Revolve Group Inc (RVLV) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Revolve Group third-quarter 2025 earnings call. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的耐心等待。我叫艾比，今天我將擔任你們的會議接線生。在此，我謹代表 Revolve Group 歡迎各位參加 2025 年第三季財報電話會議。（操作說明）謝謝。

And I would now like to turn the conference over to Erik Randerson, Senior Vice President of Investor Relations. You may begin.

現在，我謹將會議交給投資人關係資深副總裁艾瑞克‧蘭德森。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Revolve's third-quarter 2025 results. Before we begin, I'd like to mention that we have posted a presentation containing Q3 2025 financial highlights to our Investor Relations website located at investors.revolve.com.

各位下午好，感謝各位參加本次討論 Revolve 2025 年第三季業績的會議。在開始之前，我想提一下，我們已將包含 2025 年第三季財務亮點的簡報發佈到我們的投資者關係網站 investors.revolve.com 上。

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 and business initiatives, industry trends, the impact of tariffs and our mitigation efforts, our marketing events and their expected impact, our physical retail stores and our outlook for net sales, gross margin, operating expenses and effective tax rate.

我還想提醒各位，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、重點優先事項和業務舉措、行業趨勢、關稅的影響和我們的緩解措施、營銷活動及其預期影響、實體零售店以及我們對淨銷售額、毛利率、運營費用和實際稅率的展望相關的陳述。

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, 2024, and our subsequent quarterly reports on Form 10-Q, all of which can be found on our website at investors.revolve.com. We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

這些聲明受多種風險、不確定性和假設的影響，可能導致我們的實際業績與這些聲明存在重大差異，包括今天下午新聞稿中提及的風險，以及我們在提交給美國證券交易委員會的文件（包括但不限於截至2024年12月31日止年度的10-K表格年度報告和後續的10-Q表格季度報告）中“這些風險因素”下的內容和其他部分investors.revolve.com 上查閱。除法律要求外，我們不承擔任何修訂或更新任何前瞻性聲明或資訊的義務。

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. 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 presented and prepared 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 the most directly comparable GAAP 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 and in our SEC filings.

在今天的電話會議中，我們還將提及一些非GAAP財務訊息，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GAAP指標，因為我們認為這些指標能夠提供關於我們營運績效和潛在經營績效的寶貴見解。本非公認會計準則財務資訊的列示並非旨在孤立地看待，也不應被視為替代或優於按照公認會計準則列示和編制的財務信息，而且我們的非公認會計準則指標可能與其他公司使用的非公認會計準則指標有所不同。關於非GAAP指標與最直接可比較的GAAP指標的調節表，以及每項指標的定義、局限性和我們使用它們的理由，請參閱今天下午的新聞稿和我們提交給美國證券交易委員會的文件。

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.

今天和我一起參加電話會議的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。在我們發言完畢後，我們將開放提問環節。

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

接下來，我將把麥克風交給麥克。

Hello, everyone, and thanks for joining us today. We had a very solid third quarter, highlighted by exceptional gross margin performance that led to a 45% increase year-over-year in adjusted EBITDA to $25 million, our highest ever for a third quarter.

大家好，感謝各位今天收看我們的節目。我們第三季業績非常穩健，毛利率表現特別出色，調整後 EBITDA 年成長 45% 至 2,500 萬美元，創下第三季歷史新高。

Particularly in the current tariff environment, I am extremely pleased by our nearly 350 basis point increase in gross margin in Q3 that puts us on track to expand our gross margin and adjusted EBITDA margin in the full year 2025 for the second straight year. On the other hand, we delivered net sales growth of only 4% in the third quarter, which is lower than the recent trend line and certainly lower than the growth rate we believe we are capable of achieving on an ongoing basis.

尤其是在當前的關稅環境下，我對我們第三季毛利率成長近 350 個基點感到非常滿意，這使我們能夠連續第二年在 2025 年全年擴大毛利率和調整後 EBITDA 利潤率。另一方面，我們第三季的淨銷售額僅成長了 4%，低於近期的趨勢線，也低於我們認為我們能夠持續實現的成長率。

It's important to note that in comparison to the third quarter of 2024, this year, we pulled back meaningfully on certain promotions. While the shift in our approach added to an already tough net sales comparison in Q3, it also contributed to our gross profit dollars increasing by nearly 3 times the rate of net sales growth in the third quarter.

值得注意的是，與 2024 年第三季相比，今年我們大幅縮減了某些促銷活動。雖然我們策略的轉變加劇了第三季本已嚴峻的淨銷售額同比基數，但也促使我們的毛利潤增長了近三倍於第三季度淨銷售額的增長率。

Beyond the numbers, I'm thrilled by our progress in developing our longer-term investments that we believe create a strong foundation for profitable growth for years to come, including owned brand expansion that was a key contributor to our Q3 results.

除了這些數字之外，我對我們在發展長期投資方面取得的進展感到非常興奮，我們相信這些投資將為未來幾年的盈利增長奠定堅實的基礎，其中包括自有品牌擴張，這是我們第三季度業績的關鍵貢獻者。

With that as an introduction, I will step back and provide a brief recap of our Q3 results before reviewing the progress on our longer-term initiatives.

在此作為引言，我將回顧我們第三季的業績，然後再介紹我們長期計畫的進展。

Starting with Q3 results. Net sales increased 4% year-over-year, driven by domestic and international net sales increases of 4% and 6% year over year, respectively. By segment, REVOLVE net sales increased 5% and FWRD net sales increased 3% year-over-year.

首先來看第三季業績。淨銷售額較去年同期成長 4%，其中國內淨銷售額較去年同期成長 4%，國際淨銷售額較去年同期成長 6%。按業務板塊劃分，REVOLVE 淨銷售額年增 5%，FWRD 淨銷售額較去年同期成長 3%。

To illustrate the tougher comparison we faced in the third quarter, our revenue growth rate on a two-year stacked basis in Q3 was the highest we have achieved in more than two years. Outstanding gross margin performance was the most powerful driver of upside in the third quarter and mostly flowed through to the bottom line.

為了說明我們在第三季面臨的更嚴峻的比較，我們第三季的營收成長率（以兩年的累積成長率計算）是兩年多來最高的。第三季毛利率表現優異，是業績成長的最強勁動力，並主要體現在淨利潤上。

Despite meaningful tariff pressures, we delivered a consolidated gross margin of 54.6%, an increase of nearly 3.5 points year over year, significantly outperforming our guidance. Our ability to meaningfully expand our gross margin and operating margin year over year in the face of these tariff headwinds and broad-based input cost pressures demonstrates our team's agility, execution and operating excellence.

儘管面臨巨大的關稅壓力，我們仍實現了 54.6% 的綜合毛利率，比去年同期成長近 3.5 個百分點，顯著超過了我們的預期。面對關稅逆風和廣泛的投入成本壓力，我們仍能逐年大幅提高毛利率和營業利潤率，證​​明了我們團隊的敏捷性、執行力和卓越營運能力。

Shifting to our bottom line results. Our operating discipline enabled us to achieve a 45% increase in adjusted EBITDA year-over-year, handily outpacing our net sales growth. Importantly, we have now delivered strong bottom line performance for nearly two years, making great progress improving our margins.

轉而關注最終結果。我們的營運紀律使我們的調整後 EBITDA 年成長了 45%，輕鬆超過了淨銷售額的成長。重要的是，我們已連續近兩年實現了強勁的獲利業績，並在提高利潤率方面取得了巨大進展。

For the first nine months of 2025, our adjusted EBITDA has increased 32% year over year, building on our huge gains in the full year 2024 when our adjusted EBITDA increased 60% year over year. And our business continues to generate meaningful cash flow, reinforcing our track record of delivering consistent profitability and cash flow.

2025 年頭九個月，我們的調整後 EBITDA 年成長 32%，延續了 2024 年全年大幅成長的勢頭，當時我們的調整後 EBITDA 年成長 60%。我們的業務持續產生可觀的現金流，鞏固了我們持續獲利和現金流的良好記錄。

During the first nine months of 2025, our free cash flows have more than tripled, increasing our cash position by $63 million or 25% year-over-year. Our strong balance sheet and cash flow create a key competitive advantage within a fashion e-commerce landscape marked by frequent bankruptcies and other failures in recent years.

2025 年頭九個月，我們的自由現金流增加了兩倍多，現金儲備年增 6,300 萬美元，增幅達 25%。近年來，時尚電商領域破產和其他失敗事件頻繁，而我們強大的資產負債表和現金流為我們創造了關鍵的競爭優勢。

Now I'll conclude by recapping our progress on key priorities and growth drivers that we are very excited about. We continue to invest in and build on several promising initiatives that we believe will play a key role in shareholder value creation over the long term.

最後，我將總結我們在關鍵優先事項和成長驅動因素方面取得的進展，這些進展令我們感到非常興奮。我們將繼續投資並推進幾項前景廣闊的計劃，我們相信這些計劃將在長期內為股東創造價值發揮關鍵作用。

First, we continue to invest in marketing efforts to expand our brand awareness, grow our customer base and strengthen our connection with the next-generation consumer. We had an active and impactful third quarter for our brand building, featuring marketing activations at Fashion Weeks in Paris, New York and Aspen; the experiential pop-up experiences we hosted in Nashville and SoHo; and more that Michael will talk about in his remarks. Longer term, we are also excited about the potential for physical retail to meaningfully expand our brand awareness and serve as an efficient new channel for customer acquisition.

首先，我們將繼續增加行銷投入，以擴大品牌知名度，擴大客戶群，並加強與下一代消費者的聯繫。在品牌建立方面，我們度過了積極而富有成效的第三季度，包括在巴黎、紐約和阿斯彭時裝週上的營銷活動；在納什維爾和蘇豪區舉辦的體驗式快閃活動；以及邁克爾將在演講中提到的更多內容。從長遠來看，我們也對實體零售的潛力感到興奮，它能夠顯著擴大我們的品牌知名度，並成為獲取客戶的有效新管道。

Second, we continue to successfully expand our international penetration. The Middle East and Europe were standouts in the third quarter, partially offset by continued challenges in certain Asian regions. The momentum of our REVOLVE segment business in Mainland China remains very strong, however, with net sales increasing more than 50% year over year.

