Victoria's Secret & Co (VSCO) 2024 Q4 法說會逐字稿

Good morning. My name is Amanda and I will be your conference operator today. At this time, I'd like to welcome everyone to the Victoria's Secret & Company's fourth quarter 2024 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

早安.我叫阿曼達，今天我將擔任您的會議主持人。現在，我歡迎大家參加維多利亞的秘密公司 2024 年第四季財報電話會議。請注意，今天的會議正在錄音。（操作員指令）

I would now like to turn the call over to Mr. Kevin Wynk, Vice President of External Financial Reporting and Investor Relations at Victoria's Secret & Company. Kevin, 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。凱文，你可以開始啦。

Thank you, Amanda. Good morning and welcome to Victoria's Secret & Company's fourth quarter earnings conference call for the period ended February 1, 2025. 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.

謝謝你，阿曼達。早安，歡迎參加維多利亞的秘密公司截至 2025 年 2 月 1 日的第四季財報電話會議。出於形式考慮，我想提醒您，我們今天做出的任何前瞻性陳述均須遵守我們提交給美國證券交易委員會 (SEC) 的文件和新聞稿中的安全港聲明。

Joining me on the call today is CEO, Hillary Super; CFO, Scott Sekella; and retiring and former CFO, Tim Johnson. We are available today for up to 45-minutes to answer any questions.

今天與我一起參加電話會議的還有首席執行官希拉里·超級 (Hillary Super)；首席財務官，Scott Sekella；以及即將退休的前首席財務官蒂姆·約翰遜（Tim Johnson）。我們今天最多可以用 45 分鐘來解答您的任何問題。

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, and 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 指標與最具可比性的 GAAP 指標的對帳包含在我們的新聞稿、美國證券交易委員會 (SEC) 文件以及網站「投資者」部分發布的投資者介紹中。

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

謝謝。現在我將電話轉給史考特。

Thanks, Kevin. Good morning, everyone. Before we turn the call over to Hillary, I wanted to take a moment to say hello and how excited I am to be here. I joined VS&Co about a month ago, and I want to thank the team for the warm welcome.

謝謝，凱文。大家早安。在我們將電話轉給希拉蕊之前，我想花點時間跟大家打個招呼，並表達我對來到這裡感到的興奮。我大約一個月前加入 VS&Co，我要感謝團隊的熱情歡迎。

Joining during the year-end financial close cycle certainly makes the first days on the job exciting. I'm grateful for the opportunity to work alongside Hillary, our leadership team, and our passionate associates and for the opportunity to support our customers, our brands, and our company. I'm excited about our future and I look forward to meeting and working with you all.

在年底財務結算週期內加入無疑會讓上班的第一天變得令人興奮。我很感激有機會與希拉蕊、我們的領導團隊和熱情的同事一起工作，並有機會支持我們的客戶、我們的品牌和我們的公司。我對我們的未來感到興奮，並期待與大家見面並合作。

That's all for now. I'll go ahead and turn the call over to Hillary.

目前就這些了。我將繼續把電話轉給希拉蕊。

Thanks, Scott. Good morning, everyone, and thank you for joining us. During the last call, I shared insights from my first 90 days as well as my excitement and optimism for our future. I'm happy to be back together today to continue that conversation.

謝謝，斯科特。大家早安，感謝大家的收看。在上次通話中，我分享了我在前 90 天的工作經驗以及對未來的興奮和樂觀。我很高興今天能再次和大家聚在一起繼續這次談話。

First, I want to talk about our Q4 results and outlook for 2025. Then, I'll share details on our strategies for growth that we believe will unlock the full potential of our brands. But before I discuss Q4, I want to take a moment to thank TJ for his support during my first several months and for staying on with us to ensure a smooth transition with Scott. Thank you for your partnership, TJ, and the role you played in helping drive the results we'll talk about today.

首先，我想談談我們第四季的業績和 2025 年的展望。然後，我將分享我們的成長策略的細節，我們相信這些策略將釋放我們品牌的全部潛力。但在討論第四季之前，我想花點時間感謝 TJ 在我最初幾個月給予我的支持，並感謝他一直陪伴著我們，確保 Scott 的順利過渡。感謝您的合作，TJ，以及您在幫助推動我們今天要討論的結果方面所發揮的作用。

Speaking of results, I'm pleased to say they were strong in Q4 with sales up to last year across VS, PINK, and our powerhouse Beauty business. We won in the big moments and with a focus on execution, our teams drove healthy margins, controlled costs, and managed inventory very well, leading to Q4 operating income and EPS that exceeded our expectations. Sales growth was driven by broad-based strength across our business, with sales up in all three brands in all channels and all markets.

說到業績，我很高興地說，第四季度的業績表現強勁，VS、PINK 和我們強大的美容業務的銷售額與去年同期相比有所增長。我們在關鍵時刻取得了勝利，並且透過專注於執行，我們的團隊實現了健康的利潤率、控制了成本並很好地管理了庫存，導致第四季度的營業收入和每股收益超出了我們的預期。銷售成長是由我們整個業務的全面實力推動的，三個品牌在所有通路和所有市場的銷售額均有所成長。

In North America, VS and PINK both had positive year-over-year sales growth in stores and digital. We were able to achieve this growth with fewer promotional days and offerings than last year, which is especially encouraging as we continue to test and learn our way to lower promotional activity in the business.

在北美，VS 和 PINK 在實體店和數位通路的銷售額均實現了同比增長。與去年相比，我們透過更少的促銷日和促銷活動實現了這一增長，這尤其令人鼓舞，因為我們正在繼續測試和學習降低業務促銷活動的方法。

From a merchandise perspective for VS, our giftable holiday product assortments driven by Sleep and Beauty across both brands were big winners, with casual sleep as our top-performing category. We were excited to see that products that are quintessentially VS, heritage, stripe, and logo all performed well, which I view as an indication of strong brand health. We also had success with shimmer and shine products.

從維密的商品角度來看，兩個品牌中以睡眠和美容為主導的節日禮品系列大獲成功，其中休閒睡眠是我們表現最好的類別。我們很高興地看到，具有 VS 特色、傳統、條紋和標誌的產品都表現良好，我認為這是品牌健康狀況良好的標誌。我們在閃光和閃亮產品方面也取得了成功。

PINK apparel had a significant trend change at the beginning of the fall season and its strong performance continued in Q4. Along with sleep, apparel drove the business during holiday. As you know, we've been working to evolve PINK product positioning and we're starting to see some positive signs of customer acceptance. Both our modern reinventions of iconic heritage pieces and our most feminine styles featuring sparkle and shine were top performers this holiday.

PINK 服飾在秋季伊始發生了顯著的趨勢變化，並在第四季度延續了強勁的表現。除了睡眠之外，服裝也是假期期間業務的推動力。如您所知，我們一直致力於改善PINK產品定位，我們開始看到一些客戶接受的正面跡象。我們對經典傳統單品的現代再造和閃耀動人的最具女性氣質的風格都是本季的暢銷單品。

As I mentioned, our Beauty business was a standout in the fourth quarter as we pushed the boundaries of accessible luxury with higher AUR items that were must-have gifts of the season. With compelling products and strategic promotional activity, our basket sizes and traffic were up to last year, with traffic outperforming them all. Supported by our best-in-mall store experience and dozens of digital enhancements, we had solid conversion on those increased traffic levels with strong product acceptance.

正如我所提到的，我們的美容業務在第四季度表現出色，因為我們透過 AUR 更高的產品突破了平價奢侈品的界限，這些產品是本季的必備禮物。憑藉引人注目的產品和策略性的促銷活動，我們的購物車規模和流量與去年持平，並且流量超過所有其他產品。在我們最佳的商場體驗和數十項數位化增強功能的支持下，我們在增加的客流量水平上實現了穩固的轉化，並且產品接受度很高。

Third-party data shows that North American intimates market declined slightly this quarter. However, for the second quarter in a row, we outperformed the market, an encouraging sign of our growing strength and momentum. Our studies again this quarter showed that Gen Z is feeling much more positively about our brands, a testament to our focused efforts to engage her. It's exciting to see that she's not only noticing us, but connecting with what we stand for.

第三方數據顯示，本季北美貼身衣物市場略有下滑。然而，連續第二個季度，我們的表現優於市場，這是我們實力和勢頭不斷增強的令人鼓舞的跡象。我們本季的研究再次表明，Z 世代對我們的品牌的看法更加積極，證明了我們為吸引她而做出的專注努力。令人興奮的是，她不僅注意到了我們，也認同我們的立場。

Outside of North America, our international business continued its strong performance with retail sales up double-digits in the quarter, driven by growth with our franchise and travel retail partners, along with strong performance in our joint ventures in China and the UK. Our brand is strong around the world, and our global partners and vendors are not only partners but incredible advocates.

