Revolve Group Inc (RVLV) 2025 Q2 法說會逐字稿

Well, good afternoon, everyone, and welcome to Revolve's second-quarter 2025 results conference call. (Operator Instructions)

大家下午好，歡迎參加 Revolve 2025 年第二季業績電話會議。（操作員指示）

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

現在，我想將會議交給 Revolve 投資者關係副總裁 Eric Randerson。艾瑞克，你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Revolve's second-quarter 2025 results. Before we begin, I'd like to mention that we have posted a presentation containing Q2 2025 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 2025 年第二季的表現。在我們開始之前，我想提一下，我們已經在投資者關係網站 investors.revolve.com 上發布了一份包含 2025 年第二季財務亮點的簡報。

I'd also like to remind you that this conference call will include forward-looking statements, including statements related to our future growth, our inventory balance, our key priorities in business initiatives, industry trends, the impact of tariffs, and our mitigation efforts on marketing events and their expected impact, our physical retail stores, and our outlook for net sales, gross margin, operating expenses, and effective tax rate. These statements are subject to various risks, uncertainties, and assumptions that could cause our action results to differ materially from these statements, including the risk mentioned in this afternoon's press release, as well as other risks and uncertainties disclosed in 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, 2024, and our subsequent quarterly reports on Form 10-Q. All of which can be found on our website at investors.revolve.com.

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、庫存餘額、業務計劃的關鍵優先事項、行業趨勢、關稅的影響以及我們對營銷活動的緩解措施及其預期影響、我們的實體零售店以及我們對淨銷售額、毛利率、營業費用和有效稅率的展望有關的陳述。這些聲明受到各種風險、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行動結果與這些聲明存在重大差異，包括今天下午的新聞稿中提到的風險，以及標題、風險因素和其他地方披露的其他風險和不確定性，以及我們向美國證券交易委員會提交的文件中的內容，包括但不限於我們截至 2024 年 12 月 31 日的年度報告，以及我們的年度報告 10-K-Q 以及我們的年度報告，以及我們的年度報告 10-KQ 以及我們的年度報告。所有這些都可以在我們的網站 investors.revolve.com 上找到。

We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we'll also reference certain non-GAAP financial information, including adjusted EBITDA and free cash flow.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。在今天的電話會議中，我們還將參考某些非 GAAP 財務信息，包括調整後的 EBITDA 和自由現金流。

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

我們在一些財務討論中使用非公認會計準則指標，因為我們相信它們能為我們的營運績效和基本營運結果提供寶貴的見解。此非 GAAP 財務資訊的呈現並非旨在單獨考慮，也不旨在替代或優於根據 GAAP 呈現和編制的財務資訊。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。非公認會計準則 (non-GAAP) 指標與最直接可比較的 GAP 指標的對照表，以及每項指標的定義、其局限性和我們使用它們的理由，都可以在我們今天下午提交給美國證券交易委員會 (SEC) 的文件中發布的新聞稿中找到。

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

今天與我一起參加電話會議的還有我們的共同創辦人兼聯合執行長 Mike Karanikolas 和 Michael Mente；以及我們的財務長 Jesse Timmermans。在我們準備好發言之後，我們將開始回答您的問題。說完這些，我就把麥克風交給麥克。

Hello, everyone, and thanks for joining us today. Outstanding execution by our team with an incredibly dynamic operating environment led to strong second-quarter results and continued market share gains.

大家好，感謝大家今天加入我們。我們團隊的出色執行力和極具活力的營運環境帶來了強勁的第二季業績和持續的市場份額成長。

Our net sales increased to 9% year over year, outpaced by adjusted EBITDA increasing 12% year over year as we delivered our highest adjusted EBITDA margin in three years, despite pressure from increased tariff rates. Improved inventory dynamics and our tariff mitigation efforts drove a slight expansion of our gross margin year by year, as well as healthy cash flow generation. In fact, our $52 million in free cash flow generated during the first six months of 2025 is nearly three times the free cash flow we achieved for the full year in 2024.

我們的淨銷售額年增 9%，調整後 EBITDA 年成長 12%，儘管面臨關稅上調的壓力，我們仍實現了三年來最高的調整後 EBITDA 利潤率。庫存動態的改善和我們的關稅減免努力推動我們的毛利率逐年小幅擴大，並產生了健康的現金流。事實上，我們在 2025 年上半年產生的 5,200 萬美元自由現金流幾乎是我們在 2024 年全年實現的自由現金流的三倍。

Looking beyond the numbers, I'm excited by the underlying drivers of our strong results that illustrate great progress in key areas of investment for long-term success. Our customer base continues to increase, and on average we are generating more revenue for active customer helped by a lower return rate year by year and our successful efforts to capture a greater share of the consumer's wallet. I'm also thrilled with our momentum and expansion within international markets and by the increasing mix of own brands as a percentage of REVOLVE segment net sales that is accretive to our margins.

除了數字之外，我對我們強勁業績的根本驅動力感到興奮，這些表現表明我們在長期成功的關鍵投資領域取得了巨大進展。我們的客戶群持續成長，平均而言，得益於逐年降低的退貨率以及我們成功贏得更大消費者份額的努力，我們為活躍客戶創造了更多的收入。我也對我們在國際市場上的發展勢頭和擴張感到興奮，而自有品牌在 REVOLVE 部門淨銷售額中所佔比例的不斷增加也增加了我們的利潤率。

With that as an introduction, I'll step back and provide a brief recap of our Q2 results before reviewing the progress on our longer term initiatives. Starting with Q2 results, as discussed on our Q1 earnings call, net sales for the second quarter of 2025 had a slow start, coinciding with the peak tariff uncertainty in April and historically low consumer sentiment.

以此作為介紹，我將回顧我們第二季的業績，然後再回顧我們長期計畫的進展。從第二季業績開始，正如我們在第一季度財報電話會議上所討論的那樣，2025 年第二季度的淨銷售額開局緩慢，這與 4 月份關稅高峰的不確定性以及歷史低位的消費者情緒相吻合。

Encouragingly, our net sales growth rebounded strongly from mid-single digits in April 2025 into the low-double-digit growth territory for the months of May and June. All told, net sales for the full second quarter increased to 9% year by year, driven by domestic and international net sales increases of 7% and 17% year by year, respectively.

令人鼓舞的是，我們的淨銷售額成長從 2025 年 4 月的中個位數強勁反彈至 5 月和 6 月的低兩位數成長區間。總體而言，第二季全年淨銷售額年增 9%，其中國內和國際淨銷售額分別年增 7% 和 17%。

By segment, REVOLVE net sales increased 9% and Ford net sales increased 10% year to year within a global luxury market that declined year over year in the first quarter, according to research from Bain-Altagamma. The underlying forward metrics are very encouraging, for their validating the efficacy of our FWRD investments over the past several quarters to capitalize on opportunities created by all the challenges among other luxury retailers.

Bain-Altagamma 的研究顯示，按細分市場劃分，在第一季全球豪華車市場年減的情況下，REVOLVE 的淨銷售額年增 9%，福特的淨銷售額年增 10%。潛在的前瞻性指標非常令人鼓舞，因為它們驗證了我們過去幾個季度對 FWRD 的投資的有效性，從而利用了其他奢侈品零售商面臨的所有挑戰所創造的機會。

The biggest source of upside for the second quarter relative to expectations was our gross margin performance. Despite the tariff pressures we discussed at length last quarter, we delivered a slight increase in consolidated gross margin year by year, significantly outperforming our guidance.

第二季相對於預期最大的上漲空間是我們的毛利率表現。儘管我們在上個季度詳細討論了關稅壓力，但我們的綜合毛利率仍逐年小幅增長，大大超出了我們的預期。

Key contributors to our gross margin outperformance in Q2 were continued penetration growth for our own brand offerings, which generate higher margins than third-party brands. The team's outstanding work on tariff mitigation relative to our prior assumptions, as well as the successful testing and rollout of enhancements to our markdown algorithms that drove meaningful improvements in the depth of markdowns in the second quarter relative to our recent performance on these metrics.

我們第二季毛利率表現優異的關鍵因素是我們自有品牌產品的滲透率持續成長，其利潤率高於第三方品牌。該團隊在降低關稅方面所做的出色工作（相對於我們先前的假設）以及對我們的降價演算法的改進的成功測試和推出，推動了第二季度降價深度相對於我們最近在這些指標上的表現的有意義的改善。

Speaking of tariff mitigation, while there is still a level of uncertainty, thus far, we have been able to successfully mitigate a significant majority of the tariff impacts. Importantly, the severity and abruptness of the tariffs served as a catalyst for mitigation efforts that should be favorable to our long-term margin structure, which is exciting.

說到關稅減免，雖然仍然存在一定程度的不確定性，但到目前為止，我們已經能夠成功減輕絕大多數關稅影響。重要的是，關稅的嚴厲性和突然性成為緩解措施的催化劑，這應該有利於我們的長期利潤結構，這是令人興奮的。

Shifting to our bottom line results, our operating discipline allowed us to achieve a 10% increase in operating income and a 12% increase in adjusted a year over year outpacing our net sales growth of 9% year over year.

轉向我們的底線結果，我們的營運紀律使我們實現了營運收入成長 10%，調整後銷售額同比增長 12%，超過了淨銷售額同比增長 9%。

In addition to our top line growth and increased gross profit we discussed, contributing to our profitability gains were our successful efforts to drive efficiencies in our global logistics operations. Notably, our product return rate decreased by more than 1.5 points year by year in the quarter, helping us to achieve nearly 60 basis points of leverage in our variable cost line items of selling and distribution and fulfillment.

除了我們討論過的營業收入成長和毛利增加之外，我們成功提高全球物流營運效率的努力也促進了獲利能力的提升。值得注意的是，本季我們的產品退貨率年減了 1.5 個百分點以上，幫助我們在銷售、分銷和履行等變動成本項目中實現了近 60 個基點的槓桿率。

Most exciting is that our profitable growth once again converted very strongly to cash flow generation that serves as a key competitive advantage. It was our best second-quarter performance for cash flow generation in four years helped by meaningfully improved inventory dynamics. As an illustration of our improved efficiency, our net sales increased 9% year by year, while our inventory balance declined 6% year to year.

最令人興奮的是，我們的獲利成長再次強勁轉化為現金流，這成為我們的關鍵競爭優勢。由於庫存動態的顯著改善，這是我們四年來第二季現金流產生的最佳表現。作為我們效率提升的體現，我們的淨銷售額逐年成長 9%，而庫存餘額逐年下降 6%。

Notably, for the first half of 2025, our free cash flow generation exceeded our adjusted EBITDA profitability by $10 million. As a result, cash and equivalents grew to an all-time high of $311 million as of June 30, an increase of 27% year over year.

值得注意的是，2025 年上半年，我們的自由現金流產生量超過調整後的 EBITDA 獲利量 1,000 萬美元。因此，截至 6 月 30 日，現金及等價物成長至 3.11 億美元的歷史新高，年增 27%。

Now, I'll conclude by recapping our exciting progress against our strategic priorities and growth factors over the past few months. We have a lot of exciting initiatives in play and our team is doing an excellent job executing on the set of initiatives that we believe can deliver value for shareholders over the long term.

現在，我將總結過去幾個月我們在策略重點和成長因素方面取得的令人振奮的進展。我們正在實施許多令人興奮的舉措，我們的團隊正在出色地執行這些舉措，我們相信這些舉措可以為股東帶來長期價值。

First, we continue to efficiently invest to expand our brand awareness, grow our customer base, and strengthen our connection with the next-generation consumer. We had an extremely active and impactful second quarter for brand marketing featuring marquee events such as Revolve Festival, Revolve in the Hamptons, and more that Michael will talk about in his remarks.

