Victoria's Secret & Co (VSCO) 2023 Q2 法說會逐字稿

Good morning. My name is Fran, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Victoria's Secret & Co. Second Quarter 2023 Earnings Conference Call. Please be advised that today's conference is being recorded. (Operator Instructions)

早安.我叫弗蘭，今天我將擔任你們的會議操作員。現在，我歡迎大家參加維多利亞的秘密公司 2023 年第二季度收益電話會議。請注意，今天的會議正在錄製中。 （操作員說明）

I now would like to turn the call over to Mr. Kevin Wynk, Vice President of External Financial Reporting and Investor Relations at Victoria's Secret & Co. Thank you, sir. You may begin.

現在我想將電話轉給維多利亞的秘密公司外部財務報告和投資者關係副總裁 Kevin Wynk 先生。謝謝您，先生。你可以開始了。

Thank you, Fran. Good morning, and welcome to Victoria's Secret & Co. Second Quarter Earnings Conference Call for the period ending July 29, 2023. As a matter of formality, I would like to remind you that any forward-looking statements we may make today are subject to our safe harbor statement found in our SEC filings and in our press releases. Joining me on the call today is CEO, Martin Waters; and CFO, Tim Johnson. We are available today for up to 45 minutes to answer any questions.

謝謝你，弗蘭。早上好，歡迎參加維多利亞的秘密公司截至 2023 年 7 月 29 日的第二季度收益電話會議。作為正式問題，我想提醒您，我們今天可能做出的任何前瞻性陳述均受我們的安全港聲明可以在我們的SEC 文件和新聞稿中找到。今天和我一起參加電話會議的是首席執行官馬丁·沃特斯 (Martin Waters)。和首席財務官蒂姆·約翰遜。我們今天最多可提供 45 分鐘的時間來回答任何問題。

Certain results we discuss on the call today are adjusted results and exclude the impact of certain items described in our press release and our SEC filings. Reconciliations of these and other non-GAAP measures to the most comparable GAAP measures are included in our press release, our SEC filings in the investor presentation posted on the Investors section of our website.

我們今天在電話會議上討論的某些結果是調整後的結果，不包括我們的新聞稿和美國證券交易委員會文件中描述的某些項目的影響。這些和其他非 GAAP 衡量標準與最具可比性 GAAP 衡量標準的對賬均包含在我們的新聞稿中，以及我們在網站投資者部分發布的投資者演示文稿中向 SEC 提交的文件中。

Thanks. And now I'll turn the call over to Martin.

謝謝。現在我將把電話轉給馬丁。

Thanks, Kevin and good morning, everyone. As we've shared consistently inside and outside of the business, we are laser focused on the 3 pillars of our long-term strategy: number one, to strengthen the core; number two, to ignite growth; and number three, to transform the foundation of our company. We've defined and are delivering initiatives in each pillar and we believe these will steadily provide profitable growth into the future.

謝謝凱文，大家早上好。正如我們在業務內外一致分享的那樣，我們專注於長期戰略的三大支柱：第一，加強核心；第二，激發增長；第三，改變我們公司的基礎。我們已經在每個支柱中定義並正在實施舉措，我們相信這些舉措將在未來穩定地帶來盈利增長。

Now before we dive into the details of the quarter, I want to first share my appreciation for the hard work and dedication of our associates and partners all around the world. I'm especially thankful for the team's continued commitment and for all they're doing as we push forward with our strategy.

現在，在我們深入了解本季度的細節之前，我想首先對我們世界各地的員工和合作夥伴的辛勤工作和奉獻精神表示讚賞。我特別感謝團隊的持續承諾以及他們在我們推進戰略時所做的一切。

In the second quarter, we delivered sales, adjusted operating income and adjusted diluted earnings per share within our guidance range, while the macro environment continues to put pressure on our customer base and on our core intimates categories. As anticipated and what was the continuation of first quarter trends, sales performance in the second quarter was particularly challenging in the overall stores and digital intimates market in North America, and this impacted both Victoria's Secret and PINK businesses.

第二季度，我們的銷售額、調整後的營業收入和調整後的稀釋每股收益都在我們的指導範圍內，而宏觀環境繼續給我們的客戶群和我們的核心內衣類別帶來壓力。正如預期以及第一季度趨勢的延續一樣，第二季度的銷售業績在北美整個商店和數字內衣市場尤其具有挑戰性，這對維多利亞的秘密和 PINK 業務都產生了影響。

External market data indicates that overall stores and digital intimates market in North America remained challenged and was down mid-single digits in the quarter compared to last year. We continue to be pleased with our international business, which experienced growth in excess of 25% and strong profit flow-through in the quarter and our recently acquired Adore Me brand also grew sales during the quarter, highlighting the strength of their business model and unique digital strategies.

外部市場數據表明，北美整體商店和數字內衣市場仍然面臨挑戰，本季度與去年相比下降了中個位數。我們仍然對我們的國際業務感到滿意，該業務在本季度增長超過25%，利潤流強勁，我們最近收購的Adore Me 品牌在本季度的銷售額也有所增長，凸顯了其業務模式的實力和獨特性。數字化戰略。

Additionally, our teams were resiliently focused on what was within our control, managing selling margins, diligently controlling costs and delivering inventory levels at Victoria's Secret and PINK that were down low double digits compared to last year, allowing us to enter the fall season with relatively lean inventory levels.

此外，我們的團隊彈性地專注於我們控制範圍內的事情，管理銷售利潤，努力控製成本，並交付維多利亞的秘密和PINK 的庫存水平，與去年相比，庫存水平下降了兩位數，使我們能夠以相對較低的價格進入秋季季節。精益庫存水平。

Now turning to the numbers. In the second quarter, our adjusted operating income was $49 million and adjusted earnings per diluted share was $0.24, both near the midpoint of our guidance range. Overall, sales declined 6% in the quarter compared to last year, which was near the low end of our guidance range and down mid-single digits. Sales trends for the first quarter in North America continued throughout the second quarter in both stores and digital channels, driven by a decline in traffic and average basket size compared to the second quarter last year. While conversion rates and average unit retail in both channels were lower than last year, each of these key metrics continues to trend above pre-pandemic levels.

現在轉向數字。第二季度，我們調整後的營業收入為 4900 萬美元，調整後每股攤薄收益為 0.24 美元，均接近我們指導範圍的中點。總體而言，本季度銷售額與去年相比下降了 6%，接近我們指導範圍的下限，並下降了中個位數。與去年第二季度相比，由於客流量和平均購物籃尺寸下降，北美第一季度的商店和數字渠道的銷售趨勢在整個第二季度都得到了延續。雖然兩個渠道的轉化率和平均零售量均低於去年，但這些關鍵指標均繼續高於大流行前的水平。

Adore Me sales were up year-over-year against the quarter and represented about 4 percentage points of total sales growth for VS&Co in the quarter.

Adore Me 銷售額同比增長，佔 VS&Co 本季度總銷售額增長的約 4 個百分點。

From a merchandising perspective, sales trends for the intimates market in North America remained challenged, as I said and decreased in the mid-single digits compared to last year. We remain the leader in market share for the intimates category in North America including both bras and panties. On a rolling 12-month basis, our intimates market share declined slightly with our digital share up slightly and stores share down slightly. From a merchandise category perspective, starting with Victoria's Secret, our Beauty business continues to be our best performing category, followed by bras, sleepwear and panties.

