Oxford Industries Inc (OXM) 2026 Q2 法說會逐字稿

Greetings and welcome to the Oxford Industries second-quarter fiscal year 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Oxford Industries 2026 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Brian Smith. Please go ahead.

現在我很榮幸為各位介紹 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 and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws.

謝謝，大家午安。在開始之前，我想提醒各位，今天電話會議以及問答環節中所作的某些陳述，可能構成聯邦證券法意義下的前瞻性陳述。

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 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.

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的內容存在重大差異。可能導致實際經營結果或財務狀況出現差異的重要因素，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，包括我們 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'll be discussing certain non-GAAP financial measures. You can find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today which is posted on our Investor Relations tab out of our website at oxfordinc.com.

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並張貼於 oxfordinc.com 網站「投資人關係」頁籤的新聞稿中，查閱非 GAAP 與 GAAP 財務衡量指標之調節表。

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

我也想介紹今天參與電話會議的成員：董事長兼執行長 Tom Chubb，以及我們的財務長兼營運長 Scott Grassmyer。

Thank you for your attention, and now I 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, Brian. Good afternoon and thank you for joining us. I'm pleased to be here today to discuss our second quarter results, the performance of our brands, and our outlook for the balance of fiscal 2026. Overall, second quarter results were within our expectations, highlighted by year-over-year adjusted earnings per share growth and a low single-digit comparable sales gain at Tommy Bahama.

謝謝你，Brian。各位午安，感謝加入我們。我很高興今天在此與各位討論我們第二季的業績、各品牌的表現，以及我們對 2026 會計年度剩餘期間的展望。整體而言，第二季結果符合我們的預期，亮點包括調整後每股盈餘（EPS）年增，以及 Tommy Bahama 同店銷售額取得低個位數成長。

We also delivered meaningful adjusted gross margin expansion despite a higher level of promotional activity, reflecting the progress our teams have made on assortment, sourcing, and pricing across the portfolio.

儘管促銷活動程度提高，我們仍實現了顯著的調整後毛利率擴張，反映出我們團隊在整體產品組合的選品、採購與定價方面所取得的進展。

The strong cash flow we generated enabled us to make meaningful progress reducing debt in the second quarter. Refunds of previously paid tariffs contributed to that reduction. Maintaining a strong balance sheet and generating cash that can be deployed thoughtfully remained important priorities for us. Scott will provide more detail on our cash flow and balance sheet performance.

我們所產生的強勁現金流，使我們在第二季得以在降低負債方面取得實質進展。先前已支付關稅的退還也促成了該項降低。維持強健的資產負債表，並產生可審慎運用的現金，仍是我們的重要優先事項。Scott 將就我們的現金流與資產負債表表現提供更多細節。

Tommy Bahama's second quarter results were consistent with our expectations. As our largest brand, its positive comparable sales growth provided important support to the overall portfolio and helped offset pressure elsewhere in the business.

Tommy Bahama 第二季的結果與我們的預期一致。作為我們最大的品牌，其同店銷售額的正成長為整體產品組合提供了重要支撐，並有助於抵消業務其他部分的壓力。

We were also encouraged by a return to positive comparable sales in Florida, a key market for the brand that had experienced softer results in recent periods. We are pleased with the consistency of the brand's performance and remain focused on sustaining that momentum through disciplined merchandizing, marketing, and operating execution.

我們也對佛羅里達州同店銷售額回到正成長感到鼓舞；佛州是該品牌的關鍵市場，近期曾出現較疲弱的表現。我們對品牌表現的一致性感到滿意，並將持續透過嚴謹的商品策略、行銷與營運執行，專注於維持這股動能。

While we continue to deliver positive results at Tommy Bahama, performance at Lilly Pulitzer remained weak in the second quarter, and our outlook for the brand for the balance of the year is now below what we anticipated at the end of the first quarter.

雖然我們在 Tommy Bahama 持續交出正面成果，但 Lilly Pulitzer 在第二季的表現仍然疲弱，而我們對該品牌在今年剩餘期間的展望，現已低於第一季末時的預期。

As we discussed on our first quarter call, Lilly Pulitzer entered the quarter with several product and marketing challenges. The core problem is the assortment, with the key issue being that we shifted far too much of our inventory investment out of our entry price points to higher price points. Second quarter results and the trends we are currently seeing indicate that those challenges have been more significant than we originally anticipated.

正如我們在第一季電話會議中所討論，Lilly Pulitzer 在進入本季時面臨若干產品與行銷方面的挑戰。核心問題在於商品組合，關鍵在於我們將過多的庫存投資從入門價位轉移到較高價位。第二季結果以及我們目前看到的趨勢顯示，這些挑戰比我們原先預期的更為嚴重。

We are responding with actions aimed at both near-term performance and the longer-term health of the brand. Because of our lead times, spring 2027 is the first season in which we can substantially reshape the full assortment. In the meantime, we are refining our marketing and messaging, adjusting the promotional cadence, and managing inventory and expenses more tightly.

我們正採取行動，同時著眼於短期表現與品牌的長期健康。由於交期因素，2027 年春季將是我們能夠大幅重塑完整商品組合的第一個季度。在此之前，我們將優化行銷與訊息傳遞、調整促銷節奏，並更嚴格地管理庫存與費用。

Given current trends, we expect Lilly Pulitzer to be more promotional during the balance of the year. We will remain strategic and disciplined, using targeted promotional activity to support customer engagement and inventory sell-through while protecting the long-term integrity of the brand.

基於目前的趨勢，我們預期 Lilly Pulitzer 在今年剩餘期間將採取更具促銷性的策略。我們將保持策略性與紀律性，透過精準的促銷活動來支持顧客互動與庫存去化，同時保護品牌的長期完整性。

Promotions are one lever, but lasting improvement will also require stronger product relevance, marketing effectiveness, and execution. We are laser focused on delivering these requirements.

促銷是一項槓桿，但要實現持久改善，還需要更強的產品相關性、行銷成效與執行力。我們正高度聚焦於交付這些要求。

For spring 2027, our work is centered on four areas: our pricing architecture strategy; balance of print, pattern, and color; mix of intended use occasions between social and casual; and the proportion of new versus continuing styles.

針對 2027 年春季，我們的工作聚焦於四個面向：定價架構策略；印花、圖案與色彩的平衡；社交與休閒等不同使用情境的組合；以及新品相對於延續款式的比例。

These assortment changes will not drive a positive trend change in fiscal 2026, but we believe they will create a more balanced and compelling assortment and better position Lilly Pulitzer for improved performance beginning with the spring 2027 season.