首先，我們繼續有效投資，以擴大我們的品牌知名度，擴大我們的客戶群，並加強我們與下一代消費者的聯繫。我們在第二季的品牌行銷非常活躍且影響深遠，其中包括 Revolve Festival、Revolve in the Hamptons 等大型活動，Michael 將在他的演講中談到更多內容。

Second, we continue to successfully expand our international penetration highlighted by 17% growth outside of the US in the second quarter. Net sales increased across nearly all regions, including China, which has become one of the top contributors for our REVOLVE segment. In fact, our REVOLVE segment sales in mainland China have more than doubled over the past two years after we invested in a team dedicated to the China market.

其次，我們持續成功擴大國際滲透率，第二季美國以外地區的成長達到 17%。幾乎所有地區的淨銷售額都有所成長，其中中國已成為我們 REVOLVE 部門的最大貢獻者之一。事實上，在我們投資了一支專門針對中國市場的團隊之後，我們 REVOLVE 部門在中國大陸的銷售額在過去兩年裡增長了一倍多。

Their efforts have helped us to capitalize on exciting opportunities, including through successful marketplace partnerships that have fueled our growth acceleration. Revolve was recently named the number one cross-border store on the Tmall Global Marketplace within the apparel category, and we recently launched a dedicated REVOLVE Man store on the Tmall Marketplace to further expand our reach. Our international results underscore our attraction in the attractive growth opportunity overseas that is several times larger than the US market.

他們的努力幫助我們抓住了令人興奮的機會，包括透過成功的市場合作夥伴關係推動了我們的成長加速。Revolve 最近被評為天貓國際平台服裝類別中排名第一的跨境商店，我們最近在天貓平台上推出了專門的 REVOLVE Man 商店，以進一步擴大我們的影響力。我們的國際業績凸顯了我們在海外具有吸引力的成長機會，其規模比美國市場大幾倍。

Third, we have continued to build on the successful expansion of our assortment to gain a greater share of consumer spending. Sales of fashion apparel, beauty, men's, and home products each increased by a healthy double-digit percentage year over year, contributing to our reduced return rate and increased revenue for active customer year over year. This success expanding beyond our historical core further validates our opportunity to drive customer acquisition and expand our share of wallet among our loyal existing customers who trust in our brands and delight in our premium shopping experience.

第三，我們繼續在成功擴大產品種類的基礎上，爭取更大的消費者支出份額。時尚服飾、美容、男士和家居產品的銷售額同比均實現了健康的兩位數增長，這有助於我們降低退貨率並增加活躍客戶的收入。這項超越我們歷史核心的成功進一步證實了我們有機會推動客戶獲取，並在信任我們的品牌並享受我們優質購物體驗的忠實現有客戶中擴大我們的錢包份額。

Finally, we are continuing to leverage AI to drive growth and efficiency initiatives across the company, including to refine our shopping experience and personalization capabilities. Building on our successful recent launch of internally developed AI-search algorithms for consumer product discovery on our e-commerce sites, during the second quarter, we tested and launched into production enhancements to our AI-search algorithms that are delivering great results, including a meaningful lift in conversion rate for search queries on our revolve site. This exciting innovation by our data science team is driving incremental conversion gains on top of the incredible lift in performance that we achieved last year by replacing third-party search technology with our internally developed AI search algorithms for on-site search.

最後，我們將繼續利用人工智慧來推動整個公司的成長和效率計劃，包括改善我們的購物體驗和個人化能力。我們最近成功推出了內部開發的人工智慧搜尋演算法，用於在我們的電子商務網站上發現消費者產品，在此基礎上，我們在第二季度測試並推出了人工智慧搜尋演算法的生產增強功能，這些增強功能正在產生巨大的效果，包括我們的volve網站上搜尋查詢的轉換率顯著提升。我們的資料科學團隊的這項令人興奮的創新正在推動轉換率的逐步提升，這得益於我們去年透過用內部開發的 AI 搜尋演算法取代第三方搜尋技術進行現場搜尋而實現的令人難以置信的效能提升。

To wrap up, I'm very proud of the team for delivering such strong second-quarter results and great progress on longer-term initiatives that are critical building blocks for continued profitable growth over the long term, particularly in such an uncertain environment.

總而言之，我為團隊在第二季度取得如此強勁的業績以及在長期計劃上取得的巨大進展感到非常自豪，這些計劃是長期持續盈利增長的關鍵基石，尤其是在如此不確定的環境中。

I'd like to thank our team for your incredible agility, innovation, and commitment that has helped us to navigate through all the tariff uncertainty while remaining focused on delivering excellence for our customers every day. With our talented team, powerful brands, operational excellence, data-driven mindset, and proprietary technology infrastructure, I'm confident that we have the ingredients to power profitable growth and further market share gains in 2025 and beyond.

我要感謝我們團隊的非凡敏捷性、創新精神和承諾，這幫助我們解決了所有關稅不確定性問題，同時仍專注於每天為客戶提供卓越服務。憑藉我們優秀的團隊、強大的品牌、卓越的營運、數據驅動的思維方式和專有技術基礎設施，我相信我們擁有在 2025 年及以後實現盈利增長和進一步擴大市場份額的要素。

Now, over to Michael.

現在，交給麥可。

Thanks, Mike, and hello, everyone. The core competitive advantages we have built over the last 20 years continue to set us apart and together with our strong team, enable us demonstrating our ability to navigate through this volatile period with huge changes in the effective terabits from day to day.

謝謝，麥克，大家好。我們在過去 20 年中建立的核心競爭優勢繼續使我們脫穎而出，並且與我們強大的團隊一起，使我們能夠在有效太比特每天都發生巨大變化的這個動盪時期中展現出我們的能力。

Even in such a dynamic environment in 2025 with wildfires, tariffs, and macro uncertainty, in the first half of the year, our revenue increased 10%, our adjusted EBITDA increased 25%, and our free cash flow was more than 5 times higher year over year.

即使在 2025 年這樣一個充滿野火、關稅和宏觀不確定性的動態環境中，今年上半年，我們的收入增長了 10%，調整後的 EBITDA 增長了 25%，自由現金流同比增長了 5 倍以上。

With that as an introduction, I will focus my remarks on some of the strategic areas we are investing in and that we are especially excited about. Brand investments, merchandizing, forward momentum within the luxury industry, expansion of own brand, and physical retail exploration.

以此作為介紹，我將重點談談我們正在投資並特別興奮的一些策略領域。品牌投資、商品推銷、奢侈品產業的前進動力、自有品牌的擴張以及實體零售探索。

First, brand building. Our brand-elevating Revolve Festival held in April set the tone for the second quarter by delivering significantly greater marketing impact on reduced spending year over year. Aspirational content from Revolve Festival in the Coachella Valley dominated social media feeds during the one week period around our events.

一是品牌建立。我們在 4 月舉辦的提升品牌形象的 Revolve 節為第二季奠定了基調，與去年同期相比，該活動在減少支出的情況下產生了更大的行銷效果。在我們活動舉辦的一週時間裡，科切拉谷 Revolve 音樂節的勵志內容佔據了社群媒體的主導地位。

But we didn't stop there. We had a very active second quarter for brand building, exciting and delighting our passion community of consumers, brands, content creators, and partners by hosting a powerful events in New York, Miami, the Hamptons, and at Stagecoach Festival in California. Particularly exciting was our multi-week activation in the Hamptons.

但我們並沒有就此止步。我們在第二季度非常活躍地進行品牌建設，透過在紐約、邁阿密、漢普頓和加州的驛馬車音樂節舉辦了一系列精彩的活動，讓我們充滿熱情的消費者、品牌、內容創作者和合作夥伴社群感到興奮和高興。我們在漢普頓的為期數週的活動尤其令人興奮。

We engaged our community with Revolve summer activations attended by numerous A-listers, co-hosted the vibrant Palm Tree Music Festival, and hosted an experiential pop-up shop in partnership with Vivrelle that remains open through Labor Day. All told, it was our most efficient second quarter for brand building in four years, based on the estimated value of impressions generated by our brand marketing investments.

我們透過 Revolve 夏季活動與社區互動，眾多一線明星出席，共同主辦了充滿活力的棕櫚樹音樂節，並與 Vivrelle 合作開設了體驗​​式快閃店，該店將一直營業到勞動節。總而言之，根據我們品牌行銷投資所產生的印象價值估算，這是我們四年來品牌建立最有效的第二季。

Second, merchandizing. A key highlight from Q2 was a strong cash flow generation, which benefited from higher inventory turns year over year. In fact, we achieved the highest second-quarter inventory turns ratio for full-price merchandise on Revolve in four years.

第二，商品化。第二季的亮點是強勁的現金流產生，這得益於庫存週轉率的逐年提高。事實上，我們實現了 Revolve 四年來全價商品第二季最高的庫存週轉率。

The underlying drivers are exciting as well. Our vastly improved merchandizing on the site and other consumer touch points in recent quarters is a key contributor to our improved inventory efficiency while also driving increased consumer engagement and category expansion. For instance, net sales from our festival shop in Revolve nearly tripled year over year in the first half of 2025 on top of very significant growth last year. Our fashion and editorial merchandizing are making it easier than ever for our customers to fund what they're looking for, driving improved inventory efficiency.

背後的驅動因素也令人興奮。在最近幾個季度，我們在網站和其他消費者接觸點上的商品推銷得到了極大改善，這是我們提高庫存效率的關鍵因素，同時也推動了消費者參與度的提高和品類的擴展。例如，在去年非常顯著成長的基礎上，2025 年上半年我們在 Revolve 的節日商店的淨銷售額年增近兩倍。我們的時尚和編輯商品使我們的客戶比以往更輕鬆地為他們所尋找的商品提供資金，從而提高庫存效率。

Our merchandizing is also helping to generate increased demand and fashion apparel offerings outside of our historical core of event dressing. Still, the shorts have been incredible in the first half of 2025, also contributing to our improved inventory turns year over year. Leveraging our data-driven approach, our merchandising team identified the short trends very early and we capitalized by highlighting the perfect short styling for the boho look we're wearing at the beach. I truly believe the combination of our merchandising, editorial, and photography that seemingly feeds into our brand marketing messaging is second to none and continues to improve.

我們的商品銷售也有助於增加需求，並提供我們歷史核心活動服裝以外的時尚服飾產品。儘管如此，2025 年上半年的短褲表現仍然令人難以置信，也有助於我們庫存週轉率逐年提高。利用我們的數據驅動方法，我們的行銷團隊很早就發現了短款趨勢，我們充分利用了這一趨勢，突出了我們在海灘上穿著的波西米亞風格的完美短款造型。我堅信，我們的商品銷售、編輯和攝影的結合似乎融入了我們的品牌行銷訊息，是首屈一指的，而且還在不斷改進。

Third, FWRD. Our FWRD segment delivered impressive second-quarter results that further validate our strategy on investing through the cycle while the luxury industry continues to face near-term challenges. While many luxury players have reported declining revenue, FWRD net sales increased 10% year over year on increased margins as FWRD gross profit increased by 16% year over year in the second quarter. And at a time when some of the largest luxury retailers are delaying payments to luxury brands for merchandise received, FWRD continues to attract coveted luxury brands with new partners.

第三，FWRD。我們的 FWRD 部門在第二季取得了令人印象深刻的業績，進一步驗證了我們在奢侈品產業繼續面臨短期挑戰的同時進行週期性投資的策略。儘管許多奢侈品公司報告收入下降，但 FWRD 的淨銷售額年增 10%，利潤率上升，而 FWRD 第二季度的毛利年增 16%。在一些最大的奢侈品零售商推遲向奢侈品牌支付貨款的時候，FWRD 繼續透過新的合作夥伴吸引令人垂涎的奢侈品牌。

Illustrating our brand establishment momentum, our recent launch has been FWRD by coveted luxury brands including Phoebe Philo, Victoria Beckham Beauty, Ralph Lauren, and the launch of Skims X Roberto Cavalli collaboration.

