Oxford Industries Inc (OXM) 2026 Q1 法說會逐字稿

Greetings and welcome to the Oxford Industry's first quarter fiscal year 2026 earnings report. call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad.

各位好，歡迎參加 Oxford Industries 2026 會計年度第一季財報電話會議。目前所有與會者皆為僅收聽模式。正式簡報結束後將進行問答環節。如需接線生協助，請在電話鍵盤按下星號零。

As a reminder, this conference is being recorded. It is now my pleasure to introduce Brian Smith of Oxford Industries. Please go ahead.

提醒各位，本次會議將被錄音。現在很榮幸為各位介紹 Oxford Industries 的 Brian Smith。請開始。

Thank you and good afternoon. Before we begin, I would like to remind participants that certain statements made on today's call 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 a 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，大家午安。在開始之前，我想提醒各位，今天電話會議（包含問答環節）中所作的某些陳述，可能構成聯邦證券法所定義的前瞻性陳述。前瞻性陳述並非保證，實際結果可能與前瞻性陳述中明示或暗示者有重大差異。可能導致實際營運結果或財務狀況不同的重大因素，已在我們今日稍早發布的新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中討論，包括 Form 10-K 中所載的風險因素。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will be discussing certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today, which is posted under the Investor Relations tab at our website at OxfordInc.com. I'd now like to introduce today's call participants. With me today are Tom Chubb, Chairman and CEO, and Scott Grassmeyer, CFO and COO.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。您可在我們今日稍早發布的新聞稿中找到非 GAAP 與 GAAP 財務衡量指標的調節表；該新聞稿已張貼於 OxfordInc.com 網站的 Investor Relations（投資人關係）分頁下。現在我想介紹今天的與會者。今天與我一同出席的有董事長兼執行長 Tom Chubb，以及財務長兼營運長 Scott Grassmeyer。

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

感謝各位的關注，接下來我把電話交給 Tom Chubb。

Thank you for your attention and I would like to turn the call over to Tom Chubb. Thank you, Brian. Good afternoon and thank you for joining us. I'm pleased to be here today to discuss our first quarter results, the progress we are making across the portfolio, and our outlook for the balance of the year. Overall, sales in the first quarter were in line with our expectations and earnings were better than we anticipated, primarily due to stronger than expected gross margin.

感謝各位的關注，我想把電話交給 Tom Chubb。謝謝你，Brian。各位午安，感謝加入我們。我很高興今天能與各位討論我們第一季的業績、我們在各品牌組合上的進展，以及對今年剩餘期間的展望。整體而言，第一季銷售符合我們的預期，而獲利優於我們原先的預估，主要是因為毛利率強於預期。

That gross margin performance reflects meaningful work done by our teams over the past year to respond to tariff pressure, including updates to our sourcing strategies, refinements to our pricing architecture, improved freight rates through vendor negotiations, and the benefit from a higher mix of direct-to-consumer sales. Importantly, we achieved this margin performance while absorbing an $11 million, or 55 cent a share, year-over-year increase in tariff costs during the quarter. that increase, both gross margin and earnings would have improved over the prior year. Looking across the portfolio, the first quarter included several important positive takeaways. Tommy Bahama, our largest brand, performed well, led by healthy direct-to-consumer results, and our emerging brands continued to generate strong growth.

這樣的毛利率表現，反映出我們團隊在過去一年為因應關稅壓力所做的實質工作，包括更新採購來源策略、精進定價架構、透過與供應商協商改善運費費率，以及提高直面消費者（DTC）銷售占比所帶來的效益。重要的是，我們在吸收本季關稅成本年增 1,100 萬美元（或每股 0.55 美元）的情況下，仍達成此一毛利率表現。若不計這項增加，毛利率與獲利都將較去年同期改善。從整體品牌組合來看，第一季有幾項重要的正面收穫。Tommy Bahama 作為我們最大的品牌，表現良好，主要由健康的直面消費者業績帶動；同時，我們的新興品牌也持續帶來強勁成長。

particularly in the Beaufort Bonnet Company and .CAD. However, these positive results were not consistent across the portfolio. Johnny was progressing through its turnaround plan and we are encouraged by the progress on gross margin and direct to consumer performance, even as wholesale remains pressure. Billy Pelletier was below our expectations while lapping a strong prior year first year quarter, and its softness weighed on our overall results. The consumer backdrop remains unsettled.

特別是 Beaufort Bonnet Company 與.CAD。然而，這些正面成果並未在整個品牌組合中一致呈現。Johnny 正在推進其轉型計畫；即使批發業務仍承受壓力，我們仍對其在毛利率與直面消費者表現上的進展感到鼓舞。Lilly Pulitzer 在去年第一季基期強勁的情況下，本季表現低於我們的預期，其疲弱拖累了整體結果。消費者環境仍然不穩定。

Consumers continue to navigate macroeconomic and geopolitical pressures, including conflicts around the world, higher energy prices, uncertainty around trade policy and tariffs, and pressured sentiment around discretionary discretionary spending. As we have discussed in recent quarters, while some hard data may suggest consumers have the ability to spend, the soft data and what we are seeing continue to point to consumers that is more cautious, selective, and highly discerning. In this type of environment, product relevance and brand connection are especially important. Consumer response is strongest to differentiated products and brands that create an emotional connection. And that is where our portfolio is advantaged.

消費者持續面對總體經濟與地緣政治壓力，包括全球各地的衝突、較高的能源價格、貿易政策與關稅的不確定性，以及對非必需性支出情緒的壓抑。如同我們在近幾季所討論的，儘管部分硬數據可能顯示消費者具備支出能力，但軟數據以及我們所觀察到的情況，仍指向消費者更為謹慎、選擇性更高且更具辨識度。在這樣的環境下，產品相關性與品牌連結尤其重要。消費者對具差異化的產品，以及能建立情感連結的品牌反應最為強烈。而這正是我們品牌組合的優勢所在。

Our brands are built around lifestyle, optimism, and experiences. And our job is to stay focused on the product, storytelling, and service that bring those brands to life for our consumers. The county of Bahama delivered the strongest performance in the quarter. Our direct-to-consumer business count positive in the mid-single-digit range, with encouraging results in retail and e-commerce, and continued contribution from food and beverage. More broadly, the brand benefited from a better assortment balance, improved key item execution, and the enduring appeal of its relaxed warm weather lifestyle positioning.

我們的品牌建立在生活風格、樂觀精神與體驗之上。我們的工作是持續聚焦於產品、敘事與服務，讓這些品牌在消費者面前鮮活呈現。Bahama 在本季交出最強勁的表現。我們的直面消費者業務實現中個位數百分比的正成長，零售與電商表現令人鼓舞，餐飲業務亦持續貢獻。更廣泛而言，該品牌受惠於更佳的商品組合平衡、關鍵品項執行改善，以及其輕鬆暖天候生活風格定位的長久吸引力。

We are pleased with the execution at Tommy Bahama. The brand continues to occupy a unique position in the market with a lifestyle proposition that extends beyond any one product category or channel. Its advantage comes from the combination of compelling product, clear storytelling, strong customer engagement, and distinctive experiences across retail, digital, and hospitality. That combination continues to support our confidence in Tommy Bahama's long-term opportunity even in an uncertain near-term environment. At Lilly-Pulitzer, first quarter results were below our expectations and we have work to do.

我們對 Tommy Bahama 的執行表現感到滿意。該品牌在市場上持續占據獨特位置，其生活風格主張延伸至不僅限於單一產品類別或通路。其優勢來自於引人入勝的產品、清晰的品牌敘事、強勁的顧客互動，以及橫跨零售、數位與餐旅的獨特體驗之結合。即使短期環境不確定，這樣的組合仍支持我們對 Tommy Bahama 長期機會的信心。至於 Lilly Pulitzer，第一季結果低於我們的預期，我們仍有工作要做。

Lilly-Pulitzer remains a distinctive and beloved brand with a highly engaged customer and a very clear point of view. that the business did not execute to its potential in the first quarter. Sales were pressured, particularly in e-commerce, and we believe that pressure reflected, in part, some merchandising and execution issues, including gaps in certain entry price points and allocation opportunities. We want to be clear that Lilly-Pellitzer's performance was below our expectations and below where we are confident it can be. The brand has tremendous equity with its customer, but in the first quarter, we did not bring together product, pricing, allocation, and messaging.

