Signet Jewelers Ltd (SIG) 2026 Q2 法說會逐字稿

Good morning and welcome to the Signet Jewelers second-quarter fiscal 2026 earnings call.

早安，歡迎參加 Signet Jewelers 2026 財年第二季財報電話會議。

Please note, this event is being recorded. Joining us on the call today are Rob Ballew, Senior Vice President of Investor Relations and Capital Markets; and JK Symancyk, Chief Executive Officer; and Joan Hilson, Chief Operating Officer and Financial Officer.

請注意，此事件正在被記錄。今天參加電話會議的有投資人關係和資本市場高級副總裁 Rob Ballew、執行長 JK Symancyk 和營運長兼財務長 Joan Hilson。

At this time, I would like to turn the conference over to Rob. Please go ahead.

現在，我想將會議交給 Rob。請繼續。

Good morning.

早安.

Welcome to Signet Jewelers second-quarter fiscal '26 earnings conference call. During today's discussion, we will make certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties. Actual results may differ materially.

歡迎參加 Signet Jewelers 26 財年第二季財報電話會議。在今天的討論中，我們將做出一些前瞻性的陳述。任何非歷史事實的陳述都會受到許多風險和不確定性的影響。實際結果可能存在重大差異。

We urge you to read the risk factors, cautionary language and other disclosures in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by law, we undertake no obligation to revise or publicly update forward-looking statements in light of new information or future events.

我們建議您閱讀我們 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告中的風險因素、警示性語言和其他揭露內容。除法律要求外，我們不承擔根據新資訊或未來事件修改或公開更新前瞻性聲明的義務。

During the call, we will discuss certain non-GAAP financial measures. For further discussion of the non-GAAP financial measures as well as the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures, investors should review the news release we posted on our website at ir.signetjewelers.com.

在電話會議中，我們將討論某些非公認會計準則財務指標。有關非公認會計準則財務指標以及非公認會計準則財務指標與最直接可比較的公認會計準則指標的調節的進一步討論，投資者應查看我們在 ir.signetjewelers.com 網站上發布的新聞稿。

With that, I'll turn the call over to JK.

說完這些，我將把電話轉給 JK。

Thanks, Rob, and good morning, everyone.

謝謝，羅布，大家早安。

Before I get into prepared remarks, I'd like to quickly thank our team. Our outperformance again this quarter is a reflection of your commitment to the customer as we continue in the early stages of our Grow Brand Love strategy. Thank you for your hard work in driving consistent performance this year, and let's continue the momentum into the holiday season.

在我開始準備演講之前，我想快速感謝我們的團隊。我們本季再次取得優異的業績，這反映了您對客戶的承諾，我們仍在繼續推行「培養品牌愛心」策略的早期階段。感謝您今年為保持穩定的表現所付出的辛勤努力，讓我們在假期繼續保持這種勢頭。

There are three key takeaways I'd like to leave you with today. First, we delivered another quarter of positive same-store sales and earnings ahead of our expectations. And including August, we've delivered eight consecutive months of positive comps.

今天我想與大家分享三個關鍵要點。首先，我們又一個季度實現了同店銷售額和盈利，超出了我們的預期。包括八月在內，我們已經連續八個月實現了正成長。

Second, we continue to make early progress on our Grow Brand Love strategy through distinct merchandise, enhanced marketing and unique experiences as well as attracting key leaders to advance our growth agenda. And third, we are fully prepared and well positioned for holiday as we enter our most critical season with momentum and clear strategic focus.

其次，我們透過獨特的商品、強化的行銷和獨特的體驗以及吸引關鍵領導者來推進我們的成長議程，繼續在「成長品牌熱愛」策略上取得早期進展。第三，我們以良好的動力和明確的策略重點進入最關鍵的季節，為假期做好了充分的準備和定位。

Turning to the quarter, we delivered same-store sales of 2%, ahead of our expectations, driven by our early prioritization of the three largest brands, Kay, Zales and Jared, which delivered a combined same-store sales growth of approximately 5% in back-to-back quarters. At the category level, our early efforts to focus on fashion drove a 2% comp growth. Additionally, services continues to deliver, posting a high single-digit comp growth this quarter.

回顧本季度，我們的同店銷售額增長了 2%，超出了我們的預期，這得益於我們早期優先考慮的三大品牌 Kay、Zales 和 Jared，這三個品牌連續兩個季度實現了約 5% 的同店銷售額增長。在類別層面，我們早期專注於時尚的努力推動了 2% 的年成長。此外，服務業持續表現優異，本季實現了高個位數的年成長。

Fashion is important to us, both due to the size of the category as well as building customer relevance across categories. We are focused on delivering fashion pieces across key price points to reach more customers, including an expanded assortment of lab-grown diamond, or LGD, fashion pieces.

時尚對我們很重要，這不僅是因為其類別的規模，也是因為在各個類別之間建立客戶相關性。我們專注於提供關鍵價格的時尚單品以吸引更多客戶，包括更廣泛的實驗室培育鑽石（LGD）時尚單品。

LGD fashion accelerated versus the prior quarter, growing to approximately 14% penetration of fashion sales. This continued momentum on strategic imperatives bolsters our confidence for the holiday season this year, which I'll touch more on shortly. Before that, I'd like to update our progress on Grow Brand Love go-to-market strategy via three key levers: merchandise, marketing and customer experience.

LGD 時尚業務較上一季加速成長，在時尚銷售的滲透率成長至約 14%。這種戰略要務的持續勢頭增強了我們對今年假期季節的信心，我稍後會詳細介紹。在此之前，我想透過三個關鍵槓桿來更新我們在 Grow Brand Love 行銷策略方面的進展：商品、行銷和客戶體驗。

Within merchandise, we've developed distinct assortments that include new collections. At Jared, our assortment work is furthest along in its differentiation, highlighted by collections like UNSPOKEN and Shy Creation. We are expanding our UNSPOKEN line ahead of holiday based on strong customer response to the initial assortment. This collection reflects the rarity and uniqueness of natural center stone diamond pieces at a wide range of price points.

在商品方面，我們開發了包括新系列在內的不同種類的商品。在 Jared，我們的產品分類工作在差異化方面走得最遠，其中最突出的是 UNSPOKEN 和 Shy Creation 等系列。由於客戶對初始產品系列反應強烈，我們將在假期前擴大 UNSPOKEN 產品線。該系列體現了各種價位的天然中心石鑽石飾品的稀有性和獨特性。

Shy Creation, another collection we're expanding this holiday, elevates the trend of layering or stacking multiple pieces to create a bigger and more styled look. At Kay, our sentimental gifting brand, we're introducing more milestone gifting pieces at key price points as well as items at a price that are designed to serve value-oriented customers without relying on promotions. At Zales, we're focused on breadth and depth of self-purchase fashion. Our assortment offers a range of price points intended to target jewelry box essentials as well as fueling the stacking trend.

Shy Creation 是我們在這個假期擴展的另一個系列，它提升了分層或堆疊多個部件的趨勢，以創造更大、更有風格的外觀。在我們的情感禮品品牌 Kay，我們推出了更多具有里程碑意義的關鍵價位禮品，以及旨在服務價值導向客戶而不依賴促銷的價格的商品。在 Zales，我們專注於自購時尚的廣度和深度。我們的產品系列提供一系列價位，旨在滿足珠寶盒必需品的需求並推動堆疊趨勢。

Turning to marketing, our go-to-market strategy is now focused on maximizing performance across a more full funnel approach. Building off the momentum we delivered in the first quarter, our 3 largest brands drove a more than 40% increase in impressions on a mid-single-digit increase in media spend in the second quarter. We're also adjusting where we spend with a more than 20% increase in social media channel buys to last year, with social media now representing more than a quarter of our total marketing spend. We are bringing brand messaging to more relevant channels that deliver the best reach.

談到行銷，我們的市場進入策略現在專注於透過更全面的管道方法來最大限度地提高績效。在第一季取得的良好動能的基礎上，我們最大的三個品牌在第二季的媒體支出實現了中等個位數的成長，印象量也增加了 40% 以上。我們也調整了支出領域，與去年相比，社群媒體管道的購買量增加了 20% 以上，現在社群媒體占我們總行銷支出的四分之一以上。我們正在將品牌訊息傳遞到更多相關管道，以實現最佳覆蓋範圍。

We also continue to refine the messaging within each brand. For example, we launched our Love Highway campaign in Jared this quarter, moving away from the longstanding He went to Jared mentality. Love Highway is a campaign that targets affluent couples navigating life's roads together.

我們也將繼續完善每個品牌內的訊息傳遞。例如，本季我們在賈里德推出了「愛的高速公路」活動，擺脫了長期以來「他去了賈里德」的心態。「愛情高速公路」是一項針對富裕夫婦共同探索人生道路的活動。

This campaign represents a new way for Jared to go to market, utilizing a popular social media influencer, Taylor Hill, in this example, to drive traffic and awareness. Highlighting the early effectiveness of this type of campaign, social media impressions for Jared this quarter were nearly double to what they were last year.

這次活動代表了 Jared 進入市場的新方式，在這個例子中，他利用了受歡迎的社群媒體影響者 Taylor Hill 來推動流量和知名度。為了凸顯此類活動的早期有效性，本季 Jared 在社群媒體上的曝光量幾乎是去年的兩倍。

At Kay, we're early into modernizing the brand. Leading these efforts will be our new Kay and Peoples brand President, Julie Yoakum. Julie comes most recently from Helzberg Diamonds, where she was the President and Chief Brand Merchant Officer and previously was the Chief Merchandising Officer at Blue Nile.

在 Kay，我們很早就開始對品牌進行現代化改造。領導這些​​工作的將是我們的新 Kay and Peoples 品牌總裁 Julie Yoakum。朱莉最近從 Helzberg Diamonds 跳槽，擔任該公司總裁兼首席品牌行銷官，之前還曾擔任 Blue Nile 的首席行銷長。

Her deep experience in the jewelry industry, both as a merchant and a brand leader, will be important to refresh Kay to a more modern experience to attract the next generation of customer and increase repeat purchases from existing customers.

