Oxford Industries Inc (OXM) 2024 Q2 法說會逐字稿

Greetings and welcome to the Oxford Industries second-quarter fiscal 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

歡迎參加牛津工業集團 2024 財年第二季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

I would now like to turn the call over to Brian Smith. Thank you, Brian. You may begin.

我現在想把電話轉給布萊恩史密斯。謝謝你，布萊恩。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, they 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構成聯邦證券法含義內的前瞻性陳述。前瞻性聲明並非保證，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。

Important factors that could cause our 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.

今天稍早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）討論了可能導致我們的實際經營結果或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 will find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today, which is posted under our 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 財務指標的調整表，該新聞稿發佈在我們網站 oxfordinc.com 的「投資者關係」標籤下。

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

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執行長 Tom Chubb；財務長兼營運長 Scott Grassmyer。

Thank you for your attention. And now I'd like to turn the call over to Tom Chubb.

感謝您的關注。現在我想把電話轉給湯姆·查布。

Good afternoon and thank you for joining us. I'm going to start with an update on the execution of our plan for the second quarter of fiscal 2024 and our current expectations for the balance of the year. During the second quarter, we continued to make excellent progress on long-term strategic goals but fell short of delivering on our near-term financial targets.

下午好，感謝您加入我們。我首先將介紹 2024 財年第二季計畫的執行情況以及我們目前對今年剩餘時間的預期。第二季度，我們持續在長期策略目標上取得優異進展，但未能實現近期財務目標。

Sales of $420 million and adjusted EPS of $2.70 for the quarter were below our guidance range primarily due to a continued pullback from the consumer. The pullback worsened sequentially during the quarter, coinciding with consumer sentiment hitting an eight-month low in July with a trend continuing into August and the start of our third quarter. While most underlying economic indicators remain reasonably strong, the cumulative effect of several years of inflation may be catching up with the consumer.

該季度銷售額為 4.2 億美元，調整後每股收益為 2.70 美元，低於我們的指導範圍，這主要是由於消費者的持續回調。回檔在本季連續惡化，恰逢消費者信心在 7 月觸及八個月低點，這一趨勢持續到 8 月和第三季初。儘管大多數基本經濟指標仍然相當強勁，但幾年通膨的累積效應可能正在追趕消費者。

Simultaneously, the second quarter was also marked by several national and global noteworthy events that led to a more distracted consumer at several points over the summer. Certain factors that we may believe may have amplified these headwinds with respect to our particular business, include: first, our focus on affluent 45 and up customers who tend to be more headline and market sensitive.

同時，第二季也發生了幾起國內和全球值得注意的事件，這些事件導致夏季的幾個時候消費者更加心煩意亂。我們可能認為某些因素可能放大了我們特定業務的這些不利因素，包括：首先，我們關注 45 歲及以上的富裕客戶，他們往往對頭條新聞和市場更加敏感。

Second, our significant exposure to Florida which accounts for over one-third of our bricks and mortar business and grew at an exceptional pace coming out of the pandemic, but has slowed down as the new post-pandemic world settles in. And finally, some commercial and merchandising missteps on our part, including assortment misses and timing of promotional events.

其次，我們在佛羅裡達州的業務量很大，該州占我們實體業務的三分之一以上，並且在疫情結束後以驚人的速度增長，但隨著新的疫情後世界的到來，增長速度已經放緩。

The slowdown we experienced in our business has been driven by reduced conversion, while traffic has remained strong, which indicates that consumers are very interested in our leading brands but have become cautious when making purchase decisions.

我們的業務放緩是由於轉換率下降造成的，而流量仍然強勁，這表明消費者對我們的領先品牌非常感興趣，但在做出購買決定時變得謹慎。

Looking across the marketplace, the two areas where the consumer continues to respond positively are newness and value. During the quarter, we saw a strong full price response to fashion and new and differentiated products, while interest in core styles was more muted. The consumer also responded to value in the quarter with a higher proportion of sales during the quarter, occurring during promotional events and at our outlet stores than in last year's second quarter.

縱觀整個市場，消費者持續做出正面反應的兩個領域是新穎性和價值。在本季度，我們看到對時尚和新產品和差異化產品的全價反應強烈，而對核心款式的興趣則較為淡漠。消費者也對本季的價值做出了反應，本季的銷售比例高於去年第二季度，發生在促銷活動期間和我們的直銷店。

The greater proportion of off-price selling put pressure on gross margin versus our expectation, which, along with lower-than-anticipated sales resulted in operating margin, operating profit and ultimately EPS that were below our plan.

與我們的預期相比，較大比例的低價銷售給毛利率帶來了壓力，加上低於預期的銷售額，導致營業利潤率、營業利潤和最終每股收益低於我們的計劃。

Importantly, our balance sheet remains strong. Inventories were down on a year-over-year basis to end the quarter while strong cash flows allowed us to continue investing in the future of our business, including investing in our store pipeline and Lyons, Georgia distribution center project which Scott will detail shortly, pay off our debt and return cash directly to shareholders through our quarterly dividend.

重要的是，我們的資產負債表仍然強勁。截至本季末，庫存同比下降，而強勁的現金流使我們能夠繼續投資於我們業務的未來，包括投資我們的商店管道和佐治亞州里昂配送中心項目，斯科特很快將詳細介紹該項目，償還我們的債務並透過季度股息將現金直接返還給股東。

For the balance of the year, we expect to continue to see a more cautious consumer and accordingly, we have reduced our forecast for the year. Our playbook for achieving forecasted results will be, as always, to protect the strength and integrity of our brands for the long term by avoiding brand damaging shortsighted reactions to current market conditions.

對於今年剩餘時間，我們預計消費者將繼續更加謹慎，因此我們降低了今年的預測。我們實現預測結果的策略將一如既往，透過避免對當前市場狀況做出損害品牌的短視反應，長期保護我們品牌的實力和完整性。

At the same time, we will create excitement and enthusiasm for our brands via some specific initiatives in the second half. These include new collections such as our Tommy Bahama Indigo Palms' collection of denim and denim-friendly products, which launched early in the third quarter.

同時，下半年我們將透過一些具體舉措，為我們的品牌創造興奮和熱情。其中包括新系列，例如第三季初推出的 Tommy Bahama Indigo Palms 牛仔布系列和適合牛仔布的產品。

Initial reception to the collections launch has been strong. The Indigo Palms collection encompasses a range of styles for both men and women and the early success is fueling our optimism for how it can help us continue to build and grow our business going forward in both our direct channels as well as wholesale.

該系列的推出最初反響強烈。 Indigo Palms 系列包含一系列男女款式，早期的成功讓我們更加樂觀，相信它能夠幫助我們繼續在直接通路和批發領域建立和發展業務。

By offering our guests a completely on brand assortment of Tommy Bahama product that is appropriate for cooler weather, it enhances our ability to be relevant in the cooler months, particularly in the western part of the country, the Midwest, the Mid-Atlantic and the Northeast.

