Vera Bradley Inc (VRA) 2027 Q1 法說會逐字稿

Greetings. Welcome to Vera Bradley's first quarter fiscal 2027 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Mark Dely, Chief Administrative Officer.

各位好。歡迎參加 Vera Bradley 2027 會計年度第一季財報電話會議。目前所有與會者皆處於僅收聽模式。正式簡報結束後將進行問答環節。若在會議期間需要接線員協助，請在電話鍵盤上按星號零。請注意，本次會議將被錄音。現在我將把會議交給首席行政官 Mark Dely。

Thank you. You may begin.

謝謝。您可以開始了。

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 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 filed Form 10-K filed with the SEC for a discussion of known risks and uncertainties. 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 would now like to turn the call over to Vera Bradley's Chairman and. Chief Executive Officer Ian Bickley. Ian.

各位早安，歡迎大家。感謝各位參加今天的電話會議。我們在事先準備的發言中，以及在回應各位提問時所作的部分陳述，可能構成《1995 年私人證券訴訟改革法》（經修訂）安全港條款所界定的前瞻性陳述。此類前瞻性陳述受到已知與未知風險及不確定性的影響，可能導致實際結果與我們預期存在重大差異。關於已知風險與不確定性的討論，請參閱今日新聞稿以及公司最近向美國證券交易委員會（SEC）提交的 Form 10-K。投資人不應假設本次電話會議中的陳述在日後仍然有效。我們不承擔更新今日電話會議中所討論任何資訊的義務。現在我想把電話會議交給 Vera Bradley 董事長暨執行長 Ian Bickley。Ian。

Good morning, everyone, and thank you for joining us for Vera Bradley's first quarter fiscal 2027 earnings call.

各位早安，感謝各位參加 Vera Bradley 2027 會計年度第一季財報電話會議。

I am pleased to report that our first-quarter results demonstrate continued momentum in our Project Sunshine transformation journey to reclaim Vera Bradley's joyful optimism while building operational excellence across the business. We made meaningful progress across multiple fronts that give us confidence in the path forward.

我很高興報告，我們第一季的業績展現了「Project Sunshine」轉型旅程的持續動能：在重拾 Vera Bradley 充滿喜悅的樂觀精神的同時，也在全公司建立卓越營運。我們在多個面向都取得了實質進展，讓我們對未來道路更具信心。

Most notably, following a clear trajectory of sequential improvement, our first quarter achieved a return to positive year-on-year growth of nearly 8%, marking our first quarter of overall revenue growth since Q4 FY22. This achievement marks an important inflection point in our turnaround, reflecting the cumulative impact of our strategic initiatives and the hard work and commitment of our entire team.

最值得一提的是，在連續改善的明確軌跡下，我們第一季年對年成長接近 8%，重回正成長，這也是自 2022 會計年度第四季以來首次出現整體營收成長的季度。這項成果是我們扭轉局勢的重要轉折點，反映出策略舉措的累積成效，以及全體團隊的努力與投入。

Our first quarter performance was not solely a top-line story.

我們第一季的表現不僅僅是營收端的故事。

On a non-GAAP basis, we generated year-over-year gross margin expansion of 430 basis points to 51.8% and continued to manage expenses prudently with total costs down $5.6 million compared to the prior year or a favorable decline of nearly 15%. This fueled a year-over-year improvement in our operating loss of $10 million, or 76%. We achieved these results while reducing our year-over-year inventory by 26% and improving our operating cash flow for the period by $12.7 million, or a 70% improvement over last year.

以非 GAAP 基礎計算，我們毛利率年對年擴張 430 個基點至 51.8%，並持續審慎控管費用，總成本較去年同期減少 560 萬美元，約下降近 15%。這帶動我們營業虧損年對年改善 1,000 萬美元，或 76%。在達成上述成果的同時，我們年對年庫存降低 26%，並使本期營運現金流改善 1,270 萬美元，較去年提升 70%。

Based on a solid start to the new fiscal year, we are now expecting our year-over-year non-GAAP operating loss improvement to be at least 50%. Although we have much work to do, I'm very pleased with our first quarter performance. We still have a tremendous opportunity to increase market share and return the business to long-term sustainable growth, profitability, and cash flow generation.

基於新會計年度的良好開局，我們目前預期非 GAAP 營業虧損的年對年改善幅度至少可達 50%。雖然仍有許多工作要做，但我對第一季表現感到非常滿意。我們仍有巨大的機會提升市占率，並讓業務回到長期可持續的成長、獲利能力與現金流創造。

The improvements we achieved this quarter provide a strong foundation as we continue executing the five strategic pillars of our transformation.

本季達成的改善為我們持續推進轉型的五大策略支柱奠定了堅實基礎。

Before providing more details on our first quarter performance, I want to personally thank the entire Vera Bradley team for their focus, adaptability, and passion during this pivotal transformation.

在進一步說明第一季表現之前，我想親自感謝 Vera Bradley 全體同仁在這個關鍵轉型期間展現的專注、適應力與熱情。

The progress we are making across our strategic initiatives is a direct result of their exceptional commitment and dedication to reclaiming Vera Bradley's joyful optimism while building operational excellence across every function.

我們在各項策略舉措上取得的進展，直接來自他們卓越的承諾與投入：在每一個職能建立卓越營運的同時，重拾 Vera Bradley 充滿喜悅的樂觀精神。

Overall sales for the first quarter were up 7.8% versus Q1 of the prior year with growth across nearly all channels of distribution. We achieved strong sequential improvement in our Direct segment with revenue growth of 4.1% compared to the prior year, representing our fourth consecutive quarter of sequential improvement.

第一季整體銷售額較去年同期第一季成長 7.8%，幾乎所有通路皆呈現成長。我們在直營（Direct）部門達成強勁的連續改善，營收較去年同期成長 4.1%，為連續第四季呈現逐季改善。

This performance is building confidence in our teams and reinforces that the direction we are taking is resonating with our consumers.

這樣的表現正在提升團隊信心，也再次印證我們所採取的方向正與消費者產生共鳴。

Our indirect segment revenue grew approximately 26.6% year-over-year, driven by improved performance in our specialty and department store accounts as well as shipments related to strategic wholesale partnerships, including Target.

我們的間接（Indirect）部門營收年對年成長約 26.6%，主要受惠於專賣店與百貨通路客戶表現改善，以及與策略性批發合作夥伴（包括 Target）相關的出貨。

We are seeing stabilization in our existing specialty retail accounts and stronger sell-through in department stores, notably Dillard's, which is very encouraging. It's important to note our indirect segment benefited from several key account collaborations.