Lilly Pulitzer 仍是一個獨具特色且深受喜愛的品牌，擁有高度投入的顧客群與非常清晰的觀點；但第一季該業務未能發揮其應有的潛力。銷售承壓，尤其在電商方面；我們認為這部分壓力在某種程度上反映了商品企劃與執行問題，包括某些入門價位帶的缺口以及配貨機會的不足。我們希望明確表示，Lilly Pulitzer 的表現低於我們的預期，也低於我們有信心其能達到的水準。該品牌在顧客心中擁有極高的品牌資產，但在第一季，我們未能把產品、定價、配貨與訊息傳達整合到位。

That is on us, and the team is focused on correcting these issues. Keep in mind, this is the same highly talented Lilly team that has consistently delivered strong results, and we are very confident in their ability to address these issues. The good news is that we have identified what we believe are the core issues, and we believe they are addressable. Some can be corrected relatively quickly, like messaging and marketing, while others related to merchandising can only move as fast as the product development lifestyle. and will accordingly take more time.

這是我們的責任，團隊正專注於修正這些問題。請記住，這是同一支極具才華的 Lilly 團隊，過去一向穩定交出強勁成果；我們非常有信心他們有能力解決這些問題。好消息是，我們已找出我們認為的核心問題，並相信這些問題是可以處理的。其中一些可相對快速修正，例如訊息傳達與行銷；而另一些與商品企劃相關的問題，則只能隨著產品開發週期推進，因此需要更多時間。

We are focused on addressing these issues and reestablishing Lilly-Pulitzer's positive trajectory and unlocking its long-term growth potential. The brand is strong, and we believe the team has the talent, experience, and urgency to restore the level of performance we expect. Turning to Johnny was, we believe the brand is on track with its turnaround plan. As we have discussed previously, our focus has been primarily on improving profitability and reinforcing the fundamentals. During the first quarter, gross margin increased as the team made significant progress buying inventory tighter, reducing promotional activity, and improving gross margin return on investment.

我們正專注於解決這些問題，重新建立 Lilly Pulitzer 的正向成長軌跡，並釋放其長期成長潛力。品牌本身很強，我們相信團隊具備人才、經驗與緊迫感，能恢復到我們所期待的表現水準。談到 Johnny，我們認為該品牌的轉型計畫正按軌道推進。如同先前所述，我們的重點主要在提升獲利能力並強化基本面。第一季期間，團隊在更緊縮的庫存採購、降低促銷活動，以及提升毛利率投資報酬方面取得顯著進展，帶動毛利率上升。

In terms of top line results, since the first Sales were most under pressure in the wholesale, where Johnny was has had the greater exposure than our other brands to specialty stores, a market that has declined meaningfully in recent years. Sales were also lower to off-priced retailers due to healthier inventory. levels, and to SACS Global, which has been impacted by its bankruptcy process. Historically, Neiman Marcus and SACS have been very important venues for Johnny Wise. Importantly, performance in the direct-to-consumer business was much more in line with our expectations, and we believe that side of the business is becoming healthier.

就營收表現而言，自第一季起，銷售壓力主要來自批發通路；相較於我們其他品牌，Johnny 在專門店（specialty stores）的曝險更高，而該市場近年來已明顯下滑。由於庫存水位更健康，對折扣零售商（off-price retailers）的銷售亦較低；此外，對 SACS Global 的銷售也下降，該客戶受到其破產程序影響。歷史上，Neiman Marcus 與 SACS 一直是 Johnny Was 非常重要的銷售據點。重要的是，直面消費者業務的表現更符合我們的預期，我們相信該業務面向正變得更健康。

We are focused on bringing greater cohesion to the design process. refining the assortment, improving marketing effectiveness, and driving better execution across retail, e-commerce, and wholesale. With the new management team in place, we have also become more aggressive in reassessing and rationalizing our store base, closing five underperforming locations in the first quarter. We will continue to assess retail performance and opportunity on a market-by-market basis and location by location and close underperforming stores where appropriate to ensure that our footprint is aligned with the brand's long-term potential. Turnarounds do not happen overnight, and there's still a lot of work to do, but we believe Johnny Was has meaningful long-term potential.

我們專注於為設計流程帶來更高的一致性，精簡產品組合、提升行銷成效，並推動零售、電子商務與批發通路更佳的執行力。隨著新的管理團隊到位，我們也更積極地重新評估並合理化我們的門市據點，在第一季關閉了五家表現不佳的門市。我們將持續按市場逐一、按據點逐一評估零售表現與機會，並在適當情況下關閉表現不佳的門市，以確保我們的據點布局與品牌的長期潛力相匹配。轉型不會一蹴可幾，仍有許多工作要做，但我們相信 Johnny Was 具備實質的長期潛力。

Our objective is to build a stronger, more disciplined, and more profitable business that better reflects the strength and resonance of the brand. Our emerging brands also contribute positively with notable strength, particularly in the Beaufort Bonnet Company and Duck Head businesses. These brands continue to bring energy and growth potential to the portfolio, and we remain focused on building them in a disciplined way through stronger storytelling and growing distribution. Across the enterprise, we are also continuing to strengthen the operational foundation of the company. The new Lyons-Georgia Distribution Center is an important part of that work.

我們的目標是打造一個更強健、更有紀律、且更具獲利能力的企業，更能反映品牌的實力與共鳴。我們的新興品牌也有正向貢獻，尤其是 Beaufort Bonnet Company 與 Duck Head 業務展現出顯著的強勁表現。這些品牌持續為投資組合帶來活力與成長潛力，我們仍專注於以更有紀律的方式建構它們，透過更強的品牌敘事與擴大通路分銷來推進。在整個企業層面，我們也持續強化公司的營運基礎。新的喬治亞州 Lyons 配送中心是這項工作的重要一環。

As we have said before, we do not expect the ramp up to be without initial costs or complexity, particularly while we are transitioning between facilities. But over time, we believe Lyons will be a meaningful competitive advantage, particularly as direct-to-consumer demand continues to gain share across our portfolio. Second, stepping back from the individual brands, we were pleased with the way we started the fiscal year. At the same time, sales trends softened as we moved through April, and that deceleration continued into May and early June. Some of that reflects the broader consumer environment and the increased caution we are seeing in discretionary spending, along with the shift in timing of the important Father's Day holiday.

如同我們先前所說，我們不預期爬坡期會毫無初期成本或複雜性，特別是在我們於設施之間轉換期間。但隨著時間推進，我們相信 Lyons 將成為一項重要的競爭優勢，尤其是在直接面向消費者（DTC）需求持續在我們的品牌組合中提升占比之際。第二，跳脫單一品牌來看，我們對本財年的開局感到滿意。同時，隨著進入四月，銷售趨勢轉弱，而該放緩在五月及六月初仍持續。其中一部分反映更廣泛的消費環境，以及我們在非必需性支出上看到的更高謹慎度，另也包括重要的父親節假期時點移動所帶來的影響。

Continued softness at Lilly Pulitzer is also an important factor, particularly given that some of the product and merchandising improvements we are making will take some time to fully flow through the assortment. Given these trends, we believe it's appropriate to take a more measured view of the upside sales opportunity for the balance of the year. As a result, we are narrowing our full-year sales outlook by lowering the top end of the range. We believe this is a prudent approach based on what we are seeing in the business and the broader environment today. At the same time, we are tightening our EPS guidance range for the remainder of the year by raising the low end of our previous range due to the impact of the current lower tariff rates flowing through for the balance of the year, combined with focused expense and inventory management.

Lilly Pulitzer 持續疲弱也是一個重要因素，特別是因為我們正在推動的一些產品與商品企劃改善，仍需要一些時間才能在產品組合中完全反映。鑑於這些趨勢，我們認為對今年剩餘期間的銷售上行機會採取更審慎的看法是適當的。因此，我們透過下調區間上緣來縮窄全年銷售展望。基於我們目前在業務與整體環境中所見，我們認為這是審慎的作法。同時，我們也收緊今年剩餘期間的 EPS 指引區間，將先前區間的下緣上調，原因在於目前較低的關稅稅率影響將在今年剩餘期間逐步反映，並結合聚焦的費用與庫存管理。

Tariffs remain a major topic and source of uncertainty. Scott will provide more detail on the updated assumptions embedded in our outlook. From an operating standpoint, our priorities remain unchanged. optimize sourcing, manage pricing thoughtfully, protect gross margin where we can, and avoid actions that would undermine the long-term health of our brands. Periods like this can push companies to become defensive and overly short term.

