Oxford Industries Inc (OXM) 2025 Q3 法說會逐字稿

Greetings, and welcome to Oxford Industries third-quarter fiscal 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加牛津工業公司2025財年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Brian Smith from Oxford. Thank you, and you may begin.

現在我將把會議交給來自牛津大學的布萊恩史密斯。謝謝，你可以開始了。

Thank you, and good afternoon. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in the forward-looking statements. 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。在開始之前，我想提醒各位參與者，今天電話會議和問答環節中所做的某些陳述可能構成聯邦證券法意義上的前瞻性陳述。前瞻性聲明並非保證，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。可能導致實際經營業績或財務狀況出現差異的重要因素已在今天早些時候發布的新聞稿以及我們向美國證券交易委員會提交的文件中進行了討論，其中包括我們在 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'll 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，我們將討論一些非GAAP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財務指標與GAAP財務指標的調節表，該新聞稿發佈在我們網站oxfordinc.com的投資者關係標籤下。

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

現在我來介紹一下今天參加電話會議的各位嘉賓。今天陪同我出席的有董事長兼執行長湯姆·丘布，以及財務長兼營運長史考特·格拉斯邁爾。

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

感謝您的關注。現在，我想把電話交給湯姆·丘布。

Good afternoon, and thank you for joining us today. As is typical for our third quarter, I'll keep my comments on Q3 relatively brief before turning to what we're seeing in the early weeks of the fourth quarter and how we are approaching the holiday season and the rest of the year.

下午好，感謝各位今天蒞臨。與往年第三季一樣，我將對第三季的情況進行相對簡短的評論，然後再談談我們在第四季初幾週看到的情況，以及我們將如何應對假期和今年的剩餘時間。

We are pleased with what we were able to accomplish during the third quarter with our financial results broadly in line with the expectations we set earlier in the year. The environment remained highly competitive and promotional, and the consumer continue to be selective with their discretionary spending, often requiring new and innovative product to capture attention. Against that backdrop, our team stayed focused on our long-term priorities and executed well on the fundamentals of our strategy.

我們對第三季所取得的成績感到滿意，財務表現基本上符合年初設定的預期。市場環境依然競爭激烈，促銷活動層出不窮，消費者在可自由支配的支出方面依然非常謹慎，往往需要新穎獨特的產品才能吸引他們的注意。在此背景下，我們的團隊始終專注於長期優先事項，並且很好地執行了我們策略的基本原則。

Strong sales growth in both the emerging brands group and Lilly Pulitzer offset declines at Tommy Bahama and Johnny Was. Total company comp sales were slightly positive and while gross margins continue to reflect the pressures we've discussed in prior quarters related to tariffs, our underlying adjusted gross margin, absent that pressure improved over last year's even in a highly promotional environment.

新興品牌集團和莉莉普利策 (Lilly Pulitzer) 的強勁銷售成長抵消了湯米巴哈馬 (Tommy Bahama) 和約翰尼沃斯 (Johnny Was) 的下滑。公司同店銷售額略有成長，雖然毛利率繼續反映出我們在前幾個季度討論過的與關稅相關的壓力，但即便在促銷力度很大的環境下，我們的基本調整毛利率（不包括該壓力）也比去年有所提高。

In addition to the financial results, we made important progress on a number of key initiatives across the enterprise. Starting with people, we were pleased to have realigned and strengthened our teams in Johnny Was and the emerging brands group through a combination of internal promotions and hiring key executive talent from outside the company. Also at Johnny Was, we made significant progress with the business improvement plan we discussed last quarter.

除了財務表現之外，我們在企業內部的多項關鍵措施上也取得了重要進展。首先從人員方面來看，我們很高興透過內部晉升和從公司外部聘請關鍵管理人才相結合的方式，重新調整並加強了 Johnny Was 和新興品牌團隊。此外，Johnny Was 公司在上個季度討論的業務改進計劃方面也取得了重大進展。

In Tommy Bahama, our bars and restaurants are a distinct competitive advantage, and we were pleased to have added two important restaurant openings during the quarter.

在 Tommy Bahama，我們的酒吧和餐廳是明顯的競爭優勢，我們很高興在本季新增了兩家重要的餐廳。

In Lilly Pulitzer, we anniversaried last year's very successful Palm Beach Fashion Show with a fashion show in Key West. Last year's event has helped fuel creative content and commercial success throughout 2025, and we expect this year's event to do the same for 2026. We also completed the renovation of our Worth Avenue Lilly Pulitzer flagship location in Palm Beach.

莉莉普利策 (Lilly Pulitzer) 為紀念去年非常成功的棕櫚灘時裝秀，在基韋斯特舉辦了一場時裝秀。去年的活動為 2025 年的創意內容和商業成功提供了助力，我們預期今年的活動也將為 2026 年帶來相同的效果。我們也完成了位於棕櫚灘沃斯大道莉莉‧普利策旗艦店的翻新工程。

Finally, we are in the final stages of construction of the new state-of-the-art fulfillment center that will be such an important asset to our direct-to-consumer businesses. None of these items will have immediate impact on our financial results, but are critical parts of the foundation of future success.

最後，我們最先進的新物流中心的建設已進入最後階段，這將成為我們直接面向消費者業務的重要資產。這些項目都不會立即對我們的財務表現產生影響，但它們是未來成功的基礎的重要組成部分。

As I previously mentioned, across the portfolio, performance varied by brand as it has for much of this year. The bright spot continues to be Lilly Pulitzer, where the brand again demonstrated a deep connection with its core consumer and delivered healthy growth in the quarter. Our Emerging Brands business also posted strong year-over-year sales gains, reflecting growing recognition relevance, customer engagement, and growth potential.

正如我之前提到的，與今年大部分時間一樣，整個產品組合中各品牌的表現都不盡相同。亮點依然是莉莉普利策 (Lilly Pulitzer)，該品牌再次展現了與核心消費者的深厚聯繫，並在本季度實現了健康成長。我們的新興品牌業務也實現了強勁的同比增長，反映出品牌知名度、客戶參與度和成長潛力不斷提高。

Moving to Tommy Bahama, while our third-quarter results did not meet our goals for the brand, we did see encouraging progress. Comps improved sequentially to down low-single digits from down high-single digits earlier in the year. We believe we've made meaningful headway in addressing key areas that contributed to softness early in the year, particularly around color assortment and completeness of the line, which led to disparate regional performance and softness in Florida, our most important market.

再來看 Tommy Bahama，雖然我們第三季的業績沒有達到我們對該品牌的預期目標，但我們確實看到了令人鼓舞的進展。同店銷售額較上月下降幅度有所改善，由年初的高個位數下降幅度轉為低個位數下降幅度。我們相信，我們在解決年初導致業績疲軟的關鍵領域方面取得了實質進展，尤其是在顏色選擇和產品線完整性方面，這導致了區域業績差異以及我們最重要的市場——佛羅裡達州的業績疲軟。

There is still work to do, but we feel good about the adjustments made so far.

還有一些工作要做，但我們對目前為止所做的調整感到滿意。

At the same time, we continue to invest in the long-term health of the brand through thoughtful expansion of our retail and hospitality footprint. During the quarter, we reentered the important St. Armands Circle outside of Sarasota, with a beautiful new full-service restaurant and retail store, which replaced our previous restaurant that was damaged and closed in 2024 due to a hurricane. This new location reinforces the strength of our hospitality model in one of our most important markets.

同時，我們透過深思熟慮地擴大零售和酒店業務版圖，繼續投資於品牌的長期健康發展。本季度，我們重新入駐了薩拉索塔郊外重要的聖阿曼德斯環島，開設了一家漂亮的新全方位服務餐廳和零售店，取代了我們之前因颶風受損並在 2024 年關閉的餐廳。這家新店的開幕進一步鞏固了我們在最重要的市場之一的飯店服務模式的優勢。

We also opened a new Marlin Bar in the Big Island of Hawaii, further deepening our connection to a region that has been central to the Tommy Bahama brand for decades. Both locations are off to encouraging starts, and we believe they will be long-term assets for the brand.

我們還在夏威夷大島開設了一家新的馬林酒吧，進一步加深了我們與該地區的聯繫，該地區幾十年來一直是 Tommy Bahama 品牌的核心。這兩個地點的開局都令人鼓舞，我們相信它們將成為品牌的長期資產。

Turning to Johnny Was. We made several important changes during the quarter to strengthen the foundation of the brand and position it for long-term success. As we discussed last quarter, Johnny Was is an incredible brand with beautiful product, a loyal and engaged customer base, and a hard-working, deeply dedicated team.