她在珠寶行業作為商家和品牌領導者的豐富經驗對於為 Kay 帶來更現代的體驗以吸引下一代客戶並增加現有客戶的重複購買至關重要。

As part of our modernization efforts, Kay's primary marketing objective is to drive emotional connection with customers, including connection with an expanded audience, allowing the brand to reduce reliance on promotion over time. One recent example is naming Teddy Swims as Chief Love Officer. Appealing to a broader audience, the campaign has already driven more than 2 billion impressions since launch.

作為我們現代化努力的一部分，Kay 的主要行銷目標是推動與客戶的情感聯繫，包括與擴大的受眾建立聯繫，從而使品牌能夠逐漸減少對促銷的依賴。最近的一個例子是任命泰迪·斯威姆斯 (Teddy Swims) 為首席愛情官。該活動吸引了更廣泛的受眾，自推出以來已獲得超過 20 億次曝光。

While these are examples of early progress in marketing, I'm excited to welcome Lisa Laich as our new Chief Marketing Officer. Lisa previously oversaw digital and brand marketing for the Crocs footwear brands. She brings over two decades of experience in transforming and building brands. Further, she has a strong track record of digital and social marketing excellence.

雖然這些都是行銷早期進展的例子，但我很高興歡迎 Lisa Laich 擔任我們的新任行銷長。Lisa 之前負責​​ Crocs 鞋類品牌的數位和品牌行銷。她在品牌轉型和建設方面擁有二十多年的經驗。此外，她在數位和社交行銷方面有著卓越的業績。

Lisa will lead our team to drive brand relevance through strategic partnerships and activate channel strategies to build loyalty with existing customers while attracting new ones to engage with our brands. She will also collaborate with the brand teams to develop creative content and storytelling to drive consideration while delivering the benefits of scale in marketing.

Lisa 將帶領我們的團隊透過策略合作夥伴關係推動品牌相關性，並啟動通路策略以建立現有客戶的忠誠度，同時吸引新客戶參與我們的品牌。她還將與品牌團隊合作開發創意內容和故事，以推動考慮，同時實現行銷規模效益。

The customer experience is the third lever of our go-to-market strategy and the one that will take more time to fully achieve. Our goal is to create unique experiences at each of our brands that enhance the overall omnichannel model, integrating the brand experience from digital to physical down to remerchandising the cases. Our recent reorganization has placed store operations, including the store experience, directly under our brand leaders, giving them both the opportunity and the responsibility to create unique customer experiences over time.

客戶體驗是我們市場進入策略的第三個槓桿，並且需要更多時間才能完全實現。我們的目標是在每個品牌中創造獨特的體驗，以增強整體的全通路模式，整合從數位到實體直到重新銷售案例的品牌體驗。我們最近的重組將商店營運（包括商店體驗）直接置於我們的品牌領導之下，讓他們有機會和責任隨著時間的推移創造獨特的客戶體驗。

We're early into this process, but some recent examples of the type of changes we'll be testing and potentially implementing include store formats designed to drive self-purchase and milestone gifting, more self-directed browsing and more interactive experiences.

我們只是進入這個過程，但最近我們正在測試並可能實施的一些變化包括旨在推動自我購買和里程碑式贈送的商店形式、更多自主瀏覽和更多互動體驗。

We're furthest along in this process at Jared, where we've been enhancing the shopping and checkout experience. In stores, our presentation is aligned to recent campaigns, integrating marketing alongside the collections. This delivers styling suggestions to customers and provides them clearer illustration of how pieces can complement their personal jewelry collection.

在 Jared，我們在這個過程中走得最遠，我們一直在增強購物和結帳體驗。在商店中，我們的展示與最近的活動保持一致，將行銷與產品系列融為一體。這為顧客提供了造型建議，並為他們提供了更清晰的說明如何補充他們的個人珠寶收藏。

Further, Jared has completely upgraded their packaging, which is often the first impression among important moments for our customers. This is a reflection of the end-to-end upgrade of brand touch points that are reinforcing Jared's elevated position of inspired luxury within our portfolio. Consumers are responding to this change in the shopping experience as reflected by the fact that Jared had the best year-on-year improvement to in-store sales conversion across our portfolio this quarter.

此外，Jared 徹底升級了他們的包裝，這通常是我們客戶在重要時刻的第一印象。這體現了品牌接觸點的端到端升級，鞏固了 Jared 在我們的產品組合中作為靈感奢華的高端地位。消費者對購物體驗的這種變化做出了反應，這一事實反映在 Jared 本季店內銷售轉換率同比增長率在我們的所有產品組合中名列前茅。

Before handing things over to Joan, I'd like to detail our thoughts around navigating the back half of the year. We believe we are well positioned to enter the holiday season with the right merchandise assortment at the right price points and the right marketing campaigns, all this to bridge the gap in holiday results last year. We believe the consumer will still seek to celebrate this holiday season, and we'll leverage our marketing and brand experience to amplify that emotion at the right time.

在將事情交給瓊之前，我想詳細說明我們對下半年規劃的想法。我們相信，憑藉合適的商品組合、合適的價格和合適的行銷活動，我們已做好充分準備迎接假日季，所有這些都將彌補去年假日季業績的差距。我們相信消費者仍然會尋求慶祝這個假期，我們將利用我們的行銷和品牌經驗在適當的時候放大這種情感。

Within fashion, we are significantly bolstering our LGD, men's and other trending category assortments in the key gifting price points of $200 to $500 as well as higher penetration in LGD fashion across all price points. For example, we expect the number of LGD fashion pieces on hand at price points below $1,000 to be up at least threefold from last year, with even higher growth below $500.

在時尚領域，我們大力加強 LGD、男士和其他流行類別的分類，主要禮品價位在 200 美元至 500 美元之間，同時提高 LGD 時尚在所有價位上的滲透率。例如，我們預計價格低於 1,000 美元的 LGD 時尚單品數量將比去年增加至少三倍，價格低於 500 美元的單品數量增幅甚至更高。

We see our customer willing to spend as long as the assortment is compelling and delivers on their expectations of value. We believe our assortment is well positioned to deliver against that backdrop. We are navigating a dynamic tariff environment to deliver for our customers and our shareholders. We are working with our vendors to land the inventory at the best time to minimize tariffs and maximize holiday availability.

我們看到，只要商品種類引人注目並且能夠滿足他們的價值期望，我們的客戶就願意花錢。我們相信，在這樣的背景下，我們的產品系列將能很好地滿足市場需求。我們正在動態的關稅環境中為我們的客戶和股東提供服務。我們正在與供應商合作，在最佳時間提供庫存，以最大限度地降低關稅並最大限度地提高假期供應量。

We're also working to reduce the impact of tariffs through discussions with suppliers to maximize domestic production, optimize country of origin and by value engineering pieces that deliver on customer expectations at the right price points. Finally, the team is actively evaluating ways to optimize our production as we begin to place orders into the coming year.

我們也致力於透過與供應商討論最大限度地提高國內產量、優化原產國以及透過價值工程以合適的價格滿足客戶期望來減少關稅的影響。最後，當我們開始下訂單時，團隊正在積極評估優化生產的方法。

In summary today, my key takeaways are: first, we once again delivered positive same-store sales and earnings ahead of our expectations with eight consecutive months of positive same-store sales through August. Second, we continue to make early progress on our Grow Brand Love strategy through distinct merchandise, enhanced marketing and unique experiences. And third, we're confident in our ability to navigate the second half as we prepare for our most important season.

總結一下今天的主要收穫：首先，我們再次實現了超出預期的同店銷售額和盈利，截至 8 月份，我們已連續 8 個月實現同店銷售額正增長。其次，我們透過獨特的商品、強化的行銷和獨特的體驗，繼續在「培養品牌喜愛度」策略上取得早期進展。第三，我們對自己在為最重要的賽季做準備時應對下半場的能力充滿信心。

With that, I'd like to turn it over to Joan.

說完這些，我想把發言權交給瓊。

Thanks, JK, and good morning, everyone.

謝謝，JK，大家早安。

Revenue for the quarter was over $1.5 billion with comp growth of 2%, led by growth in fashion and services. Fashion delivered a 2% comp growth, driven by continued acceleration of LGD product performance, particularly at key gifting price points. Bridal comps were roughly flat, with our 3 largest brands delivering mid-single-digit revenue growth, led by AUR expansion on relatively flat units.

本季營收超過 15 億美元，年增 2%，主要得益於時尚和服務業務的成長。時尚產品實現了 2% 的同比增長，這得益於 LGD 產品性能的持續加速提升，尤其是在關鍵的禮品價格點上。婚紗類產品的銷售額基本上持平，我們最大的 3 個品牌實現了中等個位數的收入成長，這主要得益於 AUR 在相對持平的單位數上擴張。

Services grew over 7% in the quarter, led by higher attachment rates of extended service agreements. July was our best month of the quarter despite the toughest comparable within the quarter and was flat on a two-year stack.

本季服務業成長超過 7%，主要原因是延長服務協議的附加率提高。儘管本季的可比性最為嚴格，但 7 月仍然是我們本季表現最好的月份，並且與兩年前的水平持平。

Merchandise AUR increased roughly 9%, with fashion up more than 12% and bridal up 4%. This is a consistent result benefiting from our bridal assortment strategy, which has generated AUR growth for the third consecutive quarter. We've seen price stabilization in both loose LGD and natural over the last six months, with natural even rebounding across carat sizes.

商品 AUR 成長約 9%，其中時尚商品成長超過 12%，新娘商品成長 4%。這是得益於我們的新娘系列策略的持續成果，該策略已連續第三個季度實現 AUR 成長。在過去六個月中，我們看到散裝 LGD 和天然鑽石的價格都趨於穩定，甚至不同克拉大小的天然鑽石價格也出現反彈。

The fashion AUR improvement reflects the strength of our LGD fashion assortment, which carries a more than three times AUR premium to other fashion pieces as well as higher gold prices. With respect to units, we saw a decline of 7%, largely in Banter, which has been more impacted by gold prices and brand-specific assortment strategy to move away from some low-price promotional items.

