Victoria's Secret & Co (VSCO) 2025 Q1 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 first-quarter 2025 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 2025 年第一季財報電話會議。請注意，今天的會議正在錄音。（操作員指示）

I would now like to turn the call over to Mr. Kevin Wynk, Head of 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投資者關係主管 Kevin Wynk 先生。凱文，你可以開始了。

Thank you, Amanda. Good morning, and welcome to Victoria's Secret & Company's first-quarter earnings conference call for the period ended May 3, 2025.

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 5 月 3 日的第一季財報電話會議。

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 statements found in our SEC filings and in our press releases. Joining me on the call today is CEO Hillary Super and CFO Scott Sekella. We are available today for approximately 30 minutes to answer any questions.

出於正式原因，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。今天與我一起參加電話會議的還有執行長希拉蕊·蘇佩 (Hillary Super) 和財務長 Scott Sekella。我們今天有大約 30 分鐘的時間來解答任何問題。

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, 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 指標與最可比較 GAAP 指標的對帳包含在我們的新聞稿、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 Hillary.

謝謝，現在我會把電話轉給希拉蕊。

Good morning. I appreciate you all being here. We're pleased to kick off the summer on a strong note with solid first-quarter results that reflect continued progress against our strategic priorities.

早安.我很感謝你們的到來。我們很高興以強勁的勢頭開啟這個夏天，第一季的穩健業績反映了我們在戰略重點方面持續取得進展。

Our teams delivered a quarter marked by disciplined execution, a continued focus on innovation, and a deep commitment to serving our customers across all channels, which drove top- and bottom-line results exceeding our guidance and broad-based strength across both our brands.

本季度，我們的團隊執行力強，持續專注於創新，並堅定致力於透過所有管道為客戶服務，這推動了頂線和底線業績超出我們的預期，並增強了我們兩個品牌的全面實力。

We're excited by the momentum we're building in a challenging market environment and encouraged by what lies ahead. We have lots to share today, including Q1 performance, key strategic hires, and our balance-of-the-year expectations. But first, I want to provide an update on a recent security incident.

我們對在充滿挑戰的市場環境中所建立的勢頭感到興奮，並對未來的發展感到鼓舞。今天我們有很多內容要分享，包括第一季的業績、關鍵的策略招聘以及我們對全年業績的預期。但首先，我想提供有關最近發生的安全事件的最新消息。

When we identified the incident on May 24, we immediately initiated our pre-established response protocols. And third-party experts were engaged alongside our own security team. As a precaution, we took some internal systems and our e-commerce site offline.

當我們在 5 月 24 日發現事件時，我們立即啟動了預先制定的回應協議。第三方專家與我們自己的安全團隊一起參與。作為預防措施，我們關閉了一些內部系統和電子商務網站。

Throughout, we continue to serve customers in our Victoria's Secret and PINK stores. Our site was back online Thursday, May 29, and all of our critical systems are fully operational. We're now well into the recovery phase, which includes finalizing our investigation.

自始至終，我們都會繼續為維多利亞的秘密和 PINK 商店的顧客提供服務。我們的網站於 5 月 29 日星期四恢復上線，所有關鍵系統都已全面運作。我們現在已經進入恢復階段，其中包括完成調查。

While I won't share further details while that work is ongoing, I do want to take a moment to recognize the extraordinary efforts of our associates. Their quick, decisive action, collaboration, and resilience in the face of disruption was nothing short of inspiring. I've told you before how proud I am to be leading this business and working with this incredible team. I also want to thank our customers and partners for their understanding and support.

雖然在工作進行期間我不會分享更多細節，但我確實想花點時間來表彰我們同事的非凡努力。他們在面臨混亂時所採取的快速、果斷的行動、協作和韌性令人鼓舞。我之前告訴過你們，能夠領導這家公司並與這個出色的團隊合作，我感到多麼自豪。我還要感謝我們的客戶和合作夥伴的理解和支持。

Now let's discuss Q1. I'm pleased to share we built momentum month over month and ended the quarter strong. While we are still in early stages of our Path to Potential strategy, in Q1, we made progress across the four initiatives I outlined on our last earnings call.

現在讓我們來討論一下問題 1。我很高興地告訴大家，我們逐月增強了發展勢頭，並在本季度取得了強勁的成績。雖然我們仍處於「潛力之路」策略的早期階段，但在第一季度，我們在上次財報電話會議上概述的四項舉措方面取得了進展。

As a reminder, these are: recommit to PINK, supercharge bras, fuel growth in lifestyle categories, and modernize our brand projection and go-to-market strategy. This progress was reflected in both net sales and operating income exceeding guidance. Net sales for the quarter were flat, and total comparable sales were down 1% compared to last year.

提醒一下，這些是：重新致力於 PINK、增強胸罩、推動生活方式類別的成長，並使我們的品牌預測和行銷策略現代化。此進展體現在淨銷售額和營業收入均超過預期。本季淨銷售額持平，總比銷售額與去年相比下降 1%。

As we shared on our Q4 call in March, the February macroeconomic environment presented headwinds, as consumer sentiment softened and inflation concerns heightened. I'm pleased to share that our teams responded with agility, making impactful adjustments to assortment and marketing that, combined with softening headwinds, helped drive results that were mostly above expectations.

正如我們在 3 月第四季電話會議上所分享的那樣，2 月宏觀經濟環境面臨阻力，消費者信心減弱，通膨擔憂加劇。我很高興地告訴大家，我們的團隊做出了敏捷的反應，對產品分類和行銷做出了有影響力的調整，再加上逆風的減弱，幫助推動了大部分超出預期的業績。

What did we do? We increased our percentage of newness by pulling forward March and April floor sets in VS, chasing into exciting fashion apparel for PINK, and accelerating our new Mist Collection launch for Beauty. We reshot portions of our creative content with an eye towards sexier and more joyful brand expression, and worked across channels to highlight it.

我們做了什麼？我們透過提前推出 VS 三月和四月的服裝系列、追逐 PINK 令人興奮的時尚服飾以及加速推出新的美妝 Mist Collection 來增加新品的比例。我們重新拍攝了部分創意內容，以期更性感、更愉悅地表達品牌，並透過各種管道來突顯這一點。

The launch of our Lacie panty franchise exemplified this work. And I'm happy to report that we saw outsized returns with triple-digit comps in this franchise during its launch. We also rebalanced our marketing funnel, strategically leveraging events, activations, and PR to amplify brand love and began testing new page search strategies that we continue to expand upon.

我們的 Lacie 內褲特許經營權的推出就是這項工作的典範。我很高興地告訴大家，自從系列電影推出以來，我們就看到了三位數的巨額回報。我們也重新平衡了我們的行銷管道，策略性地利用活動、活化和公關來擴大品牌熱度，並開始測試我們將繼續擴展的新頁面搜尋策略。

Our quick response delivered strong results for the balance of the quarter. This reflects our disciplined approach in a dynamic environment and our continued commitment to strengthening the brands leaning into emotional storytelling, and making agile business decisions when we see an opportunity.

我們的快速反應為本季的剩餘時間帶來了強勁的業績。這反映了我們在動態環境中採取的嚴謹態度，以及我們持續致力於加強品牌的情感敘事傾向，並在看到機會時做出靈活的商業決策。

This is the VS&Co mindset that I'm so proud of. We have shown the team's capabilities to approach each season with a growth mindset, knowing we are never penciled down and can always learn and iterate on the business. We saw broad-based strength across both brands and made progress on our strategic priority of fueling growth in lifestyle categories, led by PINK Apparel, Beauty, and VSX.

這就是我引以為傲的 VS&Co 思維方式。我們已經展示了團隊以成長心態迎接每個賽季的能力，我們知道我們永遠不會停滯不前，並且總是可以學習和迭代業務。我們看到兩個品牌都展現出廣泛優勢，並在推動以 PINK Apparel、Beauty 和 VSX 為首的生活方式類別成長的策略重點上取得了進展。

PINK Apparel delivered its third consecutive quarter of positive comps and significant margin in AUR expansion, driven by improved product, high-emotion storytelling, and customer engagement. These efforts bought us closer to our goal of re-establishing the brand's magic and market position.

由於產品改進、情感的故事敘述和客戶參與度的提升，PINK Apparel 連續第三個季度實現了正增長，並在 AUR 擴張中獲得了可觀的利潤。這些努力使我們更接近重建品牌魅力和市場地位的目標。

The cross-functional team has done a great job reading and reacting not only to sales and consumer insights, but also chasing into fashion ideas they are seeing out in the world. The result has been a more balanced assortment with a wider range of categories, sensibilities, and end uses that is resonating with our customer and driving a higher basket size versus last year.

跨職能團隊不僅在閱讀和回應銷售和消費者洞察方面做得非常出色，而且還在追逐他們在世界各地看到的時尚理念。結果是產品組合更加均衡，類別、情感和最終用途更加廣泛，引起了客戶的共鳴，並且與去年相比，購物籃規模有所增加。

The team has successfully continued to grow our PINK icon business and introduce new categories, such as skirts, dresses, and denim, which our customers love. I am pleased that some of these ideas were created on the faster timelines that we have discussed on previous calls. We continue to push ourselves to be more agile in our product creation process, and it is starting to pay off.

團隊成功地繼續發展我們的 PINK 圖標業務，並推出了客戶喜愛的裙子、連身裙和牛仔布等新類別。我很高興其中一些想法是在我們在之前的電話會議中討論過的更快的時間表內產生的。我們不斷推動自己在產品創造過程中變得更加敏捷，並且已經開始獲得回報。

Our PINK Break Event drove significant traffic and conversion across both stores and digital, as well as increased penetration of Gen Z customers. We generated a fun, upbeat shopping environment with DJs and embroidery stations, while leveraging daily deals and limited-edition drops to drive repeat visits. Similarly, our PINK Wednesday drops are driving a significant increase in repeat visitors each week.

我們的 PINK Break 活動為實體店和數位通路帶來了顯著的流量和轉換率，並提高了 Z 世代客戶的滲透率。我們透過 DJ 和刺繡站營造了一個有趣、歡快的購物環境，同時利用每日特價和限量版商品來吸引重複光臨。同樣，我們的「粉紅星期三」促銷活動也推動了每週回頭客數量的大幅增加。

Our Beauty business was a standout, achieving our seventh consecutive quarter of growth, driven by Bombshell's 15th anniversary, including an engaging New York City pop-up that resonated with a loyal consumer base that has made Bombshell America's number one selling fragrance.

我們的美容業務表現突出，實現了連續第七個季度的成長，這得益於 Bombshell 成立 15 週年的推動，其中包括在紐約市開設一家引人入勝的快閃店，引起了忠實消費者的共鳴，使 Bombshell 成為美國最暢銷的香水。

Customer favorites, like the Mist Collection, continue to drive traffic and brand love. But we're most excited about what's next. We launched Body Care in the final week of Q1 and have seen a strong response from customers.