在北美以外，我們的國際業務持續保持強勁表現，本季零售額成長兩位數，這得益於我們的特許經營和旅遊零售合作夥伴的成長，以及我們在中國和英國的合資企業的強勁表現。我們的品牌在全球範圍內都很強大，我們的全球合作夥伴和供應商不僅是合作夥伴，而且是令人難以置信的擁護者。

After my first holiday season with the business, I remain optimistic about what's ahead for VS&Co, including what we're focused on for Q1. Across every brand within our business, Spring is anchored by our icons. We're inspiring our loyal customers with modern takes on all of her favorites and introducing them to a new generation of customers. In February, we reimagined our very sexy collection, expanding the iconic franchise to connect with more women. With a broadened range of lift levels, we're offering a more personalized fit, delivering sexy for everybody.

在度過我的第一個假期業務後，我對 VS&Co 的前景仍然持樂觀態度，包括我們第一季的重點。在我們業務中的每個品牌中，春季都以我們的圖標為基礎。我們以她最喜歡的菜餚的現代詮釋來激勵我們的忠實顧客，並將它們介紹給新一代顧客。今年 2 月，我們重新構想了一個非常性感的系列，擴大了標誌性的特許經營範圍，以與更多女性建立聯繫。透過擴大提升水平範圍，我們提供更個人化的貼合，為每個人帶來性感。

Our teams are always listening and responding to customer feedback, as evidenced by the new lightly lined demi, which was designed for women who love glamour, but prefer a more natural lift. And we continue to have momentum in sport and swim, both categories in which our authority and expertise in bra fit and innovation give us the competitive edge. In what is a highly competitive market, we have leveraged our best at bras positioning to be the authority for on-trend sexy swim that she feels incredible wearing.

我們的團隊始終在傾聽和回應客戶的回饋，而新款輕薄半透明產品證明了這一點，它專為熱愛魅力但更喜歡自然提升的女性而設計。我們在運動和游泳領域繼續保持強勁勢頭，在這兩個類別中，我們在胸罩適配和創新方面的權威和專業知識為我們提供了競爭優勢。在競爭激烈的市場中，我們充分利用自己在胸罩定位方面的優勢，成為時尚性感泳裝的權威，讓她穿上後感覺棒極了。

We are excited about the newness in swim this spring, which includes styles from PINK by Frankies, one of our strategic collaborations that has over-indexed with the Gen Z customer. In our most recent drop, the collaboration also drove almost triple the average acquisition rate versus the core PINK business, a promising indicator as we build our go-forward collab strategy.

我們對今年春季泳裝的新品感到很興奮，其中包括來自 PINK by Frankies 的款式，這是我們的戰略合作之一，在 Z 世代客戶中很受歡迎。在我們最近的降價中，與核心 PINK 業務相比，此次合作也推動了平均收購率幾乎三倍，這對我們制定未來合作策略來說是一個有希望的指標。

Doubling down on PINK apparel, we are excited about the ongoing improvement in product execution. We continue to build on the momentum with modern takes on PINK icons, plus we've added a new layer of lifestyle outfitting that is resonating with customers. As we are seeing with early spring, our fashion content is becoming more compelling with every forcet, and I'm looking forward to the continued progress within the PINK business.

透過加倍投入PINK服飾，我們對產品執行力的持續提升感到非常興奮。我們繼續保持這一勢頭，以現代方式詮釋 PINK 圖標，此外，我們還添加了新的生活方式裝備，以引起顧客的共鳴。正如我們在早春所看到的，我們的時尚內容變得越來越引人注目，我期待 PINK 業務繼續取得進展。

Turning to Beauty, our icon is Bombshell, America's number one fragrance. In March, we will be celebrating Bombshell's 15 anniversary by unveiling a bottle redesign and delivering activations we know will engage and excite our loyalists. I'm pleased by our movement back into major cultural moments alongside global stars. We are focused on driving relevance with today's consumer by meeting her in the moments and spaces that matter.

談到美麗，我們的標誌是美國頭號香水 Bombshel​​l。3 月份，我們將慶祝 Bombshel​​l 成立 15 週年，屆時我們將推出全新瓶型設計並開展各種活動，我們知道這些活動將吸引和激勵我們的忠實粉絲。我很高興我們能與全球明星一起重返重大文化時刻。我們專注於透過在重要的時刻和空間與當今的消費者見面來提高與消費者的相關性。

Victoria's Secret products played a prominent role in Charli XCX's performance that closed out the Grammys. Tate McRae wore our product in her newest music video and we recently partnered with Teyana Taylor on an exclusive product edit. All of these moments resonated deeply with consumers and drove significant social media engagement.

維多利亞的秘密產品在格萊美頒獎典禮閉幕式上 Charli XCX 的表演中扮演了重要角色。泰特麥克雷 (Tate McRae) 在她的最新音樂錄影帶中佩戴了我們的產品，我們最近也與 Teyana Taylor 合作推出了獨家產品。所有這些時刻都引起了消費者的深刻共鳴，並推動了社交媒體的廣泛參與。

As we transition from holiday season to spring '25, we recognize there are challenges, shifting consumer confidence, a volatile economy, and unseasonal weather impacting mall traffic. While we're actively managing today's headwinds, we're also building for the future. With a strong foundation and globally recognized brands, we're positioned to navigate the present while unlocking the full potential of VS&Co for the long-term.

隨著我們從假期過渡到25年春季，我們意識到存在著挑戰，消費者信心的轉變，動盪的經濟以及影響商場客流量的非季節性天氣。在我們積極應對當前不利因素的同時，我們也在為未來做準備。憑藉強大的基礎和全球知名的品牌，我們有能力駕馭當前，同時充分釋放 VS&Co 的長期潛力。

And now I'd like to talk about how we plan to realize that potential. First, I think it's important to acknowledge that we are building from a position of strength as the largest intimate apparel company in the world. In North America, we have approximately 20% market share, 25 million active customers, and 38 million loyalty members.

現在我想談談我們計劃如何實現這一潛力。首先，我認為必須承認，我們正在憑藉雄厚實力成為全球最大的內衣公司。在北美，我們擁有約 20% 的市場份額、2500 萬活躍客戶和 3800 萬忠誠會員。

We have the second largest brand following in the world on social media, with 88 million followers on Instagram alone. Our growth plan, which we are calling path to potential, will ensure we put the best of who we are back at the center of how we work.

我們是社群媒體上全球第二大品牌粉絲，光是 Instagram 上就有 8,800 萬粉絲。我們的成長計劃，也就是我們所說的潛力之路，將確保我們把最好的自己重新放在工作的中心。

We are playing offense, leaning into our core strengths, and unlocking new opportunities. Our objective is clear, drive value for all stakeholders by supercharging our two distinct compelling growth brands, Victoria's Secret and PINK, complemented by a powerhouse Beauty business and a strong digital-first Adore Me brands. Our path to potential is built around four key strategies that will allow us to accelerate growth, differentiate our brands, and reinforce our authority in the market.

我們正在發動進攻，發揮我們的核心優勢，並發掘新的機會。我們的目標很明確，透過增強我們兩個獨特的、引人注目的成長品牌維多利亞的秘密和 PINK，並輔以強大的美容業務和強大的數位優先 Adore Me 品牌，為所有利益相關者創造價值。我們的潛力之路圍繞著四大關鍵策略構建，這四大策略將使我們能夠加速成長、差異化我們的品牌並鞏固我們在市場上的權威。

First, we are recommitting to PINK and winning the next generation of consumers. PINK has long been a brand with deep emotional connections to young women. Today, we are focused on reestablishing the brand's magic and market position. We will deepen our relationship with the customer, understanding her like never before and meeting her where she is in the way she wants.

首先，我們重新致力於PINK並贏得下一代消費者。PINK一直以來都是與年輕女性有著深厚情感連結的品牌。今天，我們專注於重建品牌的魔力和市場地位。我們將加深與客戶的關係，前所未有地了解她，並以她想要的方式滿足她的需求。

We are working to reclaim our position as a full lifestyle brand anchored in intimates but extending into more apparel, accessories and beauty. We must clarify and elevate the brand by sharpening our identity, thinking and operating as a social-first brand, and treating PINK as the high-potential growth engine that it is.

我們正在努力重新確立我們作為一個全方位生活方式品牌的地位，該品牌以內衣為主，但延伸到更多的服裝、配件和美容領域。我們必須透過明確我們的身份、以社會優先的品牌來思考和運營，並將 PINK 視為具有高潛力的成長引擎，來明確和提升品牌。

Our second strategy is supercharging bras and reasserting our authority. We will lean on our industry-leading bra experience to drive innovation-first product development, ensuring we lead the industry in fit, function and fashion. We will also expand our bra assortment to serve a wider range of customer needs and we will strengthen our marketing voice and channel experience to serve her better.

我們的第二個策略是增強胸罩的功能並重申我們的權威。我們將依靠我們領先業界的胸罩經驗來推動創新優先的產品開發，確保我們在合身性、功能和時尚方面引領行業。我們還將擴大我們的胸罩品種，以滿足更廣泛的客戶需求，並加強我們的行銷聲音和管道體驗，以便更好地為她服務。

Our third strategy is fueling growth in lifestyle categories, beauty, sport, and swim. We have a powerhouse Beauty business and strong lifestyle brands that customers love, and we will accelerate these categories by leaning into our beauty authority, building on our industry-leading fragrance business, and expanding into new opportunities, which include Beauty and PINK. We will reclaim key adjacencies by applying our expertise in broad innovation, quality, and fit to revitalize our sport and swim businesses.