時尚 AUR 的提升反映了我們 LGD 時尚系列的實力，其 AUR 溢價比其他時尚單品高出三倍以上，而且黃金價格也更高。就單位而言，我們看到銷售額下降了 7%，主要是因為 Banter 受到金價和品牌特定分類策略的影響較大，該策略放棄了一些低價促銷品。

Now moving on to gross margin, we delivered a rate expansion of 60 basis points to last year, which included gross merchandise margin expansion of 30 basis points. This reflects continued progress of our refined promotional and assortment architecture strategies, which added approximately 80 basis points of expansion. Growth in services also added roughly 20 basis points of expansion.

現在談談毛利率，我們去年的毛利率提高了 60 個基點，其中包括商品毛利率提高了 30 個基點。這反映了我們完善的促銷和分類架構策略的持續進展，增加了約 80 個基點的擴張。服務業的成長也增加了約20個基點的擴張。

The expansion in merchandise margin rate was partially offset by a 70 basis point negative impact from an increase in the wholesaling of loose stones and the write-down of some discontinued product based on a comprehensive assessment of items below cost.

商品利潤率的擴大被散石批發量增加70個基點的負面影響以及根據低於成本項目的綜合評估對部分停產產品進行的減記部分抵消。

As a reminder, wholesaling of loose stones carry a lower margin but is important to our inventory turn and newness capacity. We also saw 30 basis points of gross margin leverage on fixed costs from a 2% comp.

提醒一下，散裝寶石的批發利潤較低，但對我們的庫存週轉率和新鮮度能力很重要。我們也看到固定成本的毛利率槓桿從 2% 的年比水準上升了 30 個基點。

Our SG&A rate improved 50 basis points to last year, driven by reorganization cost savings and disciplined expense management. We do not expect SG&A leverage to extend to the back half of the year due to the reset of incentive comp, which is overweighted to the back half of the year, particularly in the fourth quarter.

由於重組成本節約和嚴格的費用管理，我們的銷售、一般和行政費用率比去年提高了 50 個基點。由於激勵薪酬的重新設定，我們預期銷售、一般及行政費用槓桿率不會延續到下半年，而激勵薪酬在下半年，尤其是第四季佔比過高。

Adjusted operating income grew more than 20% to $85 million for the quarter, driven by positive same-store sales, gross margin expansion and leverage in SG&A. Adjusted EPS was $1.61, which was 29% above last year on higher income and a lower share count, partially offset by a higher effective tax rate.

本季調整後營業收入成長逾 20%，達到 8,500 萬美元，這得益於同店銷售額成長、毛利率擴大以及銷售、一般及行政費用槓桿的推動。調整後的每股收益為 1.61 美元，比去年同期高出 29%，原因是收入增加且股票數量減少，但有效稅率提高部分抵消了這一影響。

Turning to the balance sheet, inventory ended the quarter at $2 billion, nearly flat to last year, despite a more than 30% increase in gold costs. Cash ended the quarter at $281 million, with total liquidity of more than $1.4 billion. Free cash flow for the quarter of more than $60 million improved by nearly $50 million over the prior year and improved by more than $15 million year to date.

從資產負債表來看，儘管黃金成本上漲了 30% 以上，但本季末的庫存為 20 億美元，與去年基本持平。本季末現金為 2.81 億美元，總流動資金超過 14 億美元。本季自由現金流超過 6,000 萬美元，較上年同期增加近 5,000 萬美元，年初至今增加超過 1,500 萬美元。

We repurchased approximately $32 million of shares in the quarter or nearly 0.5 million shares, bringing our year-to-date repurchases to roughly $150 million or 6% of shares outstanding. Our remaining repurchase authorization is approximately $570 million. Recall that our approach to capital allocation includes prioritizing investment in organic growth, maintaining a conservative balance sheet and returning capital to shareholders through share repurchases and dividends. To this end, our organic investments remain on track this year to a range of $145 million to $160 million in capital investments and is more heavily weighted to our real estate strategy.

我們在本季回購了約 3,200 萬美元的股票，即近 50 萬股，使我們年初至今的回購總額達到約 1.5 億美元，即流通股的 6%。我們剩餘的回購授權約為 5.7 億美元。回想一下，我們的資本配置方法包括優先投資有機成長、維持保守的資產負債表以及透過股票回購和股息向股東返還資本。為此，我們今年的有機投資仍將保持在 1.45 億美元至 1.6 億美元的資本投資範圍內，並且更加專注於我們的房地產策略。

Before moving on, I'd like to provide an update on our digital brands. We continue to remain positive with the progress we're seeing in Blue Nile. While the second quarter includes the temporary impact from shifting to a US-based marketing team as well as pricing resets that required promotional cooldowns, the brand returned to positive comps in July and delivered a 25% increase in fashion revenue in the second quarter. We believe Blue Nile will further benefit from a more differentiated product assortment and further price point distinction.

在繼續之前，我想先介紹一下我們的數位品牌的最新情況。我們對 Blue Nile 所取得的進展持續保持樂觀態度。儘管第二季度包括轉移到美國行銷團隊的暫時影響以及需要促銷冷卻的價格重置，但該品牌在 7 月恢復了正增長，並在第二季度實現了時尚收入增長 25%。我們相信，Blue Nile 將進一步受益於更差異化的產品組合和進一步的價格點差異。

We continue to evaluate the positioning of James Allen within our portfolio. The brand's performance this quarter impacted total company comps by 120 basis points, a modest improvement from the first quarter. Based on testing to date, we believe the James Allen customer will respond well to faster ship options and more finished jewelry offerings in fashion basics. We expect James Allen's impact to same-store sales for the balance of the year to moderate to a range of 60 to 90 basis points.

我們繼續評估詹姆斯艾倫在我們投資組合中的定位。該品牌本季的表現對公司整體業績產生了 120 個基點的影響，較第一季略有改善。根據迄今為止的測試，我們相信 James Allen 的客戶會對更快的發貨選擇和更多時尚基礎成品珠寶產品做出積極的反應。我們預計詹姆斯艾倫對今年剩餘時間同店銷售額的影響將緩和至 60 至 90 個基點的範圍內。

Turning to guidance, we expect total sales for the third quarter in the range of $1.34 billion to $1.38 billion, with same-store sales in the range of down 1.25% to up 1.25%. We expect gross margin rate to be up modestly in the quarter on continued merchandise margin expansion. We also expect some deleverage in SG&A in the quarter, including incentive comp reset, change management costs related to our reorganization and shifting some marketing spend out of Q4 and back into Q3.

談到指引，我們預計第三季總銷售額將在 13.4 億美元至 13.8 億美元之間，同店銷售額將在下降 1.25% 至成長 1.25% 之間。由於商品利潤率持續擴大，我們預計本季毛利率將小幅上升。我們也預期本季銷售、一般及行政開支將有所去槓桿，包括激勵薪酬重置、與重組相關的變更管理成本以及將部分行銷支出從第四季度轉移回第三季度。

Recall last year, we shifted some marketing out of Q3 until after the election in battleground states to avoid paying premium rates. We expect adjusted operating income between $3 million and $17 million in the quarter.

回想去年，我們將一些行銷活動從第三季轉移到戰場州選舉之後，以避免支付額外費用。我們預計本季調整後的營業收入將在 300 萬美元至 1700 萬美元之間。

For the year, we are raising our guidance range, reflecting results in the first half of the year, our third quarter expectations and the current tariff landscape. We now expect total sales in the range of approximately $6.67 billion to $6.82 billion, with same-store sales in the range of down 0.75% to an increase of 1.75%.

我們將提高今年的指導範圍，以反映上半年的業績、第三季的預期以及當前的關稅狀況​​。我們現在預計總銷售額約為 66.7 億美元至 68.2 億美元，同店銷售額約為下降 0.75% 至成長 1.75%。

The lower half of our sales guide continues to provide flexibility in the fourth quarter for a measured consumer environment. The implied two-year stack in the second half of the year is in line or slightly more conservative at the high end of guide than what we have seen over the last two months.

我們的銷售指南的下半部分繼續為第四季度的適度消費環境提供靈活性。與過去兩個月我們看到的相比，今年下半年隱含的兩年堆疊與指南的高端一致或略微保守。

We are raising our adjusted operating income expectation to a range of $445 million to $515 million. We continue to expect gross merchandise margin expansion for the year, inclusive of the impact of tariffs.

我們將調整後的營業收入預期上調至 4.45 億美元至 5.15 億美元。我們繼續預計今年的商品毛利率將擴大，包括關稅的影響。

With regards to tariffs, India currently represents roughly half of our finished merchandise purchases and has seen the tariff increase from 10% to 50% in the last 5 weeks, inclusive of the incremental 25% Russian trade penalty. To minimize the penalty, we will leverage existing inventories, shift some production to other countries, evaluate pricing and promotions as well as utilize bonded warehouses.

關於關稅，印度目前約占我們成品採購量的一半，過去 5 週內關稅已從 10% 上漲至 50%，其中包括俄羅斯增加的 25% 貿易懲罰。為了盡量減少罰款，我們將利用現有庫存，將部分生產轉移到其他國家，評估價格和促銷活動以及利用保稅倉庫。

If the penalty were to remain in effect for the balance of the year, we expect adjusted operating income in the middle to lower end of the range. Conversely, if the tariff penalty is removed in the next 2 months, we expect adjusted operating income in the upper half of the range.

如果處罰措施在今年餘下時間內繼續有效，我們預計調整後的營業收入將處於中低水準。相反，如果在未來 2 個月內取消關稅懲罰，我們預計調整後的營業收入將處於該範圍的上半部。

Also working to offset higher tariffs, we're in the early stages of rolling out our refined promotional strategy to other brands, reflecting the success we've seen to date at Jared. We expect SG&A as a percentage of sales to be flat or slightly higher year over year at the high end of our guidance range. Recall that our outlook also includes an incentive compensation reset within SG&A. We are raising our adjusted EPS guide today by approximately 3% at the midpoint to a range of $8.04 to $9.57 per diluted share, inclusive of share repurchase to date.