透過為我們的客人提供適合涼爽天氣的全品牌 Tommy Bahama 產品系列，增強了我們在寒冷月份的影響力，特別是在該國西部地區、中西部、大西洋中部和大西洋沿岸地區。

Also in the denim universe, Johnny Was collaborating with Sussan denim playing to Nostalgia for the original premium denim brand and featuring a beautiful marketing campaign with Lily Aldridge as the face of the brand. A campaign like this is new territory for us, and we are excited to see what we learned from it.

同樣在牛仔布領域，Johnny 與 Sussan denim 合作，為原創優質牛仔布品牌帶來懷舊之情，並以莉莉·奧爾德里奇 (Lily Aldridge) 作為品牌代言人開展了一場精彩的營銷活動。像這樣的活動對我們來說是一個新領域，我們很高興看到我們從中學到了什麼。

From a value perspective, we will again protect the integrity of our brands, but within that constraint, offer plenty of opportunities for our customers to get lots of value for their money in brand-friendly ways. Some examples of this include the seasonal Lilly Pulitzer flash sale, which is happening right now, and our holiday marketing plans, which feature special value products, gift with purchase, gift cards, bounce back deals and many others. In addition to our focus on top line initiatives, our second half will include focus on our operating margin with a keen interest in opportunities for SG&A reductions.

從價值的角度來看，我們將再次保護我們品牌的完整性，但在這一限制內，為我們的客戶提供大量機會，以品牌友好的方式讓他們的錢物有所值。這方面的一些例子包括現在正在進行的季節性禮來普立茲閃購，以及我們的假日行銷計劃，其中包括特殊價值產品、購買禮品、禮品卡、反彈交易等等。除了我們專注於頂線計劃外，下半年我們還將重點關注我們的營業利潤率，並對 SG&A 削減機會抱有濃厚的興趣。

As an example, we invested in the relocation of Johnny Was distribution center operations from high-cost distribution centers in Los Angeles to Lyons, Georgia that will result in significant operating cost reductions that Scott will discuss more in a minute. We will also continue to look across all areas of business for opportunities to reduce SG&A spend without impairing our future growth prospects.

舉例來說，我們投資將 Johnny Was 配送中心的營運從洛杉磯的高成本配送中心搬遷到喬治亞州里昂，這將導致營運成本大幅降低，史考特稍後將詳細討論這一點。我們也將繼續在所有業務領域尋找減少銷售、管理和行政費用而不損害我們未來成長前景的機會。

While we are disappointed in our recent performance and revised outlook for this year, our teams have successfully navigated challenging economic cycles before, and I am confident that we have the right people and strategies in place to emerge on the other side of this difficult market with the health of our brands and our consumer connections stronger than ever.

雖然我們對最近的表現和今年修訂後的前景感到失望，但我們的團隊之前已經成功度過了充滿挑戰的經濟週期，我相信我們擁有合適的人員和策略，能夠在這個困難市場的另一邊脫穎而出我們品牌的健康度和消費者聯繫比以往任何時候都更加牢固。

Thanks for your attention, and I will now turn the call over to Scott for additional detail. Scott?

感謝您的關注，我現在將把電話轉給斯科特以了解更多詳細資訊。史考特？

Thank you, Tom. As Tom mentioned, there were several macroeconomic headwinds across the marketplace that negatively affected our financial results during the quarter. Most notably lower consumer sentiment and an increase in the promotional environment. Despite these headwinds, our teams are focused on executing against our strategies of delivering newness and compelling products that resonate with consumers to combat these challenges and encourage full price selling.

謝謝你，湯姆。正如湯姆所提到的，市場上存在一些宏觀經濟逆風，對我們本季的財務表現產生了負面影響。最明顯的是消費者信心下降和促銷環境增加。儘管存在這些阻力，我們的團隊仍專注於執行我們的策略，提供新穎且引人注目的產品，與消費者產生共鳴，以應對這些挑戰並鼓勵全價銷售。

In the second quarter of fiscal 2024, consolidated net sales of $420 million were comparable to the second quarter of fiscal 2023 and below our initial guidance range of $430 million to $450 million. Notably, sales in our outlets increased 4% and as this channel benefited from consumers looking for deals and promotions while sales in full price brick-and-mortar locations were up 1%, driven by new stores and increased promotional activity, partially offset by low single-digit negative comps.

2024 財年第二季度，合併淨銷售額為 4.2 億美元，與 2023 財年第二季度相當，但低於我們 4.3 億至 4.5 億美元的初步指引範圍。值得注意的是，我們專賣店的銷售額成長了4%，因為該通路受益於尋求優惠和促銷的消費者，而在新店和促銷活動增加的推動下，全價實體店的銷售額增長了1 %，但部分被低價所抵銷。

Our wholesale channel, which was particularly challenging in the first quarter of this year, had a difficult second quarter with sales down 5% compared to the second quarter of 2023 as the specialty store business across our brands continues to struggle, partially offset by increased sales to major department stores. E-commerce and food and beverage sales were relatively flat compared to the second quarter of 2023.

我們的批發管道在今年第一季尤其面臨挑戰，但第二季的銷售額較2023 年第二季下降了5%，因為我們品牌的專賣店業務繼續陷入困境，但銷售額的成長部分抵消了這一影響到各大百貨公司。與 2023 年第二季相比，電子商務和食品飲料銷售相對持平。

Adjusted gross margin contracted 100 basis points to 63.3%, driven primarily by a higher proportion of net sales occurring during promotional events in Tommy Bahama, Lilly Pulitzer, and Johnny Was. Across our three brands, we saw a strong response from consumers to our promotions -- promotional and indices and clearance events.

調整後毛利率收縮 100 個基點至 63.3%，主要是由於 Tommy Bahama、Lilly Pulitzer 和 Johnny Was 的促銷活動期間淨銷售額比例較高。在我們的三個品牌中，我們看到消費者對我們的促銷活動（促銷、指數和清倉活動）反應強烈。

We were able to partially offset this decrease in our Emerging Brands group through our continued efforts to improve our inventory position and reduce the need for all price, wholesale and promotional direct-to-consumer sales.

透過持續努力改善庫存狀況並減少所有價格、批發和促銷直接面向消費者的銷售需求，我們得以部分抵銷新興品牌集團的下降。

Adjusted SG&A expenses increased 5.7% to $213 million compared to $202 million last year. During the second quarter of fiscal 2024, we incurred higher expenses related to recent and ongoing investments in our business, primarily from the addition of 30 new brick-and-mortar locations opened since the second quarter of last year and the addition of Jack Rogers brand acquired in the fourth quarter of 2023.

調整後的 SG&A 費用成長 5.7%，達到 2.13 億美元，去年為 2.02 億美元。在2024 財年第二季度，我們因近期和持續的業務投資而產生了較高的費用，主要是因為自去年第二季度以來新增了30 個實體店，以及傑克·羅傑斯(Jack Rogers) 品牌的加入於 2023 年第四季收購。

We also have incurred costs on some of the approximately 15 net new brick-and-mortar locations, including four Marlin Bar locations that we expect to open in the second half of the fiscal year.

