Revolve Group Inc (RVLV) 2023 Q2 法說會逐字稿

Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to Revolve's Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

下午好。我叫奧德拉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Revolve 2023 年第二季度收益電話會議。 （操作員說明）

At this time, I would like to turn the conference over to Erik Randerson, Vice President of Investor Relations at Revolve. You may begin.

這次，我想將會議交給 Revolve 投資者關係副總裁 Erik Randerson。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Revolve's Second quarter 2023 results. Before we begin, I'd like to mention that we have posted a presentation containing Q2 financial highlights to our Investor Relations website located at investors.revolve.com.

大家下午好，感謝您加入我們討論 Revolve 2023 年第二季度的業績。在開始之前，我想提一下，我們已在投資者關係網站 Investors.revolve.com 上發布了包含第二季度財務要點的演示文稿。

I would also like to remind you that this conference call will include forward-looking statements, including statements related to our future growth and profitability, market opportunities, macroeconomic and industry trends, business, operations, and marketing initiatives and investments, international expansion, our stock repurchase program, growth in active customers, our inventory balance and management, and our outlook for net sales, gross margin, operating expenses and effective tax rate.

我還想提醒您，本次電話會議將包含前瞻性陳述，包括與我們未來增長和盈利能力、市場機會、宏觀經濟和行業趨勢、業務、運營和營銷計劃和投資、國際擴張、我們的股票回購計劃、活躍客戶的增長、我們的庫存平衡和管理，以及我們對淨銷售額、毛利率、運營費用和有效稅率的展望。

These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially from these statements, including the risks mentioned in this afternoon's press release as well as other risks and uncertainties disclosed under the caption Risk Factors and elsewhere in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2022, and our subsequent quarterly reports on Form 10-Q, all of which can be found on our website at investors.revolve.com.

這些陳述受到各種風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致我們的實際結果與這些陳述存在重大差異，包括今天下午的新聞稿中提到的風險以及在風險因素標題下和我們的其他地方披露的其他風險和不確定性。向美國證券交易委員會提交的文件，包括但不限於我們截至2022 年12 月31 日的10-K 表格年度報告以及隨後的10- Q 表格季度報告，所有這些都可以在我們的網站上找到在 Investors.revolve.com 上。

We undertake no obligation to revise or update any forward-looking statements or information except as required by law.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或信息的義務。

During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA and free cash flow. We use non-GAAP measures in some of our financial discussions as we believe they provide valuable insights on our operational performance and underlying operating results.

在今天的電話會議中，我們還將參考某些非公認會計準則財務信息，包括調整後的 EBITDA 和自由現金流。我們在一些財務討論中使用非公認會計準則衡量標準，因為我們相信它們為我們的運營績效和基本運營業績提供了寶貴的見解。

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. And our non-GAAP measures may be different from non-GAAP measures used by other companies. Reconciliations of non-GAAP measures to GAAP measures as well as the definitions of each measure, their limitations and their rationale for using them can be found in this afternoon's press release and in our SEC filings.

本非 GAAP 財務信息的呈現不應被孤立地考慮，也不能被視為替代或優於根據 GAAP 準備和呈現的財務信息。我們的非公認會計準則衡量標準可能與其他公司使用的非公認會計準則衡量標準不同。非 GAAP 衡量標準與 GAAP 衡量標準的對賬以及每項衡量標準的定義、其局限性以及使用這些衡量標準的理由可以在今天下午的新聞稿和我們向 SEC 提交的文件中找到。

Joining me on the call today are our Co-Founders and Co-CEOs, Mike Karanikolas and Michael Mente; as well as Jesse Timmermans, our CFO. Following our prepared remarks, we'll open the call for your questions.

今天加入我的電話會議的是我們的聯合創始人兼聯合首席執行官 Mike Karanikolas 和 Michael Mente；以及我們的首席財務官傑西·蒂默曼斯 (Jesse Timmermans)。在我們準備好的發言之後，我們將開始電話詢問您的問題。

With that, I'll turn it over to Mike.

有了這個，我會把它交給邁克。

Hello, everyone, and thanks for joining us today. I'll begin with a recap of our second quarter results, and then I'll conclude by highlighting key operating priorities, investments and growth initiatives we are very excited about.

大家好，感謝您今天加入我們。我將首先回顧我們第二季度的業績，然後我將強調我們非常興奮的關鍵運營優先事項、投資和增長計劃。

Net sales decreased 6% year-over-year to $274 million in the second quarter, a slight improvement from the 7% year-over-year decline in April 2023 discussed on last quarter's conference call. As you've heard from many companies, the U.S. remains very challenging for consumer discretionary spending, particularly for our younger consumer demographic. Net sales in the U.S. decreased 7% year-over-year partially offset by international net sales increasing 4% year-over-year, highlighted by exceptional growth in Mexico, which has become one of our most important international markets.

第二季度淨銷售額同比下降 6%，至 2.74 億美元，較上季度電話會議討論的 2023 年 4 月同比下降 7% 略有改善。正如您從許多公司那裡聽到的那樣，美國對於消費者可自由支配支出仍然充滿挑戰，特別是對於我們的年輕消費者群體而言。美國淨銷售額同比下降 7%，部分被國際淨銷售額同比增長 4% 所抵消，其中墨西哥的出色增長凸顯了這一點，墨西哥已成為我們最重要的國際市場之一。

Our gross margin was 54%, a meaningful sequential improvement compared to the first quarter's 49.8%, yet as expected, gross margin remained lower compared to the second quarter of 2022 when our mix of net sales at full price was exceptionally high. Net income for the second quarter was $7 million or $0.10 per diluted share, and adjusted EBITDA was $10 million or 3.8% of net sales.

我們的毛利率為54%，與第一季度的49.8% 相比，這是一個有意義的環比改善，但正如預期，與2022 年第二季度相比，毛利率仍然較低，當時我們的全價淨銷售額組合異常高。第二季度淨利潤為 700 萬美元，即稀釋後每股收益 0.10 美元，調整後 EBITDA 為 1000 萬美元，占淨銷售額的 3.8%。

Our profitability was significantly lower than last year's second quarter primarily due to the decline in net sales, the lower gross profit year-over-year and continued pressure on operating expenses in large part due to a higher return rate.

我們的盈利能力顯著低於去年第二季度，主要是由於淨銷售額下降、毛利潤同比下降以及運營費用持續面臨壓力，這在很大程度上是由於較高的回報率。

We view the current macro environment as a near-term headwind on our path towards resuming attractive growth rates and margins over longer-term horizons, as we have demonstrated with our long-term historic track record of attractive growth and profitability. And importantly, challenging operating environments create opportunities for financially strong and cash-generative companies like REVOLVE to further separate from the pack by continuing to prudently invest through the cycle, while some industry peers have no choice but to play defense.

我們認為，當前的宏觀環境是我們在長期恢復有吸引力的增長率和利潤率的道路上的近期阻力，正如我們在有吸引力的增長和盈利能力方面的長期歷史記錄所證明的那樣。重要的是，充滿挑戰的運營環境為REVOLVE 等財務實力雄厚且能產生現金的公司創造了機會，通過在整個週期中繼續審慎投資來進一步脫穎而出，而一些業內同行別無選擇，只能採取防禦措施。

With that in mind, I'll now recap several important growth and efficiency initiatives that we believe will further strengthen our foundation for profitable growth over the long-term.

考慮到這一點，我現在將回顧幾項重要的增長和效率舉措，我們相信這些舉措將進一步加強我們長期盈利增長的基礎。

We are currently extremely focused on driving cost efficiencies within our global shipping and logistics operations to help offset cost pressures resulting from a higher return rate year-over-year. As an update on this important initiative, this week, we plan to launch a new process that we expect will drive meaningful efficiency gains for future periods by consolidating all return shipments coming back from Canada to the United States. And separately, in the United Kingdom, we also just began to hold certain product returns in the U.K. for local refulfillment to U.K. customers without shipping the products all the way back to the U.S. as we historically have done. This initiative both reduces shipping costs and provides even faster service to our valued customers in the region.

目前，我們非常注重提高全球航運和物流業務的成本效率，以幫助抵消因退貨率逐年上升而帶來的成本壓力。作為這一重要舉措的最新進展，我們計劃本周啟動一個新流程，我們預計該流程將通過整合從加拿大運回美國的所有回程貨運，在未來一段時間內顯著提高效率。另外，在英國，我們也剛剛開始在英國保留某些產品退貨，以便在當地為英國客戶補貨，而無需像我們歷史上那樣將產品一路運回美國。這一舉措既降低了運輸成本，又為我們在該地區的尊貴客戶提供了更快的服務。

These are significant wins in 2 large international markets that demonstrate great execution and results in a short period of time as we have focused on leveraging our scale to drive efficiencies and continued improvement in our best-in-class customer service. Most importantly, our team is aggressively pursuing a long list of initiatives that we are confident will help us gain significant further efficiencies in the coming quarters. I look forward to sharing our progress in this area as we move forward.

這些都是在兩個大型國際市場上取得的重大勝利，展示了我們在短時間內的出色執行力和成果，因為我們專注於利用我們的規模來提高效率並持續改進我們一流的客戶服務。最重要的是，我們的團隊正在積極推行一系列舉措，我們相信這些舉措將幫助我們在未來幾個季度大幅提高效率。我期待著在我們前進的過程中分享我們在這一領域的進展。

We continue to expand the use of AI and machine learning across several key areas of our operations to drive growth and efficiencies. During the second quarter, we launched a new type of AI-powered merchandising that leverages image recognition to recommend visually similar items to customers. So illustrating impactful use case, when the consumers are looking at our product on REVOLVE that is currently out of stock, our AI technology engages with the customer to recommend visually similar items. This enhancement demonstrated a notable conversion lift in our A/B testing conducted prior to launch.

我們繼續在運營的幾個關鍵領域擴大人工智能和機器學習的使用，以推動增長和提高效率。在第二季度，我們推出了一種新型的人工智能營銷，利用圖像識別向客戶推薦視覺上相似的商品。因此，說明有影響力的用例，當消費者在 REVOLVE 上查看我們目前缺貨的產品時，我們的人工智能技術會與客戶互動，推薦視覺上相似的商品。這一增強功能在我們發布前進行的 A/B 測試中證明了顯著的轉化提升。

Separately, we are continuing to advance efforts to integrate AI into our own brand design, which we view as an exciting opportunity to enhance creativity and accelerate the product development cycle. We are also actively leveraging technology in evaluating solutions to optimize our return rate. Consistent with our customer-first focus, our efforts to reduce return rates over time will not detract from the customer experience.

