Oxford Industries Inc (OXM) 2025 Q2 法說會逐字稿

Greetings. Welcome to Oxford Industries, Inc., second-quarter fiscal 2025 earnings conference call.

問候。歡迎參加 Oxford Industries, Inc. 2025 財年第二季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to Brian Smith. Thank you. You may begin.

現在我將會議交給 Brian Smith。謝謝。你可以開始了。

Thank you. Good afternoon.

謝謝。午安.

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. Actual results may differ materially from those expressed or implied in the forward-looking statements.

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所作的某些陳述可能構成聯邦證券法所定義的前瞻性陳述。前瞻性陳述不構成保證。實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

Important factors that could cause actual results of operations or our financial condition to differ are discussed in our press release issued earlier today and in documents filed by us with the SEC, including the risk factors contained in our Form 10-K. We undertake no duty to update any forward-looking statements.

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 表格中包含的風險因素。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will be discussing certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today, which is posted under the Investor Relations tab of our website 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 財務指標的對賬，該新聞稿發佈在我們的網站 oxfordinc.com 的“投資者關係”選項卡下。

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

現在，我想介紹一下今天的電話會議參與者。今天與我一起的有董事長兼首席執行官湯姆·丘布 (Tom Chubb) 和首席財務官兼首席營運官斯科特·格拉斯邁爾 (Scott Grassmyer)。

Thank you for your attention. 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·丘布 (Tom Chubb)。

Good afternoon. Thank you for joining us today.

午安.感謝您今天加入我們。

As we continue through fiscal 2025, the second quarter brought complex but clarifying developments in the story we began sharing with you last quarter. While the macro environment remains pressured, marked by higher tariffs, elevated promotional activity across the industry, and cautious consumer behavior, our team has navigated these challenges with discipline and focus, delivering net sales and adjusted EPS within and above our guidance ranges, respectively.

隨著我們進入 2025 財年，第二季為我們上個季度開始與您分享的故事帶來了複雜但清晰的發展。儘管宏觀環境依然面臨壓力，例如關稅上調、整個行業促銷活動增多以及消費者行為謹慎，但我們的團隊憑藉紀律性和專注力應對了這些挑戰，淨銷售額和調整後每股收益分別達到和超出了我們的指導範圍。

Though down from the prior year, these results reflect our ability to adapt to dynamic margin conditions while staying true to who we are as a company and maintaining the strength of our brands and margin profile.

儘管與前一年相比有所下降，但這些結果反映了我們適應動態利潤率條件的能力，同時保持了我們作為一家公司的本質，並保持了我們品牌和利潤率的實力。

Looking at our recent performance by brand:

看看我們近期各品牌的表現：

Lilly Pulitzer continued its deep connection with its core consumer in the second quarter and posted positive direct-to-consumer total comparable sales, building on the strong engagement we saw in the first quarter. A key contributor to this momentum in the second quarter was delivering exciting innovation in our casual product, including the linen seaspray jacket that sold out in all colors; and extending our offering of elevated everyday product, including polish shorts, silk tops, and new stretch (inaudible) pants that all performed extremely well.

禮來普立茲在第二季度繼續與核心消費者保持深厚聯繫，並在第一季度強勁參與度的基礎上，實現了直接面向消費者的可比總銷售額的正增長。促成第二季度這一勢頭的一個關鍵因素是休閒產品的激動人心的創新，包括所有顏色均已售罄的亞麻海浪夾克；並擴展了我們的高級日常產品系列，包括波蘭短褲、絲綢上衣和新款彈性（聽不清）褲子，這些產品都表現非常出色。

Continuing the theme of engaging the brand's most loyal customers, early in the third quarter, Lilly Pulitzer launched a highly anticipated Lilly's Vintage Vault, which debuted Lilly's Zoo a reproduction of a beloved archival print from 1974 in its original colorway. This limited edition capsule is the first in a series exploring Lilly's hand-painted print legacy as the brand embarks on a new celebration of its treasured heritage, drawing in Lilly loyalists and new customers alike.

延續吸引品牌最忠實客戶的主題，在第三季初，Lilly Pulitzer 推出了備受期待的 Lilly's Vintage Vault，其中首次推出了 Lilly's Zoo，這是 1974 年深受喜愛的檔案印刷品的原始配色複製品。這款限量版膠囊是探索禮來手繪印刷傳統系列中的第一款產品，該品牌開始以新的方式慶祝其珍貴的傳統，吸引了禮來的忠實粉絲和新客戶。

While still early, the initial response to the Vintage Vault has exceeded expectations and affirms the power of heritage storytelling and brand authenticity, cornerstones of Lilly Pulitzer's enduring success.

雖然還為時過早，但 Vintage Vault 的初步反應已經超出了預期，並肯定了傳承故事和品牌真實性的力量，這是 Lilly Pulitzer 持久成功的基石。

Turning to Tommy Bahama, while our second-quarter results did not meet our for the brand, we are energized by the work underway to improve performance. As always, our teams have leaned in, spending time in the field, listening to our customers, and digging into the data to understand what's driving the softness.

談到 Tommy Bahama，雖然我們第二季的業績沒有達到品牌預期，但我們對正在進行的提高業績的工作感到振奮。像往常一樣，我們的團隊傾盡全力，花時間在現場，傾聽客戶的意見，並深入研究數據以了解導致疲軟的原因。

What we've learned is encouraging because it's actionable. We've identified that some spring and early [summery] deliveries missed the mark in several areas, most notably in color assortment and complete [listlessness] of the line, which led to gaps in their offering that are especially relevant to our customer in Florida, where performance continues to be below our expectations.

我們所學到的知識令人鼓舞，因為它是可行的。我們發現，春季和初夏交付的一些產品在幾個方面沒有達到標準，最明顯的是顏色分類和產品線的完全[無精打采]，這導致他們的產品存在差距，這對我們佛羅裡達州的客戶來說尤其重要，那裡的表現仍然低於我們的預期。

By contrast, we saw better results in the West, where the assortment resonated more effectively with the regional aesthetic. These insights galvanized our team and we quickly implemented improvements for late summer deliveries to ensure the products available to our customers are more thoughtfully curated and locally relevant.

相較之下，我們在西方看到了更好的結果，那裡的產品組合與當地美學產生了更強烈的共鳴。這些見解激勵了我們的團隊，我們迅速實施了夏末交付的改進，以確保我們向客戶提供的產品更加精心策劃並且與當地情況更加相關。

Tommy Bahama is a brand with exceptional consumer loyalty and a deeply resonant lifestyle message. With the right adjustments, we are confident we can reaccelerate performance and re-engage our customer in a more meaningful way in the second half and beyond.

Tommy Bahama 是一個擁有極高消費者忠誠度和深刻生活方式訊息的品牌。透過正確的調整，我們有信心在下半年及以後重新提高業績，並以更有意義的方式重新吸引我們的客戶。

A great example of what's working is the recent launch of the Boracay Island Zeno. This updated pant, which builds on the incredible equity we've established in the original Boracay collection, comes with a higher price point of $158, but that hasn't flowed down demand in the slightest.

最近推出的長灘島澤諾號就是一個很好的例子。這款升級版褲子以我們在原版 Boracay 系列中建立的令人難以置信的聲譽為基礎，價格更高，為 158 美元，但這絲毫沒有降低需求。

We have experienced very high sell-throughs across our own direct-to-consumer channels; and also with our wholesale partners, who have increased recent orders based on early success. We knew going in that the Boracay guest is incredibly loyal once they find a fit they love. This product has tapped directly into that loyalty.

我們自己的直接面向消費者的管道以及批發合作夥伴的銷售量都非常高，他們基於早期的成功增加了最近的訂單。我們知道，長灘島的客人一旦找到自己喜歡的飯店就會非常忠誠。該產品直接利用了這種忠誠度。

It delivers the comfort, versatility, and polish that defines the Tommy Bahama lifestyle. It does so in a way that's clearly resonated with existing and new customers. We will launch new versions of this pant, including a five-pocket version and shorts in our upcoming seasons to capitalize on this momentum.

