Sally Beauty Holdings, Inc. (SBH) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Sally Beauty Holdings conference call to discuss the company's second quarter fiscal 2026 results. All participants have been placed in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Additional instructions will be given at that time.

各位早安，歡迎參加 Sally Beauty Holdings 的電話會議，討論公司 2026 會計年度第二季業績。所有與會者目前皆已設為僅收聽模式。在管理層預先準備的發言結束後，將進行問答環節。屆時將提供進一步指示。

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

現在我想把電話會議交給 Sally Beauty Holdings 投資人關係副總裁兼財務主管 Jeff Harkins。

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 Adrianne Lee, our new Chief Financial Officer.

謝謝。各位早安，感謝各位加入我們。今天與我一同出席的有總裁兼執行長 Denise Paulonis，以及我們新任財務長 Adrianne Lee。

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.

在開始之前，我想提醒各位，管理層在本次電話會議中的發言可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。由於多項重要因素，實際結果可能與這些前瞻性陳述所示存在重大差異，包括我們最近一期 Form 10-K 年報及其他向 SEC 提交文件中的「風險因素」章節所討論者。

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.

本次電話會議中所作的任何前瞻性陳述僅代表我們截至今日的觀點，我們不承擔更新之義務。公司已在盈餘新聞稿及官網中，對其調整項目與非 GAAP 財務衡量指標提供詳細說明與調節表。

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

現在我想把電話會議交給 Denise，開始正式發言。

Thank you, Jeff, and good morning, everyone. I'd like to start by welcoming Adrianne to Sally Beauty Holdings. She's been with us just under two weeks now and launched into her role with tremendous energy and focus. Adrianne brings deep operational, strategic and financial expertise to our executive leadership team, and we are thrilled to have her on board as we continue to advance our strategic initiatives and focus on long-term value creation.

謝謝你，Jeff，各位早安。我想先歡迎 Adrianne 加入 Sally Beauty Holdings。她加入我們還不到兩週，就以極大的活力與專注投入新職務。Adrianne 為我們的高階領導團隊帶來深厚的營運、策略與財務專業；在我們持續推進策略性計畫並聚焦長期價值創造之際，我們非常高興她能加入。

Looking at our second quarter performance. The results demonstrate the compounding benefits of our strategic growth drivers. Total sales of USD903 million, up 2.3% versus last year and comparable sales growth of 1.3% were at the high end of our expectations. Strong gross margins and effective cost control enabled us to deliver bottom line results above our guidance range with adjusted operating income coming in at USD73 million and adjusted diluted EPS of USD0.44. This drove strong cash flow from operations of USD73 million, which we utilize to continue to invest for growth, further strengthening our balance sheet with USD20 million of debt paydown and return value to shareholders through USD25 million of share repurchases.

來看我們第二季的表現。結果展現了我們策略性成長驅動因素所帶來的複利效益。總銷售額為 9.03 億美元，較去年成長 2.3%；同店銷售成長 1.3%，位於我們預期區間的高端。強勁的毛利率與有效的成本控管，使我們交出高於指引區間的獲利表現：調整後營業利益為 7,300 萬美元，調整後稀釋每股盈餘（EPS）為 0.44 美元。這帶動營運活動現金流達 7,300 萬美元；我們將其用於持續投資成長、透過償還 2,000 萬美元債務進一步強化資產負債表，並透過 2,500 萬美元庫藏股回購向股東回饋價值。

In our Sally segment, our customer remained resilient, and we saw positive response to our initiatives, including marketing and personalization, digital enablement and product innovation. This drove segment comparable sales growth of 2.5%, highlighted by a comparable sales increase of 4.4% in our Sally US and Canada business with comparable transactions and average transaction value both up 2%. Our core Color category delivered another quarter of impressive performance at Sally, up 11% on a total segment basis and up 12% at Sally US and Canada.

在 Sally 事業部，我們的客戶仍具韌性，且對我們的各項措施反應正面，包括行銷與個人化、數位賦能以及產品創新。這帶動事業部同店銷售成長 2.5%；其中 Sally 美國與加拿大業務同店銷售成長 4.4%，同店交易量與平均客單價皆成長 2%。我們的核心染髮（Color）品類在 Sally 再度交出亮眼的一季表現：以事業部整體計算成長 11%，在 Sally 美國與加拿大則成長 12%。

Beyond strength in Color, we also delivered a 3% growth in the nail category and momentum continued to build in the fragrance category. After launching Fragrance in our top 1,000 Sally US stores last November, we expanded to 2,000 locations during fiscal Q2 and continued to see results ahead of our expectations. While Trends in hair care remained soft, performance improved central caring for a category reset in the fourth quarter, which will include refined assortments and enhanced merchandising initiatives. Overall, the Sally segment delivered strong results with a business that is resilient, differentiated and well positioned for the future.

除了染髮品類的強勁表現外，我們的美甲品類也成長 3%，香氛品類的動能亦持續增強。自去年 11 月在 Sally 美國前 1,000 家門市推出香氛後，我們在 2026 會計年度第二季擴展至 2,000 個據點，且持續看到優於預期的成果。雖然護髮品類的趨勢仍偏疲弱，但在為第四季的品類重整做準備的過程中，表現已有所改善；該重整將包含更精準的商品組合與強化的陳列推廣措施。整體而言，Sally 事業部交出強勁成果，業務具韌性、差異化明確，且已為未來做好良好布局。

Now moving to our BSG segment. We delivered improved profitability on flat top line results with operating margin up 90 basis points to 12.4%. From a category perspective, Color performed well, growing 3% in the quarter. We're in the progress on initiatives in the care category, where sales have been trending generally flat in recent quarters. New brands, innovation and distribution expansion continue to be priorities. Additionally, by leveraging our market leadership position, we see an opportunity to better communicate the differentiated value we provide.

接著談我們的 BSG 事業部。在營收持平的情況下，我們實現獲利能力提升，營業利益率上升 90 個基點至 12.4%。就品類而言，染髮表現良好，本季成長 3%。我們正推進護理（Care）品類的相關措施；該品類在近幾季的銷售趨勢大致持平。新品牌、創新與通路擴張仍是優先事項。此外，憑藉我們的市場領導地位，我們看見有機會更好地傳達我們所提供的差異化價值。

Now I'll turn to an update on some of the initiatives under our four key growth drivers. The first is understanding and activating the customer, which is focused on acquisition, in and share of wallet. On the Sally side, our SAFE and Skip the Salon marketing campaign continues to resonate with customers supported by disciplined execution, our cost planning and promotional activities.

接下來我將更新我們四大關鍵成長驅動因素之下的部分計畫進展。第一項是理解並啟動客戶，重點在於獲客、提升互動，以及提高錢包占有率。在 Sally 方面，我們的 SAFE 與「Skip the Salon」行銷活動在嚴謹執行、成本規劃與促銷活動的支持下，持續引起客戶共鳴。

Additionally, our teams are initiating new marketing strategies to engage customers where they are through local events. For example, as part of our Color Fest celebration in March, one of our feature events was a pop-up at the Grove in Los Angeles. This was strategically located in a high-traffic destination close to Sally stores and met with tremendous response, driving traffic and engagement, new customer acquisition and over 300 million PR impressions. On the heels of this success, we are planning additional experiences designed to drive customer engagement and acquisition.

此外，我們的團隊正啟動新的行銷策略，透過在地活動於客戶所在之處與其互動。例如，作為 3 月 Color Fest 慶祝活動的一部分，我們的重點活動之一是在洛杉磯 The Grove 舉辦快閃活動。該地點策略性地選在高人流目的地、且鄰近 Sally 門市，反應非常熱烈，帶動人流與互動、新客獲取，並創造超過 3 億次的公關曝光。延續這項成功，我們正規劃更多體驗活動，以推動客戶互動與獲客。

Similarly, in late February, we announced the continuation of our rooted and success campaign, which is dedicated to celebrating community along with the next generation of Beauty. For this latest campaign, we've been holding events across 13 historically black colleges and universities, which will continue through fiscal Q3. We're activating student leaders as brand ambassadors and creating authentic community-driven moments where they can discover and engage with brands. And we're amplifying this platform in collaboration with Estes Magazine.

