Vera Bradley Inc (VRA) 2025 Q2 法說會逐字稿

Greetings, welcome to the Vera Bradley second quarter fiscal 2025 earnings conference call.

大家好，歡迎參加維拉·布拉德利 (Vera Bradley) 2025 財年第二季財報電話會議。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

Question-and-answer session will follow the formal presentation.

正式演講之後將進行問答環節。

(Operator Instructions)

（操作員說明）

Please note that this conference is being recorded.

請注意，本次會議正在錄製中。

I'll now turn the call over to Mark Dely, Chief Administrative Officer.

我現在將把電話轉給首席行政官馬克·戴利 (Mark Dely)。

Mr. Dely, you may go ahead to proceed.

戴利先生，您可以繼續了。

Good morning and welcome, everyone.

早上好，歡迎大家。

I'd like to thank you for joining us for today's call.

我要感謝您參加今天的電話會議。

Some of the statements made during our prepared remarks in response to your questions may constitute forward-looking statements made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

我們為回答您的問題而準備的發言中所做的一些陳述可能構成根據經修訂的 1995 年《私人證券訴訟改革法案》安全港條款並在其含義範圍內做出的前瞻性陳述。

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from those that we expect.

此類前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

Please refer to today's press release and the company's most recent Form 10-K filed with the SEC for a discussion of known risks and uncertainties.

請參閱今天的新聞稿和公司向 SEC 提交的最新 10-K 表，以了解已知風險和不確定性的討論。

Investors should not assume that the statements made during the call will remain operative at a later time.

投資者不應假設電話會議期間所做的聲明將在以後繼續有效。

We undertake no obligation to update any information discussed on today's call.

我們沒有義務更新今天電話會議中討論的任何資訊。

I will now turn the call over to Vera Bradley CEO, Jackie Ardrey.

我現在將把電話轉給維拉·布拉德利 (Vera Bradley) 首席執行官傑基·阿德雷 (Jackie Ardrey)。

Jackie?

傑基？

Thank you, Mark.

謝謝你，馬克。

Good morning, everyone, and thank you for joining us on today's call.

大家早安，感謝您參加今天的電話會議。

As we discussed on our last call, late in the second quarter, we rolled out the initial phase of project restoration to our brand stores and the Verabradley.com website.

正如我們在第二季末的最後一次電話會議中所討論的那樣，我們對品牌商店和 Veraradley.com 網站推出了專案恢復的初始階段。

This was a public-facing reintroduction of our iconic Vera Bradley brand, anchored on a renewed vision and positioning as we pivot our organization towards a bright future geared to sustainable long-term profitable growth.

這是我們標誌性的 Vera Bradley 品牌面向公眾的重新推出，以新的願景和定位為基礎，我們將我們的組織轉向面向可持續長期盈利增長的光明未來。

The initial phase was designed to elevate and differentiate the assortment and positioning from our outlet channels, attract new customers, and fuel a higher mix of full-price selling.

初始階段的目的是提升和區分我們的直銷管道的品種和定位，吸引新客戶，並推動更高的全價銷售組合。

I'm so proud of what the organization delivered in a very short time and the extremely successful marketing campaigns we launched.

我為該組織在很短的時間內交付的成果以及我們發起的極其成功的營銷活動感到非常自豪。

We targeted at a younger, more affluent customer for this launch and we're successful at driving traction with this segment at mostly full price.

我們此次推出的目標客戶是更年輕、更富裕的客戶，並且我們成功地以大部分全價吸引了這個細分市場。

Our modernized brand marketing and products are also attracting partnerships with new retailers like Urban Outfitters that launched this month.

我們現代化的品牌行銷和產品也吸引了與本月推出的 Urban Outfitters 等新零售商的合作。

Our top of the pyramid collections like Leather and Oxford Canvas sold especially well to existing customers even at higher retails.

我們的金字塔頂端系列，如皮革和牛津帆布，即使在較高的零售店，對現有客戶的銷售也特別好。

Average transactions for our brand channels were up 9.3% to last year post-launch, reflecting a higher level of full-price selling and a shift to products at the top of the pyramid.

推出後，我們品牌通路的平均交易量比去年增長了 9.3%，反映出全價銷售水平的提高以及向金字塔頂端產品的轉變。

Although we were pleased with many aspects of this rollout, our overall results were disappointing and reflect the continuation of first quarter macro consumer headwinds, as well as some elements that are within our control.

儘管我們對此次推出的許多方面感到滿意，但我們的整體結果令人失望，反映出第一季宏觀消費者逆風的持續，以及我們控制範圍內的一些因素。

At Pura Vida, we continued to see elevated digital media acquisition costs that prevented further investment and customer growth.

在 Pura Vida，我們繼續看到數位媒體獲取成本不斷上升，阻礙了進一步的投資和客戶成長。

Our indirect channel was also conscious cautious in the first part of second quarter as specialty and destination store traffic for our partners was initially down.

由於我們合作夥伴的專賣店和目的地商店客流量最初下降，我們的間接管道在第二季上半段也保持了謹慎態度。

Overall for the second quarter, we registered net revenues of $110.8 million, a decline of 13.5% compared to the prior year and non-GAAP net income of $3.9 million or $0.13 per diluted share.

整體而言，第二季我們的淨收入為 1.108 億美元，比去年同期下降 13.5%，非 GAAP 淨利潤為 390 萬美元，即稀釋後每股收益 0.13 美元。

These results did not meet our internal expectations and largely reflects a challenging consumer backdrop in which consumers continued to be very discriminating with discretionary spending.

這些結果沒有達到我們的內部預期，很大程度上反映了充滿挑戰的消費者背景，消費者對可自由支配的支出仍然非常挑剔。

By segment for the second quarter, Vera Bradley direct revenues totaled $72.2 million with an operating margin of 19.1%.

按部門劃分，第二季 Vera Bradley 的直接收入總計 7,220 萬美元，營業利潤率為 19.1%。

Vera Bradley indirect revenues were $21.8 million with an operating margin of 22.8% and Pura Vida revenues totaled $16.8 million with an operating margin of 4.1%.

Vera Bradley 間接收入為 2,180 萬美元，營業利潤率為 22.8%，Pura Vida 收入總計 1,680 萬美元，營業利潤率為 4.1%。

We are confident in the direction we are taking the business and remain committed to project restoration key areas of focus, including first, restoring Vera Bradley's brand relevancy, strategically marketing our distinctive and unique position as a feminine, fashionable brand that connects with consumers on a deep emotional level.

我們對業務發展方向充滿信心，並持續致力於專案恢復關鍵領域，包括首先恢復 Vera Bradley 的品牌相關性，策略性地行銷我們作為女性時尚品牌的獨特地位，透過深厚的情感層面。

Second, targeting casual and feminine 35 to 54-year-old women, who value both fashion and function.