我們看到既有專賣零售客戶趨於穩定，百貨通路的銷售動能（sell-through）也更強，尤其是 Dillard's，這令人非常鼓舞。需要指出的是，我們的間接部門受惠於數個重要客戶合作案。

Excluding this benefit, our indirect channel growth would have been approximately flat year over year, which still represents meaningful stabilization in this channel.

若排除這項助益，我們的間接通路年對年成長約為持平，但這仍代表該通路出現具意義的穩定化。

We are seeing significantly higher levels of interest and engagement with both existing and new wholesale accounts, which is further validation that our product and marketing efforts are yielding. Excitement and interest beyond our direct channels, giving us confidence in the future wholesale growth pipeline.

我們看到既有與新批發客戶對我們的興趣與互動顯著提升，進一步驗證我們的產品與行銷努力正在產生效果。直營通路之外的熱度與關注度提升，讓我們對未來批發成長管線更具信心。

During the quarter, we continued to strategically manage our pricing and promotional cadence to drive sell-through of aged inventory while expanding gross margins year-over-year. We are pleased with the discipline our team demonstrated in balancing inventory clearance with margin enhancement, and we continue to make progress working through the remaining.

本季我們持續策略性地管理定價與促銷節奏，以推動陳舊庫存的銷售轉化（sell-through），同時擴大年對年毛利率。我們對團隊在庫存出清與毛利提升之間所展現的紀律感到滿意，並持續推進處理剩餘的

Continued product from Project Restoration.

來自 Project Restoration 的持續產品。

Now let me provide an update on our continued progress across the five strategic pillars of Project Sunshine.

接下來我將更新我們在 Project Sunshine 五大策略支柱上的持續進展。

Pillar one, sharpening our brand focus. As I've shared on previous calls, we had lost sight of what made Dear Bradley distinctive and beloved by our customers.

第一支柱：聚焦品牌定位。如同我在先前電話會議中分享的，我們曾經忽略了讓 Vera Bradley 與眾不同、並深受顧客喜愛的核心要素。

We had become less differentiated in the marketplace and too dependent on promotional activity.

我們在市場上的差異化變得不足，且過度依賴促銷活動。

Sharpening our brand focus is fundamentally about bringing our unique brand positioning back to life through compelling product, authentic storytelling, and strategic distribution choices.

聚焦品牌定位，根本上是透過具吸引力的產品、真實的品牌敘事，以及策略性的通路選擇，讓我們獨特的品牌定位重新鮮活起來。

Since taking on a leadership role one year ago, our primary emphasis has been on driving the relevancy of our product offering.

自一年前接任領導職務以來，我們的首要重點一直是提升產品供給的相關性與吸引力。

Building on the 20% influence we had on the assortment in Q4, we successfully impacted nearly 80% of the spring collection, and I'm pleased with the positive response and strong engagement from customers.

在第四季我們對商品組合影響約 20% 的基礎上，我們成功將影響擴大到春季系列近 80%，我很高興看到顧客的正面回饋與高度互動。

In addition to the positive sales trend, this was the first Q1 with year-over-year customer growth in our direct channels since calendar 2021.

除了正向的銷售趨勢之外，這也是自 2021 年曆年以來，我們直營通路首次在第一季出現年對年顧客數成長。

For back-to-school season and moving forward, 100% of our assortment will be influenced by the work we have done collectively over the past year.

針對返校季以及未來展望，我們的全品類（100%）都將受到過去一年我們共同完成之工作的影響。

Very exciting considering we are in the early stages of recouping customers across all our channels.

考量到我們正處於透過所有通路挽回顧客的早期階段，這令人非常振奮。

Customers clearly responded to our focused product strategies, which drove the results.

顧客對我們聚焦的產品策略有明確回應，進而帶動了成果。

We leaned into cotton as a material, which is now returning to historic levels of importance. We reintroduced beloved heritage styles and prints in addition to fresh, innovative designs.

我們加大採用棉質材料，而其重要性如今正回到歷史水準。除新穎、創新的設計外，我們也重新推出深受喜愛的經典傳承款式與印花。

And we focused on more impactful IP collections with more qualitative design and execution.

同時，我們聚焦於更具影響力的 IP 系列，並以更高品質的設計與執行呈現。

We successfully won back many of our loyal customers and fans, while at the same time engaging with a new generation of customers. Across the business, our cotton material performance nearly doubled versus prior year.

我們成功贏回許多忠誠顧客與粉絲，同時也與新一代顧客建立互動。在整體業務層面，我們棉質材料產品的表現較去年幾乎翻倍。

In brand, our Winnie the Pooh collection was a huge success, strongly selling through in less than two weeks.

在品牌端，我們的小熊維尼系列大獲成功，不到兩週即強勁售罄（sell-through）。

At the same time, six of our TOP 10 non-IP products were new styles with the small beaded Roxbury bag at $150 and the original 100 bag over-indexing with Gen. Z customers.

同時，我們 TOP 10 的非 IP 產品中有六款為新款式，其中 $150 的小珠飾 Roxbury 包，以及原版 100 包在 Z 世代顧客中的表現尤為突出（over-indexing）。Z 世代顧客。

Our iconic duffel in both IP and heritage prints like Cambridge Blue was a winner across generations.

我們的經典旅行袋（duffel），無論是 IP 印花或如 Cambridge Blue 等傳承印花，都在跨世代族群中表現出色。

An outlet, colorful fun beach and spring prints, as well as the Stitch and Honeydukes IP product resonated across cohorts, while the return of Vera Originals re-engaged many of our longtime fans.

在 outlet 端，繽紛有趣的海灘與春季印花，以及 Stitch 與 Honeydukes 的 IP 產品在各客群中引發共鳴；同時，Vera Originals 的回歸也重新吸引了許多長期粉絲。

The product changes we've implemented remain firmly rooted in the brand attributes that define our DNA.

我們已推動的產品變革，仍堅定扎根於定義我們品牌 DNA 的核心屬性。

Vera Bradley is feminine, creative.

Vera Bradley 具有女性化、富創意的特質。

Cheerful, whimsical, joyful, fun, colorful, approachable, high-quality, and smart value.