像 Mist Collection 這樣的客戶最愛產品繼續推動著流量和品牌喜愛度。但我們最興奮的是接下來的事。我們在第一季的最後一周推出了身體護理產品，並得到了客戶的強烈回應。

Especially encouraging is the enthusiasm for new formats like our oils and to new scent trends showing her willingness to experiment with us, a good indicator as we have an exciting launch planned for the back half of the year. VSX has delivered its fifth consecutive quarter of double-digit growth, reflecting continued progress against our strategic priority of supercharging bras and reinforcing our leadership as the bra authority.

尤其令人鼓舞的是，她對我們的精油等新形式和新香味趨勢的熱情表明她願意與我們一起嘗試，這是一個很好的指標，因為我們計劃在今年下半年推出令人興奮的產品。VSX 已連續第五個季度實現兩位數增長，反映出我們在增強胸罩性能和鞏固我們作為胸罩權威的領導地位的戰略重點方面取得了持續進展。

A key driver of this performance has been our relentless focus on product innovation and advanced fabric technology, all while delivering style and fashion. Our fabrics are engineered for maximum performance and versatility, offering breathability and anti-shear technology to ensure comfort and coverage.

取得這一業績的一個關鍵驅動力是我們對產品創新和先進面料技術的不懈關注，同時提供風格和時尚。我們的布料經過精心設計，具有最佳性能和多功能性，具有透氣性和防剪技術，確保舒適性和覆蓋性。

Notably, with the inclusion of proprietary raw materials, such as LYCRA's ADAPTIV fibers and our XREACT, technology dynamically adjusting to the wearer's shape and sweat levels, providing a custom fit and cooling effect throughout wear. Our products also feature innovative technologies such as patented TurboWick liners for accelerated moisture wicking and injection molded pads for added shape and comfort. Bottom line, our sports bras are amazing, and our customer agrees.

值得注意的是，透過添加專有原料，例如 LYCRA 的 ADAPTIV 纖維和我們的 XREACT 技術，可以根據穿著者的體型和出汗程度進行動態調整，在整個穿著過程中提供客製化的貼合度和涼爽效果。我們的產品還採用了創新技術，例如專利的 TurboWick 襯裡（可加速吸濕排汗）和注塑墊（可增加形狀和舒適度）。總而言之，我們的運動胸罩非常棒，我們的客戶也同意這一點。

VSX bras were up 20% in the quarter, driven by continued standout success of the Knockout Front-Close, which is now our number two sports bra. It's proprietary bra-within-a-bra technology with exclusive patented design, gives her the confidence of a perfect fit and support, seamless comfort, and the freedom to move without distraction.

本季度，VSX 胸罩的銷量上漲了 20%，這得益於 Knockout Front-Close 的持續出色成功，該產品目前已成為我們排名第二的運動胸罩。其專有的胸罩內罩技術與獨家專利設計，讓她擁有完美貼合和支撐、無縫舒適以及不受干擾的自由活動的信心。

We are also seeing significant integration of VSX into our off-duty bra wardrobe. The Featherweight Max is a standout in everyday wear, with designed patented laser-cut perforations for targeted airflow. This is exciting as it shows that we've been listening to the customer and delivering the versatility that she craves.

我們也看到 VSX 已顯著融入我們的休閒胸罩衣櫃。Featherweight Max 在日常穿著中脫穎而出，採用專利雷射切割穿孔設計，可實現有針對性的氣流。這令人興奮，因為它表明我們一直在傾聽客戶的意見並提供她渴望的多功能性。

This focus on comfort and innovation also extends to the broader intimates category, where performance of wireless outpaced total core bras, driven by both basics and fashion. Our So Obsessed wireless bra is a standout, driving 30% year-over-year growth, boosted by expanded in-store visuals and deep resonance with the millennial customer.

這種對舒適性和創新性的關注也延伸到了更廣泛的內衣類別，其中無鋼圈文胸的表現超過了全塑文胸，這得益於基礎款和時尚款的共同推動。我們的 So Obsessed 無鋼圈胸罩脫穎而出，得益於店內視覺效果的提升和與千禧世代顧客的深度共鳴，實現了 30% 的同比增長。

With our expert combination of comfort, performance, and style, we aren't surprised to see that So Obsessed had more customers purchasing two or more at one time than other bra styles. As multiuse bras increasingly gain traction, we are continuing our efforts with new comfort and movement technologies to deliver content and experiences that create emotional connections with our customers.

憑藉我們對舒適性、性能和風格的巧妙結合，我們毫不驚訝地發現，與其他款式的胸罩相比，So Obsessed 有更多的顧客同時購買兩件或更多件胸罩。隨著多用途胸罩越來越受到關注，我們將繼續努力採用新的舒適和運動技術來提供與客戶建立情感聯繫的內容和體驗。

This will be reflected in our new Always On bra creative approach, which will highlight the full range of offerings rather than singular campaigns. By doing so, we'll continue to meet customer needs across core, performance, and lifestyle categories, driving deeper connections and sustained growth.

這將體現在我們全新的 Always On 胸罩創意方法中，該方法將突出全方位的產品，而不是單一的宣傳活動。透過這樣做，我們將繼續滿足核心、績效和生活方式類別的客戶需求，推動更深層的聯繫和持續成長。

On to channel performance. In stores, we outpaced mall traffic in March and April, while being less promotional than last year. Our stores continue to be a strategic advantage. There are the backdrop for promotional storytelling and meaningful experiences. And we're seeing an encouraging response to our ongoing customer engagement work.

關於通路績效。在商店方面，3 月和 4 月我們的客流量超過了購物中心，但促銷力度卻比去年有所減弱。我們的商店繼續保持戰略優勢。這裡有宣傳故事和有意義體驗的背景。我們正在進行的顧客參與工作得到了令人鼓舞的反響。

In fact, we launched the pilot last year in order to further our focus on bra fitting and service. I'm happy to share that that pilot has been successful. And we are expanding that test, with the goal of improving customer experience and driving higher store performance. We are also pleased with the continued outperformance of our Store of the Future concept, which we anticipate will represent 25% of our fleet by the end of this year.

事實上，我們去年就啟動了試點項目，以進一步關注胸罩的試穿和服務。我很高興地告訴大家，這次試點取得了成功。我們正在擴大測試範圍，目的是改善客戶體驗並提高商店業績。我們也對我們的「未來商店」概念的持續出色表現感到高興，我們預計到今年年底，「未來商店」將占我們門市總數的 25%。

In digital, we are beginning to bring some of that excitement and energy of the stores to her online experience. We see opportunities to sell more full-priced product and let our flow of newness and brand relevance drive the purchase cycle. We continue to outperform digitally within PINK, indicating we are serving our digitally native customer well.

在數位化方面，我們開始將商店的一些興奮和活力帶入她的線上體驗中。我們看到了銷售更多全價產品的機會，並讓我們的新穎性和品牌相關性推動購買週期。我們在 PINK 內部的數位表現持續出色，這表明我們為數位原生客戶提供了良好的服務。

Finally, we continue to be pleased with the strength of our international business, which saw growth in nearly all categories across all channels and all regions. I recently had the privilege of spending time with our partner, Next Management team, entering several of their UK stores.

最後，我們繼續對國際業務的強勁表現感到滿意，幾乎所有類別、所有管道和所有地區的業務都實現了成長。最近，我有幸與我們的合作夥伴 Next Management 團隊一起參觀了他們的幾家英國商店。

I was impressed by their execution and the outstanding job they are doing running both physical and digital spaces. We continued to partner with our regional experts to share best practices and deepen our understanding of the global customer so we can continue the impressive growth we've seen internationally.

他們的執行力以及他們在運行實體和數位空間方面所做的出色工作給我留下了深刻的印象。我們繼續與地區專家合作，分享最佳實踐並加深對全球客戶的了解，以便我們能夠繼續在國際上取得令人矚目的成長。

To close on Q1, we exceeded expectations by reading and reacting with an urgency to win. I'm pleased with our progress and proud of the way we achieved our results. We are focused on delighting her with emotional product and content she connects with and operating with excellence. What matters is that we embraced early challenges with agility, identified the opportunity, and beat top-line and bottom-line expectations.

在第一季結束時，我們透過閱讀並做出緊急反應以贏得勝利，超出了預期。我對我們的進步感到高興，並為我們所取得的成果感到自豪。我們專注於用她喜愛的情感產品和內容取悅她，並以卓越的方式運作。重要的是，我們靈活應對早期挑戰，發現機遇，並超越了頂線和底線預期。

Our results for the quarter reflect the strength of our strategy and the commitment of our teams. We are excited to build on that momentum to accelerate progress against our Path to Potential strategy. And I remain confident in our direction. I'd like to talk for a moment about the team we are building to deliver that strategic plan.

本季的業績反映了我們策略的實力和團隊的承諾。我們很高興能夠利用這一勢頭來加速我們的「潛力之路」策略的進展。我對我們的方向仍然充滿信心。我想談談我們為實施該戰略計劃而組建的團隊。

On the last earnings call, I shared our decision to move to brand president model and hire a chief marketing officer. We've invested in world-class leaders with proven track record of results. That begins with our brand presidents. Anne Stephenson has been named President of Victoria's Secret; Ali Dillon, President of PINK; and Amy Kocourek, President of Beauty.

在上次財報電話會議上，我分享了我們轉向品牌總裁模式並聘請首席行銷長的決定。我們投資了具有良好業績記錄的世界級領導者。這要從我們的品牌總裁說起。安妮史蒂芬森 (Anne Stephenson) 被任命為維多利亞的秘密 (Victoria's Secret) 總裁；阿里狄龍 (Ali Dillon) 被任命為 PINK 總裁；艾米考庫雷克 (Amy Kocourek) 被任命為美容總裁。

Anne is a seasoned leader and a true expert in the intimates category, with over 25 years of experience in product strategy, brand development, and merchandising. As our Chief Merchandising Officer, she has consistently demonstrated her ability to drive innovation and deliver results. With her deep understanding of Victoria's Secret brand and an unwavering commitment to its growth, Anne has played a key role in shaping our future vision. And I'm proud to have her at the helm.

Anne 是一位經驗豐富的領導者，也是內衣領域的真正專家，在產品策略、品牌開發和行銷方面擁有超過 25 年的經驗。作為我們的首席行銷官，她始終如一地展現出推動創新和取得成果的能力。憑藉對維多利亞的秘密品牌的深刻理解和對品牌發展的堅定承諾，安妮在塑造我們未來的願景方面發揮了關鍵作用。我很榮幸能由她來掌舵。

Ali joins us from Alex Mill where she served as President, overseeing strategy, product, operations, and growth. With over two decades in merchandising and brand development, including leadership roles at Gap Inc., and J.Crew, Ali's apparel expertise and knowledge of modern product development model positions her as the right person to lead PINK's next chapter of growth.

在加入我們之前，Ali 曾在 Alex Mill 擔任總裁，負責監督策略、產品、營運和成長。Ali 擁有超過二十年的商品銷售和品牌開發經驗，包括在 Gap Inc. 和 J.Crew 擔任領導職務，其服裝專業知識和對現代產品開發模式的了解使她成為引領 PINK 下一階段增長的最佳人選。

Amy is a deeply strategic merchant leader, with a proven track record in product innovation and business transformation. Previously, Chief Merchandising Officer at Kendra Scott, Amy excels in finding white space, innovating business models, and elevating product and partnerships. These experiences make her well suited to think differently about Beauty's mature and successful business, and push it further.