其次，針對休閒、女性化的35至54歲女性，她們著重時尚與功能。

Third, leaning into our elegantly redesigned product assortment for a modern consumer and her needs while retaining the elements that classically define Vera Bradley.

第三，專注於我們針對現代消費者及其需求而重新設計的優雅產品系列，同時保留維拉·布拉德利 (Vera Bradley) 的經典元素。

And fourth, building a balanced multi-channel structure that allows customers to shop when, where, and how they want to shop with us.

第四，建立平衡的多通路結構，讓客戶可以在他們想要的時間、地點、方式與我們一起購物。

I'll speak to these key focus areas in a moment.

我稍後將討論這些關鍵焦點領域。

In light of our first-half results and the initial start to third quarter, we are now prudently planning the second-half with a much more conservative lens.

鑑於我們上半年的業績和第三季的開局，我們現在正在以更保守的視角謹慎地規劃下半年。

Our overall outlook reflects the pressures and trends we have seen experienced through the midpoint of this year, and we expect those are going to continue through the balance of the year.

我們的整體前景反映了我們在今年中期所經歷的壓力和趨勢，我們預計這些壓力和趨勢將持續到今年餘下的時間。

Michael will share some details on this in a few minutes.

邁克爾將在幾分鐘內分享一些相關細節。

I wanted to be clear, though, that we remain confident in the direction we're taking the business and key wins in the quarter, which have continued third quarter to date are validation that we are moving in the right direction for long-term health.

不過，我想澄清的是，我們對業務發展方向仍然充滿信心，並且在本季度取得的關鍵勝利（第三季度至今仍在繼續）證明我們正在朝著長期健康的正確方向前進。

The pace of our journey is slower than we anticipated, but we are on the right path.

我們旅程的步伐比我們預期的要慢，但我們走在正確的道路上。

With our brand restoration efforts well underway, we will remain agile and flexible throughout the fall and holiday season, while pursuing our vision to inspire people to be bold in their pursuits and brilliant in their self-expression.

隨著我們的品牌修復工作順利進行，我們將在整個秋季和假期季節保持敏捷和靈活，同時追求我們的願景，激勵人們大膽追求，精彩自我表達。

We entered the second half in a strong financial position.

我們進入下半年時財務狀況良好。

However, with no debt and $44 million in cash, which allows us to remain nimble while navigating a dynamic consumer environment.

然而，由於沒有債務和 4,400 萬美元的現金，這使我們能夠在動態的消費環境中保持靈活性。

We're committed to strengthening our financial position through operational improvements over the next few years.

我們致力於在未來幾年透過營運改善來加強我們的財務狀況。

And Michael will talk more about those as well.

邁克爾也會多談論這些。

We've done a great job managing SG&A this quarter and are down over $6 million to last year across both brands, even with the planned incremental marketing investments at Vera Bradley.

本季我們在 SG&A 管理方面做得非常出色，儘管計劃在 Vera Bradley 進行增量行銷投資，但兩個品牌的成本比去年減少了 600 萬美元以上。

I'd like to take a moment to thank the entire Vera Bradley organization for their hard work and dedication leading up to and throughout the launch of project restoration as well as our unwavering commitment to our brands and our customers.

我想花點時間感謝整個 Vera Bradley 組織在專案修復啟動之前和整個過程中的辛勤工作和奉獻精神，以及我們對品牌和客戶堅定不移的承諾。

Our mission is to unlock joy and ignite conversations through uplifting color and artistry, and our teams have executed on this mission with passion.

我們的使命是透過令人振奮的色彩和藝術性釋放歡樂並引發對話，我們的團隊滿懷激情地執行著這項使命。

We know there is much work ahead of us and we are staying close to both new and existing customers listening, adjusting, and executing with speed and excellence to deliver emotionally connected brand experiences.

我們知道我們還有很多工作要做，我們將與新舊客戶保持密切聯繫，傾聽、調整併快速、卓越地執行，以提供情感上緊密相連的品牌體驗。

Now I'd like to give you some more detail on project restoration for Vera Bradley.

現在我想向您介紹更多有關維拉布拉德利 (Vera Bradley) 專案修復的細節。

On July 11, we unveiled the first part of the Vera Bradley transformation aimed at reinvigorating the business and restoring brand relevance featuring new product, a new logo, in-store renovations, an optimized website experience, and new marketing campaign featuring Zooey Deschanel as our brand ambassador.

7 月11 日，我們公佈了維拉·布拉德利(Vera Bradley) 轉型的第一部分，旨在重振業務並恢復品牌相關性，包括新產品、新徽標、店內翻新、優化的網站體驗以及以佐伊·丹斯切爾(Zooey Deschanel) 為主角的新行銷活動。

Our efforts in this transformation revolved around four pillars of product, brand, customer, and channel.

我們在這項轉型中的努力圍繞著產品、品牌、客戶和通路四大支柱。

I'd like to note that the outlet portion of this transformation launched late in August, and although it hasn't yet changed sales trends in the outlet store channel, our vboutlet.com site is doing very well.

我想指出的是，這次轉型的奧特萊斯部分是在八月下旬啟動的，雖然尚未改變奧特萊斯商店通路的銷售趨勢，但我們的 vboutlet.com 網站做得非常好。

The new product assortment in our brand channel features higher quality fabrics and performance materials such as cotton gabardine, oxford canvas, and genuine faux grain leather in modernized silhouettes based on our traditional best-selling styles.

我們品牌通路中的新產品系列採用更高品質的面料和高性能材料，例如棉質華達呢、牛津帆布和真正的人造粒面皮革，採用基於我們傳統暢銷款式的現代化輪廓。

The new styles have been elegantly redesigned, while honoring the heritage and elements that have classically defined Vera Bradley.

新款式經過優雅的重新設計，同時尊重維拉·布拉德利 (Vera Bradley) 的經典傳統和元素。

I'm very pleased to report that we saw strong performance at the top end of our good, better best product pyramid particularly with existing and reactivated customers.

我很高興地向大家報告，我們在良好、更好的最佳產品金字塔的頂端看到了強勁的表現，特別是對於現有和重新激活的客戶。

Leather goods as well as solid and trend right fashion colors, including brand green and pumice stone, all performed well, which validates that both our existing and new customers are interested in trend-right silhouettes and colors.

皮革製品以及純色和潮流的時尚顏色，包括品牌綠色和浮石石，都表現良好，這證明我們的現有客戶和新客戶都對潮流的輪廓和顏色感興趣。

Although the majority of the product enhancements we made have been well received, we did receive some constructive feedback on select product style adjustments such as the need for longer and wider straps, more pockets and zip closures.

儘管我們所做的大部分產品改進都受到了好評，但我們確實收到了一些關於某些產品風格調整的建設性反饋，例如需要更長和更寬的肩帶、更多的口袋和拉鍊。

We embraced the feedback and have made assortment edits in time for the holiday and spring seasons.