我們也為大約 15 家淨新實體店中的部分產生了成本，其中包括我們預計在本財年下半年開設的 4 家 Marlin Bar 店。

Additionally, we incurred approximately $1 million of expenses, which are emitted from adjusted SG&A associated with the relocation of Johnny Was' distribution center operations from Los Angeles to Georgia. We expect to incur an additional $1 million of charges related to the relocation in the second half of the year but are projecting this move to save Johnny Was approximately $4 million in operating costs per year with the potential for additional savings.

此外，我們還產生了約 100 萬美元的費用，這些費用來自與 Johnny Was 的配送中心業務從洛杉磯搬遷到喬治亞州相關的調整後的 SG&A。我們預計下半年將額外產生 100 萬美元的與搬遷相關的費用，但預計這一舉措每年將為 Johnny Was 節省約 400 萬美元的營運成本，並有可能進一步節省。

The result of this yielded -- excuse me, the results of this yielded $57 million of adjusted operating income or 13.5% operating margin compared to $73 million or 17.3% in the prior year. The decrease in adjusted operating income reflects the SG&A investments amidst the challenging consumer environment for sales and gross margin.

這樣做的結果是——對不起，這一結果帶來了 5,700 萬美元的調整後營業收入或 13.5% 的營業利潤率，而前一年為 7,300 萬美元或 17.3%。調整後營業收入的下降反映了在銷售和毛利率充滿挑戰的消費環境下的銷售、一般行政費用投資。

Moving beyond operating income. Our effective tax rate was flat. Our interest expense was $1 million lower compared to the second quarter of 2023, resulting from lower average debt levels. With all this, we achieved $2.77 of adjusted EPS.

超越營業收入。我們的有效稅率持平。由於平均債務水準較低，我們的利息支出比 2023 年第二季減少了 100 萬美元。綜上所述，我們實現了 2.77 美元的調整後每股盈餘。

I'll now move on to our balance sheet, beginning with inventory. During the second quarter of fiscal 2024, we were able to decrease inventory by 6% or 13% or $13 million year-over-year on a FIFO basis. The decrease in inventories resulted from our continued inventory discipline across our portfolio. We're also able to repay our remaining outstanding debt and ended the quarter with an $18 million cash position.

現在我將討論我們的資產負債表，從庫存開始。在 2024 財年第二季度，我們按照先進先出原則，年減了 6% 或 13% 的庫存，即 1,300 萬美元。庫存減少是由於我們在整個投資組合中持續實施庫存紀律。我們還能夠償還剩餘的未償債務，並在本季結束時擁有 1,800 萬美元的現金部位。

From a liquidity standpoint, our $122 million of cash flows from operations in the first half of fiscal 2024 allowed us to fund our elevated level of capital expenditures of $54 million and pay $22 million of dividends, all while being able to repay the $29 million of borrowings that was outstanding at the end of fiscal 2023.

從流動性角度來看，我們2024 財年上半年營運產生的1.22 億美元現金流使我們能夠為5,400 萬美元的資本支出水準提供資金並支付2,200 萬美元的股息，同時能夠償還2,900 萬美元的股息。

I'll now spend some time on our outlook for 2024. We finished the second quarter fiscal '24 with negative comps of 1%, which was lower than our previous forecast of mid-single-digit positive comps for the quarter. Similar to the results we saw in the second quarter, comp sales figures in the third quarter to date are negative.

現在我將花一些時間來展望 2024 年。與我們在第二季看到的結果類似，第三季迄今的銷售數據為負。

We believe the negative comp trend will continue and result in negative comps in the low to mid-single-digit range for the remainder of the year on top of similar comps in the prior year. These assumptions compared to our previous expectations from June that assume mid-single-digit positive comps for the remainder of the year, and we revised our sales forecast accordingly.

我們認為，負比較趨勢將持續下去，並導致今年剩餘時間裡，除上一年類似的比較外，負比較將處於低至中個位數的範圍內。這些假設與我們先前 6 月的預期相比，假設今年剩餘時間將實現中個位數的正收益，因此我們相應地修改了我們的銷售預測。

For the full year, we now expect net sales to be between $1.51 billion and $1.54 billion or a decline of 2% to 4% compared to sales of $1.57 billion in 2023. Our updated sales plan for 2024 now includes low to mid-single-digit sales declines in Tommy Bahama and Lilly Pulitzer, partially offset by sales growth in the low single-digit range for Johnny Was and Emerging Brands Group.

目前，我們預計全年淨銷售額將在15.1 億美元至15.4 億美元之間，與2023 年15.7 億美元的銷售額相比下降2% 至4%。單品Tommy Bahama 和 Lilly Pulitzer 的銷售額下降，但被 Johnny Was 和 Emerging Brands Group 的低個位數銷售額成長所部分抵消。

By channel, wholesale comprises the majority of the sales decrease with a partial offset from a slight increase in our direct-to-consumer channels. We expect wholesale sales which were down approximately $20 million in the first half of the year to be relatively flat in the second half of the year compared to fiscal 2023 as we go against easier comps relative to what we saw in the first half.

按通路劃分，批發銷售額佔銷售額下降的大部分，部分抵消了我們直接面向消費者管道的小幅成長。我們預計，與 2023 財年相比，上半年批發銷售額下降了約 2,000 萬美元，下半年將相對持平，因為我們的業績比上半年更容易。

In our direct-to-consumer channels, we expect growth in our outlets as those locations continue to perform well in the current environment, and in our full-price retail food and beverage locations that will benefit from the addition of the approximately 30 new locations during the year. We expect sales in our e-commerce channel will be flat to slightly negative for the year.

在我們的直接面向消費者的通路中，我們預計我們的門市將會成長，因為這些門市在當前環境下繼續表現良好，而我們的全價零售食品和飲料門市將受益於新增約30 個新門市年內。我們預計今年電子商務通路的銷售額將持平或略有下降。

Looking across the marketplace, there are many macroeconomic risks and uncertainties that could affect our outlook, including consumer headwinds and industry trends that we have already discussed. They're also the upcoming elections in November and the related consequences that could have the potential to disrupt demand.

縱觀整個市場，有許多宏觀經濟風險和不確定性可能會影響我們的前景，包括我們已經討論過的消費者逆風和行業趨勢。此外，即將到來的 11 月選舉以及可能擾亂需求的相關後果也是如此。

Other challenges, including the shipping disruptions to global trade caused in part by the attacks in the Red Sea, also have the potential to disrupt the supply of goods across the economy and increased freight cost.