它體現了 Tommy Bahama 生活方式的舒適性、多功能性和精緻性。它以一種明顯引起現有客戶和新客戶共鳴的方式實現了這一目標。我們將在接下來的幾個季節推出這款褲子的新版本，包括五口袋版本和短褲，以利用這一勢頭。

Turning to Johnny Was, we continue to face headwinds. The business remained challenged in the second quarter. While the numbers are not where we want them to be, we remain confident in the potential of Johnny Was and are taking further action.

談到約翰尼瓦斯 (Johnny Was)，我們繼續面對逆風。第二季業務依然面臨挑戰。雖然數字沒有達到我們想要的水平，但我們仍然對 Johnny Was 的潛力充滿信心，並正在採取進一步行動。

Working closely with both internal teams and external partners, we have developed and are in the early stages of implementing a comprehensive plan to improve Johnny Was' performance. We see meaningful opportunity to enhance the merchandising strategy, elevate brand storytelling and marketing, and refine our approach to customer segmentation and pricing.

透過與內部團隊和外部合作夥伴密切合作，我們已經制定了一項全面計劃來提高 Johnny Was 的表現，目前正處於實施的初期階段。我們看到了有意義的機會來增強行銷策略、提升品牌故事和行銷，並改善我們的客戶細分和定價方法。

Our goal is to re-establish momentum in this beautiful, differentiated brand, ensure it contributes meaningfully to Oxford's portfolio. To that end, we believe that the best days for Johnny Was still lie ahead.

我們的目標是重新建立這個美麗、差異化品牌的勢頭，確保它對牛津的產品組合做出有意義的貢獻。為此，我們相信 Johnny Was 最好的日子還在後頭。

I also want to take a moment to acknowledge the performance of our Emerging Brands Group, which delivered solid revenue growth, both from new stores and positive comp store sales in what remains a highly challenging environment. These brands, Southern Tide, the Buford Bonnet Company, Duck Head, and Jack Rogers are still in the early stages of their development within our portfolio and yet continue to demonstrate strong customer appeal and brand momentum.

我也想藉此機會表彰我們的新興品牌集團的業績，在仍然充滿挑戰的環境中，該集團實現了穩健的收入增長，包括新店的開設和同店銷售額的積極增長。這些品牌，Southern Tide、Buford Bonnet Company、Duck Head 和 Jack Rogers 在我們的投資組合中仍處於發展的早期階段，但仍繼續展現出強大的客戶吸引力和品牌勢頭。

The growth we're seeing reinforces our belief that there are significant growth opportunities ahead. We are excited about the opportunity to build these brands into even more meaningful contributors in the years to come.

我們所看到的成長強化了我們的信念：未來有巨大的成長機會。我們很高興有機會在未來幾年將這些品牌打造為更有意義的貢獻者。

Switching gears to our tariff mitigation plans and capital projects, we said last quarter that we would continue to control what we can and we have. Our teams have made significant progress mitigating tariff exposure through continued supply chain shifts and facilitating the early delivery of products to avoid tariff increases. Our gross margins, though under some pressure versus last year, reflect that discipline.

上個季度，我們轉向了我們的關稅減免計劃和資本項目，並表示我們將繼續控制我們所能控制的和我們所擁有的東西。我們的團隊透過持續的供應鏈轉變和促進產品的提前交付以避免關稅上調，在降低關稅風險方面取得了重大進展。我們的毛利率雖然與去年相比承受了一些壓力，但也反映了這項紀律。

We've also taken steps to safeguard profitability by enhancing inventory management and maintaining pricing integrity even in a more promotional retail environment. At the same time, we remain committed to completing the long-term investments we have underway that will serve us well beyond this fiscal year.

我們也採取措施，透過加強庫存管理和維持定價完整性來保障獲利能力，即使在促銷力道更大的零售環境中也是如此。同時，我們仍致力於完成正在進行的長期投資，這些投資將在本財年之後繼續為我們帶來好處。

Our Lyons, Georgia distribution center is on schedule and continues to receive the necessary capital (inaudible) to bring it fully online sometime late in fiscal 2025 or early fiscal 2026. We also remain on track to deliver three new Marlin Bar openings and a net increase of approximately 15 full-price stores across our portfolio by year-end.

我們位於喬治亞州萊昂斯的配送中心正在按計劃進行，並將繼續獲得必要的資金（聽不清楚），以便在 2025 財年末或 2026 財年初的某個時候全面上線。我們還將繼續按計劃在年底前開設三家新的 Marlin Bar，並在我們的投資組合中淨增加約 15 家全價商店。

While the environment remains dynamic, I'm encouraged by what we're seeing early in the third quarter. Scott will provide more details on our financial results and outlook for the remainder of the year.

儘管環境仍然充滿活力，但第三季初看到的情況令我感到鼓舞。斯科特將提供有關我們今年剩餘時間的財務業績和前景的更多細節。

Total company comp sales quarter to date are modestly positive in the low single-digit range, a clear signal that the work our teams are doing to refine the assortments, improve storytelling, and reconnect with our consumers is beginning to pay off. These are the kind of results that come from listening closely, adjusting thoughtfully, and executing with discipline.

本季度迄今為止，公司總銷售額略有成長，處於低個位數範圍內，這清楚地表明我們的團隊為改進產品組合、改善故事敘述和與消費者重新建立聯繫所做的工作開始取得成效。這些成果都是透過仔細傾聽、深思熟慮地調整和嚴格執行而取得的。

There is no doubt that this is a challenging period for our industry. But we believe that our portfolio of differentiated lifestyle-driven brands led by our exceptional teams is uniquely positioned to weather the volatility.

毫無疑問，這對我們的產業來說是一個充滿挑戰的時期。但我們相信，由我們傑出的團隊領導的差異化生活方式驅動品牌組合具有獨特的優勢，可以抵禦波動。

As we move into the second half, we are doubling down on the brand equity we built, keeping our eyes on the long-term horizon while managing short-term headwinds with resolve. We remain confident that our continued focus on execution, brand authenticity, and customer happiness will allow us to emerge from this cycle stronger with even deeper connections to our customers.

隨著我們進入下半年，我們將加倍努力打造品牌資產，並專注於長遠發展，同時堅決應對短期阻力。我們堅信，我們持續專注於執行力、品牌真實性和客戶滿意度，將使我們在這個循環中變得更加強大，並與客戶建立更深厚的聯繫。

Now, I will hand it over to Scott for more details on our second-quarter results, as well as our expectations for the balance of the year. Scott?

現在，我將把話題交給史考特，讓他詳細介紹我們的第二季業績，以及我們對今年剩餘時間的預期。史考特？

Thank you, Tom. As Tom mentioned, our teams have shown great discipline and resilience in responding to unprecedented uncertainty and challenges related to trade and tariff developments in the first half of the year.

謝謝你，湯姆。正如湯姆所提到的，我們的團隊在應對上半年與貿易和關稅發展相關的前所未有的不確定性和挑戰時表現出了極大的紀律性和韌性。

Despite these challenges, our teams were able to deliver top-line results within our previously issued guidance range and bottom-line results slightly above our previous issued guidance range for the second quarter.

儘管面臨這些挑戰，我們的團隊仍然能夠實現第二季度在我們之前發布的指導範圍內的營收業績，以及略高於我們之前發布的指導範圍的盈利業績。

In the second quarter of fiscal 2025, consolidated net sales were $403 million compared to sales of $420 million in the second quarter of fiscal 2024; and near the midpoint of our guidance range of $395 million to $415 million.

2025 財年第二季度，合併淨銷售額為 4.03 億美元，而 2024 財年第二季度的銷售額為 4.2 億美元；接近我們 3.95 億美元至 4.15 億美元指引範圍的中點。

Sales in our full-price brick-and-mortar locations were down 6%, driven by a negative comp of 7%, partially offset by the addition of new store location. Sales in our wholesale channel were down 6%, while e-commerce sales declined 2%. Sales in our outlet locations decreased 4%. Sales in our food and beverage locations performed better than our other channels, with modest sales growth year over year.