關稅仍是重大議題與不確定性的來源。Scott 將就我們展望中所納入的更新假設提供更多細節。從營運角度來看，我們的優先事項維持不變：最佳化採購來源、審慎管理定價、在可行之處保護毛利率，並避免採取會損害品牌長期健康的行動。像這樣的時期可能會促使企業變得防禦、且過度短視。

We are not going to do that. Our brands exist to bring happiness, optimism, and a sense of possibility to our customers. That is a real source of differentiation, and we believe the near-term adjustments we are making in the current environment will capitalize on each brand's unique attributes and position us deliver long-term value to our shareholders. As always, I want to thank our teams across Oxford. Their resilience, creativity, and commitment to our customers are the foundation of everything we do.

我們不會那樣做。我們的品牌存在的目的，是為顧客帶來快樂、樂觀與可能性的感受。這是真正的差異化來源，我們相信在當前環境下所做的短期調整，將能發揮各品牌獨特屬性，並使我們得以為股東創造長期價值。一如既往，我要感謝 Oxford 各團隊。他們的韌性、創意與對顧客的承諾，是我們一切工作的基礎。

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

接下來，我把電話會議交給 Scott，請他就我們的財務表現與展望提供更詳細的說明。

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. Consolidated net sales were 391 million in the first quarter of fiscal 26, compared to 393 million in the first quarter of fiscal 25, and above the midpoint of our guidance range of 385 million to 395 million. Total company comparable sales decreased 2%, including 2% decreases in both retail and e-commerce.

謝謝你，Tom。如 Tom 所提到的，在充滿挑戰的消費者與總體環境背景下，我們的團隊在執行計畫方面展現了高度的紀律與韌性。2026 財年第一季合併淨銷售額為 3.91 億美元，較 2025 財年第一季的 3.93 億美元略低，且高於我們指引區間 3.85 億至 3.95 億美元的中點。公司整體同店銷售下滑 2%，其中零售與電子商務同店銷售均下滑 2%。

The decline in retail comp sales was all set by sales from non-comp stores open primarily in the prior year. Notably, food and beverage sales increased 14%, driven primarily by non-conf locations. Wholesale sales decreased 5% compared to the prior year period, which is better than our original forecast. By brand, Tommy Bahama delivered solid results with their total sales increasing year-over-year, driven by mid-single-digit comps in our DTC channels, partially offset by a decline in wholesale sales. Emerging brands continued their momentum with sales growth in the low double digits.

零售同店銷售的下滑，完全是由主要於前一年度開設的非同店門市銷售所致。值得注意的是，餐飲（food and beverage）銷售成長 14%，主要由非同店據點帶動。批發銷售較去年同期下滑 5%，表現優於我們原先的預測。以品牌來看，Tommy Bahama 交出穩健成果，總銷售年增，主要由我們 DTC 通路的中個位數同店成長帶動，但部分被批發銷售下滑所抵銷。新興品牌延續動能，銷售成長達低雙位數。

The positive comps at Tommy Bahama and growth in emerging brands were all set by sales declines at Lilly Pulitzer and Johnny Wise. At Lilly Pulitzer, significant declines in the e-commerce channel. in a difficult comparison to the prior year, led to overall low teen negative comps. And the Johnny was, as Tom mentioned, the sales decline was driven by a significant decrease in the wholesale channel. and mid-single-digit negative comps and or DTC channels.

Tommy Bahama 的同店正成長與新興品牌的成長，完全被 Lilly Pulitzer 與 Johnny Was 的銷售下滑所抵銷。在 Lilly Pulitzer，由於電子商務通路大幅下滑，且去年同期比較基期較為艱難，導致整體同店呈現低十位數的負成長。至於 Johnny Was，如 Tom 所提到，銷售下滑主要由批發通路顯著下降所致，且我們的 DTC 通路同店為中個位數負成長。

Adjusted gross margin contracted 90 basis points to 63.4%, driven by approximately $11 million or 280 basis points of increased cost of goods sold from the additional tariffs implemented starting in fiscal 25. Despite this US Supreme Court's ruling in late the previously paid tariffs were capitalized in the inventory that we sold during the first quarter. The increased tariffs were partially offset by updated sourcing and pricing architecture strategies across the portfolio. Lower freight cost to customers due to improved carrier rates from contract renegotiations. and a change in sales mix with wholesale sales representing a low proportion of net sales.

調整後毛利率收縮 90 個基點至 63.4%，主因為自 2025 財年起實施的額外關稅，使銷貨成本增加約 1,100 萬美元（或 280 個基點）。儘管如此，由於美國最高法院於稍晚作出裁決，先前已支付的關稅已資本化計入庫存，並在第一季隨著我們售出的庫存而反映。關稅上升部分被整體投資組合的採購來源更新與定價架構策略所抵銷。此外，因合約重新談判帶來更佳的承運商費率，使對客運費成本下降；以及銷售組合變化（批發銷售占淨銷售比重較低）亦帶來正面影響。

Adjusted SG&A expenses increased 1% to $209 million compared to $206 million last year, impacted primarily by new brick and mortar retail and food and beverage locations as well as increases in sales software and consulting costs, and costs associated with the transition of our Lyons, Georgia distribution center operations. These increases were partially offset by lower advertising costs and cuts in more discretionary categories like travel. The result of this yielded adjusted EBITDA of $45 million, or an 11.6% adjusted EBITDA margin, compared to adjusted EBITDA of $54 million, or 13.7% in the prior year. Moving beyond EBITDA, adjusted depreciation amortization was flat compared to the prior year, with increases in depreciation related to our new Lyons facility and new brick-and-mortar locations, all set by lower software-related depreciation. Interest expense of $2 million was higher than the prior year due to higher average depreciation.

調整後 SG&A 費用較去年由 2.06 億美元增加 1% 至 2.09 億美元，主要受新增實體零售與餐飲據點、銷售軟體與顧問費用增加，以及與喬治亞州 Lyons 配送中心營運轉換相關成本影響。上述增加部分被較低的廣告成本，以及在差旅等較具彈性的類別中削減支出所抵銷。因此，調整後 EBITDA 為 4,500 萬美元，或 11.6% 的調整後 EBITDA 利潤率；相較去年同期調整後 EBITDA 為 5,400 萬美元，或 13.7%。在 EBITDA 之外，調整後折舊與攤銷與去年持平；與新 Lyons 設施及新增實體據點相關的折舊增加，被較低的軟體相關折舊所抵銷。利息費用為 200 萬美元，高於去年同期，原因是平均負債水準較高。

debt levels and our effective tax rate of 25.4% was higher than the prior year due to certain discrete items. With all this, we ended with $1.39 of adjusted EPS. Moving to the balance sheet, inventory decreased $15 million or 9% on a LIFO basis and $3 million or 1% on a FIFO basis as compared to the first quarter of 2025, despite $9 million of additional tariff costs capitalized into inventory compared to $3 million at the end of the year. in the first quarter of 2025. Inventory decrease across our three larger brands, partially offset by higher inventory in the emerging brands group to support their higher levels of growth.

且我們的有效稅率為 25.4%，因若干一次性項目而高於去年同期。綜合以上因素，我們的調整後 EPS 為 1.39 美元。轉至資產負債表，庫存以 LIFO 基礎計較 2025 年第一季減少 1,500 萬美元（或 9%），以 FIFO 基礎計則減少 300 萬美元（或 1%）；儘管相較於 2025 年第一季的 300 萬美元，本季有 900 萬美元的額外關稅成本資本化計入庫存（相較於年末）。庫存下降主要來自我們三個較大型品牌，但部分被新興品牌群為支撐其較高成長水準而增加的庫存所抵銷。

We ended the quarter with long-term debt of $143 million as compared to $118 million at the end of the first quarter of 2025 and $116 million at the end of fiscal 2025. Cash flows from operations provided $8 million in the first quarter of fiscal 26, compared to cash flows used in operations of $4 million in the first quarter of fiscal 25, with lower earnings offset by positive changes in working capital. We also had capital expenditures of $23 million primarily related to the Lyons-Georgia Distribution Center project and the addition of new brick and mortar locations. And $11 million of dividends that led to an increase in our long-term debt balance since the beginning of the fiscal year. I'll now spend some time on our updated outlook for 2026.