明快、奇趣、愉悅、有趣、色彩繽紛、親和、高品質，且具高性價比。

To amplify the substantial product progress we've made, we're now intensifying our marketing efforts to drive engagement through an enhanced, cohesive, social-first marketing approach, focused brand storytelling with product as hero, and a unified brand framework consistent across all channels, all designed. To connect with both our loyal customer base and new audiences.

為放大我們在產品上取得的顯著進展，我們正加大行銷投入，透過更強化、具一致性的「社群優先」行銷方式來提升互動；以產品為主角的聚焦式品牌敘事；以及在所有通路一致的統一品牌框架——以上皆為設計之目的。以連結我們的忠誠顧客群與新受眾。

From a creative perspective, under new marketing leadership and leveraging our core brand attributes, we developed and launched a new spring campaign that embodies our return to joyful optimism and authentic Vera Bradley character, including our cut-through Cherry on Top campaign in brand and Strawberry Girl Summer in outlet.

從創意角度而言，在新的行銷領導下並運用我們的核心品牌屬性，我們開發並推出全新春季行銷活動，體現我們回歸愉悅樂觀與真實 Vera Bradley 風格的定位，其中包括品牌端具穿透力的 Cherry on Top 活動，以及 outlet 端的 Strawberry Girl Summer。

This refreshed creative went live across our website. Stores, e-mail marketing channels, and social media platforms, where we saw improved productivity and higher customer engagement on lower marketing spend.

這套更新的創意已在我們的網站上線。並同步於門市、電子郵件行銷通路與社群媒體平台推出；在較低的行銷支出下，我們看到生產力提升與更高的顧客互動。

Our Bespoke 100 Bag campaign was also a first, demonstrating our ability to elevate Vera Bradley in social and cultural conversation.

我們的 Bespoke 100 Bag 活動也是首次嘗試，展現我們有能力在社群與文化對話中提升 Vera Bradley 的品牌高度。

Teased on social media, over 30,000 people queued up online for the release of 52 Bespoke 100 bags, ranging in price from $95 to $145, which were sold out in less than three minutes. This activation generated significant buzz. Built our social footprint and created a halo impact for our iconic 100 bag, which we subsequently featured in our Meet the Icons campaign in social and online.

在社群媒體預告後，超過 30,000 人在線上排隊等待 52 款 Bespoke 100 包的發售，價格介於 $95 至 $145，並在不到三分鐘內售罄。此活動引發大量話題。擴大了我們的社群版圖，並為我們的經典 100 包帶來光環效應；隨後我們也在社群與線上推出的 Meet the Icons 活動中主打該產品。

Beyond product and marketing, we're also concentrating on our distribution channels to sharpen brand focus and extend our reach.

除了產品與行銷之外，我們也正聚焦於通路布局，以強化品牌聚焦並擴大觸及。

Let me highlight the importance of our wholesale strategy and partnerships within our overall distribution.

我想強調在整體通路布局中，我們的批發策略與合作夥伴關係的重要性。

While the wholesale landscape has evolved significantly, we firmly believe that thoughtfully rebuilding this channel with the right partners is essential to regaining brand relevance and expanding market share.

儘管批發環境已大幅演變，我們仍堅信：以合適的合作夥伴審慎重建此通路，對於重拾品牌關聯性與擴大市占至關重要。

Under new wholesale leadership, our retail partners are realizing meaningful year-over-year margin expansion, underscoring improved assortment productivity and healthier, full-price sell-throughs.

在新的批發領導團隊帶領下，我們的零售合作夥伴實現了顯著的年對年毛利率擴張，凸顯組合生產力提升與更健康的正價售罄表現。

Strong performance is being driven by elevated print execution and the reintroduction of iconic legacy styles, reinforcing brand equity and accelerating wholesale growth.

強勁表現主要由更高水準的印花呈現與經典傳承款式的重新導入所驅動，進一步強化品牌資產並加速批發成長。

In addition to stronger sell-through performance and increased open to buys with key department store and specialty accounts, we've also been encouraged by the growing recognition of our brand momentum from leading retail partners. On June 1st, we launched a focused back-to-school. Vera Bradley capsule collection in 89 Nordstrom doors and on Nordstrom.com for the first time.

除了更強的售罄表現，以及與主要百貨與專門店客戶之間更高的採購開放額度（open to buy）外，我們也受到鼓舞，因為領先零售合作夥伴對我們品牌動能的認可正在提升。6 月 1 日，我們推出聚焦返校季的Vera Bradley 膠囊系列，首次進駐 Nordstrom 旗下 89 家門市並於 Nordstrom.com 上線。

A significant note this quarter were the success of our strategic collaborations with Bath & Body Works and Target. These collaborations represent the kind of high-impact partnerships that drive buzz and expose the brand to new audiences. The collaborations ignited strong user-generated content and customer engagement.

本季另一項重要亮點，是我們與 Bath & Body Works 及 Target 的策略性聯名合作獲得成功。這些合作正是能帶動話題、並讓品牌觸及新受眾的高影響力夥伴關係。聯名合作引發大量使用者生成內容（UGC）與顧客互動。

Approximately 80% of consumers who engage with us through these collaborations were new to Vera Bradley's social channels, demonstrating the power of these strategic partnerships in generating brand heat, growing our social footprint, and attracting new customers. The success of these partnerships has also generated additional inbound interest in future collaborations, which we are now exploring.

約有 80% 透過這些聯名合作與我們互動的消費者，是首次接觸 Vera Bradley 的社群渠道，顯示這些策略夥伴關係在提升品牌熱度、擴大社群版圖與吸引新客方面的力量。這些合作的成功也帶來更多未來聯名的主動洽詢（inbound interest），我們目前正進一步評估。

The progress we're making in sharpening our brand focus across product, marketing, and channels validates that we're on the right path and we remain committed to this strategic direction as a cornerstone of our transformation.

我們在產品、行銷與通路上強化品牌聚焦所取得的進展，驗證我們走在正確道路上；我們也將持續致力於此策略方向，作為轉型的基石。

Turning to our second pillar, resetting our go-to-market approach. As we've shared previously, we've been fundamentally transforming how we work to deliver what our customers truly need and value, focusing on six critical areas.

接著談第二大支柱：重塑我們的上市（go-to-market）方式。如同先前分享，我們正從根本上改造工作方式，以交付顧客真正需要且重視的價值，並聚焦六個關鍵領域。

Concentrated investments in hero products and bigger ideas, strategic channel assortment alignment, social-first integrated marketing supporting key moments like back to school, enhanced planning and inventory management to drive improved turns. Disciplined pricing and promotion governance to enhance margins, and strengthened analytics and business intelligence capabilities to enable better data-informed decision-making.