從銷售角度來看，正如我所說，北美內衣市場的銷售趨勢仍然面臨挑戰，與去年相比出現中個位數下降。我們仍然是北美內衣類別（包括胸罩和內褲）市場份額的領先者。在滾動 12 個月的基礎上，我們的內衣市場份額略有下降，其中數字份額略有上升，商店份額略有下降。從商品類別的角度來看，從維多利亞的秘密開始，我們的美容業務仍然是表現最好的類別，其次是胸罩、睡衣和內褲。

Within PINK, intimates and sleepwear outperformed apparel, which had another difficult quarter. We estimate that the previously identified apparel challenges in PINK negatively impacted the second quarter sales results by approximately 2 to 3 points. Our new reimagined PINK merchandising assortment has begun to set and sell both online and in stores, and we're encouraged by early positive response from our customers.

在 PINK 領域，內衣和睡衣的表現優於服裝，而服裝又經歷了一個艱難的季度。我們估計，之前確定的 PINK 服裝挑戰對第二季度銷售業績產生了約 2 至 3 個百分點的負面影響。我們重新設計的全新粉色商品系列已開始在網上和商店進行設置和銷售，客戶的早期積極響應令我們深受鼓舞。

Back to our international business, which continued its stellar performance with sales up 26% in the quarter compared to last year and total international system-wide sales up in the low teens as well. The business continues to experience momentum and provide profitable growth across stores and digital. The second quarter results were driven by significant year-over-year growth in China through our joint venture with Regina Miracle and globally with partners in our franchise and travel retail networks.

回到我們的國際業務，該業務繼續保持出色的業績，本季度銷售額與去年同期相比增長了 26%，國際系統範圍內的總銷售額也增長了十幾位數。該業務繼續保持強勁勢頭，並在商店和數字領域實現盈利增長。第二季度的業績得益於我們與Regina Miracle 的合資企業在中國以及全球特許經營和旅遊零售網絡合作夥伴的顯著同比增長。

In the past 12 months, we have entered 4 new countries and opened 9 new digital sites to increase our global footprint, and we have 25 to 35 net new stores planned to open in the fall season. We continue to be optimistic about sales and profit and store growth opportunities for all of our partners around the world.

在過去 12 個月中，我們進入了 4 個新國家，開設了 9 個新的數字網站，以擴大我們的全球足跡，並且我們計劃在秋季開設 25 至 35 家淨新店。我們對全球所有合作夥伴的銷售和利潤以及商店增長機會繼續持樂觀態度。

Aside from the financials, over the last 90 days, we've executed several key actions in support of our strategy and brand positioning for the long term, which include: we announced the premier of the Victoria's Secret World Tour, streaming on the 26th of September on Amazon Prime video, part spectacular fashion events, part documentary, this one-of-a-kind show promises an unrivaled viewing experience to celebrate the mission of Victoria's Secret to uplift and champion women on a global scale.

除了財務狀況外，在過去90 天裡，我們還執行了幾項關鍵行動來支持我們的長期戰略和品牌定位，其中包括： 我們宣布了維多利亞的秘密世界巡迴演唱會的首播，該巡演將於26日進行直播9 月在亞馬遜Prime 視頻上播出，這部獨一無二的節目一半是壯觀的時尚活動，一半是紀錄片，承諾提供無與倫比的觀看體驗，以慶祝維多利亞的秘密在全球範圍內提升和捍衛女性的使命。

The tour will be headlined by GRAMMY award-winning artist, Doja Cat, with relentless focus on best at bras strategy and delivering newness, innovation and fashion to our customers. We debuted the ICON by Victoria's Secret, a new collection of bras, panties and lingerie centered around the new ICON by Victoria Secret Push-up Demi Bra and featured an all-star cast of talent, including the return of Gisele Bündchen, Naomi Campbell, Adriana Lima and Candice Swanepoel to the VS family.

這次巡演將由格萊美獎獲獎藝術家 Doja Cat 領銜，將不懈地關注最佳文胸策略，並為我們的客戶提供新穎、創新和時尚。我們首次推出了ICON by Victoria's Secret，這是一個新的文胸、內褲和內衣系列，以全新ICON by Victoria's Secret 俯臥式半罩杯文胸為核心，匯聚了全明星陣容，其中包括回歸的吉賽爾·邦辰(Gisele Bündchen)、娜奧米·坎貝爾(Naomi Campbell)、 Adriana Lima 和 Candice Swanepoel 加入 VS 家族。

We also introduced the Featherweight Max sports bra featuring a revolutionary super-light shape design for both gym and everyday wear. We expanded our channels of distribution with the launch of Victoria's Secret Lingerie and apparel in the official Victoria's Secret Amazon Fashion storefront.

我們還推出了 Featherweight Max 運動文胸，採用革命性的超輕形狀設計，適合健身和日常穿著。我們在維多利亞的秘密亞馬遜時尚官方店面推出了維多利亞的秘密內衣和服裝，擴大了分銷渠道。

In June, we enhanced Victoria's Secret and PINK customer experience and rolled out our new multi-tender loyalty program to all customers. In just 3 months, we already have over 16 million members who are currently accounting for over 70% of our weekly sales and that's trending higher. We launched Adore Me merchandise available for sale on www.victoriasecret.com during the quarter, and we continue to leverage Adore Me's expertise and technology to improve the customer experience by further developing our launch plans for Try-on at home and VIP membership services for the Victoria's Secret and PINK customer.

6 月，我們增強了 Victoria's Secret 和 PINK 的客戶體驗，並向所有客戶推出了新的多招標忠誠度計劃。在短短 3 個月內，我們已經擁有超過 1600 萬會員，目前占我們每週銷售額的 70% 以上，並且這一數字還在呈上升趨勢。本季度，我們在 www.victoriasecret.com 上推出了 Adore Me 商品，並繼續利用 Adore Me 的專業知識和技術，進一步製定在家試穿和 VIP 會員服務的推出計劃，以改善客戶體驗。維多利亞的秘密和PINK 客戶。

And we evolved our leadership structure to advance our strategic priorities with the appointment of Greg Unis as Brand President along with welcoming back to the brand Anne Stephenson as our new Chief Merchandising Officer.

我們改進了領導結構，任命格雷格·尤尼斯 (Greg Unis) 為品牌總裁，並歡迎安妮·斯蒂芬森 (Anne Stephenson) 重返品牌，擔任新任首席營銷官，以推進我們的戰略重點。

Looking forward, we're focused on changing the trajectory of our sales trends and our teams have been working tirelessly on multiple growth initiatives designed to impact the third quarter and the all-important holiday season. We're encouraged by August sales trends, which were better than July, the second quarter and the entirety of the spring season and believe there are early signs that our growth initiatives are beginning to be noticed by customers.

展望未來，我們專注於改變銷售趨勢的軌跡，我們的團隊一直在不知疲倦地致力於多項增長計劃，旨在影響第三季度和最重要的假日季節。我們對 8 月份的銷售趨勢感到鼓舞，該趨勢好於 7 月份、第二季度和整個春季，並相信有早期跡象表明我們的增長舉措已開始受到客戶的關注。

For the third quarter, we expect sales to decrease in the low to mid-single-digit range compared to last year and we are forecasting an adjusted operating loss in the range of $45 million to $75 million. We expect inventory levels in our core Victoria's Secret and PINK business at the end of the third quarter to be down mid-to-high single digits compared to last year. Our guidance for the third quarter reflects an improvement in our sales trend in North America based on August results, as I just mentioned. The phased rollout of the new digital technology capabilities, Victoria's Secret World Tour and our Reimagined PINK merchandise, which as I said is beginning to deliver at the end of August.