同樣地，在 2 月下旬，我們宣布延續「Rooted in Success」活動，致力於與新世代美妝一同慶祝社群。針對這次最新活動，我們已在 13 所歷史悠久的黑人學院與大學（HBCU）舉辦活動，並將持續至 2026 會計年度第三季。我們啟動學生領袖擔任品牌大使，打造真實、由社群驅動的時刻，讓他們能探索並與品牌互動。同時，我們也與 Estes Magazine 合作，擴大此平台的影響力。

Our teams are thinking outside-the-box to build awareness and reach both new and existing customers, and the results are evident. The strength of our licensed Color OnDemand platform is also driving customer acquisition. In fiscal Q2, average weekly consultations exceeded 5,200 and the number of new customers increased by 35% over the prior year. LCOD customers annual spend is also 80% higher than non-LCOD customers, driven by increased frequency. Additionally, our new hair care consultation strategy continues to gain traction, and we believe this will help reinvigorate category sales in the coming quarters.

我們的團隊以跳脫框架的方式提升品牌能見度，觸及新舊客戶，成果已清楚可見。我們授權的 Color OnDemand 平台的強勁表現也正在推動獲客。在 2026 會計年度第二季，平均每週諮詢次數超過 5,200 次，新客數較去年增加 35%。LCOD 客戶的年度消費額也比非 LCOD 客戶高出 80%，主要由更高的消費頻率所帶動。此外，我們新的護髮諮詢策略持續獲得動能，我們相信這將有助於在未來幾季重新帶動該品類銷售。

In our BSG segment, we are increasing our usage of integrated marketing partnerships with our key brands, which is fostering increased engagement with our stylists. In the latter part of the year, we will be building on the use of AI and applying our initial learnings to drive more personalized experiences, particularly among our most highly engaged styles.

在 BSG 事業部，我們正提高與核心品牌的整合行銷合作使用比例，進而促進與髮型師之間更高的互動。在今年稍晚，我們將在 AI 的運用上更進一步，並把初期學習成果應用於打造更個人化的體驗，特別是針對互動度最高的髮型師族群。

Moving now to our second growth driver, unlocking and harvesting digital value. The early results from the launch of our updated Sally app are compelling. In just two months' time, we've seen increased engagement higher-quality conversion, larger average order value, reduced card abandonment and improved order completion rates. Notably, as our customers utilize the new app, improved store level inventory visibility has also led to more customers selecting buy online, pick up in store for fulfillment, our most profitable e-commerce fulfillment option. Looking ahead, we believe there is a meaningful opportunity to continue to drive conversion efficiency, reduce friction and a more profitable fulfillment mix through the app.

接著談第二項成長驅動因素：釋放並收割數位價值。我們更新版 Sally App 上線後的初期成果相當令人振奮。短短兩個月內，我們看到互動提升、更高品質的轉換、更大的平均訂單金額、購物車放棄率下降，以及訂單完成率改善。值得注意的是，隨著客戶使用新 App，門市層級的庫存可視性提升，也使更多客戶選擇「線上購買、到店取貨」（BOPIS）作為履約方式，這是我們最具獲利性的電商履約選項。展望未來，我們相信透過 App 持續提升轉換效率、降低摩擦，並導向更有利可圖的履約組合，存在相當可觀的機會。

Also at Sally, as part of our growing marketplace strategy and increasing focus on discovery-driven shopping, we are excited to expand into social commerce with the March launch of Sally Beauty on TikTok Shop. The site features our entire owned brand product portfolio as well as an initial offering of national brands, which we will expand upon as the channel continues to grow.

同樣在 Sally，作為我們不斷成長的市集策略以及日益聚焦於「探索驅動」購物的一部分，我們很高興透過 3 月在 TikTok Shop 上推出 Sally Beauty，擴展至社群電商。該站點提供我們完整的自有品牌產品組合，以及初期上架的部分全國性品牌；隨著該渠道持續成長，我們將進一步擴充。

Turning to BSG. In April, BSG successfully rolled out its updated app, strengthening the stylist experience through improved functionality, including faster checkout and simplified reordering based on order history. The app enhancements will also include the ability to add future capabilities around education, geo-targeting, inventory and personalization. In addition, we saw good growth into our delivery driven by marketing and better in-store communication.

接著談 BSG。4 月，BSG 成功推出更新版 App，透過改良功能強化造型師體驗，包括更快速的結帳與依據歷史訂單簡化再訂購流程。App 的強化也將包含可加入未來功能的能力，涵蓋教育、地理定位、庫存與個人化。此外，在行銷推動與更佳的店內溝通帶動下，我們的到府配送業務也呈現良好成長。

Looking at our third growth driver, differentiating with product assortment and innovation. In the Sally segment, we're engaging our customers with a robust pipeline of innovation across both owned and national brands. Most recently, our high-margin ion Luxe brand launched a new infrared collection of tools aimed at minimizing hair damage. Infrared is amongst the fastest selling trends in styling, and we're particularly excited to offer this innovation to our customers with affordable pricing as they prioritize hair health.

再看我們第三個成長動能：以產品組合差異化與創新取勝。在 Sally 事業部，我們透過自有品牌與全國性品牌的強勁創新管線來與顧客互動。最近，我們高毛利的 ion Luxe 品牌推出全新紅外線工具系列，目標在於將髮絲受損降到最低。紅外線是造型領域銷售成長最快的趨勢之一；當消費者更重視髮質健康之際，我們特別期待以親民定價將此創新帶給顧客。

In our BSG segment, innovation continues to drive loyalty engagement and sales. New brands like (inaudible) and Keratin Complex as well as expansion within existing brands are driving results. In fiscal Q2, we added Epilog, the full range permanent hair Color from Danger Jones. And in the second half, we'll be launching Moroccanoil in 2 new states. In the nail category, refreshed assortments and merchandising initiatives generated an improved trend in fiscal Q2, which is expected to continue into the second half of the year.

在 BSG 事業部，創新持續帶動忠誠度互動與銷售。(聽不清) 與 Keratin Complex 等新品牌，以及既有品牌的擴充，正帶來成果。在 2026 財年第二季，我們新增 Danger Jones 的 Epilog 全系列永久性染髮產品。而在下半年，我們將在另外 2 個新州推出 Moroccanoil。在美甲品類方面，更新的商品組合與陳列推動措施於 2026 財年第二季帶來趨勢改善，預期將延續至下半年。

Our final growth driver is accelerating new growth pathways. I'll start with our Sally Ignited initiative, which builds on our core strengths, including trusted customer service and professional hair expertise while modernizing the experience to drive relevant engagement and growth with the next generation of consumers. During fiscal Q2, we completed 2 store refreshes, bringing us to 40 completed locations. We have another 40 refreshes planned in the back half, which puts us on track with our plan to have approximately 80 Sally Ignited stores in the market by the end of our fiscal year.

我們最後一個成長動能是加速開拓新的成長路徑。我先從 Sally Ignited 計畫談起；該計畫在我們的核心優勢之上發展，包括值得信賴的顧客服務與專業美髮知識，同時以現代化體驗推動與下一代消費者的相關互動與成長。在 2026 財年第二季，我們完成了 2 家門市翻新，使完成據點累計達 40 家。下半年我們另規劃 40 家翻新，讓我們按計畫在本財年結束前，市場上約有 80 家 Sally Ignited 門市。

Ignited stores are delivering strong KPI momentum, driven by higher cross-category penetration, UPT and ATV, which is translating into incremental growth. Further, we are pleased to see increased dwell times positive response to our enhanced nail assortment and strong engagement with our newest category, fragrance. During the balance of the year, we'll continue to read and react as we plan for an increasingly skilled rollout beginning in fiscal '27.

Ignited 門市的 KPI 動能強勁，主要由更高的跨品類滲透率、UPT 與 ATV 所帶動，並轉化為增量成長。此外，我們也很高興看到停留時間增加、顧客對我們強化後的美甲商品組合反應正面，以及對我們最新品類—香氛—的高度互動。在今年剩餘期間，我們將持續觀察並快速調整，同時為自 2027 財年起更具規模與熟練度的展店推進做規劃。

Looking at the BSG segment. Our entry into skin and spa category is progressing well. Recall that we launched with 2 brands, Image and Matter of Fact in 250 stores. Initial performance has been strong, and we are planning to add another 250 stores in the fourth quarter.

再看 BSG 事業部。我們切入護膚與 SPA 品類的進展良好。回顧一下，我們以 Image 與 Matter of Fact 兩個品牌在 250 家門市上架。初期表現強勁，我們計畫在第四季再新增 250 家門市。

During fiscal Q2, we activated targeted marketing programs for (inaudible) to build awareness and drive consideration and conversion. We believe our authority in the beauty space puts us at a significant advantage and provides us with an organic opportunity to build a meaningful position in the category over the long term. Finally, we are excited to launch amika skin care in all US and Canadian stores starting in June.

