Oxford Industries Inc (OXM) 2024 Q4 法說會逐字稿

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

大家好，歡迎參加牛津工業 2024 財年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to introduce your host, Brian Smith. Please go ahead.

現在我很高興介紹您的主持人布萊恩史密斯 (Brian Smith)。請繼續。

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. 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.

謝謝，下午好。在我們開始之前，我想提醒與會者，今天的電話會議和問答環節中發表的某些聲明可能構成聯邦證券法所定義的前瞻性聲明。前瞻性陳述並不構成保證，實際結果可能與前瞻性陳述中所表達或暗示的結果有重大差異。我們今天稍早發布的新聞稿和向美國證券交易委員會提交的文件中討論了可能導致實際經營結果或財務狀況出現差異的重要因素，包括我們的 10-K 表中包含的風險因素。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 財務指標的對帳表，該新聞稿發佈在我們的網站 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湯姆·丘布 (Tom Chubb)；以及首席財務官兼首席營運官 Scott Grassmyer。

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

感謝您的關注。現在，我想將電話轉給湯姆·丘布 (Tom Chubb)。

Good afternoon, and thank you for joining us. We are pleased to be reporting fourth quarter net sales and adjusted EPS that are both near the top of our guidance ranges. In December, we said that we were expecting a strong holiday selling season. That expectation turned into reality as the consumer did, in fact, show up to buy their loved ones and friends the gifts that they really wanted from the brands that they love.

下午好，感謝您加入我們。我們很高興地報告第四季度的淨銷售額和調整後的每股收益均接近我們的預期範圍的最高水平。12 月份，我們曾說過，我們預計假日銷售季將會強勁。這種期望變成了現實，因為消費者確實從他們喜愛的品牌中為他們的親人和朋友購買了他們真正想要的禮物。

We were particularly pleased in the weeks leading up to Christmas by the performance of some of our newer special products such as Tommy Bahama's Indigo Palms denim and denim-friendly product, the Tommy Bahama Marlin Luxe Quarter Zip Pullover, and the Lilly Pulitzer Reserve collection. The performance of these higher price point products is strong evidence that when there is reason to shop, our customers are choosing to spend with our brands. And this helped drive comps for the month of December up 2%.

在聖誕節前的幾周里，我們對一些較新的特殊產品的表現感到特別高興，例如 Tommy Bahama 的 Indigo Palms 牛仔布和牛仔布友好產品、Tommy Bahama Marlin Luxe Quarter Zip 套頭衫和 Lilly Pulitzer Reserve 系列。這些高價位產品的表現有力地證明，當有購物理由時，我們的客戶會選擇購買我們的品牌。這有助於推動 12 月的同店銷售額上漲 2%。

As we moved into January, we experienced a moderation in demand which we attribute to the recent pattern of consumers retreating when there isn't a reason to spend, combined with the deterioration in consumer sentiment. As a result, January was not as strong as December, with comps down 3%. This negative trend accelerated in the beginning of fiscal 2025 with comps of negative 9% in February.

進入一月份，我們經歷了需求放緩，我們將其歸因於近期消費者在沒有消費理由時退縮的模式，加上消費者信心的惡化。因此，1 月的表現不如 12 月強勁，同店銷售額下降了 3%。這一負面趨勢在 2025 財年開始進一步加速，2 月的年銷售額下降了 9%。

Given this backdrop, we are pleased with our fourth-quarter performance and commend and thank our people for delivering these results. We believe the choppiness in demand we experienced towards the end of fiscal 2024 is likely to continue in the near term.

鑑於此背景，我們對第四季度的業績感到滿意，並讚揚和感謝我們的員工所取得的這些成績。我們認為，2024 財年末經歷的需求波動可能會在短期內持續下去。

Just as the consumers showed up and was willing to spend for Christmas, we expect the same will be true for the first half of fiscal 2025 with strong selling for big events such as Easter, Mother's Day, Father's Day, Memorial Day, and the Fourth of July. In the in between times, we anticipate the consumer will be more hesitant to spend given the uncertainty in the current marketplace. With our power portfolio of happiness evoking brands, our world-class omnichannel platform, our strong cash and balance sheet, and our resilient team, we continue to believe that the long-term opportunity for us is extremely bright. However, we are realistic enough to recognize that we are not immune from the current headwinds.

就像消費者出現並願意在聖誕節期間消費一樣，我們預計 2025 財年上半年的情況也將如此，復活節、母親節、父親節、陣亡將士紀念日和 7 月 4 日等大型活動的銷售也將強勁。在此期間，我們預計，鑑於當前市場的不確定性，消費者將更不願意消費。憑藉我們強大的幸福品牌組合、世界一流的全通路平台、強大的現金和資產負債表以及堅韌的團隊，我們始終相信，我們的長期機會極其光明。然而，我們也足夠現實地認識到，我們並不能免受當前逆風的影響。

As with any time of uncertainty, the key for us in the short term is to control the controllables and to stay focused. At the top of our focus list is our customer. Our top priority is staying hyper-focused on the 4-point North Star that serves as the blueprint for how we run the company. As a reminder, our 4-point North Star starts with our overarching strategy to maximize long-term shareholder value. The key here is to remember that we're building a sustainable business and shareholder value for the long term, notwithstanding the short-term turbulence.

正如任何不確定時期一樣，短期內我們的關鍵是控制可控因素並保持專注。我們最關注的焦點是我們的客戶。我們的首要任務是高度關註四點北極星，它是我們營運公司的藍圖。提醒一下，我們的四點北極星始於我們的整體策略，即最大化長期股東價值。這裡的關鍵是要記住，儘管存在短期動盪，但我們正在建立長期可持續的業務和股東價值。

The second point of our strategy is to own a portfolio of lifestyle brands. We have 83 years behind us and have remained successful through many challenges. We know how to do this. During this uncertain time, we will make sure that we are protecting the integrity of our brands for the long term. Protecting the integrity of our brands means avoiding short-term fixes to offer slightly improved near-term results that would damage our brands and our prospects for the long term.

我們的策略的第二點是擁有一系列的生活方式品牌。我們已經走過了83年，並且在面臨許多挑戰時取得了成功。我們知道如何做到這一點。在這個不確定的時期，我們將確保長期保護我們品牌的完整性。保護我們品牌的完整性意味著避免採取短期修復措施來提供略微改善的短期結果，因為這可能會損害我們的品牌和長期前景。

Third is our purpose as a company, which is to evoke happiness in our consumers. All of our brands are happy brands that metaphorically take our customers to their happy place. It is important for us to stay focused on delivering that happiness to our customers and not get distracted by external challenges beyond our control.