其他挑戰，包括部分由紅海襲擊造成的全球貿易運輸中斷，也有可能擾亂整個經濟的貨物供應並增加貨運成本。

We now anticipate gross margin for the year will decline by approximately 50 to 100 basis points compared to the prior year as expected increased activity during promotional events across our brands will more than offset the gross margin benefit from proportionally lower wholesale sales. We also anticipate a slightly negative impact in the second half from an increase in freight rates.

我們現在預計今年的毛利率將比前一年下降約 50 至 100 個基點，因為預計我們品牌促銷活動期間活動的增加將遠遠抵消批發銷售比例下降帶來的毛利率收益。我們也預計下半年運費上漲將產生輕微負面影響。

Our guidance contains our best estimate of the impact of that increased freight will have on our earnings. In addition to slightly lower sales and negative gross margin, we expect SG&A to grow at a rate higher than sales in 2024, primarily due to the investments in our business, including expanding our store count by the net of approximately 30 locations with five new Tommy Bahama Marlin Bars, continued IT investments and the addition of Jack Rogers.

我們的指導包含了我們對貨運增加對我們收入影響的最佳估計。除了銷售額略有下降和毛利率為負之外，我們預計SG&A 將以高於2024 年銷售額的速度增長，這主要是由於對我們業務的投資，包括透過5 家新Tommy 淨增約30 家門市數量Bahama Marlin Bars、持續的 IT 投資以及 Jack Rogers 的加入。

Additionally, as discussed during our last call, we expect the Jack Rogers brand acquired in the fourth quarter of fiscal 2023 to generate an operating loss of approximately $2.5 million in 2024 as we reset and refocus the business. We also anticipate lower interest expense of $2 million for the year compared to $6 million in 2023 and higher royalty and other income, primarily from a full year of the time Bahama Miramonte Resort.

此外，正如我們在上次電話會議中所討論的那樣，隨著我們重新調整和重新調整業務重點，我們預計2023 財年第四季度收購的Jack Rogers 品牌將在2024 年產生約250 萬美元的運營虧損。我們也預計今年的利息支出將從 2023 年的 600 萬美元減少到 200 萬美元，特許權使用費和其他收入將增加，主要來自巴哈馬米拉蒙特度假村全年的收入。

Additionally, we expect a higher adjusted effective tax rate of approximately 24% compared to 23% in 2023, which benefited from certain favorable items that are not expected to reoccur in 2024.

此外，我們預計調整後的有效稅率將從 2023 年的 23% 升至約 24%，這得益於預計 2024 年不會再次出現的某些優惠項目。

Considering all these items, we expect operating margin to decrease from 2023 levels and now expect 2024 adjusted EPS to be between $7 and $7.30 versus adjusted EPS of $10.15 last year, with decreases in all of our businesses and a higher tax rate being partially offset by the lower interest expense and higher adjusted royalties and other income.

考慮到所有這些項目，我們預計營業利潤率將從2023 年的水平下降，現在預計2024 年調整後每股收益將在7 至7.30 美元之間，而去年調整後每股收益為10.15 美元，我們所有業務的減少和較高的稅率將被部分抵銷利息支出較低，調整後的特許權使用費和其他收入較高。

In the third quarter of 2024, we expect sales of $310 million to $325 million compared to sales of $327 million in the second quarter of 2023. We also expect gross margin to contract by approximately 50 to 100 basis points with the trend of increased sales during promotional events expected to continue. SG&A deleveraging $1 million of lower interest expense and a flat royalty in other income. We expect this to result in third quarter adjusted EPS between $0 and $0.20 compared to $1.01 in the third quarter of 2023.

我們預計2024 年第三季的銷售額為3.1 億至3.25 億美元，而2023 年第二季的銷售額為3.27 億美元。利率將收縮約50 至100 個基點。 SG&A 去槓桿化，降低了 100 萬美元的利息支出，並在其他收入中收取固定特許權使用費。我們預計這將導致第三季調整後每股收益在 0 至 0.20 美元之間，而 2023 年第三季調整後每股收益為 1.01 美元。

Given our fixed cost structure and the seasonality of our business, the third quarter is typically the smallest of the year from a sales and EPS perspective and will be further impacted in 2024 by heavy preopening costs for new stores and Marlin Bars, expanding on the investments we are making in 2024.

鑑於我們的固定成本結構和業務的季節性，從銷售額和每股收益的角度來看，第三季度通常是一年中最小的季度，並將在2024 年受到新店和Marlin Bars 的巨額開業前成本的進一步影響，從而擴大投資我們將在 2024 年實現。

I'd like to briefly discuss our updated CapEx outlook for the remainder of the year due to refined cash flow timing projections for our Lyons, Georgia distribution center project and adjustments to other capital projects.

我想簡要討論我們今年剩餘時間的最新資本支出前景，這是由於我們對佐治亞州里昂配送中心項目的現金流時間預測進行了細化以及對其他資本項目的調整。

Capital expenditures in fiscal 2024 have been moderated and are now expected to be approximately $150 million, including $54 million incurred during the first half of the year, compared to $74 million in fiscal 2023, with approximately $75 million related to the significant multiyear project to build a new distribution center in Lyons, Georgia that will enhance the direct-to-consumer throughput capabilities of our brands.

2024 財年的資本支出有所放緩，目前預計約為1.5 億美元，其中包括上半年發生的5,400 萬美元，而2023 財年的資本支出為7,400 萬美元，其中約7,500 萬美元與要建設的重要多年期專案有關位於喬治亞州里昂的新配送中心將增強我們品牌的直接面向消費者的吞吐量能力。

The remaining capital expenditures related to the execution of our pipeline of Marlin Bars increases in store count across Tommy Bahama, Lilly Pulitzer, Johnny Was, Southern Tide and The Beaufort Bonnet Company and increased investment in our various direct-to-consumer technology systems initiatives. We expect this elevated capital expenditure level to moderate in 2025 and further moderate in 2026 and beyond after the completion of the Lyons, Georgia project.

與馬林酒吧管道的執行相關的剩餘資本支出增加了Tommy Bahama、Lilly Pulitzer、Johnny Was、Southern Tide 和The Beaufort Bonnet Company 的商店數量，並增加了對我們各種直接面向消費者的技術系統計劃的投資。我們預計，這種上升的資本支出水準將在 2025 年放緩，並在 2026 年及喬治亞州里昂計畫完成後進一步放緩。

We also have a positive outlook on our cash and liquidity position as well. Cash flow from operations are expected to remain to be very strong, giving us ample room to fund the previously mentioned investments. Our quarterly dividend and limited need to borrow under our revolver. Although we do expect a modest deposition for much of the second half due to the elevated capital expenditures.

我們對現金和流動性狀況也持樂觀態度。預計營運現金流將保持強勁，為我們提供充足的空間來為前面提到的投資提供資金。我們的季度股息和左輪手槍下的有限借款需求。儘管我們確實預計由於資本支出增加，下半年的大部分時間存款將適度。

Thanks for your time today. We'll now turn the call over for questions. Paul?

