Oxford Industries Inc (OXM) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Oxford Industries, Inc. First Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加牛津工業公司 2023 財年第一季度收益電話會議。 （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 your host, Jevon Strasser of Investor Relations. You may begin.

現在我將會議交給東道主、投資者關係部門的傑文·斯特拉瑟 (Jevon Strasser)。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. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in the forward-looking statements.

謝謝你，下午好。在開始之前，我想提醒與會者，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含義內的前瞻性陳述。前瞻性陳述不是保證，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。

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 our Form 10-K. We undertake no duty to update any forward-looking statements.

今天早些時候發布的新聞稿以及我們向 SEC 提交的文件（包括 10-K 表格中包含的風險因素）討論了可能導致實際運營結果或我們的財務狀況出現差異的重要因素。我們不承擔更新任何前瞻性陳述的責任。

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 at oxfordinc.com.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。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 財務指標的調節表，該新聞稿發佈在我們網站 oxfordinc.com 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, and now I'd like to turn the call over to Tom Chubb.

現在我想介紹一下今天的電話會議參與者。今天與我在一起的有董事長兼首席執行官 Tom Chubb；首席財務官兼首席運營官斯科特·格拉斯邁爾 (Scott Grassmyer)。感謝您的關注，現在我想將電話轉給湯姆·查布。

Good afternoon, and thank you for joining us. We appreciate your interest in our company. We are pleased to be reporting a solid first quarter of fiscal '23, which happens to be our eighth consecutive record quarter. Sales of $420 million were up 19% over the prior year with 14% of the growth coming from the addition of Johnny Was, which we acquired last year, and 5% organic growth in our other 5 brands.

下午好，感謝您加入我們。我們感謝您對我們公司的興趣。我們很高興地報告 23 財年第一季度的業績，這恰好是我們連續第八個創紀錄的季度。銷售額為 4.2 億美元，比上一年增長 19%，其中 14% 的增長來自我們去年收購的 Johnny Was 的加入，其他 5 個品牌的有機增長為 5%。

Our adjusted EPS was $3.78 for the quarter compared to $3.50 for the first quarter of last year. Our trailing 12-month active customer count at quarter end was $2.6 million, which increased 9% compared to the end of the first quarter last year, while our new customer ad rate on a trailing 12-month basis was 6% higher than it was at the end of the first quarter in fiscal 2022, and the average annual spend with our consumers is more than $400.

本季度調整後每股收益為 3.78 美元，去年第一季度為 3.50 美元。截至季度末，我們過去 12 個月的活躍客戶數量為 260 萬美元，比去年第一季度末增長了 9%，而我們過去 12 個月的新客戶廣告費率比去年同期高出 6%截至 2022 財年第一季度末，我們消費者的平均年度支出超過 400 美元。

We believe these results are directly attributable to our North Star pillars: our objective; our strategy; our purpose and our focus; our formula for delivering on these pillars and our execution of that formula. As always, our objective is to maximize long-term shareholder value. Our strategy is to own a portfolio of lifestyle brands that can deliver sustained profitable growth. Our purpose is to evoke happiness, and our focus is to generate cash to fund organic growth in our brands, acquisition opportunities and the return of capital to our shareholders, all while maintaining our rock-solid balance sheet.

我們相信這些成果直接歸功於我們的北極星支柱：我們的目標；我們的戰略；我們的目的和重點；我們實現這些支柱的公式以及我們對該公式的執行。一如既往，我們的目標是實現長期股東價值最大化。我們的戰略是擁有一系列能夠帶來持續盈利增長的生活方式品牌。我們的目標是喚起幸福感，我們的重點是創造現金，為我們品牌的有機增長、收購機會和資本回報股東提供資金，同時保持堅如磐石的資產負債表。

Within each of our aspirational happy lifestyle brands, the formula for delivering the sustained profitable growth that drives long-term shareholder value is first to focus and be crystal clear on what the brand stands for and then deliver on that brand promise through terrific products, a balanced mix of retail, e-commerce and the wholesale designed to serve the customer where and how she wants to be served, and effective and efficient in attaining, retaining and developing customers through a variety of communication channels.

在我們每個令人嚮往的快樂生活方式品牌中，實現持續盈利增長、推動長期股東價值的秘訣是首先關注並明確品牌所代表的含義，然後通過出色的產品、零售、電子商務和批發的平衡組合，旨在為客戶提供所需的服務地點和方式，並通過各種溝通渠道有效且高效地獲取、保留和發展客戶。

Nowhere did we execute on this formula better than in our Tommy Bahama brand where growth in all channels of distribution delivered top line growth of 5%. A highlight of growth was that while both men's and women's grew, our women's business and our direct-to-consumer channels grew at a faster rate than our men's business, and for the quarter, comprised 42% of the total as compared to 40% of the total in the first quarter of fiscal 2022.

我們在 Tommy Bahama 品牌上執行這一公式的效果最好，所有分銷渠道的增長帶來了 5% 的營收增長。增長的一個亮點是，雖然男裝和女裝都在增長，但我們的女裝業務和直接面向消費者的渠道增長速度快於男裝業務，本季度佔總數的 42%，而男裝業務和直接面向消費者的渠道則佔總數的 40%佔 2022 財年第一季度總數的比例。

Developing our women's business in Tommy Bahama remains both a priority and a huge opportunity for us given that the women's market is roughly double the size of the men's market. A clear indication of the strength of our Tommy Bahama brand is that we were able to expand gross margin during the quarter to 66.1% from 64.6% last year.

鑑於女裝市場規模大約是男裝市場的兩倍，在 Tommy Bahama 發展女裝業務對我們來說既是一個優先事項，也是一個巨大的機遇。我們能夠在本季度將毛利率從去年的 64.6% 擴大到 66.1%，這清楚地表明了 Tommy Bahama 品牌的實力。

We continue to invest in the business, in people, marketing, IT, stores and restaurants, and as a result, experienced some modest SG&A deleveraging. Nonetheless, our strong gross margin performance and sales growth allowed us to expand operating margin to 23.2% for the quarter compared to 23.1% last year.

我們繼續對業務、人員、營銷、IT、商店和餐廳進行投資，因此，SG&A 經歷了一些適度的去槓桿化。儘管如此，我們強勁的毛利率表現和銷售增長使我們能夠將本季度的營業利潤率從去年的 23.1% 擴大到 23.2%。

All in all, it was a very good quarter for Tommy Bahama, especially given the unseasonably cold wet weather on the West Coast, which includes some of the brand's largest markets and the numerous macro headwinds pressuring consumer spending. We could not be more bullish about the long-term prospects for the brand and continue to invest in its future, including plans to open 3 Marlin Bars, one of which is in Palm Beach Gardens scheduled to open later this month and our first Tommy Bahama resort during late 2023.