第三是我們身為一家公司的宗旨，就是為消費者帶來快樂。我們的所有品牌都是快樂品牌，可以帶領我們的客戶到達快樂的地方。對我們來說，重要的是專注於為客戶帶來快樂，而不要被我們無法控制的外部挑戰分散注意力。

Our fourth and final area of focus is to generate cash that we can then reinvest to grow our existing businesses, pursue acquisitions when the opportunity exists, and returning capital to our shareholders, all while maintaining a healthy balance sheet. Each of our brands has detailed plans for fiscal 2025 tailored to their unique circumstances, challenges, and opportunities. However, all of them have one thing in common, and that is that they focus on the core of what makes the brand great.

我們的第四個也是最後一個重點領域是產生現金，然後我們可以將其再投資以發展現有業務，在有機會時進行收購，並向股東返還資本，同時保持健康的資產負債表。我們的每個品牌都根據其獨特的情況、挑戰和機會制定了 2025 財年的詳細計劃。然而，他們都有一個共同點，那就是他們專注於品牌偉大的核心。

For Tommy Bahama, focusing on the core is about ensuring that we are engaged and fully activated in our top 25 markets. We have a tremendous following in each of these markets that serves as a great foundation for the business. At the same time, there's a significant opportunity to attract a much larger audience to the brand.

對 Tommy Bahama 而言，專注於核心就是確保我們能夠充分參與並活躍在前 25 個市場。我們在每個市場都有大量的追隨者，這為我們的生意奠定了良好的基礎。同時，這也是吸引更多受眾關注品牌的絕佳機會。

As we ignite and activate these core markets in 2025, our plan is to not only delight our current customers, but connect with prospective customers to drive more traffic and higher conversion across all channels.

隨著我們在 2025 年點燃並激活這些核心市場，我們的計劃不僅要取悅現有客戶，還要與潛在客戶建立聯繫，以在所有管道上吸引更多流量和提高轉換率。

At Lilly Pulitzer, focusing on the core is all about the top 20% of our customer base. The top 20% of our customer base accounts for 67% or two-thirds of our sales and even more of our profitability as they tend to buy at full price. Making sure that we have the products, experiences, and marketing messages that delight these customers will help ensure they are fully engaged in spending money with us during fiscal 2025. We also believe that doubling down on serving our best customers will help us to attract many, many more who are demographically and psychographically similar to our existing top customer base.

在 Lilly Pulitzer，我們關注的核心是客戶群中排名前 20% 的客戶。我們客戶群中最頂級的 20% 貢獻了我們 67% 或三分之二的銷售額，並且由於他們傾向於以全價購買，因此貢獻了更多的盈利能力。確保我們擁有讓這些客戶滿意的產品、體驗和行銷訊息，將有助於確保他們在 2025 財年全心與我們一起消費。我們也相信，加倍努力服務我們最好的客戶將有助於我們吸引更多在人口統計和心理特徵上與我們現有的頂級客戶群相似的客戶。

In Johnny Was, focusing on the core is about getting back to the brand's roots through the type of products that made Johnny Was famous and a favorite with hundreds of thousands of customers. As we stretch the boundaries of what the brand can be in the last several years, we probably took a little bit of focus off the embroidered and embellished products that consumers came to love.

在 Johnny Was，關注核心就是透過讓 Johnny Was 出名並受到數十萬顧客喜愛的產品類型回歸品牌的根源。過去幾年，隨著我們不斷拓展品牌的界限，我們可能不再太在意消費者喜愛的刺繡和裝飾產品了。

During 2025, we will focus on delighting our engaged customers with an enhanced assortment of what we call our collection product, merchandise that better reflects Johnny Was' origins. We believe this focus on what makes Johnny Was unique and differentiated in the marketplace will also help us attract new loyalists to the brand.

2025 年，我們將專注於透過增強我們所謂的收藏產品種類來取悅我們的忠實客戶，這些商品可以更好地反映 Johnny Was 的起源。我們相信，專注於 Johnny Was 在市場上的獨特之處和差異化優勢也將幫助我們吸引新的品牌忠實粉絲。

Scott will provide more detail on our guidance in a minute, but it is fair to say that the ongoing uncertainty in the marketplace has made us a bit more cautious in our view for the full year. That said, we still expect cash flow to remain strong, with cash flow from operations projected to be approximately $170 million for the year. And we intend to continue to invest that cash flow in the areas that we will believe help drive long-term shareholder value.

斯科特將在稍後提供有關我們指導的更多細節，但公平地說，市場持續的不確定性使我們對全年的看法更加謹慎。儘管如此，我們仍預期現金流將保持強勁，預計今年的營運現金流約為 1.7 億美元。我們打算繼續將現金流投資於我們認為有助於推動長期股東價值的領域。

At the top of our investment priorities is continuing to grow and strengthen our omnichannel platform. In recent months, we have completed significant upgrades to our Tommy Bahama, Lilly Pulitzer, Southern Tide, and the Beaufort Bonnet Company e-commerce websites. In addition, late this year, we expect to complete the new distribution center that will allow us to increase our inventory velocity and sell-throughs as it services our very large omnichannel business in the eastern and southern parts of the country.

我們的首要投資重點是繼續發展和加強我們的全通路平台。最近幾個月，我們完成了 Tommy Bahama、Lilly Pulitzer、Southern Tide 和 Beaufort Bonnet Company 電子商務網站的重大升級。此外，我們預計今年底完成新的配送中心，這將使我們能夠提高庫存速度和銷售量，為其在該國東部和南部的龐大全通路業務提供服務。

During the year, we also plan to open approximately 20 new stores, including four new Marlin Bars, and we remain focused, as always, on returning capital to shareholders, and we have already purchased $50 million worth of stock during the first part of this fiscal year at prices that we believe over the long term will prove to be very attractive.

年內，我們還計劃開設約 20 家新店，包括 4 家新的 Marlin Bars，並且一如既往地專注於向股東返還資本，而且在本財年上半年，我們已經以我們認為從長遠來看非常有吸引力的價格購買了價值 5,000 萬美元的股票。

In addition, on Monday, our Board of Directors approved a 3% increase in our quarterly dividend from $0.67 to $0.69. As a reminder, we have paid a dividend every quarter since we went public in 1960. As we navigate the uncertainty of our confidence is buoyed by the fact that as a company, as a team, we know who we are, and we know what we are doing.

此外，週一，我們的董事會批准將季度股息增加 3%，從 0.67 美元增加至 0.69 美元。提醒一下，自 1960 年上市以來，我們每季都會派發股息。當我們面對不確定性時，我們的信心會因這樣的事實而增強：作為一家公司、一個團隊，我們知道我們是誰，我們知道我們在做什麼。

I'll now turn the call over to Scott for more detail on the fourth quarter, the full year, and our outlook for fiscal 2025. Scott?

現在，我將把電話轉給斯科特，以了解有關第四季度、全年以及 2025 財年展望的更多詳細資訊。史考特？

Thank you, Tom. As Tom mentioned, we finished the fourth quarter and full fiscal year 2024 with top- and bottom-line results at the top end of our guidance range. Our operating groups had strong holiday seasons and performed well during the fourth quarter despite pullback in consumer spending in January. Consolidated net sales in the 52-week fiscal 2024 decreased 3% to $1.52 billion. As a reminder, 2023 net sales included an approximate $16 million from the 53rd week, resulting in $10 million of additional gross profit.

