Vince Holding Corp (VNCE) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Vince's first-quarter 2026 earnings conference call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 Vince 2026 會計年度第一季財報電話會議。（接線員指示）

I will now hand the conference over to Akiko Okuma, Chief Administrative Officer. Please go ahead.

現在我將把會議交給首席行政官 Akiko Okuma。請開始。

Thank you, and good morning, everyone. Welcome to Vince Holding Corp. first-quarter fiscal 2026 results conference call. Hosting the call today is Brendan Hoffman, Chief Executive Officer; and Yuji Okumura, Chief Financial Officer.

謝謝，各位早安。歡迎參加 Vince Holding Corp. 2026 會計年度第一季業績電話會議。今天主持會議的是執行長 Brendan Hoffman，以及財務長 Yuji Okumura。

Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects.

在開始之前，提醒各位，本次電話會議中的某些陳述可能構成前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與公司預期有所差異。

Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume the statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.

這些風險與不確定性已載於今日新聞稿及公司向美國證券交易委員會（SEC）提交的文件中，相關資料可於公司網站查閱。投資人不應假設本次會議中所作陳述在日後仍然有效，公司亦不承擔更新本次會議所討論任何資訊之義務。

In addition, in today's discussion, the company is presenting its financial results in conformity with GAAP and on an adjusted basis. The adjusted results that the company presents today are non-GAAP measures. Discussions of these non-GAAP measures and information on reconciliations of them to their most comparable GAAP measures are included in today's press release and related schedules, which are available in the investors section of the company's website at investors.vince.com.

此外，在今日討論中，公司將以符合 GAAP 的方式以及調整後基礎呈報其財務結果。公司今日所呈報的調整後結果屬於非 GAAP 指標。關於這些非 GAAP 指標的討論，以及其與最可比 GAAP 指標之調節資訊，已包含於今日新聞稿及相關附表中，並可於公司網站投資人專區 investors.vince.com 取得。

Now, I'll turn the call over to Brendan.

現在，我把電話交給 Brendan。

Good morning, everyone. Thank you for joining us today to discuss Vince Holden Corp's first-quarter fiscal 2026 results. The momentum we built throughout fiscal 2025 has accelerated into the new year, and we are executing our strategic priorities with precision and confidence.

各位早安。感謝各位今天加入我們，一同討論 Vince Holden Corp 2026 會計年度第一季業績。我們在 2025 會計年度累積的動能已在新年度進一步加速，我們正以精準且充滿信心的方式執行策略優先事項。

I'm pleased to report that Vince delivered a first-quarter performance with net sales up 10.5% compared to the prior year, reflecting strength across both of our channels. Direct-to-Consumer sales grew 15.6% and wholesale increased 5.9%. Our Direct-to-Consumer segment continues to be a standout performer.

我很高興報告，Vince 第一季表現亮眼，淨銷售額較去年同期成長 10.5%，反映我們兩大通路皆展現強勁動能。直營（Direct-to-Consumer）銷售成長 15.6%，批發（Wholesale）成長 5.9%。我們的直營部門持續是表現突出的亮點。

From store remodels to enhanced e-commerce capabilities, from expanded marketing support to the launch of dropship capabilities, we are creating more touch points and more compelling reasons for customers to engage with Vince. Q1 delivered outstanding performance and full-price customer acquisition, driving double-digit growth in both newly reactivated customers, proof that our brand is resonating and our strategy is working.

從門市改裝到強化電商能力，從擴大行銷支援到推出代發貨（dropship）能力，我們正在創造更多接觸點，並提供更具吸引力的理由讓顧客與 Vince 互動。第一季帶來卓越表現與正價客戶的獲取，推動新近重新活躍客戶數雙位數成長，證明我們的品牌正在引起共鳴、策略正在奏效。

Our Wholesale business is equally robust with at-the-register sales of low double-digits with US major accounts and relationships with the key partners strengthening and benefiting from the broader resurgence in contemporary. Customers see real value in our product, appreciating the quality of the design and the effortless style of divine sense.