感謝您今天抽出時間。我們現在將轉接電話詢問問題。保羅？

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員說明）Ashley Owens，KeyBanc 資本市場。

This is Chandana Madaka on for Ashley. So I just wanted to dig into maybe a little bit more about how you're thinking about promotional events going into the back half. Maybe any color you could provide there by brand, just now that they are thinking around promotions a little bit differently? I also wanted to see if you could dig in further for us on what you're hearing from wholesale partners, maybe an update on the order books?

我是 Chandana Madaka，替 Ashley 發言。所以我只是想深入了解你們對後半段促銷活動的看法。也許您可以按品牌提供任何顏色，只是現在他們對促銷的思考有點不同？我還想看看您是否可以為我們進一步深入了解您從批發合作夥伴那裡聽到的情況，也許是訂單簿的最新情況？

Okay. So on the promotions, I wouldn't say that we're really thinking about it differently. I think what we're thinking is just we recognize that they're going to be very important this year, especially as they always are during the holiday period. So we're going to start a bit earlier. As you know, the shopping season is about five days, shouldn't or about.

好的。因此，在促銷方面，我不會說我們真的有不同的想法。我認為我們所想的是我們認識到它們今年將非常重要，尤其是在假期期間它們總是如此。所以我們要早一點開始。如您所知，購物季大約有五天，不應該或大約。

It's exactly five days shorter this year than it was last year. So it's going to be important that we jump on at the beginning of the November.

今年比去年整整縮短了五天。因此，我們在 11 月初採取行動非常重要。

We're going to have an assortment of mailers. We're doing a mailer in Tommy Bahama that we haven't done in a couple of years. So that would be a little bit of a change. We've got a great gift with purchase offering that we're going to do over the Cyber Weekend, starting with Black Friday and going through the weekend, actually starting on Thursday, I believe.

我們將有各種各樣的郵件。我們正在湯米巴哈馬做一個郵寄程序，我們已經好幾年沒有做過了。所以這會是一點點改變。我們有一個很棒的購買優惠禮物，我們將在網路週末進行，從黑色星期五開始，一直到週末，我相信實際上是從星期四開始。

We've got our normal gift cards. We've got bounce-back sales, we will have the Lilly Pulitzer flash sale in January.

我們有普通的禮品卡。我們的銷售出現反彈，我們將在一月份進行禮來普立茲限時搶購。

So it's really the same types and things. I think it's just that our focus on those, maybe it will be a little bit more intent than it has been in the past. In terms of the wholesale performance that Scott mentioned in his prepared remarks, the year overall has been tougher in the wholesale. We do expect the second half to be about flat with last year, which the first half was down, I think, about 5% or so. But our performance with our majors, which is where we have the most visibility to how we're doing, it's actually been quite good.

所以它們實際上是相同的類型和事物。我認為只是我們對這些的關注，也許會比過去更專注。就史考特在準備好的演講中提到的批發表現而言，今年批發市場整體表現更為艱難。我們確實預計下半年將與去年持平，我認為上半年下降了約 5% 左右。但我們在專業方面的表現其實相當不錯，這是我們最能了解自己的表現的地方。

And I think as we're starting to see spring bookings, we're actually encouraged with what we're seeing there.

我認為，當我們開始看到春季預訂時，我們實際上對在那裡看到的情況感到鼓舞。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

As you think about the state of the consumer and what you saw in outlets versus the other channels of distribution with the brands with Tommy with Lilly, what are you seeing that's different? How did the cadence of the quarter go and are there categories that performed better or worse than others and with the promotional environment, how deep are the markdowns and how you're thinking about promotions for Q3 and Q4?

當您考慮消費者的狀況以及您在直營店與其他分銷管道中看到的 Tommy 和 Lilly 品牌的情況時，您發現有什麼不同？本季的節奏如何？

Okay. Thank you, Dana. So the cadence of the quarter, as we mentioned was that it got worse sequentially through the quarter. May was actually an okay month. June softened a bit, but not terribly and then July got a lot worse, especially in the back half of July. And then, as we mentioned, August was weak as well.

好的。謝謝你，達納。因此，正如我們所提到的，本季的節奏是整個季度的情況逐年惡化。五月實際上是一個不錯的月份。六月略有軟化，但不是很嚴重，然後七月變得更糟，尤其是在七月後半段。然後，正如我們所提到的，八月也很疲軟。

In terms of what the consumer is looking for, as you know, I think very well, it is a value-driven market right now. We are intent on maintaining our strategy of being a full portfolio of full price premium brands, and we're not really veering away from that. But we are going to be paying a lot of attention and be very focused on the types of promotional activities that you've seen from us in the past, Dana.

就消費者的需求而言，如你所知，我認為現在是一個價值驅動的市場。我們致力於維持我們的策略，即成為全價優質品牌的完整產品組合，並且我們並沒有真正偏離這一目標。但我們將非常關注並非常關注您過去從我們這裡看到的促銷活動類型，達納。

And then as we mentioned in our prepared remarks, we -- during the second quarter, did a greater proportion of our sales during those events. We may have had a little bit more in terms of the number of promotional days. But the biggest factor was just that was the time when the consumer was most interested in shopping in the time where they were most interested in converting, if you will.

然後，正如我們在準備好的發言中提到的那樣，在第二季度，我們在這些活動期間完成了更大比例的銷售。我們的促銷天數可能有點多。但最大的因素就是消費者對購物最感興趣的時間，以及他們對轉換最感興趣的時間（如果你願意的話）。

I would say that the discounts were also a little bit steeper during the second quarter. And I think it's reasonable to expect that we're going to see a similar pattern in the third and fourth quarter. And that is what we built into our guidance. And Scott, you may want to reiterate and elaborate on our guidance a bit.

我想說第二季的折扣也更大一些。我認為可以合理地預期我們將在第三季和第四季看到類似的模式。這就是我們在指導中的內容。斯科特，您可能想重申並詳細說明我們的指導意見。

Yes. As we mentioned in the call, we have moderated the comps where we were expecting positive comps in our earlier guidance. And we moderated down to the low to mid-single-digit range. And just basically what we've been seeing recently in the state of the consumer, we just thought it was prudent to do that. And we do have the shorter period between Thanksgiving and Christmas, and we do think it's going to be a promotional period.

是的。正如我們在電話會議中提到的，我們已經調整了我們在先前的指導中預期積極的比較。我們的利率下調至低至中個位數範圍。基本上，根據我們最近在消費者狀況中看到的情況，我們認為這樣做是謹慎的。感恩節和聖誕節之間的時間確實較短，我們確實認為這將是一個促銷期。

And we're going to try to do similar type of bets but as we found in the second quarter, we tended to have a little bit more inventory to fuel those events than we might have last year, which did erode gross margin a little bit.