我們的全價實體店銷售額下降了 6%，原因是比去年同期下降了 7%，但新店的開設部分抵消了這一下降。我們的批發通路銷售額下降了 6%，而電子商務銷售額下降了 2%。我們的直銷店銷售額下降了 4%。我們的食品和飲料店的銷售表現優於其他管道，銷售額較去年同期略有成長。

Overall, we finished the second quarter of fiscal 2025 with a total company comp of negative 5%, which was in line with our guidance for the quarter.

總體而言，我們在 2025 財年第二季結束時的公司總營收為負 5%，這與我們對本季的預期一致。

Notably, Lilly Pulitzer had another strong quarter. While total sales at Lilly Pulitzer were down modestly compared to the prior year, the decline was driven by lower sales in our wholesale channel, partially offset by a low single-digit positive comp.

值得注意的是，莉莉普立茲 (Lilly Pulitzer) 本季又表現強勁。雖然 Lilly Pulitzer 的總銷售額與上年相比略有下降，但下降是由於我們批發通路的銷售額下降所致，但低個位數的正成長部分抵消了這一影響。

The positive comp sales at Lilly Pulitzer, along with positive comp sales and overall sales growth in our emerging brands businesses, helped offset the high single-digit negative comp at Tommy Bahama and low double-digit negative comp at Johnny Was that led to sales declines in both businesses.

Lilly Pulitzer 的正同店銷售額以及我們新興品牌業務的正同店銷售額和整體銷售額增長，幫助抵消了 Tommy Bahama 的高個位數負同店銷售額和 Johnny Was 的低兩位數負同店銷售額，這導致兩個業務的銷售額均出現下滑。

Adjusted gross margin tracked 160 basis points to 61.7%, driven by approximately $9 million of increased cost of goods sold from additional tariffs implemented in fiscal 2025, net of mitigation efforts, which was partially offset by improved gross margins during promotional events at Tommy Bahama; a change in sales mix with full price retail and e-commerce sales, representing a higher proportion of net sales at Lilly Pulitzer and Johnny Was; and a change in sales mix with wholesale sales, representing a lower portion of net sales.

調整後的毛利率上升 160 個基點至 61.7%，原因是 2025 財年實施的額外關稅導致銷售成本增加約 900 萬美元（扣除緩解措施），但 Tommy Bahama 促銷活動期間毛利率提高部分抵消了這一影響；全價零售和電子商務銷售的淨銷售組合發生變化，銷售額佔 LJohnny Pulitzer 和銷售額的淨比例更高，佔淨銷售額的淨比例更高，銷售額。

Without the impact of the incremental tariffs, our gross margins would have increased.

如果沒有增量關稅的影響，我們的毛利率就會增加。

Adjusted SG&A expenses increased 5% to $224 million compared to $213 million last year, with approximately $4 million or 40% of the increase due to increases in employment costs, occupancy costs, and depreciation expense due to the opening of 26 net new brick-and-mortar retail locations, including three new Tommy Bahama Marlin bars since the second quarter of fiscal 2024. This includes the 11 net new stores, including two Tommy Bahama Marlin bars opened in the first half of fiscal 2025.

調整後的銷售、一般及行政費用 (SG&A) 增長 5%，至 2.24 億美元，而去年同期為 2.13 億美元，其中約 400 萬美元或 40% 的增幅是由於自 2024 財年第二季度以來新僱傭了 26 家零售實體（包括三家成本的 Tommy Bahama）導致零售成本增加了 Tommy Bahama，導致零售店費用（包括三家）。其中包括 2025 財年上半年開設的 11 家新店，其中包括兩家 Tommy Bahama Marlin 酒吧。

We also incurred preopening expenses related to some planned new stores, including an additional Tommy Bahama Marlin bar scheduled to open in the fourth quarter. The result of this yielded a $28 million adjusted operating profit or 7% operating margin compared to $57 million operating profit or 13.5% operating margin in the prior year. The decrease in adjusted operating income reflects the impact of our investments in a challenging consumer and macro environment.

我們還產生了與一些計劃中的新店相關的開業前費用，包括計劃於第四季度開業的另一家 Tommy Bahama Marlin 酒吧。結果是，調整後的營業利潤為 2,800 萬美元，營業利潤率為 7%，而上一年的營業利潤為 5,700 萬美元，營業利潤率為 13.5%。調整後營業收入的下降反映了我們在充滿挑戰的消費者和宏觀環境中的投資的影響。

Moving beyond operating income, our adjusted effective tax rate of 29.6% was higher than we anticipated due to certain discrete items, most notably from the unfavorable impact on tax expense related to the annual vesting of stock-based awards during the quarter, which occurs when they stop vest at a price lower than the price it spends for book purposes.

除了營業收入之外，我們的調整後有效稅率為 29.6%，高於我們的預期，這是由於某些單獨項目造成的，最明顯的是與本季度股票獎勵年度歸屬相關的稅收費用的不利影響，當股票獎勵停止歸屬的價格低於賬面價格時就會發生這種情況。

Interest expense was $1 million higher compared to the second quarter of fiscal 2024, resulting from higher average debt levels. With all this, we ended with $1.26 of adjusted net earnings per share.

由於平均債務水準較高，利息支出與 2024 財年第二季相比增加了 100 萬美元。經過所有這些，我們最終實現了每股 1.26 美元的調整後淨收益。

I'll now move on to our balance sheet, beginning with inventory. During the second quarter of fiscal '25, inventory increased $27 million or 19% on a LIFO basis and $29 million or 13% on a FIFO basis as compared to the second quarter of 2024, with inventory increasing in all of our operating groups at Johnny Was, primarily due to the impacts associated with the US tariffs that were implemented in the first half of 2025, including accelerated purchases of inventory that were implemented to minimize the impact of potential pending tariff increases and $5 million of increased cost cap loss into inventory after the implementation of the tariffs.

現在我將轉到我們的資產負債表，從庫存開始。在 2025 財年第二季度，與 2024 年第二季度相比，庫存按後進先出法增加了 2700 萬美元或 19%，按先進先出法增加了 2900 萬美元或 13%，Johnny Was 所有營運集團的庫存均有所增加，這主要是由於 2025年上半年實施的美國關稅的影響，包括為盡量減少潛在的即將發生的關稅上調的影響而實施的加速庫存採購，以及關稅實施後庫存成本上限損失增加 500 萬美元。

Notably, as the tariff situation has stabilized to a degree, at least compared to the beginning of the fiscal year, we expect our inventory levels to decrease during the remainder of the year, excluding any additional capitalized tariff cost, as the need to accelerate inventory purchases (inaudible).

值得注意的是，由於關稅狀況已穩定到一定程度，至少與財年初相比，我們預計今年剩餘時間內我們的庫存水準將下降，不包括任何額外的資本化關稅成本，因為需要加快庫存採購（聽不清楚）。

We ended the quarter with long-term debt of $81 million compared to $118 million last quarter and $31 million at the end of fiscal 2024. Cash flow from operations provided $80 million in the first half of fiscal 2025 compared to $122 million in the first half of 2024, driven primarily by lower net earnings,; changes in working capital needs, including accelerated inventory purchases; and $15 million of expenditures related to implementation costs associated with cloud computing arrangements that are classified as operating cash outflows.

本季末，我們的長期債務為 8,100 萬美元，而上一季為 1.18 億美元，2024 財年末為 3,100 萬美元。2025 財年上半年的營運現金流為 8,000 萬美元，而 2024 年上半年為 1.22 億美元，主要原因是淨收益下降；營運資本需求變化，包括加速庫存採購；以及與雲端運算安排相關的實施成本支出 1,500 萬美元，這些支出被歸類為營運現金流出。

We also had $55 million of share repurchases; capital expenditures of $55 million, primarily related to the Lyons, Georgia distribution center project and the addition of new brick-and-mortar locations; and $21 million of dividends that led to an increase in our long-term debt balance since the beginning of the year.