轉向約翰尼·沃斯。本季我們做出了一些重要改變，以加強品牌基礎，並為品牌的長期成功奠定基礎。正如我們上個季度所討論的，Johnny Was 是一個了不起的品牌，擁有精美的產品、忠誠且積極參與的客戶群，以及一支勤奮敬業的團隊。

To ensure the brand can fully capitalize on that potential, we have a refreshed key leadership roles, including the promotion of [Lisa Caser], our former Chief Commercial Officer at Johnny Was, to lead the brand as President of Johnny Was. Lisa has an experienced business leader with over 25 years of leadership roles at Neiman Marcus, including 10 years as SVP, General Merchandising Manager of women's ready-to-wear.

為了確保品牌能夠充分發揮其潛力，我們對關鍵領導職位進行了調整，包括提拔 Johnny Was 的前首席商務官 Lisa Caser 擔任 Johnny Was 總裁，領導該品牌。Lisa 是一位經驗豐富的商業領袖，在 Neiman Marcus 擔任過 25 年以上的領導職務，其中包括 10 年擔任女裝成衣高級副總裁兼總經理。

We also made changes to the lead designer and Head of Retail positions to bring sharper creative focus, strong merchandising discipline and more consistent execution across the business.

我們還調整了首席設計師和零售主管的職位，以在整個業務中實現更明確的創意方向、更嚴格的商品管理紀律和更一致的執行。

Earlier in the year, we also engaged an outside specialist to help us assess the Johnny Was business and identified the actions needed to meaningfully improve profitability. That comprehensive project has now been largely completed and we have begun executing against its recommendations with clear priorities around creative direction, merchandising and planning, marketing efficiency, and retail performance.

今年早些時候，我們還聘請了一位外部專家來幫助我們評估 Johnny Was 的業務，並確定了為切實提高盈利能力所需採取的措施。此綜合項目現已基本完成，我們已開始根據其建議執行，並明確了創意方向、商品銷售和規劃、行銷效率和零售業績等方面的優先事項。

While we are still early in the process, we're encouraged by the focus, energy and alignment we are seeing across the team. We believe that a combination of refreshed leaders have with a very capable incumbent team and a clear actionable plan will allow us to reinforce the fundamentals of the brand and unlock the substantial long-term opportunity we continue to see in Johnny Was.

雖然我們還處於這個過程的早期階段，但我們對整個團隊展現出的專注、活力和協同感到鼓舞。我們相信，煥然一新的領導團隊、能力卓越的現有團隊以及清晰可行的計劃相結合，將使我們能夠鞏固品牌的基本面，並釋放我們持續在 Johnny Was 身上看到的巨大長期機遇。

With that backdrop, let me turn to the fourth quarter and our early read on the holiday. As a reminder, our comps in the fourth quarter last year were flat and benefited from a post-election balance. When evaluating the yearly results of the fourth quarter this year, it is clear that the softer start to the holiday season reflects a combination of tariff-related product limitations and a holiday period that has been more proportional across the industry compared with last year that made for a difficult environment along with the more challenging comps than earlier in the year.

在這樣的背景下，讓我們來看看第四季以及我們對這個節日的初步看法。提醒一下，去年第四季我們的同店銷售額與去年同期持平，並受益於選舉後的收支平衡。在評估今年第四季的年度業績時，很明顯，假日季開局疲軟反映了關稅相關的產品限制，以及與去年相比，整個行業的假日季規模更加均衡，再加上年初以來更具挑戰性的同比數據，共同造成了艱難的市場環境。

Most significantly, our brands have experienced challenges in our product assortments that trace back to the tariff-related sourcing decisions made earlier in the year. When our brands were building their holiday and resort lines last spring, the tariff landscape was highly uncertain with the potential for substantial increases on certain China-origin categories. As a result, we made difficult but prudent choices to reduce our exposure in categories heavily reliant on China. For example, sweaters and other cold weather product that are important at this time of the year.

最重要的是，我們的品牌在產品組合方面遇到了挑戰，這可以追溯到今年稍早與關稅相關的採購決策。去年春天，當我們的品牌打造度假系列產品時，關稅情勢高度不確定，某些中國原產品類的關稅可能會大幅上漲。因此，我們做出了艱難但謹慎的選擇，減少了在嚴重依賴中國的領域的投資。例如，毛衣和其他禦寒用品在這個季節非常重要。

Those decisions were appropriate given the information available at the time. However, they left us with assortments that were not as complete or as comprehensive as we would like for the holiday season.

鑑於當時掌握的信息，這些決定是恰當的。然而，他們留給我們的節日商品種類並不齊全，也不夠豐富，達不到我們希望的程度。

Sweaters in particularly have historically been strong drivers of fourth quarter demand across our portfolio and our reduced presence in this category has been a meaningful headwind. At the same time, the holiday selling period has been more promotional than last year with consumers showing heightened sensitivity to value and a willingness to wait for deeper discounts. While our promotional cadence and depth we were consistent with our brand appropriate approach, many competitors entered the season earlier and more aggressively. That dynamic contributed to a slower start for us in the opening weeks of the quarter.

毛衣歷來是我們產品組合中第四季度需求的強勁驅動力，而我們在該類別中的份額減少，造成了相當大的不利影響。同時，今年的假期銷售季促銷力度比去年更大，消費者對性價比更加敏感，也更願意等待更大幅度的折扣。雖然我們的促銷節奏和力度與我們的品牌策略保持一致，但許多競爭對手更早、更積極地進入了促銷季。這種動態導致我們在本季初的幾週開局較為緩慢。

At Lilly Pulitzer, our holiday promotions included curated gift with purchase events and a broader seasonal sale both of which resonated well with our core consumer, and we saw a strong engagement with many of our most giftable styles and capsules. Unfortunately, our successful gift with purchase events were somewhat limited due to high Chinese tariffs and the difficulty of shifting the production of these items elsewhere.

在 Lilly Pulitzer，我們的節日促銷活動包括精心策劃的購物贈禮活動和更廣泛的季節性促銷，這兩項活動都引起了我們核心消費者的強烈共鳴，我們看到許多最適合送禮的款式和膠囊系列都受到了消費者的熱烈追捧。遺憾的是，由於中國高額關稅以及將這些商品的生產轉移到其他地方的困難，我們成功的購物贈禮活動受到了一定程度的限制。

Similarly, we identified that there were gaps in our assortments related to the tariff environment, particularly in novelty items and certain other seasonal products that could not be quickly moved out of China which limited our ability to fully serve demand. We also leaned into our core programs to mitigate tariff exposure, which reduced the level of newness we might have otherwise offered.

同樣，我們發現，由於關稅環境，我們的產品種類存在缺口，特別是新奇商品和某些其他季節性產品，這些商品無法迅速從中國運出，這限制了我們充分滿足市場需求的能力。我們也加大了對核心專案的投入，以降低關稅風險，這減少了我們原本可能提供的創新水準。

At Tommy Bahama, we built on themes introduced earlier in the year, offering a compelling mix of gift ready items and cold weather seasonal product. But as with Lilly, many of the categories that historically carry momentum for us during holiday, especially sweaters and other cold weather essentials that are heavily China reliant were reduced as a result of the tariff uncertainty earlier in the year.

Tommy Bahama 延續了今年稍早推出的主題，提供了一系列極具吸引力的禮物和冬季季節性產品。但與禮來公司一樣，許多歷來在假日期間為我們帶來銷售成長的品類，尤其是嚴重依賴中國的毛衣和其他禦寒必需品，由於今年早些時候關稅的不確定性而減少了。

Those gaps, coupled with a promotional marketplace that moved earlier and deeper than usual, created incremental pressure. Despite these challenges, we have seen continued encouraging response in our Tommy Bahama Boracay pants that we discussed last quarter. While the price point increased from $138 to $158, new product innovation has led to significant sell-throughs and the Boracay pant has played meaningfully into the holiday gifting mindset.

這些差距，再加上促銷市場比平常更早、更深入地展開，造成了逐漸增大的壓力。儘管面臨這些挑戰，但我們上季度討論過的 Tommy Bahama Boracay 長褲仍然獲得了持續令人鼓舞的市場反響。雖然價格從 138 美元上漲到 158 美元，但新產品的創新帶來了顯著的銷售成長，而 Boracay 長褲在節日送禮的觀念中發揮了重要作用。

This success also highlights some of the trends we have seen in the market where consumers are gravitating to versatile products that can be worn to work and casual events and are less discretionary than some other categories.