在 2026 財年第二季，我們為 (聽不清) 啟動了精準行銷方案，以提升知名度並推動考慮度與轉換。我們相信，我們在美妝領域的權威地位讓我們具備顯著優勢，並提供一個自然的機會，讓我們長期在該品類建立具規模且有意義的市場地位。最後，我們很高興宣布自 6 月起在全美與加拿大所有門市推出 amika 護膚產品。

As we continue to focus on accelerating the top line, the work we've accomplished under our Fuel for Growth program is translating into higher quality, more profitable growth. Halfway through the year, we are on track to capture approximately USD45 million of gross margin and SG&A benefits in fiscal '26, that will bring us to USD120 million of cumulative run rate savings over a 3-year period, which is in line with our stated goal at the start of the program.

在我們持續聚焦加速營收成長之際，我們在「Fuel for Growth」計畫下完成的工作，正轉化為更高品質、且更具獲利性的成長。年度過半，我們正按進度在 2026 財年取得約 4,500 萬美元的毛利與 SG&A 效益；這將使我們在 3 年期間的累計年化節省達到 1.2 億美元，符合我們在計畫啟動時所提出的目標。

We are entering the second half of fiscal 2026 with momentum and confidence. We've tightened our top line guidance range to reflect three key dynamics: First and foremost, we are incredibly excited about the strength we are seeing in the Sally segment. Consumers are clearly responding to our customer-centric engagement strategies, compelling product offerings and key growth initiatives. Next, in BSG, our teams are focused on leveraging our market leadership position to return to growth in the segment. Finally, we are taking a pragmatic stance regarding the ongoing geopolitical environment and its potential effects on consumer behavior.

我們帶著動能與信心進入 2026 財年下半年。我們收斂了營收指引區間，以反映三項關鍵動態：首先也是最重要的，我們對 Sally 事業部所展現的強勁表現感到非常振奮。消費者明顯對我們以顧客為中心的互動策略、具吸引力的產品供給與關鍵成長計畫做出正面回應。其次，在 BSG，我們的團隊正專注於運用我們的市場領導地位，使該事業部重回成長。最後，針對持續的地緣政治環境及其對消費者行為的潛在影響，我們採取務實立場。

In closing, I appreciate the hard work of our teams who continue to demonstrate that our Beauty expertise, curated assortment and value proposition resonate with our DIY Sally customers and BSG stylists across market conditions. We believe our competitive and structural advantages position us to drive long-term growth and meaningful shareholder value.

最後，我感謝我們團隊的辛勤付出；他們持續證明，無論市場環境如何變化，我們的美妝專業、精選商品組合與價值主張，都能引起 DIY 的 Sally 顧客與 BSG 造型師的共鳴。我們相信，我們的競爭與結構性優勢，使我們具備推動長期成長並為股東創造有意義價值的能力。

Now I'll turn the call to Adrianne to discuss the financials.

接下來我把電話交給 Adrianne，請她說明財務表現。

Thank you, Denise. I'm honored to be part of the Sally Beauty Holdings team. The company's robust growth strategies strong gross margin and cash flow generation and healthy balance sheet are incredibly attractive backed by a focused team aligned on driving the business forward. I look forward to engaging with our analysts and investors and hearing your perspectives as we continue to execute against our growth strategies and long-term financial targets.

謝謝你，Denise。我很榮幸能成為 Sally Beauty Holdings 團隊的一員。公司強健的成長策略、穩健的毛利率與現金流創造能力，以及健康的資產負債表都非常具吸引力；背後有一支目標一致、專注推動業務向前的團隊作為支撐。我期待與分析師與投資人交流，並在我們持續落實成長策略與長期財務目標的過程中，聽取各位的觀點。

Now I'll turn to our fiscal Q2 financial results. Our team delivered another quarter of strong performance across the P&L, reflecting the resilience of our business model and disciplined execution. Fiscal Q2 consolidated net sales totaled USD903 million, up 2.3% year-over-year, including 150 basis points of favorable impact from foreign currency translation, partially offset by operating 47 fewer stores. Consolidated comparable sales increased 1.3%, driven by strong growth of 4.4% at Sally US and Canada, partially offset by a 30 basis point decline at BSG. Notably, global e-commerce sales increased 13% to USD108 million and represented 12% of total net sales.

接下來我說明 2026 財年第二季的財務結果。我們的團隊在損益表各項目再度交出強勁表現，反映出我們商業模式的韌性與紀律執行。2026 財年第二季合併淨銷售額為 9.03 億美元，年增 2.3%；其中外幣換算帶來 150 個基點的正面影響，但部分被營運門市數較少 47 家所抵銷。合併同店銷售成長 1.3%，主要由 Sally 美國與加拿大 4.4% 的強勁成長帶動，但部分被 BSG 下滑 30 個基點所抵銷。值得注意的是，全球電商銷售成長 13% 至 1.08 億美元，占總淨銷售額的 12%。

We delivered healthy gross profit in the quarter with adjusted gross margin expanding 80 basis points to 52.8%. The year-over-year improvement is primarily due to higher product margin in both business segments, driven by benefits from our Fuel for Growth program.

本季我們的毛利表現健康，調整後毛利率擴張 80 個基點至 52.8%。年對年改善主要來自兩個事業部的產品毛利率提升，受惠於「Fuel for Growth」計畫帶來的效益。

Turning to expenses. Q2 adjusted SG&A totaled USD404 million, an increase of USD20 million versus the prior year, which was in line with our expectations and Q1 2026 run rate. The increase was primarily driven by higher labor and other compensation-related expenses, rent and unfavorable foreign currency translation impact, partially offset by USD3 million in Fuel for Growth benefits. As a reminder, in Q2 of last year, we had unusually favorable FX impacts as well as the main shifts as we manage through last year's sales headwinds.

接著談費用。第二季調整後 SG&A 為 4.04 億美元，較去年增加 2,000 萬美元，符合我們的預期以及 2026 財年第一季的費用年化水準。增加主要來自更高的人力與其他薪酬相關費用、租金，以及不利的外幣換算影響；部分被「Fuel for Growth」計畫帶來的 300 萬美元效益所抵銷。提醒一下，去年第二季我們有異常有利的匯率影響，以及在因應去年銷售逆風時的主要調整。

During the second quarter, we captured pretax fuel for growth benefits of USD9 million across gross margin and SG&A. For full year 2026, we remain on track to deliver approximately USD45 million in savings. Notably, we expect to achieve our target run rate savings of approximately USD120 million over the course of the program.

第二季我們在毛利與 SG&A 方面合計取得 900 萬美元的稅前「Fuel for Growth」效益。就 2026 財年全年而言，我們仍按進度可實現約 4,500 萬美元的節省。值得注意的是，我們預期在計畫期間可達成約 1.2 億美元的目標年化節省。

Adjusted operating income totaled USD73 million and adjusted diluted earnings per share came in at USD0.44. Top line growth, coupled with strong gross margin performance and effective cost control drove results above our guidance range.

調整後營業利益為 7,300 萬美元，調整後稀釋每股盈餘為 0.44 美元。營收成長、強勁的毛利表現與有效的成本控管，共同推動結果優於我們的指引區間。

Moving now to segment results. Sally Beauty net sales increased 4.1% to USD521 million, which included 230 basis points of favorable impact from foreign currency translation, partially offset by operating 38 fewer stores versus a year ago. We delivered comparable sales growth of 2.5%, driven by transactions growth of 1% and average ticket was up 1%.

現在來看各事業部門的表現。Sally Beauty 淨銷售額成長 4.1% 至 5.21 億美元，其中包含外幣換算帶來的 230 個基點有利影響，但部分被較去年少營運 38 家門市所抵銷。我們的同店銷售成長 2.5%，主要由交易筆數成長 1% 帶動，平均客單價亦上升 1%。

For the Global Sally Beauty segment, Color grew 11%, while Care was down 6% versus prior year. Sally e-commerce sales grew 21% to USD50 million and represented 10% of segment net sales for the quarter. E-commerce sales for Sally U.S. and Canada grew by 28%.