為了展現我們品牌建立的勢頭，我們最近推出了一系列備受追捧的奢侈品牌的 FWRD 產品，包括 Phoebe Philo、Victoria Beckham Beauty、Ralph Lauren，以及 Skims X Roberto Cavalli 合作系列。

Finally, luxury brands have also been creating in-demand products that are exclusively available on FWRD. In June, we launched our FWRD summer club capsule that features exclusive FWRD sales for summer getaways from hot brands including Christopher Esber, Fijes, and Sane. Consumer demand for the capsule has been outstanding, resulting in very positive feedback from other luxury brands who are eager to partner with us more closely going forward.

最後，奢侈品牌也一直在打造僅在 FWRD 上銷售的熱門產品。6 月份，我們推出了 FWRD 夏季俱樂部膠囊系列，其中包括 Christopher Esber、Fijes 和 Sane 等熱門品牌的夏季度假獨家 FWRD 促銷。消費者對膠囊系列產品的需求非常強烈，其他奢侈品牌也給予了非常正面的回饋，他們渴望在未來與我們建立更緊密的合作關係。

Fourth, owned brands where our team has been incredibly agile in navigating the evolving tariff landscape. Despite all the uncertainty, I am pleased to share that our momentum at owned brands continues to build strongly. In fact, year-over-year growth of our brand net sales improved for the fifth consecutive quarter in Q2 and is outpacing our overall growth, leading to increased penetration of owned brands.

第四，我們的團隊在應對不斷變化的關稅情況方面表現出了極其敏捷的自有品牌。儘管存在諸多不確定性，但我很高興地告訴大家，我們自有品牌的發展動能持續強勁成長。事實上，我們品牌淨銷售額的同比增長在第二季度連續第五個季度有所改善，並且超過了我們的整體增長速度，從而提高了自有品牌的滲透率。

The increased owned brand mix of revolved sales year over year was a key contributor to our better-than-expected gross margin as owned brands generate much higher gross margins than third-party brands. And since our owned brand collections are exclusively available through REVOLVE and FWRD, owned brands are a key driver of traffic, new customer acquisition, and net sales at full price.

自有品牌循環銷售組合的逐年增加是我們毛利率優於預期的關鍵因素，因為自有品牌的毛利率遠高於第三方品牌。由於我們的自有品牌系列僅透過 REVOLVE 和 FWRD 提供，因此自有品牌是流量、新客戶獲取和全價淨銷售額的主要驅動力。

With the underlying metrics for owned brands performing better than ever and continuing to outperform comparable metrics for third-party brands, we are investing with confidence ahead of the launch of some exciting new owned brands in the next few quarters. I look forward to sharing more in the next quarter's conference call.

由於自有品牌的基礎指標表現比以往任何時候都好，並且繼續優於第三方品牌的可比較指標，我們對未來幾季推出一些令人興奮的新自有品牌充滿信心地進行投資。我期待在下一季的電話會議中分享更多內容。

Finally, physical retail. We continue to be very excited about the growth opportunity in physical retail over the long term. We are making significant progress developing our retail muscle as we continue to build out a team that continues to raise the bar on our -to-market strategy and operations at our Aspen store, resulting in conversion gains, net sales growth, and phenomenal customer feedback.

最後，實體零售。我們仍然對實體零售的長期成長機會感到非常興奮。我們在發展零售實力方面取得了重大進展，我們將繼續組建一支團隊，不斷提高我們在阿斯彭商店的市場策略和營運標準，從而實現轉換率提升、淨銷售額成長和驚人的客戶回饋。

Our brands have taken notice of our Aspen success. An executive from an iconic Italian luxury brand that we've targeted for years to carry in our FWRD assortment visited our Aspen store recently and was so impressed by our merchandising service and overall aesthetic that we have begun discussions about carrying the iconic brand as part of our in-store assortment.

我們的品牌已經注意到了我們在阿斯彭的成功。一位來自義大利標誌性奢侈品牌的高管最近參觀了我們的阿斯彭商店，該品牌多年來一直計劃在我們的 FWRD 系列中銷售該品牌，他對我們的商品服務和整體美感印象深刻，因此我們開始討論將該標誌性品牌作為我們店內產品系列的一部分。

All of this is further validation of the track to long-term opportunity ahead in physical retail and will be an important driver of success at our -to-be open store in Los Angeles. We are on track to open our permanent store in Los Angeles in the fourth quarter, just in time for the holiday season. The store design looks incredible inside and out and will beautifully showcase our brands in a prime space within the quintessential shopping destination at The Grove, Los Angeles.

所有這些都進一步驗證了實體零售業未來的長期機遇，並將成為我們即將在洛杉磯開設的商店成功的重要驅動力。我們計劃在第四季度在洛杉磯開設永久性商店，正好趕上假期季節。商店內外設計都令人驚嘆，將在洛杉磯格羅夫典型購物勝地的黃金地段完美展示我們的品牌。

Wrapping up, clearly we have a lot of promise and growth initiatives in the works that we are very excited about. Our strong financial profile sets the part, especially in such a dynamic operating environment illustrated by our profitable growth and cash flow generation that further strengthened our balance sheet to more than $310 million in cash and cash equivalents as of June 30. This strategic advantage gives us the capacity to invest in long-term success and initiatives that we believe we will continue to drive profitable growth for many years to come.

總而言之，顯然我們正在製定許多有希望的發展計劃和成長舉措，對此我們感到非常興奮。我們強大的財務狀況奠定了基礎，特別是在如此充滿活力的營運環境中，我們的獲利成長和現金流產生進一步增強了我們的資產負債表，截至 6 月 30 日，現金和現金等價物超過 3.1 億美元。這一戰略優勢使我們有能力投資於長期成功和計劃，我們相信這些成功和計劃將在未來許多年繼續推動盈利增長。

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

現在我將把話題交給傑西討論財務問題。

Thanks, Michael, and hello, everyone. Our ability to deliver profitable growth again in the second quarter, while continuing to invest in long-term growth drivers and at the same time further building our already strong balance sheet, is a true reflection of the platform we have built, our operating excellence and the team's ability to execute. I am proud of the team for delivering strong second-quarter results, particularly considering the volatile macroeconomic environment and our slow start to the quarter amidst all the uncertainty around the tariff policy announcements in early April.

謝謝，邁克爾，大家好。我們能夠在第二季度再次實現獲利成長，同時繼續投資於長期成長動力，並進一步增強我們已經強勁的資產負債表，這真實反映了我們所建立的平台、我們卓越的營運以及團隊的執行能力。我為團隊取得強勁的第二季業績感到自豪，特別是考慮到動盪的宏觀經濟環境以及 4 月初關稅政策公告帶來的各種不確定性導致我們本季開局緩慢。

I'll start by recapping our second-quarter results, then I will summarize our great progress on navigating tariffs before closing with updates on recent trends in the business and guidance for the balance of the year. Starting with the second-quarter results, net sales were $309 million, a year over year increase of 9% representing an exciting milestone of delivering more than $300 million in quarterly revenue for the first time. REVOLVE segment net sales increased 9% and FWRD segment net sales increased 10% year over year in the second quarter.

我將首先回顧我們第二季度的業績，然後總結我們在關稅導航方面取得的巨大進展，最後介紹業務的最新趨勢和今年剩餘時間的指導。從第二季業績來看，淨銷售額為 3.09 億美元，年增 9%，這是首次實現季度收入超過 3 億美元的令人興奮的里程碑。第二季度，REVOLVE 部門淨銷售額年增 9%，FWRD 部門淨銷售額年增 10%。

By territory, domestic net sales increased 7% and international net sales increased 17% year over year. Active customers, a trailing 12-month measure, increased 6% year over year. Total orders placed were $2.4 million, an increase of 7% year over year. Average order value was $300, a decrease of 2% year over year that was primarily due to a shift in product mix. Consolidated gross margin was 54.1%, an increase of 4 basis points year over year and well above our guidance range. Contributing to the slight margin expansion year over year was a higher mix of owned brands as a percentage of REVOLVE segment net sales, partially offset by a lower, but still very strong mix of net sales at full price.

按地區劃分，國內淨銷售額較去年同期成長7%，國際淨銷售額較去年同期成長17%。活躍客戶數量（過去 12 個月的衡量標準）較去年同期成長 6%。總訂單額為 240 萬美元，年增 7%。平均訂單價值為 300 美元，年減 2%，主要原因是產品結構的變化。綜合毛利率為54.1%，較去年成長4個基點，遠高於我們的預期範圍。利潤率同比略有擴大的原因是，自有品牌佔 REVOLVE 部門淨銷售額的比例有所提高，雖然全價淨銷售額比例較低，但仍然非常強勁，這部分抵消了這一影響。

Now, moving on to operating expenses. Fulfillment costs were 3.2% of net sales, a decrease of 10 basis points year over year, albeit slightly higher than our guidance. The year-over-year efficiency reflects a decrease in our return rate, partially offset by a lower AOV year over year. Selling and distribution cost efficiency outperformed our guidance at 17.4% of net sales, a decrease of 45 basis points year over year. This strong result reflects a continued decrease in our return rate year over year, as well as our team's successful execution in driving logistics cost efficiencies, partially offset by a lower AOV year over year.

現在，我們來談談營運費用。履行成本佔淨銷售額的 3.2%，年減 10 個基點，但略高於我們的預期。同比效率反映了我們的回報率的下降，但部分被同比較低的 AOV 所抵消。銷售和分銷成本效率超出我們的預期，佔淨銷售額的 17.4%，年減 45 個基點。這一強勁業績反映了我們的退貨率逐年持續下降，以及我們的團隊在提高物流成本效率方面的成功執行，但 AOV 逐年下降部分抵消了這一下降。

Our marketing investment represented 15.2% of net sales, essentially flat year over year, and well below our average marketing investment for the second quarters over the past four years. General and administrative costs were $38.3 million, outperforming our guidance of $39 million, albeit an increase of 55 basis points year over year, as a percentage of net sales. The increase in net sales and gross profit year over year and improved efficiency in our logistics cost, helped us to achieve solid growth and operating profitability.

我們的行銷投資佔淨銷售額的 15.2%，與去年同期基本持平，遠低於過去四年第二季的平均行銷投資。一般及行政費用為 3,830 萬美元，佔淨銷售額的百分比為 3,900 萬美元，年增 55 個基點，但高於我們的預期。淨銷售額和毛利潤的同比增長以及物流成本效率的提高幫助我們實現了穩健的成長和營運利潤。

Our GAAP income from operations increased 10% year over year in the second quarter. Now, below the operating income line, there was a big swing year over year in other income expense that I'll walk you through next. In the second quarter of this year, we recorded other expense of $2.9 million, a decrease from recording other income of $4.3 million in the second quarter of 2024. This $7.2 million decrease in other income year over year is primarily attributable to a $2.8 million increase in unrealized foreign currency exchange losses year over year. A $2.4 million non-cash charge in the second quarter of 2025, related to disposal of a subsidiary, as compared to a bargain purchase gain of $1.9 million related to the acquisition of the same subsidiary in the second quarter of 2024.

