Oxford Industries Inc (OXM) 2025 Q4 法說會逐字稿

Greetings and welcome to the Oxford Industries, Inc. Fourth Quarter Fiscal 2025 Earnings Conference Call. (Operator Instructions) It is now my pleasure to introduce your host, Brian Smith of Oxford Industries. Thank you. You may begin.

各位來賓，歡迎參加牛津工業公司2025財年第四季財報電話會議。（操作說明）現在，我很高興向大家介紹主持人，牛津工業公司的布萊恩史密斯。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.

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。

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.

可能導致實際經營業績或財務狀況與預期存在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 表格中列出的風險因素。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. In the fourth quarter of fiscal 2025, we changed our measure of profitability from segment operating income to segment EBITDA. You can find a reconciliation of non-GAAP to GAAP financial measures, including segment EBITDA 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。在 2025 財年第四季度，我們將獲利能力的衡量標準從分部營業收入改為分部 EBITDA。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（包括分部 EBITDA）的調整表，該新聞稿發佈在我們網站 oxfordinc.com 的投資者關係標籤下。

And now I'd like to introduce today's call participants. With me today are Tom Chubb, Chairman and CEO; and Scott Grassmyer, CFO and COO. Thank you for your attention, and now I'd like to turn the call over to Tom Chubb.

現在我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。謝謝大家的關注，現在我將把電話交給湯姆·丘布。

Good afternoon and thank you for joining us. I'm glad to be here today to discuss our fourth quarter results, the progress we made in fiscal 2025 and our outlook for fiscal 2026. We were pleased that fourth quarter net sales and adjusted earnings per share, helped by late January momentum of our largest brand, Tommy Bahama landed at the midpoint of our guidance ranges, excluding charges associated with the bankruptcy of Saks Global that were not known when we last updated our outlook.

下午好，感謝各位的參與。今天我很高興來到這裡，與大家討論我們第四季度的業績、我們在 2025 財年取得的進展以及我們對 2026 財年的展望。我們很高興，在1月下旬我們最大的品牌 Tommy Bahama 的強勁勢頭推動下，第四季度淨銷售額和調整後每股收益達到了我們預期範圍的中點，但不包括與 Saks Global 破產相關的費用，這些費用在我們上次更新展望時並不知曉。

While we operated against an even consumer backdrop during the holiday season with pressured traffic and conversion trends across much of our portfolio and a high legal marketplace the actions we took throughout the year to strengthen our business, helped deliver improving trends late in the fourth quarter.

儘管假期期間消費者整體需求旺盛，我們的大部分產品組合都面臨流量和轉換率下降的壓力，而且法律訴訟市場也十分激烈，但我們全年採取的加強業務的措施，幫助我們在第四季度末實現了趨勢的改善。

The holiday quarter unfolded broadly in line with the pressures we described last quarter particularly in Categories and Assortments, most affected by tariff-related sourcing decisions and a highly promotional market. Despite the challenges of higher tariff costs, in a competitive environment, our efforts to strengthen the supply chain and diversified sourcing helped us protect strong gross margins and maintain healthy inventory levels.

假期季節的展開大致符合我們上個季度所描述的壓力，尤其是在品類和商品組合方面，受到與關稅相關的採購決策和高度促銷市場的影響最大。儘管面臨關稅成本上漲的挑戰，但在競爭激烈的環境中，我們透過加強供應鏈和多元化採購，努力保障了強勁的毛利率，並維持了健康的庫存水準。

Importantly, absent the impact of higher tariff costs, gross margin would have increased versus the prior year. As fiscal 2025 concluded, we were encouraged by the improvement we saw as we exited the holiday season and entered our important resort and early spring period.

重要的是，如果不考慮關稅成本上漲的影響，毛利率將比前一年提高。2025 財年結束時，我們很高興地看到，隨著假期結束，進入重要的度假季和早春時節，我們的表現有所改善。

Comparable sales led by mid-single-digit positive comps at Tommy Bahama improved and turned positive for the total company in late January. In the first quarter of fiscal 2026 to-date, comps at Tommy Bahama have remained mid-single-digit positive while comps for the total company have remained modestly positive.

受 Tommy Bahama 同店銷售額實現個位數成長的帶動，公司整體同店銷售額在 1 月下旬轉正。截至 2026 財年第一季度，Tommy Bahama 的同店銷售額一直保持中等個位數成長，而整個公司的同店銷售額也保持小幅成長。

At Lilly Pulitzer first quarter comps have run below our plan, which we believe is largely attributable to colder weather along the eastern seaboard, including Florida in the Southeast the brand's most important markets. At Johnny Was, while comps remain negative, the business is performing in line with our expectations and improving through the quarter as our marketing and merchandising effectiveness actions begin to take hold.

莉莉·普利策第一季的同店銷售額低於預期，我們認為這主要是由於東海岸（包括該品牌最重要的市場——東南部的佛羅裡達州）天氣寒冷所致。儘管 Johnny Was 的同店銷售額仍然為負，但隨著我們的行銷和商品銷售效率措施開始生效，業務表現符合我們的預期，並且在本季度中不斷改善。

Quarter-to-date, business in the Emerging Brands group is quite strong with comps well into double digits. We are especially encouraged that performance improved as we moved into resort and early spring, when our product offerings were better aligned with customer demand compared with our holiday assortments.

本季至今，新興品牌集團的業務表現相當強勁，同店銷售額實現了兩位數的成長。尤其令人鼓舞的是，隨著我們進入度假季和早春時節，我們的產品供應與客戶需求更加契合，與假日期間的產品組合相比，業績有所改善。

We view that improvement as particularly meaningful because these are seasons when our brands are especially well positioned given their connection to warm weather lifestyles and the occasions that matter most to our customers. While the environment remains uncertain, these trends reinforce our confidence that the actions we have taken are gaining traction.

我們認為這項改進意義尤其重大，因為在這些季節裡，我們的品牌與溫暖的生活方式以及對我們的客戶而言最重要的場合息息相關，因此我們的品牌具有特別優越的市場地位。儘管環境仍不明朗，但這些趨勢增強了我們的信心，即我們所採取的行動正在發揮成效。

We also made meaningful progress in fiscal 2025 to strengthen our operational foundation. Shortly after year-end, we completed construction of our new state-of-the-art distribution center in Lyons, Georgia and began receiving initial inventory shipments. Lyons represents the most significant infrastructure investment Oxford has made in many years, and we are proud of the teams who brought it to this point.

我們在 2025 財年也取得了實質進展，加強了我們的營運基礎。年底過後不久，我們在喬治亞州萊昂斯完成了我們新的最先進的配送中心的建設，並開始接收首批庫存貨物。里昂計畫是牛津多年來最重要的基礎設施投資，我們為為此付出努力的團隊感到自豪。

As we indicated previously, we do not expect meaningful near-term financial benefit during the early stages of the ramp, but reaching this milestone is an important step in strengthening our long-term operating platform. In addition to completing Lyons, we continue to invest in technology, data and analytics and artificial intelligence while also advancing our strategic sourcing initiatives to further diversify our sourcing profile.

正如我們先前所指出的，我們預計在初期階段不會有實質的近期財務收益，但達到這一里程碑是加強我們長期營運平台的重要一步。除了完成 Lyons 專案外，我們還將繼續投資於技術、數據和分析以及人工智慧，同時推進我們的策略採購計劃，以進一步使我們的採購結構多樣化。

Early in fiscal 2025, approximately 40% of our apparel and related products were expected to be sourced from producers located in China. Through the actions we took during the year, that figure declined to slightly less than 30% of our product purchases in fiscal 2025, and our annualized run rate entering fiscal 2026 has been reduced to approximately 15%.

預計到 2025 財年初期，我們約 40% 的服裝及相關產品將來自中國的生產商。透過我們在過去一年中採取的措施，該數字在 2025 財年下降到略低於我們產品採購量的 30%，而進入 2026 財年，我們的年化運行率已降至約 15%。

Tether, these actions have increased our flexibility and better positioned us to navigate continued uncertainty in the marketplace. Turning to fiscal 2026. Our outlook assumes that we build on the encouraging momentum we have seen early in the first quarter particularly at Tommy Bahama.

Tether，這些措施提高了我們的靈活性，使我們能夠更好地應對市場持續的不確定性。展望2026財年。我們的展望是基於我們在第一季初看到的令人鼓舞的勢頭，尤其是在 Tommy Bahama 品牌方面。

While the tariff situation remains fluid, and we face meaningful tariff pressure in Q1 that we did not incur last year, we believe the actions we have taken to diversify sourcing, and improve execution across the business will help limit the impact on earnings as we move through fill 2026, and allow us to leverage low single-digit sales growth into meaningful earnings improvement.

儘管關稅情況仍然不穩定，而且我們在第一季面臨著去年沒有遇到的重大關稅壓力，但我們相信，我們為實現採購多元化和提高業務執行力而採取的措施將有助於限制其對2026年盈利的影響，並使我們能夠利用個位數的低銷售增長轉化為有意義的盈利改善。

Scott will provide more detail on the factors shaping our outlook but our priorities are clear: sustained momentum, improve profitability and continue strengthening our brands for the long term. Stepping back, our operational priorities remain consistent and straightforward regardless of the macro environment, serving our customer, protecting the integrity of our lifestyle brands and generating cash so we can reinvest thoughtfully in the business, maintain a strong balance sheet and create long-term shareholder value.