為了抵​​消更高的關稅，我們正處於向其他品牌推出完善的促銷策略的早期階段，這反映了我們迄今為止在 Jared 所取得的成功。我們預期銷售、一般及行政費用佔銷售額的百分比將與去年同期持平或略高，處於我們指導範圍的高端。回想一下，我們的展望還包括銷售、一般和行政費用 (SG&A) 內的激勵薪酬重置。今天，我們將調整後的每股盈餘指引中位數上調約 3%，至每股攤薄收益 8.04 美元至 9.57 美元之間，其中包括迄今為止的股票回購。

Before we turn to Q&A, I'd like to thank the team for the agility in navigating the impact of tariffs, all while embracing the strategic changes within our organization and delivering a consistent positive performance for our business.

在我們進入問答環節之前，我想感謝團隊在應對關稅影響方面表現出的敏捷性，同時接受了我們組織內部的策略變化，並為我們的業務帶來了持續的積極表現。

Operator, let's now go to questions.

接線員，現在我們來提問。

(Operator Instructions) Paul Lejuez, Citibank.

（操作員指示）花旗銀行的 Paul Lejuez。

Thanks, guys.

謝謝大家。

Can you talk about the drivers of AUR in both bridal and fashion in terms of how much is being driven by mix versus pricing actions? And then how do you expect that to change, if at all, in the second half?

您能否談談婚紗和時尚領域 AUR 的驅動因素，即產品組合與定價行為的結合程度如何？那麼，您認為下半年這種情況會如何改變呢？

Yeah, Paul, good morning. Thanks for being on the call.

是的，保羅，早安。感謝您接聽電話。

Really, there's a couple of things going on. I'd say mix is largely the driver of it, but we'll focus on fashion first. I think there's two dynamics there.

確實，有幾件事正在發生。我想說混合是其主要驅動力，但我們首先關注時尚。我認為那裡有兩種動態。

When you look at the introduction of lab-grown diamonds into the mix, that really does expand the AUR. It's an expansion of the category overall. And so it's not even really trade up. It's about stretching what the category of fashion looks like for us. And with that, we see continued expansion in AUR and have modeled it accordingly.

當您看到實驗室培育鑽石被引入其中時，這確實擴大了 AUR。這是整個類別的擴展。所以這甚至不算是真正的交易。這是為了拓展我們對時尚的理解。同時，我們看到 AUR 持續擴張，並對其進行了相應的建模。

From a bridal perspective, similar. Mix is really driving it, whether that be on the lab side or the natural side, candidly. I mean, we've seen some stabilization in lab and natural markets of late, which I think bolsters what the bottom side has been. And that action that we've talked about, I think, on previous calls of how customers are really looking for opportunities to trade up continues to be something that we see playing out.

從新娘的角度來看，類似。坦白說，無論是在實驗室方面還是在自然方面，Mix 才是真正的推動力。我的意思是，我們最近看到實驗室和自然市場穩定，我認為這鞏固了底部的狀況。我認為，我們在之前的電話會議上談到過，客戶確實在尋找升級的機會，而我們看到這種行動仍在繼續。

Got it.

知道了。

And then just on the tariffs, specifically India, is there -- as you think about the impact on this year versus next year, how are you thinking about the potential wraparound into the first half of '26? Would you expect to be able to mitigate the pressures if they stayed at this 50% rate? I'm just trying to understand how much is -- how much you're benefiting from using existing inventory versus does this just kind of create an issue for you next year?

然後就關稅問題而言，特別是印度，當您考慮今年和明年的影響時，您如何看待 26 年上半年的潛在影響？如果他們保持這個 50% 的利率，你認為能夠減輕壓力嗎？我只是想了解一下——使用現有庫存能為您帶來多少好處，以及這是否會為您明年帶來問題？

Yes. I think -- well, we've not given any guidance for next year, obviously.

是的。我認為——顯然，我們還沒有給出明年的任何指導。

But as we look at it, I mean, it's the same set of tools that we have. I think the benefit of thinking about next year is you've got a little bit more run time to be able to mitigate, particularly as you start thinking about some of the design elements at play and any of the country of origin movements that are part of our strategy, including even some onshoring of production to the US.

但當我們審視它時，我的意思是，它與我們擁有的工具是同一套。我認為考慮明年的好處是，你將有更多的運行時間來緩解影響，特別是當你開始考慮一些正在發揮作用的設計元素以及作為我們戰略一部分的任何原產國運動時，甚至包括將一些生產轉移到美國。

Obviously, there's a lot of moving parts in the tariff landscape right now. And we're -- I'm really proud of what our team has done. We've been able to maintain guide throughout the year and even with this incremental 25% penalty to stay within guide and also be able to pull some levers that ultimately are going to create value for our customers and for shareholders by hitting the right price points as we go into the holiday.

顯然，目前關稅情勢有許多變化。我為我們團隊所取得的成就感到非常自豪。我們全年都能夠維持指導價，即使有 25% 的增量罰款，我們也能保持在指導價範圍內，並且能夠採取一些措施，最終在假期到來時達到正確的價格點，為我們的客戶和股東創造價值。

We expect to be able to continue to do that. Valentines is really right around the corner. So as we're looking at holiday merchandise, we really sort of lump the two together. Beyond that, I mean, what I would tell you is we're going to continue to exercise the same set of tools. I think this is a race where the finish line has moved around quite a bit.

我們希望能夠繼續這樣做。情人節真的即將來臨。因此，當我們查看節日商品時，我們實際上會將兩者混為一談。除此之外，我想告訴你們的是，我們將繼續使用同一套工具。我認為這是一場終點線移動了相當多距離的比賽。

But it's a set of muscles that we have because of our -- we've operated in a commodity-based environment that's had a lot of moving parts before, and we've got great partnerships with our suppliers and really leading supply chain capabilities within the industry and the balance sheet to be able to manage it. So I think we're as well positioned as we can be, and we're also doing our best to even exercise some tactics to be able to create the flexibility if things continue to be dynamic.

但這是我們擁有的一套實力，因為我們之前一直在一個以商品為基礎的環境中運營，這個環境之前有很多活動部件，我們與供應商建立了良好的合作夥伴關係，並且在行業內擁有真正領先的供應鏈能力和資產負債表，能夠對其進行管理。因此，我認為我們已經做好了充分的準備，我們也在盡最大努力採取一些策略，以便在情況繼續變化時創造靈活性。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning.

謝謝。早安.

Can you give us an update on the bridal business? What are plans to try to get the unit velocity moving again? And anything specific planned for marketing into the holiday season for bridal?

能向我們介紹一下婚禮事業的最新情況嗎？有什麼計畫可以嘗試讓單位速度再次加快？針對婚禮假期行銷有什麼具體計畫嗎？

Yes. So we're really pleased, Lorraine, with how bridal has been performing within our three largest brands and really working through the impact that James Allen is having on the bridal business. So overall, if we just focus on the three largest, we're seeing AUR be a strength, particularly over the last three quarters. It's remained relatively consistent.

是的。因此，洛林，我們對我們三大品牌中的婚紗業務的表現感到非常高興，並且真正發揮了詹姆斯艾倫對婚紗業務的影響。因此總體而言，如果我們只關注最大的三個，我們會看到 AUR 成為一種優勢，特別是在過去三個季度。它保持相對一致。

The unit growth, we see the opportunity to continue to trade up into higher carat weights. JK mentioned we saw stabilization in retail pricing, and we've seen an increase in natural, particularly in some of the core larger carat weight. So we think that is a positive for us from an AUR perspective.

透過單位成長，我們看到了繼續升級至更高克拉重量的機會。JK 提到，我們看到零售價格趨於穩定，而且我們看到天然鑽石的價格有所上漲，特別是一些核心的較大克拉重量的鑽石。因此，我們認為從 AUR 的角度來看，這對我們來說是一件好事。

And then from a unit perspective, we've really fortified some of the lower price points within our assortment and continuing to drive that, and Kay, Zales, and Jared is a critical focus. And then if you kind of look at that sweet spot between $2,000 and $5,000, we see opportunity, particularly as we see the stabilization and even the increase in natural diamond pricing.

然後從單位角度來看，我們確實鞏固了我們產品系列中的一些較低價格點，並繼續推動這一點，而 Kay、Zales 和 Jared 是關鍵焦點。然後，如果你看一下 2,000 美元到 5,000 美元之間的最佳價位，我們就會看到機會，特別是當我們看到天然鑽石價格的穩定甚至上漲時。

So we believe that the trend of bridal, we are on pace currently with what we're seeing in the market and in the largest brands even slightly ahead. So positive signs for us as we lean into the critical fourth quarter for bridal.

因此，我們相信，婚紗的流行趨勢與我們目前在市場上看到的趨勢同步，最大的品牌甚至略微領先。當我們進入婚禮的關鍵第四季時，這對我們來說是積極的信號。

And then one of the items you mentioned on your list of mitigating factors was testing pricing. Just curious if you have any test complete and what the customer reaction has been to price increases in either fashion or bridal.

然後，您在緩解因素清單中提到的其中一項就是測試定價。只是好奇您是否完成任何測試，以及客戶對時尚或新娘價格上漲的反應是什麼。

Yes.

是的。

It's been a really company-wide effort across our largest brands, and then we're rolling it out as we move to the back half of the year. But Jared, as we've mentioned, saw a reduction of discounting 20% to 30% over the first half of the year. With that under our belt, we've been able to apply that to Kay and Zales. And the three brands are posting up a mid-single-digit comp.

這是我們公司最大的品牌的一次真正全公司範圍的努力，我們將在今年下半年推出這項計劃。但正如我們所提到的，賈里德發現今年上半年的折扣減少了 20% 到 30%。有了這些經驗，我們就可以將其應用到 Kay 和 Zales 身上。這三個品牌的銷售額均實現了中等個位數的成長。

So we're seeing that the customer response to those changes have been -- has been good. What I'd like to share, though, is that it's not so much just retail price change per se. It's really lower discounting, but also fewer promotion days and on promotion just going less deep, if you will.

因此，我們看到客戶對這些變化的反應很好。不過，我想分享的是，這不只是零售價格本身的變動。如果你願意的話，這確實是更低的折扣，但促銷天數也更少，而且促銷力度也更小。

So we're seeing that we weren't getting paid for some of the pricing actions that we had in the past. And so we've removed some of the days and leaned out some of the price -- the discounts, and it was a good result.