另外，我們正在繼續努力將人工智能融入我們自己的品牌設計中，我們認為這是增強創造力和加快產品開發週期的令人興奮的機會。我們還積極利用技術來評估解決方案，以優化我們的退貨率。與我們以客戶至上的理念相一致，隨著時間的推移，我們為降低退貨率所做的努力不會影響客戶體驗。

In the third quarter, we will be experimenting with several new initiatives, including a virtual try-on in size comparison feature tool that went live last month, and we are testing a wide range of tools and visuals to better communicate product finish, such as enhanced fit rating customer reviews, detailed product fit guides and video content within product detail pages.

在第三季度，我們將嘗試多項新舉措，包括上個月上線的虛擬試穿尺寸比較功能工具，並且我們正在測試各種工具和視覺效果，以更好地傳達產品完成情況，例如增強的合身評級客戶評論、詳細的產品合身指南和產品詳細信息頁面中的視頻內容。

Shifting to international expansion. We recently appointed our first ever Head of Greater China to further strengthen the foundation for future expansion in the region. We plan to further build out our local team on the ground in China to expand key relationships and brand awareness, which is important since the marketing and social media channels in China are different than in all other markets we operate.

轉向國際擴張。我們最近任命了首位大中華區負責人，以進一步夯實該地區未來擴張的基礎。我們計劃進一步在中國建立本地團隊，以擴大關鍵關係和品牌知名度，這一點很重要，因為中國的營銷和社交媒體渠道與我們運營的所有其他市場不同。

Considering the size and importance of the China e-commerce market, we believe now is the right time for us to invest in a more meaningful way. To illustrate our growth potential in China, I'm excited to share that REVOLVE is the #6 ranked fashion brand on the Tmall Global Marketplace during the month of June. This recognition and success contributed to our continued growth in China in the second quarter, and illustrates the level of interest in REVOLVE in this very large market.

考慮到中國電子商務市場的規模和重要性，我們認為現在是我們以更有意義的方式進行投資的正確時機。為了說明我們在中國的增長潛力，我很高興地告訴大家，REVOLVE 是 6 月份天貓國際商城排名第六的時尚品牌。這種認可和成功促進了我們第二季度在中國的持續增長，並說明了 REVOLVE 在這個非常大的市場中的興趣程度。

Lastly, to continue on the international team, we are also expanding our borders for talent acquisition. After demonstrating during the pandemic that a distributed workforce can work very efficiently for many functions, we have begun expanding our hiring scope well beyond California into select overseas markets. In the past several months, we have successfully attracted talent for technology, customer service and other functions and countries outside of the U.S. It's exciting because hiring engineers in the competitive U.S. market has historically been a real challenge for us due to our very high standards in hiring outstanding talent overseas provides an added benefit of being able to efficiently work on development projects around the clock.

最後，為了繼續國際化團隊的發展，我們也在擴大人才引進的範圍。在大流行期間證明分散的勞動力可以非常有效地履行許多職能後，我們已開始將招聘範圍擴大到加利福尼亞州以外的特定海外市場。在過去的幾個月裡，我們成功地吸引了美國以外國家的技術、客戶服務和其他職能方面的人才。這令人興奮，因為在競爭激烈的美國市場招聘工程師歷來對我們來說是一個真正的挑戰，因為我們在在海外聘用優秀人才還有一個額外的好處，那就是能夠全天候高效地開展開發項目。

While we expect this important initiative result in some cost efficiencies, it is not our primary focus. We're most excited about is meaningly expanding the available talent pool to even further raise the bar on our exceptionally high standards as demonstrated by our achievement of record Net Promoter Scores every year for the past few years. We have recently opened our first overseas office to guide this important effort.

雖然我們預計這一重要舉措會帶來一定的成本效率，但這不是我們的主要關注點。我們最興奮的是有意義地擴大可用人才庫，以進一步提高我們異常高的標準，過去幾年我們每年都取得創紀錄的淨推薦值就證明了這一點。我們最近開設了第一個海外辦事處來指導這項重要工作。

I'm pleased with our team's execution on these important initiatives that are key building blocks for our continued long-term growth and profitability. Our long-term mindset and strong balance sheet, combined with our conviction in the strength of our business model and confidence in our team to execute through the short-term challenges and over the long-term, led our Board of Directors to authorize a $100 million stock repurchase program. Since we view the current environment as a near-term headwind, we remain confident in our longer-term opportunity to drive growth and profitability, we view stock repurchases as an attractive and accretive use of our capital.

我對我們團隊執行這些重要舉措感到滿意，這些舉措是我們持續長期增長和盈利的關鍵組成部分。我們的長期思維和強大的資產負債表，加上我們對業務模式實力的信念以及對我們團隊應對短期挑戰和長期挑戰的信心，促使我們的董事會授權 100 美元百萬股票回購計劃。由於我們認為當前環境是近期的逆風，因此我們對推動增長和盈利的長期機會仍然充滿信心，因此我們認為股票回購是對我們資本的一種有吸引力且增值的用途。

We authorized the stock repurchase program with confidence to nearly $270 million in cash and no debt on our balance sheet gives us financial flexibility to remain opportunistic to invest in the business across multiple dimensions in our efforts to drive shareholder value.

我們滿懷信心地授權股票回購計劃，以近 2.7 億美元的現金，而且我們的資產負債表上沒有債務，這使我們能夠保持財務靈活性，在多個層面上投資於業務，努力提高股東價值。

In summary, while we certainly face more near-term challenges in the current environment, we will remain nimble and continue to focus on our hallmarks of technology innovation, operating efficiency and brand building to capture more share in the very large market. We remain squarely focused on investing in the long-term opportunity ahead of us, leveraging our 20 years of operating experience and our competitive advantages to guide us through these uncertain times.

總而言之，雖然我們在當前環境下肯定會面臨更多短期挑戰，但我們將保持靈活性，繼續專注於技術創新、運營效率和品牌建設，以在龐大的市場中佔據更多份額。我們仍然專注於投資擺在我們面前的長期機遇，利用我們 20 年的運營經驗和競爭優勢來引導我們度過這些不確定的時期。

Now over to Michael.

現在輪到邁克爾了。

Thanks, Mike, and hello, everyone. Our headline numbers for the second quarter during a very challenging macro environment aren't reflective of what we believe is our long-term growth potential. Despite the short-term challenges, with our strong business model and focus on the long-term, we have been able to deliver an important operating priorities that should prove to be beneficial in the years to come.

謝謝邁克，大家好。在充滿挑戰的宏觀環境下，我們第二季度的總體數據並不能反映我們認為的長期增長潛力。儘管面臨短期挑戰，但憑藉我們強大的業務模式和對長期的關注，我們已經能夠實現重要的運營優先事項，這在未來幾年應該會帶來好處。

I'm particularly pleased with our early momentum in driving efficiencies in our shipping and logistics operations and in our innovations to leverage AI to drive further operational efficiencies, optimize processes and enable deeper connections with the next-generation consumers.

我對我們在提高運輸和物流運營效率以及利用人工智能進一步提高運營效率、優化流程並與下一代消費者建立更深入聯繫的創新方面所取得的早期勢頭感到特別滿意。

Speaking of connecting with customers, a highlight of the second quarter was the unveiling of our first ever physical experience with FORWARD here in Los Angeles, inspired and curated by Creative Director Kendall Jenner, the destination launched in early June and it's incredible showcase of the FORWARD brand and our luxury brand partners. A private opening night reception hosted by Kendall Jenner and attended by many other A-listers created meaningful buzz and has continued to gain strength as favorable word-of-mouth has spread. Many of our high-value FORWARD customers, flew into Los Angeles for the opening night event, demonstrating a strong interest among our most loyal customers.

說到與客戶的聯繫，第二季度的一大亮點是在創意總監Kendall Jenner 的啟發和策劃下，在洛杉磯首次推出了FORWARD 的實體體驗，該目的地於6 月初推出，令人難以置信地展示了FORWARD品牌和我們的奢侈品牌合作夥伴。由肯德爾·詹納 (Kendall Jenner) 主持、許多其他一線明星參加的私人開幕之夜招待會引起了有意義的轟動，並隨著良好的口碑傳播而不斷增強。我們的許多高價值 FORWARD 客戶飛往洛杉磯參加開幕之夜活動，這表明我們最忠實的客戶對此表現出濃厚的興趣。

The brand elevating experience has enabled us to engage deeply with FORWARD customers, connecting with them in ways we have never done before. Traffic flow and customer interest have been great, customer feedback has been exceptional. We are learning a great deal in sharing on consistent basis that customers love our selection and curation more than long established luxury destinations in the area. Many of our top 4 customers based in Los Angeles have enjoyed the opportunity to preselect items online, to try on in-person and also can get return items they had previously purchased online from FORWARD or REVOLVE. This has driven traffic flow and conversion, demonstrating synergies with our e-commerce operation that we'll consider as we continue to evaluate whether physical retail has a place in our growth strategy long-term.

品牌提升體驗使我們能夠與 FORWARD 客戶深入互動，以前所未有的方式與他們建立聯繫。客流量和客戶興趣都很大，客戶反饋也非常好。我們在持續分享的過程中學到了很多東西，即與該地區歷史悠久的豪華目的地相比，客戶更喜歡我們的選擇和策劃。我們位於洛杉磯的前 4 位客戶中的許多人都享受過在線預選商品、親自試穿的機會，並且還可以獲得他們之前從 FORWARD 或 REVOLVE 在線購買的商品的退貨服務。這推動了流量和轉化，展示了與我們的電子商務業務的協同效應，在我們繼續評估實體零售是否在我們的長期增長戰略中佔有一席之地時，我們將考慮這一協同效應。

Another takeaway from the experience is that our luxury customers truly embrace the preowned handbags in our new FORWARD -- the new offering discussed on prior investor calls. In fact, during our recent day at Forward pop-up, we sold 2 (inaudible) vintage handbags for more than $35,000 each in a single day. The continued success of the FORWARD Renew offering further validates the demand for [purely handling] some of our customers. As a result, later this quarter, we plan to meaningfully expand our growth potential in luxury resell by offering Renew to the much larger set of customers of REVOLVE as well.

