Victoria's Secret & Co (VSCO) 2025 Q3 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 & Co.'s third-quarter 2025 earnings conference call. Please be advised that today's conference is being recorded.

早安.我叫阿曼達，今天我將擔任你們的會議接線生。此時此刻，我謹代表維多利亞的秘密公司歡迎各位參加2025年第三季財報電話會議。請注意，今天的會議正在錄影。

(Operator Instructions)

（操作說明）

I would now like to turn it over to Priya Trivedi, Senior Vice President and Global Head of Investor Relations and Treasury at Victoria's Secret & Co. Priya, you may begin.

現在我謹將發言權交給維多利亞的秘密公司高級副總裁兼全球投資者關係和財務主管普里亞·特里維迪。普里亞，你可以開始了。

Good morning, and welcome to Victoria's Secret & Co.'s third-quarter earnings conference call for the period ended November 1, 2025. I would like to remind you that any forward-looking statements we may make today are subject to our Safe Harbor Statement found in our SEC filings and in our press releases.

早安，歡迎參加維多利亞的秘密公司截至2025年11月1日的第三季財報電話會議。我想提醒各位，我們今天可能作出的任何前瞻性聲明均受我們提交給美國證券交易委員會的文件和新聞稿中的「安全港聲明」的約束。

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.

今天與我一起參加電話會議的有執行長希拉蕊·蘇珀；以及首席財務兼營運長史考特·塞克拉。我們今天有大約 30 分鐘的時間可以回答任何問題。

Certain results we discuss on the call today are adjusted results and exclude the impact of certain items described in our press releases and in 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 in the investor presentation posted on the Investors section of our website.

我們今天在電話會議上討論的某些業績是調整後的業績，不包括我們在新聞稿和提交給美國證券交易委員會的文件中描述的某些項目的影響。這些以及其他非GAAP指標與最可比較GAAP指標的調節表已包含在我們的新聞稿、提交給美國證券交易委員會的文件以及發佈在我們網站投資者關係部分的投資者簡報中。

With that, I'll turn the call over to Hillary.

接下來，我會把電話交給希拉蕊。

Thanks, Priya. Good morning, everyone, and thank you for joining us today. I am pleased to share that we delivered standout third-quarter results with outperformance on the top and bottom lines that far exceeded the high end of our guidance. These outstanding results reflect what we can achieve as we advance our Path to Potential strategy, which is built around four pillars: supercharging our bra authority, recommitting to PINK, fueling growth in Beauty, and evolving our brand projection and go-to-market strategy.

謝謝你，Priya。各位早安，感謝大家今天收看我們的節目。我很高興地宣布，我們第三季業績表現出色，營收和利潤都遠超預期，遠遠超出我們先前的預期上限。這些卓越的成果反映了我們推動「通往潛力之路」策略所能取得的成就，該策略圍繞著四大支柱構建：增強我們在內衣領域的權威性、重新致力於PINK品牌、推動美容業務增長以及發展我們的品牌形象和市場推廣策略。

This is the first-quarter that our new leadership team has been fully on board, and their impact is clear. When the implementation of our strategy is aligned and working in concert, it creates a powerful multiplier effect, accelerating global growth, elevating the distinctiveness of our brands, and unlocking greater value across our ecosystem to drive sustained shareholder returns.

這是我們新領導團隊全面上任後的第一個季度，他們的影響力顯而易見。當我們的策略實施協調一致、協同運作時，便能產生強大的倍增效應，加速全球成長，提升品牌獨特性，並在整個生態系統中釋放更大的價值，從而推動股東持續回報。

A great example of this multiplier effect was the iconic Victoria's Secret Fashion Show. Brand-right product, a major upper funnel moment and digital and social amplification came together, propelling us into the cultural conversation, ultimately driving mind share, customer share, and market share. This translated into tangible business impact, particularly in our intimates business.

維多利亞的秘密時尚秀就是這種倍增效應的絕佳例證，它堪稱經典。合適的品牌產品、重要的行銷漏斗上層節點以及數位化和社群媒體的推廣，共同推動我們進入文化對話，最終提升了品牌認知度、客戶份額和市場份額。這轉化為實際的業務影響，尤其是在我們的貼身衣物業務方面。

In the quarter, our intimates business returned to growth, up mid-single digits, resulting in us gaining over 1% share in the US intimates market. Additionally, a big unlock for the quarter was customer acquisition. Before I arrived, there was not enough focus here and, as a result, our active customer base was shrinking. We have made reversing that trend a priority. For the first time this year, our total customer file grew and, importantly, we saw growth coming from an increase in new customers.

本季度，我們的內衣業務恢復成長，實現了中等個位數的成長，使我們在美國內衣市場獲得了超過 1% 的份額。此外，本季的一大突破點是客戶獲取。在我到來之前，這裡不夠重視，結果導致我們的活躍客戶群不斷萎縮。我們已將扭轉這一趨勢列為首要任務。今年我們的客戶總數首次成長，更重要的是，我們看到成長來自於新客戶的增加。

Now let's walk through the third-quarter results. We delivered net sales of $1.47 billion, an increase of 9% versus last year with robust adjusted gross margin expansion of 170 basis points and earnings growth of 45%. This was driven by growth across Victoria's Secret, PINK and Beauty and underpinned by broad-based outperformance across channels and geographies.