我們在本季末的長期負債為1.43億美元，相較於2025年第一季末的1.18億美元，以及2025財年末的1.16億美元。2026財年第一季營運活動提供的現金流為800萬美元，相較於2025財年第一季營運活動使用的現金流為400萬美元；較低的獲利被營運資本的正向變動所抵銷。我們也有2,300萬美元的資本支出，主要與Lyons-Georgia配送中心專案以及新增實體門市據點有關。以及1,100萬美元的股利發放，導致自本財年開始以來我們的長期負債餘額增加。接下來我將花一些時間說明我們更新後的2026年展望。

As Tom mentioned, the positive momentum we saw at the start of the year decelerated a bit at the end of the first quarter and continued into the second quarter. For the second quarter, we now expect our total company comp to be in the low single digit negative to flat range. And for the full year or updated comp assumption assumes a range of slightly negative to slightly positive. The updated second quarter and full year comp assumptions are lower than our previous expectations of flat to low single digit positive comps. As a result of the change in our comp assumptions, we're revising the top end of our revenue guidance range for the full year.

如Tom所提到的，我們在年初看到的正向動能在第一季末稍有減速，並延續到第二季。對於第二季，我們目前預期全公司同店表現（comp）將落在低個位數負成長到持平的區間。而就全年而言，更新後的同店假設區間為小幅負成長到小幅正成長。更新後的第二季與全年同店假設，低於我們先前對同店持平到低個位數正成長的預期。由於同店假設的變動，我們正在下修全年營收指引區間的上緣。

For the full year, net sales are expected to be between $1.475 billion and $1.505 billion, a relatively flat to up 2% compared to sales of $1.478 billion in fiscal 2025. A revised sales plan for the full year of 2026 includes a sales increase in Time Bahama and continued growth in emerging brands. by a sales decrease in Lilly Pulitzer and Johnny Wuz. Our updated sales plan does include improvement in the second half as we correct the issues discussed at Lilly Pulitzer and Johnny Wuz continues its turnaround plan. We will also benefit from correcting the tariff-related merchandising issues that impacted the results of most of our brands in the second half of the prior year.

就全年而言，預期淨銷售額介於14.75億至15.05億美元之間，較2025財年14.78億美元的銷售額大致持平至成長2%。2026年全年修訂後的銷售計畫包括Tommy Bahama的銷售成長，以及新興品牌的持續成長；但Lilly Pulitzer與Johnny Wuz的銷售將下滑。我們更新後的銷售計畫確實包含下半年改善，因為我們將修正Lilly Pulitzer所討論的問題，且Johnny Wuz將持續推動其轉型計畫。我們也將受惠於修正與關稅相關的商品配置問題，該問題在前一年度下半年影響了我們多數品牌的表現。

year, specifically in the fourth quarter and during the holiday season. By distribution center, the full year sales plan consists of high single digit increase in our food and beverage channel that is benefiting from the addition of new locations added during fiscal 2025, partially offset by low single digit decrease in increases to flat sales in our direct-to-consumer channels, and a mid-single-digit decrease in wholesale. Moving on to gross margin. Our current assumption is that the current tariff, the current lower tariff rate of 10 percent will remain in place for the remainder of the year. These rates are generally consistent with the rates in effect for most of our inventory receipts during the first quarter of 2026.

年度，特別是在第四季以及假期旺季期間。按通路來看，全年銷售計畫包括：食品與飲料通路的高個位數成長（受惠於2025財年新增門市據點），部分被直營消費者（direct-to-consumer）通路低個位數下滑至持平的銷售，以及批發通路中個位數下滑所抵銷。接著談毛利率。我們目前的假設是，現行10%的較低關稅稅率將在今年剩餘期間維持不變。這些稅率大致與我們在2026年第一季大部分存貨到貨時所適用的稅率一致。

While we are not including the impact of tariff refunds in our guidance, we paid approximately $40 million of tariffs in fiscal 2025, an additional 5 million of tariffs in the first quarter of 2026 that were ultimately invalidated by the Supreme Court ruling in February. approximately $25 million in Phase 1 claims and have begun to receive refunds. A refund process for Phase 2 and the remainder of our unfiled claims has not yet been established, but we are ready to file claims for refunds as soon as a process is established. It is important to note that given the timing of our planned inventory receipts for the balance of the year, changes in tariff rates during fiscal 2026 would be expected to have a more limited impact on fiscal 2026 results than they would on future periods. In addition to lower tariff assumptions, we expect that gross margins will benefit significantly from the shifts in sourcing and updates to our pricing architecture that our teams have worked on for the last year, and a shift to a higher proportion of direct-to-consumer sales.

雖然我們在指引中未納入關稅退稅的影響，但我們在2025財年支付了約4,000萬美元的關稅，並在2026年第一季額外支付了500萬美元的關稅；該等關稅最終因最高法院於2月的裁決而被判定無效。我們已提出約2,500萬美元的第一階段（Phase 1）申請，並已開始收到退款。第二階段（Phase 2）以及其餘尚未提出之申請的退款流程尚未建立，但一旦流程確立，我們已準備好立即提出退款申請。需要注意的是，鑑於我們今年剩餘期間規劃的存貨到貨時點，2026財年期間關稅稅率的變動，預期對2026財年業績的影響將較為有限，相較之下對未來期間的影響會更大。除較低的關稅假設外，我們預期毛利率也將顯著受惠於過去一年團隊推動的採購來源轉移與定價架構更新，以及直營消費者銷售占比提高。

As a result, we expect gross margins to improve 100 to 200 basis points. in Q2, Q3, and Q4 of fiscal 26 compared to the prior year periods, and an overall approximate 100 basis point increase for the year, when including the headwind from the first quarter. In addition to lower sales and higher gross margins, we expect SG&A to grow in the low single-digit range, primarily due to increased software-related cost and the annualization of incremental SG&A from new stores added since the end of the second quarter of fiscal 25. Also with an EBITDA, we expect higher royalties and other income of approximately $2 million in fiscal 26. Outside of EBITDA, we expect an increase in depreciation due to significantly all the incremental costs to operate the new lines DC and fiscal 2016 depreciation related.

因此，我們預期2026財年第二季、第三季與第四季的毛利率將較去年同期改善100至200個基點，並在納入第一季的不利因素後，全年整體約提升100個基點。除銷售較低與毛利率較高外，我們預期SG&A將以低個位數成長，主要因軟體相關成本增加，以及自2025財年第二季末以來新增門市所帶來的增量SG&A費用年化。此外，在EBITDA方面，我們預期2026財年權利金及其他收入將增加約200萬美元。在EBITDA之外，我們預期折舊將增加，原因是營運新的Lyons DC所需的顯著增量成本，以及與2016財年相關的折舊。

Considering all these items, interest expense of $7 million, a higher tax rate of 28%, we are tightening our 2026 adjusted EPS guidance to $2.30 to $2.70 versus adjusted EPS of $2.11 last year. Again, our guidance does not include the impact of any tariff refunds. The second quarter of 2026, we expect sales of 380 million to 400 million compared to sales of 403 million in the second quarter of 2025. This primary reflects our low single digit negative to flat comp assumption and decreased wholesale sales in the high single digit range. By brand, we expect low lower sales at Lilly Pulitzer and Johnny was to be partially offset by a sales increase at Tommy Bahama and continued growth at emerging brands.

綜合上述各項因素、700萬美元的利息費用，以及較高的28%稅率，我們將2026年調整後EPS指引收斂至2.30至2.70美元，相較去年調整後EPS為2.11美元。再次強調，我們的指引未包含任何關稅退款的影響。對於2026年第二季，我們預期銷售額為3.80億至4.00億美元，相較於2025年第二季的4.03億美元。這主要反映我們對同店低個位數負成長到持平的假設，以及批發銷售高個位數下滑。按品牌來看，我們預期Lilly Pulitzer與Johnny Wuz的銷售較低，將部分被Tommy Bahama的銷售成長以及新興品牌的持續成長所抵銷。

We also expect gross margins to expand approximately 100 basis points, SG&A to grow in the low single digit range, royalty income of approximately $5 million, interest expense of $2 million, and a higher effective tax rate of approximately 29%, primarily related to the impact of our annual stock vesting. We expect this to result in second quarter adjusted EPS between $1.20 and $1.40 compared to $1.26 last year. Moving to our CapEx outlook for the remainder of the year, we spent capital expenditures for the year to be approximately $60 million, including the 23 million spent in the first quarter of fiscal 26, compared to a total of $108 million in fiscal 2025. Remaining capital expenditures relate to the new distribution center line Georgia and new brick-and-mortar locations.