這次經歷的另一個收穫是，我們的奢侈品客戶真正接受了我們新推出的 FORWARD 中的二手手袋——這是之前投資者電話會議上討論過的新產品。事實上，最近一天，我們在 Forward 快閃店一天內售出了 2 個（聽不清）復古手袋，每個的售價超過 35,000 美元。 FORWARD Renew 產品的持續成功進一步證實了我們一些客戶對[純粹處理]的需求。因此，本季度晚些時候，我們計劃通過向 REVOLVE 的更多客戶提供 Renew 服務，有意義地擴大我們在奢侈品轉售方面的增長潛力。

Finally, our FORWARD brand partners have been incredibly supportive of efforts to engage our community in a truly differentiated destination. We have hosted around 20 impactful events with our [wierd] luxury brand, including Versace, (inaudible), Blumarine and Anastasia Beverly Hills just to name a few, with many events focused on our emerging beauty category. Additionally, several of our luxury brands have created exclusive offerings for the FORWARD experience that are not available anywhere.

最後，我們的 FORWARD 品牌合作夥伴非常支持我們為打造真正與眾不同的目的地而做出的努力。我們已經與我們的[怪異]奢侈品牌舉辦了大約20 場有影響力的活動，其中包括Versace、（聽不清）、Blumarine 和Anastasia Beverly Hills 等，其中許多活動都集中在我們新興的美容類別上。此外，我們的幾個奢侈品牌還為 FORWARD 體驗打造了獨一無二的獨家產品。

If you're in Los Angeles before August 13, please drop by and see us at 8804 Melrose Avenue in West Hollywood.

如果您在 8 月 13 日之前抵達洛杉磯，請前往西好萊塢梅爾羅斯大道 8804 號與我們會面。

The second quarter was a very busy period of investments for brand marketing, anchored by the successful REVOLVE Festival event that I talked about last quarter's conference call. The Forward physical experience as well all time events to support our best-performing international market.

第二季度是品牌營銷投資非常繁忙的時期，我在上季度的電話會議上談到了 REVOLVE Festival 活動的成功。 Forward 實體體驗以及所有時間活動都支持我們表現最佳的國際市場。

In June, we hosted a weeklong brand activation with a series events in Mexico City to showcase the REVOLVE brand and lifestyle and spread the word about our outstanding service levels that have been integral to our growth in customer loyalty around the world. The events drove tens of millions of social media and press impressions, often emphasizing a consistent theme that going shopping in Mexico has never been so easy as with Revolve.

6 月，我們在墨西哥城舉辦了為期一周的品牌激活系列活動，展示 REVOLVE 品牌和生活方式，並宣傳我們卓越的服務水平，這些水平對於我們在全球範圍內提高客戶忠誠度至關重要。這些活動吸引了數千萬社交媒體和媒體的關注，通常強調一個一致的主題：在墨西哥購物從未像使用 Revolve 如此輕鬆。

Most exciting is that our impactful events serve as a catalyst in driving a spike in new customer growth at [customer expo], which has already been in triple-digit year-over-year growth territory even before the event. Mexico is now a top 5 international markets for us, demonstrating how we can leverage our branded, operational excellence to capture the very large international opportunity.

最令人興奮的是，我們具有影響力的活動成為推動[客戶博覽會]新客戶增長的催化劑，甚至在活動之前，新客戶的同比增長就已經達到了三位數。墨西哥現已成為我們排名前 5 位的國際市場，這展示了我們如何利用我們的品牌和卓越運營來抓住巨大的國際機遇。

Our impactful marketing has also contributed to the success of recent own brand collaborations. Helsa our brand collaboration with Elsa Hosk was exclusively available on Revolve and FWRD continues to perform incredibly well. We just had our fifth Helsa [drive] and it was the most successful yet.

我們富有影響力的營銷也為最近自有品牌合作的成功做出了貢獻。 Helsa 與 Elsa Hosk 的品牌合作僅在 Revolve 上提供，FWRD 繼續表現出色。我們剛剛進行了第五次 Helsa [駕駛]，這是迄今為止最成功的一次。

We also launched an exclusive new collaboration with model and social media personality, Cindy Kimberly has resonated very well with our increasingly global customer base. As mentioned on prior investor calls, with softening consumer demand in recent quarters, combined with our elevated inventory position entering 2023 led us to be more conservative planning own value inventory buys, own brand requires a deeper inventory commitment first half and third-party brands. Just successful our recent collaborations, (inaudible) of our own brand platform and serves that as a positive indication of the own brand potential long term.

我們還與模特和社交媒體名人 Cindy Kimberly 推出了獨家新合作，與我們日益全球化的客戶群產生了很好的共鳴。正如之前的投資者電話會議中提到的，隨著近幾個季度消費者需求的疲軟，加上進入2023 年庫存頭寸的增加，導致我們在計劃自有價值庫存購買時更加保守，自有品牌需要上半年和第三方品牌更深層次的庫存承諾。我們最近在自有品牌平台上的合作（聽不清）取得了成功，這是自有品牌長期潛力的積極跡象。

I'll close with the update on our continued successful journey to expand into Beauty and [Men], 2 areas that offer exciting growth potential. Both categories continue to grow at attractive rates in the second quarter, double-digit growth on a combined basis benefiting from increased focus under our new leadership lead area and continued improvement to our brand assortment.

最後，我將介紹我們繼續成功拓展美容和[男士]領域的最新進展，這兩個領域提供了令人興奮的增長潛力。這兩個類別在第二季度繼續以有吸引力的速度增長，綜合增長率達到兩位數，這得益於我們新的領導領導領域的更加關注以及我們品牌分類的持續改進。

I continue to be confident that once we optimize the product in some of these categories, the business will follow because these are very large market segments. And considering that we have earned our customers' trust and attention by consistently exceeding their expectations.

我仍然相信，一旦我們優化其中某些類別的產品，業務就會隨之而來，因為這些都是非常大的細分市場。考慮到我們通過不斷超越客戶的期望贏得了客戶的信任和關注。

We have several exciting brands in the queue to onboard in the third quarter, particularly in the beauty category, which should help beauty -- because given more important source for acquiring new customers and [innovate]. It's noteworthy that some of our recent beauty investors have generated a significant portion of the recent sales volume through our partnership with TikTok Shop. It's still early days, it is extending to see validation of the potential of TikTok as a new channel for growth.

我們有幾個令人興奮的品牌正在排隊等待第三季度的加入，特別是在美容品類，這應該有助於美容——因為為獲取新客戶和[創新]提供了更重要的來源。值得注意的是，我們最近的一些美容投資者通過我們與 TikTok Shop 的合作創造了近期銷售額的很大一部分。現在還處於早期階段，TikTok 作為新增長渠道的潛力正在得到驗證。

In closing, the current environment is clearly impacting demand for many consumer discretionary items, particularly the apparel in the U.S. but we take the long view. We remain on offense, energizing and investing for growth and expansion for years to come.

最後，當前的環境顯然影響了許多非必需消費品的需求，特別是美國的服裝，但我們著眼長遠。我們將繼續進攻，為未來幾年的增長和擴張註入活力和投資。

I'm more excited than ever of my confidence the long term is underscored by our recently announced $100 million stock repurchase program. Mike and I own nearly 45% of the outstanding common stock, and we continue to see the significant runway for growth over the years to come.

我們最近宣布的 1 億美元股票回購計劃凸顯了我對長期發展的信心，我比以往任何時候都更加興奮。邁克和我擁有近 45% 的已發行普通股，我們繼續看到未來幾年的顯著增長。

I want to express my sincere thanks to the team for keeping us at the forefront of innovation and maintaining an unwavering focus on the customer.

我想對團隊表示衷心的感謝，感謝他們使我們始終走在創新的最前沿，並堅定不移地以客戶為中心。

Now I'll turn it over to Jesse for a discussion of the financials.

現在我將把它交給傑西討論財務問題。

Thanks, Michael, and hello, everyone. I'll start by recapping our second quarter results and then close with updates on recent trends in the business and commentary on our cost structure as we look ahead.

謝謝邁克爾，大家好。我將首先回顧我們第二季度的業績，然後以最新的業務趨勢和對未來成本結構的評論作為結束。

Starting with the second quarter results. Net sales were $274 million, a year-over-year decrease of 6%. Linearity of our net sales comparison year-over-year was fairly consistent throughout the quarter.

從第二季度業績開始。淨銷售額為 2.74 億美元，同比下降 6%。我們的淨銷售額同比比較的線性在整個季度相當一致。

Revolve segment net sales decreased 4% and Forward segment net sales decreased 15% year-over-year in the second quarter. The Forward comparison reflects softening demand among our luxury customers, particularly in the U.S., consistent with commentary from several luxury retailers and brands in recent months.

第二季度，Revolve 部門淨銷售額同比下降 4%，Forward 部門淨銷售額同比下降 15%。前瞻性比較反映了我們的奢侈品客戶的需求疲軟，特別是在美國，這與近幾個月幾家奢侈品零售商和品牌的評論一致。

By territory, domestic net sales decreased 7% and international net sales increased 4% year-over-year.

按地區劃分，國內淨銷售額同比下降 7%，國際淨銷售額同比增長 4%。

Active customers, which is a trailing 12-month measure, increased by 34,000 customers during the second quarter. This growth expanded our active customer count to 2.5 million, an increase of 14% year-over-year. In the near-term, we expect further moderation in the quarterly growth of active customers.

活躍客戶（以過去 12 個月為衡量標準）在第二季度增加了 34,000 名客戶。這一增長使我們的活躍客戶數量達到 250 萬，同比增長 14%。短期內，我們預計活躍客戶的季度增長將進一步放緩。

Our customers placed 2.3 million orders in the second quarter, an increase of 1% year-over-year. Average order value was $301, a decrease of 1% year-over-year.

第二季度我們的客戶下了230萬份訂單，同比增長1%。平均訂單價值為 301 美元，同比下降 1%。

Shifting to gross profit. Consolidated gross margin was 54%, above the high end of our guidance range. The decrease of 198 basis points year-over-year primarily reflects a lower mix of net sales at full price compared to the second quarter of 2022.

轉向毛利潤。綜合毛利率為 54%，高於我們指導範圍的上限。同比下降 198 個基點，主要反映了與 2022 年第二季度相比，全價淨銷售額較低。

Moving on to operating expenses. Fulfillment costs were 3.4% of net sales, slightly higher than our guidance, a deleverage of 71 basis points year-over-year was primarily due to a year-over-year increase in our return rate. Higher wages for our fulfillment center staff and utilization not yet fully optimized in our recently extended fulfillment network.