這項成功也凸顯了我們在市場上看到的一些趨勢，即消費者越來越傾向於購買多功能產品，這些產品既可以用於工作場合，也可以用於休閒活動，而且與其他一些類別相比，這些產品並非完全可有可無。

At Johnny Was, the customer continues to connect most strongly with the unique artful product that defines the brand, elevated embellish pieces, rich textures and vibrant color stories, again, resonated with loyalists. But similar to our other brands, limitations in certain seasonal categories due to tariff-driven sourcing adjustments, along with heightened promotional intensity across the marketplace created a more challenging backdrop for converting that interest at the levels we had anticipated early in the season. While still small in absolute terms, our emerging brands group continues to be a meaningful source of energy and growth within the portfolio.

在 Johnny Was，顧客仍然與品牌獨具匠心的藝術產品、精緻的裝飾、豐富的質感和鮮豔的色彩故事建立了最緊密的聯繫，這些都再次引起了忠實顧客的共鳴。但與其他品牌類似，由於關稅驅動的採購調整，某些季節性類別受到限制，加上市場促銷力度加大，使得我們難以在季初預期的水平上實現這種興趣轉化。雖然從絕對數量來看，我們的新興品牌集團規模仍然很小，但它仍然是公司產品組合中重要的能量和成長來源。

Southern Tide, The Beaufort Bonnet Company, and Duck Head have each built strong momentum this year and we are seeing that momentum carry into the holiday season with a stronger start than what we have seen in our three larger brands. These brands benefit from exceptionally loyal customer bases, focused product stories, and highly engaged teams, and their performance is a testament to the opportunity we believe exists in each of them. As we continue to invest in their capabilities, particularly in product, marketing, and retail expansion, we remain very encouraged by the role of the emerging brands group can play in our long-term growth algorithm.

Southern Tide、The Beaufort Bonnet Company 和 Duck Head 今年都取得了強勁的發展勢頭，我們看到這種勢頭延續到了假日季，並且比我們三個較大的品牌開局更加強勁。這些品牌受益於極度忠誠的客戶群、專注的產品故事和高度敬業的團隊，它們的表現證明了我們認為每個品牌都蘊藏著巨大的機會。隨著我們不斷投資於他們的能力，尤其是在產品、行銷和零售擴張方面，我們對新興品牌集團在我們長期成長演算法中能夠發揮的作用感到非常鼓舞。

Taken together, these early holiday trends reinforce what we observed throughout the year. When we deliver fresh, differentiated product that aligns with our brand heritage the customer responds. However, given today's promotional climate, achieving that response requires more competitive value proposition. As a result, and as Scott will detail in a few minutes, we now expect our fourth-quarter performance to land below our previous guidance, and we are revising our outlook for the remainder of the year.

綜合來看，這些早期假期趨勢印證了我們全年觀察到的情況。當我們提供符合品牌傳承的、具有差異化的新鮮產品時，顧客就會做出正面的回應。然而，在現今的促銷環境下，要獲得這種效果，需要更具競爭力的價值主張。因此，正如斯科特稍後將詳細介紹的那樣，我們現在預計第四季度的業績將低於我們先前的預期，並且我們正在修改今年剩餘時間的展望。

And that is our focus across the portfolio: concentrating on what makes each brand special and ensuring that what we put in front of the consumer inspires confidence, joy, and a sense of possibility. That same focus has guided our product development and marketing plans throughout the year. It's why we have leaned into newness and innovation across our brands, and it's why we continue refining our offerings to match the customer's mindset heading into resort in the early spring period.

而這正是我們整個產品組合的重點：專注於每個品牌的獨特之處，並確保我們呈現在消費者面前的產品能夠激發信心、喜悅和無限可能。這個理念貫穿了我們全年的產品開發和行銷計劃。這就是為什麼我們一直致力於旗下所有品牌的創新和發展，也是為什麼我們不斷改進產品和服務，以適應顧客在早春度假期間的心態。

While the environment remains dynamic, we are approaching the remainder of the year with clear-eyed realism. We recognize that the consumer continues to navigate uncertainty and that promotional intensity remains high but our teams are executing with discipline, and we believe we are well-positioned to meet the consumer where she is today while investing in the long-term strength and potential of our business through initiatives such as those I outlined at the beginning of the call.

儘管環境依然瞬息萬變，但我們仍以清醒的現實主義態度迎接今年的剩餘時光。我們意識到消費者仍在應對不確定性，促銷力度依然很大，但我們的團隊正在以嚴謹的態度執行，我們相信我們能夠很好地滿足消費者當下的需求，同時透過我在電話會議開始時概述的舉措等方式，投資於我們業務的長期實力和潛力。

As we look ahead to fiscal 2026, we are approaching the year with a clear focus on improving profitability and with confidence in the levers we have already begun to put in place. We expect to begin realizing the benefit of cost-reduction initiatives that we started during fiscal 2025, including efforts around indirect spend and other SG&A-related efficiencies across the enterprise.

展望 2026 財年，我們明確聚焦於提高獲利能力，並對我們已經開始實施的各項措施充滿信心。我們預計將在 2025 財年開始實現我們在 2025 財年啟動的成本削減計劃的效益，包括在整個企業範圍內圍繞間接支出和其他銷售、一般及行政費用相關效率所做的努力。

At Johnny Was, the significant merchandising and marketing work we undertook this year should begin to bear fruit, and we also expect to extend the merchandising efficiency project we piloted at Johnny Was to the other brands in our portfolio.

今年，我們在 Johnny Was 進行的大量商品銷售和行銷工作應該會開始取得成果，我們也希望將我們在 Johnny Was 試行的商品銷售效率項目推廣到我們旗下的其他品牌。

In addition, we will continue to focus on input cost reductions and tariff mitigation as we refine our sourcing strategies. Capital expenditures will decline significantly as we complete our new fulfillment center in Lyons, Georgia, which will allow us to meaningfully reduce our debt levels. All of these actions position us well to make tangible progress on profitability while continuing to invest with discipline in the long-term strength of our brands.

此外，我們將繼續專注於降低投入成本和減輕關稅影響，同時不斷改善我們的採購策略。隨著我們在喬治亞州萊昂斯的新物流中心竣工，資本支出將大幅下降，這將使我們能夠大幅降低債務水平。所有這些舉措都使我們能夠在盈利能力方面取得切實進展，同時繼續有條不紊地投資於我們品牌的長期實力。

As always, I want to express my deep appreciation for our people across the enterprise. Their resilience, creativity, and focus on our customers continue to be the foundation of everything we do.

一如既往，我要對我們公司全體員工表達深深的感謝。他們的韌性、創造力和對客戶的關注始終是我們一切工作的基石。

With that, I'll turn the call over to Scott for a more detailed commentary on our updated financial outlook.

接下來，我會把電話交給史考特，請他詳細解讀我們更新後的財務展望。

Thank you, Tom. As Tom mentioned, our teams have shown great discipline and resilience in executing our plan against the backdrop of a challenging consumer and macro environment. In the third quarter, our teams were able to deliver top- and bottom-line results within our previously issued guidance range.

謝謝你，湯姆。正如湯姆所提到的，在充滿挑戰的消費者和宏觀環境背景下，我們的團隊在執行計畫的過程中展現了強烈的紀律和韌性。第三季度，我們的團隊實現了先前公佈的營收和利潤預期目標範圍內的業績。

In the third quarter of fiscal 2025 consolidated net sales were $307 million compared to sales of $308 million in the third quarter of fiscal 2024, and within our guidance range of $295 million to $310 million.

2025 財年第三季合併淨銷售額為 3.07 億美元，而 2024 財年第三季銷售額為 3.08 億美元，在我們 2.95 億美元至 3.1 億美元的指導範圍內。

Our direct-to-consumer channels were up in total with a total company comp increase of 2%, which was in line with our guidance for the quarter. The direct consumer increase was led by increased e-commerce sales of 5% and increased sales in our food and beverage and full price brick-and-mortar locations of 3% and 1%, respectively. The increases in full price brick-and-mortar were driven primarily by the addition of non-comp locations. With comps in our restaurant and full price brick-and-mortar locations down slightly at 2% and 1%, respectively.

我們的直接面向消費者的通路整體成長，公司同店銷售額成長 2%，這與我們對本季的預期相符。直接消費者成長主要得益於電子商務銷售額成長 5%，以及食品飲料和全價實體店銷售額分別成長 3% 和 1%。實體店全價價格上漲主要是因為新增了非同類門市。餐廳同價位商品銷售額和實體店全價商品銷售額分別略微下降了 2% 和 1%。

Sales in our outlet locations were comparable to the prior year. Our increased direct-to-consumer sales were offset by decreased sales in the wholesale channel of 11%, driven primarily by decreases in off-price business.