謝謝你，湯姆。正如湯姆所提到的，我們在 2024 財年第四季和全年的營收和淨利潤均達到了預期範圍的最高水準。儘管 1 月消費者支出有所回落，但我們的營運團隊在假期季節表現強勁，並且在第四季度表現良好。2024 財年 52 週的綜合淨銷售額下降 3% 至 15.2 億美元。提醒一下，2023 年的淨銷售額包括第 53 週的約 1,600 萬美元，產生了 1,000 萬美元的額外毛利。

Sales in our full-price brick-and-mortar locations were down 2%, driven by a mid-single-digit negative comp, partially offset by the addition of new store locations. E-commerce sales decreased 4%. Our food and beverage and outlet locations performed better with a 1% and 3% sales increase, respectively, driven by new locations, partially offset by low single-digit negative comps.

我們的全價實體店銷售額下降了 2%，主要是受中等個位數的負成長影響，但新店的開設在一定程度上抵消了這一影響。電子商務銷售額下降了4%。我們的食品飲料和直銷店表現更好，銷售額分別增長了 1% 和 3%，這得益於新店的推動，但被低個位數的負增長部分抵消。

Our wholesale channel, which had a particularly challenging year, decreased $31 million or 10% as the specialty store business across our brands continues to struggle, partially offset by increased sales to major department stores.

我們的批發通路經歷了特別艱難的一年，由於我們品牌的專賣店業務持續陷入困境，批發通路銷售額下降了 3,100 萬美元，降幅為 10%，但大型百貨公司銷售額的增加部分抵消了這一影響。

Adjusted gross margin contracted 80 basis points to 63.2%, driven primarily by a higher proportion of net sales occurring during promotional and clearance events in Tommy Bahama, Lilly Pulitzer, and Johnny Was.

調整後毛利率收縮 80 個基點至 63.2%，主要由於 Tommy Bahama、Lilly Pulitzer 和 Johnny Was 的促銷和清倉活動期間淨銷售額佔比增加。

Across our three major brands and throughout fiscal 2024, consumer response was strongest to our new and innovative fashion products and during our promotional and end-of-season clearance events. We believe the higher proportion of spending around key promotional periods represents a return to pre-COVID spending habits.

在我們的三大品牌中以及整個 2024 財年，消費者對我們的新穎時尚產品以及促銷和季末清倉活動的反應最為強烈。我們認為，關鍵促銷期期間的支出比例較高代表著消費習慣已恢復至疫情前的水準。

The decrease in gross margin resulting from an increase in promotional and clearance sales was partially offset by a change in sales mix, with a greater proportion of our sales coming through our direct-to-consumer channels. Our Merchant Brands Group was able to significantly increase gross margin through improved inventory positions and fewer promotional sales.

促銷和清倉銷售增加導致的毛利率下降被銷售組合的變化部分抵消，我們的銷售額中有更大比例來自直接面向消費者的管道。我們的商家品牌集團透過改善庫存狀況和減少促銷活動大幅提高了毛利率。

Adjusted SG&A expenses increased 4% to $841 million compared to $807 million in fiscal 2023, which also included approximately $11 million of incremental SG&A from the 53rd week. During fiscal 2024, we incurred higher expenses related to the annualization of incremental SG&A related to the 23 net new stores added during fiscal 2023.

調整後的銷售、一般及行政管理費用 (SG&A) 較 2023 財年的 8.07 億美元增加 4% 至 8.41 億美元，其中還包括第 53 週增加的約 1,100 萬美元的銷售、一般及行政管理費用。在 2024 財年，我們發生了與 2023 財年新增 23 家店相關的增量銷售、一般及行政費用年化相關的更高費用。

Recent and ongoing investments in our business, primarily from the addition of 30 net new brick-and-mortar locations opened during fiscal 2024, including three new Tommy Bahama Marlin Bar locations. Costs related to some of the approximately five new brick-and-mortar locations that we expect to open early in the year and the Tommy Bahama, King of Prussia and Charlotte, North Carolina, Marlin Bar locations that opened last week and the addition of Jack Rogers -- of the Jack Rogers brand acquired in the fourth quarter of fiscal 2023.

我們最近和正在進行的業務投資，主要來自於 2024 財年新增 30 家實體店，其中包括三家新的 Tommy Bahama Marlin Bar 店。這些成本與我們預計在今年年初開業的大約五家新實體店、上週開業的 Tommy Bahama、King of Prussia 和北卡羅來納州夏洛特的 Marlin Bar 門市以及在 2023 財年第四季度收購的 Jack Rogers 品牌有關。

The result of this yielded $136 million of adjusted operating income or a 9% operating margin compared to adjusted operating income of $216 million or 13.8% of net sales in the prior year. The decrease in adjusted operating income reflects the impact of our SG&A investments in a difficult consumer environment that resulted in decreased sales and lower gross margins.

由此產生的調整後營業收入為 1.36 億美元，營業利益率為 9%，而去年同期的調整後營業收入為 2.16 億美元，佔淨銷售額的 13.8%。調整後營業收入的減少反映了在艱難的消費環境下銷售、一般及行政開支的影響，導致銷售額下降和毛利率下降。

Moving beyond operating income. We benefited from $4 million of lower interest expense resulting from lower average debt levels and a lower adjusted effective income tax rate. Our tax rate was impacted by certain discrete items, including interest income associated with a refund received related to our fiscal 2020 net operating loss. With all this, we ended with $6.68 of adjusted EPS, which was at the top end of our guidance.

超越營業收入。由於平均債務水準較低和調整後有效所得稅率較低，我們受益於 400 萬美元的利息支出降低。我們的稅率受到某些單項項目的影響，包括與 2020 財年淨營業虧損相關的退款相關的利息收入。綜合上述所有因素，我們最終實現了 6.68 美元的調整後每股收益，達到了我們預期的最高水準。

I'll now move on to the balance sheet, beginning with inventory. At the end of fiscal 2024, inventory was up 5% on both a LIFO and FIFO basis. The increase was primarily driven by the early receipts of shipments from Asia ahead of the effective date of some of the new tariffs. We ended the year with outstanding long-term debt of $31 million, up slightly compared to the prior year, as our $194 million of cash flow from operations in fiscal 2024 were outpaced by our elevated level of capital expenditures of $134 million, primarily related to Lyons, Georgia distribution center project and the addition of new brick-and-mortar locations, $43 million of dividends, acquisitions, and changes in working capital needs.