我們的批發業務同樣強勁，在美國主要客戶的收銀台銷售（at-the-register sales）達到低雙位數成長，與關鍵合作夥伴的關係持續深化，並受惠於當代（contemporary）品類的整體復甦。顧客在我們的產品中看見真正的價值，欣賞設計品質以及毫不費力的風格與精緻質感。

In women's, our strongest category was woven tops, including solid blouses, prints, and new cotton woven programs. We also saw strength in pants through the expansion of our core pants fabrications and additional color options in novelty prints. Dresses gained momentum at the end of Q1, driven by knit dresses and elevated event dressing in printed silks.

在女裝方面，我們最強的品類是梭織上衣，包括素色襯衫、印花款式，以及新的棉質梭織系列。我們也看到褲裝表現強勁，受惠於核心褲裝面料的擴充，以及在新穎印花中增加更多顏色選擇。洋裝在第一季末動能提升，主要由針織洋裝與印花絲綢的高端場合穿搭帶動。

In men's, we continue to see significant growth across all channels, driven by novelty textured knits and polos. We're also seeing increases across all linen categories and sets. Head-to-toe dressing has elevated our average transaction values, with expanded offerings driving higher bottom sales penetration. Our men's business remains a significant growth opportunity. We're on a clear path towards 30% penetration over time.

在男裝方面，我們持續看到各通路顯著成長，主要由新穎紋理針織與 Polo 衫帶動。我們也看到所有亞麻品類與套裝的成長。從頭到腳的整體穿搭提升了我們的平均交易金額，擴充的商品供給也推動下身品類的銷售滲透率提高。我們的男裝業務仍是重要的成長機會。長期而言，我們正朝向 30% 滲透率的明確路徑前進。

We are leaning into high potential areas, particularly in our direct-to-consumer channel. In e-commerce, our Dropship business is expanding our reach without inventory risk. While still a small portion of the business, we recently launched handbags, belts, and accessories in Q2 in addition to shoes, adding another dimension to our offering. In our Store business, we are continuing targeted remodels and strategically looking to reposition in existing markets in lifestyle centers where traffic and productivity trends are strongest.

我們正加大投入高潛力領域，特別是在直營通路。在電商方面，我們的代發貨（Dropship）業務在不承擔庫存風險的情況下擴大觸及範圍。雖然目前仍占比不大，但我們在第二季除鞋類外，近期也推出手袋、皮帶與配件，為產品組合增添另一個面向。在門市業務方面，我們持續進行具針對性的改裝，並策略性地評估在既有市場中於生活風格購物中心（lifestyle centers）重新布局，因為這些地點的人流與生產力趨勢最為強勁。

This summer, we will amplify store traffic through activations in key markets. Looking ahead, I'm more confident than I've ever been in this business, and we are pleased to be raising our full-year outlook. Over the last 12 months, we have fundamentally raised the bar for Vince, establishing a new baseline for growth. We're executing with discipline, our brand is resonating, and our customers are responding.

今年夏天，我們將透過在關鍵市場的活動（activations）來提升門市人流。展望未來，我對這項業務的信心比以往任何時候都更強，我們也很高興上調全年展望。在過去 12 個月中，我們從根本上提高了 Vince 的標準，建立了新的成長基準。我們以紀律執行，品牌正在引起共鳴，顧客也正在回應。

This performance has extended into the second quarter with sales trends running above low-double-digit quarter to date. As Yuji will discuss, we're balancing the strong performance with prudent planning. With half the quarter remaining and macroeconomic volatility persisting, we're maintaining a disciplined approach to our Q2 and fiscal year outlook.

這樣的表現已延續至第二季，迄今為止的銷售趨勢高於低雙位數成長。如 Yuji 將說明，我們在強勁表現之餘，也以審慎規劃取得平衡。在本季尚有一半時間、且宏觀經濟波動仍持續的情況下，我們對第二季與全年展望維持紀律性的做法。

In summary, we're operating from a position of tremendous strength on pace to deliver strong growth for the year. We remain excited for the opportunities we continue to see to maximize Vince Holding Corp. as a platform, and I want to thank the team for their continued hard work. I look forward to updating you on our continued progress.

