到了一項新任務。

Sure thing. I'll take the balance offline.

肯定的事。我會讓余額離線。

Our next question comes from the line of Noah Zatzkin with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Congrats on the quarter. Strong performance from your Emerging Brands during the quarter. Hoping you could provide some color on the performance of Southern Tide during the quarter as well as how you're thinking about the long-term opportunity for those brands.

祝賀本季度。本季度新興品牌的強勁表現。希望您可以為南潮在本季度的表現以及您如何看待這些品牌的長期機會提供一些色彩。

Southern Tide had a great quarter. We were very proud of their performance. They continue to perform well in the wholesale, which is sort of their heritage. But they've also done a great job through this year of growing the e-commerce business, which we've always believed was a tremendous opportunity for them, not that they didn't have a great e-commerce business, but we've just thought that there was so much more potential there, and they delivered well on that year-to-date.

南潮有一個偉大的季度。我們為他們的表現感到非常自豪。他們繼續在批發方面表現良好，這是他們的傳統。但他們在今年發展電子商務業務方面也做得很好，我們一直認為這對他們來說是一個巨大的機會，不是他們沒有很好的電子商務業務，而是我們我只是認為那裡有更多的潛力，而且他們在年初至今的表現很好。

And then as we mentioned in the prepared comments, with what we've got going on, on the digital marketing front in the Emerging Brands group. We think there's just a lot that we're going to realize there. And then finally, in their own company-owned retail stores, we're still early in that experience, and we've got 5 open, 6 open now. 5 now -- excuse me, I get mixed up sometimes. But 5 open now very happy with them.

然後正如我們在準備好的評論中提到的，以及我們正在做的事情，在新興品牌集團的數字營銷方面。我們認為我們將在那裡實現很多。最後，在他們自己的公司擁有的零售店中，我們還處於這種體驗的早期階段，我們有 5 家開業，現在有 6 家開業。 5 現在 - 對不起，我有時會搞混。不過5開現在對他們很滿意。

I think we're learning a lot every single day and getting better and better at doing retail ourselves in Southern Tide. So there's a lot of opportunity there. And when you look at the brand and what it's offering is the demographic that it's appealing to, I just think there's massive opportunity there, we're not even at $100 million yet. And I think the idea that this brand longer term is multiple hundreds of millions of dollars doesn't stretch the imagination too far at all. I'm not giving you a timeline for that exactly at this point. But I think this brand can run a long, long way.

我認為我們每天都在學習很多東西，並且在Southern Tide 做零售方面做得越來越好。所以那裡有很多機會。當你看看這個品牌，它所提供的是它所吸引的人群，我只是認為那裡有巨大的機會，我們甚至還不到 1 億美元。而且我認為這個品牌的長期價值是數億美元的想法根本不會把想像力延伸得太遠。在這一點上，我沒有給你一個確切的時間表。但我認為這個品牌可以運行很長很長的路要走。

And then the other 2 emerging brands, The Beaufort Bonnet Company and Southern Tide are still significantly smaller at this point in earlier in their trajectories, but we feel equally good about them. Duck Head does not yet have any of its own retail stores but has a great and nicely growing wholesale business and then a very strong and rapidly growing e-commerce business, and we'll get company-owned retail there in the foreseeable future.

然後其他兩個新興品牌，Beaufort Bonnet Company 和 Southern Tide 在其軌跡早期的這一點上仍然明顯較小，但我們對它們同樣感覺良好。 Duck Head 還沒有自己的零售店，但批發業務發展良好，電子商務業務增長迅速，在可預見的將來，我們將在那裡建立公司自有零售店。

And then Beaufort Bonnet has a couple of retail stores open. We like what we're seeing there. And of course, I've got a terrific e-commerce business and a nice wholesale business, and we're actively looking for additional sites in Beaufort Bonnet as well as Southern Tide. In terms of potential the EBG is an operating segment, did 31% growth in the first quarter. And we think it will be our fastest growing segment we would expect for a good while to come.