我現在將轉到資產負債表，從庫存開始。截至 2024 財年末，庫存以後進先出法和先進先出法計算均上漲了 5%。成長的主要原因是部分新關稅生效前提前收到來自亞洲的貨物。截至本財年，我們的長期債務未償還金額為 3,100 萬美元，較上年略有增加，原因是 2024 財年我們的經營活動現金流為 1.94 億美元，但被 1.34 億美元的高額資本支出所超過，這主要與佐治亞州萊昂斯配送中心項目和新增實體店、4300 萬美元資本的需求變化的需求。

I'll now spend some time on our outlook for 2025. For the full year, we expect net sales to be between $1.49 billion and $1.53 billion, or down 2% to up 1% compared to sales of $1.52 billion in 2024. The sales plan in 2025 includes a total comp decline of between 2% and 4% growth in our Lilly Pulitzer and Emerging Brands segments, partially offset by decreases in our Tommy Bahama and Johnny Was segments.

現在我將花一些時間談談我們對 2025 年的展望。我們預計全年淨銷售額將在 14.9 億美元至 15.3 億美元之間，與 2024 年的 15.2 億美元銷售額相比下降 2% 至成長 1%。2025 年的銷售計畫包括 Lilly Pulitzer 和新興品牌部門的總銷售額下降 2% 至 4% 的成長，但 Tommy Bahama 和 Johnny Was 部門的銷售額下降部分抵消了這一影響。

By distribution channel, the sales plan consists of relatively flat sales in both the brick-and-mortar and wholesale channels and a mid-single-digit increase in food and beverage. We also expect e-commerce sales to decrease in the low single-digit range.

按分銷管道劃分，銷售計劃包括實體店和批發通路的銷售相對持平，以及食品和飲料的中等個位數成長。我們也預期電子商務銷售額將以個位數低幅度下降。

We anticipate gross margin will decrease in 2025 between 50 and 100 basis points, primarily driven by the impact of tariffs and the expectation of lower proportion of full-price direct-to-consumer sales. Similar to what we experienced in fiscal 2024, we expect the trend of our consumers responding strongly to our promotional events and off-price offerings to continue in fiscal 2025.

我們預計 2025 年毛利率將下降 50 至 100 個基點，主要受關稅的影響以及全價直接面向消費者的銷售比例下降的預期。與我們在 2024 財年經歷的情況類似，我們預期消費者對我們的促銷活動和折扣優惠反應強烈這一趨勢將在 2025 財年繼續下去。

Related to tariffs, our gross margin forecast includes an unmitigated tariff impact of approximately $9 million to $10 million or about $0.45 to $0.50 per share of goods made in China based on the recently enacted incremental tariffs currently in effect. As the entire tariff landscape becomes clearer, we will continue to put further mitigation steps in place. Our mitigation steps have and will continue to include receipt of inventory ahead of the effective date of new tariffs, sourcing shift to countries with lower duty and tariff rates, sharing of tariffs with our vendors, merchandising shifts to more favorable duty products, and select price increases.

與關稅相關，根據目前實施的近期增量關稅，我們的毛利率預測包括未緩解的關稅影響，約 900 萬至 1,000 萬美元，或每股中國製造的商品約 0.45 至 0.50 美元。隨著整個關稅狀況變得更加清晰，我們將繼續採取進一步的緩解措施。我們的緩解措施已經並將繼續包括在新關稅生效日之前收到庫存、採購轉移到關稅和關稅稅率較低的國家、與我們的供應商分擔關稅、商品銷售轉移到關稅更優惠的產品以及選擇提高價格。

Our strong brand management teams have a track record of successfully mitigating past tariff increases and are proactively and implementing migration strategies related to the known tariff shifts. We expect to be able to materially mitigate the impact of the known and implemented tariffs by the spring of 2026 through these mitigation actions.

我們強大的品牌管理團隊有著成功緩解過去關稅上調的記錄，並且積極實施與已知關稅變化相關的遷移策略。我們預計到 2026 年春季能夠透過這些緩解措施大幅減輕已知和實施的關稅的影響。

Moving beyond tariffs and gross margin. We expect SG&A to grow in the low- to mid-single-digit range, primarily due to the annualization of incremental SG&A from the 30 net new stores added during fiscal 2024. Investments in additional brick-and-mortar locations openings in 2025, including four new Marlin Bars. Our net new brick-and-mortar count is expected to increase by approximately 20 locations and incremental costs related to the opening of our new distribution center in Lyons, Georgia in the fourth quarter of 2025.

超越關稅和毛利率。我們預期銷售、一般及行政開支將以低至中等個位數成長，主要由於 2024 財年新增 30 家店帶來的增量銷售、一般及行政開支年化。投資於 2025 年開設更多實體店，包括四家新的 Marlin Bars。預計我們的新實體店淨數量將增加約 20 家，且與 2025 年第四季在喬治亞州萊昂斯開設新配送中心相關的增量成本也將增加。

While we expect our store count to increase in fiscal 2025, primarily due to signed lease agreements in our store pipeline, we anticipate that our store opening pace will slow during fiscal '25 and into 2026 as we signed fewer new agreements and open fewer Johnny Was in Southern Tide locations. At the same time, Tommy Bahama and Lilly Pulitzer will continue to be highly selective with any new locations.

雖然我們預計我們的門市數量將在 2025 財年增加，這主要歸因於我們門市通路中簽署的租賃協議，但我們預計，由於我們簽署的新協議減少，並且在 Southern Tide 開設的 Johnny Was 門市減少，我們的門市開設速度將在 25 財年和 2026 年放緩。同時，Tommy Bahama 和 Lilly Pulitzer 將繼續嚴格篩選新店址。

Also within operating income, we expect royalties and other income to be relatively flat in fiscal 2025. Additionally, our fiscal 2025 guidance includes the unfavorable impact of non-operating items, including anticipated higher interest expense at $7 million for the year compared to $2 million in 2024 or an approximate $0.20 to $0.25 EPS impact. The increased debt levels in fiscal 2025 are due to our continued capital expenditures on the Lyons, Georgia distribution center and return of capital to shareholders exceeding cash flow from operations.

此外，在營業收入中，我們預計特許權使用費和其他收入將在 2025 財年相對持平。此外，我們的 2025 財年指引還包括非營業項目的不利影響，包括預計今年的利息支出將增加至 700 萬美元，而 2024 年為 200 萬美元，或每股收益影響約為 0.20 至 0.25 美元。2025 財年的債務水準增加是由於我們持續對喬治亞州萊昂斯配送中心進行資本支出，以及向股東返還的資本超過了經營現金流。

We also expect a higher adjusted effective tax rate of approximately 24.5% compared to 20.9% in 2024, which benefited from certain unfavorable items primarily related to interest income from tax receivables that are not expected to reoccur in 2025. The higher tax rate will result in approximately $0.20 to $0.25 per share impact.

