Vera Bradley Inc (VRA) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Vera Bradley second quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Mark Dely, Chief Administrative Officer. Please go ahead, Mark.

大家好，歡迎參加 Vera Bradley 2026 財年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給首席行政官馬克·德利 (Mark Dely)。請繼續，馬克。

Good morning, and welcome, everyone. We'd like to thank you for joining us for today's call. Some of the statements made during our prepared remarks and 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. 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. 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.

早上好，歡迎大家。我們非常感謝您參加今天的電話會議。我們在準備好的發言中以及在回答您的問題時所作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》的安全港條款所作出的前瞻性陳述。此類前瞻性陳述受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。請參閱今天的新聞稿和公司向美國證券交易委員會提交的最新 10-K 表格，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. We undertake no obligation to update any information discussed on today's call. I will now turn it over the call to Vera Bradley's Executive Chairman, Ian Bickley. Ian?

投資者不應假設電話會議期間所作的聲明在以後仍然有效。我們不承擔更新今天電話會議上討論的任何資訊的義務。現在我將把電話轉給 Vera Bradley 的執行主席 Ian Bickley。伊恩？

Thank you for joining us today. It has been a busy two months since I took on the role as Executive Chairman. My team and I have hit the ground running to reinvigorate and reimagine Vera Bradley, an iconic brand with strong awareness and deep connections with consumers across generations. One thing that has become clear to me since stepping into this role is that our loyal customers love Vera Bradley, and they truly want us to succeed. When we deliver the products and experiences they expect, they respond. We recognize there is much work ahead of us, but I want to be clear. We are implementing a comprehensive strategy to revitalize our market position by leveraging our brand's proven emotional connection with consumers.

感謝您今天加入我們。自從我擔任執行主席以來，這兩個月過得很忙碌。我和我的團隊已全力以赴地重振和重塑 Vera Bradley，這是一個具有強大知名度並與各代消費者有著深厚聯繫的標誌性品牌。自從我擔任這個職位以來，我清楚地認識到一件事：我們的忠實客戶喜歡 Vera Bradley，他們真心希望我們能成功。當我們提供他們期望的產品和體驗時，他們會做出回應。我們認識到我們面前還有很多工作要做，但我想明確一點。我們正在實施一項綜合策略，利用我們品牌與消費者之間業已證實的情感連結來重振我們的市場地位。

Our integrated approach spans strategic merchandising and product innovation, targeted marketing and how we show up across shopping channels, all designed to reengage our loyal customer base while expanding our reach to new market segments. This disciplined focus on our core brand strength combined with data-driven consumer insights and seamless execution will, over time, drive sustainable growth and restore our competitive advantage. To execute this strategy effectively, we're simultaneously transforming our operational foundation to improve focus, agility and execution.

我們的綜合方法涵蓋策略行銷和產品創新、目標行銷以及我們如何在購物管道中展示，所有這些都旨在重新吸引我們的忠實客戶群，同時擴大我們對新細分市場的影響力。這種對核心品牌實力的嚴格關注，加上數據驅動的消費者洞察和無縫執行，將隨著時間的推移推動永續成長並恢復我們的競爭優勢。為了有效地執行這項策略，我們正在同時轉變我們的營運基礎，以提高重點、敏捷性和執行力。

We're streamlining decision-making processes, eliminating organizational complexity that has hindered our speed to market and reallocating resources towards our highest impact initiatives. This operational discipline, combined with prudent cost management will ensure we can invest meaningfully in the brand, innovation and experiences our customers expect while delivering the financial performance our shareholders deserve.