接下來是運營費用。履行成本占淨銷售額的3.4%，略高於我們的指引，同比去槓桿化71個基點，主要是由於我們的退貨率同比增加。我們的履行中心員工的工資更高，而且我們最近擴展的履行網絡中的利用率尚未完全優化。

Selling and distribution costs were 18.6% of the sales, slightly better than our guidance This increase of 68 basis points year-over-year reflects higher cost for customer shipments, primarily due to the higher return rate year-over-year. We are aggressively pursuing initiatives both to reduce our shipping and logistics costs and to address the increasing return rate.

銷售和分銷成本佔銷售額的 18.6%，略好於我們的指導。同比增長 68 個基點反映出客戶發貨成本較高，這主要是由於退貨率同比較高。我們正在積極採取舉措，以降低運輸和物流成本並解決不斷增加的退貨率問題。

Our marketing investment represented 18.8% of net sales, an increase of 91 basis points year-over-year, reflecting increased investment in brand building during a very active quarter for our impactful marketing events including REVOLVE festival and the many events at the Forward Top-up.

我們的營銷投資占淨銷售額的18.8%，同比增長91 個基點，反映出在我們有影響力的營銷活動（包括REVOLVE 節日和Forward Top 的許多活動）非常活躍的季度中，品牌建設投資的增加-向上。

General and administrative costs were $28.6 million or 10.4% of net sales, slightly lower than the outlook we provided last quarter. The year-over-year decline in G&A costs primarily reflects a $5 million accrual for a legal matter in the second quarter of 2022. Our effective tax rate was 25% and net income was $7 million or $0.10 per diluted share, a decrease of 55% year-over-year that was impacted by the net sales decline, a year-over-year decrease in gross profit and continued pressure on operating expenses. Adjusted EBITDA was $10 million, a decrease of 61% year-over-year.

一般和管理成本為 2860 萬美元，占淨銷售額的 10.4%，略低於我們上季度提供的預期。 G&A 成本同比下降主要反映了 2022 年第二季度因法律事務而應計的 500 萬美元。我們的有效稅率為 25%，淨利潤為 700 萬美元或稀釋後每股 0.10 美元，減少了 55受淨銷售額下降、毛利潤同比下降以及運營費用持續壓力影響的同比百分比。調整後 EBITDA 為 1000 萬美元，同比下降 61%。

Moving to the balance sheet and cash flow statement. Inventory at June 30, 2023, was $205 million, a decrease of 2% year-over-year, very close to the 6% year-over-year decrease in net sales. It was the fourth consecutive quarter when we have narrowed the spread between our year-over-year inventory growth and year-over-year net sales growth.

轉到資產負債表和現金流量表。截至2023年6月30日的庫存為2.05億美元，同比下降2%，與淨銷售額同比下降6%非常接近。這是我們連續第四個季度縮小庫存同比增長與淨銷售額同比增長之間的差距。

Net cash used by operating activities and free cash flow in the second quarter were negatively impacted by a $15 million increase in inventory when compared to the first quarter of 2023, in part due to the continued pressure on net sales. For the 6 months ended June 30, 2023, net cash provided by operating activities was $35 million and free cash flow was $33 million, an increase of 42% and 49% year-over-year, respectively.

與 2023 年第一季度相比，第二季度經營活動使用的淨現金和自由現金流受到庫存增加 1500 萬美元的負面影響，部分原因是淨銷售額持續面臨壓力。截至2023年6月30日的6個月，經營活動提供的淨現金為3500萬美元，自由現金流為3300萬美元，同比分別增長42%和49%。

Cash and cash equivalents as of June 30, 2023, were $269 million, an increase of $31 million or 13% year-over-year, that was $14 million lower on a sequential basis compared to the first quarter of 2023. Our balance sheet as of June 30, 2023, remains debt free.

截至 2023 年 6 月 30 日，現金和現金等價物為 2.69 億美元，同比增加 3100 萬美元，即 13%，比 2023 年第一季度環比減少 1400 萬美元。我們的資產負債表為截至2023 年6 月30 日，仍無債務。

Now let me update you on some recent trends in the business since the second quarter ended and provide some direction on our cost structure to help in your modeling of the business.

現在，讓我向您介紹自第二季度結束以來的一些最新業務趨勢，並就我們的成本結構提供一些指導，以幫助您對業務進行建模。

Starting from the top. The top line pressure we experienced in the second quarter has continued with net sales for the month of July 2023, down a mid-single-digit percentage year-over-year. We believe the uncertain macro environment continues to weigh on our customers' purchasing behavior and consistent with the second quarter results, [during July] year-over-year net sales comparisons in the REVOLVE segment continued to outperform the Forward segment, and year-over-year net sales comparisons for our international business continued to outperform our domestic business.

從頂部開始。我們在第二季度經歷的營收壓力持續存在，2023 年 7 月的淨銷售額同比下降了中個位數百分比。我們認為，不確定的宏觀環境繼續影響客戶的購買行為，並且與第二季度業績一致，[7 月份]REVOLVE 部門的同比淨銷售額比較繼續優於遠期部門，並且與去年同期相比我們國際業務的年淨銷售額比較繼續優於我們的國內業務。

Shifting to gross margin. We expect gross margin in the third quarter of 2023 of between 52% and 52.3%, implying a much smaller year-over-year decrease than in recent quarters. Only 85 basis points in the midpoint of the range compared to a nearly 2-point year-over-year decline in the second quarter and an almost 5-point year-over-year decline in the first quarter of 2023. For the full year, we are narrowing our gross margin expectations to a range of 52% to 52.5%.

轉向毛利率。我們預計 2023 年第三季度的毛利率將在 52% 至 52.3% 之間，這意味著同比降幅遠小於最近幾個季度。僅為 85 個基點，處於區間中點，而 2023 年第二季度同比下降近 2 個基點，2023 年第一季度同比下降近 5 個基點。 ，我們將毛利率預期縮小至 52% 至 52.5%。

Fulfillment. The continued top line uncertainty and higher-than-expected return rate are leading us to take a slightly more conservative view of fulfillment efficiencies for the full year 2023. We expect fulfillment as a percentage of net sales to be around 3.3% for the third quarter of 2023 and now expect fulfillment to represent 3.3% of net sales for the full year 2023.

履行。持續的收入不確定性和高於預期的回報率導致我們對 2023 年全年的履行效率持稍微保守的看法。我們預計第三季度的履行占淨銷售額的百分比約為 3.3% 2023 年，目前預計履行量將佔2023 年全年淨銷售額的3.3%。

Selling and distribution. We expect selling and distribution cost efficiency to improve on a sequential basis and represent around 18.3% of net sales for the third quarter of 2023 and 18.3% of net sales for the full year 2023. The slight increase from our previous full year guidance primarily reflects a higher-than-expected return rate.

銷售和分銷。我們預計銷售和分銷成本效率將環比改善，約佔 2023 年第三季度淨銷售額的 18.3% 和 2023 年全年淨銷售額的 18.3%。較我們之前的全年指引略有增加主要反映高於預期的回報率。

The full year 2023 outlook for selling and distribution costs includes our assumption that we will generate increasing cost efficiencies in the second half of 2023, resulting from a variety of shipping and logistics efficiency measures we are pursuing. These benefits will partially offset the negative impact of the expected higher return rate year-over-year.

2023 年全年銷售和分銷成本展望包括我們的假設，即由於我們正在採取的各種運輸和物流效率措施，我們將在 2023 年下半年實現更高的成本效率。這些好處將部分抵消預期回報率同比上升的負面影響。

Marketing. We expect our marketing investment in the third quarter of 2023 to represent approximately 15.8% of net sales. A 3-point sequential decrease from the second quarter and an 80 basis point decrease year-over-year compared to the third quarter of 2022. For the full year 2023, we expect marketing to be within the range previously communicated up 16% to 16.5% of net sales.

營銷。我們預計 2023 年第三季度的營銷投資將占淨銷售額的約 15.8%。較第二季度環比下降 3 個基點，較 2022 年第三季度同比下降 80 個基點。對於 2023 年全年，我們預計營銷將在之前溝通的範圍內增長 16% 至 16.5占淨銷售額的百分比。

General and administrative, we expect G&A expense of approximately $29 million in the third quarter of 2023 and $115 million for the full year 2023, at the high end of our prior full year outlook range.

一般和行政方面，我們預計 2023 年第三季度的一般管理費用約為 2900 萬美元，2023 年全年的一般管理費用約為 1.15 億美元，處於我們之前全年展望範圍的上限。

And lastly, we continue to expect our effective tax rate to be around 24% to 26%, consistent with the past several quarters. To recap, while we view the current environment is quite challenging for consumer discretionary spending, we are focused on delivering shareholder value over the long term. Our team is investing significant time and energy into a broad range of exciting initiatives that we believe can extend our competitive advantages and benefit Revolve for years to come, particularly as the broader macroeconomic environment improves.

最後，我們繼續預計有效稅率約為 24% 至 26%，與過去幾個季度一致。回顧一下，雖然我們認為當前的環境對消費者可自由支配支出來說相當具有挑戰性，但我們專注於長期提供股東價值。我們的團隊正在投入大量時間和精力開展一系列令人興奮的舉措，我們相信這些舉措可以在未來幾年擴大我們的競爭優勢並使 Revolve 受益，特別是隨著更廣泛的宏觀經濟環境的改善。

Now we'll open it up for your questions.

現在我們將打開它來回答您的問題。

(Operator Instructions) We'll take our first question from Anna Andreeva at Needham & Company.

（操作員說明）我們將回答 Needham & Company 的 Anna Andreeva 提出的第一個問題。

A couple of modeling questions from us. First on gross margin. Just trying to understand what drove the beat to guidance for the quarter? And inventories are in pretty good shape at down 2. So what's driving that gross margin decline in the third quarter versus the previous guidance for margins to be directionally up.

我們提出的幾個建模問題。首先是毛利率。只是想了解是什麼推動了本季度的指導？庫存狀況良好，下降了 2。那麼，與之前指導的利潤率定向上升相比，是什麼推動了第三季度毛利率的下降。

Is there any additional carryover at Forward that you guys are working through? And then secondly, just on marketing, has been managed really tightly and even a bigger dollar decline in 3Q. So just curious how do you guys think about that trade down in preserving margins by managing marketing down versus the company returning to growth? And can you talk about some of the savings? Where are they coming from? And how sustainable are those?