我們也預期調整後的有效稅率將高於 2024 年的 20.9%，約為 24.5%，這得益於某些不利項目，主要與應收稅收的利息收入有關，預計這些項目在 2025 年不會再次出現。更高的稅率將導致每股約 0.20 美元至 0.25 美元的影響。

Considering all of these items, including the $0.85 to $1 impact from tariffs, higher interest expense, and a higher tax rate, we expect 2025 adjusted EPS to be between $4.60 and $5 versus adjusted EPS of $6.68 last year. In the first quarter of 2025, we expect sales of $375 million to $395 million compared to sales of $398 million in the first quarter of 2024. The sales plan in the first quarter includes decreases in our direct-to-consumer channels, partially offset by an increase in our wholesale channel. We also expect decreased gross margin resulting from lower proportion of full-price sales and the impact of tariffs.

考慮到所有這些因素，包括關稅帶來的 0.85 至 1 美元的影響、更高的利息支出和更高的稅率，我們預計 2025 年調整後每股收益將在 4.60 至 5 美元之間，而去年調整後的每股收益為 6.68 美元。我們預計 2025 年第一季的銷售額為 3.75 億美元至 3.95 億美元，而 2024 年第一季的銷售額為 3.98 億美元。第一季的銷售計畫包括直接面向消費者通路的銷售額減少，但批發通路的銷售額增加部分抵銷了這一影響。我們也預計，全價銷售比例下降以及關稅的影響將導致毛利率下降。

SG&A deleveraging largely from the impact of new stores, as previously mentioned, higher interest expense of approximately $1 million; an effective tax rate of approximately 100 basis points lower than the first quarter 2024 rate of 25.6%. We expect this to result in first quarter adjusted EPS between $1.70 and $1.90 compared to $2.66 in the first quarter of 2024.

銷售、一般及行政開支去槓桿主要受到新店影響，如前所述，利息支出增加約 100 萬美元；有效稅率比 2024 年第一季的 25.6% 的稅率低約 100 個基點。我們預計這將導致第一季調整後每股收益在 1.70 美元至 1.90 美元之間，而 2024 年第一季的調整後每股收益為 2.66 美元。

Spending on the investments we intend to make in our business, I'd like to briefly discuss our CapEx in fiscal 2024 and our outlook for 2025. In fiscal 2024, total capital expenditures of $134 million included approximately $7 million spend on the multiyear Lyons, Georgia distribution center project that we anticipate will require a total investment of $130 million.

關於我們打算在業務中進行的投資，我想簡要討論一下我們 2024 財年的資本支出以及我們對 2025 年的展望。2024 財年，總資本支出為 1.34 億美元，其中包括對喬治亞州萊昂斯配送中心項目的約 700 萬美元支出，我們預計該項目總投資額將達到 1.3 億美元。

Similar to fiscal 2024, the most significant portion of our anticipated $125 million of capital expenditures in fiscal 2025 will relate to the completion of Lyons, Georgia distribution facility expected in the fourth quarter of fiscal '25. The remaining capital expenditures in fiscal 2025 will relate to the execution of our pipeline of new stores and Marlin Bars, including four expected to open in 2025 and increases in store count, primarily across Tommy Bahama, Lilly Pulitzer, Southern Tide, TBBC, store remodels, and other maintenance capital. we expect the elevated level of capital expenditures in fiscal '24 and fiscal '25 to meaningfully moderate for fiscal 2026 and beyond after the completion of the Lyons, Georgia project.

與 2024 財年類似，我們預計 2025 財年的 1.25 億美元資本支出中最重要的部分將與預計於 25 財年第四季完工的喬治亞州萊昂斯配送設施有關。2025 財年剩餘的資本支出將用於實施我們的新店和 Marlin Bars 計劃，其中包括預計於 2025 年開業的四家新店，以及增加門市數量，主要包括 Tommy Bahama、Lilly Pulitzer、Southern Tide、TBBC、門市改造和其他維護資本。我們預計，在喬治亞州萊昂斯計畫完工後，2024財年和2025財年的資本支出高企將在2026財年及以後明顯放緩。

Wrapping up our guidance. Cash flow from operations are expected to be strong, along with borrowings under -- on our revolver will provide us with ample room to fund the previously mentioned investments, pay our quarterly dividend, and fund share repurchases.

總結我們的指導。預計經營活動產生的現金流將會強勁，再加上循環信貸下的借款，我們將有充足的空間來資助前面提到的投資、支付季度股息和資助股票回購。

In the first quarter of fiscal 2025, we initiated and completed a $50 million 10b5-1 program, where we repurchased 842,000 shares or approximately 5% of outstanding shares at what we believe will prove to be an attractive average price of $59.38. Following our recent buying activity, the Board authorized a new $100 million share repurchase program on March 24 that replaces our previous authorization.

在 2025 財年第一季度，我們啟動並完成了一項 5000 萬美元的 10b5-1 計劃，我們以 59.38 美元的平均價格回購了 842,000 股，約佔流通股的 5%。繼我們最近的購買活動之後，董事會於 3 月 24 日批准了一項新的 1 億美元股票回購計劃，以取代我們先前的授權。

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

感謝您今天的寶貴時間，現在我們將開始提問。史黛西？

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員指示）Ashley Owens，KeyBanc 資本市場。

Good afternoon. So to start, I wanted to touch on the first-quarter guide. I know you spoke to some of the comps and what you've seen thus far. Maybe if you could help us unpack some of the different headwinds you mentioned in the magnitude of each, did it vary by brand at all? And then additionally, as we think about the balance of the year, some of the puts and takes in your assumptions for both the low and high end of the revenue guidance ranges? Thank you.

午安.因此首先，我想談談第一季的指南。我知道您談到了一些公司以及您迄今為止所看到的情況。也許您可以幫助我們解析一下您提到的不同不利因素，以及每個因素的嚴重程度，這些因素是否因品牌而異？另外，當我們考慮今年的餘額時，您對收入指導範圍的低端和高端做出了哪些假設？謝謝。

Well, the relative strength of the brands, what I would tell you is that Lilly is the strongest performer right now and is actually doing pretty well right now. The rest of the brand, the bigger brands are off a bit. I will point out that we do have the Easter shift this year. So not entirely surprising to see March comping down a bit given that Easter shifted really completely out of March and into April.

嗯，關於品牌的相對實力，我想告訴你的是，禮來公司目前表現最為強勁，而且目前的表現實際上相當不錯。其餘品牌，尤其是大品牌，都略有差距。我要指出的是，今年我們確實有復活節轉變。因此，由於復活節實際上已完全從三月轉移到四月，因此三月的銷售額略有下降也就不足為奇了。

And then in terms of the guidance for the balance of the year, puts and takes on the top and bottom end of the revenue range.

然後，就今年餘額的指導而言，對收入範圍的上限和下限進行了設定和接受。

Yeah. I mean, we do have the new stores which are helping offset the negative comp assumption. But again, we expect Lilly to comp positive, maybe some of our smaller brands to comp positive. And Tommy and Johnny Was, our plants having comp been a little bit negative.