因此我們發現，我們過去的一些定價行動並沒有得到報酬。因此，我們刪除了一些日期並降低了一些價格——折扣，這是一個很好的結果。

We did mention, Lorraine, that in -- during the quarter, we had pricing and promotion cool down, so we can reset price. We do expect some of that as we roll out to the other brands to occur in the back half of the year. And really, we'll take action in other areas of the business to mitigate some of the impact of that cool down. But it's really been a strong effort across the brand and one that is embraced and, frankly, has served us well timing-wise for the impact of the tariff decisions that have impacted our business.

洛林，我們確實提到過，在本季度，我們的定價和促銷活動已經冷卻下來，因此我們可以重新設定價格。我們確實預計，隨著我們向其他品牌推出這些功能，我們將在今年下半年實現部分功能。事實上，我們會在業務的其他領域採取行動，以減輕這種降溫帶來的一些影響。但這確實是整個品牌的一次巨大努力，並且得到了廣泛的接受，坦率地說，在時間上，它為我們應對影響我們業務的關稅決定的影響提供了良好的幫助。

Yes.

是的。

And I think that's spot on. The only thing I would add to it to maybe help dimensionalize it a little more is we've had pretty significant reset in assortments, particularly in the fashion category. And with that level of newness, we really have had the opportunity to focus on design and where we're buying, who we're buying from, leveraging those partnerships to be able to marry design with the sourcing capability to maintain key price points for our customers.

我認為這是正確的。我唯一想補充的是，為了使其更加立體化，我們對產品分類進行了相當大的重新調整，特別是在時尚類別中。憑藉這種新穎性，我們確實有機會專注於設計、購買地點和購買對象，利用這些合作夥伴關係將設計與採購能力結合起來，為我們的客戶維持關鍵價格點。

And I think what we're finding is they understand the commodity market. They certainly understand when gold prices move and they see value associated with that. But the ability to really adjust our assortment architecture overall and supplement with newness means we're landing new merchandise at the right price points and have been able to do that with the tariff landscape in mind, so that we're well positioned going into the holiday.

我認為我們發現他們了解商品市場。他們當然知道金價何時變動，並且看到與之相關的價值。但能夠真正調整我們的整體產品組合架構並補充新品意味著我們能夠以合適的價格推出新商品，並且能夠考慮到關稅情況來做到這一點，這樣我們就能在假期期間佔據有利位置。

Yes. I think the only thing I'd add to that, JK, is that it's been a selective -- for existing SKUs, it's been a selective price increase. And it's been somewhat modest mid-single digit on applicable SKUs. So it's something that we've really been able to manage strategically with our promotional cadence and the depth of discounting as well. So I think all in all, it was a cohesive strategy around pricing and promotion for the business.

是的。JK，我想我唯一要補充的是，對於現有的 SKU，這是一種選擇性的價格上漲。並且適用 SKU 的成長率一直處於中等個位數左右。因此，我們確實能夠透過促銷節奏和折扣力度進行策略性管理。所以我認為總的來說，這是一個圍繞業務定價和促銷的有凝聚力的策略。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Yeah, thanks a lot. Good morning, everybody.

是的，非常感謝。大家早安。

I guess, JK, when you look at the fashion AUR, obviously, nice improvement there. Is there any kind of feel for what the headroom looks like in that category? Because you're talking about a significant amount of increase in the number of LGD fashion pieces to drive up, obviously, purchase activity demand and could also drive up AUR. So just any kind of feel to dimensionalize where is AUR now in fashion and what the headroom could be would be super helpful.

我想，JK，當你看看時尚 AUR 時，顯然那裡有很好的改進。有沒有感覺到這個類別的淨空是什麼樣的呢？因為您正在談論 LGD 時尚單品數量的大幅增加，這顯然會推動購買活動需求的成長，也可能推高 AUR。因此，只要能以任何一種感覺來衡量 AUR 目前的流行程度以及其發展空間，就會非常有幫助。

Yes. I think it's a great question, Randy. I think there's still runway there. Both -- we do want to be mindful that we're thinking about how to drive some unit growth along the way, although to date, a lot of our unit performance is tied to gold, and that tends to fluctuate as gold prices fluctuate.

是的。我認為這是一個很好的問題，蘭迪。我認為那裡仍然有跑道。兩者——我們確實要記住，我們正在思考如何推動一些單位的成長，儘管到目前為止，我們的許多單位業績都與黃金掛鉤，而且隨著金價的波動，黃金的業績往往會波動。

So as we look at lab-grown -- our LGD fashion proliferation, it is generally much higher price point than what our existing assortment was. And we're setting at -- I think the number is about 14% penetration overall. And so that would tell you that there's still quite a bit of room there for us to continue to grow and expand the category.

因此，當我們觀察實驗室培育的 LGD 時尚產品時，它的價格通常比我們現有的產品系列高出許多。我們設定的——我認為整體滲透率大約是 14%。所以這顯示我們還有相當大的空間來繼續發展和擴大這個類別。

And I think how that plays out in terms of AUR itself is -- it's also a function of what we're doing to grow some of our base categories like gold. But at the end of the day, I think we're -- we still see runway there and feel like there's an opportunity for us to continue to grow market share in fashion, particularly as we expand into that side of the category.

我認為，就 AUR 本身而言，這也是我們為發展黃金等一些基礎類別所採取的措施的功能。但最終，我認為我們——我們仍然看到了那裡的潛力，並且覺得我們有機會繼續擴大時尚市場的份額，特別是當我們擴展到該類別的那個方面時。

And the only thing I'd add there is that, that fashion penetration that JK stated is double what it was last year at this time. So to your point, Randy, there and JK, it's continued growth. The other add-on would be that we don't expect a pullback in AUR at this time, citing the higher gold prices, this LGD penetration growth, our lower level of promotions and the tariffs. So we expect AUR to continue.

我唯一要補充的是，JK 所說的時尚滲透率是去年同期的兩倍。所以，正如你和 JK 所說，蘭迪，它正在持續成長。另一個附加因素是，我們預計 AUR 目前不會回落，理由是金價上漲、LGD 滲透率成長、促銷活動減少以及關稅。因此我們預計 AUR 將會持續下去。

Great.

偉大的。

And then when you look at the success of an improved momentum of Jared, Zales and Kay, you gave us some crumbs that were very important around the other banners that are getting, I guess, less worse, right? Blue Nile turned. James Allen impact looks like it's going to be less worse going forward. And I think Banter hurt the units as well.

然後，當您看到賈里德、扎爾斯和凱的勢頭增強所取得的成功時，您給了我們一些非常重要的提示，我想，其他橫幅廣告的情況不會那麼糟糕，對吧？藍色尼羅河轉過身。詹姆斯艾倫的影響看起來在未來不會那麼糟。我認為玩笑也損害了單位。

Are we looking at perhaps, let's say, two quarters out, three quarters out before we kind of -- we can lap a lot of this non-Kay, Zales, Jared items of these other banners and start to kind of -- they'll start to kind of become more neutral impact to both AUR units and comp? How do you see that? That would be really helpful just to dimensionalize that.

我們是不是要考慮，比如說，兩個季度後，三個季度後，我們才能——我們可以把許多非 Kay、Zales、Jared 的其他品牌的商品放在一起，然後開始——它們會開始對 AUR 單位和公司產生更中性的影響？您怎麼看呢？這對於將其維度化確實很有幫助。

And then, Joan, just on the CapEx cycle, you -- I believe you reiterated the CapEx guidance for the year. Just high level, is that a kind of -- is that like a normalized type of number as we just think about the future without giving guidance? Just kind of just trying to get a sense of where we are in the CapEx cycle just for go-forward free cash flow purposes.

然後，瓊，就在資本支出週期中，我相信您重申了今年的資本支出指導。從高層次來看，這是一種——這是一種標準化的數字嗎？我們只是考慮未來，而沒有給予指導？只是想了解我們在資本支出週期中的位置，只是為了實現未來的自由現金流目的。

Do you want to take CapEx first, and then I'll come back to it?

您是否想先採取資本支出措施，然後我再回來處理它？

Sure.

當然。

So the $145 million to $160 million, Randy is -- as I said, was heavily weighted to real estate. I think it's -- as we look forward into our real estate strategy and we continue on the Grow Brand Love from banners to brands, our real estate strategy and in-store experience will continue to follow that strategy.

因此，正如我所說，蘭迪的 1.45 億至 1.6 億美元主要投資於房地產。我認為——當我們展望我們的房地產策略並繼續從橫幅到品牌發展品牌熱愛時，我們的房地產策略和店內體驗將繼續遵循這一策略。

As a run rate, we really haven't assessed what that brand strategy would mean to our CapEx guidance, right, into the following year. But I wouldn't expect it to be markedly different at this time. And as you know, our capital allocation priority is to organically invest, number one, in our business. And so it will follow the strategy and -- but I wouldn't see it as being materially different than where we are today.

作為運作率，我們實際上還沒有評估該品牌策略對我們下一年的資本支出指導意味著什麼。但我並不認為這次會有明顯不同。如您所知，我們的資本配置重點是對我們的業務進行有機投資。因此它將遵循這一戰略——但我認為它與我們今天的狀況沒有實質性的不同。

Thank you.

謝謝。

And I would just -- let me take the first part of your question, Randy. The -- as far as the other brands are concerned, yes, I mean, we're focused on what we do to drive improvement there. I would say we've been very clear about the focus on Kay, Zales and Jared. Given the size, I think it's hard to be healthy if the core is not healthy.

我只想——讓我來回答你問題的第一部分，蘭迪。就其他品牌而言，是的，我的意思是，我們專注於推動這些品牌的改進。我想說，我們非常明確地關注凱、札爾斯和賈里德。考慮到體型，我認為如果核心不健康就很難保持健康。

And so I'm really pleased with the way that we've put the energy there, and I think it's absolutely the right thing to build momentum in the business. It also -- to Joan's point, whether it's how we think about promo or what we're looking at in terms of assortment, it informs the decisions that we feel like are critical to help drive the other brands. And within each, there's a little bit different story.