總結來說，我們正站在極為強勢的位置運營，並按計畫有望在今年實現強勁成長。我們仍對持續看到的機會感到振奮，將 Vince Holding Corp. 作為平台加以最大化；也要感謝團隊持續的辛勤努力。我期待向各位更新我們持續取得的進展。

Now I'll turn it over to you, Yuji, to walk through the financials in more detail.

現在我把時間交給 Yuji，請他更詳細地說明財務表現。

Thank you, Brendan, and good morning, everyone. I'll walk you through our first-quarter results and provide some additional color on our outlook for the second-quarter and full-year fiscal 2026. Total company net sales for the first quarter increased 10.5% to $64 million, compared to $57.9 million in the first quarter of fiscal 2025.

謝謝你，Brendan，各位早安。我將帶各位回顧第一季業績，並就第二季與 2026 會計年度全年展望提供更多補充說明。公司第一季淨銷售額總計成長 10.5% 至 6,400 萬美元，較 2025 會計年度第一季的 5,790 萬美元增加。

With respect to channel performance, our Direct-to-Consumer segment grew 15.6%, driven by strong performances across both our e-commerce business and stores, and our Wholesale segment increased 5.9% year over year. Gross profit in the first quarter was $32.4 million or 50.6% of net sales. This compares to $29.2 million or 50.3% of net sales in the first quarter of last year.

就通路表現而言，我們的直營（Direct-to-Consumer）部門成長 15.6%，主要由電商與門市的強勁表現帶動；批發（Wholesale）部門則年增 5.9%。第一季毛利為 3,240 萬美元，約占淨銷售額的 50.6%。相較之下，去年第一季毛利為 2,920 萬美元，約占淨銷售額的 50.3%。

The increase in gross margin rate was primarily driven by approximately 130 basis points due to favorable impact from higher pricing and 100 basis points due to favorable impact from lower discounting, largely offset by unfavorable impact of higher tariffs.

毛利率上升主要來自：較高定價帶來約 130 個基點的有利影響，以及折扣降低帶來 100 個基點的有利影響；但上述效益大致被關稅上升的不利影響所抵銷。

Selling, general, and administrative expenses in the quarter were $35 million or 54.7% of net sales as compared to $33.6 million or 58% of net sales for the first quarter of last year. The increase in SG&A dollars was primarily driven by higher benefit costs as well as higher marketing and advertising costs.

本季的銷售、一般及行政費用為3,500萬美元，佔淨銷售額的54.7%，相較於去年第一季的3,360萬美元（佔淨銷售額的58%）。SG&A金額的增加主要是由於福利成本上升，以及行銷與廣告成本提高所致。

Loss from operations for the first quarter was $2.6 million compared to loss from operations of $4.4 million in the same period last year. This represents a $1.8 million improvement year over year, reflecting both top-line growth and operating leverage. Net interest expense for the quarter decreased to $0.6 million compared to $0.9 million in the prior year. The decrease was primarily due to lower levels of debt under the revolving credit facility.

第一季營運損失為260萬美元，較去年同期的營運損失440萬美元為低。這代表年增改善180萬美元，反映了營收成長以及營運槓桿效益。本季淨利息費用降至60萬美元，較前一年同期的90萬美元下降。下降主要是因循環信用額度項下的負債水位較低。

At the end of the first quarter of fiscal 2026, our long-term debt balance was $29.1 million. The income tax benefit was $0.4 million compared to zero income tax benefit in the same period last year. The benefit is due to the impact of applying companies' estimated annual effective tax rate to the year-to-date ordinary pre-tax loss.

截至2026會計年度第一季末，我們的長期負債餘額為2,910萬美元。所得稅利益為40萬美元，去年同期則為零所得稅利益。該利益源於將公司估計的年度有效稅率套用至年初至今的一般稅前虧損所產生的影響。

Net loss for the first quarter was $2.1 million or loss per share of $0.16 compared to net loss of $4.8 million or loss per share of $0.37 for the first quarter of last year. Adjusted EBITDA was negative $1.1 million for the first quarter compared to negative $3 million in the prior year, representing an improvement on $1.9 million.