是的。我的意思是，我們確實有新店可以幫助抵消負面的競爭假設。但是，我們再次預期禮來公司的收入會有所成長，也許我們的一些小品牌的收入也會有所成長。和 Tommy 和 Johnny 一樣，我們的工廠的表現有點不佳。

Okay, great. And then quickly as well. I'm hearing from some of the other brands you've spoken to, we're hearing from wholesale partners that they're tightening some of the order books for the remainder of the year and becoming cautious again. Would be curious if this is something you've observed and if there's any variances by brand.

好的，太好了。然後也很快。我從您與之交談過的一些其他品牌那裡聽說，我們從批發合作夥伴那裡聽說，他們正在縮減今年剩餘時間的一些訂單，並再次變得謹慎。我很好奇您是否觀察到了這一點，以及不同品牌之間是否存在差異。

Then additionally, just maybe a little bit on the details for the Johnny Was plan. It was down 9% in the quarter. So where you're observing some of the soft spots of its regional or broad-based? Anything outside of the assortment that you want to or see opportunity to change this year? And then anything you can say on wholesale door increases as we move through the year? I believe you mentioned before that the brand was reentering some accounts in 2025.

另外，也許我可以再多介紹一下 Johnny Was 計畫的細節。本季下降了 9%。那麼您觀察到其在區域或廣泛範圍內有哪些薄弱環節呢？除了上述產品系列之外，今年您還想改變什麼或有機會改變什麼嗎？那麼，隨著時間的流逝，您對批發門市數量成長有何看法？我相信您之前提到過該品牌將在 2025 年重新進入一些帳戶。

Yeah. I think in terms of the overall wholesale market, there is, I think, concern out there that some of the big retailers will pull back their forward orders a bit on -- and we would look at that as being a potential headwind for sure, and we've thought about that as we build our forecast.

是的。我認為，就整個批發市場而言，人們擔心一些大型零售商會稍微撤回他們的遠期訂單——我們認為這肯定會成為潛在的阻力，我們在製定預測時已經考慮到了這一點。

On the other hand, the performance of our brands on the retail floor of our key wholesale accounts has been quite good, quite strong. And usually, that helps protect you against some of the downdraft. So a bit of sort of contraindications, if you will, the headwind of what they may be feeling in the overall market, but the sort of the tailwind that we might be getting from our very strong performance. And in fact, in a lot of cases, we're performing better in those stores than we are in our own stores.

另一方面，我們的品牌在主要批發客戶的零售店鋪表現相當不錯，相當強勁。通常，這有助於保護您免受一些下沉氣流的影響。因此，如果你願意的話，這有點矛盾，他們可能會感受到整個市場帶來的逆風，但我們可能會從非常強勁的表現中獲得順風。事實上，在很多情況下，我們在這些商店的表現比我們自己的商店更好。

In terms of Johnny Was, we do hope to be able to build the wholesale business there, which has slipped a bit in recent years, especially in the majors. And I think are optimistic about that, although, again, you have the kind of the potential headwind of the market just more broadly pulling back there. And I think that was -- did you have another question?

就 Johnny Was 而言，我們確實希望能夠在那裡建立批發業務，近年來有所下滑，尤其是在主要市場。我認為對此持樂觀態度，儘管再次重申，市場可能面臨更廣泛的阻力。我認為那是——您還有其他問題嗎？

The only other thing would have been moved, Johnny Was just anything outside of the assortment for opportunity to change this year?

唯一會被移動的其他東西是約翰尼，今年除了分類之外還有什麼可以改變的機會嗎？

Yeah. Well, I think improving the performance of the retail stores is a big focus. I mean, overall, right now, the market is very challenging, but we're doing everything we can from the way that we're visually merchandising the stores to the way that we're staffing them to the way that we're assorting them, including overall shifting the assortment a little bit more towards our classic collection type product, but then at a more micro level, trying to sort the individual stores better. So we've got a lot of plans there to try to improve the retail performance. We also obviously hope to be able to improve our wholesale book of business.

是的。嗯，我認為提高零售店的業績是一個重點。我的意思是，總的來說，現在的市場非常具有挑戰性，但我們正在盡一切努力，從商店的視覺行銷方式到人員配備方式，再到商品分類方式，包括整體上將商品分類稍微轉向我們經典的收藏型產品，但在更微觀的層面上，我們試圖更好地對各個商店進行分類。因此，我們制定了許多計劃來嘗試提高零售業績。我們顯然也希望能夠改善我們的批發業務。

The wholesale has a great contribution margin. So every incremental dollar of wholesale does a lot for us on the bottom line. Those are kind of the key things that Johnny Was. And then the last one I'd call out, which I think we talked about maybe in previous quarters, but is really trying to improve the efficiency of the marketing spend. And that's not just for Johnny Was, but I would say, especially for Johnny Was trying to improve the efficiency of the marketing spend.

批發的貢獻利潤很大。因此，批發業務中每一美元的增加都會為我們帶來很大的收益。這些都是 Johnny Was 的關鍵特質。我要說的最後一點，我想我們可能在前幾個季度討論過，但真正的目的是試圖提高行銷支出的效率。這不僅適用於 Johnny Was，我想說，尤其適用於試圖提高行銷支出效率的 Johnny Was。

Okay, great. Thank you, all. I'll pass it along.

好的，太好了。謝謝大家。我會傳達的。

Thank you, Ashley.

謝謝你，阿什利。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hey. You've got Ethan Saghi on for Janine. First question, just with all the macro uncertainty going on so far this year, are customers still responding positively to newness in the assortment, or have they pulled back across the board? And would you say your assortment is more balanced with newness now, or is there still some room to improve?

嘿。伊森·薩吉 (Ethan Saghi) 飾演 Janine。第一個問題，鑑於今年迄今的所有宏觀不確定性，客戶是否仍對新品類做出積極反應，還是已經全面退縮？您認為現在您的產品組合是否更均衡、更新穎，還是仍有改進的空間？

Yeah. No, we have -- we've got significantly more newness in -- especially our biggest brands, Tommy and Lilly have taken big steps up in the amount of newness have this spring versus last spring. And it is the newness that's driving the business. When overall, you're a little bit soft, sometimes it's hard to see strength, but we do have strength in newness. We're glad we have the level of newness that we have because the customer is responding to it really nicely.

是的。不，我們有——我們有更多新品——特別是我們最大的品牌，Tommy 和 Lilly 今年春季的新品數量與去年春季相比有了很大的進步。正是這種新鮮感推動了業務的發展。當整體上看，你有點軟弱時，有時很難看到力量，但我們確實在新穎中擁有力量。我們很高興能推出如此新穎的產品，因為顧客對它的反應非常好。

And Tommy Bahama, we've got the new Barbados Pro short, which, Ethan, if you like to be outside during the summer months, it's just a great product. It builds upon a lot of past successes that we've had in shorts and really takes it to a new level.