我們正在簡化決策流程，消除阻礙我們進入市場速度的組織複雜性，並將資源重新分配給影響最大的計畫。這種營運紀律與審慎的成本管理相結合，將確保我們能夠對客戶期望的品牌、創新和體驗進行有意義的投資，同時為股東提供應得的財務表現。

These structural improvements aren't just about efficiency, they're about building the agile, responsive organization needed to capitalize on Vera Bradley's iconic and distinctive brand positioning in the marketplace. On today's call, I will briefly discuss our second quarter performance, including several product and marketing wins that are giving us confidence we are moving the business in the right direction. From there, I will walk you through our key strategic initiatives informed by the work we have completed to date, partnering with our recently established Strategy and Transformation Committee.

這些結構性改進不僅關乎效率，還關乎打造敏捷、反應迅速的組織，以充分利用 Vera Bradley 在市場上標誌性和獨特的品牌定位。在今天的電話會議上，我將簡要討論我們第二季度的業績，包括幾項產品和行銷方面的勝利，這些勝利讓我們有信心推動業務朝著正確的方向發展。接下來，我將向您介紹我們迄今為止完成的工作以及我們與最近成立的策略和轉型委員會合作的關鍵策略舉措。

I will then ask Marty to provide a more detailed financial review of our second quarter performance, including an update on how Vera Bradley is addressing current trade policies and the implications for our business. And we will wrap up with some time to answer any questions you might have.

然後，我會請馬蒂對我們第二季的業績進行更詳細的財務審查，包括維拉·布拉德利如何應對當前的貿易政策以及對我們業務的影響的最新情況。最後，我們會留出一些時間來回答您可能提出的任何問題。

Before I begin, I want to take a moment to recognize and personally thank our entire organization for their exceptional commitment during this pivotal transformation. Our employees across all functions are not just executing this strategy, they are the embodiment of our brand's values and the driving force behind our renewal. Their adaptability, creativity and relentless focus on excellence will be the foundation of our sustained success.

在我開始之前，我想花一點時間來認識並親自感謝我們整個組織在這一關鍵轉型期間的特別貢獻。我們各個職能部門的員工不僅是執行這項策略，他們也是我們品牌價值的體現和我們革新的驅動力。他們的適應力、創造力和對卓越的不懈追求將成為我們持續成功的基礎。

As we continue this journey together, I'm confident that our collective expertise and passion will deliver the results our customers, shareholders and communities expect from Vera Bradley. I'd also like to provide a quick update on the nationwide search to find our next CEO, which I mentioned on our June call. This is a major focus for us, and we continue to meet with a number of promising candidates. We will keep you updated on our progress.

隨著我們繼續共同的旅程，我相信我們集體的專業知識和熱情將為我們的客戶、股東和社區帶來對 Vera Bradley 的期望。我還想簡要介紹一下我們在全國範圍內尋找下一任執行長的情況，我在 6 月的電話會議上提到過這一點。這是我們關注的重點，我們將繼續與一些有希望的候選人會面。我們將隨時向您通報我們的進展。

Now our results. For the second quarter, we registered revenues of $70.9 million, a decline of approximately 25% to last year and roughly in line with our internal forecast.

現在我們的結果如下。第二季度，我們的營收為 7,090 萬美元，比去年下降約 25%，與我們的內部預測大致相符。

Notably, we saw sequential improvement versus the first quarter in our comparable store sales across our store fleet and on vb.com and in each month during the second quarter. We are encouraged that this trend has continued and that our brand channels are leading the way.

值得注意的是，與第一季相比，我們整個門市、vb.com 以及第二季每個月的同店銷售額均有季增。我們很高興看到這一趨勢持續下去，並且我們的品牌管道處於領先地位。

As I mentioned, back in June, we announced the formation of a Strategy and Transformation Committee to assist with informing the company's strategic direction, identify future growth opportunities and accelerate Vera Bradley's transformation. Through this cross-functional work, we have identified five key strategic initiatives that we are now implementing.