這些商品組合調整不會在 2026 會計年度帶來正向趨勢轉變，但我們相信它們將打造更均衡且更具吸引力的商品組合，並使 Lilly Pulitzer 自 2027 年春季起更有利於改善表現。

We remain confident in Lilly Pulitzer's long-term potential. The brand has a clear point of view, a strong emotional connection with its customer, and meaningful opportunities for improvement. That confidence does not lessen the urgency of the current situation. We are focused on addressing the issues directly and returning Lilly Pulitzer to the level of performance we expect from the brand.

我們仍對 Lilly Pulitzer 的長期潛力充滿信心。該品牌具有清晰的觀點、與顧客之間強烈的情感連結，並且存在具意義的改善機會。這份信心並不會降低我們對當前情勢的急迫感。我們專注於直接解決問題，並讓 Lilly Pulitzer 回到我們對該品牌所期待的表現水準。

At Johnny Was, we continue to make progress on the turnaround plan. The brand significantly increased EBITDA during the second quarter, driven by gross margin resulting from tighter inventory management and fewer promotions, together with disciplined SG&A cost management. There is still work to do, but we are encouraged by the improvement in profitability.

在 Johnny Was，我們持續推進轉型計畫。該品牌在第二季顯著提升 EBITDA，主要受惠於更嚴格的庫存管理與較少的促銷所帶來的毛利率改善，以及對 SG&A 費用的紀律性管理。仍有工作要做，但我們對獲利能力的改善感到鼓舞。

Stepping back, weaker consumer sentiment has added pressure to discretionary demand. Our customers, particularly at Tommy Bahama and Lilly Pulitzer, tend to be active travelers, and although they continue to travel, higher airfare, lodging, and other travel costs may be leaving less room in their discretionary budgets for apparel.

從更宏觀的角度來看，較弱的消費者信心為非必需性需求帶來額外壓力。我們的顧客，特別是 Tommy Bahama 與 Lilly Pulitzer 的顧客，往往是活躍的旅遊族群；雖然他們仍在旅行，但更高的機票、住宿及其他旅遊成本，可能使其可支配預算中留給服飾的空間變小。

Even so, the steady performance at Tommy Bahama reinforces that compelling product and consistent execution can still produce solid results in this environment. Our responsibility is to deliver that level of product relevance and execution more consistently across the portfolio.

即便如此，Tommy Bahama 的穩健表現再次證明，在此環境下，具吸引力的產品與一致的執行仍能帶來扎實成果。我們的責任，是在整體產品組合中更一致地提供這種程度的產品相關性與執行力。

The continued softness at Lilly Pulitzer, including the impact of a more promotional posture for the balance of the year, together with softer demand and certain other parts of the portfolio, led us to lower our top- and bottom-line guidance for the remainder of the year.

Lilly Pulitzer 持續疲弱（包括今年剩餘期間更偏促銷策略的影響），再加上需求轉弱以及產品組合中其他部分的某些因素，促使我們下調今年剩餘期間的營收與獲利指引。

At Lilly Pulitzer, the issues are primarily assortment and marketing related, while the pressure elsewhere in the business is more closely tied to a more cautious, discerning consumer. We believe the updated guidance represents a prudent assessment of current business trends, the macro environment, and the actions we expect to take. Scott will provide more detail on our revised outlook and the assumptions underlying it.

在 Lilly Pulitzer，問題主要與商品組合與行銷相關；而業務其他部分的壓力，則更直接與更為謹慎、更加挑剔的消費者有關。我們認為更新後的指引，是對當前業務趨勢、總體環境以及我們預期將採取之行動的審慎評估。Scott 將就我們修訂後的展望及其背後的假設提供更多細節。

Against this backdrop, our priorities are clear: sustain the positive momentum at Tommy Bahama, address the assortment and marketing issues at Lilly Pulitzer, and build on the profitability improvement at Johnny Was.

在此背景下，我們的優先事項很明確：維持 Tommy Bahama 的正向動能，解決 Lilly Pulitzer 的商品組合與行銷問題，並在 Johnny Was 的獲利改善基礎上持續推進。

We are managing inventory expenses and capital carefully while maintaining our focus on cash generation, debt reduction, and a strong balance sheet. After Scott's comments, I will turn briefly to discuss several broader actions underway across Oxford. 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.

我們在維持聚焦現金創造、降低負債與強健資產負債表的同時，也審慎管理庫存、費用與資本支出。在 Scott 的評論之後，我將簡要談談 Oxford 全公司正在推動的幾項更廣泛行動。一如既往，我要感謝 Oxford 各團隊。他們的韌性、創意，以及對顧客的承諾，是我們所做一切的基礎。

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

接下來，我將把電話會議交給 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. Consolidated net sales were $394 million in the second quarter of fiscal '26 compared to $403 million in the second quarter of fiscal '25, and near the high end of our guidance range of $380 million to $400 million.

謝謝你，Tom。合併淨銷售額在 2026 會計年度第二季為 3.94 億美元，較 2025 會計年度第二季的 4.03 億美元下降，且接近我們 3.80 億至 4.00 億美元指引區間的高端。

The company comparable sales were down slightly at 1%, including a 3% decrease in retail sales and flat e-commerce sales. The decline in retail comp sales was partially offset by sales from non-comp stores open primarily in the prior year. Notably, food and beverage sales increased 11%, driven primarily by non-comp locations.

公司同店銷售小幅下滑 1%，其中零售銷售下降 3%，電商銷售持平。零售同店銷售的下滑，部分被主要於前一年度開設的非同店門市所帶來的銷售所抵銷。值得注意的是，餐飲（food and beverage）銷售成長 11%，主要由非同店據點帶動。

Wholesale sales decreased 14% compared to the prior year, but was primarily driven by lower sales of residual inventory through off-price channels. By brand, sales growth at Tommy Bahama helped to partially offset decreases in our other businesses. Sales decreases at Lilly Pulitzer and Johnny Was were driven by a mid-single-digit negative comp and lower off-price wholesale sales, while the sales decline at emerging brands was driven primarily by lower wholesale sales.

批發銷售較去年下降 14%，主要是因透過折扣通路（off-price channels）出清剩餘庫存的銷售較低所致。以品牌別來看，Tommy Bahama 的銷售成長有助於部分抵銷我們其他業務的下滑。Lilly Pulitzer 與 Johnny Was 的銷售下滑，係由同店銷售中個位數中段（mid-single-digit）的負成長及較低的折扣批發銷售所致；而新興品牌（emerging brands）的銷售下滑主要由較低的批發銷售所驅動。

The positive sales growth at Tommy Bahama was driven by a low single-digit positive comp in our DTC channels, partially offset by a decline in wholesale sales driven primarily by lower off-price clearance sales. Adjusted gross margin expanded 140 basis points to 63.1%, driven primarily by updated assortment, sourcing, and pricing strategies across our portfolio that resulted in higher IMUs, along with a change in sales mix with off-price wholesale sales representing a lower proportion of net sales.

