Sally Beauty Holdings Inc (SBH) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Sally Beauty Holdings conference call to discuss the company's first-quarter fiscal 2025 results. (Operator Instructions)

大家早安，歡迎參加莎莉美容控股電話會議，討論公司 2025 財年第一季業績。（操作員指令）

Now I would like to turn the call over to Jeff Harkins, Vice President of Investor Relations and Treasurer for Sally Beauty Holdings. Please go ahead.

現在，我想將電話轉給 Sally Beauty Holdings 的投資者關係副總裁兼財務主管 Jeff Harkins。請繼續。

Thank you. Good morning, everyone, and thank you for joining us. With me on the call today are Denise Paulonis, President and Chief Executive Officer; and Marlo Cormier, Chief Financial Officer.

謝謝。大家早安，感謝大家的收看。今天與我一起參加電話會議的還有總裁兼執行長 Denise Paulonis；以及財務長 Marlo Cormier。

Before we begin, I'd like to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent annual report on Form 10-K and other filings with the SEC.

在我們開始之前，我想提醒大家，管理階層在本次電話會議上的評論可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。由於各種重要因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異，包括我們最近的 10-K 表年度報告和向美國證券交易委員會提交的其他文件中「風險因素」部分中討論的因素。

Any forward-looking statements made on this call represent our views only as of today, and we undertake no obligations to update them. The company has provided a detailed explanation and reconciliations of its adjusting items and non-GAAP financial measures in its earnings press release and on its website.

本次電話會議中所做的任何前瞻性陳述僅代表我們截至今天的觀點，我們不承擔更新這些陳述的義務。該公司在其獲利新聞稿和網站上提供了對其調整項目和非公認會計準則財務指標的詳細解釋和對帳。

Now I'd like to turn the call over to Denise to begin the formal remarks.

現在我想請丹尼斯開始正式發言。

Thank you, Jeff, and good morning, everyone. We are pleased with the continued momentum we saw in the first quarter in both our Sally and BSG business segments. Our ongoing focus on advancing our strategic pillars enabled growth in net and comparable sales, gross margin expansion and year-over-year improvement in profitability.

謝謝你，傑夫，大家早安。我們對 Sally 和 BSG 業務部門在第一季持續保持的發展勢頭感到滿意。我們持續專注於推進我們的策略支柱，推動淨銷售額和可比銷售額成長、毛利率擴大以及獲利能力年增。

Additionally, our free cash flow provided us with the flexibility to invest for growth, further strengthen our balance sheet and return value to shareholders through share repurchases in the quarter. Fiscal Q1 was marked by a fifth consecutive quarter of positive comparable sales at BSG as well as a third consecutive quarter of positive comps at Sally.

此外，我們的自由現金流為我們提供了靈活性，可以投資於成長，進一步增強我們的資產負債表，並透過本季的股票回購為股東帶來回報。第一財季，BSG 的可比較銷售額連續第五個季度呈現正成長，Sally 的可比較銷售額連續第三季呈現正成長。

On a consolidated basis, we grew the top line despite 60 basis points of unfavorable impact from unexpected FX headwinds. For our Sally segment, comparable sales growth of 1.7% reflects continuing traction with our initiatives and includes notable performance in hair color as well as e-commerce, which benefited from our successful marketplace strategy.

從綜合來看，儘管意外的外匯逆風帶來了 60 個基點的不利影響，但我們的營收仍然實現了成長。就我們的 Sally 部門而言，1.7% 的可比銷售額成長反映了我們計劃的持續推動，其中包括染髮和電子商務方面的顯著表現，這受益於我們成功的市場策略。

Our targeted marketing campaigns are driving results, including strong customer reactivation and new customer acquisition. As we anticipated, our Fuel for Growth program and strategic promotional tactics resulted in strong gross margin performance, which expanded by 100 basis points compared to the prior year.

我們有針對性的行銷活動正在取得成果，包括強大的客戶重新激活和新客戶獲取。正如我們預期的那樣，我們的「成長動力」計畫和策略促銷策略帶來了強勁的毛利率表現，與去年相比增加了 100 個基點。

Looking at BSG, comparable sales growth of 1.4% was primarily driven by a robust innovation pipeline and expanded distribution. We saw broad-based category growth across color, care and styling tools.

從 BSG 來看，可比銷售額成長 1.4%，主要得益於強勁的創新管道和擴大的分銷範圍。我們看到染髮、護理和造型工具等類別均出現了廣泛的成長。

As expected, the shortened holiday shopping period meant fewer chair hours for stylists, yet underlying demand remains solid. We are pleased to see operating margin levels regain ground, coming in above 12% and reflecting 130 basis points of year-over-year expansion as sales leverage and our Fuel for Growth program delivered benefits.

正如預期的那樣，假期購物期的縮短意味著髮型師的工作時間減少，但潛在需求仍然強勁。我們很高興地看到，由於銷售槓桿和「成長動力」計畫發揮了作用，營業利潤率水準重新回升，達到 12% 以上，年成長 130 個基點。

Looking at fiscal Q2, we started the quarter with a choppy January, which had some unique influencing factors that preoccupied consumers, including a particularly harsh flu season, weather, wildfires in Los Angeles and new administration headlines.

回顧第二財季，我們以波動的一月份開始了本季度，其中有一些獨特的影響因素令消費者憂心忡忡，包括特別嚴酷的流感季節、天氣、洛杉磯的山火以及新的政府頭條新聞。

While some of these are clearly transitory, these pressures are reflected in our Q2 comp guidance of approximately flat. As we continue to see our strategic initiatives take shape, we remain confident that we're on track to achieve full year comps in the range of flat to up 2%.

雖然其中一些顯然是暫時的，但這些壓力已反映在我們對第二季業績大致持平的預期中。隨著我們的策略舉措不斷成形，我們仍然有信心能夠實現全年業績持平至成長 2% 的目標。

To that end, looking at the remainder of fiscal 2025, our teams are continuing to focus on advancing our strategic pillars, including enhancing our customer centricity, growing our high-margin owned brands and amplifying innovation and increasing the efficiency of our operations.

為此，展望 2025 財年的剩餘時間，我們的團隊將繼續專注於推進我們的策略支柱，包括增強以客戶為中心、發展我們的高利潤自有品牌、擴大創新和提高營運效率。

The initiatives underpinning our strategy are driving top line strength as well as improvement on the bottom line as we maintain healthy gross margins and capture incremental efficiencies.

我們在維持健康的毛利率和提高效率的同時，支撐我們策略的舉措正在推動營收實力和獲利水準的提高。

Let me share an update on some key initiatives, starting with our Sally Beauty brand Refresh. We introduced our Sally brand Refresh on our last earnings call, and it is well underway. We expect to showcase a more modern, sophisticated Sally across all of our brand media touch points, in-store marketing and digital assets beginning this spring, putting us on track to roll out a fully updated brand expression in the second half of fiscal 2025.

讓我分享一些關鍵舉措的最新進展，首先從我們的 Sally Beauty 品牌 Refresh 開始。我們在上次財報電話會議上推出了 Sally 品牌 Refresh，目前進展順利。我們期望從今年春季開始在我們所有的品牌媒體接觸點、店內行銷和數位資產中展示更現代、精緻的 Sally，這使我們能夠在 2025 財年下半年推出全面更新的品牌表達。

In the first quarter, we began piloting a store refresh with 8 locations in the Orlando market, including a mix of light and heavy investment versions. Initial customer response has been positive with customers spending more time navigating throughout the store and exploring additional categories.

第一季度，我們開始在奧蘭多市場的 8 家門市試行門市更新，包括輕度投資和重度投資兩種版本。最初的顧客反應是正面的，顧客花更多時間瀏覽整個商店並探索更多類別。

We expect to have another 20 to 25 stores completed before the end of Q2, including in some other markets. We're excited about the way this is coming together as we strive to evolve Sally into a go-to beauty destination for brand and product discovery.