就 Global Sally Beauty 事業部而言，染髮（Color）成長 11%，而護理（Care）較去年同期下滑 6%。Sally 電商銷售成長 21% 至 5,000 萬美元，占本季該事業部淨銷售額的 10%。Sally 美國與加拿大的電商銷售成長 28%。

Gross margin increased 10 basis points to 61.3%, driven primarily by higher product margin from our Fuel for Growth program. This was partially offset by an inventory write-off related to exiting the majority of our low-margin full-service operations in Europe during Q1. Segment operating margin declined 40 basis points to 15%, primarily reflecting higher planned expenses.

毛利率上升 10 個基點至 61.3%，主要受惠於我們「Fuel for Growth」計畫帶來的較高產品毛利。但部分被第一季退出歐洲大部分低毛利全方位服務業務所產生的存貨沖銷所抵銷。事業部營業利益率下滑 40 個基點至 15%，主要反映較高的既定（計畫性）費用。

In the BSG segment, top line results were roughly flat, while profitability improved meaningfully. Net sales totaled USD382 million, down 10 basis points versus a year ago, driven by 40 basis points of favorable impact from foreign currency translation, partially offset by operating 9 fewer stores versus a year ago.

在 BSG 事業部，營收表現大致持平，但獲利能力明顯改善。淨銷售額為 3.82 億美元，較去年同期下滑 10 個基點；其中外幣換算帶來 40 個基點的有利影響，但部分被較去年少營運 9 家門市所抵銷。

Comparable sales declined 30 basis points with transactions and average ticket flat to prior year. From a category perspective, Color grew 3% and care was flat. BSG e-commerce sales increased 7% to USD57 million, representing 15% of segment net sales for the quarter. Gross margin at BSG expanded 110 basis points to 40.9%, primarily driven by higher product margins from our Fuel for Growth program. Segment operating margin was strong coming in at 12.4%, up 90 basis points versus a year ago.

同店銷售下滑 30 個基點，交易筆數與平均客單價與去年同期持平。從品類來看，染髮（Color）成長 3%，護理（Care）持平。BSG 電商銷售成長 7% 至 5,700 萬美元，占本季該事業部淨銷售額的 15%。BSG 毛利率擴張 110 個基點至 40.9%，主要受惠於「Fuel for Growth」計畫帶來的較高產品毛利。事業部營業利益率表現強勁，達 12.4%，較去年同期上升 90 個基點。

Turning to our healthy balance sheet and cash flow. At quarter end, cash and cash equivalents totaled USD157 million, reflecting disciplined capital management. We had no outstanding borrowings under our asset-based revolving line of credit. Inventory levels of USD987 million remain well positioned, representing a decline of 2% compared to a year ago.

接著談我們健康的資產負債表與現金流。截至季末，現金及約當現金合計 1.57 億美元，反映我們嚴謹的資本管理。我們在資產擔保循環信用額度（asset-based revolving line of credit）下沒有任何未償借款。存貨水位為 9.87 億美元，仍維持在良好水準，較去年同期下降 2%。

The business generated strong cash flow from operations of USD73 million and free cash flow of USD44 million. This enabled us to return cash to shareholders. During the quarter, we deployed USD25 million of cash to repurchase 1.7 million shares of stock under our existing share repurchase program. We also utilized excess cash to repay USD20 million of term loan debt, which maintains our net debt leverage ratio at 1.5x.

本業營運活動帶來強勁現金流 7,300 萬美元，自由現金流為 4,400 萬美元。這使我們得以回饋股東。本季我們動用 2,500 萬美元現金，依既有庫藏股回購計畫回購 170 萬股。我們也運用多餘現金償還 2,000 萬美元的定期貸款債務，使淨負債槓桿比維持在 1.5 倍。

Moving now to guidance. As Denise mentioned, we are tightening the range of our top line outlook while maintaining the rest of our full year guidance metrics. Consolidated net sales are now expected to be in the range of USD3.725 billion to USD3.750 billion, which includes approximately 50 basis points of favorable impact from foreign currency rates.

接著談財測指引。如 Denise 所提，我們在維持全年其餘指引指標不變的情況下，收斂營收展望區間。合併淨銷售額目前預期介於 37.25 億至 37.50 億美元之間，其中包含外匯匯率約 50 個基點的有利影響。

Comparable sales are expected to be flat to up 1%. Adjusted operating earnings are expected to be in the range of USD328 million to USD342 million. We expected adjusted diluted earnings in the range of USD2.02 to USD2.10 per share free cash flow being deployed to share repurchases. Capital expenditures are expected to be approximately USD100 million, and free cash flow is expected to be approximately USD200 million.

同店銷售預期持平至成長 1%。調整後營業利益預期介於 3.28 億至 3.42 億美元。我們預期調整後稀釋每股盈餘介於每股 2.02 至 2.10 美元，自由現金流將用於股票回購。資本支出預期約 1 億美元，自由現金流預期約 2 億美元。

For the third quarter of fiscal 2026, we are seeing the following: Consolidated net sales in the range of USD932 million to USD942 million, which includes approximately 40 basis points of favorable impact from foreign currency rates, comparable sales to be approximately flat, adjusted operating earnings of USD83 million to USD89 million and adjusted diluted earnings in the range of USD0.52 to USD0.56 per share. This guidance implies that Q4 net sales will be slightly higher on a sequential basis, reflecting ongoing strength at Sally and our initiatives to drive improvements in the BSG segment.

就 2026 會計年度第三季而言，我們目前看到如下：合併淨銷售額介於 9.32 億至 9.42 億美元，其中包含外匯匯率約 40 個基點的有利影響；同店銷售約持平；調整後營業利益為 8,300 萬至 8,900 萬美元；調整後稀釋每股盈餘介於每股 0.52 至 0.56 美元。此指引意味著第四季淨銷售額將較前一季略為提高，反映 Sally 持續強勁的表現，以及我們推動 BSG 事業部改善的各項措施。

In closing, I am energized by the opportunity to be part of the Sally Beauty Holdings team. I was drawn to the company's strong competitive position -- positioning, focused and collaborative team and its compelling growth opportunities. All of this supported by a healthy balance sheet and strong free cash flow, providing ample opportunity to fund growth and scale. I look forward to diving deeper into the business in the coming months and getting to know our key stakeholders. We appreciate your time this morning. Now I'll ask the operator to open the call for Q&A.

最後，我對能成為 Sally Beauty Holdings 團隊的一員感到振奮。吸引我的是公司強勁的競爭地位——清晰的定位、專注且協作的團隊，以及具吸引力的成長機會。而這一切都有健康的資產負債表與強勁的自由現金流作為支撐，提供充足空間來投入成長並擴大規模。我期待在接下來幾個月更深入了解業務，並與我們的重要利害關係人建立更深入的認識。感謝各位今天早上的時間。接下來我請接線生開放問答。

(Operator Instructions) Susan Anderson, Canaccord Genuity.

(接線生指示) Susan Anderson，Canaccord Genuity。

Good morning. Thanks for taking my question. Maybe, I guess, to start off, if you can maybe just talk about how you're feeling about the health of the customer and the BSG stores. I think last quarter, you mentioned that they were maybe making some trade-offs. I guess maybe just if you're still seeing that? And then also, any color on how salons have been performing at Sally. Thanks.

早安。謝謝讓我提問。我想先請你談談你對客戶狀況以及 BSG 門市健康度的看法。我記得上季你提到他們可能在做一些取捨。想請問你現在是否仍看到這種情況？另外，也想請你分享一下 Sally 端沙龍的表現如何。謝謝。

Good morning, Susan. Let me start off on the BSG stylus point that you asked. Overall, appointment books are busy. And we do see the stylist wanting promotion and promotion being important as they're navigating inflationary pressures. We are seeing customers who are sitting in those silos chairs look maybe easier maintenance lived in looks that might be able to reduce their frequency a little bit of coming in. But overall, the stylists are performing well, reasonably healthy. We continue to watch that with the consumer pressures that are out there but feel good about it.

早安，Susan。我先回應你提到的 BSG 造型師（stylist）面向。整體而言，預約本都很滿。我們確實看到造型師希望有促銷，而在他們面對通膨壓力時，促銷的重要性也更高。我們也看到坐在沙龍椅上的顧客，可能更偏好較容易維護、偏「自然留長」的造型，這或許能讓他們稍微降低回店頻率。但整體來看，造型師的表現良好，狀況算是健康。我們會持續觀察外部的消費者壓力，但目前我們對此感覺良好。

And as we talked about, the Sally customer, it remains quite resilient. So while they're still being choiceful in more discretionary categories that we're seeing in Color and the resonance of good value for the money there with our Save While You Skip the Salon campaign is resonating well.