我們各門市的銷售額與上年持平。我們直接面向消費者的銷售成​​長被批發通路銷售額下降 11% 所抵消，這主要是由於折扣店業務的減少所致。

By brand, Lilly Pulitzer delivered another strong quarter with total sales increasing year-over-year driven by double-digit growth in retail and high-single-digit growth in e-commerce, partially offset by a decline in the wholesale channel. The positive comp sales at Lilly Pulitzer, along with positive comp sales and overall sales growth in our emerging brands businesses helped to offset the low-single-digit negative comp at Tommy Bahama and high-single-digit negative comp at Johnny Was that led to sales decreases in both businesses.

按品牌劃分，Lilly Pulitzer 又迎來了一個強勁的季度，總銷售額同比增長，這主要得益於零售通路兩位數的增長和電子商務渠道接近兩位數的增長，但部分被批發渠道的下滑所抵消。Lilly Pulitzer 的同店銷售額成長，以及新興品牌業務的同店銷售額成長和整體銷售成長，有助於抵消 Tommy Bahama 的個位數低負同店銷售額和 Johnny Was 的個位數高負同店銷售額，從而避免了這兩個業務的銷售額下降。

Adjusted gross margin contracted 200 basis points to 61% driven by approximately $8 million or 260 basis points of increased cost of goods sold from additional tariffs implemented in fiscal 2025, net of mitigation efforts and a change in sales mix with a higher proportion of net sales occurring during promotional and clearance events at Tommy Bahama and Lilly Pulitzer. These decreases were partially offset by lower freight cost consumers due to improved carrier rates from contract renegotiations, a change in sales mix with wholesale sales representing a lower proportion of net sales and decreased freight rates associated with shipping our products from our vendors.

經調整的毛利率下降了 200 個基點至 61%，主要原因是 2025 財年實施的額外關稅導致銷售成本增加約 800 萬美元（即 260 個基點），扣除緩解措施後，以及 Tommy Bahama 和 Lilly Pulitzer 的促銷和清倉活動期間淨銷售額佔比增加，導致銷售成本下降。這些下降部分被以下因素抵消：由於合約重新談判，承運商費率提高，消費者的貨運成本降低；銷售組合發生變化，批發銷售在淨銷售額中所佔比例降低；以及從供應商處運輸我們產品的運費降低。

Adjusted SG&A expenses increased 4% to $209 million compared to $201 million last year, with approximately 5% or approximately 70% of the increase due to increases in employment costs, occupancy costs, and depreciation expenses. Due to the opening of 16 net new brick-and-mortar locations since the third quarter of fiscal 2024. This includes the 13 net new stores, including three Tommy Bahama Marlin Bars and one full-service restaurant opened in the first nine months of 2025.

經調整的銷售、一般及行政費用增長 4% 至 2.09 億美元，而去年為 2.01 億美元，其中約 5% 或約 70% 的增長是由於僱傭成本、佔用成本和折舊費用的增加。由於自 2024 財年第三季以來淨增 16 家實體店。這其中包括 2025 年頭九個月新開的 13 家門市，其中包括三家 Tommy Bahama Marlin 酒吧和一家提供全方位服務的餐廳。

We also incurred preopening expenses related to some planned new stores scheduled to open in the fourth quarter. The result of this yielded an $18 million adjusted operating loss or a negative 5.8% operating margin compared to a 3% operating loss or a negative 1.1% in the prior year. The decrease in adjusted operating income reflects the impact of our investments in a challenging consumer and macro environment.

我們還產生了一些與計劃在第四季度開業的新店相關的開業前費用。由此導致的調整後營業虧損為 1,800 萬美元，營業利益率為 -5.8%，而上一年營業虧損為 3%，營業利潤率為 -1.1%。調整後營業收入的下降反映了我們在充滿挑戰的消費和宏觀環境下的投資所受到的影響。

Moving beyond operating income. Our adjusted effective tax rate was 30.3%, was higher than we anticipated due to certain discrete items that were amplified by our operating laws. Interest expense was $1 million higher than compared to the third quarter of fiscal 2024, resulting from higher average debt levels. With all this, we ended with $0.92 of adjusted net loss per share.

超越營業收入。我們調整後的實際稅率為 30.3%，高於我們的預期，這是由於某些特殊項目受到我們營運法律的放大影響所致。由於平均債務水準較高，利息支出比 2024 財年第三季高出 100 萬美元。綜上所述，我們最終確認每股調整後淨虧損為 0.92 美元。

As a result of interim impairment assessments performed in the third quarter of fiscal 2025, the company recognized noncash impairment charges totaling $61 million, primarily related to the Johnny Was trademark. The impairment charges for Johnny Was was reflect the impact of organizational realignment activities in the third quarter of 2025, including changes to the Johnny Was executive team that Tom discussed. Revised future projections based on Johnny Was' recent negative trends in net sales and operating results and challenges in mitigating elevated tariffs.

由於 2025 財年第三季進行的期中減損評估，該公司確認了總計 6,100 萬美元的非現金減損費用，主要與 Johnny Was 商標有關。Johnny Was 的減損費用反映了 2025 年第三季組織重組活動的影響，包括 Tom 所討論的 Johnny Was 執行團隊的變化。根據 Johnny Was 近期淨銷售額和經營業績的負面趨勢以及應對高關稅的挑戰，對未來預測進行了修訂。

I'll now move on to our balance sheet, beginning with inventory. During the third quarter of fiscal 2025, inventory increased $1 million or 1% on a LIFO basis and $6 million or 3% on a FIFO basis as compared to the third quarter of 2024, with inventory increasing primarily as a result of $4 million of additional costs capitalized into inventory related to the US tariff implemented in 2025.

接下來我將分析我們的資產負債表，首先從存貨開始。2025 財年第三季度，庫存按後進先出法計算增加了 100 萬美元，增幅為 1%；按先進先出法計算增加了 600 萬美元，增幅為 3%，與 2024 年第三季度相比，庫存增加主要是由於與 2025 年實施的美國關稅庫存相關的額外成本計入庫存。

We ended the quarter with long-term debt of $140 million compared to $81 million at the end of the second quarter and $31 million at the end of fiscal 2024. Our debt historically increases during the third quarter, primarily due to seasonal fluctuations in cash flow with lower earnings during the third quarter, resulting in increased cash needs. Cash flow from operations provided $70 million in the first nine months of fiscal 2025 compared to $104 million in the first nine months of fiscal 2024, driven primarily by lower net earnings and changes in working capital needs.

本季末，我們的長期債務為 1.4 億美元，而第二季末為 8,100 萬美元，2024 財年末為 3,100 萬美元。從歷史上看，我們的債務在第三季會增加，這主要是由於第三季現金流的季節性波動，導致獲利下降，從而增加了現金需求。2025 財年前九個月的經營活動現金流為 7,000 萬美元，而 2024 財年前九個月為 1.04 億美元，主要原因是淨收益下降和營運資金需求變化。

We also had $55 million of share repurchases, capital expenditures of $93 million, primarily related to Lyons, Georgia distribution center project, which remains on track for completion and go live in early 2026, and the addition of new brick-and-mortar locations and $32 million of dividends that led to an increase in our long-term debt balance since the beginning of the year.

我們還進行了 5500 萬美元的股票回購，9300 萬美元的資本支出，主要與佐治亞州萊昂斯配送中心項目有關，該項目仍按計劃進行，將於 2026 年初竣工並投入運營；此外，我們還新增了實體店面，並支付了 3200 萬美元的股息，導致自年初以來我們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 fourth quarter to date are negative in the mid-single-digit range, which is lower than our previous expectations of flat to low-single-digit positive comps. While our average order value has increased nicely. Traffic has been mixed, but mostly down and conversion has been very challenging across our portfolio.

接下來，我將花點時間談談我們更新後的 2025 年展望。第四季迄今的同店銷售額為負值，降幅在個位數中段，低於我們先前預期的持平或個位數低段正成長。雖然我們的平均訂單價值有了顯著成長。流量狀況喜憂參半，但整體呈下降趨勢，而且我們所有產品的轉換率都面臨著非常大的挑戰。

Due to the slow start to the holiday season, we are revising our guidance for the remainder of the year with the expectation that the mid-single-digit comp will continue for the remainder of the year. For the full year, net sales are expected to be between $1.47 billion and $1.49 billion reflecting a decline of 2% to 3% compared to sales of $1.52 billion in fiscal 2024.

