Victoria's Secret & Co (VSCO) 2025 Q2 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 second quarter 2025 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions) 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.

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 年第二季財報電話會議。請注意，今天的會議正在錄音。（操作員指示）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。

Thanks, Amanda. Good morning, and welcome to Victoria's Secret & Company's second quarter earnings conference call for the period ended August 2, 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 statements found in our SEC filings and in our press releases.

謝謝，阿曼達。早安，歡迎參加維多利亞的秘密公司截至 2025 年 8 月 2 日的第二季財報電話會議。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。

Joining me on the call today is Chief Executive Officer, Hillary Super, and Chief Financial and Operating Officer, Scott Sekella. We are available today for approximately 30 minutes to answer any questions. 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.

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) 和首席財務兼營運長 Scott Sekella。我們今天有大約 30 分鐘的時間來解答任何問題。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。

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.

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、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。現在我將把電話轉給希拉蕊。

Thanks, Kevin. Good morning, everyone. Thank you for joining us today. . I'm excited to share that we continued our momentum in the second quarter, once again delivering results that beat our top and bottom line guidance.

謝謝，凱文。大家早安。感謝您今天加入我們。。我很高興地告訴大家，我們在第二季度繼續保持良好的發展勢頭，再次取得了超出我們頂線和底線預期的業績。

This growth reflects disciplined execution the power of the evolving Victoria's Secret and PINK brands and the early impact of our path to potential strategy. Before we walk through the detailed results for the quarter, I want to take a moment to reflect on our progress during the past year since I joined. We have taken meaningful steps to reposition the business for sustained growth, led by our past potential strategy.

這種成長反映了嚴格的執行、不斷發展的維多利亞的秘密和 PINK 品牌的力量以及我們潛在戰略道路的早期影響。在我們討論本季的詳細結果之前，我想花點時間回顧一下我加入以來過去一年來我們取得的進展。在過去的潛在策略的引領下，我們已採取有意義的措施重新定位業務，以實現持續成長。

Our refreshed leadership team is in place, including a new Chief Marketing and Customer Officer; and a new brand president model. We are executing with greater discipline and focus, moving faster with shorter production cycles and bringing more innovation to market.

我們的全新領導團隊已經到位，包括一位新的行銷和客戶長；以及一位新的品牌總裁。我們以更嚴謹的態度和專注力執行任務，以更短的生產週期更快地前進，為市場帶來更多創新。

Q1 demonstrated early progress, and today, we will discuss how this progress is continuing to unfold. I'm particularly encouraged to see how our efforts are starting to translate into higher quality product, a more engaging store experience, increased traffic and more regular price selling. This would not be possible without the dedication and passion of our global team working in our stores, distribution centers, offices and partner organizations.

Q1 已經取得了早期進展，今天，我們將討論這項進展如何繼續展開。我特別高興地看到，我們的努力開始轉化為更高品質的產品、更具吸引力的購物體驗、更大的客流量和更穩定的價格銷售。如果沒有我們全球團隊在商店、配送中心、辦公室和合作夥伴組織工作的奉獻和熱情，這一切都不可能實現。

Together, we are operating with more energy, collaboration and focus on delivering for our customers. While we have a lot more work to do, I'm now more confident than ever an opportunity for this company and our ability to execute our strategy to grow shareholder value. We're still in the early days, but the direction is clear that energy is real and the progress is promising.

我們將以更大的精力、協作和專注為客戶提供服務。雖然我們還有很多工作要做，但我現在比以往任何時候都更有信心，這家公司有機會，我們有能力執行我們的策略來增加股東價值。我們仍處於早期階段，但方向很明確，能源是真實的，進展是有希望的。

Now let's walk through the highlights from the second quarter. We grew net sales 3% despite the digital outage in May and grew comp sales 4% and both sequential improvements over the prior quarter and above our expectations.

現在讓我們回顧一下第二季的亮點。儘管 5 月出現了數位中斷，我們的淨銷售額仍成長了 3%，同店銷售額成長了 4%，並且比上一季有了連續成長，超出了我們的預期。

We delivered comp growth in both Victoria's Secret and PINK across our digital and in-store channels in all geographies. In Q2, we relied less on our semiannual sale than prior years as we had less inventory to mark down and a more compelling regular price offering. This drove lower discounts and higher AURs compared to last year. Going forward, we see an opportunity to further optimize unit inventory levels and continue to drive higher AURs. International remains a standout and helped drive the quarter's growth.

我們在所有地區的數位和店內通路中實現了維多利亞的秘密和 PINK 的同店成長。在第二季度，我們對半年銷售的依賴程度比前幾年有所降低，因為我們需要降價的庫存較少，而且常規價格更有吸引力。與去年相比，這導致折扣降低、AUR 上升。展望未來，我們看到了進一步優化單位庫存水準並繼續推動更高 AUR 的機會。國際業務依然表現突出，並幫助推動了本季的成長。

Q2 net sales grew 22% year-over-year, while retail comps were up high single digits, reflecting the strength of our global partnership and growing brand relevance. A good example of how the team is delivering with sharper execution and more high emotion storytelling is last month's launch of our Body by Victoria Collections new flex factor raw which connected deeply with women and how they view wearing bras. The launch was a success, and we saw double-digit new customer growth at Victoria's Secret in the last week of the month when the campaign began.

第二季淨銷售額年增 22%，零售額年增高個位數，反映了我們全球合作夥伴關係的實力和日益增強的品牌相關性。上個月推出的 Body by Victoria Collections 新款 flex factor raw 就是一個很好的例子，它與女性以及她們對佩戴胸罩的看法產生了深刻的聯繫。這次發布會取得了成功，活動開始後的最後一周，我們看到維多利亞的秘密的新客戶數量實現了兩位數的增長。

Momentum in the second quarter grew steadily as the quarter progressed, culminating in July, which was our strongest month of the quarter in terms of sales and new customer growth. We're pleased to share that this momentum continues into August.

隨著本季的進展，第二季的勢頭穩步增長，並在 7 月份達到頂峰，這是我們本季銷售額和新客戶成長最強勁的月份。我們很高興地告訴大家，這種勢頭將持續到八月。

Importantly, growth in the second quarter was accompanied by improving gross margins, which were up year-over-year, even with the headwind from the evolving tariffs. We delivered gross margins of 35.6% for the quarter, 20 basis points above last year and 60 basis points above our guidance. This reflects our evolving approach to promotions and more thoughtful discounting cadence which together drove increased regular price selling.

重要的是，第二季的成長伴隨著毛利率的提高，儘管面臨關稅變化帶來的阻力，但毛利率仍較去年同期成長。本季我們的毛利率為 35.6%，比去年同期高出 20 個基點，比我們的預期高出 60 個基點。這反映了我們不斷演變的促銷方式和更周到的折扣節奏，共同推動了正常價格銷售的成長。

Adjusted operating income of $55 million exceeded the high end of our second quarter guidance by $20 million. During the quarter, store traffic significantly outpaced overall mall traffic, providing an additional lift to our performance that has continued into August.

調整後的營業收入為 5,500 萬美元，比我們第二季預期的上限高出 2,000 萬美元。本季度，商店客流量明顯超過整體商場客流量，為我們的業績提供了額外的提升，並且這種提升一直持續到八月份。

This strong foot traffic was driven by a combination of innovative products, as well as improved marketing and enhanced visual merchandising. In the quarter, we made continued progress against the four pillars of our path to potential strategy. supercharging our bra authority, recommitting to PINK, fueling growth in beauty and evolving our brand projection and go-to-market strategy.

強勁的客流量是由創新產品、改進的營銷和增強的視覺行銷共同推動的。在本季度，我們在潛在策略的四大支柱方面繼續取得進展：增強我們的胸罩權威，重新致力於PINK，推動美容業務的成長，並發展我們的品牌預測和行銷策略。

First and foremost, we are supercharging our bra authority by focusing on reinforcing and building upon our leadership in bras. We're leaning on our unparalleled bra experience to drive innovation first product development, ensuring we lead the industry in fit, function and fashion.

首先，我們正致力於加強和鞏固我們在胸罩領域的領導地位，從而增強我們的胸罩權威。我們依靠無與倫比的胸罩經驗來推動創新產品開發，確保我們在合身性、功能性和時尚性方面引領行業。

We are also expanding our bra assortment to serve a wider range of customer needs. Our efforts are beginning to deliver results. During the quarter, while North America bra sales were down low single digits, showed sequential improvement over Q1. And in Q2, according to third-party data, we grew market share by approximately 0.5 point in total bras, including almost a full point of share in traditional bras. Importantly, Bras also saw growth in regular price selling.

我們也正在擴大胸罩的種類，以滿足更廣泛的客戶需求。我們的努力開始取得成果。本季度，雖然北美胸罩銷量下降了個位數，但與第一季相比有所改善。而在第二季度，根據第三方數據，我們在整體胸罩市場的份額增長了約 0.5 個百分點，其中傳統胸罩的份額幾乎增長了整整一個百分點。重要的是，胸罩的正常價格銷售也出現了成長。

While we're encouraged by this progress, we still see meaningful upside as we continue to innovate and refresh the assortment with a focus on comfort. We're excited about upcoming product launches in [broad]. In September, we're debuting the world's best sports bras featuring the starting 5 as well as the Dream share Wicked bra, a sexy online balconabra that we anticipate will be a top performer.