我們將嘗試進行類似的押注，但正如我們在第二季度發現的那樣，我們往往比去年有更多的庫存來推動這些活動，這確實有點侵蝕了毛利率。

And then, Dana, in terms of products, I would say anything that's truly new, truly innovative, truly differentiated are the products that are most likely to get the consumers' attention. And then just broadly, I would say that the more casual categories, the athleisure-type product, Swim has been slower. \

然後，Dana，就產品而言，我想說任何真正新穎、真正創新、真正差異化的產品都是最有可能吸引消費者註意的產品。從廣義上講，我想說的是，較休閒的類別、運動休閒型產品、游泳的速度較慢。 \

Those types of things have been slower. Dresses have really been strong across the portfolio and more the dress year end of the spectrum, I would say, the more presentable end of the spectrum, I think, is where we've seen the relative strength in general.

這類事情進展得比較慢。連身裙在整個產品組合中確實表現強勁，我想說的是，在連身裙的年末，我認為，更漂亮的一端是我們總體上看到相對強勢的地方。

And then just picking apart freight costs, how are you thinking about the puts and takes on margins?

然後，只考慮運費成本，您如何考慮看跌期權和認購期權的利潤率？

Yes. We built in about 15 to 20 basis points in margin hit due to elevated freight. So it's not a huge, huge amount. We are watching -- and that's mainly some of the Red Sea issues that have inflated rates. We are seeing -- we are watching closely the East Coast situation with the union negotiations.

是的。由於運費上漲，我們的利潤率受到了約 15 至 20 個基點的影響。所以這不是一個巨大的數額。我們正在關注——這主要是一些導致利率上漲的紅海問題。我們正在密切關注東海岸的局勢和工會談判。

And are diverting some product to the West Coast and then we'll have to bring it across the country in some cases. So that's something we continue to watch. But we have built in some disruption from that. Obviously, if the East Coast ports do go on strike, that's going to be a disruptor to, I think, everyone.

我們正在將一些產品轉移到西海岸，然後在某些情況下我們必須將其運送到全國各地。所以這是我們繼續關注的事情。但我們已經對此進行了一些破壞。顯然，如果東海岸港口確實發生罷工，我認為這將對每個人造成乾擾。

And then just one last thing. With the change in business patterns, any -- whether it's marketing or store openings or Marlin Bars, any adjustments that you're thinking about, whether in terms of timing or shifts in how you're thinking about any of the initiatives?

最後一件事。隨著業務模式的變化，無論是行銷、開店還是馬林酒吧，您正在考慮進行任何調整，無論是時間安排還是您對任何舉措的思考方式的轉變？

Not really. We're pretty much full steam ahead.

並不真地。我們幾乎全速前進。

On the growth initiatives. We are -- SG&A is something we always look at, but it's obviously, we're looking at opportunities there when they present themselves. We mentioned the Johnny Was' distribution center move, which we -- was going to save us a bit of money and we're looking at other opportunities to reduce SG&A. But as far as growth initiatives, we're moving forward.

關於成長舉措。我們——SG&A 是我們一直在關注的東西，但很明顯，當機會出現時，我們正在尋找機會。我們提到了約翰尼·瓦斯（Johnny Was）配送中心的搬遷，我們希望此舉可以節省一些錢，並且我們正在尋找其他機會來減少銷售管理費用（SG&A）。但就成長舉措而言，我們正在向前邁進。

Which would include the stores that we're opening, the Marlin Bars and the distribution center in Lyons. And look, Dana, we don't -- we believe that this is at worst an old school recession, maybe not even that. It's not the type of event that we saw in the pandemic or the financial crisis. And we want to be ready when business starts to pick up.

其中包括我們正在開設的商店、馬林酒吧和里昂的配送中心。聽著，達納，我們不——我們相信，這在最壞的情況下是一場老派的衰退，甚至可能不是這樣。這不是我們在疫情或金融危機中看到的那種事件。我們希望在業務開始好轉時做好準備。

We believe in our direct-to-consumer channels as we do our wholesale channel, and building stores and Marlin Bars and having a DC that can serve us both retail, wholesale and our e-com business is going to be very important as we get a year or two, three years out. So we want to make sure that we're there. These are long-term projects that we need to manage for the long term.

我們相信我們的直接面向消費者的管道就像我們做批發管道一樣，建立商店和馬林魚酒吧以及擁有一個可以為我們零售、批發和電子商務業務提供服務的配送中心將非常重要，因為我們一兩年、三年後。所以我們想確保我們在那裡。這些是我們需要長期管理的長期專案。

Mauricio Serna, UBS.

毛里西奧·塞爾納，瑞銀。

I guess maybe if you could elaborate a little bit more on the promotional activity across each of three big brands. I know I recall like there was some shift in promotional events in Lilly Pulitzer. But outside of that, like anywhere where you saw, like promotions really surprised you on the negative side? And like just a bit more detail on that would be very helpful. Thank you.

我想也許您可以詳細說明一下三大品牌的促銷活動。我知道我記得禮來普立茲的促銷活動發生了一些變化。但除此之外，就像您在任何地方看到的那樣，促銷活動的負面影響真的讓您感到驚訝嗎？如果能提供更多細節，將會非常有幫助。謝謝。

I would -- Mauricio, I'd say is this more we just had -- we sold through a bit less at full price than we expected, so we had more inventory when we did Tommy's end of the season sale had more inventory than did the prior year, Lilly, Johnny Was.

我會- 毛里西奧，我想說的是，我們剛剛擁有的更多- 我們以全價出售的商品比我們預期的要少一些，所以當我們進行湯米季末促銷時，我們的庫存比我們預期的要多前一年，莉莉、強尼瓦斯。

That was more the case. So it just resulted in -- and you had a consumer much more willing to buy during those events. So it wasn't that we had major change in the events or were majorly different on the degree of discounts. It was -- there was just more inventory available that sold. So we've traded some full price sales for off-price sales during typical clearance periods.

情況更是如此。所以它就導致了——消費者在這些活動期間更願意購買。所以並不是說我們的活動有重大變化，或是折扣程度有很大不同。是——只是有更多的庫存可供出售。因此，我們在典型的清倉期間將一些全價銷售換成了特價銷售。

Understood. And then just a quick follow-up. Surprised to see also like the slowdown on the restaurant business. Could you elaborate a little bit more about what happened there? And lastly, could you remind us the comp sales, the compares you're up against in the second half of the year? I think, yes, just to be mindful of that.

明白了。然後進行快速跟進。令人驚訝的是，餐廳業務也放緩了。您能詳細說明一下那裡發生的事情嗎？最後，您能否提醒我們下半年的銷售情況和比較？我想，是的，只是要注意這一點。

Yes. I think the restaurants slowdown. As you know, Mauricio, the restaurants just had not slowed down really up until the second quarter. They had been extremely strong as they reopened. Even during the pandemic when service was much more limited, they were quite strong and then just had been super strong.