我們也進行了 5,500 萬美元的股票回購；5,500 萬美元的資本支出，主要用於喬治亞州萊昂斯配送中心項目和增加新的實體店；以及 2,100 萬美元的股息，這導致我們自年初以來的長期債務餘額增加。

I'll now spend some time on our updated outlook for 2025. Comp sales figures in the third quarter to date were positive in the low single-digit range, also consistent with our expectations. With comp sales figures in the second quarter and third quarter to date consistent with our previously provided guidance and several of the third quarter's most important events, including the Tommy Bahama Friends and Family sale behind us, we feel confident in affirming our previously issued guidance for the remainder of the year. Consistent with our previously issued guidance, we expect the trend of flat to modestly positive comp sales to continue for the remainder of the third quarter and for the fourth quarter.

現在我將花一些時間來討論我們對 2025 年的最新展望。第三季迄今的同店銷售額為正值，處於低個位數範圍內，也符合我們的預期。由於第二季和第三季迄今為止的銷售額數據與我們之前提供的指導相一致，並且第三季度的幾個最重要的事件（包括 Tommy Bahama 親友促銷）已經結束，我們有信心確認我們之前發布的今年剩餘時間的指導。與我們先前發布的指導一致，我們預計第三季剩餘時間和第四季可比銷售額將持續保持平穩至略微積極的趨勢。

For the full year, net sales are expected to be between $1.475 billion and $1.515 billion, reflecting a decline of 3% to just slightly negative compared to sales of $1.52 billion in fiscal 2024.

預計全年淨銷售額將在 14.75 億美元至 15.15 億美元之間，與 2024 財年的 15.2 億美元銷售額相比下降 3%，略微為負。

Our sales plan for the full year of 2025, consistent with our previously issued guidance includes: decreases in our Tommy Bahama and Johnny Was segments, driven primarily by negative comps. That decline is expected to be tempered by growth in our Lilly Pulitzer and Emerging Brands segments, driven by positive comps and new store locations.

我們 2025 年全年的銷售計畫與我們先前發布的指引一致，包括：Tommy Bahama 和 Johnny Was 部門的銷售額下降，主要原因是業績不佳。預計這一下滑幅度將因我們的禮來普立茲和新興品牌部門的成長而得到緩和，這得益於積極的同店銷售和新店開設。

By distribution channel, the sales plan consists of low single-digit decrease in e-commerce and wholesale sales, partially offset by a low- to mid-single-digit increase in our food and beverage channel that will benefit from the addition of three new Marlin Bar locations during the year. We expect flat sales in both full-price retail and outlet channels with modest negative comps, offset by the addition of approximately 15 new locations during the year.

按分銷管道劃分，銷售計劃包括電子商務和批發銷售額的低個位數下降，但食品和飲料通路的低至中等個位數增長將部分抵消這一下降，這將受益於年內新增三家 Marlin Bar 門市。我們預計全價零售和直銷通路的銷售額將持平，年比銷售額將略有下降，但年內將新增約 15 家門市，抵銷這項影響。

For fiscal 2025, we continue to expect gross margin to contract by approximately 200 basis points, largely due to the impact of tariffs, with the recent tariff increases announced during the second quarter, including increased tariffs in countries like Vietnam and India that were included as part of our shift away from China largely offset by the mitigation efforts we have undertaken, including accelerated inventory receipts and quickly shifting our sourcing network.

對於 2025 財年，我們繼續預計毛利率將收縮約 200 個基點，這主要是由於關稅的影響，第二季度宣布的近期關稅上調，包括越南和印度等國的關稅上調，這些國家是我們轉移出中國業務的一部分，但這在很大程度上被我們採取的緩解措施所抵消，包括加速庫存和迅速轉移我們的庫存網絡。

Despite recent legal challenges, our current forecast is based on the assumption that these tariffs will remain in place for the remainder of the year.

儘管最近面臨法律挑戰，但我們目前的預測是基於這些關稅將在今年剩餘時間內保持不變的假設。

Based on the current tariff policies and our historical 2024 sourcing patterns, we estimated a potential incremental tariff exposure of approximately $80 million in fiscal 2025, prior to any mitigation actions such as accelerated receipts, sourcing shifts, vendor concessions, or price increases.

根據目前的關稅政策和我們 2024 年的歷史採購模式，我們估計，在採取加速收貨、採購轉變、供應商讓步或提價等任何緩解措施之前，2025 財年潛在的增量關稅風險約為 8000 萬美元。

Accelerating receipts and sourcing shifts, we were able to mitigate roughly half of this exposure. Through additional vendor concessions and select second half price increases, our current annual guidance reflects a net tariff impact of approximately $25 million to $35 million or approximately $1.25 to $1.75 per share after tax.

透過加快收貨和採購班次，我們能夠減輕大約一半的風險。透過額外的供應商優惠和下半年部分價格上漲，我們目前的年度指引反映了淨關稅影響約為 2,500 萬至 3,500 萬美元或稅後每股約 1.25 至 1.75 美元。

While tariffs represent the primary driver of margin contraction this year, we also expect continued promotional activity across our brands to weigh on margins as consumers remain highly responsive to the value and deal-oriented shopping in the current environment.

雖然關稅是今年利潤率下降的主要原因，但我們預計，由於消費者在當前環境下對價值和優惠導向的購物仍然高度敏感，我們各品牌的持續促銷活動也將對利潤率造成壓力。

In addition to lower sales and gross margins, we expect SG&A to grow in the mid-single-digit range, primarily due to the impact of our recent and continued investments in our business, including the annualization of incremental SG&A from the 30 net new locations added during fiscal 2024 and incremental SG&A related to the addition of approximately 15 net new locations in fiscal 2025, including three new Tommy Bahama Marlin Bars, including the two opened in the first quarter and a third plan to open on the Big Island of Hawaii late this year.

除了銷售額和毛利率下降之外，我們預計銷售、一般和行政費用 (SG&A) 將以中等個位數增長，這主要歸因於我們近期和持續對業務進行投資的影響，包括 2024 財年新增 30 個門店所帶來的增量銷售、一般和行政費用的年化，以及 2025 財年新增 30 個門市所帶來的增量銷售、一般和行政費用的年化，以及 2025 財年新財年約 15 個新財店的總費用酒吧，其中兩家在第一季開業，第三家計劃於今年稍晚在夏威夷大島開業。

Also within operating income, we expect lower royalties and other income of approximately $1 million in fiscal 2025.

此外，在營業收入方面，我們預計 2025 財年的特許權使用費和其他收入將減少約 100 萬美元。

Additionally, our fiscal 2025 guidance includes the unfavorable impact of non-operating items, including $7 million of interest expense compared to $2 million in 2024 or an approximate $0.20 to $0.25 incremental EPS impact.

此外，我們的 2025 財年指引包括非營業項目的不利影響，包括 700 萬美元的利息支出，而 2024 年為 200 萬美元，或每股收益增量影響約為 0.20 至 0.25 美元。

Increased debt levels in fiscal 2025 are due to our continued capital expenditures on the Lyons, Georgia distribution center, technology investments, and return of capital to shareholders exceeding cash flow from operations.

2025 財年的債務水準增加是由於我們繼續在喬治亞州萊昂斯配送中心進行資本支出、進行技術投資以及向股東返還資本超過經營現金流。

We also expect a higher adjusted effective tax rate of approximately 26% to 27% compared to 20.9% in 2024. The higher tax rate is primarily a result of a significant change in the impact that our annual stock vesting [cap] on stock compensation expense in 2025 compared to 2024. We anticipate 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 26% 至 27%。稅率提高主要是因為我們的年度股票歸屬[上限]對 2025 年股票薪酬費用的影響與 2024 年相比發生了重大變化。我們預計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 these items, including the $1.25 to $1.75 impact from tariffs, higher interest expense, and a higher tax rate, we still expect 2025 adjusted EPS to be between $2.80 and $3.20 versus adjusted EPS of $6.68 last year.

考慮到所有這些因素，包括關稅帶來的 1.25 美元至 1.75 美元的影響、更高的利息支出和更高的稅率，我們仍然預計 2025 年調整後的每股收益將在 2.80 美元至 3.20 美元之間，而去年調整後的每股收益為 6.68 美元。

In the third quarter, we expect sales of $295 million to $310 million compared to sales of $308 million in the third quarter of 2024. This primarily reflects a high single-digit decline in wholesale sales, offset by our flat to low single-digit positive comp assumption and the impact from non-comp stores.