Scott 將提供更多關於影響我們前景的因素的細節，但我們的優先事項很明確：保持成長勢頭，提高盈利能力，並繼續加強我們的品牌，以實現長期發展。從宏觀環境來看，我們的營運重點始終如一且簡單明了：服務客戶，維護生活風格品牌的完整性，創造現金流，以便我們能夠深思熟慮地對業務進行再投資，保持穩健的資產負債表，並創造長期股東價值。

In an uncertain consumer environment, success comes from controlling what we can control and staying focused on execution. Each of our brands have specific priorities for fiscal 2026 tailored to its opportunities but they share a common thread. A focus on what makes each brand special, the product, the storytelling and the experiences that keep customers engaged.

在充滿不確定性的消費環境中，成功來自於控制我們能夠控制的事情，並專注於執行。我們旗下每個品牌在 2026 財年都有各自的優先事項，以適應各自的發展機遇，但它們都具有一個共同的主題。重點關注每個品牌的獨特之處，包括產品、品牌故事以及能夠吸引顧客的體驗。

At Tommy Bahama, our top priority in fiscal 2026 is to build on the momentum the brand is generated with comps in the mid-single digit range in the first quarter to-date. We believe that momentum reflects the work the team has done to improve assortment balance, strengthen key in-stock programs and better align product offerings with customer demand.

Tommy Bahama 在 2026 財年的首要任務是鞏固品牌目前的發展勢頭，第一季至今，同店銷售額已實現中等個位數的成長。我們認為，這一發展勢頭反映了團隊在改善產品組合平衡、加強關鍵庫存計劃以及更好地使產品供應與客戶需求相匹配方面所做的工作。

In fiscal 2026, we are focused on sharpening merchandising, elevating brand storytelling, improving hospitality performance and evolving our marketing approach to build demand deepen retention and reach new audiences. We believe that combination positions Tommy Bahama to deliver improved profitable growth while reinforcing its position as a leading premium lifestyle brand.

在 2026 財年，我們將專注於提升商品銷售、增強品牌故事敘述、改善飯店服務表現，並改善我們的行銷方式，以建立需求、加深客戶留存並觸達新的受眾群體。我們相信，此次合併將使 Tommy Bahama 實現更高的獲利成長，同時鞏固其作為領先的高端生活方式品牌的地位。

At Lilly Pulitzer, we are focused on a set of strategic levers, designed to unlock more sustainable profitability while positioning the brand for long-term growth. We see meaningful opportunities to sharpen our assortment strategy, improved pricing architecture, and allocation effectiveness, strengthen our connection with the core customers through more personalized storytelling and optimize Lilly's distribution and channel mix in ways that support those growth and brand awareness.

在 Lilly Pulitzer，我們專注於一系列策略性槓桿，旨在釋放更永續的獲利能力，同時為品牌的長期成長奠定基礎。我們看到了意義重大的機會，可以改善我們的產品組合策略、定價架構和分配效率，透過更個人化的故事敘述來加強我們與核心客戶的聯繫，並以支持成長和品牌知名度的方式優化禮來公司的分銷和管道組合。

At Johnny Was, our priority remains executing the brand revitalization plan we've been building. That begins with product, as we work to bring greater cohesion to the design process, refine assortments and create a more seamless commercial model across retail, e-commerce and wholesale. At the same time, we remain focused on the merchandising discipline, go-to-market consistency and marketing effectiveness needed to improve execution and stabilized performance over time.

在 Johnny Was，我們的首要任務仍然是執行我們一直在製定的品牌復興計劃。首先從產品入手，我們將努力使設計流程更加協調一致，改進產品系列，並在零售、電子商務和批發領域打造更無縫的商業模式。同時，我們仍然專注於商品陳列規範、市場推廣一致性和行銷效果，以提高執行力並隨著時間的推移保持業績穩定。

We believe these actions, along with the leadership changes we announced in the third quarter will strengthen the foundation of the business and better position the brand for the future and result in a meaningfully improved EBITDA for the year.

我們相信，這些舉措，加上我們在第三季宣布的領導層變動，將加強業務基礎，更好地為未來定位品牌，並顯著提高全年的 EBITDA。

Within our Emerging Brands group, our focus in fiscal 2026 is on accelerating brand [T] expanding distribution in a disciplined way and continuing to leverage our shared operating platform to drive profitable growth. This group continued to provide encouraging growth and energy in fiscal 2025, and we believe there is meaningful opportunity to build on that momentum through stronger storytelling, better merchandising tools and more effective allocation across channels.

在我們的新興品牌集團中，2026 財年的重點是加速品牌 [T] 以嚴謹的方式擴大分銷管道，並繼續利用我們共享的營運平台來推動獲利成長。該集團在 2025 財年繼續保持令人鼓舞的成長和活力，我們相信，透過更強大的故事敘述、更好的商品銷售工具和更有效的跨通路分配，可以在此基礎上取得更大的發展。

Across our portfolio, we are taking a disciplined phased approach to developing our data and AI capabilities, initially focused on areas where we see the clearest near-term return on investment including marketing and e-commerce use cases, enterprise productivity tools, and selected IT applications such as developer productivity.

在我們的產品組合中，我們採取了有條不紊的分階段方法來發展我們的數據和人工智慧能力，最初重點關注我們認為近期投資回報最明確的領域，包括行銷和電子商務用例、企業生產力工具以及選定的 IT 應用，例如開發人員生產力。

We are starting with practical use cases while continuing to strengthen the data foundation needed to support more advanced capabilities over time. As always, I want to express my deep appreciation for our teams across the enterprise. Their resilience, creativity and focus on our customers are the foundation of everything we do.

我們首先著眼於實際應用案例，同時不斷加強資料基礎，以便日後支援更進階的功能。一如既往，我要對我們公司各團隊表達深深的感謝。他們的韌性、創造力和對客戶的關注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 financial performance and outlook.

接下來，我將把電話交給史考特，讓他對我們的財務表現和前景進行更詳細的評論。

Thank you, Tom. As Tom mentioned, we finished the fourth quarter and full fiscal year '25 with top-line results within our guidance range and bottom line results within our guidance range, excluding $0.19 per share of charges related to the Saks Global bankruptcy. Consolidated net sales in fiscal 2025 decreased 3% to $1.48 billion.

謝謝你，湯姆。正如湯姆所提到的，我們在第四季度和整個 2025 財年的收入和利潤均在預期範圍內，不包括與 Saks Global 破產相關的每股 0.19 美元的費用。2025 財年合併淨銷售額下降 3% 至 14.8 億美元。

Sales in our full-price brick-and-mortar locations and e-commerce were down 3%, driven by a total DTC comp of negative 4%, partially offset in our retail channel by the addition of new store locations. Outlet sales were also down 2%. Our Food and Beverage locations grew by 4%, driven primarily by the addition of 4 new Food and Beverage locations added during the year, partially offset by a slightly negative comp.

我們的實體店和電子商務全價銷售額下降了 3%，主要原因是 DTC 銷售額下降了 4%，但零售通路新增門市在一定程度上抵消了這一影響。奧特萊斯銷售額也下降了2%。我們的餐飲門市數量增加了 4%，主要得益於年內新增的 4 家餐飲門市，但部分被略微下降的同店銷售額所抵消。

Our wholesale channel, which has continued to be pressured primarily from the decline in the specialty store market decreased $13 million or 5%. Despite the decline of the specialty market, we have been pleased with our sell-throughs at our most important department store customers and our ability to grow or at least maintain market share.

我們的批發通路持續受到主要來自專賣店市場下滑的壓力，減少了 1,300 萬美元，即 5%。儘管專賣市場有所下滑，但我們對最重要的百貨公司客戶的銷售情況以及我們成長或至少保持市場份額的能力感到滿意。

By brand, sales declines at Tommy Bahama and Johnny Was were driven by negative comps in the high single and low double-digit range, respectively. Sales at Lilly Pulitzer were driven by positive comp in the low single-digit range. Our Emerging Brands continue to be a bright spot with sales growth in the low double-digit range as the brand continues to grow and mature.

按品牌劃分，Tommy Bahama 和 Johnny Was 的銷售額下降分別是由於同店銷售額下降了高個位數和低兩位數。Lilly Pulitzer 的銷售額主要得益於同店銷售額的正面成長，但增幅僅為個位數。我們的新興品牌持續保持著強勁的成長勢頭，銷售額實現了兩位數的低成長，品牌也不斷成長。

Adjusted gross margin contracted 190 basis points to 61.3% driven primarily by higher tariffs of $30 million or 200 basis points. Asset tariffs, a higher proportion of net sales occurred during promotional and clearance events at (inaudible) on the Lilly Pulitzer, were partially offset by lower freight cost to customers from successful contract renegotiations during the year, along with a change in sales mix with a higher proportion of DTC sales.

經調整後的毛利率下降 190 個基點至 61.3%，主要原因是關稅上調 3,000 萬美元，即 200 個基點。資產關稅，以及在莉莉·普利策 (Lilly Pulitzer) 的促銷和清倉活動中淨銷售額佔比較高，部分被年內成功重新談判合約而降低的客戶運費成本以及銷售組合的變化（DTC 銷售佔比更高）所抵消。

Across our three major brands, consumer responses continue to be strongest during our promotional and in-the-season clearance events into our new and innovative fashion products, continuing the trend from the last couple of years. Adjusted SG&A expenses which have been adjusted in the current year to remove depreciation and amortization, increased 4% to $815 million compared to $784 million in fiscal '24.

在我們三大主要品牌中，消費者對我們最新推出的創新時尚產品的反應在促銷活動和當季清倉活動中最為強烈，延續了過去幾年的趨勢。本年度調整後的銷售、一般及行政費用（已剔除折舊及攤提）較 2024 財年的 7.84 億美元成長 4%，達到 8.15 億美元。

During fiscal '25, we incurred higher expenses related to, the 10 net new retail store opened in fiscal 2025, including four new food and beverage locations, along with the 30 net new stores added during fiscal '24. Combined, these locations accounted for almost half of the SG&A increase during the year.