我們的第二季 GAAP 營業收入年增 10%。現在，在營業收入線以下，其他收入支出較去年同期出現大幅波動，接下來我將向您介紹這一點。今年第二季度，我們記錄了 290 萬美元的其他支出，較 2024 年第二季度記錄的 430 萬美元的其他收入有所減少。其他收入較去年同期減少 720 萬美元，主要原因是未實現外匯兌換損失年增 280 萬美元。2025 年第二季度，與處置一家子公司有關的非現金費用為 240 萬美元，而 2024 年第二季收購同一家子公司的廉價購買收益為 190 萬美元。

Now, let me provide some background on the disposal of a subsidiary charge in the second quarter of 2025, and the related bargain purchase gain in the second quarter of 2024. Both relate to a very small acquisition closed in the second quarter of 2024. We made the difficult decision to cease funding the operations of our majority-owned foreign subsidiary that had acquired the business of French designer Alexandre Vautier for approximately $400,000 in the second quarter of 2024.

現在，讓我提供一些有關 2025 年第二季處置子公司費用以及 2024 年第二季相關廉價購買收益的背景資訊。兩項交易均與 2024 年第二季完成的一項小型收購有關。我們做出了一個艱難的決定，停止為我們擁有多數股權的外國子公司的營運提供資金，該子公司於 2024 年第二季以約 40 萬美元收購了法國設計師 Alexandre Vautier 的業務。

Our disciplined approach to capital allocation guided our decision to move on and shift our focus to other initiatives with higher ROI that we believe will maximize the overall returns on our investments over the long term. Our tax rate was 33.7% in the second quarter, as compared to 25.7% in the prior year. The higher-than-expected effective tax rate is primarily due to certain discrete tax items recorded in the second quarter of 2025 that we previously expected to be reflected in the third quarter of 2025.

我們對資本配置的嚴謹態度指導我們做出決定，將重點轉移到具有更高投資回報率的其他計劃上，我們相信這些計劃將最大限度地提高我們長期投資的整體回報。我們第二季的稅率為 33.7%，而去年同期為 25.7%。高於預期的有效稅率主要是由於 2025 年第二季記錄的某些單獨稅項，我們先前預計這些稅項將在 2025 年第三季反映出來。

Net income was $10 million, or $0.14 per diluted share, compared to $0.21 per diluted share in the second quarter of 2024. This decrease was primarily due to the significant year-over-year decrease in other income and the increased effective tax rate I just mentioned. Adjusted the EBITDA is $23 million, a year-over-year increase of 12%, which outpaced our net sales growth of 9%. Adjusted EBITDA margin was 7.4%, our highest quarterly margin in three years.

淨收入為 1,000 萬美元，即每股攤薄收益 0.14 美元，而 2024 年第二季每股攤薄收益為 0.21 美元。這一下降主要是由於我剛才提到的其他收入同比大幅下降以及有效稅率上升所致。調整後的 EBITDA 為 2,300 萬美元，年成長 12%，超過了我們 9% 的淨銷售額成長。調整後的 EBITDA 利潤率為 7.4%，這是我們三年來最高的季度利潤率。

Moving on to the balance sheet and cash flow statement. We delivered strong cash flows in the second quarter. Free cash flow was $9.6 million for the quarter and $52.4 million for the six-month year-to-date period. A year-over-year increase of $42.4 million, or 424%, compared to the six-month year-to-date period in 2024. Improved inventory dynamics was a key driver of our strong cash flow generation, as net sales increased 9%, while our inventory declined 6% year over year. Inventory at June 30, 2025, was $221 million, a decrease of $13 million year over year.

繼續討論資產負債表和現金流量表。我們在第二季度實現了強勁的現金流。本季自由現金流為 960 萬美元，今年迄今六個月的自由現金流為 5,240 萬美元。與 2024 年年初至今的六個月相比，年增 4,240 萬美元，增幅 424%。庫存動態的改善是我們強勁現金流產生的關鍵驅動力，因為淨銷售額增長了 9%，而庫存同比下降了 6%。截至 2025 年 6 月 30 日的庫存為 2.21 億美元，年減 1,300 萬美元。

Importantly, we are entering the third quarter with inventory that is healthy and clean, featuring newness that is resonating with our core customer. As of June 30, 2025, cash and cash equivalents were $311 million, an increase of $10 million during the quarter, and growth of $66 million, or 27% year over year, and we continue to have no debt. Our strong balance sheet and cash flow gives us capacity to continue to invest in a business to drive long-term growth, including physical retail and AI, while at the same time, opportunistically evaluating strategic M&A and repurchasing Class A common shares to enhance shareholder value.

重要的是，我們進入第三季時庫存健康、乾淨，具有與我們的核心客戶產生共鳴的新穎性。截至 2025 年 6 月 30 日，現金和現金等價物為 3.11 億美元，本季增加 1,000 萬美元，年增 6,600 萬美元，即 27%，我們繼續沒有債務。我們強勁的資產負債表和現金流使我們有能力繼續投資於業務以推動長期成長，包括實體零售和人工智慧，同時，機會性地評估策略併購併回購 A 類普通股以提高股東價值。

During the second quarter, we repurchased approximately 93,000 shares of Class A common stock at an average price of $18.78. Approximately $56 million remained under our $100 million stock repurchase program as of June 30, 2025.

第二季度，我們以平均每股18.78美元的價格回購了約93,000股A類普通股。截至2025年6月30日，我們1億美元的股票回購計畫剩餘約5,600萬美元。

Now, a brief update on tariffs. Over the past few months, our cross-functional team has made excellent progress on tariff mitigation, working closely with our partners and brands to drive a outcome. As a result, in the second quarter, we estimate that we mitigated the significant majority of our tariff exposure. We expect that our diversification initiatives will enable us to slightly reduce our sourcing exposure to China for our own brand products starting in the second half of this year and into 2026.

現在，簡單介紹一下關稅的最新情況。在過去的幾個月裡，我們的跨職能團隊在降低關稅方面取得了顯著進展，並與我們的合作夥伴和品牌密切合作，以推動成果。因此，我們估計在第二季我們減輕了絕大部分關稅風險。我們預計，從今年下半年到 2026 年，我們的多元化措施將使我們略微減少自有品牌產品在中國的採購風險。

We remain thoughtful in our approach, however, keeping a close eye on where the tariffs across regions may ultimately land amidst all the continuing uncertainty. To illustrate the volatility we are dealing with, when we announced our first-quarter results and gave guidance in early May, the incremental tariff for China was 145%. By comparison, today, the incremental tariff for China is 30%. While still high, we view the current China-tariff level as much more manageable, particularly with our great progress on tariff mitigation achieved in the past few months.

然而，我們仍然會深思熟慮，密切注意在持續存在的不確定性中，各地區關稅最終會落在什麼位置。為了說明我們正在應對的波動性，當我們在 5 月初宣布第一季業績並給予指引時，針對中國的增量關稅為 145%。相比之下，目前中國的增量關稅為30%。儘管目前對華關稅水準仍然較高，但我們認為目前水準已更加易於管理，特別是考慮到過去幾個月我們在降低關稅方面取得了巨大進展。

Importantly, looking beyond the current tariff challenges that we will continue to navigate for the balance of the year and into 2026, we believe our team's great work on tariff-mitigation initiatives has the potential to improve our gross margin over the long run. So while the tariff landscape remains very uncertain, we feel much better today about our ability to navigate through the tariff landscape than we did just three months ago. And this is reflected in our improved gross margin outlook discussed shortly.

重要的是，除了我們將在今年剩餘時間和 2026 年繼續應對的當前關稅挑戰之外，我們相信，我們的團隊在關稅緩解舉措方面的出色工作有可能在長期內提高我們的毛利率。因此，儘管關稅情況仍然非常不確定，但我們今天對自己應對關稅情況的能力比三個月前感覺好得多。這反映在我們不久前討論的毛利率前景改善。

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 for 2025. Starting from the top, our net sales in the month of July increased by approximately 7% year over year.

現在，讓我向您介紹自第二季結束以來業務的一些最新趨勢，並就我們的成本結構提供一些指導，以幫助您對 2025 年的業務進行建模。從頂部開始，我們 7 月的淨銷售額年增約 7%。

Now, before we get into guidance, let me caveat that our outlook is based on the current status of tariffs as of today, August 5, 2025, and our estimates of the impact of potential mitigating activities that are currently underway. Our outlook for gross margin is especially susceptible to variability, given the uncertainty surrounding the timing and level of tariffs that will ultimately be in effect, as well as the timing and magnitude of the potential impact resulting from our mitigation efforts. With that, let's discuss our updated guidance for gross margin, which includes our best estimate for the impact of tariffs net of our mitigation efforts.

現在，在我們獲得指導之前，請允許我提醒一下，我們的展望是基於截至 2025 年 8 月 5 日的關稅現狀，以及我們對目前正在進行的潛在緩解活動的影響的估計。鑑於最終生效的關稅時間和水準的不確定性，以及我們的緩解措施造成的潛在影響的時間和程度的不確定性，我們對毛利率的前景特別容易受到波動的影響。因此，讓我們討論一下我們更新後的毛利率指引，其中包括我們對關稅影響的最佳估計（扣除我們的緩解措施）。

We expect gross margin in the third quarter of 2025 of between 51.2% and 51.7%, which at the midpoint implies a slight increase year over year. For the full-year 2025, we now expect gross margin of between 52.1% and 52.6%, which is considerably higher than our prior guidance. At the midpoint, the new range implies a slight decrease year over year. Again, this guidance reflects our best estimate at this point, but there are a lot of moving pieces and a considerable amount of uncertainty that remains.

我們預計 2025 年第三季的毛利率在 51.2% 至 51.7% 之間，中間值意味著同比略有增長。對於 2025 年全年，我們目前預計毛利率在 52.1% 至 52.6% 之間，遠高於我們先前的預期。從中間值來看，新的範圍意味著同比略有下降。再次強調，指引反映了我們目前的最佳估計，但仍存在許多不確定因素和相當大的不確定性。

Fulfillment. We expect fulfillment as a percentage of net sales of approximately 3.2% for the third quarter of 2025, a slight decrease year over year. For the full-year 2025, we expect fulfillment to represent between 3.1% and 3.2% of net sales.

履行。我們預計 2025 年第三季的履行率佔淨銷售額的百分比約為 3.2%，年比略有下降。對於 2025 年全年而言，我們預計訂單履行率將佔淨銷售額的 3.1% 至 3.2%。

Selling and distribution. We expect selling and distribution cost as a percentage of net sales of approximately 17.5% for the third quarter of 2025, and a range of 17.2% to 17.5% for the full-year 2025, unchanged from last quarter. Embedded in our assumptions are that we will face more difficult return rate comparisons going forward after five consecutive quarters of year-over-year decreases in our return rate.

銷售和分銷。我們預計 2025 年第三季銷售和分銷成本佔淨銷售額的百分比約為 17.5%，2025 年全年銷售和分銷成本佔淨銷售額的百分比在 17.2% 至 17.5% 之間，與上一季持平。我們的假設是，在我們的回報率連續五個季度同比下降之後，未來我們將面臨更困難的回報率比較。

Marketing. We expect our marketing investment to be approximately 14.5% of net sales in the third quarter of 2025, and between 14.8% and 15% of net sales for the full-year 2025, a slight decrease from our prior guidance.

行銷.我們預計，2025 年第三季我們的行銷投資將佔淨銷售額的約 14.5%，2025 年全年的行銷投資將佔淨銷售額的 14.8% 至 15%，較我們先前的預期略有下降。

General and administrative. We expect G&A expense of approximately $38.5 million in the third quarter of 2025, and between $152 million and $154 million for the full-year 2025, also lower than our prior full-year guidance range. And lastly, we now expect our effective tax rate to be approximately 28% to 29% for the full-year 2025. As previously mentioned, the higher-than-expected tax rate in the second quarter is primarily due to certain discrete tax items that we had previously expected to be reflected in our tax provision in the third quarter of 2025. For the second half of 2025, we expect our effective tax rate to be approximately 27%.