對於第三季度，我們預計與去年相比，銷售額將在低至中個位數範圍內下降，預計調整後的運營虧損將在 4500 萬美元至 7500 萬美元之間。我們預計第三季度末核心維多利亞的秘密和 PINK 業務的庫存水平將比去年下降中高個位數。正如我剛才提到的，我們對第三季度的指導反映了基於 8 月份業績的北美銷售趨勢的改善。分階段推出新的數字技術功能、維多利亞的秘密世界巡迴演唱會和我們重新設計的粉色商品，正如我所說，這些商品將於八月底開始交付。

For the full year 2023, we're forecasting sales to decrease in the low single-digit range compared to last year and we expect the adjusted operating income rate to be in the range of 5% to 6% compared to current analyst consensus estimate, which reflects sales down approximately 2% compared to last year and an adjusted operating income rate of approximately 5.5%. We remain focused and continue to take important steps to evolve and innovate our business focused on our 3 core pillars: strengthening the core, ignite growth, transform the foundation. We continue to believe executing against our strategies in each of the pillars will improve business trends beginning in the third quarter and accelerating into the holiday season.

對於 2023 年全年，我們預計銷售額將比去年低個位數下降，與當前分析師一致估計相比，我們預計調整後的營業利潤率將在 5% 至 6% 範圍內，這反映了銷售額比去年下降了約2%，調整後的營業利潤率約為5.5%。我們仍然專注並繼續採取重要步驟來發展和創新我們的業務，重點關注我們的三大核心支柱：強化核心、激發增長、轉變基礎。我們仍然相信，在每個支柱上執行我們的戰略將改善從第三季度開始並加速進入假日季節的業務趨勢。

Strengthening the core. We have growth strategies and new customer experiences that we believe are opportunities including new bra launches and innovation, reimagining, merchandise positioning for PINK, our multi-tender loyalty program, new customer experience initiatives in digital and further expansion of our successful store of the future format as well as the Victoria's Secret World Tour, which will be our largest marketing investment in over 5 years.

強化核心。我們擁有增長戰略和新的客戶體驗，我們認為這些都是機遇，包括新文胸的推出和創新、重新構想、PINK 的商品定位、我們的多招標忠誠度計劃、新的數字客戶體驗計劃以及我們未來成功商店的進一步擴張格式以及維多利亞的秘密世界巡迴演唱會，這將是我們五年多來最大的營銷投資。

Ignite growth. Our international business has momentum with partner expansion plans for more than 100 new stores and several new markets planned throughout the next 2 years. We also plan to leverage Adore Me's technology on our scale platforms for the fall season and we're continuing to expand our channels of distribution to meet the customer where she is.

點燃增長。我們的國際業務勢頭強勁，合作夥伴計劃在未來 2 年內開設 100 多家新店和多個新市場。我們還計劃在秋季在我們的規模平台上利用 Adore Me 的技術，並繼續擴大我們的分銷渠道以滿足客戶的需求。

Transform the foundation. We continue to take steps to drive operating margin expansion by modernizing the operating model. These initiatives are well underway and we remain committed to the total of $250 million opportunity identified at our October Investor Day. We've begun to realize those benefits related to initiatives in 2023 and more than two-thirds of the total savings are expected to be realized in '24 and '25.

改造基礎。我們繼續採取措施，通過現代化運營模式來推動運營利潤率的擴張。這些舉措正在順利進行，我們仍然致力於 10 月份投資者日確定的總計 2.5 億美元的機會。我們已開始實現與 2023 年舉措相關的這些效益，預計將在 24 年和 25 年實現總節省額的三分之二以上。

Of course, we recognize that neither our brand revolution nor our strategy will return their full potential overnight. We're on a journey. We also believe that there is a clear path to growth through the current turbulent environment and into the future. Our focus as leaders and as a company is on ensuring we continue to be a future-facing business that becomes more and more culturally relevant in the shifting consumer environment. We remain confident in our repositioning efforts and our strategic plans for growth. We understand there could be volatility in our results this year. However, we remain committed to delivering our long-term financial targets and returning value to shareholders.

當然，我們認識到，我們的品牌革命和我們的戰略都不會在一夜之間充分發揮潛力。我們正在旅行。我們還相信，在當前動蕩的環境和未來中，有一條清晰的增長之路。作為領導者和公司，我們的重點是確保我們繼續成為一家面向未來的企業，在不斷變化的消費者環境中變得越來越具有文化相關性。我們對我們的重新定位努力和增長戰略計劃仍然充滿信心。我們知道今年的業績可能會出現波動。然而，我們仍然致力於實現長期財務目標並為股東回報價值。

And lastly, we're looking forward to our Investor Day in our office in New York City on October 12, and we plan to reflect on the previous year and provide update on our longer-term strategy.

最後，我們期待 10 月 12 日在紐約市辦公室舉行的投資者日，我們計劃回顧過去一年並提供有關我們長期戰略的最新信息。

Thank you. That concludes our pre-prepared remarks, and more than happy to take your questions at this time.

謝謝。我們預先準備的發言到此結束，很高興此時回答您的問題。

(Operator Instructions) And our first request is from Matthew Boss with JPMorgan.

（操作員說明）我們的第一個請求來自摩根大通的 Matthew Boss。

So Martin, 2-part question. Could you speak to the Victoria's Secret brand image today and the rationale behind the strategic shift in marketing with the World Tour? And then secondly, could you just elaborate on the 3 pillars and more specifically, the initiatives to strengthen the core, as you outlined at the Analyst Day last, just given the market share that you cited in intimates this quarter.

馬丁，問題分為兩部分。您能談談今天維多利亞的秘密的品牌形像以及世界巡迴演唱會營銷戰略轉變背後的理由嗎？其次，您能否詳細說明一下三大支柱，更具體地說，正如您在上次分析師日所概述的那樣，考慮到您在本季度的報告中引用的市場份額，您能否詳細說明一下加強核心的舉措。

Yes, thank you for the question, Matt. I'm happy to take that. We are feeling good about where we are on the repositioning journey of the brand. As you know, when this management team took over, we defined the challenges being a complete repositioning of the brand and we've been dedicated to that and dedicated to the cause of champion and uplifting women on their journey through life. I don't see this next evolution of our marketing strategy as a change. I see it as the reinvention and reimagination of what was probably the most important retail marketing device of the last decade in the Victoria's Secret Fashion Show.

是的，謝謝你的提問，馬特。我很樂意接受。我們對品牌重新定位之旅的進展感到滿意。如您所知，當這個管理團隊接手時，我們將挑戰定義為對品牌進行徹底的重新定位，我們一直致力於這一目標，並致力于冠軍事業和提升女性人生旅程。我不認為我們營銷策略的下一次演變是一種變化。我認為它是對過去十年維多利亞的秘密時裝秀中最重要的零售營銷手段的重新發明和重新想像。

The World Tour and the announcement that we made around that is really a celebratory moment representing the ultimate expression of our brand transformation. It kind of brings to life our commitment that I just talked about and it's already had a massive media impact. So we feel kind of really good about where that is. I think it gives us an opportunity, Matt, to talk about cultural relevance and to kind of reclaim our position at the center of cultural relevance, whether that's fashion, art, music or popular culture. And we're super excited about partnering with Amazon in that endeavor. So I see it as a natural extension of the work that we've been doing. And the early signs are certainly that the customer is noticing and the media around the world is noticing.