Amy 是一位具有深厚策略眼光的商人領導者，在產品創新和業務轉型方面有著良好的記錄。此前，Amy 曾擔任 Kendra Scott 的首席行銷官，擅長尋找空白領域、創新商業模式以及提升產品和合作夥伴關係。這些經歷使她能夠以不同的方式思考Beauty成熟而成功的業務，並將其進一步推動。

In addition, Elizabeth Preis has joined us as Chief Marketing Officer. She will lead brand marketing across the enterprise to deepen customer connections with our iconic brands. Elizabeth joins VS&Co as a respected marketing strategist with more than 25 years of experience in fashion, beauty, and lifestyle. She is celebrated for her unparalleled acumen in crafting culturally relevant customer experiences, informed by data and driven by creative storytelling.

此外，Elizabeth Preis 已加入我們並擔任首席行銷長。她將領導整個企業的品牌行銷，以加深客戶與我們標誌性品牌的聯繫。伊麗莎白作為一位受人尊敬的行銷策略師加入 VS&Co，她在時尚、美容和生活方式領域擁有超過 25 年的經驗。她以無與倫比的敏銳洞察力而聞名，能夠根據數據並透過創意的故事敘述來打造與文化相關的客戶體驗。

Finally, Adam Selman has been appointed Senior Vice President and Executive Creative Director reporting to Elizabeth. Adam is a multi-hyphenate creative, who operates at the crossroads of commerce and culture.

最後，亞當·塞爾曼 (Adam Selman) 被任命為高級副總裁兼執行創意總監，向伊麗莎白匯報工作。亞當是一位擁有多重身分的創意人士，活躍於商業和文化的交匯處。

He has built his own label and has had notable career creating custom looks for celebrities like Beyonce and Katy Perry as well as designing Rihanna's looks for the Victoria's Secret Fashion Show performances. Adam is the ideal expert to steward our brands into their next chapter.

他創立了自己的品牌，並為碧昂絲和凱蒂佩芮等名人打造訂製造型，並為蕾哈娜設計維多利亞的秘密時裝秀的造型，成就斐然。亞當是帶領我們的品牌邁向下一篇章的理想專家。

These brand and product leaders join our existing team of highly skilled and tenured operational leaders. With their combined expertise, I have full confidence in our ability to drive sustained growth.

這些品牌和產品領導者加入了我們現有的高技能和長期營運領導團隊。憑藉他們的專業知識，我對我們推動持續成長的能力充滿信心。

Looking ahead to the remainder of the year, our success will be driven by focused execution. Scott will discuss our outlook shortly. But I'm pleased to say, we are maintaining our forecasted net sales range of $6.2 billion to $6.3 billion for fiscal year 2025. This reflects our belief that we're well positioned to navigate a complex, challenging market environment.

展望今年剩餘時間，我們的成功將由專注的執行力推動。斯科特將很快討論我們的展望。但我很高興地說，我們維持 2025 財年 62 億美元至 63 億美元的淨銷售額預測範圍。這體現了我們的信念：我們有能力應對複雜且充滿挑戰的市場環境。

We will clarify, differentiate, and elevate our brand identities and projections by redefining PINK to meet the next generation where she is and ushering in a new era of sexy for VS; deliver product newness and innovation to meet customers' evolving preferences by delivering innovative launches, increasing our fashion relevancy, and continuing to shorten product creation timelines; evaluate our entire marketing funnel for both optimization and brand differentiation, focusing on efficient, targeted investments to drive conversion and maximize return on marketing spend with a sharpened focus on acquisitions; use the power of our global footprint to create best-in-class experiences that resonate across all markets.

我們將透過重新定義PINK來明確、區分和提升我們的品牌形象和預測，以滿足下一代的需求，並開創維密性感的新紀元；透過推出創新產品、提高時尚相關性和繼續縮短產品創造時間，提供新穎和創新的產品，以滿足客戶不變化的偏好；評估我們整個行銷管道的最佳化和品牌差異化，專注於高效、有針對性的投資，以推動轉化，最大限度地提高行銷支出的回報，同時更加重視收購；利用我們全球影響力的力量，創造在所有市場引起共鳴的最佳體驗。

We will meet customers where they are while ensuring physical and digital touch points that reinforce the high standard of quality, service, and innovation that define our brands. Finally, we will continue to engage with cultural moments, delivering entertaining, inspiring experiences that captivate both new and existing customers, reinforcing our position as the original entertainment brand.

我們將在客戶所在地與他們會面，同時確保實體和數位接觸點，以強化我們品牌的高品質、服務和創新標準。最後，我們將繼續參與文化活動，提供有趣、鼓舞人心的體驗，吸引新舊客戶，鞏固我們作為原創娛樂品牌的地位。

In closing, I'm confident in what 2025 and beyond holds for VS&Co. While we anticipate some continued uncertainty in the macro environment, we remain pleased with the strong performance of our core business and our strategy to drive long-term sustainable growth.

最後，我對 VS&Co. 2025 年及以後的發展充滿信心。儘管我們預計宏觀環境仍將存在一些不確定性，但我們對核心業務的強勁表現和推動長期可持續成長的策略仍然感到滿意。

With our talented team, we are poised to execute on our strategy, delivering the high-emotion fashion and brand stories that resonate with our customers. And most importantly, we are stepping into a new era of sexy.

憑藉我們優秀的團隊，我們準備好執行我們的策略，傳遞與客戶產生共鳴的高情感時尚和品牌故事。最重要的是，我們正步入性感的新時代。

Thank you, all, for your continued support. I'll now hand it over to Scott.

謝謝大家一直以來的支持。我現在將其交給斯科特。

Thanks, Hillary. I first want to echo Hillary's pride in our organization's exceptional resilience during these dynamic times. Our base business has remained strong despite the environment, navigating tariffs, and a recent security incident.

謝謝，希拉蕊。首先，我想表達希拉蕊對我們組織在當前動盪時期所表現出的非凡韌性的自豪之情。儘管面臨環境、關稅以及最近發生的安全事件等不利因素，我們的基礎業務仍保持強勁。

Our teams have demonstrated remarkable focus and have stayed disciplined on the fundamentals we can control, while protecting strategic investments in our product innovation, brand strength, and customer experience, investments that will drive sustainable growth and competitive advantage over the long term.

我們的團隊展現了非凡的專注力，並對我們能夠控制的基本面保持嚴謹，同時保護我們在產品創新、品牌實力和客戶體驗方面的策略投資，這些投資將推動長期可持續成長和競爭優勢。

Now a review of our results. We delivered first-quarter net sales of $1.353 billion and adjusted operating income of $32 million, both exceeding our guidance ranges provided in early March. Our adjusted net income per diluted share came in at $0.09, $0.01 shy of the upper end of our guidance range.

現在回顧一下我們的結果。我們第一季的淨銷售額為 13.53 億美元，調整後營業收入為 3,200 萬美元，均超過了我們 3 月初提供的指導範圍。我們的調整後每股淨收益為 0.09 美元，比我們的指導範圍上限低 0.01 美元。

On the top line, February's challenging results reversed sharply in the March, April, or Mar-Pril period as we registered positive year-over-year growth, benefiting from an increase in traffic, with traffic in our stores nicely outpacing traffic for the balance of the mall.

從總收入來看，2 月份的艱難業績在 3 月、4 月或 3 月至 4 月期間急劇逆轉，因為我們實現了同比增長，受益於客流量的增長，我們商店的客流量遠遠超過了商場其他部分的客流量。

From a brand perspective for the quarter, both Victoria's Secret and PINK registered a slight year-over-year retail sales decline, while Beauty was up low single digits. From a regional perspective, we registered strong high single-digit growth in our international operations, while our North American business was essentially flat for the period. For both Victoria's Secret and PINK, digital channels slightly outpaced stores.

從本季的品牌角度來看，維多利亞的秘密和 PINK 的零售額同比均略有下降，而美妝則實現了個位數的低成長。從區域角度來看，我們的國際業務實現了強勁的高個位數成長，而北美業務在此期間基本持平。對於維多利亞的秘密和 PINK 來說，數位通路的成長速度略高於實體店。

Total first-quarter comparable sales contracted 1% compared to the prior year, with a comparative low single-digit decline in traffic in both our stores and digital channels, largely offset by low single-digit growth in the average transaction value across channels. AURs were up 2% in the quarter, driven by PINK and Beauty increases, while VS was flat.

第一季可比銷售額總額與去年同期相比下降了 1%，其中門市和數位通路的客流量均出現了相對較低的個位數下降，但這在很大程度上被各通路平均交易額的較低個位數成長所抵消。本季度，受 PINK 和 Beauty 成長的推動，AUR 上漲了 2%，而 VS 則持平。

As I mentioned, we saw continued strength in our international business. Reported first-quarter international sales grew 9% to nearly $200 million, while system-wide retail sales increased by low double digits year-over-year.

正如我所提到的，我們的國際業務持續強勁成長。據報道，第一季國際銷售額成長 9%，達到近 2 億美元，而全系統零售額較去年同期成長了低兩位數。

The strong growth was fueled by a combination of healthy high single-digit comparable sales gains in our existing fleet, as well as continued real estate expansion. We saw particular strength in our China business, primarily driven by the digital channel as we registered strong double-digit growth in the period.

強勁的成長得益於我們現有車隊的高個位數可比銷售額成長以及持續的房地產擴張。我們看到了中國業務的特別優勢，這主要得益於數位管道，因為我們在此期間實現了強勁的兩位數成長。

First-quarter adjusted gross margin dollars were $476 million, and our adjusted gross margin rate was 35.2% or a decline of 170 basis points compared to the first quarter of 2024 and below our guidance of approximately 36.5%.

第一季調整後的毛利率為 4.76 億美元，調整後的毛利率為 35.2%，與 2024 年第一季相比下降了 170 個基點，低於我們預期的約 36.5%。

More than half of the gross margin rate pressure in the quarter was due to a combination of elevated and expected air freight rates, some tariff-related order adjustments, and a higher penetration of GWP activity, partially offset by a reduction in traditional promotional levels.

本季毛利率壓力的一半以上是由於預期的空運費上漲、一些與關稅相關的訂單調整以及 GWP 活動滲透率提高等因素造成的，但傳統促銷水平的降低部分抵消了這些影響。

Favorable gross margin rate drivers included cost benefits from our prudent approach to noncustomer-facing expense buckets, as well as buying and occupancy leverage from rent savings. Adjusted SG&A dollars were $444 million in the first quarter, and our adjusted SG&A rate was 32.8%, better than our guidance range of 34.5% to 35.5% and leveraging 120 basis points to the prior-year adjusted SG&A rate of 34%.