Tommy Bahama 的正向銷售成長，來自我們 DTC（direct-to-consumer，直面消費者）通路同店銷售低個位數的正成長，部分被批發銷售下滑所抵銷，而批發下滑主要由較低的折扣出清（off-price clearance）銷售所致。調整後毛利率擴張 140 個基點至 63.1%，主要受惠於我們全品牌組合在商品組合更新、採購與定價策略的調整，帶來更高的 IMU（initial markup，初始加價率），以及銷售組合變化——折扣批發銷售占淨銷售額的比重下降。

These factors were partially offset by a higher proportion of net sales in our DTC channels occurring during promotional events at Tommy Bahama, Lilly Pulitzer, and emerging brands. Tariff cost included in inventory sold during the year were materially consistent with the prior year.

上述因素部分被以下情況所抵銷：在 Tommy Bahama、Lilly Pulitzer 與新興品牌中，我們 DTC 通路的淨銷售額有較高比例發生在促銷活動期間。本年度售出存貨中所包含的關稅成本，與前一年度大致相當。

As Tom mentioned, we recorded and received significant tariff refunds during the quarter. We recorded a reduction to cost of goods sold of $42 million of tariffs previously paid and received substantially the entire balance during the second quarter or shortly thereafter. The impact of these refunds was excluded from our adjusted results.

如 Tom 所提及，我們在本季記錄並收到可觀的關稅退稅。我們就先前已支付的關稅，認列 4,200 萬美元的銷貨成本減項，並於第二季或其後不久收回幾乎全部餘額。這些退稅的影響已自我們的調整後結果中排除。

Adjusted SG&A expenses increased slightly to $210 million compared to $209 million last year, impacted primarily by new brick and mortar retail and food and beverage locations, as well as increases in software and consulting costs, and costs associated with the transition of our Lyons, Georgia, Distribution Center operations.

調整後 SG&A（銷售、一般及行政）費用較去年 2.09 億美元小幅增加至 2.10 億美元，主要受新開實體零售門市與餐飲據點影響，另包括軟體與顧問費用增加，以及與我們喬治亞州 Lyons 配送中心營運轉換相關的成本。

These increases were partially offset by lower incentive compensation and cuts in more discretionary categories like travel. The result of this yielded adjusted EBITDA of $45 million, or an 11.4% adjusted EBITDA margin, compared to adjusted EBITDA of $43 million, or 10.7% in the prior year.

上述增加部分被較低的獎酬性薪酬，以及在差旅等較具彈性的費用類別上的削減所抵銷。因此，我們的調整後 EBITDA 為 4,500 萬美元，或 11.4% 的調整後 EBITDA 利潤率；相較之下，前一年度調整後 EBITDA 為 4,300 萬美元，利潤率為 10.7%。

Moving beyond EBITDA, adjusted depreciation amortization increased by approximately $1 million compared to the prior year, primarily due to increases in depreciation related to our new Lyons facility. Interest expense was relatively flat compared to the prior year, as our average debt levels declined during the year. The effective tax rate of 27.5% was lower than the prior year of 29.6% due to certain discrete items that were more significant in the prior year. All this, we ended up with $1.34 of adjusted EPS.

在 EBITDA 之外，調整後折舊與攤銷較去年增加約 100 萬美元，主要因與我們新的 Lyons 設施相關的折舊增加。利息費用與前一年度大致持平，因我們年度平均負債水位下降。有效稅率 27.5% 低於前一年度的 29.6%，係因前一年度某些一次性（discrete）項目的影響較大。綜合以上，我們的調整後 EPS 為 1.34 美元。

Moving to the balance sheet, inventory decreased $20 million to 12% on a LIFO basis that included a $10 million increase to the LIFO reserve. On a FIFO basis, inventory decreased $9 million, or 4%, compared to the second quarter of 2025, with decreases in emerging brands, Lilly Pulitzer, and Johnny Was.

轉到資產負債表，存貨在 LIFO（後進先出）基礎下減少 2,000 萬美元、降幅 12%，其中包含 LIFO 準備（LIFO reserve）增加 1,000 萬美元。在 FIFO（先進先出）基礎下，存貨較 2025 年第二季減少 900 萬美元、降幅 4%，其中新興品牌、Lilly Pulitzer 與 Johnny Was 皆呈下降。

We ended the quarter with long-term debt of $73 million, which is down $70 million compared to $143 million at the end of the first quarter, and compared to long-term debt of $81 million at the end of the second quarter of fiscal '25, and $116 million at the end of fiscal 2025.

本季末長期負債為 7,300 萬美元，較第一季末的 1.43 億美元減少 7,000 萬美元；亦低於 2025 會計年度第二季末的 8,100 萬美元，以及 2025 會計年度末的 1.16 億美元。

Cash flow from operations provided $97 million in the first half of 2026, which includes $29 million received related to tariff refunds, compared to $80 million in the first half of 2025. We also had lower capital expenditures of $32 million in the first half of '26, compared to the first half of fiscal '25, of $55 million.

2026 年上半年營運活動現金流入為 9,700 萬美元，其中包含與關稅退稅相關的 2,900 萬美元收款；相較之下，2025 年上半年為 8,000 萬美元。我們在 2026 年上半年的資本支出也較低，為 3,200 萬美元；相較 2025 會計年度上半年的 5,500 萬美元。

The decrease, which primarily related to the addition of fewer new bricks and mortar locations and lower expenditures on the Lyons, Georgia, Distribution Center project, as that project comes to a close, also allowed for further reduction of our long-term debt. We're also paying dividends of $22 million.

資本支出下降主要與新增實體據點較少，以及喬治亞州 Lyons 配送中心專案支出降低有關，因該專案接近尾聲；這也使我們得以進一步降低長期負債。我們也支付了 2,200 萬美元的股利。

I'll now spend some time on our updated outlook for 2026. As Tom mentioned, the ongoing challenges in the Lilly Pulitzer business, along with our generally conservative view of consumer sentiment, led us to reduce our top and bottom line outlook for the remainder of the year.