第一季淨損失為210萬美元，或每股虧損0.16美元；相較之下，去年第一季淨損失為480萬美元，或每股虧損0.37美元。第一季調整後EBITDA為負110萬美元，較前一年同期的負300萬美元改善，改善幅度為190萬美元。

Turning to the balance sheet, net inventory was $70.8 million at the end of first quarter as compared to $62.3 million at the end of first quarter last year. The year-over-year increase was primarily driven approximately $4.5 million higher inventory carrying value due to tariffs.

接著看資產負債表，第一季末淨存貨為7,080萬美元，較去年第一季末的6,230萬美元增加。年增主要是因關稅導致存貨帳面價值約增加450萬美元。

Now turning to our outlook. As Brendan discussed, we are thrilled to see the momentum carry into the start of the second quarter and our outlook considers the strong growth we are driving as well as dynamic macro environment. For the second quarter, we expect net sales for the period to increase approximately 10% to 12% compared to the prior year period.

現在談談我們的展望。如Brendan所提到，我們很高興看到這股動能延續到第二季初；我們的展望同時考量了我們所推動的強勁成長，以及多變的總體環境。對於第二季，我們預期本期淨銷售額將較去年同期增加約10%至12%。

We expect adjusting operating income as a percentage of net sales to be approximately 6.5% to 7%. And adjusted EBITDA as a percentage of net sales to be approximately 8% to 8.5%. Given the momentum we have seen in the business and continue to expect to see, we are raising our full-year outlook. For fiscal 2026, we now expect net sales to increase approximately 7% to 8% compared to fiscal 2025. We expect adjusted operating income as a percentage of net sales to be approximately 4% to 4.5%.

我們預期調整後營業利益佔淨銷售額的比率約為6.5%至7%。調整後EBITDA佔淨銷售額的比率約為8%至8.5%。鑑於我們在業務上看到的動能，且預期將持續，我們上調全年展望。對於2026會計年度，我們目前預期淨銷售額將較2025會計年度增加約7%至8%。我們預期調整後營業利益佔淨銷售額的比率約為4%至4.5%。

And adjusted EBITDA as a percentage of net sales to be approximately 5.5% to 6%. Our outlook now contemplates the net impact of higher input costs and lower reciprocal tariff rates based on what we know today. And while we received a portion of tariff-free funds, given the uncertainty on timing and ultimate amount of any reimbursement, we are not factoring tariff-free funds into our guidance.

調整後EBITDA佔淨銷售額的比率約為5.5%至6%。我們的展望目前已納入依據現階段所知之較高投入成本與較低對等關稅稅率的淨影響。此外，雖然我們已收到部分免關稅資金，但鑑於補償時點與最終金額仍具不確定性，我們未將免關稅資金納入指引。

In summary, we're pleased with our year-to-date performance and the trajectory of the business. We're managing the external environment effectively, and with our strong balance sheet, with ample liquidity, we are continuing to invest in initiatives that drive long-term growth, and we're well positioned to execute against our plans.

總結而言，我們對年初至今的表現以及業務走勢感到滿意。我們正有效管理外部環境；憑藉我們強健的資產負債表與充足流動性，我們持續投資於推動長期成長的各項計畫，並已做好充分準備以落實我們的計畫。

With that, I'll turn it back to the operator to open the line for questions.

接下來我把時間交回給接線員，開放提問。

(Operator Instructions) [Michael Kapinski], Noble Capital Markets.

(接線員指示) [Michael Kapinski]，Noble Capital Markets。

Thank you and first of all, congratulations on your quarter. I was just wondering, to what extent do you believe the current acceleration in revenue is being driven by favorable category trends versus company-specific execution and how sustainable do you think that advantage is over the coming years?