總而言之，對於 Tommy Bahama 來說，這是一個非常好的季度，特別是考慮到西海岸（包括該品牌一些最大的市場）異常寒冷潮濕的天氣以及對消費者支出造成壓力的眾多宏觀阻力。我們對該品牌的長期前景非常看好，並繼續對其未來進行投資，包括計劃開設 3 家 Marlin 酒吧，其中一家位於棕櫚灘花園，計劃於本月晚些時候開業，還有我們的第一家 Tommy Bahama 酒吧2023 年末度假村。

In our second largest brand, Lilly Pulitzer, we also had a good quarter with sales growing 6% from $92 million last year to $97 million this year. Our direct-to-consumer channels delivered the growth, while we had a modest decline in the wholesale channel, owing, we believe, to the cautiousness of many retailers in the marketplace.

我們的第二大品牌禮來普利策 (Lilly Pulitzer) 的季度業績也不錯，銷售額增長了 6%，從去年的 9200 萬美元增至今年的 9700 萬美元。我們的直接面向消費者的渠道實現了增長，而批發渠道則略有下降，我們認為這是由於市場上許多零售商的謹慎態度。

We experienced some SG&A deleveraging in Lilly Pulitzer as we continue to invest in the brand, but we were able to expand gross margin during the quarter to 70.1% from 69% last year. The sales growth, combined with the expanded gross margin, allowed us to deliver a very strong 25.2% operating margin for the quarter.

隨著我們繼續投資禮來普利策品牌，我們經歷了一些SG&A去槓桿化，但我們能夠將本季度的毛利率從去年的69%擴大到70.1%。銷售額的增長加上毛利率的提高，使我們本季度的營業利潤率達到了 25.2% 的強勁水平。

One of the key star success in Lilly Pulitzer during the quarter was a change in our customer call to action strategy as compared to the first quarter of last year. In April 2022, we had one of our well-known Lilly Pulitzer flash sales comprised of resort 2021 merchandise marked down in the 60% to 70% off range. This year, we did not hold a flash event and replaced that instead with a 30% off current merchandise sale online and in-store in April.

禮來普利策在本季度取得的關鍵明星成功之一是與去年第一季度相比，我們的客戶號召性用語策略發生了變化。 2022 年 4 月，我們舉辦了一場著名的禮來普利策閃購活動，其中包括 2021 年度假勝地商品，降價幅度為 60% 至 70%。今年，我們沒有舉辦快閃活動，取而代之的是 4 月份網上和店內現有商品促銷 30% 的折扣。

The results were spectacular as we recorded sales of about $25 million in a 3-day period at a very attractive gross margin. As we move forward through the year, we will continue to evaluate the most effective ways to call our customer to action and drive continued top line growth in a brand-appropriate manner, all while generating very healthy margins at both the gross margin and operating margin level.

結果非常驚人，我們在 3 天內實現了約 2500 萬美元的銷售額，毛利率非常有吸引力。在今年的展望中，我們將繼續評估最有效的方法來號召客戶採取行動，並以適合品牌的方式推動營收持續增長，同時在毛利率和營業利潤率上創造非常健康的利潤率等級。

Johnny Was is our newest brand, having been added to the portfolio in the third quarter of 2022, and we are delighted to have it as part of our company. Our focus this year, the first full year that Johnny Was as part of the Oxford portfolio, is on completing its integration onto our powerful platform and enhancing the foundation for sustained profitable growth in the brand.

Johnny Was 是我們的最新品牌，已於 2022 年第三季度添加到產品組合中，我們很高興它成為我們公司的一部分。今年是 Johnny 成為 Oxford 產品組合一部分的第一年，我們的重點是完成其與我們強大平台的整合，並為品牌持續盈利增長奠定基礎。

We have completed most of the earlier stage parts of this project and are now focused primarily on leveraging our best-in-class existing Lilly Pulitzer e-commerce platform to improve the already-robust Johnny Was e-commerce business which generates about 40% of the brand sales.

我們已經完成了該項目的大部分早期階段部分，現在主要致力於利用我們一流的現有 Lilly Pulitzer 電子商務平台來改善本已強勁的 Johnny Was 電子商務業務，該業務產生了約 40% 的收入。品牌銷售。

To be clear, Johnny Was will continue to maintain its own website with its distinctive look and feel while utilizing the technical functionality and features we have developed in the Lilly Pulitzer e-com platform. Our 3 smaller brands, Southern Tide, The Beaufort Bonnet Company and Duck Head, comprise our Emerging Brands group. We were pleased to post 7% year-over-year sales growth in the Emerging Brands group.

需要明確的是，Johnny Was 將繼續維護自己的網站，使其具有獨特的外觀和感覺，同時利用我們在禮來普利策電子商務平台中開發的技術功能和特性。我們的新興品牌集團包括三個較小的品牌：Southern Tide、The Beaufort Bonnet Company 和 Duck Head。我們很高興看到新興品牌集團的銷售額同比增長 7%。

Profitability during the quarter was suppressed by our continued investment in people, marketing, IT and stores and by the financial impact of the over-inventory position that we discussed on last quarter's conference call. We have our arms completely around the inventory situation and are working through it methodically, but it will be a drag on the margin of the Emerging Brands group during this year.

本季度的盈利能力受到我們對人員、營銷、IT 和商店的持續投資以及我們在上季度電話會議上討論的庫存過剩狀況的財務影響的抑制。我們完全掌控庫存狀況，並正在有條不紊地解決它，但這將拖累今年新興品牌集團的利潤。

The first quarter of fiscal 2023 was a very good quarter but it is worth noting that it started in February stronger than it finished in April. Starting in late March, the consumer became noticeably more cautious in their spending. Our traffic trends remain positive, signifying increasing affinity for and interest in our brands, but conversion rates have been lower than they were last year.

2023 財年第一季度是一個非常好的季度，但值得注意的是，2 月份開始的情況比 4 月份結束時的情況要強。從3月下旬開始，消費者的消費明顯變得更加謹慎。我們的流量趨勢仍然積極，這表明人們對我們品牌的親和力和興趣不斷增加，但轉化率卻低於去年。

We believe this is the result of consumers being more cautious in how they spend their discretionary dollars, which, in turn, has led to a much more promotional marketplace than it has been in recent years at this time of year. While we are encouraged that our May sales trend was sequentially better than April and early June business appears to be incrementally stronger, our performance second quarter to date is tracking below where we thought it would be when we provided our initial full year outlook in March.

我們認為，這是消費者在如何花費可自由支配的資金方面更加謹慎的結果，這反過來又導致了比近年來每年這個時候更多的促銷市場。雖然我們對 5 月份的銷售趨勢連續好於 4 月份以及 6 月初的業務似乎逐漸走強感到鼓舞，但我們第二季度迄今為止的業績仍低於我們在 3 月份提供最初全年展望時的預期。

Based on this, along with what we now expect to be a highly promotional environment for the next few quarters, we believe it is appropriate to moderate our forecast for the year, which Scott will detail in just a moment. While we are moderating our forecast for the year, we remain extremely bullish on our 6 powerful aspirational happy brands and on our ability to capitalize on the strength of our brands to deliver the sustained profitable growth that drives long-term shareholder value.