然後 Beaufort Bonnet 開了幾家零售店。我們喜歡我們在那裡看到的。當然，我有一個很棒的電子商務業務和一個不錯的批發業務，我們正在積極尋找在 Beaufort Bonnet 和 Southern Tide 的其他站點。就潛力而言，EBG 是一個運營部門，第一季度增長了 31%。我們認為這將是我們在未來很長一段時間內增長最快的部分。

Our next question comes from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

This is [Brandon Cheatham]. I'm filling in for Paul. Just wondering if we could kind of expand on the promotional environment that you're expecting for the second half. As you look at kind of environment around you, it seems like there's kind of a glut of apparel out there. So just wondering what like guidance is expecting for the promotional environment? And then do you think you're going to be able to kind of separate yourself from some of the other apparel players that seem to be dealing with quite a bit of inventory at the moment?

這是[布蘭登·奇塔姆]。我正在為保羅填補空缺。只是想知道我們是否可以擴展您所期望的下半年的促銷環境。當您觀察周圍的環境時，似乎那裡的服裝供過於求。所以只是想知道對促銷環境的期望是什麼？然後你認為你能夠將自己與其他一些目前似乎正在處理大量庫存的服裝玩家區分開來嗎？

Yes. So what I would say, Brandon, is I think if you look at what's happening out there, there are a lot of retailers that are over-inventoried at this point and that traditionally, you have led to a lot of promotion. You do have a few that are talking about hoteling product, as I call it, where they're just going to put it in the warehouse and dust it off this time next year and put it out. So that might take a little pressure off.

是的。所以我想說的是，布蘭登，我認為如果你看看那裡發生的事情，現在有很多零售商庫存過剩，而傳統上，你帶來了很多促銷活動。你確實有一些在談論酒店產品，正如我所說的那樣，他們將把它放在倉庫裡，明年這個時候把它撣掉，然後拿出來。所以這可能會減輕一些壓力。

But I do think there'll be a lot of promotions going on in the marketplace. But what I -- and that is not a complete nonissue for us. But what I would tell you, Brandon, and you can look at our long history on is we don't really play that game. And in the world, there are kind of 2 kinds of brands and retailers. There are those that compete on price and those that compete on brand and product, and we're in the latter group. And so our proposition is not about competing with our peers to see you can offer the consumer the lowest price or the biggest discount.

但我確實認為市場上會有很多促銷活動。但我——這對我們來說並不是一個完全無關緊要的問題。但我要告訴你的是，布蘭登，你可以看看我們悠久的歷史，我們並沒有真正玩過那種遊戲。而在世界上，有兩種品牌和零售商。有一些在價格上競爭，也有在品牌和產品上競爭，我們屬於後者。因此，我們的主張不是要與我們的同行競爭，看看您可以為消費者提供最低的價格或最大的折扣。

Our proposition is who offers the strongest brand method and has the product that backs that up. And that's what we've done very, very successfully for 20 years now. And so we do think we will be able to come through this environment. And as we said post double-digit top and bottom line growth for the year and modest operating margin expansion.

我們的主張是誰提供最強大的品牌方法並擁有支持它的產品。這就是我們 20 年來所做的非常非常成功的事情。所以我們確實認為我們將能夠度過這種環境。正如我們所說，今年實現了兩位數的頂線和底線增長以及適度的營業利潤率擴張。

And I'll give you an example, Brandon. You can see this in another industry. if you want an example of if you're going out and buying a car, you can go to Ford and Chevy and a couple of other places and negotiate price, spend your whole Saturday negotiating price. And those guys will deal with you. And you can get a significantly lower price if you're willing to work at it. Then you look at Tesla. They don't do that. The price you see is the price you pay. They've got the brand, they've got the product, the price is the price and they're able to do business on that basis. And I would tell you that we're in a similar position. We've got great brands. We've got great products, the differentiated products. Our customers are very loyal to us. And we've got a 20-year track record of navigating through tough markets and still being a full-price retailer.

我給你舉個例子，布蘭登。你可以在另一個行業看到這一點。如果你想舉個例子，如果你出去買車，你可以去福特和雪佛蘭和其他幾個地方談判價格，花你整個星期六的時間來談判價格。那些傢伙會對付你。如果您願意為此工作，您可以獲得更低的價格。然後你看看特斯拉。他們不這樣做。你看到的價格就是你付出的代價。他們擁有品牌，擁有產品，價格就是價格，他們能夠在此基礎上開展業務。我會告訴你，我們處於類似的位置。我們有很棒的品牌。我們有很棒的產品，差異化的產品。我們的客戶對我們非常忠誠。我們在艱難的市場中航行並仍然是一家全價零售商，擁有 20 年的業績記錄。

Now I'll let Scott comment on what we've got baked into guidance.