一般和行政。我們預計 2025 年第三季的 G&A 費用約為 3,850 萬美元，2025 年全年的 G&A 費用在 1.52 億美元至 1.54 億美元之間，也低於我們先前的全年指引範圍。最後，我們現在預計 2025 年全年的有效稅率約為 28% 至 29%。如前所述，第二季的稅率高於預期主要是由於某些單獨的稅項，我們先前預期這些稅項將反映在 2025 年第三季的稅務準備金中。到 2025 年下半年，我們預計有效稅率約為 27%。

To recap, we delivered strong Q2 results during what continues to be a challenging and fluid environment. With our highly capable team, healthy cash flow, and rock solid balance sheet, we are well positioned to navigate the current uncertainty while continuing to invest in the exciting longer-term growth opportunities ahead of us.

總而言之，在持續充滿挑戰和變化的環境中，我們取得了強勁的第二季業績。憑藉我們高素質的團隊、健康的現金流和穩固的資產負債表，我們完全有能力應對當前的不確定性，同時繼續投資於我們未來令人興奮的長期成長機會。

Now, we'll open it up for your questions.

現在，我們將開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Hey, everyone, thanks so much for the question and congrats on the strong results. You mentioned in the prepared remarks that some of the tariff mitigation efforts you have put in place so far should help the margin structure long term. Can you help dig in on what's happening there and the potential magnitude of the benefits? Thank you.

嘿，大家好，非常感謝您的提問，並祝賀您取得如此好的成績。您在準備好的發言中提到，迄今為止實施的一些關稅減免措施應該有助於長期的利潤結構。您能否幫助深入了解那裡發生的事情以及潛在的利益規模？謝謝。

Yeah, definitely. So without getting into specific details, the pressure of the tariffs opened up a lot of opportunities for us to partner with our brands at a deeper level, to come up with win-win solutions that apply in this increased-tariff world as well as a world without the increased tariffs, so. We think those partnerships and changes will provide long-term benefits for us.

是的，確實。因此，無需贅述具體細節，關稅壓力為​​我們提供了更多機會，讓我們能夠與品牌進行更深層的合作，找到既適用於關稅增加的世界，也適用於沒有關稅增加的世界的雙贏解決方案。我們認為這些合作夥伴關係和變化將為我們帶來長期利益。

And then with regards to the margin impact of tariffs themselves, we believe that over time, that the pressure from the tariff increases will start to flow through prices over the longer term. And we'll see base margins renormalized while still reaping the benefits of those long term partnership op opportunities.

至於關稅本身對利潤的影響，我們認為，隨著時間的推移，關稅上調的壓力將在較長時期內開始傳導至價格。我們將看到基本利潤率重新正常化，同時仍從長期合作營運機會中獲益。

Great, that's helpful. And then I guess, how should we think about the pricing path when it comes to tariffs and when you might see some of those increases come through both in the own brands and on the partner side.

太好了，很有幫助。然後我想，當談到關稅時，我們應該如何考慮定價路徑，以及何時您可能會看到自有品牌和合作夥伴的一些成長。

Yeah, sure. So we are starting to see more impacts from price increases over time. So in Q3, we're seeing about a mid-single digit, broad-based price increase, from third-party brands. And then with Q4 the data is still early, but we're starting to see a bit of an uptick from that so. I think we will start to see price increases flow through over time as brands react to the increased cost pressure.

是的，當然。因此，隨著時間的推移，我們開始看到價格上漲帶來更多影響。因此，在第三季度，我們看到第三方品牌的價格出現了中等個位數的廣泛上漲。然後，第四季度的數據還為時過早，但我們開始看到一些上漲。我認為，隨著品牌對成本壓力的增加做出反應，我們將開始看到價格隨著時間的推移而上漲。

And then with regards to own brand, our strategy on their own brand side is just to stay with the market. So whatever the market is doing, we'll generally be adjusting prices alongside with the broader market is doing.

至於自有品牌，我們在自有品牌的策略就是堅守市場。因此，無論市場如何變化，我們通常都會根據大盤走勢調整價格。

Very helpful. Thank you.

非常有幫助。謝謝。

Oliver Chen, TD Securities.

道明證券的 Oliver Chen。

Hi, Mike and Jessie. Regarding US versus international, what would you say you're seeing in terms of the plus seven within the US and categories that have been stronger versus weaker? We love color on dresses as well. And then as we think about the margin, Jesse, you called out a lower mix of full-price sales. Is that up against a tough full-price comparison? Will that trend continue in terms of that being a headwind.

嗨，麥克和傑西。關於美國和國際，您認為美國國內成長了 7%，哪些類別更強，哪些類別較弱？我們也喜歡衣服上的顏色。然後，當我們考慮利潤時，傑西，你提到了全價銷售的較低組合。這與嚴格的全價比較相比嗎？就逆風而言，這種趨勢會持續下去嗎？

And then lastly, the own brand capabilities and you've been through different versions of this. It sounds like it's much more broad based now and you're seeing good momentum, but it might be helpful to contrast like your what you like your capabilities and own brands, versus the past. I know it's evolved, in a really positive way. Thank you.

最後，關於自有品牌能力，您已經經歷過不同的版本。聽起來現在基礎更加廣泛，而且你看到了良好的勢頭，但與過去相比，對比你喜歡的能力和自己的品牌可能會有所幫助。我知道它已經發生了積極的變化。謝謝。

Yeah, maybe I'll start with the full-price question, Oliver, and then kick it over to you, guys. Full-price mix was really healthy in Q2. It was lower year over year, but still very healthy and generally in line with what we were seeing in 2019. So very happy with where full-price is (technical difficulty)

是的，也許我會從全價問題開始，奧利佛，然後把它交給你們。第二季的全價產品組合確實非常健康。雖然同比有所下降，但仍然非常健康，與我們 2019 年的狀況基本一致。非常滿意全價（技術難度）

We are up against what comes from last year. In the back half of the year, it's probably plus or minus in the same zone as we saw last year. So feels good about the mix of inventory, the mix of full-price, and then also the great progress on the markdown margin. So kind of across the different cuts of margins and seeing really good health there.

我們正面臨去年留下的問題。今年下半年，漲幅可能與去年處於同一區間。因此，對於庫存組合、全價組合以及降價幅度的巨大進步感覺良好。因此，跨越不同的利潤率，我們可以看到那裡的健康狀況確實很好。

And then just with regards to US versus international, I'll comment a bit there, and then maybe turn it over to Michael for comments on fashion and known brands.

然後，就美國與國際而言，我會發表一些評論，然後也許將其交給邁克爾，請他評論時尚和知名品牌。

So yeah, internationally, we saw particular strength in Q2. It was very broad-based. Almost all major regions were up by double digits, with just a couple exceptions. Notably, as we mentioned in the earlier remarks, China has been a great story for us as we invested a couple years ago in a more localized team and leadership in that area to really help develop that market for us. And over the past two years, we've more than doubled that business. So we're on the all side of things. So we're really starting to see the efforts of that pay off as well as a lot of our efforts in other regions. So very happy with those international trends.

是的，從國際上看，我們看到第二季的特別強勁。它的基礎非常廣泛。除少數例外，幾乎所有主要地區都實現了兩位數的成長。值得注意的是，正如我們在之前的評論中提到的那樣，中國對我們來說是一個偉大的故事，因為幾年前我們在該地區投資了更本地化的團隊和領導力，真正幫助我們開發該市場。在過去兩年裡，我們的業務量增加了一倍以上。所以，我們關注的是事物的方方面面。因此，我們確實開始看到這些努力以及我們在其他地區的許多努力得到回報。我對這些國際趨勢感到非常高興。

Regarding [US versus international] continues to be a strong category for us. We continue to grow. We're going actually faster this quarter than this quarter last year. So there's a little acceleration there. The super part of our progress across all other categories, as we mentioned. Short's doing quite well. Intimates, jewelry, pants, so there's a mix. So we're getting a lot of new customers there. That has been driven by partner brands, but also has been driven by owned brands.

關於[美國與國際]對我們來說仍然是一個強大的類別。我們繼續成長。事實上，本季我們的進展比去年同期更快。因此那裡有一點加速。正如我們所提到的，我們在所有其他類別中都取得了巨大的進步。肖特表現相當不錯。內衣、珠寶、褲子，混搭。因此我們在那裡獲得了很多新客戶。這是由合作品牌推動的，也是由自有品牌推動的。

Owned brands have been investing for years to really diversify our product offering and we're having great steady success. I think this is five quarters of a steady year -over-year growth. And more diversified penetration, ultimately offering -- addressing more leads for our customer across the board versus just that going up. Just categories are still really great there. Also noting that it's still quite brilliant, that journey, and there's still a lot of opportunities over that can use to expand across categories, across end uses and other aspects of our customers' lives.

我們多年來一直對自有品牌進行投資，以真正實現產品多樣化，並且取得了巨大的穩定成功。我認為這是連續五個季度同比穩定成長。並且更加多樣化的滲透，最終為我們的客戶提供更多的線索，而不僅僅是上升。那裡的類別仍然非常棒。還要注意的是，這段旅程仍然非常精彩，並且仍然有很多機會可以用來擴展類別、最終用途和客戶生活的其他方面。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Great, thanks so much, and congrats, guys. Nice results. On July 7, should we think forward and international outpacing revolt and domestic, any other color you could share. I remember last quarter you talked about the shift to more accessible price points. I don't think we heard that this time around. Did that continue in 2Q or quarter to date? And then we had a follow up as well.

太好了，非常感謝，恭喜你們。效果不錯。7 月 7 日，我們是否應該向前看，國際形勢是否超過國內形勢，您能分享其他什麼顏色嗎？我記得上個季度您談到了轉向更容易接受的價格點。我認為這次我們沒有聽到這個。這種情況在第二季或本季是否持續了？然後我們也進行了跟進。

Yeah. So on July, we're not going to get too specific there. It's just on a monthly basis. There's a lot of volatility. There was a little more pressure on the comp basis on the international side of the business. But again, it's just a month. We don't want to get into too much there.

是的。因此，對於 7 月份，我們不會透露太多具體資訊。只是按月計算。存在很大的波動性。國際業務的薪酬基礎壓力稍大。但同樣，這只是一個月。我們不想討論太多。

On the kind of accessible price point note, we had commented last quarter we were seeing pressure on AOP and that started to improve kind of as we exited April and into May, June. And that was the case. But we are seeing great progress out of our category diversification. So fashion apparel was up 13% versus dresses kind of that event wear, which was up 5%. So there is some impact there and just product category diversification, which is a good thing and part of the strategy.

關於可負擔的價格點，我們上個季度曾評論說，我們看到 AOP 面臨壓力，而從 4 月到 5 月、6 月，這種情況開始有所改善。事實確實如此。但我們看到我們的產品類別多樣化取得了巨大進步。因此，時尚服飾的銷量上漲了 13%，而禮服類的銷量上漲了 5%。因此，這會產生一些影響，並且只是產品類別多樣化，這是一件好事，也是策略的一部分。

Okay, that's perfect. That's very helpful. And just as a follow up on gross margin, did you say what was the impact of tariffs in the second quarter? And 3Q guide is based on gross margin up only slightly despite that if you compare, and inventory look very clean. So should we think tariffs will be a greater impact post mitigation in 3Q.

好的，太完美了。這非常有幫助。作為對毛利率的後續提問，您是否說過第二季關稅的影響是什麼？儘管第三季的指導是基於毛利率略有上漲，但如果進行比較，你會發現庫存看起來非常乾淨。那麼我們是否應該認為關稅將在第三季緩解後產生更大的影響。

Yeah. So in the quarter -- in Q2, there was a negative impact on tariffs. Now that was smaller given that a lot of the receipts were rolling into the back half of the year, but there was an impact there. That was more than offset by the improvements we made on the markdown margin, markdown algorithm. And then also the great expansion we saw on own brands and that led to the year-over-year increase in gross margin.