在 2025 財年，我們產生了與 2025 財年新開的 10 家零售店相關的較高支出，其中包括 4 家新的餐飲店，以及 2024 財年新增的 30 家門市。這些地點加起來佔了當年銷售、管理及行政費用成長的近一半。

We also incurred higher costs related to software and professional service fees. Credit loss is primarily related to the Saks bankruptcy, partially offset by lower advertising costs. Result of this yielded adjusted EBITDA of $107 million or 7.2% EBITDA margin compared to adjusted EBITDA of $193 million or 12.7% of net sales in the prior year.

我們也產生了更高的軟體和專業服務費用。信用損失主要與 Saks 破產有關，部分被較低的廣告成本所抵銷。由此得出調整後的 EBITDA 為 1.07 億美元，EBITDA 利潤率為 7.2%，而前一年的調整後 EBITDA 為 1.93 億美元，佔淨銷售額的 12.7%。

Moving beyond EBITDA, adjusted depreciation and amortization was flat compared to fiscal '24. We incurred $4 million of higher interest expense resulting from higher average debt levels, and we had a higher adjusted effective tax rate. With all this, we ended with $2.11 of adjusted EPS, which includes $0.19 of charges related to the Saks bankruptcy. I'll now move on to our balance sheet, beginning with inventory.

除了 EBITDA 之外，調整後的折舊和攤提與 2024 財年相比持平。由於平均債務水準較高，我們產生了 400 萬美元的額外利息支出，並且我們的調整後實際稅率也較高。綜上所述，我們最終的調整後每股收益為 2.11 美元，其中包括與 Saks 破產相關的 0.19 美元費用。接下來我將分析我們的資產負債表，首先從存貨開始。

At the end of fiscal '25, inventory decreased 1% on a LIFO basis, which was impacted by a large increase in our LIFO reserve. Inventory increased 2% on a FIFO basis. The increase was driven by $11 million of incremental tariff costs capitalized into inventory relating to tariffs implemented during fiscal '25. Inventory was up just slightly in all brands except for Johnny Was primarily due to the additional tariff cost.

2025 財年末，庫存以後進先出法計算下降了 1%，這主要是由於我們的後進先出儲備大幅增加所致。以先進先出法計算，庫存增加了2%。此次成長是由於 2025 財年實施的關稅相關新增關稅成本計入庫存，金額達 1,100 萬美元。除Johnny Was品牌外，所有品牌的庫存都略有增加，這主要是由於額外的關稅成本。

On tariffs, also want to address some important points. During fiscal '25, we paid approximately $40 million of tariffs imposed under IEEPA that was struck down by the Supreme Court. While those payments could potentially translate into a receivable, the timing collectibility remain uncertain, and no potential recovery was included in our fiscal '25 results or is included in our fiscal '26 guidance.

關於關稅，我還想談一些重要議題。在 2025 財年，我們支付了約 4000 萬美元根據 IEEPA 徵收的關稅，該法案已被最高法院推翻。雖然這些款項有可能轉化為應收帳款，但收款的時間仍不確定，而且我們2025財年的業績中沒有包含任何潛在的回收款項，2026財年的業績指引中也沒有包含任何潛在的回收款項。

We ended the year with outstanding long-term debt of $116 million, up from $31 million at the end of the prior year. Our $120 million of cash flows from operations in fiscal '25 were outpaced by our capital expenditures of $108 million, primarily related to the Lyons, Georgia distribution center project and the addition of new brick-and-mortar locations.

截至年底，我們的未償長期債務為 1.16 億美元，高於上年年底的 3,100 萬美元。2025 財年，我們的營運活動現金流為 1.2 億美元，但資本支出卻高達 1.08 億美元，主要與喬治亞州萊昂斯配送中心計畫及新增實體店面有關。

55 million of share repurchases and 42 million of dividends. I'll now spend some time on our outlook for 2026. For the full year, we expect net sales to be between $1.475 billion to $1.53 billion, approximately flat to up 4% compared to sales of $1.478 billion in 2025.

5500萬股股票回購和4200萬股利。接下來，我將花點時間展望一下我們對 2026 年的展望。我們預計全年淨銷售額將在 14.75 億美元至 15.3 億美元之間，與 2025 年的 14.78 億美元銷售額相比，大致持平或成長 4%。

The sales plan in 2026 includes growth in the Tommy Bahama, Lilly Pulitzer and Emerging Brands segments, partially offset by a decrease at Johnny Was, a total comp for approximately flat to positive 3% with some additional lift from non-comp locations opened in 2025.

2026 年的銷售計劃包括 Tommy Bahama、Lilly Pulitzer 和新興品牌部門的成長，部分被 Johnny Was 的下降所抵消，總同店銷售額約為持平或增長 3%，2025 年新開的非同店門店的銷售額將帶來一些額外的增長。

By distribution channel, the sales plan consists of mid-single-digit increases in brick-and-mortar and retail channels, along with a low double-digit increase in food and beverage locations, that includes the annualization of 4 new locations from 2025.

按分銷通路劃分，銷售計畫包括實體店和零售通路實現中個位數成長，以及餐飲場所實現低兩位數成長，其中包括從 2025 年起每年新增 4 個場所。

The wholesale channel is expected to contract in the mid-single-digit range due primarily to continued declines in the specialty store market. More broadly, our guidance balances the modestly positive first quarter-to-date comps with the uncertainty we continue to see in the consumer environment.

由於專賣店市場持續下滑，批發通路預計將出現中等個位數百分比的萎縮。更廣泛地說，我們的業績指引平衡了第一季迄今為止略微積極的同店銷售額與我們持續看到的消費者環境的不確定性。

This includes the potential for additional pressure from the conflict involving Iran and the possibility that higher oil prices could weigh on consumer spending, freight and raw material cost. Moving on to gross margin. Let me first lay out the tariff assumptions embedded in our outlook.

這包括伊朗衝突可能帶來的額外壓力，以及油價上漲可能對消費者支出、貨運和原物料成本造成的影響。接下來分析毛利率。首先，讓我闡述我們展望中隱含的關稅假設。

We are assuming tariff rates for the whole year fiscal '26 will remain generally consistent with the incremental tariff rates put in place during fiscal '25. These rates are consistent with the rates reflected in our inventory balances at the beginning of fiscal '26 and what we expect for future receipts during the year. We are not incorporating any benefit from the recent Spring Court decision or any related subsequent actions on other tariff matters.

我們假設 2026 財政年度全年的關稅稅率將與 2025 財政年度實施的增量關稅稅率基本保持一致。這些價格與我們 2026 財年初庫存餘額反映的價格以及我們對本年度未來收款的預期價格一致。我們不考慮最近春季法院的裁決或任何其他關稅事項的相關後續行動所帶來的任何好處。

We are also not assuming any refunds of tariff previously paid. Using these assumptions, we expect total IEEPA-related tariff headwinds of $50 million during fiscal '26 or an incremental $20 million or 150 basis points of gross margin impact and a $1 per share impact on top of the $30 million of tariff headwinds we absorbed in fiscal '25.

我們也不承擔任何已支付關稅的退款責任。根據這些假設，我們預計在 2026 財年，與 IEEPA 相關的關稅不利影響總計為 5000 萬美元，相當於毛利率額外下降 2000 萬美元或 150 個基點，每股收益下降 1 美元，而我們在 2025 財年已經承受了 3000 萬美元的關稅不利影響。

Additional tariff costs are not expected to be evenly distributed throughout the year. As we have discussed previously, we recognized very little incremental tariff costs in the first quarter of fiscal '25 due to the timing of when tariffs were enacted, in our efforts to accelerate large portions of our inventory purchases. As a result, we expect an approximately $12 million or 300 basis points headwind to gross margin in the first quarter of 2026.

預計新增關稅成本不會在全年均勻分佈。正如我們之前討論過的，由於關稅生效的時間，我們在 2025 財年第一季幾乎沒有產生任何額外的關稅成本，這得益於我們加快大量庫存採購的努力。因此，我們預計 2026 年第一季毛利率將面臨約 1,200 萬美元或 300 個基點的不利影響。

Beginning in the second quarter, we expect incremental tariff impact to moderate significantly as we anniversary periods of fiscal '25 that did include more substantial tariff impacts. After Q1, we expect year-over-year tariffs headwinds of approximately $2 million to $4 million or 50 basis points to 100 basis points per quarter.

從第二季開始，我們預計關稅增量影響將顯著緩和，因為 2025 財年的周年紀念日期間確實包含了更實質的關稅影響。第一季之後，我們預計年比關稅不利因素約為 200 萬至 400 萬美元，或每季 50 至 100 個基點。

Outside of tariffs, we have spent a full year benefit from price increases, a change in sales mix with a greater proportion of direct-to-consumer sales and a slightly lower promotional cadence to result in a modest adjusted gross margin expansion to approximately 62%.

除了關稅之外，我們整整一年都受益於價格上漲、銷售組合的變化（直接面向消費者的銷售比例更高）以及促銷節奏的略微降低，從而實現了調整後毛利率小幅增長至約 62%。

The price increases implied in our guidance range from 4% to 8% and vary by brand. These increases reflect a more elevated assortment as well as higher pricing on new product with relatively limited like-for-like increases on existing product. Moving beyond tariffs and gross margin.