我們的第三個策略是推動生活方式、美容、運動和游泳等類別的成長。我們擁有強大的美容業務和深受客戶喜愛的強大生活方式品牌，我們將依靠我們的美容權威、鞏固我們行業領先的香水業務並拓展包括美容和PINK在內的新機遇來加速這些類別的發展。我們將運用我們在廣泛創新、品質和適配方面的專業知識來重振我們的體育和游泳業務，重新奪回關鍵的相鄰領域。

Our fourth focus is on evolving our brand projection and go-to-market strategy as culture, technology, and shopping behaviors shift, so must our go-to-market strategy. By staying true to our brand DNA while adapting how we engage, inspire, and serve, we will deepen connections with existing customers and attract new customers while strengthening loyalty and driving long-term growth.

我們的第四個重點是隨著文化、技術和購物行為的變化，改善我們的品牌預測和市場進入策略，我們的市場進入策略也必須隨之變化。透過堅持我們的品牌 DNA，同時調整我們參與、激勵和服務的方式，我們將加深與現有客戶的聯繫並吸引新客戶，同時增強忠誠度並推動長期成長。

One of the ways we will do that is by creating stronger differentiation between Victoria's Secret and PINK in everything from product to marketing to experience. Today, the lines between the two brands are blurred. Moving forward, we will ensure that each brand is distinct, but that they complement one another in a single ecosystem.

我們實現這一目標的方法之一是，從產品到行銷再到體驗，在各個方面加強維多利亞的秘密和 PINK 之間的差異化。如今，兩個品牌之間的界線已經模糊。展望未來，我們將確保每個品牌都獨具特色，但在單一生態系統中互相補充。

We will elevate Victoria's Secret as sexy, glamorous, accessible luxury while modernizing PINK's brand identity and evolving the way we communicate with the customer. By becoming more agile and culturally connected, we will create real-time moments that resonate with our customers and keep us at the center of the conversation.

我們將把維多利亞的秘密提升為性感、迷人、觸手可及的奢侈品，同時實現 PINK 品牌形象的現代化，並改進我們與客戶的溝通方式。透過變得更加靈活和文化聯繫更加緊密，我們將創造與客戶產生共鳴的即時時刻，並讓我們始終處於對話的中心。

Finally, we will leverage the full funnel and build a brand-centric, best-in-class omnichannel experience to engage with her on her terms. And as I've emphasized, we see significant growth potential internationally and these strategies transcend our global footprint. To ensure that our strategy is not just aspirational, it's actionable, sustainable and built to drive results, we are focused on three critical enablers.

最後，我們將利用整個管道，建立以品牌為中心、一流的全通路體驗，並按照她的條件與她互動。正如我所強調的，我們看到了國際上巨大的成長潛力，這些策略超越了我們的全球影響力。為了確保我們的策略不僅具有遠見，而且具有可操作性、永續性並能推動成果，我們專注於三個關鍵推動因素。

First, a customer-centric performance culture. By deeply understanding our customers, how they shop, what they value, and what inspires their loyalty, we create stronger connections, drive repeat engagement, and fuel sustainable growth. A culture centered on the customer empowers associates to innovate and to deliver experiences that not only meet expectations but exceed them, turning transactions into lasting relationships.

第一，以顧客為中心的績效文化。透過深入了解我們的客戶、他們的購物方式、他們看重什麼以及激發他們忠誠度的因素，我們建立了更牢固的聯繫，推動重複參與，並推動永續發展。以客戶為中心的文化使員工能夠創新並提供不僅滿足期望而且超越期望的體驗，將交易轉變為持久的關係。

To accelerate the customer impact, drive results, and gain share, we are moving to a leadership structure with brand presidents leading product-facing functions for Victoria's Secret, PINK, and Beauty. This change will ensure we have the leadership focus, clarity, and expertise needed to accelerate growth. We are also currently searching for a CMO to evolve our global go-to-market strategy, help build deeper customer connections, elevate storytelling, and drive more data-driven marketing optimized across the full funnel.

為了加速對客戶的影響力、推動成果和獲得市場份額，我們正在轉向一種領導結構，由品牌總裁領導維多利亞的秘密、PINK 和 Beauty 面向產品的職能部門。這項變更將確保我們擁有加速成長所需的領導力、清晰度和專業知識。我們目前也正在尋找一位行銷長來改善我們的全球行銷策略，幫助建立更深層的客戶聯繫，提升故事敘事能力，並推動整個通路中更多數據驅動的行銷優化。

The second enabler is an evolved product development process. We are moving beyond a bra-centric approach, implementing multiple tracks tailored to each category, making our teams faster, more agile, and more innovative, not just in bra development but in apparel as well.

第二個推動因素是不斷發展的產品開發流程。我們正在超越以胸罩為中心的做法，針對每個類別實施多種客製化軌道，使我們的團隊不僅在胸罩開發方面而且在服裝開發方面都更快、更靈活、更具創新性。

Our third enabler is an efficient operating model. We are focused on doing fewer things better, investing where it matters most on our customers and streamlining costs in non-customer facing areas.

我們的第三個推動因素是高效率的營運模式。我們專注於把更少的事情做得更好、在對客戶最重要的地方進行投資並精簡非面向客戶的領域的成本。

In closing, we face some near-term headwinds and ongoing uncertainty in the macro-environment, which we will manage aggressively as we also do the work I just outlined to unlock the full potential of our brands and business. I'm confident and energized because we have clear strategies for growth, we are moving swiftly to a leadership structure to execute with focus and impact, and we are positioning ourselves for long-term sustainable growth.

最後，我們面臨一些短期阻力和宏觀環境中持續的不確定性，我們將積極應對這些阻力，同時進行我剛才概述的工作，以充分釋放我們的品牌和業務的潛力。我充滿信心和活力，因為我們有明確的成長策略，我們正在迅速轉向有重點、有影響力的領導結構，我們正在為長期可持續成長做好準備。

This is our moment to build the future for VS&Co stronger, more innovative, more connected to the customer than ever, and I'm confident in our plan, our team, and the opportunities ahead. Thank you.

這是我們為 VS&Co 打造更強大、更具創新性、比以往任何時候都更與客戶聯繫緊密的未來的時刻，我對我們的計劃、我們的團隊和未來的機會充滿信心。謝謝。

That concludes our prepared comments. And at this time, we'd be happy to take any questions you might have.

我們的準備好的評論到此結束。目前，我們很樂意回答您可能提出的任何問題。

Thank you. (Operator Instructions) Matthew Boss, JPMorgan.

謝謝。（操作員指示） 摩根大通 (JPMorgan) 的 Matthew Boss。

Great. Thanks. So Hillary maybe -- could you elaborate on drivers of the gradual improvement that you embedded through the year? What do you see as transitory within some of your near-term trends? And maybe if you could speak to the product pipeline for the back half of the year at both VS and PINK?

偉大的。謝謝。所以希拉蕊也許——你能詳細說明一下你在這一年中逐步改善的驅動力嗎？您認為近期的某些趨勢中哪些是暫時的？您能談談 VS 和 PINK 今年下半年的產品計畫嗎？

Sure thing. I'm not going to speak too specifically about product launches because we want to keep those under the cover. But I would say embedded in our forecast is number one, first and foremost, getting teams in place and getting leaders in place. And so I would say a major, major driver of the improvement will be through marketing, through marketing through the full funnel and the differentiation of the two brands. So, I would say that is a major driver.

當然可以。我不會太具體地談論產品發布，因為我們想保密這些事情。但我想說，我們的預測中最重要的是，建立團隊並任命領導者。因此，我認為推動這項改進的主要動力是透過行銷、透過全通路行銷和兩個品牌的差異化。所以，我認為這是一個主要驅動因素。

The second is incremental improvement in both PINK and the Victoria's Secret brands as we play our learnings forward. And then third is a number of tentpole moments that we have planned really beginning in the August timeframe.

第二個是隨著我們不斷學習，PINK 和維多利亞的秘密品牌都得到了逐步改善。第三是一些我們真正計劃從八月開始的重頭戲。

So you will see us pace those out across the back half of the year. And really in the front half of the year, we are a little more quiet in terms of our marketing, building out that muscle, getting ready for the back half, and you'll start to see those types of moments really accelerate in the back half as well as product launches and some fun collaborations.

因此，您將會看到我們在今年下半年推進這些工作。實際上，在上半年，我們在行銷、增強實力、為下半年做準備方面比較安靜，而你會開始看到這些時刻在下半年真正加速，以及產品發布和一些有趣的合作。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Thank you very much. Hillary, I'm interested to, you arrived in September and you've made some changes very quickly on sort of inventory and kind of new product. Wondering over what horizon you just mentioned August, over what horizon sort of do you think that you will have your full imprint on kind of the product?

偉大的。非常感謝。希拉里，我很感興趣，你九月來了，很快就對庫存和新產品做出了一些調整。想知道您剛才提到的 8 月份的時間段，您認為您會在什麼樣的時間內對產品產生完整的印象？

And then secondarily, a couple of things that you had said, I think, on the October meet and great was that the inventory productivity was being hampered by the production lead times. So if you can talk about some efforts on that front.