雖然我們對這項進展感到鼓舞，但我們仍然看到了有意義的上升空間，因為我們將繼續創新和更新產品系列，並專注於舒適度。我們對即將推出的產品感到興奮[廣闊]。9 月份，我們將推出全球最佳運動胸罩，其中包括首發 5 款以及 Dream share Wicked 胸罩，這是一款性感的線上陽台胸罩，我們預計它將成為最暢銷的產品。

We saw a strong response to our Body by Victoria's launch on July 23. This is the first time in years that a bra launch has driven growth in other bra franchises driving growth in bras overall. This was a breakthrough and a testament to our ability to meet customer needs across core performance and lifestyle categories, driving deeper connections and sustained growth.

我們看到，7 月 23 日推出的 Body by Victoria 獲得了強烈反響。這是多年來第一次由一款胸罩的推出帶動其他胸罩特許經營業務的成長，進而推動胸罩整體的成長。這是一個突破，證明了我們有能力滿足核心表現和生活方式類別的客戶需求，從而推動更深層的聯繫和持續成長。

We're also seeing very strong results in the broader intimates category. Notably, for the 18 to 44 year-old segment, a key demographic for us. VS & Co gained market share in Q2 in intimates across the total industry and across the specialty market compared to last year, with total intimate dollar share growth coming from total bras sales.

我們也看到更廣泛的貼身衣物類別取得了非常強勁的業績。值得注意的是，18 至 44 歲的族群是我們的一個關鍵人口統計。與去年相比，VS & Co 在第二季的內衣產業和專業市場的市佔率均有所成長，內衣總銷售額的成長主要源自於胸罩總銷售額。

Our next pillar is recommitting to PINK and winning the next generation of consumers. While PINK has long been a brand with deep emotional connections to young women, we recognize it lost some of its Spark. The assortment shifted to intimates and its offerings saw too much overlap with Victoria's Secret. Being strayed from its roots as a lifestyle brand grounded in apparel designed to meet the needs of customers aged 18 to 24.

我們的下一個支柱是重新致力於 PINK 並贏得下一代消費者。儘管 PINK 長期以來一直是一個與年輕女性有著深厚情感聯繫的品牌，但我們意識到它失去了一些光彩。該系列產品轉向內衣，其產品與維多利亞的秘密的產品有太多重疊。該品牌作為一個生活方式品牌，其服裝設計旨在滿足 18 至 24 歲顧客的需求，但這一理念已經偏離了初衷。

We believe PINK is more than just a product line, and we're committed to putting it back into focus with a digital and social first approach designed to meet the next generation where they are. From product design to brand storytelling, we're redefining how PINK shows up, and we're excited about the momentum already starting to build.

我們相信 PINK 不僅僅是一個產品線，我們致力於透過數位和社交優先的方式讓它重新成為焦點，以滿足下一代的需求。從產品設計到品牌故事，我們正在重新定義 PINK 的呈現方式，我們對已經開始形成的勢頭感到興奮。

Today, we are focused on reestablishing the brand's magic and market position. We will deepen our relationship with the PINK customer understanding her like never before and meeting her where she is in the way she wants. We're feeling the buzz build, and nowhere is it clearer than in our new Love Shack fancy collaboration launched this quarter.

今天，我們專注於重建品牌的魅力和市場地位。我們將加深與 PINK 顧客的關係，以前所未有的方式了解她，並以她想要的方式滿足她的需求。我們感受到了這種熱潮的興起，而這在我們本季推出的 Love Shack 精美合作新品中表現得最為明顯。

Earlier this month, we dropped the limited edition PINK Love Shack fancy collection, a joyful collision of Pastel romance and playful Edge. Our customers didn't just shop it, they lit up our social channels, share their looks and turned it into a full-on moment. engagement sword and energy is still going strong. This was a record breaking collaboration for both PINK and Love Shack fancy.

本月初，我們推出了限量版 PINK Love Shack 精美系列，這是柔和浪漫與俏皮邊緣的歡樂碰撞。我們的顧客不只是購物，他們還點亮我們的社交管道，分享他們的外觀並將其變成一個完整的時刻。參與之劍和能量仍然強勁。對於 PINK 和 Love Shack fancy 來說，這是一場破紀錄的合作。

Our best sellers were PINK icons, including logo styles, our signature dog and our top-performing item, the $200 Letterman jacket. Strong traffic and exceptionally large basket sizes drove outsized results, all achieved with 0 discounting. These factors underscore the brand's pricing power, product desirability and the effectiveness of our assortment strategy.

我們最暢銷的產品是 PINK 圖標，包括徽標樣式、我們的簽名狗和我們最暢銷的產品——價值 200 美元的 Letterman 夾克。強勁的客流量和超大的購物籃尺寸帶來了超乎尋常的業績，而且全部是在零折扣的情況下實現的。這些因素凸顯了品牌的定價能力、產品吸引力以及我們產品組合策略的有效性。

This collaboration came about as an idea at last year's fashion show and was executed on our new 26-week production lead time calendar. This speaks to our team's disciplined approach in a dynamic environment and our ability to make agile business decisions when we see an opportunity. Our momentum was also evident by the strong response to our PINK Friday event, which launched at the end of the second quarter.

這次合作源自於去年時裝秀上的一個想法，並按照我們新的 26 週生產交付週期日曆執行。這體現了我們團隊在動態環境中的嚴謹態度以及我們在看到機會時做出靈活業務決策的能力。我們在第二季末推出的「粉紅星期五」活動獲得了強烈反響，這也證明了我們的發展勢頭。

The in-store activation drove a significant increase in new customers that we get ran. Since most of the digital activation associated with the event falls in Q3, the second quarter results only reflect a partial benefit from the event.

店內活動推動了我們新客戶數量的大幅增加。由於與該活動相關的大部分數位活化都發生在第三季度，因此第二季度的業績僅反映了該活動帶來的部分效益。

PINK was up low single digits in the second quarter, a clear improvement from Q1. Growth was led by double-digit increases in apparel with margin expansion driven by regular priced sales. We also saw a healthier quality of sales with regular price sales up 5% in the PINK brand including up 18% specifically in apparel, reflecting our focus on rebalancing our assortments.

PINK 在第二季度實現了低個位數成長，較第一季有明顯改善。成長主要由服飾的兩位數成長所帶動，而正常價格銷售則推動了利潤率的擴大。我們也看到銷售品質更加健康，PINK 品牌的正常價格銷售額成長了 5%，其中服裝銷售額成長了 18%，這反映了我們對重新平衡產品組合的關注。

We are pleased to see significant improvement in new customer acquisition at PINK with double-digit improvement in new customer accounts during the quarter, showing that our efforts are resonating with customers.

我們很高興看到 PINK 在新客戶獲取方面取得了顯著進步，本季新客戶帳戶數量實現了兩位數的成長，這表明我們的努力得到了客戶的共鳴。

Turning to the next pillar of our strategy, fueling growth in beauty. We have a powerhouse beauty business. representing approximately $1 billion of sales domestically and approaching $2 billion at retail globally. Our customers love Victoria's Secret Beauty, and we are accelerating beauty categories by leaning into our product authority building on our industry-leading fragrance business, expanding into new opportunities and helping drive traffic into our two brands.

轉向我們策略的下一個支柱，推動美容事業的發展。我們擁有強大的美容業務，國內銷售額約 10 億美元，全球零售額接近 20 億美元。我們的客戶喜愛維多利亞的秘密美容產品，我們依靠業界領先的香水業務，依托產品權威，加速美容品類的發展，拓展新的機會，並幫助吸引流量進入我們的兩個品牌。

In the second quarter, beauty remained a standout as we delivered our eighth consecutive quarter of growth. Sales in our beauty business were up mid-single digits with growth across all major categories, led by body care, seasonal fragrance and our miss collection, which delivered low teens growth.

在第二季度，美容業務依然表現突出，我們實現了連續第八個季度的成長。我們的美容業務銷售額增長了中等個位數，所有主要類別均實現增長，其中身體護理、季節性香水和小姐系列的銷售額增長幅度較大，達到低十幾個百分點。

We see a significant opportunity in Beauty, which is a much larger market than intimates, about 4 times the size of the intimate market in the US according to third-party data and offers a clear runway for growth. We already have gained real traction and with a newly hired brand president in place, along with expanded marketing resources, we are poised to continue to build on our momentum.

我們在美容領域看到了巨大的機遇，美容市場比內衣市場大得多，根據第三方數據，其規模約為美國內衣市場的 4 倍，並且提供了清晰的成長道路。我們已經獲得了真正的發展動力，隨著新聘請的品牌總裁以及擴大的營銷資源，我們準備繼續保持這一勢頭。

Looking ahead, we have a strong pipeline of newness and franchise amplification. This includes our very sexy restage that set this week, (inaudible) franchise expansion the Bombshell seasonal launch and category expansion through the launch of home fragrance. We're also focused on sustaining growth in mist and body.

展望未來，我們擁有強大的新產品和特許經營擴張管道。這包括我們本周非常性感的重新演出，（聽不清楚）特許經營擴展，Bombshel​​l 季節性推出和透過推出家居香水進行類別擴展。我們也致力於維持霧氣和身體的成長。

On to our final pillar, we're evolving our brand projection and go-to-market strategy to reflect shifts in culture, technology and shopping behaviours. By staying true to our brand DNA while adapting to how we engage, inspire and serve we are deepening connections with existing customers and attracting new ones while strengthening loyalty and driving long-term growth.

在我們的最後一個支柱中，我們正在改進我們的品牌預測和市場進入策略，以反映文化、技術和購物行為的變化。透過忠於我們的品牌 DNA，同時調整我們參與、激勵和服務的方式，我們正在加深與現有客戶的聯繫並吸引新客戶，同時加強忠誠度並推動長期成長。

We are starting to see positive momentum in rebalancing our marketing funnel and driving incremental traffic across both our digital and store channels. During the quarter, according to third-party data, one of the strongest customer growth segment at BS & Co was the 18 to 24 age group, and these efforts drove improved customer acquisition and growth in our customer file which positions us well as we move into the back half of the year.