其次，我們持續成功擴大國際市場滲透率。第三季度，中東和歐洲表現突出，但亞洲某些地區持續面臨的挑戰在一定程度上抵消了這些優勢。然而，我們在中國大陸的 REVOLVE 業務部門發展勢頭依然強勁，淨銷售額年增超過 50%。

We are particularly excited about the launch of our first-ever owned brand collaboration made specifically for customers in the China market. The launch was supported by a live stream event attended by over 40,000 viewers, creating local demand for the collection that outperformed some of our most successful owned brand collaborations from the US.

我們尤其興奮地宣布，我們將推出首個專為中國市場客戶打造的自有品牌合作項目。這次新品發表會透過直播活動進行推廣，吸引了超過 4 萬名觀眾參與，在當地創造了對該系列產品的需求，其表現甚至超過了我們一些在美國最成功的自有品牌合作項目。

This innovation further illustrates our exciting potential for international growth over the long term.

這項創新進一步展現了我們在長期國際成長方面令人振奮的潛力。

Third, we have continued to expand our assortment to attract new customers and gain a greater share of consumer spending among our loyal existing customers. On a combined basis, sales of beauty, men's and home products increased by a healthy double-digit percentage year-over-year in the third quarter. Notable brand additions in recent quarters have elevated our merchandise assortments in key areas outside of our historical core, further broadening consumer awareness and interest.

第三，我們不斷擴大產品種類，以吸引新客戶，並在我們忠實的現有客戶中獲得更大的消費份額。第三季度，美容、男士和家居產品的綜合銷售額年增了兩位數百分比。近幾個季度，我們新增的知名品牌提升了我們在傳統核心業務之外的關鍵領域的商品種類，進一步擴大了消費者的認知度和興趣。

As just one example, we expect net sales of our highly sought-after beauty advent calendar to increase approximately 40% year-over-year in the 2025 holiday season as our incredible offering and powerful marketing engine have created viral excitement on social media and in press outlets, including Vogue, ELLE, Cosmopolitan, Marie Claire, Allure and more.

僅舉一例，我們預計，在 2025 年假日季，我們備受追捧的美妝聖誕倒數日曆的淨銷售額將同比增長約 40%，因為我們令人難以置信的產品和強大的營銷引擎在社交媒體和新聞媒體（包括 Vogue、ELLE、Cosmopolitan、Marie Claire、Allure 等）上引起了病毒式傳播的轟動。

Finally, we are continuing to leverage AI technology to drive growth and efficiency initiatives across the company, touching nearly every facet of our operations. One innovative use case that is already driving results is deploying AI technology within our owned brands design process to deliver cost efficiencies and shortened development cycles. We are increasingly leveraging AI in the creative design process to produce renderings of owned brand products with a variety of different materials, finishes, colors and silhouettes.

最後，我們將持續利用人工智慧技術來推動公司各方面的成長和效率提升，幾乎涵蓋我們營運的各個層面。一個已經取得成效的創新應用案例是，在我們自有品牌的設計流程中部署人工智慧技術，以提高成本效益並縮短開發週期。我們越來越多地在創意設計過程中利用人工智慧來製作自有品牌產品的各種不同材料、飾面、顏色和輪廓的效果圖。

This is a huge advance because the AI imagery instantly allows our design and buying teams to visualize how products will look in different configurations before they commit to building the product without having to produce multiple physical samples, thereby accelerating the time frame between the initial design concept and ultimately going live on the site.

這是一項巨大的進步，因為人工智慧成像技術可以立即讓我們的設計和採購團隊在決定生產產品之前，就能直觀地看到產品在不同配置下的外觀，而無需生產多個實體樣品，從而加快了從最初設計概念到最終在網站上線的整個過程。

We are also leveraging AI to automate back-office functions to drive efficiency. For instance, we are in the process of transitioning our accounts payable workflow from a historically manual and cumbersome process to an intelligent and primarily automated AI-driven system. Developed internally by our data science team, our AI technology now automatically ingests payment invoices for routine bill processing, significantly increasing efficiency and elevating the productivity of our team members.

我們也利用人工智慧技術實現後台辦公室功能的自動化，以提高效率。例如，我們正在將應付帳款工作流程從以往手動且繁瑣的流程過渡到智慧且主要由人工智慧驅動的自動化系統。由我們資料科學團隊內部開發的 AI 技術現在可以自動接收付款發票以進行日常帳單處理，從而顯著提高效率並提升我們團隊成員的生產力。

To wrap up, I want to take a moment to thank my Revolve colleagues for your focus and execution that enabled us to deliver very solid results in the third quarter while simultaneously moving the ball forward on exciting longer-term initiatives. Our leadership team is energized by the many opportunities ahead that we believe will accelerate our market share gains.

最後，我要感謝 Revolve 的同事們，感謝你們的專注和執行，使我們能夠在第三季度取得非常穩健的業績，同時推進令人興奮的長期計劃。我們的領導團隊對未來眾多的機會充滿信心，我們相信這些機會將加速我們市場佔有率的成長。

We are successfully navigating ongoing macro uncertainty from a position of strength, bolstered by our data-driven mindset and culture, operational excellence, powerful brands and very strong financial foundation. The building momentum in our key growth and efficiency initiatives reinforces my confidence in our ability to drive profitable growth in the years ahead.

我們憑藉數據驅動的思維模式和文化、卓越的營運、強大的品牌和非常雄厚的財務基礎，從自身優勢地位出發，成功應對了持續的宏觀不確定性。我們在關鍵成長和效率提升措施方面取得的進展，增強了我對我們未來幾年實現獲利成長能力的信心。

Now over to Michael.

現在輪到麥可了。

Hello, everyone. I am very pleased with our financial performance this quarter, particularly our strong bottom line performance. Despite delivering only 4% top line growth, we were able to deliver record adjusted EBITDA for any third quarter. Through the first nine months of 2025, adjusted EBITDA increased 32%, and our free cash flow has more than tripled year-over-year.

大家好。我對我們本季的財務表現非常滿意，尤其是我們強勁的淨利潤表現。儘管營收僅成長了 4%，但我們實現了第三季調整後 EBITDA 的最高紀錄。2025 年前九個月，調整後 EBITDA 成長了 32%，自由現金流年增超過三倍。

Most impressive are the drivers of our gross margin expansion. Despite facing significant tariff exposure, gross margin has meaningfully outperformed our expectations, validating the competitive advantages of our data-driven merchandising that is at the center of everything we do. Even more exciting is that with our strong financial foundation, we are investing in growth initiatives that we believe will be impactful drivers in further strengthening our brands and accelerating our overall growth potential.

最令人印象深刻的是我們毛利率成長的驅動因素。儘管面臨重大的關稅風險，但毛利率仍顯著超出預期，這驗證了我們以數據驅動的商品銷售策略的競爭優勢，而這正是我們一切工作的核心。更令人興奮的是，憑藉我們雄厚的財務基礎，我們正在投資成長計劃，我們相信這些計劃將有力地推動我們進一步加強品牌，並加速我們的整體成長潛力。

With that as an introduction, I will focus my remarks on some of the strategic areas we are investing in and where we see a great deal of opportunity: Brand investments; opportunities in the dynamic luxury industry; expansion of owned brands; and physical retail development.

以此為引子，我將重點談談我們正在投資的一些策略領域，以及我們認為有很多機會的領域：品牌投資；充滿活力的奢侈品行業的機會；自有品牌的擴張；以及實體零售發展。

First, brand building. The quarter got off to an exciting start with REVOLVE Summer in the Hamptons, followed by an incredible experience in Ibiza that inspired our engaged community on social media. In September, we turned up the brand heat with trips to Nashville to launch a limited time pop-up retail experience in partnership with Cotton Inc. and to New York, Paris and Aspen for experiential Fashion Week events that excited and delighted our high-value clients with preferred access.

首先是品牌建立。本季以在漢普頓舉辦的 REVOLVE 夏季活動精彩開場，隨後在伊比沙島的精彩體驗也激勵了我們在社群媒體上活躍的社群。9 月，我們加大了品牌推廣力度，前往納許維爾與 Cotton Inc. 合作推出限時快閃零售體驗，並前往紐約、巴黎和阿斯彭參加體驗式時裝週活動，這些活動讓我們的高價值客戶感到興奮和高興，並為他們提供了優先參與的機會。

Our engagement metrics in the third quarter illustrate the impact of our brand-building investments. We generated a triple-digit increase year-over-year in consumer views on our TikTok and YouTube channels while delivering increased marketing efficiency year-over-year in the third quarter.

第三季的用戶參與度指標顯示了我們在品牌建立方面所做投資的影響。第三季度，我們在 TikTok 和 YouTube 頻道上的消費者觀看量年增了三位數，同時行銷效率也比去年同期成長了。

As a company with deep Los Angeles roots, I couldn't be more excited about the multiyear partnership we recently announced with the Los Angeles Lakers. The cultural intersection of professional sports and fashion influence is more powerful than ever, creating authentic opportunities for us to engage with the huge audience following the storied Lakers franchise in real life and on social channels.

作為一家在洛杉磯有著深厚根基的公司，我對我們最近宣布與洛杉磯湖人隊達成的多年合作關係感到無比興奮。職業運動與時尚的文化交融比以往任何時候都更加強大，為我們創造了真正的機會，讓我們能夠在現實生活中和社交媒體上與許多關注著歷史悠久的湖人隊的觀眾互動。

As a pioneer in embracing social media to drive favorable brand awareness, it is exciting to consider that the Los Angeles Lakers have one of the largest social media following and the highest social media engagement per post in all of US professional sports teams. With the NBA tipping off its season recently, our collaboration has already come to life through immersive experiences in arena signage, engagement with VIPs and influencers and co-branded content across the Lakers social media channels.

作為率先利用社群媒體提升品牌知名度的先驅，洛杉磯湖人隊擁有美國所有職業運動隊中最多的社群媒體粉絲和最高的單篇社群媒體互動量，這令人振奮。隨著 NBA 賽季的開幕，我們的合作已經透過沉浸式體驗、體育館標誌、與 VIP 和有影響力人士的互動以及在湖人隊社交媒體頻道上的聯合品牌內容得以實現。

Second, FWRD and the competitive environment in luxury. The operating environment in luxury continues to be extremely dynamic, creating opportunity for our FWRD business. In fact, the challenges facing our competitors accelerated in the third quarter, highlighted by two large luxury e-commerce retailers filing for bankruptcy protection or the international equivalent in August.