你們正在解決Forward是否有任何額外的遺留問題？其次，僅在營銷方面，管理非常嚴格，第三季度美元跌幅甚至更大。所以只是好奇你們如何看待通過管理營銷來保持利潤與公司恢復增長之間的權衡？您能談談節省的一些費用嗎？他們來自哪裡？這些的可持續性如何？

Anna, This is Jesse. I'll start and then maybe kick it over to Mike and Michael for some of the marketing questions. There's a lot there. We just start with gross margin. The guide down from Q2 to Q3 sequentially is largely seasonality. We typically see our highest margin in Q2, and then it takes a step down in Q3 to the tune of anywhere from 2 to 3 points. So we feel like margins -- healthy margin is in line.

安娜，這是傑西。我將開始，然後可能會將其交給邁克和邁克爾來解決一些營銷問題。那裡有很多東西。我們從毛利率開始。從第二季度到第三季度的指引主要是季節性的。我們通常會在第二季度看到最高利潤率，然後在第三季度下降到 2 到 3 個百分點。所以我們覺得利潤率是健康的。

To your point, there is some additional carryover from Forward. We feel like inventory overall is healthy that differential between the sales growth and the inventory growth has compressed again this quarter and down to 4 points. So we feel good about that. But it is taking a little bit longer on the Forward side. So there is more, I guess, more compression on Forward than there is on the Revolve side.

就你的觀點而言，Forward 還帶來了一些額外的結轉。我們認為庫存整體健康，本季度銷售增長和庫存增長之間的差距再次縮小至 4 個百分點。所以我們對此感覺良好。但前鋒方面需要更長的時間。因此，我猜想，Forward 側的壓縮比 Revolve 側的壓縮更多。

So I think that covers gross margin and inventory. Some of the other cost savings, if you're referencing just the general cost savings. A lot of initiatives at play. The team is working hard on those. And those are starting to take effect if you look at the selling and distribution guidance that we've given. That factors in some sequential improvement in that line item. And that will carry forward more importantly into 2024 and beyond.

所以我認為這涵蓋了毛利率和庫存。如果您僅參考一般成本節省，則還有一些其他成本節省。許多舉措正在發揮作用。該團隊正在努力解決這些問題。如果你看看我們給出的銷售和分銷指南，這些就開始生效了。這會導致該訂單項出現一些連續改進。更重要的是，這將持續到 2024 年及以後。

Okay. That's really helpful. I guess, on the marketing side, should we expect a similar under 16% run rate as we look into next year as well as you guys are finding some of those efficiencies?

好的。這真的很有幫助。我想，在營銷方面，當我們展望明年時，我們是否應該期望類似的低於 16% 的運行率，以及你們是否發現了其中一些效率？

Got it. Maybe on the market modeling quick before Mike jumps in. I think in that 16% to 16.5% zone is where we like to be. There is volatility quarter-to-quarter. Q2, of course, is a larger investment quarter with REVOLVE Festival that typically falls in that quarter. And then we had the 20 events at the Forward pop-up. So there is quarter-to-quarter volatility. But in that 16% range is a good place to be. And we are gaining more efficiencies on the performance marketing side, and then Mike?

知道了。也許在邁克介入之前就可以快速進行市場建模。我認為 16% 到 16.5% 的區域是我們想要的。季度與季度之間存在波動。當然，第二季度是一個較大的投資季度，REVOLVE Festival 通常發生在該季度。然後我們在 Forward 彈出窗口中進行了 20 個事件。因此存在季度波動。但在 16% 的範圍內是一個不錯的地方。我們在績效營銷方面獲得了更高的效率，然後邁克？

Yes, exactly. I would just echo that thought. With brand marketing, it's very timing dependent, depending on which events we want to do at a time that we think makes sense. And a lot of it's opportunistic. It's important on the brand marketing side to keep things new and exciting and fresh. So that kind of drives the timing more than say, hey, we want this quarter to come at this percent and that quarter to come in at that percent.

對，就是這樣。我只是回應這個想法。對於品牌營銷來說，它非常依賴於時間，取決於我們想要在我們認為有意義的時間進行哪些活動。而且很多都是機會主義的。在品牌營銷方面，保持新穎、令人興奮和新鮮非常重要。因此，這比說，嘿，我們希望本季度達到這個百分比，那個季度達到那個百分比，這對時機的影響更大。

And then more broadly, with marketing, we want to continue to invest in marketing in a big way. It's important for long-term growth. So there's going to be plenty of dollars going towards that, particularly on the brand marketing side.

更廣泛地說，在營銷方面，我們希望繼續大力投資營銷。這對於長期增長很重要。因此，將會有大量資金用於此，特別是在品牌營銷方面。

With performance marketing, we talked about on past calls how we were tweaking things to try to get a little bit more efficient there. And I think we've made some good moves there. And hopefully, that will continue through the coming quarters.

對於績效營銷，我們在過去的電話中談到了我們如何調整事情以嘗試提高效率。我認為我們已經在這方面採取了一些好的舉措。希望這種情況能夠在未來幾個季度持續下去。

We'll move to our next question from Randy Konik at Jefferies.

我們將轉向 Jefferies 的 Randy Konik 提出的下一個問題。

I just want to get a little more color first on the return rate strategy change or policy changes and give us some perspective on how meaningful you think those changes can be to the -- not the next quarter, but like let's say, over the next 4 to 8 quarters, in improving efficiency there. Maybe give us a little bit more quantitative impact there.

我只是想首先了解一下回報率策略變化或政策變化，並讓我們了解您認為這些變化對——不是下一個季度，而是下一個季度——有多大的意義。 4到8個季度，效率在提高。也許會給我們帶來更多的定量影響。

And then the other thing I just wanted to ask just around gross margin. Forward's gross margins have obviously come in pretty significantly. Where is the bottom do you think in those gross margins? And when do you think they bottom over the next -- do they think -- do you think they bottom to the next 1 to 2 quarters? Just kind of give us a little help there as well.

然後我想問的另一件事是關於毛利率的。顯然，Forward 的毛利率已經大幅提高。您認為這些毛利率的底部在哪裡？你認為他們什麼時候會在下一個季度觸底——他們認為——你認為他們會在接下來的一到兩個季度觸底嗎？也請給我們一點幫助。

Yes. So on the return rate side, we're not focused on policy changes at this point. One of the things we are working on that we didn't mention it in the prepared commentary was that, yes, we are looking at a slight tweak from a policy standpoint, for small subset customers. But the focus is on making changes that are going to impact return rate in a very helpful way for customers. We're hopeful we can drive meaningful improvements there. We think we have great initiatives and projects that make a lot of sense, but we're going to be trialing some of those in the third quarter. At this time, it's too early to say how much of an impact those sorts of investments can make. But we're certainly excited to see what they can bring to the table. And then on the forward gross margin side, I would defer to Jesse in terms of any commentary on how you guys should model and project that.

是的。因此，在回報率方面，我們目前並不關注政策變化。我們正在做的事情之一是我們在準備好的評論中沒有提到，是的，我們正在從政策的角度考慮對小部分客戶進行輕微的調整。但重點是做出一些改變，這些改變將以對客戶非常有幫助的方式影響退貨率。我們希望能夠在那裡推動有意義的改進。我們認為我們有一些非常有意義的舉措和項目，但我們將在第三季度嘗試其中一些。目前判斷此類投資能產生多大影響還為時過早。但我們當然很高興看到他們能帶來什麼。然後在遠期毛利率方面，我會聽從傑西關於你們應該如何建模和預測的任何評論。

Yes. Yes, I think you got it, Randy and -- we are close to the bottom there. I'd say, over the next 1 to 2 quarters, we'll be in this zone before things start to rebound. And then I think Important to remember that last year, especially in that kind of back half of '21 into the first half of '22 and especially in this 2Q '22. We are checking at really record full price mix. So that Forward margin -- and both on Forward and Revolve was really healthy. So I don't see us getting back to the high 40s anytime soon, but creeping up into that mid-40% range again over time. But to your point, I think, troughing out over the next 1 to 2 quarters.

是的。是的，我想你明白了，蘭迪——我們已經接近底部了。我想說，在接下來的 1 到 2 個季度中，在情況開始反彈之前我們將處於這個區域。然後我認為重要的是要記住去年，特別是在 21 年後半段到 22 年上半年，尤其是在 22 年第二季度。我們正在檢查真正創紀錄的全價組合。因此，前進和旋轉的前向裕度都非常健康。因此，我認為我們不會很快回到 40% 的高位，但隨著時間的推移，我們會再次攀升至 40% 的中間範圍。但就你的觀點而言，我認為在接下來的 1 到 2 個季度內將會陷入低谷。

Great. And can I just ask one more last follow-up here. Just on the commentary around the younger demographic trends. Maybe give us a little more color on what they're doing or not doing or in terms of price hesitancy or category changes or as it is there? Just give us a little more flavor of what they're doing or not doing in terms of their shopping behavior?

偉大的。我可以在這裡問最後一個後續問題嗎？只是關於年輕人口趨勢的評論。也許可以讓我們更多地了解他們正在做什麼或沒有做什麼，或者在價格猶豫或類別變化方面或現狀？只是讓我們更多地了解他們在購物行為方面正在做什麼或沒有做什麼？

Yes. So what we've seen is, certainly, there's a lot of caution in terms of their discretionary spending. Last year, they were feeling great and bullish about the future and very excited to engage in the world after the COVID lock-ups. And also, a lot of them refreshed their wardrobe. And then there's kind of cycles there.

是的。因此，我們所看到的是，他們在可自由支配的支出方面確實非常謹慎。去年，他們對未來感到非常高興和樂觀，並且非常高興能在新冠疫情封鎖後融入世界。而且，他們中的很多人都更新了他們的衣櫃。然後就會出現某種循環。

So we're seeing a bit of a rebound the other way, in the wardrobe refresh cycle. And also where consumers are putting their dollars where more dollars are going towards experiences and services and fewer dollars towards goods, particularly discretionary goods, particularly among that younger demographic or that more aspirational demographic that has to watch their pocketbook a little bit more closely.