我們開始看到重新平衡行銷管道和推動數位和商店通路流量增加的正面勢頭。在本季度，根據第三方數據，BS＆Co 最強勁的客戶成長群體之一是 18 至 24 歲年齡層的群體，這些努力推動了客戶獲取率的提高和客戶檔案的增長，這為我們進入下半年做好了準備。

We saw sequential improvement during the quarter and in July, growing our total customer file, which was up 5% with growth across new, existing and reactivated customers. Going forward, we are laser-focused on continuing to grow our customer file with a focus on new customers between 18 to 44.

我們在本季和 7 月看到了連續的改善，我們的客戶總數增加了 5%，新客戶、現有客戶和重新啟動的客戶都有所成長。展望未來，我們將專注於繼續擴大我們的客戶檔案，並專注於 18 至 44 歲之間的新客戶。

It's clear that our new Chief Marketing and Customer Officer, Elizabeth Price, is leading a compelling shift in how we show up, more purposeful, more provocative and more aligned with who our customer is today. This is just the beginning, and there's much more to come.

顯然，我們的新任首席行銷和客戶長伊麗莎白·普萊斯 (Elizabeth Price) 正在引領一場引人注目的轉變，讓我們的形象更有目的性、更具煽動性，也更符合我們今天的客戶。這只是一個開始，未來還有更多。

I'd now like to take a moment to give more details on key initiatives for the second half of the year and share why we are excited. There is real momentum in our business. we are focused on executing and delivering results in our core businesses.

現在，我想花點時間詳細介紹下半年的主要舉措，並分享我們感到興奮的原因。我們的業務有著真正的發展動能。我們專注於執行核心業務並取得成果。

We continue to navigate a complex macro environment, and we are taking several steps to mitigate tariff impacts by operating more efficiently, which Scott will address later, while continuing to invest in our brands, our products and the customer experience.

我們將繼續應對複雜的宏觀環境，並採取多項措施透過提高營運效率來減輕關稅的影響（史考特稍後將談到這一點），同時繼續投資於我們的品牌、產品和客戶體驗。

Fundamentally, we believe that the investments we're making in brand building and innovative marketing are even more impactful during uncertain times. In a business driven by emotion, our ability to spark connection with our customers enables our brands to stand out and remain a top choice.

從根本上來說，我們相信，在不確定的時期，我們在品牌建立和創新行銷方面所做的投資會產生更大的影響。在以情感為驅動力的商業中，我們與客戶建立聯繫的能力使我們的品牌脫穎而出並繼續成為首選。

We remain focused on growth in intimates with bras as the center of our universe. We are committed to leading in both everyday Comfort and bold feminine style, ensuring we can meet her wide range of needs for her multifaceted life.

我們始終專注於內衣業務的成長，並以胸罩為中心。我們致力於引領日常舒適和大膽的女性風格，確保能夠滿足她多方面生活的各種需求。

Our July Body by Victoria launch was a step forward and we'll continue to bring newness, comfort and innovation in wireless, sports and core bras while also leaning into the sexier side of our assortment with collections like very sexy and the upcoming [weekend] refresh.

我們 7 月推出的 Body by Victoria 是向前邁出的一步，我們將繼續在無鋼圈胸罩、運動胸罩和核心胸罩領域帶來新穎性、舒適性和創新性，同時透過非常性感的系列和即將到來的 [週末] 更新等系列，使我們的產品系列更偏向性感的一面。

We're excited about the return of the Victoria's Secret Fashion Show on October 15. The event will build on last year's success serve as a key brand moment that both honors our heritage and solidifies our position as a brand that shapes not just follows the future of fashion.

我們非常期待 10 月 15 日維多利亞的秘密時裝秀的回歸。這項活動將以去年的成功為基礎，成為一個重要的品牌時刻，既尊重我們的傳統，又鞏固我們作為一個塑造而不僅僅是追隨尚未來的品牌的地位。

Looking ahead to the holiday season, we're committed to being the destination for gifting. Last year, we saw how much our customers value accessible luxury that feels personal and truly special. Over the past year, our teams have poured their creativity and passion into expanding our comfortable gifting assortment, offering a thoughtfully tiered, good, better, best selection across key categories, including beauty, sleep and PINK apparel. This holiday, we're ready to help our customers celebrate the moments and people that matter the most.

展望假期，我們致力於成為送禮的目的地。去年，我們看到了客戶對個人化和真正特別的奢華享受的重視程度。在過去的一年裡，我們的團隊傾注了他們的創造力和熱情來擴大我們舒適的禮品系列，在包括美容、睡眠和 PINK 服裝在內的主要類別中提供了深思熟慮的分層、好、更好、最好的選擇。這個假期，我們準備好幫助我們的客戶慶祝最重要的時刻和最重要的人。

Beyond holiday, we see Valentine's Day as another significant growth opportunity and a key moment to deepen our customer engagement. We look forward to sharing more about our Valentine's Day plans in the months to come.

除了假期之外，我們將情人節視為另一個重要的成長機會和加深客戶參與度的關鍵時刻。我們期待在未來幾個月分享更多關於情人節計劃的資訊。

Before concluding, I want to take a moment to reflect on what this business and the Victoria's Secret brand have the potential to represent to our consumer. At its core, we're in the business of feelings of sparking connection and confidence. Our opportunity goes far beyond product. It's about helping our customers feel [15], celebrated and comfortable in their own skin.

在結束之前，我想花點時間思考這項業務和維多利亞的秘密品牌對我們的消費者來說可能代表什麼。從本質上講，我們從事的業務旨在激發人們的聯繫和信心。我們的機會遠不止產品。這是為了幫助我們的顧客感受到[15]受到重視和舒適。

We believe deeply in this promise, and we're committed to doing it better moving forward. That promise, celebrating how our customer feels is central to how we're evolving the brand. We know there's no single definition of sexy. Beauty standards are different for every person and so does what makes her heart race. Sexy isn't a singular look, it's a feeling. You know it when you feel it, you respond to it.

我們深信這項承諾，並致力於在未來做得更好。這項承諾，即尊重客戶的感受，是我們品牌發展的核心。我們知道性感沒有單一的定義。每個人的美的標準都不同，讓她心跳加速的東西也不同。性感不是一種外表，而是一種感覺。當你感覺到它時你就知道它，你會對它做出反應。

Our future brand expression will honor that. It won't be confined to one image or ideal. It will be a creative platform that embraces the many ways, women and body confidence, centrality and strength. You're already seeing the first expression of this with our recently launched very sexy campaign. The message is clear. We continue to embrace sexiness, but we're evolving to serve our customers more holistically and provide the full spectrum of what she wants and needs from us. And we are seeing this show up with an acceleration in Victoria's Secret sales trends through this week.

我們未來的品牌表達將會尊重這一點。它不會局限於一個形像或理想。這將是涵蓋多種方式、女性和身體自信、中心地位和力量的創意平台。您已經從我們最近推出的非常性感的活動中看到了這一點的首次體現。訊息很明確。我們繼續擁抱性感，但我們正在不斷發展，以便更全面地為客戶服務，並滿足她對我們的期望和需求。我們看到，本週維多利亞的秘密銷售趨勢加速成長。

You'll see our vision further take shape as we continue a steady drumbeat of brand moments in the coming months, including our fashion show this fall and then more significantly in our spring line. We are firmly in growth mode.

隨著我們在未來幾個月繼續穩步推出品牌活動，包括今年秋季的時裝秀以及更重要的春季系列，您將看到我們的願景進一步成形。我們正處於堅定的成長模式。

We achieved growth last year, and we are continuing to improve our performance this year when product brand emotion and market come together, it creates a powerful cycle that deepens customer engagement and drive strong, sustained results. While we have more work to do, we're building momentum, and we intend to keep going.

我們去年實現了成長，今年我們將繼續提高業績，當產品品牌情感和市場結合在一起時，它形成了一個強大的循環，加深了客戶參與度並推動強勁、持續的業績。雖然我們還有很多工作要做，但我們正在累積動力，並打算繼續前進。

I'll now turn it over to Scott.

現在我將把發言權交給史考特。

Thanks, Hilary, and thank you, everyone, for joining today's call. Our second quarter results exceeded expectations, building on our strong first quarter beat. The business showed broad-based strength that built steadily throughout the quarter, demonstrating that our early progress against our path to potential strategy is translating into results.

謝謝希拉里，也謝謝大家參加今天的電話會議。我們第二季的業績超出預期，這得益於我們第一季的強勁表現。該業務在整個季度表現出了全面而穩步的成長勢頭，表明我們在潛在戰略道路上取得的早期進展正在轉化為成果。

This outperformance reflects strength in our core business and the team's focus on the fundamentals while continuing to prioritize investments in product innovation, brand strength and customer experience. These investments are positioning us for long-term differentiation and growth.

這項優異表現反映了我們核心業務的實力和團隊對基本面的關注，同時持續優先投資於產品創新、品牌實力和客戶體驗。這些投資使我們為長期的差異化和成長做好了準備。

I'll start with a few highlights from the quarter. As Hilary mentioned, net sales were up $42 million or 3% year-over-year while comps grew 4%, which excludes the digital outage, both reflecting sequential improvements over the prior quarter and significantly above our expectations with growth across both Victoria's Secret and PINK.