我們接受了回饋，並及時針對假期和春季進行了分類編輯。

It's important to us that both new and existing customers find products they love with the functions they need.

對我們來說重要的是，新客戶和現有客戶都能找到他們喜歡且具有所需功能的產品。

We also heard that we cut our print assortment back too much, especially in cotton, and we are planning to resolve that an upcoming season.

我們也聽說我們大幅削減了印花品種，尤其是棉質印花，我們計劃在下一季解決這個問題。

Finally, our selection of new collaborations in the second quarter was reduced to last year, but will continue to be part of our assortment in all channels.

最後，我們第二季新合作的選擇減少到去年，但將繼續成為我們所有通路品種的一部分。

Our new Mickey deliveries in both brand and outlet channels were very well received by customers and fans can look forward to both favorite and new properties that will launch in holiday and future seasons.

我們在品牌和直銷管道上交付的新米奇產品均受到客戶的好評，粉絲們可以期待在假期和未來季節推出的最喜愛的產品和新產品。

To adjust our brand and customer pillars, we engage in a number of activities and strategies.

為了調整我們的品牌和客戶支柱，我們進行了一系列活動和策略。

As part of this, Vera Bradley enlisted actress, musician, and entrepreneur Zooey Deschanel to serve as the face of the brand's fall creative campaign, which spans billboards, print, and digital platforms.

作為其中的一部分，維拉布拉德利(Vera Bradley) 邀請女演員、音樂家和企業家佐伊丹斯切爾(Zooey Deschanel) 擔任該品牌秋季創意活動的代言人，該活動涵蓋廣告牌、印刷品和數位平台。

We saw strong selling across Zooey's hand-selected favorite items, including the Astoria shoulder bag, the Springbrook sling crossbody, and the Miramar Weekender.

我們看到 Zooey 親自挑選的最愛單品銷售強勁，包括 Astoria 單肩包、Springbrook 斜挎包和 Miramar Weekender。

Most of these efforts were about increasing awareness, relevancy, and exposure to our target customer group.

這些努力大部分是為了提高目標客群的認知度、相關性和曝光度。

We have initially seen great progress as our acquired customers are within our desired age target with higher household income.

我們最初看到了巨大的進步，因為我們獲得的客戶都在我們期望的年齡目標內，並且家庭收入較高。

The pace in acquiring these customers is initially slower than we planned, but continue to make progress.

獲取這些客戶的速度最初比我們計劃的要慢，但仍在繼續取得進展。

Zooey’s featured in our holiday campaigns and we look forward to the reception of our new prints and giftable items launching next month.

佐伊 (Zooey) 出現在我們的節日活動中，我們期待著下個月推出的新印刷品和禮品受到歡迎。

Looking across our various channels, the earliest reads have occurred in our indirect business where we were particularly pleased with the on-the-floor selling across our top tier wholesale accounts, including specialty stores, department stores, and airports.

縱觀我們的各種管道，最早的讀取發生在我們的間接業務中，我們對頂級批發客戶（包括專賣店、百貨公司和機場）的現場銷售感到特別滿意。

We have been especially excited about our August '27 Vera Bradley limited edition launch collection in collaboration with Urban Outfitters.

我們對與 Urban Outfitters 合作推出的 27 年 8 月 Vera Bradley 限量版系列感到特別興奮。

This partnership is off to a fantastic start and will expand significantly for holiday, both in stores and online.

這一合作關係有了一個良好的開端，並將在假期期間在商店和網上大幅擴展。

We are also in discussions with other retailers and licensing partners who express strong interest in our rebranding, and I look forward to updating you on our progress next quarter.

我們也正在與其他零售商和授權合作夥伴進行討論，他們對我們的品牌重塑表現出濃厚的興趣，我期待在下個季度向您通報我們的最新進展。

Now I'll turn to Pura Vida.

現在我要談談普拉維達。

At Pura Vida, we continue to shift our long-term focus to delivering profitability through cost control and gross margin expansion while balancing the e-commerce business with wholesale and appropriate retail store expansion.

在 Pura Vida，我們繼續將長期重點轉向透過成本控制和毛利率擴張來實現盈利，同時平衡電子商務業務與批發和適當的零售店擴張。

We remain committed to sharpening our focus on 18 to 24-year-olds and re-centering our brand expression to live life to the fullest.

我們仍然致力於加強對 18 至 24 歲人群的關注，並重新調整我們的品牌表達，讓生活更加充實。

We continue to diversify our marketing spend and concentrate our efforts on customer retention and reactivation.

我們持續實現行銷支出多元化，並將精力集中在客戶保留和重新激活上。

For product, we are turning our focus to core product categories like bracelets and jewelry.

對於產品，我們將重點轉向手鐲和珠寶等核心產品類別。

Our Harper Charm program is performing well and continues to be a growth opportunity.

我們的 Harper Charm 計劃表現良好，並且仍然是一個成長機會。

We also continue to pursue product partnerships with licenses such as Harry Potter, Disney, Shark Week and others.

我們也繼續尋求與哈利波特、迪士尼、鯊魚週等公司的產品合作關係。

Our stretch program continues to perform well in bracelets and anklets and we will iterate on those successes.

我們的彈性產品在手鐲和腳鍊中繼續表現良好，我們將迭代這些成功。

For Channel, we continue to focus on profitable e-commerce sales as well as retail.

對於通路，我們繼續專注於有利可圖的電子商務銷售和零售。

Our stores are performing well and we are especially excited about our new Disney Springs location, which is scheduled to open late this month.

我們的商店表現良好，我們對計劃於本月底開幕的迪士尼之泉新店感到特別興奮。

I'll turn the call over now to CFO, Michael Schwindle to review the financial results.

我現在將電話轉給財務長 Michael Schwindle，以審查財務表現。

Michael?

麥可？

Thanks Jackie.

謝謝傑基。

Good morning everyone and thank you for joining us.

大家早安，感謝您加入我們。

We will open it for questions in a few minutes, but first I'd like to cover some highlights for the quarter and briefly discuss our updated guidance for the year.

我們將在幾分鐘內開放提問，但首先我想介紹本季度的一些亮點，並簡要討論我們今年的最新指導。

For the sake of clarity, all the numbers I'm discussing today are non-GAAP and exclude the charges outlined in today's press release.

為了清楚起見，我今天討論的所有數字都是非公認會計原則的，不包括今天新聞稿中概述的費用。

A complete detail of the items excluded from the non-GAAP numbers, as well as reconciliation of GAAP to non-GAAP numbers can be found in that release.

可以在該新聞稿中找到非 GAAP 數據中排除的項目的完整詳細信息，以及 GAAP 與非 GAAP 數據的調整表。

For the second quarter, our consolidated revenues totaled $110.8 million, compared to $128.2 million in the prior year second quarter.