基於此，加上我們現在預計未來幾個季度將出現高度促銷的環境，我們認為調整今年的預測是適當的，斯科特將在稍後詳細介紹這一點。雖然我們正在調整今年的預測，但我們仍然極其看好我們的 6 個強大的、令人嚮往的快樂品牌，以及我們利用品牌優勢實現持續盈利增長、推動長期股東價值的能力。

While year-over-year growth will be a bit lower than previously expected, it will still be a solid year in absolute terms, and cash flow, as Scott will discuss, should be exceptionally strong. Accordingly, we will continue to invest in people, marketing, IT, fulfillment capabilities, stores and food and beverage locations to set ourselves up for continued future growth in 2024 and beyond.

雖然同比增長將略低於之前的預期，但從絕對值來看，今年仍將是穩健的一年，而且正如斯科特將討論的那樣，現金流應該異常強勁。因此，我們將繼續投資於人員、營銷、IT、履行能力、商店以及餐飲地點，為 2024 年及以後的持續增長做好準備。

We believe our North Star pillars, our formula for delivering on those pillars, our execution of that formula and our brand leaders, an incredible team of people, will allow us in future years to grow total portfolio sales mid- to upper single digits annually while maintaining a 15% or greater operating margin.

我們相信，我們的北極星支柱、我們實現這些支柱的公式、我們對該公式的執行以及我們的品牌領導者、一支令人難以置信的團隊，將使我們在未來幾年中每年將總產品組合銷售額增長到中位數至上位數，同時維持 15% 或更高的營業利潤率。

I will now turn the call over to Scott for more details on the quarter and the forecast for the balance of the year. Scott?

我現在將把電話轉給斯科特，了解有關本季度的更多詳細信息以及今年剩餘時間的預測。斯科特？

Thank you, Tom. We are pleased to report another solid quarter in sales and earnings growth. Our operating groups executed well in an uncertain macroeconomic environment during the first quarter of 2023. Both of our 2 largest brands, Tommy Bahama and Lilly Pulitzer, generated a mid-single-digit percentage sales increase and achieved strong operating margins in excess of 20%.

謝謝你，湯姆。我們很高興地報告銷售和盈利增長又一個強勁的季度。 2023 年第一季度，我們的運營團隊在不確定的宏觀經濟環境中表現良好。我們的兩個最大品牌 Tommy Bahama 和 Lilly Pulitzer 均實現了中個位數百分比的銷售額增長，並實現了超過 20% 的強勁營業利潤率。

Consolidated net sales for the first quarter of fiscal 2023 were $420 million, which included $49 million of sales for Johnny Was, and increases in each operating group, growing 19% above last year's first quarter net sales of $353 million. In the aggregate for Tommy Bahama, Lilly Pulitzer and Emerging Brands, we generated growth across all our full-price distribution channels with increases of 2% in full-price bricks and mortar, 20% in full-price e-commerce, 4% in wholesale sales and 4% in food and beverage sales.

2023 財年第一季度的合併淨銷售額為 4.2 億美元，其中包括 Johnny Was 的 4900 萬美元銷售額，以及各運營集團的增長，比去年第一季度 3.53 億美元的淨銷售額增長 19%。就 Tommy Bahama、Lilly Pulitzer 和 Emerging Brands 而言，我們所有全價分銷渠道均實現了增長，其中全價實體渠道增長了 2%，全價電子商務增長了 20%，零售渠道增長了 4%。批發銷售佔4%，食品和飲料銷售佔4%。

We did have a $7 million decrease in Lilly Pulitzer e-commerce flash sales after not anniversarying last year's Q1 flash event. Importantly, in addition to increased sales, adjusted gross margin expanded 130 basis points over last year to 65.8%, driven by higher gross margins in both Tommy Bahama and Lilly Pulitzer. We benefited from lower freight costs, where inbound freight has returned to approximately pre-pandemic levels.

在沒有慶祝去年第一季度的快閃活動週年紀念之後，我們的禮來普利策電子商務閃購銷售額確實減少了 700 萬美元。重要的是，除了銷售額增加之外，在 Tommy Bahama 和 Lilly Pulitzer 毛利率提高的推動下，調整後的毛利率比去年增長了 130 個基點，達到 65.8%。我們受益於較低的貨運成本，入境貨運已恢復到大約大流行前的水平。

We saw additional gross margin benefits from a better mix of sales, which was influenced by the addition of the higher gross margin Johnny Was and no e-commerce flash sales in the first quarter of 2023 as well as higher IMUs. Adjusted SG&A expenses were $200 million compared to $157 million last year. This quarter included $28 million of SG&A associated with the Johnny Was business, which we did not own in the prior year period.

我們看到更好的銷售組合帶來了額外的毛利率收益，這是由於 Johnny Was 毛利率較高、2023 年第一季度沒有電子商務閃購以及更高的 IMU 的影響。調整後的 SG&A 費用為 2 億美元，而去年為 1.57 億美元。本季度包括與 Johnny Was 業務相關的 2800 萬美元的銷售、管理及行政費用，我們在上一年期間並不擁有該業務。

There were also SG&A increases in our other businesses for employment costs, advertising costs, variable expenses and other expenses to fuel and support anticipated future sales growth. Of note, we incurred $1 million of SG&A costs related to the ongoing replatforming of Johnny Was e-commerce website to Salesforce by utilizing the existing Lilly Pulitzer e-commerce tech stack, which is expected to be completed this summer.

我們其他業務的銷售成本、廣告成本、可變費用和其他費用也有所增加，以推動和支持預期的未來銷售增長。值得注意的是，我們利用現有的 Lilly Pulitzer 電子商務技術堆棧將 Johnny Was 電子商務網站持續重新平台化為 Salesforce，產生了 100 萬美元的銷售管理費用，預計將於今年夏天完成。

The result of all -- this yielded $83 million of adjusted operating income or a 20% operating margin compared to $77 million in 2022. This increased operating income was partially offset by increased interest expense due to borrowings associated with the acquisition of Johnny Was and higher tax expense due to an increased tax rate compared to the prior year period. Despite the higher interest and higher taxes, we achieved year-over-year EPS growth of 8% to $3.78.

總體結果是，與 2022 年的 7700 萬美元相比，這產生了 8300 萬美元的調整後營業收入或 20% 的營業利潤率。這一增加的營業收入被因收購 Johnny Was 及以上公司相關借款而增加的利息費用部分抵消。稅費是由於稅率較上年同期增加所致。儘管利息和稅收較高，但我們的每股收益同比增長 8%，達到 3.78 美元。

I'll now move on to our balance sheet, beginning with inventory. We're in a good position to deliver on our forecast for the remainder of the year with inventories up 32% or $60 million year-over-year on a FIFO basis, including $17 million of Johnny Was inventory. In addition to supporting planned sales growth, inventory balances grew due to increased product costs and the addition of higher quantities of core styles that live for many seasons or even years. Looking forward, we expect year-end inventory balances to be at or below last year levels.