有利的毛利率驅動因素包括我們對非面向客戶的費用桶採取審慎態度所帶來的成本效益，以及租金節省帶來的購買和入住槓桿。第一季調整後的銷售、一般及行政費用為 4.44 億美元，調整後的銷售、一般及行政費用率為 32.8%，優於我們的指導範圍 34.5% 至 35.5%，且較去年同期調整後的銷售、一般及行政費用率 34% 高出 120 個基點。

Our better-than-prior-year and expected SG&A dollar and rate performance in the quarter was due in part to our accelerated efforts to pull back on nonproduct and noncustomer investment and expense areas of the business, as well as a strategic shift in marketing spend from Q1 into Q2.

本季我們的銷售、一般及行政費用及利率表現優於去年同期及預期，部分原因是我們加快了削減非產品和非客戶業務投資及費用領域的努力，以及營銷支出從第一季到第二季度的戰略轉變。

In light of the uncertain tariff environment, we are doubling down on our disciplined expense management across all aspects of the business. Adjusted nonoperating expenses, consisting principally of interest expense, were $14 million in the quarter, better than our guidance and down from last year, driven by a lower level of weighted average borrowings and interest rates. Our first-quarter adjusted tax rate was 34%.

鑑於不確定的關稅環境，我們正在加倍加強業務各個方面的嚴格費用管理。本季調整後的非營業支出（主要包括利息支出）為 1,400 萬美元，優於我們的預期，但低於去年同期，原因是加權平均借款和利率水準較低。我們第一季的調整後稅率為34%。

Turning to the balance sheet, total inventories ended the first quarter up 6% compared to last year and in line with our guidance for mid-single-digit year-over-year growth. From a liquidity standpoint, we ended the first quarter with a cash balance of $138 million, a strong balance sheet with sufficient liquidity to continue to execute on our strategic priorities. At the end of the first quarter, our outstanding balance was $105 million under our $750 million ABL credit facility, down $40 million from the first quarter last year, with seasonal borrowings as expected.

從資產負債表來看，第一季總庫存較去年同期成長 6%，符合我們對中位數個位數年增率的預期。從流動性的角度來看，第一季末我們的現金餘額為 1.38 億美元，資產負債表強勁，流動性充足，可以繼續執行我們的策略重點。截至第一季末，我們在 7.5 億美元 ABL 信貸額度下的未償還餘額為 1.05 億美元，比去年第一季減少了 4,000 萬美元，季節性借款符合預期。

In May, we successfully renewed our asset-based lending facility with a $750 million borrowing base and secured a five-year term extension with favorable enhancements and lower interest rates that will generate annual savings. This refinancing strengthens our liquidity position while reducing our cost of capital and providing greater financial flexibility to execute our strategic initiatives.

五月份，我們成功地續簽了資產抵押貸款協議，借款金額達 7.5 億美元，並獲得了五年的延期，同時享受了優惠的附加條件和較低的利率，這將帶來年度節省。此次再融資增強了我們的流動性狀況，同時降低了我們的資本成本，並為執行我們的策略計劃提供了更大的財務靈活性。

Now moving on to our updated outlook for fiscal year 2025 and our outlook for the second quarter. As Hillary mentioned, for fiscal year 2025, we are maintaining our forecasted net sales range of $6.2 billion to $6.3 billion, compared to net sales of $6.204 billion in fiscal year 2024, which excludes the gift card breakage benefit of $26 million recognized in the fourth quarter of 2024.

現在讓我們來談談我們對 2025 財年的最新展望以及對第二季的展望。正如希拉蕊所提到的，對於 2025 財年，我們維持 62 億美元至 63 億美元的淨銷售額預測範圍，而 2024 財年的淨銷售額為 62.04 億美元，其中不包括 2024 年第四季確認的 2,600 萬美元的禮品卡破損收益。

At this forecasted level of sales, we now expect our adjusted operating income for fiscal year 2025 to be in the range of $270 million to $320 million. The revised outlook includes a gross tariff impact of approximately $120 million, which assumes 30% China tariffs and 10% non-China, with tariff mitigation of approximately $70 million for a net impact to fiscal year 2025 of approximately $50 million.

依照這項預測的銷售水平，我們現在預計 2025 財年的調整後營業收入將在 2.7 億美元至 3.2 億美元之間。修訂後的展望包括約 1.2 億美元的總關稅影響，假設中國關稅為 30%，非中國關稅為 10%，關稅減免約為 7,000 萬美元，對 2025 財年的淨影響約為 5,000 萬美元。

Our mitigation levers include cost optimization with vendors, additional sourcing diversification, a more efficient air-to-ocean freight mix, and a combination of select pricing adjustments through more targeted promotions and strategic price modifications, where we see a value proposition gap in the marketplace.

我們的緩解手段包括與供應商進行成本優化、進一步實現採購多樣化、更有效率的空運到海運貨運組合，以及透過更有針對性的促銷和策略性價格修改進行選擇性價格調整，我們發現市場存在價值主張差距。

Adjusted nonoperating expenses, consisting principally of interest expense, are projected to be about $70 million for fiscal year 2025, down from the $84 million in fiscal year 2024, driven by expected lower levels of weighted average borrowings along with lower interest rates. We estimate our adjusted tax rate will be approximately 24% to 25% for fiscal year 2025.

調整後的非營業支出（主要包括利息支出）預計在 2025 財年約為 7,000 萬美元，低於 2024 財年的 8,400 萬美元，原因是預計加權平均借款水準較低以及利率較低。我們估計，2025財年的調整後稅率將約為24%至25%。

We estimate weighted average diluted shares outstanding of approximately 82 million for the second quarter and 83 million for fiscal year 2025. Given these inputs, we are forecasting fiscal year 2025 adjusted net income per diluted share to be in the range of $1.80 to $2.20 compared to adjusted net income per diluted share of $2.69 in fiscal year 2024.

我們估計第二季的加權平均稀釋流通股數約為 8,200 萬股，2025 財年的加權平均稀釋流通股數約為 8,300 萬股。基於這些輸入，我們預測 2025 財年調整後每股攤薄淨收益將在 1.80 美元至 2.20 美元之間，而 2024 財年調整後每股攤薄淨收益為 2.69 美元。

In light of the uncertain macro environment, we now estimate capital expenditures of approximately $220 million in fiscal year 2025, down from our prior forecast of $240 million. Capital investments will be primarily focused on our store capital program, along with investments in technology and logistics related to our strategic initiatives to drive growth and support productivity.

鑑於宏觀環境的不確定性，我們現在估計 2025 財年的資本支出約為 2.2 億美元，低於先前預測的 2.4 億美元。資本投資將主要集中在我們的商店資本計劃，以及與我們的策略性舉措相關的技術和物流投資，以推動成長和支持生產力。

Depreciation expense is estimated to be approximately $220 million in fiscal year 2025. We now expect adjusted free cash flow of approximately $150 million to $200 million in fiscal year 2025. In 2025, we plan to open approximately 16 new stores in North America, mostly in the Store of the Future design and off-mall locations.

預計2025財年的折舊費用約為2.2億美元。我們現在預計 2025 財年的調整後自由現金流約為 1.5 億至 2 億美元。2025 年，我們計劃在北美開設約 16 家新店，主要採用未來商店設計並位於商場外。

We estimate approximately 30 to 40 store closures in 2025, which will mostly be consolidations of co-located Victoria's Secret and PINK stores. We also expect about 40 renovations in North America in the Store of the Future design in 2025, with the majority consisting of square footage reductions or consolidations of co-located Victoria's Secret and PINK stores.

我們預計 2025 年將有大約 30 到 40 家門市關閉，其中大部分是位於同一地點的維多利亞的秘密和 PINK 門市的合併。我們還預計，到 2025 年，北美將有大約 40 家門市採用未來商店設計進行翻新，其中大部分包括減少面積或合併位於同一地點的維多利亞的秘密和 PINK 門市。

Square footage in our North America stores in 2025 is expected to decrease approximately 2% to 3% compared to 2024. At the end of 2025 in North America, we estimate our Store of the Future presence will be approximately 190 stores or approximately 25% of the fleet. Internationally, we estimate our Store of the Future presence at the end of 2025 will be approximately 230 to 250 stores or nearly 40% of the international fleet.

預計 2025 年我們北美門市的面積將比 2024 年減少約 2% 至 3%。我們估計，到 2025 年底，北美的未來商店數量將達到約 190 家，約佔總門市數量的 25%。在國際上，我們估計到 2025 年底，我們的未來商店數量將達到約 230 至 250 家，佔國際商店總數的近 40%。

Turning to our outlook for the second quarter, we are forecasting net sales in a range of $1.38 billion to $1.41 billion compared to net sales of $1.417 billion in second quarter 2024. This forecast assumes an approximate $20 million net sales impact from the security incident. Our forecast also assumes down low single-digit top-line performance in our North American business, with the semiannual sales scheduled one week earlier than last year, running for the same duration, and positioned with units down double digits compared to last year.

展望第二季度，我們預測淨銷售額將在 13.8 億美元至 14.1 億美元之間，而 2024 年第二季的淨銷售額為 14.17 億美元。該預測假設安全事件對淨銷售額的影響約為 2,000 萬美元。我們的預測也假設北美業務的營收表現將下降個位數，半年銷售計畫比去年提前一周，持續時間相同，且銷售量與去年相比下降兩位數。

Our forecast assumes continued strength in our international business. At this forecasted level of sales, including known costs related to the security incident, we expect second-quarter 2025 adjusted operating income to be in the range of $15 million to $35 million compared to adjusted operating income of $62 million in the second quarter of 2024.

我們的預測是我們的國際業務將繼續保持強勁。依照這項預測的銷售水平，包括與安全事件相關的已知成本，我們預計 2025 年第二季調整後的營業收入將在 1,500 萬美元至 3,500 萬美元之間，而 2024 年第二季調整後的營業收入為 6,200 萬美元。

The tariff headwind built into our second-quarter forecast is approximately $10 million, the bulk of which, due to timing of the rate changes, we were not able to impact through the mitigation levers I just mentioned. In addition, the strategic marketing shift benefit I called out for Q1 will unfavorably impact Q2.

我們第二季預測中的關稅逆風約為 1000 萬美元，其中大部分由於費率變動的時間安排，我們無法透過我剛才提到的緩解手段來產生影響。此外，我所呼籲的第一季策略行銷轉變效益將對第二季產生不利影響。

Offsetting to these higher year-over-year cost is our continued noncustomer-facing expense actions, lower incentive comp, and a slight improvement in our selling margin due to the significantly lower level of units in our semiannual sale this year compared to last year.

抵銷這些年比成本上升的因素是我們持續採取的非面向客戶的費用行動、降低激勵補償，以及由於今年半年銷售的單位數量與去年相比大幅下降而導致的銷售利潤率略有提高。

This forecast also assumes an approximate $10 million operating income impact from the security incident in the second quarter, excluding any consideration of insurance reimbursement. We are forecasting second quarter 2025 adjusted net income per diluted share to be in the range of zero to $0.15 compared to adjusted net income per diluted share of $0.40 in the second quarter of 2024.