因此，我們在衣櫃更新周期中看到了一些相反的反彈。此外，消費者將更多的錢花在體驗和服務上，而更少的錢花在商品上，特別是非必需品，尤其是在年輕人群或更有抱負的人群中，他們必須更仔細地關注自己的錢包。

We'll go next to Edward Yruma at Piper Sandler.

我們將前往派珀·桑德勒 (Piper Sandler) 的愛德華·尤魯瑪 (Edward Yruma)。

I guess first, just to click down on the return rate again. Are you seeing -- I know some of the increase in return rate was due to mix shift and kind of more aggressive. But are you seeing kind of more of the -- I'm buying and can return everything, which seems to be more of a sign of a macro? Or is it still kind of more of the sizing issues that hopefully you can ameliorate with tech tools over time?

我想首先，只是再次點擊退貨率。你看到了嗎——我知道退貨率的增加部分是由於混合轉變和更激進的結果。但你是否看到了更多的——我正在購買並且可以退回所有東西，這似乎更像是宏觀的跡象？或者，這仍然是更多的規模問題，希望隨著時間的推移，您可以通過技術工具來改善？

And then as a follow-up on the Forward question, I guess, I know lead times there can be longer. Are you taking a different kind of short- to medium-term positioning against that luxury, younger consumer that may be more impacted by some of these macro pressures?

然後，作為轉發問題的後續行動，我想，我知道交貨時間可能會更長。對於可能更容易受到某些宏觀壓力影響的年輕奢侈品消費者，您是否採取了不同的中短期定位？

Yes. So on the return rate side, what we're seeing is very macro-based. It spans across categories, across order types, across customer types, across cohorts of merchandise and whether we look at recent cohorts of merchandise or, say, bestsellers from 1 or 2 years ago. We're seeing the increase in return rates across the board, right? So it's clear there's not some kind of sizing difference or quality difference or something like -- going on, that's very macro-based behavior. And again, we're seeing it in other retailers as well.

是的。因此，在回報率方面，我們看到的是非常宏觀的。它跨越類別、跨訂單類型、跨客戶類型、跨商品群組，以及我們是否查看最近的商品群組或一兩年前的暢銷商品。我們看到退貨率全面上升，對嗎？因此，很明顯，不存在某種尺寸差異或質量差異或類似的情況，這是非常基於宏觀的行為。同樣，我們在其他零售商中也看到了這一點。

That said, there's a ton we can do in terms of making the process easier for consumers to understand what items are going to work great for them, and we think we can make a meaningful impact in that zone regardless of what's going on the macro side of things. And then switching gears to Forward and kind of our outlook there. Yes, our outlook in the medium term is more of caution in the luxury zone, particularly for those aspirational customers that are reaching up and that's reflected in our inventory purchase plans.

也就是說，我們可以做很多事情，讓消費者更容易了解哪些產品對他們最有效，而且我們認為，無論宏觀方面發生什麼，我們都可以在該領域產生有意義的影響東西的。然後切換到“前進”並展望我們的前景。是的，我們對奢侈品領域的中期前景更加謹慎，特別是對於那些正在達到目標的有抱負的客戶，這反映在我們的庫存購買計劃中。

Our next question comes from Mark Altschwager at Baird.

我們的下一個問題來自貝爾德 (Baird) 的馬克·阿爾特施瓦格 (Mark Altschwager)。

Is there anything beyond the macro you can point to that you believe might be contributing to the ongoing sales pressure? I guess, any opportunities you see from a product or marketing execution standpoint that you think you could move the needle in the coming quarters, should the macro remain a headwind?

除了宏觀因素之外，您認為還有哪些因素可能會導致持續的銷售壓力？我想，從產品或營銷執行的角度來看，您認為可以在未來幾個季度取得進展的任何機會，宏觀經濟是否仍會是逆風？

Yes. We think the primary headwind is certainly on the macro side. But at the same time, our expectation is that we outperformed the market, right? And we believe we're not at the level of outperformance we expect to be right now. So we're certainly looking inward to see what we can do certainly to accelerate things, make sure we connect better with the consumer. And that includes all fronts, both on the marketing side and then also the merchandise side.

是的。我們認為主要的阻力肯定是在宏觀方面。但與此同時，我們的預期是我們跑贏了市場，對吧？我們相信我們目前的表現還沒有達到預期的水平。因此，我們當然會向內看，看看我們可以採取哪些措施來加速發展，確保我們與消費者建立更好的聯繫。這包括所有方面，包括營銷方面和商品方面。

And then just following up on gross margin, the lower outlook versus the prior forecast. I guess the seasonality in the business hasn't changed versus when you guided earlier in the year. So just to understand, is the more cautious gross margin outlook for the back half, all a function of forward taking longer to clean up? Or is there any element of planning higher promotions that REVOLVE to drive traffic and conversion?

然後只是跟進毛利率，前景低於之前的預測。我想與您今年早些時候指導時相比，業務的季節性並沒有改變。因此，我想了解一下，下半年的毛利率前景更加謹慎，是否都是由於未來需要更長的時間來清理？或者是否有任何計劃更高級別的促銷活動來推動流量和轉化？

Yes. No, it's in part, and I would say mostly that Forward dynamic and just the timing around those buys and working through that inventory. There is also an element on owned brands. Whenever we're in the inventory correction periods, we pull back on own brands more than on the third party given the depths that we have to produce there. And of course, own brand has a much more premium margin than that of the third party. So that has an impact in the near term. So that is certainly part of it.

是的。不，這是部分原因，我想說的主要是遠期動態，以及圍繞這些購買和庫存的時間安排。還有一個關於自有品牌的因素。每當我們處於庫存調整期時，考慮到我們必須在那裡生產的深度，我們會比第三方更多地撤回自有品牌。當然，自有品牌的溢價幅度比第三方品牌高得多。因此，這在短期內會產生影響。所以這肯定是其中的一部分。

Promotion and promotional activity out there, we still see it as being elevated, especially in those higher price points and just the market still being flooded with that luxury product and the combination of that with the consumer struggling, as Mike talked about.

正如邁克所說，在促銷和促銷活動中，我們仍然認為價格正在上漲，特別是在價格較高的情況下，而且市場仍然充斥著奢侈品，再加上消費者的苦苦掙扎。

We'll go next to Kunal Madhukar with UBS.

接下來我們將與 UBS 一起前往 Kunal Madhukar。

One, just to reconfirm. Your turn rate for the quarter was around 60%. That's what I'm estimating. So just wanted to reconfirm that number.

一，只是為了再次確認。本季度的周轉率約為 60%。這就是我的估計。所以只是想再次確認這個數字。

And then as we look at your AOV. The AOV has remained pretty firm. I was thinking maybe the AOV would decline simply because the mix of full price might be much lower. So how are you looking at AOV for the rest of the year? How are you thinking about that?

然後當我們查看您的 AOV 時。 AOV 仍然相當堅挺。我在想也許 AOV 會下降，僅僅是因為全價的組合可能要低得多。那麼您對今年剩餘時間的 AOV 有何看法？你覺得怎麼樣？

Yes. First, on the return rate, you're plus or minus in the right zone there, that's a 50%, which, of course, is much higher than last year. And -- we kind of addressed that earlier.

是的。首先，就回報率而言，你的正負值在正確的區域，即 50%，當然，這比去年高得多。而且——我們之前就解決過這個問題。

Then on AOV, yes, we're pleased with the AOV. It is coming in just a touch call it, $1 or $2 lower than we had initially anticipated, and that's largely due to the softness on Forward, which, of course, carries a much higher price point than REVOLVE.

然後就 AOV 而言，是的，我們對 AOV 感到滿意。它的上市時間比我們最初預期的要低 1 或 2 美元，這主要是由於 Forward 的疲軟，當然，Forward 的價格比 REVOLVE 高得多。

But full prices coming back. It's not at the levels of last year when we were checking out those record full price levels. It was 85% for the full year last year. We expect to be several points lower than that this year. But still at or above the pre-pandemic 2019 level. So we feel good about the -- shifting back into the full price mix, AOV is holding despite some pressure from the mix of Forward sales.

但全價回來了。當我們查看這些創紀錄的完整價格水平時，它還沒有達到去年的水平。去年全年這一比例為85%。我們預計會比今年低幾個百分點。但仍處於或高於 2019 年大流行前的水平。因此，我們對回到全價組合感到滿意，儘管遠期銷售組合帶來了一些壓力，但 AOV 仍保持堅挺。

We'll go next to Jim Duffy at Stifel.

我們將前往 Stifel 的吉姆·達菲 (Jim Duffy) 旁邊。

I'm hoping you can speak more about category performance. Beauty continues to grow. Which categories have seen the most pressure from the consumer pullback in discretionary spend?

我希望您能更多地談論品類表現。美麗持續增長。哪些類別因消費者可自由支配支出減少而承受的壓力最大？

And then hoping you can discuss it in the context of the inventory, with the inventory, yes, net sales has improved, but the year-to-year is influenced by elevated levels a year ago. So your days inventory is still elevated.

然後希望你能在庫存的背景下討論這個問題，隨著庫存的增加，是的，淨銷售額有所改善，但同比受到一年前水平升高的影響。所以你的天庫存仍然很高。

Yes. We speak for some categories. We're seeing softness in the apparel categories, fashion apparel as well as [dresses] which for us is a large category. So we separated now. As you mentioned, beauty is growing and strong. As well as handbags and accessories. So on a high level, it's kind of like the [broader] apparel across -- as Mike mentioned earlier, across the board, price point styles, occasions and things like that.

是的。我們針對某些類別進行發言。我們看到服裝類別、時尚服裝以及[連衣裙]的疲軟，這對我們來說是一個很大的類別。所以我們現在分開了。正如你所提到的，美麗正在成長和強大。還有手袋和配飾。因此，從較高的層面來看，它有點像[更廣泛的]服裝——正如邁克之前提到的，全面、價位、款式、場合等等。

Yes. And then maybe on the inventory, Jim. Yes, we're still planning conservatively for the balance of the year, as Mike mentioned. So it will be plus or minus in the same zone with new buys down in the double digits. But we feel good about the balance of the net sales and year-over-year inventory growth despite top line coming in softer than we had initially anticipated.

是的。然後也許在庫存上，吉姆。是的，正如邁克提到的，我們仍在保守地計劃今年剩餘時間。因此，在同一區域，新購買量將出現兩位數的下降。但我們對淨銷售額和同比庫存增長的平衡感到滿意，儘管營收比我們最初預期的要疲軟。

Okay. And Jesse, the gross margin guidance seems to imply inflection in the fourth quarter, if I've done my math correctly, is further inventory improvement central to delivering on that?