我們預計在第二季末之前將有另外 20 到 25 家門市竣工，包括在其他一些市場。我們對這一切的實現感到非常興奮，我們致力於將 Sally 打造成一個品牌和產品發現的首選美容目的地。

Throughout fiscal 2025, we'll continue to evaluate the Orlando pilot stores with a view towards potentially refreshing up to two-third of our Sally fleet in the US in the coming years.

在整個 2025 財年，我們將繼續評估奧蘭多試點商店，以期在未來幾年內更新美國多達三分之二的 Sally 車隊。

Moving to a second initiative, our licensed colors on-demand service offering. This is a highly successful differentiator for the Sally brand that skews to both younger and new customers and continues to scale nicely. The online platform has grown to more than 75 licensed colors, providing over 4,000 consultations per week.

轉向第二項舉措，即我們提供授權顏色的按需服務。對於 Sally 品牌來說，這是一個非常成功的差異化因素，它既適合年輕客戶，也適合新客戶，並且能夠持續良好地擴大規模。該線上平台已發展到超過 75 種授權顏色，每週提供超過 4,000 次諮詢。

We are seeing a direct correlation between our social marketing campaign and increased consultation count as we continue to leverage key learnings to maximize our content and influencers to reach the potential LCOD audience. In Q1, we saw the average order was 23% higher than non-LCOD customers, and we continue to see that a high percentage of customers using the service are new to the brand.

隨著我們繼續利用關鍵經驗來最大限度地利用我們的內容和影響力來接觸潛在的 LCOD 受眾，我們發現我們的社交行銷活動與諮詢數量的增加之間存在直接的相關性。在第一季度，我們發現平均訂單量比非 LCOD 客戶高出 23%，並且我們繼續發現使用該服務的客戶中有很大比例是該品牌的新客戶。

Looking at our marketplace initiatives, we're seeing strong results across the board. Our partners are helping bring us new customers to Sally and drive more profitable sales growth as we leverage our in-store fulfillment capabilities. To that end, DoorDash and Instacart both delivered outstanding results in the quarter with notable contributions to Sally e-commerce business, which grew 18% year-over-year and 24% in the US.

縱觀我們的市場舉措，我們看到了全面強勁的成果。隨著我們充分利用店內履行能力，我們的合作夥伴正在幫助我們為 Sally 帶來新客戶，並推動更有利可圖的銷售成長。為此，DoorDash和Instacart在本季度均取得了出色的業績，對Sally電商業務做出了顯著貢獻，該業務同比增長18%，在美國增長了24%。

Turning now to product innovation, which remains a hallmark of both business segments. At BSG, we are thrilled to be bringing premium hair care brand, K18, to all stores and e-commerce in the US and Canada with an April 1 launch. Since its founding in 2020, K18 quickly became a breakthrough brand praised by stylists and industry experts and popular with influencers and celebrities.

現在來談談產品創新，這仍然是兩個業務部門的標誌。在 BSG，我們很高興能夠於 4 月 1 日將優質護髮品牌 K18 引入美國和加拿大的所有商店和電子商務。K18自2020年成立以來，迅速成為一個受到造型師和行業專家好評並受到網紅和名人喜愛的突破性品牌。

The brand's expanding lineup of biotech-backed hair care products is designed to address hair damage and support healthy, vibrant hair, providing stylists with faster, more effective solutions that eliminate the long processing times traditionally associated with repair treatment.

該品牌不斷擴大的以生物技術支援的護髮產品陣容旨在解決頭髮損傷問題並支持健康、有活力的頭髮，為髮型師提供更快、更有效的解決方案，消除傳統修復治療所需的較長處理時間。

At the same time, we're expanding on BSG's presence with key brands such as Amika, Moroccanoil and Color Wow, where we've already seen success. Later this year, we have innovation coming in hair care and skin care with brands including Image, Goddess Maintenance, Matter of Fact and Biotherapeutics.

同時，我們正在透過 Amika、Moroccanoil 和 Color Wow 等主要品牌擴大 BSG 的影響力，這些品牌已經取得了成功。今年晚些時候，我們將在護髮和護膚領域推出創新產品，包括 Image、Goddess Maintenance、Matter of Fact 和 Biotherapeutics 等品牌。

At Sally Beauty, we have new product launches coming in Q2 across color and care as part of our expanded partnership with Sauce Beauty as well as innovation in hair fragrances with UV Protection. And there's more to come in the way of on-trend launches with exciting brand partners in the second half of the year.

在 Sally Beauty，作為我們與 Sauce Beauty 擴大合作的一部分，我們將在第二季推出染髮和護理領域的新產品，並在具有紫外線防護功能的髮用香水方面進行創新。今年下半年，我們也將與令人興奮的品牌合作夥伴一起推出更多符合潮流的產品。

Looking at our Happy Beauty pilot, we successfully opened our second tranche of 10 pilot stores in the Dallas and Phoenix markets prior to Black Friday, primarily in strip centers and mall locations. These set of stores performed particularly well during the holiday season, led by gifting purchases in body care, skin care and fragrance.

回顧我們的 Happy Beauty 試點項目，我們在黑色星期五之前成功在達拉斯和鳳凰城市場開設了第二批 10 家試點店，主要分佈在商業街和購物中心。這些商店在節日期間的表現尤其出色，主要以身體護理、皮膚護理和香水等禮品銷售為主。

As we anticipated, the mall environment is proving to be a natural traffic driver in the initial months of our pilot. As we progress throughout the year, we believe this expanded set of stores will provide us with an important read on locations, format and demographics that will help inform future strategy and planning.

正如我們預期的那樣，在試點的最初幾個月裡，購物中心環境被證明是一個自然的流量驅動因素。隨著我們全年的進步，我們相信這批擴建的門市將為我們提供有關位置、形式和人口統計的重要信息，有助於製定未來的策略和規劃。

Lastly, our Fuel for Growth program is in full swing and delivering results. Building on the success of this program in fiscal 2024, we are on track to generate cumulative gross margin and SG&A benefits of approximately $70 million in fiscal 2025.

最後，我們的「成長動力」計畫正在全面展開並取得成果。基於該計劃在 2024 財年取得成功，我們預計在 2025 財年實現累計毛利率和銷售、一般及行政費用收益約 7,000 萬美元。

All in, over the three year period from fiscal years 2024 to 2026, we expect to capture up to $120 million of cumulative run rate benefits. An important message I'd like to leave you with today is that the success of our strategic initiatives is supported by a strong foundation.

整體而言，從 2024 財年到 2026 財年的三年期間，我們預計累計運行率收益將達到 1.2 億美元。今天我想傳達給你們的一個重要訊息是，我們的策略舉措的成功有著堅實的基礎。

I want to take a few minutes to step back and discuss the foundational assets underpinning our confidence in the company's competitive positioning, current business trajectory and long-term growth prospects. At the heart of SBH is our operating model focused on owning the hair color and care categories, where we have a tremendous advantage in the breadth of our assortment.

我想花幾分鐘回顧並討論支撐我們對公司競爭定位、當前業務發展軌跡和長期成長前景信心的基礎資產。SBH 的核心營運模式專注於染髮和護髮產品類別，在這一領域，我們在產品種類的廣度方面擁有巨大優勢。

Sally is the number two retailer of hair color for at-home use with over 15 million active known customers in the US and Canada. Sally is the only national retailer that sells professional color to the at-home enthusiast who is typically looking for salon quality results at a great price.

Sally 是第二大家用染髮劑零售商，在美國和加拿大擁有超過 1500 萬活躍已知客戶。Sally 是唯一一家向家庭染髮愛好者銷售專業染髮劑的全國性零售商，這些家庭染髮愛好者通常希望以實惠的價格獲得沙龍品質的效果。

Our Sally portfolio includes over 30 color brands with over 1,200 shades of color. Our assortment is far superior to the quality and efficacy that is found in box colour in drug stores, grocery stores and other mass retail locations. Over half of our customers buy color from us.