我首先介紹本季的一些亮點。正如希拉蕊所提到的，淨銷售額同比增長 4,200 萬美元或 3%，而同店銷售額增長 4%（不包括數位業務中斷的影響），這兩項數據均反映出與上一季度相比的連續改善，並且顯著超出我們的預期，維多利亞的秘密和 PINK 均實現了增長。

Our total net sales performance was noteworthy, given the security incident in May, which negatively impacted net sales during the quarter by approximately $20 million. Adjusted gross margin dollars were up $18 million compared to last year, while our adjusted gross margin rate was up 20 basis points versus last year and was 60 basis points better than our guidance. We delivered adjusted operating income of $55 million, exceeding the high end of our guidance by $20 million.

考慮到 5 月的安全事件對本季淨銷售額造成了約 2,000 萬美元的負面影響，我們的總淨銷售額表現值得關注。調整後的毛利率比去年同期增加了 1,800 萬美元，而調整後的毛利率比去年同期增加了 20 個基點，比我們的預期高出 60 個基點。我們實現的調整後營業收入為 5,500 萬美元，超出預期最高值 2,000 萬美元。

Adjusted operating income would have exceeded last year's second quarter result of $62 million absent the impact of the security incident that occurred in May, which we estimate resulted in an operating income impact of approximately $14 million in the quarter. And our adjusted net income per diluted share came in at $0.33, significantly above the high end of our guidance.

若不考慮 5 月發生的安全事件的影響，調整後的營業收入將超過去年第二季的 6,200 萬美元，我們估計該事件對本季的營業收入造成了約 1,400 萬美元的影響。我們的調整後每股淨收益為 0.33 美元，遠高於我們預期的高端。

Now let's turn to second quarter results in more detail. Net sales of $1.459 billion were up 3% versus last year. Performance accelerated through the quarter, and we are encouraged that this momentum has continued so far in the third quarter. Both PINK and [BS] saw sales up low single digits during the quarter compared to last year, with growth in North America and across the globe.

現在讓我們更詳細地了解第二季的業績。淨銷售額為 14.59 億美元，較去年同期成長 3%。本季業績加速成長，我們很高興看到這股勢頭在第三季得以延續。與去年同期相比，PINK 和 [BS] 的銷售額在本季度均實現了低個位數成長，北美和全球均實現了成長。

While we were also pleased with our performance and intimates, where we saw major trend improvements from Q1 to Q2 across both pennies and [broth]. Contributing to this improvement was strong regular price selling. And as Hilary mentioned, an example of this was our successful Body by Victoria launch on July 23, which along with a new marketing approach around the event drove notable increases in customer engagement and acquisition.

雖然我們也對我們的表現和親密關係感到滿意，但從第一季到第二季度，我們看到便士和[肉湯]。促成這一改善的因素是強勁的正常價格銷售。正如希拉蕊所提到的，一個例子就是我們在 7 月 23 日成功推出的 Body by Victoria，加上圍繞活動的新行銷方式，顯著提高了客戶參與度和客戶獲取率。

Beauty again delivered strong top line growth with sales up mid-single digits year-over-year. This marks our Beauty business' eighth consecutive quarter of growth. As Hillary also noted, BS and PINK had broad-based strength in North America, where we grew comp sales in both stores and digital channels.

美容產品再次強勁成長，銷售額較去年同期成長中個位數。這標誌著我們的美容業務連續第八個季度實現成長。希拉蕊也指出，BS 和 PINK 在北美擁有廣泛優勢，我們在商店和數位管道的銷售額均有所成長。

Performance in the region improved sequentially throughout the quarter with July delivering exceptional results in part driven by the Body by Victoria Bra launch and associated marketing activities. This was the first time in years that a bra launch has driven growth in other bra franchises.

該地區的業績在整個季度中連續改善，其中 7 月份取得了出色的業績，這在一定程度上得益於 Body by Victoria Bra 的推出和相關營銷活動的推動。這是多年來首次由一款胸罩的推出帶動其他胸罩特許經營業務的增長。

Traffic during the quarter significantly outpaced the broader mall, reflecting both our enhanced product offerings and expanded marketing region effectiveness. Our international business continued to perform exceptionally well during the quarter. Reported second quarter sales grew 22% to $228 million, reflecting an improvement over a strong first quarter. System-wide retail sales were up low double digits again in the second quarter.

本季的客流量明顯超過了大型購物中心，反映了我們增強的產品供應和擴大的行銷區域效力。本季我們的國際業務持續表現優異。據報道，第二季銷售額成長 22%，達到 2.28 億美元，較第一季的強勁表現有所改善。第二季度，全系統零售額再次達到兩位數低點成長。

International growth was fuelled by healthy high single-digit retail comparable sales gains across our store and digital channels on a combined basis as well as continued new store openings. We again saw particular strength in our China business, primarily driven by the digital channel.

國際成長得益於我們實體店和數位通路的綜合零售可比銷售額健康高個位數成長以及持續的新店開業。我們再次看到了中國業務的特別優勢，這主要得益於數位管道。

AURs were up 1% in the quarter. When you exclude panties, which is a low AUR category, AURs were up 8%, driven by increases in bras and beauty. Second quarter adjusted gross margin dollars were $519 million our adjusted gross margin rate was 35.6%, 20 basis points above last year and 60 basis points above our guidance.

本季 AUR 上漲了 1%。如果排除 AUR 較低的內褲類別，AUR 會上漲 8%，這主要得益於胸罩和美容產品銷售的成長。第二季調整後的毛利率為 5.19 億美元，調整後的毛利率為 35.6%，比去年同期高出 20 個基點，比我們的預期高出 60 個基點。

Favourable gross margin rate drivers in the quarter versus last year included a continued pullback in traditional promotions, resulting in lower discounting throughout the quarter, coupled with strong regular price selling, booked during the semiannual sale in the weeks outside of the event. Our healthier inventory position during the semiannual sale period along with a stronger regular-priced product offering enabled margin expansion this year. We continue to use GWPs in the quarter, which, while slightly impacting margin rate, drove higher basket size and acted as a brand-building marketing vehicle.

與去年相比，本季度有利的毛利率驅動因素包括傳統促銷活動的持續減少，導致整個季度的折扣減少，再加上在活動之外的幾週內舉行的半年一次的促銷活動中預訂的強勁的正常價格銷售。我們在半年銷售期間的庫存狀況更加健康，加上更強大的常規價格產品供應，使得今年的利潤率有所擴大。我們在本季繼續使用 GWP，雖然對利潤率略有影響，但推動了購物籃規模的擴大，並充當了品牌建設行銷工具。

Importantly, Overall, our promotional strategy in the quarter drove margin rate and margin dollar expansion compared to last year. Our focus on driving stronger regular price selling continues to gain traction. We also achieved leverage on buying and occupancy expenses in the quarter, driven by rent savings and our robust comp growth. Meanwhile, as expected, higher air freight rates and tariffs resulted in approximately 80 basis points of pressure in total in the quarter versus last year, evenly split between the two.

重要的是，總體而言，與去年相比，我們本季的促銷策略推動了利潤率和利潤金額的擴大。我們對推動更強勁的常規價格銷售的關注度不斷提高。受租金節省和強勁的同店銷售成長的推動，本季我們還實現了購買和入住費用的槓桿作用。同時，正如預期的那樣，更高的空運費率和關稅導致本季度與去年相比總共承受了約 80 個基點的壓力，兩者平均分攤。

Adjusted SG&A dollars were $464 million in the second quarter, and our adjusted SG&A rate was 31.8%, better than our guidance of approximately 33% in deleveraging versus the prior year rate of 31%. Our better-than-expected adjusted SG&A rate in the quarter was driven by the sales beat along with continued disciplined expense management across all aspects of the business.

第二季調整後的銷售、一般及行政費用為 4.64 億美元，調整後的銷售、一般及行政費用率為 31.8%，優於我們預期的約 33% 的去槓桿率，而去年同期的去槓桿率為 31%。本季度，我們調整後的銷售、一般及行政費用率優於預期，這得益於銷售額的成長以及業務各個方面持續嚴格的費用管理。

Our rate deleveraged from last year as a result of a strategic shift in marketing spend from Q1 into Q2 along with higher incentive compensation expense in the quarter tied to our outperformance. Adjusted nonoperating expenses, consisting principally of interest expense, were $17 million in the quarter in line with our guidance and down from last year, driven by a lower level of weighted average borrowings and interest rates. Our second quarter adjusted tax rate was 25%.

由於行銷支出從第一季到第二季的策略轉變，以及與我們優異表現相關的本季激勵薪酬支出增加，我們的利率較去年同期有所去槓桿。調整後的非營業支出（主要包括利息支出）本季為 1,700 萬美元，符合我們的預期，但比去年同期有所下降，原因是加權平均借款和利率水準較低。我們第二季的調整後稅率為25%。

Turning to the balance sheet. Total inventories ended the second quarter up 4% compared to last year and in line with our guidance. From a liquidity standpoint, we ended the second quarter with a cash balance of $188 million which is $19 million above last year and our outstanding balance under our $750 million ABL credit facility was $75 million, which is down $70 million from last year.

轉向資產負債表。第二季總庫存量較去年同期成長 4%，符合我們的預期。從流動性角度來看，第二季末我們的現金餘額為 1.88 億美元，比去年同期高出 1,900 萬美元，而 7.5 億美元 ABL 信貸額度下的未償還餘額為 7,500 萬美元，比去年同期減少了 7,000 萬美元。

We successfully renewed our ABL credit facility in May and secured a 5-year term extension with favourable enhancements and lower interest rates that will generate annual savings. Our liquidity position is strong and provides us financial flexibility for continued execution of our strategic growth pillars.