接下來我將花一些時間說明我們更新後的 2026 年展望。如 Tom 所提及，Lilly Pulitzer 業務持續面臨挑戰，加上我們對消費者信心整體採取較保守的看法，促使我們下調今年剩餘期間的營收與獲利展望。

For the full year, we now expect a low single-digit negative comp for the total company, which is lower than our previous range of slightly negative to slightly positive. As a result of the change in our comp assumptions, we are revising our guidance range for the full year and now expect sales to be between $1.43 billion and $1.47 billion, or a decline of 3% to relatively flat, compared to sales of $1.478 billion in fiscal 2025. Our revised sales plan for the full year of '26 includes a sales decrease in Lilly Pulitzer and Johnny Was, partially offset by a sales increase in Tommy Bahama, and growth in the emerging brands.

就全年而言，我們目前預期全公司同店銷售將呈低個位數的負成長，低於先前「小幅負成長至小幅正成長」的區間。由於同店假設的變動，我們修正全年指引區間，現預期銷售額介於 14.3 億至 14.7 億美元，較 2025 會計年度 14.78 億美元的銷售額下降 3% 至大致持平。我們修正後的 2026 全年銷售計畫包含 Lilly Pulitzer 與 Johnny Was 的銷售下滑，部分由 Tommy Bahama 的銷售成長以及新興品牌的成長所抵銷。

By distribution channel, the full-year sales plan consists of low single-digit decreases in our direct-to-consumer channels and a high single-digit decrease in wholesale, partially offset by a low double-digit increase in our food and beverage channel that is benefiting from the addition of new locations.

以通路別來看，全年銷售計畫包括我們直面消費者（direct-to-consumer）通路低個位數的下滑，以及批發通路高個位數的下滑；部分由餐飲通路低雙位數的成長所抵銷，而餐飲通路受惠於新增據點。

Moving on to gross margin, our outlook assumes that the tariff rates reflecting the recent Section 301 changes will remain in effect for the balance of fiscal 2026. Because those rates are only modestly higher than the rates applicable to most of our first half inventory receipts, we do not expect the changes to materially affect fiscal 2026 results.

接著談毛利率，我們的展望假設反映近期《301 條款》（Section 301）變更的關稅稅率，將在 2026 會計年度剩餘期間維持有效。由於這些稅率僅略高於我們上半年大多數存貨進貨所適用的稅率，我們預期該變動不會對 2026 會計年度結果造成重大影響。

Any additional tariff increase implemented during the balance of the year would be expected to affect primarily future periods due to the timing of inventory receipts and sales. When removing any tariff refund-related impact, we now expect an approximate 50 basis points increase in gross margin for the year with improved IMUs and a continuation of the shift to a higher proportion of direct-to-consumer sales to be partially offset by higher promotional activity, particularly at Lilly Pulitzer. As a result of these factors, we expect gross margins to improve approximately 100 basis points in both Q3 and Q4 fiscal '26 compared to the prior year.

若在今年剩餘期間實施任何額外的關稅上調，基於存貨進貨與銷售時點，其影響預期將主要反映在未來期間。在排除任何與關稅退稅相關的影響後，我們目前預期全年毛利率約提升 50 個基點，受惠於 IMU 改善以及持續轉向更高比例的 DTC 銷售；但將部分被較高的促銷活動所抵銷，尤其是在 Lilly Pulitzer。基於上述因素，我們預期 2026 會計年度第三季與第四季的毛利率，相較前一年度皆將改善約 100 個基點。

In addition to lower sales and higher gross margins, we expect SG&A to grow in the low single-digit range, primarily due to the annualization of incremental SG&A from new stores added primarily in fiscal 2025, additional costs related to transition to the Lyons, Georgia, Distribution Center, and increased software-related costs.

除了銷售較低與毛利率較高之外，我們預期 SG&A 將以低個位數的幅度成長，主要因 2025 會計年度新增門市所帶來的增量 SG&A 進入全年化、與轉換至喬治亞州 Lyons 配送中心相關的額外成本，以及軟體相關成本增加。

Also within EBITDA, we expect higher royalties and other income of approximately $2 million in fiscal '26, largely due to the normalization of sales from our licensing partners that were heavily impacted by the implementation of tariffs in fiscal '25.

此外，在 EBITDA 之內，我們預期在 2026 會計年度權利金及其他收入將增加約 200 萬美元，主要是因為我們授權合作夥伴的銷售在 2025 會計年度因關稅實施而受到嚴重影響，2026 會計年度將回歸常態。

Outside of EBITDA, we expect an increase in depreciation due to significantly all of the incremental costs to operate the new Lyons DC in fiscal '26 being depreciation related. We also expect interest expense of $6 million, which is lower than our previous estimate due to our recent significant reduction in debt. Considering all these items and a tax rate between 27% and 28%, we're revising our 2026 adjusted EPS guidance to $1.60 to $2.00 versus adjusted EPS of $2.11 last year.

在 EBITDA 之外，我們預期折舊將增加，因為 2026 會計年度營運喬治亞州 Lyons 新配送中心（DC）的幾乎所有新增成本都與折舊相關。我們也預期利息費用為 600 萬美元，因近期大幅降低負債，該數字低於我們先前的估計。綜合上述各項並假設稅率介於 27% 至 28%，我們將 2026 年調整後每股盈餘（adjusted EPS）指引修正為 1.60 至 2.00 美元，相較去年調整後 EPS 為 2.11 美元。

In the third quarter of '26, we expect sales of $280 million to $300 million compared to sales of $307 million in the third quarter of '25. This primarily reflects a mid-single-digit negative to low single-digit negative comp assumption in relatively flat wholesale sales. By brand, we expect lower sales at Lilly Pulitzer and Johnny Was to be partially offset by a sales increase at Tommy Bahama and growth at emerging brands.

在 2026 會計年度第三季，我們預期銷售額為 2.80 億至 3.00 億美元，相較 2025 會計年度第三季銷售額 3.07 億美元。這主要反映在批發銷售相對持平的情況下，我們假設同店銷售（comp）為中個位數下滑至低個位數下滑。以品牌來看，我們預期 Lilly Pulitzer 與 Johnny Was 的銷售下滑，將部分被 Tommy Bahama 的銷售成長以及新興品牌的成長所抵銷。

We also expect gross margin to expand approximately 100 basis points, SG&A to grow in the low single-digit range, royalty income of approximately $3 million, an interest expense of $1 million, and an effective tax rate of approximately 24%. We expect this to result in third quarter adjusted loss per share between $1.40 and $1.20, compared to a loss per share of $0.92 last year.