我們預計第三季的銷售額為 2.95 億美元至 3.1 億美元，而 2024 年第三季的銷售額為 3.08 億美元。這主要反映了批發銷售額的高個位數下降，但被我們持平至低個位數的正向可比假設以及非可比商店的影響所抵消。

We also expect gross margin to contract approximately 300 basis points, primarily driven by increased tariffs and a higher proportion of net sales occurring during promotional and clearance events; SG&A to grow in the low to mid-single-digit range, primarily related to the new store locations, increased interest expense of $1 million, flat royalty and other income, and an effective tax rate of approximately 25%. We expect this to result in third-quarter adjusted loss per share of between $1.05 and $0.85 compared to a loss of $0.11 in the third quarter of 2024.

我們也預期毛利率將收縮約 300 個基點，主要原因是關稅上調以及促銷和清倉活動期間淨銷售額佔比上升；銷售、一般及行政費用 (SG&A) 將以低至中等個位數增長，主要與新店開設、利息支出增加 100 萬美元、特許權使用費和其他收入持平以及有效稅率約為 25% 有關。我們預計這將導致第三季調整後每股虧損在 1.05 美元至 0.85 美元之間，而 2024 年第三季的虧損為 0.11 美元。

I will now discuss our CapEx outlook -- capital expenditure outlook -- for the remainder of the year. Largely consistent with our prior guidance, we have spent capital expenditures for the year to be approximately $121 million compared to a total of $134 million in fiscal 2024. The remaining capital expenditure's related to completing the new distribution center in Lyons, Georgia and the execution of our pipeline of new stores and Tommy Bahama Marlin Bar, including increases in store count across Tommy Bahama, Lilly Pulitzer, Southern Tide, and the Beaufort Bonnet Company. We expect this elevated capital expenditure level to moderate significantly in 2026 and beyond, after the completion of the Lyons, Georgia project.

我現在將討論今年剩餘時間的資本支出前景。與我們先前的指導基本一致，我們今年的資本支出約為 1.21 億美元，而 2024 財年的總支出為 1.34 億美元。剩餘的資本支出與完成位於喬治亞州萊昂斯的新配送中心以及新店和 Tommy Bahama Marlin Bar 的建設有關，包括增加 Tommy Bahama、Lilly Pulitzer、Southern Tide 和 Beaufort Bonnet Company 的門市數量。我們預計，在喬治亞州萊昂斯計畫完工後，這項資本支出水準將在 2026 年及以後大幅放緩。

Consistent with the seasonal nature of our business, we expect an increase in outstanding borrowings as we head into the third quarter, which is typically our smallest quarter of the year. Due to our lower net earnings during fiscal 2025, elevated levels of capital expenditures, and share repurchases completed in the first half of 2025.

與我們業務的季節性一致，我們預計進入第三季時未償還借款將會增加，因為第三季通常是我們一年中規模最小的季度。由於我們 2025 財年的淨收益較低、資本支出水準較高以及 2025 年上半年完成的股票回購。

Payment of our dividend and working capital needs, we expect to remain in a debt position for the remainder of the year.

為了支付股息和營運資金需求，我們預計今年剩餘時間仍將處於負債狀態。

Thank you for your time today. We will now turn the call over for questions. [Julian]?

感謝您今天抽出時間。我們現在將電話轉交給提問者。[朱利安]？

(Operator Instructions)

（操作員指示）

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

Just to start, you mentioned that comparable store sales performance has been positive quarter to date. Could you just elaborate on what you believe is driving that strength or what you're seeing from a traffic or transaction perspective? Additionally, anything on a brand level?

首先，您提到本季迄今同店銷售額表現良好。您能否詳細說明您認為是什麼推動了這種優勢，或者您從流量或交易角度看到了什麼？此外，還有什麼與品牌相關的嗎？

Yeah. Thank you, Ashley.

是的。謝謝你，阿什利。

Comps are positive quarter to date. That, really all the brands have been part of that. Lilly continues to be positive. Tommy Bahama is around flattish at this point but that's a significant step-up from where they were in the first and second quarter. So we've been really happy to see that. I would say it's mostly traffic driven. During the first two months of the second quarter, our issue was really traffic.

本季至今，公司業績表現良好。事實上，所有品牌都參與其中。禮來公司繼續保持正面態度。湯米巴哈馬 (Tommy Bahama) 目前表現平平，但與第一季和第二季相比，已經有了顯著的進步。所以我們真的很高興看到這一點。我想說這主要是由流量驅動的。在第二季的前兩個月，我們的問題實際上是交通問題。

Conversions, for the most part, hung in there pretty well. Average order values were actually strong and actually ticked up a little bit during the second quarter.

大部分情況下，轉換都進行得相當順利。平均訂單價值實際上很強勁，並且在第二季度略有上升。

And then, as we got into July, we saw the traffic start to recover a bit. That really continued into August. So I think that's the story across the board. And then, as I said, we're seeing nice comps in Lilly Pulitzer. Tommy Bahama is in a much better position than they were first and second quarter, their business started to pick up in July as well and then, continued into August, especially in -- so we're encouraged by what we're seeing there, Ashley.

然後，進入 7 月份，我們看到流量開始有所恢復。這種情況確實持續到了八月。所以我認為這就是總體情況。然後，正如我所說，我們在 Lilly Pulitzer 中看到了不錯的表現。湯米巴哈馬 (Tommy Bahama) 的狀況比第一季和第二季度好得多，他們的業務在 7 月份也開始回暖，然後持續到 8 月份，尤其是 - 所以我們對看到的情況感到鼓舞，阿什利。

Okay. Great. And then, just a follow-up, maybe on promotions. I know the environment still remains volatile. You mentioned that margins are expected to face pressure from both tariffs; and then, also the consumer shopping around promotional periods.

好的。偉大的。然後，只是後續事宜，也許是關於促銷。我知道環境仍然不穩定。您提到利潤率預計將面臨來自關稅的壓力；此外，還有促銷期間消費者購物的壓力。

Is there anything you're doing differently in terms of how you're planning your promotional cadence for the back half of the year? And then, any nuances between the brands?

您在規劃下半年的促銷節奏上有什麼不同嗎？那麼，各個品牌之間有什麼細微差別嗎？

I think they're mostly going to follow historical patterns. We, of course, try to always remain nimble and adjust to the situation as it unfolds. But I think we're not planning any major departures from the way we run promotions in the past.

我認為他們大多會遵循歷史模式。當然，我們始終努力保持靈活，並根據情況的發展進行調整。但我認為我們不會計劃對過去的促銷方式做出任何重大改變。

It's just, as you alluded to, Ashley, we expect to do proportionately more of the business during those periods, just because we feel like a lot of consumers are really waiting for those opportunities. But second quarter, you look at it, highly promotional environment, definitely had the tariff pressure.

正如您所提到的，阿什利，我們希望在這些時期內開展更多業務，因為我們覺得很多消費者確實在等待這些機會。但從第二季來看，高度促銷的環境肯定有關稅壓力。

But I think you probably heard Scott say this, absent the tariff pressure, our gross margins would have increased year over year in the second quarter. So I think we're exercising a lot of discipline and being judicious in trying to maintain price and brand integrity to the maximum (inaudible) possible, while balancing that with the need to move inventory and generate revenue.

但我想你可能聽過史考特這麼說，如果沒有關稅壓力，我們的第二季毛利率將年增。因此，我認為我們正在嚴格遵守紀律，並明智地嘗試最大程度地（聽不清楚）維護價格和品牌完整性，同時在轉移庫存和創造收入的需求之間取得平衡。

Scott, I don't know if you'd add anything to that.

史考特，我不知道你還有什麼要補充的。

Yeah. I think the only change in promotions' Tommy Bahama's Friends and Family. We shifted from early September last year to August this year. That worked well for us. So we think it was the right move.