我們在 5 月成功續簽了 ABL 信貸額度，並獲得了 5 年的延長期限，享受了優惠的附加條件和較低的利率，從而可以實現年度節省。我們的流動性狀況良好，為我們繼續執行策略成長支柱提供了財務靈活性。

Turning to our updated outlook for fiscal year 2025 and our outlook for the third quarter. We are raising our full year outlook for net sales and are now forecasting net sales in the range of $6.33 billion to $6.41 billion, compared to our prior guidance calling for net sales in the range of $6.2 billion to $6.3 billion. While we faced tough year-over-year sales comparisons in the back half of the year, we are pleased with the momentum we saw in Q2 with notable acceleration in July.

轉向我們對 2025 財年的最新展望和對第三季的展望。我們上調了全年淨銷售額預期，目前預測淨銷售額將在 63.3 億美元至 64.1 億美元之間，而我們先前的預期是淨銷售額在 62 億美元至 63 億美元之間。雖然我們在下半年面臨嚴峻的年比銷售情勢，但我們對第二季的動能感到滿意，7 月的銷售成長明顯加快。

We expect to drive performance through elevated product assortments and planned initiatives designed to sustain momentum between major traffic-driving events. We are winning with big moments like PINK Friday, which performed exceptionally well this year.

我們希望透過增加產品種類和計劃舉措來推動業績成長，以維持主要交通驅動事件之間的勢頭。我們憑藉“粉紅星期五”等重大時刻贏得了勝利，今年“粉紅星期五”的表現非常出色。

As Hilary mentioned, the fashion show this fall represents a defining brand moment, both commercially and culturally. Last year, the event helped drive incremental traffic, customer acquisition and sustained sales momentum into January. This year, we are building on those learnings to further amplify its impact while continuing with the steady cadence of brand moments through the holiday and Valentine's Day season to engage both new and returning customers.

正如希拉蕊所說，今年秋天的時裝秀代表著品牌在商業和文化上的決定性時刻。去年，該活動幫助推動了流量的成長、客戶獲取以及持續的銷售動能直至一月。今年，我們將以這些經驗為基礎，進一步擴大其影響力，同時在假期和情人節期間繼續穩定地推出品牌活動，以吸引新舊顧客。

In addition to our brand moments, we are well positioned to capture demand in holiday periods such as Black Friday and Cyber Monday with an expanded and more tiered gifting assortment across key categories like Beauty, Sleep and PINK.

除了我們的品牌時刻之外，我們還透過在美容、睡眠和粉紅色等主要類別中提供更豐富、更層次的禮品組合，很好地滿足了黑色星期五和網路星期一等假期期間的需求。

Given the outperformance during the second quarter was offset by incremental tariff exposure, we are maintaining our adjusted operating income range for fiscal year 2025 of $270 million to $320 million. Our full year 2025 guidance now reflects tariff levels of 30% for China and 20% for non-China imports as compared to our previous guidance, which assumed 30% for China, and 10% for non-China.

鑑於第二季的優異表現被增量關稅風險所抵消，我們將 2025 財年的調整後營業收入範圍維持在 2.7 億美元至 3.2 億美元之間。我們對 2025 年全年的指導意見現在反映出中國進口產品的關稅水準為 30%，非中國進口產品的關稅水準為 20%，而我們先前的指導意見假設中國進口產品的關稅水準為 30%，非中國進口產品的關稅水準為 10%。

Our guidance for the full year 2025 now assumes net tariff impact of approximately $100 million, which reflects tariff mitigation of approximately $70 million. Our projected net tariff impact of $100 million in 2025 is up $50 million versus our assumption embedded in our previous guidance.

我們對 2025 年全年的指引現在假設淨關稅影響約為 1 億美元，這反映了約 7,000 萬美元的關稅減免。我們預期 2025 年淨關稅影響為 1 億美元，比我們先前指引中的假設高出 5,000 萬美元。

With approximately $10 million of net tariff impact already recognized in the first half of the year, our guidance assumes approximately $20 million of net tariff pressure in the third quarter with $70 million impact in Q4.

由於上半年已確認約 1,000 萬美元的淨關稅影響，我們預計第三季淨關稅壓力約為 2,000 萬美元，第四季影響約為 7,000 萬美元。

Importantly, given the strength and momentum we are seeing in the business, we are maintaining our adjusted operating income guidance for the year despite estimated incremental net tariff pressure of $50 million.

重要的是，鑑於我們在業務中看到的實力和勢頭，儘管預計淨關稅增量壓力為 5000 萬美元，我們仍維持今年調整後的營業收入預期。

Our impact and mitigation efforts include optimizing costs with vendors, further diversifying our sourcing, ensuring we have the most efficient air versus ocean freight mix possible and implementing a combination of select pricing adjustments through more targeted promotions and strategic price modifications where we see a value proposition gap in the marketplace.

我們的影響和緩解措施包括優化與供應商的成本，進一步多樣化我們的採購，確保我們擁有最有效的空運和海運組合，並透過更有針對性的促銷和策略性價格修改實施選擇性價格調整組合，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 $84 million in fiscal year 2024 and in line with previous guidance, driven by expected lower levels of weighted average borrowings, along with lower interest rates.

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，與先前的指引一致，這是由於預期加權平均借款水準較低以及利率較低。

We estimate our adjusted tax rate will be approximately 24% to 25% for fiscal year 2025, in line with guidance last quarter. We estimate weighted average diluted shares outstanding of approximately $83 million for fiscal year 2025. Given these inputs, we are maintaining our 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，2025 財年的調整後稅率將約為 24% 至 25%，與上個季度的指引一致。我們估計 2025 財年的加權平均稀釋流通股數約為 8,300 萬美元。考慮到這些因素，我們將 2025 財年的調整後每股攤薄淨收益維持在 1.80 美元至 2.20 美元之間，而 2024 財年的調整後每股攤薄淨收益為 2.69 美元。

We continue to be prudent with planning capital expenditures, which are now expected to be approximately $200 million in fiscal year 2025, down from our previous expectation of $220 million. Capital investments will primarily focus on our store capital program, along with investments in technology and logistics related to our strategic initiatives to drive growth and support productivity.

我們繼續謹慎規劃資本支出，目前預計 2025 財年的資本支出約為 2 億美元，低於先前預期的 2.2 億美元。資本投資將主要集中在我們的門市資本計劃，以及與我們的策略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 this year. We are maintaining our forecast of adjusted free cash flow of approximately $150 million to $200 million in fiscal year 2025. Store counts and renovation plans in North America in 2025 continue to be similar to what we discussed on our first quarter call. Square footage in our North American stores this year is still expected to decrease approximately 2% compared to 2024.

今年的折舊費用預計約為 2.2 億美元。我們維持 2025 財年調整後自由現金流約為 1.5 億至 2 億美元的預測。2025 年北美的門市數量和裝修計畫與我們在第一季電話會議上討論的類似。預計今年我們北美門市的面積仍將比 2024 年減少約 2%。

By the end of the year, we estimate our Store of the Future presence in North America 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 240 stores to 260 stores or approximately 40% of the international fleet.

到今年年底，我們估計未來商店在北美的數量將達到約 190 家，約佔總數的 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 240 至 260 家，約佔國際門市總數的 40%。

Turning to our outlook for the third quarter. We are forecasting net sales in the range of $1.39 billion to $1.42 billion compared to net sales of $1.347 billion in the third quarter of 2024. Our forecast assumes low single-digit top line performance in our North American business based on the continued momentum we're seeing quarter-to-date.

談談我們對第三季的展望。我們預測淨銷售額將在 13.9 億美元至 14.2 億美元之間，而 2024 年第三季的淨銷售額為 13.47 億美元。根據本季迄今的持續成長勢頭，我們的預測假設北美業務的營收表現將處於低個位數。

Our forecast also assumes continued strength in the international business with system-wide retail sales planned up low teens in the third quarter. At this forecasted level of sales, we expect third quarter 2025 adjusted operating loss to be in the range of $35 million to $55 million compared to an adjusted operating loss $28 million in the third quarter of 2024.

我們的預測也假設國際業務將持續保持強勁，第三季全系統零售額計畫成長 10% 左右。依照這項預測的銷售水平，我們預計 2025 年第三季調整後的營業虧損將在 3,500 萬美元至 5,500 萬美元之間，而 2024 年第三季調整後的營業虧損為 2,800 萬美元。

We expect third quarter 2025 adjusted gross margin rate of approximately 34%, down compared to an adjusted rate of 34.8% last year, which includes estimated net tariff pressure of approximately 140 basis points, partially offset by continued focus on our promotional strategy in buying -- and occupancy expense leverage on the sales growth.

我們預計 2025 年第三季調整後的毛利率約為 34%，低於去年調整後的 34.8%，其中包括估計的淨關稅壓力約為 140 個基點，但部分被我們在購買方面的持續促銷策略所抵消——以及入住費用對銷售增長的槓桿作用。

The adjusted SG&A rate in the third quarter of 2025 is expected to be flat to up approximately 100 basis points compared to the third quarter 2024s adjusted rate of 36.8%. The forecasted increase in SG&A dollars is driven by normal wage rate increases along with strategic investments in marketing and store labour to enhance the customer experience and to drive top line growth.

預計 2025 年第三季的調整後銷售、一般及行政費用率將與 2024 年第三季的調整後 36.8% 的利率持平或上漲約 100 個基點。預計銷售、一般及行政費用的成長是由正常工資率的成長以及對行銷和店內勞動力的策略投資所推動的，這些投資旨在提升客戶體驗並推動營業額成長。

We anticipate net adjusted nonoperating expense again, consisting principally of interest expense of approximately $19 million in the third quarter 2025, down from $21 million in the third quarter of 2024 and driven by expected lower levels of weighted average borrowings along with lower interest rates.