湯米·巴哈馬 (Tommy Bahama)，我們推出了新款 Barbados Pro 短褲，伊森 (Ethan)，如果你喜歡在夏季戶外活動，這是一款很棒的產品。它建立在我們過去在短片方面取得的許多成功的基礎上，並將其提升到了一個全新的水平。

And then Lilly Pulitzer, some of the stars have been -- I believe it's called the [Tuzla] dress, which has been a star. Our Disney Capsule collection that we just released, I believe, last week. And it's done really well. And that's a new thing for us. We've had Disney product before in our Disney stores -- Disney Springs store, but this is available everywhere and it's done really, really well.

然後是莉莉普利策 (Lilly Pulitzer)，一些明星已經——我相信它被稱為 [Tuzla] 連身裙，它已經成為明星。我記得我們上週剛發布了迪士尼膠囊系列。而且確實做得很好。這對我們來說是新鮮事。我們之前在迪士尼商店——迪士尼之泉商店——就有過迪士尼產品，但這個在任何地方都可以買到，而且做得非常非常好。

And then the last example, the ultimate in newness really is Lilly Pulitzer or Men's wear which we last did in a meaningful kind of way about 15 years ago. And that's been -- it's small. It's not going to be a huge part of the business, but it certainly performed very well and has created a lot of excitement and buzz around the brand.

最後一個例子，真正新穎的極致是 Lilly Pulitzer 或男裝，我們上一次以有意義的方式做這件事是在大約 15 年前。而且 — — 它很小。它不會成為業務的很大一部分，但它的表現確實非常好，並為品牌帶來了許多興奮和關注。

So yeah, newness is good, and we've got some newness, and we're glad we have it.

是的，新鮮是好事，我們也有一些新鮮事物，我們很高興擁有它。

That's great to hear. And then just one more for me. So besides needing more bullish consumer, just could you provide us some more detail on internal initiatives you're taking to improve conversion?

我很高興聽到這個消息。然後對我來說再來一個。因此，除了需要更多樂觀的消費者之外，您能否向我們提供一些有關您為提高轉換率而採取的內部舉措的更多細節？

It's all kinds of things, better product knowledge in the stores, trying to focus the customers or the associates, help them with the knowledge they need to better sell the products, tweaking the assortments as we talked about. It's all kind of blocking and tackling kind of stuff that we're trying to do, making improvements to the websites that make it easier to get from wherever you start to check out and then easier to check out. I mentioned in the prepared comments that we've done major upgrades to the Tommy Bahama, Lilly, Southern Tide, and Beaufort Bonnet websites, and all of those have a lot of features that are in there that are designed to help move people through to check out and then get them checked out.

這是各種各樣的事情，在商店中更好地了解產品知識，試圖集中顧客或員工的注意力，幫助他們掌握更好地銷售產品所需的知識，調整我們所討論的商品組合。我們正在嘗試做各種阻止和處理的事情，對網站進行改進，使您能夠更輕鬆地從任何地方開始檢查，然後更輕鬆地檢查。我在準備好的評論中提到，我們對 Tommy Bahama、Lilly、Southern Tide 和 Beaufort Bonnet 網站進行了重大升級，所有這些網站都具有許多功能，旨在幫助人們完成結帳並讓他們結帳。

Got it. That's really helpful. I'll pass it on and best of luck.

知道了。這真的很有幫助。我會傳達這個訊息並祝你好運。

Okay. Thanks, Ethan.

好的。謝謝，伊森。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Good afternoon, and thanks for taking my questions. First, maybe could you talk about what is like the comp sale in March that you've seen? It sounds like things got a little bit better relative to February, so just wanted to get a bit of understanding on that? And maybe could you help us -- sorry?

偉大的。下午好，感謝您回答我的問題。首先，您能否談談三月的銷售狀況？聽起來情況比二月稍微好了一些，你只是想對此有一點了解嗎？也許您能幫助我們—抱歉？

Go ahead.

前進。

Yes, okay. Great. I was just going to say on the sales cadence for the year, I think like the implied guide if I sort of average growth in the next couple of quarters, the next three quarters to be like roughly up 1%. Is that mainly a function of the store openings, or is -- you're getting some sort of comp sales improvement in upcoming quarters?

是的，好的。偉大的。我只是想說今年的銷售節奏，我認為如果我對未來幾季、未來三個季度的平均成長率進行預測，那麼隱含的指導值將大約為成長 1%。這主要是商店開業帶來的效果嗎，還是說—未來幾季您的銷售額會有所改善？

Okay. I'll let Scott answer the second one. But as to the first one, I would say March feels better than February did. And you do have the big sort of non-comp event of Easter shifting out of March and into April. And as you know, it's moved sort of as far as it can move and is about, I think as late as it can be.

好的。我請史考特回答第二個問題。但就第一個問題而言，我想說三月的感覺比二月好。而且，復活節這場大型非比賽性活動也從三月轉移到了四月。如你所知，它已經移動到了它能移動到的最遠的地方，而且我認為已經到了它能移動到的最晚的地方。

And usually that week, 10 days before Easter are a big selling period. So moving that out of March and into April, you would almost expect March to have some challenges with the comp. So I think we're -- we feel better about March than February. It's still negative. But I do think we'll pick up a lot of that in April and wouldn't be surprised to see April comp positive.

通常復活節前 10 天那一週是銷售旺季。因此，將這一時間從三月移到四月，你幾乎可以預料到三月將在公司面臨一些挑戰。所以我認為我們對三月的感覺比二月好。結果仍為負面。但我確實認為，四月我們會獲得很多收益，並且四月份的業績出現正增長並不令人意外。

Yeah. In the first half, we have -- the negative comps are a bit bigger, the second half, third quarter, we had a lot of noise last year in the third quarter with the two hurricanes, tropical storm. So we think, hopefully, third quarter will be a little easier comp, but we still are more flattish there and kind of that trend into the fourth quarter.

是的。在上半年，我們的負面比較大一些，下半年，第三季度，我們受到了很多影響，去年第三季度有兩次颶風，熱帶風暴。因此，我們希望第三季的銷售額能夠稍微好一些，但第三季的銷售額仍然比較平穩，這種趨勢會延續到第四季。

So we've not -- we hope we've been very conservative in our comps. Obviously, time will tell, but we don't have huge positive comps in the back half. We still have closer to flat in the back half and negative in the first half. The new stores will -- are helping offset some of that.

因此，我們希望我們的比較結果非常保守。顯然，時間會證明一切，但是我們在後半段並沒有取得巨大的積極進展。後半段我們仍然接近持平，而前半段則為負值。新店將有助於抵消部分損失。

We opened two new Marlin Bars last week, King of Prussia, Pennsylvania and Charlotte, North Carolina, and both are off to a very nice start. So we feel really good about those and do have some -- maybe a little more front-end loaded openings this year than some of the past years. So hopefully, we'll get a little more benefit late in the year from new stores that are opened during the year than we have in the past.