其次，我認為您在十月的會議上說過的幾件事非常好，那就是庫存生產力受到了生產交付週期的阻礙。所以您可以談談這方面的一些努力嗎？

And my last quick one is, it's clear that you're pulling back on promotions. That sometimes leads to a slowdown or some sluggishness in inventory velocity, but the profitability is better. So can you talk about kind of that shaping and how you -- the margins before you get that acceleration in sales? Thank you very much.

我最後要說的是，很明顯你們正在減少促銷。這有時會導致庫存週轉速度放緩或有些遲緩，但獲利能力會更好。那麼，您能談談這種塑造方式以及在銷售加速之前的利潤率嗎？非常感謝。

Sure. First question around full imprint. It will be iterative. I don't envision a big curtains moment. For each brand, you will see incremental improvement each month. I would say the impact on the first half of the year is really on optimization. It's on narrowing focus, maximizing the big ideas, neutralizing some of the things that we're more worried about, actually focusing a little bit more on the lower funnel and marketing.

當然。第一個問題與完整印記有關。它將是迭代的。我沒有想到會有落幕的時刻。對於每個品牌，您將看到每個月的逐步改善。我想說對上半年的影響確實是優化。它縮小了焦點，最大化了大創意，消除了一些我們更擔心的事情，實際上更多地關注了下層漏斗和行銷。

And then we are buying fall as we speak. So I've had more involvement in that, and we'll have more increasing involvement in future seasons after that. But I would say, based on product development timelines, really spring '26 would be the season that I would have been here through the entire process. Second question around inventory.

然後我們一邊說話一邊買。因此我更多地參與了其中，並且在之後的幾個賽季中我們也會更多地參與其中。但我想說，根據產品開發時間表，2026年春季才是我真正參與整個過程的季節。第二個問題有關庫存。

The lead times, yes.

是的，交貨時間是的。

Production lead times.

生產交付週期。

Production lead times. I would say we're in pretty good shape. There are places where we have incredible agility, underwear being a big area around that. I would say some of the PINK apparel areas we've been able to make real headway with. And then I would say the new leadership structure is really designed to enable us to pull apart those product development processes, so that we can cater to a specific customer into the specific categories. So that's a big piece of this work.

生產交付週期。我想說我們的狀況非常好。在某些地方，我們的靈活性令人難以置信，內衣就是其中很大的一個領域。我想說我們已經在一些PINK服裝領域取得了真正的進展。然後我想說，新的領導結構實際上是為了讓我們能夠分解這些產品開發流程，以便我們能夠滿足特定類別的特定客戶的需求。這是這項工作的很大一部分。

We actually have a tiger team devoted who have stepped out of their roles for a short period of time to really engineer this new process. So I would say we have a little bit of one foot in the old world and a little bit of one foot in the new world, but we're making progress on the areas where we see we need to be much more agile.

我們實際上有一個專門的“小虎隊”，他們在短時間內走出自己的崗位，真正地設計出這個新流程。所以我想說，我們的一隻腳有點踏在舊世界，另一隻腳有點踏在新世界，但我們在需要更有彈性的領域正在取得進展。

And in terms of promotions, we have just started that work. And I think it's a delicate balance. The brand, the product, and the story has to be very strong in order for us to be able to do that. And we were able to start proving that out in holiday. We were able to forego a full box promo in mid-December that we were up against from last year and we were also able to reduce the amount of days in other events across the quarter.

在促銷方面，我們才剛開始這項工作。我認為這是一種微妙的平衡。為了做到這一點，品牌、產品和故事必須非常強大。我們可以在假期開始證明這一點。我們得以放棄 12 月中旬與去年同期相比更為激烈的全套促銷活動，並且還得以減少本季度其他活動的天數。

Did we give up a little bit of top line? I think we probably gave up a little, but we're really pleased that we were able to take that out of our base. And we're looking for opportunities going forward to do that as well. I would say most recent traffic and weather patterns have made that a little bit more difficult to do, but we will continue to be relentless and looking for those opportunities as we move through the year.

我們是否放棄了一點營收？我想我們可能放棄了一點，但我們真的很高興能夠將其從我們的基地中移除。我們也正在尋找未來實現這一目標的機會。我想說，最近的交通和天氣狀況使得這一目標更加難以實現，但我們將繼續堅持不懈，並在一年中繼續尋找這些機會。

Simeon Siegel, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的西緬·西格爾 (Simeon Siegel)。

Thanks. Hey, everyone. Good morning. Scott, welcome. TJ, it's been great working with you. Thanks. Best of luck on your next chapter. Hey, Hillary. Thanks for the path to potential detail. Any way to quantify the top line opportunity within those various pillars? Just maybe thinking about how you're viewing various opportunities across brands, categories, and regions maybe in quantitative detail?

謝謝。嘿，大家好。早安.斯科特，歡迎光臨。TJ，和你合作很愉快。謝謝。祝你下一章好運。嘿，希拉蕊。感謝您提供潛在細節的途徑。有什麼方法可以量化這些不同支柱內的營收機會嗎？也許只是在思考您如何以量化的細節來看待跨品牌、跨類別、跨地區的各種機會？

And then just given the comment about expanding beyond bra-centric, could you share how much of the opportunity as you see it to grow is rooted in recapturing lost revenue in each segment versus expecting maybe the go-forward company revenues composition to look different than the past? Thank you.

然後，鑑於剛才提到的超越胸罩中心的擴張，您能否分享一下，您認為成長機會有多少在於重新獲得每個部門的損失收入，而不是預期未來公司的收入構成與過去有所不同？謝謝。

Okay. There were a lot of questions in there. Let me see if I can take a crack at that. So we have -- we are at the beginning of our LRP work. So this is the beginning of the strategy rollout. So I do not have exact numbers. We will plan to share that in the back half of the year. But I will say there is a tremendous amount of opportunity in PINK. And that is where my eyes are set right now. That is where I'm spending a lot of time thinking about how we invest in that business, how we resource that business, how we talk about that business and pull it apart from VS. So that would be my first.

好的。其中有很多問題。讓我看看我是否可以嘗試一下。所以我們的 LRP 工作才剛開始。這是策略實施的開始。所以我沒有確切的數字。我們計劃在今年下半年分享該消息。但我要說的是，PINK 中蘊藏著巨大的機會。而這正是我現在註視的地方。我花了很多時間思考我們如何投資該業務，如何為該業務提供資源，如何談論該業務並將其與 VS 區分開來。這將是我的第一次。

I would say in the intimates category, knowing that it is a category that has been struggling in the overall market, our goal there is really to defend in the short-term as we build our innovation pipeline on a longer-term view. And then the lifestyle categories are -- they're really -- they're just very strong for us. And if you look back to history in these categories, they were a very significant amount of volume in the past and we feel very confident that we can recapture a lot of that.

我想說，在貼身衣物類別中，我們知道這是一個在整個市場中一直苦苦掙扎的類別，我們的目標實際上是在短期內進行防禦，因為我們要從較長的角度構建我們的創新管道。然後生活方式類別 - 它們真的 - 它們對我們來說非常強大。如果回顧這些類別的歷史，你會發現它們在過去的交易量非常大，我們非常有信心能夠重新獲得其中的大部分。

And I think that will help our customer file. It will help us with acquisition. It will help us with attracting younger customers. And there's a lot to like about the lifestyle piece of this. And I put a lot of focus on that as we move forward.

我認為這將有助於我們的客戶歸檔。這將有助於我們進行收購。這將有助於我們吸引更年輕的顧客。這款產品的生活方式有許多值得欣賞的地方。在我們前進的過程中，我會非常注意這一點。

All right. That's great. Thank you. And then just one quick follow-up. Any meaningful divergence in regions or customer demographic profiles in January and Feb that you guys have seen?

好的。那太棒了。謝謝。然後只需快速跟進一次。你們發現一月和二月地區或客戶人口統計資料有任何顯著差異嗎？

Yes. In terms of -- it's Scott, Simeon, hey. In terms of regions, yes, I mean the warmer weather regions were definitely several points above the colder weather regions. So that speaks to the weather impacts from back half of Jan through Feb. And as we did see weeks that were warmer, then all regions were elevating off that trend. So definitely from a region perspective, we saw differences.

是的。就 —— 來說是史考特、西緬，嘿。就地區而言，是的，我的意思是氣候較溫暖的地區肯定比氣候較冷的地區高出幾個百分點。這說明了從 1 月下半月到 2 月的天氣影響。我們確實看到有幾週氣溫較暖，所有地區的氣溫都在上升。因此，從地區角度來看，我們確實看到了差異。

Corey Tarlowe, Jefferies.

傑富瑞 (Jefferies) 的科里‧塔洛 (Corey Tarlowe)。

Great. Thanks and good morning. So I was wondering if you could talk about the opportunity that you see in creating some of these separate tracks for product lines in terms of your strategy and how this interplays and the opportunity with particular categories that are -- have been historically very important for the company like swim and athletic. And then also if you could also just comment on Valentine's Day and anything that was working during that timeframe that would also be very helpful too. Thank you so much.