是的。因此，在第二季度，關稅受到了負面影響。由於許多收入都轉移到了下半年，所以影響較小，但還是有影響。我們對降價幅度和降價演算法所做的改進足以抵消這一損失。我們也看到自有品牌的巨大擴張，這導致毛利率年增。

And then if you look at the back half of the year and our guidance there, a slight increase in Q3. And then for the full year, about 30 basis points below where we were at the beginning of the year. So that does reflect some negative tariff impact greater than it was in Q2. But again, offset by some of the great progress we've made both on owned brands and that markdown margin.

如果你看今年下半年的情況和我們的預測，你會發現第三季略有成長。就全年而言，我們比年初的水準低了約 30 個基點。因此，這確實反映出一些比第二季度更大的負面關稅影響。但同樣，我們在自有品牌和降價利潤方面取得的一些重大進展抵消了這一差距。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. Thank you so much. Two-part question. One is just talk a little bit about the progress you continue to make in lowering the return rate and maybe talk about prospects for seeing that return rate continue to improve as we go through the rest of the year into next year.

偉大的。太感謝了。問題分為兩部分。一是，請稍微談談你們在降低迴報率方面取得的進展，並談談隨著今年剩餘時間到明年，回報率繼續提高的前景。

And then Mike, just on AI, just want to follow this thread. It's a topic of conversation on the calls for the last few calls. Can you talk about the progress you made in the last 90 days if you're seeing still good opportunities in AI or if you're starting to see some sort of stumbling blocks and roadblocks and hurdles that maybe would prevent utilizing the opportunities maybe the way you envisioned before? Thank you.

然後 Mike，就人工智慧而言，我只想關注這個主題。這是最近幾次通話中討論的話題。如果您認為人工智慧領域仍然有良好的機遇，或者您開始看到一些絆腳石、障礙和困難，可能會阻礙您以之前設想的方式利用這些機遇，您能否談談過去 90 天的進展？謝謝。

Definitely. So on return rates, we feel great about all the progress we've made and the initiatives over the past year. As we get into the back half of the year, it is tougher compared to as Jesse mentioned. So we would caution moderation as far as expectations there. We saw the number of projects in the pipeline, including some where they require bit more partnership with the brands that with just everything going on with the tariffs right now, it's just the brands have their hands full.

確實。因此，就回報率而言，我們對過去一年來取得的所有進展和舉措感到非常滿意。當我們進入下半年時，情況比傑西提到的更加艱難。因此，就預期而言，我們應謹慎適度。我們看到了許多正在籌備中的項目，其中一些項目需要與品牌進行更多的合作，但由於目前關稅問題，品​​牌已經忙得不可開交。

So we also want to be just smart about how we go about things in terms of the timing of driving improvements there. But a lot of stuff in the R&D phase, I think probably more limited impact in terms of new things in the back half of the year. But I'm hopeful as we enter H1 2026, we'll start to see some acceleration there in terms of projects and initiatives that can bear fruit on that side.

因此，我們也希望在推動改進的時機方面採取明智的行動。但我認為，很多東西還在研發階段，對下半年的新事物的影響可能比較有限。但我希望，隨著我們進入 2026 年上半年，我們將開始看到一些能夠取得成果的項目和舉措加速發展。

And then in terms of AI, yeah, I think 2024 was an incredible year for us in terms of delivering AI enhancements. We still have a lot in the works this year, including continued improvements on the AI search, which was exciting for us. Our original AI search already beat the sort of third-party market leader or one of the market leaders in that space. And then we improved it even further with further conversion games the most recent quarter.

然後就人工智慧而言，是的，我認為 2024 年對於我們實現人工智慧增強是不可思議的一年。我們今年仍有很多工作要做，包括繼續改進人工智慧搜索，這讓我們感到興奮。我們最初的人工智慧搜尋已經擊敗了第三方市場領導者或該領域的市場領導者之一。然後，我們在最近一個季度透過進一步的轉換遊戲對其進行了進一步的改進。

We've deployed voice to text technology recently on the customer service side to help us out there. You know, we have some great things in the R&D phase across the board. On the marketing side, we've had some early success with landing page optimization that's driven by AI and that AI really enables in a way that wasn't possible before. So we're seeing some nice early results there, continuing to experiment with AI content in terms of videos, imagery on the marketing side.

我們最近在客戶服務方面部署了語音轉文字技術來幫助我們解決問題。你知道，我們在研發階段已經取得了一些偉大的成就。在行銷方面，我們在人工智慧驅動的登陸頁面優化方面取得了一些早期成功，而人工智慧確實以以前不可能實現的方式實現了這一目標。因此，我們看到了一些不錯的早期成果，並繼續在行銷方面嘗試影片、圖像方面的人工智慧內容。

So I think a lot of nice things there, continued upgrades to personalization, recommendation algorithms on the website, utilizing AI. And then of course, some bigger things that are more in the R&D-type phase that could be a bit more transformational just in terms of how consumers shop the website and including some things that are early stage in terms of testing out with consumers like virtual try on and things of that nature. So yeah, I think we're just scratching the surface, but the nature of anything R&D is, you know, you'll have some big wins one quarter and then maybe some more incremental wins another quarter.

所以我認為這裡有很多好東西，網站的個人化、推薦演算法不斷升級，利用人工智慧。當然，還有一些更大的專案處於研發階段，可能會對消費者在網站上購物的方式產生更大的變革，包括一些處於早期階段的消費者測試，例如虛擬試穿等類似的事情。是的，我認為我們只是觸及了表面，但任何研發的本質都是，你知道，你會在一個季度取得一些重大勝利，然後在另一個季度可能會取得一些更漸進的勝利。

But, you know, when those R&D projects hit, they can hit in a big way. So we're continually, you know, very excited with what we're working on there.

但是，你知道，當這些研發項目取得成功時，它們會產生巨大的影響。因此，您知道，我們一直對我們在那裡所做的工作感到非常興奮。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Curious on the inventory initiatives, if you can share anything there, people that discrepancy in sales growth versus inventory growth, which is clearly a positive. And I'm curious then, sort of quickly down to the gross margin line, how much of that is the upside there kind of on the guide is more tariff-related in that sort of swing in China and how much is sort of just better inventory management?

對庫存計劃感到好奇，如果您可以分享任何信息，人們就會發現銷售增長與庫存增長之間存在差異，這顯然是積極的。那我很好奇，快速回到毛利率線，其中有多少是指南中的上行空間，更多的是與中國這種波動中的關稅有關，有多少是更好的庫存管理？

Yeah, no, really proud of the progress we made on that inventory versus sales dynamic. And this is, you know, this has been in the works for a couple quarters and, you know, we've made progress over the last couple quarters. But really good to see that come through in a big way. And importantly, in a really healthy position as we enter the back half of the year and very balanced in that, that inventory differential and the benefit there is across both segments. So great to see both segments really in a healthy position.

是的，我們對庫存與銷售動態方面的進展感到非常自豪。你知道，這件事已經籌備了幾個季度，而且，你知道，我們在過去幾個季度取得了進展。但很高興看到這項成果取得巨大成功。重要的是，當我們進入下半年時，我們的狀況非常健康，庫存差異和兩個部門的收益都非常平衡。很高興看到這兩個部分都處於健康狀態。

And on the gross margin, you know, again, feel really good about the tariff mitigation. And then we've had some upside from the markdown algorithm adjustments, the really healthy inventory and then also the loan brand expansion. I think as Michael mentioned in his prepared remarks, seeing the best full price turns we've seen in over four years. And if you pull out kind of that COVID, post-COVID peak, you know, it's the best we've seen in plus 10 years. So really good inventory management. It seems to be doing a great job there.

就毛利率而言，你知道，關稅減免再次讓人感覺非常好。然後，我們從降價演算法調整、真正健康的庫存以及貸款品牌擴張中獲得了一些好處。我認為，正如邁克爾在他的準備好的演講中提到的那樣，我們看到了四年多來最好的全價轉變。如果你把 COVID 和 COVID 後的高峰期拿來對比，你會發現這是我們十多年來見過的最好的情況。所以庫存管理確實很好。它似乎在那裡做得很好。

I know you don't want to get into it as far as sort of the quarterly de-sale, but any context you can give, I know comparisons get harder is where I'm is where I'm going with this. And anything you can kind of provide stack trends or, kind of how things might progress.

我知道您不想深入討論季度降價的問題，但您可以提供任何背景信息，我知道比較會變得越來越困難，這就是我要說的。您可以提供任何堆疊趨勢或事情可能如何進展的資訊。

Yeah, not much to get into there. To your point, the comps you get tougher, in the back half of the quarter based on what we said last year, and into the fourth quarter. But I think really good performance in Q2 and continue to just drive and manage through the environment.

是的，沒什麼好說的。正如您所說，根據我們去年所說的，在本季度後半段以及第四季度，您的業績將變得更加艱難。但我認為第二季的表現確實很好，並且繼續推動和管理環境。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you. And well done on the great execution in a tough environment. I had a follow up question on international performance. So any updates to share in terms of anti-American sentiment that could be holding back even stronger growth in international markets? And then how do we think about the durability of the international growth rate going forward?

謝謝。並且在艱難的環境中表現出色，表現出色。我有一個關於國際表現的後續問題。那麼，關於反美情緒方面有什麼最新消息可以分享，這可能會阻礙國際市場更強勁的成長嗎？那我們該如何看待未來國際成長率的持久性呢？

Yeah, so we've seen those moderate, but I wouldn't say they've completely gone away. And I called out almost every region is growing in double digits, but one notable exception is Canada. So we're still, I believe, seeing impact of the negative sentiment regarding America in that region, but it's moderated from its peak, which I think is a great sign.

是的，我們看到了這些溫和的跡象，但我不會說它們已經完全消失了。我指出幾乎每個地區都實現了兩位數的成長，但有一個明顯的例外，那就是加拿大。因此，我認為，我們仍然看到該地區對美國的負面情緒的影響，但這種影響已從高峰期有所緩和，我認為這是個好兆頭。

And then in terms of the durability, we feel great about international roadmap and growth durability. And China is in the very early stages growing at very significant double-digit growth rates right now. And so as that region becomes larger and more important to evolve, of course, that the effect of high growth rates can have an even bigger impact on international. So I think we have a lot of good things going for international over the longer term, a lot of untapped opportunities and feel great about our roadmap there.

就持久性而言，我們對國際路線圖和成長持久性感到非常滿意。目前，中國正處於經濟成長的初期階段，成長率高達兩位數。隨著該地區規模越來越大、發展越來越重要，高成長率對國際的影響當然會越來越大。因此我認為從長遠來看我們在國際上有很多好的事情要做，有很多尚未開發的機會，並且對我們的路線圖感到非常滿意。

Can you also expand on the enhancements in the markdown algorithms that are benefiting gross margins? It sounds like it was a material tailwind to just, you know, any way to frame how much it benefited gross margins this quarter, and how do we think about the ability to drive further improvement from here?

您能否進一步闡述有利於提高毛利率的降價演算法的增強功能？聽起來這對毛利率來說是一個實質性的推動作用，您知道嗎，有什麼方法可以說明它對本季度毛利率的貢獻有多大，以及我們如何看待從現在開始推動進一步改善的能力？

So I'll leave to Jesse any commentary on the impact level, you know, to the extent that we disclose it. But yeah, I would say it's a meaningful impact. It was definitely more than just to get the margins. And, you know, I think it goes back to how we are constantly investing in improving our systems and technology and processes to get better and better over the long term. And we think that'll continue to be a long term gross margin. And yet had a very meaningful impact on the quarter.