集中投資於主打產品（hero products）與更具規模的創意概念；策略性通路商品組合對齊；以社群優先的整合行銷支援返校季等關鍵時點；強化規劃與庫存管理以提升周轉；以紀律化的定價與促銷治理提升毛利；並強化分析與商業智慧能力，以支持更佳的數據導向決策。

Our objective has been to rebuild the operational engine that converts our creativity into measurable commercial success while fostering a more integrated and agile way of working.

我們的目標是重建營運引擎，將創意轉化為可衡量的商業成功，同時培養更整合且更敏捷的工作方式。

In Q1, we saw continued evidence that this reimagined approach is positively influencing our business performance. The team has advanced its cross-functional collaboration, examining and refining how we operate from product development through buying, marketing, and channel execution, ensuring our products reach customers through their preferred shopping venues and experiences.

在第一季，我們持續看到證據顯示，這套重新構想的方法正面影響我們的營運表現。團隊推進跨職能協作，檢視並優化從產品開發到採購、行銷與通路執行的運作方式，確保產品能透過顧客偏好的購物場域與體驗觸達顧客。

At the top of the funnel.

在漏斗頂端。

We've now deeply embedded consumer insights into our operating rhythm through comprehensive customer research and segmentation work, including in-home ethnographic studies, AI digital twins to product test across customer segments during the product development phase, and Gen. Z focus groups for co-creating our assortments.

我們已透過全面性的顧客研究與分群工作，將消費者洞察深度嵌入日常營運節奏中，包括到府民族誌研究（in-home ethnographic studies）、在產品開發階段運用 AI 數位分身（digital twins）於不同客群進行產品測試，以及 Z 世代焦點團體共同創作我們的商品組合。

These insights are actively shaping product development decisions, from silhouette selection to print development, helping us address customer needs and preferences more precisely.

這些洞察正積極形塑產品開發決策，從版型（silhouette）選擇到印花開發，協助我們更精準地回應顧客需求與偏好。

Operationally, we've demonstrated greater agility in Q1, leveraging real-time data to optimize promotions, marketing initiatives, and digital communications to meet evolving customer needs. This data-driven approach contributed to the strong 430 basis point gross margin expansion we experienced in Q1, while also enabling continued inventory management discipline.

在營運層面，我們在第一季展現了更高的敏捷性，運用即時數據來最佳化促銷、行銷計畫與數位溝通，以滿足不斷演變的顧客需求。這種以數據驅動的方法，促成了我們第一季達成的毛利率擴張430個基點，同時也使我們得以持續維持嚴謹的庫存管理紀律。

For Q1, we executed a streamlined promotional plan that was more focused and less complex to implement, which we believe contributed to our margin performance.

在第一季，我們執行了一項精簡的促銷計畫，更聚焦且較不複雜、易於落地，我們相信這也對我們的毛利表現有所貢獻。

Our marketing and data analytics teams have been working on building a single, connected customer journey, enabled by a unified customer data platform, e-mail service provider, and SMS ecosystem.

我們的行銷與數據分析團隊一直在打造一個單一、串聯的顧客旅程，並以統一的顧客數據平台、電子郵件服務供應商與SMS生態系為支撐。

Powered by predictive AI analytics, this connectivity is aimed at driving a significantly higher level of personalized customer engagement across channels.

在預測式AI分析的驅動下，這種連結性旨在大幅提升跨通路的個人化顧客互動程度。

We're also making strides in how we approach our go-to-market timeline.

我們也在上市時程（go-to-market timeline）的推進方式上取得進展。

Our design and development teams are now engaging with factory partners much earlier in the process, which is enabling us to streamline our overall go-to-market calendar. One benefit is that we were able to have our first ever sample line for pre-market, allowing for account order validation prior to Vera Bradley's investing in buys for our wholesale accounts. Additionally, we've aligned our wholesale buying cycles with standard market practices by transitioning to four seasons from two, bringing us in sync with how the accessories industry operates and making it easier for wholesale partners to work with us.

我們的設計與開發團隊現在在流程更早期就與工廠夥伴合作，使我們能夠精簡整體上市日程。其中一項好處是，我們得以首次在上市前就完成樣品線，讓我們在Vera Bradley為批發客戶投入採購之前，先行進行客戶訂單驗證。此外，我們也將批發採購週期由兩季轉為四季，以符合標準市場慣例，讓我們與配件產業的運作方式同步，也使批發合作夥伴更容易與我們合作。

Overall, we're encouraged by the operational progress we've made and the increasing effectiveness of our integrated approach. The foundation we're building through resetting our go-to-market approach with a centralized calendar, aligned milestones, and clear owners for decision-making is strengthening our ability to translate creative vision into commercial results while working with greater speed, efficiency, and collaboration across the organization.

整體而言，我們對已取得的營運進展以及整合式方法日益提升的成效感到振奮。我們透過以集中式日曆重置上市方法、對齊里程碑並明確界定決策責任人所建立的基礎，正在強化我們將創意願景轉化為商業成果的能力，同時在全組織以更快速度、更高效率與更強協作來運作。

Turning to our third pillar, rewiring our digital ecosystem.

接著談到我們的第三大支柱：重塑我們的數位生態系。

Our digital commerce business across owned sites and third-party marketplaces represents a significant and highly profitable component of Vera Bradley's overall business.

我們在自營網站與第三方市集上的數位商務業務，是Vera Bradley整體業務中重要且高獲利的組成部分。

However, historically, our various digital platforms have not delivered a cohesive, seamless customer journey.

然而，過去我們各個數位平台並未能提供一致且無縫的顧客旅程。

We've been working to fundamentally transform this, building on the organizational changes we made in Q4. Where we consolidated the P&Ls of all digital platforms, including DTC e-commerce and third-party marketplace operations, I'm pleased to announce that our new head of digital commerce joined the team on May 4.

我們一直在致力於從根本上改變這一點，並以我們在第四季所做的組織調整為基礎。當時我們整合了所有數位平台的損益表（P&L），包括DTC電商與第三方市集營運；我很高興宣布，我們新的數位商務主管已於5月4日加入團隊。

This leader brings exceptional credentials and relevant experience, having built significant digital businesses and operations for multiple brands, including Adidas, Talbots and Crocs.