其次，FWRD 和奢侈品產業的競爭環境。奢侈品產業的經營環境依然瞬息萬變，為我們的 FWRD 業務創造了機會。事實上，我們的競爭對手在第三季面臨的挑戰加劇，其中最引人注目的是兩家大型奢侈品電商零售商在 8 月申請破產保護或國際同等保護。

Adding to the industry malaise, luxury brands, large and small, have been frustrated by extended payment terms from a prominent luxury department store chain in the US, which has been reducing investment amidst declining sales and significant debt obligations. We continue to view these challenges within the luxury sector as an exciting opportunity for REVOLVE and FWRD to remain on offense and invest in market share capture, supported by our consistent profitability and cash flow generation that sets us apart.

雪上加霜的是，美國一家知名奢侈品百貨連鎖店延長了付款期限，令大大小小的奢侈品牌感到沮喪。由於銷售額下降和巨額債務，該連鎖店一直在減少投資。我們仍然將奢侈品行業的這些挑戰視為 REVOLVE 和 FWRD 保持進攻態勢並投資於市場份額獲取的激動人心的機會，而我們持續的盈利能力和現金流生成能力也使我們脫穎而出。

Not only are we excited about the opportunity, our FWRD segment results demonstrate that our investments are working as evidenced by continued top line growth and a 37% year-over-year increase in gross profit dollars in the third quarter, an expansion of more than 11 points of gross margin. It was our best FWRD segment gross margin since the post-COVID boom more than three years ago.

我們不僅對這一機會感到興奮，而且我們的 FWRD 業務部門的業績也表明，我們的投資正在奏效，第三季度營收持續增長，毛利同比增長 37%，毛利率增長超過 11 個百分點，這便是明證。這是自新冠疫情后經濟繁榮時期以來，我們FWRD部門最高的毛利率。

And luxury brands are increasingly recognizing FWRD as a clear winner in the space for the long term. On the heels of the impactful brand wins discussed last quarter, we were thrilled to launch the iconic luxury brand, Dries Van Noten, on FWRD in late September. The Dries Fall collection has performed incredibly well in the early going. The FWRD team is having many productive discussions with brands, including receiving initial inventory commitments from a coveted brand that we have been courting for over a decade.

奢侈品牌也越來越認識到，從長遠來看，FWRD 無疑是該領域的贏家。繼上個季度我們討論過的具有影響力的品牌勝利之後，我們非常激動地在 9 月下旬在 FWRD 上推出了標誌性的奢侈品牌 Dries Van Noten。Dries Van Noten 的秋季系列在初期階段表現非常出色。FWRD 團隊正在與多個品牌進行富有成效的討論，包括從我們十多年來一直追求的夢寐以求的品牌那裡獲得了初步的庫存承諾。

Third, owned brands, where our momentum has continued to build. In fact, our owned brand penetration of REVOLVE segment net sales increased year-over-year for the third consecutive quarter in Q3. These gains contributed to our much higher-than-expected gross margin as our owned brands generate considerably higher gross margins than third-party brands.

第三，自有品牌，我們在這領域的成長動能持續增強。事實上，在第三季度，我們自有品牌 REVOLVE 細分市場的淨銷售額連續第三個季度同比增長。這些收益使我們的毛利率遠高於預期，因為我們自有品牌的毛利率比第三方品牌高得多。

Even while navigating the highly uncertain tariff landscape with agility, our team has done an amazing job in delivering owned brand styles that resonate with our customers, resulting in continued improvement in underlying performance metrics year-over-year. Building on our future opportunities, we are very excited to launch the SRG brand with fashion icon Sofia Richie Grainge exclusively on REVOLVE and FWRD.

即使在高度不確定的關稅環境下靈活應對，我們的團隊也出色地完成了工作，打造出能夠引起客戶共鳴的自有品牌風格，從而使各項基本績效指標逐年持續改善。基於我們未來的機遇，我們非常興奮地宣布，SRG品牌將攜手時尚偶像Sofia Richie Grainge在REVOLVE和FWRD獨家推出。

Sofia's timeless and sophisticated signature style creates a strategic expansion of our owned brand portfolio that has driven a ton of favorable awareness in press and social channels, truly resonating with her vast audience of 11 million Instagram followers.

索菲亞永恆而精緻的標誌性風格，為我們自有品牌組合的戰略擴張創造了條件，在媒體和社交渠道上獲得了大量的正面關注，真正引起了她在 Instagram 上 1100 萬粉絲的共鳴。

In fact, in its first week, the SRG collection achieved the highest sales volume for any owned brand collaboration launch in our history. Sofia shared that REVOLVE was the perfect partner to fulfill her lifelong dream of launching her owned brand, citing the strength of our platform, our community engagement and expertise in helping bring her product vision to life, reaching a wide audience of engaged consumers.

事實上，SRG 系列在上市第一週就取得了我們自有品牌合作系列產品上市以來最高的銷售額。Sofia 表示，REVOLVE 是實現她畢生夢想——推出自有品牌——的完美合作夥伴，她稱讚了我們強大的平台、社區參與度和專業知識，幫助她將產品願景變為現實，並觸及廣泛的活躍消費者群體。

And there is more to come. We have been investing in an incredible pipeline of new owned brand initiatives on tap to launch in the months ahead. Our strong owned brand metrics in recent quarters gives us increased confidence in these investments.

還有更多精彩內容即將到來。我們一直在投資一系列令人矚目的全新自有品牌項目，這些項目將在未來幾個月內陸續推出。近幾季我們自有品牌指標的強勁表現，讓我們對這些投資更有信心。

Finally, physical retail. We continue to be very excited about the opportunity in physical retail. Over the last 20 years, we have built a very powerful brand with meaningful scale that we can now leverage into the very significant physical retail market that is largely untapped by our brands. The physical retail market is not only significant in size, representing more than 60% of global retail spend on apparel and footwear, but is also very synergistic with our owned brands and has the ingredients to be even more profitable than our core online business.

最後，實體零售。我們依然對實體零售業的機會感到非常興奮。在過去的 20 年裡，我們打造了一個實力雄厚、規模可觀的品牌，現在我們可以利用這一優勢進入我們品牌尚未充分開發的、規模巨大的實體零售市場。實體零售市場不僅規模龐大，佔全球服裝和鞋類零售支出的 60% 以上，而且與我們自有品牌具有很強的協同效應，並且具備比我們核心在線業務更有利可圖的條件。

One of the key drivers of Revolve's growth opportunity is the expansion of our active customer base. Our strong brand, differentiated merchandising and incredible service proposition have created attractive customer loyalty online that we believe can translate to physical retail. We believe giving consumers the opportunity to engage with us online and in-store further enhances our value proposition, particularly among the younger demographic of customers who embrace the opportunity to touch and feel products during in-person shopping experiences as well as shopping through online channels.

Revolve成長機會的關鍵驅動因素之一是我們活躍客戶群的擴大。我們強大的品牌、差異化的商品銷售和卓越的服務概念，在網路上創造了極具吸引力的顧客忠誠度，我們相信這種忠誠度可以轉化為實體零售。我們相信，讓消費者有機會在線上和線下與我們互動，可以進一步提升我們的價值主張，尤其是在年輕的消費者群體中，他們喜歡在實體店購物時觸摸和感受產品，也喜歡透過線上管道購物。

Finally, we are very excited about the opportunity for our owned brands within physical retail over the long term. In our Aspen store, great work by our store merchandising team has increased the owned brand mix of REVOLVE segment net sales to levels that are now significantly higher than our owned brand penetration for e-commerce sales.

最後，我們對自有品牌在實體零售領域的長期發展機會感到非常興奮。在我們的阿斯彭門市，門市商品陳列團隊的出色工作使 REVOLVE 部門自有品牌的淨銷售額佔比大幅提升，目前已遠高於我們自有品牌在電子商務銷售中的滲透率。

The physical retail opportunity, our powerful brands and our entrepreneurial culture have enabled us to attract talent with deep industry experience in recent months to further strengthen our retail muscle and go-to-market strategy. Our team is guiding our investments in systems and processes to ensure that we are positioned for success, particularly headed into the upcoming opening of our Los Angeles store at The Grove.

實體零售機會、我們強大的品牌和我們的創業文化，使我們能夠在近幾個月吸引具有深厚行業經驗的人才，從而進一步增強我們的零售實力和市場進入策略。我們的團隊正在指導我們在系統和流程方面的投資，以確保我們能夠取得成功，尤其是在我們即將在洛杉磯格羅夫購物中心開設新店之際。

Concurrent with putting the finishing touches on our magnificent retail destination in Los Angeles, we are engaging in opportunistic discussions with Tier 1 landlords in key markets on our short list. We are laying the groundwork now to ensure we will be in a position to move quickly if and when a compelling opportunity should arise in the geographic areas we are most focused on pursuing for the next phase.

在洛杉磯宏偉的零售目的地即將完工之際，我們正在與我們重點關注的幾個關鍵市場的頂級房東進行機會性洽談。我們現在正在打好基礎，以確保一旦在我們下一階段重點關注的地理區域出現令人振奮的機會，我們就能迅速採取行動。

Wrapping up, at a time when the dynamic operating environment has forced key competitors to dial back investment, our strong financial foundation gives us an opportunity to aggressively invest in the many exciting initiatives that we believe will continue to drive profitable growth for many years to come.

總結而言，在瞬息萬變的經營環境迫使主要競爭對手縮減投資之際，我們強大的財務基礎使我們有機會積極投資於眾多激動人心的舉措，我們相信這些舉措將在未來多年繼續推動盈利增長。

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

現在我將把發言權交給傑西，讓他來討論一下財務狀況。

Thanks, Michael, and hello, everyone. I am pleased with our third quarter results, particularly on the bottom line, highlighted by the record adjusted EBITDA for any third quarter that drove more than 2 points of expansion in our adjusted EBITDA margin year-over-year.