上週，我們新開了兩家 Marlin Bars，分別位於賓州的普魯士王和北卡羅來納州的夏洛特，這兩家店的開局都非常好。所以我們對這些感到非常滿意，而且確實有一些——也許今年的前端開口比過去幾年要多一些。因此，希望我們能從今年稍後開設的新店中獲得比過去更多的收益。

Got it. Very helpful. And then on SG&A, I recall, like in the last few earnings calls, you had talked about trying to get some operating leverage, trying to control SG&A, but this year is still going to be growing higher than sales. So I understand what drivers of growth, but what are some initiatives that you're doing to kind of try to like control the SG&A?

知道了。非常有幫助。然後關於銷售、一般及行政費用，我記得，在最近的幾次財報電話會議上，您曾談到試圖獲得一些經營槓桿，試圖控制銷售、一般及行政費用，但今年的增長仍將高於銷售額。因此，我了解成長的驅動力，但您採取了哪些措施來控制銷售、一般和行政費用？

We're looking at everything. Marketing efficiency, really monitor marketing spend. And there have been some people reductions throughout the company. So we're really looking at everything we can. We're trying to negotiate hard with vendors on when all kinds of contracts is a heavy initiative there.

我們正在觀察一切。行銷效率，真正監控行銷支出。公司上下已經裁減了一些人員。所以我們確實在盡一切努力。我們正在努力與供應商進行談判，以確定何時簽訂各種合約。

So we're looking at all things. And a very good part of any SG&A increases really these new stores within having negative -- and having negative comps in our existing base so we're not getting -- you have to overcome that to get any leverage, but it is a real focus.

因此我們正在觀察所有事物。銷售、一般及行政開支的很大一部分實際上會增加這些新店的利潤，並且會對我們現有的門市產生負面影響，所以我們無法獲得利潤，你必須克服這一點才能獲得任何影響力，但這是一個真正的重點。

All right. Thank you so much.

好的。太感謝了。

Thank you, Mauricio.

謝謝你，毛里西奧。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Hey, thanks. It's Tracy Kogan filling in for Paul. I had a follow-up first on an earlier question about what you're seeing from your wholesale partners. I know you said others are hearing that they're expressing caution. But I'm wondering what your actually seeing in your order books, I think you had said your order books were positive as of your last earnings call. And I'm wondering if you're seeing changes there or if you haven't really seen it yet, but you maybe anticipate that coming in?

嘿，謝謝。特蕾西·科根 (Tracy Kogan) 代替保羅。我首先對先前的問題進行了跟進，關於您從批發合作夥伴那裡看到了什麼。我知道您說過其他人聽到後都表示謹慎。但我想知道您在訂單簿中實際看到了什麼，我認為您曾說過，截至上次財報電話會議，您的訂單簿是積極的。我想知道您是否看到了那裡的變化，或者您是否還沒有真正看到它，但您可能預料到它會發生？

And I have another question when you're finished with that one.

當你問完這個問題後我還有一個問題。

We've now -- our latest projection has our wholesale business more flat, up a little bit in the spring and down just a little bit, but we're still booking. So I think we put a little caution into our projections on what our future bookings will be for the rest of the year. And as Tom mentioned, we are performing well on the floor. But -- most retail or most retail accounts probably are getting more cautious themselves.

我們現在 - 我們最新的預測是我們的批發業務更加平穩，春季略有上升，略有下降，但我們仍在預訂。因此，我認為我們對今年剩餘時間的預訂情況的預測要謹慎一些。正如湯姆所提到的，我們的表現很好。但是——大多數零售或大多數零售帳戶本身可能正在變得更加謹慎。

We are being more cautious on our inventory buys for the back half of this year, and then we'll probably do the same for going into next year. We'd rather be in a situation instead of having too much inventory, things bounce back, we're chasing a little bit. So we're approaching it with caution, not panicking, but just caution.

我們對今年下半年的庫存購買將更加謹慎，明年也可能採取同樣的措施。我們寧願處於這樣一種境地，而不是庫存過多，等到事情反彈，我們再去追逐一點點。因此，我們要謹慎處理，並不是驚慌，而是謹慎。

Got you. That makes sense. And then I had a question on tariffs. I think you said that the dollar number, the $9 million to $10 million was unmitigated. And I wonder -- so is the entire $9 million to $10 million in your guidance for this year, you assume no mitigation and maybe you might be able to mitigate some of that?

明白了。這很有道理。然後我有一個關於關稅的問題。我認為您說的美元數字，900 萬美元到 1000 萬美元是絕對數額。我想知道——那麼您今年的指導金額中全部 900 萬到 1000 萬美元，您是否認為沒有任何緩解措施，也許您可以緩解其中的一些？

I know you said you thought you'd mitigate it by 2026. But just kind of wondering if there's some potential there that that comes in better if you can mitigate or maybe you've already built something in?

我知道您說過您認為到 2026 年可以緩解這個問題。但只是有點想知道，如果您可以緩解或可能已經建立了一些東西，那麼是否存在更好的潛力？

We've built some mitigation in, but that was some more actions that the groups have identified. They're still negotiating with factories. We're still going through our pricing where we could change some retail prices for -- especially the later part of fall and into holiday. So there's still -- I would think it maybe gets a little bit better. But a lot of the mitigation will really impact spring of '26, where we think we can be fully mitigated.

我們已經採取了一些緩解措施，但這只是各團體確定的更多行動。他們仍在與工廠談判。我們仍在審查定價，可能會調整部分零售價格——尤其是秋季後期和假期期間的價格。因此我認為情況可能會好一些。但許多緩解措施將真正影響26年春季，我們認為屆時我們可以完全緩解。

The challenge is we don't know what the true playing field is yet because we don't know what's going to happen in early April when different countries might have tariffs. So we might be running to a country that might not have been the right country to run to. So it is the unknown is difficult. But $9 million to $10 million, we don't think it could get worse than that for this year and hopefully, it gets a little bit better.

挑戰在於我們還不知道真正的競爭環境是什麼樣的，因為我們不知道 4 月初不同國家互徵關稅時會發生什麼事。因此，我們可能會逃往一個可能不適合逃往的國家。所以，未知的事情是困難的。但是 900 萬美元到 1000 萬美元之間，我們認為今年的情況不會比這更糟，而且希望情況會好一些。

Got it. Thanks very much. Good luck, guys.

知道了。非常感謝。祝你們好運。

There are no further questions. I would like to turn the floor over to Tom for closing remarks.

沒有其它問題了。我想請湯姆作最後發言。

Thank you very much, Stacy. Thanks to all of you for your interest, and we look forward to talking to you again in June. Hope you are well until then.

非常感謝，史黛西。感謝大家的關注，我們期待六月再次與您交談。希望你到那時一切都好。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。