現在我將討論我們的資產負債表，從庫存開始。我們有能力實現今年剩餘時間的預測，庫存同比增長 32%，即按先進先出計算 6,000 萬美元，其中包括 1,700 萬美元的 Johnny Was 庫存。除了支持計劃的銷售增長外，由於產品成本增加以及可使用多個季節甚至多年的核心款式數量增加，庫存餘額也有所增長。展望未來，我們預計年末庫存餘額將達到或低於去年水平。

We used our cash, cash equivalents and short-term investments on our balance sheet last year as well as some borrowings under our revolving credit agreement to fund our acquisition of Johnny Was. We finished the quarter with $94 million of borrowings under our revolving credit facility after having $119 million of borrowings at the end of -- at the beginning of the year.

去年，我們使用資產負債表上的現金、現金等價物和短期投資以及循環信貸協議下的一些借款來為收購 Johnny Was 提供資金。繼年初的年底借款額為 1.19 億美元之後，本季度末我們的循環信貸額度借款額為 9,400 萬美元。

Our $53 million of cash flow from operations compared to $22 million in the first quarter last year allowed us to meaningfully reduce outstanding debt by $25 million during the first quarter while also funding $17 million of capital expenditures and $10 million of dividends. We expect robust cash flows for the rest of the year and anticipate repaying substantially all of our outstanding borrowings by the end of the year.

我們的運營現金流量為 5,300 萬美元，而去年第一季度為 2,200 萬美元，這使我們能夠在第一季度將未償債務大幅減少 2,500 萬美元，同時還為 1,700 萬美元的資本支出和 1,000 萬美元的股息提供資金。我們預計今年剩餘時間將出現強勁的現金流，並預計在年底前償還大部分未償還借款。

I'll now spend some time on our outlook for 2023. For the full year, we expect net sales to be between $1.59 billion and $1.63 billion, growth of 13% to 16% compared to sales of $1.41 billion in 2022. The planned increase in sales in the 53-week 2023 includes the benefit of the full year of Johnny Was as well as growth in our existing brands in the low to mid-single-digit range, which consists of full-price brick-and-mortar and e-commerce channel growth and generally flat wholesale.

現在我將花一些時間來展望 2023 年。對於全年，我們預計淨銷售額將在 15.9 億美元至 16.3 億美元之間，與 2022 年的銷售額 14.1 億美元相比增長 13% 至 16%。 計劃增長2023 年 53 週的銷售額包括 Johnny Was 全年的收益以及我們現有品牌在中低個位數範圍內的增長，其中包括全價實體店和電子商店-商業渠道增長且批發總體持平。

We anticipate much more modest gross margin expansion for the full year of 2023 than we achieved in the first quarter, which was more favorably impacted by the year-over-year freight cost reduction as freight rates continue to decrease throughout 2022. The modest gross margin expansion will also include our expectation of a higher proportion of full-price direct-to-consumer sales, a lower portion of wholesale sales and the inclusion of the higher gross margin Johnny Was business for the full year in 2023.

我們預計 2023 年全年的毛利率增長將比第一季度小得多，這更容易受到貨運成本同比下降的影響，因為運費在 2022 年全年持續下降。擴張還包括我們預計 2023 年全年全價直接面向消費者的銷售比例將提高，批發銷售比例將降低，並納入毛利率更高的 Johnny Was 業務。

These higher sales and modestly higher gross margins are expected to be partially offset by increased SG&A, which is expected to grow at a rate higher than sales in 2023 as we continue to invest in our business, including information technology spend and SG&A in both IT people and IT infrastructure, higher employment costs, higher advertising expenses, including more awareness driving spend, additional brick-and-mortar locations opening in 2023 and increased depreciation expense resulting from both IT spend and brick-and-mortar locations.

這些較高的銷售額和略高的毛利率預計將被 SG&A 的增加所部分抵消，隨著我們繼續投資於我們的業務，包括 IT 人員的信息技術支出和 SG&A，預計 SG&A 的增長率將高於 2023 年的銷售額IT 基礎設施、更高的就業成本、更高的廣告費用（包括更多的意識驅動支出）、2023 年開設更多實體店以及 IT 支出和實體店帶來的折舊費用增加。

Considering all these, we expect that operating margin will decrease from 2022 levels to a percentage of between 14.5% and 15% of sales. Additionally, we anticipate higher interest expense at $5 million, with about half of that interest expense incurred in the first quarter and interest expense of $1 million or less for each of the second, third and fourth quarters as we continue to reduce our outstanding debt levels during 2023. This compares to $3 million of interest expense for the full year of 2022 when we had no debt outstanding until the third quarter.

考慮到所有這些，我們預計營業利潤率將從 2022 年的水平下降至銷售額的 14.5% 至 15% 之間。此外，我們預計利息支出將增加至 500 萬美元，其中約一半發生在第一季度，隨著我們繼續降低未償債務水平，第二、第三和第四季度的利息支出將分別為 100 萬美元或更少2023 年期間。相比之下，2022 年全年的利息支出為 300 萬美元，當時我們直到第三季度才出現未償債務。

We also expect a higher effective tax rate of approximately 25% compared to 23% in 2022, which benefited from certain favorable items such as prior year operating loss utilizations and the reversals in valuation allowances. After considering these items, 2023 adjusted EPS is expected to be between $10.80 and $11.20 versus adjusted EPS of $10.88 last year with the inclusion of a full year of operating income at Johnny Was being offset by lower operating income in our existing businesses as we invest in those businesses in 2023 and the incremental income tax expense and interest expense.

我們還預計，2022 年的有效稅率將從 23% 提高到約 25%，這得益於上一年經營虧損利用和估值備抵轉回等某些有利項目。考慮到這些項目後，預計 2023 年調整後每股收益將在 10.80 美元至 11.20 美元之間，而去年調整後每股收益為 10.88 美元，其中包括 Johnny 的全年營業收入。 2023 年這些業務以及增量所得稅費用和利息費用。

In the second quarter of 2023, we expect sales of $415 million to $435 million compared to sales of $363 million in the second quarter of 2022. In the second quarter of 2023, we expect higher sales, slightly lower gross margin, SG&A deleveraging, higher interest expense, but a lower effective tax rate at approximately 24% as we expect the tax rate in the quarter to be favorably impacted by the tax benefit associated with divesting of certain restricted share awards late in the quarter.

2023 年第二季度，我們預計銷售額為 4.15 億至 4.35 億美元，而 2022 年第二季度銷售額為 3.63 億美元。我們預計 2023 年第二季度銷售額將更高，毛利率將略低，SG&A 去槓桿化，更高利息費用，但有效稅率較低，約為 24%，因為我們預計本季度的稅率將受到與本季度末剝離某些限制性股票獎勵相關的稅收優惠的有利影響。

We expect this to result in second quarter adjusted EPS of between $3.30 and $3.50 compared to $3.61 in the second quarter of 2022. The lower year-over-year EPS expectation in the quarter is primarily by increased SG&A investments and interest expense being larger than the gross profit generated from the increased sales. Expanding on the theme of 2023 being an investment year, I'd like to briefly discuss our CapEx outlook for 2023. Capital expenditures in fiscal 2023 are expected to be approximately $90 million compared to $47 million in fiscal 2022.