我們預計 2025 年第三季將再次出現淨調整後非營業支出，主要包括約 1,900 萬美元的利息支出，低於 2024 年第三季的 2,100 萬美元，這是由於預期加權平均借款水準較低以及利率較低所致。

We estimate our adjusted tax rate will be approximately 22% for the third quarter. We estimate weighted average shares outstanding of approximately $80 million for the third quarter. We expect total inventories to be up high single digits compared to last year, driven by the impact of tariffs. Given these inputs, we are forecasting third quarter adjusted net loss per share to be in the range of $0.55 to $0.75 compared to adjusted net loss per share of $0.50 in the third quarter of 2024.

我們預計第三季調整後的稅率約為22%。我們估計第三季的加權平均流通股數約為 8,000 萬美元。我們預計，受關稅影響，總庫存將比去年同期成長個位數。根據這些數據，我們預測第三季調整後每股淨虧損將在 0.55 美元至 0.75 美元之間，而 2024 年第三季調整後每股淨虧損為 0.50 美元。

In closing, I want to reiterate a few key points. Despite the uncertain macro environment, our fundamentals remain strong and resilient, and our path to potential strategy is gaining momentum. We are maintaining our disciplined approach, focusing on operational excellence, strategic capital allocation and continued investment in the capabilities that differentiate us in the marketplace. We remain committed to delivering value for our shareholders while building the foundation for sustained long-term profitable growth.

最後，我想重申幾個要點。儘管宏觀環境不確定，但我們的基本面依然強勁且富有彈性，我們的潛在策略之路正在獲得動力。我們將繼續保持嚴謹的態度，專注於卓越營運、策略資本配置以及持續投資於讓我們在市場上脫穎而出的能力。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。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Hi, this is Lauren Lavin on for Alex Straton. Thank you for taking our question. We were wondering how you were thinking about the implication of the end of the de minimis exemption on the industry. Do you think that's a tailwind? Or do you rely on that benefit at all? Thank you.

大家好，我是 Lauren Lavin，為 Alex Straton 節目錄製。感謝您回答我們的問題。我們想知道您如何看待最低限度豁免的終止對業界的影響。您認為那是順風嗎？還是你根本依賴這種福利？謝謝。

Hey, Lauren, it's Scott. The de minimis exemption isn't a big part of how we go to market our -- largely our e-com distribution centers are located in Columbus. So it's not really a material impact on the business.

嘿，勞倫，我是史考特。最低限度豁免並不是我們行銷的重要組成部分——我們的電子商務配送中心主要位於哥倫布。所以這對業務來說並沒有實質的影響。

Got it. Thank you.

知道了。謝謝。

Marni Shapiro, Retail Tracker.

Marni Shapiro，零售追蹤者。

Hey, guys, congratulations. I got to just say the stores have been so much fun to shop every week because the energy is unbelievable. And it feels like we finally similarly have somebody in place who understand the importance of this brand globally. I feel like it's been undervalued. So with that, I have a question about your innovation.

嘿，夥計們，恭喜你們。我只想說，每週去商店購物都很有趣，因為那裡的活力令人難以置信。感覺我們終於找到了一個同樣了解這個品牌在全球範圍內的重要性的人。我覺得它被低估了。因此，我對您的創新有一個疑問。

There's been so much from the Flex Brad, that shiny active set, love Shack, some of it is fashion innovation, some of it's a technical innovation. How should we think about this over the back half of the year and into '26, even with tariffs involved? And will you take that kind of thinking into beauty because it feels to me watching all the girls and other places that there's a lot of opportunity for you guys even innovating within beauty for you guys.

Flex Brad 有很多優點，那款閃亮的活動套裝，喜歡 Shack，有些是時尚創新，有些是技術創新。即使涉及關稅，我們該如何看待今年下半年以及26年的情況？您會把這種想法帶入美容領域嗎？因為透過觀察這些女孩和其他地方，我感覺你們有很多機會，甚至可以在美容領域進行創新。

Hi, Marni, and thanks for the support. I'm excited that you're as excited as we are. And I feel like once again, maybe you're reading my mind or spying on me, but I agree. I really agree with everything you say. It is absolutely about fashion innovation and then technical innovation.

你好，Marni，謝謝你的支持。我很高興你和我們一樣興奮。我再次感覺到，也許你在讀我的心思或在監視我，但我同意。我確實同意你所說的一切。這絕對是關於時尚創新，然後是技術創新。

I'll start with -- in VS, we have a very deep pipeline of innovation, primarily focused on bras but also in sports as you referenced. It's geared towards customer insights and particularly around the technology of bras, but also, I would say the shine that you're talking about is a great example of fashion innovation.

首先，在 VS，我們擁有非常深入的創新管道，主要集中在胸罩領域，但也涉及您提到的運動領域。它面向客戶洞察，特別是圍繞胸罩技術，但同時，我想說，您談論的光澤是時尚創新的一個很好的例子。

And I think what's different, what we've -- what we're really unpacking in VS is that we used to have a formula where we sort of set a quarter and let it roll, and we stand behind big ideas for an extended amount of time. And we've started really pacing a more frequent drumbeat of fashion and innovation and messaging and really addressing much more wider variety of her wants and needs, and it is working.

我認為，與以往不同的是，我們在 VS 中真正要解決的是，我們曾經有一個公式，即設定一個季度並讓它滾動，並且我們會在很長一段時間內支持偉大的想法。我們已經開始更頻繁地宣傳時尚、創新和訊息，真正滿足她各種各樣的願望和需求，而且這種方法正在發揮作用。

And so you'll see a more constant drumbeat from us in both innovation and in fashion as we move through the back half of this year and into next year. And I would just say the shine speaks to -- it speaks to fun, it speaks to joy. It speaks to novelty. And I think as I've stated in previous calls, we got a little serious. And this brand should be joyful and it should be fun and it should be useful. And so you'll start seeing more of that as we -- as we move in -- especially as we move into 2026.

因此，隨著我們進入今年下半年和明年，你會看到我們在創新和時尚方面更持續的推動。我想說的是，光芒代表著──它代表著樂趣，代表著喜悅。它體現的是新穎性。我認為，正如我在之前的通話中所說的那樣，我們有點嚴肅。這個品牌應該是令人愉悅的、有趣的、實用的。隨著我們不斷前進，特別是進入 2026 年，你會看到更多這樣的情況。

On the PINK side, it's really more about cultural connection and fashion drops and collaborations and this Wednesday drop phenomenon that we have and PINK is doing really well. And we want to build on that. But also what we have unlocked not only first and foremost with Frankie's and our collaboration and partnership with Frankie's, but now with Love Shack fancy is that when we hit the right cultural moment, it is explosive for us in this business. So both will have a drumbeat of newness that is more frequent than the past, but serves each individual customer segment appropriately. So we're very excited about what's to come.

從 PINK 方面來說，它實際上更關注文化聯繫、時尚潮流和合作，而我們擁有的周三潮流現象和 PINK 的表現確實非常好。我們希望在此基礎上繼續發展。但我們不僅先透過與 Frankie’s 的合作和夥伴關係解鎖了這一點，現在透過 Love Shack 也解鎖了這一點，那就是當我們遇到正確的文化時機時，它對於我們在這個行業中來說是爆炸性的。因此，兩家公司都會比過去更頻繁地推出新產品，但會為每個客戶群提供適當的服務。因此，我們對即將發生的事情感到非常興奮。

Congrats, and best of luck for the rest of that fiscal.

恭喜，並祝福本財年剩餘時間一切順利。

Dana Telsey, The Telsey Group.

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

Hi, Hillary. Congratulations on the nice progress. Would love to hear a little bit more about on the gross margin side, how are you thinking about pricing and promotions going forward? And then also, when you think about Store of the Future and the technology you've implemented there, what are you seeing traffic wise? And also, are you seeing an expanded customer maybe a trade-down customer also? Thank you.

你好，希拉蕊。祝賀您取得良好進展。我很想了解更多關於毛利率方面的信息，您對未來的定價和促銷有何看法？而且，當您考慮未來商店和您在那裡實施的技術時，您看到的流量是如何的？此外，您是否看到了擴大的客戶群，甚至可能是降級客戶群？謝謝。

Dana, it's Scott. On the gross margin front, as we discussed, we've really made a conscious effort to pull back on promos in the traditional discounts. We expect that to continue into the back half. That is one of our mitigation levers on tariffs, but coupled with our product newness that Hillary was just talking about and really driving more regular price sales. So we're really encouraged with what we're seeing and how the customer is responding to that.

達娜，我是史考特。在毛利率方面，正如我們所討論的，我們確實有意識地努力減少傳統折扣促銷。我們預計這種勢頭將持續到下半年。這是我們降低關稅的手段之一，再加上希拉蕊剛才提到的我們的產品新穎性，確實推動了更多常規價格的銷售。因此，我們對所看到的情況以及客戶的反應感到非常鼓舞。

In terms of sort of strategic pricing, we're looking where we see opportunities that can still create that value, but we're in a mindful of entry price points and sort of not to exceed price points. So first and foremost is promos and then select strategic price modifications where it makes sense.

在策略定價方面，我們正在尋找能夠創造價值的機會，但我們要注意入門價格點，並且不要超過價格點。因此，首先最重要的是促銷，然後選擇合理的策略價格修改。

In terms of store of the future, I mean, we continue to get good results where we do either a full store of the future remodel or partial. We see some of our more recent ones sort of a double-digit lift in sales from pre to post, that's driven by traffic and better assorted within the store. So we're going to continue to drive that as an improvement to customer experience as we go forward.

就未來商店而言，我的意思是，無論是對未來商店進行全面改造還是部分改造，我們都會繼續取得良好的效果。我們發現，近期一些產品的銷售額從上線前到上線後都出現了兩位數的成長，這是由客流量和店內商品種類的最佳化所推動的。因此，我們將繼續努力改善客戶體驗。

Thank you.