我們也預期毛利率將擴張約 100 個基點，SG&A 將以低個位數幅度成長，權利金收入約 300 萬美元，利息費用 100 萬美元，且有效稅率約 24%。我們預期這將使第三季調整後每股虧損介於 1.40 至 1.20 美元之間，相較去年每股虧損 0.92 美元。

Our fourth quarter sales plan includes the benefits of some additional promotional activity, primarily at Lilly Pulitzer, along with most of our groups benefiting from the correction of tariff-related merchandising issues that significantly impacted our holiday season and fourth quarter results last year. As a result, our fourth quarter plan includes a comp assumption of relatively flat to slightly positive.

我們第四季的銷售計畫包含部分額外促銷活動所帶來的效益，主要在 Lilly Pulitzer；同時，我們大多數事業群也將受惠於關稅相關商品配置問題的修正，而該問題在去年對我們的假期季與第四季業績造成顯著衝擊。因此，我們第四季計畫中的同店銷售（comp）假設為大致持平至略為正成長。

Moving to our CapEx outlook for the remainder of the year, we expect capital expenditures for the year to be approximately $60 million, including the $32 million spent in the first half of fiscal '26, compared to a total of $108 million in fiscal '25. The remaining capital expenditures relate primarily to new brick-and-mortar locations and the remaining capital from the new Distribution Center in Lyons, Georgia.

接著談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 6,000 萬美元，其中包含 2026 會計年度上半年已支出之 3,200 萬美元；相較之下，2025 會計年度合計為 1.08 億美元。其餘資本支出主要與新設實體門市據點，以及喬治亞州 Lyons 新配送中心的剩餘資本支出相關。

I will now turn it back to Tom for some closing comments.

我現在把時間交回給 Tom，請他做一些結語。

Thank you, Scott. Before we open the call for questions, I want to briefly discuss a broader review we recently initiated across the enterprise aimed at meaningfully enhancing operating margins in the next few years.

謝謝你，Scott。在我們開放提問之前，我想先簡要談談我們近期在全公司啟動的一項更廣泛檢視，目標是在未來幾年顯著提升營業利益率。

The review is focused on opportunities to simplify the business, improve efficiency, and sharpen how we allocate resources across Oxford in order to become less dependent on historical rates of growth to fuel higher profitability.

這項檢視聚焦於簡化業務、提升效率，以及更精準地在 Oxford 各部門間配置資源的機會，以降低我們對歷史成長率的依賴，並以此驅動更高的獲利能力。

We are still developing our plans and expect to share more as they are finalized, but we believe it is important to highlight several actions already underway. First, we have made significant progress ramping up the Lyons, Georgia, Distribution Center.

我們仍在制定計畫，並預期在定案後分享更多內容，但我們認為有必要先強調幾項已在進行中的行動。首先，我們在喬治亞州 Lyons 配送中心的擴產爬坡方面已取得顯著進展。

As the facility matures, we'll look to take full advantage of our investment and move more product into the building, including from a legacy 3PL, to operate more efficiently across our increasingly automated footprint. With the major investment phase nearing completion, we also expect capital expenditures to normalize after several years of elevated spending on Lyons, which will increase the cash available for further debt reduction.

隨著該設施逐步成熟，我們將充分運用這項投資，把更多產品移入該中心（包括從既有的第三方物流 3PL 轉入），以在我們日益自動化的營運版圖中提升整體效率。隨著主要投資階段接近完成，我們也預期在 Lyons 連續數年較高支出後，資本支出將回歸常態，進而增加可用於進一步降低負債的現金。

With impending retirements within our technology leadership, we have transitions underway that will support a reassessment of our IT infrastructure with an eye towards simplifying our tech stack and advancing our data, analytics, and AI capabilities across the enterprise.

隨著我們科技領導團隊即將出現退休潮，我們已啟動相關交接，這將支持我們重新評估 IT 基礎架構，並以簡化技術堆疊為目標，同時推進全企業的資料、分析與 AI 能力。

We are also optimizing our store fleet, including converting selected Southern Tide and Johnny Was locations to Lilly Pulitzer, where we believe the market and location are better suited to that brand. We will continue to evaluate the fleet market by market and location by location and make changes where we believe they will create the greatest long-term value.

我們也在優化門市組合，包括將部分 Southern Tide 與 Johnny Was 的據點轉換為 Lilly Pulitzer，因為我們認為該市場與地點更適合該品牌。我們將持續以市場為單位、以地點為單位評估門市組合，並在我們認為能創造最大長期價值之處進行調整。

We have a new brand leader at Southern Tide, and also within our emerging brands group, we consolidated oversight of the group's finance, planning, and operations functions to improve consistency and efficiency. These are a few examples of the actions underway alongside the work at Tommy Bahama, Lilly Pulitzer, and Johnny Was. We believe these actions will simplify the business, strengthen execution, and position Oxford for more consistent performance and stronger returns over time. We'll have more to say about all of this in December.

Southern Tide 已有新的品牌領導人；此外，在我們的新興品牌事業群中，我們也整併了該事業群的財務、規劃與營運職能之監督，以提升一致性與效率。以上僅是與 Tommy Bahama、Lilly Pulitzer 與 Johnny Was 相關工作並行推進的幾個例子。我們相信這些行動將簡化業務、強化執行力，並使 Oxford 隨時間推進能有更一致的表現與更強勁的報酬。我們將在 12 月就此分享更多。

With that, we're happy to take your questions. Paul?

接下來，我們很樂意回答各位的問題。Paul？

(Operator Instructions) Ashley Owens, KeyBanc Capital Markets.

（接線員指示）KeyBanc Capital Markets 的 Ashley Owens。

Okay. Great. Thanks and good afternoon. Maybe just to start, I wanted to focus in on Tommy Bahama because I thought the point about you calling out the return to positives in Florida was very important just given the size of that market. Could you unpack what helped drive that improvement in the corridor and then, whether you're seeing similar strength across both the men's and women's categories?

好的。太好了。謝謝，下午好。我想先從 Tommy Bahama 談起，因為考量到佛羅里達市場的規模，我認為你們特別提到佛州回到正成長這點非常重要。你能否拆解一下是什麼因素帶動該區域的改善？另外，你們是否在男裝與女裝兩個品類都看到類似的強勁表現？

Yeah. Thank you, Ashley. Great questions. And we were, and I'm glad you called it out because we really were thrilled to see Florida turn positive. As you know, for a number of quarters now, it's been negative for the most part in Tommy Bahama, and that is such a big and important part of our business that when it's negative, it's tough. When it's positive, it makes the whole world seem better.

是的。謝謝你，Ashley。問題很好。我們也很高興你提到這點，因為我們確實非常振奮看到佛羅里達轉為正成長。如你所知，過去好幾個季度，Tommy Bahama 在佛州大多是負成長；而那是我們業務中非常大且非常重要的一部分，當它是負成長時，確實很辛苦。當它轉為正成長時，整體感受都會好很多。

So very glad to see that. Men's versus women's overall in Tommy this year, men's has been up. Women's has actually been up more than men's, which we're happy to see. As you know, we've believed for a long, long time that women's is a huge opportunity in Tommy Bahama.