我們給出的價格指導中隱含的價格漲幅在 4% 到 8% 之間，具體漲幅因品牌而異。這些成長反映了產品種類更加豐富，新產品定價更高，而現有產品的同類產品價格增長相對有限。超越關稅和毛利率。

We expect SG&A, which now excludes depreciation and amortization to grow in the low single-digit range, primarily due to increased software related costs, the annualization of incremental SG&A from the 10 new stores added during fiscal '25 and a handful of locations, including a new Tommy Bahama Marlin Bar in fiscal '26 and increase in incentive compensation, primarily due to lower payoffs in recent years.

我們預計，目前不包括折舊和攤銷的銷售、一般及行政費用 (SG&A) 將以較低的個位數增長，這主要是由於軟體相關成本增加、2025 財年新增 10 家門店以及 2026 財年新增的幾家門市（包括一家新的 Tommy Bahama Marlin Barlin Barlin Barlin Barlin 帶來的獎勵費用、近年的經濟成本和增量成本增加的經濟費用（以及長期

Also in the EBITDA, we expect royalties and other income to increase by approximately $2 million in fiscal 2026. Additionally, our '26 guidance includes the unfavorable impact of increased losses of $5 million or $0.25 per share related to the opening of our new Lyons DC.

此外，我們預計 2026 財年 EBITDA 中的特許權使用費和其他收入將增加約 200 萬美元。此外，我們 2026 年的業績指引還包括因開設新的 Lyons DC 而導致的 500 萬美元或每股 0.25 美元虧損的不利影響。

These losses reflect the ramp-up cost of opening and operating the facility before we have achieved targeted inventory levels and the cost of operating two facilities while we transition out of the old facility and into the new facility. We expect significantly all of the incremental costs to operate. The new Lyons DC in fiscal '26 will be depreciation related with some offsetting reductions in cash operating costs.

這些損失反映了在達到目標庫存水平之前開設和運營該設施的啟動成本，以及在我們從舊設施過渡到新設施期間運營兩個設施的成本。我們預計營運所需的所有新增成本都將大幅增加。2026 財年里昂新資料中心的營運將與折舊有關，但同時也會減少部分現金營運成本。

We also expect an increase in nonoperating items, including anticipated higher interest expense of $1 million for the year or an approximate $0.05 EPS impact from anticipated higher average debt levels. We also expect a higher adjusted effective tax rate of approximately 28% compared to 24% in 2025, where we saw an approximately $2 million of additional tax expense or $0.15 per share impact.

我們也預期非經營性項目將會增加，包括本年度利息支出預計將增加 100 萬美元，或預期平均債務水準上升將導致每股盈餘 (EPS) 下降約 0.05 美元。我們也預計，2025 年的調整後有效稅率將高於 24%，約為 28%，屆時我們將看到約 200 萬美元的額外稅收支出，或每股 0.15 美元的影響。

The increase in effective tax rate is primarily due to expected shortfalls in stock-based compensation vesting during fiscal 2026. Considering all of these items, we expect 2026 adjusted EPS to be between $2.10 and $2.70 versus adjusted EPS of $2.11 last year that included the $0.19 of charges related to the Saks Global bankruptcy.

實際稅率上升的主要原因是預期 2026 財政年度股票選擇權歸屬將出現缺口。考慮到所有這些因素，我們預計 2026 年調整後每股收益將在 2.10 美元至 2.70 美元之間，而去年調整後每股收益為 2.11 美元，其中包括與 Saks Global 破產相關的 0.19 美元費用。

Before moving on to the first quarter, I want to briefly discuss the completion of the new distribution center in Lyon. As Tom mentioned, we are still in the early ramp-up phase and bring the facility online and want to be careful about attributing specific financial benefits before it's fully operational and handling the level of volume we expect over time.

在進入第一季之前，我想先簡單討論一下里昂新配送中心的完工情況。正如湯姆所提到的，我們仍處於早期啟動階段，正在使該設施上線，因此在它完全投入運營並能夠處理我們預期的產量水平之前，我們希望謹慎地評估具體的財務收益。

Over the long term, we believe Lyons will be an important asset for Oxford. The facility is signed to improve the efficiency and flexibility of our distribution network, supported by a more modern layout and the state-of-the-art automation. In the near term, fiscal 2026 will include the additional depreciation costs mentioned earlier, as we move through the early stages of ramp-up following the start-up activity incurred in 2025.

從長遠來看，我們相信萊昂斯將成為牛津大學的重要資產。該設施旨在透過更現代化的佈局和最先進的自動化技術，提高我們配送網路的效率和靈活性。短期來看，2026 財年將包括前面提到的額外折舊成本，因為我們將進入 2025 年啟動活動後的早期成長階段。

Even at this early stage, Lyons is already providing several strategic benefits to the business. These include, being able to eliminate two higher cost Los Angeles-based distribution facilities acquired with Johnny Was in fiscal 2024, reducing lease space across other parts of our distribution network, increasing flexibility as we continue to evolve our sourcing network, improving our ability over time to operate the business with lower inventory levels and enhancing service to important Southeast and East Coast markets for Tommy Bahama, which have historically been serviced from our Auburn, Washington facility on the West Coast.

即使在現階段，萊昂斯也已經為公司帶來了若干策略優勢。這些措施包括：在 2024 財年收購 Johnny Was 時，取消位於洛杉磯的兩家成本較高的分銷設施；減少分銷網絡其他部分的租賃空間；隨著我們不斷改進採購網絡，提高靈活性；隨著時間的推移，提高我們以較低庫存水平運營業務的能力；以及加強對 Tommy Bahama 重要的東南和西海岸

Moving on to the first quarter of fiscal '26. We expect sales of $385 million to $395 million compared to sales of $393 million in the first quarter of 2025. The sales plan in the first quarter includes a flat to modestly positive comp in the low single-digit range.

接下來進入2026財年第一季。我們預計銷售額為 3.85 億美元至 3.95 億美元，而 2025 年第一季的銷售額為 3.93 億美元。第一季的銷售計畫包括同店銷售額持平或略有成長，增幅在個位數低段。

By channel, we expect low to mid-single-digit increases in our retail and e-com direct-to-consumer channels and mid- to high teen growth in our food and beverage channel to be partially offset by a low double-digit decrease in our wholesale channel.

按通路劃分，我們預期零售和電商直銷通路將實現個位數低至中段的成長，食品飲料通路將實現兩位數中段至高段的成長，但批發通路的兩位數低段下降將部分抵消這些成長。

We also expect the $12 million of higher cost of goods sold or approximately 300 basis points of gross margin impact or $0.60 per share from higher tariff costs, as I mentioned previously, along with a higher mix of promotional and clearance sales to be partially offset by a higher mix of direct-to-consumer sales.

我們還預計，如我之前提到的，更高的關稅成本將導致銷售成本增加 1200 萬美元，或毛利率下降約 300 個基點，或每股增加 0.60 美元，加上促銷和清倉銷售比例的增加，但這些增加將被直接面向消費者的銷售比例的增加部分抵消。

SG&A decrease leveraging largely from the anniversarying of new stores opened in '25, some additional costs related to the new Lyons, Georgia George facility and increased incentive compensation, as previously mentioned. Higher interest expense of approximately $1 million and a higher effective tax rate of approximately 25% compared to 24% in the first quarter of '25.

SG&A 費用下降主要得益於 2025 年新店開業週年紀念、佐治亞州里昂喬治新工廠的一些額外成本以及之前提到的增加的激勵性薪酬。利息支出增加約 100 萬美元，實際稅率增加約 25%，而 2025 年第一季的實際稅率為 24%。

We expect this to result in first quarter adjusted EPS between $1.20 and $1.30 compared to $1.82 in the first quarter of 2025. Excluding the additional $12 million or $0.60 per share in tariffs, adjusted EPS at the low end of our range is nearly flat with a year ago.

我們預計這將使第一季調整後每股收益在 1.20 美元至 1.30 美元之間，而 2025 年第一季為 1.82 美元。不計入額外的 1,200 萬美元或每股 0.60 美元的關稅，我們預期範圍下限的調整後每股收益與去年同期基本持平。

Related primarily to the completion of the new Lyons DC and significant reduction in new store openings, we expect total capital expenditures of approximately $65 million in fiscal 2026 compared to $108 million in fiscal '25. The $65 million includes approximately $20 million of final cost to complete the new lines facility early in fiscal '26, which were previously planned to be incurred in late '25.

主要由於新的萊昂斯配送中心竣工以及新店開業數量大幅減少，我們預計 2026 財年的總資本支出約為 6500 萬美元，而 2025 財年為 1.08 億美元。這 6,500 萬美元包括約 2,000 萬美元的最終成本，用於在 2026 財年初完成新的生產線設施建設，這些成本原計劃在 2025 年末產生。

The remaining capital expenditures and '26 will related to ongoing investments and the execution of our pipeline of new stores and Marlin Bars, including on Marlin Bar expected to open in '26 and capital expenditures related to relocations and renovations of current brick-and-mortar locations. Across the company, we expect to open a handful of new locations at Tommy Bahama and Lilly Pulitzer, but expect to close some stores and other brands, which should result in a relatively flat store count for the year.

2026 年剩餘的資本支出將與持續投資以及我們新店和馬林酒吧項目的實施有關，包括預計在 2026 年開業的馬林酒吧，以及與現有實體店的搬遷和翻新相關的資本支出。公司方面，我們預計將開設一些 Tommy Bahama 和 Lilly Pulitzer 的新店，但預計會關閉一些門市和其他品牌，這將導致今年的門市數量相對持平。

Wrapping up our guidance, we expect cash flow from operations of approximately $130 million to allow us to pay down a significant portion of our debt, while completing the previously mentioned investments and the payment of our quarterly dividend that was increased by 1% to $0.70 per share by the Board in our latest March meeting.