是的。我認為餐館生意放緩了。如你所知，毛里西奧，直到第二季度，餐廳才真正放緩。當他們重新開放時，他們的實力非常強大。即使在大流行期間，服務更加有限，他們也相當強大，而且非常強大。

And I think a little bit of that has slowed down. Florida, for example, is a big restaurant market. And as we talked about, in the retail business in Florida as well, which had been just nonstop go, go, go since the pandemic. And it settled down to where it was performing more like the rest of the country during the quarter.

我認為這種情況已經放緩了一點。例如，佛羅裡達州是一個很大的餐飲市場。正如我們所討論的，佛羅裡達州的零售業也是如此，自大流行以來，零售業一直在不停地運作。它在本季的表現與全國其他地區更加相似。

As far as comps, last year, Q3 and Q4, we're that -- we're in the 3% to 5% range negative. And so we're projecting similar type comps in our second half this year, and where before we were projecting positive comps. So that's the big change in guidance is really that comp movement is the biggest change.

就比較而言，去年第三季和第四季，我們處於 3% 到 5% 的負值範圍內。因此，我們在今年下半年預測了類似類型的競爭，而之前我們預測的是積極的競爭。因此，指導方面的重大變化實際上是補償變動是最大的變化。

And we're going to be working very hard, of course, Mauricio to try to turn that negative comp assumption into a positive result. But given what we've seen over the last six or eight weeks, we just thought it was prudent to lower that expectation.

當然，毛里西奧，我們將非常努力地努力將消極的補償假設轉變為積極的結果。但考慮到我們過去六、八週所看到的情況，我們認為降低這個預期是謹慎的做法。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

So to start out, on the consumer, you went through a whole host of factors that might have contributed to the slowdown. I think you talked about distraction and inflation and merchandising missteps. Maybe just help us rank order in your opinion, which are the most meaningful in terms of the change you've seen in the top line trend? And then within that, we'd love some more context around Florida. It grew a lot in the years after COVID and you're talking about some normalization.

因此，首先，在消費者方面，您經歷了一系列可能導致經濟放緩的因素。我想你談到了分心、通貨膨脹和推銷失誤。也許只是幫助我們對您認為的排名順序進行排序，就您在營收趨勢中看到的變化而言，哪些是最有意義的？然後，我們希望了解更多有關佛羅裡達州的背景資訊。在新冠疫情之後的幾年裡，它增長了很多，你正在談論一些正常化。

Just maybe your thoughts on what inning we're in with the normalization there? And maybe some context on how much it grew post-COVID?

也許你對我們正處於哪一局的正常化有什麼想法？也許還有一些關於它在新冠疫情後增長了多少的背景資訊？

So with respect to Florida, what I want to be very clear about is that it's not underperforming so much the rest of the country is that it's just no longer outperforming the rest of the country, which was really what happened continuously for the three previous years was that it outperformed everybody else. Now it's more running with the pack. What I believe we're going to see going forward, at least for the next several quarters is that it's probably just going to run with the pack a bit more.

因此，就佛羅裡達州而言，我想非常明確的是，它的表現並不是落後於全國其他地區，而是它不再表現優於全國其他地區，這確實是前三年連續發生的情況是它的表現優於其他所有人。現在它更多地與包一起運行。我相信，至少在接下來的幾個季度裡，我們將看到它可能會與其他人一起運作更多。

So if things pick up nationally, I would expect Florida to pick up with that, I believe. And if they don't pick up as quickly, I think, Florida will stay more or less where most of the other regions are. And then in terms of trying to rank order the three factors that we talked about, the headline distraction, Florida and the merchandising missteps, hard to do that. I would say that they're all meaningful factors, Janine, I think they all had a material impact on results.

因此，如果全國情況好轉，我相信佛羅裡達州也會好轉。我認為，如果他們沒有那麼快回升，佛羅裡達州將或多或少地停留在大多數其他地區的水平。然後，就試圖對我們討論的三個因素進行排序而言，標題分散注意力、佛羅裡達州和行銷失誤，很難做到這一點。我想說，它們都是有意義的因素，Janine，我認為它們都對結果產生了實質影響。

There's some data from a big advertising agency that supports our theory on the headline distraction where they looked at, I think, over 100 brands that mostly cater to a 45 and up type consumer and saw that during July, they were down 14% year over year and that would tend to support the theory that, that was a material factor for us. Our merchandising missteps, some of them we can measure a little bit more than others. But we, again, think that they were material.

一家大型廣告公司的一些數據支持了我們關於標題分散注意力的理論，他們研究了 100 多個主要迎合 45 歲及以上類型消費者的品牌，發現 7 月份這些品牌的品牌同比下降了 14%年，這往往會支持這樣的理論：這對我們來說是一個物質因素。我們的行銷失誤，其中一些我們可以比其他失誤更多地衡量。但我們再次認為它們是物質的。

And then the Florida thing, I mean, it's one-third of our business, and it went from -- one-third of our retail business. And it went from a significant outperform to running with the plaque, which cost us a lot of incremental contribution dollars.

然後是佛羅裡達州的事情，我的意思是，它占我們業務的三分之一，它來自我們零售業務的三分之一。它從顯著跑贏大盤到與牌匾一起運行，這花費了我們大量的增量捐款。

Okay. Great. And then on the merchandising missteps, it sounds like you have a lot of things already in the works, but I just would love to hear your sense of when we should expect to see some improvement there?

好的。偉大的。然後，關於行銷失誤，聽起來你已經在做很多事情了，但我只是想聽聽你的感覺，我們什麼時候應該看到一些改進？

Well, certainly, on a year-over-year basis, as we get to the second quarter of next year, they're all completely fixable. Undoubtedly, we will make some other missteps next year. It's a part of the business. Hopefully, they'll just be a little less pronounced than this year, and we believe they will. And then in terms of what we've got coming for the third and fourth quarter, from a merchandise and commercial standpoint, we really like a lot.

嗯，當然，與去年同期相比，當我們到明年第二季時，它們都是完全可以修復的。毫無疑問，明年我們還會犯一些其他錯誤。這是業務的一部分。希望它們會比今年稍微不那麼明顯，我們相信它們會的。然後就我們第三季和第四季的產品而言，從商品和商業的角度來看，我們真的很喜歡。

One of the things that we've got that we think will be a meaningful plus for us this year, we've got the Indigo Palms launch in Tommy Bahama, which is already driving some positive results in the getting cooler month that we're in now and should help as we get further into the cooler months.

我們認為今年對我們有意義的一件事是，我們在湯米巴哈馬推出了 Indigo Palms，這已經在我們正在變得涼爽的月份中帶來了一些積極的成果現在應該會有所幫助，因為我們將進一步進入涼爽的月份。

And then in January, they're actually going to have an early spring delivery that's going to hit a floor in January. Typically, January has just have been out at everything that's left over from the pre-holiday and resort time. And this year, we're actually going to give our guests a taste of spring in January that we think they'll be receptive to and they'll like.