正如我所提到的，早在六月，我們就宣布成立策略與轉型委員會，以協助確定公司的策略方向、確定未來的成長機會並加速 Vera Bradley 的轉型。透過這項跨職能工作，我們確定了目前正在實施的五項關鍵策略措施。

Strategic initiative number one, sharpening our brand focus. We need to have a clear brand strategy and messaging that is consistent across all consumer touch points and that resonates with our loyal customers, while engaging new audiences. This begins with product. Informed by consumer insights and under new merchandising leadership, which we transitioned to in May, we are in the early stages of making meaningful adjustments to our product design and assortment.

策略舉措一：加強我們的品牌關注。我們需要有一個清晰的品牌策略和訊息傳遞，在所有消費者接觸點保持一致，引起忠實客戶的共鳴，同時吸引新的受眾。這從產品開始。根據消費者洞察以及我們在五月過渡到的新行銷領導層的指導，我們正處於對產品設計和分類進行有意義的調整的早期階段。

We are driving innovation back into our core DNA and what made Vera Bradley successful. We were known for amazing occasion-based bags for back-to-school, weekends, the beach, holiday, gift-giving and more. Beginning in late June, we launched a back-to-school collection highlighted by product wins, including the return of compelling backpacks and lunch bag categories that we had not emphasized last year.

我們正在將創新重新融入我們的核心 DNA 以及 Vera Bradley 的成功之道。我們以適合返校、週末、海灘、度假、送禮等各種場合的精美包包而聞名。從 6 月底開始，我們推出了以暢銷產品為亮點的返校系列，其中包括去年沒有重點推出的引人注目的背包和午餐袋類別的回歸。

This included the addition of a new extra-large backpack that became one of our best sellers across channels. As part of our fall and holiday assortments, we are bringing back iconic styles such as the Vera Tote, along with exciting new product designs with great details. In addition, we are bringing back proven heritage-inspired prints from our archives such as Rachel Ditsy and chambray with our border iconography, which have been a hit across all silhouettes during back-to-school. We are also expanding our range and increasing the depth of our investments in cotton, a material our customers love.

其中包括增加一款新的超大背包，該產品成為我們各個通路的暢銷產品之一。作為我們秋季和假期系列的一部分，我們重新推出了 Vera Tote 等標誌性款式，以及具有精美細節的令人興奮的新產品設計。此外，我們還從我們的檔案中帶回了經過驗證的傳統風格印花，例如帶有邊框圖案的 Rachel Ditsy 和錢布雷，這些圖案在開學期間的所有款式中都大受歡迎。我們也正在擴大產品範圍並加大對棉花的投資力度，棉花是我們客戶喜愛的材料。

Our assortments will be more balanced across fabrications, silhouettes and prints, and we continue to have exciting IP offerings to surprise and delight consumers. Our Disney and Peanuts collections that launched during back-to-school were some of the best we have ever had and our Gilmore Girls capsule, which launched just before Labor Day weekend, was incredibly well received, selling out in just 5 minutes.

我們的產品系列將在布料、輪廓和印花方面更加平衡，我們將繼續推出令人興奮的 IP 產品，為消費者帶來驚喜和愉悅。我們在開學期間推出的迪士尼和花生系列是我們有史以來最好的系列之一，而我們在勞動節週末之前推出的《吉爾莫女孩》膠囊系列則獲得了極大的歡迎，僅用 5 分鐘就銷售一空。

And we are super excited for the hero heritage reissue of the original 100 bag, a Vera Bradley icon priced at under $100 just in time for the holidays. Available in heritage-inspired prints and seasonal patchwork and pinnacle animations, the 100 bag will launch on October 2 in our brand channels, supported by a compelling social media campaign featuring the iconic Radio City Rockettes, who are also celebrating their 100th anniversary.