總結我們的業績指引，我們預計經營活動產生的現金流約為 1.3 億美元，這將使我們能夠償還大部分債務，同時完成先前提到的投資，並支付季度股息。在最近一次 3 月的會議上，董事會將季度股息提高了 1%，至每股 0.70 美元。

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

感謝您今天抽出時間，現在我們將把通話交給您提問。[沙馬利]？

(Operator Instructions)

（操作說明）

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc Capital Markets。

Hi. Great. Thanks, and good afternoon. Maybe just to start on Tommy Bahama. You've been very transparent around the assortment changes that you've been working to implement there. As you started to see that improvement with the mid-single-digit comp so far this quarter, could you just help us further unpack what's driving that momentum?

你好。偉大的。謝謝，下午好。或許可以先從湯米·巴哈馬開始。您一直非常透明地公開您在那裡實施的產品組合調整方案。鑑於本季迄今已實現個位數中段的同店銷售成長，您能否進一步分析一下推動這一成長動能的因素？

Are you seeing any encouraging signals across traffic, basket size, for conversion that give you confidence that the trends you're seeing now could be sustainable?

在流量、客單價、轉換率等方面，您是否看到任何令人鼓舞的訊號，讓您相信目前看到的趨勢是可持續的？

Yeah. Thank you, Ashley. No, we're very excited about what we're seeing in Tommy Bahama because not only are we seeing the mid-single-digit, and it really goes back to the back half of January. So very end of last year and then through quarter to-date of this year, and it's been pretty consistent. It's not even this week, it's been a good week.

是的。謝謝你，艾許莉。不，我們對 Tommy Bahama 的銷售情況感到非常興奮，因為我們不僅看到了個位數的中段成長，而且這種成長勢頭一直持續到一月下旬。所以從去年年底到今年第一季，情況一直相當穩定。甚至不是這週，這週一直都很不錯。

Yesterday was a great day for us on a Wednesday. So we're seeing the kind of consistent results that give us a lot of confidence. And then the next thing I would say, Ashley, is that it's very much about having the right product in the right depth in the stores, is really and, of course, online as well.

昨天是星期三，對我們來說是個好日子。因此，我們看到了這種持續穩定的結果，這給了我們很大的信心。接下來我想說的是，Ashley，關鍵在於商店裡要有合適的產品，庫存量要充足，當然，網路上也是如此。

But that's really what's driving it. So a couple of the best sellers on the men's side, which is the biggest part of our business, have been the (inaudible) or Polo, which is our bread and butter Polo, it's made a couple of tweaks to it. It's a new and improved in (inaudible) but it's the (inaudible).

但這才是真正的驅動力。所以，男裝方面最暢銷的幾款產品（男裝是我們業務的最大部分）是（聽不清楚）或 Polo 衫，這是我們的招牌 Polo 衫，我們對其進行了一些調整。它是一款全新改進的（聽不清楚），但它是（聽不清楚）

And then you're familiar with our (inaudible) pant franchise that has been with us for quite a while now. It started with Acino way back when, and we added a short, than a five pocket than a new chino this past fall which has performed very, very well for us. And then for the spring, the new (inaudible) short, we had a (inaudible) shirt before, but like the pant, this is a new and improved version of it, and that's really helping drive business a lot.

然後，您一定很熟悉我們（聽不清楚）的褲子系列，它已經陪伴我們很久了。一切都始於Acino，我們後來又推出了一款短褲，然後是五口袋褲，去年秋天又推出了一款新的斜紋棉布褲，這些產品都取得了非常好的銷售成績。然後是春季新款（聽不清楚）短褲，我們之前有一款（聽不清楚）襯衫，但和褲子一樣，這是它的全新改良版，這真的對推動業務成長起到了很大的作用。

On the women's side, dresses are performing well, wovens shorts and pants I believe, are all performing well. We're also seeing Ashley that what we're talking about in our marketing materials like mailer we did last month. That's what's selling to, and it's good to see that connection. So we look at all these things, and we get pretty excited.

女裝方面，洋裝表現良好，梭織短褲和長褲的表現也都不錯。我們也看到 Ashley 注意到了我們在行銷資料（例如我們上個月做的郵件）中談到的內容。這就是產品的銷售目標，看到這種連結是件好事。所以我們看到所有這些事情，都感到非常興奮。

And then the last thing I'll tell you is that the results that we posted so far -- this time of year, Florida is the most important part of our business, but Florida is still not as strong as we want it to be. And it's really the West that's driving the results. The great thing about that, Ashley, is that as we get into the second quarter, the West becomes proportionately more important to our business.

最後我要告訴大家的是，就我們目前公佈的業績而言——每年的這個時候，佛羅裡達州是我們業務最重要的部分，但佛羅裡達州的業務仍然沒有達到我們希望的水平。而真正推動這些結果的，是西方國家。阿什利，這件事最棒的地方在於，隨著我們進入第二季度，西部地區對我們的業務的重要性將成比例地增加。

So the fact that we have a lot of momentum overall, but particularly out there, I think, bodes well for our ability to sustain this momentum. And then again, it's all about product and having the products that the customer wants to see us see from us and for a variety of reasons last year, a lot of them have to do with the tariffs, but other reasons as well. We just -- we were not on that as much as we needed to be. And we are this year and it's working.

因此，我們整體上，尤其是在外部，擁有很大的發展勢頭，我認為這預示著我們有能力保持這種勢頭。再說，一切都與產品有關，要提供顧客想從我們這裡看到的產品。去年，由於各種原因，其中許多都與關稅有關，但也存在其他原因。我們只是──我們在這方面投入的精力不夠多。今年我們就是這麼做的，而且效果不錯。

That's super helpful. And then maybe just one follow-up. On the gross margin. I appreciate all the color you gave us there, but I think there was a call about some of the channel mix shifts. So as that takes place and it moves more towards the D2C and food and beverage, just how should we think about the margin implications and contribution to overall profitability in '26?

這太有幫助了。然後或許只需要一次後續跟進。毛利率。我很欣賞你帶給我們的所有精彩內容，但我認為有人提到了一些頻道混音的問題。隨著這種情況的發生，以及它更多地轉向直接面向消費者（D2C）和食品飲料行業，我們應該如何看待2026年利潤率的影響以及對整體盈利能力的貢獻呢？

Definitely on gross margins, with DTC growing and wholesale, we talked about pulling back a little bit. It certainly helps the gross margin. We are performing well at the wholesale doors, especially the majors. So we think we can get some momentum back at wholesale, but they both definitely on the gross margin line, they help.

就毛利率而言，隨著 DTC 業務的成長和批發業務的拓展，我們討論過要稍微縮減一些規模。這無疑有助於提高毛利率。我們在批發市場，尤其是大型批發市場，表現良好。所以我們認為批發業務可以重新獲得一些成長勢頭，但它們對毛利率肯定有幫助。

And then when the DTC is coming through a comp, it really falls to the bottom line. So if we can get cost meaningfully positive. It really does flow through.

當 DTC 透過競爭獲得時，它真的會影響到最終結果。所以如果我們能讓成本顯著為正的話。它確實能流淌過去。

Great. I'll pass it along. Thank you again.

偉大的。我會轉達的。再次感謝。

Thank you, Ashley.

謝謝你，艾許莉。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

Hi. Good afternoon, everyone. As you think about the Saks and the loss of Saks, and you just mentioned about wholesale distribution, other places that you would go or you would look to -- is it any of the existing, like the Dillard's, Macy's or Nordstrom. How the wholesale channel going forward?

你好。大家下午好。當你想到 Saks 和 Saks 的倒閉，以及你剛才提到的批發分銷時，你會考慮去哪裡，或者你會尋找哪些其他選擇——是像 Dillard's、Macy's 或 Nordstrom 這樣的現有零售商嗎？批發通路未來將如何發展？

And you just mentioned Florida performance, I believe, was weaker than the West Coast. How much weaker is it than the West Coast and any takes there? And just lastly, as you think about the framework for margins and the income statement and balance sheet this year, the lower CapEx this year.

你剛才提到佛羅裡達州的表現，我認為，比西海岸的表現弱。它比西海岸的水平弱多少？那裡的水平又如何？最後，在考慮今年的利潤率框架、損益表和資產負債表時，還要考慮今年較低的資本支出。

What -- what does that mean? How do you think of the opportunity for that cash? And how do you think about margins and SG&A spend as we go through the year?

那是什麼意思？你覺得這筆錢的投資機會如何？那麼，您如何看待全年的利潤率和銷售、管理及行政費用？

Okay. I will start with Florida. And just to be very clear, Florida is actually getting stronger. It's improving. It's just that the West has really been kind of on fire. So I don't want to leave anybody with the impression that Florida is where it's been for a while. It is actually picking up. We've been glad to see it. February was extremely cold in Florida. You may have been down there or have friends or family that was down there.

好的。我先從佛羅裡達州開始。需要明確的是，佛羅裡達州的實力實際上正在增​​強。情況正在好轉。只是西方最近局勢確實相當緊張。所以我不想讓任何人覺得佛羅裡達州一直保持著以前的樣子。實際上，情況正在好轉。我們很高興看到這一點。二月份佛羅裡達州異常寒冷。你可能去過那裡，或者你的朋友或家人去過那裡。

February was a really cold month in Florida, and that didn't help. I think we're seeing really good signs out of Florida. The point though is just that the West is on fire, and that bodes well for us, especially as we get in the second quarter. And as you know, Dana, for us, you have a good first quarter and second quarter. I mean it's -- that's the makings of a really good year there. So we're excited about that.