謝謝你，邁克爾，大家好。我對我們第三季的業績感到滿意，尤其是淨利潤，第三季調整後 EBITDA 創歷史新高，比去年同期成長超過 2 個百分點。

I'll start by recapping our third quarter results and then close with updates on recent trends in the business and guidance for the balance of the year.

我將首先回顧我們第三季的業績，然後最後介紹一下近期的業務趨勢以及今年剩餘時間的展望。

Starting with the third quarter results. Net sales were $296 million, a year-over-year increase of 4%. REVOLVE segment net sales increased 5% and FWRD segment net sales increased 3% year-over-year in the third quarter. By territory, domestic net sales increased 4%, and international net sales increased 6% year-over-year. Active customers, a trailing 12-month measure, increased 5% year-over-year.

首先來看第三季業績。淨銷售額為 2.96 億美元，年增 4%。第三季度，REVOLVE 業務部門淨銷售額年增 5%，FWRD 業務部門淨銷售額年增 3%。按地區劃分，國內淨銷售額較去年同期成長 4%，國際淨銷售額較去年同期成長 6%。過去 12 個月的活躍客戶數量年增 5%。

Total orders placed were $2.3 million, an increase of 5% year-over-year. Average order value was $306, an increase of 1% year-over-year, an improvement from the modest decline reported in the first half of 2025. Partially offsetting the increase in orders placed and AOV was a slight increase in our return rate year-over-year.

訂單總額為 230 萬美元，年增 5%。平均訂單價值為 306 美元，年增 1%，較 2025 年上半年報告的小幅下降有所改善。訂單量和平均訂單價值的成長被退貨率較去年同期略有上升部分抵銷。

Consolidated gross margin was 54.6%, an increase of 347 basis points year-over-year, an exceptional result that materially exceeded our guidance range. Key contributors to our margin upside were much shallower markdowns on our markdown product that benefited from our data-driven innovations within our markdown algorithms, a higher percentage of full price sales and higher margins on these sales and continuing growth in the mix of our owned brands as a percentage of REVOLVE segment net sales.

綜合毛利率為 54.6%，年成長 347 個基點，這項優異成績遠超過我們的預期範圍。我們利潤率上升的關鍵因素包括：降價幅度較小，這得益於我們降價演算法中的數據驅動創新；全價銷售比例較高，且這些銷售的利潤率較高；以及自有品牌在 REVOLVE 業務板塊淨銷售額中所佔比例持續增長。

We are also very pleased with our tariff mitigation thus far, which illustrates our team's agility, execution and operating excellence.

我們對迄今為止的關稅減免工作也感到非常滿意，這反映了我們團隊的敏捷性、執行力和卓越營運能力。

Now moving on to operating expenses. Fulfillment costs were 3.3% of net sales, an increase of 5 basis points year-over-year that primarily reflects the slight increase in our return rate. Selling and distribution cost efficiency was 17.5% of net sales, in line with our guidance. The increase of 56 basis points year-over-year was driven by higher shipping costs and the higher return rate. Our marketing investment represented 13.7% of net sales, a decrease of 28 basis points year-over-year, driven by efficiency in our marketing investments across both digital performance and brand marketing.

接下來我們來看營運費用。履約成本佔淨銷售額的 3.3%，比上年同期成長 5 個基點，這主要反映了退貨率的略微上升。銷售和分銷成本效率佔淨銷售額的 17.5%，符合我們的預期。年比上漲 56 個基點，主要原因是運輸成本上升和退貨率上升。我們的行銷投入佔淨銷售額的 13.7%，年減 28 個基點，這主要得益於我們在數位行銷和品牌行銷方面的行銷投入效率的提高。

General and administrative costs were $38.6 million, an increase of 107 basis points year-over-year as a percentage of net sales. The decreased efficiency year-over-year as a percentage of net sales primarily reflects our increased investment in strategic growth initiatives and a $1 million increase in nonroutine costs year-over-year. The increase in net sales, combined with the significant expansion of our gross margin, helped us to achieve outstanding growth in operating profitability.

一般及行政費用為 3,860 萬美元，佔淨銷售額的百分比年增 107 個基點。淨銷售額佔比年減主要反映了我們對策略成長計畫的投入增加以及非日常成本年增 100 萬美元。淨銷售額的成長，加上毛利率的大幅提升，幫助我們實現了營業利潤的顯著成長。

Our GAAP income from operations increased 47% year-over-year in the third quarter. Adjusted EBITDA was $25 million, a year-over-year increase of 45% and our highest ever adjusted EBITDA result for a third quarter. Adjusted EBITDA margin was 8.6%, an increase of 239 basis points year-over-year and our highest quarterly margin in more than three years. Net income also increased meaningfully to $21 million or $0.29 per diluted share compared to $0.15 per diluted share in the third quarter of 2024. The third quarter of 2025 included a gain equivalent to $0.05 per share from an insurance recovery related to a previously disclosed shipment vest that occurred in 2024.

第三季度，我們以美國通用會計準則計算的營業收入年增了47%。經過調整後的 EBITDA 為 2,500 萬美元，年成長 45%，是我們第三季經調整後的 EBITDA 業績有史以來最高的。經調整的 EBITDA 利潤率為 8.6%，年增 239 個基點，是三年多來最高的季度利潤率。淨利潤也大幅成長至 2,100 萬美元，即每股攤薄收益 0.29 美元，而 2024 年第三季每股攤薄收益為 0.15 美元。2025 年第三季包含每股 0.05 美元的收益，該收益來自與先前揭露的 2024 年發生的貨物運輸相關的保險賠償。

Moving on to the balance sheet and cash flow statement. We again delivered increased cash flows that further strengthened our balance sheet. In the third quarter, our operating cash flow and free cash flow increased 31% and 7% year-over-year, respectively. For the nine months ended September 30, free cash flow was $59 million, a year-over-year increase of $43 million or 265% compared to the nine-month year-to-date period in 2024.

接下來來看資產負債表和現金流量表。我們再次實現了現金流的成長，進一步增強了我們的資產負債表。第三季度，我們的營運現金流量和自由現金流分別年增 31% 和 7%。截至 9 月 30 日的九個月，自由現金流為 5,900 萬美元，比 2024 年同期成長 4,300 萬美元，增幅達 265%。

Inventory dynamics remain healthy as net sales growth year-over-year outpaced inventory growth by 5 points. Inventory at September 30, 2025, was $239 million, a decrease of 1% year-over-year. As of September 30, 2025, cash and cash equivalents were $315 million, an increase of $5 million during the quarter and growth of $63 million or 25% year-over-year, and we continue to have no debt.

庫存動態依然健康，淨銷售額較去年同期成長比庫存成長高出 5 個百分點。截至 2025 年 9 月 30 日，庫存為 2.39 億美元，年減 1%。截至 2025 年 9 月 30 日，現金及現金等價物為 3.15 億美元，本季增加 500 萬美元，年增 6,300 萬美元或 25%，我們仍然沒有債務。

Now a brief update on tariffs. The tariff landscape continues to be very fluid and unpredictable. Nonetheless, our cross-functional team continues to make excellent progress on tariff mitigation. Through a variety of strategies discussed on previous calls, we mitigated the significant majority of our tariff exposure in the third quarter. At a time when many companies in our industry are facing significant gross margin pressure, our ability to expand gross margins year-over-year in 2025 further illustrates our competitive advantages of data-driven merchandising and inventory management.

現在簡單介紹一下關稅狀況。關稅情勢依然非常不穩定，難以預測。儘管如此，我們的跨職能團隊在關稅緩解方面繼續取得優異進展。透過先前電話會議中討論的各種策略，我們在第三季減輕了絕大部分關稅風險。在我們行業中許多公司面臨巨大毛利率壓力之際，我們能夠在 2025 年逐年提高毛利率，這進一步證明了我們在數據驅動的商品銷售和庫存管理方面的競爭優勢。

Now let me update you on some recent trends in the business since the third quarter ended and provide some direction on our cost structure to help in your modeling of the business. Starting from the top, our net sales in the month of October increased by a mid-single-digit percentage year-over-year against a more challenging prior year comparison than we faced in the third quarter.

現在讓我向您介紹自第三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，以幫助您對業務進行建模。從銷售額來看，10 月我們的淨銷售額年增了中等個位數百分比，而去年同期的比較基數比第三季大得多。

Now before we get into guidance, let me caveat that our outlook is based on the current status of tariffs as of today, November 4, 2025, and our estimate 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 in effect as well as the timing and magnitude of our mitigation efforts.

在給予指導意見之前，我想先說明，我們的展望是基於截至 2025 年 11 月 4 日的關稅現狀，以及我們對目前正在進行的潛在緩解措施的影響的估計。鑑於關稅生效的時間和水準以及我們緩解措施的時間和力度存在不確定性，我們對毛利率的預期尤其容易受到波動的影響。

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. We expect gross margin in the fourth quarter of 2025 of between 53.1% and 53.6%, which at the midpoint implies an increase of approximately 80 basis points year-over-year. For the full year 2025, we now expect gross margin of approximately 53.5%, a meaningful increase from our prior guidance. The new guidance implies a margin increase of roughly 100 basis points year-over-year.

接下來，我們來討論我們更新後的毛利率預期，其中包括我們對關稅影響的最佳估計，扣除了我們的緩解措施。我們預計 2025 年第四季的毛利率將在 53.1% 至 53.6% 之間，以中間值計算，這意味著同比增長約 80 個基點。我們現在預計 2025 年全年毛利率約為 53.5%，較我們先前的預期有顯著成長。新的業績指引意味著利潤率將比上年同期成長約 100 個基點。

Fulfillment. We expect fulfillment as a percentage of net sales of approximately 3.3% for the fourth quarter of 2025 and approximately 3.2% for the full year 2025 at the high end of our prior guidance range.

履行。我們預計，2025 年第四季訂單履行率佔淨銷售額的比例約為 3.3%，2025 年全年訂單履行率佔淨銷售額的比例約為 3.2%，均處於我們先前預期範圍的高端。

Selling and distribution. We expect selling and distribution costs as a percentage of net sales of approximately 17.6% for the fourth quarter of 2025 and approximately 17.3% for the full year 2025. Embedded in our assumptions is that our return rate in the fourth quarter will remain higher year-over-year, consistent with the third quarter.