我們的 Sally 產品組合包括 30 多個色彩品牌，擁有超過 1,200 種色調。我們產品系列的品質和功效遠優於藥局、雜貨店和其他大眾零售店中盒裝顏色的產品。超過一半的客戶向我們購買顏料。

Our color customer visits us with a higher frequency and spends more each trip than a noncolor customer, and we see strong cross-shopping from our color customers with color representing 60% of their basket. Additionally, color is the category that drives the majority of our new customer growth.

與非有色人種顧客相比，有色人種顧客光顧我們商店的頻率更高，每次消費也更多，而且我們發現有色人種顧客的交叉購物行為十分猖獗，有色人種佔其購物籃的 60%。此外，顏色是我們新客戶成長的主要動力。

BSG is the largest North American distributor of hair color and care, serving approximately 2 million active professional stylists. We offer professional stylists most extensive portfolio of brands with over 20 different color brands, including over 3,000 shades of color.

BSG 是北美最大的染髮和護髮產品經銷商，為約 200 萬活躍的專業造型師提供服務。我們為專業造型師提供最廣泛的品牌組合，其中包括 20 多個不同顏色品牌，包括 3,000 多種色調。

As a wholesaler, our customers are required to set up full accounts with us. This means we know 100% of our customers. Over 70% of our salon professionals purchase color from BSG and average over $1,000 in annual spend on 11 trips per year.

作為批發商，我們的客戶需要在我們這裡建立完整的帳戶。這意味著我們了解 100% 的客戶。我們沙龍中超過 70% 的專業人士都從 BSG 購買染髮劑，​​每年平均花費超過 1,000 美元，共 11 次。

Similar to Sally, color drives the majority of our new customer growth. This position of strength has and will continue to endure as we built a substantial competitive moat through our commitment to customer service, education, advice and inspiration delivered through a modern omnichannel go-to-market model buoyed by an unparalleled store network.

與 Sally 類似，顏色推動了我們大部分新客戶的成長。這種優勢地位已經並將繼續保持，因為我們透過對客戶服務、教育、建議和啟發的承諾，透過現代全通路上市模式和無與倫比的商店網路建構了堅實的競爭護城河。

At Sally, this is supported by our associates that are color and care experts whose primary mission is to support our customers in achieving their desired salon quality look. At BSG, our store and full-service teams partner with our brands at trade shows and local education events, helping stylists with the latest innovation and styling techniques. Of note, many of our associates at both Sally and BSG are trained cosmetologists. This unparalleled customer reach and commitment to education and service creates a symbiotic relationship between SBH and the most influential brands in the hair category. For BSG, approximately 40% of our sales come from brands under exclusive or limited distribution agreements.

在 Sally，我們的同事作為色彩和護理專家提供支持，他們的主要使命是幫助我們的客戶實現他們想要的美髮沙龍品質外觀。在 BSG，我們的商店和全方位服務團隊在貿易展會和當地教育活動中與我們的品牌合作，幫助造型師掌握最新的創新和造型技巧。值得注意的是，Sally 和 BSG 的許多員工都是受過訓練的美容師。這種無與倫比的客戶覆蓋範圍以及對教育和服務的承諾在 SBH 與美髮領域最具影響力的品牌之間建立了共生關係。對於 BSG 而言，我們約 40% 的銷售額來自獨家或有限分銷協議下的品牌。

These agreements give us exclusive distribution rights in certain territories and include many of the largest brands in the industry, including Wella, Schwarzkopf, Paul Mitchell and Goldwell. We also remain at the forefront of innovation with distribution partnerships with Amika, Color Wow, Moroccanoil, Danger Jones and as we just announced, K18.

這些協議賦予我們在某些​​地區的獨家經銷權，其中包括業內許多最大的品牌，包括 Wella、Schwarzkopf、Paul Mitchell 和 Goldwell。我們也透過與 Amika、Color Wow、Moroccanoil、Danger Jones 以及我們剛剛宣布的 K18 建立分銷合作夥伴關係，始終走在創新前沿。

At Sally, we are proud to partner with innovative brands such as Sauce Beauty, Soapbox and KISS to bring new product discovery to our customers, complemented by recognized professional products from our long-term partners such as Wella, L'Oreal and Wow.

在 Sally，我們很榮幸能與 Sauce Beauty、Soapbox 和 KISS 等創新品牌合作，為我們的客戶帶來新產品發現，同時也輔以 Wella、L'Oreal 和 Wow 等長期合作夥伴公認的專業產品。

Further, at Sally, our own brands drive trips and loyalty with high-quality, well-priced, on-trend only available at Sally brands. This includes brands such as ion, which is a $280 million brand for Sally as well as other notable brands like Bondbar, Inspired by Nature and Strawberry Leopard to name a few.

此外，在 Sally，我們自己的品牌以高品質、合理價格、時尚的風格吸引遊客，而這些特點只有在 Sally 品牌才能買到。其中包括 ion 等品牌，這是 Sally 價值 2.8 億美元的品牌，以及其他知名品牌，例如 Bondbar、Inspired by Nature 和 Strawberry Leopard 等等。

Our own brands run about 10-percentage-points to 15-percentage-points higher in gross margin than our third-party brands. Lastly, from a financial perspective, our business has a strong balance sheet and consistently generates healthy gross margins over 50% and strong free cash flow.

我們自有品牌的毛利率比第三方品牌高出約10個百分點至15個百分點。最後，從財務角度來看，我們的業務擁有強勁的資產負債表，並持續產生超過 50% 的健康毛利率和強勁的自由現金流。

We believe all these factors serve as key differentiators and position us to capture an increasing share of the overall beauty market as we advance our strategic pillars to further evolve SBH into a modern beauty leader.

我們相信，隨著我們推進策略支柱，進一步將 SBH 發展為現代美容領導者，所有這些因素都是關鍵的差異化因素，將使我們能夠在整個美容市場中佔據越來越大的份額。

Given the traction we are seeing thus far, we have conviction that the business is squarely on a path to deliver our long-term algorithm of low single-digit sales growth, mid- to high single-digit operating profit growth, and our return to a low double-digit operating margin.

鑑於我們目前所看到的進展，我們堅信，業務正穩步實現我們的長期目標：低個位數的銷售額增長、中到高個位數的營業利潤增長，以及恢復到低兩位數的營業利潤率。

We appreciate the support of our shareholders and remain committed to building long-term value for all of our stakeholders.

我們感謝股東的支持，並將繼續致力於為所有利害關係人創造長期價值。

Now I'll turn the call over to Marlo to discuss the financials.

現在我將把電話轉給馬洛來討論財務問題。

Thank you, Denise, and good morning, everyone. We are pleased to be reporting a third consecutive quarter of positive top line performance in both business segments despite a $6 million headwind to sales coming from foreign currency translation.

謝謝你，丹尼斯，大家早安。我們很高興地報告，儘管外幣折算為銷售帶來了 600 萬美元的阻力，但兩個業務部門連續第三個季度都取得了積極的營收業績。

We also delivered healthy gross margins, operating margin expansion and strong free cash flow that allowed us to reduce our debt levels and return value to shareholders in the quarter. Q1 consolidated net sales of $938 million represented an increase of 0.7% and included 60 basis points of unfavorable foreign currency impact.

我們還實現了健康的毛利率、營業利潤率擴大和強勁的自由現金流，這使我們能夠在本季度降低債務水平並為股東帶來回報。第一季綜合淨銷售額為 9.38 億美元，成長 0.7%，其中包括 60 個基點的不利外匯影響。

Consolidated comparable sales grew 1.6%, reflecting continued momentum across both our Sally Beauty and BSG segments. Global e-commerce sales were $99 million. That's up 9% to last year and represented 11% of total net sales.