由於假期季節開局緩慢，我們正在修改今年剩餘時間的業績預期，預計今年剩餘時間裡，同店銷售額將繼續保持中等個位數的成長。預計全年淨銷售額將在 14.7 億美元至 14.9 億美元之間，與 2024 財年的 15.2 億美元銷售額相比，下降 2% 至 3%。

Our revised sales plan for the full year of '25 includes decreases in our Tommy Bahama and Johnny Was segments, driven primarily by negative comps, partially offset by growth in our Lilly Pulitzer and Emerging Brands segments driven by positive comps and new store locations.

我們修訂後的 2025 年全年銷售計劃包括 Tommy Bahama 和 Johnny Was 兩個部門的銷售額下降，這主要是由於同店銷售額下降所致；Lilly Pulitzer 和新興品牌部門的增長部分抵消了這一影響，這主要得益於同店銷售額的上升和新店開業。

By distribution channel, the sales plan consists of a low single-digit decrease in most channels, including wholesale, full-price retail, e-commerce, and outlets partially offset by a low- to mid-single-digit increase in our food and beverage channel that is benefiting from the addition of three new Marlin Bar locations and one new full-service restaurant opened during the year.

按分銷管道劃分，銷售計劃包括大多數通路（包括批發、全價零售、電子商務和奧特萊斯）的個位數百分比下降，部分被食品和飲料通路的個位數百分比增長所抵消，這得益於年內新增的三家 Marlin Bar 酒吧和一家新的全方位服務餐廳。

For fiscal 2025, our current annual guidance reflects a net tariff impact of approximately $25 million to $30 million or approximately $1.25 to $1.50 per share.

對於 2025 財年，我們目前的年度指導意見反映了淨關稅影響約為 2500 萬美元至 3000 萬美元，或每股約 1.25 美元至 1.50 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 value and deal-oriented shopping in the current macroeconomic environment. We expect our gross margins for the year to contract by approximately 200 basis points.

雖然關稅是今年利潤率下降的主要原因，但我們也預期旗下各品牌持續的促銷活動也會對利潤率造成壓力。在當前的宏觀經濟環境下，消費者仍然高度關注性價比高的購物方式。我們預計今年的毛利率將下降約 200 個基點。

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 continued investments in our businesses, including the annualization of incremental SG&A from the 30 net new locations added during fiscal 2024, incremental SG&A related to the addition of approximately 15 net new locations this year, including three new Tommy Bahama Marlin bars and a new full-service restaurant. Also within operating income, we expect lower royalties and other income of approximately $3 million in fiscal 2025.

除了銷售額和毛利率下降外，我們預計銷售、一般及行政費用 (SG&A) 將以中等個位數百分比增長，這主要是由於我們近期對業務的持續投資的影響，包括 2024 財年新增 30 個淨門店帶來的增量 SG&A 的年度化，以及今年約 15 個淨店家帶來的組合 Marlinama，其中三家新餐廳的增量餐廳（Tommy 15 個淨門店帶來的增量。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 300 萬美元。

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

此外，我們 2025 財年的業績指引包含了非經營性項目的不利影響，包括 2024 年的 200 萬美元利息支出（700 萬美元），或對每股收益產生約 0.20 至 0.25 美元的增量影響。2025 財年債務水準上升是由於我們在喬治亞州萊昂斯配送中心的持續資本支出、技術投資以及向股東返還資本超過了經營活動產生的現金流。

We also expect a higher adjusted effective tax rate of approximately 25% 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 cat on income tax expense in 2025 compared to 2024. We anticipate the higher tax rate will result in an approximately $0.15 to $0.20 per share impact.

我們也預計，2024 年調整後的實際稅率將高於 20.9%，約 25%。稅率上升主要是由於 2025 年我們的年度股票歸屬成本對所得稅費用的影響與 2024 年相比發生了重大變化。我們預計較高的稅率將導致每股盈餘受到約 0.15 至 0.20 美元的影響。

Considering all these items, including the $1.25 to $1.50 per share impact from tariffs, higher interest expense and a higher tax rate. We have revised our guidance and expect 2025 adjusted EPS to be between $2.20 and $2.40 versus adjusted EPS of $6.68 last year.

考慮到所有這些因素，包括關稅對每股1.25美元至1.50美元的影響、更高的利息支出和更高的稅率。我們已修改了業績預期，預計 2025 年調整後每股收益將在 2.20 美元至 2.40 美元之間，而去年調整後每股收益為 6.68 美元。

The biggest drivers of the decrease in EPS guidance includes a reduction of our fourth quarter comp assumption from low-single-digit positive comps to a mid-single-digit negative comp, a decrease in royalty and other income from lower order expectations from key licensing partners who customers have elevated inventory levels that will lead to a shift in orders from Q4 to Q1 of next year. An increase in SG&A, primarily resulting from increased consulting costs related to our ongoing projects to improve operating results and some additional costs related to our new Lyons, Georgia distribution center.

導致每股收益預期下調的最大因素包括：我們將第四季度同店銷售額預期從個位數低位正增長下調至個位數中位負增長；主要授權合作夥伴的訂單預期降低，導致特許權使用費和其他收入減少，這些合作夥伴的客戶庫存水平較高，這將導致訂單從第四季度轉移到明年第一季。銷售、一般及行政費用增加，主要是由於我們正在進行的旨在改善經營業績的項目相關的諮詢費用增加，以及與我們在佐治亞州萊昂斯的新配送中心相關的一些額外費用。

In the fourth quarter of 2025, we expect sales of $365 million to $385 million compared to sales of $391 million in the fourth quarter of 2024. This primarily reflects our mid-single-digit negative comp assumption and decreased wholesale sales in the low-single-digit range, partially offset by the impact from non-comp stores. 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.

預計 2025 年第四季銷售額為 3.65 億美元至 3.85 億美元，而 2024 年第四季銷售額為 3.91 億美元。這主要反映了我們對同店銷售額出現中等個位數負成長的假設，以及批發銷售額出現低個位數下降，部分被非同店銷售額的影響所抵銷。我們也預期毛利率將下降約 300 個基點，主要原因是關稅上漲以及促銷和清倉活動期間淨銷售額佔比增加。

SG&A did grow in the low- to mid-single-digit range primarily related to the new store locations. Increased interest expense of $1 million, decreased royalty and other income of $1 million, and an effective tax rate of approximately 26%. We expect this to result in fourth quarter adjusted EPS between $0.20 compared to $1.37 last year.

銷售、一般及行政費用增長幅度在個位數低至中等水平，主要與新店選址有關。利息支出增加 100 萬美元，特許權使用費和其他收入減少 100 萬美元，實際稅率約 26%。我們預計這將導致第四季度調整後每股收益在 0.20 美元至 1.37 美元之間（去年同期為 1.37 美元）。

I will now discuss our CapEx outlook for the remainder of the year. Consistent with our prior guidance, we expect capital expenditures for the year to be approximately $120 million compared to a total of $134 million in fiscal 2024. Remaining capital expenditures relate to completing the new distribution center and the execution of our current pipeline of new stores at Tommy Bahama and Lilly Pulitzer. We expect this elevated capital expenditure level to moderate significantly in 2026 and beyond after completion of the Lyons, Georgia project.

接下來我將討論今年剩餘時間的資本支出展望。與我們先前的預期一致，我們預計本年度的資本支出約為 1.2 億美元，而 2024 財年的資本支出總額為 1.34 億美元。剩餘的資本支出與完成新的配送中心以及執行我們目前在 Tommy Bahama 和 Lilly Pulitzer 的新店項目有關。我們預計，隨著喬治亞州萊昂斯計畫竣工，這種高企的資本支出水準將在 2026 年及以後大幅下降。

Consistent with the seasonal nature of our business, we expect a modest decrease in outstanding borrowings in the fourth quarter.

鑑於我們業務的季節性特點，我們預計第四季度未償借款將略有下降。

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

感謝您今天抽出時間，現在我們將把發言權交給您，供您提問。約翰？

John, we're ready for questions.

約翰，我們準備好回答問題了。

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（操作員說明）Ashley Owens，KeyBanc Capital Markets。

Hi. Thanks so much, and good afternoon. So just first and foremost, I appreciate all the color on what was exactly a gap within each of the banners in terms of assortment for the holiday, but just moving forward, as we navigate the quarter, how meaningful would you expect this to be for the upcoming season? Is it something that's been corrected? Or are you observing some disruption still? Just want to understand how much of holiday is now fully aligned versus where you originally planned?