我們非常高興看到原版 100 包的英雄傳承版重新發行，這是 Vera Bradley 的標誌性產品，在假期期間售價不到 100 美元。這款 100 包採用傳統風格的印花、季節性拼布和巔峰動畫，將於 10 月 2 日在我們的品牌頻道推出，並由引人注目的社交媒體活動支持，其中標誌性的無線電城火箭女郎也正在慶祝她們成立 100 週年。

On the marketing front, we have also completed some important work directly tied to our sharpening brand focus initiative. On July 12, we launched our Don't Forget to Have Fun back-to-school brand campaign. The social-first campaign leveraging a cast of carefully curated influencers, including Kate Steinberg, was well received with nostalgic and joyful tones targeting brand consideration across a diverse range of consumers. Despite a significant reduction in our top-of-funnel marketing spend during this period, we drove meaningful increases in both recruitment and engagement on our Instagram and TikTok platforms as well as new customer acquisition on vb.com.

在行銷方面，我們也完成了一些與強化品牌重點計畫直接相關的重要工作。7 月 12 日，我們啟動了「別忘了玩得開心」開學品牌活動。這項以社交為先的活動利用了包括凱特·斯坦伯格 (Kate Steinberg) 在內的一批精心挑選的有影響力的人物，以懷舊和歡樂的基調贏得了廣泛好評，旨在吸引不同消費者對品牌的關注。儘管在此期間我們的漏斗頂端行銷支出大幅減少，但我們在 Instagram 和 TikTok 平台上的招募和參與度以及 vb.com 上的新客戶獲取量均實現了顯著增長。

For reference, in the 6 weeks since launching this campaign, we gained more followers on Instagram than in the entire prior 12-month period. While on TikTok, we gained more than double the number of followers than in the prior 12-month period. We also saw a 23% increase in new customers on vb.com. Looking ahead, based on the success we are having, we will continue to lean into our social-first media strategy and the nostalgic and joyful tones that are clearly resonating with consumers.

作為參考，自發起這項活動以來的 6 週內，我們在 Instagram 上獲得的追蹤者比之前 12 個月的總和還要多。在 TikTok 上，我們的追蹤者數量比前 12 個月增加了一倍以上。vb.com 的新客戶數量也增加了 23%。展望未來，基於目前取得的成功，我們將繼續堅持「社交優先」的媒體策略，以及那些顯然能引起消費者共鳴的懷舊和愉悅的基調。

One remaining element of our sharpening brand focus initiative I'd like to mention today is our indirect business, including our wholesale strategy. The Indirect segment has always played an important role in the brand positioning, growth and profitability of the Vera Bradley business, as it has allowed us to meet consumers in the venues where they choose to shop.

今天我想提到的強化品牌重點計畫的另一個要素是我們的間接業務，包括我們的批發策略。間接部門一直在 Vera Bradley 業務的品牌定位、成長和獲利能力中發揮著重要作用，因為它使我們能夠在消費者選擇的購物場所與他們見面。

In fact, Vera Bradley began as a wholesale business and many small specialty store partners throughout the country helped build recognition for the Vera Bradley brand on a national scale. Whilst the overall retailer landscape has changed dramatically over the years, we are confident that this will continue to be an important channel to engage with our consumers, and we are taking a fresh look at our wholesale strategy with the goal of refining our approach to better match product to the consumers in the venues they choose to shop and ensure that it is aligned with our brand positioning efforts.

事實上，Vera Bradley 最初是一家批發企業，全國各地的許多小型專賣店合作夥伴幫助 Vera Bradley 品牌在全國範圍內建立了知名度。雖然整體零售商格局多年來發生了巨大變化，但我們相信這仍將是與消費者互動的重要管道，我們正在重新審視我們的批發策略，目標是改進我們的方法，以便更好地將產品與消費者選擇購物的場所相匹配，並確保它與我們的品牌定位工作保持一致。

As part of this, we will be continuing our partnership with major retailers such as Dillard's and Von Maur and rebuilding the relationships with several of our important specialty accounts, while at the same time, evolving new partnerships with important retailers like Anthropologie that are resonating with a new generation of consumers that we believe will be attracted to Vera Bradley. Additionally, we have already secured some important new retail partnerships and collaborations for our upcoming fiscal year, which we are not yet ready to announce, but will enable us to reach new consumers in exciting ways.