銷售和分銷。我們預計 2025 年第四季銷售和分銷成本佔淨銷售額的比例約為 17.6%，2025 年全年約為 17.3%。我們的假設是，第四季的回報率將高於去年同期，與第三季的情況一致。

Marketing. We expect our marketing investment to be approximately 15% of net sales in the fourth quarter of 2025 and approximately 14.6% of net sales for the full year 2025, a slight decrease from our prior guidance.

行銷.我們預計 2025 年第四季行銷投入將佔淨銷售額的 15% 左右，2025 年全年行銷投入將佔淨銷售額的 14.6% 左右，略低於我們先前的預期。

Looking ahead to 2026, we have some exciting marketing investments planned to support the growth initiatives we have been investing in and expect to launch in 2026.

展望 2026 年，我們計劃進行一些令人興奮的行銷投資，以支持我們一直在投資並預計 2026 年推出的成長計畫。

General and administrative. We expect G&A expense of approximately $38.7 million in the fourth quarter of 2025 and approximately $153.5 million for the full year 2025 in the range of our prior full year guidance. The implied decrease in G&A costs year-over-year in Q4 is primarily due to the fourth quarter of 2024, including $2.7 million of nonroutine and transaction costs that we do not expect to reoccur this year. And lastly, we now expect our effective tax rate to be between 25% and 26% in the fourth quarter and 27% to 28% for the full year 2025.

一般及行政事務。我們預計 2025 年第四季一般及行政費用約為 3,870 萬美元，2025 年全年約為 1.535 億美元，與我們先前的全年指導範圍一致。第四季 G&A 成本年減主要是由於 2024 年第四季度，其中包括 270 萬美元的非經常性及交易成本，我們預計這些成本今年不會再次發生。最後，我們預計第四季實際稅率將在 25% 至 26% 之間，2025 年全年實際稅率將在 27% 至 28% 之間。

To recap, we delivered very solid third quarter results, further strengthening our financial foundation that truly stands out compared to many in our industry. Even in what continues to be an uncertain environment, our healthy cash flow and rock-solid balance sheet enable us to continue to invest in exciting long-term initiatives such as international expansion, owned brands and physical retail that we believe position us to achieve profitable growth for the years to come.

總而言之，我們第三季業績非常穩健，進一步鞏固了我們的財務基礎，這在業內許多公司中確實脫穎而出。即使在當前充滿不確定性的環境下，我們健康的現金流和穩健的資產負債表使我們能夠繼續投資於令人興奮的長期計劃，例如國際擴張、自有品牌和實體零售，我們相信這些計劃將使我們在未來幾年實現盈利增長。

Now we'll open it up for your questions.

現在我們開放提問環節。

(Operator Instructions) Rick Patel, Raymond James.

（操作說明）里克·帕特爾，雷蒙德·詹姆斯。

Congrats on strong results. I'd like to double-click on gross margin. So is there any way to size the benefit that you realized from the improved markdown algorithm? I know it was a benefit in the second quarter, and it sounds like the benefit accelerated in Q3. So I'm curious how that happened as you deploy it to more regions, more banners, et cetera?

祝賀取得優異成績。我想雙擊“毛利率”。那麼，有沒有辦法衡量您從改進的 Markdown 演算法中獲得的收益呢？我知道第二季就出現了這種效益，而且聽起來第三季效益加速成長了。所以我很好奇，隨著你們部署到更多地區、更多橫幅廣告等等，這種情況是如何發生的？

And how do we think about the durability of this improvement, not just in Q4 but beyond?

那麼，我們該如何看待這種改進的持久性，不僅是第四季度，還有未來？

Yes. Thanks, Rick. We were super happy with the gross margin result this quarter. And to your point, the largest impact was that markdown margin optimization to our optimizing that markdown algorithm. So that was by far and away the biggest driver.

是的。謝謝你，里克。我們對本季的毛利率結果非常滿意。如您所說，影響最大的是 Markdown 邊距最佳化，這體現在我們最佳化 Markdown 演算法的過程中。所以，這無疑是最大的驅動因素。

And we did see that start in Q2 and that accelerated into Q3. It was across both FWRD and REVOLVE. And then we also had that shift in promotional strategy that we talked about, and that was another key contributor to the gross margin expansion leading to that 11% increase in gross profit dollars. But not to be lost on the fact that also full price mix increased and the margin on those full price sales increased as well. So really pleased with the core margin result even outside of that markdown and promotional shift.

我們確實在第二季度看到了這種趨勢的開始，並且在第三季度加速發展。FWRD 和 REVOLVE 兩家公司都發生了這種情況。此外，我們也進行了先前討論過的促銷策略的轉變，這也是毛利率擴張的另一個關鍵因素，最終導致毛利增加了 11%。但不可忽視的是，全價商品組合也增加了，全價商品的銷售利潤率也提高了。即使不考慮降價和促銷活動的變化，我對核心利潤率的結果也非常滿意。

And then finally, a positive impact from the expansion in owned brand mix on the REVOLVE segment. So really pleased with the cadence there. And SRG just launched, so expect to see good things coming out of that in the future. So I think to your point on sustainability, we feel good about where we're at and then also the health of the inventory and more owned brand launches to come.

最後，自有品牌組合的擴張對 REVOLVE 板塊產生了正面影響。我對那裡的節奏非常滿意。SRG剛成立，所以未來應該會有好結果。所以，關於您提到的可持續性問題，我們感到很滿意，我們對目前的狀況以及庫存狀況都感到滿意，而且未來還將推出更多自有品牌產品。

Great. And I just had a follow-up on the quarter-to-date trends. October up mid-single digits. Are the drivers of October consistent with the trends that you saw in the second quarter? A lot of companies are calling out consumers buying closer to need.

偉大的。我剛剛跟進了本季至今的趨勢。10月份成長個位數中段。10 月份的驅動因素是否與您在第二季度看到的趨勢一致？許多公司都在呼籲消費者在更接近需求時才進行購買。

So I'm just curious if you see the potential for that growth rate to accelerate as you start entering the holiday season.

所以我很好奇，隨著假期的臨近，您是否認為這種成長率有可能加速？

Yes. Yes, we'll see. October at mid-single digits, I don't know, I won't say we're pleased with that, but we're encouraged that it's at mid-single digits on tougher comps than we faced in the third quarter. And that mid-single digits, it puts October close to a 20% two-year stack. So call it a double-digit CAGR or close to it.

是的。是的，我們拭目以待。10 月的成長率為個位數中段，我不知道，我不會說我們對此感到滿意，但我們感到鼓舞的是，在比第三季度更艱難的比較基數下，成長率仍然達到了個位數中段。而這個個位數中段的漲幅，使得10月的兩年期持股報酬率接近20%。所以，可以稱為兩位數的複合年增長率，或是接近兩位數。

So I think encouraging, but we'll have to see how the quarter plays out. And it's always a little bit volatile in the holiday season. And comps do get a little bit tougher. If you recall last year, we had said that October was up low double digits, and we closed at plus 14%. So we have that to deal with as well.

所以我覺得這令人鼓舞，但我們還得看看本季的情況如何。而且在假日期間，市場總是會有些波動。比賽確實會變得越來越難。如果你還記得去年，我們曾說過 10 月的漲幅會達到兩位數，而最終我們收盤漲幅為 14%。所以我們也得處理這個問題。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Mike, great results. Jesse, yes, you had a great last year fourth quarter. That comparison is tougher. What do you think about average order value trends? And also any complexion in terms of like what you're seeing in October with price points or categories?

麥克，效果很棒。傑西，是的，你去年第四季的表現非常出色。這種比較更難。您如何看待平均訂單價值趨勢？另外，您覺得10月份的價格區間或產品類別方面有什麼趨勢嗎？

I'm just concerned about the tough compare, but you keep on executing so well. The return rate is also a tough compare as well.

我只是擔心這次比較會很艱難，但你一直都表現得非常好。報酬率也是一個很難比較的指標。

And then as you think more broadly physically, you're an expert at digitally enabling A/B testing, test read and react inventory management and also thinking about the speed at which you innovate. So how might you take these digital capabilities physical? It's a different ball game to a certain extent in terms of speed and scaling that. I was curious about your conceptual thoughts too, as that's clearly a big opportunity.

然後，從更廣闊的實體角度來看，你是一位數位實現 A/B 測試、測試、閱讀和反應庫存管理的專家，同時也在思考你的創新速度。那麼，如何將這些數位能力轉化為現實呢？從速度和規模來看，這在某種程度上是完全不同的情況。我也很好奇你的想法，因為這顯然是一個很大的機會。

Yes. Thanks, Oliver. I'll take the first one and then kick it over to Mike. On the composition of October, similar to the third quarter, international outpaced domestic. On AOV, we'd expect to continue to see a slight increase in AOV in part due to the price increases.

是的。謝謝你，奧利佛。我先拿一個，然後把它交給麥克。10月的交易構成與第三季類似，國際交易成長超過國內交易。就平均訂單價值 (AOV) 而言，我們預計 AOV 將繼續小幅增長，部分原因是價格上漲。

I think we had mentioned last quarter that we are seeing on the new product price increases of, call it, mid- to high single digits, and that's approaching double-digit range as we head into Q4. Not all that will hit this kind of -- it starts to have an increasing impact as inventory rolls in.

我想我們上個季度提到過，新產品的價格漲幅在個位數中高段位，而隨著第四季的到來，漲幅正在接近兩位數。並非所有問題都會如此——隨著庫存的湧入，其影響會越來越大。

And then, of course, depending on mix between REVOLVE and FWRD and then the category mix as well. We saw, again, that men's beauty, home at double digit versus apparel at 7% and then dresses at 3%. So there was a slight offset to the AOV increases due to product mix. But again, to answer your question, I expect to see a slight increase in that AOV as we look ahead.

當然，也要取決於 REVOLVE 和 FWRD 之間的組合，以及類別組合。我們再次看到，男士美容產品佔比達到兩位數，而服裝佔比為 7%，連身裙佔比為 3%。因此，產品組合的變化對平均訂單價值的成長起到了一定的抵銷作用。但再次回答你的問題，我預計未來平均訂單價值（AOV）會略有成長。

And regards to physical, I completely agree that we are experts in e-commerce, but we're early in the game in physical commerce. So we're super excited and hyper focused, investing a lot of time building teams, resources, processes. Literally just yesterday, I met with the team and was -- I encourage them to be very experimental and iterative. We have a vast, vast e-commerce store. But of course, our physical stores will be focused.