我們預計這將導致第二季度調整後每股收益在 3.30 美元至 3.50 美元之間，而 2022 年第二季度為 3.61 美元。本季度每股收益同比預期較低，主要是由於 SG&A 投資增加以及利息支出大於銷售額增加產生的毛利潤。圍繞 2023 年是投資年的主題，我想簡要討論一下我們 2023 年的資本支出前景。2023 財年的資本支出預計約為 9000 萬美元，而 2022 財年為 4700 萬美元。

As we mentioned last quarter, the planned CapEx increase included spend associated with brick-and-mortar locations, including build-out associated with approximately 35 locations across all brands, including 3 new Marlin Bars and about 10 new Johnny Was locations. A number of these are relocations and remodels, which along with a few store closures, should result in a net increase of full-priced stores of about 25 by the end of the year, with these additions being more second half weighted.

正如我們上季度提到的，計劃的資本支出增加包括與實體店相關的支出，包括與所有品牌的約 35 個店面相關的擴建，其中包括 3 個新的 Marlin Bars 和約 10 個新的 Johnny Was 店。其中許多是搬遷和改造，再加上一些商店的關閉，預計到今年年底，全價商店將淨增加約 25 家，其中這些增加更多是下半年加權的。

The spend associated with these brick-and-mortar locations represent about 1/2 of the planned capital expenditure amount for 2023. Additionally, we will also continue with our investments in our various technology system initiatives, including e-commerce and omnichannel capabilities, data management and analytics, customer data and insights, cybersecurity, automation, including artificial intelligence and infrastructure.

與這些實體店相關的支出約佔 2023 年計劃資本支出金額的 1/2。此外，我們還將繼續投資於各種技術系統計劃，包括電子商務和全渠道能力、數據管理和分析、客戶數據和見解、網絡安全、自動化，包括人工智能和基礎設施。

Finally, we anticipate spend associated with a multiyear project at our Lyons, Georgia distribution center to enhance its direct-to-consumer throughput capabilities for our brands. We have a very positive outlook on our cash and liquidity position as well. After generating cash flow from operations of $126 million in 2022, which included a working capital increase of $85 million, we expect to increase our cash flow from operations significantly to a level in excess of $200 million in 2023.

最後，我們預計將在佐治亞州里昂配送中心進行一個多年期項目，以增強我們品牌的直接面向消費者的吞吐量能力。我們對現金和流動性狀況也抱有非常積極的看法。 2022 年運營現金流達到 1.26 億美元，其中營運資本增加 8500 萬美元，我們預計到 2023 年運營現金流將大幅增加至超過 2 億美元的水平。

This level of positive cash flow from operations provides ample cash flow to fund all of our planned 2023 capital expenditures, payment of dividends at the current rate and the repayment of substantially all of our outstanding debt by the end of the year. Although investments will put pressure on 2023 margins, these actions set the table well for mid- to upper single-digit top line growth in operating margins at or above 15% in 2024 and beyond.

這種來自運營的正現金流量為我們計劃的 2023 年資本支出、按當前利率支付股息以及在年底前償還幾乎所有未償債務提供了充足的現金流。儘管投資將對 2023 年的利潤率構成壓力，但這些行動為 2024 年及以後的營業利潤率實現中上個位數增長奠定了基礎。

Thank you for your time today, and we'll now turn the call for questions. Shamali?

感謝您今天抽出寶貴的時間，我們現在將轉接提問。沙瑪利？

(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 的線路。

I guess 2 for me. First, I want to link back to kind of overall inventory levels in the shape of the balance of the year. I know you said that you were going to end the year with inventory levels down year-over-year, but I guess kind of how should we think about when you kind of get them maybe more in line with sales growth?

我猜對我來說是2。首先，我想以年度餘額的形式聯繫回總體庫存水平。我知道您說過，今年年底庫存水平將同比下降，但我想當您讓庫存水平與銷售增長更加一致時，我們應該如何考慮？

And then I guess specifically with the Emerging Brands group, is there a particular brand where the excess inventory was most pronounced? And then just as a follow-up to that, in terms of the earnings estimate adjustment for the balance of the year, I know you obviously have adjusted second quarter. How should we think about the kinds of reductions you put into place for the back half of the year?

然後我想，特別是在新興品牌集團中，是否有一個特定品牌的庫存過剩最為明顯？作為後續行動，就今年剩餘時間的盈利預測調整而言，我知道你們顯然已經調整了第二季度。我們應該如何看待今年下半年實施的削減措施？

Okay. And thank you for your being on the call today, and I actually think I'm going to let Scott take notes of these other than I'll say that the inventory level in the EBG group, and Scott will elaborate on this a little more, it was -- the biggest piece of it was in The Beaufort Bonnet Company, but it was a little bit dispersed too. But as we said in the prepared remarks, we're working through it methodically. We've got our arms around it. It's just -- it's going to continue to drag on profitability probably through the year.

好的。感謝您今天參加電話會議，實際上我想我會讓 Scott 記錄這些內容，而不是我會說 EBG 集團的庫存水平，Scott 會詳細說明這一點，它是 - 其中最大的一部分是在博福特邦尼特公司，但它也有點分散。但正如我們在準備好的發言中所說，我們正在有條不紊地解決這個問題。我們已經擁抱它了。只是——它可能會在今年繼續拖累盈利能力。

Yes, our inventory -- each quarter, we'll be closing the gap to last year. By the end of the year, we expect to be lower. And part of it is -- I think we've discussed before. We had baked in a lot of cushion in our supply chain due to some supply chain issues. We're able to start cutting some of those weeks out. And we also are just trying to run on leaner inventory with some of our systems.

是的，我們的庫存——每個季度，我們都會縮小與去年的差距。到今年年底，我們預計會更低。其中一部分是——我想我們之前已經討論過。由於一些供應鏈問題，我們的供應鏈中已經有了很多緩衝。我們可以開始削減其中一些星期的時間。我們也只是試圖通過我們的一些系統來精簡庫存。

So it will be a good -- inventory will be a good story this year, and our cash flow will be a good story where, as I mentioned in the prepared remarks, last year, we had quite a working capital build, and this year, working capital is probably neutral or maybe even providing a little cash this year. So I think this is going to speak really well for our cash flow. But we believe by the end of the year, we should be lower and are able to kind of pull some of that cushion out of the supply chain that we had to build in.