偉大的。謝謝，早安。所以我想知道您是否可以談談您在策略方面為產品線創建一些獨立軌道所帶來的機會，以及這些機會如何相互作用，以及與特定類別的機會——這些類別在歷史上對公司非常重要，例如游泳和運動。另外，如果您也可以對情人節以及該時間段內的任何活動進行評論，這也會非常有幫助。太感謝了。

Sure. Multiple tracks. I think this is essential. We are currently on a 52-ish week calendar really anchored in the lead times around bras. We have made progress on having chase calendars to really supplement that in key categories, but I fundamentally believe that apparel should not be on a 52-week calendar. And so we're looking to drastically reduce that through a raw material strategy, partnering with our vendors, different ways of working in our product development process.

當然。多首曲目。我認為這很重要。我們目前採用的是 52 週左右的日曆，該日曆實際上是根據胸罩的交貨時間確定的。我們在追蹤日曆方面取得了進展，以真正補充關鍵類別的追蹤日曆，但我從根本上認為服裝不應該採用 52 週的日曆。因此，我們希望透過原材料策略、與供應商合作以及在產品開發過程中採用不同的工作方式來大幅減少這一成本。

And the goal would be in things like, I'll just use PINK apparel as an example, we should be going like 26-weeks for that. And that will be a big shift and a big unlock to bring decision-making closer to customer. And I'm very excited about the potential of what that will add to our business. And you mentioned swim and sport, both very technical, both have nuances in the product development process that are very different from other categories. And so separating that out in swim and sport, maybe a little less about the speed and a little bit more about the technical product engineering piece of it. And so having experts dedicated to that on different tracks should really, one, enable much better product execution; and number two, should enable agility in the places where we need it the most.

而目標將會是這樣的，我將以 PINK 服裝為例，我們應該為此進行 26 週。這將是一個巨大的轉變和巨大的釋放，讓決策更貼近客戶。我對於這將為我們的業務帶來的潛力感到非常興奮。您提到游泳和運動，這兩者都非常技術性，在產品開發過程中都有細微差別，與其他類別有很大不同。因此，在游泳和運動中將其區分開來時，可能不太關注速度，而更關注技術產品工程部分。因此，擁有不同領域的專門從事這項工作的專家確實可以實現更好的產品執行；第二，應該在我們最需要的地方實現敏捷性。

Valentine's Day, I'll take that opportunity to just talk a little bit about January into February in general. So we definitely saw a macro shift in the environment as it relates to traffic sort of mid-January into mid-February. We know what the macro factors are there. We know it was weather. We know it's consumer confidence. We know that in our business, we see a big uptick in cash and debit purchases coming from tax returns that were delayed this year. We see in our regional selling that the warm weather climates did considerably better than the cold weather climates.

情人節，我想藉此機會談談一月到二月的整體情況。因此，我們確實看到從 1 月中旬到 2 月中旬與交通相關的環境發生了宏觀變化。我們知道有哪些宏觀因素。我們知道這是天氣原因。我們知道這是消費者信心。我們知道，在我們的業務中，由於今年延遲的納稅申報，我們看到現金和借記購買量大幅增加。我們從區域銷售情況來看，溫暖氣候地區的表現明顯優於寒冷氣候地區。

That being said, there's an opportunity to really look in the mirror as well and make sure that we are playing forward every single learning possible. And so when I think about that sort of mid-January to mid-February timing, I would say, there are a couple of things we could have done better. One is that we pulled marketing spend into Q3 for the fashion show. And I think one of the hindsights coming out-of-the fashion show is that that halo in terms of traffic was about 8 to 10 weeks.

話雖如此，我們也有機會真正地審視自己，並確保我們盡可能地學習每一個知識。因此，當我考慮 1 月中旬到 2 月中旬的時間時，我會說，有幾件事我們本可以做得更好。一是我們將時裝秀的行銷支出納入第三季。我認為這場時裝秀的後見之明之一是，流量光環持續了大約 8 到 10 週。

So in hindsight, I think, we pulled back a little too far on marketing, and we should have had some other event, whether it was around sport or Valentine's Day in January to really drive that heat and awareness and traffic. So that would be the first. The second is that we didn't buy Valentine's Day big enough. So we blew through sleep, which was one of the big drivers of holiday. We blew through it in a couple of weeks and basically sold out by the time we got to the beginning of February. So I think that's a big one.

所以回想起來，我認為我們在行銷上退縮得太多了，我們應該舉辦一些其他活動，無論是在體育賽事期間還是在一月份的情人節，以真正提高熱度、知名度和流量。這是第一個。第二是情人節買的大禮不夠多。因此，我們浪費了睡眠時間，而睡眠是假期中最重要的因素之一。我們花了幾週的時間就將其售完了，到二月初基本上就銷售一空了。所以我認為這是一件大事。

And then the third is really thinking about launch strategies in bras and that's something we've done for many, many, many years. And I think in the new environment, one of the things we're learning is that when we go hard against one thing, it isn't always necessarily lifting everything. And so we need to find a way to talk about a launch in a powerful way and also talk about all the other bra offerings that we have at the same time.

第三個是真正思考胸罩的發布策略，這是我們很多很多年以來一直在做的事情。我認為在新的環境中，我們學到的一件事是，當我們努力對抗一件事時，並不一定總是會消除一切困難。因此，我們需要找到一種強大的方式來談論新產品的發布，同時談論我們提供的所有其他胸罩產品。

And that will be a new thing for us that we're working to implement very quickly. So that would be my diagnosis of the three weeks. And I would just add that three weeks doesn't make a quarter and it doesn't make a year and we're working tirelessly to make that up as we move forward into the balance of the year.

這對我們來說是一個新事物，我們正在努力迅速實現。這就是我對這三週的診斷。我還要補充一點，三週不構成一個季度，也不構成一年，我們正在不懈努力，在全年平衡中彌補這一點。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Thank you for taking my question. Just thinking about the guide for the year, what could potentially drive upside or downside to your guide as you look forward? And then just a follow-up on the store of the future formats and sort of what are you seeing at this point with your concepts that have been live? And what are you baking in terms of potential lift from those concepts as you continue to roll them out? Thank you so much.

感謝您回答我的問題。只要思考今年的指南，展望未來，什麼可能會為您的指南帶來上漲或下跌？然後只是對未來格式的跟進，以及您目前對已經實現的概念有何看法？當您繼續推廣這些概念時，您預期這些概念將帶來哪些潛在提升？太感謝了。

Jonna, can you repeat the first part? We think we heard something about guide. We think we caught the store of the future.

喬娜，你能重複第一部分嗎？我們好像聽到了一些有關導遊的事。我們認為我們抓住了未來的商店。

Yes, sorry, I'm glad, I'm in a cold. So, yes, the voice is somewhat gone. But, yes, just potential upside and downside to your guide for the full year like what the key factors that could potentially drive upside or downside to your current year guide?

是的，對不起，我很高興，我感冒了。是的，聲音確實消失了。但是，是的，全年指南確實存在潛在的上行和下行空間，例如哪些關鍵因素可能會導致當前年度指南上行或下行？

Yes. So Jonna, it's Scott. So for the guide for the year, as we've already talked about Q1 and some of the near-term headwinds we're facing, we do see the guide improving throughout the year, especially around a lot of the product and strategy changes that Hillary has already outlined.

是的。那麼喬娜，我是史考特。因此，對於今年的指南，正如我們已經討論過第一季度以及我們面臨的一些近期阻力一樣，我們確實看到指南全年都在改善，特別是圍繞希拉里已經概述的許多產品和戰略變化。

In terms of cost and whatnot, right now, we're faced with some higher transportation costs, both in ocean and air, in the first part of the year. We do expect to start lapping that in the back half of the year. In the back half of the year, right now though, is where we've got the impact of the tariffs plan that we called out. So we've got a 10% assumed on China for the balance of the year, and that's going to be worth about [$10 million to $20 million]. And so those are the sort of bigger inputs influencing the guide for the year. So when you think about that gradual improvement is where we see the year going.

就成本等方面而言，目前，今年上半年我們面臨更高的運輸成本，包括海運和空運。我們確實希望在今年下半年開始實現這一目標。然而，今年下半年，也就是現在，我們已經感受到了我們所呼籲的關稅計劃的影響。因此，我們假設今年餘下時間中國經濟將成長 10%，這意味著[1000 萬美元到 2000 萬美元]。所以這些都是對年度指南產生影響的更大投入。因此，當您想到逐步改善時，我們就會看到新的一年的進展。

In terms of store of the future, the early results are quite positive. We are ramping that up throughout the year. We've got more full and partial store of the futures in the works this year than last year. By year-end, we should have about 95% of our top 100 doors converted and we look to continue that into the out years as the early returns have been very positive.