我們也預期毛利率擴張約100個基點，SG&A以低個位數成長，權利金收入約500萬美元，利息費用200萬美元，以及較高的約29%有效稅率，主要與我們年度股票歸屬的影響有關。我們預期這將使第二季調整後EPS介於1.20至1.40美元之間，相較去年為1.26美元。談到今年剩餘期間的資本支出（CapEx）展望，我們預期全年資本支出約為6,000萬美元，其中包含2026財年第一季已支出的2,300萬美元；相較之下，2025財年合計為1.08億美元。其餘資本支出與新的Georgia配送中心（Lyons）以及新的實體門市據點相關。

Thank you for your time today. We'll now turn the call over for questions.

感謝各位今天撥冗參與。接下來我們將開放提問。

(Operator Instructions)

（接線員指示）

Ashley Owens, KeyBank Capital Markets.

Ashley Owens，KeyBank Capital Markets。

Thanks. Good afternoon. Maybe just to start, I want to click down on the comments about the trend softening through April into May and then early June and then you flagged that Father's Day shift. Is there any way to help us isolate how much of that deceleration is calendar versus the genuine demand softness? Once you normalize for that Father's Day timing. What does the underlying trend look like there? And then I'll follow up.

謝謝。下午好。也許先從您提到4月到5月、以及6月初趨勢轉弱的評論開始，然後您也提到父親節時點的移動。有沒有辦法協助我們拆解：這個減速有多少是行事曆因素、多少是真正的需求轉弱？在把父親節時點因素正常化之後，其背後的基本趨勢看起來如何？我之後再追問。

So I would say, you know, we built into our guidance flat to low single digit negative for Q2. And I think we're, you know, we're more on at the moment in the low single digit negative. I think when we get past Father's Day, we'll be more be in that zone of flat to low single digit negative, I believe is where we'll land.

我會說，我們在指引中對第二季納入的是持平到低個位數負成長。而我認為目前我們比較偏向低個位數負成長。我想當我們過了父親節之後，我們會更落在持平到低個位數負成長的區間，我相信最後會落在那裡。

I think we're going to pick up a bit, you know, through Father's Day. And right now we're tracking fine.

我認為在父親節前後我們會回升一些。而目前我們的追蹤狀況良好。

Maybe even just secondly, more broadly on wholesale, just be curious, since we last spoke, obviously been elevated gas prices have continued, consumer discretionary sentiment is weak. I would just be curious if you're seeing any shifts in some of the wholesale order behavior across your portfolio for the balance of the year, any retailers trimming buys here pushing out deliveries. Anything to call out?

或許再補充第二點、更廣泛地談批發端，我只是好奇，自從我們上次交流以來，顯然高企的汽油價格仍在持續，消費者在非必需消費上的信心偏弱。我想了解的是，您是否看到今年剩餘時間在您整體組合的批發訂單行為上出現任何變化——是否有零售商在縮減採購、把交貨往後延？有沒有什麼值得特別指出的？

Thanks. You know, they're still being cautious and we still think we'll be down, but we're not seeing a drastic change. But I think everybody is, you know, given the environment is being a bit cautious. So I think the opportunity for some increases might not be there quite the way we had hoped.

謝謝。你知道的，他們仍然很謹慎，我們也仍然認為會下滑，但我們沒有看到劇烈的變化。不過我想大家在這樣的環境下都會更保守一些。所以某些增長的機會，可能不像我們原先希望的那樣存在。

But I think they're seeing a lot of what we're seeing right now. And yes, you do have the shifts. I think a lot of people are trying to sort through the current business and how much this father-stay shift is impacting it versus how much is the consumer. And that's a hard thing to really tell. There's, I think, some of both in what's going on.

但我想他們看到的情況，跟我們現在看到的很類似。而且是的，確實會有一些轉變。我認為很多人都在試著釐清：目前的業務狀況中，有多少是「父親節檔期前移/後移」這種時間點的轉換所造成的影響，又有多少是消費者本身的影響。而這其實很難真正判斷。我覺得目前發生的事情裡，兩者都有一些。

And, you know, Ashley, it always comes down to how you're performing on their floor and our wholesale performance overall. that has hung in pretty well so far year to date. Some places are stronger than others, but I would say overall it's been pretty strong.

而且你知道，Ashley，最後總是回到你在他們賣場上的表現，以及我們整體批發端的表現；截至目前為止，今年以來都維持得相當不錯。有些通路比其他通路更強，但整體而言我會說表現相當強勁。

Okay, understood. Thank you. I'll pass it along.

好的，了解。謝謝。我把問題交給下一位。

Dana Telsey, Telsey Advisor.

Dana Telsey，Telsey Advisory。

.Good afternoon. I want to unpack the performances of Tommy Bahama and Lilly. Certainly the improvement in the performance of Tommy Bahama, even from the fourth quarter to the first quarter, is impressive and wanted to get, whether it's men's, women's, prices category, what's driving that?

下午好。我想拆解一下 Tommy Bahama 和 Lilly 的表現。Tommy Bahama 的表現改善確實很亮眼，甚至從第四季到第一季的提升都令人印象深刻；想請教是男裝、女裝、價格帶、品類等哪些因素在驅動？

And the Lilly downtick, I think last quarter when we all spoke, you talked about the headwinds, whether it was a Florida of weather, but felt like the structural components of Lilly was very much intact. What's changed?

至於 Lilly 的下滑，我記得上季我們交流時，你提到逆風因素，例如佛州的天氣，但也覺得 Lilly 的結構性要素仍然非常完整。那現在有什麼改變了？

Where's the softness coming from? Is it by region, by channel, by customer? Is it print? patterns, solid promotions, and what's the timeline of the Lilly fix? Thank you.

疲弱是從哪裡來的？是按地區、按通路、按客群嗎？是印花嗎？圖案、素色、促銷？以及 Lilly 修復的時間表是什麼？謝謝。

Okay, so let me start with Tommy Bahama and I would say the, you know, it was a very nice quarter for Tommy Bahama. We're very proud of it. Ben's had an increase in our direct consumer business year over year. We talked about this in March, but that was really driven by core product that we were sort of weak on last year, and that's things like the Enfield or the Boracay and some of our big linen programs. that really drive it.

好的，那我先從 Tommy Bahama 談起。我會說，這一季對 Tommy Bahama 來說非常不錯。我們對此非常自豪。我們的直營消費者（DTC）業務年對年成長。我們在三月談過，這主要是由核心產品帶動——去年我們在這些品項上相對偏弱，例如 Enfield、Boracay，以及一些大型的亞麻系列計畫，這些確實是主要驅動力。

The real strength in the quarter, you know, men's was good, but women's was even better. And the numbers were really driven by the women's side of the business, which we love seeing because, as you know, law enforcement, long term, we continue to believe we have a very large opportunity in Tommy Bahamas Women's, so the women's DTC business was up, I think about 7 1/2% for the quarter, which is quite strong, and it was driven by what we would consider the fashion business, part of the business or a couple of categories within fashion. I think pants and wovens were both strong during the quarter but you know we were glad glad to see that and you know we're still very much a men's driven business but seeing that strength in women's where it really helped drive our quarterly results to a large degree was great and then one other little stat that I'll throw that I love is that during the first quarter of 2026, 30% of our e-comm orders included both a men's and a women's item. That's up from last year when it was 25%. And we don't have any great benchmarking on that, But we believe that benchmarks really well in terms of our ability to sell both genders effectively when you've got, you know, almost a third of your orders are dual gender orders.