合併可比銷售額成長 1.6%，反映出莎莉美容和 BSG 部門持續保持強勁發展勢頭。全球電子商務銷售額為 9,900 萬美元。這比去年增長了 9%，佔總淨銷售額的 11%。

First quarter gross margin expanded 60 basis points to 50.8%, primarily reflecting reduced shrink and lower distribution and freight costs from our continued supply chain efficiencies. Adjusted SG&A in the quarter totaled $398 million, up $5 million versus a year ago, which is in line with our expectations.

第一季毛利率擴大 60 個基點至 50.8%，主要反映我們持續的供應鏈效率降低導致損耗減少以及配送和運費成本降低。本季調整後的銷售、一般及行政開支總計 3.98 億美元，較去年同期增加 500 萬美元，符合我們的預期。

The modest increase from the prior year primarily reflects higher labor costs as well as planned increases in advertising spend, partially offset by $6 million in savings from our Fuel for Growth program. In Q1, we captured approximately $11 million of pre-tax benefits to gross margin and SG&A, putting us on track to capture $40 million to $45 million of savings in full year fiscal 2025 and cumulative savings of approximately $70 million after achieving $28 million of benefit in fiscal 2024.

與去年相比，這一小幅增長主要反映了勞動力成本的提高以及廣告支出的計劃增加，但「燃料增長」計劃帶來的 600 萬美元節省部分抵消了這一增長。在第一季度，我們獲得了約 1,100 萬美元的毛利率和銷售、一般及行政費用稅前收益，這使我們預計在 2025 財年全年實現 4,000 萬至 4,500 萬美元的節省，並在 2024 財年實現 2,800 萬美元的收益後累計節省約 7,000 萬美元。

The strength of our sales and margin performance in the quarter, coupled with savings from our Fuel for Growth program enabled us to deliver improved profitability versus a year ago.

本季強勁的銷售和利潤表現，加上「燃料成長」計畫帶來的節省，使我們的獲利能力較去年同期有所提高。

Adjusted operating margin of 8.4% increased 50 basis points. Adjusted EBITDA margin of 11.7% was up 20 basis points and adjusted diluted EPS of $0.43 was up 10% versus a year ago.

調整後營業利益率為8.4%，增加了50個基點。調整後的 EBITDA 利潤率為 11.7%，上漲 20 個基點，調整後的稀釋每股收益為 0.43 美元，較去年同期上漲 10%。

Moving to segment results. Sally Beauty delivered another quarter of top line growth in the quarter. Despite a 90 basis points foreign currency headwind, Q1 net sales increased 0.4% to $525 million.

轉向細分結果。莎莉美容在本季再次實現了營收成長。儘管面臨 90 個基點的外匯逆風，第一季淨銷售額仍成長 0.4% 至 5.25 億美元。

Comparable sales were up 1.7%, driven by strong growth in hair color and our digital marketplaces. Comparable transactions were flat and average ticket was up 1%, driven by average unit retail. At constant currency, Sally e-commerce sales were $41 million and represented 8% of segment net sales for the quarter. That's up 18% to last year, primarily driven by the strength of our digital marketplace strategy.

受染髮產品和數位市場強勁成長的推動，可比銷售額成長了 1.7%。受平均單位零售額推動，可比交易持平，平均票價上漲 1%。以固定匯率計算，Sally 電子商務銷售額為 4,100 萬美元，佔本季分部淨銷售額的 8%。這比去年增長了 18%，主要得益於我們數位市場策略的強勁發展。

For the Global Sally Beauty segment, color grew 4%, while care was down 3% compared to the prior year. At Sally US and Canada, color grew 5% and nails increased 2%, while care was down 1%. Importantly, we are pleased with the continued strength of our active known customers at Sally US and Canada.

就全球莎莉美容部門而言，彩妝增加了 4%，而護理產品則與前一年相比下降了 3%。在 Sally 美國和加拿大，彩妝銷量成長了 5%，美甲銷量成長了 2%，但護理產品銷量卻下降了 1%。重要的是，我們對 Sally 美國和加拿大的活躍知名客戶持續強勁成長感到高興。

In fiscal Q1, we generated 79% of our sales at Sally US and Canada from this group, which is up 200 basis points from a year ago, driven partly by a modest increase in purchasing frequency.

在第一財季，Sally 美國和加拿大 79% 的銷售額來自該集團，比去年同期增長了 200 個基點，部分原因是購買頻率略有增加。

Gross margin in our Sally segment increased 100 basis points to 59.6%. The year-over-year improvement reflects higher product margins resulting from the combination of our enhanced promotional strategies and benefits from the Fuel for Growth initiatives and lower shrink expense.

我們的Sally部門的毛利率增加了100個基點，達到59.6％。與去年同期相比，產品利潤率的提高反映了我們加強促銷策略、推動成長計畫帶來的好處以及降低損耗費用所帶來的更高產品利潤率。

Segment operating margin was strong, coming in at 15.2%, up 40 basis points to last year. Looking at the BSG segment, we delivered a fifth consecutive quarter of sales growth, driven by expanded distribution and product innovation. Comparable sales increased 1.4%, while net sales were $412 million, an increase of 1.1%, including 20 basis points of unfavorable foreign exchange impact. Comparable transactions increased 3% and average ticket was flat.

分部營業利益率強勁，達 15.2%，較去年同期上升 40 個基點。縱觀 BSG 部門，在分銷擴大和產品創新的推動下，我們連續第五個季度實現銷售成長。可比銷售額成長 1.4%，淨銷售額為 4.12 億美元，成長 1.1%，其中包括 20 個基點的不利外匯影響。可比交易量增加了 3%，平均票價持平。

On a constant currency basis, BSG e-commerce sales were $58 million, representing 14% of segment net sales for the quarter. From a category perspective, color grew 3% and care increased 1%. Gross margin at BSG increased 30 basis points to 39.7%, primarily reflecting lower distribution and freight costs from supply chain efficiencies and lower shrink expense, partially offset by lower product margin related to brand mix.

以固定匯率計算，BSG 電子商務銷售額為 5,800 萬美元，佔本季分部淨銷售額的 14%。從類別來看，彩妝成長3%，護理產品成長1%。BSG 的毛利率增加了 30 個基點，達到 39.7%，這主要反映了供應鏈效率提高帶來的分銷和運費成本降低以及收縮費用的降低，但與品牌組合相關的產品利潤率降低部分抵消了這一影響。

Segment operating margin was strong for BSG at 12.2%, up 130 basis points to the prior year. Turning to the balance sheet and cash flow. We ended the quarter in a strong financial condition with $106 million of cash and cash equivalents and no outstanding borrowings under our asset-based revolving line of credit.

BSG 分部營業利益率強勁，達 12.2%，較上年同期上升 130 個基點。轉向資產負債表和現金流。本季結束時，我們的財務狀況強勁，擁有 1.06 億美元的現金和現金等價物，且資產循環信貸額度下沒有未償還借款。

Inventory levels remained healthy at slightly over $1 billion, essentially flat to last year. The business continued to generate solid cash flow, enabling us to invest for growth, pay down debt and return value to shareholders during the quarter.

庫存水準保持健康水平，略高於 10 億美元，與去年基本持平。該業務繼續產生穩健的現金流，使我們能夠在本季度進行成長投資、償還債務並向股東返還價值。

Q1 cash flow from operations was $34 million, while operating free cash flow totaled $57 million. As a reminder, that includes $44 million of proceeds from the planned sale of our corporate office, which we discussed on our year-end earnings call.

第一季經營活動現金流為 3,400 萬美元，經營活動自由現金流總計 5,700 萬美元。提醒一下，其中包括我們計劃出售公司辦公室所得的 4,400 萬美元，我們在年終收益電話會議上討論過這個問題。

Capital expenditures totaled $20 million in the quarter. After utilizing excess cash to pay $41 million of term loan B debt, our net debt leverage ratio now stands at 1.9x, which is now inside of our target range of 1.5 to 2x.