第二季度，我們的合併收入總計 1.108 億美元，而去年第二季的合併收入為 1.282 億美元。

Our net income for second quarter totaled $3.9 million or $0.13 per diluted share, that's compared to a net income of $10.2 million last year or $0.33 per diluted share.

我們第二季的淨利潤總計 390 萬美元，即稀釋後每股 0.13 美元，而去年的淨利潤為 1,020 萬美元，即稀釋後每股 0.33 美元。

In terms of segment performance, Vera Bradley direct segment revenues for this current year's second quarter totaled $72.2 million, approximately a 16% decrease from $85.7 million in the prior year second quarter.

就部門表現而言，Vera Bradley 今年第二季的直接部門收入總計為 7,220 萬美元，比去年第二季的 8,570 萬美元下降約 16%。

Comparable sales declined approximately 11%.

可比銷售額下降約 11%。

A total revenues year-over-year were also impacted by five store closures, one store opening and the movement of the annual outlet sale from the second quarter last year to first quarter this year.

總收入同比還受到五家商店關閉、一家商店開業以及年度直銷店銷售額從去年第二季度到今年第一季的變化的影響。

Vera Bradley indirect segment revenues totaled $21.8 million, a 25% increase from $17.4 million in the prior year second quarter.

Vera Bradley 間接部門營收總計 2,180 萬美元，比去年第二季的 1,740 萬美元成長 25%。

This increase was related primarily to new assortment purchasing by our indirect partners as well as older assortment liquidations associated with project restoration.

這一增長主要與我們的間接合作夥伴購買新品種以及與專案恢復相關的舊品種清算有關。

As Jackie noted earlier, we are very pleased, with many aspects of our indirect business for this quarter.

正如傑基早些時候指出的，我們對本季間接業務的許多方面感到非常滿意。

For example, our comparable indirect partner accounts posted amid single-digit increase in orders, as well as experiencing meaningful or average order size increases.

例如，我們的可比較間接合作夥伴帳戶在訂單數量出現個位數成長的同時，也出現了有意義的或平均訂單規模的成長。

We've also seen great business development as evidenced by the success of the Urban Outfitters that Jackie noted just a few minutes ago, along with others that are in the pipeline.

我們也看到了巨大的業務發展，傑基幾分鐘前提到的 Urban Outfitters 以及其他正在籌備中的公司的成功證明了這一點。

Pura Vida’s segment revenues totaled $16.8 million, a 33% decrease from $25.1 million in the prior year second quarter, primarily related to declines in e-commerce and wholesale revenues.

Pura Vida 部門營收總計 1,680 萬美元，比去年第二季的 2,510 萬美元下降 33%，這主要與電子商務和批發收入的下降有關。

As a reminder, our key focus for Pura Vida has been, and it continues to be managing the business for profitability and not merely revenue growth.

提醒一下，我們對 Pura Vida 的主要關注點一直是並將繼續管理業務以實現盈利，而不僅僅是收入成長。

In response to rapidly rising digital marketing costs that began in late third quarter last year, the Pura Vida team is focused on marketing efficiency, as well as digital marketing diversification.

為了因應去年第三季末開始快速上升的數位行銷成本，Pura Vida團隊專注於行銷效率以及數位行銷多元化。

Non-GAAP first quarter gross margin totaled $56.4 million, or 50.9% of net revenues, compared to $72 million, or 56.2% of net revenues in the prior year.

非 GAAP 第一季毛利率總計 5,640 萬美元，佔淨收入的 50.9%，而去年同期毛利率為 7,200 萬美元，佔淨收入的 56.2%。

Gross margin declined year-over-year from an increase in liquidation sales along with increased promotional activity, most notably in our outlets.

由於清倉銷售增加以及促銷活動增加（尤其是在我們的門市），毛利率較去年同期下降。

Non-GAAP SG&A expense totaled $52.2 million or 47.1% of net revenues, compared to $58.3 million or 45.5% of net revenues in the prior year of second quarter.

非 GAAP SG&A 費用總計 5,220 萬美元，佔淨收入的 47.1%，而上年第二季為 5,830 萬美元，佔淨收入的 45.5%。

Current quarter expenses were lower than the prior year primarily related to cost reduction initiatives, along with a reduction in variable related expenses from lower sales volumes.

本季費用低於前一年，主要與成本削減措施以及銷售下降導致的可變相關費用減少有關。

We continue to closely examine areas of our organization for both process and cost opportunities and our teams are increasingly diligent and attentive to cost management.

我們繼續仔細檢查我們組織的各個領域的流程和成本機會，我​​們的團隊越來越勤奮和關注成本管理。

Second quarter non-GAAP consolidated operating income totaled $4.3 million or 3.9% of net revenues, compared to operating income of $14 million or 10.9% of net revenues in the prior year.

第二季非 GAAP 合併營業收入總計 430 萬美元，佔淨收入的 3.9%，而前一年營業收入為 1,400 萬美元，佔淨收入的 10.9%。

Turning to the balance sheet, our quarter-end cash and cash equivalents totaled $44.1 million, compared to $48.5 million at the end of last year's second quarter.

談到資產負債表，我們季度末的現金和現金等價物總額為 4,410 萬美元，而去年第二季末為 4,850 萬美元。

We continued to have no borrowings on our $75 million ABL facility at quarter end.

截至季末，我們的 7,500 萬美元 ABL 融資仍然沒有借款。

Total quarter end inventory was $133 million, down nearly 5% from $139.3 million at the end of last year's second quarter.

季末庫存總額為 1.33 億美元，比去年第二季末的 1.393 億美元下降近 5%。

We continue to take strategic actions to reduce our inventory levels in addition to structural changes in our merchandising and sourcing processes to improve both product flow and product quality.

除了對銷售和採購流程進行結構性改變以改善產品流程和產品品質之外，我們還繼續採取策略行動來降低庫存水準。

Our merchandising, merchandise planning, sourcing, and design teams in particular have made substantial progress in redefining our approach to inventory acquisition as well as management.

我們的銷售、商品規劃、採購和設計團隊在重新定義庫存採購和管理方法方面取得了重大進展。

And these efforts have meaningfully impacted our ability to navigate this year and will continue to drive improvements into the future.

這些努力對我們今年的應對能力產生了有意義的影響，並將繼續推動未來的改進。

During the second quarter, we also repurchased approximately $9.5 million of common stock or approximately 1.4 million shares at an average price of $7.01. Bringing the total repurchase for the six months to approximately $15.9 million.

在第二季度，我們也以平均價格 7.01 美元回購了約 950 萬美元的普通股或約 140 萬股股票。使這六個月的回購總額達到約 1590 萬美元。

At the end of the quarter, we had approximately $9.6 million remaining on our $50 million repurchase authorization, and that authorization expires in December of 2024.