作為其中的一部分，我們將繼續與 Dillard's 和 Von Maur 等主要零售商保持合作，並重建與幾個重要專業客戶的關係，同時與 Anthropologie 等重要零售商建立新的合作夥伴關係，我們相信這些合作夥伴關係將引起新一代消費者的共鳴，他們會被 Vera Bradley 所吸引。此外，我們已經為即將到來的財政年度確定了一些重要的新零售合作夥伴關係和合作關係，雖然我們尚未準備好宣布，但這些合作夥伴關係和合作關係將使我們能夠以令人興奮的方式接觸到新的消費者。

Licensing the Vera Bradley brand for specific noncore categories that can expand reach and awareness is also something we will continue to pursue both from a strategic and commercial perspective and already have several initiatives in the pipeline. Strategic initiative number two, developing a cohesive omnichannel strategy. Simply put, we are working to create more cohesion between the various platforms and channels where consumers engage with our brand. This is a comprehensive go-to-market assessment anchored on an omnichannel approach to the Vera Bradley customer experience in an effort to remove friction points that exist today.

我們也將繼續從策略和商業角度尋求將 Vera Bradley 品牌授權用於特定的非核心類別，以擴大其影響力和知名度，並且目前已在籌備多項措施。第二項策略舉措，制定有凝聚力的全通路策略。簡而言之，我們正在努力在消費者與我們的品牌互動的各個平台和管道之間建立更強的凝聚力。這是一項全面的市場進入評估，以全通路方式提升 Vera Bradley 客戶體驗，力求消除目前存在的摩擦點。

One straightforward example, we were running different promotions through our online outlet channel and outlet stores, creating both customer confusion and operational business inefficiencies. We now have our digital and store channels running the same promotions. Not only has this resulted in greater brand consistency, it has also resulted in improved margin rates, as we have effectively reduced discount levels overall. There is more to come here, as we are just in the early stages of this work but capitalizing on the obvious choices and low-hanging fruit where we can.

舉一個簡單的例子，我們透過線上直銷管道和直銷店進行不同的促銷活動，既造成了客戶困惑，也導致了營運業務效率低下。我們現在的數位管道和商店管道都在進行相同的促銷活動。這不僅提高了品牌一致性，也提高了利潤率，因為我們有效地降低了整體折扣水準。這裡還有更多工作要做，因為我們才剛開始這項工作，但我們會盡可能地利用顯而易見的選擇和唾手可得的成果。

Strategic initiative number three, Outlet 2.0, updating our outlet strategy. Our outlet channel is an important component of our omnichannel mix. It is where many consumers interact with us and where perceptions are formed. Today, it is primarily used for deep discounting and clearance. At the same time, the vast majority of our Vera Bradley outlet stores are located in premium and luxury outlet malls where customers are increasingly looking for positive brand experiences in addition to value.

策略舉措三，Outlet 2.0，更新我們的Outlet策略。我們的直銷管道是我們全通路組合的重要組成部分。這是許多消費者與我們互動並形成看法的地方。如今，它主要用於大幅折扣和清倉。同時，我們絕大多數的 Vera Bradley 暢貨店都位於高檔和奢侈品奧特萊斯購物中心，這些購物中心的顧客除了追求價值之外，也越來越追求積極的品牌體驗。

With Outlet 2.0, we see an opportunity to shift the paradigm of our outlet stores by focusing on elevating the customer experience through improved assortments, including select full-price product, visual merchandising and display and labor optimization. Outlet 2.0 will drive positive brand engagement by making it more fun and joyful experience, while bringing sharper focus to the Vera Bradley value proposition in environments where we have a high number of footsteps and eyeballs on the brand.