謝謝。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Good morning. This is Michael Wu on for Adrian. And I just wanted to ask -- so your international business was up nicely during the quarter, and it continues to grow. Is there any particular category other than beauty or maybe a consumer cohort that's outperforming in the international market versus the domestic one?

早安.我是 Michael Wu，代替 Adrian 發言。我只是想問一下——所以你們的國際業務在本季度表現良好，並且還在繼續增長。除了美容之外，還有什麼特定類別或消費者群體在國際市場上的表現優於國內市場嗎？

I'll take that one. No, not really. I mean, they definitely have smaller square footage stores, generally speaking, internationally, so we don't have the same breadth of assortment in international. But intimates business is very strong there. We have less of a presence in PINK internationally, and we have less of a presence in some markets in things like sport and swim. So it's really the two court core categories of beauty as well as Internet, both doing very well globally.

我要那個。不，不是真的。我的意思是，一般來說，他們在國際上的商店面積肯定較小，所以我們在國際上的商品種類範圍並不相同。但那裡的內衣生意非常強勁。我們在 PINK 國際上的影響力較小，在體育和游泳等一些市場上的影響力也較小。因此，美容和互聯網這兩個核心類別在全球範圍內都表現良好。

Thank you. And as a follow-up, is there any difference between the go-to-market strategy in the international market versus the domestic?

謝謝。另外，國際市場和國內市場的市場進入策略有什麼不同嗎？

No. It's Scott, Michael. No real difference. I mean we're thinking about the customer globally as we look at our marketing and messaging. So it's that follows very much the same pattern that we drive here in North America.

不。我是史考特，麥可。沒什麼差別。我的意思是，當我們審視我們的行銷和訊息傳遞時，我們會從全球角度考慮客戶。所以這與我們在北美駕駛的模式非常相似。

Sounds great. Thank you so much.

聽起來很棒。太感謝了。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great. Good morning. Thanks for taking my question. I wanted to ask about the fashion show that you're doing this year. Just want to make sure, like, is this year also mainly focused on the Victoria's Secret brand? Or will there be something that will also include PINK, maybe I think I recall that you mentioned that you wanted to do something for [PINK], but maybe that's like a completely separate event. And maybe could you provide some details about like the SG&A investments behind the fashion show and how does those compare to last year? Thanks.

偉大的。早安.感謝您回答我的問題。我想問一下您今年舉辦的時裝秀。只是想確認一下，今年是否也主要關注維多利亞的秘密品牌？或者會不會有一些活動也包括 PINK，也許我記得你提到過你想為 [PINK] 做點什麼，但也許那是一個完全獨立的活動。您能否提供一些有關時裝秀背後的銷售、一般和行政費用投資的細節，以及與去年相比如何？謝謝。

Hi. I'll start and then Scott will finish up on your second question. So we -- as you know, we announced yesterday the date of the fashion show. Beginning next week, we will start to slowly unveil some of the details around talent and content of the fashion show through our social channels, so you have to stay tuned. We're not ready to talk about it quite yet. But rest we will have activations in the back half of the year that talk about all of our businesses in some way, shape or form.

你好。我先開始回答你的第二個問題，然後斯科特將完成。所以——正如你所知，我們昨天宣布了時裝秀的日期。從下週開始，我們將開始透過社群管道慢慢揭曉有關時裝秀的才藝和內容的一些細節，所以請繼續關注。我們還沒有準備好談論它。但其餘時間我們將在下半年開展活動，以某種方式討論我們的所有業務。

And to the second part of the question, we're actively working on how do we amplify the fashion show in a better and even more impactful way than what it was previously. But our marketing dollars for the full year will be basically flat year-over-year. We'll have some movements between quarters, but largely the marketing spend is flat year-over-year.

對於問題的第二部分，我們正在積極研究如何以比以前更好、更有影響力的方式擴大時裝秀的影響力。但我們全年的行銷費用將與去年同期基本持平。各季度之間我們會有一些變動，但總體而言，行銷支出與去年同期持平。

Alright. Very helpful. Thank you so much.

好吧。非常有幫助。太感謝了。

(inaudible) Boruchow, Wells Fargo.

（聽不清楚） Boruchow，富國銀行。

Hi, good morning, everyone. This is Juliana on for Ike. I was wondering if you could give us any more detail on the categories, specifically if intimates still remains pressured from panties. And how that's continued throughout the quarter. Thank you.

大家好，早安。這是朱莉安娜 (Juliana) 代替艾克 (Ike)。我想知道您是否可以向我們提供有關類別的更多詳細信息，特別是貼身衣物是否仍然受到內褲的壓力。並且這一趨勢將在整個季度持續下去。謝謝。

Hi. Yes, I'd be happy to. Actually -- so let me just start and talk about what really sort of changed between Q1 and Q2 at a total. So after Q1, I talked about strength in beauty, strengthen in apparel and strength in sport. All three of those categories continued and actually accelerated into Q2. But the big game changer was the core intimates business, in Victoria's Secret and, to a lesser degree, PINK both improved.

你好。是的，我很樂意。實際上——那麼讓我先來談談第一季和第二季之間整體上到底發生了哪些變化。因此，在 Q1 之後，我談到了美容的力量、服裝的力量和運動的力量。這三個類別均持續成長，並且實際上在第二季加速成長。但最大的改變是核心內衣業務，維多利亞的秘密和 PINK（程度較輕）均有所改善。

And panties across the board was very, very strong in both brands. So we're extremely pleased about that. And Bras improved. We saw full price selling positive in the quarter, but because we had less in semiannual sale, we didn't see a total comp -- positive comp in bras for the quarter, but big, big improvement in the core of the intimates business in Q2, which we're very, very excited about.

這兩個品牌的內褲銷售都非常強勁。因此我們對此感到非常高興。並且胸罩也得到了改進。我們看到本季全價銷售呈現正態勢，但由於半年銷售額較少，因此本季胸罩的整體銷售額並未出現正成長，但第二季內衣核心業務出現了巨大改善，我們對此感到非常非常興奮。

And we saw that for VS & Co, we gained share in the 18 to 44 sort of consumer in Q2 versus Q2 last year.

我們發現，與去年同期相比，VS＆Co 在第二季度在 18 至 44 歲消費者中的份額有所增加。

Got it. Great. Thank you so much.

知道了。偉大的。太感謝了。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Good morning. This is Julia Swanson for Jonna Kim. I was wondering what your plans are for this holiday season and what's different for fashion this year versus last year and key earnings from last year. Thank you.

早安.我是 Jonna Kim 的 Julia Swanson。我想知道您對這個假期有什麼計劃，以及今年的時尚與去年相比有何不同以及主要收益與去年相比有何不同。謝謝。

The plans for the -- for Q4, and I didn't catch the -- for fashion. Is that what you said?

關於第四季的計劃，我還沒有了解時尚方面的計劃。你是這麼說的嗎？

Yeah. Yeah, in fashion and key learnings from last year into this year.

是的。是的，從去年到今年，我一直在學習時尚和重要知識。

Okay. Great. So I'm not going to tell you all of our plans for holiday quite yet. But what I can say is that -- probably the number 1 thing that we learned was the importance of this drumbeat of newness and drumbeat of content, creative content. We saw we saw incredible success and momentum last year coming out of the fashion show, and that carried us sort of into middle of the quarter.

好的。偉大的。所以我現在還不會告訴你們我們所有的假期計畫。但我可以說的是——我們學到的最重要的事情可能是這種新鮮感和內容、創意內容的鼓點的重要性。我們看到，去年的時裝秀取得了令人難以置信的成功和發展勢頭，這在一定程度上支撐了我們進入本季中期。

And then -- and then we had a very clear opportunity sort of mid-December through January to really not only deliver newness and excitement to talk about it and market it in a loud way. And so that is the big change that you will see this year the front half of the quarter will be focused on holiday and fashion show an d really building up that incredible gifting designation that we're known for and then we will shift our messaging, and we will -- we have a huge opportunity around both Sport and Valentine's Day later in the quarter that we plan to capitalize on.

然後——然後我們在 12 月中旬到 1 月期間有一個非常明確的機會，不僅可以傳遞新鮮感和興奮感，還可以大聲談論它並推銷它。因此，這是今年您將看到的重大變化，本季度的前半部分將專注於假期和時裝秀，並真正建立我們所熟知的令人難以置信的禮品稱號，然後我們將改變我們的信息，我們將 - 我們將在本季度後期在體育和情人節方面有一個巨大的機會，我們計劃利用這些機會。

And in PINK, it's just really about those cultural moments. and making sure we're tapping into the cultural moments exactly at the time that they're happening and being much more nimble. So we're actually still working on that because we want to stay as close to the customer as possible.

而在 PINK 中，它其實只是關於那些文化時刻。並確保我們能夠在文化時刻發生時準確地利用它們，並且更加靈活。因此我們實際上仍在努力，因為我們希望盡可能地貼近客戶。

That's great. Thank you.

那太棒了。謝謝。

Janet Kloppenburg, JJK Research Associates.

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

Hi, everyone. I'm sorry about that. I wanted to say congratulations and the Hill that the newness and iteration that you've introduced has been put it down compelling. I wanted to ask you to about the inventory planning which has been sort of out of balance for a while. And if you have more conviction that it's going to be where it should be by product and flow as we go forward? And if there's any operational [kinks] in there that are preventing it from being as solid as it should be. I need to gain confidence in that.