是的。我認為唯一的變化是促銷活動《湯米巴哈馬的朋友和家人》。我們從去年九月初轉移到了今年八月。這對我們來說很有效。所以我們認為這是正確的舉措。

But other than that, pretty much similar type events.

但除此之外，其他類型的事件都差不多。

That falls within the same quarter. But as Scott pointed out, I think we feel like that probably worked more effectively.

這屬於同一季度。但正如斯科特指出的那樣，我認為我們覺得這可能更有效。

Okay. That's super helpful color. I will pass it along.

好的。這是非常有用的顏色。我會把它傳承下去。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

I was impressed you were able to reiterate the gross margin guidance, even with incremental $80 million in tariff headwinds. It sounds like part of that is more price increases. I'm just curious how you're planning pricing, how that's evolved in response to tariffs, and what you've seen from the initial price increases that you've taken.

令我印象深刻的是，即使在關稅逆風增加 8000 萬美元的情況下，您仍能夠重申毛利率指引。聽起來其中一部分原因就是價格進一步上漲。我只是好奇您是如何規劃定價的，定價是如何隨著關稅而變化的，以及您從最初的價格上漲中看到了什麼。

What I would say is we've been -- as Scott used the word in his comments: select price increases. So we've not done across-the-Board approach to pricing. We've really looked at it on an item-by-item basis and balanced the need to protect our margins and try to recover some of the tariff impact with not wanting to get too far ahead of ourselves because that tariff number, as you know, Janine, is still very much a moving target.

我想說的是，我們一直在——正如斯科特在評論中所說：選擇性提價。因此，我們還沒有採取全面的定價方法。我們確實逐項研究了這個問題，並在保護利潤和試圖恢復部分關稅影響的需要與不想超出自己預期之間取得平衡，因為正如你所知，珍妮，關稅數字仍然是一個不斷變化的目標。

We're pretty sure we're going to end up with some incremental tariffs versus what they were in '24. But we still really don't know what they are. So we're trying to be careful about getting too far ahead of ourselves.

我們非常確定，與 24 年相比，我們最終將實施一些增量關稅。但我們仍然不知道它們是什麼。因此，我們要小心謹慎，不要走得太遠。

The general strategy has been to try to cover the gross margin dollars for the balance of this year. Really, as we get into spring '26, that's where it really kicks in, where we're trying to recoup the gross margin dollars but not necessarily the percent.

整體策略是盡力彌補今年餘下的毛利。確實，當我們進入 26 年春季時，這才是真正開始發揮作用的時候，我們試圖收回毛利率，但不一定是百分比。

On average, that's led to low to mid-single-digit or low/mid-single-digit price increases, a little bit higher than that for spring and Lilly Pulitzer, but that's -- and then, I think across the board, there's a mix of both tariff-based price increases and then, in some cases, some changes in the mix that are driving that.

平均而言，這導致價格上漲幅度為低至中等個位數或低/中等個位數，略高於 Spring 和 Lilly Pulitzer 的價格上漲幅度，但那是 — — 然後，我認為總體而言，既有基於關稅的價格上漲，然後在某些情況下，還有組合中的一些變化推動了這一情況。

One example that I'll give you of a way that we can increase prices without it, I think, being too detrimental for us are that new Boracay China Island chino now that I mentioned in my comments. That's up to 158. The old version of the Boracay was 138. This is 158, which is about a 14.5% increase. It's a significantly improved product. We're getting full margin for it while covering the incremental tariffs on it. The consumer seems to be fine with it.

我可以舉一個例子來說明我們可以提高價格而又不至於對我們造成太大的損害，那就是我在評論中提到的新款長灘島中國島斜紋棉布褲。達到 158。舊版長灘島是138。這是 158，成長了約 14.5%。這是一個顯著改進的產品。我們在承擔增量關稅的同時獲得了全部利潤。消費者似乎對此很滿意。

I think it's because it's a new innovative, different, and better products so they're willing to pay the upcharge. In that case, we're getting not only the margin dollars but we're actually hanging on to the percentage as well.

我認為這是因為它是一種創新的、不同的、更好的產品，所以他們願意支付更高的價格。在這種情況下，我們不僅可以獲得保證金，而且實際上還可以保留一定比例的利潤。

Then, we've got other ongoing products where we're just being very cautious about increasing the price too much before we really know where things are settled out.

然後，我們還有其他正在開發的產品，在真正了解事情進展之前，我們會非常謹慎，避免價格上漲太多。

That's helpful. And then, maybe just one more gross margin question. You talked about improved gross margin from promotional at Tommy Bahama. Maybe just elaborate on what that was. If it's something that's repeatable, as you think about squaring that with your expectation for just more promotions or consumer shopping more around those key events.

這很有幫助。然後，也許還有一個毛利率問題。您談到了 Tommy Bahama 透過促銷提高了毛利率。也許只是詳細說明一下那是什麼。如果這是可重複的事情，那麼您可以考慮將其與您對更多促銷或消費者在這些關鍵事件周圍進行更多購物的期望相一致。

Well, I think part of it was we ended up selling more full-priced product during the promotional period.

嗯，我認為部分原因是我們在促銷期間銷售了更多全價產品。

Yeah. We just had less, like, indices and sale. We just had less inventory to sell. So the degree of markdowns was not as severe also.

是的。我們的指數和銷售額都比較少。我們可供出售的庫存較少。因此降價的程度也沒有那麼嚴重。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Tom, I think a couple of calls ago, you had mentioned about the competitive environment with tariffs and how some of the competitors wouldn't even be making some of their collections, given the changes with tariff pricing. What are you seeing? Is it helping you gain market share?

湯姆，我想在幾次通話之前，您曾提到關稅帶來的競爭環境，以及考慮到關稅定價的變化，有些競爭對手甚至不會進行部分收藏。你看到了什麼？它能幫助您獲得市場佔有率嗎？

And then, as you think about this upcoming holiday season, maybe, Scott, how are you thinking of marketing spend and new products to drive activation?

然後，當您想到即將到來的假期時，也許，斯科特，您如何考慮行銷支出和新產品來推動啟動？

And then, lastly, components of the comp, what did you see in the comp on your DTC side, both from online and from your own stores?

最後，關於競爭對手的組成部分，您在 DTC 方面的競爭對手中看到了什麼，包括在線和您自己的商店？

Okay. Starting in reverse order, I would say that during the quarter, traffic was -- retail stores were relatively stronger than e-commerce, if that makes sense. We saw a bit of softness in both sides during the quarter. But I think relatively speaking, retail was stronger than e-comm. That, frankly, is consistent. I think with what we're hearing from a lot of other reporting companies that retail seem to be having a bit more strength than e-commerce.

好的。從相反的順序開始，我想說，在本季度，零售店的客流量相對強於電子商務，如果這說得通的話。我們發現本季雙方都出現了一些疲軟跡象。但我認為相對而言，零售業比電子商務更強。坦白說，這是一致的。我認為，根據我們從許多其他報告公司聽到的消息，零售業似乎比電子商務更有實力。

Then, in terms of the competitors that may not be offering a line for the resort season and maybe, doing some more extreme things around pricing for spring, those are privately held competitors for the most part that we're talking about, if not exclusively. So we're not seeing a lot of reporting out of them yet.

然後，就那些可能不會提供度假季節產品線的競爭對手而言，也許在春季定價方面會採取一些更極端的做法，我們所談論的大多數（如果不是全部）都是私人控股的競爭對手。所以我們還沒看到他們的很多報道。

What I would say is I do think that we're holding and even gaining share in our wholesale channels, which is where we can see it, with the caveat that, overall, that market is -- they're being very cautious with their forward (inaudible).

我想說的是，我確實認為我們在批發管道中保持甚至獲得了份額，這是我們可以看到的，但需要注意的是，總體而言，市場對未來非常謹慎（聽不清楚）。

So the overall market is not really growing. But I think we're performing well and are getting and will get rewarded for that a bit.

因此整體市場實際上並沒有成長。但我認為我們的表現很好，並且會因此得到一些回報。

I think I'll add one other comment on that, even though you didn't exactly ask it. That's that one of the earlier reads that we get on how our pricing is going to be received by the consumer is how the wholesale accounts react to it. They've been very, very positive about the way that we're handling pricing.