因此，我對我們在那裡投入精力的方式感到非常滿意，我認為這絕對是正確的做法，可以為業務注入動力。正如瓊所說，無論是我們如何看待促銷，還是我們如何看待產品組合，它都為我們認為有助於推動其他品牌發展的決策提供了基礎。每個故事都有一點不同。

Blue Nile continues to build momentum. And I think that is very much about distinguishing its brand positioning and really moving back up a bit to where it has held the greatest strength. It also has an opportunity as it relates to fashion, very similar to Kay, Zales, Jared. And that's -- I think that similarity is part of why it's moving faster along with -- within that team. The focus on it is really the bellwether of the digital brands.

Blue Nile 持續保持強勁發展勢頭。我認為這很大程度上是為了區分其品牌定位，並真正回到其最強大的地位。它在時尚方面也有機會，與 Kay、Zales 和 Jared 非常相似。我認為，相似性是該團隊內部進展更快的原因之一。對它的關注確實是數位品牌的風向標。

James Allen, we've got some work to do strategically. We have some work around price and promotion, positioning within the marketplace. We also have some work around speed to market relative to customization or the assembly customization that's really the hallmark of what James Allen does. And the team is working hard to reposition and relaunch with those improvements in place. And I think we'll -- then we'll be able to measure what it takes to win that business back from a customer standpoint and/or what are the right decisions that we should be making moving forward with James Allen.

詹姆斯·艾倫，我們在戰略上還有一些工作要做。我們在價格、促銷和市場定位方面做了一些工作。我們也針對定製或組裝客製化的上市速度進行了一些工作，這才是 James Allen 所做工作的真正標誌。團隊正在努力重新定位並重新啟動這些改進。我認為我們將能夠衡量從客戶的角度贏回這些業務需要什麼，以及/或我們在與詹姆斯艾倫合作的過程中應該做出哪些正確的決定。

The other businesses, we don't talk a lot about. Peoples has been a really strong business in Canada. We don't talk about it quite as much, and I probably owe a big thanks to our Peoples team in Canada. They're small, but mighty. And if you look at their business on a two-year stack basis, it's probably the healthiest in the company, growing share and really leading well.

對於其他業務，我們談論得不多。Peoples 在加拿大一直是個實力雄厚的企業。我們很少談論這個話題，我可能要非常感謝我們在加拿大的人民團隊。它們體型雖小，但威力巨大。如果你以兩年為基礎來看待他們的業務，那麼它可能是公司中最健康的業務，市場份額不斷增長，並且確實處於領先地位。

UK, we don't talk a lot about for some of the same reasons. It's been relatively healthy. I think there are some market share dynamics that are unique to the UK market that present some opportunities for us moving forward. And -- but it's not a big source of investment or a big source of capital.

由於同樣的原因，我們很少談論英國。它一直相對健康。我認為英國市場獨有的一些市場份額動態為我們未來的發展提供了一些機會。而且——但它並不是一個重要的投資來源或資本來源。

And so it's probably not going to be something that we dimensionalize a lot.

因此，這可能不會成為我們進行大量維度化的東西。

And then I think Diamonds Direct is a really good business that, like a lot of businesses that are sort of founder-led, hit a growth stage where you really have to look at operating model and what it means to go from being a smaller regional founder-led business to something that is of larger scale. And so that's work that's in front of us.

然後我認為 Diamonds Direct 是一家非常好的公司，就像許多由創辦人領導的公司一樣，在發展階段，你必須真正考慮營運模式，以及從一個較小的區域創辦人領導的公司發展成一個更大規模的公司意味著什麼。這就是我們面臨的工作。

The team is galvanized around that. And I do think that as we tackle that, then, yes, to your point, those things, I wouldn't use the word less worse. I think our goal is to improve them and create some tailwind behind those businesses and make them stronger parts of the portfolio, but it's going to come with the gravitational pull and the weight of having core brands like Kay, Zales and Jared that really do drive performance for us.

整個團隊都為此而團結一致。我確實認為，當我們解決這個問題時，是的，正如你所說，對於這些事情，我不會使用“不那麼糟糕”這個詞。我認為我們的目標是改進它們，為這些業務創造一些順風，使它們成為投資組合中更強大的部分，但這將伴隨著引力和核心品牌的重量，如 Kay、Zales 和 Jared，這些品牌確實能為我們帶來業績。

The only one I didn't mention is Banter. I think Banter is -- it's good business. It's got some -- it's very different from the rest of our businesses, just given lower price point, heavy reliance on gold, kiosk business. And so there's some unique dynamics there. But it's actually sort of holding its own.

我唯一沒有提到的是 Banter。我認為 Banter 是一門好生意。它有一些——它與我們的其他業務非常不同，只是價格較低，嚴重依賴黃金和售貨亭業務。因此，那裡存在一些獨特的動態。但實際上它還是保持著自己的地位。

And I mean -- so again, not a high source of capital or investment moving forward, but something that we'll continue to manage as well. So thanks for the question.

我的意思是——再說一次，這不是一個高額的資本或投資來源，但我們也會繼續管理它。感謝您的提問。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

This is Robert on for Ike.

這是羅伯特代替艾克。

I was wondering if you could talk a little bit more about your 3Q guide? Because it seems like it's a little below the 2Q run rate. As some softened, are you seeing some earlier demand pull forward? And also could you talk a little bit about your holiday comp plan?

我想知道您是否可以再多談談您的 3Q 指南？因為它看起來似乎略低於第二季的運行率。隨著一些需求的減弱，您是否看到一些早期需求的提前？另外，您能談談您的假期補償計劃嗎？

So I'll take the 3Q guide. The guide -- the performance that we saw in second quarter, we saw momentum continue into the third quarter. We're pleased with that. The momentum was on a positive -- with a positive two-year stack. So the guide itself is just -- is relatively measured, and we feel that we're pleased with how the business performed, and the guide itself just takes into account the many factors that we face in the third quarter.

所以我會採取 3Q 指南。指南——我們在第二季度看到的表現，我們看到這種勢頭延續到了第三季度。我們對此感到高興。勢頭呈現積極態勢——兩年來一直保持積極勢頭。因此，指南本身只是相對衡量的，我們對業務表現感到滿意，指南本身也考慮了我們在第三季面臨的許多因素。

So happy with the top line momentum. We'll see a little bit of -- we continue to see gross margin expansion with some deleverage in SG&A. So really relative to some incentive cost resets. So we are -- and that's the underpinning of the 3Q guide.

我對營收成長勢頭感到非常高興。我們會看到一點——我們繼續看到毛利率擴大，同時銷售、一般及行政費用有所去槓桿。因此這實際上與一些激勵成本重置有關。所以我們——這就是第三季指南的基礎。

I think as we look at the full year, we've raised our full year guidance same-store sales with an increase in operating income, less so on the low end given the impact of tariffs and so forth, which we've discussed. But the same-store sales itself is a slight decline, if you will, in the implied guide for 4Q, and it's really all around the idea of this measured consumer environment and what -- and being somewhat conservative to what we've seen happen in the business, just knowing the backdrop of the business.

我認為，從全年來看，我們上調了全年同店銷售額預期，營業收入也將增加，但考慮到關稅等因素的影響，低端銷售額的增幅較小，這一點我們已經討論過了。但是，如果你願意的話，在第四季度的隱含指南中，同店銷售額本身略有下降，這實際上完全圍繞著這種衡量的消費者環境的想法，並且對於我們在業務中看到的情況有些保守，只是了解業務背景。

But overall, we've raised our guide, reflecting what we've seen in the second quarter, our expectations for third quarter and then just remaining somewhat measured in the fourth quarter for holiday.

但總體而言，我們提高了預期，反映了我們在第二季度看到的情況、對第三季度的預期，並在第四季度的假期中保持一定的謹慎。

Go ahead, Robert. I didn't mean to cut you off.

繼續吧，羅伯特。我不是有意打斷你。

No. Go ahead. What were you going to say?

不。前進。你想說什麼？

No. I was just going to say as far as holiday comp plan, I -- we're -- we believe we're well positioned to maximize the holiday season. I think Joan touched on it. There's a lot of moving parts in the environment right now, but we've seen our customer be resilient.

不。我只是想說，就假期補償計劃而言，我相信我們已經做好了充分的準備，可以最大限度地利用假期。我認為瓊提到了這一點。目前環境中有很多變動因素，但我們看到我們的客戶具有韌性。

This -- we largely set in what is a planned and emotional purchase, and those drivers are fairly timeless, resilient, and we're seeing customers respond to that in the marketplace. I think we've also taken the right steps, given maybe where we didn't deliver as strongly last year, are better positioned within key price points.

這——我們主要設定了有計劃和情感的購買，這些驅動因素是相當永恆和有彈性的，我們看到客戶在市場上對此做出反應。我認為我們也採取了正確的措施，考慮到我們去年的表現可能不那麼強勁，我們在關鍵價格點上處於​​更有利的位置。

We called it out in the script, but LGD fashion is three times the inventory level or ownership levels below $1,000 and even greater below $500. And we've put a particular focus on that $250 to $500 price point because that's really critical, especially as you get into those last 10 days.

我們在腳本中提到過，但 LGD 時尚的庫存水準或所有權水準在 1,000 美元以下是三倍，在 500 美元以下甚至更高。我們特別關注 250 美元到 500 美元的價格點，因為這確實很關鍵，尤其是在最後 10 天。

So I think we're very well positioned to be able to maximize that. And it's not just the ownership level, but when you look at the level of newness, that allocation of inventory is much more on trend and better positioned relative to what I think customers are looking for, and we'll be there ready for them because I think they'll still shop for the holiday.

所以我認為我們完全有能力最大限度地發揮這一點。這不僅僅是所有權水平的問題，當你看新品水平時，庫存的分配更加符合趨勢，而且相對於我認為客戶正在尋找的東西，定位也更好，我們會為他們做好準備，因為我認為他們仍然會在假期購物。

The only other thing I'd add to it is from a marketing perspective, very focused on maximizing that investment in full funnel marketing across the year to really pulse demand during those last key time periods, and we'll continue to build upon the impression expansion that we've seen over the course of the year to best position ourselves to maximize the holiday season.