另外如我們所提，Sally 的客戶仍相當具韌性。因此，雖然他們在較具可支配性的品類上仍更為謹慎，但我們在染髮（Color）品類看到的情況是：我們「Save While You Skip the Salon」（省錢、跳過上沙龍）活動所傳達的高性價比訴求，反應相當不錯。

Okay. Great. Thanks for the color there. And then maybe, I don't know if you could give some color just on the remodeled stores and what you're seeing from a comp perspective versus the base I know they have a lot of the new products such as fragrance in the stores. Just curious if that's helping to drive the basket size at all? And then also, what you're seeing from a traffic perspective as you kind of reopen those after remodel? Thanks.

好的。了解。謝謝你的補充說明。另外我想問一下改裝門市的情況：從同店表現來看，改裝門市相較於整體基準表現如何？我知道門市也引進了不少新品，例如香氛。想了解這是否有助於提升購物籃金額？以及門市改裝後重新開幕，你們在來客數（traffic）方面看到什麼趨勢？謝謝。

Yes, we're feeling really good about the Sally Ignited stores. We're up to 40 stores in the market today, will be 80% by the end of the fiscal year. we are seeing great results across core KPIs. So in particular, UPT, AUR, ATV, where customers are spending more time in the store. They are cross shopping more categories than what we would see in a non-Ignited store and overall are performing above the fleet. So we're seeing the trend in the way that we would like to see that evolve and feel very good about it.

是的，我們對 Sally Ignited 門市的表現感到非常滿意。目前市場上已達 40 家門市，至本會計年度末將達到 80%（的覆蓋/推進目標）。我們在各項核心 KPI 上都看到很好的成果。特別是 UPT、AUR、ATV，顧客在店內停留時間更長。他們跨品類購買的情況也比非 Ignited 門市更明顯，整體表現優於全體門市平均。因此，我們看到的趨勢正朝我們希望的方向發展，對此感到非常有信心。

You mentioned fragrance. I will tell you it's been great to see how that can be showcased in the Ignited stores. We are certainly seeing good performance there. But I'd also mention that in our 2 stores that have fragrance, we're seeing very nice performance actually ahead of our expectations.

你提到香氛。我想說，很高興看到香氛如何能在 Ignited 門市中被呈現與展示。我們確實看到那裡有不錯的表現。但我也要補充，在我們有販售香氛的 2 間門市中，實際上表現非常亮眼，甚至超出我們的預期。

Okay. Great. That's great to hear. Maybe if I could just add one last one on the hair care, which it sounds like continues to be a little bit pressured I know some of the remodeled stores have a lot of displays, more experiential type shopping where consumers can text and feel. Maybe if you could talk about if that's helping, I guess, the performance of that product category.

好的。很好。很高興聽到。也許我最後再補一題關於護髮品類；聽起來它仍然有些壓力。我知道有些改裝門市有很多陳列，更偏向體驗式購物，讓消費者可以觸摸與感受。也許你可以談談這是否有幫助到該產品類別的表現？

And then also, I think you mentioned that you have plans to do some more merchandising around hair care. Maybe if you could give a little bit more color there. Thanks.

另外，我想你提到你們計畫在護髮品類做更多的商品陳列（merchandising）。也許你可以再多提供一些細節。謝謝。

Yeah, absolutely. Our Ignited stores are serving as a great test model from what we're doing to work out and roll to the rest of the fleet, some changes within Care. Importantly, we have a pod reset coming up in August, where we're actually going to take out some underperforming SKUs while adding about 110 new SKUs. Some of the most exciting part of that is expansion of men's from 4 feet to 8 feet in the store. And we've been seeing the men's space grow at 7% this year. So we're excited about what can be coming in August, and as I said, some learnings from our existing Ignited stores.

是的，當然。我們的 Ignited 門市正作為一個很好的測試模型，讓我們把在 Care（護理/護髮）品類所做的變更先跑通，再推廣到其餘門市。重要的是，我們在 8 月會進行一次陳列模組（pod）重置，屆時會移除一些表現不佳的 SKU，同時新增約 110 個新 SKU。其中最令人興奮的一點，是把店內男士品類的陳列空間從 4 英尺擴大到 8 英尺。而且今年男士區域的銷售成長達 7%。所以我們對 8 月可能帶來的成果感到很期待，也如我所說，會把現有 Ignited 門市的學習帶進來。

What we're also doing is adjusting personalization and how we think about some of the marketing tactics to really be sure in the Care category that value and efficacy are coming through loud and clear. And then we're complementing that with expanding our LCOD offering beyond just helping you color your hair to also about your hair health. And that ties nicely into the hair care business and what we can do to offer our customers a different performance there.

我們也在調整個人化（personalization），以及我們對某些行銷策略的思考方式，確保在 Care 品類中，「價值」與「功效」能夠非常清楚、強而有力地傳達。接著我們也會配合把 LCOD 服務從不只是幫你染髮，擴展到也涵蓋你的髮質健康。這與護髮業務能很好地連結，並讓我們能為顧客提供不同的表現與體驗。

And so at the end of the day, we're making good progress. I'm excited about that progress set. I think that it's going to improve the business and build on the learnings we've had from the Ignited stores.

因此總體而言，我們正在取得不錯的進展。我對這一系列進展感到很振奮。我認為這將改善業務表現，並在我們從 Ignited 門市獲得的學習基礎上再往前推進。

Great. Thank you so much for all the detail. Good luck for the rest of the year.

很好。非常感謝你提供這麼多細節。祝你們今年剩下的時間一切順利。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Regarding hair care, what are you seeing in that category? And on the BSG side, what's happening in terms of trends regarding perhaps the transaction and the conversion relative to ticket and looking at balancing profitability and growth? What's the road map there for turning that more sustainably positive?

關於護髮品類，你們在這個類別看到什麼情況？另外在 BSG 端，就趨勢而言，例如交易筆數（transaction）與轉換率（conversion）相對於客單價（ticket）的表現如何？以及在平衡獲利能力與成長方面，目前的情況是什麼？要讓它更可持續地轉為正向，你們的路線圖是什麼？

And then as we look across many great modernization efforts, including TikTok and Beauty Reimagined, what would you, as Denise, as being the more traffic driving ones in the nearer term versus longer term?

再者，當我們看到許多很棒的現代化（modernization）努力，包括 TikTok 與 Beauty Reimagined，Denise 你認為哪些在較短期更能帶動客流，哪些則偏向較長期？

Finally, regarding the management of margins, going balancing product margins against the promotional environment and back up as well. Thank you.

最後，關於毛利的管理，在產品毛利與促銷環境之間的平衡，以及回升（back up）方面。謝謝。

Oliver, let me start with the Care question. On the Sally side, in general, what we're seeing is customers are leaning into products that help them find solutions. So a little bit less in the core shampoo and conditioner space and more in masks, treatments, serum styling products. And that has continued for a number of quarters now where they're looking for kind of bang for the buck in their choices within the category. I talked about just previously the things that we're doing to continue to reignite more of that category for us with the August POG reset as well as personalization and LCOD efforts.

Oliver，我先從 Care 的問題開始。在 Sally 端，整體而言，我們看到顧客更傾向選擇能幫助他們解決問題的產品。因此在核心洗髮精與潤髮乳的比重稍微下降，而在髮膜、護理、精華、造型產品等品項的比重提高。這樣的趨勢已經持續好幾個季度了，他們在該品類的選擇上，會尋求更高的性價比（bang for the buck）。我先前也提到，我們會透過 8 月的 POG 重置，以及個人化與 LCOD 的相關作為，來持續重新點燃（reignite）這個品類的動能。

At the BSG front, hair is really stabilizing. It's been flat for three consecutive quarters, and we see great performance with our new innovative products, which includes Milkshake, Keratin complex, which have been recently launched, a little softer performance with some of the more legacy brands in the portfolio.

在 BSG 方面，護髮其實正在趨於穩定。已經連續三個季度持平，而我們的新型創新產品表現很強，包括近期上市的 Milkshake、Keratin Complex；但產品組合中一些較傳統的既有品牌表現則稍微偏弱。

What we're really working on is focusing on that assortment. So we continue to target new brands and distribution expansion. And we're also partnering with our vendors to drive opportunities for growth through personalization and marketing activities. And finally, we're really working to leverage our market position. We think there's an opportunity to better communicate the differentiated value that we provide to stylists and so continue to be focused on that.