你好。非常感謝，下午好。首先，我非常欣賞節日期間各橫幅產品種類上的不足之處，但展望未來，隨著我們進入下一個季度，您認為這對即將到來的季節有多大意義？這個問題已經解決了嗎？或者您仍然觀察到一些幹擾？只是想了解一下，現在的假期安排和您最初的計劃相比，有多少是完全一致的？

And then maybe on that, I know China is complex right now and it might be ironing out a little bit. But would ask if this gap is this shifting your viewpoint or sourcing strategy moving forward? Would you try to diversify further, place orders further in advance? Just any color there. Thanks.

然後，也許關於這一點，我知道中國現在的情況很複雜，也許正在慢慢好轉。但我想問的是，這種差距是否會改變您未來的觀點或採購策略？你會嘗試進一步分散投資，提前更長時間下單嗎？隨便什麼顏色都行。謝謝。

Yeah. I think the big thing and while we did give a lot of detail, one thing that we didn't really call out specifically was that it's really what's on the floor right now that most impacted some of our sourcing decisions. And the reason is at the time that we were placing the buys for what's on the floor right now, corresponded with that brief period of time where the duty or the tariff on China was going to be 145%.

是的。我認為最重要的是，雖然我們提供了許多細節，但我們沒有特別指出的是，目前市場上的情況對我們的一些採購決策產生了最大的影響。原因是，當時我們購買現在市場上這些商品的時候，恰逢對中國徵收 145% 關稅的短暫時期。

When it's been 20% or 27% or whatever, that's something that we could make a conscious decision to just stay in China with a particular product if we needed to and just try to take various routes to mitigate that tariff. When we were looking at 145%, which that's off the table at this point, but that was right when we were placing the buys for what's on the floor now.

當關稅達到 20% 或 27% 或其他任何水平時，如果需要的話，我們可以有意識地決定將特定產品留在中國，並嘗試採取各種途徑來減輕關稅的影響。當我們考慮 145% 的漲幅時（目前這已經不可能了），那正是我們買進現在市場上股票的時候。

Lots of stuff we were able to move out of China. Tommy and Lilly are mostly out of China, if not completely but sweaters are the one category, and there are a couple of other ones.

我們把很多東西都運出了中國。Tommy 和 Lilly 的產品大多產自中國以外，即使不是全部，但毛衣是其中之一，還有其他幾個類別。

Sweater is the big one, that there are just not a lot of -- haven't historically been great resources that we could go to outside of China. So what we decided to do as is at the time, I think it was the right call we knew we couldn't bear that much tariff. So we really cut back the sweater assortment and try to fill it in with other products. You look at our assortment right now and you wish you had the sweaters.

毛衣是最大的問題，因為數量不多——歷史上，在中國以外的地方，我們一直沒有太多資源可以取得毛衣。所以，我們當時決定按原計劃行事，我認為這是一個正確的決定，我們知道我們無法承受那麼高的關稅。因此，我們大幅縮減了毛衣的種類，並嘗試用其他產品來填補空缺。你看看我們現在的商品，是不是很想要那些毛衣呢？

And that's really what we were talking about. So by the time you get to spring, that had settled down a lot. The tariff stuff is still a little bit up in the air, but it settled down a lot, and we were able to either move the stuff or know that it was going to come in at a tariff rate that we could deal with otherwise.

而這正是我們一直在討論的。所以到了春天，情況就穩定下來了很多。關稅方面的問題仍然有些懸而未決，但已經穩定了很多，我們要么能夠轉移貨物，要么能夠知道貨物的關稅稅率在我們能夠承受的範圍內。

So for spring, I don't think we have the same kind of impact. We still have tariff issues that we have to deal with, but they're not going to impact the assortment the way that they have for this season. Does that help?

所以對於春季來說，我認為我們不會受到同樣的影響。我們仍然需要處理關稅問題，但它們不會像本季那樣對商品種類產生影響。這樣有幫助嗎？

Yeah. That's super helpful. Just couple other questions really quickly. So I think you mentioned earlier that competitors were more aggressive with promotions for holiday and also earlier, which created that tougher backdrop. Any insight as to what you're seeing in the marketplace now in terms of that and if the intensity has moderated? But also how that's helping to inform your promo strategy for the balance of the year?

是的。這太有幫助了。還有幾個問題想快速問一下。所以，我想你之前提到過，競爭對​​手在假日以及更早的時候都採取了更積極的促銷策略，這造成了更嚴峻的競爭環境。您能否就目前市場狀況以及市場強度是否有所緩和，提供一些見解？但這也如何幫助你制定今年剩餘時間的促銷策略呢？

And then additionally, just following your leadership refresh and then the external assessment on Johnny Was would be curious as to what emerged as the key priorities you're now focused on? And then also as you look out to 2026, key objectives for the brand and should we be thinking of this as another period of stabilization, or any color you could provide us on some -- the road map or some of the key building blocks for stabilizing, Johnny? Thank you.

此外，在您完成領導調整以及對 Johnny Was 進行外部評估後，我很想知道您現在關注的關鍵優先事項是什麼？展望 2026 年，該品牌的主要目標是什麼？我們是否應該將其視為另一個穩定期？或者，您能否就一些方面提供一些資訊——路線圖或一些穩定的關鍵要素，Johnny？謝謝。

Okay. So with respect to the promotional sort of intensity out there, I would say right now, it still feels quite high, but we're a little bit in that in between time between Black Friday, Cyber Monday, weekend and the final stretch, and those are usually the most promotional times. I don't think it's really retracted, but I'm not sure it's taken another step up yet. But wouldn't be surprised to see that happen. And we're going to try to be responsive to that in brand appropriate ways.

好的。所以就目前的促銷力度而言，我認為仍然相當高，但我們正處於黑色星期五、網路星期一、週末和最後衝刺階段之間的過渡時期，而這些通常是促銷力度最大的時期。我不認為這件事已經真正被撤回，但我不確定它是否已經升級了。但如果這種情況發生，我不會感到驚訝。我們將嘗試以符合品牌形象的方式回應。

I think the catch word and all the brands to stay nimble. We do want to make sure that we're not totally selling out our brands, but we're also thinking about things that we can do to respond to the marketplace.

我認為關鍵在於保持靈活，所有品牌都應該如此。我們當然希望確保不會完全出賣我們的品牌，但我們也在思考我們可以做些什麼來應對市場變化。

The one other thing I'll point out and -- this is -- this calendar that we have this year where there are 27 days between Thanksgiving and Christmas, and Christmas falls on a Thursday, the last time we had that calendar was in 2014. And that year, the business sort of came very late if you looked at the sales build through the Thanksgiving to Christmas selling period that really came on late.

我還要指出一點——那就是——我們今年的日曆上，感恩節到聖誕節之間有 27 天，而聖誕節是星期四，我們上一次使用這樣的日曆還是在 2014 年。那一年，如果你觀察感恩節到聖誕節銷售季的銷售成長情況，你會發現這家公司的生意來得非常晚，銷售成長確實來得晚。

Last year, if you remember, you had Christmas on Wednesday. So this year, they've got an additional weekday to shop, which could be meaningful. And also, it allows us to cut off e-com shipments probably on Saturday or in some cases, even Sunday and still have people feel good that they're going to get them by Christmas, while last year, that was mostly on Friday that we were cutting off.

如果你還記得的話，去年你們的聖誕節是在星期三。所以今年他們多了一天工作天可以購物，這可能意義重大。而且，這也讓我們可以在周六，甚至在某些情況下在周日停止電商發貨，仍然能讓人們放心，他們會在聖誕節前收到商品，而去年，我們主要是在周五停止發貨。

So there are some things there that we kind of built the current trajectory into our forecast, but I think there's some reason to hope that it could -- the season could rally a bit. Don't think it's going to be a great one, but there are some differences that are worth noting.

所以，我們在預測中已經把目前的趨勢考慮進去了，但我認為有理由希望——這個賽季可能會有所反彈。別指望它會很出色，但有一些值得注意的不同之處。

And then on the Johnny Was plan. I will say a couple of things that the game plan was developed by the team at Johnny Was with some outside assistance, but it's very much the team's plan. Lisa Caser, who is now the President of Johnny Was, was part of that team. She's relatively new to Johnny Was, but she's been with us for several months. She was the Chief Commercial Officer before and she was very, very much central to the development of that plan.