這位領導者具備卓越資歷與相關經驗，曾為多個品牌打造具規模的數位業務與營運，包括Adidas、Talbots與Crocs。

His expertise in scaling digital commerce businesses on existing platforms like Amazon and Target, as well as emerging platforms like TikTok Shop, will be instrumental as we execute our integrated digital strategy and drive future growth and profitability.

他在Amazon與Target等既有平台，以及TikTok Shop等新興平台上擴展數位商務業務的專長，將在我們執行整合式數位策略、推動未來成長與獲利能力方面發揮關鍵作用。

Under this new leadership, we're taking a comprehensive approach to optimizing our digital ecosystem.

在新的領導之下，我們正以全面性的方式來最佳化我們的數位生態系。

We continue to enhance our e-commerce platform with improved site navigation and an elevated overall customer experience.

我們持續強化電商平台，改善網站導覽並提升整體顧客體驗。

Our data-driven approach to pricing and promotions has enabled us to operate with reduced promotional intensity while sustaining strong customer engagement and improved margins.

我們以數據驅動的定價與促銷方法，使我們能在降低促銷強度的同時，維持強勁的顧客互動並改善毛利。

We've also deployed enhanced digital capabilities designed to drive deeper customer engagement and streamline the path to purchase.

我們也部署了強化的數位能力，旨在推動更深層的顧客互動並簡化購買路徑。

The progress we're making in rewiring our digital ecosystem, from organizational integration to platform enhancements to strategic marketplace positioning, is strengthening our ability to meet customers where they are, delivering compelling digital experiences. Drive profitable growth through our digital channels.

我們在重塑數位生態系方面所取得的進展，從組織整合、平台強化到策略性的市集定位，正在強化我們在顧客所在之處與其相遇的能力，提供具吸引力的數位體驗。並透過數位通路推動獲利性成長。

We were proud this year to have been named the Target Plus 2025 Partner of the Year on their marketplace.

我們很自豪今年在Target的市集中獲選為Target Plus 2025年度合作夥伴。

Moving to our fourth pillar, Outlet 2.0. As a reminder, our 2.0 initiative represents a strategic transformation in how we approach our outlet channel.

接著談到我們的第四大支柱：Outlet 2.0。提醒一下，我們的2.0計畫代表我們在outlet通路策略上的轉型。

This initiative is designed to create an elevated customer experience while preserving our smart value proposition and extending our reach to customers in markets where we don't currently operate brand stores.

此計畫旨在在保留我們聰明價值主張的同時，打造更升級的顧客體驗，並將觸及範圍延伸至目前尚未設有品牌門市的市場。

The enhancements we've implemented include a more curated and focused assortment with an initial 35% SKU reduction while strategically incorporating new brand products from our heritage collections and select IP collaborations.

我們已實施的強化措施包括：更精選且更聚焦的商品組合，初期將SKU減少35%，同時策略性地導入來自我們經典傳承系列的新品牌產品，以及部分IP聯名合作。

We've introduced elevated visual merchandising standards and elements throughout the stores that drive greater category clarity and enable easier customer navigation, including mannequins, light boxes, and brand fixtures that showcase our signature use of color, pattern, and lifestyle storytelling.

我們在門市全面導入更高規格的視覺陳列標準與元素，以提升品類清晰度並讓顧客更容易導覽，包括模特兒、燈箱與品牌陳列道具，展現我們標誌性的色彩、圖樣與生活風格敘事。

Our enhanced selling experience incorporates updated training programs and improved in-store tools that enable our teams to deliver better selling support and personalization for our customers.

我們強化的銷售體驗包含更新的訓練計畫與更完善的店內工具，使團隊能為顧客提供更好的銷售支援與個人化服務。

This transformation is moving us towards a more engaged, curated experience that reinforces brand equity while simultaneously driving conversion and profitability.

這項轉型正推動我們走向更投入、更精選的體驗，在強化品牌資產的同時，也提升轉換率與獲利能力。

Under a newly appointed visual experience leader.

在新任命的視覺體驗領導者帶領下。

We're building on the pilot program we launched during the holiday season while maintaining a disciplined test and learn approach. We continue to see encouraging results that not only validate this direction, but inspire us to be bolder in our approach.

我們在延續假期期間啟動的試點計畫之上持續推進，同時維持嚴謹的測試與學習方法。我們持續看到令人鼓舞的成果，不僅驗證了這個方向，也激勵我們以更大膽的方式推動。

Beyond the positive qualitative feedback that we're receiving from both customers and store employees, we're observing measurable improvements across key retail performance indicators.

除了來自顧客與門市員工的正面質性回饋之外，我們也觀察到在關鍵零售績效指標上出現可衡量的改善。

This sustained momentum demonstrates that the Outlet 2.0 experience is resonating with consumers and creating a more meaningful brand engagement, which we believe we can build upon.

這股持續動能顯示Outlet 2.0體驗正與消費者產生共鳴，並創造更有意義的品牌互動，我們相信可在此基礎上持續深化。

Looking ahead, we're planning to open four new outlet stores while evaluating enhancements to this strategy as we approach holiday.

展望未來，我們計畫開設四家新的outlet門市，同時在接近假期時評估此策略的強化方向。

Our approach remains measured and data-driven, ensuring we capture learnings from each conversion to optimize the model before broader implementation.

我們的方法仍將保持審慎且以數據為依據，確保從每一次轉換中汲取學習，在更廣泛推行前先最佳化此模式。

Importantly, through Q1, our outlet channel has now achieved four consecutive months of positive comparable sales growth.

重要的是，截至第一季，我們的outlet通路已連續四個月達成同店銷售正成長。

Finally, turning to our fifth pillar, reimagining how we work.

最後，談到我們的第五大支柱：重新想像我們的工作方式。

Streamlining our organization while strategically building and investing in new capabilities.

精簡組織，同時策略性地建立並投資新的能力。

We are rebuilding Vera Bradley for long-term sustainable growth and profitability. We are fundamentally redesigning our organization to be future-ready, cultivating new capabilities, and making deliberate investments in talent that will drive our transformation forward.

我們正在重建Vera Bradley，以實現長期、可持續的成長與獲利。我們正從根本上重新設計組織，使其具備面向未來的能力，培養新能力，並有意識地投資於人才，以推動我們的轉型向前。

In summary, we are encouraged by our first quarter results and the continued progress we are making across all five pillars of Project Sunshine.