我們真正著力的是聚焦在商品組合（assortment）。因此我們持續鎖定新品牌與通路擴張。同時也與供應商合作，透過個人化與行銷活動來推動成長機會。最後，我們也在努力運用我們的市場地位。我們認為有機會更好地傳達我們為髮型師提供的差異化價值，因此會持續聚焦在這一點。

And I'll jump to your margin question in a minute because I think it relates to some of this category. In both businesses, we saw margin perform well even in what is a bit of a heightened promotional environment. So we're not concerned about the level of promotion that is out there, but we do see it as a response, particularly on the pro side, to the pressure that we're feeling in terms of inflation come through the portfolio. And we need to be on trend and message right in terms of the value we provide. But with gross margin continuing to increase as we optimize how we do those promotions, how we work with our vendors to fund high-quality promotions, we feel good about where we are.

我稍後會回到你的毛利問題，因為我認為它與這個品類的一些情況相關。在兩個業務中，即使促銷環境略為升溫，我們仍看到毛利表現良好。因此我們不擔心市場上的促銷強度，但我們確實看到，特別是在專業端（pro side），促銷是對我們在產品組合中感受到的通膨壓力的一種回應。我們需要在趨勢上跟上，並在價值主張的訊息傳遞上做到位。但隨著我們在優化促銷方式、以及與供應商合作以資助高品質促銷方面持續推進，毛利率也持續提升，因此我們對目前的狀況感到安心。

And on the Sally side, similarly, promotion remains important to our customers, but with a strong margin and then supporting things like Save While You Skip the Salon and the programmatic opportunities we have there with Color Fest in March, a healthy place to. Be.

在 Sally 端也是類似，促銷對我們的顧客仍然重要；但在毛利強勁的情況下，再加上我們支持像「Save While You Skip the Salon」（不去沙龍也能省）這類方案，以及我們在 3 月 Color Fest 所帶來的程式化（programmatic）機會，我們處於一個健康的位置。是的。

And then I think your final question was around traffic driving initiatives and what we're working on for the business overall. I think what was great to see in the Sally side of the business, transactions, Sally US, Canada were up 2% and ticket was also up 2%. So when we think about things working on that traffic front.

接著我想你最後一題是關於帶動客流的舉措，以及我們整體在業務上正在做什麼。在 Sally 端很棒的一點是，交易筆數方面，Sally 美國與加拿大成長 2%，客單價也成長 2%。因此當我們思考在客流端的推動因素時。

Clearly, performance marketing and personalization are performing for us. We continue to dial in where to reach the customer, the messaging that we're using through those formats and getting that customer in to shop with us. I'd also say what we're seeing in terms of our e-commerce business is very healthy. So the strength that we've had in the reset of our app, the continued focus and elevation of marketplaces, including the entry to TikTok shop are all trending well. We've lapped entry into a number of marketplaces that now continue to grow into year 2, which we feel great about.

很明顯，成效型行銷（performance marketing）與個人化對我們是有效的。我們持續微調要在哪裡觸達顧客、透過這些形式所使用的訊息內容，並把顧客帶進來與我們購物。我也會說，我們看到電商業務非常健康。因此，我們在 App 改版重置上的強勁表現、持續聚焦並提升各大電商平台（marketplaces），包括進入 TikTok Shop，都呈現良好趨勢。我們已經度過進入多個平台的比較基期（lapped entry），而這些平台如今在第 2 年仍持續成長，我們對此感到非常振奮。

And I'll just say TikTok is at the beginning stages. So all of our own brands and a few national brands are available from us on TikTok. We look to build into that over time. The thing it's really important to be where our customer is in the beauty space, and we know that today, that is TikTok.

另外我補充一下，TikTok 還在起步階段。因此我們所有自有品牌以及少數全國性品牌，目前都已在 TikTok 上由我們提供販售。我們會隨時間逐步擴大。關鍵在於，我們必須出現在顧客所在的美妝場域，而我們知道今天那就是 TikTok。

And then finally, initiatives around innovation are certainly driving performance as well on the Sally side. in tools, having just launched an infrared offering and the ion Luxe brand is a meaningful innovation into the market and good for hair health. We hope that, that will engage with our customers quite well. And then nail category as well. In both of our businesses, we've done a lot of work to be resetting and upgrading the nail category about where we stand there.

最後，圍繞創新的舉措也確實在 Sally 端帶動表現；在工具類方面，我們剛推出紅外線產品，而 ion Luxe 品牌是對市場的一項重要創新，並有助於髮質健康。我們希望這能與顧客產生很好的互動與共鳴。另外還有美甲品類。在我們兩個業務中，我們都做了大量工作來重置並升級美甲品類，提升我們在該領域的定位。

Okay. Thanks. And TikTok sounds very exciting and relevant. What have been your earlier findings and why now? And how do you see this customer in terms of incrementality or demographics? Also, we're excited about your store renovations as well as Fragrance and men's. Can you move faster in these buckets? Or you're really measuring and testing to make sure that this is the right strategy in terms of what you're executing? Thanks.

好的。謝謝。而且 TikTok 聽起來非常令人興奮且很相關。你們先前有哪些初步發現？為什麼是現在？另外，你們如何看待這位客戶在增量貢獻或人口結構方面的表現？我們也對你們的門市翻新，以及香氛與男士品類感到興奮。你們能在這些領域加快速度嗎？還是你們正在仔細衡量與測試，以確保就你們正在執行的內容而言，這是正確的策略？謝謝。

Sure. So on the TikTok front, what we're most excited about is, is this is really an authentic platform for our customers to engage. We see what they do very much, who they are a natural outgrowth of wanting to be there. So when we see influencers and all of that, it comes through with a very authentic basis to it, which is why we know it is such an important place to be when you're with beauty.

當然。就 TikTok 而言，我們最興奮的是，這真的是一個讓我們的顧客能以真實方式互動的平台。我們看到他們的行為與他們是誰，非常自然地延伸出「想要在那裡」的需求。因此當我們看到網紅以及相關內容時，呈現出來的基礎非常真實，這也是為什麼我們知道，當你在美妝領域時，這是一個非常重要的所在。

We've seen good engagement. We're early on. We launched in early March and continue to watch that ramp and build. And we're very conscious of monitoring what the performance is, the profitability of that channel and how it's going to play in our overall marketplace mix but feel good about where we're headed.

我們看到不錯的互動。我們還在早期階段。我們在 3 月初上線，並持續觀察其加速成長與建立的過程。我們也非常謹慎地監控該渠道的表現、獲利能力，以及它將如何融入我們整體的市場組合，但我們對目前的方向感到樂觀。

On the Ignited speed, as we've talked about in prior quarters, we're working towards 80 stores by the end of the year. We're doing lots of minor tweaks as we're going through these to be sure that we're getting that recipe right. The great news is, is with the cash flow that we have and the strength of our balance sheet overall, when we think we're ready to go, we will be ready to go. I would expect that we'll talk to you towards the end of calendar '26 about that ramp-up plan as we look to '27 and beyond. And how fast we ramp is both capacity as well as our readiness to say we've got the model right, and we're going to go.

至於 Ignited 的推進速度，正如我們在前幾季談到的，我們正朝著年底達到 80 家門市的目標前進。在推進過程中，我們做了許多小幅調整，以確保我們把配方做對。好消息是，憑藉我們的現金流以及整體資產負債表的強勁程度，當我們認為準備好要加速時，我們就會準備好。我預期我們會在 2026 年曆年接近年底時，與各位談到這個擴張加速計畫，並展望 2027 年及之後。而我們加速的速度取決於產能以及我們是否已準備好說：我們已把模式做對了，然後就出發。

And then finally, Adrianne, regarding SG&A, as we model that going forward, any puts and takes that we should be sure to consider? And also, what has been your biggest surprises so far? Thank you.

最後，Adrianne，關於 SG&A（銷售、一般及行政費用），當我們對未來進行建模時，有哪些增減因素是我們應該特別納入考量的？另外，到目前為止你最大的驚喜是什麼？謝謝。

Great. Thank you. Thanks for the question. And I'll say, similar to within my prepared remarks, obviously, year-over-year, we'll have kind of the typical pressure in labor and rents and those kind of things, as I've said again in my prepared remarks.

好的。謝謝。謝謝你的問題。我會說，類似我在事先準備的發言中提到的，顯然以年對年來看，我們會面臨一些典型的壓力，例如人力與租金等這些項目，正如我在準備稿中再次提到的。

And I'll say as far as my first is the start of week three, right? So in addition, again, in my scripted remarks, I've had the opportunity to actually be here at Sally Beauty with the team I've been able to see their focus and dedication to the growth drivers and also just to achieving the results that we need to do, and overall, just really thrilled to be here.