我想我會對此添加另一條評論，即使您並沒有明確詢問這一點。這是我們早期了解到的有關消費者對我們的定價將如何接受的資訊之一，即批發帳戶對此有何反應。他們對我們處理定價的方式非常非常滿意。

To me, that -- it's still the consumer, ultimately, that will vote on that. But those merchants at those wholesale accounts are very skilled, capable experienced people. If they're reacting well to the way that we're handling pricing, I think the consumer will probably also react pretty well.

對我來說，最終投票的還是消費者。但那些批發帳戶的商人都是非常熟練、有能力且經驗豐富的人。如果他們對我們的定價方式反應良好，我認為消費者可能也會有相當好的反應。

Scott, I don't know if you'd add anything to any of that or if I missed something?

斯科特，我不知道你是否會對此進行補充，或者我是否遺漏了什麼？

Yeah. I think you got it. I think you got it covered.

是的。我想你明白了。我想你已經搞清楚了。

Great. Anything just to follow up on fourth-quarter marketing outlook there, in terms of how you're planning for Q4?

偉大的。就您對第四季度的計劃而言，有什麼可以跟進的嗎？

Well, I think we'll be doing a lot of similar things to what we've done in the past. I don't want to let the cat out of the bag on a couple of the things. We'll be doing around holiday, in particular, because there are going to be a few little twists on it. But I really don't want to spill the beans on that, if you will allow me.

嗯，我想我們會做很多與過去類似的事情。我不想洩漏一些事情的秘密。我們將在假期期間進行這項工作，因為其中會有一些小變化。但如果您允許的話，我真的不想透露這個秘密。

And then, just lastly, just --

最後，--

Dana, these are just the tactics. I don't think from a big picture standpoint, it's a whole lot different. But some of the specific tactics we'll be doing, I think, will be slightly different than what we've done in the past.

達娜，這些只是策略而已。我認為從宏觀角度來看，情況並沒有太大不同。但我認為，我們將採取的一些具體策略將與過去略有不同。

Got it. And then, just on the wholesale partnerships, anything you're seeing different in terms of the wholesale partnerships and how you're planning them?

知道了。然後，就批發合作夥伴關係而言，您在批發合作夥伴關係方面看到了什麼不同之處以及您如何規劃它們？

Well, I think the value of having really good partnerships, which we do with our very best customers, we have extremely close relationships with them. We work very hard to build mutually successful and mutually profitable businesses with them. We really like that part of the business.

嗯，我認為擁有真正良好的合作關係的價值，我們與我們最好的客戶建立了非常密切的關係。我們竭盡全力與他們建立互利共贏的業務關係。我們真的很喜歡這部分業務。

I think that's more important than ever that you have those kind of partnerships. While it's a challenging time for everybody, I think our partnerships are, by and large, stronger than they've ever been.

我認為建立這種夥伴關係比以往任何時候都更加重要。雖然這對每個人來說都是一個充滿挑戰的時期，但我認為我們的夥伴關係總體上比以往任何時候都更加牢固。

(multiple speakers) if I answered the question but --

（多位發言者）如果我回答了這個問題，但是--

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Just on the commentary about the positive quarter-to-date trend in the comps, could you maybe talk about, like, how much of a tailwind was that timing of the sale on Tommy Bahama? And just like from excluding that, if you're seeing actually, like, the business being positive.

偉大的。僅就本季度迄今為止可比銷售額的積極趨勢的評論而言，您能否談談出售 Tommy Bahama 的時機有多大推動力？並且，就像排除這一點一樣，如果你看到實際上業務是積極的。

And then, I was wondering maybe if you could clarify, given that the net tariff impact is actually going to be lower than what you initially expected and the sales outlook has been kept unchanged, what is driving you to, like, maintain -- what is (inaudible) to maintain your full-year EPS outlook for this year?

然後，我想知道您是否可以澄清一下，鑑於淨關稅影響實際上將低於您最初的預期，並且銷售前景保持不變，是什麼促使您維持 - 什麼是（聽不清）維持今年全年每股收益預期？

A couple of things. I want to tackle the tariffs first and then, we'll (inaudible).

有幾件事。我想先解決關稅問題，然後我們（聽不清楚）。

Yeah. On the tariffs, last quarter, we said around $40 million before -- that was before price increases and vendor concessions. Now, tariffs. With some of the changes in tariffs, the overall exposure went up. But we accelerated. We did more acceleration of receipts and we had some more late in the year shifting out of China to lower-tariff countries. So we are able to mitigate it.

是的。關於關稅，我們上個季度的關稅約為 4000 萬美元——這是在價格上漲和供應商讓步之前。現在，關稅。隨著關稅的一些變化，整體風險敞口有所上升。但我們加速了。我們進一步加速了收貨，並在年底將更多貨物從中國轉移到了關稅較低的國家。所以我們能夠減輕它。

I think before price increases and vendor concessions were pretty much around the same number as we said before. We tried to lay it out a little different, starting with the total exposure of $80 million and about half of that through shifting and early receipts.

我認為之前的價格上漲和供應商的優惠幅度與我們之前所說的差不多。我們嘗試採用稍微不同的佈局，首先總風險敞口為 8000 萬美元，其中約一半透過轉移和提前收款實現。

And then, we've got some additional through the price increases and the vendor concessions.

然後，我們透過漲價和供應商讓步獲得了一些額外的收益。

So I think overall, even though the landscape turned against us a bit, we were able to have further mitigations to stay in a neutral position to where we were last quarter.

因此我認為總體而言，儘管情況對我們不利，但我們能夠採取進一步的緩解措施，保持與上一季相同的中立立場。

Your first question on the Tommy, it was all within the quarter, Mauricio. So it shift from August to September. It was early September last year. So that's flushed out now.

關於湯米的第一個問題，毛里西奧，這都是在本季內。所以它從八月轉移到九月。那是去年九月初。現在它已經被沖走了。

So in our quarter to date, we think we're back to an apples-to-apples view, where August itself was apples to oranges -- early September was apples to oranges. But now, once you got through the Labor Day weekend where the event was last year, we're back now to an apples-to-apples basis on timing.

因此，在本季度迄今為止，我們認為我們又回到了蘋果與蘋果的比較觀點，即八月本身是蘋果與橘子——九月初是蘋果與橘子。但現在，一旦你度過了去年舉辦活動的勞動節週末，我們現在就又回到了時間上的公平原則。

Okay. That makes a lot of sense. And then, just, like, to the one commentary also about inventory, the expectation that's going to actually, like, decrease or moderate -- sorry, I forgot the term -- but what is driving that? I would assume that the inventories would be higher, just given that we're bringing in inventory with a tariff costs?

好的。這很有道理。然後，就像關於庫存的一個評論一樣，預期實際上會減少或緩和 - 抱歉，我忘記了這個術語 - 但是是什麼推動了這一點？我認為庫存會更高，因為我們引入的庫存有關稅成本？

Well, like we said before, the impact of any capitalized tariff cost into inventory (multiple speakers). From the acceleration, we think the tariffs have settled down what we won't need. Before, we were trying to beat -- we knew the August 27 change was coming. So we got as much in. We didn't know what exactly was going to be but we got as much in as we could before then.

嗯，就像我們之前說的，任何資本化的關稅成本對庫存的影響（多位發言者）。從加速來看，我們認為關稅已經穩定了我們不需要的東西。之前，我們試圖擊敗——我們知道 8 月 27 日的變化即將到來。所以我們得到了盡可能多的東西。我們不知道具體會發生什麼，但我們在那之前盡可能多地了解情況。

Now, we don't think we'll have to have that acceleration that we had. So I think part of our -- pretty much our increase in the second quarter was capitalized tariffs and acceleration. We believe that accounts for virtually the whole increase.

現在，我們認為我們不必再像以前那樣加速。所以我認為我們第二季的成長部分來自於資本化的關稅和加速。我們認為這幾乎解釋了全部的成長。

When you get to third quarter, we're only going to be dealing with the tariff impact and not the acceleration. Deceleration was the bigger piece of it.