本季資本支出總計 2000 萬美元。在利用多餘現金償還 4,100 萬美元的 B 類定期貸款債務後，我們的淨債務槓桿率現為 1.9 倍，處於我們的 1.5 到 2 倍的目標範圍內。

We also deployed cash to repurchase $10 million of stock under our existing share repurchase program. These actions are aligned with the capital allocation priorities we previously outlined for fiscal 2025, investing for growth, strengthening our balance sheet and returning value to shareholders and demonstrate our ongoing commitment to create long-term value for all of our stakeholders.

我們也根據現有的股票回購計畫部署了現金回購價值 1,000 萬美元的股票。這些措施與我們先前為 2025 財年概述的資本配置重點相一致，即投資成長、加強資產負債表和向股東返還價值，並表明我們持續致力於為所有利害關係人創造長期價值。

Turning now to guidance. We are reiterating our full year outlook for both comparable sales and adjusted operating margins for fiscal 2025. We are also updating our consolidated net sales guidance for the full year due to the unfavorable impact from foreign currency exchange rates.

現在轉向指導。我們重申對 2025 財年全年可比較銷售額和調整後營業利潤率的展望。由於外匯匯率的不利影響，我們也更新了全年綜合淨銷售額預期。

Our fiscal 2025 guidance is as follows, comparable sales are expected to be in the range of flat to up 2%. Consolidated net sales are now expected to be approximately 100 basis points lower than comparable sales due to the expected unfavorable impact from foreign currency exchange rates. And adjusted operating margin is expected to be in the range of 8.5% to 9%.

我們對 2025 財年的指導如下，預計可比銷售額將在持平至成長 2% 之間。由於預計外匯匯率將產生不利影響，預計合併淨銷售額將比可比銷售額低約 100 個基點。調整後的營業利潤率預計在 8.5% 至 9% 之間。

We're also introducing guidance for the second quarter of fiscal 2025 as follows, comparable sales are expected to be approximately flat to the prior year, reflecting the factors Denise outlined. Consolidated net sales are expected to be approximately 100 basis points lower than comparable sales due to the expected unfavorable impact from foreign currency exchange rates, and adjusted operating margin of 8% to 8.3%, reflecting an improvement of 40 basis points to 70 basis points versus the second quarter of fiscal 2024.

我們也將推出 2025 財年第二季的指引，預計可比銷售額將與去年基本持平，這反映了 Denise 概述的因素。由於預計外匯匯率的不利影響，預計合併淨銷售額將比可比銷售額低約 100 個基點，調整後的營業利潤率為 8% 至 8.3%，與 2024 財年第二季度相比提高 40 個基點至 70 個基點。

In closing, we are pleased with our first quarter results and the progress we are making on our strategic initiatives, which gives us confidence in the remainder of the year and our long-term trajectory.

最後，我們對第一季的業績以及策略性舉措所取得的進展感到滿意，這使我們對今年剩餘時間和長期發展充滿信心。

We appreciate your time this morning. Now I'll ask the operator to open the call for Q&A.

我們非常感謝您今天上午抽出時間。現在我請接線生開始問答環節。

(Operator Instructions)

（操作員指令）

Oliver Chen, TD Cowen

Oliver Chen，TD Cowen

Thanks a lot. Hi Denise and Marlo. Great quarter. Regarding your second quarter guidance, what's happening by banner in terms of the dynamics of Sally relative to BSG? And then as we look towards the back half, what should we think about in terms of the comp trajectory implied by your guidance? Would also love your take about what the forecast embeds for traffic relative to ticket. Thank you very much.

多謝。你好，丹尼斯和馬洛。非常棒的一個季度。關於您對第二季的預期，就 Sally 相對於 BSG 的動態而言，橫幅上的情況如何？然後，當我們展望後半部分時，我們應該如何考慮您指導中所暗示的競爭軌跡？我也非常想聽聽您對與票務相關的交通預測的看法。非常感謝。

Good morning, Oliver, thank you for the congrats. We were excited about our first quarter. When I think about your question overall, I'll step back and start a bit with, we remain very focused to deliver on our full year comp sales plan, which is to be up 0% to 2% in comp sales, and our first quarter was squarely in line with delivering on that.

早安，奧利佛，謝謝你的祝賀。我們對第一季的表現感到非常興奮。當我整體思考您的問題時，我會退一步並稍微開始說，我們仍然非常專注於實現我們的全年同店銷售計劃，即同店銷售額增長 0％ 至 2％，而我們第一季的表現完全符合這一目標。

As we look to Q2 and the guidance that there's for Q2, coming into the quarter, what we knew is that there are embedded in Q2 are two known headwinds for BSG from last year. So one is lapping the load-in of both Amika and Briogeo for our Armstrong McCall franchise businesses as well as an unfavorable calendar in terms of ship days and numbers of Mondays of operation, which are big days for BSG.

當我們展望第二季度以及本季的第二季指引時，我們知道第二季度存在著去年 BSG 面臨的兩個已知阻力。因此，一方面，對於我們的 Armstrong McCall 特許經營業務來說，Amika 和 Briogeo 的裝載量是成正比的，另一方面，在裝運天數和周一運營天數方面也不太有利，而周一是 BSG 的重要日子。

So those were kind of known pullbacks from what we would have seen in Q1. And then the guidance also reflects that the macro environment in January and what's emerged in the quarter has been a little bit choppier and noisier than we had hoped for.

因此，與我們在第一季看到的情況相比，這些都是已知的回檔。該指引還反映出，一月份的宏觀環境以及本季出現的情況比我們所希望的更加動盪和嘈雜。

But in all honesty, anticipated some of how we thought about our full year. And so within that, what are we really seeing, right? The noisiness that started in the new year, whether that was the flu, weather, new administration, wildfires, it distracted our consumer a bit and maybe created a little uncertainty.

但老實說，我們對全年的情況有些預期。那麼在這其中，我們真正看到的是什麼呢？對嗎？新年伊始的各種喧囂，無論是流感、天氣、新政府或野火，都分散了我們消費者的注意力，甚至可能造成了一些不確定性。

It's kind of manifested in two different ways. At BSG, our stylists have actually just seen disruption in their appointment books from illnesses, whether that be the customers or themselves kind of taking time away from their chairs. And so they are buying closer to need, and that's more focused on color that they need for their services and color has remained quite strong.

它以兩種不同的方式表現出來。在 BSG，我們的髮型師實際上已經發現他們的預約因疾病而被打亂，無論是顧客還是他們自己都因疾病而離開了他們的座位。因此，他們的購買更加貼近需求，更加重視他們服務所需的顏色，而且顏色一直保持相當強勁。

And on the Sally side, once again, color remaining strong, but a little bit more uneven traffic trends where we have a choiceful consumer for some of our other categories. Underlying it all, still feel good about the trajectory of the business, but just realistic about the weathering of what's come through in January and being prudent as we think about the rest of the quarter.

在 Sally 方面，顏色再次保持強勁，但流量趨勢稍微不均衡，我們對其他一些類別的消費者有選擇性。從根本上講，我們對業務的發展軌跡仍然感到樂觀，但對 1 月所經歷的困難要有清醒的認識，並對本季度剩餘時間保持謹慎。

When we think to the back half of the year, very excited about the trends in the business and what we have to deliver. After three straight positive comp quarters in both businesses, the things that we're doing against our strategy are delivering. We think they'll continue that way.

當我們展望今年下半年時，我們對業務趨勢和我們必須交付的產品感到非常興奮。在兩項業務連續三個季度實現正增長之後，我們根據戰略所採取的措施正在取得成效。我們認為他們會繼續這樣做。

Couple of highlights. BSG, the launch of K18 across all stores in e-commerce comes online April 1, which is the beginning of our third quarter. We'll continue with expanded territory distribution with [Moroccanoil]. And we're seeing great innovation in the Tools segment, whether that's with the Universal Neuro Dryer and other brand innovation.