截至本季末，我們的 5,000 萬美元回購授權還剩約 960 萬美元，授權將於 2024 年 12 月到期。

Finally, I'd like to go through our revised guidance for fiscal 2025.

最後，我想回顧一下我們修訂後的 2025 財年指引。

As a reminder, all forward-looking guidance is on a non-GAAP basis.

提醒一下，所有前瞻性指導均基於非公認會計原則。

As a point of context, please also keep in mind that the current year represents 52 weeks, while the prior year as reported, was comprised of 53 weeks.

作為背景，也請記住，本年度有 52 週，而報告的去年有 53 週。

In light of our first-half performance and the continued macro uncertainty, we are prudently planning the recent business trends to continue for the balance of this year.

鑑於我們上半年的業績和持續的宏觀不確定性，我們正在謹慎規劃近期的業務趨勢，以便在今年餘下的時間裡繼續下去。

We have been actively assessing a number of responses to the environment and are accelerating several operational changes to the organization which will streamline our cost structure and improve our flexibility and responsiveness.

我們一直在積極評估對環境的一系列應對措施，並正在加速對組織進行多項營運變革，這將簡化我們的成本結構並提高我們的靈活性和回應能力。

Many of these changes are delivering savings and effectiveness in the current fiscal year, while some will continue to deliver future savings and effectiveness in future years as well.

其中許多變化正在本財年實現節省和提高效率，而有些變化也將在未來幾年繼續節省和提高效率。

For the full-year of fiscal 2025, we expect consolidated net revenues of approximately $410 million.

對於 2025 財年全年，我們預計合併淨收入約為 4.1 億美元。

Vera Bradley overall sales year to go are expected to decline in the low-teen range with some sequential improvement in Q4 over Q3, driven by the opening of six new Vera Bradley outlet stores and one new Vera Bradley brand store in Q4.

Vera Bradley 未來一年的整體銷售額預計將在低位區間下降，第四季度將比第三季度有所改善，這是由於第四季度開設了六家新的Vera Bradley 直銷店和一家新的Vera Bradley品牌店。

Vera Bradley indirect segment sales are expected to decline in the low-single-digit range with a softer Q3 partially offset by a stronger Q4.

Vera Bradley 間接部門銷售額預計將下降至低個位數範圍，第三季的疲軟將被第四季的強勁部分抵消。

Pura Vida sales are expected to decline in the mid-teen range, with Q3 similar to Q2 performance relative to last year, but a single-digit range declined rather in Q4 as the business anniversary is the marketing efficiency challenges from last year, as well as the opening of the new Disney Spring store.

Pura Vida 的銷售額預計將在青少年範圍內下降，第三季度與去年第二季度的表現相似，但第四季度的下降幅度為個位數，因為營業週年紀念日是去年營銷效率的挑戰，以及迪士尼春季新店開幕。

We expect consolidated gross margin for the year of approximately 53%, compared to 54.5% in fiscal '24.

我們預計今年的綜合毛利率約為 53%，而 2024 財年為 54.5%。

The decline in the gross margin rate is driven by increased promotional cadence in our direct segments along with increased liquidation sales year-to-date, while partially offset by product cost improvements and lower supply chain costs.

毛利率的下降是由於我們直接部門的促銷節奏增加以及年初至今的清算銷售增加所致，但部分被產品成本改善和供應鏈成本下降所抵消。

These trends are expected to continue fairly ratably across the balance of this year.

預計這些趨勢將在今年餘下的時間裡繼續大幅增長。

Consolidated SG&A expense is expected to be approximately $215 million, compared to $234.7 million in fiscal 2024.

綜合銷售、一般行政費用預計約 2.15 億美元，而 2024 財年為 2.347 億美元。

The year-over-year SG&A expense reductions are anticipated to come from decreased variable costs, along with continued structural cost reductions, and will be heavily weighted to the fourth quarter.

SG&A 費用的同比減少預計將來自可變成本的減少以及結構性成本的持續減少，並將在第四季度佔據重要地位。

As I noted a few moments ago, we continue to assess our business processes and standards, and we're committed to right-sizing the overall cost structure of the organization.

正如我剛才指出的，我們將繼續評估我們的業務流程和標準，並且我們致力於調整組織的整體成本結構。

In the long run, this will establish a new and lower baseline from which business growth can better leverage in the future.

從長遠來看，這將建立一個新的、較低的基線，未來業務成長可以更好地利用該基線。

All of this is expected to result in consolidated operating income of approximately $3 million, compared to $22.6 million in the fiscal 2024 year, along with diluted earnings per share of approximately $0.10 per share, compared to $0.54 per share last year on a 52-week basis.

所有這些預計將帶來約 300 萬美元的綜合營業收入，而 2024 財年為 2,260 萬美元，稀釋後每股收益約為 0.10 美元，而去年 52 週的每股收益為 0.54 美元基礎。

We also expect net capital spending of approximately $13 million versus $3.8 million last year.

我們也預計淨資本支出約為 1,300 萬美元，而去年為 380 萬美元。

This spend level reflects investments associated with new remodeled stores, as well as technology and logistics enhancements.

這一支出水準反映了與新改建的商店以及技術和物流增強相關的投資。

To wrap up the guidance, we expect continued progress on disciplined inventory management, as I mentioned earlier, such that the end of year inventory is expected to be approximately 5% lower than last year's year-end level, which at that time had decreased approximately 17% from the prior year.

最後，正如我之前提到的，我們預計嚴格的庫存管理將繼續取得進展，年末庫存預計將比去年年底水準下降約 5%，當時的水準已下降約 5%。

As a result, we expect an end of year cash balance of approximately $50 million, which reflects these guidance comments along with the share buyback activity that I noted earlier.

因此，我們預計年終現金餘額約為 5000 萬美元，這反映了這些指導意見以及我之前提到的股票回購活動。

And that concludes our formal remarks.

我們的正式發言到此結束。

So, Rob, can you please open up the line for questions?

那麼，羅布，您可以開通提問專線嗎？

Thank you.

謝謝。

We'll now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Daniel Harriman, Sidoti & Company.

丹尼爾·哈里曼，西多蒂公司。

Hey, good morning, Jackie.

嘿，早上好，傑基。

Good morning, Michael.

早上好，麥可。

Just a couple quick ones for me.

對我來說只有幾個快速的。

On the first quarter call, you highlighted consumer weakness, but in particular, the lower income consumer, which had an impact in the outlet channel.

在第一季的電話會議上，您強調了消費者的疲軟，特別是低收入消費者，這對奧特萊斯通路產生了影響。

Is that more or less what you're seeing thus far into the third quarter, is it more evenly spaced out across all income channels?

這或多或少是您在第三季所看到的情況嗎？

And then I was just wondering, Jackie, I know you mentioned you're going to provide more details on the third quarter call, but if you could just maybe expand a little bit upon some of the new wholesale partners that you've identified and hope to team up with in the future?