就未來商店而言，早期的結果是相當正面的。我們全年都在加大力度。與去年相比，今年我們對期貨的全面和部分準備都更加充分。到年底，我們的前 100 扇門中應該有約 95% 的門能夠轉換，而且我們希望在未來幾年繼續保持這種勢頭，因為早期的回報非常可觀。

Yes, Jonna, if I could, just one additional thought on the guide because I think it's important. We've seen some of the sell-side notes this morning. And just to clarify, if you look at our guide for the year at $6.2 billion to $6.3 billion, you're looking at really flattish to maybe up $100 million or up one or two points for the year. We gave you the guide for Q1, which was essentially down two to down four.

是的，喬娜，如果可以的話，我只想對指南再說一點想法，因為我認為這很重要。我們今天早上看到了一些賣方票據。需要澄清的是，如果您查看我們今年的指導價格，即 62 億美元至 63 億美元，那麼您會發現今年的收入確實持平，可能上漲 1 億美元，或者上漲一到兩個百分點。我們為您提供了第一季的指南，基本上下降了兩到四位。

So where I'm going, Jonna, is the balance of the year in our guide, we're really saying up low-single-digits, plus 1 to plus 2 or 3. So not necessarily the same trend that we saw in fall, but definitely improvement from spring. So we think that's something that's attainable for the business for the reasons that Hillary just mentioned around product and marketing changes that you should expect going forward.

所以，喬娜，我要說的是，我們指南中今年的餘額實際上是上漲低個位數，加上 1 到加上 2 或 3。因此，不一定是與我們在秋季看到的趨勢相同，但肯定比春季有所改善。因此，我們認為這對企業來說是可以實現的，原因正如希拉蕊剛才提到的，圍繞著產品和行銷變化，您應該可以期待這些變化的未來發展。

And then similarly from an OI perspective, we're guiding OI essentially flat to down close to $50 million year-over-year. The bulk of that decrease is guided to in the first quarter. So you are seeing OI or operating income improvement in Q2 through Q4.

同樣從 OI 的角度來看，我們預計 OI 將與去年同期基本持平或下降近 5,000 萬美元。其中大部分降幅預計發生於第一季。因此，您會看到第二季至第四季的 OI 或營業收入有所改善。

So I want to make sure that that's well understood. This is not a significant hockey stick in the back half of the year or anything like that. It's really an expectation that over time we'll return back to that plus-1, plus-2 here in North America, which again, clearly, we were trending much stronger than that in the fall season.

所以我想確保這一點能夠被充分理解。這對下半年來說並不是一個重大的曲棍球棒事件或類似的事情。我們確實期望隨著時間的推移，北美的銷售額將回到正 1 或正 2 的水平，很明顯，秋季的銷售額成長趨勢比那時強勁得多。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Thanks for taking the question. Maybe first for Hillary, it's clear you're super focused on PINK more so than the other banners and other parts of the business right now. Can you just elaborate on what's telling you that that's the right banner to focus on compared to Victoria's?

完美的。感謝您回答這個問題。也許對希拉蕊來說，首先很明顯你現在非常關注 PINK，而不是其他橫幅和業務的其他部分。您能否詳細說明一下，與維多利亞的相比，這則橫幅更值得關注嗎？

And then just a second question either for Scott or Hillary is just, can you dive into the biggest category pain points at Victoria's and PINK right now and sort of plans to improve those in '25? Thanks a lot.

然後，對於史考特或希拉蕊的第二個問題是，您能否深入了解維多利亞和 PINK 目前最大的類別痛點，以及在 25 年改善這些痛點的計劃？多謝。

Sure, I'll take that. I'll just start by saying I wouldn't categorize that I'm much more focused on PINK than VS. I think they're at two different trajectories in their business. So first on the PINK side. When you really dig in and look at the history of PINK, what it used to be, what it is today, there is just enormous opportunity. When you look at the market landscape, there is enormous opportunity.

當然，我接受。首先我要說的是，我不會將自己歸類為對 PINK 的關注度遠高於 VS。我認為他們的業務處於兩種不同的軌跡。首先是粉紅色方面。當你深入研究並了解PINK的歷史、它的過去和現在時，你會發現其中蘊藏著巨大的機會。當你觀察市場格局時，你會發現存在著巨大的機會。

And when you look at some of the decisions independent of themselves that were made over time, it's a little bit of a death by 1,000 paper cuts. And so when I stand back and look at that, I see opportunity. And I see opportunity in apparel specifically and you can get at that faster. And so there's a lot of work to do with PINK. There's a lot of scrubbing of the total brand position. There's a carving out of this brand that needs to happen. There's a reimagining of it to make it as magical to this generation as it once was to a previous generation. And I think that is within our grasp. So I'm passionate about that.

而當你回顧他們隨著時間的推移而做出的一些獨立決定時，你會發現這有點像是被 1,000 張紙割傷而導致的死亡。因此，當我退後一步看待這個問題時，我看到了機會。我特別在服裝領域看到了機遇，你可以更快地抓住這一機會。因此，PINK 方面還有很多工作要做。整個品牌地位受到許多影響。這個品牌需要進行拓展。人們對其進行了重新構想，讓它對這一代而言，如同對上一代人一樣具有魔力。我認為這是我們可以實現的。我對此非常熱衷。

At the same time, I'm so passionate about Victoria's Secret and I believe there is tremendous opportunity there. I think Victoria's Secret is farther along in its product development and sort of product resonance path. I think the work in VS is about supercharging the lifestyle piece of the business that I believe will ultimately buoy the core business.

同時，我對維多利亞的秘密充滿熱情，我相信那裡有巨大的機會。我認為維多利亞的秘密在產品開發和產品共鳴道路上走得更遠。我認為 VS 的工作是為了增強業務的生活方式部分，我相信這最終將推動核心業務的發展。

And I think it's about sort of brand, voice, how we go-to-market, how we utilize full funnel, a little bit more slanted to marketing where PINK is work across the entire business. So I hope that clarifies that. In terms of categories, what's working -- what's working and driving the business right now, it is lifestyle categories. That is driving the business right now, where we're seeing the growth. We're seeing it in sport, we're seeing it in swim, we're seeing it in accessories, and we're seeing it in PINK apparel.

我認為這與品牌、聲音、我們如何進入市場、如何利用整個管道有關，更傾向於行銷，而 PINK 則致力於整個業務。我希望這能澄清這一點。就類別而言，目前有效並推動業務發展的是生活方式類別。這就是當前業務的推動力，我們看到了成長。我們在運動中看到它，在游泳中看到它，在配件中看到它，在PINK服飾中看到它。

So that is where we are seeing strength right now. I would say that in bras, as an example, very sexy is good. But as I just mentioned in the last question, I think the unlock for us is making sure that when we launch a bra, it lifts all those. And that's the work that we have to do in that area.

這就是我們現在看到的力量。以胸罩為例，我想說，非常性感就是好的。但正如我在上一個問題中提到的那樣，我認為我們的解鎖目標是確保當我們推出胸罩時，它能夠滿足所有這些要求。這就是我們必須在該領域進行的工作。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Good morning. Thanks for taking my question. Maybe one thing that I wanted to get more detail. I remember like from the Investor Day from a couple of years ago, you still have around $40 million of savings that I think we're -- should materialize in 2025. I was just wondering if that's still the case, and where should we see that?

偉大的。早安.感謝您回答我的問題。也許有一件事我想了解更多細節。我記得幾年前的投資者日，您仍然有大約 4,000 萬美元的儲蓄，我認為我們應該在 2025 年實現這一目標。我只是想知道是否仍然如此，我們應該在哪裡看到它？

And then maybe could you elaborate a little bit on two things. On the marketing, you said you want to do like more marketing to show like this -- to differentiate like one brand, PINK from Victoria's Secret. Could you just talk a little bit more about what are some initiatives on that side?

然後也許您可以詳細說明兩件事。在行銷方面，您曾說過想要做更多的行銷來展示這一點——將PINK與維多利亞的秘密區分開來。能否再詳細談談這方面有哪些舉措？

And then lastly, on any product launches that you've already done like not talking about anything that's coming, but anything that you've already done that you would highlight across, again, both brands that you think it's worth noting? Thank you so much.

最後，關於您已經進行過的產品發布，不是談論即將推出的產品，而是談論您已經做過的任何會重點強調的產品，您認為這兩個品牌中哪些產品值得注意？太感謝了。

Yes, I'll take the first part, Mauricio. I think on the savings goal, you're referring to the $250 million Transform the Foundation goal that the company set back in October of 2022 is when we first introduced it. We saw about $90 million of savings in 2023 that we communicated. I would suggest to you that the company saw closer to almost $200 million of cost savings in 2024 and we think that we've largely completed that three-year goal here in the first two years.

是的，我將選擇第一部分，毛里西奧。我認為關於儲蓄目標，您指的是公司在 2022 年 10 月首次推出「變革基金會」計畫時設定的 2.5 億美元目標。正如我們所宣傳的，我們預計 2023 年將節省約 9,000 萬美元。我想告訴大家的是，公司在 2024 年的成本節省接近 2 億美元，而且我們認為，我們在前兩年就基本上完成了這個三年目標。

Now having said that, we're confident that there are opportunities to continue to be more efficient in the model go forward and we are confident that the leverage point still remains in that 1% to 2% range or said differently, we need a 1% to 2% growth number in North America sales to generate leverage in the model.