透過 Outlet 2.0，我們看到了改變奧特萊斯商店模式的機會，透過改進商品種類（包括精選全價產品、視覺行銷和展示以及勞動力優化）來提升客戶體驗。Outlet 2.0 將透過提供更有趣、更愉悅的體驗來推動積極的品牌參與，同時在有大量顧客和眼球關注品牌的環境中，更加清晰地展現 Vera Bradley 的價值主張。

Outlet 2.0 can have a major positive impact on both our store productivity and profitability, while simultaneously accelerating our brand transformation. We are taking a test-and-learn approach to Outlet 2.0, including a pilot in a handful of locations that we are planning to run during the holiday season. We are also adjusting our staffing models in select stores to better align with peak shopping periods, driving higher labor productivity and conversion rates. We will evaluate the results for potential rollout in 2026 after the holiday season and look forward to updating you on our Outlet 2.0 progress on future calls.

Outlet 2.0 可以對我們商店的生產力和獲利能力產生重大正面影響，同時加速我們的品牌轉型。我們正在對 Outlet 2.0 採取測試和學習的方式，包括計劃在假日期間在少數幾個地點進行試點。我們也正在調整部分門市的人員配置模式，以便更好地適應購物高峰期，進而提高勞動生產力和轉換率。我們將在假期結束後評估 2026 年可能推出的結果，並期待在未來的電話會議中向您通報我們的 Outlet 2.0 進展。

Strategic initiative number four, improving our operating model. We are taking a comprehensive look at our operating processes to evaluate how we can run our business more efficiently. We are looking at every aspect of our operating model, spanning product development and design, store allocation, store labor, promotional strategies and more.

策略舉措四，改善我們的營運模式。我們正在全面審視我們的營運流程，以評估如何更有效地經營我們的業務。我們正在審視營運模式的各個方面，包括產品開發和設計、商店分配、商店勞動力、促銷策略等等。

This is a holistic examination of our operating model and go-to-market strategy. Importantly, we are changing how we are looking at the business and instituting a focus on fundamentals and key retail KPIs across channels and how we can bring focus to the highest impact initiatives for the enterprise and improve execution.

這是對我們的營運模式和市場進入策略的全面審查。重要的是，我們正在改變看待業務的方式，並將重點放在跨通路的基本面和關鍵零售 KPI 上，以及如何將重點放在對企業影響最大的舉措上並提高執行力。

Our strategic focus is to direct decisions towards winning areas of the business as opposed to a democratic approach. Lastly, our fifth strategic initiative, reimagining how we work. We are reexamining our organizational structure and culture to improve the way we work to be more creative, collaborative and efficient. While we recognize the need to continue to bring costs more in line with the current operating scale of the business, we must now redesign the organization and structure, enhancing our talent and leadership to be more aligned with the key growth areas of the business.

我們的策略重點是將決策導向業務的勝利領域，而不是採用民主方式。最後，我們的第五個策略舉措是重新構想我們的工作方式。我們正在重新審視我們的組織結構和文化，以改善我們的工作方式，使其更具創造力、協作性和效率。雖然我們意識到需要繼續使成本與當前的業務營運規模更加一致，但我們現在必須重新設計組織和結構，增強我們的人才和領導力，使其與業務的關鍵成長領域更加一致。

Strategy needs to lead our organizational and operational transformation as we take out the next layers of cost. In closing, while it is still very early, the current trends in our business give us some confidence that our improved focus and execution and the changes we have undertaken in our product pipeline, the tonality and reach of our marketing and the ongoing work across our channels of distribution are moving Vera Bradley in the right direction. We look forward to updating you on our progress.

當我們消除下一層成本時，策略需要引領我們的組織和營運轉型。最後，雖然現在還為時過早，但我們業務的當前趨勢讓我們有信心，我們改進的重點和執行力、我們在產品線、營銷的基調和覆蓋範圍以及我們分銷渠道的持續工作正在推動 Vera Bradley 朝著正確的方向發展。我們期待向您通報我們的進展。

Now I will turn the call over to Marty to discuss the financials. Marty?