因此，我將把對影響程度的任何評論留給傑西，你知道，只要我們透露它。但是的，我想說這是一個有意義的影響。這絕對不只是為了獲得利潤。而且，你知道，我認為這可以追溯到我們如何不斷投資於改進我們的系統、技術和流程，以便長期變得越來越好。我們認為這將繼續是一個長期的毛利率。但對本季產生了非常重大的影響。

And, you know, we're excited as we continue to make upgrades in that area and deploy improvements, particularly as AI becomes more important in that area, that there's a lot more to come there as we continue to make investments.

而且，你知道，我們很高興能夠繼續在該領域進行升級和部署改進，特別是隨著人工智慧在該領域變得越來越重要，隨著我們繼續投資，還會有更多的事情發生。

Yeah, no specific disclosure on the impact, you know, other than, you know, what we've disclosed in that margin did increase and that offset some of the tariff impact. And this only took place, you know, call it, you know, midway through the quarter. So just in the early stages of seeing the impact there. And that's reflected in the full-year guidance.

是的，沒有關於影響的具體披露，你知道，除了，你知道，我們在利潤中披露的內容確實增加了，這抵消了部分關稅的影響。你知道，這只是發生在本季中期。因此，我們才剛剛看到其影響的早期階段。這反映在全年指引中。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thank you. Michael, just back to the comments on own brand is the potentially lower-tariff environment changing how you're thinking about investing behind some of those upcoming launches in the back half, maybe allocating greater portion of marketing budget behind those?

偉大的。謝謝。邁克爾，回到關於自有品牌的評論，潛在的低關稅環境是否會改變您對下半年即將推出的一些產品的投資想法，也許會為這些產品分配更大的營銷預算？

And also, how is it influencing how you think about owned brand mix and how quickly that could ramp here medium term? Some of the comments in the prepared remarks sounded incrementally more confident around that owned brand initiative. And just lastly, any implications for inventory growth from some of those efforts to push owned brands?

此外，它是如何影響您對自有品牌組合的看法的，以及它在中期內能以多快的速度提升？準備好的演講稿中的某些評論聽起來對自有品牌計畫更有信心。最後，推廣自有品牌的舉措對庫存成長有何影響？

Yeah, the stability in the tariff situation does allow more confidence. You know, over the past several years, we've been increasing brand constantly investing into products and it has become a great, great, great result. Some of our best performing owned brand products to some of our most expensive on brand products. So some of the upcoming launches are investments into that zone. So clearly good about that.

是的，關稅情勢的穩定確實讓人更有信心。您知道，在過去的幾年裡，我們一直在增加品牌並持續投資於產品，並且取得了非常好的成果。從我們的一些表現最好的自有品牌產品到我們一些最昂貴的品牌產品。因此，一些即將推出的項目是對該地區的投資。顯然這是好事。

There will be some, you know, we will invest meaningful, meaningful for an own brand launch, given our confidence, what the product is given our confidence of what our customers look for gaps in the marketplace and gaps in our assortment. So super excited about that.

你知道，我們會對自有品牌的推出進行有意義的投資，因為我們對產品有信心，我們對客戶在市場上尋找的空白以及我們產品組合中的空白有信心。我對此感到非常興奮。

Owned brand percentage of inventory will be steadily increasing. There's been a lot of investments, both in terms of new brands, as well as new capabilities. So there'll be a steady ramp up there. I think we've even have to have that too aggressive, you know, could be challenging or a little too risky. So we see a nice slow. The one thing that really could enhance owned brands is our physical stores. And we're seeing our physical stores really, really perform well. Owned brands product in physical stores performed really, really well, of course, off a small base in terms of the small stores. We've seen the integration that will be quite natural, quite synergistic and super exciting.

自有品牌庫存比例將穩定上升。我們已經投入了大量資金，包括新品牌和新功能。因此那裡將會有一個穩定上升的勢頭。我認為我們甚至必須採取過於激進的措施，你知道，這可能會很有挑戰性或有點太冒險了。因此，我們看到了一種緩慢的現象。真正能夠提升自有品牌的就是我們的實體店。我們看到我們的實體店表現確實非常好。實體店中自有品牌產品的表現確實非常好，當然，就小型商店而言，基數較小。我們已經看到這種整合將非常自然、非常協同作用並且非常令人興奮。

Great, thank you.

太好了，謝謝。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

Great, thank you so much for taking your question. So quickly, just on owned brands again in Paris, as you look to make price increases in line with the broader market, just how are you thinking about balancing those actions with demand elasticity to sustain the momentum within own brands? And then with the mitigation measures in place, how is your view on the need for additional pricing shifted compared to three months ago?

太好了，非常感謝您回答這個問題。那麼，在巴黎再次討論自有品牌時，當您希望使價格上漲與更廣泛的市場保持一致時，您是如何考慮平衡這些行動與需求彈性以維持自有品牌的發展勢頭的？那麼，在採取緩解措施後，與三個月前相比，您對額外定價必要性的看法有何變化？

When we look at our own brand product, we're really comparing to just the broader third-party mix. And we've done some blind tests where we're moving tags and testing things against luxury and seeing that owned brand pricing is magnitudes for greater on the lower side, but seeing quality very, very comparable. So a lot of times, super optimistic, super excited that as we invest to better, higher quality products, the customer buys our higher price points, but also still feels that they are very accessible and quite valued compared to the luxury marketplace. So I think that there's a huge, huge opportunity there.

當我們審視自己的品牌產品時，我們實際上只是在與更廣泛的第三方產品組合進行比較。我們進行了一些盲測，透過行動標籤對奢侈品進行測試，發現自有品牌的定價在低端產品中處於較高水平，但品質卻非常具有可比性。因此，很多時候，我們非常樂觀、非常興奮，因為隨著我們投資於更好、更高品質的產品，客戶會購買我們更高價位的產品，但與奢侈品市場相比，他們仍然覺得這些產品非常容易獲得且有價值。所以我認為這裡存在著巨大的機會。

Of course, as we invest into world-class talent as well as world-class brands, we think we're giving a luxury proposition at a premium price point and a customer has really connected with it. So a lot of ramp there and yeah, can't be more part of the team and the execution there.

當然，當我們投資世界一流的人才和世界一流的品牌時，我們認為我們以高價位提供了奢侈品，而客戶確實對此產生了共鳴。所以那裡有很多坡道，是的，不能成為團隊和執行力的更多一部分。

Thanks, Super. And then just to follow up to really quickly, on M&A, I know that you see funding of Alexandria Volta, but you mentioned potentially being opportunistic around some of the future acquisitions and the prepared remarks. What are you looking for as you evaluate the market and how do you think about the right type of opportunities that could compliment the broader portfolio?

謝謝，超級。然後，為了快速跟進併購事宜，我知道您看到了 Alexandria Volta 的融資，但您提到可能在未來的一些收購和準備好的評論中抓住機會。在評估市場時，您在尋找什麼？您如何看待可以補充更廣泛投資組合的正確類型的機會？

I see that there's big gaps in our merchandising mix still. So we're really strong in certain areas, but we know our customer shops for other needs in other zones. So I think that the right M&A opportunity could really integrate with what a customer comes to us for, but also we're not necessarily providing just yet. It could really accelerate things in that zone. So I'm excited to explore.

我發現我們的商品組合仍然存在很大差距。因此，我們在某些​​領域確實很強大，但我們知道我們的客戶會在其他地區購物以滿足其他需求。因此，我認為正確的併購機會可以真正與客戶的需求結合，但我們現在還不一定能提供。它確實可以加速該區域的進程。所以我很高興去探索。

I think our customer has this deep trust in us and we ultimately have to give her a broader opportunity, a more diverse offering. Ultimately we can gain a greater share of wallet, get bigger share of closet and it's more mind share as well. It also unlocks you know other marketing opportunities and such. So that's the primary thing where we can leverage our scale and description expertise into strategic zones that we know are synergic with our customer base.

我認為我們的客戶對我們有著深深的信任，我們最終必須給她更廣闊的機會和更多樣化的產品。最終，我們可以獲得更多的錢包份額、更大的衣櫃份額以及更多的心智份額。它還可以為您帶來其他行銷機會等等。因此，我們可以將我們的規模和描述專業知識應用到我們知道與我們的客戶群具有協同作用的策略領域，這是我們最主要的事情。

Matt Koranda, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Matt Koranda。

Yes, thanks. A lot of been asked and answered, but, maybe just a clarifying question on the gross margin for the third quarter. Is that guidance range taking into account the full impact of tariffs and vendor price increases, or is there still some benefit of sort of inventory brought in prior to price increases from vendors?

是的，謝謝。已經問了很多問題，也回答了很多問題，但也許只是關於第三季毛利率的一個澄清問題。這個指導範圍是否考慮了關稅和供應商價格上漲的全部影響，或者在供應商提價之前引入的庫存是否仍然有一定好處？

Yeah, no, that factors in everything, and that's our best estimate, not only of the tariff rates and where they ultimately land because there's still some uncertainty there, but also our best estimate of our mitigation efforts and the pricing that we're seeing.

是的，不，這考慮到了所有因素，這是我們最好的估計，不僅是對關稅稅率及其最終落點的估計，因為那裡仍然存在一些不確定性，而且也是我們對緩解措施和我們看到的定價的最佳估計。

Okay, and then, just on the OpEx. I guess it implies some reinvestment, given some of the line items that you got there, Jesse, for the second half of the year, especially on marketing and selling and distribution. Can you guys maybe just address either specific marketing campaigns or just additional expenses that are impacting S&D, in the second half of the year that caused the deal leverage.

好的，然後，僅討論營運支出。傑西，考慮到你提到的一些項目，我想這意味著對下半年的一些再投資，特別是在行銷、銷售和分銷方面。你們能否只談具體的行銷活動或影響 S&D 的額外費用，以及下半年導致交易槓桿的因素。

Yeah, on selling distribution first, this compares to last year Q3 and Q4 where we saw the meaningful decreases in return rates. So we're up against those comps and we're factoring that in as we look ahead. We're still optimistic over the long term that we can continue to work return rate down, but we are up against those tough comps where you saw that great benefit from the return reduction.

是的，首先就銷售分銷而言，這與去年第三季和第四季相比，我們看到回報率顯著下降。因此，我們面臨這些競爭對手，並且在展望未來時會考慮到這一點。從長遠來看，我們仍然樂觀地認為我們可以繼續降低迴報率，但我們面臨著那些艱難的競爭，而回報率的降低為我們帶來了巨大的好處。

And then on marketing, just continue to invest in the core, continue to acquire customers, continue to retain our existing customers, and importantly in the back half of the year, we have the own brand launches coming up in the next couple quarters that we'll invest ahead of and then also the opening of The Grove store in LA that will take some marketing dollars.

在行銷方面，我們將繼續投資核心業務，繼續吸引客戶，繼續留住現有客戶，重要的是，在今年下半年，我們將在接下來的幾個季度推出自己的品牌，我們將提前進行投資，同時還將在洛杉磯開設 The Grove 商店，這將需要一些行銷資金。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hi, everyone, thanks for taking my question. Active customer growth accelerated year to date versus 2024. I was hoping you could quantify the areas where you're picking up new customers, whether it be from category expansion, luxury, retail, international, or picking up lapsed REVOLVE customers. Anything you can help with sizing there?

大家好，感謝你們回答我的問題。與 2024 年相比，今年迄今活躍客戶成長加速。我希望您能夠量化您吸引新客戶的領域，無論是來自類別擴展、奢侈品、零售、國際，還是吸引流失的 REVOLVE 客戶。您能幫忙確定尺寸嗎？

Yeah, I think if you look at relative strengths, it probably lines up with the relative net sales growth that we saw. And then, sorry the second piece, oh on the existing customers, really exciting to see the productivity from those existing customers. So it increased both sequentially in year over year in the revenue per active customer and then a sequential increase in orders per active customer. So really good results from the existing customer then continue to acquire those new customers.