謝謝，首先恭喜你們本季表現。我想請教的是，你們認為目前營收加速成長在多大程度上是由有利的品類趨勢所帶動，相較於公司自身的執行力？而你們認為這項優勢在未來幾年有多可持續？

Yeah. Thanks, Michael. Well, as I said in my remarks, I definitely think the Contemporary segment is having a moment now with some tailwinds, but I feel even more confident that Vince is at the top of the list. I mean, we speak to our wholesale partners and we see where we rank. We see the increases we're getting.

是的。謝謝你，Michael。如我在發言中提到的，我確實認為當代（Contemporary）品類目前正受惠於一些順風因素，但我更有信心的是，Vince在其中名列前茅。我們與批發合作夥伴交流，也看到我們的排名位置。我們也看到我們所獲得的成長幅度。

So I think a lot of it is our execution, the great product that continues to flow through. I mentioned that the consistency of the team that's now been together largely for seven years is a big factor and they just keep evolving and elevating the product and then the team behind it find ways to expand it commercially. So I think it's a combination of both things. And as I said, we haven't seen any slowdown right now.

因此我認為很大一部分來自我們的執行力，以及持續推出的優秀產品。我提到過，團隊的穩定性——目前這個團隊大致已合作七年——是一個重要因素；他們不斷演進並提升產品，而其背後的團隊也持續找到方法在商業面擴大規模。所以我認為兩者兼而有之。而且如我所說，我們目前尚未看到任何放緩。

Go you. And then with your debt at $29 million, $31 million excess revolver availability, how do you think about balance sheet priorities as profitability improves here?

很好。另外，你們的負債為2,900萬美元，循環信貸尚有3,100萬美元的可用額度；隨著獲利能力改善，你們如何看待資產負債表的優先事項？

Well, we have a revolver that we're very comfortable right now with the availability and it's in better shape than it probably has been in a long time or maybe ever and we still have a little bit of a long-term debt that's on capital holds or pick interest that we're in discussion to figure out how to handle, but it's less than $10 million at this point.

我們目前對循環信貸的可用額度非常放心；它的狀況比很長一段時間、甚至可能是史上任何時候都更好。此外，我們仍有一小部分長期負債屬於資本化持有或PIK利息，我們正在討論如何處理，但目前不到1,000萬美元。

So greatly reduced from where it was 16, 18 months ago. So we feel given the strength of the business and the balance sheet, we're in a position to play some offense here and make some investments in business. And as I mentioned, also look for ways to use our platform to extend beyond Vince if the opportunity presents itself.

相較於16到18個月前已大幅降低。因此，基於業務與資產負債表的強勁表現，我們認為現在有條件採取更積極的策略，對業務進行一些投資。同時如我提到的，若有機會出現，我們也會尋找方式運用我們的平台，將版圖延伸至Vince以外。

Got you. That's all I have for now. Thank you.

了解。我目前就這些問題。謝謝。

Eric Beder, SCC Research.

Eric Beder，SCC Research。

So can we get an update on Saks, where that stands and how that fit into the guidance for this quarter and the year?

能否請你們更新一下Saks的情況、目前進展到哪裡，以及這在本季與全年指引中是如何納入考量的？

Yeah, well, we're certainly in a much better place with Saks Global, which is Saks, Nieman's, and Bergdorf's for us than we were a year ago. We continue to manage it very closely with their senior management team, but we came into the year planning it very conservatively and planning it down from last year. I think we mentioned last year it was about 7% of our business. So certainly much smaller than our other wholesale accounts at this point.

可以。我們與Saks Global（對我們而言包含Saks、Nieman's與Bergdorf's）的狀況，確實比一年前好得多。我們持續與他們的高階管理團隊非常密切地管理這部分業務，但我們在年初規劃時採取了非常保守的假設，並預期較去年下滑。我想我們去年提到過，這部分約佔我們業務的7%。因此就目前而言，規模確實比我們其他批發客戶小得多。

But we've been pleasantly surprised with the strength of the business there. And so we're seeing orders increase and they've been good partners in terms of going through this bankruptcy process. I read what you read that they're coming close to emerging and a healthy Saks Global, even though it's slightly reduced in terms of footprint from what was a year and a half ago, is terrific for Vince and good for the industry. So that presents some upside for us as we look in the back half of the year and to 2027.