所以這將是一個好消息——今年的庫存將是一個好消息，我們的現金流也將是一個好消息，正如我在準備好的發言中提到的，去年我們有相當多的營運資金建設，而今年，今年的營運資金可能是中性的，甚至可能提供一點現金。所以我認為這對我們的現金流來說非常有利。但我們相信，到今年年底，我們的價格應該會更低，並且能夠從我們必須建立的供應鏈中拿出一些緩衝。

And as Tom mentioned, yes, some of the inventory was Beaufort Bonnet and a little bit in Southern Tide. And then we've got -- we've done the markdowns, and we took a little bit of more markdown in Q1, but most of the markdowns were taken last year. But as we liquidate those goods, they go through a 0 to little margin, so they do push a little pressure on both gross and operating margins as we actually ship those goods out the door.

正如湯姆提到的，是的，其中一些庫存是博福特邦尼特（Beaufort Bonnet）的，還有一點是南潮（Southern Tide）的。然後我們已經進行了降價，我們在第一季度進行了更多降價，但大部分降價是去年進行的。但當我們清算這些貨物時，它們的利潤率從 0 到很小，因此當我們實際將這些貨物運出時，它們確實給毛利率和營業利潤率帶來了一點壓力。

And then on the reduction in the back half guide or what's implied within the revised overall guidance?

那麼後半部分指南的減少或修訂後的總體指南中暗示了什麼？

Yes. Overall, we've kind of reduced comps from more mid-single down to low single digits. And it's just really what we've been seeing. As Tom mentioned, April was a tough month. May get a little bit better. June is getting a little bit better, but we kind of looked at that May, June pace to date and are kind of projecting out. Hopefully, the June trend continues, and I think there's some upside, but the consumer is cautious.

是的。總的來說，我們已經將比較從中單位數減少到了低個位數。這正是我們所看到的。正如湯姆提到的，四月是艱難的一個月。可能會好一點。六月的情況有所好轉，但我們已經看到了五月、六月迄今為止的進展情況，並且正在進行預測。希望六月份的趨勢能夠繼續下去，而且我認為還有一些上升空間，但消費者持謹慎態度。

We've definitely seen them being more cautious. We are seeing them come in our stores, they're just not converting the same rates. And I think they bought an awful lot in the last 2 years, and we have added a lot of customers, which is great, and they still are into our brands. But I think they've all very robustly last year, especially. And I think they're just being a little more cautious on their spend this year.

我們確實看到他們更加謹慎。我們看到它們進入我們的商店，只是沒有轉換相同的匯率。我認為他們在過去兩年裡買了很多東西，我們增加了很多客戶，這很好，而且他們仍然喜歡我們的品牌。但我認為他們去年的表現都非常強勁，尤其是。我認為他們今年的支出更加謹慎了。

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。

Just wondered if you could provide a little bit of color on kind of the trends by brand embedded in the second quarter guidance as well as just any color by brand on the exit rate leaving the first quarter. And then separately, I was hoping you could just provide some color on Johnny Was and how they performed relative to your expectations and just kind of any early-ish warnings there.

只是想知道您是否可以提供一些關於第二季度指導中嵌入的品牌趨勢的顏色，以及關於第一季度退出率的任何品牌顏色。然後，我希望你能提供一些關於約翰尼·瓦斯的信息，以及他們相對於你的期望的表現，以及任何早期的警告。

Yes. So I'll tackle a little bit of that and then turn it over to Scott, maybe to fill in sort of the details on second quarter guide. But what I would say is if you look back at what we said in the prepared remarks, Tommy Bahama really had a very good quarter in the first quarter. All metrics up for the quarter year-over-year, growth in all channels, expanded gross margin, expanded operating margin. Really good.

是的。因此，我將解決其中的一些問題，然後將其交給斯科特，也許是為了在第二季度指南中填寫一些細節。但我想說的是，如果你回顧一下我們在準備好的發言中所說的話，湯米·巴哈馬第一季度的表現確實非常好。本季度所有指標均同比增長，所有渠道均實現增長，毛利率擴大，營業利潤率擴大。真的很好。

They did suffer a bit as we referred to -- from the tough weather on the West Coast, but they were actually able to more than overcome that in the other regions of the country. And then I think in terms of just the shape of the quarter, nobody was really immune from that phenomenon of it started stronger in February than it ended the quarter.

正如我們所提到的，他們確實受到了一些影響——來自西海岸的惡劣天氣，但實際上他們在該國其他地區能夠克服這些困難。然後我認為，就本季度的情況而言，沒有人能真正免受二月份開始比本季度結束時更強的現象的影響。

So sort of the back half of March, you really could noticeably see the consumer getting more costs, and I think that coincided. And not that there aren't things that we'll look to improve on next year, but I think a lot of it had to do with what was going on externally in terms of weather, the bank failures, the highly promotional market and all this sort of had the consumer a little more cautious.

因此，在三月下半月，你確實可以明顯地看到消費者的成本增加，我認為這也是一致的。並不是說我們明年沒有什麼需要改進的地方，但我認為這很大程度上與外部發生的情況有關，包括天氣、銀行倒閉、高度促銷的市場等等。這讓消費者更加謹慎。

And then as we said, April was kind the low point. May got a little better. And June has been even better than May was so far. So that's sort of the way it shaped up, and I think you had asked about maybe a little more detail on where the second quarter guidance was coming from.

正如我們所說，四月是最低點。五月好一點了。到目前為止，六月的情況甚至比五月還要好。這就是它的形成方式，我認為您可能詢問過有關第二季度指導來自何處的更多細節。

Yes. No, remember, last year, in Q2, we comped up 14%. So we're going against a very robust comp. And we have Tommy comping up very, very marginally. And Lilly, on full-price, probably comping down a little bit, but -- and then our other brands kind of flattish to last year. So we think in total we'll eke out a little bit of growth in the quarter in our existing brands, but it did -- the quarter did start slowly, but we are seeing June rebounding a little bit. So hopefully, we'll -- hopefully, June will continue, and we can deliver numbers a little bit better than this.

是的。不，請記住，去年第二季度，我們上漲了 14%。所以我們要對抗一個非常強大的對手。湯米的表現也非常非常微弱。禮來公司的全價可能會略有下降，但是 - 然後我們的其他品牌與去年持平。因此，我們認為總的來說，我們現有品牌將在本季度勉強實現一點增長，但事實確實如此——本季度確實開始緩慢，但我們看到 6 月份略有反彈。因此，希望六月能夠繼續下去，我們可以提供比這更好的數字。

And then, Noah, I'll come back to your question about Johnny Was. As we said in the prepared remarks, this is our first full year of owning Johnny Was. We're looking at it as the baseline year. We'll get the foundation firmly under Johnny Was and set it up for future growth, and we're doing all of that. As we said, we've completed most of the earlier stage sort of more basic parts, if you will, of the integration, and the big focus now that we're very excited about is utilizing the Lilly Pulitzer e-commerce platform to help power the Johnny Was website.