所以很高興看到這樣的結果。今年 Tommy 的男裝與女裝整體來看，男裝是成長的。女裝其實成長幅度比男裝更高，這讓我們很開心。如你所知，我們長期以來一直認為女裝在 Tommy Bahama 是一個巨大的機會。

We've made steady progress in growing that business and what we've seen this year has been really encouraging.

我們在擴大該業務方面持續穩步推進，而今年看到的表現非常令人鼓舞。

Great. And then maybe just quickly on Lilly as well. So I think you were very explicit that spring '27 is that first season where you can and are working to reshape the assortment. And that the changes we're not going to see that positive trend change until fiscal -- within this year. I guess, should we now think about Lilly as being a spring '27 recovery story? Could there be improvements in the comp with some of that planned promotionality through the back half of the year?

很好。另外也想快速問一下 Lilly。我認為你們說得很明確：2027 年春季是第一個你們能夠、也正在著手重新塑造商品組合的季度。而我們不會在本會計年度內看到那個正向趨勢的轉變。那麼，我們現在是否應該把 Lilly 視為「2027 年春季復甦」的故事？在今年下半年，透過你們規劃的促銷活動，同店銷售（comp）是否可能出現改善？

And then just any proof points to watch out for that would tell you that the reset is working ahead of the launch. Then maybe just one on the modeling side of things with the gross margin guidance. I think it was 100 bps improvement in both Q3 and Q4, despite those elevated promotions at Lilly. Just anything you can say as to what's giving you the confidence in that outlook, particularly if that consumer demand does remain a little bit pressured. Thank you.

另外，有沒有任何可觀察的佐證指標，能讓大家在新品推出前就判斷這次重置正在奏效？最後再問一個關於模型假設：毛利率指引方面，我記得你們提到第三季與第四季都改善 100 個基點，儘管 Lilly 的促銷力度提高。在這樣的情況下，仍能在第三季與第四季各自提升 100 個基點。你們能否分享一下，哪些因素讓你們對這個展望有信心，特別是在消費者需求可能仍有些受壓抑的情境下？謝謝。

Yeah. So I think you understand this, Ashley, but the length of the product pipeline is really the issue. So you get into spring '26, you realize that you've got a really pretty significant assortment issue. But you've got the rest of the year's product already in the pipeline and you can do limited things to adjust for it. So spring '27 is the first season where we were able to really incorporate what we realized was wrong about the assortment in spring '26.

是的。所以我想你理解這點，Ashley，但產品開發管線的週期長度才是真正的問題。因此當你進入 2026 年春季時，你會意識到你在商品組合上有相當嚴重的問題。但你當年度其餘產品其實都已經在管線中，你能做的調整相當有限。所以 2027 年春季是我們第一個能真正把我們在 2026 年春季所發現的商品組合錯誤納入調整的季度。

The rest of the seasons for '26 were already fundamentally in the pipeline. There are some other reasons to think that there might be some fourth quarter upside in Lilly and that's just because last year, they were struggling through the tariff-related gaps in the product assortment. And they, overall, had a weak fourth quarter last year. So you might see some upside because of those things in the fourth quarter.

2026 年其餘各季基本上都已經在管線中、定型了。另外也有一些理由認為 Lilly 第四季可能有上行空間，主要是因為去年他們正受關稅相關造成的商品組合缺口所困擾。而且他們去年整體第四季表現偏弱。所以第四季你可能會因為這些因素看到一些上行。

And then the other thing is the resort product line, I think, which will look more like the spring '27 line, I think could give us some early reads, but you're not really going to know until very late in the quarter when you've got some spring stuff.

另外一點是度假系列（resort）產品線，我認為它看起來會更像 2027 年春季的產品線，可能會讓我們提早得到一些訊號，但你其實要到該季非常後段、當你有一些春季商品時，才會真正知道。

And then on the gross margin question, certainly a good question, and I'll let Scott walk you through that, why we feel good about what we're projecting.

至於毛利率的問題，確實是個好問題，我會讓 Scott 帶你走一遍，說明為什麼我們對我們的預測有信心。

Yeah. We are starting with higher IMUs, also wholesale will be a little bit lower percent of the total mix so that will help neutralize or more than offset the higher promotional cadence that we do expect out of Lilly this year.

是的。我們是從較高的 IMU（初始加價率）開始，另外批發在整體組合中的占比也會稍微降低，因此這將有助於中和，甚至超過抵銷，我們確實預期 Lilly 今年會有更高的促銷頻率所帶來的影響。

Super helpful color. Thank you.

這些補充資訊非常有幫助。謝謝。

Thank you, Ashley.

謝謝你，Ashley。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hey. You got Ethan on for Janine. Thanks for taking our questions. First, I was just wondering, what's driving the divergence between Tommy and the rest of the portfolio? Is it product, demographic, geography, or something else, just any color, you could give on that?

嗨。我是代替 Janine 上線的 Ethan。謝謝你們回答我們的問題。首先我想請教，是什麼因素導致 Tommy 與投資組合其他品牌之間出現分歧？是產品、客群、地理區域，或其他因素？能否分享一些看法？

Well, what I would say is I don't think there's really a big divergence between Tommy and most of the rest of the portfolio. It's a little complicated, but Tommy and Lilly, clearly a big divergence, and I think that's almost all about the assortment challenges that Lilly has.

我會這麼說：我不認為 Tommy 和投資組合中大多數其他品牌之間真的有很大的分歧。情況有點複雜，但 Tommy 和 Lilly 的確存在明顯分歧，而我認為這幾乎完全是因為 Lilly 面臨商品組合的挑戰。

Johnny Was, even though their comp numbers are not where Tommy's are, we knew that going into the year just because of the trajectory that we came out of '25 on. As we've talked about extensively, the goal in Johnny Was this year is to improve profitability, even if the sales number comes in a bit lower. And that's exactly what happened in the second quarter.

至於 Johnny Was，雖然他們的同店數字沒有 Tommy 那麼好，但我們在進入今年時就已經預期到了，因為我們在 2025 年結束時的走勢就是如此。如同我們多次談到的，今年 Johnny Was 的目標是提升獲利能力，即使銷售數字可能會低一些。而這正是第二季發生的情況。

So we really look at Johnny Was as a positive story year to date, we think they're ticking the boxes on their turnaround plan. And then within the emerging brands, it's really a Southern Tide issue. We don't -- they're too small for it to make sense for us to get into breaking out a lot of granularity, but Southern Tide's the laggard there. Everything else looks quite good.