但我們對那邊業務的強勁表現感到驚喜。因此我們看到訂單增加，而且他們在推進這次破產程序方面一直是很好的合作夥伴。我讀到的和你讀到的一樣，他們已接近完成重整並走出破產；一個健康的 Saks Global，儘管相較於一年半前在門市版圖上略有縮減，但對 Vince 來說非常棒，對整個產業也有利。因此，當我們展望今年下半年以及 2027 年時，這為我們帶來一些上行空間。

Right. When you look at renovations to stores, A, how many should we be thinking about this year, maybe next? And B, what kind of the financial impact from those kind of payback or what kind of metrics do you see when you upgrade a store?

了解。談到門市翻新，A，今年、也許明年，我們應該預期大概會有多少家？以及 B，這類翻新在財務上的影響如何——例如回收期或你們在升級門市時會看到哪些指標？

Yeah, well, last year, we did quite a few renovations at the beginning of the year and in many cases, it's to kind of retrofit the [ag] stores that we don't really need cash wraps and big registers in the stores. So it opens up the stores. I know you've seen Greenwich and seen it firsthand and gotten great payback where we've done did the renovations last year in Greenwich and Stanford, California, and Mercer Street, just to name a few.

是的，去年我們在年初做了相當多的翻新；很多情況下，是為了改造門市——我們其實不需要在店內設置收銀台與大型收銀設備。所以能讓門市空間更開闊。我知道你看過 Greenwich，也親自去過；我們去年在 Greenwich、加州的 Stanford，以及 Mercer Street 等幾家門市做了翻新，回報都非常好，僅舉幾例。

This year, over the summer, we have plans to upgrade Abbott Kinney out in California and Scottsdale. But we're not going to close the stores the stores are just doing too much business at this point to want to shut them down for a period like we did last year. So working with our team and the centers, we found ways to be able to do it off hours where we cannot lose the momentum we're building.

今年夏天，我們計畫升級加州的 Abbott Kinney 與 Scottsdale。但我們不會關店——目前這些店的生意做得太好了，不想像去年那樣為了翻新而停業一段時間。因此我們與團隊及商場方合作，找到能在非營業時間施工的方法，讓我們不會失去正在建立的動能。

So I think -- I'm curious to see how that goes and how we're able to execute as we think about renovations in 2027 and beyond, if we're able to do it with less disruption of the business, given the momentum that will further incentivize us to make those investments.

所以我也很好奇實際執行效果如何；如果我們能在對營運干擾更小的情況下完成，當我們思考 2027 年及之後的翻新時，鑑於這股動能，將會更進一步激勵我們進行這些投資。

Okay. When you look at the dropship, I see you expanded it out. Help us out here. How does the dropship help change kind of the ability for stores and for your ability to drive higher returns?

好的。談到 dropship（代發貨），我看到你們把它擴大了。請幫我們釐清一下。dropship 如何幫助改變門市以及你們提升報酬率的能力？

Yeah, well, I think it certainly is a tool for the stores, but it's more directly impacting e-commerce. And I think that anything we can do to expand the offering to the consumer beyond just what's traditionally been an apparel and shoe-based company provides the consumer more choice and more reason to spend time on the site or in the store.

是的，我認為它當然是門市的一個工具，但更直接影響的是電商。我認為，只要我們能把提供給消費者的選擇，從傳統以服飾與鞋履為主的公司再擴大，就能讓消費者有更多選擇，也更有理由花時間在網站或門市裡。

And I think it -- I know it increases our units per transaction as they have further opportunities. So we continue to be thrilled with shoes, which was what we launched six months ago. Now we've added these other categories just recently, and we're tracking to where we hope to be, if not a little bit more in terms of the annual projection.