該預測還假設第二季的安全事件將對營業收入造成約 1000 萬美元的影響，不包括任何保險報銷的考慮。我們預測 2025 年第二季調整後每股攤薄淨收益將在 0 至 0.15 美元之間，而 2024 年第二季調整後每股攤薄淨收益為 0.40 美元。

We expect the second-quarter 2025 adjusted gross margin rate to be approximately 35% compared to second-quarter 2024's adjusted rate of 35.4%. The adjusted SG&A rate in the second-quarter 2025 is expected to be approximately 33% compared to the second-quarter 2024's adjusted rate of 31%. SG&A dollars are forecasted to increase approximately 5%.

我們預計 2025 年第二季調整後的毛利率約為 35%，而 2024 年第二季調整後的毛利率為 35.4%。預計 2025 年第二季的調整後銷售、一般及行政費用率約為 33%，而 2024 年第二季的調整後費率為 31%。預計銷售、一般及行政費用將增加約 5%。

We anticipate net adjusted nonoperating expense, again consisting principally of interest expense, of approximately $17 million in the second quarter of 2025, down from $20 million in the second quarter of 2024, driven by expected lower levels of weighted average borrowings along with lower interest rates. We estimate adjusted tax expense in the second quarter of 2025 will be approximately zero to $5 million. We expect total inventories in the second quarter of 2025 up mid-single digits compared to last year.

我們預計，2025 年第二季的淨調整後非營業支出（主要包括利息支出）約為 1,700 萬美元，低於 2024 年第二季的 2,000 萬美元，這主要是由於預期加權平均借款水準較低以及利率較低。我們估計 2025 年第二季的調整後稅費約為 0 至 500 萬美元。我們預計 2025 年第二季的總庫存將比去年同期成長中等個位數。

In closing, I want to reinforce what we shared throughout today's call. While we continued to navigate an uncertain macro environment with ongoing tariff dynamics and the impacts from our recent security incident, our base business fundamentals remained solid and resilient.

最後，我想強調一下我們在今天的通話中所分享的內容。儘管我們繼續應對不確定的宏觀環境，包括持續的關稅動態和最近安全事件的影響，但我們的基本業務基礎仍然穩固且具有彈性。

We are maintaining our disciplined approach, focusing on what we can control: operational excellence, strategic capital allocation, and continued investment in the capabilities that differentiate us in the marketplace.

我們保持嚴謹的態度，專注於我們能夠控制的事情：卓越營運、策略資本配置以及對使我們在市場上脫穎而出的能力的持續投資。

The team's ability to execute through these challenges gives me confidence in our positioning as we move forward. We remain committed to delivering value for our shareholders while building the foundation for sustained long-term profitable growth.

團隊克服這些挑戰的能力讓我對我們未來發展的定位充滿信心。我們始終致力於為股東創造價值，同時為長期持續獲利成長奠定基礎。

With that, we will open the lines for your questions. Operator?

接下來，我們將開放式熱線回答您的問題。操作員？

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作員指示）高盛的布魯克·羅奇。

Good morning, and thank you for taking my question. Hillary, I was hoping you could dive a little bit deeper into the marketing strategy that you're planning for the rest of the year and into the future following the hiring of the new Chief Marketing Officer.

早上好，感謝您回答我的問題。希拉里，我希望您能更深入地談談您為今年剩餘時間以及新任首席營銷官聘任後的未來製定的營銷策略。

What plans do you have to engage customers in a stronger way to drive better comp sales in the back half of the year? And what changes should we expect in terms of the messaging for the customer on a go-forward basis?

您有什麼計劃來以更強的方式吸引客戶，以推動下半年更好的銷售？那麼，對於未來向客戶傳達的訊息，我們該期待什麼改變呢？

Thanks, Brooke. Happy to talk about that. So as you know, Elizabeth joined us. I think this is -- she's in the beginning of her third week. So definitely early days. Adam joined us probably about four to six weeks ago. So he has been involved in the fall shoots and creative content. They were already in flight when he started, but he has definitely been involved.

謝謝，布魯克。很高興談論這個。正如你所知，伊麗莎白加入了我們。我認為這是——她已經進入第三週了。所以肯定還處於早期階段。亞當大概在四到六週前加入了我們。所以他一直參與秋天的拍攝和內容創作。當他開始行動時，他們已經在飛行了，但他肯定參與其中。

And what you will see creatively is, it's an evolution. There's not going to be a flip of a switch, and all of a sudden, you feel something very, very different. But you will start to see the brand -- both brands being pushed farther apart. You will start to see a visual evolution with VS. You will start to see a younger expression in PINK.

而你將創造性地看到，這是一種進化。你不會突然感覺到一些非常非常不同的東西。但你會開始看到兩個品牌之間的差距越來越大。你會開始看到VS的視覺變化。你會開始看到PINK更顯年輕。

And in terms of the marketing strategies, I would just say we're very focused on, number one, acquisitions, targeted acquisition through a very segmented media plan. And that's really one of the first orders of business; and Always On bra campaign, primarily expressed through media.

就行銷策略而言，我想說，我們首先非常注重收購，透過細分的媒體計畫進行有針對性的收購。這確實是首要任務之一；Always On 胸罩活動主要透過媒體進行表達。

And as we have said before, we know we are up against the fashion show. We're not ready to talk about our plans to comp that. But we will have some sort of activation in the back half of the year that is entertainment-based.

正如我們之前所說，我們知道我們面臨的是時裝秀。我們還沒有準備好談論我們的計劃。但我們將在下半年開展一些以娛樂為基礎的活動。

And I would just say, much more optimization of the funnel. So less spend on creating the content, more spend on getting it out in the world, pullback in direct mail, and an optimization of lower funnel. So those are some of the things that are in works. And we're pushing very hard to impact as much as we can in the back half.

我只想說，漏斗的優化程度大大提高。因此，減少在內容創作上的投入，增加在內容傳播、減少直接郵寄、優化下層漏斗上的投入。這些都是正在進行中的一些事情。我們正在盡最大努力在後半段發揮最大影響力。

Great. And just one follow-up for Scott. What level of price increases is embedded in your guide as a result of tariffs? And how are you thinking about elasticity of demand as you take some of those strategic price increases?

偉大的。對斯科特來說這只是一個後續問題。您的指南中預計關稅會導致什麼程度的價格上漲？當您採取一些策略性的價格上漲時，您如何考慮需求彈性？

Yeah. I mean, from a pricing standpoint, the thing we're doing, first and foremost, is kind of optimizing our promos. And so both in Q1 and throughout the year, you're going to see a little bit more headwinds on GWPs, gifts with purchase, and a pullback on sort of what I would say our traditional promos, percent-off-type deals. So that's the first way we're thinking about it.

是的。我的意思是，從定價的角度來看，我們首先要做的事情就是優化我們的促銷活動。因此，無論是在第一季還是全年，您都會看到 GWP、購物贈品出現一些阻力，而且我們傳統的促銷、折扣類交易也會有所回落。這是我們思考這個問題的第一種方式。

We're being very strategic across categories and mindful of opening price points, and sort of not to exceed price points. And so we're going to sort of play in the middle where we see value. So -- and it won't be across all categories as we think about our business. So it's really that strategic case-by-case, category-by-category look that we're taking.

我們在各個類別中都採取非常有策略性的策略，並且注意起始價格點，並且不會超出價格點。因此，我們將在我們認為有價值的中間位置進行遊戲。所以 - 當我們考慮我們的業務時，它不會涉及所有類別。因此，我們採取的其實是逐一、逐一類別的策略性檢視。

Great, thanks so much. I'll pass it on.

太好了，非常感謝。我會傳達的。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Great. Maybe for Hillary first. Just when you think about the evolution of the brands and sort of the goals when you started here, can you just highlight like where you made the most progress in the first quarter? And then I've got one follow-up for Scott.

偉大的。也許首先對希拉蕊來說是如此。當您思考品牌的發展以及您剛開始時所設定的目標時，您能否強調一下您在第一季取得的最大進展是什麼？然後我還要跟進一下斯科特的狀況。

Sure. Happy to. I continue to be really bullish on PINK. I'm sure that's not a surprise. We've made incredible progress, especially as it relates to the apparel piece of that business. I would also say that Beauty continues to be an absolute standout with year-over-year growth and lots in the pipeline to further those efforts.

當然。很開心。我依然非常看好 PINK。我確信這並不奇怪。我們取得了令人難以置信的進步，特別是在服裝業務方面。我還要說的是，美容業務繼續保持絕對的領先地位，實現了逐年增長，並且正在籌劃進一步推進這些努力。

And we are really starting to dig into VS. We see that we have an opportunity to have a more energetic, more joyful expression of VS. We think we got just a little bit too serious in past seasons. And so we are seeing that the more energy we bring, the more joy we bring to our campaigns, the more color and pattern we bring to our assortments, we're really seeing payback. So early stages in VS, but definitely lots of progress on the PINK side.

我們真的開始深入研究維密天使了。我們發現有機會以更有活力、更愉悅的方式展現維密天使。我們覺得過去幾季我們有點太嚴肅了。因此，我們看到，我們投入的精力越多，為我們的活動帶來的歡樂就越多，我們為產品系列帶來的色彩和圖案就越多，我們真正看到的回報就越多。因此 VS 還處於早期階段，但 PINK 方面肯定取得了巨大進展。

Great. And maybe just for Scott, just on the gross margin. The quality of the commentary was helpful in the quarter. But is it possible to quantitatively break down the components of that 170-basis-point decline as well as how those should evolve for the remainder of the year?

偉大的。也許只是對斯科特來說，只是在毛利率上。評論的品質對本季很有幫助。但是否有可能從數量上分析出這 170 個基點下降的因素，以及這些因素在今年剩餘時間內將如何演變？

It looks like you're embedding less compression in the second quarter. But I'm just curious if that can change, perhaps. the expansion in the back half?

看起來你在第二季度嵌入的壓縮較少。但我只是好奇這是否可以改變，也許後半部的擴展？

Yeah. So in the quarter, the biggest headwind year over year was sort of inbound rates, both air and ocean. I do expect that to subside, potentially even be a slight tailwind in the back half of the year. But it will continue to be a headwind in Q2 as well.

是的。因此，本季度，與去年同期相比，最大的阻力是入境運費，包括空運和海運。我確實希望這種趨勢會逐漸消退，甚至可能在今年下半年出現輕微的順風。但在第二季度這也將繼續成為一種阻力。

The other -- the next biggest piece in Q1 was a headwind on -- we had some tariff-related order cancels that we had to take on raw materials. So as we resource product out of China, given the tariff changes, we did have to write off some raw materials there.

另一個——第一季最大的挑戰是逆風——我們有一些與關稅相關的訂單被取消，我們必須承擔原料訂單。因此，當我們從中國採購產品時，考慮到關稅的變化，我們確實不得不註銷那裡的一些原材料。

The other piece in the quarter, and I touched on a little bit of a pricing question, we had a headwind with -- as we did more GWPs. It was partially offset by a pullback in traditional promos. And I do expect that that construct to continue through the balance of the year.

本季的另一部分，我談到了一些定價問題，我們遇到了阻力——因為我們的 GWP 增加了。傳統促銷活動的減少部分抵消了這一影響。我確實希望這種結構能夠在今年餘下時間裡持續下去。

We really like what the GWPs bring even if it's a slight headwind on gross margin. Because it drives a higher basket size, as well as -- is a little bit of a marketing vessel for us as the consumer takes that product out into the world.