一些亮點。BSG，K18在電商全通路門市的上線時間是4月1日，也就是我們第三季的開始。我們將繼續擴大領土分銷範圍[摩洛哥油]。我們在工具領域看到了巨大的創新，無論是通用神經乾燥機還是其他品牌的創新。

So a lot to look forward to on the BSG side. And similarly, on Sally, digital expansion with marketplaces and the performance marketing that's behind that is performing well, as you've heard about in the first quarter.

因此，BSG 方面有很多值得期待的事情。同樣，就 Sally 而言，正如您在第一季所聽到的，其市場數位擴張和背後的績效行銷表現良好。

We continue to have more innovation coming there as well, not just in color and care, but also in nails. And then we're working our CRM customer file quite hard. The personalization efforts that we have ramping in terms of driving trips and frequency really are helping our growth, and we expect that to continue as long -- as well as the performance within our app. So all of those real signs of strength.

我們也將繼續推出更多的創新，不僅在顏色和護理方面，而且在指甲方面。然後我們正在努力處理我們的 CRM 客戶檔案。我們在駕駛行程和頻率方面加大的個人化力度確實有助於我們的成長，我們希望這種情況能夠持續下去——以及我們應用程式的性能。所有這些都是真正力量的體現。

When we think about the mix overall, and you talked about kind of traffic versus ticket, we think traffic will continue to be relatively flat, but we're seeing nice increases in frequency with some of our most frequent shoppers and our most loyal shoppers that we anticipate will continue as we go through the year.

當我們考慮整體組合時，以及您談到的流量與票務的情況時，我們認為流量將繼續相對平穩，但我們看到一些最頻繁的購物者和最忠實的購物者的頻率有明顯的增長，我們預計這種趨勢將持續到今年年底。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning. Thanks for taking the question. Maybe to build off of that prior question, just any color on kind of where you feel like you're sitting within your full year guidance range after the Q1 and then the expectations for a softer Q2. You did reiterate that full year range. Just trying to figure out where we might shake out and how much upside downside there is there.

嘿，早安。感謝您回答這個問題。也許是基於先前的問題，您可以大概了解一下在第一季之後，您覺得您處於全年指導範圍內的哪個位置，以及對第二季度較為疲軟的預期。您確實重申了全年範圍。只是想弄清楚我們可能在哪裡擺脫困境以及有多少上行和下行空間。

And then any color on kind of the operating margin cadence for the remainder of the year? You gave some Q2 color. But as we think about Q3 and Q4, any puts and takes that could alter that expansion cadence for the back half? Thank you.

那麼，您能透露一下今年剩餘時間的營業利潤率節奏嗎？你給了一些 Q2 顏色。但當我們考慮第三季和第四季時，有什麼因素會改變後半年的擴張節奏嗎？謝謝。

Good morning, Corinne. I'll start on the point on comp and the range for the full year. I think the important part is we're four months into our fiscal year. And Q3 and Q4 are our largest two quarters of the year. So we've got a lot of the year to go.

早安，科琳。我將從全年的薪資和範圍開始談起。我認為重要的是我們的財政年度已經過了四個月。第三季和第四季是我們一年中最大的兩個季度。因此，我們還有很長的一年時間。

As we look at things today, we're squarely within the guidance range that we provided. I think there's nice potential for upside with the things that I just mentioned in the prior question on both the Sally and BSG side around innovation, performance marketing, things to come to pass.

從今天的情況來看，我們完全處於我們提供的指導範圍內。我認為，我在上一個問題中提到的 Sally 和 BSG 方面在創新、績效行銷和未來發展等方面都具有很大的上升潛力。

But I think as we said when we guided for the full year, we were also prudent that we haven't had a year yet that has not had some sense of newness or uncertainty around the consumer behavior. So I feel good about where we are. I feel like we're squarely in that guidance range.

但我認為，正如我們在全年指引中所說的那樣，我們也謹慎地認為，我們還沒有度過一年中消費者行為不出現新奇感或不確定性的一年。所以我對我們的現狀感到很滿意。我覺得我們正處於這個指導範圍。

Marlo, do you want to talk about operating margin?

馬洛，你想談談營業利益率嗎？

Yeah, the operating margin cadence in terms of how we're looking at the back half, it's really a continuation of what we've seen in Q1, and you'll see it in Q2 as well with our Fuel for Growth program really bringing benefits on a quarterly basis.

是的，就我們對下半年的看法而言，營業利潤率節奏實際上是我們在第一季度看到的延續，並且您也會在第二季度看到它，我們的「成長動力」計畫確實在每個季度都帶來了收益。

So we're looking at about $40 million of benefit. That was split between gross margin and SG&A. It's a fairly regular cadence as you go throughout the quarters. And so you'll see some gross margin expansion on the gross margin line as well as SG&A.

因此，我們預計收益約為 4,000 萬美元。它分為毛利率和銷售、一般及行政費用。在整個季度中，這是一個相當規律的節奏。因此，您會看到毛利率線以及銷售、一般及行政費用有所擴大。

We'll contain those costs, you saw us leverage, are relatively flat in terms of dollars. That will continue as we go through the rest of the year as well. So the combination of the growth in the sales line as well as the Fuel for Growth benefits flowing through, we'll see some operating margin expansion continue as we go to the back half of the year.

我們會控制這些成本，如您所見，我們的槓桿率在美元方面相對穩定。這一趨勢還將持續到今年剩餘時間。因此，隨著銷售線的成長和「成長動力」效益的發揮，我們將看到下半年營業利潤率持續擴大。

Susan Anderson, Canecord Genuity.

蘇珊安德森，Canecord Genuity。

Hi, good morning, Alec Legg, on for Susan. Can you just talk about the promotional environment? What are you seeing year-over-year and maybe even comparing it to pre-pandemic levels? And then just a follow-up on that. Are you able to talk a little more in detail about the puts and takes on gross margins in the quarter? I mean you mentioned lower shrink. Are you expecting that to last through the rest of the year? Thank you.

大家早安，我是 Alec Legg，下面請接聽 Susan 的電話。能簡單談談促銷環境嗎？與去年同期相比，您看到了什麼變化？甚至與疫情前的水平相比如何？然後只是對此進行跟進。能否詳細談談本季毛利率的變動？我的意思是你提到了更低的收縮。您預計這種狀況會持續到今年底嗎？謝謝。

Yeah, good morning, Alec. On the promotional levels that we saw in Q1, what I'd start with saying is that value continues to be very important on both the Sally and the BSG side of the business. In terms of our promotional intensity, promotional levels were relatively flat and frequency was pretty consistent in both segments compared to last year.

是的，早上好，亞歷克。就我們在第一季看到的促銷水平而言，我首先要說的是，價值對於 Sally 和 BSG 業務來說仍然非常重要。就我們的促銷強度而言，與去年相比，兩個部分的促銷水平相對平穩，頻率也相當一致。

Customers do continue to buy on those promotions. So we see nice uptake with that promotional activity. Given the way that we assort and we plan, we think we were at the right level of promotional activity in the quarter and feel good about how we're working through that.

顧客確實會繼續購買這些促銷商品。因此，我們看到該促銷活動取得了良好的迴響。考慮到我們的分類和計劃方式，我們認為本季的促銷活動處於正確的水平，並且對我們的工作進展感到滿意。

And I think to that end, when we think about managing our promotions, we're really focused on delivering the value message to customers so that they know that, that value is out there, but then doing it very strategically so that we're driving volume.

為此，我認為，當我們考慮管理促銷活動時，我們真正關注的是向客戶傳遞價值訊息，以便他們知道價值就在那裡，然後以非常有策略的方式進行，以便提高銷售量。

So all of our promotions are really driven through the filter of both creating that excitement for the customer, but achieving good unit volume when we do it.