我唯一要補充的是，從行銷的角度來看，我們非常注重最大化全年全通路行銷的投資，以真正在最後的關鍵時間段內激發需求，並且我們將繼續鞏固我們在一年中看到的印象擴展，以便最好地定位自己以最大限度地利用假期季節。

Great.

偉大的。

One other follow-up on that, can you talk about how your lab business did in the second quarter and how comps and margins are doing in it?

還有一個後續問題，您能談談您的實驗室業務在第二季度的表現以及同店銷售額和利潤率如何嗎？

The lab-grown diamond business, yes, what we've said about fashion, Robert, is that it has a 14% penetration rate in fashion, and it's double what it was last year. Margins are quite nice. They're up somewhat in -- with respect to the lab-grown fashion performance.

實驗室培育鑽石業務，是的，羅伯特，我們談到時尚時說，它在時尚領域的滲透率為 14%，是去年的兩倍。利潤率相當不錯。就實驗室培育時裝的表現而言，它們有所上升。

And frankly, we're seeing -- as we said in bridal, we're seeing the stabilization of pricing in lab grown. And just conversely on natural, it's actually up. So we're seeing a nice AUR movement in both of those businesses, and the penetration to an earlier point is we see runway for that to continue to grow in fashion.

坦白說，正如我們在婚禮上所說的那樣，我們看到實驗室培育的價格趨於穩定。而從自然角度來看，它實際上是上升的。因此，我們看到這兩項業務的 AUR 走勢良好，而且滲透率達到早期水平，我們看到了時尚產業持續成長的空間。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great, thank you for taking my questions.

太好了，謝謝你回答我的問題。

I'd like to maybe ask on -- if you could elaborate on your third quarter performance. Quarter-to-date, like how does that look versus what you were seeing at the end of -- in July, which you pointed was like your strongest month?

我想問一下—您是否可以詳細說明一下您第三季的表現。從本季至今的情況來看，與 7 月底相比，情況如何？您指出 7 月是您表現最強勁的月份。

And then just kind of help us to also think about like the compares for the third quarter. I think I recall like last year, like August was actually like the strongest month of the quarter that -- if I'm correct. So just trying to understand like what does that imply for like the guidance for the sales guidance for Q3.

然後幫助我們思考第三季的比較。我想我記得去年八月實際上是該季度表現最強勁的月份——如果我沒記錯的話。所以只是想了解這對第三季的銷售指導意味著什麼。

Yes.

是的。

For Q3, we exited the quarter nicely. As we mentioned, July was our toughest comp, and we exited it nicely on a positive comp, highest comp in the month in the quarter -- in the second quarter. The comp has been fairly consistent across the last several months as we look into August.

就第三季而言，我們順利結束了本季。正如我們所提到的，7 月份是我們最艱難的月份，但我們在第二季以積極的業績順利結束了這個月份，取得了當月最高的業績。回顧八月份，過去幾個月的業績表現相當穩定。

We like what we're seeing, and it's a positive comp trend for us. The only caveat I'd share with you is that we'll have some further pricing resets and cool downs that we'll experience in the third quarter as we prepare for the critical fourth quarter. But overall, top line trends have held and believe that the team has done a nice job in setting architecture as we land new product throughout the quarter.

我們喜歡我們所看到的，這對我們來說是一個積極的趨勢。我唯一要告訴大家的是，為了準備迎接關鍵的第四季度，我們將在第三季經歷一些進一步的價格重置和降溫。但總體而言，頂線趨勢保持不變，並且相信團隊在整個季度推出新產品時在製定架構方面做得很好。

Got it.

知道了。

And then just one quick follow-up on the guidance for -- the updated guidance for the year. Could you give us a sense of how much pressure from tariffs you're expecting in Q4 when you're thinking about like the high end and the low end of the guide?

然後，我們再快速跟進今年的最新指導。當您考慮指南的高端和低端時，您能否告訴我們您預計第四季度關稅將帶來多大壓力？

Yes.

是的。

So, Mauricio, as we think about the guidance range for operating income, what we've said that is if the Russian penalty remains, our -- on the Indian imports, we expect to be in the middle to lower end of our EBIT range. But if it's removed, we would expect to be in the upper half of the guidance range. So that's the dimension that we've put within our range.

因此，毛里西奧，當我們考慮營業收入的指導範圍時，我們所說的是，如果俄羅斯的懲罰仍然存在，那麼對於印度的進口，我們預計息稅前利潤將處於中低端。但如果將其移除，我們預計將處於指導範圍的上半部分。這就是我們設定的範圍之內的維度。

And so we were able to evaluate -- to the discussion earlier, evaluate and opportunities to offset as much of the tariff and mitigate as much of the tariff as we can with country of origin and pricing and promotion and so forth and believe that the teams have the right pricing in place for holiday. And so that's why we were able to stay within that guidance range.

因此，我們能夠評估——根據先前的討論，評估抵消盡可能多的關稅的機會，並透過原產國、定價和促銷等方式盡可能地降低關稅，並相信團隊已經為假期制定了合適的定價。這就是我們能夠保持在該指導範圍內的原因。

And just one point of clarification, for the high end of the guide, when you say they remove like the Russian penalty, does this mean like the tariff is 25% or 10% on?

需要澄清一點，對於指南的高端，當您說他們取消了俄羅斯的懲罰時，這是否意味著關稅是 25% 還是 10%？

Yes, exactly. The reciprocal tariffs remain intact, but the penalty, if that is removed, we would expect to be in the higher -- in the high end of the range.

是的，確實如此。互惠關稅保持不變，但如果取消，我們預計懲罰將處於較高水平——處於範圍的高端。

And sorry, what would be that tariff, so 25%?

抱歉，關稅是多少？ 25% 嗎？

Yes, for India. So -- and with the Russian penalty, it's 50%. So we would expect to be in the upper half of the range if that penalty would be removed.

是的，對於印度來說。因此──加上俄羅斯的懲罰，就是 50%。因此，如果取消該處罰，我們預計收入將處於該範圍的上半部。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone, and nice to see the progress.

大家早安，很高興看到進展。

As you think about the learnings from the fourth quarter applied to this year, I remember last year, some of it was not having enough of the right inventory at the price points of $200 to $500. Obviously, you had growth in lab grown fashion diamonds. How do you think of the playbook for holiday this year? And what is marketing spend going to look like this year versus last year?

當您考慮將第四季度的經驗應用到今年時，我記得去年，部分原因是在 200 美元至 500 美元的價格點上沒有足夠的合適庫存。顯然，實驗室培育的時尚鑽石數量有所增加。您覺得今年假期的計畫怎麼樣？今年的行銷支出與去年有何不同？

Sure. Dana, thanks for the question.

當然。達娜，謝謝你的提問。

We feel good about the holiday. We've kept our eye on the ball relative to those assortment gaps from last year and have really invested to make sure that we are covering the right price points. Lab-grown diamond fashion is a big part of that because of the on-trend nature and customer relevance of it, particularly in the fashion category.

我們對假期感覺很好。我們一直密切關注去年的產品種類差距，並進行了大量的投資以確保我們涵蓋正確的價格點。實驗室培育鑽石時尚是其中的重要組成部分，因為它具有流行性和顧客相關性，尤其是在時尚類別中。

We've tripled our ownership of lab-grown diamond fashion below $1,000, have bigger increases below $500 and with particular focus on that $250 to $500 price point. We've also looked at what's the -- within existing SKUs, what's the content of the assortment look like relative to trend. It was -- we sold through the on-trend merchandise we had last year. We did have other merchandise, but it was dated, and we've worked hard coming out of last year and into the first part of this year to be clean from an inventory perspective and then make the assortment adjustments. And depending on the brand, you're looking at as much as 40% to 50% of an assortment shift, particularly within those price points.

我們對 1,000 美元以下實驗室培育鑽石時尚產品的擁有量增加了兩倍，500 美元以下產品的擁有量增幅更大，並且特別關注 250 美元至 500 美元的價格點。我們也研究了現有 SKU 中商品種類的內容相對於趨勢而言是什麼樣的。是的——我們賣完了去年流行的商品。我們確實有其他商品，但已經過時了，從去年到今年上半年，我們一直努力從庫存角度進行清理，然後進行分類調整。根據品牌的不同，您會看到產品組合的變化幅度高達 40% 到 50%，尤其是在這些價格點內。

So it's not just about the depth of ownership that was a big opportunity last year, but the content within it is something that we've been mindful of, particularly as we've tried to wed the assortment changes to the brand positioning for each.

因此，去年的重大機會不僅僅是所有權的深度，而且其中的內容也是我們一直在關注的，特別是當我們試圖將產品組合的變化與每個品牌的定位結合起來時。

And so within Kay, that means really doubling down on milestone gifting as the big driver of assortment differentiation along with men's. With Zales, it really is about more on-trend fashion assortment with particular focus on self-expression, and stacking is a big part of that trend. Within Jared, you really have both of those trends at play, but at a more elevated price point for a more discerning higher-end customer who likely has the essentials in their jewelry box already and are looking to add to their collection.

因此，在 Kay 內部，這意味著要加倍重視里程碑式的贈送，並將其作為與男裝一起推動產品系列差異化的主要驅動力。對 Zales 來說，它確實更注重時尚潮流的搭配，尤其註重自我表達，而堆疊是這一潮流的重要組成部分。在 Jared 中，這兩種趨勢確實同時存在，但價格更高，適合更挑剔的高端客戶，這些客戶的珠寶盒中可能已經擁有必需品，並且希望增加收藏。

And so I think the focus that our teams have brought to the table, particularly in this environment, where we've worked on shifting the long-term strategy and have made an awful lot of changes to our operating model, but to balance that with driving performance in the near term, I'm really pleased with where we are despite maybe all the external noise that's going on in the environment.

因此，我認為我們的團隊已經集中精力，特別是在這種環境下，我們致力於轉變長期戰略，並對我們的運營模式做出了很多改變，但為了在短期內平衡這一點與推動業績，儘管環境中可能存在各種外部噪音，但我對我們所處的狀況感到非常滿意。

I think our team is really well positioned and is navigating this dynamic environment well on behalf of our customers who I think will reward us, but also the impact that it can have on shareholders.