我們真的很喜歡 GWP 帶來的好處，即使這會對毛利率造成輕微的阻力。因為它可以推動更大的購物籃規模，而且當消費者將產品帶到世界各地時，它對我們來說就像一個行銷工具。

We did have some favorability in the quarter from a B&O standpoint. So I think that construct will largely continue for the year. So when you balance up the full year, the biggest headwind we're going to have year over year is tariffs, and expect that to be over 100 bps headwind. And then we'll have a little bit of the residual inbound headwind that I talked about in the first half of the year, partially offset by some favorable B&O.

從 B&O 的角度來看，我們在本季確實有一些優勢。所以我認為這種結構在今年基本上還會繼續下去。因此，當你平衡全年時，我們與去年同期相比面臨的最大阻力就是關稅，預計阻力將超過 100 個基點。然後，我們將會遇到一些我在上半年談到的殘留入境逆風，部分被一些有利的 B&O 所抵消。

Good luck.

祝你好運。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks, everyone. Good morning. Hillary, as you work through your progress, any way to help frame how you're thinking about sizing the revenue opportunity at PINK?

謝謝大家。早安.希拉里，在您推進的過程中，有什麼方法可以幫助您確定如何衡量 PINK 的收入機會？

And then just, Scott, how are you thinking about revenue by brand and gross margin embedded within the full-year guide that you gave? Thanks.

那麼，斯科特，您如何看待您給出的全年指南中按品牌劃分的收入和毛利率？謝謝。

Simeon, I didn't catch what -- your first question.

西緬，我不明白你的第一個問題。

So you're seeing great -- you're talking about qualitative opportunity at PINK, Hillary. I'm just curious if you thought about how you see the revenue -- how you would size the recapture opportunity.

所以你看到了偉大的——你正在談論 PINK 的優質機會，希拉蕊。我只是好奇，您是否考慮過如何看待收入——如何衡量重新獲得收入的機會。

Over the long term?

長遠來看？

Exactly.

確切地。

Very, very significant. We are still in the process of modeling that. But at this moment in time, PINK is -- PINK's top-line volume is significantly below its high, over $1 billion below its high. So there is an incredible amount of runway there.

非常非常重要。我們仍處於建模過程中。但目前，PINK 的營收明顯低於其最高點，比最高點低 10 億美元以上。那裡有數量驚人的跑道。

And I think as we start to build out the full lifestyle component, there's a beauty opportunity in PINK. There's an accessories opportunity in PINK. There's an enormous opportunity to regain share in apparel and to maintain our intimates business in that brand. So I see this as our number one volume opportunity.

我認為，當我們開始建立完整的生活方式組件時，PINK 中就會有一個美麗的機會。PINK 中有配件機會。我們有巨大的機會重新獲得服裝市場份額並維持該品牌的內衣業務。所以我認為這是我們最大的銷售機會。

When you think about gross margin by brand, not much differentiation between VS and PINK. But Beauty is several points higher. And so as we continue to grow there, that will -- that mix will be a positive benefit to gross margin rate through the balance of the year.

當您考慮按品牌劃分的毛利率時，VS 和 PINK 之間並沒有太大區別。但美貌卻高出幾分。因此，隨著我們繼續在那裡發展，這種組合將對全年的毛利率產生積極的影響。

Great. Thanks a lot, guys. Best of luck for the rest of the year.

偉大的。非常感謝大家。祝您今年餘下的時間一切順利。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone. Hillary, as you think about the intimates market and how it's performing, you had mentioned before the slow start, it got off, I think, at the end of the fourth quarter. Where is it now, and how do you think of your core categories of bras and panties, and what you're seeing in terms of performance?

大家好，早安。希拉里，當您考慮內衣市場及其表現時，您曾提到市場開局緩慢，我認為，它是在第四季度末開始復甦的。現在情況如何？您如何看待胸罩和內褲的核心類別？從性能方面來看，您看到了什麼？

And then, Scott, in terms of tariff mitigation measures, when do they come into play? How do you think about that opportunity going forward? Thank you.

那麼，斯科特，就關稅減免措施而言，它們何時發揮作用？您如何看待這項未來機會？謝謝。

Sure, Dana. Let me start by saying, in the quarter, we definitely -- I'll start non-intimates and then go to intimates. So we saw share growth in sports bras, Beauty, PINK Apparel. Really, really nice gains there. As you know and as we've talked about in previous calls, the intimates market continues to be a little bit pressured.

當然，達娜。首先我要說的是，在本季度，我們肯定會先推出非貼身衣物，然後再推出貼身衣物。因此，我們看到運動胸罩、美容、PINK 服飾的份額有所增長。確實，收穫頗豐。如您所知，正如我們在先前的電話會議中討論過的，貼身衣物市場仍然面臨一些壓力。

I think some of that is about it going to value. Some of that is about a younger consumer interacting with intimates, specifically bras, in a different way. And so we have seen a little bit of a decline in our intimates share this quarter. I would say it's a tale of two stories, bras versus panties.

我認為其中一些與它的價值有關。其中一些是關於年輕消費者以不同的方式與貼身物品（特別是胸罩）互動。因此，本季我們的貼身衣物份額略有下降。我想說這是兩個故事，胸罩與內褲。

In bras, I think it's very much isolated to that February challenging business and that miss at Valentine's Day that I talked about on the last call. We rebounded in March and April. We had positive business in bras in April. And as we think more about how she's wearing bras, so shifting a little bit in the sports bras, looking for comfort, looking for wireless, we are in the process.

就胸罩而言，我認為這與二月份的挑戰性業務以及我在上次電話中談到的情人節的失利有很大關係。我們在三月和四月出現反彈。四月我們的胸罩生意不錯。當我們考慮更多她如何穿著胸罩時，我們會稍微改變運動胸罩，尋找舒適感，尋找無鋼圈的胸罩，我們正在進行中。

We have a very, very robust innovation pipeline. I actually just came back from a trip to Asia to really review all of that. And we have the ability to move and shake and pull things forward. And so we are in the process of really thinking about comfort and what role that plays in our total ecosystem. We're seeing lots of positive results, and we have all kinds of innovation in the pipeline there.

我們擁有非常非常強大的創新管道。事實上，我剛從亞洲旅行回來，認真回顧了這一切。我們有能力推動、震撼和推動事物向前發展。因此，我們正在認真思考舒適度以及它在我們的整個生態系統中扮演的角色。我們看到了很多積極的成果，並且我們正在進行各種創新。

In panties, it's a little bit different of a story. Our business was softer throughout the quarter in panties. We were less promotional in panties than a year ago, while our competition was more promotional. So I think -- as we move forward, we have to internally answer the question, do we want to continue to gain share, or do we want to pull back on promos here?

就內褲而言，情況就有點不同了。整個季度我們的內褲業務都比較疲軟。與一年前相比，我們在內褲方面的促銷活動減少了，而我們的競爭對手的促銷活動則增加了。所以我認為——隨著我們不斷前進，我們必須在內部回答這個問題，我們是想繼續獲得份額，還是想在這裡撤回促銷？

We know that it drives traffic, and it is an entry point to our brand. So it is a more complicated topic that we're still thinking through, but we're watching very carefully. And the good news is in panties, we had, in some cases, down to two-week lead times to get back into things. So we can be very agile here and think through the strategy as we move forward.

我們知道它可以帶來流量，而且它是我們品牌的切入點。所以這是一個更複雜的話題，我們仍在思考，但我們正在非常仔細地觀察。好消息是，在某些情況下，我們只需要兩週的準備時間就可以重新開始生產內褲。因此，我們可以非常靈活地思考未來的策略。

And then on the tariff mitigation, I mean, simple answer is the bulk of the mitigation is in the back half. I did call out, we do have an impact in Q2. There's a little bit of mitigation in that number. But when you think about when the rate changes took place, those first goods, before we could have any mitigation impacts, are starting to roll through.

然後關於關稅減免，我的意思是，簡單的答案是大部分減免都在後半部分。我確實說過，我們確實對第二季產生了影響。這個數字稍微有點緩解。但是，當你考慮利率變化發生的時間時，那些第一批商品在我們受到任何緩解影響之前就開始滾滾而來。

The actions we did take early on, though, resourcing out of China, while those actions took place in Q1 and here into Q2, it's going to take some time for those to roll through as they're produced in their new origins and all that. So when you think about just how it flows, but once we hit that back half, the mitigation really comes into effect.

不過，我們早期確實採取了一些行動，從中國獲取資源，雖然這些行動是在第一季和第二季進行的，但這些行動還需要一些時間才能完成，因為它們是在新的產地生產的。因此，當您考慮它的流程時，一旦我們達到後半部分，緩解措施就會真正發揮作用。

Thank you.

謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, thanks. So, Hillary, how do you see the product assortment position today at both VS and PINK? Or where do you see the largest low-hanging fruit with your strategic priorities across categories that you could impact either in the back half of this year versus opportunities you see slated for next year?

太好了，謝謝。那麼，希拉里，您如何看待 VS 和 PINK 目前的產品組合狀況？或者，您認為在各個類別中，您能從策略重點上獲得的最大收益是什麼？是在今年下半年，還是明年，您會獲得哪些機會？

And then, Scott, on SG&A, what's the best way to think about permanent savings you've realized relative to reinvestments in the business that you see over time? Or what's the level of revenue growth to leverage fixed costs in the business over time?

然後，斯科特，關於銷售、一般和行政費用，相對於您長期看到的業務再投資，您如何最好地考慮您所實現的永久性節省？或者，隨著時間的推移，收入成長到什麼水準才能利用業務中的固定成本？

Thanks, Matt. I'll start. Where do I see the lowest-hanging fruit? First and foremost, it's marketing optimization, and it's developing a very focused acquisition strategy. So we continue to do very, very well with our existing customer. We're at sort of all-time level AOVs, profitability, trips. So very healthy current customer file. So we're very much focused on acquisitions as a priority in marketing.

謝謝，馬特。我先開始。我可以在哪裡看到最容易實現的目標？首先，也是最重要的，這是行銷優化，並且正在製定一個非常有針對性的收購策略。因此，我們與現有客戶的合作繼續非常順利。我們的 AOV、獲利能力和旅行次數都達到了歷史最高水準。目前的顧客檔案非常健康。因此，我們非常重視收購，並將其作為行銷的重點。

We also know that we can optimize our spend. We know we can be more targeted in our media spend and have bigger tentpole moments throughout the year. So lots to do there. That's not even covering the creative piece of things, pushing the two brands apart, utilizing collaborations in a very strategic way. So tons and tons of things to do on the brand and marketing side.

我們也知道我們可以優化我們的支出。我們知道，我們可以更有針對性地進行媒體支出，並在全年打造更大的亮點。所以有很多事情要做。這甚至還沒有涵蓋創意部分，將兩個品牌分開，以非常策略性的方式利用合作。因此，在品牌和行銷方面有很多事情要做。

In terms of categories, we are bullish about PINK. We are bullish about Beauty. And we believe that we have made a number of corrections and innovations, including some innovation launches, in the back half of the year in intimates that we do think will shore up the intimates business and further differentiate us in the space. So very excited about the back half of the year overall.