話雖如此，我們有信心，未來仍有機會繼續提高模型的效率，我們有信心，槓桿點仍然在 1% 到 2% 的範圍內，或者換句話說，我們需要北美銷售額實現 1% 到 2% 的增長率，才能在模型中產生槓桿作用。

I think if you take a look at how the year progressed in 2024, we're confident we saw gross margin or average unit cost reductions that saved money and showed up in our margin rate performance for the year. And then from an SG&A standpoint, I hope it's not lost on the group that SG&A dollars on a 52-week basis were actually down year-over-year even though sales were up and incentive compensation was up for the year.

我認為，如果您看看 2024 年的進展情況，我們相信我們看到毛利率或平均單位成本的降低，從而節省了資金並體現在我們全年的利潤率表現中。然後從銷售、一般及行政費用的角度來看，我希望集團不要忘記，儘管今年的銷售額上升且激勵性薪酬增加，但 52 週的銷售、一般及行政費用實際上同比下降。

So there was a lot of good work that's already been done by the team. Having said that, we think there's opportunity going forward. I think your other two questions, if we caught them right, were around marketing and product launches that have already been completed and if there's any dialogue on those.

因此，團隊已經完成了很多出色的工作。話雖如此，我們認為未來仍有機會。我想，如果我們理解正確的話，您的另外兩個問題是關於已經完成的行銷和產品發布，以及是否有關於這些的對話。

Sure. I'll take that. So in marketing, I would say the focus for the two brands is a little bit different. So in VS, we already have very high awareness. So the goal is really consideration. We are doing very well with our existing and reactivated customers, highest retention rates in many, many years, highest spend, highest margin per customer, higher retention rates, so much good going on there. We're a little slow on acquisitions. And so that's about consideration for VS.

當然。我接受。因此在行銷方面，我認為這兩個品牌的重點略有不同。所以在VS，我們已經有非常高的知名度。因此目標確實在於考慮。我們在現有客戶和重新激活客戶方面做得非常好，多年來保留率最高，支出最高，每個客戶利潤最高，保留率更高，有很多好處。我們的收購速度有點慢。這就是對 VS 的考慮。

And as we double down on sexy, glamorous, accessible luxury, that doesn't change. But I think what is sexy in 2025 is something different than what it was a few years ago and how do we evolve with culture and connect with the consumer and make her see us in a different light to introduce new consumers to this brand? That is the goal in VS.

當我們加倍追求性感、迷人、觸手可及的奢華時，這一點並沒有改變。但我認為 2025 年的性感與幾年前有所不同，我們如何隨著文化而發展並與消費者建立聯繫，讓她以不同的眼光看待我們，從而向新消費者介紹這個品牌？這就是 VS 中的目標。

I would say, in addition to that, we have an opportunity to rebalance the spend across the funnel, focus more in the mid to lower funnel and be much more thoughtful about when we're spending in the upper funnel, so we can reach more consumers.

我想說，除此之外，我們還有機會重新平衡整個管道的支出，更專注於中下層管道，並更加認真地考慮何時在上層管道進行支出，這樣我們就可以接觸到更多的消費者。

In PINK, it's different. It's more about awareness. We have not been aggressively marketing PINK. We need to evolve our look and feel there. And when we feel the look and feel is right, when we feel we have the right partnership strategies, when we feel we have the right collaboration strategies, which we are aggressively working towards, we will turn that on, and it's just a different tactic for that brand. And then you have to stand back and say, okay, we have an ecosystem of our loyalty program, of our store real estate, how do we leverage the two together for the power of the entire enterprise. And so, you have to have your foot, one foot in the brands and the special needs of the brands and then the other foot in how do you optimize the entire file. And that's the work that's ahead of us.

而 PINK 則有所不同。這更多的是關於意識。我們尚未大力行銷PINK。我們需要改進我們的外觀和感覺。當我們覺得外觀和感覺正確時，當我們認為我們有正確的合作夥伴策略時，當我們認為我們有正確的協作策略時（我們正在積極努力實現這些策略），我們就會將其開啟，這只是該品牌的一種不同策略。然後你必須退一步想，好吧，我們有一個忠誠度計劃的生態系統，我們的商店房地產，我們如何利用兩者一起來發揮整個企業的力量。因此，你必須立足於品牌及其特殊需求，另一腳著眼於如何優化整個文件。這就是我們面臨的工作。

And the product, sorry?

還有產品，對不起？

Product launches. Q4 is not really a time for product launches. It's all about gifting. So we don't typically launch a lot in Q4. I would say that sport is probably the most recent place where we've launched. We relaunched VSX in a big way in October, very successful. We followed up with a relaunch of the knockout bra in January, also very successful. I think our positioning on best at bras in sport is a real competitive differentiator and something that we plan to lean into and we're having a lot of success there.

產品發布。第四季其實並不是推出產品的時機。一切都是為了送禮。因此我們通常不會在第四季推出很多產品。我想說體育可能是我們最近推出的領域。我們在 10 月隆重推出了 VSX，並取得了巨大成功。我們隨後於一月份重新推出了這款 Knockout 胸罩，同樣取得了巨大成功。我認為，我們在運動胸罩領域的領先定位是真正的競爭優勢，也是我們計劃傾注精力的方向，而且我們在這方面取得了巨大成功。

Great. And just one quick follow-up. I don't know if you mentioned this. In your guidance, how should we think about the promotional activity like is it going to be like more promotional versus last year or flat or slightly lower? Just wanted to get a sense of that.

偉大的。最後再跟進一下。我不知道您是否提到過這一點。在您的指導下，我們應該如何看待促銷活動，例如與去年相比促銷力度是否會加大，還是持平或略有下降？只是想了解這一點。

Yes, Mauricio, it's Scott. Yes, for the year, we're planning promos to be down. So Hillary touched on it. It's more about some of the big-box promos that we'll be pulling back on. We still will be promoting, especially in the traffic driving categories. But throughout the year, we do expect less promotions to be sort of a tailwind on gross margin.

是的，毛里西奧，我是史考特。是的，今年我們計劃減少促銷活動。希拉蕊也提到了這一點。這更多的是有關我們將要撤回的一些大型促銷活動。我們仍會進行推廣，特別是在流量驅動類別。但我們確實預計，全年促銷活動的減少將對毛利率產生一定程度的推動作用。

Irwin Boruchow, Wells Fargo.

富國銀行的歐文·博魯喬（Irwin Boruchow）。

Good morning, everyone. This is Juliana on for Ike. Just a quick question on international. Wondering if we could get some more color on what's going on there with the shifts we saw from 3Q to 4Q and maybe in growth expectations for 1Q and the rest of the year if possible? Thank you.

大家早安。這是朱莉安娜 (Juliana) 代替艾克 (Ike)。我只想問一個關於國際的問題。想知道我們是否可以透過從第三季到第四季看到的變化來更詳細地了解那裡的情況，如果可能的話，還可以了解第一季以及今年剩餘時間的成長預期？謝謝。

Yes. I think, Juliana, I'll start and everybody else can kind of jump in. I think from our perspective, another successful fourth quarter and holiday season for the international team. And we think we -- in the prepared comments, we commented on really double-digit growth from a retail perspective around the world with really all markets participating, particularly strong business in our franchise and travel retail markets in our joint venture with the UK partners at Next.

是的。朱莉安娜，我想我先開始，然後其他人都可以加入。我認為從我們的角度來看，國際團隊將迎來另一個成功的第四季和假期。我們認為，在準備好的評論中，我們從全球零售的角度評論了真正的兩位數增長，實際上所有市場都參與其中，特別是我們與英國合作夥伴在 Next 的合資企業中的特許經營和旅遊零售市場業務強勁。

And then our China business also was very solid during the fourth quarter, even though we had some transfer of volume or some pull-forward of volume into Q3 because of the calendar shift on singles days. So we feel like around the world, the business performed quite well.

儘管由於雙十一日曆日期的變動，我們的銷售量有些轉移或提前到第三季度，但我們在第四季的中國業務也表現非常穩健。因此，我們覺得在世界各地，業務表現都相當良好。

In international, I think, it's important to note that we had new countries come online, particularly in Vietnam and Argentina would be two dimension in 2024 and there are more planned for 2025. I think additionally as we turn the page and come into 2025, we'll start to see as the year goes on positive benefit from our European distribution center that the teams have been working on. It's a third-party distribution center in the Netherlands that will particularly help support not just growth in and around the European countries, but also our digital business. So we'll be able to be much faster to customer from a digital perspective, satisfying those orders from the Netherlands area versus satisfying those from back here in Columbus.

在國際上，我認為值得注意的是，我們有新的國家加入其中，特別是越南和阿根廷，它們將在 2024 年進入二維空間，並計劃在 2025 年加入更多維度。此外，我認為，隨著我們翻開新的一頁進入 2025 年，我們將開始看到，隨著時間的推移，我們團隊一直致力於建立的歐洲配送中心將帶來積極效益。這是荷蘭的第三方配送中心，它不僅有助於支持歐洲國家及其周邊地區的成長，而且還有助於支持我們的數位業務。因此，從數位角度來看，我們將能夠更快地滿足客戶需求，滿足來自荷蘭地區的訂單，而不是滿足來自哥倫布這裡的訂單。

So a lot to like about the digital opportunity in international, but just the international opportunity in general. As we move into 2025, we'll continue to expand the number of countries that we have a physical footprint in, countries like Serbia, Slovenia, Slovakia and others that are on tap for the New Year. And additionally, as I mentioned, just the opportunity to be closer to customer with product, we think is a big win as we go forward.