然後是約翰尼·沃斯計劃。我要說明幾點，比賽計劃是由 Johnny Was 團隊在一些外部協助下制定的，但這很大程度上是團隊的計劃。現任 Johnny Was 總裁 Lisa Caser 曾是團隊的一員。她加入 Johnny Was 的時間不長，但已經和我們一起工作幾個月了。她之前是首席商務官，在該計劃的製定過程中發揮了非常核心的作用。

So the refreshment of the leadership does not entail I would say, any change in the direction of the plan that we've been working on. And as we talked about last quarter, the keys to that are merchandising effectiveness, which is about having better assortments that hit have the right level of investment in the right price points, the right product categories, getting that to the stores at the right time and in the right store level assortments. And all of that will drive, we believe, some incremental sales versus what we would have otherwise had and also improve the margins, improve full price sell-through and ultimately gross margin.

因此，我認為領導階層的更迭並不意味著我們一直在製定的計畫方向會發生任何改變。正如我們上個季度所討論的，關鍵在於商品銷售效率，也就是要有更好的商品組合，在合適的價位、合適的商品類別上進行合適的投資，在合適的時間以合適的門店組合將這些商品送到門店。我們相信，所有這些都將帶來比我們原本預期更多的銷售額，同時也將提高利潤率、提高全價銷售率並最終提高毛利率。

And then other -- two other big areas of focus by the team, and again, it's the team's plan, really the same team. We've just added a few more people in elevated a few people, including Lisa, who we're very excited about.

此外，團隊還有另外兩個重點關注領域，而且這仍然是團隊的計劃，實際上還是同一個團隊。我們最近新增了幾位員工，也提拔了幾位員工，包括 Lisa，我們對她非常滿意。

But the second element is about marketing efficiency. And that's really just more effectively spending the dollars that we spend to drive better results. And some of that, we've already started to kick in. And I will say what we're seeing today is encouraging in that we're actually getting I would call it better efficiency out of the spend that we've done in the last month or so, maybe a little longer than that.

但第二個要素是關於行銷效率。這其實就是更有效地利用我們花在獲得更好結果上的資金。其中有些措施我們已經開始實施了。我想說，我們今天看到的情況令人鼓舞，因為我們在過去一個月左右的時間裡，或許比這更長的時間裡，支出效率確實有所提高。

And then the last thing is about improving the go-to-market process and calendar and that's something a whole team led by Lisa's, they're very bought into that. Lisa a big believer in that kind of discipline. So I think this -- the refreshment of the leadership team and the elevation doesn't change the plan because they all developed the plan but it enhances our ability to execute as well.

最後一點是關於改善上市流程和時間表，這是由 Lisa 領導的整個團隊非常重視的事情。麗莎非常信奉這種自律方式。所以我認為，領導團隊的更新換代和人事晉升並不會改變計劃，因為計劃都是他們制定的，但這同時也增強了我們的執行能力。

Great. Thank you for clarifying. Appreciate all the information, and I'll pass it along, but best of luck.

偉大的。謝謝你的澄清。感謝您提供的所有信息，我會轉達的，祝您好運。

Okay, thank you.

好的，謝謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi. Good afternoon. Wanted to dig into wholesale a little bit. I know it's a relatively smaller piece of the business, but just curious if you can share what's going on there. It sounds like your wholesale partners are being a bit more cautious with orders that there's maybe a little bit more inventory in the channel. And then I think you mentioned that off-price was going to be down. Is that a strategic plan or maybe just elaborate on what's going on there.

你好。午安.想稍微了解一下批發業務。我知道這只是公司業務中相對較小的一部分，但我只是好奇您能否分享那裡的情況。聽起來你們的批發合作夥伴在訂單方面比較謹慎，可能是因為通路裡的庫存稍微多了一些。然後我想你有提到折扣商品的價格會下降。這是戰略計劃，還是只是想詳細說明那裡正在發生的事情？

I think on the overall on the wholesale, I think it is a level of concern and caution by the retailers and I would say most especially the specialty retailers that are a big part of our wholesale base. And during uncertain times, they tend to pull back a bit, and I think we're seeing that now.

我認為就批發市場整體而言，零售商們，尤其是作為我們批發基礎的重要組成部分的專業零售商，都表現出了相當程度的擔憂和謹慎。在不確定時期，他們往往會收縮，我認為我們現在就看到了這種情況。

And Scott, I don't know if you want to elaborate on off price situation bill.

斯科特，我不知道你是否想詳細說明一下折扣價的情況。

Yeah. we did have less inventory that needed to be liquidated through those channels. So we are trying to keep our owner inventory and hopefully, we'll continue to have less that we have to put through those channels.

是的，我們確實需要透過這些管道清倉的庫存較少。所以我們正在努力維持自有庫存，希望能夠繼續減少需要透過這些管道銷售的庫存。

Got it. And then just thinking through the tariffs, as you're just now seeing the impact of the products that you were planning, I guess, in April or May when the China tariffs were 145%, is with Q4 what we should think of as a peak headwind from tariffs? Or how much should we think about continuing into the first quarter of next year?

知道了。然後，仔細考慮一下關稅問題，就像你現在才看到你計劃在四月或五月推出的產品所受到的影響一樣，當時中國的關稅高達 145%，那麼第四季度是否應該被視為關稅帶來的最大不利影響？或者我們應該考慮將業務延續到明年第一季嗎？

Well, I think in terms of it the impact it had on our product assortment, I think it is peak. I think as we get into spring, we were able to make the product that we wanted to make it somewhere that was a manageable level of tariff. In terms of the impact, the financial impact of tariffs.

嗯，我認為就它對我們產品組合的影響而言，我認為已經達到了頂峰。我認為隨著春天的到來，我們能夠在關稅可控的地區生產出我們想要的產品。就影響而言，指的是關稅帶來的經濟影響。

Remember, we didn't have them during the first quarter of last year, really, they didn't really kick in until later in the year. So first quarter, you're not going apples-to-apples and then as you get later in the year, you start to lap the tariffs. And I don't know if you want to add that.

請記住，去年第一季我們還沒有這些措施，實際上，它們直到下半年才真正發揮作用。所以第一季度，情況並不完全一樣，但到了下半年，關稅就開始逐漸降低。我不知道你是否想加上那一點。

Yeah. We had accelerated a lot of products. So early in the year, knowing that tariffs were going to be coming or fearful they're going to be coming. So we were able to most of the first quarter had very, very minimal.

是的。我們加快了許多產品的研發進程。今年年初，人們就已經知道或擔心會有關稅出台。因此，我們第一季的大部分時間都過得非常非常少。

Now, we go into first quarter of next year, everything will have some tariff on it, but we will have some price increases to at least help mitigate that impact.

現在，我們進入明年第一季度，所有商品都會被徵收關稅，但我們會提高一些商品的價格，以至少幫助減輕這種影響。

As we get later in the year, we'll be going apples-apples with tariffs and hopefully have a little bit more mitigation price-wise as the year moves on.

隨著時間推移，關稅將趨於一致，希望隨著時間的推移，價格方面能有更多緩解措施。

Okay. Thank you very much.

好的。非常感謝。

Thank you, Janine.

謝謝你，珍妮。

Joseph Civello, Truist Securities.

約瑟夫‧西維洛 (Joseph Civello)，Truist 證券公司。

Hey, guys. Thanks so much for taking my questions. Following up on wholesale a bit understand the general cautious tone from retail partners. But can you give any incremental color on your sort of competitive positioning within the channel? And maybe as we get past the tariff pressures on inventory and stuff like that, that you're facing right now?

嘿，夥計們。非常感謝您回答我的問題。透過對批發業務的進一步了解，可以感受到零售合作夥伴普遍謹慎的態度。但您能否進一步說明一下您在通路中的競爭定位？或許等我們克服了目前面臨的庫存關稅壓力等等問題之後，情況就會有所改善？

Well, I think the third quarter, our relative performance to the extent we know, and we don't always have perfect information. But I think we performed well, and I don't think we -- for the overall, I would say, well, there were small pockets where maybe that was not the case. But I would say, overall, our performance was quite good on the retail floor.

嗯，我認為第三季度，就我們所知，我們的相對錶現如何，但我們並不總是掌握完美的資訊。但我認為我們表現不錯，而且就整體而言，我認為，嗯，可能有一些小片段並非如此。但總的來說，我們在零售環節的表現相當不錯。

For the fourth quarter and the holiday, I think it's too early to know for sure, we don't have enough data. But my hunch is that we're going to continue to perform well relative to the rest of the floor. And it's more about the general cost.