總結而言，我們對第一季的業績以及在「Project Sunshine」五大支柱上持續取得的進展感到振奮。

The sequential improvement we have achieved over multiple quarters validates that our strategic direction is gaining traction and represents the right path forward to revitalize the Vera Bradley brand, expand market share, and return the business to long-term sustainable growth, profitability, and cash flow. We're building a best-in-class team with relevant experience and proven track records that will enable us to move with speed and win in the marketplace. We're reimagining how we work, fostering a culture of performance, agility, accountability, and strong cross-functional collaboration, while leveraging data-driven insights to make intelligent decisions that drive our business forward.

我們在多個季度所達成的逐季改善，驗證了我們的策略方向正在獲得動能，並代表這是重振Vera Bradley品牌、擴大市占率，並讓業務回到長期可持續的成長、獲利與現金流的正確道路。我們正在打造一支同級最佳的團隊，具備相關經驗與經過驗證的績效紀錄，使我們能以速度取勝並在市場中勝出。我們正在重新想像我們的工作方式，培養績效、敏捷、問責與強大的跨職能協作文化，同時運用數據驅動的洞察做出明智決策，推動業務向前。

We are stabilizing our business and gaining better visibility into underlying growth and efficiency opportunities. While we still have significant work ahead, we are encouraged by the momentum we are building and the alignment and commitment of our entire team.

我們正在穩定業務，並對潛在的成長與效率機會取得更清晰的能見度。雖然我們前方仍有大量工作要做，但我們對正在建立的動能，以及全體團隊的協同一致與投入承諾感到振奮。

With that, I will turn the call over to Marty for a detailed financial review and then we'll be happy to take your questions.

接下來，我將把電話會議交給 Marty 進行更詳細的財務回顧，之後我們也很樂意回答各位的提問。

Thanks, Ian. Good morning everyone and thank you for joining us. 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. The 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.

謝謝你，Ian。各位早安，感謝各位加入我們。為求清楚起見，我今天討論的所有數字皆為非 GAAP，並排除今日新聞稿中所列的費用。非 GAAP 數字所排除項目的完整明細，以及 GAAP 與非 GAAP 的調節表，皆可在該新聞稿中查閱。

We are pleased to report continued sequential improvement in both our direct and indirect segments as our strategic initiatives demonstrate results. We delivered meaningful margin improvements in both gross margin and SG&A leverage driven by lower promotional levels and disciplined expense management.

我們很高興報告，隨著策略性計畫展現成效，我們的直營與間接兩個部門皆持續呈現逐季改善。在較低促銷水準與嚴謹費用管理的帶動下，我們在毛利率與 SG&A 槓桿方面都實現了顯著的利潤率改善。

For the first quarter of fiscal 2027, our consolidated revenues totaled $55.7 million compared to $51.7 million in the prior year first quarter. Net loss from continuing operations for the first quarter improved 75%, totaling negative $2.5 million or negative $0.9 Per diluted share compared to $10.1 million last year or negative $0.36 per diluted share.

在 2027 會計年度第一季，我們的合併營收為 5,570 萬美元，較去年第一季的 5,170 萬美元增加。第一季持續營運的淨損改善 75%，為負 250 萬美元，或稀釋後每股負 0.09 美元，相較去年為 1,010 萬美元，或稀釋後每股負 0.36 美元。

In terms of segment performance, Vera Bradley Direct segment revenues increased 4.1% to $44.9 million from $43.1 million in the prior year first quarter. Comparable sales increased 13.4%, which represents the fourth quarter of sequential comparable sales improvement. Positive growth was driven by improved e-commerce conversion and higher average ticket across all channels, as well as increased traffic in our outlet and full wine stores.

就部門表現而言，Vera Bradley 直營部門營收年增 4.1%，由去年第一季的 4,310 萬美元增至 4,490 萬美元。同店銷售成長 13.4%，這是同店銷售連續第四季逐季改善。正向成長主要來自電商轉換率提升與全通路平均客單價提高，以及我們的暢貨中心與全價門市來客數增加。

Total revenues year-over-year were also impacted by 14 store closures since the prior year first quarter. Vera Bradley Indirect segment revenues increased 26.6% to $10.8 million from $8.6 million in the prior year first quarter. The increase was driven by improvements in specialty and department stores while custom-made order sales enabled continued growth across key accounts.

此外，自去年第一季以來關閉 14 家門市，也對年對年總營收造成影響。Vera Bradley 間接部門營收年增 26.6%，由去年第一季的 860 萬美元增至 1,080 萬美元。成長主要由專賣店與百貨通路改善所帶動，同時客製化訂單銷售也使我們在主要客戶中持續成長。

First quarter gross profit totaled $28.8 million or 51.8% of net revenues compared to $24.6 million or 47.5% of net revenues in the prior year. The 430 basis point increase in year-over-year margin rate resulted from favorable sales mix and lower freight and duty costs.

第一季毛利為 2,880 萬美元，占淨營收 51.8%，相較去年同期為 2,460 萬美元，占淨營收 47.5%。毛利率年增 430 個基點，主要來自有利的銷售組合，以及運費與關稅成本下降。

SG&A expense totaled $32.7 million or 58.8% of net revenues compared to $38.3 million or 74.2% of net revenues for the prior year first quarter, a reduction of $5.6 million and 1540 BPS improvement as a percent of net revenues. The decrease in expense was primarily due to cost optimization initiatives begun in fiscal '25, which are enabling lower personnel costs. Optimized marketing spend, which allows us to reduce and repay spending throughout the year and reduce lease costs through store closures and renegotiations.

SG&A 費用為 3,270 萬美元，占淨營收 58.8%，相較去年第一季為 3,830 萬美元，占淨營收 74.2%；費用減少 560 萬美元，且占淨營收比重改善 1,540 個基點。費用下降主要來自於 2025 會計年度啟動的成本優化計畫，使人事成本降低；同時也包括行銷支出最佳化（使我們能在全年降低並回收支出），以及透過關店與重新議約降低租賃成本。

First quarter operating loss from continued operations totaled negative $3.3 million or negative 5.8% of net revenues compared to negative $13.6 million or negative 26.3% of net revenues in the prior year. Overall, we are pleased with the sequential progress we are making across both segments, which reinforces that we are on the right path.