二月佛羅裡達州非常冷，無疑雪上加霜。我認為我們看到了來自佛羅裡達州的非常好的跡象。但關鍵在於，西部賽區現在勢頭正猛，這對我們來說是個好兆頭，尤其是在我們進入第二節的時候。達娜，你也知道，對我們來說，你第一季和第二季的表現都很好。我的意思是——這預示著今年將會是個好年。我們對此感到很興奮。

Then in terms of Saks, we're rooting for them. We want them to be successful. Obviously, it's going to be a smaller footprint. We like doing business with them. We think it's a great venue, especially for our Johnny Was brand, which has historically had a nice business with both the Saks side and the Nieman side of the business. So we're rooting for that. But I think there is some business to be had out there as they move away from certain locations and certain markets.

至於 Saks，我們支持他們。我們希望他們成功。顯然，它的佔地面積會更小。我們樂意與他們做生意。我們認為這是一個很棒的場地，尤其適合我們的 Johnny Was 品牌，歷來與 Saks 和 Nieman 兩家公司都有著良好的業務往來。所以我們都希望如此。但我認為，隨著他們逐漸撤離某些地區和某些市場，市場上會有一些商機。

And I believe it's that the winners will be the people that you said Macy's, but more specifically, I think, Bloomingdale's as well as some of the top-tier doors at Macy's, and then Dilard's and Nordstrom, I think, are also in a position to win. I think if you look out across that perspective, we have good relationships with all of those and we like doing business with all of them, and we'll play to win as the market evolves.

我認為最終的贏家會是你提到的梅西百貨，但更具體地說，我認為布魯明戴爾百貨以及梅西百貨的一些頂級門店，還有迪拉德百貨和諾德斯特龍百貨，也都有可能獲勝。我認為，從這個角度來看，我們與所有這些公司都保持著良好的關係，我們喜歡與他們做生意，隨著市場的發展，我們將努力贏得市場。

And then, on the CapEx and margin questions, I'll kick that over to Scott.

至於資本支出和利潤率的問題，我會交給 Scott 來解答。

Yeah. So lower CapEx. So a little -- obviously, the Lyons DC, we still have some that carryforward from last year, but quite a bit lower and lower in stores. So we plan to -- we raised our dividend modestly and then we plan to pay debt down. So we think we can take a meaningful bite out of our debt level.

是的。因此，資本支出會降低。所以，很明顯，萊昂斯配送中心還有一些去年的庫存，但商店裡的庫存已經越來越少了。所以我們計劃——我們小幅提高了股息，然後我們計劃償還債務。所以我們認為我們可以大幅降低債務水準。

So that's the current plans with the cash. And then your margin question was, can you repeat that one, Dana?

這就是目前的資金使用計畫。然後你的利潤率問題是，達娜，你能再說一次嗎？

Sure. If you think about the margins going through -- going through this year, any puts and takes on the levers on growth or SG&A, the quarterly cadence of what you'd be looking for what could be a headwind or tailwind?

當然。如果你考慮一下利潤率的走勢－今年以來，任何對成長或銷售、一般及行政費用槓桿的買賣操作，以及你每季關注的節奏，你會關注哪些因素可能構成逆風或順風？

Yes. But I'd say for the year, depending on where in the sales guidance range we come, and if we can be close to the upper end of it, we should be able to leverage SG&A a little bit, which would be nice and having a little bit growth in our gross margin percentage also.

是的。但我認為，就全年而言，這取決於我們的銷售額能否達到預期範圍的某個位置。如果我們能夠接近預期範圍的上限，我們應該能夠稍微利用銷售、管理及行政費用，這將是一件好事，同時我們的毛利率百分比也能略有增長。

As far as -- there won't be two wilder swings year-over-year on the percentage, made a little bit more in Q2 than Q1. But relatively flattish on gross margin percentage by quarter, so no wild swings there. And then just with some of the price increases, I think even though we have the tariff headwinds, we think we can overcome that in our gross margin, which I think is important.

至於——同比百分比不會出現兩次如此劇烈的波動，第二季度比第一季賺得更多。但各季度的毛利率相對平穩，所以沒有出現劇烈波動。而且，儘管價格有所上漲，但我認為即使面臨關稅方面的阻力，我們也能透過提高毛利率來克服這些阻力，我認為這很重要。

And then obviously, there's a lot of upside if we did bake in at the IEEPA rates. And today, the rates are lower, not telling what's going to happen. So if they held where they are today, there's certainly some upside. And again, we did not build in any refund for what we paid last year. So there's certainly some upside out there depending on where the tariffs go.

顯然，如果我們以 IEEPA 利率計算，將會有很大的收益。而如今利率較低，但這並不能預示未來走勢。所以，如果它們能保持目前的水平，肯定還有一些上漲空間。而且，我們也沒有為去年支付的費用預留任何退款。所以，關稅走向如何，一定會有一些利多因素。

Thank you.

謝謝。

Thank you, Dana.

謝謝你，達娜。

Janine Stitcher, BTIG.

Janine Stitcher，BTIG。

Hey. You got Ethan on for Janine. Thanks for taking the questions. First, just -- I think you said you're looking to take -- to pay down a meaningful amount of debt this year. I was just wondering if you have a level, you're looking to end the year at? And then where does it rank in your overall capital allocation plans for the year?

嘿。你讓伊桑代替珍妮上場。謝謝您回答問題。首先，我想你說過你打算今年償還相當數量的債務。我只是想問你有沒有希望在年底達到的水平？那麼，它在您全年的整體資本配置計劃中排名如何？

We hope to take it down absent any refunds of tariffs, $30 million to $40 million reduction is what our current plan shows.

我們希望在不退還任何關稅的情況下將其拆除，我們目前的計劃是減少 3000 萬至 4000 萬美元。

Yeah. And on the capital allocation, nothing's really changed there, Ethan. As you know, we believe paying a dividend is important and have paid one every single quarter since we went public in 1960. Our dividend CAGR over the last 10 years is actually somewhere around 10%, and we increased it by $0.01 a quarter the Board did earlier this week. So dividends part of that, debt repayment the CapEx will come way down this year, as Scott outlined in his comments.

是的。至於資金配置方面，其實也沒有什麼變化，伊森。如您所知，我們認為支付股息非常重要，自 1960 年上市以來，我們每季都會支付股息。過去 10 年，我們的股息複合年增長率實際上在 10% 左右，而且我們每個季度都像董事會本週早些時候所做的那樣，將股息提高了 0.01 美元。因此，正如斯科特在他的評論中概述的那樣，分紅、償還債務以及資本支出今年將大幅下降。

And I think the big sort of blob of CapEx that we had over the last two years is largely behind us a little bit carried over into this year. That was really just a timing thing that what we think going this year and going forward is that we'll be at much more normalized levels of CapEx. And so there should be plenty of cash flow and free cash flow.

我認為過去兩年我們面臨的那筆巨額資本支出基本上已經過去，只是有些部分延續到了今年。那其實只是時間安排上的問題，我們認為今年及以後，資本支出將達到更正常的水準。因此，應該會有充足的現金流和自由現金流。

Got it. That's super helpful. And then just one more for me. Could you just give us a little more detail on exactly what the marketing and merchandising actions to Johnny Was will look like this year as you look to reinvigorate the brand?

知道了。這太有幫助了。然後，就再給我一杯吧。能否詳細說明一下，為了重振 Johnny Was 品牌，今年的行銷和商品推廣活動具體會是什麼樣的呢？

Yeah. So the marketing is really about more elevated, better storytelling. Storytelling that emphasizes what's specially unique about the brand and presents it in an elevated way and also one that hopefully reaches a bit of a broader audience than we had in the past. We have a very dedicated fan base that Johnny was, but we think there are more people out there that we can appeal to. And that is -- some of that's already showing up.

是的。所以，行銷的真正意義在於更高端、更精彩的故事敘述。透過講述品牌故事，強調品牌的獨特之處，並以更高級的方式呈現，希望能夠比以往觸及更廣泛的受眾。我們擁有像約翰尼那樣忠實的粉絲群體，但我們認為我們還可以吸引更多的人。而其中一些已經顯現出來了。

And then from a product and merchandising standpoint, it's really about making sure that we have the right silhouettes, the right fabrications, very importantly, the right price points that we're offering innovation and newness, all consistent with the Johnny Was DNA and then investing appropriate levels of inventory. And this is a big project that we've had going. And it started really last summer, and we are starting to see the results of some of it already.

從產品和商品銷售的角度來看，關鍵在於確保我們擁有合適的輪廓、合適的布料，更重要的是，合適的價格點，提供創新和新穎的產品，所有這些都與 Johnny Was 的 DNA 相一致，然後投入適當的庫存水平。這是一個我們一直在進行的大項目。這一切其實是從去年夏天開始的，我們已經開始看到一些成果了。

We have a weekly report that we look at every week that's got, of course, sales and margin and a couple other KPIs. And one of the great things about it is that we look at it this year, pretty much every week, we're seeing almost all green on that report, whereas for a couple of years, it was largely red, and now it's almost all green, but we're also seeing the benefits of some of that merchandising work that we did show up.

我們每週都會查看一份週報，當然包括銷售額、利潤率以及其他一些關鍵績效指標。而最棒的一點是，今年我們幾乎每週都會查看這份報告，發現報告上幾乎全是綠色，而前幾年報告上幾乎全是紅色，現在幾乎全是綠色，而且我們也看到了我們之前的一些商品推廣工作帶來的益處。

So for example, that work indicated that dresses in the $200 to $300 price bucket were very important. We invested more inventory dollars in that for spring, and it's paying off. It's really -- it's working now. So those are the kinds of things that we're doing. What I'll tell you, Ethan, though, is the full impact of the work really doesn't show up until the fall product hits the floor, which is 7/30, July 30 is when we when we ship fall.