然後我只是想知道，傑基，我知道您提到您將在第三季度的電話會議上提供更多詳細信息，但您是否可以稍微擴展一下您已經確定的一些新批發合作夥伴以及未來希望合作嗎？

Sure.

當然。

Great question.

很好的問題。

First of all to your question about the lower income consumer and whether it's spread across all levels or concentrated, I would say we don't share specific detail about our consumer levels, but I have talked about before that our outlet channels, which have really been the most challenged this year, are really highly indexed to a lower income customer, and that's where we're seeing the softness.

首先，關於你關於低收入消費者的問題，以及它是否分佈在各個層面還是集中，我想說的是，我們不會分享有關我們消費者層面的具體細節，但我之前已經談到過我們的直銷管道，這些管道確實今年面臨的挑戰最大，它們對低收入客戶的指數確實很高，這就是我們看到的疲軟之處。

So that's definitely the answer to your first question.

這絕對是你第一個問題的答案。

And then in terms of the partners we're looking at, really, we're looking at largely how we can appeal to targets that really align with our customer acquisition targets.

然後，就我們正在尋找的合作夥伴而言，實際上，我們主要關注的是如何吸引與我們的客戶獲取目標真正相符的目標。

So it's too early to comment on anything yet, but what I do want you to take away is that there's a lot of interest that we've never really seen this level before based on all of the new marketing and Zooey and all of the efforts that we've made in the rebranding.

所以現在評論任何事情還為時過早，但我確實希望你們明白的是，基於所有新的營銷和佐伊以及所有的努力，我們以前從未真正見過這個水平，所以有很多興趣我們在品牌重塑中所做的。

So we've definitely seen a lot more interest.

所以我們肯定看到了更多的興趣。

We're having a lot more conversations.

我們正在進行更多的對話。

And the success of our Urban Outfitters Partnership and its expansion into holiday, I think, is a great example of how we are continued to be confident in the direction we're taking the business and how project restoration is really supporting where we're going, although, admittedly again in my comments, I said a little slower than we planned.

我認為，我們的 Urban Outfitters 合作夥伴關係的成功及其向假日領域的擴展是一個很好的例子，說明我們如何繼續對我們的業務方向充滿信心，以及專案恢復如何真正支持我們的發展方向，儘管如此，不可否認，在我的評論中，我說的比我們計劃的要慢。

Okay, great.

好的，太好了。

Thank you all so much and I'll hop back in the queue.

非常感謝大家，我會重新加入隊列。

Doug Lane, Water Tower Research.

道格·萊恩，水塔研究。

Yeah, hi.

是的，嗨。

Thanks and good morning, everybody.

謝謝大家，早安。

Good morning.

早安.

Good morning, Michael.

早上好，麥可。

I'm just looking at the cash flow statement.

我只是看現金流量表。

And your free cash flow was negative in the first-half of the year.

而你的自由現金流在上半年是負數。

And you're going to end up slightly positive.

你最終會得到一些正面的結果。

So you're optimistic about free cash flow generation in the second-half of the year?

那麼您對下半年自由現金流的產生持樂觀態度嗎？

Sticking on the first-half, the big swing I see is in inventories where it was a $15 million use this year, and last year it was a $3 million source.

繼續看上半年，我看到的巨大波動是庫存，今年的使用量為 1500 萬美元，去年的來源量為 300 萬美元。

Can you put some color around that?

你能在它周圍加上一些顏色嗎？

Yeah, absolutely.

是的，絕對是。

One of the aspects of project restoration, as everyone has heard us talk a number of times, is the new assortments that we were bringing over into the brand channels.

正如每個人都多次聽到我們談論的那樣，專案恢復的一個方面是我們將新品種帶入品牌管道。

Because of the timing of that, that created basically an overlapping period over a couple of, a few months here.

由於時間安排，這基本上造成了幾個月、幾個月的重疊時期。

We also had a significant amount of in-transit inventories coming across the water in preparation for the fall season as well.

我們也擁有大量在途庫存，為秋季做好準備。

So there's a little bit of a timing issue.

所以存在一點時間問題。

As I mentioned in my comments earlier, we do continue to expect, we were down 5% to last year on inventories despite that in-transit issue and we expect to continue to be down 5% through the end of this year.

正如我之前在評論中提到的，我們確實繼續預計，儘管存在運輸途中的問題，我們的庫存仍比去年下降 5%，並且我們預計到今年年底將繼續下降 5%。

Q3 might look a little bit different just from a timing issue, but by the end of the year we expect to be 5% down to last year.

僅從時間問題來看，第三季可能看起來有點不同，但到今年年底，我們預計將比去年下降 5%。

I'm really pleased with the work that the team did and that's in context of the revised guidance as well.

我對團隊所做的工作非常滿意，這也是在修訂後的指南的背景下所做的。

So our teams have done an exceptionally good job of reacting to the environment, doing so in a very productive way and preserving our ability to maneuver and flex as we look forward.

因此，我們的團隊在對環境做出反應方面做得非常好，以非常富有成效的方式做到這一點，並保持了我們展望未來的機動和靈活的能力。

So we can look at inventories as maybe a key area to be a source of cash in the back half of the year and it was a use of cash in the first half of the year.

因此，我們可以將庫存視為下半年現金來源的關鍵領域，而上半年則是現金的使用。

Is that fair?

這樣公平嗎？

That would be fair.

那是公平的。

I think there's a number of things -- we've talked a lot about all the different initiatives and things we've been working on.

我認為有很多事情——我們已經討論了很多我們一直在努力的所有不同舉措和事情。

We've not talked until this call about some of the work that we've been doing in our inventory, our sourcing, and our buying practices.

在這次電話會議之前，我們還沒有談論過我們在庫存、採購和採購實踐方面所做的一些工作。

So this is I think an example of one of those things that we have been working in the background amidst everything else, knowing that we have to build a very strong and solid organization to carry this business into the future.

因此，我認為這是我們一直在幕後工作的一個例子，我們知道我們必須建立一個非常強大和堅實的組織來將這項業務帶到未來。

So we're really pleased with the work that the teams have done in that regard.

因此，我們對團隊在這方面所做的工作感到非常滿意。

Okay.

好的。

That's helpful.

這很有幫助。

And business is difficult.

而且生意也很難做。

You said that upfront, but your capital spending out outlook hasn't changed, which is encouraging.

您事先說過，但您的資本支出前景沒有改變，這是令人鼓舞的。

So it's an investment year that continues to be investment years.

因此，這是一個投資年，而且仍然是一個投資年。

So you mentioned in your first quarter release that you had incremental marketing investment as well.

因此，您在第一季的發布中提到您也有增量行銷投資。

Is that still intact or are you being a little bit more judicious in your marketing spending, given the environment.