好的。傑西，毛利率指引似乎意味著第四季度的拐點，如果我的數學計算正確的話，進一步的庫存改善是否是實現這一目標的核心？

Yes. I wouldn't necessarily say inflection. Probably plus or minus in the zone a little bit lighter than in Q3. But on a year-over-year basis, maybe that's what you're referring to an inflection...

是的。我不一定會說變形。該區域的正負值可能比第三季度稍微輕一些。但在逐年的基礎上，也許這就是你所說的拐點……

I think, yes...

我想是的...

Last year in Q4 is when that pullback started to happen. And mix started to pull price into the markdown.

去年第四季度，這種回調開始發生。並且混合開始將價格拉低。

We'll go next to Simeon Siegel at BMO.

接下來我們將前往 BMO 的西蒙·西格爾 (Simeon Siegel)。

Jesse, did you, or could you comment on AOV or ASP, maybe specifically for REVOLVE versus FORWARD to mitigate that mix?

Jesse，您是否或者可以對 AOV 或 ASP 發表評論，也許專門針對 REVOLVE 與 FORWARD 來緩解這種混合？

Could you also remind us of the sales cadence for the quarter from last year, maybe just how to contextualize the mid-single-digit July comment? And then Michael or Mike, anything else just how you're thinking about longer-term active customer opportunity and just maybe -- whether there's any meaningful difference you're seeing in the new customers versus the prior?

您能否還提醒我們去年該季度的銷售節奏，也許只是如何將 7 月中個位數的評論置於背景中？然後邁克爾或邁克，還有什麼關於你如何看待長期活躍客戶機會的問題，也許——你在新客戶中看到的與以前的客戶相比是否有任何有意義的差異？

Yes, thanks, Simeon. And hope you're having a great summer as well. On the AOV, I would say, we commented on it a little bit earlier and that we're happy with where it's at despite FORWARD coming in softer than we had anticipated, and FORWARD, of course, carries that higher price point. So within 1% of being flat year-over-year, we're happy with.

是的，謝謝，西蒙。希望您也度過一個愉快的夏天。關於 AOV，我想說，我們早些時候對此進行了評論，我們對它的現狀感到滿意，儘管 FORWARD 的表現比我們預期的要軟，當然，FORWARD 的價格點更高。因此，與去年同期持平的幅度在 1% 之內，我們對此感到滿意。

That's -- or sorry, REVOLVE is holding us better than FORWARD. FORWARD is where we saw more decrease in the AOV. So some dynamics at play there and that kind of feeds into inventory discussion and kind of softness in the luxury more aspirational, consumer and working through that inventory.

那是——或者抱歉，REVOLVE 比 FORWARD 更能支撐我們。 FORWARD 是我們看到 AOV 下降更多的地方。因此，那裡的一些動態正在發揮作用，這會影響到庫存討論，以及更令人嚮往的奢侈品、消費者和庫存的軟性。

And then on the seasonality or kind of month-to-month seasonality, I think is where you were going on the Q3 is, month-to-month, it's plus or minus in the same zone for July, August, September, within a point or 2 on the year-over-year growth last year.

然後關於季節性或逐月季節性，我認為您在第三季度的情況是，逐月，它在 7 月、8 月、9 月的同一區域內增加或減少，在一個時間內較去年同期增長2 點。

Yes. And on the new customer side, I think that's certainly one of the bright spots in the current environment that we're continuing to attract new customers at a healthy rate. July new customers came in at a very solid number. And in general, retention on our cohorts has been good. It's just we're comping periods in 2021, in particular, but including parts of 2022 that were elevated over historical norms on some of those cohort retention numbers are for both new and existing customers. So there's been a pullback in consumer spend among our demo, but we're really happy to see that we're continuing to attract and bring in new customers at a healthy rate.

是的。在新客戶方面，我認為這無疑是當前環境下的亮點之一，我們將繼續以健康的速度吸引新客戶。七月份的新客戶數量非常可觀。總的來說，我們的團隊保留率很好。只是我們特別比較了 2021 年的時期，但也包括了 2022 年部分群體保留數字高於歷史標準的部分，其中一些群體保留數字適用於新客戶和現有客戶。因此，在我們的演示中，消費者支出有所回落，但我們很高興看到我們繼續以健康的速度吸引和引入新客戶。

Our next question comes from Janine Stichter at BTIG.

我們的下一個問題來自 BTIG 的 Janine Stichter。

You've got Ethan Saghi on for Janine. Can everyone hear me okay?

伊桑·薩吉 (Ethan Saghi) 出演珍妮 (Janine)。大家都能聽到我說話嗎？

Yes.

是的。

Okay. I just have one question for you guys. I'm just curious, with student loan repayments resuming in the fall, how are you thinking about that with regards to your planning and outlook for the back half of the year?

好的。我只想問你們一個問題。我只是好奇，隨著秋季學生貸款償還的恢復，您對下半年的計劃和展望有何看法？

Yes. We are being cautious -- I'm sorry, Mike, if you want to jump in -- but I would say from the planning perspective, being cautious and that comes through on the inventory side and continuing to -- until we see some green shoots there, taking a more conservative stance. And to some extent, we feel like maybe some of that student loan kind of that looming student loan repayment is already impacting the consumer and her buying behavior.

是的。我們正在保持謹慎——我很抱歉，邁克，如果你想介入的話——但我想說的是，從規劃的角度來看，要保持謹慎，這會在庫存方面體現出來，並繼續下去——直到我們看到一些綠色的跡象。在那裡拍攝，採取更保守的立場。在某種程度上，我們覺得也許一些即將償還的學生貸款已經影響了消費者和她的購買行為。

We'll go next to Lorraine Hutchinson at Bank of America.

我們將前往美國銀行的洛林·哈欽森 (Lorraine Hutchinson)。

You've spoken about a lot of initiatives around the selling and distribution expenses. Can you talk through the timing of when you think some of these mitigation strategies will kick in? And then what's the longer-term goal for this line item?

您談到了許多有關銷售和分銷費用的舉措。您能否談談您認為其中一些緩解策略何時會生效？那麼該訂單項的長期目標是什麼？

Yes. No, we're pleased with the progress there. I think we commented last quarter that we've got a couple of dozen individual initiatives within this line item, of course, all that different sizes and scales and timing. But they're already starting to kick in. If you look at the selling and distribution cost per order, that's down in the mid-single digits, low-single-digits year-over-year.

是的。不，我們對那裡的進展感到滿意。我想我們上個季度評論說，我們在這個項目中有幾十個單獨的舉措，當然，所有這些不同的規模、規模和時間安排。但它們已經開始發揮作用。如果你看看每份訂單的銷售和分銷成本，就會發現同比下降了中個位數、低個位數。

So it's already starting to take effect and offsetting some of that return rate pressure, at least on a per order as per unit basis. We're also starting to get some relief on the fuel surcharges. If you remember last year, Q2 is when that fuel surcharge really peaked in. It started to step down in Q3, Q4, a little bit more in Q1 and now even more in Q2.

因此，它已經開始生效，並抵消了部分退貨壓力，至少在每個訂單的基礎上是這樣。我們還開始減免燃油附加費。如果你還記得去年，第二季度是燃油附加費真正達到頂峰的時候。第三季度、第四季度開始下降，第一季度下降一點，現在第二季度下降更多。

So feel good about the progress there. And then if you kind of back into where we think the back half of the year is going to be working from our 18.6% this quarter, 18.3% next quarter and then 18.3% for the full year, that implies that there is some efficiencies starting to take place in the back half of this year, but more importantly, into next year. And the goal there is to get that number to be back in at least the high 17s over the midterm.

所以對那裡的進展感到滿意。然後，如果你回到我們認為下半年的情況，本季度為 18.6%，下季度為 18.3%，然後全年為 18.3%，這意味著效率開始提高將於今年下半年舉行，但更重要的是明年舉行。我們的目標是讓這個數字在中期至少回到 17 左右。

We'll go next to Oliver Chen at TD Cowen.

接下來我們將採訪 TD Cowen 的 Oliver Chen。

This is Jonna, on for Oliver. I'm curious about more international expansion plans. It looks like you're investing across different countries, how large these that international trends over time? And also curious on China specifically, how large do you think that business can grow both REVOLVE and FORWARD potentially? And if you've seen any sort of different noticeable difference in terms of customer demographic behavior in China versus the U.S.?

這是喬娜，替奧利弗發言。我對更多的國際擴張計劃感到好奇。看起來您正在不同的國家/地區進行投資，隨著時間的推移，國際趨勢有多大？特別是對中國也很好奇，您認為業務可以在 REVOLVE 和 FORWARD 方面增長到多大？您是否發現中國與美國的客戶人口行為有任何不同的明顯差異？

Yes. So long-term, I think international is a huge expansion opportunity for us. We would hope long term to achieve 1/3 of sales or more perhaps approaching 50%. But those are long-term aspirations and there's many steps from here to there. China, in particular, is a huge market where we feel like we haven't -- our brand hasn't penetrated in the same way as the U.S. But we feel like in the echelons of Chinese influencers who matter, we do have penetration in. We're really excited about the new Head of Greater China that we brought on, that has a lot of the operational expertise on the marketing side to help us out in that zone to really market the REVOLVE brand in a much bigger and broader way than we have historically. So that's a huge opportunity for us.

是的。從長遠來看，我認為國際化對我們來說是一個巨大的擴張機會。我們希望長期能夠實現銷售額的 1/3 甚至更多，或許接近 50%。但這些都是長期願望，從這裡到那裡還有很多步驟。特別是中國是一個巨大的市場，我們覺得我們還沒有像美國那樣滲透，但我們覺得在中國重要影響者的梯隊中，我們確實有滲透力. 我們對新任大中華區負責人感到非常興奮，他在營銷方面擁有豐富的運營專業知識，可以幫助我們在該地區以更大、更廣泛的方式真正營銷REVOLVE 品牌比我們歷史上有過的。所以這對我們來說是一個巨大的機會。

Obviously, China is an incredibly huge market for luxury and also aspirational luxury as well. So our hopes is that over the coming years, we can grow that into a huge market. But we'll keep you posted with our progress. This is the first step of many in terms of the expansion of the brand marketing in China. And it's probably going to be 6 to 12 months before we start seeing some of the initial progress from those new steps.