是的，我認為如果你看相對優勢，它可能與我們看到的相對淨銷售額成長一致。然後，抱歉，第二部分是關於現有客戶的，看到這些現有客戶的生產力真的令人興奮。因此，每位活躍客戶的收入和每位活躍客戶的訂單量都逐年增加。因此，從現有客戶那裡獲得良好的結果，然後繼續獲得新客戶。

Very good. And then fashion apparel plus 13 year over year, that's the largest dollar contributor to revenue growth. Can you parse the contribution from expanding assortment from the underlying growth within the core product categories?

非常好。然後時尚服飾年增 13%，成為營收成長的最大貢獻者。您能否從核心產品類別的潛在成長中分析出擴大品種的貢獻？

Yeah, I think it's hard to get too specific on person and output. Category expansion and just investments in the categories that we have historically been known for as much, played a big role in the growth in fashion apparel. But it's all going to be a mix between just nuances of fashion trends changing over time in terms of where the dollars go. But 100% are continued investment in other categories are starting to play dividends. And I think we're in the very early stages there. And the long-term opportunities is quite big if we can make a mark outside these areas we've been traditionally known for.

是的，我認為很難對人和產出進行太具體的描述。類別擴展以及對我們歷史上最知名的類別的投資，在時尚服飾的成長中發揮了重要作用。但就金錢的去向而言，這一切都只是隨著時間而變化的時尚趨勢的細微變化。但 100% 繼續對其他類別的投資開始產生紅利。我認為我們還處於非常早期的階段。如果我們能在傳統領域之外取得成功，那麼長期機會將是相當大的。

All right. Thank you very much.

好的。非常感謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, thanks for taking my question. Can you talk a bit more about FWRD? It's really impressive the results you've had there, given how tough luxury you've been. So maybe speak about some of the investments you're making there and then how you see the share gain opportunities going forward as we go through the next year.

你好，謝謝你回答我的問題。能再多談談 FWRD 嗎？考慮到你在那裡所經歷的艱苦，你所取得的成果確實令人印象深刻。所以也許可以談談您在那裡進行的一些投資，然後您如何看待明年未來的股票收益機會。

Overall, FWRD share game is really good about, you know, really across the board. It's not necessarily one thing. The buying, merchandising mix has been awesome. The ability to add brand, especially in a time when some of our most direct competitors, especially in the US marketplace are increasingly weaker and weaker. There's been a lot of efforts in higher touch consumer sales. That's been an early, early area for us to receive great, great progress there.

總體而言，FWRD 分享遊戲確實非常出色，全面。這不一定是一件事。採購和商品組合非常棒。增加品牌的能力，特別是在我們的一些最直接的競爭對手（尤其是在美國市場）越來越弱的時候。我們在更高接觸消費者銷售方面做出了許多努力。這是我們早期就取得巨大進展的領域。

So of course, being like a smaller business, there are still lots of untapped zones for us to invest in, you know, kind of tracking behind what we've learned from our SPs there. So great progress by the team, but also a long way to go. Really, really great, you know, improvements in a number of areas across the board.

因此，當然，作為一家小型企業，我們仍有許多未開發的領域可以投資，就像追蹤我們從那裡的 SP 學到的東西一樣。球隊取得了巨大的進步，但還有很長的路要走。真的非常棒，你知道，各個領域都有了全面進步。

Great. And then maybe just a follow up. Curious what you're seeing on beauty, what you've been seeing in that category, and how you see the opportunity there go forward as well.

偉大的。然後也許只是後續行動。我很好奇您對美容有何看法，您在美容類別中看到了什麼，以及您如何看待美容行業未來的發展機會。

Great progress on beauty, but also still early. We're seeing, you know, good healthy growth there, but also knowing that there are a lot of blocking and tackling, a lot of nuts and bolts that need to improve basic site experience. And of course, you know, big marketing. We have not invested much in the marketing side at all. It's really been driven by assortment.

在美麗方面取得了巨大進步，但仍處於早期階段。我們看到那裡出現了良好的健康成長，但也知道還有很多阻礙和困難需要解決，還有很多細節需要改進，以改善基本的站點體驗。當然，你知道，還有大規模的行銷。我們在行銷方面根本沒有投入太多。這實際上是由品種驅動的。

You know, the next kind of phase that we think will be, you know, game changing will be site experience, a long way to go. They ever seen, you know, the initial progress there being, you know, quite satisfying. And ultimately when we're seeing that the merchandising mix is, you know, world class and our site experience is world class, then we can really unleash marketing. So early stages, steady, steady progress and growth, growing faster than the core business, but also a long, long way to go in a big attractive market.

你知道，我們認為下一個階段將會改變遊戲規則的將是網站體驗，這還有很長的路要走。他們曾經看到，那裡的初步進展是相當令人滿意的。最終，當我們看到商品組合是世界一流的，我們的網站體驗也是世界一流的時，我們就可以真正釋放行銷潛力。因此，在早期階段，要穩步發展和成長，成長速度要快於核心業務，但在一個有吸引力的大市場中，還有很長的路要走。

Great. Thanks so much.

偉大的。非常感謝。

Michael Bonetti, Evercore ISI.

邁克爾·博內蒂，Evercore ISI。

Hey guys, it's Carson on for Michael. First off, congrats on a nice quarter. Could you break down the merchandising strategy for the rest of the year to help us think about AOV? And what does the updated outlook embed for markdowns in the second half?

嘿，大家好，我是卡森，代替麥可。首先，恭喜您本季業績良好。您能否分解今年剩餘時間的行銷策略以幫助我們思考 AOV？更新後的展望對下半年的降價有何影響？

Yeah, maybe I'll comment on the AOV first. You know, I think we had seen some pressure in Q1 and Q2. Our internal modeling has us about flat for the back half of the year. That has some tariff-related price increases impacting that on the plus side. And then offsetting that would be just that product category diversification again, where we are seeing great growth in those other categories that generally have lower price points than the core event dressing.

是的，也許我會先評論一下 AOV。你知道，我認為我們在第一季和第二季看到了一些壓力。我們的內部模型顯示，今年下半年業績基本上持平。這對一些與關稅相關的價格上漲產生了積極影響。然後抵消這一影響的將是產品類別的多樣化，我們看到其他類別的產品出現了巨大的增長，這些類別的價格通常低於核心活動服裝。

And then there's, of course, just quarter to quarter shifts on full price markdown mix and the FWRD versus REVOLVE mix. So our internal modeling is about flat.

當然，還有每季全價降價組合和 FWRD 與 REVOLVE 組合的調整。所以我們的內部建模是平面的。

As far as merchandising strategy, I think it's, you know, back half of the year kind of mirrors our long-term strategy. It's really enhance the core, really be the best of what we're really known for, as well as expand, you know, the front to really make progress in areas that we're not as well known for. Last year we had great progress in sweaters and knits, outerwear, ski, kind of cold weather, things that were historically not in our LA nature and were anticipated more of the same.

就商品銷售策略而言，我認為，上半年的銷售策略反映了我們的長期策略。它確實增強了核心，真正做到了我們真正為人所知的最好，同時擴大了前沿，在我們不太為人所知的領域中真正取得了進步。去年，我們在毛衣、針織品、外套、滑雪板、寒冷天氣等方面取得了巨大進步，這些產品在歷史上並不屬於我們的洛杉磯產品，預計未來還會有更多類似的產品。

But overall, feel good about that, continued expansion of owned brands and launching the owned brands, which should be very, very exciting for us. So looking forward to the back half of the year.

但總體而言，對此感覺良好，繼續擴大自有品牌並推出自有品牌，這對我們來說應該是非常非常令人興奮的。所以我非常期待今年下半年。

Great. Thanks, guys.

偉大的。謝謝大家。

Janet Kloppenberg, JJK.

珍妮特·克洛彭伯格，JJK。

Hi, everybody, and congrats on a nice quarter. I had a question on pricing and on mix. And I don't know if I'm right on mix, but it seems to me that the way you're sorting the website and the categories you're invested in are driving down the average price point. And I'd love you to clarify that for me.

大家好，恭喜本季取得良好業績。我對定價和混合有疑問。我不知道我對混合的看法是否正確，但在我看來，您對網站進行排序的方式以及您投資的類別正在降低平均價格點。我希望你能為我澄清這一點。

And then secondly, I was just wondering that as you passed higher prices along in July because of the tariff impact, have you seen, because of the tariff impact, have you seen some resistance or any resistance from your core customers? Thank you.

其次，我只是想知道，由於關稅的影響，您在 7 月提高了價格，您是否看到，由於關稅的影響，您是否看到核心客戶有任何阻力？謝謝。

Yeah, so I'll start with the July question. The early read is we aren't seeing significant signs of resistance from customers on some of the pricing increases we've seen. But the data is still early. I'd say the sample set is not large enough to draw a conclusion. And also, as we mentioned, the price increases that we're seeing from third-party vendors do tick up a bit as we entered the Q4. So I think the early read is positive, but we have to see how things continue to play out over the course of the year.

是的，我將從七月的問題開始。初步數據顯示，我們並未看到客戶對某些價格上漲表現出明顯的抵制跡象。但該數據仍為時過早。我想說樣本集不夠大，無法下結論。而且，正如我們所提到的，進入第四季度，我們看到第三方供應商的價格確實有所上漲。因此我認為早期的解讀是正面的，但我們必須觀察今年的情況如何繼續發展。

And then in terms of the price point and how merchandising mix can be affecting things, I think it's a combination. So for Q2, it was a bit of a tale of two halves. In the front half, we did see some impact at times where consumer sentiment was particularly low on the pricing side of things, and that played a role. And then I think on the front, you're right that there was a bit of a mix from merchandising assortment, which can vary quarter to quarter as we make investments in areas of opportunity.

然後就價格點和商品組合如何影響事物而言，我認為這是一個綜合因素。因此對 Q2 來說，這有點像是兩個半場的故事。在上半年，我們確實看到了一些影響，當時消費者情緒在定價方面特別低落，這發揮了一定作用。然後我認為，從正面來看，您說得對，商品組合存在一些混合，由於我們在機會領域進行投資，每個季度的商品組合可能會有所不同。

So I think we'll see that moderate significantly through the back half of the year, just from a strategic standpoint, and then also with those vendors starting to pass through those price increases as well. So we don't expect to see the same trend there in the back half of the year.

因此，我認為從策略角度來看，我們會看到今年下半年這種情況會明顯緩和，而那些供應商也會開始承受價格上漲的壓力。因此我們預計今年下半年不會有同樣的趨勢。

Okay, thank you very much.

好的，非常感謝。

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

各位，今天我們的提問時間就到這裡了。我將把電話轉回給管理階層，請他們作最後發言。

Thank you, guys, for joining us for the quarter. And thank you most importantly to our team. Really proud of all the work that's been done. We agree it's been a nice quarter, a solid quarter, but it doesn't really affect all the hard work that really sets the foundation for great quarters ahead. Macroeconomic uncertainty really requires a lot of hard work. Also allows us to really invest and separate ourselves to teach you from our competition.

謝謝大家在本季加入我們。最重要的是感謝我們的團隊。真的為所做的一切工作感到自豪。我們同意這是一個不錯的季度，一個穩健的季度，但這並沒有真正影響為未來幾個季度的偉大奠定基礎的所有努力工作。宏觀經濟的不確定性確實需要付出很多努力。也使我們能夠真正地投入，並將自己與競爭對手區分開來，教導您一些東西。

So excited for the investments that we have excited for the future and excited for you, guys, to join us for the journey ahead.

我們對這些投資感到非常興奮，對未來也感到非常興奮，也為你們能加入我們，一起踏上未來的旅程而感到興奮。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。