本季真正的強項是——男裝表現不錯，但女裝更好。數字主要由女裝端帶動，我們很樂見這點，因為如你所知，長期來看，我們仍然相信 Tommy Bahama 女裝有非常大的機會；因此女裝 DTC 業務本季成長約 7.5%，相當強勁，且主要由我們所認為的時尚業務（fashion business）——或時尚中的幾個品類——所驅動。我認為褲裝與梭織品本季都很強；我們很高興看到這點。你知道，我們仍然是一個以男裝為主導的業務，但女裝的強勢在很大程度上推動了本季成果，這非常好。再補充一個我很喜歡的小數據：在 2026 年第一季，我們 30% 的電商訂單同時包含男裝與女裝商品。這高於去年的 25%。我們沒有很好的同業基準可對照，但我們相信這在「能有效同時銷售兩個性別」的能力上，基準表現相當不錯——因為你知道，將近三分之一的訂單是雙性別訂單。

We think that's really great. So really like what we saw in Tommy Bahama during the quarter. Some of that softness that we saw in April and May had to do with some timing shifts and maybe you know a little planning hiccup. I really believe you know, we're going to get through Father's Day and still be on a very good track. It's a little hard to see it today just because of the shift.

我們覺得這真的很棒。所以本季 Tommy Bahama 的表現我們非常滿意。四月和五月看到的一些疲弱，與部分時間點的移轉，以及可能一些規劃上的小失誤有關。我真的相信，等我們度過父親節後，仍會回到非常好的軌道上。只是因為這個時間點的移轉，今天看起來會有點難判讀。

It's still good. It's just not quite as strong as it was. But I think that's, you know, the Father's Day shift that we're that we're seeing. And then on Lilly-Pulitzer, I do believe that the February weather in Florida was a contributing factor. And at the time we were talking in March, I think that was very valid because it was especially during February and the first part of March where the average daily temperatures were much, much lower than the normal average daily temperatures.

整體仍然不錯。只是沒有之前那麼強。但我想那就是我們看到的父親節檔期移轉效應。至於 Lilly Pulitzer，我確實認為二月佛州的天氣是一個促成因素。當時我們在三月討論時，我覺得那個判斷非常合理，因為特別是在二月以及三月上旬，日均溫遠遠低於正常的日均溫。

And that's a time of year when it mattered. a lot in Florida as to whether people are motivated or not. But then as we got deeper into the quarter, we realized that there were other issues with both the assortment and with the messaging and marketing around them. So as we identified, during the prepared remarks Dana some of the issues that we were we were We were way under-inventoried in our opening price point bucket. and I think that cost us some business.

而那是一年中很關鍵的時段——在佛州，人們是否有動機消費，天氣影響很大。但隨著我們更深入地看本季，我們意識到在商品組合（assortment）以及圍繞它們的訊息傳達與行銷上，還有其他問題。因此如我在事先準備的發言中提到的，Dana，我們的一些問題在於：我們在入門價位帶（opening price point）那一段的庫存嚴重不足，我想這讓我們流失了一些生意。

Some of those customers were willing to move up the price point scale, but I think some of them just ended up, not buying and I think that's where we saw a lot of the sales erosion. Then from a print and color perspective, if you've been watching it, we leaned heavily into the vintage prints and While we love those prints and they're beautiful, I think we probably overdid that. and those tend to appeal a little bit more to the, you know, the most dedicated Lilly fans and maybe a little less so to the newer Lilly fans. So I think that was an issue. And then the last big one I would identify is what we're we're calling novelty.

其中一些顧客願意往更高的價格帶移動，但我想也有一些人最後就是不買了，而我認為那就是我們看到銷售流失的主要來源。再從印花與色彩的角度，如果你一直有在觀察，我們大量偏向復古印花；雖然我們很喜歡那些印花、也很漂亮，但我想我們可能做得過頭了。這類印花通常更吸引最忠實的 Lilly 粉絲，但對較新的 Lilly 粉絲吸引力可能稍弱一些。所以我認為這是一個問題。最後一個我會指出的大項，是我們所稱的「新奇感」（novelty）。

So as you know, David, there's been a lot of emphasis, not only from us, but across the market, place on newness and novelty and that kind of thing. And I believe we just swung the pendulum a little bit too far on that. this spring and that had, it's good to have a good bit of that, but we just had too much of it and not enough of our assortment was more versatile. And I think especially, uh, when you get into a time period where people are being a little bit more discerning about their purchases. I think she's looking at the versatility of that dress maybe a little more than she would when she's in more of a free spending mode.

如你所知，David，不只是我們，整個市場都非常強調新品、新奇感之類的元素。而我相信我們今年春季在這方面把擺盪的幅度拉得稍微太大了；有一定比例的新奇感是好的，但我們的比例過高，導致商品組合中更具多用途/百搭性的款式不夠。我認為尤其是在一段期間裡，人們對購買變得更謹慎、更挑剔時，她在看那件洋裝時，可能會比在更願意自由花費的狀態下，更在意它的百搭性。

So, uh, We were talking about this yesterday, but we have had this spring, an absolutely gorgeous dress that was the type of dress that you would wear to some kind of charity ball or gala or something like that. Absolutely gorgeous, but it's really one of those dresses that you're probably only going to wear once. And because it's so unique and so special and so dramatic and stunning And you know, it was over $700 which for us is a high and price point, and we just have a little too much of that. So in terms of the timeline to fixing, I would also say that that leaning into vintage and nostalgia I think also showed up in our messaging and marketing. You know the way this works, Dana.

所以，呃，我們昨天有談到這個，但我們今年春季有一件絕對非常漂亮的洋裝，那種洋裝你會穿去某種慈善舞會、晚宴或類似的場合。真的非常漂亮，但它其實是那種你大概只會穿一次的洋裝。而且因為它非常獨特、非常特別、很有戲劇張力又驚艷。你知道，那件超過 700 美元，對我們來說是偏高的價位帶，而我們這類商品的量有點太多了。所以就修正的時間軸而言，我也會說，偏向復古與懷舊的方向，我認為也反映在我們的訊息傳達與行銷上。你知道這套運作方式的，Dana。

Messaging and marketing can be addressed more quickly generally. and how we're targeting and some of that stuff, we can, you know, we're already adapting and things like promotions, you may have watched, we did a big Lilly Pulitzer promotion. this past weekend, that was something that we did in what I would call an agile response to the the situation. So those things can be done more quickly. The product development timeline is what it is.

一般來說，訊息傳達與行銷可以更快調整；包含我們的目標客群設定以及其中一些作法，我們可以——你知道——我們已經在調整了。像是促銷活動，你可能有看到，我們上週末做了一個大型的 Lilly Pulitzer 促銷；那就是我所說的，針對當前情況做出的敏捷回應。所以這些事情可以更快完成。產品開發的時間表就是那樣。

So it's more of a resort before you can really, you know, Up until resort, you're kind of dealing with the product that you, you designed and bought way back when you did that. You know, I do think, I believe we feel that some of our later summer deliveries are a bit stronger and maybe don't have quite the degree of issues. And then what we're doing just in sort of our agile response and rethinking process promotions and all. I think we're going to make the best of it. I'm super proud of the Lilly team and the way that they've responded to it.

所以在你真正能夠——你知道——到度假系列（resort）之前，你基本上都還是在處理你很久以前設計並採購的那些產品。你知道，我確實認為、也相信，我們較晚到貨的夏季商品會更強一些，可能問題的程度也沒那麼大。然後我們正在做的，就是以某種敏捷回應與重新思考的方式來處理促銷等等。我想我們會把它做到最好。我對 Lilly 團隊以及他們的應對方式感到非常自豪。

Dana, you know this well, but this is a fashion business and you're going to have a hiccup like this every now and again. And the issue, you know, that's just, that's part of the business. Hopefully it's not very often, but it's going to happen every once in a while. And then the key is how do you respond to that in the short term and then in the long term? And I think as they do, the...

Dana，你很清楚，這是一門時尚生意，偶爾就會遇到像這樣的小插曲。而這個問題——你知道——這就是生意的一部分。希望不要太常發生，但每隔一段時間就會發生一次。然後關鍵是：你要如何在短期以及長期做出回應？而我認為就像他們所做的那樣，這個……

The Lilly team is doing a terrific job on both fronts. So that was a lot, but hopefully you answered your question.

Lilly 團隊在這兩個面向都做得非常出色。所以內容很多，但希望有回答到你的問題。

Very helpful. Thank you.

非常有幫助。謝謝你。

[Janine Stichter] with BTIG.