所以，我們所有的促銷活動其實都是透過既能為顧客帶來興奮感，又能實現良好的銷售這一原則來推動的。

On the cadence for the gross margin, again, we're very pleased with the expansion that we had in Q1, a 60 basis points expansion. Again, we expect that expansion to continue but moderate somewhat in the back half of the year. There are puts and takes in terms of our inventory levels and purchases that will cause some fluctuation as you go.

就毛利率的節奏而言，我們對第一季的擴張感到非常滿意，擴張了 60 個基點。我們再次預計，這種擴張將持續，但在今年下半年將有所放緩。我們的庫存水準和採購量存在著一些漲跌，這會導致一些波動。

But in terms of the shrink improvement, that started in the middle part of last year with some actions that we put in place. So very pleased with that. That will continue, but it will start to moderate as we get to the back half of the year.

但就萎縮改善而言，這是從去年年中開始的，當時我們採取了一些行動。我對此非常高興。這種情況將會持續下去，但到今年下半年，這種情況將開始緩和。

Underlying too, is our promotional change. We made that about Q3 of last year as well in terms of changing our strategic promo there that was adding to our gross margin and has continued that will too moderate as we lap. But for the most part, our Fuel for Growth initiatives will continue, like I said, the pace at consistent paces throughout the quarter and continue to add to that gross margin expansion.

這也意味著我們的促銷方式也改變了。我們在去年第三季也做出了這樣的改變，改變了我們的策略促銷，增加了我們的毛利率，並且會持續下去，隨著我們的發展，這一趨勢也會逐漸緩和。但就總體而言，我們的「成長動力」計畫將像我說的一樣，在整個季度保持一致的步伐，並繼續促進毛利率的擴大。

Ashley Helgans, Jefferies.

傑富瑞 (Jefferies) 的阿什利·赫爾甘斯 (Ashley Helgans)。

Hey, thanks for taking our question and congrats on the nice quarter. So maybe to start, if you could just kind of share what innovation you're seeing in the market right now and maybe how that compares to last year? And then if you could talk maybe about how traffic was pacing throughout the quarter and maybe how demand evolved? Thanks.

嘿，感謝您回答我們的問題，並祝賀本季取得良好業績。所以首先，您能否分享一下您現在在市場上看到的創新以及與去年相比如何？然後，您能否談談整個季度的流量狀況以及需求如何變化？謝謝。

Sure. So on the innovation front, I think that the great news is within the hair space and the nail space overall, innovation has stayed very robust coming out of COVID, where there had been a bit of a pocket or a lull in some of that innovation.

當然。因此，在創新方面，我認為好消息是在美髮領域和指甲領域，整體而言，在疫情過後，創新保持了非常強勁的勢頭，而此前部分創新有所停滯或停滯。

On the Pro side, we continue to see in the care world, things such as K18 that have a lot of efficacy and really help our stylists become more efficient in the services they provide. I think that's only going to continue.

在專業方面，我們繼續在護理領域看到諸如 K18 之類的產品具有許多功效，並且確實幫助我們的造型師更有效率地提供服務。我認為這只會持續下去。

We've also seen great innovation around tools and simplifying the way a stylist can use a dryer or an iron and once again, make their lives a little bit easier, and we're seeing nice uptake from stylists as they're trading up to easier-to-use tools in the space as well.

我們也看到了工具方面的重大創新，簡化了造型師使用吹風機或熨斗的方式，再次使他們的生活變得更輕鬆一些，我們看到造型師的接受度很高，他們也正在升級到更易於使用的工具。

And on the retail side, those same trends persist and carry over. And I would also add that in the nail world, we continue to see strength around press ons and once again, people doing manicures at home with a lot better tools and capabilities that you would normally find in a salon now becoming an at-home trend. So we're excited on all fronts about the innovation profile that we have coming through right now.

在零售方面，同樣的趨勢依然持續並延續。我還要補充一點，在美甲領域，我們繼續看到按壓式美甲的強勢發展，人們在家中使用比通常在沙龍中找到的更好的工具和功能進行美甲，這正在成為一種家庭趨勢。因此，我們對目前所取得的各方面創新成果都感到興奮。

You also had mentioned about traffic that we were seeing. Q1, what we saw, Q1 was quite benign. We saw great consistent behavior through most of the quarter outside of that natural period of time of that shortening of the holiday selling season, which just really compressed purchases a bit.

您也提到了我們看到的交通情況。Q1，我們看到，Q1 相當溫和。我們在本季的大部分時間裡看到了非常一致的行為，除了假期銷售季節縮短的自然時間段之外，這確實壓縮了購買量。

So we saw transactions flat to up in both of our businesses, which was great to see. And as we come into the start of the second quarter, as I mentioned in some remarks earlier in my prepared remarks, we saw a little bit more noise come into the consumer patterns that are there. And we see that spike around flu season.

因此，我們看到兩家公司的交易量都呈現持平或上升趨勢，這是令人欣喜的。正如我之前在準備好的發言中提到的那樣，隨著我們進入第二季度，我們發現現有的消費模式中出現了一些噪音。我們在流感季節看到這種現象的激增。

We see that spike when we have some different weather patterns or some big news cycles that come through. Underlying it, demand is healthy. We're particularly seeing that in the strength of our color business where that's a very sticky customer base, and a very loyal customer base in terms of what they come in.

當出現一些不同的天氣模式或出現一些重大新聞週期時，我們就會看到這種高峰。從根本上來說，需求是健康的。我們特別看到，彩色業務的優勢在於，它擁有非常黏性的客戶群，而且從客戶類型來看，它擁有非常忠誠的客戶群。

If anything, what we've seen is those customers who might not be color customers and shop across other categories is where we see a little bit more hesitancy or a little less traffic coming into the stores. But overall, pleased with the direction of the business.

如果有什麼不同的話，那就是我們看到的是，那些可能不是有色人種顧客並且跨其他類別購物的顧客，在進入商店時會更加猶豫或客流量會減少。但整體來說，我對業務的發展方向感到滿意。

Great, thank you.

太好了，謝謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Hey, good morning, everyone, and a nice job in the quarter. Nice job in the quarter. So my question is the margins of the business have been great. You've gotten good gross margin expansion, and you've really kept SG&A growth at a minimum as you reinvigorate the top line. It looks like some of these things could be peaking. You mentioned gross margin could taper a little bit in the back half.

嘿，大家早上好，祝你本季工作順利。本季表現良好。所以我的問題是，該業務的利潤率一直很高。您獲得了良好的毛利率擴張，並且在重振營業收入的同時，真正將銷售、一般及行政費用 (SG&A) 增長保持在最低水平。看起來其中一些事情可能正在達到頂峰。您提到毛利率在下半年可能會略有下降。

I don't know does Fuel for Growth allow you to keep SG&A within a very low single-digit band. I guess the question is that you see the top line inflecting further by the back half of the year as some of these margin levers taper to be able to keep this kind of mid-single-digit rate of EBIT growth, which is impressive. That's the big question.

我不知道「成長燃料」是否能讓你將銷售、一般及行政開支 (SG&A) 控制在非常低的個位數範圍內。我想問題在於，您是否認為下半年營收會進一步波動，因為一些利潤率槓桿將逐漸減小，以便能夠保持這種中等個位數的息稅前利潤增長率，這是令人印象深刻的。這是一個大問題。

How does this all play out? Do you have more initiatives that can help gross margin keep going so you don't have to be as reliant on the sales accelerating? Just trying to get a sense of how you're thinking about it.

這一切將如何進行？您是否有更多舉措可以幫助毛利率保持穩定，而不必過度依賴銷售加速？只是想了解一下您是如何考慮這個問題的。

Yeah. So Simeon, it's Denise. Let me start, and I'll have Marlo to talk a little bit more about some of the efficiency work as well. Overall, we believe that we are on a pace to get that mid-single-digit operating margin growth as we proceed through the full year.