世界巡演以及我們圍繞此發布的公告確實是一個慶祝時刻，代表了我們品牌轉型的最終體現。它使我們剛才談到的承諾成為現實，並且已經產生了巨大的媒體影響。所以我們對這個地方感覺非常好。馬特，我認為這給了我們一個機會來談論文化相關性，並重新奪回我們在文化相關性中心的地位，無論是時尚、藝術、音樂還是流行文化。我們對於與亞馬遜在這方面的合作感到非常興奮。所以我認為這是我們一直在做的工作的自然延伸。早期跡象肯定是客戶已經註意到了，世界各地的媒體也已經註意到了。

In terms of the 3 pillars of our strategy, if I can take them in reverse order. In transforming the foundation of the company, I feel really, really good about where we are. The progress that T.J. and Dean and the team have made on our cost base and on our supply base is really extraordinary and we'll give further details of that at our October meeting. But suffice to say, I'm very, very pleased with the progress that we've made there.

就我們戰略的三大支柱而言，如果我可以以相反的順序來看待它們。在改變公司基礎的過程中，我對我們現在的處境感到非常非常滿意。 T.J. 的進展Dean 和他的團隊在我們的成本基礎和供應基礎上所做的工作確實非常出色，我們將在 10 月份的會議上提供更多細節。但我只想說，我對我們在那裡取得的進展感到非常非常滿意。

In the ignite growth column, the same is true in our international sales, up 26% in the quarter. Our partnership with Amazon going from strength to strength, the success that we're seeing in our curated marketplace with exceptional growth year-over-year. So feeling really good about all of those initiatives. As you rightly indicated, the area where we need to focus more is on the core of our company. We have seen some slight decline in our market share. The good news is that we've seen an increase in share in digital and the work that Chris Rupp and her team are doing in digital seems to be paying off.

在“點燃增長”一欄中，我們的國際銷售額也是如此，本季度增長了 26%。我們與亞馬遜的合作關係不斷加強，我們在我們精心策劃的市場中看到了成功，並且逐年增長。所以對所有這些舉措感覺非常好。正如您所指出的，我們需要更多關注的是我們公司的核心領域。我們的市場份額略有下降。好消息是，我們已經看到數字化份額的增加，克里斯·魯普和她的團隊在數字化方面所做的工作似乎正在得到回報。

We're definitely delivering a better customer experience there and I think that's helping us. So when we get to the October meeting, we'll talk more about what we intend to do differently in the year ahead. But without giving the game away, I can tell you that it will be a relentless focus on the core of our company, which is innovation in bras and panties and marketing in a way that's culturally relevant and getting stronger in some of the categories that we walked away from, particularly around sports bras and sport apparel.

我們肯定會在那裡提供更好的客戶體驗，我認為這對我們有幫助。因此，當我們到十月份的會議時，我們將更多地討論我們打算在未來一年採取哪些不同的做法。但在不洩露遊戲的情況下，我可以告訴你，這將是對我們公司核心的不懈關注，即胸罩和內褲的創新，以及以與文化相關的方式進行營銷，並在我們所關注的某些類別中變得更強。遠離，尤其是運動胸罩和運動服裝。

I hope that helps, Matt. That was a long answer to a short question. I hope that gave you some more color.

我希望這有幫助，馬特。這是對一個簡短問題的長答案。我希望這能給你更多的色彩。

Our next question is from Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的洛林·哈欽森 (Lorraine Hutchinson)。

Martin, can you talk about the factors that caused the accelerating August trend and if you expect them to holds or continue to improve as the year goes on?

馬丁，您能否談談導致 8 月份趨勢加速的因素以及您預計這些因素是否會隨著時間的推移而保持或繼續改善？

Sure can. Thanks, Lorraine, for the question. Yes, August was definitely better than July and it was better than Q2 and better than the entirety of the spring season. So we feel good about that. What's driving the change? Well, we've had some really good green shoots of recovery. The Icon bra was good news for us, kind of a 2-for-1 deal, one that went to our #1 digital brand, had a 4.4 rating and a very high matchback ratio so that was terrific. But also it got us back into the conversation with very high media ratings. So that helped.

當然可以。謝謝洛林提出的問題。是的，八月肯定比七月好，比第二季度好，比整個春季好。所以我們對此感覺良好。是什麼推動了這一變化？嗯，我們已經有了一些非常好的複蘇萌芽。 Icon 胸罩對我們來說是個好消息，有點像買二送一的交易，它屬於我們排名第一的數字品牌，有 4.4 的評分和非常高的匹配率，所以這太棒了。但它也讓我們以非常高的媒體收視率重新回到對話中。所以這有幫助。

We also had strength in Featherweight Max sports bra, where we've chased into that, ordered another 160,000 units in the last couple of weeks. The PINK early arrival of merchandise, the seamless air sports bra was good, but also some of the new merchandise that set at the very, very end of the month is starting to look good.

我們在 Featherweight Max 運動文胸方面也有實力，我們已經在過去幾週內又訂購了 160,000 件。早到的粉色商品、無縫空氣運動胸罩都不錯，而且月底定檔的一些新商品也開始看起來不錯。

Within Beauty, we had some strong performance. EDPs were up 5% driven by the Heavenly restage and Bare Rose launch. So kind of all across the business, there were just some nice green shoots that are encouraging for us. And we've got a lot less carryover as we go into this season than we had in the previous year. So I don't know that the trends from August will definitely continue, but we're optimistic that they will. And thanks for asking, Lorraine.

在美容方面，我們有一些強勁的表現。受到 Heavenly 重演和 Bare Rose 推出的推動，EDP 上漲了 5%。整個行業都出現了一些令人鼓舞的萌芽。當我們進入本賽季時，我們的結轉比上一年要少得多。所以我不知道八月份的趨勢一定會持續下去，但我們樂觀地認為它們會持續下去。謝謝你的詢問，洛林。

Our next question is from Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Great. Martin, can you talk about the promotionality of the environment, what the expectations are for the fall season as you launch these new kind of full price initiatives? And then TJ, can you remind us, last year, I know you did a ton of air to ocean, the model mix was more weighted toward air. Can you remind us sort of what was the percent on air relative to normal? And then in the guidance, what do you have in there in terms of basis points for recapture.

偉大的。馬丁，您能談談促銷環境嗎？當您推出這些新的全價舉措時，您對秋季的期望是什麼？然後 TJ，你能提醒我們嗎，去年，我知道你做了很多從空氣到海洋的工作，模型組合更偏重於空氣。您能提醒我們一下，空氣中相對於正常情況的百分比是多少嗎？然後在指導中，關於重新奪回的基點有哪些內容。

Yes. Thanks for the question, Adrienne. So in the second quarter, the levels of promotionality in our business were slightly up year-over-year -- slightly up year-over-year. I think that is about a reflection of the market as a whole. So as we look around our competitor base, we saw that promotions were slightly up year-over-year. So I think we were in line with the market. In terms of the guidance that we're planning for Q3 and Q4, we expect promotionality to be about the same year-over-year. As always, we're optimistic that if our full price initiatives really cut through and the work that we can pull back on that promotionality and that could provide some upside but the guidance we're giving is about flat on promotionality.

是的。謝謝你的提問，艾德麗安娜。因此，在第二季度，我們業務的促銷水平同比略有上升。我認為這是整個市場的反映。因此，當我們環顧競爭對手時，我們發現促銷活動同比略有增加。所以我認為我們符合市場。就我們計劃的第三季度和第四季度的指導而言，我們預計促銷活動將與去年同期大致相同。與往常一樣，我們樂觀地認為，如果我們的全價計劃真正發揮作用，並且我們可以取消促銷活動，這可能會帶來一些好處，但我們給出的指導意見與促銷活動基本持平。

In terms of -- I'll just answer for TJ on the air mix. So it was about 35% air during the second quarter, and we're expecting that to be in the order of 25% for the back half of the full season. So substantially normalized from where it's been historically, right, TJ?