[Janine Stichter]，BTIG。

Hi, thanks for taking my question. I wanted to delve into the growth margin side a bit. You talked about having some big wins on the sourcing side, so maybe you could just talk about what's working there, how much you view as kind of structural and able to continue.

嗨，謝謝讓我提問。我想更深入談一下毛利率（gross margin）這一塊。你提到在採購端有一些很大的成果，所以也許你可以談談那邊哪些做法有效、你認為其中有多少是結構性的、能夠持續下去的。

And then as you think about the guidance for growth margin to increase throughout the balance of the year. What does that assume in terms of promotions by brand, how you're planning them, and also how consumers are shopping around those promotions?

另外，當你們看全年剩餘期間毛利率指引將逐步提升時，就各品牌而言，這在促銷上是怎麼假設的——你們如何規劃促銷——以及消費者在這些促銷期間的購物行為是如何？

Yes, on the gross margin, yes, we have done a lot of sourcing shifts. We also, you know, a lot of the price increases, a lot of them were on newness. And so we do have some products with some good margins. And, you know, But Tommy especially, we sold through at full price nicely. And so we had a pretty nice return higher than expected gross margin there.

是的，關於毛利率，是的，我們做了很多採購來源的調整。另外，你知道，很多的漲價，多數是放在新品上。因此我們確實有一些產品具備不錯的毛利。而且你知道——尤其是 Tommy，我們以原價（full price）的銷售消化得很好。所以那邊的毛利率回升相當不錯，高於我們原先預期。

And then, as we mentioned, the tariffs are 10% now, that's our assumption going forward. So we, and we did have overall some lower promotions both in the first quarter internally and on sales of all price to wholesale accounts. that helped, we also had direct was a higher percentage of our total sales versus wholesale, so that always helps also. As far as promotions, Lilly will probably be a little more promotional than we planned at the beginning of the year, just kind of given the start. Tommy, pretty much the normal cadence at Tommy.

然後如我們提到的，關稅現在是 10%，這是我們往後的假設。所以我們——而且整體來看，第一季不論是內部或是以全價賣給批發客戶（wholesale accounts）的部分，促銷都比較少，這也有幫助；另外，直營（direct）占我們總銷售的比重高於批發，這通常也會有幫助。至於促銷，Lilly 可能會比我們年初規劃的更促銷一些，主要是考量到一開始的狀況。Tommy 的話，基本上會維持 Tommy 一貫的節奏。

So I think overall we won't be, I don't think our overall total company promotional cadence will be drastically different, probably a little bit more, Lily. quite a bit less at Johnny Wise. Johnny Wise is really, you know, in the inventory downer being much more disciplined on promotional events, and their gross margins were very good, and I think they'll continue to be for the rest of the year. So I think some structural things at Johnny Wise that are really strong. to show through on the gross margin line and some of the SG&A controls there.

所以我認為整體而言，我不覺得公司整體的促銷節奏會有大幅不同，可能會多一點點，主要在 Lilly；而在 Johnny Was 會少很多。Johnny Was 真的——你知道——在庫存下降的情況下，對促銷活動更有紀律，他們的毛利率非常好，我認為今年剩下時間也會持續如此。所以我認為 Johnny Was 有一些非常強的結構性因素，會在毛利率這一行反映出來，另外在 SG&A 的控管上也是。

And I think they'll begin to show in the top-line later in the year.

而且我認為這些也會在今年稍晚開始反映到營收端（top-line）。

And with the price increases, have you seen any pushback at either of the brands, the price increases, and then just any more plans for ticket increases the rest of the year?.

另外關於漲價，你們在任何一個品牌有看到消費者的反彈嗎？以及今年剩下時間是否還有更多吊牌價（ticket）上調的計畫？

I would say, Janine, that's a, there's a nuanced answer to that. There hasn't really been any direct pushback to it, but if you look at our numbers, we're, you know, we're selling less units. You know, the AOV's going up, the AUR's going up, so people are selling are paying the price, but the total number of units that we sold during the quarter were, was down a bit. Not, it's not drastic, but So it's hard to know exactly how to interpret that. I think some of that's about the softness and just general caution among the consumer but we're looking at it hard to make sure we're not you know out of whack with what the consumer is willing to pay we do not believe we're out of whack with the market you know at all.

我會說，Janine，這個問題的答案比較細緻。並沒有真的看到直接的反彈，但如果你看我們的數字，我們——你知道——賣出的件數變少了。你知道，AOV（平均訂單金額）在上升、AUR（平均單價）在上升，所以人們確實在支付這個價格，但我們在本季賣出的總件數是有些下降。不——不是很劇烈，但——所以很難確切解讀這代表什麼。我認為其中一部分是因為需求偏軟，以及消費者整體更謹慎；但我們也在密切觀察，確保我們不會——你知道——偏離消費者願意支付的水準。我們不認為我們與市場脫節，你知道，完全不覺得。

We think we're in sync with our peers or competitors, whatever you want to call them, but it bears further scrutiny for sure.

我們認為我們與同業或競爭對手——你想怎麼稱呼都可以——是同步的，但確實值得進一步檢視。

Great. Thanks for the color.

很好。謝謝你補充說明。

Mauricio Serna, UBS.

Mauricio Serna，UBS。

Great. Thanks for taking my questions. I guess just first on Tommy Bahama, could you talk about your expectations in terms of the comp for Q2 and the rest of the year? Just thinking about the very good traction you got in Q1, is it fair to assume that the brand case and sustain amid single digit comp. And then similar question on,

很好。謝謝回答我的問題。我想先問 Tommy Bahama，你能談談你們對第二季（Q2）以及今年剩下時間同店（comp）的預期嗎？考量你們第一季的動能非常好，是否可以合理假設這個品牌能夠維持在個位數的同店成長？然後類似的問題在——

I guess similar question on Johnny was, it seemed like, you know, the, you really been able to bring that business into a healthier place, at least in terms of margins, gross margin.

我想類似的問題在 Johnny Was：看起來你們——你知道——已經能把那個業務帶到更健康的位置，至少就毛利率、gross margin 來看是如此。

How should we think about, you know, the timing for an inflection to positive sales growth of the brand? Could it be, could it happen, you know, by second half of the year? Thank you.

我們應該如何看待該品牌轉為正向銷售成長的時間點？是否有可能——你知道——在今年下半年發生？謝謝。

Yes, Tommy, we think we can have positive comps the rest of the year. Our model has a little bit lower than the mid-2040s. single just slightly lower than the first quarter but A lot of it's just some of what we're seeing now, and we've got the whole Father's Day shift. So I think it's really once we get through Father's Day and kind of get that dust settled, I think we'll be in a good place there. But Johnny was, we think we can start having positive comps in the second half.

是的，Tommy 的部分，我們認為今年剩下時間都可以維持正向同店。我們的模型預估會比中個位數略低——單位數、略低於第一季——但很多是因為我們現在看到的一些狀況，另外還有父親節檔期的移動影響。所以我認為，等我們度過父親節、把這些影響消化完之後，我們在那邊會處在一個不錯的位置。至於 Johnny Was，我們認為下半年可以開始出現正向同店。

I think just some of the discipline that we've got and then the product, we really couldn't impact product in the first half of the year. In second half of the year, we really think a lot of the, work we've been doing in identifying uh how we ought to be assorting the line that was known going into the design process so we i think we'll have better commercial lines and we also will have a line of more essentials that kind of go with the print. We have very little of that right now. We'll have quite a bit more of that in the second half. So we think first half, the comp will be a little tough, Johnny was, but a lot more disciplined.

我認為主要是我們目前具備的一些紀律性，再加上產品面；我們在上半年其實無法對產品造成太大影響。到了下半年，我們確實認為，我們在辨識應該如何配置產品線（這在進入設計流程前就已經明確）的許多工作，會讓我們有更好的商業化產品線，同時也會有一條更偏基本款的產品線，能與印花系列相搭配。我們目前這類產品非常少。下半年會多很多。所以我們認為上半年同店表現會有點吃力，Johnny 之前是——但會更有紀律得多。

on healthier gross margins a lot more. It's spent discipline. Then second half, we really think the comp can start turning around.