現在我將把電話轉給馬蒂來討論財務問題。馬蒂？

Thanks, Ian. Good morning, everyone, and thank you for joining us. I have a few brief comments to make about our performance for the quarter. For the sake of clarity, all of the numbers I am discussing today are non-GAAP and exclude the charges outlined in today's press release. A complete detail of items excluded from the non-GAAP numbers as well as a reconciliation of GAAP to non-GAAP can be found in that release.

謝謝，伊恩。大家早安，感謝大家的收看。我想對我們本季的表現發表一些簡短的評論。為了清楚起見，我今天討論的所有數字都是非公認會計準則的，並且不包括今天的新聞稿中概述的費用。在該新聞稿中可以找到非公認會計準則 (non-GAAP) 數字中排除的項目的完整詳細資訊以及公認會計準則 (GAAP) 與非公認會計準則 (non-GAAP) 的對帳表。

For the second quarter of fiscal 2026, our consolidated revenues totaled $70.9 million compared to $94 million in the prior year second quarter. Net loss from continuing operations for the second quarter totaled negative $0.5 million or negative $0.02 per diluted share compared to net income from continuing operations of $2.6 million last year or $0.09 per diluted share.

2026 財年第二季度，我們的綜合收入總計 7,090 萬美元，而去年同期第二季為 9,400 萬美元。第二季持續經營淨虧損總計負 50 萬美元，即每股攤薄虧損 0.02 美元，而去年持續經營淨收入為 260 萬美元，即每股攤薄虧損 0.09 美元。

In terms of segment performance, Vera Bradley's Direct segment revenues for the second quarter totaled $60.5 million, a 16.2% decrease from $72.2 million in the prior year. Comparable sales similarly declined 17.3%, driven by conversion declines in our full-line outlet and e-commerce channels. Total revenues were also impacted by 10 new store openings and 13 store closures over the past 12 months. Vera Bradley Indirect segment revenues for the second quarter totaled $10.3 million, a 52.5% decrease from $21.8 million in the prior year second quarter. The decrease was related primarily to a decline in key account orders as well as liquidation sales.

從分部業績來看，Vera Bradley 直銷分部第二季營收總計 6,050 萬美元，較去年同期的 7,220 萬美元下降 16.2%。可比銷售額同樣下降了 17.3%，原因是我們的全線門市和電子商務通路的轉換率下降。在過去 12 個月內，10 家新店開幕和 13 家店關閉也對總收入產生了影響。Vera Bradley 間接部門第二季營收總計 1,030 萬美元，比去年同期的 2,180 萬美元下降 52.5%。下降主要與大客戶訂單下降以及清算銷售下降有關。

Gross margin totaled $35.4 million or 49.9% of net revenues compared to $46.8 million or 49.8% of net revenues in the prior year. The slight increase in year-over-year margin rate resulted from lower liquidation sales, partially offset by incremental shipping costs driven by channel shifts from brick-and-mortar stores to online sites. SG&A expense totaled $36.3 million or 51.2% of net revenues compared to $43.6 million or 46.4% of net revenues a year ago. The $7.3 million decrease in expenses was primarily due to restructuring activities undertaken over the past year, which resulted in lower compensation expense, primarily driven by reduced headcount, coupled with a reduction to advertising expense.

毛利率總計 3,540 萬美元，佔淨收入的 49.9%，而去年同期為 4,680 萬美元，佔淨收入的 49.8%。利潤率較去年同期略有上升是由於清算銷售額下降，但被通路從實體店轉向線上網站導致的運輸成本增加所部分抵消。銷售、一般及行政費用總計 3,630 萬美元，佔淨收入的 51.2%，而去年同期為 4,360 萬美元，佔淨收入的 46.4%。費用減少 730 萬美元主要是由於過去一年開展的重組活動，導致薪酬費用降低，這主要是由於員工人數減少以及廣告費用減少。

Operating loss from continuing operations totaled negative $0.6 million or negative 0.8% of net revenues compared to operating income from continuing operations of $3.3 million or 3.5% of net revenues in the prior year. We remain focused on driving operational discipline to enhance execution and deliver improved sales, margins and profitability. We are pleased with the early progress in this effort as demonstrated through sequential improvement in comps across three of our four direct channels and sequential gross margin improvement. The team continues to review our processes and actions to identify opportunities for new approaches to how we work.