就空氣混音而言，我只回答 TJ。因此，第二季度的空氣利用率約為 35%，我們預計整個賽季後半段的空氣利用率約為 25%。與歷史上的情況相比，已經大幅正常化了，對吧，TJ？

Absolutely. And in addition to that, Adrienne, as you might imagine, the -- both air and ocean rates have certainly moderated as the years has gone on. And we're hopeful during the holiday season, we'll see continued moderation levels relative to last year. So it's a good environment for us right now, both from a rate perspective and a capacity perspective.

絕對地。除此之外，艾德麗安，正如你可能想像的那樣，隨著時間的推移，空運和海運價格肯定有所放緩。我們希望在假期期間，我們會看到相對於去年的水平持續放緩。因此，無論從費率角度還是從容量角度來看，現在對我們來說都是一個良好的環境。

Our next question from Alex Straton with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓（Alex Straton）。

Perfect. Maybe 2 for me. First, just on the second quarter, international was clearly a bright spot. So maybe how do you think about the divergence in sales performance there versus North America? Is there something different about your positioning there? Or is it just a function of a small base internationally? And then secondly, just thinking through the guidance and then I look forward. It seems to include a bit of a step-up in profitability in the fourth quarter, perhaps bigger than usual. So maybe what gives you conviction there?

完美的。也許對我來說是2個。首先，就在第二季度，國際顯然是一個亮點。那麼，您如何看待那裡與北美銷售業績的差異？你們在那裡的定位有什麼不同嗎？或者這只是國際上一個小基地的功能？其次，只是思考指導，然後我展望未來。這似乎包括第四季度盈利能力的一些提升，或許比平時更大。那麼，是什麼讓您對此充滿信心呢？

Yes. Thanks, Alex. Thanks for highlighting the international business. We are really pleased with the progress that we've been making in that business, really over the last 2 years, the quarter was strong for sure, but it's a consistent picture over the last 8 quarters of really solid progress. There are a couple of maybe 3 important changes that we made to the international strategy that are paying off. One is working with our partners to open smaller stores than we had previously imagined.

是的。謝謝，亞歷克斯。感謝您強調國際業務。我們對我們在該業務中取得的進展感到非常滿意，確實在過去兩年中，這個季度確實很強勁，但這是過去 8 個季度中真正紮實進展的一致情況。我們對國際戰略做出的一些（也許是 3 項）重要改變正在取得成效。一是與我們的合作夥伴合作開設比我們之前想像的更小的商店。

Secondly, having a store of the future format that's more modern and more shoppable, more accessible at a significantly lower capital expense enables partners to open more stores and better stores.

其次，擁有一家更現代化、更適合購物、更容易進入且資本支出顯著降低的未來格式商店，使合作夥伴能夠開設更多商店和更好的商店。

And thirdly, we've embraced the digital area of international with supporting our partners with digital sales and progressing with digital sales ourselves. So those 3 changes over the course of the last 2 years are really, really paying off in a very positive way for us. That's really what's driving the change. It's true to say that our store fleet in international is much younger than it is here. It's also true to say that we're executing extremely well but the fundamental strategy and positioning is the same as it is here in North America. I'm optimistic that the great results we're seeing in international will be encouraging for our domestic business.

第三，我們通過數字銷售支持我們的合作夥伴並自行推進數字銷售，從而擁抱了國際數字領域。因此，過去兩年中的這 3 個變化確實為我們帶來了非常積極的回報。這確實是推動變革的原因。確實，我們在國際的商店隊伍比這裡年輕得多。確實，我們執行得非常好，但基本戰略和定位與北美相同。我樂觀地認為，我們在國際上看到的巨大成果將為我們的國內業務帶來鼓舞。

The other thing I should mention on international is China, where we had a very difficult business going back pre-pandemic. Our partnership with Regina Miracle has been a real win for us. Regina is a fantastic partner. And for the second consecutive quarter, we're actually making money in China. And China is a difficult environment right now. So for our business to be strong and when I say strong, we doubled our digital sales in China in the quarter. We're really seeing some terrific momentum. So all in all, pleased with how things are going.

關於國際，我要提到的另一件事是中國，在大流行前，我們在那裡的業務非常困難。我們與 Regina Miracle 的合作對我們來說是一次真正的勝利。里賈納是一位出色的合作夥伴。事實上，我們已經連續第二個季度在中國實現盈利。中國現在的環境很困難。因此，為了使我們的業務強勁，當我說強勁時，我們本季度在中國的數字銷售額翻了一番。我們確實看到了一些了不起的勢頭。總而言之，對事情的進展感到滿意。

As it relates to the fourth quarter in the domestic business, all the stuff we've been talking about earlier in the year sort of really matures during the fall season. So it's our reason to be confident and cheerful, as it were, relate to the fact that we've been working hard tirelessly all year on a whole series of initiatives. And I've listed some of them already, the launch of new bra collections, the World Tour coming in. There is fashion merchandise associated with the World Tour that will impact the full season. There's the loyalty program, which starts to give us confidence for the back half. So all across the business, the things that we've been working on will be delivering in the back half and so we're just optimistic that we'll get our fair share of the upside.

由於它與國內業務的第四季度有關，因此我們在今年早些時候討論的所有內容都在秋季真正成熟了。因此，我們之所以充滿自信和樂觀，可以說是與我們全年不懈地努力開展一系列舉措有關。我已經列出了其中一些，新胸罩系列的推出，世界巡演的到來。與世界巡演相關的時尚商品將影響整個季節。還有忠誠度計劃，它開始讓我們對後半段充滿信心。因此，在整個業務中，我們一直在努力的事情將在下半年實現，因此我們樂觀地認為我們將獲得公平的上漲空間。

TJ. anything to add to that?

TJ。有什麼要補充的嗎？

No, I think you hit on the -- there's major marketing initiatives, Alex, as Martin mentioned, major customer initiatives, major brand initiatives and good early receptivity to some of the fall merchandise, particularly on the VS side, and a growing assortment of new PINK merchandise that we're excited about. So all of those factors contribute to what we think will be an improving sales trend as we move through month-to-month through the fall season.

不，我想你說到了——亞歷克斯，正如馬丁提到的那樣，有重大的營銷舉措、主要的客戶舉措、主要的品牌舉措以及對一些秋季商品的良好早期接受度，特別是在VS 方面，以及越來越多的商品種類。我們很興奮的新粉色商品。因此，隨著我們逐月進入秋季，所有這些因素都有助於我們認為銷售趨勢將會改善。

I think additionally, just understanding that 2 of our largest marketing investments in our short period as a public company are all coming together here in the third quarter. It does put some expense pressure on the third quarter but as we look to fourth quarter and the halo of those marketing events and a more normal expense structure, growing sales really shows the margin opportunity early in the holiday season going into next year. So we feel good about the way that the back half of the year is laid out from an initiative perspective, a cost structure perspective and our ability to chase winners and cut losers in the inventory assortment.

另外，我認為，作為一家上市公司，我們短期內最大的兩項營銷投資都將在第三季度集中到位。這確實給第三季度帶來了一些費用壓力，但當我們展望第四季度以及這些營銷活動的光環和更正常的費用結構時，不斷增長的銷售額確實顯示了明年假期初期的利潤機會。因此，從主動性角度、成本結構角度以及我們在庫存分類中追逐贏家和減少輸家的能力來看，我們對今年下半年的佈局方式感到滿意。

Our next question is from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Two questions for me. I was going to ask about gross margin. Is there a way to kind of talk about expectations for 4Q or what's embedded in the full year in the 5% to 6% margin? And then just a follow-up is kind of on the direct business. So if you ex out Adore Me direct is trending down high singles, low doubles something in that range. In your back half improvement that you guys are hoping for, do you expect to see more improvement on the e-com side, more improvement on the store side, similar as a rationale? Just kind of curious how to think about both channels.