然後，諾亞，我會回到你關於約翰尼·瓦斯的問題。正如我們在準備好的發言中所說，這是我們擁有約翰尼·瓦斯的第一個完整的一年。我們將其視為基準年。我們將在約翰尼·瓦斯的領導下打下堅實的基礎，並為未來的發展做好準備，我們正在做這一切。正如我們所說，我們已經完成了整合的大部分早期階段的更基本部分（如果您願意的話），現在我們非常興奮的重點是利用禮來普利策電子商務平台來幫助為 Johnny Was 網站提供動力。

They already have a great e-commerce business. They have a beautiful website. That will continue. It will only be the kind of the behind the scenes about the technology that's used in the functionality and features that, that provides. And what that really is all about is increasing the shopability of the website. making it easier for the guest to shop, for her to find things and for her to transact with us. So we think that will provide a boost to an already very robust e-commerce business.

他們已經擁有出色的電子商務業務。他們有一個漂亮的網站。這將繼續下去。它只是一種關於所提供的功能和特性中使用的技術的幕後技術。這真正的目的是提高網站的可購買性。讓客人更輕鬆地購物、查找商品以及與我們進行交易。因此，我們認為這將為已經非常強勁的電子商務業務提供推動。

Then as Scott mentioned, we're also investing in stores in Johnny Was with about 10 new locations coming this year, which we're very excited about. And then in terms of just the overall business, it was a little less in the first quarter than we would have planned for it to be, but I think that they got hurt particularly hard by California in what was going on out there and dealing with probably the highest demographic customer that we have in our portfolio. I think some of the caution creeped into that part of the market a little more.

然後，正如 Scott 提到的，我們還在 Johnny Was 投資了商店，今年將開設約 10 個新店，對此我們感到非常興奮。就整體業務而言，第一季度的業務量比我們計劃的要少一些，但我認為他們在加州發生的事情和處理問題上受到了特別嚴重的傷害可能是我們產品組合中人口最多的客戶。我認為這部分市場的謹慎情緒有所增加。

So a little tougher conditions, but nothing that we are concerned about at all for the long term. It's a great brand with a great dedicated base of customers. The addressable market is much larger than we're currently reaching, and we're very focused on reaching the broader part of the market that's available to us there. We've got great leadership and a great team there, who we love working with, and we continue to feel extremely positive about what Johnny Was can do both on its own and as part of our portfolio going forward.

因此，條件有點困難，但從長遠來看，我們根本不擔心。這是一個偉大的品牌，擁有大量忠實的客戶群。潛在市場比我們目前所達到的要大得多，我們非常專注於進入我們可以利用的更廣泛的市場。我們擁有出色的領導層和一支出色的團隊，我們喜歡與他們合作，並且我們仍然對 Johnny Was 能夠獨立完成以及作為我們未來產品組合的一部分所做的事情感到非常積極。

Our next question comes from the line of Dana Telsey with Telsey Group.

我們的下一個問題來自 Telsey Group 的 Dana Telsey。

As you think about the current consumer environment, and I always think of wholesale as a small part of your business, when you think about the different brands, how are you positioning the product assortment as we move forward, basics versus fashion or color or print, whatever you want to call it, core versus others in each of the businesses? And is that an opportunity for margin?

當你考慮當前的消費環境時，我總是認為批發只是你業務的一小部分，當你考慮不同的品牌時，隨著我們的發展，你如何定位產品種類，基本款與時尚、顏色或印花，無論你想怎麼稱呼它，每個業務中的核心與其他？這是保證金的機會嗎？

Well, what I would say is I think that our wholesale business is very strong relative to our peer group. We're hanging in there. I think overall, we're going to be flattish for the year, which I think in this year, and Dana, you follow all this very closely, I know. But I think flat is a great number in wholesale. We do get sales readouts from the bigger customers. We get detailed feedback on how we're doing and how we stack up against a lot of our peers, and it's really, really good.

嗯，我想說的是，我認為我們的批發業務相對於我們的同行來說非常強大。我們就掛在那裡。我認為總體而言，今年我們將持平，我認為今年是這樣，達納，我知道，您非常密切地關注這一切。但我認為公寓在批發中是一個很大的數字。我們確實從大客戶那裡得到了銷售數據。我們得到了關於我們的表現以及我們如何與許多同行競爭的詳細反饋，這真的非常好。

And it's one of the things that we take a lot of comfort in a year that's not as strong as we would like. Overall, we've had a couple of just extraordinarily strong years. And so while we're still going to be up and it's still going to be a very solid year, it's not like last year was. But when we look at our total business, all channels of distribution, we look at wholesale and how well we're performing on the floor where we're going head-to-head, rounder to rounder against some of our peers, and we just look great from that perspective.

這是我們在這一年並不如我們所希望的那樣強大的情況下獲得很大安慰的事情之一。總的來說，我們度過了非常強勁的幾年。因此，雖然我們仍將崛起，而且今年仍將是非常堅實的一年，但與去年不同。但是，當我們審視我們的整體業務、所有分銷渠道時，我們會關注批發業務，以及我們在與一些同行進行正面交鋒、一輪又一輪的競爭中的表現，並且我們從這個角度來看，它看起來很棒。

In terms of the assortment and how they buy it, different retailers buy it very differently. I was just going through last week with our head of wholesale in Tommy Bahama. We went by customer by customer and you sort of recap how they just come in and place their buys. And everybody's got a different job that they wanted to do on their floor, and we provide a lot of partnership with them and the help on that.

就品種和購買方式而言，不同零售商的購買方式差異很大。上週我剛剛與湯米巴哈馬的批發主管進行了交談。我們一個接一個地拜訪客戶，你可以回顧一下他們是如何進來並下單的。每個人都有自己想要在自己的樓層做的不同工作，我們與他們提供了很多合作夥伴關係並提供了幫助。

And of course, we're looking to maximize both their margin first, because it's got to work for them, and our margin. So I would say given the strength of our performance there, I do think we can incrementally boost their margin and our margin over time, but we don't totally direct that, of course. It's a partnership with them in terms of what they buy, and different retailers come to us with a different idea in mind about how they want to buy it.

當然，我們首先希望最大化他們的利潤，因為這必須為他們和我們的利潤服務。因此，我想說，鑑於我們在那裡的表現強勁，我確實認為我們可以隨著時間的推移逐步提高他們的利潤率和我們的利潤率，但當然，我們並沒有完全指導這一點。這是與他們在購買商品方面的合作關係，不同的零售商帶著不同的想法來找我們，關於他們想要如何購買產品。

Got it. And then can you remind us the cadence of flash sales at Lilly Pulitzer? Is it at all different than prior years? Or what are you looking for in terms of that cadence?

知道了。那麼您能提醒我們一下禮來普利策公司限時搶購的節奏嗎？與往年相比有什麼不同嗎？或者說你在尋找什麼樣的節奏？

Well, last year, we did the little flash sale in April than we did the big one at the end of the summer and the big one in early January. As we mentioned in the prepared remarks, we're going to mix it up a little bit this year, keep the consumer surprised and delighted as we like to say.

嗯，去年，我們在四月份進行了小型閃購，而不是在夏末和一月初進行了大型閃購。正如我們在準備好的發言中提到的，今年我們將把它混合起來，讓消費者感到驚訝和高興，就像我們想說的那樣。

That absolutely worked in April, where as I mentioned, last year, we did a flash sale of resort '21 merchandise and did $7 million in 1 or 2 days, I can't remember exactly. But that was at sort of 60%-70% off. This year, we did a 30% off of current merchandise, ended $25 million in 3 days.