另外我也想說，就我個人而言，這是我上任的第 3 週開始，對吧？因此，除了我在講稿中提到的內容之外，我也有機會實際在 Sally Beauty 與團隊一起工作，看到他們對成長驅動因素的專注與投入，也看到他們致力於達成我們需要的成果；整體而言，我真的非常高興能在這裡。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Thanks. Good morning. I was wondering if you could just talk a little bit about consumer backdrop with Food where it is now and the impact to your cost, but more importantly, thinking about pace the impact of the top line, whether you see more interest traffic or ticket and then the promotional backdrop.

謝謝。早安。我想請你談談消費者環境：在食品（Food）目前的狀況下，對你們成本的影響，以及更重要的是，從節奏來看，對營收端的影響——你們看到的是更多的興趣、來客流量（traffic）或客單價（ticket），以及促銷環境。

And then the focus on hair has continued to increase beyond into care and basic styling whether it's bonding, moisturizing repair, et cetera. Could you just talk about how you're ensuring that you create outsized benefits both to Sally, whether in the Sally Beauty store side or the side? Thank you.

另外，對頭髮的關注持續提升，並延伸到護理與基礎造型，例如鍵結修護（bonding）、保濕修復等。你能否談談你們如何確保能為 Sally 帶來更顯著的效益——不論是在 Sally Beauty 門市端或另一端？謝謝。

Sure. Good morning, Olivia. So let me start out with the consumer. As I mentioned in my prepared remarks, the consumer is remaining resilient today. So what we're watching on the Sally side is choiceful behavior, a little bit more pressure in stores that identify as low-income stores. But overall, buying into the core categories, as we talked about with Color being up 11% to 12% depending upon the segment versus Sally US, Canada.

當然。早安，Olivia。我先從消費者談起。如同我在準備稿中提到的，消費者目前仍具韌性。在 Sally 端我們觀察到的是更有選擇性的消費行為，在被認定為低收入的門市會有一些較大的壓力。但整體而言，核心品類的購買仍然穩健；如同我們談到的，染髮（Color）成長 11% 到 12%，視不同區隔而定，相較於 Sally 美國、加拿大。

We're watching closely what is happening with the Middle East conflict and what is happening with fuel prices. We do believe that there's risk that there could be some persistence of pain there that might start to come through results. early on and watching.

我們也密切關注中東衝突的發展，以及燃油價格的變化。我們確實認為存在風險：那裡的痛感可能會持續一段時間，並可能開始反映在業績中；目前仍在早期階段，我們持續觀察。

And then similarly, on the BSG side, that stylist sentiment is holding in there and pretty steady. Point of books continue to be busy, as I mentioned, certainly searching for promotion, right? And those promotional offerings matter, not just big promotions that might happen once a quarter or so, but that daily communication of value as that stylist is coming in and navigating their own cost pressures they see in their business.

同樣地，在 BSG 端，髮型師的情緒仍撐得住，且相當穩定。預約本（books）仍然很忙，正如我提到的，他們當然也在尋找促銷，對吧？而這些促銷方案很重要，不只是每季可能出現一次的大型促銷，更包括每天傳達價值的溝通，因為髮型師進店時也在面對並消化其自身業務中的成本壓力。

And then the silos customer pretty healthy. At the end of the day, continuing to come in. We do believe they might be mixing more between their salon visits and their at-home styling as we're seeing the strength of our Sally customer Sally Color business but feel good about where we are. As we talked about for the Sally business, this traffic and ticket were up in the quarter. So both were up 2% in Sally US, Canada. So really great trends that we like to see. BSG, they were both relatively flat to comp being relatively flat. So we're not seeing a disproportionate trade away from in-store shopping visits and where are we seeing a disproportionate change in buying habit when they're in the store.

另外，沙龍客群（salons customer）相當健康。歸根結底，他們仍持續進店。我們確實認為，他們可能在沙龍造訪與居家造型之間做更多混搭，因為我們看到 Sally 客戶的 Sally Color 業務表現強勁，但我們對目前狀況感到不錯。如同我們對 Sally 業務所談到的，本季來客流量（traffic）與客單價（ticket）都有所上升。在 Sally 美國、加拿大兩者皆上升 2%。所以這是我們很樂見的優秀趨勢。BSG 方面，兩者大致持平，因為同店（comp）也相對持平。因此我們沒有看到不成比例地從到店購物轉移，也沒有看到他們在店內時的購買習慣出現不成比例的變化。

And then we talked about Care quite a bit on the call. What I would say is care continues to be very important in the marketplace. This is a place where stylists in particular, can find newness and are looking for newness and efficacy brands that are unique to the stylist, like that's what they continue to tell us is they want something that feels special and personal when that customer is coming in to shop. So as we can launch things like Keratin Complex or Milkshake that provides that stylist with a unique offering, we love doing that as well as continuing to build on the strength that we see in some of our other largest brands like Moroccanoil, amika and so forth.

另外，我們在電話會議中談了不少護理（Care）。我想說的是，護理在市場上仍然非常重要。這是一個特別能讓髮型師找到新品、並且正在尋找新品與功效型品牌的領域，而且是髮型師獨有的那種——他們持續告訴我們，他們想要一些在顧客進店購買時，感覺特別且更個人化的產品。因此，當我們能推出像 Keratin Complex 或 Milkshake 這類產品，為髮型師提供獨特的選擇時，我們很樂於這麼做；同時也持續在我們其他一些最大品牌的強勢基礎上加碼，例如 Moroccanoil、amika 等等。

And then on the Sally side, they're looking for the exact same efficacy that a pro is looking for. We talked about we have a 24K ion product that we just launched that is amazing treatment product that compares to a pretty high-end product in the market, great results there, where our customer is actually willing to pay over USD20 for a bottle of treatment where they know that they're going to get the efficacy that they want on the other side. So to your point, Care remains very important for hair health, but we do watch our customers being value driven in terms of ensuring they're getting the efficacy for the dollar.

而在 Sally 端，他們追求的是與專業人士相同的功效。我們提到我們剛推出一款 24K ion 產品，這是一款非常出色的護理產品，可與市面上一些相當高端的產品相比，效果很好；我們的顧客也願意為一瓶護理產品支付超過 20 美元，因為他們知道能得到他們想要的功效。所以如你所說，護理對頭髮健康仍然非常重要，但我們也會觀察顧客在價值導向下的行為，確保他們覺得每一塊錢都換到相應的功效。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，Morgan Stanley。

Good morning. Denise, can you talk about Sally Beauty Supply? So if we look over the last couple of years, there's been stabilization. I wanted to -- in your perspective, the one or two key things that have enabled that stabilization? And then I have a follow-up.

早安。Denise，你能談談 Sally Beauty Supply 嗎？如果我們回顧過去幾年，業務已經趨於穩定。我想從你的角度了解，是哪一到兩個關鍵因素促成了這種穩定？然後我還有一個追問。

Good morning, Simeon. So I think when we talk about sale supply is the core and representation of the growth drivers and strategic initiatives we've been working on so understand and activating the customer, which really comes down to all of our performance marketing, CRM personalization. The progress that we've made in those areas to be relevant to the consumer with things like say, well, you Skip the Salon messaging, relevance like what we just did as a pop-up in the Grove in LA really appealing to a consumer base that spans demographics. And we're excited about is activating and coming together.

早安，Simeon。所以我認為，當我們談到 Sally Beauty Supply 時，核心在於我們一直在推動的成長動能與策略性舉措的體現，也就是理解並啟動客戶，而這實際上歸結為我們所有的績效行銷、CRM 個人化。我們在這些領域所取得的進展，讓我們能以例如「Skip the Salon」這類訊息與相關性，對消費者保持貼近；就像我們剛在洛杉磯 The Grove 做的快閃活動一樣，對橫跨不同人口族群的消費者基礎都很有吸引力。而我們感到興奮的是，能夠把這些啟動動作整合起來、形成合力。

The second is clearly our digital strategy. The way that we've moved performance in the core sally.com experience as well as the app, which is growing nicely, but you compound that with marketplaces where marketplaces, the great news is we're seeing that be an incremental customer to us. What we've understood and done with some black box testing up to 3/4 of that customer base is new into the Sally environment, and we love that. But the fact that we are where they need to be on a Saturday, when they need lashes, they can get those lashes through DoorDash and have them come right to us. When you're in the middle of a hair color process than maybe something isn't going quite to plan, you have an easy way to get the product that you need to continue to finish your activity. So the strength on digital has certainly been a good point as well.