有兩個問題問我。我本來想問一下毛利率。有沒有辦法談論第四季度的預期或全年 5% 至 6% 利潤率的預期？然後就是直接業務的後續行動。因此，如果您退出 Adore Me direct，則趨向於高單打，低雙打在該範圍內。在你們所希望的後半部分改進中，您是否期望看到電子商務方面有更多改進，商店方面有更多改進，就像原理一樣？只是有點好奇如何思考這兩個渠道。

TJ, do you want to take the gross margin and then I'll pick up the digital question.

TJ，你想要毛利率嗎？然後我會回答數字問題。

Yes, absolutely. So from a margin perspective, Ike, as we've moved through the year here in the second quarter, our selling margin was relatively flat and the gross margin decline of 150 basis points was about the B&O deleverage on the lower sales. As we look forward to Q3 and Q4, we actually see selling margin or merchandise margins up year-over-year for 2 reasons. First off, as you'll recall, we have a Transform the foundation initiative in place, and we've mentioned for a number of months now that we will start to see some of the cost of goods sold benefit of lower cost hitting the fourth quarter. So that's one item positively impacting merchandise margins.

是的，一點沒錯。因此，從利潤率的角度來看，艾克，隨著我們在第二季度度過這一年，我們的銷售利潤率相對持平，毛利率下降150 個基點是由於B&O 銷售額下降而進行的去槓桿化。當我們展望第三季度和第四季度時，我們實際上看到銷售利潤率或商品利潤率同比上升，原因有兩個。 First off, as you'll recall, we have a Transform the foundation initiative in place, and we've mentioned for a number of months now that we will start to see some of the cost of goods sold benefit of lower cost hitting the fourth四分之一.這是一項對商品利潤產生積極影響的項目。

And then the second item was the question that was asked earlier around air and ocean. We continue to see positive news there from a rate perspective. And I think I'll throw in a third thing in that the raw material costs that the teams are working on are starting to -- those price increases are starting to abate also. So from a merchandise margin perspective, we feel good about how things are trending and we feel good about the inventory levels we came into the quarter and the fall season with.

第二項是之前提出的有關空氣和海洋的問題。從利率角度來看，我們繼續看到積極消息。我想我會提出第三件事，因為團隊正在研究的原材料成本已經開始 - 價格上漲也開始減弱。因此，從商品利潤率的角度來看，我們對事情的趨勢感到滿意，並且對進入本季度和秋季的庫存水平感到滿意。

I think also as we move through the fall season and start to see some of our strategic initiatives take hold and improve the North America business, we'd expect to be in deleverage to start to abate as we move through third and into fourth quarter as well. So that's what gets us to our guidance for third quarter, Ike, of a gross margin rate that approximates last year and embedded in our guidance is an improving gross margin rate in the fourth quarter.

我還認為，隨著我們進入秋季並開始看到我們的一些戰略舉措得到落實並改善北美業務，我們預計隨著我們進入第三季度和第四季度，去槓桿化將開始減弱出色地。因此，這就是我們對第三季度的指導，艾克，毛利率接近去年，並且我們的指導中包含了第四季度毛利率的改善。

Yes. On the difference between the digital and store channels as we look at the back half of the year, we're expecting performance improvement from both of those channels. However, if I sort of step back from the immediacy and say, what do we think is happening? Well, right now, our share of digital is in the low 30s of our total system. The industry expectation is that, that will grow over time and likely will get to say, 40 over the next 3 years. So we're prepared for that and we would expect that our share of digital from our total system will increase. So it's important that we get to world class Icon on digital.

是的。回顧今年下半年，數字渠道和商店渠道之間的差異，我們預計這兩個渠道的業績都會有所改善。然而，如果我退一步說，我們認為正在發生什麼？嗯，目前，我們的數字化份額在整個系統中處於 30 左右。業界預計，這一數字將隨著時間的推移而增長，並且在未來 3 年內可能會達到 40 個。因此，我們已為此做好準備，並且預計整個系統中的數字份額將會增加。因此，我們在數字領域打造世界一流的 Icon 非常重要。

So what Chris Rupp and her team have been working on is building tons, just on loads and loads of capability, like fewer clicks to product removal of category landing pages, visual search being added, shoppable videos embedded within the site, bar code scanning, moving from noncodable tech to fully codable text, enhancing our linking capabilities, all that kind of stuff as well as personalized e-mail through da Vinci. So there's a lot of activity that we've been investing and that should mature in the back half of the year. And so the likelihood is that digital will increase in its participation for us.

因此，Chris Rupp 和她的團隊一直致力於構建大量的功能，例如減少產品類別登陸頁面的點擊次數、添加視覺搜索、嵌入網站內的可購物視頻、條形碼掃描、從不可編碼的技術轉向完全可編碼的文本，增強我們的鏈接能力，所有這些東西以及通過達芬奇的個性化電子郵件。因此，我們一直在投資很多活動，這些活動應該會在今年下半年成熟。因此，數字化對我們的參與很可能會增加。

And happily, the profitability of the channels is pretty much the same for us. So we don't really mind where the customer shops with us. We're prepared for her in both arenas. I think the other thing to note about digital is we talked about the synergies from Adore Me and a very important one is the launch of Try-on at Home, which will be launched on a test basis in the fall season. That, of course, points at the digital business rather than the stores business. So that's another benefit to that side of -- to that channel. I hope that helps.

令人高興的是，渠道的盈利能力對我們來說幾乎是一樣的。因此，我們並不介意顧客在哪裡與我們一起購物。我們在這兩個領域都為她做好了準備。我認為關於數字化的另一件值得注意的事情是我們討論了 Adore Me 的協同效應，其中一個非常重要的就是推出了“在家試穿”，該項目將在秋季進行測試。當然，這指的是數字業務而不是商店業務。所以這是該渠道的另一個好處。我希望這有幫助。

Our next question from Marni Shapiro with Retail Tracker.

我們的下一個問題來自 Marni Shapiro 和 Retail Tracker。

Martin, I was hoping you could dig in a little bit to your loyalty program. I think impressive, you had 16 million people sign up in a matter of 3 months. Can you -- or do you have any insight into are these new or existing shoppers, are these lapsed shoppers? Are you seeing activity change once they sign up? And I guess what is the look forward to that as we get into the holiday season? How do you expect to use the loyalty program?

馬丁，我希望你能稍微參與一下你的忠誠度計劃。我認為令人印象深刻的是，在 3 個月內就有 1600 萬人註冊。您能否——或者您是否了解這些新的或現有的購物者，這些是流失的購物者？一旦他們註冊，您是否發現活動發生變化？我想當我們進入假期時我們對此有何期待？您希望如何使用忠誠度計劃？

Yes. Thanks, Marni. Yes, we're pleased with over 16 million members in 3 months. I think that's a very strong adoption rate -- and I think as I look back over the last couple of weeks in the sort of low 70%, 72%, 73% of sales coming through that device, so that gives us great data and data is our friend when it comes to marketing and personalization. So how much of the file is new? About 50% is new. So of those 16 million, about 15 -- about 50% would be new. And new, we define as we've not seen this customer in the last, I think, 24 months. So that's pretty strong adoption rate, I would say.