第一季持續營運的營業損失為負 330 萬美元，占淨營收負 5.8%，相較去年同期為負 1,360 萬美元，占淨營收負 26.3%。整體而言，我們對兩個部門的逐季進展感到滿意，這也再次印證我們走在正確的道路上。

Now turning to the balance sheet. Cash and cash equivalents at the end of the quarter totaled $12.5 million compared to $11.3 million at the end of last year's first quarter. Cash flow for the first quarter, while negative, improved 68% to negative $6 million versus negative $19.1 million in the prior year first quarter. We had no borrowings on our ABL facility at quarter end.

接著談資產負債表。本季末現金及約當現金為 1,250 萬美元，相較去年第一季季末為 1,130 萬美元。第一季現金流雖仍為負值，但改善 68% 至負 600 萬美元，相較去年第一季為負 1,910 萬美元。季末我們在 ABL 額度項下沒有任何借款。

First quarter inventory decreased 26% year-over-year to $73 million compared to $99.2 million at the end of first quarter of fiscal '26, representing the company's leanest first quarter inventory position since fiscal 2011. The decrease is driven by improved assortment planning, buyer management, and sales performance, as well as the $5.3 million project restoration inventory reserve.

第一季存貨年減 26% 至 7,300 萬美元，相較 2026 會計年度第一季季末為 9,920 萬美元，為公司自 2011 會計年度以來第一季最精實的存貨水位。存貨下降主要由更佳的商品組合規劃、採購管理與銷售表現所帶動，另包含 530 萬美元的 Project Restoration 存貨備抵。

For fiscal 2027, we continue to plan for sales to be in the range of $255 million to $270 million as we remain focused on stabilizing the direct business and rebuilding our wholesale business under new leadership, while at the same time placing less emphasis on liquidation channels. Although we are encouraged by our sales growth in the first quarter of fiscal '27, we see consumer headwinds from higher inflation and more specifically fuel prices creating some friction we will be working to overcome.

對於 2027 會計年度，我們仍規劃銷售額落在 2.55 億至 2.70 億美元區間；我們將持續聚焦於穩定直營業務，並在新領導團隊帶領下重建批發業務，同時降低對清算通路的重視。儘管我們對 2027 會計年度第一季的銷售成長感到鼓舞，但我們也看到消費端逆風，包括通膨走高，尤其是燃油價格上升帶來的摩擦，這些都是我們將努力克服的因素。

We are raising our operating performance improvement to be at least 50% from 40% due to expected full year gross margin improvement and continued diligence around cost management. We expect quarter-to-quarter improvement to be uneven.

基於預期全年毛利率改善以及持續嚴控成本管理，我們將營運績效改善目標由 40% 上調至至少 50%。我們預期各季之間的改善將不會均勻。

In closing, the Vera Bradley team has delivered an excellent start to our fiscal year, demonstrating agility, creativity and strong execution.

最後，Vera Bradley 團隊在本會計年度開局表現出色，展現了敏捷性、創造力與強勁的執行力。

While we still have work ahead of us, we are confident in our strategic direction and our ability to drive sustainable profit growth over time.

雖然我們仍有工作要完成，但我們對策略方向以及長期推動可持續獲利成長的能力充滿信心。

Now I will open the call to your questions. Operator.

現在我將開放各位提問。接線員。

Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

謝謝。若您想提問，請在電話鍵盤按下星號 1。確認音將表示您的線路已進入提問佇列。若您想將問題自佇列中移除，請按星號 2。使用擴音設備的與會者，在按下星號鍵之前可能需要先拿起話筒。

Our first question is from Eric Beder with SCC Research. Please proceed.

我們的第一個問題來自 SCC Research 的 Eric Beder。請開始。

Good morning. Congratulations on the quarter.

早安。恭喜本季表現。

Thank you.

謝謝。

Thank you, Eric.

謝謝你，Eric。

So let's talk about back to school.

那我們來談談返校季。

It's a big piece for you guys. Historically, it expands the consumer base by a lot.

這對你們來說是很大的一塊。從歷史上看，它能大幅擴大消費者基礎。

What should we be seeing and what should your Veer Bradley customers be seeing here as this rolls out and kind of what are the key touch points that we're going to focus on and we should be focused on as the best of support?

隨著這項計畫推出，我們應該會看到什麼？你們的 Vera Bradley 客戶又應該會看到什麼？另外，我們將聚焦、也應該聚焦哪些關鍵接觸點，才能提供最好的支持？

Yeah, thanks, Eric.

是的，謝謝，Eric。

Great question. And thank you for your comments on the quarter, which we obviously are very pleased with. As you pointed out, I mean, back to school for us and the second quarter is really a critical quarter for Vera Bradley.

很好的問題。也謝謝你對本季的評論，我們顯然對此非常滿意。正如你指出的，我是說，對我們而言，返校季以及第二季確實是 Vera Bradley 的關鍵季度。

I think we all firmly believe that it's a moment and an occasion that this brand can really authentically own. And together with our teams, we've put a lot of emphasis into the preparation for back to school.

我想我們都堅信，這是一個這個品牌能夠真正、真誠地掌握的時刻與場合。我們也與團隊一起，對返校季的準備投入了大量心力。

Just to give you a few examples on the product front, I believe we have much stronger backpack innovation in addition to actually being much better positioned in our core backpack inventory.

就產品面給你幾個例子，我相信我們在背包創新方面強很多，此外在核心背包庫存的配置上也確實更到位。

Last year, despite the strong results we had, we actually had a tremendous number. Of out of stocks in our core colors in the backpacks.

去年，儘管我們的業績很強，實際上我們出現了非常多的數量。我們的背包核心色系缺貨。

Secondly, we are starting our sort of back to school promotion 3 weeks earlier than we did last year.

第二，我們今年的返校促銷比去年提早了 3 週開始。

We think the back-to-school momentum is building much sooner in the cycle and we prepared ourselves for that this year. We also have developed a very strong assortment around personalization as well as an expanded small bag assortment that we believe will particularly resonate with our Gen. Z customers.

我們認為返校季的動能在週期中更早就開始累積，因此今年我們也為此做好準備。我們也打造了非常強的個人化商品組合，以及擴充的小包款商品組合，我們相信這些將特別能引起我們 Z 世代顧客的共鳴。Z 世代顧客。

We also are promoting what we are calling teacher totes, and that's primarily in our outlet channel.

我們也在推廣我們所稱的「教師托特包」，主要是在我們的暢貨中心（outlet）通路。

But beyond that, we're also going to have significant new distribution, right, with the rollout in Nordstrom to 89 locations.