例如，那項研究表明，價格在 200 美元到 300 美元之間的連身裙非常重要。我們在春季的庫存上投入了更多資金，現在看來這筆投入是值得的。真的——現在真的管用了。所以，這些就是我們正在做的事情。不過，伊森，我要告訴你的是，這項工作的全部影響要到秋季產品上市後才會真正顯現出來，也就是 7 月 30 日，7 月 30 日是我們秋季產品的發貨日期。

And then you'll see, I think, a more complete extent of the work that we've done there. Another thing that I would be remiss if I didn't mention is the inclusion of some items that I think we're calling Essentials or Core Essentials, but these are solid pieces.

然後，我想，你會看到我們在那裡所做的工作的更全面內容。還有一點我必須提一下，那就是我們收錄了一些我認為可以稱之為「必備品」或「核心必備品」的物品，這些都是非常可靠的單品。

There's like a top, a pant, a skirt, maybe one or two other things, and they come in, I believe, three solid colors that merchandise beautifully with all our embroidered and printed product, but they give the woman a way to come in and she wants to buy a printed top, but would prefer to have a solid paint or a skirt to go with that. We've got it for -- so it's a way to let her complete the outfit in our store, which will be a plus.

例如上衣、褲子、裙子，可能還有一兩件其他單品，它們有三種純色可選，可以很好地搭配我們所有的刺繡和印花產品。這樣，女性顧客進店後，如果想買一件印花上衣，但又希望搭配一條純色褲子或裙子，就可以輕鬆找到合適的單品。我們已經準備好了——這樣她就可以在我們店裡搭配出完整的服裝，這將是一個加分項。

And then it also from a visual merchandising standpoint, it just helps break up all the embroidery and print that we've got in the store and in concert with that, we're also -- I would say calming down the interiors of a store, our store a little bit to make them a little less overwhelming and easier to shop.

從視覺行銷的角度來看，這也有助於打破店內大量的刺繡和印花圖案，同時，我們也——我想說，讓店內環境稍微平靜一些，讓顧客感覺不那麼眼花繚亂，更容易購物。

A lot of this is well in flight. A lot of it will take a little bit longer to fully come to fruition, but we're super excited about it. One of the things that we love even is that one of our very important wholesale customers when they came in to see fall, they absolutely loved it. They bought it too.

其中很多專案進展順利。很多事情還需要一段時間才能完全實現，但我們對此感到非常興奮。我們最喜歡的事情之一是，我們的一位非常重要的批發客戶來店裡看秋季新品時，他們非常喜歡。他們也買了。

They loved what we were doing and they actually upped their budget for their buy for us, which is a very, very strong indicator of what they think about the Lyons. And I think that's an early indicator. Obviously, ultimately, the consumer is the one that votes, but retailers that are great merchants, their opinions tend to be pretty good indicators of where you're headed.

他們很喜歡我們所做的一切，實際上還提高了為我們採購的預算，這非常有力地表明了他們對里昂的看法。我認為這是一個早期跡象。顯然，最終決定權在消費者手中，但優秀的零售商的意見往往能很好地指示未來的發展方向。

Yeah, absolutely. That's really great to hear, and I appreciate all the color. I'll pass it on.

是的，絕對的。聽到這個消息真好，我很欣賞這些豐富多彩的內容。我會轉達的。

Thanks a lot, Ethan.

非常感謝，伊森。

(Operator Instructions)

（操作說明）

Mauricio Serna, UBS.

Mauricio Serna，瑞銀集團。

Great. Good morning. Thanks for taking my question. I guess I'm just trying to understand from the guidance that you laid out for the year, I think it implies some acceleration at least if you look at the ranges, I think like versus being Q1 versus what you're projecting for the year. Maybe could you just help us reconcile that?

偉大的。早安.謝謝您回答我的問題。我想了解您為今年制定的指導方針，我認為至少從範圍來看，這意味著會有一些加速增長，例如與第一季相比，與您對全年的預測相比。或許您能幫我們解決這個問題嗎？

Also, could you give us more detail on what you're seeing on Lilly Pulitzer. I think you alluded to like a soft start of the year, maybe because of weather. How are you thinking about that business improving as the year progresses? Thank you.

另外，您能否更詳細地描述一下您在莉莉·普立茲身上看到的情況？我想你暗示的是今年開局比較平淡，可能是因為天氣因素。您認為隨著時間的推移，這家企業的發展前景如何？謝謝。

Mauricio, on the -- I think you're referring to comps accelerate a little bit in the guidance from -- and part of it is February was extremely cold. We had -- February was not a great comp month, and it's really, we're -- Tommy Bahama has really overcome that.

Mauricio，關於──我想你指的是績效指引中同業比較略有加速成長──部分原因是二月異常寒冷。二月份的比賽成績並不理想，但湯米·巴哈馬 (Tommy Bahama) 確實克服了這一困難。

As Tom mentioned, with the West Coast business, Lilly has started a bit behind on comp and behind our initial plan on comp, but they are such East Coast-centric and East Coast is where weather patterns have. They don't have the West Coast offset. So weather normalizing, we really believe we'll have a little bit better comp because of that. And we're seeing that more in March, especially at Tommy.

正如湯姆所提到的，莉莉在西海岸的業務起步比競爭對手稍慢，也比我們最初的競爭對手計劃稍慢，但他們的業務非常以東海岸為中心，而東海岸的天氣模式也更適合他們。他們沒有西海岸偏移量。所以，隨著天氣逐漸恢復正常，我們相信比賽結果會因此而略有改善。我們在三月看到了更多這樣的現象，尤其是在 Tommy 那裡。

And then on -- yes, on the Lilly thing, I mean, it's the -- in February, as Scott mentioned, it was not a great comp month. And Florida is an enormous part of Lilly's business all year, but especially in the spring. We did a really interesting look back where we looked at the weather patterns in Florida over the last seven or eight years, something like that.

然後——是的，關於禮來的事情，我的意思是——正如斯科特所提到的，二月的競爭並不激烈。佛羅裡達州是禮來公司全年業務的重要組成部分，尤其是在春季。我們做了一個非常有趣的回顧性研究，研究了佛羅裡達州過去七、八年的天氣模式，大概就是這樣。

And when it's cold in February comps are weak -- and by cold, I mean when the average temperature is colder than normal on a daily basis, the comps tend to be weak when the weather is warmer than the normal on an average daily basis, the comps are good. And this year, we just didn't have it.

二月天氣寒冷時，比賽會比較弱——我說的寒冷是指每天的平均氣溫低於正常水平時，比賽往往會比較弱；而當天氣平均氣溫高於正常水平時，比賽就會比較好。而今年，我們卻沒有。

Lilly, so dependent on Florida, especially at that time of the year. And the whole East Coast, they do a lot in the Northeast, as you know, from where you live, there was just so much snow up there, but I think that had an impact on us and all of our brands. Lilly is the warmest of a bunch of warm weather brands.

禮來公司非常依賴佛羅裡達州，尤其是在每年的這個時候。整個東海岸，還有東北部，他們做了很多事情，你知道，從你住的地方來看，那裡的雪非常多，但我認為這對我們和我們所有的品牌都產生了影響。在眾多主打溫暖氣候的品牌中，莉莉是最溫暖的。

And I think we saw it not only in the financial results, but in terms of what was selling the dress business, which in colder weather dresses are going to be less popular, was the weakest category and the strongest categories were things like pants and jackets that go better with cooler weather.

我認為我們不僅在財務表現中看到了這一點，而且在銷售方面也看到了這一點。洋裝業務是最弱的類別，在天氣較冷的時候，洋裝的受歡迎程度會降低，而最強的類別是褲子和夾克等更適合涼爽天氣的服裝。

So we look at the product. We don't think we have any issue there. We think the weather will turn and is turning and we expect things to pick up, but we've obviously factored what we've seen to date into our forecast.

所以我們來看看產品。我們認為這方面沒有任何問題。我們認為天氣將會好轉，而且也正在好轉，我們預計情況會好轉，但我們顯然已經將迄今為止所看到的情況納入了我們的預測中。

Got it. Very helpful. A couple of follow-ups maybe on the margins. First, on gross margin, I think you alluded to first quarter still being impacted with some promotions, I think, or like a higher proportion of sales happening during promotional events -- but then like for the full year, I think it's like the opposite, or the last promotions or trying to reconcile that.

知道了。很有幫助。或許還有一些後續問題需要解決。首先，關於毛利率，我認為你提到第一季仍然受到一些促銷活動的影響，或者說，促銷活動期間的銷售額佔比更高——但就全年而言，我認為情況正好相反，或者說，最後的促銷活動正在努力解決這個問題。

And then specifically on Johnny Was anything that you can tell us in terms of like how you're thinking about the margin outlook of this business for the year? Or maybe, I guess, I guess it's more of a top line first recovery? How should we think about the inflection of that business or how much inflection we should see in '26?

那麼，關於Johnny，您能否透露一下您對公司今年利潤率前景的看法？或者，我猜，我猜這更像是第一階段的恢復？我們應該如何看待該行業的轉折點，或者說，我們應該在 2026 年看到多大的轉折點？

Yeah. I think Johnny Was it's going to be a little bit more of a gross margin story, which will get better after the first quarter. We still have some goods to clear and still had to have some a little more promotions. The number of promotional days are expected to come way down. Our inventory levels are in really good shape.