第二個顯然是我們的數位策略。我們在核心的 sally.com 體驗以及 App（成長表現不錯）上推動績效的方式，再加上各類市集平台；好消息是，我們看到那是對我們而言的增量客戶。透過一些黑箱測試，我們了解並確認其中多達 3/4 的客群是首次進入 Sally 生態系，我們非常喜歡這點。而且，當他們在週六需要假睫毛時，我們就在他們需要的地方；他們可以透過 DoorDash 取得那些睫毛，並直接送到他們手上。當你正在進行染髮流程、可能有些地方不如預期時，你也能用很方便的方式取得你需要的產品，繼續完成你的操作。因此，數位端的強勁表現確實也是一個很好的亮點。

And then as we move with assortment, we continue to refine our assortment. We feel great about how our own brands play and they do outperform the fleet in terms of growth, but we're also with the entry into things like fragrance and a significant expansion in nails, getting people to cross shop our store and put more items in the basket where they see compelling curated assortments is very well. So all three of those are key for us to go forward as well as working on Sally Ignited, but we think they have a long runway ahead.

接著在商品組合方面，我們持續精煉我們的品類配置。我們對自有品牌的表現非常有信心；就成長而言，它們確實優於整體門店網路。不過，隨著我們切入香氛等品類，並大幅擴充美甲品類，我們也在促使消費者跨品類購買、在購物籃中放入更多商品；當他們看到具吸引力、精選策展的商品組合時，效果非常好。所以這三項都是我們未來前進的關鍵，同時我們也在推進 Sally Ignited，但我們認為它們仍有很長的成長跑道。

Okay. And then my follow-up is if you look at the breadth of Sally Beauty Supply, can you talk about what percentage today maybe below average versus above average and how that's changed over the last couple of years? And if you're able to, within the back half of the year guidance, I know you don't like to break out the 2 businesses, but can you tell us the movement between the 2 businesses to fit with into your guidance? Thanks.

好的。那我的追問是，如果你看 Sally Beauty Supply 的廣度，你能談談目前大概有多少比例是低於平均、多少是高於平均，以及這在過去幾年如何變化嗎？另外，如果可以的話，在下半年指引之內，我知道你們不太喜歡把兩個業務拆開來講，但你能否告訴我們兩個業務之間在你們指引中所反映的變動情況？謝謝。

So when you said breadth, and I think you said above or below average, I assume that just remains the relative performance of the categories within the business that we see today. We certainly see outperformance in Color, up 11% in the segment, 12% Sally US, Canada, great strength there. We've seen growth in the nail category as well. We. Feel very good about that. The software category remains care, and I spoke quite a bit about what we're working on there. And in the August core set to move that forward.

所以你提到「廣度」，而且我想你說的是高於或低於平均；我理解你指的是我們目前看到的、各品類在業務內的相對表現。我們確實看到染髮品類表現突出，該分部成長 11%，Sally 美國與加拿大成長 12%，那裡的力道很強。我們也看到美甲品類成長。我們對此感到非常滿意。而「software」品類仍然是護理（care），我也談了不少我們在那裡正在做的工作。以及在 8 月的核心陳列（core set）中推動其向前。

And then with their being a little bit more frugality out in the marketplace with our kind of lower middle-income consumer, we also see styling tools being a little bit lighter category as well. that's been the trend for a number of quarters now. And so we're going to bring in some innovation that I just mentioned with our new ion Luxe products that we're bringing out, which should be well received by our customer, and we will be watching that.

另外，隨著市場上我們偏中低收入的消費者更趨節儉，我們也看到造型工具（styling tools）這個品類相對偏弱；這已經是連續好幾個季度的趨勢了。因此我們會導入一些我剛提到的創新，也就是我們即將推出的全新 ion Luxe 產品，預期會受到客戶良好回應，我們也會持續觀察。

And then if you could remind me your second question.

然後你可以提醒我你的第二個問題嗎？

Sorry, Denise. The movement of -- what's within the comp for the back half of the year between the 2 divisions?

抱歉，Denise。下半年在同店（comp）裡，兩個事業部之間的變動是什麼？

Absolutely. So when you think about what's in the guide, we expect the Sally segment to outperform the BSG segment, both in Q3 and in Q4. We have a lot of work underway to get BSG back to nice positive performance, but we think that that will take a couple of quarters as we're watching consumer stylist shopping habits right now.

當然。所以當你思考指引中包含什麼時，我們預期 Sally 分部在 Q3 與 Q4 都會優於 BSG 分部。我們正在進行大量工作，讓 BSG 回到良好的正向表現，但我們認為這需要幾個季度，因為我們目前正在觀察消費者與髮型師的購買習慣。

Bryan Pinedo, Jefferies.

Bryan Pinedo，Jefferies。

This is Brian on for [Sidney]. Thank for taking our question. I was wondering if you could give us an update on what innovation is resonating with most for customers on the Sally side of the business overall? And you spoke a little bit about new category expansion on the Sally side, if you could maybe give any more color or updates there overall? Thanks.

我是 Brian，代替[Sidney]。謝謝你們回答我們的問題。我想請問，你們能否更新一下，在 Sally 這邊的整體業務中，哪些創新最能引起客戶共鳴？另外你也稍微提到 Sally 端的新類別擴張，若可以的話，能否再提供一些更多細節或整體進展？謝謝。

Sure. So on the innovation front, as I mentioned, on the styling tool side, we've just launched an infrared based line of styling tools under our ion Luxe brand. We're seeing great engagement there. We are certainly seeing good engagement as well within the nail category, and we've just launched Kiara Sky into our Sally stores, and that has been very well received.

當然。在創新方面，如我提到的，在造型工具端，我們剛在 ion Luxe 品牌下推出一系列以紅外線為基礎的造型工具。我們看到很高的互動與參與度。我們在美甲品類也同樣看到良好的參與度；我們剛把 Kiara Sky 引進 Sally 門市，市場反應非常好。

Within our core categories, there's always something new going on. I mentioned ion 24K as a great treatment offer for those looking for repair for their hair and healthy hair maintenance. And then Color, we continue to see nice performance with visits. So great to see that. We love that we have a customer who is expressive and wants to create their look and feel.

在我們的核心品類中，總是會有一些新動態。我提到 ion 24K，對於想修護髮質、維持健康髮況的人來說，是一個很好的護理產品。而在染髮方面，我們持續看到來店（visits）表現不錯。所以很高興看到這點。我們很喜歡我們的客戶是有表現力、想打造自己造型與感受的人。

And then as we think about the expansion in new categories, fragrance and is a truing category. We're really pleased, 2,000 stores and we're overperforming our expectations. It is a small, but mighty assortment grounded with alt and Sabrina Carpenter, with more newness to come as we come through the year.

接著談到新類別的擴張，香氛是一個正在成形（truing）的品類。我們非常滿意：已進入 2,000 家門市，而且表現超出我們的預期。它是一個規模不大但很有力的商品組合，以 alt 和 Sabrina Carpenter 為基礎，隨著今年推進，還會有更多新品推出。

And then nail, we've really expanded the assortment to be sure that everything that you could go get done in a salon, you can now do at home. So all of the embellishments, all of the types of polishes, the care and maintenance items, and we've really doubled down on making sure that, that offering is robust.

另外在美甲方面，我們大幅擴充了商品組合，確保你在沙龍能做的所有項目，現在都能在家完成。所以包含所有裝飾配件、各種類型的指甲油、護理與保養用品；我們也加倍投入，確保這個品類的供給足夠完整且強健。

This concludes the question-and-answer session. I would now like to hand the call back over to Denise. Paulonis for closing remarks.

問答環節到此結束。我現在想把電話交回給 Denise。Paulonis 進行結語。

Well, as I close today, I want to thank all of our associates around the world for all they do every day to serve our customers. Without you, we would not be Sally Beauty Holdings. So thank you for all the work you do. And to all of our stakeholders, we appreciate your interest in Sally Beauty, and we look forward to updating you again next quarter.

在我今天結束之前，我想感謝我們全球所有同仁每天為服務客戶所做的一切。沒有你們，就不會有 Sally Beauty Holdings。所以謝謝你們所有的付出。也感謝所有利害關係人，我們感謝你們對 Sally Beauty 的關注，並期待在下個季度再次向各位更新。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。