至於第四季和假期，我認為現在下定論還為時過早，我們沒有足夠的數據。但我感覺我們相對於其他公司而言，表現還會繼續不錯。更重要的是總體成本。

Got it. Makes sense. And then if we could also just get a little bit more color on thoughts around price increases as we go through the spring, which I believe is like the original trajectory you're looking at?

知道了。有道理。然後，如果我們還能更詳細地了解春季期間價格上漲的趨勢（我相信這和您最初設想的趨勢類似），那就太好了？

Yeah. We do have some price increases in for the fall holiday period, but there'll be more in the spring. But again, we'll have the full tariff load coming in that inventory.

是的。秋季假期期間我們確實有一些商品價格上漲，但春季還會有更多漲價。但是，我們庫存中將會有全部的關稅負荷。

And then we're looking at next fall pricing on -- are there any adjustments -- additional adjustments we need to make. So I think there will be -- once we have the early part of next year, the pricing should the goal is to have it mitigate the tariff dollars. I don't think we'll get the percentage quite mitigated, but the dollars once we get out of the early part of the year, the goal is to have the pricing mitigate the tariff dollars.

然後，我們正在考慮明年秋季的定價——是否需要進行任何調整——是否需要進行其他調整。所以我認為，一旦到了明年年初，定價的目標應該是減輕關稅帶來的經濟損失。我認為我們無法完全消除關稅帶來的影響，但一旦我們度過了年初，目標是透過價格來抵消關稅的影響。

Got it. Makes sense. Thank you so much.

知道了。有道理。太感謝了。

Thank you, Joseph.

謝謝你，約瑟夫。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Hi. It's Tracy Kogan filling in for Paul. I had a question about what you're seeing quarter to date. And outside of the key sweater category, can you talk about the trends there in some of those other categories and also talk about trends by brand quarter to date. Is it pretty broad-based weakness you're seeing across the brands? Or is there a big deviation of one brand or the other? Thank you, guys.

你好。是特蕾西·科根代替保羅。我有個問題，想問你本季至今的觀察情況。除了毛衣這個關鍵類別之外，您能否談談其他一些類別的趨勢，以及迄今為止各品牌季度的趨勢？你觀察到的是各品牌普遍存在的疲軟態勢嗎？或者說，這兩個品牌之間存在著很大的差異？謝謝大家。

Sure. Thank you, Tracy. Well, I would say that -- and we talked about this in the prepared remarks, that the big three brands are all relatively weak at the moment in the smaller brands are still sort of humming along. They were plus 17% in the third quarter, and they're continuing to have a strong fourth quarter, while the big brands are where we're really seeing the softness.

當然。謝謝你，特蕾西。嗯，我想說的是——我們在準備好的演講稿中也談到了這一點——目前三大品牌都相對疲軟，而小品牌仍在穩步發展。第三季成長了 17%，第四季繼續保持強勁勢頭，而大品牌則真正出現了疲軟。

And then in terms of product, we also talked about that a little bit. And I think in Lilly, we're -- because of the China tariff situation, a threat of 145%. China is where we make a lot of our more embellished kind of novelty type stuff, things would sparkles and rhinestones and bows and that kind of stuff. And so we've just got less of that stuff instead the consumers have to being forced in to some things that I mean, Lilly is never a basic product, but that within the Lilly spectrum are a little more team.

然後，在產品方面，我們也簡單談了一下。我認為在禮來公司，由於中國關稅問題，我們面臨 145% 的威脅。我們許多裝潢華麗的新奇玩意兒都是在中國生產的，像是有亮片、水鑽、蝴蝶結之類的東西。因此，這類產品減少了，消費者被迫接受一些產品，我的意思是，禮來的產品從來都不是基礎產品，但在禮來的產品系列中，有些產品更偏向團隊合作。

And then in Tommy Bahama, we've actually seen very good performance and things like the Boracay pant, which is basically at Chino. It's a really great one, really nice one, but it's a chino pant. And that, as we talked about third quarter and again this quarter, we introduced a new one -- or I'd say third quarter, second quarter.

而在 Tommy Bahama，我們實際上看到了非常好的表現，例如 Boracay 長褲，基本上就是 Chino 設計的。它確實很棒，非常漂亮，但它是一條卡其褲。正如我們之前討論的第三季和本季一樣，我們引入了一個新的——或者應該說是第三季、第二季。

We introduced that earlier in the year, it's at $1.58 versus $1.38. It does have some new features and benefits, but it's sold just incredibly well. And actually, we're selling a lot more of them than we sold the old one last year.

我們年初就推出了這款產品，價格從1.38美元漲到了1.58美元。它確實有一些新功能和優點，但最主要的是銷量非常好。事實上，我們這款產品的銷售量比去年老款的銷售量高出許多。

And then also things like lung, sweet, sleep, wovens are performing well, some of the second layer kits. And I think the kind of theme to a lot of those things is versatility things that can be worn on a lot of different use occasions. But we'll see more as the season develops, Tracy.

此外，像是肺、甜、睡眠、梭織品之類的東西也表現良好，一些第二層套裝也表現良好。我認為這類東西很多的主題都是多功能性，可以在很多不同的場合穿著。但隨著賽季的進行，我們會看到更多，特蕾西。

Great. Thank you, guys. Have a great holiday.

偉大的。謝謝大家。祝你假期愉快。

Okay, thank you.

好的，謝謝。

Mauricio Serna, UBS.

Mauricio Serna，瑞銀集團。

Great. Thanks for taking my questions. I guess, I understand now in this fourth quarter, you're experiencing some assortment issues that's related to the sweaters and the move out of China for that -- for this particular season. But as you think about the spring 2026 season, how are you thinking about your assortment, how ready you are in terms of different -- the three big brands, I guess, and the potential for maybe after getting through this bit of a hiccup in Q4 maybe having stronger results in the first half of next year? Thank you.

偉大的。謝謝您回答我的問題。我想，我現在明白了，在第四季度，你們遇到了一些與毛衣相關的品種問題，因為本季的毛衣生產已經從中國轉移出去了。但展望 2026 年春季，您是如何考慮產品組合的？您在不同方面準備得如何？我想，三大品牌，以及在度過第四季度的小插曲後，明年上半年是否有可能取得更強勁的業績？謝謝。

I think the challenges to the assortment were really mostly for what's on the floor right now. I think as we get into spring, by the time we were placing those buys the 145% tariff was off the table and/or we had found other places to make things. So I don't think we'll have that challenge so much in the spring.

我認為商品種類面臨的挑戰主要在於目前貨架上的商品。我認為到了春天，當我們進行這些採購時，145% 的關稅可能已經取消了，或者我們已經找到了其他地方生產。所以我覺得我們在春季不會面臨太大的挑戰。

As Scott mentioned a minute ago, the tariff issue for the spring will just be that this year we will have tariffs, whereas in spring of last year, we didn't really have them yet because that been implemented and/or we were pulled in inventory ahead of them.

正如史考特剛才提到的，今年春季的關稅問題在於，我們將面臨關稅，而去年春季我們還沒有真正面臨關稅，因為關稅已經實施，或者我們提前進行了庫存管理。

Got it. And just a reminder, what kind of price increase are you planning for Spring '26 to offset the tariffs?

知道了。再次提醒一下，為了抵銷關稅的影響，你們計劃在 2026 年春季進行怎樣的價格上漲？

Yeah. It's kind of varying, but it's ranging from 4% to say 8%, but some of it, the ones that are more in the 8% or more of the -- it's more a little more elevated in mix. So I think for the tariff piece of it around four which kind of offsets the dollar impact. Yeah, not quite the margin impact, but the dollar impact.

是的。比例有點波動，大概在 4% 到 8% 之間，但有些比例在 8% 或以上的——在混合物中含量會更高一些。所以我覺得關稅部分大概在 4 左右，某種程度上抵消了美元的影響。是的，雖然對利潤率的影響不大，但對美元的影響很大。

Understood. Okay, thank you very much, and good luck for the rest of the holiday.

明白了。好的，非常感謝，祝您假期餘下的時間一切順利。

Thank you, Mauricio.

謝謝你，毛里西奧。

This now concludes our question-and-answer session. I would like to turn the call back over to Tom Chubb for closing comments.

我們的問答環節到此結束。我謹將電話轉回給湯姆·丘布，請他作總結發言。

Thanks to all of you very much for your interest. We look forward to talking to you again in March. And until then, I hope you have a happy holiday season.

非常感謝大家的關注。我們期待三月再次與您交談。在此之前，祝您假期愉快。

Ladies and gentlemen, thank you for your participation. This concludes today's conference. Please disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的會議到此結束。請斷開您的線路，祝您有美好的一天。