現在，我將讓 Scott 評論我們納入指導的內容。

Yes. We mentioned we expect to expand gross margins, but that will be with some higher promotions, and it's mainly because last year, we were so lean on inventory. We just had very little product to promote. This year, we -- our inventories are -- we feel more appropriate type levels, but that does mean Lilly's flash sale later this month will be bigger than last year's. And that's not a bad thing. It just means we've got more and more appropriate level.

是的。我們提到我們希望擴大毛利率，但這將是一些更高的促銷活動，這主要是因為去年我們非常依賴庫存。我們只有很少的產品要推廣。今年，我們 - 我們的庫存是 - 我們覺得更合適的類型水平，但這確實意味著禮來本月晚些時候的閃購將比去年更大。這不是一件壞事。這只是意味著我們的水平越來越合適。

So we will, as we mentioned in the prepared remarks, we'll be -- the market is a little more promotional. It will be a little more promotional mainly through just the clearance events. But it's really due to the compare we're going against was last year was extremely low from an in-to-season promotion standpoint.

因此，正如我們在準備好的評論中提到的那樣，我們將 - 市場更具促銷性。主要通過清倉活動進行宣傳。但這真的是因為我們要反對的比較是去年從季內促銷的角度來看非常低。

Got it. Yes, makes sense. And one more, if I could. Just any update on kind of supply chain headwinds. It seems like some of your competitors are seeing that alleviate? What did you see in the second quarter? And what are your expectations for back half of the year?

知道了。是的，有道理。如果可以的話，還有一個。只是有關供應鏈逆風的任何更新。似乎您的一些競爭對手看到了這種緩解？你在第二季度看到了什麼？您對下半年的期望是什麼？

I do think it's getting a bit better, Brandon. It's still not where we'd love to see it sort of pre-pandemic normal, but it is improving over time, both at the factory and then in the whole freight chain, if you will, from the foreign port all the way through to the warehouse in the U.S. And then from a freight cost standpoint, we got some of that in our guidance. And Scott, you might want to tell Brandon what we got...

我確實認為它變得更好了，布蘭登。它仍然不是我們希望看到它在大流行前正常的地方，但隨著時間的推移，無論是在工廠還是在整個貨運鏈中，從外國港口一直到在美國的倉庫然後從運費成本的角度來看，我們在指導中得到了一些。斯科特，你可能想告訴布蘭登我們得到了什麼......

Yes. We -- last year, in the second half, we were close to 300 basis points of margin freight headwind. And this year, we're still got some freight headwinds, but it will be considerably lower than last year. Another thing, I think we maybe you're having a little less disruption than many because we did adjust our merchandising calendars and we mentioned that at the end of the second quarter, we had $27 million more fall inventory on our books than we did at this time last year. And a good part of that was due to the fact that we moved our merchant (inaudible) calendars out 4 to 6 weeks.

是的。我們 - 去年下半年，我們的保證金運費逆風接近 300 個基點。今年，我們仍然遇到一些貨運阻力，但會比去年低很多。另一件事，我認為我們的中斷可能比許多人少一點，因為我們確實調整了我們的商品日曆，並且我們提到在第二季度末，我們賬面上的秋季庫存比我們在去年這時候。其中很大一部分原因是我們將商家（聽不清）日曆提前了 4 到 6 週。

So we were accepting product that much earlier to help alleviate some of that. Not that we've been immune to the disruptions, but I think we've maybe navigated them a little more effectively than some in the market.

因此，我們更早地接受了產品以幫助緩解其中的一些問題。並不是說我們對這些干擾免疫，但我認為我們可能比市場上的一些更有效地駕馭它們。

(Operator Instructions) And ladies and gentlemen, I'm seeing no further questions in the queue. I will now turn the call over to Tom Chubb for closing remarks.

（操作員說明）女士們，先生們，我在隊列中沒有看到其他問題。我現在將把電話轉給 Tom Chubb 做結束語。

Okay. Thank you, Alex, and thanks, everybody, for your attention and your interest today. Stay safe, and we look forward to seeing you again in early December.

好的。謝謝你，亞歷克斯，謝謝大家今天的關注和興趣。請注意安全，我們期待在 12 月初再次見到您。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與，祝您有美好的一天。