至於實體零售方面，我完全同意我們是電子商務領域的專家，但我們在實體零售領域還處於起步階段。所以我們非常興奮，也高度專注，投入大量時間組建團隊、開發資源、完善流程。就在昨天，我與團隊會面，我鼓勵他們進行大量的實驗和迭代。我們擁有一個規模龐大的電子商務平台。當然，我們的實體店將會重點發展。

So there will be a lot of experimentation, a lot of measuring and management and ultimately long-term optimization. We've seen great progress with Aspen, building from the learnings as well as trying new things and our internal numbers are very, very encouraging. And we recognize that it is a long journey ahead for us to be experts, but I think we're culturally built for this.

因此，將會有許多實驗、許多測量和管理，最終實現長期最佳化。我們在 Aspen 專案上取得了巨大的進步，我們學到了經驗教訓，並嘗試了新的方法，我們的內部數據非常非常令人鼓舞。我們認識到，要成為專家還有很長的路要走，但我認為我們在文化上已經為此做好了準備。

Matt Koranda, ROTH Capital.

Matt Koranda，ROTH Capital。

I guess two for me. First one, I guess with the larger luxury players you talked about showing signs of stress, surprised you aren't seeing maybe just a little bit better growth out of FWRD in the third quarter. So maybe could you unpack sort of where you saw benefits and maybe where you're still seeing some headwinds in that business and when we expect the competitive environment to be more of a benefit for you guys going forward there?

我猜我得選兩個。首先，我猜你剛才提到一些大型奢侈品公司出現了壓力跡象，所以很驚訝你沒有看到 FWRD 在第三季出現稍微好一點的成長。那麼，您能否詳細說說您在哪些方面看到了優勢，在哪些方面仍然看到了一些阻力，以及我們預計競爭環境何時會對你們更有利？

Yes. So we were actually extremely encouraged by the FWRD results. And I focus not on the top line number for FWRD on the gross profit growth for FWRD, which was absolutely incredible. And so we made a decision to focus on margin and get the margins on FWRD back up to where we want them to be over the mid- to longer term and had huge increases in gross profit. And so I think it was a very favorable environment for us.

是的。所以，FWRD 的結果讓我們非常鼓舞。我關注的不是 FWRD 的營收數字，而是 FWRD 的毛利成長，這絕對令人難以置信。因此，我們決定專注於利潤率，使 FWRD 的利潤率在中長期內恢復到我們希望達到的水平，並實現了毛利的大幅成長。所以我認為這對我們來說是一個非常有利的環境。

And going forward, we hope and expect to drive both large gross profit increases as well as more sizable revenue increases.

展望未來，我們希望並期望實現毛利的大幅成長以及收入的更大幅度增長。

Okay. All right. That makes sense. And then just on the --

好的。好的。這很有道理。然後就在--

Let's add a little bit to that -- sorry, one thing to add is that, of course, these very, very weak competitors still have a lot of inventory for previous seasons. But as we go season to season with a lack of new deliveries, we're quite optimistic that we will accelerate and gain share as the lack of refresh in our competitors is quite obvious and more customers coming to us.

我們再補充一點——抱歉，需要補充的是，當然，這些實力非常弱的競爭對手仍然有很多往季的庫存。但隨著季節更迭，新產品交付量不足，我們非常樂觀地認為，隨著競爭對手缺乏更新換代，我們的市場份額將會加速成長並獲得提升，因為越來越多的客戶會選擇我們。

Okay. All right. That's very helpful. And then maybe for Jesse on the gross margin guidance. I guess just why the step down in the fourth quarter sequentially?

好的。好的。那很有幫助。然後或許傑西會對毛利率預期發表看法。我想問的是，為什麼第四季成績會連續下滑？

It sounds like most of the wins are at your back there with more owned brand launches. You still have the benefit of the markdown algo. Maybe just why the slight step down that you're embedding there?

聽起來你們的大部分勝利都來自於自有品牌的更多推出。您仍然可以享受到 Markdown 演算法帶來的好處。也許你只是想弄清楚為什麼要在那裡嵌入一個略微降低的台階？

Yes. I think a little bit of it will be mix. And then I think as that markdown algorithm starts to season itself and then also 3Q had the biggest benefit from those promotional shifts that we talked about. So we'll see how it goes, but still optimistic even with that 4Q step down with the full year being 100 basis points higher than last year.

是的。我認為其中會有一部分是混合的。然後我認為，隨著降價演算法逐漸完善，第三季也從我們討論過的促銷策略轉變中受益最大。所以我們會看看情況如何，但即使第四季度有所下滑，我們仍然保持樂觀，因為全年業績將比去年高出 100 個基點。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

I guess just if I look at the marketing, you kind of lowered the -- you came in a little lower than you were thinking for the quarter and you lowered the outlook for the year a little bit. Any reason to cut it back while sales are decelerating a little bit after July and into the ongoing tough compares? And I guess as you look at fourth quarter, how much of it is already -- how much of the marketing budget has already been deployed that we see reflected in the October numbers that you gave us, Jesse, relative to what's still on the come ahead? I could imagine maybe there's some pretty impactful marketing as you guys look to the growth.

我想，如果我看一下行銷方面，你們的業績比預期略低，而且你們也稍微下調了全年的業績預期。鑑於7月後銷售成長略有放緩，且目前年比數據較為嚴峻，是否有理由削減這部分支出？我想，當我們展望第四季時，傑西，你給我們的十月份的數據反映出的行銷預算中，有多少已經投入使用，而還有多少預算尚未投入使用？我可以想像，在你們尋求發展的過程中，或許會有一些非常有影響力的行銷策略。

And then just one on AOV. I think you said third quarter like-for-likes were up mid or maybe even approaching high single digits and AOV was up 1. So it seems like the category mix down is maybe low to mid-single digits. And then the like-for-likes, you said approach, I think, double digits in the fourth quarter. Is the mix down effect similar on AOV in the fourth quarter?

然後，AOV 上就只有一場。我認為你說過第三季同店銷售額成長了中等或接近個位數，平均訂單價值成長了1%。因此，類別組合的下降幅度似乎可能在個位數低到中段。然後，正如你所說，同店銷售額在第四季度接近兩位數。第四季產品組合下降對平均訂單價值的影響是否類似？

Or any moving parts there that we can think about as we try to triangulate around the AOV?

或者，在嘗試圍繞 AOV 進行三角定位時，我們還可以考慮哪些其他因素？

Yes. I think we need to see -- sorry, I'll start with the last question. I think we need to see how the mix plays out in Q4, but that definitely was the offset to the price increases was that mix shift across categories. And then also a little bit of REVOLVE FWRD mix shift with REVOLVE outpacing the higher price point FWRD.

是的。我想我們需要看看——抱歉，我先回答最後一個問題。我認為我們需要看看第四季度的產品組合會如何變化，但毫無疑問，產品類別之間的組合變化抵消了價格上漲的影響。此外，REVOLVE FWRD 的組合也略有變化，REVOLVE 的銷售量超過了價格更高的 FWRD。

Yes. And on the marketing side, I can speak to the budget high level and then Michael can speak maybe to some more specific elements, including to the extent we can reveal anything upcoming. So from a budget standpoint, we actually did find good opportunities and spend a bit more aggressively on the performance marketing side. But there were some shifts on the brand marketing budget due to timing of events and kind of other factors there that led us to come in a little bit under.

是的。在行銷方面，我可以談談預算的整體情況，然後麥可可以談談一些更具體的方面，包括我們能否透露一些即將推出的內容。所以從預算角度來看，我們確實找到了一些不錯的機會，並在效果行銷方面投入了更多資金。但由於事件發生的時間和其他一些因素，品牌行銷預算出現了一些變化，導致我們最終的預算略低於預期。

So with brand marketing, it's always very timing-driven and opportunity driven in terms of where the spend comes in, in a given quarter. So that's why we saw that spend in Q3. And again, we're very happy with the results, huge margin gains, double-digit gross profit gains. So we felt like we didn't need to press the marketing budget further than was necessary.

因此，品牌行銷在特定季度內的支出方向，始終非常注重時機和機會。所以這就是我們在第三季看到支出增加的原因。再次強調，我們對結果非常滿意，利潤率大幅提升，毛利實現了兩位數的成長。因此，我們覺得沒有必要在行銷預算上投入過多的資金。

And quickly to note that in Q4, we do have something exciting coming up. So we can't wait to share. I think we're maybe just about a month away. So super excited there. The one thing, though, that we found is that if we choose store locations well, we don't have to market as aggressively.

另外需要快速說明的是，第四季我們將推出一些令人興奮的產品。所以我們迫不及待想與大家分享。我想大概還有一個月的時間吧。真是太興奮了！不過，我們發現，如果我們選址得當，就不必進行那麼積極的市場推廣。

There's -- we're putting our stores where we know our customers already are. So there will be some, of course, activation for store opening, but it won't be on the scale that you'll expect from us on the digital basis on a global scale. But we do have something exciting cooking this quarter as well as a lot in 2026 that we're very excited to share with you guys.

我們會把門市開在我們知道顧客已經聚集的地方。所以，當然，門市開業時會有一些推廣活動，但規模不會像我們在全球範圍內進行的數位化推廣活動那麼大。但是，我們本季確實有一些令人興奮的事情正在籌備中，2026 年也有很多計劃，我們非常期待與大家分享。

Okay. If I could sneak one more in on the international business. It's getting close to maybe be in 1/4 of the business or so maybe next year, pretty material. I know you've added a lot to the customer experience and some logistics there. Can you speak to where you are today on the contribution margin from a sale in international versus US?

好的。如果我能再偷偷地在國際業務上做點什麼就好了。明年它或許能佔據四分之一的市場份額，相當不錯了。我知道你們在提升客戶體驗和物流方面做了許多改進。您能否談談目前國際銷售和美國銷售的貢獻毛利率分別是多少？

Is that gap closing today? And is there much opportunity to improve that?

今天這個差距會縮小嗎？那還有多少進步的空間呢？

Yes. Yes. The gap is fairly tight there. Shipping, of course, is much higher internationally, but there's other puts and takes like a lower return rate. So still very healthy contribution margin.