考慮到當前的環境，這種情況是否仍然完好無損，或者您在行銷支出方面是否更明智？

I'll start if you want to add any color, Jackie.

如果你想添加任何顏色，我會開始，傑基。

Yes, this is an investment year across lots of different aspects of the business as you noted CapEx and marketing as well.

是的，正如您提到的資本支出和行銷一樣，今年是業務許多不同方面的投資年。

So we are carrying some elevated marketing in the Vera Bradley brand in the second quarter, and we will continue to carry that through the balance of this year.

因此，我們在第二季度對維拉·布拉德利（Vera Bradley）品牌進行了一些升級行銷，並且我們將在今年餘下的時間裡繼續進行這種行銷。

A significant amount of this is about brand awareness and driving brand awareness as well as transactional activity.

其中很大一部分與品牌知名度和推動品牌知名度以及交易活動有關。

But there's a -- it continues to be an investment year.

但今年仍是投資年。

Yeah.

是的。

And I would add that, again, overall, our goal here is we're pivoting this organization to sustainable, long-term profitable growth, and it's going to take time.

我想再次補充一點，總的來說，我們的目標是讓這個組織轉向可持續的、長期的獲利成長，這需要時間。

That's the headline, is that it's going to take time.

這就是標題，這需要時間。

But in the meantime, what we're building on a foundation of strong business discipline with a highly engaged team, strong balance sheet and a robust technology platform.

但同時，我們正在建立強大的業務紀律基礎，擁有高度敬業的團隊、強大的資產負債表和強大的技術平台。

So all of those things are really kind of underscore your question about marketing investment, strongest business discipline is the team is looking at all of that in the back half of the year and saying, okay, what are the investments that we need to make to keep moving along this path of pivoting to sustainable long-term growth.

因此，所有這些事情確實強調了您關於行銷投資的問題，最嚴格的業務紀律是團隊正在下半年研究所有這些，並說，好吧，我們需要進行哪些投資繼續沿著這條轉向可持續長期增長的道路前進。

And one big part is brand awareness and that is that's critical for us to continue to invest in.

其中一個重要部分是品牌知名度，這對我們繼續投資至關重要。

But again, we have to be smart investments and that's what we'll do.

但同樣，我們必須進行明智的投資，這就是我們要做的。

Okay, thanks Jackie.

好的，謝謝傑基。

And just one last thing I've heard other digital marketing companies comment on the election and the impact that may have in changing the business environment.

我聽到其他數位行銷公司對這次選舉及其可能對改變商業環境的影響發表評論。

Do you have any comment on the upcoming election and how it might affect your business?

您對即將到來的選舉及其對您的業務有何影響有何評論？

I don't have comments specifically about the election, and I think we are really heads down and looking at analyzing every part of our business results.

我對這次選舉沒有具體的評論，我認為我們確實正在埋頭分析我們業務成果的各個部分。

I mean, we don't -- we're not discounting the value of where the consumer's mind is going to be as we come up to the election time period.

我的意思是，我們不會——我們不會低估在選舉期間消費者的想法的價值。

But what we're doing is just controlling the controllables, making sure that we are nurturing all the green shoots that we're seeing in the business and planning the back half with this much more conservative lens, obviously, that is reflected in our guidance.

但我們正在做的只是控制可控因素，確保我們培養我們在業務中看到的所有萌芽，並以更保守的視角規劃後半部分，顯然，這反映在我們的指導中。

Okay.

好的。

Thanks, Jackie.

謝謝，傑基。

Thanks, Michael.

謝謝，麥可。

Thank you, Doug.

謝謝你，道格。

You're welcome.

不客氣。

Thank you.

謝謝。

(Operator Instructions) Eric Beder, SCC Research.

（操作員指令）Eric Beder，SCC 研究。

Good morning.

早安.

Good morning, Eric.

早安，埃里克。

Good morning, Eric.

早安，埃里克。

Good morning.

早安.

I want to talk about some pieces around the stores.

我想談談商店周圍的一些作品。

So let's talk about collaboration, first let's talk about collaborations.

那我們來談談合作，首先我們來談談合作。

I know that in the outlets, you've added a direct Disney collaboration, which is the first time we've seen that as on the outlet channel.

我知道在奧特萊斯，你們增加了與迪士尼的直接合作，這是我們第一次在奧特萊斯頻道看到這種情況。

And I'm curious how collaborations fit in the newer -- the mainline stores in terms of their ability to drive kind of a younger, newer customer.

我很好奇合作如何適應新的主流商店，因為它們有能力吸引更年輕、更新的顧客。

I know that historically that has been a big push there for driving new customer base to get them in with the collaborations?

我知道，從歷史上看，這對推動新客戶群的發展起到了巨大的推動作用，讓他們參與合作？

Yeah, great question, Eric.

是的，好問題，艾瑞克。

So we did launch the new dedicated Disney collection in outlets for the first time in August, so outside of this quarter, and it was very well received.

因此，我們確實在八月首次在商店推出了新的迪士尼專用系列，因此在本季度之外，它受到了熱烈的歡迎。

And I do want to say, and I said in my comments, we did have -- during the launch, we had a reduced level of collaborations with Disney and Peanuts to last year, but those are absolutely part of our go-forward strategy here in all channels.

我確實想說，我在評論中說過，在推出期間，我們與迪士尼和花生漫畫的合作水平比去年有所減少，但這絕對是我們前進戰略的一部分在所有渠道。

So they're very important for our existing customer.

所以它們對我們現有的客戶來說非常重要。

We definitely are kind of reading all of the results that we have from these most recent collaborations to see what kind of customer is bringing, what does the demographics look like, what is she spending, and really ensuring that we're choosing the right properties for the future.

我們肯定會閱讀最近合作的所有結果，看看帶來了什麼樣的客戶，人口統計數據是什麼樣的，她花了多少錢，並真正確保我們選擇正確的房產為了未來。

So you'll see some new things for us.

所以你會看到我們的一些新東西。

We're definitely looking at not only keeping the fan favorites that we've had and again deploying them in all channels, but looking at some new properties that we think will -- both new and existing customers will love.

我們肯定不僅會考慮保留我們已經擁有的粉絲最愛並再次在所有管道中部署它們，還會考慮一些我們認為新客戶和現有客戶都會喜歡的新產品。

Okay.

好的。

When you look at -- you also did a very strong rollout last year in leather, which you've expanded here, and now you have faux leather in the outlets also again that's Q3, but it came in at the outlets, I think it's been pretty strong there.

當你看時，你去年也大力推出了皮革產品，你已經在這裡擴展了，現在你在奧特萊斯也有人造皮革，這是第三季度，但它是在奧特萊斯出現的，我認為它是那裡相當強大。

Now, what are you seeing in terms of that customer who's focusing on that higher product, and A, their ability to kind of continue to buy on the higher level and B, what you're kind of planning to do with that category and that fabric going forward?