從類別來看，我們看好PINK。我們對美麗充滿信心。我們相信，我們在下半年在貼身衣物領域做出了一些調整和創新，包括一些創新產品的推出，我們認為這些將鞏固貼身衣物業務，並進一步使我們在該領域脫穎而出。整體來說，我對今年下半年感到非常興奮。

On the SG&A part of the question, what we've been driving through Q1 and the mindset we're taking is find those efficiencies in noncustomer areas. So those we do expect to be permanent savings, things that won't impact the customer experience, the brand, the product.

關於銷售、一般及行政費用 (SG&A) 部分的問題，我們在第一季一直致力於實現的目標以及我們所採取的思維方式是在非客戶領域尋找效率。因此，我們確實希望這些節省是永久性的，不會影響客戶體驗、品牌和產品。

The other thing we're doing is what I would say is sort of fewer projects or being very selective with our investments, too. We want to do fewer, but do them better and have them have better returns and improve the customer experience. So I think some of it is not necessarily a cost takeout. But some of it is just being very selective where we're making those investments in these uncertain times.

我們正在做的另一件事就是減少專案數量，或者說對我們的投資進行嚴格篩選。我們希望做得更少，但做得更好，並獲得更好的回報並改善客戶體驗。所以我認為其中一些不一定會增加成本。但其中一些只是我們在這些不確定的時期進行投資時非常有選擇性。

As far as our leverage point from both B&O and SG&A, it's around a 1% to 2% sort of growth rate. So if we're growing 1% to 2%, we're going to really start leveraging. And with some of these savings, we're realizing that leverage point is going to continue to go down.

就 B&O 和 SG&A 的槓桿點而言，成長率約為 1% 至 2%。因此，如果我們的成長率為 1% 到 2%，我們就會真正開始發揮槓桿作用。透過這些節省，我們意識到槓桿點將會繼續下降。

It's great color. Best of luck.

顏色真棒。祝你好運。

Corey Tarlowe, Jefferies.

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

Great, thanks. Hillary, I was wondering if you could just talk about your team. Do you feel like you have the right team in place at present? Because I know you mentioned that you made a couple of hires. And I would just be curious to get your perspective there. Is this the final team that you feel is best positioned to take the company into the future?

太好了，謝謝。希拉里，我想知道你是否可以談談你的團隊。您覺得目前您已經組建了合適的團隊嗎？因為我知道您提到您僱用了幾個人。我只是好奇想知道您的看法。您認為這是最有能力帶領公司走向未來的最終團隊嗎？

And then just, Scott, on the inventory for the balance for the quarter, is there any sort of guardrails or guidance that you can give us around what we might expect for the past -- for inventory growth for the year going forward? Thank you.

然後，斯科特，關於本季度庫存餘額，您能否為我們提供一些指導或指引，以了解我們對過去以及未來一年庫存增長的預期？謝謝。

Sure, I'll start. I don't know if you saw the article that referred to our team as a super squad. But they truly are the super squad, the entire ELT. I think we have built a best-in-class team, who really complements each other, a good combination of tenure and new, a good combination of operational experts and brand experts.

當然，我這就開始。我不知道您是否看過那篇將我們的球隊稱為超級球隊的文章。但他們確實是超級小隊，整個 ELT。我認為我們已經建立了一支一流的團隊，他們真正地相互補充，是資深專家和新人的良好組合，是營運專家和品牌專家的良好組合。

And we're all in the process of getting to know each other and gelling as a team. It's very early days, but I feel very, very passionately that this is the team that will drive the strategy forward.

我們都處於相互了解和團隊凝聚的過程之中。現在還為時過早，但我非常有信心，這個團隊將推動該策略向前發展。

From an inventory perspective, in the quarter, as I said, we were up mid-single digits and basically expect that trend to continue through the year. But the color is a little bit different. So in the first half, the up sort of mid-single digits will continue because we've been bringing our European distribution center up.

從庫存角度來看，正如我所說，本季度我們的庫存增長了中等個位數，基本上預計這一趨勢將持續全年。但顏色有點不同。因此，在上半年，中等個位數的成長將會持續，因為我們一直在擴大我們的歐洲配送中心。

So you think about building that, and that will start to lap in the back half of the year. And then in the back half of the year, inventory will be up basically on a rate basis because of tariffs. If you exclude tariffs, inventory by year-end would have largely been flat.

因此，您考慮建造它，它將在今年下半年開始實現。然後在今年下半年，由於關稅的影響，庫存將基本按利率上漲。如果不考慮關稅，年底的庫存將基本持平。

Great. Thank you so much, and best of luck.

偉大的。非常感謝，祝你好運。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. Hillary, you made a comment earlier that younger customers are interacting with the intimates business differently. Can you elaborate on that, and also how this plays into your AURs, margins, and attachment rates for the intimates business?

謝謝。早安.希拉里，您之前說過，年輕顧客與貼身衣物業務的互動方式有所不同。您能否詳細說明一下這一點，以及這對您的貼身衣物業務的 AUR、利潤率和附著率有何影響？

Sure. Yeah, we know that the younger customer is wearing traditional bras less frequently. She is wearing sports bras. In some cases, she's wearing bra tops. She's just thinking differently about end use. I think also just in the post-COVID days, sports bras are definitely part of sort of her work-from-home wardrobe.

當然。是的，我們知道年輕顧客穿著傳統胸罩的頻率較低。她穿著運動胸罩。在某些情況下，她穿著胸罩上衣。她只是對最終用途有不同的看法。我認為，在後疫情時代，運動胸罩絕對是她在家辦公服裝的一部分。

And so we are seeing some level of shift out of traditional bras into sports bras. But we also know that wireless is a huge piece of that and a category that is growing for us. And we're continuing to invest in as well as other comfort technologies.

因此，我們看到了從傳統胸罩到運動胸罩的某種程度的轉變。但我們也知道，無線是其中很重要的一部分，也是我們正在成長的一個類別。我們將繼續投資以及其他舒適技術。

So I think it's just generally no longer acceptable to not be comfortable and especially with this younger generation. And we know that and have known that for some time, and have a number of innovations in the pipeline to address that.

所以我認為，不舒服的感覺已經不再被接受，尤其是對年輕一代來說。我們知道這一點，並且已經知道這一點有一段時間了，並且已經準備了許多創新來解決這個問題。

From a margin perspective, that switch, I mean, sports bras are lower margin. But when you look at the size of bras versus sports bras, the impact that it'll have on the total business is kind of minimal.

從利潤率的角度來看，這種轉變，我的意思是，運動胸罩的利潤率較低。但當你比較胸罩和運動胸罩的尺寸時，它對整個業務的影響就微乎其微了。

Thank you.

謝謝。

Mauricio Serna, UVS.

毛里西奧·塞爾納，UVS。

Great. Good morning. Thanks for taking my question. Maybe could you talk about what you're seeing quarter-to-date? I know you included like a $20 million impact on Q2 guide based on the security incident -- given the security incident. But just thinking about excluding this impact, any sense of how the quarter-to-date trend is going?

偉大的。早安.感謝您回答我的問題。您能否談談本季迄今所看到的情況？我知道您根據安全事件對第二季指南的影響估算了 2000 萬美元——考慮到安全事件。但僅僅考慮排除這種影響，對本季迄今的趨勢有何感覺？

And also just going back to the Q1 gross margin result, I guess, just relative to your expectations when you provided the guidance, is it fair to assume that the biggest -- the one unexpected thing was the freight? Or was there anything in particular that drove the miss relative to your expectations? Thank you.

另外，回到第一季的毛利率結果，我想，僅相對於您提供指導時的預期，是否可以公平地假設最大的事情——一個意想不到的事情是運費？或是有什麼特別的原因導致結果與你的預期不符？謝謝。

I'll start, and then hand it over to Scott. So we saw our business trajectory turn in Mar-Pril. It went positive in Mar-Pril for all brands, and it continued into May independent of the cyber event. So we are seeing our base business, it has strengthened over the course of spring season. And we see that to have been sustained through May. So feeling really good about the base business.

我先開始，然後交給史考特。因此，我們的業務軌跡在 3 月至 4 月發生了轉變。3 月至 4 月，所有品牌都呈現積極勢頭，並且這種勢頭一直持續到 5 月，不受網路事件影響。因此，我們看到我們的基礎業務在春季得到了加強。我們看到這一情況在整個五月持續存在。所以對基礎業務感覺非常好。

In terms of the Q1 gross margin versus expectations, I mean, we largely expected the inbound headwind. What we didn't expect was the raw material write-off from resourcing out of China. And we also made the call, we were expecting favorable promos, which on traditional promos, they were favorable.

就第一季毛利率與預期而言，我的意思是，我們基本上預料到了入境逆風。我們沒有預料到的是，中國以外的資源會導致原料減損。我們也打了電話，我們期待有利的促銷活動，就傳統促銷活動而言，它們都是有利的。

But we amplified our GWPs a bit in the quarter more than expected, given how things started and then just reacting to what the consumer was reacting to. So those were the biggest differences versus expectation on gross margin.

但考慮到事情的起步以及隨後對消費者反應的反應，我們本季的 GWP 比預期有所增加。因此，這些是與毛利率預期相比最大的差異。

Got it. And a quick follow-up on the tariff impact. You expect a $50 million net impact. You said Q2 will include $10 million. Is it fair to assume the rest of $40 million is, I guess, mostly skewed towards Q4 given the volumes? Or is there a way maybe like that you might have more of your mitigation strategies fully applied that would lead to like more balanced impact in the second half of -- between Q3 and Q4?

知道了。並快速跟進關稅的影響。您預計淨影響為 5,000 萬美元。您說第二季將包括 1000 萬美元。考慮到交易量，我猜剩下的 4000 萬美元大部分將流向第四季度，這合理嗎？或者有沒有辦法讓您可以充分應用更多的緩解策略，從而在第三季和第四季之間的下半年產生更均衡的影響？

Yeah. So I think it's going to be over Q3 and Q4, and fluctuate with the size of the volume in each of the quarters, is how I would think about it. So there is more of an impact dollar-wise just because it's a bigger quarter in Q4. But from a sort of rate or basis-point impact, it should be relatively similar across Q3 and Q4.

是的。所以我認為它會在第三季和第四季出現，並且會隨著每季的交易量大小而波動，這就是我的想法。因此，由於第四季度的銷售額較大，因此對美元的影響更大。但從利率或基點影響來看，第三季和第四季的情況應該相對相似。

Thank you so much.

太感謝了。

Marni Shapiro, Retail Tracker.

Marni Shapiro，零售追蹤者。

Hey guys, congrats. And congrats on building a really exceptional team with so many women leading a broad business and loving that.

嘿夥計們，恭喜。恭喜你們建立了一支真正優秀的團隊，其中有這麼多女性領導著廣泛的業務，並且熱愛這份工作。

Can we talk just a little bit about PINK because I've been very impressed with the drops that you've had there? Are you getting a new shopper in? I'm assuming so because there they're younger. But are you also getting back the lapsed shopper?