是的。是的。那裡的差距相當小。當然，國際運費要高得多，但也有其他好處，例如退貨率較低。所以，貢獻毛利率還是非常健康。

But to your point, there's always opportunity. The team does a great job at continuing to optimize last-mile shipping channels and also the customer experience and localizing things even more to get better rates across those variable line items. And then a good example, maybe just a very finite example, but that would be that owned brand collaboration that we did in China where the product is produced there, you don't ship it to the US and then ship it back. So excited to see more of that to come.

但正如你所說，機會總是存在的。該團隊在持續優化最後一公里運輸管道、提升客戶體驗以及進一步本地化方面做得非常出色，從而在這些可變項目上獲得更優惠的價格。舉個例子，也許只是一個非常有限的例子，那就是我們在中國進行的自有品牌合作，產品在中國生產，而不是運到美國再運回來。非常期待看到更多這樣的作品。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Congratulations on the good quarter. I wanted to go back to the owned brand improvement a little bit. Can you help us contextualize what the year-over-year increase looks like in Q3 versus Q2? And then maybe just put into context where the owned brand penetration sits now versus historical and how you see that unfolding over the next few quarters as we get the benefits of SRG and it sounds like some other launches in the pipeline.

恭喜你本季業績出色。我想稍微回顧一下自有品牌的改進。您能否幫我們分析一下第三季與第二季相比的年成長情況？然後，或許可以結合歷史數據，分析一下自有品牌目前的滲透率水平，以及隨著我們獲得 SRG 的收益，未來幾個季度自有品牌滲透率將如何發展，而且聽起來還有其他產品正在研發中。

Yes. Thanks, Janine. We don't get too specific on the quarterly dynamics around owned brand growth or mix. Obviously, it grew faster than the overall business given that increase in the penetration. Last year, we were about 20% of mix, and we've seen good increases in the last couple of quarters.

是的。謝謝你，珍妮。我們不會過於具體地討論自有品牌成長或組合的季度動態。顯然，鑑於市場滲透率的提高，其成長速度超過了整體業務的成長速度。去年，我們的市佔率約為 20%，而最近幾季我們看到了良好的成長。

So expect to see an increase there this year, not as much as we would expect to see into next year given that SRG just launched and we have some other exciting things coming up. So we do expect to see a pretty good clip of increased mix there in the coming quarters.

因此，預計今年會有所成長，但不會像我們預計明年那樣成長，因為SRG剛剛成立，而且我們還有一些其他令人興奮的事情即將發生。因此，我們預期在接下來的幾個季度裡，混合消費的成長幅度會相當可觀。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Congrats. Nice results. We wanted to follow up on higher returns. Could you just elaborate on that a bit more? Was that seen across any specific categories?

恭喜。結果不錯。我們希望獲得更高的回報。能再詳細解釋一下嗎？這種情況是否出現在某些特定類別？

And what's driving higher returns again in the fourth quarter? Do you guys think there's still an opportunity for improvement as we look into next year?

那麼，是什麼因素推動了第四季報酬率再次走高？你們覺得展望明年，我們還有進步的空間嗎？

And then just as a follow-up, so looking at the category performance that you disclosed in the Q, it looks like the handbags, shoes and accessories is what slowed to negative low singles. Can you just elaborate more on that? What's driving that? And do you expect that category to bounce back here in the fourth quarter?

然後，作為後續問題，從您在季度報告中揭露的品類表現來看，手袋、鞋子和配件的銷售額似乎放緩至負低點。能詳細解釋一下嗎？是什麼原因導致這種情況？你預計該類別在第四季會反彈嗎？

Yes. So speaking to return rates in Q3 and some of the increases we saw there, I'd say there are a couple of factors. There's a little bit of mix shift, and you mentioned some negative mix shift in what typically are lower return rate categories. We also started to see some of the higher AURs with Q3 new product flow in. And generally, there's a bit of an inverse relationship on return rate and I should say a direct relationship on return rate and price.

是的。所以，談到第三季的回報率以及我們看到的一些成長，我認為有兩個因素。投資組合略有變化，您提到在通常回報率較低的類別中出現了一些負面的投資組合變化。隨著第三季新產品的上市，我們也開始看到一些較高的平均使用率（AUR）。一般來說，回報率與價格之間存在著一定的反比關係，或者更準確地說，回報率與價格之間存在直接關係。

And then the last thing is we did see some of our marketing channels, we started to see them kind of stand out in terms of unusually high increases in return rates on some of those channels. And so that's something that we're diving into and we hope is an opportunity to kind of correct what's going on with those channels.

最後一點是，我們發現一些行銷管道的回報率出現了異常高的成長，這些管道的表現顯得特別突出。所以，我們正在深入研究這個問題，希望能藉此機會修正這些管道目前存在的問題。

Looking into Q4, of course, the comp is even tougher, and there's going to be continued focus on margin and some more price increases going in there. So we think it's going to be a tough compare in Q4. But looking forward beyond Q4, we definitely have things in the pipeline that we're working on that hopefully can continue to drive those longer-term reductions in return rates that we saw over the past year, and we're hopeful we can get some more of them.

當然，展望第四季度，比較基數會更加嚴峻，因此將繼續關注利潤率，並會進行一些價格上漲。所以我們認為第四季的業績將很難與上一季相提並論。但展望第四季之後，我們肯定有一些正在籌備中的項目，希望能夠繼續推動過去一年中我們看到的長期回報率下降，我們也希望能夠取得更多這樣的成果。

Yes. And then on the handbag shoes, accessories, that mix skews higher on FWRD and REVOLVE, and on FWRD is where we saw more of the impact from that promotional shift in the markdown algorithm. So that is a piece of it, and we would expect that to rebound in the quarters ahead.

是的。然後，在手提包、鞋子、配件方面，FWRD 和 REVOLVE 上的商品種類更為豐富，而 FWRD 上的降價演算法的促銷調整也帶來了更大的影響。這是其中一部分原因，我們預計未來幾季會反彈。

That makes a lot of sense. Can I just follow up? The markdown optimization tool sounds pretty exciting and early days of that. Can you guys just talk about how that should manifest as we go through next year, it just sounds like there could be some nice upside from that.

這很有道理。我可以跟進一下嗎？Markdown優化工具聽起來很令人興奮，但目前還處於早期階段。你們能不能談談明年這會如何發展？聽起來好像會有一些不錯的收益。

Yes. Yes, we're very pleased with the optimization there and a very healthy inventory balance. So that sets us up well as we head into 2026. Now we will face the comps as we enter kind of that midpoint of 2026 when we started to layer in that shift in the markdown or that optimization in the markdown algorithm in 2025. So I wouldn't expect to see such massive year-over-year improvements on that, but a good steady baseline on margin.

是的。是的，我們對優化效果和健康的庫存平衡非常滿意。這樣一來，我們就能好好迎接2026年的到來。現在，隨著我們進入 2026 年的中期，我們將面臨競爭，因為我們在 2025 年開始對 Markdown 進行調整或最佳化。因此，我不認為這方面會有如此巨大的同比改善，但利潤率會保持良好的穩定基線。

And great to see FWRD at nearly 45% margin, and our target has been to get that consistently in the 40s. So to be in the mid-40s, really encouraging. And on top of a healthy inventory balance, we feel good about where we're positioned there.

很高興看到 FWRD 的利潤率接近 45%，而我們的目標是穩定地將利潤率保持在 40% 以上。所以，能活到40多歲，真是令人鼓舞。除了健康的庫存平衡之外，我們對我們在該領域的定位感到滿意。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

This is (inaudible) on for Nathan Feather. Really impressive EBITDA performance. Given the success in tariff mitigation throughout the third quarter at current rates, are you expecting tariffs to be an incremental headwind into the fourth quarter or 2026?

這是（聽不清楚）內森·費瑟的演講。EBITDA業績非常亮眼。鑑於第三季在當前稅率下成功緩解了關稅影響，您是否預計關稅將在第四季度或 2026 年繼續構成不利影響？

Yes. No, we're very pleased with the mitigation efforts by the team. They've been working really hard on this. So it's really good to see that margin result come through this quarter. I wouldn't say we're expecting any incremental headwinds with all the mitigation efforts.

是的。不，我們對團隊採取的緩解措施非常滿意。他們為此付出了很多努力。所以，看到本季利潤率取得這樣的成績，真是令人欣慰。我認為，隨著各項緩解措施的實施，我們預期不會有任何新的不利因素。

And then also China has come down to an incremental 30% from what was 145% at some time in Q2. And that has the potential, we'll see if it actually goes through, but to come down from an incremental 30 to an incremental 20 as they cut that APA kind of fentanyl tariff from 20 to 10. So I think if anything, hopefully, and potentially a net benefit from where we stand today. And then we mentioned it on previous calls, some of the mitigation efforts that we've implemented have the potential to actually increase margin over the long term. So we could see some benefit in the out quarters.

此外，中國的經濟成長也從第二季的 145% 逐步降至 30%。這有可能，我們拭目以待，看看它是否真的會實現，但隨著他們將 APA 芬太尼關稅從 20 降至 10，增量將從 30 降至 20。所以我認為，如果說有什麼變化的話，希望而且有可能從我們目前的處境來看，最終會帶來淨收益。我們在先前的電話會議中也提到過，我們實施的一些緩解措施有可能在長期內提高利潤率。因此，我們可以看到外圍區域會有一些好處。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Mike, I think you mentioned in the FWRD business, you've managed it to drive gross margin and maybe somewhat at the expense of sales. Can you just talk about the REVOLVE business, how you manage that? Did you also sort of look to drive more gross margin in the quarter? And if so, sort of can you describe the thinking behind that strategy?

麥克，我想你之前在FWRD業務中提到過，你成功地提高了毛利率，但可能在某種程度上犧牲了銷售額。您能談談 REVOLVE 的業務嗎？您是如何管理的？你們是否也想辦法提高本季的毛利率？如果是這樣的話，您能否大致描述一下該策略背後的想法？

Yes, 100%. So in both businesses, there was a decision to focus more on driving margin versus sales growth. Obviously, we want to deliver both, and we fell short of where we'd like to be on the sales side. But overall, we're really pleased with the combination of the efforts and again, resulting in double-digit gross margin gains. And on REVOLVE, we saw really nice gross margin gains as well.