持續經營業務的營業虧損總計為負 60 萬美元，佔淨收入的負 0.8%，而前一年的持續經營業務的營業收入為 330 萬美元，佔淨收入的 3.5%。我們將繼續致力於推動營運紀律，以增強執行力並提高銷售額、利潤率和獲利能力。我們對這項工作的早期進展感到滿意，這體現在我們四個直接管道中的三個管道的業績連續改善以及毛利率連續提高。團隊繼續審查我們的流程和行動，以尋找新的工作方法的機會。

Now turning to the balance sheet. Cash and cash equivalents at the end of the quarter totaled $15.2 million. We had borrowings of $10 million against our $75 million ABL facility at quarter end. Second quarter inventory decreased 13.2% to $96.7 million compared to $111.4 million at the end of the second quarter last year. We recognize that inventory performance is a key opportunity for our business and are focused on developing strategies to improve our turns over the next 12 to 18 months.

現在轉向資產負債表。本季末的現金和現金等價物總額為1520萬美元。季度末，我們以 7,500 萬美元的 ABL 信貸額度借了 1,000 萬美元。第二季庫存下降 13.2% 至 9,670 萬美元，而去年第二季末的庫存為 1.114 億美元。我們認識到庫存績效是我們業務的關鍵機遇，並專注於制定策略來提高未來 12 至 18 個月的周轉率。

Immediate actions include aligning receipt plans more closely with sales expectations and evaluating our SKU assortments to identify opportunities to reduce overall counts, allowing for greater depth and high-performing colors and patterns. With regard to tariffs, we estimate a total annualized impact of $11 million. Our sourcing teams are working with our suppliers to mitigate the impacts, while also evaluating our go-to-market strategies to understand which levers to adjust. We expect over time, the combination of these efforts to offset the dollar value of tariffs, but in the end, all actions will be driven by market dynamics.

立即採取的行動包括使收據計劃與銷售預期更加緊密地結合起來，並評估我們的 SKU 分類，以確定減少總體數量的機會，從而實現更大的深度和高性能的顏色和圖案。關於關稅，我們估計年總影響為 1,100 萬美元。我們的採購團隊正在與供應商合作以減輕影響，同時評估我們的市場進入策略以了解需要調整哪些槓桿。我們預計，隨著時間的推移，這些努力將抵消關稅的美元價值，但最終，所有行動都將由市場動態驅動。

Given our transformation journey and the dynamic consumer environment, we are currently not providing guidance. While this remains a challenging environment, we are identifying and implementing opportunities to enhance operational discipline, and these actions are already contributing to sequential improvements on a quarterly basis. We will continue to build on this progress, while accelerating our efforts to drive further improvement in our financial results. This concludes our prepared remarks. Now we will be happy to take your questions. Operator?

鑑於我們的轉型歷程和動態的消費者環境，我們目前不提供指導。儘管這仍然是一個充滿挑戰的環境，但我們正在確定和實施加強營運紀律的機會，這些行動已經為季度連續改進做出了貢獻。我們將繼續鞏固這項進步，同時增加努力，進一步改善我們的財務表現。我們的準備好的演講到此結束。現在我們很樂意回答您的問題。操作員？

(Operator Instructions) We reached the end of our question-and-answer session, and that does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

（操作員指示）我們的問答環節已經結束，今天的電話會議和網路直播也結束了。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。