是的。謝謝，瑪尼。是的，我們很高興在 3 個月內擁有超過 1600 萬會員。我認為這是一個非常高的採用率，我認為當我回顧過去幾週時，通過該設備進行的銷售額只有 70%、72%、73%，這為我們提供了豐富的數據和在營銷和個性化方面，數據是我們的朋友。那麼該文件有多少是新的呢？大約 50% 是新的。因此，在這 1600 萬中，大約 15%（大約 50%）是新的。新的，我們定義為我們在過去 24 個月內沒有見過這個客戶。我想說，這是相當高的採用率。

In terms of the -- what we know about that customer, it's broadly consistent with the customer that we've seen previously in terms of demographics, in terms of age, in terms of other segmentation. The real win for us, as I said, is enabling us to move from a one-size-fits-all marketing campaign to campaigns that reflect the needs and preferences of the individual. And we're kind of at Page 1 of that. We've started it but we'll gain capability as the system learns more from the data and as we get more comfortable with personalization. So that's the big win.

就我們對該客戶的了解而言，它與我們之前看到的客戶在人口統計、年齡和其他細分方面大體一致。正如我所說，我們真正的勝利是使我們能夠從一刀切的營銷活動轉向反映個人需求和偏好的活動。我們已經處於其中的第一頁了。我們已經開始了，但隨著系統從數據中了解更多以及我們對個性化更加滿意，我們將獲得更多能力。這就是巨大的勝利。

Now of course, from an external point of view, when you're looking in, you will be receiving marketing that we and our systems and our capability and artificial intelligence, I think are most suited to you. And you will no longer be able to see all of the marketing that's putting at all of the people. So you just kind of have to trust us that there are multiple campaigns in place pointing at different people at different times.

當然，現在從外部的角度來看，當你向內看時，你會收到我們、我們的系統、我們的能力和人工智能的營銷，我認為最適合你。而且您將不再能夠看到針對所有人的所有營銷活動。因此，您必須相信我們，有多個活動針對不同的時間針對不同的人。

Now our next question is from Jungwon Kim with TD Cowen.

現在我們的下一個問題來自 Jungwon Kim 和 TD Cowen。

Just curious on the Beauty side, it seems like it's really growing nicely. What is sort of the growth driver behind the beauty and how big do you think the segment could grow over time?

只是對美麗方面感到好奇，看起來它真的長得很好。美妝背後的增長動力是什麼？您認為隨著時間的推移，這個細分市場會增長到多大？

Yes. Thanks for the question. Beauty has always been a really important part of our business. It's a natural adjacency to lingerie. It's a really, really beautiful partner, both in-store and in digital to our lingerie business. What's been driving the strength in performance recently, let's say, this year is a couple of things. One, the EDP strength of performance, particularly the Heavenly restage was very good. The Bare Rose launch was terrific for us. But also body fragrance mist, I think, was up in the mid-to-high single digits in the second quarter and that's at a very accessible price point, it's a good entry into the brand.

是的。謝謝你的提問。美容一直是我們業務中非常重要的一部分。它與內衣有著天然的聯繫。對於我們的內衣業務來說，無論是在店內還是在數字領域，它都是一個非常非常美麗的合作夥伴。可以說，今年推動業績強勁的因素有幾件事。一、EDP的演奏實力，尤其是Heavenly的重放非常好。 Bare Rose 的推出對我們來說非常棒。我認為，體香噴霧在第二季度的銷量也達到了中高個位數，而且價格非常實惠，是進入該品牌的一個很好的選擇。

And we do, on occasion, see a different customer coming into the brand through Beauty. And that gives us an opportunity to talk to her about other things that we sell. So Beauty is a terrific business for us. We're excited about what's coming in the back half of the year and it's a very important strategic business for us. Thanks for asking.

有時，我們確實會看到不同的客戶通過美容進入該品牌。這讓我們有機會與她談論我們銷售的其他東西。因此，美容對我們來說是一項很棒的業務。我們對今年下半年即將發生的事情感到興奮，這對我們來說是一項非常重要的戰略業務。謝謝你的詢問。

Now our next question from Corey Tarlowe with Jefferies.

現在我們的下一個問題是由科里·塔洛和杰弗里斯提出的。

I was wondering if you could talk a little bit about some of the newer initiatives at PINK, how that business is trending and then maybe just an update on how PINK is doing into back-to-school.

我想知道您是否可以談談 PINK 的一些新舉措，該業務的趨勢如何，然後也許只是介紹 PINK 在返校期間的最新情況。

Yes. Thanks, Corey. If I say early days, I literally mean early days. We launched the first of the new PINK merchandise on August 29. So it's kind of 2 days in. So it is very, very early days. I do know, though, from some tests of early merchandise that we put out to a certain number of stores and some customers online, the response has been favorable. We're seeing good pickup on our new merchandise. What I will tell you is, though, we've not built a big impact from the turnaround of PINK into half 2. Our goal is to watch and learn and chase like crazy into the winners.

是的。謝謝，科里。如果我說早期，我的字面意思是早期。我們於 8 月 29 日推出了第一款新的 PINK 商品。所以現在才 2 天。所以現在還非常非常早。不過，我確實知道，從我們向一定數量的商店和一些網上顧客推出的早期商品的一些測試來看，反響良好。我們看到我們的新商品銷量良好。不過，我要告訴你的是，我們還沒有從 PINK 進入半場 2 的逆轉中產生巨大影響。我們的目標是觀察、學習並瘋狂地追逐勝利者。

We've already started to see some chase opportunities, particularly in the seamless wear bra. We expect that there will be others that will emerge in the coming days and we'll chase hard into them. For us, it's about redefining the PINK brand to be more declarative with the brand narrative and appeal to Gen Zs specifically and that won't happen overnight. So early signs -- very, very early signs are positive. We have not baked in a big U-turn for the back half and we'll keep you posted as we go. I think by the time we get to our Investor Meeting, October 12, we'll have some reasonable indications and we'll certainly show you and anybody else that comes to that meeting or watches that meeting the merchandise that's trending.

我們已經開始看到一些追逐機會，特別是在無縫內衣領域。我們預計未來幾天還會出現其他產品，我們將努力追趕它們。對我們來說，這是為了重新定義 PINK 品牌，使其在品牌敘事上更具宣言性，並特別吸引 Z 世代，而這不會一蹴而就。所以早期跡象——非常非常早期的跡像是積極的。我們還沒有在後半段做出大的掉頭，我們會隨時向您通報情況。我認為，當我們參加 10 月 12 日的投資者會議時，我們將會有一些合理的跡象，並且我們一定會向您和任何參加該會議或觀看符合趨勢的產品的其他人展示。

Yes. And I think on the second part of the question, Corey, around back-to-school. Given the transition we're in, in PINK, it's more difficult to kind of isolate into PINK only back to school. So I'll pivot back to Martin's earlier commentary around the month of August. And that's really about merchandise green shoots, particularly on the VS side, strong Beauty, significant marketing launch with Icon, significantly more marketing dollars, visual online, all in relative to the launch last year of So Obsessed. And then also, you're seeing good early signs of us utilizing the strength of our new loyalty program with the successful beat the clock event in August. So if August is a proxy for back-to-school, it was our best month of the year really driven by some of the merchandising green shoots and marketing efforts on the part of the team.

是的。我想關於問題的第二部分，科里，關於返校。考慮到我們正處於 PINK 的過渡時期，只有回到學校才能與 PINK 隔離起來更加困難。因此，我將回到馬丁早些時候在八月份發表的評論。這實際上是關於商品的萌芽，特別是在 VS 方面，強大的美感，與 Icon 的重大營銷啟動，顯著更多的營銷資金，視覺在線，所有這些都與去年推出的《So Obsessed》有關。此外，您還看到了我們利用新忠誠度計劃的優勢以及八月份成功舉辦的限時活動的良好早期跡象。因此，如果八月是返校的代表，那麼這是我們一年中最好的一個月，這確實是由團隊的一些銷售新芽和營銷工作推動的。

Yes. One other thing on PINK that I forgot to mention, which we're really pleased about is the collaboration with Chloe and Halle, which has had fabulous media pickup, particularly in social media. The product looks amazing and early indications on that are that it's going to sell out quickly. So that's a good indication of a green shoot on PINK that I should have mentioned earlier.