但除此之外，我們也將有重要的新通路佈局，對吧，也就是在 Nordstrom 擴點至 89 個據點的上架推廣。

Which is basically a whole back-to-school capsule, it's going to, I think, give us significant additional reach with new consumers that may not be able to purchase Vera Bradley today. I think those are just a few of the examples, but I think overall we are feeling well prepared.

基本上那是一個完整的返校季膠囊系列，我想這將讓我們在觸及新消費者方面大幅增加覆蓋，這些消費者今天可能還無法購買 Vera Bradley。我想這只是幾個例子，但整體而言我們覺得準備得很充分。

And cautiously optimistic.

並且審慎樂觀。

Obviously, we have to be realistic about the overall environment for consumers out there right now, which is definitely we're facing some headwinds. However, we think back to school is an occasion that people are going to need to purchase for, and I think Vera Bradley can position itself as a go-to resource.

當然，我們必須對目前整體消費環境保持務實，確實我們正面臨一些逆風。不過我們認為返校季是一個人們必須採購的場合，而我想 Vera Bradley 可以把自己定位為首選資源。

Great.

很好。

Thinking about the outlet 2.0, you mentioned opening, I just want to confirm this, you opened four, are you opening 4 new outlet stores or converting 4 more outlets to outlet 2.0 stores?

談到 Outlet 2.0，你提到開店，我只是想確認一下：你們是開了 4 家新的暢貨中心門市，還是把另外 4 家暢貨中心門市改裝成 Outlet 2.0？

No, we are opening 4 new outlet stores.

不，我們是新開 4 家暢貨中心門市。

What is the potential to expand the Outlet 2.0 beyond kind of the 7 to 9 that you're testing right now? And kind of what do you see as the longer-term in terms of their ability to generate better returns than the Outlet stores?

Outlet 2.0 除了你們目前正在測試的大約 7 到 9 家之外，擴張的潛力有多大？以及從長期來看，你們怎麼看它們相較於一般暢貨中心門市，能夠帶來更好報酬的能力？

Yeah, I think, great question. I think...

是的，我想這是個很好的問題。我想……

First of all, I think if we think about the outlet channel, right, the biggest opportunity for us is to improve the productivity of our existing stores, not to go out and open a bunch of new outlet stores.

首先，如果我們談暢貨中心通路，對吧，對我們而言最大的機會是提升既有門市的生產力，而不是出去再開一堆新的暢貨中心門市。

That's something which we are doing very opportunistically and where we see opportunities from a distribution perspective. The real opportunity is really on driving same-store sales growth in our. Outlet locations, which are, from a productivity standpoint, significantly off where they were during the peak.

我們會非常機會導向地做這件事，並在通路佈局角度看到機會的地方進行。真正的機會其實是在推動我們暢貨中心據點的同店銷售成長，從生產力角度來看，這些據點相較於高峰期明顯偏低。暢貨中心據點，從生產力角度來看，這些據點相較於高峰期明顯偏低。

With regards to Outlet 2.0, we're continuing to really refine the model.

至於 Outlet 2.0，我們會持續精進這個模式。

We definitely have seen improved retail KPIs in our Outlet 2.0 stores, but we are still making adjustments. And want to, have a much higher degree of certainty before really doing a more substantial rollout.

我們確實在 Outlet 2.0 門市看到零售關鍵績效指標（KPI）改善，但我們仍在做調整。在真正進行更大規模推廣之前，我們希望有更高程度的確定性。

So, I think we're continuing to really take a test to learn approach with different things. But I think if we can really hit Outlet 2.0, we'll be a significant contributor to how we close the gap on productivity in our outlet locations in addition to. I think also enhancing the overall brand image and experience with customers across the fleet, because as one of the rationales for Outlet 2.0 is that we have outlet stores in a lot of places where we don't have coverage either by wholesale or by brand locations.

所以我想我們會持續以「測試—學習」的方式來嘗試不同作法。但我認為如果我們能把 Outlet 2.0 做到位，它將在縮小我們暢貨中心據點生產力差距方面成為重要貢獻者，此外也會。我想也能提升整體品牌形象與顧客體驗，覆蓋整個門市群，因為 Outlet 2.0 的其中一個理由是：我們在很多地方有暢貨中心門市，但在那些地方我們不一定有批發通路或品牌門市的覆蓋。

How should we be thinking about the inventories going forward and how were tariffs flowing into all of this?

我們接下來應該如何看待庫存？而關稅在這一切之中又是如何反映的？

With regard to inventories going forward, we still see opportunities to improve turn.

關於未來的庫存，我們仍看到提升周轉的機會。

And we continue to focus on working through the project restoration inventory that we have on hand, so we'll see further reductions with that.

我們也持續專注於消化手上「Project Restoration」的庫存，因此那部分還會進一步下降。

And then investing back in styles for the core business going forward as we see liftoff on consumption with those.

接著，隨著我們看到核心款式的消費回升，我們會再投資於核心業務的款式。

So I think we'll continue to be kind of in this $60 million to $75 million range is kind of I think where we're going to land from an inventory standpoint.

所以我想從庫存角度來看，我們會大致維持在 6,000 萬到 7,500 萬美元這個區間，這應該是我們最終落點。

With regard to tariffs, we have applied for refunds just like everybody else based on what was paid.

至於關稅，我們和其他公司一樣，已就已支付的部分申請退稅。

Year over year, we're seeing the absolute rate with the Supreme Court decision drop from 19%. To a planning rate of 15%, and currently they're communicating a 10% to 12.5% rate under the Section 301 tariffs that will probably take effect. So we should see less pressure from tariffs on margins kind of going forward based on what we know today.

以年對年來看，隨著最高法院的裁決，我們看到實際稅率從 19% 下降。我們的規劃稅率為 15%，而目前他們在溝通的是，依據 301 條款關稅將可能生效的稅率為 10% 到 12.5%。因此，基於我們目前所知，未來關稅對毛利的壓力應該會減輕。

Great.

很好。

Thank you, and good luck with back to school in the rest of the year.

謝謝你，也祝你們返校季以及今年剩餘時間一切順利。

Thank you.

謝謝。

Thanks, Eric.

謝謝，Eric。

There are no further questions at this time, so this will conclude today's conference. You may disconnect at this time, and thank you for your participation.

目前沒有其他提問，因此今天的電話會議到此結束。您現在可以中斷連線，感謝您的參與。