是的，百分之百。因此，兩家公司都決定更加重視提高利潤率而不是促進銷售成長。顯然，我們希望兩方面都能做到，但在銷售方面，我們還沒有達到預期目標。但總的來說，我們對各項努力的綜合效果非常滿意，再次實現了兩位數的毛利率成長。在 REVOLVE 平台上，我們也看到了非常可觀的毛利率成長。

But again, some of that does come in a little bit of sales expense.

但同樣，其中一部分確實會轉化為少量的銷售費用。

And it sounds like you feel like on the FWRD side that when you reset the gross margin higher by adjusting promotions and adjusting price. And it sounds like you feel like that's a sustainable level where once you get to that point, you take a sales impact, but then going forward, you can maintain that level and grow sales on top. Is that how you think about it? Or am I sort of reading into it too much?

聽起來你覺得 FWRD 這邊，當你透過調整促銷和調整價格來提高毛利率時。聽起來你覺得這是一個可持續的水平，一旦達到這個水平，雖然會對銷售額產生影響，但之後就可以保持這個水平，並在此基礎上實現銷售額的增長。你是這樣想的嗎？還是我想太多了？

Yes. No, no, that's certainly the hope and the expectation. Now FWRD is always going to be a bit more volatile business than REVOLVE in terms of the quarter-to-quarter gross margin. And so it's not necessarily going to be a straight path, but we feel like this is a great step towards where we want to be, and it's our absolute expectation that we want to stay here and average these levels over the mid- to longer term. And so that's what we're focused on.

是的。不，不，那當然是我們的希望和期待。從季度毛利率來看，FWRD 的業務波動性總是比 REVOLVE 大一些。因此，這不一定會是一條筆直的道路，但我們覺得這是朝著我們想要達到的目標邁出的一大步，我們絕對希望能夠保持現狀，並在中長期內維持這些平均水平。所以這就是我們關注的重點。

Got it. And if I could just ask one more about your owned brands. Is there -- is the opportunity that you see based at all on some merchandising angle where maybe some of your partners, your third-party brands aren't sort of creating products in certain categories where you know your consumer wants something where you can fulfill that need with your owned brands. What is it about what you can do with private label that maybe you're not getting from the other brands? If you could elaborate on that a little bit, that would be helpful.

知道了。我可否再問一個關於貴公司自有品牌的問題？是否存在這樣的機會——你認為這種機會是否基於某種商品銷售角度，例如，你的一些合作夥伴、第三方品牌可能沒有在某些類別中生產產品，而你知道你的消費者想要某些產品，你可以用你的自有品牌來滿足這種需求。自有品牌能提供哪些其他品牌無法提供的優勢？如果你能再詳細解釋一下，那就太好了。

Yes, it's ranging. Sometimes we find product that we can't find from our third-party brands, and we will create it ourselves. Sometimes we see that certain zones are very, very interesting and our customer loves it, and they want more. So we'll pursue that as well. The other ability on the owned brand side is to combine our design and manufacturing with our incredible brand building and marketing capabilities.

是的，它的範圍很廣。有時我們會發現一些第三方品牌沒有的產品，我們會自己生產。有時我們發現某些區域非常非常有趣，我們的客戶很喜歡，他們想要更多。所以我們也會繼續推進這方面的工作。自有品牌方面的另一項能力是將我們的設計和製造能力與我們強大的品牌建立和行銷能力相結合。

So that has been very, very, very fruitful. We've seen incredible short term, near term and LTV numbers from our owned brands as well. So it is a huge, huge and powerful lever that the team has been really focused for quarter in, quarter out for many, many years to deliver the improved results quarter after quarter and very excited about the path ahead. There's a lot cooking right now, exciting new launch in Q4 and a lot to come in 2026.

所以這項工作非常、非常、非常有成效。我們也看到了自有品牌在短期、近期和終身價值上的驚人表現。所以這是一個巨大的、強大的槓桿，團隊多年來每個季度都專注於此，以期每個季度都取得更好的業績，並且對未來的道路感到非常興奮。目前有許多項目正在籌備中，第四季將推出令人興奮的新產品，2026 年也有很多項目即將推出。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

I was curious on the state of the consumer. It seems you struck a balance between markdowns despite macro volatility. So I was hoping you could help us think about the health of your core consumer in the US. And then if there's anything to add about any of the international markets or new consumer behavior to add to that?

我很好奇消費者的現狀。儘管宏觀經濟波動，你似乎還是在降價促銷之間找到了平衡點。所以，我希望您能幫助我們思考一下您在美國的核心消費者的健康狀況。那麼，關於國際市場或新的消費者行為，還有什麼要補充的嗎？

Yes. So we think the health of the consumer is still generally good from the numbers that we're seeing. We are seeing certainly like some pockets of weakness and strength. So generally, we were a bit stronger with some of the higher income segments this quarter and the lower income, a little bit of weakness, but nothing dramatic. Some regional differences, the government shutdown in the surrounding areas there, D.C., Maryland, Virginia, like a little bit of weakness there.

是的。因此，從我們目前看到的數據來看，我們認為消費者的健康狀況總體上仍然良好。我們確實看到了一些薄弱環節和優勢環節。總的來說，本季我們在一些高收入群體中表現得比較強勁，而在低收入群體中則略顯疲軟，但並沒有什麼大的變化。一些地區差異，週邊地區（華盛頓特區、馬裡蘭州、維吉尼亞州）的政府停擺，似乎造成了一些疲軟。

But in general, the consumer still feels still feel strong, but it does feel like we're in an environment where there's risk that, that changes or drops off. But so far, we're continuing to see decent signs from the consumer.

但總的來說，消費者仍然感覺很強勁，但確實感覺我們身處一個有風險的環境，這種風險可能會改變或下降。但到目前為止，我們仍然看到消費者方面釋放出良好的訊號。

That's good to hear -- go ahead, Jesse.

聽到這個消息真好——加油，傑西。

Yes, I was going to follow up on your international question. I think we talked about it in the prepared remarks that kind of the standouts were Europe, Middle East, Africa and within Europe, strong results out of Germany, Netherlands, Switzerland, countries like that. So really encouraged by that. And then we mentioned that China as well the Mainland China, up 50% on REVOLVE. So really pleased with the progress on the REVOLVE side of the business in China.

是的，我正打算跟進你提出的國際問題。我認為我們在事先準備好的演講稿中已經談到過，歐洲、中東、非洲的情況最為突出，而歐洲內部，德國、荷蘭、瑞士等國的成績尤為強勁。真的非常受鼓舞。然後我們提到，中國以及中國大陸的股票在 REVOLVE 平台上上漲了 50%。我對REVOLVE在中國的業務進展非常滿意。

Appreciate that. And then I did want to follow up on Jay's question and the answer where you pointed to the balance between managing growth and margin. I was curious if there's a permanent shift in the strategy for which you approach the business or if this is sort of a onetime item?

謝謝。然後，我想就 Jay 的問題以及你提到的在成長和利潤管理之間取得平衡的答案進行一些補充說明。我很好奇，這是否意味著你們的業務策略發生了永久性的轉變，還是這只是一次性的舉措？

Yes. No, there's not a permanent shift in the strategy. Quarter-to-quarter, depending on where we see the opportunities, things might shift a bit, and this was certainly a more dramatic move this quarter. But it's still our goal and focus to drive double-digit plus top line gains while improving margins, particularly net EBITDA margins over time and getting those back into the double-digit range. And so the dynamics just play out a bit different in the current quarter where we saw a lot more of the gains on the margin side.

是的。不，戰略沒有發生永久性轉變。每個季度，根據我們看到的機會，情況可能會有所變化，而本季的這項舉措無疑更加劇烈。但我們的目標和重點仍然是實現兩位數以上的營收成長，同時提高利潤率，特別是隨著時間的推移提高淨 EBITDA 利潤率，並使其恢復到兩位數水準。因此，本季的動態略有不同，我們在利潤率方面看到了更多的成長。

(Operator Instructions) Mary Sport, Bank of America.

（操作說明）瑪麗‧斯波特，美國銀行。

Could you provide an update on how your beauty category is performing and how you're thinking about that opportunity moving forward? And then I guess, how much of that customer do you expect to be new versus an existing customer?

能否介紹一下貴公司美容類別目前的表現，以及您如何看待該品類未來的發展機會？那麼，您預期這些客戶中有多少是新客戶，又有多少是老客戶呢？

Yes. Beauty is quite strong. Yes, performing at double-digit growth rates. We try not to disclose too much detail there, but very optimistic there. It is very, very early in our journey there, where our selection is starting to get very exciting, and we're leaning into further developments in the business, most notably the customer experience online as well as beginning to finally aggressively market.

是的。美貌的力量非常強大。是的，實現了兩位數的成長率。我們盡量不透露太多細節，但對此非常樂觀。我們目前還處於發展初期，但我們的選擇開始變得非常令人興奮，我們正在努力推進業務的進一步發展，尤其是在線上客戶體驗方面，我們終於開始積極進行市場推廣。

So early stages, great progress, a long road map ahead. And long term, we think that this could be a very, very, very significant portion of our business.

目前還處於早期階段，取得了巨大進展，但未來還有很長的路要走。從長遠來看，我們認為這可能會成為我們業務中非常、非常、非常重要的一部分。

And we have no further questions at this time. I will now turn the call back to management for closing remarks.

我們目前沒有其他問題了。現在我將把電話轉回給管理階層，請他們作總結發言。

Thanks for joining us today. And most importantly, thank you to the team for the excellent execution this quarter. The profitability numbers and cash flow numbers are something we all should be very, very proud of. We always preach that in challenging environment, breaths lots of opportunity, and it's clear that we're ready for this opportunity this quarter and the quarters ahead. Very excited to join you guys in 3 months from now and show you where we're up to.

感謝您今天收看我們的節目。最重要的是，感謝團隊本季出色的執行力。獲利能力和現金流數據都讓我們感到非常非常自豪。我們一直強調，充滿挑戰的環境蘊藏著巨大的機遇，顯然，我們已經為本季以及未來幾季的機會做好了準備。非常期待三個月後與大家見面，並向大家展示我們的最新進展。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。