而且我認為——我知道它提高了我們每筆交易的件數，因為消費者有更多加購機會。所以我們對鞋履品類持續感到非常振奮，那是我們六個月前推出的。現在我們最近又新增了其他品類，進度符合我們的期待，甚至在年度預估上可能略高一些。

And it's a meaningful number in terms of just continuing to grow the business. And so we have our store manager conference next month, and that's one of the topics is how do we better utilize dropship that's online in our stores. And the stores are keen to do that.

就持續推動業務成長而言，這是一個相當有意義的數字。因此我們下個月有門市經理會議，其中一個議題就是：如何在門市更好地運用線上的 dropship。而門市端也很積極想這麼做。

So we continue to get great support from Authentic Brands Group, our partners there, as they look to further expand categories. And I think it's pleasantly surprised us how accretive that's been, both, as we said, in things like dropship, but also in brand awareness. And so they're looking to do or have signed up licenses in categories like home and kids and swim.

因此，當他們希望進一步擴展品類時，我們持續獲得 Authentic Brands Group（ABG）——我們在那邊的合作夥伴——很大的支持。而且坦白說，這對我們的增益程度讓我們驚喜：不僅是在 dropship 這類業務上，如我們所說，也包括品牌知名度。因此他們正著手推進或已簽下家居、童裝與泳裝等品類的授權。

And we're very active in terms of partnering with them to make sure it fits into the Vince aesthetics and design. And creative teams very involved. So it's been a really energizing and beneficial relationship for both sides.

我們也非常積極地與他們合作，確保這些品類符合 Vince 的美學與設計。創意團隊也深度參與。所以這是一段讓雙方都很有能量、也很有助益的合作關係。

And one last one, suiting. We saw that this summer you guys switched over some linen suiting that went really well. How should we be thinking about that in terms of expanding men's suiting in more stores this year after testing it last year?

最後一題，關於西裝。我們看到今年夏天你們把部分亞麻西裝做了調整，效果很好。在去年測試之後，今年你們要在更多門市擴大男裝西裝品類時，我們應該如何看待？

Yeah, well, again, that's through Peerless, one of the ABG licenses. I happen to have done business with them for 30 years at this point, so I know them quite well and they're the leaders in the field, and I've been really impressed with how they've elevated their product from what I've dealt with them in the past.

是的，這同樣是透過 Peerless——ABG 的其中一個授權夥伴——來做的。我跟他們做生意到現在大概 30 年了，所以很了解他們；他們是這個領域的領導者，而且我對他們把產品水準提升到這個程度印象非常深刻，相較於我過去與他們合作時的產品更是如此。

And the customers definitely reacting to it, as you mentioned from last summer. And that's part of what we're thinking about is how do we better incorporate that into the stores. The stores were not originally set up for all these additional categories. And as floor space is precious, but that's where balancing the ability to drop ship with having some merchandise on site is kind of the next phase of figuring out the way to optimize this.

而且顧客的反應確實很好，就像你提到的去年夏天。這也是我們正在思考的一部分：如何把它更好地融入門市。門市原本並不是為了這些額外品類而設計的。在店面空間很珍貴的情況下，如何在 dropship 的能力與店內陳列部分商品之間取得平衡，算是下一階段要釐清、以最佳化整體模式的方向。

And we're experimenting with things like alterations. So things that we didn't really have to think about before are nice opportunities that we're kind of in the process of experimenting and solving.

我們也在嘗試像是修改服務（alterations）等做法。所以一些以前不太需要思考的事情，現在成了不錯的機會；我們正處於嘗試、並逐步找出解法的過程中。

Great. Congratulations and good luck for the rest of the year.

很好。恭喜，也祝你們今年接下來一切順利。

Thanks, Eric.

謝謝你，Eric。

At this time, there are no further questions. I will now turn the call back to Brendan Hoffman, CEO, for closing remarks.

目前沒有其他提問。我現在把電話交回給執行長 Brendan Hoffman 作結語。

Great. Well, thank you everyone for your continued interest in Vince, and we look forward to updating you again in September for our Q2 earnings call. Thanks again.

很好。非常感謝各位持續關注 Vince，我們也期待在 9 月的第二季財報電話會議上再次向各位更新。再次謝謝。

This concludes today's call. Thank you, all, for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。