國際上的數位化機會有很多值得欣賞的地方，但總體而言，這只是國際上的機會。隨著我們進入 2025 年，我們將繼續擴大我們實體足跡遍布的國家數量，例如塞爾維亞、斯洛維尼亞、斯洛伐克等將在新年到來的國家。此外，正如我所提到的那樣，我們認為，透過產品更加貼近客戶，這是我們未來發展的一大勝利。

And it's Scott. The only thing I would add is beyond the new country growth, the other thing that's exciting is we are comping mid-single-digits as well. So it's both the white space new opportunity growth, but positive comps as well.

他是斯科特。我唯一想補充的是，除了新國家的成長之外，另一個令人興奮的事情是我們的業績也達到了中等個位數。因此，這既是白色空間的新機會成長，也是正面的成長。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking our question. Hillary, I'm hoping you could speak to the size of your sport and swim businesses today as well as the growth opportunity that you see this year and medium term as you establish those larger businesses.

早安，感謝您回答我們的問題。希拉里，我希望你能談談你目前的體育和游泳業務的規模，以及在建立這些大型業務時你看到的今年和中期增長機會。

And then for Scott, there's been a lot of discussion about marketing today on the call. I was hoping that you could contextualize your expectations for SG&A for the year and how that item might trend as a percent of sales as we move throughout the rest of the year. Thank you.

然後對於斯科特來說，今天的電話會議上有很多關於行銷的討論。我希望您能具體說明您對今年銷售、一般及行政費用的預期，以及該項目在今年剩餘時間內佔銷售額的百分比趨勢。謝謝。

Sure. I will start with sport and swim. Relative to the total VS&Co business, relatively small still growing quite nicely across all of last year and into this year. So definitely see it as a big growth opportunity. It's a small part of the potential of -- even if we just look back to what it used to be, it is not even close to what it used to be.

當然。我將從運動和游泳開始。相對於 VS&Co 整體業務而言，規模相對較小，但去年全年和今年仍成長相當不錯。所以絕對將其視為一個巨大的成長機會。這只是潛力的一小部分——即使我們回顧它的過去，它也遠遠沒有達到以前的水平。

So I feel like there's a long runway there and a real expertise that we have in this category that we can draw on. And I think early reads in spring are looking very, very good. So the momentum continues and we plan to build on it.

所以我覺得我們在這方面還有很長的路要走，而且我們在這個類別上擁有真正的專業知識，可以藉鏡。我認為春季早期的閱讀情況看起來非常非常好。所以這種勢頭會持續下去，我們計劃在此基礎上再接再厲。

Yes. From a marketing -- SG&A perspective, marketing is largely going to be flat year-on-year. So it's really more about how and where and when we spend. That will be different year-on-year, but the actual dollars will be largely flattish.

是的。從行銷－銷售、一般及行政開支角度來看，行銷費用將與去年同期相比基本持平。所以這實際上更多地關乎我們如何、在哪裡和何時消費。與去年同期相比，這會有所不同，但實際金額將大致持平。

From a total SG&A perspective, with this guide, TJ kind of alluded, we need one point to two points of growth, particularly in North America to leverage. So this guide has us with a slight deleverage on SG&A, driven by some of the wage increases and whatnot that incur. But as we get in that plus 1%, 2% of growth, that's when we'll start to leverage on SG&A.

從整體銷售、一般及行政開支的角度來看，根據 TJ 所提到的這份指南，我們需要一到兩個點的成長，特別是在北美，以發揮槓桿作用。因此，本指南建議我們對銷售、一般及行政費用進行輕微的去槓桿化，這是由於工資上漲等因素造成的。但當我們達到 1% 到 2% 的成長率時，我們就會開始利用銷售、一般和行政費用。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Thanks, guys, and congratulations on some of the progress at PINK that Valentine's Day set, I think was the best I've seen in five years, maybe longer than that even. It's fantastic.

謝謝大家，並祝賀 PINK 在情人節的一些進展，我想這是我五年來見過的最好的，甚至可能更長。太棒了。

So I want to dig in just a little bit on PINK. You gave a pretty clear indication of what your goal is marketing-wise on VS with sexy, glamorous, lux. I'm curious, what like those three words are for PINK? And if you're not there yet and you're still working on it, that's okay. But I'm curious what you're thinking about it today because that shopper, that young girl is different today than that young girl was when this brand was born?

因此，我想對 PINK 進行稍微深入的探討。您非常清楚地表明了您在 VS 上的行銷目標是性感、迷人、奢華。我很好奇，這三個字代表什麼？如果你尚未達到目標並且仍在努力，那也沒關係。但我很好奇您今天對此有何看法，因為那個購物者，那個年輕女孩與這個品牌誕生時的那個年輕女孩有什麼不同？

And then, just also curious, we've talked a lot about marketing here. You talked a lot about the success of the fashion show and the halo it gave. Should we assume that the fashion show is going to be a thing in '25? And what should the marketing look like across the quarters? Will it be a little less lumpy then this year than it was last year?

然後，同樣好奇的是，我們在這裡討論了很多關於行銷的事情。您談了很多關於時裝秀的成功以及它帶來的光環。我們是否應該認為時裝秀在25年將會成為一種時尚？各季度的行銷應該是什麼樣的呢？與去年相比，今年的波動會更小嗎？

Are you spying on me, Marni?

你在監視我嗎，瑪尼？

Obviously.

明顯地。

I've been talking about those three words quite a bit. The reality is, I think we need to go and do a lot of studies about this consumer before we nail those three words. So we're in the process of putting together a research plan to really reconnect with this customer before landing it. Certainly, we have ideas around this. We know it has been at the heart of this brand. We have a good idea of where we're going, but I think we need to study this customer very carefully before putting that line in the sand.

我已經多次談論這三個詞。事實上，我認為在確定這三個詞之前，我們需要對消費者進行大量研究。因此，我們正在製定一項研究計劃，以便在獲得該客戶之前與該客戶重新建立聯繫。當然，我們對此有想法。我們知道它一直是這個品牌的核心。我們很清楚我們要去哪裡，但我認為在確定這條線之前，我們需要非常仔細地研究這位客戶。

You asked about the Fashion Show. So yes, the Fashion Show, I'm glad you asked about that actually because it's a really great story. I think all-in-all, the Fashion Show was a huge success. We know that it improved brand sentiment, especially with our target younger audiences. We saw continued strength in our retained and reactivated customer file. We sustained positive traffic and it looks like it's about 8 to 10 weeks of tailwinds coming off of the Fashion Show at the most important time of the year.

您詢問有關時裝秀的情況。是的，時裝秀，我很高興你問到這個問題，因為這是一個非常精彩的故事。我認為總體而言，這場時裝秀取得了巨大的成功。我們知道它提升了品牌情感，尤其是對我們的年輕目標受眾而言。我們看到，我們保留和重新啟動的客戶檔案繼續保持強勁勢頭。我們維持了積極的流量，看起來在一年中最重要的時刻，時裝秀會帶來大約 8 到 10 週的順風。

So I think that's a very important learning. But I think we needed to follow it up with something in that sort of late December into January time period and that was the opportunity. So to answer your question, yes, we should see marketing be more leveled out. There will be a spike with the Fashion Show, but it won't be to the same degree.

所以我認為這是一個非常重要的學習。但我認為我們需要在 12 月下旬到 1 月這段時間採取一些措施，這就是機會。所以回答你的問題，是的，我們應該看到行銷更加均衡。時裝秀會帶來高峰，但程度不會一樣。

So the show will be back though in '25.

所以這個節目將於25年回歸。

We are still working through that. There will be some activation of some sort that is significant in the back half of the year and we're working through a number of options around that. So there'll be more to share in future earnings calls.

我們仍在努力解決這個問題。今年下半年將會出現一些重要的活動，我們正在圍繞這些活動研究一些方案。因此，在未來的收益電話會議上將會有更多內容可以分享。

Thank you. That is all the time we have for questions. Kevin, I'll hand the call back to you.

謝謝。我們回答問題的時間就這麼多了。凱文，我會把電話轉給你。

Okay. Great. Thanks, Amanda. That concludes our call this morning. Thank you for your interest in VS&Co. Thanks, everyone. Have a great day.

好的。偉大的。謝謝，阿曼達。今天早上的通話到此結束。感謝您對 VS&Co 的關注。謝謝大家。祝你有美好的一天。

Thank you all for participating in the Victoria's Secret & Company's fourth quarter 2024 earnings call. That concludes today's conference. Please disconnect at this time and enjoy the rest of your day.

感謝大家參加維多利亞的秘密公司 2024 年第四季財報電話會議。今天的會議到此結束。請立即斷開連接並享受剩餘的一天。