是的。那麼西緬，就是丹尼斯。讓我開始吧，然後我會讓馬洛再多談一些關於效率的工作。總體而言，我們相信，隨著全年業務的推進，我們有望實現中等個位數的營業利潤率成長。

We feel great about the Fuel for Growth and other initiatives that Marlo can talk about a bit more. But our top line really is built to continue to weather the ups and downs of what might come with the consumer, but continue to have those strategic initiatives drive growth.

我們對「成長動力」和其他舉措感到非常高興，Marlo 可以進一步談談這些舉措。但我們的營收確實能夠繼續經受消費者可能帶來的起伏不定的影響，同時繼續透過這些策略舉措來推動成長。

But I think that the great news is the flexibility that we have built in with the strength of the margin, the strength of the portfolio and innovation, depending with some moderation of what sales could be, I still feel great about the bottom line.

但我認為，好消息是，我們利用利潤率、產品組合和創新的優勢建立了靈活性，並根據銷售情況進行了一些調整，我仍然對底線感到滿意。

Yeah. I would just reiterate our Fuel for Growth program. We've already delivered over $20 million, $28 million in '24. We've got another $40 million to $45 million on target for this year in 2025, and we're well on the path to $120 million by 2026.

是的。我只想重申我們的「成長動力」計畫。我們已經交付了超過 2000 萬美元，2024 年交付了 2800 萬美元。我們的目標是到 2025 年再賺 4,000 萬至 4,500 萬美元，到 2026 年，我們預計將達到 1.2 億美元。

I'd say the good thing about that program is not only do we have a path to the dollars, we actually are building a muscle within our own organization in terms of new ways of working, new ways of thinking, continually to add to the pipeline of opportunity with our Fuel for Growth.

我想說，該計劃的好處在於，我們不僅有一條賺錢的途徑，而且我們實際上還在組織內部以新的工作方式、新的思維方式增強實力，持續利用我們的成長動力增加機會。

So while we've defined this program as a three year program, this is an ongoing program for us. So we're looking to see results for this for the long term. But clearly, I believe that we're going to deliver or actually are on the path to deliver the numbers that we put in. And so from a margin expansion, I see this not only going in '25, but beyond '26.

因此，雖然我們將該計劃定義為三年計劃，但對我們來說，這是一個持續的計劃。因此，我們希望看到長期成果。但顯然，我相信我們能夠實現或正在實現我們所設定的數字。因此，從利潤率擴大來看，我認為這不僅會持續到25年，而且會持續到26年後。

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

Great thank you. You called out external disruptions and macros is driving the expectation for Q2 deceleration. Obviously, that makes sense. Have you started to see any improvement now that we're further away from some of the shocks in January?

非常感謝。您指出外部幹擾和宏觀因素正在推動第二季度經濟減速的預期。顯然，這是有道理的。現在我們已經遠離了 1 月份的一些衝擊，你是否開始看到任何改善了？

And then, of course, your customer skews a bit more towards value. So given the increased macro pressures, I'd love to hear a little bit more about what are -- what's going to offset that allows for that second half improvement or if it's just moving further away from some of those shocks in January?

然後，當然，您的客戶會更加重視價值。因此，鑑於宏觀壓力不斷增加，我希望聽到更多關於什麼的信息——什麼可以抵消這種影響以實現下半年的改善，或者它是否會進一步遠離 1 月份的一些衝擊？

And then switching topics on the topic of tariffs, which I don't think we talked about so far today. I know -- I don't think you directly source from any of the main regions of China, Canada and Mexico. But if you could talk about your conversations with some of your vendors and their exposure and how you think that could potentially play out? Thank you.

然後轉換話題到關稅問題，我認為我們今天到目前為止還沒有討論這個問題。我知道——我認為你沒有直接從中國、加拿大和墨西哥的任何主要地區採購。但是，如果您可以談談您與一些供應商的對話以及他們的風險敞口以及您認為這可能會產生什麼結果呢？謝謝。

Good morning. Let me just start a little bit with the quarter. I think everything that we've seen around the macro items is reflected in the guidance that we have. I will tell you, January showed a brunt of the weather and flu season is peaking now. So we'll just watch those trends as we work our way through the rest of the quarter. But feel good about where we are.

早安.讓我先從本季的情況開始說起。我認為我們在宏觀項目方面看到的一切都反映在我們的指導中。我要說的是，一月天氣狀況最糟糕，現在正值流感季節的高峰。因此，我們將在本季度剩餘時間內關注這些趨勢。但對我們現在的處境感到很滿意。

And as I said, I feel good about our ability to pivot and navigate as we need to with the tactics that we can exercise throughout the back half of the year. And we have a proven track record. So when we think about that equation of value becoming more important to customers or could become more important to customers, we've been able to think differently about our promotional tactics and importantly, focus on what's new and different for us to keep getting customers in our door, which is really around innovation.

正如我所說的，我對我們能夠根據需要調整和導航的能力感到非常滿意，我們可以在下半年實施這些策略。我們有著良好的業績記錄。因此，當我們考慮到價值等式對顧客變得更加重要或可能變得更加重要時，我們就可以以不同的方式思考我們的促銷策略，更重要的是，專注於新的和不同的東西，以便我們不斷吸引顧客，這實際上就是創新。

It's our service levels. It's our capabilities around licensed colors on demand to create experiences that we don't otherwise have. And within the Sally business itself, continuing to push kind of our new brand image as we're going to roll out some of our marketing campaigns, all our fuel underneath what is the strength of the strategic pillars coming through that we're excited about.

這是我們的服務水準。我們可以根據需求利用授權顏色來創造我們無法擁有的體驗。在 Sally 業務本身中，我們將繼續推動我們的新品牌形象，因為我們將推出一些行銷活動，我們所有的動力都來自於我們為之興奮的策略支柱的力量。

So we'll continue to navigate the year, but feel it's all within our control to deliver as we work through. Marlo, do you want to talk a bit about tariffs?

因此，我們將繼續度過這一年，但我們覺得，隨著我們不斷努力，一切都在我們的掌控之中。馬洛，你想談談關稅問題嗎？

Yeah. From a tariff point of view, we've been through this before. So similar to the last round of tariffs, I think it is important, as you called out, to understand that our exposure is not overly significant relative to some of our peers.

是的。從關稅的角度來看，我們以前經歷過這種情況。因此，與上一輪關稅類似，我認為，正如您所說，重要的是要明白，與我們的一些同行相比，我們的風險敞口並不太大。

We do receive about 10% of our product or less than 10% of our product from Asia and China, really nothing material from Mexico or Canada. We would employ a similar playbook that we did in the previous go around, which included a combination of switching vendors, increasing volumes at other sites and, of course, some price increases. But we're monitoring it, is a very uncertain environment at this point, but keeping a very close eye on it.

我們確實有大約 10% 或不到 10% 的產品來自亞洲和中國，但實際上沒有任何材料來自墨西哥或加拿大。我們將採用與上次類似的策略，其中包括更換供應商、增加其他站點的銷售量，當然還有一定程度的價格上漲。但我們正在對其進行監控，目前的環境非常不確定，我們會密切關注。

Thank you.

謝謝。

I'll now turn the call back over to Jeff Harkins.

現在我將把電話轉回給傑夫哈金斯。

Hello, everyone. It's Denise. I just want to close today by saying thank you so much to our associates around the world. I know how hard all of you are working to serve our customers, bring them the innovation and coaching and advice that they need to deliver on their beauty aspirations. So thank you again for all the work that you do.

大家好。是丹尼斯。今天最後，我只想向我們在世界各地的同事們表達衷心的感謝。我知道你們所有人都在努力服務我們的客戶，為他們帶來實現他們的美麗願望所需的創新、指導和建議。再次感謝您所做的所有工作。

And to our shareholders, thank you again for your support, and we look forward to updating you again next quarter.

對於我們的股東，再次感謝你們的支持，我們期待下個季度再次向你們更新資訊。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T Teleconference. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連線。