是的。我忘記提及的另一件事是 PINK 與 Chloe 和 Halle 的合作，這讓我們非常高興，該合作獲得了極好的媒體關注度，尤其是在社交媒體上。該產品看起來令人驚嘆，早期跡象表明它將很快售罄。所以這是一個很好的跡象，表明我應該早先提到的 PINK 正在萌芽。

Now our next question from Carla Casella with JPMorgan.

現在我們的下一個問題是來自摩根大通的卡拉·卡塞拉。

My question is around the heavy marketing spend you talked about for third quarter and the tour. Is that completely additive or some of that pull forward from the spend you would normally spend in 4Q?

我的問題是關於你談到的第三季度和巡演的大量營銷支出。這是完全累加的還是部分從您通常在第四季度支出的支出中拉出的？

Yes. Good question. Thanks, Carla. I think we took the approach of really leaning into the investment here from a marketing perspective with 2 of our largest marketing spend since we've become a public company with the World Tour and the launch of the Icon Bra all happening in the same quarter and our lowest volume quarter of the year. So we really are taking the longer-term view here and expect that the halo of both Icon and World Tour will carry on with customers through the holiday season and will also present for us a lot of marketing collateral to utilize in our stores and on our digital sites for a number of weeks to come.

是的。好問題。謝謝，卡拉。我認為我們採取了從營銷角度真正傾向於投資的方法，自從我們成為上市公司以來，我們最大的營銷支出有兩次，世界巡演和 Icon Bra 的推出都發生在同一季度，我們今年銷量最低的季度。因此，我們確實著眼長遠，希望 Icon 和 World Tour 的光環能夠在整個假期期間為客戶帶來歡樂，同時也將為我們提供大量營銷材料，供我們在商店和我們的網站上使用。數字網站將在未來幾週內開放。

So while the expense, Carla, hits largely in the third quarter, we do see benefits of the marketing spend for stores and digital all the way through the fourth quarter season. But to answer your question specifically, we did not go out to fourth quarter and make significant reductions to fund the third quarter. This is really additive to the fall season and was in our original plans and guidance for the year. So we are helping you calendarize the season better. But the marketing spend here in the third quarter is not a surprise to us, it's been planned all year. The teams have been working on it for months and months, and we're excited about the reception that we're seeing from customers and the media.

因此，雖然卡拉的費用在第三季度大幅增加，但我們確實看到了整個第四季度商店和數字營銷支出的好處。但具體回答你的問題，我們並沒有在第四季度大幅削減第三季度的資金。這確實是秋季的補充，並且是我們今年最初的計劃和指導中的。因此，我們正在幫助您更好地安排季節。但第三季度的營銷支出對我們來說並不意外，它是全年計劃的。團隊已經為此工作了數月之久，我們對客戶和媒體的反響感到非常興奮。

So our last question of the day is from William Reuter with Bank of America.

今天我們的最後一個問題來自美國銀行的 William Reuter。

I have 2 questions. The first is with the loss in market share, do you think this is to lower priced options as consumers are just having constrained budgets? Or do you think that there have been competition that's been introduced near your price points? And then secondarily, any comments from a dollar or margin basis point, standpoint in terms of what the tailwind of lower freight is in the second half of the year.

我有 2 個問題。首先是市場份額的損失，您認為這是為了降低價格選擇，因為消費者的預算有限？或者您是否認為在您的價位附近出現了競爭？其次，任何來自美元或利潤基點的評論，以及下半年運費下降的推動力的觀點。

Yes. I'll take the first part and then we'll go to TJ on the second part. So just to be clear on the market share, very -- it's a small change in market share position and that reflects a few moving parts that I'll just unpack for everybody. One is digital share is up. So if you think about new competitors that have come into the market in recent years, they tend to be digitally native players. We're doing okay in digital, our share is up. Down slightly in stores, up slightly in constructed bras, nonsports bras, down more meaningfully in panties, which is a harder category to defend a lower price point category, a category with lower barriers to entry. Specifically where are we -- who's gaining share? Walmart, Amazon and off-price are the places that are picking up the share. Is that a surprise in this difficult economic environment? Probably not. That isn't an excuse.

是的。我將進行第一部分，然後我們將去 TJ 進行第二部分。因此，為了明確市場份額，這是市場份額地位的一個小變化，這反映了我將為大家解開的一些變化部分。一是數字份額上升。因此，如果你考慮一下近年來進入市場的新競爭對手，他們往往是數字原生玩家。我們在數字領域做得很好，我們的份額上升了。商店中略有下降，結構文胸、非運動文胸中略有上升，內褲中的下降幅度更大，這是一個更難捍衛較低價位類別的類別，這是一個進入門檻較低的類別。具體來說，我們在哪裡——誰在獲得份額？沃爾瑪、亞馬遜和折扣店的份額正在上升。在當前困難的經濟環境下，這是否令人意外？可能不會。這不是藉口。

We need to find ways to extract more cash from our consumers. We need to develop better merchandise that's more innovative and commands higher price points so that she is prepared to invest in this category rather than just default to generics and low-price generics. So it's on us to be able to respond to it, but the specific answer to your question is that it is lower price and off-price that's picking up our share. TJ?

我們需要找到從消費者那裡獲取更多現金的方法。我們需要開發更好的產品，更具創新性和更高的價格點，以便她準備投資這一類別，而不是僅僅默認仿製藥和低價仿製藥。因此，我們有責任對此做出回應，但對你的問題的具體答案是，較低的價格和折扣正在提高我們的份額。 TJ？

And I think, William, to the second part of your question around supply chain and big round numbers in both the third and the fourth quarter, we're probably seeing a tailwind and our forecasting of about $15 million to $20 million, but I think more importantly than the tailwind, accentuating the good work the teams are doing around the cost of goods sold initiatives as part of the transformative foundation will be equally important, if not more important, in the fourth quarter in particular. So yes, there are some favorable trends in the marketplace we're benefiting from like many others but there's also a number of good initiatives underway on cost of goods starting in the fourth quarter that will have a benefit going on into 2024. That's work our teams are doing, specifically on our product and in our business.

William，我認為，對於你關於供應鍊和第三季度和第四季度大整數問題的第二部分，我們可能會看到順風，我們的預測約為 1500 萬至 2000 萬美元，但我認為比順風更重要的是，強調團隊圍繞銷售成本舉措所做的良好工作作為變革基礎的一部分將同樣重要，甚至更重要，尤其是在第四季度。所以，是的，我們像許多其他人一樣從市場中受益於一些有利的趨勢，但從第四季度開始，在商品成本方面也正在採取一些良好的舉措，這些舉措將在2024 年帶來好處。這就是我們的工作團隊正在做的事情，特別是在我們的產品和業務方面。

Okay. Thank you, everyone. That concludes our call this morning. We appreciate your continuing interest in Victoria's Secret & Co. Thank you. Thanks, everybody.

好的。謝謝大家。我們今天早上的電話會議到此結束。我們感謝您對維多利亞的秘密公司的持續關注。謝謝。謝謝大家。

As we are concluded, please go ahead and disconnect. And have a wonderful day. Thank you.

當我們得出結論時，請繼續並斷開連接。祝你有美好的一天。謝謝。