因此截至目前我們其實把 Johnny Was 視為一個正向的故事，我們認為他們正在逐項達成其轉型計畫的目標。而在新興品牌（emerging brands）方面，主要問題其實在 Southern Tide。我們不會——它們規模太小，不值得我們拆得非常細來揭露很多顆粒度，但 Southern Tide 是其中落後的。其他品牌看起來都相當不錯。

And as we talked about, we've brought in a new leader at Southern Tide. Very excited about him. I think this is his 6th week, maybe, on the job and we're rebooting Southern Tide. He's already seen a lot of some good opportunities of things that we can improve, closer in, and then obviously beyond. So I don't think there's as much of a divergence as it might seem like on the surface.

而且如同我們提到的，我們已在 Southern Tide 延攬了一位新領導人。我們對他非常期待。我想他上任大概第 6 週左右，我們正在重新啟動 Southern Tide。他已經看到不少我們可以在短期內改善的好機會，當然也包括更長期的。所以我不認為分歧如表面看起來那麼大。

Got it. That's a really helpful color and answered my next question which is going to be on emerging brands so I'll pass it on. Thanks.

了解。這些補充非常有幫助，也回答了我下一個原本要問的新興品牌問題，所以我就把時間交給下一位。謝謝。

Okay. Thank you, Ethan.

好的。謝謝你，Ethan。

Mauricio Serna, UBS.

Mauricio Serna，UBS。

Yes. Good morning. Thanks for taking my question. Maybe could you talk about quarter to date, what comps you're seeing overall? And how should we think about the comps specifically for Tommy Bahama? How are you thinking about the level, like, the sustainability of the comps that you delivered in Q2?

是的。早安。謝謝你回答我的問題。也許可以談談本季迄今（quarter to date）整體同店表現你們看到的是什麼？以及我們應該如何看待 Tommy Bahama 的同店表現？你們如何看待第二季交出的同店成長水準的可持續性？

And then after that, I have a follow-up on Lilly Pulitzer.

之後我還有一個關於 Lilly Pulitzer 的追問。

Yeah. The comps quarter to-date, a little cloudy because you have some promotion timing, you also have Labor Day being late, so it's a little cloudy. They're down slightly, but there's a lot of noise in them this early in the quarter that will normalize more as the quarter goes on.

是的。本季迄今的同店數字有點不太清楚，因為有一些促銷時點的影響，另外勞動節也比較晚，所以會有點混雜。目前是小幅下滑，但在季度初期這些數字雜訊很多，隨著季度進行會更趨於正常化。

And then on specifically on Tommy?

那特別針對 Tommy 呢？

We're not going to get into comps by group this early. It's just one month is not with some of the time --

我們不會在這麼早的時點按品牌群組拆分同店。畢竟才一個月，搭配一些時間上的--

No, I wasn't asking about like comps for for Tommy, more like how are you thinking about the comps for like that brand in the year?

不，我不是在問 Tommy 的同店數字本身，而是想問你們對該品牌今年同店走勢的看法。

Yeah, for the year, Tommy, I mean, we expect them to be slightly positive for the year. And so yeah, slightly positive comps for the year.

是的，就全年而言，Tommy，我們預期全年會是小幅正成長。所以是的，全年同店小幅為正。

Got it. And then just on, on Lilly Pulitzer, I guess just was wondering, like, how are you thinking about the assortment strategy? I guess like a go-forward basis. I guess I recall like last year in '25, one of the things that had been successful was to move that, bring more assortment that was higher AUR. And now it sounds like -- it seems like it went too far.

了解。那再談 Lilly Pulitzer，我想請教你們如何看待商品組合策略，也就是未來（go-forward）要怎麼做。我記得去年 2025 年，其中一個成功作法是把商品組合往更高 AUR（平均單價）的方向移動、增加那部分的比重。但現在聽起來——看起來好像走得太過頭了。

So is the right strategy being more towards the historical type of AURs? Or you're trying to figure out from that perspective, how should we think about the assortment strategy?

所以正確策略是要更回到歷史上那種 AUR 水準嗎？或是從這個角度來看，你們希望我們如何理解商品組合策略？

And then I think you also mentioned on the prepared remarks that you were converting some, I think, it was Johnny Was and Southern Tide stores into Lilly Pulitzer. What's the rationality behind that considering that the brand is -- seems that that brand seems to be still obviously struggling and you expect that to continue throughout the rest of the year?

另外我想你們在事先準備的講稿中也提到，你們正在把一些店鋪（我記得是 Johnny Was 和 Southern Tide）轉換成 Lilly Pulitzer。考量到這個品牌——看起來仍在掙扎，而且你們預期這種情況會持續到今年剩餘時間，這樣做的理由是什麼？

Yeah. Good questions, Mauricio. And we have, over the last several years, been able to grow the higher-priced business at Lilly Pulitzer. And even this year, we continue to have success in those higher-priced points. But think of your pricing strategy is like a pyramid where that top tier, which for us in dresses is $400 and up, it's the little tiny triangle at the top of the pyramid and then you go down the pyramid, the pieces get bigger and bigger. That's, I think, the way almost any brand in the world is set up from a price architecture standpoint.

是的。好問題，Mauricio。過去幾年，我們確實能在 Lilly Pulitzer 擴大較高價位的業務。即使在今年，我們在那些較高價位帶仍持續取得成功。但你可以把定價策略想成一個金字塔：最頂端那一層——以我們的洋裝來說是 400 美元以上——只是金字塔頂端很小的一個三角形，然後越往下，單品的量體就越來越大。我想從價格架構的角度來看，世界上幾乎任何品牌都是這樣設定的。

And so what we did this year, you captured it, is I think we just went too far too fast in shifting up the pricing tiers. And so last year, in our entry price point bucket, and for us, that's dresses, which are a big category, under $200. Last year, that would have been about half of the styles that we offered would have been in that price bucket. This year, it was down to almost down to one-third. I think it was like 35%.

所以我們今年做的事，你也捕捉到了，我想是我們在調升定價層級上走得太快、幅度也太大。因此去年，在我們的入門價位帶，對我們來說就是洋裝（這是很大的品類），也就是 200 美元以下。去年，我們提供的款式大約有一半會落在那個價位帶。今年則降到幾乎只剩三分之一。我想大概是 35%。

That was just too much too quickly. And as a result of that, some of those customers were willing to move up a price point, but a lot of them I think were not. And that's been I think the bigger part of our problem has been the price architecture.