現在，您對專注於更高級別產品的客戶有何看法，A，他們繼續購買更高級別產品的能力，B，您計劃對該類別做什麼，以及面料未來發展？

So for leather, like I said, I think one of the big positive surprises was the reception of the leather program, even at the higher retail.

因此，對於皮革而言，正如我所說，我認為最大的積極驚喜之一是皮革計劃的受歡迎程度，即使是在較高的零售領域。

So we did launch a leather program last year we tested it.

所以我們去年確實推出了一個皮革項目，並對其進行了測試。

It was very strong.

非常強烈。

But this is even, the leather that we just launched for the brand channels is even has higher price points.

但這就算了，我們剛剛為品牌通路推出的皮革甚至還有更高的價位。

So we're going there's a good, better, best strategy within leather as well.

所以我們在皮革領域也有一個好的、更好的、最好的策略。

And what we were -- I think, a little surprised by is that those higher price points actually did very well and they over-indexed to existing consumers or reactivated consumers.

我認為，我們感到有點驚訝的是，那些較高的價格點實際上表現得很好，而且它們對現有消費者或重新激活的消費者過度索引。

So that was a positive surprise for sure.

所以這肯定是一個正面的驚喜。

And the leather -- the faux leather in the outlets, that has actually initially is a very positive read as well.

還有皮革——專賣店裡的人造皮革，實際上最初也是一個非常積極的解讀。

So we're kind of regrouping to see what does that mean for future assortments.

因此，我們正在重新組合，看看這對未來的產品類別意味著什麼。

But overall, we're very pleased with the results of the leather program and our higher price point items.

但總的來說，我們對皮革計劃的結果和我們的高價位產品非常滿意。

And that will be part of what we're building into our future assortment.

這將成為我們未來產品系列的一部分。

I think there's one other last point on this.

我認為關於這一點還有最後一點。

Just to recall everybody's memory on this, what we did last year was a very narrow, very tight test of leather.

回顧大家對此的記憶，我們去年所做的是一次非常狹窄、非常嚴格的皮革測試。

We did not, because of how quickly we were moving, we did not have the ability to get quantities in scale.

但我們沒有，因為我們的行動速度太快，我們沒有能力獲得大規模的數量。

And so we were very pleased with that, as Jackie said, and as we said at the time.

正如傑基所說，正如我們當時所說，我們對此感到非常滿意。

But as we want to make sure we understand, that was a pretty limited amount of business that we did last year.

但正如我們想要確保我們理解的那樣，我們去年所做的業務量相當有限。

We're really pleased with the business we're doing now and what that portends for the future.

我們對現在所做的業務以及這對未來的預示感到非常滿意。

Last question.

最後一個問題。

So, when you look at the new stores and the kind of the core customer who wanted to buy cotton pattern product, I know that you do have to kind of move on somewhat, but at the same time that has been somewhat the base of the company for a very long time.

因此，當你看到新商店和想要購買棉質圖案產品的核心客戶時，我知道你確實必須有所前進，但與此同時，這在某種程度上已經成為了公司很長一段時間了。

What should we be seeing, and I kind of hinted about this already, but I'd like to get a little bit more color on it, going forward for that customer who is drawn to that product and that's the product going forward?

我們應該看到什麼，我已經暗示過這一點，但我想在它上面獲得更多的色彩，為那些被該產品所吸引的客戶前進，這就是未來的產品？

Sure.

當然。

So here's what I would say to that.

這就是我要說的。

And what I'd like you to take away, is that this was never an attempt to move away from our existing customers.

我希望您明白的是，這絕不是試圖擺脫我們現有的客戶。

I think in my comments I said we did receive some constructive feedback on some style adjustments that we made, which we actually made those style adjustments based on customer feedback that told us that they wanted these things.

我想在我的評論中我說過我們確實收到了一些關於我們所做的一些風格調整的建設性反饋，我們實際上是根據客戶反饋做出了這些風格調整，這些反饋告訴我們他們想要這些東西。

And so again, when we launched and got feedback the other way we said, okay, we need to make some adjustments.

所以，當我們推出並以另一種方式得到回饋時，我們說，好吧，我們需要做出一些調整。

It's really important to us that both our new and existing customers find the products they love with the functions that they need and what they told us was we need longer and wider straps, more pockets and zip closures and then ultimately, we needed more print assortment.

對我們來說非常重要的是，我們的新客戶和現有客戶都能找到他們喜歡的產品以及他們需要的功能，他們告訴我們，我們需要更長、更寬的肩帶、更多的口袋和拉鍊，最終，我們需要更多的印花品種。

And so those are not difficult adjustments to make and we're making them on a rolling basis starting in holiday.

因此，這些調整並不困難，我們將從假期開始滾動進行調整。

So we kind of immediately read that.

所以我們立即讀到了這一點。

And if not -- we're making adjustments and we're not going all the way back, but we're making sure that both new and existing customers have a robust assortment that reflects the aesthetic and the pivots that we're making.

如果沒有——我們正在做出調整，我們不會一路走回頭路，但我們會確保新客戶和現有客戶都有強大的產品組合，反映我們正在做的美學和重點。

But doesn't, is inclusive of all of our customers' needs.

但並非如此，它包含了我們所有客戶的需求。

I think, again, there's -- overall there's -- when we launched this in the stores and there's been less discounting to it to a much of a much lesser degree than we've had in the past.

我再次認為，總體而言，當我們在商店推出這款產品時，折扣力度比過去要小得多。

And that's also been a place where we've customers have paused.

這也是我們的客戶暫停的地方。

And we're evaluating all of that as well.

我們也在評估所有這些。

But in terms of the styling, we're very happy with where we are, but again, always taking customer feedback and analyzing the data and making the right changes so that we we're offering the best assortment we can.

但就造型而言，我們對自己的現狀感到非常滿意，但同樣，始終收集客戶反饋並分析數據並做出正確的更改，以便我們能夠提供最好的品種。

Okay.

好的。

Good luck for the rest of the year and the holiday season.

祝今年剩餘時間和假期好運。

Thanks, Eric.

謝謝，埃里克。

Thank you.

謝謝。

At this time, we've reached the end of the question-and-answer session.

此時，我們的問答環節已經結束了。

I'll now turn the call over to Jackie Ardrey for closing remarks.

現在我將把電話轉給傑基·阿德雷 (Jackie Ardrey) 致閉幕詞。

In closing, our team dedicated to returning the company to long-term profitable growth and creating value for our shareholders.

最後，我們的團隊致力於使公司恢復長期獲利成長並為股東創造價值。

Thank you for joining us today, and we look forward to speaking with you again on our third quarter earnings call on December 11.

感謝您今天加入我們，我們期待在 12 月 11 日的第三季財報電話會議上再次與您交談。

This will conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。