在更健康的毛利率方面也會好很多。這是費用支出紀律。然後到下半年，我們確實認為同店表現可以開始扭轉。

And then just a couple of follow-ups on the gross margin side. It seems like the assumption is, even though if tariffs go back to AIPA after July, the way that you flow your inventory, it shouldn't have a meaningful impact. for at least fiscal 26. I just want to make sure that I understood that. I guess that means that we could face a headwind in the 27th. We'll have fall pretty much be in-house.

另外在毛利率方面再追問幾點。看起來你們的假設是，即使關稅在 7 月之後回到 AIPA，依照你們的庫存流轉方式，至少在 2026 財年不會造成實質影響。我只是想確認我理解得沒錯。我想這也代表我們可能在 2027 財年會面臨逆風。秋季貨品幾乎都會是自有庫存。

And then you've got some core that also goes even further during the year. So if tariff rates did go back to IEFA, and right now I think what they're talking is more of a 10 to 12. at least what's being discussed and how quickly that happens you know you could have a gap where you don't have any you know these are going to aspire the Section 122 will expire in July.

然後你們也有一些核心款會在年度中更往後延續。所以如果關稅稅率真的回到 IEFA，而目前我想他們談的是大約 10 到 12（至少目前討論是如此），以及它發生得多快——你可能會有一段空窗期，因為你沒有任何——你知道，這些將會到期，Section 122 會在 7 月到期。

And I don't know if these others can be in place right away. So the tariffs are still fairly uncertain, but even if they went all the way back to IEPA, it would not have a huge impact, because I think falls pretty much in at 10, and resort could have a little bit of impact.

我不知道其他措施是否能立刻到位。所以關稅仍然相當不確定，但即使一路回到 IEPA，也不會有很大的影響，因為我認為秋季基本上是以 10 進來，而度假系列（resort）可能會有一點影響。

Got it. And then just the last point on that, like with tariff refunds, what would be, you know, the primary use of the proceeds?.

了解。那最後一點，像是關稅退稅的部分，這筆款項主要會怎麼使用？。

That debt repayment. Pay down debt. Yes, yes. And our debt, you know, some of that is seasonal, and we expect second quarter, you know, debt to come down. And then if we get the tariff refunds, then we'll come down even more significantly.

償還債務。降低負債。是的，是的。而且我們的負債，你知道，其中一部分是季節性的，我們預期第二季負債會下降。然後如果我們拿到關稅退稅，那負債還會更顯著地下來。

Awesome. Well, thanks for answering the questions, and best of luck.

太好了。謝謝你們回答問題，祝你們好運。

Thank you, Maurice, Jeff.

謝謝你，Maurice、Jeff。

Joseph Savillo, True Security.

Joseph Savillo，True Security。

Hey guys, thanks so much for taking my questions. Just trying to zero in a little bit more on the consumer versus Father's Day. Is there any way you could break down the tax refund impact on 1Q?.

嗨各位，謝謝你們回答我的問題。我想再更聚焦一點在消費者表現與父親節之間的關係。你們有辦法拆解一下退稅對第一季的影響嗎？。

I'm not sure we can do that. I don't know. You know, I believe it was probably a positive, you know, for us for sure, but I don't know that we have a good way to break that down. As you know, Joe, there are a lot of things people including some of your peers out there in the analyst world that you know are trying to do all kinds of things about tax returns and I've read a lot of that but I'm not sure we can translate it exactly.

我不確定我們能不能做到。我不知道。你知道，我相信這對我們來說大概確實是正面的，但我不確定我們有沒有好的方法去拆解。如你所知，Joe，有很多事情——包括你在分析師圈的一些同業——都在嘗試用各種方式分析退稅，我也讀了很多，但我不確定我們能把它精準地對應出來。

Yes, I figured it would be pretty tough, but figured I'd ask. And then secondly, can you talk a little bit more about--

是的，我想這確實會很難，但我還是想問問。然後第二點，你能不能再多談一點關於——

One analysis that I've read is that when you get to $4.50 a gallon, you've eaten up all the benefit of the tax return. Some people are thinking about it. Now, we're not at 450 a gallon most places. And, you know, with where oil's settled down, It's been in the high 80s, low 90s, and seems pretty immune to what the news headlines are in terms of any big swings.

我看過一個分析是，當油價到每加侖 4.50 美元時，退稅帶來的好處就被完全吃掉了。有些人是這樣想的。不過，我們大多數地方的油價並沒有到每加侖 4.50。而且，隨著油價回落，目前在 80 多到 90 出頭美元區間，似乎對新聞標題相當免疫，沒有出現大幅波動。

At that level, you're looking at $3.75 a gallon on average, I think, which is – I don't think it's going to cripple the economy. I mean, people don't like it. It impacts sentiment, but I don't think it's going to cripple the economy. Okay.

在那個水準下，我想平均油價大約是每加侖 3.75 美元，也就是——我不認為這會拖垮經濟。我的意思是，人們不喜歡這樣。它會影響情緒，但我不認為會拖垮經濟。好的。

Got it. That's helpful. Then I guess, can you give any more color on the regional performance of Tommie and maybe how the new DC has impacted operations?.

了解。這很有幫助。那我想問，你能否再多提供一些 Tommie 在各區域表現的細節，以及新的 DC 對營運造成了什麼影響？。

I wanted to talk about D3. Yes, yes. New D.C., we moved our first brand over at the very end of February. We now have four brands over there. So we've got three more brands, two more, to move, remember Lions was doing a tiny bit for Tommy, they were doing all the emerging brands, they were doing a tiny bit for Lilly and all that Johnny was.

我想談一下 D3。是的，是的。新的配送中心（D.C.），我們在 2 月底把第一個品牌移過去。現在已經有四個品牌在那邊了。所以我們還有三個品牌——兩個——要移，記得 Lions 之前替 Tommy 做了一點點，他們負責所有新興品牌，也替 Lilly 做了一點點，以及 Johnny 的全部。

So then we'll end up moving, once we get all the brands in and get it all settled down, we will actually start shifting more Tommy We currently have Jack Rogers in a 3PL and that will move. And so the move, it'll probably end of July, early August, we'll have all the brands moved over. And then as our efficiencies get better, we'll move more and more Tommy there. So we're kind of in the startup phase. and with a project like this, you work out the different kinks and you move the brands over slowly and then you really absorb them and get more efficient and then you move the next brand.

接著等我們把所有品牌都移入並且穩定下來後，我們其實會開始把更多 Tommy 轉移過去。我們目前把 Jack Rogers 放在一家 3PL，那也會移過去。所以這次搬遷，大概到 7 月底、8 月初，我們就會把所有品牌都移過去。然後隨著效率提升，我們會把越來越多 Tommy 移到那邊。所以我們現在算是在啟動階段。像這種專案，你會把不同的問題逐一解決，慢慢把品牌移過去，然後真正吸收進來、提升效率，再移下一個品牌。

So we're kind of in that phase now. but this summer we'll get all the brands over and then and then continue to move more Tommy over and continue to get more efficient. But it is a good, to be a great operation and it's going to be a great long-term asset for the company.

所以我們現在大概就在這個階段。不過今年夏天我們會把所有品牌都移過去，然後接著持續把更多 Tommy 移過去並持續提升效率。但這會是一個很好的——會成為很棒的營運據點，也會是公司長期非常重要的資產。

And then Joe, from a geographic standpoint for Tommy, it's really a west coast or western part of the country versus Eastern issue. And the West has been strong this year, which is really good to see. We had a couple of years where it was lagging, and that's really been... the strongest part of the country for us, which we're really glad to see.

另外 Joe，就 Tommy 的地理面來看，主要是西岸或美國西部地區相對於東部的差異。而今年西部表現很強，這真的很高興看到。我們有幾年那邊是落後的，而那其實一直是我們最強的區域，能看到它回來我們很開心。

Got it. Thanks so much, guys.

了解。非常感謝，各位。

Thanks, Jeff.

謝謝，Jeff。

Thank you. There are no further questions at this time. I'd like to turn the floor back over to Tom Tubb for any closing remarks.

謝謝。目前沒有其他問題。我想把時間交還給 Tom Tubb，請他做結語。

Okay, thank you very much for your time and attention today. We appreciate your interest in our company and we look forward to talking to you again at the end of the summer.

好的，非常感謝各位今天的時間與關注。我們感謝各位對本公司的興趣，也期待在夏末再次與各位交流。

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

今天的電話會議到此結束。各位現在可以掛線。再次感謝各位的參與。