我認為我們的團隊處於非常有利的位置，能夠代表我們的客戶很好地駕馭這個動態環境，我認為客戶會為我們帶來回報，同時也會對股東產生影響。

And two quick follow-ups, JK, is the team fully built out now? Any other holes that you're seeking to fill? And then on square footage, Joan, I think it's now down 1%. Previously, it was down 1% to flat. Anything to take away there?

還有兩個快速的後續問題，JK，團隊現在完全組成好了嗎？您還想填補其他空缺嗎？然後就平方英尺而言，瓊，我認為現在下降了 1%。此前，該數字下跌 1% 至持平。有什麼東西可以帶走嗎？

Thank you.

謝謝。

Sure. Let me take the first part of that question, Dana.

當然。讓我來回答這個問題的第一部分，達娜。

I'm really pleased with the leadership team and the way that we've come together. I think the mix of experience, both Signet experience as well as industry experience, and the diversity of thought that we've added to the team just makes us stronger.

我對領導團隊以及我們合作的方式感到非常滿意。我認為，Signet 經驗和行業經驗的結合，以及我們為團隊增添的思想多樣性，使我們變得更加強大。

And I think we're well positioned. We do have one leadership position that we are still interviewing for. It's a technology leader for the organization. I think that's going to be the last critical piece for us to fill. But as I alluded in the last calls, that process is ongoing. We're getting close to a final decision there.

我認為我們處於有利地位。我們確實有一個領導職位仍在面試中。它是該組織的技術領導者。我認為這將是我們要填補的最後一個關鍵部分。但正如我在上次通話中提到的，這一進程仍在進行中。我們即將做出最終決定。

And just like with the addition of Julie and Lisa and the elevation of Stacee, I'm confident that we'll add strength to the team, not only with the expertise in the area that we're looking for, but also that someone who's going to be additive to culture and really be aligned with our purpose and our strategy in a way that can be a catalyst moving forward.

就像朱莉和麗莎的加入以及史黛西的晉升一樣，我相信我們會為團隊增添力量，不僅是因為我們正在尋找的領域的專業知識，而且還因為我們需要一位能夠增強文化、真正與我們的目標和戰略保持一致的人，從而成為推動我們前進的催化劑。

So stay tuned, but we're -- team is largely set, to the point of your question, more succinctly, and I'm excited about how well everybody is working together and our alignment on the strategy moving forward.

所以請繼續關注，但我們——團隊基本上已經確定，更簡潔地回答你的問題，我很高興看到大家合作得如此順利，以及我們在未來策略上的一致。

And, Dana, to your question on square footage, it's really just the refinement of our store closure plan for the balance of the year. So nothing more to take from that than just a refinement.

達娜，關於你關於面積的問題，這實際上只是我們今年剩餘時間的門店關閉計劃的改進。因此，除了改進之外，沒有其他可做的了。

Got it.

知道了。

Thank you.

謝謝。

(Operator Instructions) Jim Sanderson, Northcoast Research.

（操作員指示） Jim Sanderson，Northcoast Research。

Hi, good morning, everyone, and nice to see the progress.

大家早安，很高興看到進展。

I wanted to go back to the fashion category for the quarter. Could you provide us what the unit decline was for the quarter?

我想在本季重返時尚類。您能否告訴我們本季的銷售下降？

Yeah. We --

是的。我們--

The decline in the unit performance -- sorry, JK -- was down high single digit in the fashion category. And what you should take from that, Jim, is that the gold pricing in Banter had slowed the units there, which is typically what we see over time.

單位表現的下降——抱歉，JK——在時尚類別中下降了高個位數。吉姆，你應該從中得出的結論是，Banter 的黃金定價已經減緩了那裡的單位數量，這通常是我們隨著時間的推移所看到的。

And then the change in the promotional item strategy, particularly in Zales, which was a strategic decision to move away from some of those lower price points and one that we would expect to continue in the back half of the year.

然後是促銷品策略的變化，特別是在 Zales，這是一項戰略決策，旨在擺脫一些較低的價格點，我們預計這一策略將在今年下半年繼續下去。

So pleased with the overall fashion performance and the refinement of strategy, and the gold prices was generally -- the external commodity gold pricing was really the impact that we saw in the Banter brand.

我對整體時尚表現和策略改進感到非常滿意，而且黃金價格總體上——外部商品黃金定價確實是我們在 Banter 品牌中看到的影響。

Okay.

好的。

And the bridal category, as far as your outlook for the fiscal year, do you expect the units in bridal to remain relatively flat? Or do you anticipate some pickup or momentum heading into the back half of the year for units, not AUR?

就您對本財年的展望而言，您認為婚紗類別的銷售量會保持相對穩定嗎？或者您預計下半年單位數量（而非 AUR）會出現一些回升或成長動能？

Yes.

是的。

It's relatively flat on the higher end, Jim. Might be like up a low single-digit level, but it's -- that's where -- that's the guidance, and it's really remained unchanged from where we were last quarter in terms of our outlet feel.

吉姆，高端部分相對平坦。可能會上升一個較低的個位數水平，但這就是指導，就我們的門市感覺而言，它與上一季相比確實沒有變化。

Okay.

好的。

And then one follow-up question more broadly on your assortment changes, where do you think lab-grown diamond assortment mix will land as you build up the kind of value fashion assortments going forward? I think you said it was 7%, now up to 14% of sales mix. What's the right mix for the assortment you have in mind?

然後是關於您的產品組合變化的一個更廣泛的後續問題，您認為隨著您未來建立這種價值時尚產品組合，實驗室培育鑽石產品組合將處於什麼位置？我認為您說的是銷售額佔 7%，現在已上升至 14%。您心目中的商品組合的正確搭配是什麼？

Yes. Jim, I appreciate the question.

是的。吉姆，我很感謝你提出這個問題。

We haven't really given a penetration target in part because it's a function of both numerator and denominator, and we'd like to grow both. So I'm probably not going to give you a target there. I do think we're -- when you look at our penetration from a share perspective, it is still relatively low in fashion.

我們實際上並沒有給出滲透目標，部分原因是它是分子和分母的函數，我們希望兩者都成長。所以我可能不會給你設定目標。我確實認為——當你從份額的角度來看我們的滲透率時，它在時尚領域的滲透率仍然相對較低。

And when you look at the growth that's driving the category, lab-grown diamonds are really the impetus for that, and I'll underscore the point around category expansion. These are not replacements for something that exists today. Largely, the customer that is buying something like a lab-grown diamond tennis bracelets, for example, is not a core traditionalist that is choosing between a natural diamond or a lab-grown diamond. This is really about expansion of consumption overall for much of where that growth is.

當你看到推動該類別成長的因素時，你會發現實驗室培育鑽石才是真正的推動力，我將強調類別擴展的重點。這些並不能取代現存的東西。整體而言，購買諸如實驗室培育鑽石網球手鍊之類的商品的顧客並不是天然鑽石或實驗室培育鑽石之間進行選擇的核心傳統主義者。這實際上關係到大部分成長領域總體消費的擴大。

So we still feel like there's runway there from a penetration standpoint. It is -- I think it's going to take a little bit of dimensionalizing, and we'll probably answer this question on future calls because a lot of our fashion unit performance has been disproportionately grown through a brand like Banter at a much lower price point. And as we move into what is really on-trend fashion, it will juice AUR, if you will, but it's almost apples and oranges because you're adding to the category.

因此，從滲透的角度來看，我們仍然覺得那裡還有發展空間。是的——我認為這需要一點維度，我們可能會在未來的電話會議上回答這個問題，因為我們的許多時尚部門的業績都是透過像 Banter 這樣的品牌以低得多的價格實現不成比例的增長。當我們進入真正流行的時尚領域時，如果你願意的話，它將刺激 AUR，但這幾乎是蘋果和橘子，因為你正在為該類別中添加內容。

And I think we're going to -- questions like yours in terms of how do you put to a model is probably going to be something we'll talk about for a little bit as we find what the baseline for this can be. But still expect a lot of growth there. And interestingly, as we routinize it, particularly in those core brands of ours, we're seeing overall balance across sort of AUR and unit growth, especially in Kay and Jared.

我認為我們會——像您提出的關於如何將其應用於模型的問題可能會是我們在尋找這一問題的基線時需要討論的問題。但仍然預計那裡會有很大的成長。有趣的是，隨著我們將其常規化，特別是在我們的核心品牌中，我們看到 AUR 和單位成長的整體平衡，尤其是在 Kay 和 Jared 中。

Okay, okay.

好的，好的。

Just one last follow-up question on marketing spending. I think this quarter, you reported spending was a little bit higher than revenue growth. Is that the trend we should look at for the back half of the year?

關於行銷支出的最後一個後續問題。我認為本季度報告的支出成長略高於收入成長。這是我們今年下半年應該關注的趨勢嗎？

No, not necessarily.

不，不一定。

I mean, I -- we haven't really changed our budget for the year. What we have done is feed it if -- I mean, we're very focused from a performance standpoint. We were up 4% in spend. But if we can see that, that pulls through and we're going to grow profit based on that investment, then I think we're -- we've got our feet on the gas and the brake appropriately there, and I would call it neutral overall.

我的意思是，我們今年的預算其實並沒有改變。我們所做的就是為它提供動力——我的意思是，我們非常關注性能的角度。我們的支出增加了4%。但如果我們能夠看到這一點，看到這一點，並且我們將基於這項投資增加利潤，那麼我認為我們——我們已經在油門和煞車上做了適當的調整，我會稱其總體上是中性的。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call over to JK Symancyk for closing remarks.

現在我會把電話交給 JK Symancyk 作結束語。

Thank you, and thank you, everybody, for joining us today. In closing, I'd like to again thank our team for their commitment to delivering results this quarter. We are laser-focused on holiday preparations, and we look forward to sharing further results with you in December. Thank you.

謝謝大家，也謝謝大家今天加入我們。最後，我要再次感謝我們的團隊致力於本季取得成果。我們正全神貫注於假期準備，並期待在 12 月與您分享進一步的成果。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。