大家好。我很抱歉。我想對希爾表示祝賀，因為你們引入的新穎性和迭代性令人信服。我想問您有關庫存計劃的問題，庫存計劃有一段時間已經有點失衡了。並且，您是否更加確信，隨著我們不斷前進，產品和流程將會達到應有的水準？如果其中存在任何操作問題，導致其無法達到應有的穩固程度。我需要對此建立信心。

And then on pricing, I wondered what kind of pricing power you think you have if you'll use it and particularly on [cents]. So I think -- it was being used as a loss leader and to drive traffic, but also to meet competitive headwinds. Thanks so much.

關於定價，我想知道如果你使用它，你認為你有什麼樣的定價權，特別是在[美分]。所以我認為——它被用作虧本銷售並吸引流量，但也是為了應對競爭阻力。非常感謝。

Hi, Janet, yeah. So let me get at this inventory. I mean, I think we always have opportunity to optimize our inventory. I think -- what we are learning is that we should be -- we should turn faster, particularly in the PINK apparel side. We need to be in and out of ideas, and we need to create that sense of urgency with the consumer, and that's going to help us pull back on the promotions and the markdowns that we're so laser-focused on doing and are starting to have some good success with.

嗨，珍妮特，是的。那麼讓我來看看這個庫存。我的意思是，我認為我們總是有機會優化我們的庫存。我認為——我們正在學習的是，我們應該——我們應該轉變得更快，特別是在 PINK 服裝方面。我們需要不斷提出新想法，我們需要為消費者創造一種緊迫感，這將幫助我們減少促銷和降價活動，我們非常專注於這些活動，並且已經開始取得一些良好的效果。

So I would say that's step number one. Shortening our production lead times helps us with managing that inventory, and that's something that we have made incredible traction on. Love Shack Fancy collaboration. We brought to market in 26 weeks. That is a wild improvement from where we were a year ago.

所以我想說這是第一步。縮短生產交付週期有助於我們管理庫存，而這正是我們取得巨大進展的事情。喜歡 Shack Fancy 的合作。我們花了 26 週的時間將產品推向市場。與一年前相比，這是一個巨大的進步。

I think in particular, we have actually in PINK in particular, but also in VS, we have an opportunity to really scrutinize our size breakdowns and make sure we have enough inventory in the right sizes, and that's something that's actively in process. So we're looking at everything. I also think we have an opportunity to look at how we allocate the stores and what assortments, what stores and really utilize data science to drive more customized assortment. So there's a lot particularly in the stores channel we can do to optimize and that is in progress right now.

我認為，特別是在 PINK 中，以及在 VS 中，我們有機會真正仔細審查我們的尺寸細分，並確保我們有足夠的合適尺寸的庫存，而這是一個正在積極進行中的事情。所以我們正在觀察一切。我還認為，我們有機會研究如何分配商店、分配哪些商品、哪些商店真正利用數據科學來推動更客製化的商品組合。因此，我們可以做很多事情來優化，特別是在商店通路方面，目前正在進行中。

Pricing power. This is something we've been looking at before tariffs were even a topic. Last Q4, we made some strategic price increases in the area of gifting in beauty as well sleep. -- no resistance to that. I think when the emotion and the quality and the marketing behind it is there working in a singular ecosystem, we are seeing that she will pay.

定價權。在關稅成為話題之前我們就一直在關注這個問題。去年第四季度，我們在美容和睡眠禮品領域進行了一些策略性漲價。 ——對此沒有抵觸。我認為，當背後的情感、品質和行銷在單一的生態系統中發揮作用時，我們看到她會付費。

So we believe that we always need an opening price point, and we believe that ceilings in our business are also something that we need to look at, but there's room to play in between. And so we'll be strategically looking at that. As it relates to panties, I think panties are absolutely a traffic driver. They are an acquisition tool. They are a basket starter. And across the industry, everyone is priced in multiples.

因此，我們相信我們始終需要一個開盤價點，我們相信我們業務的上限也是我們需要考慮的，但兩者之間還有發揮的空間。因此我們將從戰略角度來考慮這個問題。就內褲而言，我認為內褲絕對是流量驅動因素。它們是一種獲取工具。他們是一名籃框發起者。在整個行業中，每個人的定價都是多倍的。

Now what that multiple price point is something we're definitely looking at. And actually, we have one running this weekend that is at a lower -- actually, it's a higher ticket than last year. So we are pulling back where we can, but we're testing into that because we don't want to take our foot off the gas of acquisition. and we don't want to take our foot off the gas of our total bucket size. So hopefully, that answers your question.

現在我們正在關注的是多重價格點。事實上，我們本週末舉辦的演出票價更低——實際上，票價比去年更高。因此，我們正在盡可能地撤退，但我們正在對此進行測試，因為我們不想放棄收購的動力，也不想放棄我們的整體規模。希望這能回答你的問題。

You did. Thank you very much, and I have one last, which is just on the 26-week lead time, love Shack, which was really well done. Is that by as good as it gets silly. I mean, could you get that for 20 weeks? Or is 26 weeks where it's going to be?

你做到了。非常感謝，我還有最後一個，就是關於 26 週的準備時間，我喜歡 Shack，它做得非常好。這真是太愚蠢了。我的意思是，你能撐 20 週嗎？還是 26 週？

I think it's just a fantastic first step from a company that a year ago was running everything on a bra -- on a bra timing cycle. So to move within a year from 52 to 26 is a big jump forward. And then of course -- we're always looking for opportunities, and it depends on the category. I mean there are some things that we should be faster. And we are like we can get into panties in 2 weeks or 3 weeks.

我認為，對於一家一年前還在以胸罩為中心、以胸罩計時週期為中心經營一切的公司來說，這只是一個非常棒的第一步。因此，在一年之內從 52 位元躍升至 26 位元是一個巨大的進步。當然——我們一直在尋找機會，這取決於類別。我的意思是有些事情我們應該做得更快。我們好像可以在兩週或三週內穿上內褲。

We can get into some bras that we own raw materials in about 8 weeks to 12 weeks. So we do have places where we have flexibility, and that's something we'll continue to work on. But to get an entirely new collection that had never been thought of in 26 weeks to market, I think, is an incredible win for this company and a proof point that we can move quickly and with agility.

我們可以在大約 8 週到 12 週的時間內生產一些我們擁有原料的胸罩。所以我們確實有彈性的地方，我們會繼續努力。但我認為，能夠在 26 週內將一個從未想過的全新系列推向市場，對於我們公司來說是一個令人難以置信的勝利，也證明了我們能夠快速、靈活地採取行動。

Okay. I thank you. And I wasn't being critical. I just wanted to understand --

好的。我謝謝你。我並沒有批評的意思。我只是想了解--

Actually I'm glad you asked. Yeah, absolutely. And we'll be working to be as fast as possible.

事實上我很高興你問這個問題。是的，絕對是如此。我們將努力盡快完成。

Okay. Thanks so much.

好的。非常感謝。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning. This is Evan Doscher on for Brooke. Thank you for taking our question. I was hoping you could just dive a little bit deeper on the tariff impact you expect for this year? How should we be thinking about that into next year? -- as you also start to action your mitigation strategies? Thank you.

早安.這是布魯克的埃文·多舍爾 (Evan Doscher)。感謝您回答我們的問題。我希望您能更深入地談談您預計今年關稅的影響？我們該如何考慮明年的這個問題？ ——當您也開始採取緩解策略時？謝謝。

Hey, Evan, it's Scott. So as we said -- the tariff assumption right now is 30% for China and 20% non-China, which is up from 30% China and 10% on China in our last call. That increase is about a $50 million impact versus our prior guidance. So our net tariff impact in fiscal '25 is $100 million total. There is $70 million of mitigation in that.

嘿，艾文，我是史考特。正如我們所說，目前的關稅假設是，中國徵收 30%，非中國徵收 20%，高於我們上次電話會議中提出的中國徵收 30% 和中國非中國徵收 10% 的稅率。與我們之前的指導相比，這一增長的影響約為 5000 萬美元。因此，我們對 25 財年的淨關稅影響總計為 1 億美元。其中有 7,000 萬美元的緩解措施。

So you think about the gross impact is really north of $100 million. The mitigation we've got in place is largely locked down for fiscal '25 just given our orders are already bought into and whatnot. But as we go forward into '26, we are attacking and we'll have additional mitigation, particularly on less air, more ocean. That's going to be a big lever that we pull.

因此，您認為總影響實際上超過 1 億美元。由於我們的訂單已經被接受等等，我們實施的緩解措施基本上已經在 25 財年得到落實。但隨著我們進入26年，我們將發動進攻，並將採取進一步的緩解措施，特別是在減少空中交通、增加海洋交通方面。這將是我們要發揮的巨大作用。

We are actively looking at resourcing out of different countries to further mitigate in 2026. But as you know, that takes time and so that we need to work through all of that. And we will continue to thoughtfully pull back on promos to help offset this. and then continue our sort of expense management. So mitigation will definitely increase in 2026. It just takes a little bit while some of these levers to play out.

我們正在積極尋求從不同國家獲取資源，以在 2026 年進一步緩解這一問題。但正如你所知，這需要時間，所以我們需要努力解決所有這些問題。我們將繼續謹慎地撤回促銷活動，以抵消此影響，然後繼續我們的費用管理。因此到 2026 年，減緩力道肯定會加大。只是需要一點時間才能發揮這些槓桿的作用。

Helpful. Thank you very much.

很有幫助。非常感謝。

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.

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時間以及對 VS & Co. 的關注。祝您擁有美好的一天。

Thank you all for participating in the Victoria's Secret & Company's second quarter 2025 earnings conference 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 2025 年第二季財報電話會議。今天的會議到此結束。請立即斷開連接並享受剩餘的一天。