是的。我認為Johnny Was，這更多的是一個毛利率的故事，第一季之後情況會有所好轉。我們還有一些貨物需要清倉，還需要再做一些促銷活動。促銷天數預計將大幅減少。我們的庫存狀況非常好。

And so we think -- so part of the gross, the promotional cadence is Johnny Was will get less promotional as the year goes on, and as we buy better or buy more in the right categories. We buy appropriate levels. We think the amount of promotions we'll have to do is less.

因此我們認為——總而言之，促銷節奏的一部分是，隨著時間的推移，Johnny Was 的促銷會越來越小，因為我們會在正確的類別中購買更好的產品或購買更多產品。我們購買適量的商品。我們認為需要進行的促銷活動數量會減少。

So for the year, we have Johnny Was gross margins, maybe moving backwards slightly in Q1. But for the year, they move forward. So that's kind of a spine-part of the promotional comments that we had.

所以今年，Johnny Was 的毛利率可能會在第一季略有下降。但就今年而言，他們繼續前進。所以，這算是我們宣傳評論的核心部分。

Thanks so much.

非常感謝。

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 question. First one, just on the inventory planning stuff that you've done with Johnny Was. I think you were talking about kind of porting that over to the other brands. Can you just talk about what we should be expecting there, I guess, near and long term and what the impacts might be?

嘿，夥計們。非常感謝您回答我的問題。首先，是關於你和 Johnny Was 一起做的庫存計劃方面的事情。我想你當時是說要把這種模式移植到其他品牌。您能否談談我們應該對那裡的情況抱持怎樣的預期，包括近期和長期，以及可能產生的影響？

Yeah. So we are reporting it over really across the entire company. I think after Johnny Was the next one up was Lilly, but they are several months behind, John Was, so the time period before they'll start to really see impact will be pushed out a bit too. And then of the big brands, Tommy was the last and they're really getting going on it now.

是的。所以我們正在向全公司上下報告此事。我認為繼約翰尼·沃斯之後，下一個應該是莉莉，但他們比約翰尼·沃斯落後了好幾個月，所以他們真正開始看到影響的時間也會推遲一段時間。然後，在各大品牌中，Tommy是最後一個加入的，現在他們真的開始大力發展了。

So there's -- it's probably really for Tommy more spring '27 before you see anything. But and Lilly, you'll get some probably in the later part of this year. And the key things that I think it helps ultimately is the most important things, sales, margin, customer satisfaction. It's pretty good.

所以，可能要等到 2027 年春季，才能看到 Tommy 的更多作品。但是莉莉，你可能要到今年晚些時候才能收到一些。我認為它最終能幫助到的關鍵因素，也是最重要的因素，就是銷售、利潤率和顧客滿意度。還不錯。

And Joe, it's I think the potential to really transform the profitability of our business pretty materially is very real. I don't want to put too much on '26 just because of the timing of when this happened. But I think as we get into '27, we've got some in '26. But as we get into '27, you'll see a lot more.

喬，我認為它確實有可能從根本上改變我們業務的盈利能力。我不想因為這件事發生的時機就對 26 年妄下過度評價。但我認為到了 2027 年，我們在 2026 年也有一些。但到了 2027 年，你會看到更多。

Got it. Sounds good. And then just on the Lyons facility. I know that the financial benefits are further down the road. But can you talk about like the logistical lift you might get from having it closer to the core of the Tommy market?

知道了。聽起來不錯。然後就只針對萊昂斯工廠了。我知道經濟上的好處要過一段時間才能顯現。但是，您能否談談如果將門市設在 Tommy 市場的核心區域附近，可能會在物流方面帶來哪些便利？

Yeah. Right now, a lot of the East Coast store replenishment and a lot of East Coast e-commerce is being fulfilled from Auburn, Washington. So just having fulfilled closer to source, we'll take a lot of the guesswork out of the retail replenishment, and we'll be really replenish and what the stores really need. It will lead to once we have the rhythm to us being able to carry less inventory because we'll have -- and the individual stores can carry less knowing they can get replenished very quickly.

是的。目前，東海岸許多門市的補貨和許多東海岸的電子商務都是從華盛頓州奧本發貨的。因此，透過在更靠近源頭的地方進行補貨，我們將大大減少零售補貨的猜測環節，並且我們將真正地補貨商店真正需要的商品。一旦我們找到了節奏，我們就可以減少庫存，因為我們將——而且各個門市也可以減少庫存，因為他們知道可以很快補貨。

So that's going to be a huge benefit and one that we obviously got to get up and running and getting the right volumes in there and then getting the confidence level of the stores that they can cut back on their buffer stock and get replenished very quickly with the right thing. So and we'll continue to add the amount of Tommy Bahama that goes into this facility as the facility ramps up.

所以這將是一個巨大的好處，我們顯然需要盡快啟動並運行，確保達到合適的銷量，然後讓商店有信心減少緩衝庫存，並能很快地補充合適的商品。所以，隨著工廠產能的提升，我們將繼續增加投入該工廠的 Tommy Bahama 產品的數量。

Got it. Thanks so much, guys. Appreciate it.

知道了。非常感謝各位。謝謝。

Thank you. Thanks, Jeff.

謝謝。謝謝你，傑夫。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Thank you. It's Tracy Kogan filling in for Paul. I had two questions. The first, I think you guys mentioned it was traffic and conversion that were the issues in 4Q. And I'm wondering which of the metrics has really changed and improved as you're talking about the improvement quarter-to-date?

謝謝。是特蕾西·科根代替保羅。我有兩個問題。首先，我想你們之前提到過，第四季的問題是流量和轉換率。我想知道，在您談到本季迄今的改進時，哪些指標真正發生了變化並有所改善？

And then I think in your prepared remarks, you mentioned optimizing to distribution and channel mix and changing their pricing architecture. And I was just hoping you could go into a little more detail on that. Thank you.

然後，我認為您在事先準備好的演講稿中提到了優化分銷和通路組合以及改變他們的定價架構。我希望您能更詳細地解釋一下。謝謝。

So on the pricing architecture, it's really that same thing I was talking about in Johnny Was where we've implemented a tool that helps us to do much more detailed analytics on what price points really work well from -- I'm sure you're familiar with Jim Roy or gross margin return on investment.

所以，在定價架構方面，這和我之前在 Johnny Was 中提到的情況其實是一樣的，我們實施了一個工具，可以幫助我們對哪些價格點真正有效進行更詳細的分析——我相信你一定熟悉 Jim Roy 或毛利率投資回報率。

So looking at the business on a very granular basis and understanding the best places to invest our inventory dollars. And the example I gave, and Johnny Was dresses in the $200 to $300 price-point bucket where historically, according to the data, we were a bit under-invested. We were overinvested in some other places, and it's really trying to adjust those, I guess, imbalances, if you will, in the line.

因此，我們需要非常細緻地審視業務，了解將庫存資金投資到哪些方面才是最佳選擇。我舉的例子，Johnny Was 的服飾價格在 200 到 300 美元之間，根據歷史數據，我們在這個價位的投資有點不足。我們在其他一些領域投資過度，現在正努力調整這些，我想，可以說是調整產品線的不平衡。

Then when you know where you need to be you can design into it. So it's not like you have to raise prices or cut prices to get there. You just design your future line into the into the price architecture that the analytics indicate what works best. And again, on the Johnny Was example, that finding and came out, I guess, back in the summer, and we were able to action it at least to some degree, and it's working.

當你清楚自己需要去哪裡時，你就可以把目標融入設計中。所以，你不需要提高價格或降低價格就能達到目的。你只需將未來的產品線設計到分析結果所指示的最佳價格架構中即可。再說一次約翰尼沃斯的例子，那次調查結果，我想，是在夏天公佈的，我們至少在一定程度上採取了行動，而且效果不錯。

And there are a lot of others, too, but that's the idea. And it's basically Tracy about having better tools and processes. We've got great merchants across the country -- company and across the country. we've got just superb merchants, but it's about putting better processes and tools in their hands and lining them to do their job better.

當然還有很多其他例子，但這就是重點。基本上，Tracy 認為應該擁有更好的工具和流程。我們在全國各地都有優秀的商家——公司內部以及全國各地都是如此。我們的商家都非常出色，但關鍵在於為他們提供更好的流程和工具，讓他們能夠更好地完成工作。

Thank you. And then on the quarter-to-date traffic conversion?

謝謝。那麼，本季迄今的流量轉換率如何呢？

Yeah. So what I would tell you is that the big star of the show has really been the average order value, which is a combination of both the average unit price and the unit per transaction, which the trend lines on those are really good. traffic has been okay. Conversion has still been a little bit of a challenge, but the very strong positives, I would say, are the -- or is the average order value growth. That's kind of the story.

是的。所以我想說的是，本次活動的亮點實際上是平均訂單價值，它是平均單價和每次交易的商品數量的總和，這兩個指標的趨勢線都非常理想。流量情況也還可以。轉換率仍然有點挑戰性，但我認為非常積極的方面是——或者說是平均訂單價值的成長。事情大概就是這樣。

Thank you very much.

非常感謝。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back over to CEO, Tom Chubb for closing remarks.

謝謝。問答環節到此結束。現在我把發言權交還給執行長湯姆·丘布，請他作總結發言。

Okay. Thank you, Shamali, and thank you for your interest, everybody. We look forward to talking to you again in June and hope all as well until then. Thank you.

好的。謝謝沙瑪莉，也謝謝大家的關注。我們期待六月再次與您交談，並希望在那之前一切順利。謝謝。

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

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。