顯然，中國是一個極其巨大的奢侈品市場，也是令人嚮往的奢侈品市場。因此，我們希望在未來幾年內，我們能夠將其發展成為一個巨大的市場。但我們會隨時向您通報我們的進展。這是許多公司在中國拓展品牌營銷的第一步。我們可能需要 6 到 12 個月的時間才能看到這些新步驟取得一些初步進展。

We'll move to our next question from Rick Patel at Raymond James.

我們將轉向雷蒙德·詹姆斯 (Raymond James) 的里克·帕特爾 (Rick Patel) 提出的下一個問題。

Just a follow-up on earlier question on promotions. Can you talk about the outlook as you think ahead? Because inventories are in better shape now, but if the environment does end up being soft like it is now, how are you thinking about the use of promos going forward? And I'm curious what gross margins in terms of discounting in the back half versus last year?

只是之前有關促銷的問題的後續。您能談談您對未來的展望嗎？因為庫存現在狀況較好，但如果環境最終像現在一樣疲軟，您如何考慮未來使用促銷活動？我很好奇下半年折扣方面的毛利率與去年相比是多少？

Yes. I think on the promotion comment, that was more of a macro comment in it. We do see elevated promotions out there still and on top of a pressured consumer. That said, we tend to kind of blaze our own trail when it comes to working through that inventory. We don't necessarily compete head-to-head with others on the promotional front, especially on REVOLVE. More so on the FORWARD side where there's more comparable product and more softness there.

是的。我認為關於促銷評論，這更多的是宏觀評論。我們確實看到促銷活動仍在增加，而且消費者壓力很大。也就是說，在處理該清單時，我們傾向於開闢自己的道路。我們不一定在促銷方面與其他人正面競爭，尤其是在 REVOLVE 上。在 FORWARD 方面更是如此，那裡有更多可比的產品和更多的柔軟度。

But we've worked through the inventory fairly well over the last several quarters and feel good about the health there. So we'll continue on this path and be conservative in the new buys for the back half of the year until we see some green shoots again. And our expectations are factored into the margin guidance that we gave.

但在過去的幾個季度中，我們對庫存的處理相當順利，並且對那裡的健康狀況感到滿意。因此，我們將繼續沿著這條道路前進，並在今年下半年的新採購中保持保守，直到我們再次看到一些新芽。我們的預期已納入我們給出的利潤指引中。

And can you talk about the savings related to efficiency in shipping and logistics. It sounds like that's factored in the guidance also. But just curious how much of a tailwind this would be and how meaningful this could be as we think about margins beyond this year?

您能談談與運輸和物流效率相關的節省嗎？聽起來指南中也考慮了這一點。但只是好奇，當我們考慮今年以後的利潤率時，這將帶來多大的推動力以及這可能有多大意義？

Yes. Yes. Working from 18.6% of this quarter getting to an 18.3% for the full year implies already some efficiency gains this year, and that will continue into next year as a lot of these initiatives didn't start to kick in and won't start to kick in until the back half of the year. And the goal there is to get that back into the 17s over time, not commenting on exactly when that is. But I would say over the -- kind of over the midterm, we think we can get there -- next year at some point, maybe the full year doesn't quite get there, but next year at some point. And then we haven't talked about fulfillment yet either. A lot of capacity and utilization gains we had there. So there'll be further efficiencies, especially as we head into next year and optimize the space on our fulfillment network, layering more automation, more processes and just efficiencies with scale as we lap this increasing return rate and get back into growth mode.

是的。是的。從本季度的 18.6% 提高到全年的 18.3% 意味著今年已經取得了一些效率提升，而且這種情況將持續到明年，因為許多舉措還沒有開始發揮作用，也不會開始發揮作用。一直持續到下半年。我們的目標是隨著時間的推移將其恢復到 17 年代，而不是具體評論具體時間。但我想說的是，在中期，我們認為我們可以實現這一目標——明年的某個時候，也許全年還不能完全實現這一目標，但明年的某個時候。然後我們也還沒有討論過成就感。我們在那裡獲得了大量的產能和利用率收益。因此，效率將會進一步提高，特別是當我們進入明年並優化我們的履行網絡空間、分層更多自動化、更多流程以及規模效率時，隨著我們不斷增加的回報率並回到增長模式。

Next, we'll go to Noah Zatzkin at KeyBanc Capital Markets.

接下來，我們將採訪 KeyBanc Capital Markets 的 Noah Zatzkin。

This is Ashley on for Noah. One on international growth. I know you guys called out Mexico and China, both extreme, but just conversely, are there any countries you maybe highlight that are trending softer relative to your expectations? And then with the share buyback, does that take the possibility for M&A off the table for now? Or how are you thinking about the opportunity there?

這是諾亞的阿什利。一是關於國際增長。我知道你們指出墨西哥和中國都是極端的，但相反，您可能會強調哪些國家的趨勢相對於您的預期更為疲軟？那麼隨著股票回購，這是否會暫時排除併購的可能性？或者您如何看待那裡的機會？

Yes, definitely. So in terms of softer markets, generally, we're seeing the western more developed markets softer, which includes, obviously, the U.S. as well, but on the international side, those western markets, so Europe, U.K., Canada, Australia, generally a lot softer than we would like to see. And then in terms of the -- on the share buyback and the M&A, it doesn't take M&A off the table, but certainly, we feel like we have a healthy cash position and we recognize this is a great opportunity to put some of that cash to work and what we believe will be a very accretive way. And it's one of the luxuries of being such a cash-generative business where we're able to achieve growth and cash generation at the same time. Where we feel like we can invest and grow the business at the same time as returning capital to our shareholders.

當然是。因此，就市場疲軟而言，總體而言，我們看到西方較發達的市場更加疲軟，顯然也包括美國，但在國際方面，這些西方市場，例如歐洲、英國、加拿大、澳大利亞，總體而言比我們希望看到的要柔和得多。然後就股票回購和併購而言，這並沒有將併購排除在外，但當然，我們覺得我們擁有健康的現金狀況，我們認識到這是一個很好的機會，可以將一些這些現金用於工作，我們相信這將是一種非常增值的方式。這是一個能夠產生現金的企業的奢侈之一，我們能夠同時實現增長和現金產生。我們覺得我們可以在向股東返還資本的同時投資和發展業務。

And we'll take our final question from Janet Kloppenburg at JJK Research Associates.

我們將回答 JJK Research Associates 的 Janet Kloppenburg 提出的最後一個問題。

Can you hear me now?

你能聽到我嗎？

Yes.

是的。

I -- a lot of questions have been asked around the inventory, but I was just wondering if you could talk a little bit about selling trends where you are happy with the response rate and where the full price selling is good. And if there's any directional change in what your core customers are spending money on perhaps more casual versus dress up or categories like that, accessories, et cetera. And I was also wondering if you could break that segmentation down between the domestic customer and the international customer?

我——圍繞庫存提出了很多問題，但我只是想知道您是否可以談談您對響應率感到滿意以及全價銷售良好的銷售趨勢。如果你的核心客戶花錢買的東西有任何方向性的變化，也許是更休閒的商品，而不是正裝或類似配飾等的商品。我還想知道您是否可以打破國內客戶和國際客戶之間的劃分？

Yes. Speaking to merchandising, we feel good about our inventory position because we're seeing the slowness across the board. It's definitely not too much of this, I need more of that. We feel like we have the right merchandise in appropriate zones, just not top line and demand is just not quite there. We've historically always been strong going out. Of course we continue to see going out dress it will be important of course being the summer time, this time they are seasonally, there's a lot more casual, warm weather, casual clothes, vacation clothes, things like that. So historic strengths, feeling really good about the development of some of the more nascent categories, some of these also might not historically be as known for. Quietly making progress behind the scenes in that as well. Maybe I'll let Mike or Jesse speak to the international trends? Or differences?

是的。說到銷售，我們對庫存狀況感覺良好，因為我們看到了全面的放緩。這絕對不是太多，我需要更多。我們覺得我們在適當的區域擁有合適的商品，但不是頂線，需求也不太存在。從歷史上看，我們一直都很強勢地走出去。當然，我們繼續看到外出著裝，這當然很重要，因為夏天是季節性的，有更多的休閒裝，溫暖的天氣，休閒裝，度假裝，諸如此類的東西。因此，歷史優勢，對一些新興類別的發展感覺非常好，其中一些類別在歷史上可能並不那麼出名。這方面也在幕後悄悄取得進展。也許我會讓邁克或傑西談談國際趨勢？還是差異？

Yes. On the international side of the business, in those developed markets, we're seeing certainly similar trends as we're seeing on the domestic side, which is -- once you account for the very big macro shifts in demand from the COVID period to the post-COVID sort of exclusion in going out close where -- we're generally seeing across the board. The demand is not quite where we'd like it to be. But we feel good about our progress with our various initiatives on the inventory front, revolving, inventory is in a very healthy place. And then some of those longer-term areas that have been growth areas for us such as beauty are continuing to show growth even through kind of this macro environment that's a bit tougher for us.

是的。在國際業務方面，在那些發達市場，我們看到的趨勢肯定與我們在國內看到的趨勢相似，那就是——一旦你考慮到從新冠疫情時期到需求的巨大宏觀變化。新冠疫情后，我們普遍普遍看到，人們在外出時被排除在外。需求並不完全符合我們的預期。但我們對庫存方面的各種舉措所取得的進展感到滿意，周轉庫存處於非常健康的狀態。然後，一些對我們來說一直是增長領域的長期領域，比如美容領域，即使在這種對我們來說有點困難的宏觀環境下，仍然繼續顯示出增長。

And that is all the time we have for questions today. I will turn the call back to management for closing remarks.

這就是我們今天提問的全部時間。我會將電話轉回管理層以供結束語。

Thank you, everyone, for joining our call. It's clearly a troubling time, but I can assure you that we're very, very focused and quite, quite pleased despite our top line numbers. And our financial results in this quarter not being far from where we want to be. We're quite pleased with the progress we're making and being solution. So excited to join with you guys in 2 months' time.

謝謝大家加入我們的電話會議。這顯然是一個令人不安的時期，但我可以向你們保證，儘管我們的營收數字很高，但我們非常非常專注，並且非常非常高興。我們本季度的財務業績距離我們想要的目標並不遠。我們對所取得的進展和解決方案感到非常滿意。很高興能在兩個月後加入你們。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。