這在 4 月份絕對有效，正如我提到的，去年我們對 Resort '21 商品進行了閃購，在一兩天內就賺了 700 萬美元，我記不清了。但那是 60%-70% 的折扣。今年，我們對現有商品進行了 30% 的折扣，三天內就賣出了 2500 萬美元。

And Dana, you being you, I know how good you are at retail math, and when you start at the kind of IMUs we do, a 30% off sale, you can still come out with just a fantastic great margin, and we did. So we love that. So as we look at the back half of the year, we're looking to be creative about how we do it because we think the customer really likes that.

Dana，你就是你，我知道你在零售數學方面有多擅長，當你開始使用我們做的那種 IMU 時，30% 的折扣，你仍然可以獲得非常好的利潤，我們做到了。所以我們喜歡這樣。因此，當我們展望今年下半年時，我們希望在如何做到這一點上發揮創意，因為我們認為客戶真的很喜歡這樣做。

She likes being surprised and delighted. She loved the mix up this year. It worked for us. It worked for her. So I would say that you'll see more of that sort of mixing things up from us this year. And Scott, I don't know if you want to add anything to that from a guidance perspective?

她喜歡驚喜和高興。她喜歡今年的混搭。它對我們有用。這對她有用。所以我想說，今年你會看到我們更多類似的事情。斯科特，我不知道你是否想從指導的角度對此添加任何內容？

Yes. We will mix things up, and we'll produce something in Q2 with Lilly, but we haven't announced exactly what that will be. But we do have baked into our projection doing something in Lilly in Q2.

是的。我們會將一些東西混合起來，我們將在第二季度與禮來公司一起生產一些東西，但我們還沒有確切地宣布具體是什麼。但我們確實已經納入了我們的預測，即在第二季度在禮來公司做一些事情。

And our next question comes from the line of Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. First, I had a clarification on your inventory comments. I think when you were talking about your inventory by brand, you mentioned having too much of some of the Emerging Brands inventory. I was just wondering, at Tommy and Lilly, I'm not sure if I heard whether you feel comfortable with your inventory levels there and where you expect those brand inventory levels to trend for the year? And then I have a follow-up.

特雷西·科根 (Tracy Kogan) 接替保羅。首先，我對您的庫存評論進行了澄清。我認為，當您按品牌談論庫存時，您提到了一些新興品牌庫存過多。我只是想知道，在湯米和禮來公司，我不確定我是否聽說過您對那裡的庫存水平是否感到滿意，以及您預計這些品牌庫存水平今年的趨勢如何？然後我有一個後續行動。

Yes, we do feel comfortable with our inventories. We think they're very appropriate. We do have a little bit more core-oriented at Tommy, so we brought a little bit of that in earlier. And we -- as I mentioned earlier, we did have -- we were bringing goods earlier for supply chain reasons and we're starting to wean off of that and that's helping us reduce. So we feel good about those inventories and we think end of the year will in total be lower year-over-year.

是的，我們確實對我們的庫存感到滿意。我們認為它們非常合適。我們在 Tommy 確實有更多的核心導向，所以我們之前就引入了一些。正如我之前提到的，我們確實有——出於供應鏈原因，我們提前發貨，我們開始擺脫這種情況，這有助於我們減少。因此，我們對這些庫存感覺良好，我們認為年底的庫存總量將同比下降。

Got it. And then I was wondering just what your pricing strategy is for this year at each brand? If you're -- I imagine you're not planning any more price increase, but just wanted to double check on that. And then I was wondering what you guys think about whether your consumer is telling you maybe they're more price sensitive and showing some price resistance to prior price increases. I'm not sure, based on what you saw in 1Q versus what you're seeing quarter-to-date, what you think on the price resistance?

知道了。然後我想知道今年每個品牌的定價策略是什麼？如果你——我想你不打算再提價，而只是想仔細檢查一下。然後我想知道你們如何看待你們的消費者是否告訴你們他們可能對價格更加敏感並對之前的價格上漲表現出一定的價格阻力。我不確定，根據您在第一季度所看到的情況與本季度至今所看到的情況，您對價格阻力有何看法？

First of all, Tracy, I don't think we've got a whole lot more pricing flowing through at this point. I think that's mostly in -- I don't -- I can't say there is no more, but I think that's mostly in. Secondly, on the price resistance, I really don't think we're seeing that. I think one thing we do is benchmark closely against our peers. And we really feel, if anything, maybe we've been a little less aggressive than some of them in the pricing.

首先，特雷西，我認為我們目前還沒有更多的定價。我認為這主要是——我不——我不能說沒有更多，但我認為這主要是在。其次，在價格阻力方面，我真的認為我們沒有看到這一點。我認為我們做的一件事就是與同行密切比較。我們真的覺得，如果有什麼不同的話，也許我們在定價方面比他們中的一些人稍微不那麼激進。

And then the other thing that I would say is that when we look at AUR, so the average unit retail and the average dollars per transaction, so when they're buying, those metrics are actually either flat or up, which, to me, tells me there's not any serious price resistance out there. I think it's more about just being generally cautious about spending money.

然後我要說的另一件事是，當我們查看 AUR 時，平均零售單位和每筆交易的平均美元，因此當他們購買時，這些指標實際上要么持平，要么上升，對我來說，告訴我那裡沒有任何嚴重的價格阻力。我認為更多的是關於花錢時普遍謹慎。

Another thing, and this was in the prepared remarks that you might not have fully zeroed in on, is our restaurant business is actually performing really, really well. We pushed prices in restaurants too as we've needed to cover the cost increases there and our restaurant business is really, really strong. So I think it's more about, they bought a lot of stuff over the last couple of years. They're being slightly more cautious and more judicious, if you will, about when they're actually pulling the credit card out. But when they do, they seem very happy to spend on our products.

另一件事，這是在準備好的評論中，您可能沒有完全關注，我們的餐廳業務實際上表現得非常非常好。我們也提高了餐館的價格，因為我們需要彌補那裡的成本增加，而且我們的餐館業務非常非常強勁。所以我認為更多的是，他們在過去幾年裡買了很多東西。如果你願意的話，他們對於何時真正提取信用卡會更加謹慎和明智。但當他們這樣做時，他們似乎很樂意花錢購買我們的產品。

And we have reached the end of the question-and-answer session. And I'll now turn the call back over to Tom Chubb for closing remarks.

我們的問答環節已經結束了。現在，我將把電話轉回湯姆·查布 (Tom Chubb) 作結束語。

Thank you, Shamali, and thank you all for your interest in our company. We look forward to talking to you again next quarter, and I hope all of you have a great summer until then.

謝謝您，Shamali，也感謝大家對我們公司的興趣。我們期待下個季度再次與您交談，並希望在此之前大家度過一個愉快的夏天。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。