我們可以稍微談談 PINK 嗎？因為我對你們在那裡做的滴劑印象非常深刻？您有新的顧客來訪嗎？我這樣認為是因為他們比較年輕。但你還能挽回流失的顧客嗎？

And when they come in to buy those fashion drops like the spring break set, are they also buying bras along with the fashion? Could you just give us a little color as to what this is looking like?

當他們進來購買春假套裝等時尚商品時，他們是否也會購買胸罩？您能否稍微為我們描述一下它是什麼樣子的？

Sure thing. I would say the strength that we're seeing in PINK right now is coming primarily from existing/lapsed customers and less from new than we would like. So as I speak to Elizabeth's focus really being on acquisition for both brands, it is absolutely our top priority.

當然可以。我想說，我們現在看到的 PINK 的優勢主要來自現有/流失的客戶，而來自新客戶的數量則少於我們的預期。因此，當我談到伊莉莎白真正關注的是兩個品牌的收購時，這絕對是我們的首要任務。

We are seeing a shift, an uptick in consideration for actually both brands. So I think that's probably a leading indicator, but definitely a little bit of work to do on new. We are seeing this primarily being driven by apparel and swim. We had AURs up almost to the 20% range. So very, very strong AUR performance.

我們看到了轉變，實際上對這兩個品牌的考慮度都在上升。所以我認為這可能是領先指標，但肯定還需要做一些新的工作。我們發現這主要是由服裝和泳裝推動的。我們的 AUR 幾乎達到了 20% 左右。AUR 性能非常非常強勁。

And the intimates business is a little bit softer, but continues to be very significant. Our Wear Everywhere bra is our number one bra and continues to be. So some real strength in that intimates business, but also, I would say, a little bit pressured by the macro things we saw going on. And we're working to definitely defend that business.

貼身衣物業務略顯疲軟，但仍非常重要。我們的 Wear Everywhere 胸罩是我們的第一大胸罩，並將繼續保持這一地位。因此，這其中蘊含著一些真正的實力，但我想說，我們看到的宏觀因素也給我們帶來了一些壓力。我們正在努力捍衛這項業務。

And could we just ask a follow-up in PINK about the active segment? Because PINK has, at times, had a very strong active business, and then it's been pulled back. What are your thoughts on PINK Active?

我們可以在 PINK 中詢問有關活躍部分的後續問題嗎？因為 PINK 有時候會擁有非常強勁的活躍業務，但隨後業務就被拉回了。您對 PINK Active 有何看法？

I think it's a little bit less about true sport and performance, and a little bit more about lifestyle and how she's dressing. And I think in the past, we've done a lot of sort of head-to-toe matching set looks. And that seems to be losing a little bit of relevance with her, and she's looking to mix it and create more dynamic interesting outfits.

我認為這與真正的運動和表現關係不大，更多的是與她的生活方式和穿著方式有關。我認為在過去，我們已經做過很多從頭到腳相配的造型。但這似乎對她來說已經失去了一些意義，她正在尋求將其融合在一起並創造出更具活力的有趣服裝。

So we're seeing that active piece of the business being mixed in to what we would call more apparel side of the business. And quite honestly, we think that looks fresher and more modern. So we're still working on it, but seeing some success in the mix of apparel.

因此，我們看到活躍的業務部分被融入我們所謂的服裝業務中。老實說，我們認為它看起來更新穎、更現代。因此我們仍在努力，但在服裝組合方面取得了一些成功。

Great. Thank you so much. Best of luck in the next quarter.

偉大的。太感謝了。祝下個季度好運。

Jungwon Kim, TD Securities.

Jungwon Kim，道明證券。

Thank you for taking my questions. Just curious on the performance of swim, what you're seeing there.

感謝您回答我的問題。只是好奇游泳的表現，你在那裡看到了什麼。

And then just the second question is around Beauty. How big is the business now? And where do you think that could go? And any commentary on the second-half units that you're thinking in the Beauty would be great. Thank you.

第二個問題是關於美麗的。現在生意有多大？您認為這會帶來什麼結果？您對《美女》下半部分單元的任何評論都很棒。謝謝。

Sure. So I'll start with swim. Swim was a growth vehicle in both brands. I would say we were super, super pleased with PINK Swim, both in our iconic PINK-branded swim at PINK Break -- that's a lot to say in one mouthful -- as well as the Frankies Bikinis collaboration, which I talked about on the last call being great for basket size and customer acquisition.

當然。所以我將從游泳開始。Swim 是這兩個品牌的成長動力。我想說，我們對 PINK Swim 非常非常滿意，無論是我們在 PINK Break 推出的標誌性 PINK 品牌泳裝（一口氣說了好多話），還是與 Frankies Bikinis 的合作，我在上次電話會議上談到了後者在擴大購物籃規模和吸引客戶方面非常出色。

On the VS side, it was definitely a growth story. I think we have learnings there. We definitely have some store real estate learnings. We have some assortment learnings. Really, the more classic core side of that business outperformed. So lots and lots to build on there, and I'm already looking forward to swim next season.

從 VS 方面來說，這絕對是一個成長的故事。我認為我們已經有所收穫。我們確實有一些關於商店房地產的經驗。我們有一些各種各樣的學習。確實，該業務中較為經典的核心部分錶現優異。所以還有很多事情要做，我已經開始期待下個賽季的游泳了。

Beauty. Beauty is very significant, about 25% of our business, even stronger on the international side of our business. And we see lots of opportunity to innovate and expand here. We have a new product category dropping in fall that we're excited about.

美麗。美容非常重要，約占我們業務的25％，國際業務的份額甚至更大。我們看到這裡有很多創新和擴張的機會。我們將在秋季推出一個令我們興奮的新產品類別。

Amy and team really have hit the ground running. And I think that there's still a tremendous amount of runway there, and it's something that drives incredible loyalty in our brands. So business we're extremely excited about.

艾米和團隊確實已經開始行動了。我認為那裡仍有巨大的發展空間，這也是推動我們品牌獲得巨大忠誠度的因素。因此我們對這項業務感到非常興奮。

Thank you.

謝謝。

Janet Kloppenburg, JJK Research Associates.

珍妮特‧克洛彭堡 (Janet Kloppenburg)，JJK 研究助理。

Hi, everybody. Thank you for taking my questions. Hillary, I wondered what you thought of the general pricing structure at VS, PINK, and your major competitors. I mean, is the customer looking for the same quality at lower prices? Do you have to adjust your sourcing and your vendor partnerships to achieve that?

大家好。感謝您回答我的問題。希拉里，我想知道您對 VS、PINK 和主要競爭對手的整體定價結構有何看法。我的意思是，客戶是否希望以更低的價格獲得相同的品質？您是否必須調整您的採購和供應商夥伴關係才能實現這一目標？

It just feels like there's been a lot of pricing pressure in the sector for a while. And on the marketing side, with the increase in the GWPs, does that make -- does that pressure your gross margin going forward? But is it a vehicle to drive traffic and something that you think is the permanent part of the marketing mix? Thank you.

感覺好像一段時間以來該行業一直面臨很大的定價壓力。在行銷方面，隨著 GWP 的增加，這是否會對您未來的毛利率造成壓力？但它是否是推動流量的工具？您認為它是行銷組合中永久的一部分嗎？謝謝。

Sure. Happy to talk about those things. There definitely is price pricing pressure in the intimates sector. We know that a big piece of the share is in value and off-price. I do not think that our pricing strategy is inherently wrong, but I think that we need to do a better job of expressing -- showing that value and creating that emotional connection and storytelling with our customer.

當然。很高興談論這些事情。貼身衣物領域肯定存在價格壓力。我們知道，很大一部分份額是價值和折扣。我並不認為我們的定價策略本質上是錯誤的，但我認為我們需要更好地表達——展示價值並與客戶建立情感聯繫和故事講述。

I think that our execution has gotten -- rather than thinking about how to elevate and differentiate, I think that for a long period of time, we were attempting to compete with value. And I think that, sure, there are categories that will be value-driven, panties being one, Mist Collection being another, that are really traffic-driving and basket-building items. But I think it's all about the storytelling and the brand positioning and the product, and making sure that it is so clearly differentiated that we can warrant those prices. And it will be a journey.

我認為我們的執行力已經得到了提升——而不是思考如何提升和差異化，我認為在很長一段時間裡，我們一直在試圖用價值來競爭。而且我認為，確實有一些類別是受價值驅動的，例如內褲和 Mist Collection，它們都是真正推動流量和增加購物籃的商品。但我認為這完全取決於故事敘述、品牌定位和產品，並確保產品有明顯的差異化，這樣我們才能保證這些價格的合理性。這將是一次旅程。

As it relates to GWPs, we definitely like them better than traditional promos. As an example, in this quarter, we actually did six days less of entire box promos. We were much, much less promotional in categories like PINK Apparel. Like I said, we were less promotional in panties. We could debate whether or not that's the right thing going forward, and we're going to spend some time strategizing that. But it does -- it is a shift.

就 GWP 而言，我們絕對比傳統促銷更喜歡它們。例如，本季度，我們實際上減少了六天的整箱促銷活動。我們在 PINK 服飾等類別上的促銷活動少得多。就像我說的，我們在內褲方面的促銷較少。我們可以討論這是否是正確的事情，並且我們將花一些時間來制定戰略。但事實確實如此——這是一種轉變。

So do I think that it will put pressure on promotions? It is a headwind, but it needs to and will be offset by our more traditional promos, which I like because it feels better. It does drive traffic. It drives a higher basket size. And it's a walking billboard.

那麼我認為這會對促銷造成壓力嗎？這是一個阻力，但它需要並且將會被我們更傳統的促銷所抵消，我喜歡這樣，因為感覺更好。它確實會帶來流量。它推動了購物籃規模的擴大。這是一個行動廣告看板。

I mean, in New York City alone, you see these totes everywhere, and I think that's a good thing. The team has done a really good job, I think, making them much, much better looking. And so all in all, we view that as progress in our journey to reduce promos.

我的意思是，光是在紐約市，你就隨處可見這些手提袋，我認為這是一件好事。我認為團隊做得非常好，讓它們看起來更加好看。總而言之，我們認為這是我們在減少促銷過程中所取得的進步。

Great. Thank you so much, and lots of luck to you and the team.

偉大的。非常感謝您，祝您和您的團隊好運。

Thank you.

謝謝。

Thanks, Janet. Okay. Thanks, everyone. That concludes our call this morning. We appreciate your time this morning and your interest in VS&Co. Have a great day.

謝謝，珍妮特。好的。謝謝大家。今天早上的通話到此結束。感謝您今天上午抽出的時間以及對 VS&Co 的關注。祝你有美好的一天。

Thank you for participating in the Victoria's Secret & Company's first-quarter 2025 earnings conference call. That concludes today's conference. Please disconnect at this time, and enjoy the rest of your day.

感謝您參加維多利亞的秘密公司 2025 年第一季財報電話會議。今天的會議到此結束。請立即斷開連接，享受剩餘的一天。