然後在一月份，他們實際上將進行早春交貨，並將在一月份觸底。通常情況下，一月份剛結束了假期前和度假時間剩下的所有事情。今年，我們實際上將在一月份為客人帶來春天的味道，我們認為他們會接受並且會喜歡。

So we like our lineup for the second half. We wish that consumer were a little bit stronger than they are, but we do think we've got good tools to work with to try to capitalize on the demand that is there.

所以我們喜歡下半場的陣容。我們希望消費者比他們更強大一點，但我們確實認為我們有很好的工具可以利用現有的需求。

All right.. Great. Perfect. Thanks for all the color.

好吧.. 太棒了。完美的。感謝所有的顏色。

Thank you.

謝謝。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Hey, guys. Thanks. Can you talk about which regions were performing this quarter, it sounds like Florida was in line with the chain, but where did you see better results by region and where did you see weaker results? And then can you talk about where each of the brands are in terms of full price selling relative to all-time peaks and also maybe relative to pre-pandemic levels?

嘿，夥計們。謝謝。您能談談哪些地區在本季度表現良好，聽起來佛羅裡達州與環比一致，但您在哪些地區看到了更好的結果，以及在哪些地區看到了較弱的結果？然後您能談談每個品牌的全價銷售相對於歷史高峰以及大流行前水平的情況嗎？

Just trying to understand the level of markdowns that you're seeing, what percentage of the assortment for each of the brands are selling at full price today versus what you saw last year, a year before, maybe pre-pandemic just to frame where you are in that continuum?

只是想了解您所看到的降價水平，今天每個品牌的商品以全價銷售的比例是多少，與您去年、前一年、也許是大流行前看到的情況相比，只是為了框架您的情況處於那個連續體？

Okay. Thank you, Paul. And first, with respect to the regional question, this is on a relative basis. Nowhere was really great. Almost everywhere was soft during the quarter.

好的。謝謝你，保羅。首先，關於地區問題，這是相對的。沒有什麼地方真的很棒。本季幾乎所有地區都表現疲軟。

But the places that were relatively strong were some of the cooler weather places like the Midwest, the Mid-Atlantic, New England, were some of the -- and then some of the spots out West, I think, especially the Northwest, some of the desert areas were relatively strong as compared to Florida, Texas, some of the places that were a little bit weaker.

但相對強勁的地方是一些天氣涼爽的地方，例如中西部、大西洋中部、新英格蘭，還有一些西部地區，我認為，尤其是西北地區，沙漠地區相對較強，佛羅裡達州、德克薩斯州有些地方稍弱一些。

But again, nowhere was really what I would call strong. It was -- everywhere was soft. And again, on Florida, it's not that it was way worse than other places. It's just that it looked more like other places where for the last couple of years, it had been an outlier on the positive side. And now on the relative level of discount.

但話又說回來，沒有什麼地方是我所說的真正強大的。到處都是軟軟的。再說一遍，佛羅裡達州的情況並不比其他地方差得多。只是它看起來更像其他地方，在過去幾年裡，它在積極方面一直是異常值。現在就相對折扣水準而言。

Yes, one more to add to that. The Marlin Bars locations held -- the retail side of the Marlin Bars held much better than the averages out there. So that part was encouraging.

是的，還有一個要補充的。馬林酒吧門市的情況——馬林酒吧零售方面的情況比那裡的平均水平要好得多。所以這部分是令人鼓舞的。

Yes, very important.

是的，非常重要。

Yes. As far as the level of discount, we were pretty low levels. Since the pandemic, I would say this year is reverting back to closer to a pre-pandemic level. I don't have exact percentages, but it's not a big outlier from where we operated pre-pandemic. It's just been more promotional than we've been since the pandemic.

是的。就折扣水平而言，我們的水平相當低。自大流行以來，我想說今年正在恢復到接近大流行前的水平。我沒有確切的百分比，但這與我們在大流行前的運營情況相比並不是一個很大的異常值。這只是比大流行以來我們進行的促銷活動更多。

And again, it's the lower full-price sales this is yielding it's not because we're doing a lot more events. It's just the lower full-price sales. It's just fuel -- providing more inventory that we need to clear. And we're -- so some of our clearance and promotional events are just a bit bigger.

再說一次，這是全價銷售較低的結果，並不是因為我們舉辦了更多的活動。這只是全價銷售較低。它只是燃料——提供更多我們需要清理的庫存。我們的一些清倉和促銷活動規模更大一些。

Got it. How are you thinking about ticket prices? Do they need to be adjusted lower to avoid having to use more discounts to drive sales? Or you prefer to leave them where they are and show the customer that discount as a call to action?

知道了。您如何看待門票價格？是否需要調低價格以避免使用更多折扣來推動銷售？還是您寧願將它們留在原處並向客戶展示折扣作為號召性用語？

I think that we want to -- we don't want to reprice existing product or the same style if it goes forward. There's a little bit of an opportunity to adjust the AUR by buying more heavily into some of our lower price point offerings in future seasons.

我認為我們希望——如果現有產品或相同款式繼續發展，我們不想重新定價。在未來的季節裡，我們有機會透過更多地購買一些價格較低的產品來調整 AUR。

And I think we will do a little bit of that. I don't think it will be dramatic, but I think we'll probably invest a little bit more in some of the lower price points that we already have, where we were lighter in inventory this year, and we -- in upcoming seasons, I think, we'll probably invest a little bit more.

我想我們會做一些這樣的事情。我不認為這會是戲劇性的，但我認為我們可能會在我們已經擁有的一些較低價格點上進行更多投資，今年我們的庫存較少，而且我們 - 在即將到來的季節，我想，我們可能會多投資一點。

That was an example of one of the issues, Paul, that we had in the second quarter was our opening price point dresses in Tommy Bahama, which for Tommy Bahama is $90 to $120, we were significantly underinvested in inventory in that price point for dresses during the second quarter, and we felt that.

保羅，這是我們第二季度遇到的問題之一的一個例子，就是我們在 Tommy Bahama 的開盤價連身裙，對 Tommy Bahama 來說是 90 至 120 美元，我們在該價位連身裙的庫存上投資嚴重不足在第二季度，我們感受到了這一點。

We -- I think lost some revenue as a result of that. And so when we get to next spring, I think, you'll see us more heavily invest in. So again, not so much changing the prices on existing products, but we do have some ability to tweak the AUR just by the mix of price points that we're offering.

我認為我們因此損失了一些收入。因此，當我們到明年春天時，我想，你會看到我們加大投資力度。的價位。

Got it. Thank you. Good luck.

知道了。謝謝。祝你好運。

Thank you, Paul.

謝謝你，保羅。

Thank you. There are no further questions at this time. I would like to hand the floor back over to management for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給管理階層，以徵求結束語。

Okay. Paul, thank you very much for hosting our call and thanks to all of you for your interest in our company and we look forward to talking to you again in December and I hope all is well until then.

好的。 Paul，非常感謝您主持我們的電話會議，也感謝大家對我們公司的興趣，我們期待在 12 月再次與您交談，希望在那之前一切順利。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。