進入第三季度，我們只需要處理關稅影響，而不是加速。減速是其中最重要的因素。

Joseph Civello, Truist Securities.

約瑟夫·西維洛（Joseph Civello），Truist 證券公司。

Just following up a little bit on the price increases. I think you said Select 1 so far has been averaging in the low- to mid-single-digit range that's picking up through the spring. Can you just talk about what the magnitude could be by then and how would you implement those, would be on a broader range of products, either brand-specific, region specific, anything like that would help?

只是稍微追蹤一下價格上漲的情況。我想您說過，到目前為止，Select 1 的平均水平一直處於低到中等個位數範圍內，並且在整個春季都在回升。您能否談談到那時規模會有多大，以及您將如何實施這些措施，是否會在更廣泛的產品範圍內實施，無論是針對特定品牌還是特定地區，諸如此類的措施都會有所幫助？

Yeah. I would say, Joe, that the -- I think we're going to be a little bit on the conservative side with the price increases as long as tariffs remain up in the air. So far, as far as we've really gone out -- is spring and for spring, I think they're a little bit higher than they are for fall and resort. But that's where we are right now.

是的。喬，我想說的是──只要關稅懸而未決，我們在物價上漲方面就會採取保守的態度。到目前為止，就我們真正走出去的情況而言——是春季，對於春季來說，我認為它們比秋季和度假期間要高一點。但這就是我們現在的處境。

Fall, we're really on wholesale. We had already had prices out. So there's not the wholesale increases for fall where there will be for spring, where we'll have some both direct-to-consumer and wholesale. So we'll come close.

秋天，我們真正從事批發業務。我們已經公佈了價格。因此，秋季批發量不會增加，但春季批發量將會增加，屆時我們將同時進行一些直接面向消費者的銷售和批發銷售。所以我們會接近。

In spring, we think should we make the gross margin dollars; fall, we will not quite make up the gross margin dollars.

春季，我們認為我們應該賺到毛利；在秋季，我們將無法完全彌補毛利。

The other thing that I would point out, I think you're clear on this, but when we talk about, say, a 5% increase in fall prices, that's fall of this year versus fall of last year. Then, when we talk about, say, another 5% increase for spring, that spring versus spring, it's not on top of a fall increase, if that makes sense.

我想指出的另一件事是，我想你對此很清楚，但是當我們談論秋季價格上漲 5% 時，這是今年相對於去年的下降。然後，當我們談論春季的另一個 5% 的增長時，這個春季與春季相比，並不是在秋季增長的基礎上，如果這說得通的話。

So it's not a cumulative thing. You're not compounding those price increases.

所以這不是一個累積的事情。你不會加劇這些價格上漲。

So there -- where we are so far, they're really not -- they're not that much.

所以 — — 就我們目前的情況來看，它們實際上 — — 並沒有那麼多。

Just one more follow-up then on Lilly. Just talk a little bit about the direct business versus what you're seeing in wholesale.

接下來是關於 Lilly 的後續問題。請簡單談談直銷業務與批發業務的差異。

Well, I think our specialty accounts, in particular, they tend to, during tough times, be very cautious. We've got a good amount of that within Lilly Pulitzer or it's not that I don't think it's that we're not performing well. I just tend to get more conservative and cautious in their purchasing.

嗯，我認為我們的專業客戶，特別是那些在困難時期往往非常謹慎的客戶。在 Lilly Pulitzer 內部，我們已經遇到了很多這樣的問題，但我認為，這並不是說我們的表現不佳。我只是傾向於在購買時變得更加保守和謹慎。

And then, in our major accounts, our performance has been quite good. Again, as I mentioned earlier, the majors are also in a pretty conservative stance right now when it comes to forward purchases. But I have no concerns about our position with any of the key accounts in either Tommy or Lilly.

然後，在我們的主要帳戶中，我們的表現相當不錯。再次，正如我之前提到的，各大主要石油公司目前在遠期購買方面也採取了相當保守的立場。但我對我們與 Tommy 或 Lilly 的任何重要客戶的關係並不擔心。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

It's Tracy Kogan, filling in for Paul.

她是特蕾西·科根 (Tracy Kogan)，代替保羅。

I know you guys have outlined CapEx this year at $120 million. I think a lot of that is from the DC. I'm just wondering as you look out to FY26 and beyond, what is a good CapEx number to use and if there'll be any more major investments in DCs or things like that in the near future?

我知道你們今年的資本支出計畫為 1.2 億美元。我認為其中很大一部分來自研發中心。我只是想知道，展望2026財年及以後，一個合適的資本支出數字是多少？以及近期是否會對研發中心或類似領域進行更多重大投資？

Yeah. We expect Alliance project to be substantially complete. There could be a tiny bit that trails over to next year. But once that's behind us, I think an ongoing rate is going to be in $75 million pace.

是的。我們預計聯盟項目將基本完成。可能會有一小部分延續到明年。但一旦我們解決了這個問題，我認為持續的利率將達到 7500 萬美元。

It really depends on number of stores and the number of store paces slowed down a little bit than what it was. But I would say somewhere in that $75 million neighborhood.

這實際上取決於商店的數量，而且商店數量的增長速度比以前稍微慢了一些。但我想說在那個價值 7500 萬美元的街區的某個地方。

Got you. What's your early expectation for store growth next year? Do you have any openings identified?

明白了。您對明年門市成長的早期預期是什麼？您有確定的空缺職位嗎？

We've got some pipeline. Johnny Was, we are not opening stores right now. I'm not saying we won't open any but we've really slowed that down.

我們有一些管道。Johnny Was，我們現在沒有開店。我並不是說我們不會開放任何業務，但我們確實放慢了開放速度。

And then, Southern Tide opened a whole lot very quickly. We've slowed it down. But there will be some Southern Tide stores.

然後，Southern Tide 很快就開了很多店。我們已經放慢速度了。但會有一些 Southern Tide 商店。

Tommy and Lilly will be on a normal type.

湯米 (Tommy) 和莉莉 (Lilly) 將會是正常類型。

Yeah. Subject to real estate availability, to be honest (multiple speakers).

是的。說實話，取決於房地產供應情況（多位發言者）。

Yeah, yeah. So there's probably a few Marlin bars. And then, a few standalone stores at Tommy and Lilly are probably -- have five or six standalone stores.

是啊是啊。所以可能存在一些 Marlin 酒吧。然後，Tommy 和 Lilly 的幾家獨立商店可能有五到六家獨立商店。

And then, (inaudible) we'll probably have a couple also in Southern Tide Tito. We have a few not at the 10 or so pace they had last the last couple of years. Yeah.

然後，（聽不清楚）我們可能還會在 Southern Tide Tito 中放幾張。我們有幾個人的速度沒有達到過去幾年的 10 左右。是的。

So overall, probably more like this year, closer to this year, where we're going to be at 15 where we were 30 last year. So probably the 15 is probably a --

所以總體來說，可能更像今年，更接近今年，我們將達到 15 個，而去年是 30 個。所以 15 可能是一個--

Pretty good number.

相當不錯的數字。

Pretty good number. Again, with a few of them being more bars, which are more expensive.

相當不錯的數字。再次，其中一些是酒吧，價格更貴。

Got it. Thank you, guys.

知道了。謝謝你們。

Thank you, Tracy.

謝謝你，特蕾西。

With that, there are no further questions at this time.

至此，目前沒有其他問題了。

I would like to turn the call back to Tom Chubb for closing remarks.

我想請湯姆‧丘布 (Tom Chubb) 作最後發言。

Okay. Thanks, Julian. Thanks to all of you for your interest.

好的。謝謝，朱利安。感謝大家的關注。

We look forward to talking to you again in December. Hope all is well until then.

我們期待 12 月再次與您交談。希望到那時一切都好。

Thank you. Ladies and gentlemen, with that, this does conclude today's teleconference.

謝謝。女士們、先生們，今天的電話會議到此結束。

We thank you for your participation. You may disconnect your lines at this time.

我們感謝您的參與。現在您可以斷開線路。

Have a wonderful day.

祝您有美好的一天。