那樣的變化太多、也太快了。因此，有些顧客願意往更高的價位帶移動，但我認為很多顧客並不願意。而我想我們更大的問題在於價格架構（price architecture）。

So going forward, what we've done is we've gone back to what we had in '25. And '26 will move a little more in the upward direction than '25 -- excuse me, '27 will move a little more upward than '25, but that'll be a lot back from '26, if that makes sense.

所以往前看，我們所做的是回到我們在 25 年時的做法。而 26 年會比 25 年再稍微往上移一些——抱歉，是 27 年會比 25 年再稍微往上移一些，但相較於 26 年會回撤很多，如果這樣說得通的話。

Yeah.

是。

And then on the why switch the stores, these are all locations. And Lilly Pulitzer, even this year as bad as it is, it's still a profitable brand. We very much believe in the brand and the team there.

然後關於為什麼要更換門市，這些都是據點。而 Lilly Pulitzer，即使今年表現再差，它仍然是一個有獲利的品牌。我們非常相信這個品牌以及那邊的團隊。

This is completely a fixable issue. And the locations that we're converting are some that, where we believe Johnny Was and Southern Tide just because of the level of brand awareness in those markets is going to have a long, hard road to profitability, but that Lilly Pulitzer can easily be profitable.

這完全是可以修正的問題。而我們正在轉換的那些據點中，有一些我們認為 Johnny Was 和 Southern Tide 由於在那些市場的品牌知名度水準，通往獲利會是一條漫長且艱難的路；但 Lilly Pulitzer 則可以很容易就達到獲利。

And a great example is on King Street, in Charleston, where Lilly Pulitzer had operated a store. The landlord was expanding a jewelry and watch business and needed to take the space back. So we were about to be off King Street in Charleston and Lilly.

一個很好的例子是在查爾斯頓（Charleston）的 King Street，Lilly Pulitzer 原本在那裡經營一家店。房東正在擴張一家珠寶與手錶業務，需要把那個空間收回去。所以我們原本就要在查爾斯頓的 King Street 上失去 Lilly 的據點。

At the same time, we had a Johnny Was store that was losing a couple of $100,000. And Charleston's not the most natural market for Johnny Was. I do believe over the long term, that'll be a place where Johnny Was can win. But in the short term, and with all the other challenges we had, we knew if we flipped it to a Lilly Pulitzer, we'd immediately start making a lot of money, which is exactly what happened. So it's those types of scenarios, Mauricio.

同一時間，我們有一家 Johnny Was 的店虧損了幾十萬美元。而查爾斯頓並不是 Johnny Was 最自然的市場。我確實相信長期來看，那會是 Johnny Was 能夠勝出的地方。但短期內，加上我們還有其他各種挑戰，我們知道如果把它改成 Lilly Pulitzer，我們會立刻開始賺很多錢，而事實也正是如此。所以就是這類情境，Mauricio。

Thank you so much.

非常感謝。

Okay. Thank you for the questions.

好的。謝謝你的提問。

Paul Lejuez, Citi.

Paul Lejuez，花旗（Citi）。

Hi. It's Tracy Kogan, filling in for Paul. I was hoping you could talk to us about the traffic, AUR, and average basket in 2Q for Tommy and Lilly. And then secondly, I was just wondering on freight if you're seeing any delays. And then also related to freight, what level of pressure you've built into your gross margin, and if that has changed materially from what you expected as of 1Q? Thanks.

嗨。我是 Tracy Kogan，代替 Paul。我想請你們談談第二季（2Q）Tommy 和 Lilly 的來客數（traffic）、AUR，以及平均購物籃（average basket）。第二個問題，我想問一下運輸（freight）方面你們是否看到任何延遲。另外也與運輸相關，你們在毛利率中納入了多大程度的壓力（pressure），以及這是否相較於第一季（1Q）時你們的預期有重大變化？謝謝。

Yeah, so in 2Q, and this is really held pretty constantly throughout the year. Traffic has been pretty good. Conversion rates have been off a little bit. Average order values, average basket sizes have been one of the bright spots in the story for us. And then the AURs, I think mostly due to the level of that the IMUs are higher and the MSRPs are higher, but the AURs have actually gone down a bit due to the amount of stuff that we promoted this year.

好的，所以在第二季，而且這其實全年都相當一致。來客數表現相當不錯。轉換率（conversion rates）略有下滑。平均訂單金額、平均購物籃大小一直是我們故事中的亮點之一。至於 AUR，我想主要是因為 IMU 水準更高、MSRP 也更高，但由於今年促銷的商品量較多，AUR 其實略有下降。

Is that true? I would guess some of that's a little different, though, between Tommy and Lilly. Were you speaking about one of them in your answer there, or is that an overall comment?

是這樣嗎？我猜其中一些在 Tommy 和 Lilly 之間應該會有點不同。你剛才的回答是在講其中一個品牌，還是那是整體性的評論？

It was more of an overall comment. There are differences in the brands, but the trend's been pretty similar.

那比較偏向整體性的評論。各品牌之間確實有差異，但趨勢相當類似。

Got it. Thanks. And then on the freight?

了解。謝謝。那運輸方面呢？

Yeah. On the freight, we've built in some slight increases, but we have a little bit of an offset from some some of our outbound parcels. We renegotiated contracts. So we're, in the first half of the year, especially, we've got a favorable there that's helping neutralize.

好的。運輸方面，我們已納入一些小幅上升，但我們在部分出貨包裹（outbound parcels）上有一些抵銷。我們重新談判了合約。所以在上半年尤其如此，我們有一些有利因素在那裡，幫助抵銷、使其趨於中性。

Now in the second half, I'm sure we'll get some fuel -- additional fuel surcharges that will have a slight increase. But overall, our base rates were starting a little bit lower on our outbound parcels, but our containers coming in from Asia are slightly higher and that's -- it's not a real material.

現在到下半年，我確定會有一些燃油——額外的燃油附加費（fuel surcharges），會帶來些微上升。但整體而言，我們的出貨包裹基礎費率（base rates）起點稍微低一些；不過從亞洲進來的貨櫃（containers）費用略高，而那——並不是很重大的影響。

Got it. Thank you.

了解。謝謝。

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

謝謝。目前沒有其他問題。我想把時間交回給 Tom Chubb，請他做結語。

Thank you, Paul, and thanks to all of you for your interest. We look forward to talking to you again in December, and I hope all is well until then.

謝謝你，Paul，也謝謝各位的關注。我們期待在 12 月再次與各位交流，也希望在那之前一切順利。

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。您現在可以掛斷電話線。再次感謝各位的參與。