現在我們來看看第三季的業績。我們實現了 14.7 億美元的淨銷售額，比去年增長了 9%，調整後的毛利率強勁增長了 170 個基點，盈利增長了 45%。這主要得益於 Victoria's Secret、PINK 和 Beauty 等品牌的成長，以及各通路和地區整體表現優異。

Our international business continues to grow at an accelerated pace with Q3 marking our third consecutive quarter of double-digit retail sales growth. Sales were up over 30% during the quarter driven by exceptional performance in China, primarily in the digital channel.

我們的國際業務持續加速成長，第三季標誌著我們連續第三個季度零售額實現兩位數成長。本季銷售額成長超過 30%，主要得益於中國市場的出色表現，尤其是數位通路的強勁成長。

In late October, we saw a strong start to the 11.11 Singles Day selling period. These results continue to affirm our brand's global appeal and International's role as a growth engine. With Black Friday and Cyber Monday behind us, our fourth-quarter is off to a strong start. We saw our highest Black Friday customer turnout since our spinoff with roughly 1 million customers shopping our brands in North America, up high single digits from last year, and a strong engagement from new customers.

10 月下旬，我們看到了「雙十一」購物節銷售季的強勁開局。這些結果繼續印證了我們品牌的全球吸引力以及國際業務作為成長引擎的作用。隨著黑色星期五和網路星期一的結束，我們的第四季開局強勁。自從我們分拆以來，黑色星期五的顧客到場人數達到了最高水平，約有 100 萬顧客在北美購買了我們的品牌產品，比去年增長了近 10 個百分點，並且新顧客的參與度很高。

Building on our third-quarter outperformance and the momentum of the fourth-quarter, we are raising our outlook for the year. With the strength of two iconic brands and a thoughtfully curated product assortment, amplified by our merchandising and marketing strategies, we are well positioned to deliver a strong holiday season and a solid finish to fiscal 2025.

憑藉第三季優異的業績和第四季的良好勢頭，我們提高了全年的業績預期。憑藉兩大標誌性品牌的實力和精心挑選的產品系列，再加上我們的商品銷售和行銷策略，我們完全有能力在假日季取得強勁的業績，並在 2025 財年取得圓滿的收官。

Now let's turn to a signature brand moment for us as the world's leading intimates brand, the Victoria's Secret Fashion Show, which celebrated the new era of sexy, masterfully blended pop culture with storytelling. It was a full force celebration of our community, brought to life by a dynamic lineup of global music artists including Madison Beer, Carol G., TWICE and Missy Elliott, alongside iconic runway talent, and fresh faces. PINK's moment in the spotlight sparked tremendous excitement, amplifying the impact of the entire event and elevating the experience for fans around the world.

現在讓我們來看看作為世界領先的內衣品牌，維多利亞的秘密時尚秀的標誌性品牌時刻。這場秀慶祝了性感新時代的到來，巧妙地將流行文化與故事敘述融合在一起。這是一場盛大的社區慶祝活動，由包括麥迪遜·比爾、卡羅爾·G、TWICE 和米西·艾莉奧特在內的全球音樂藝術家，以及標誌性的T台人才和新面孔共同呈現。PINK 的亮相引發了巨大的興奮，擴大了整個活動的影響力，提升了世界各地粉絲的體驗。

The show once again became a cultural phenomenon. In the four weeks following the show, streaming views reached approximately 61 million, up over 60% versus last year. We gained nearly 9 million new social followers, and total media impressions hit $51 billion, an increase of over 30% versus last year. On show day alone, the event dominated fashion media with over 42 billion impressions, while traffic to our site surged over 60% year-over-year, converting over 15% more new customers.

該節目再次成為文化現象。節目播出後的四周內，串流播放量達到約 6,100 萬次，比去年增長超過 60%。我們新增了近 900 萬社群媒體粉絲，媒體總曝光量達到 510 億美元，比去年成長超過 30%。光是時裝週當天，該活動就以超過 420 億次的曝光量主導了時尚媒體，而我們網站的流量年增超過 60%，新客戶轉換率也提高了 15% 以上。

Post show, Victoria's Secret kept the cultural spotlight, converting the buzz into measurable business results as engagement soared across search volume, click-through rates, positive sentiment, and brand desire. The Fashion Show delivered strong commercial impact, significantly exceeding both last year's results and our expectations. The halo from the show is evident across our business, from the increased demand for sexy and glamorous bras and related lifestyle collections to renewed traction for iconic VS brand codes. Shoppable product linked to the event doubled year-over-year with several key styles selling out.

秀後，維多利亞的秘密繼續保持文化關注度，並將熱度轉化為可衡量的商業成果，搜尋量、點擊率、正面評價和品牌渴望度均大幅提升。時裝秀取得了強勁的商業成效，遠遠超過了去年的成績和我們的預期。該節目的光環效應在我們整個業務中顯而易見，從對性感迷人的胸罩和相關生活方式系列的需求增加，到對標誌性 VS 品牌代碼的重新關注。與該活動相關的可購買產品數量比去年同期增長了一倍，其中幾款熱門款式已售罄。

We also launched our holiday collection alongside the show, which started strong in the third-quarter and continues to perform well. The show serves as a powerful customer acquisition engine. We saw double-digit growth in new and reactivated customers following the event, with particularly strong traction among the 18- to 34-year age group. The show remains an unrivaled cultural event fueling growth, brand love and engagement while reinforcing our leadership in the global intimates market.

我們也與時裝秀同期推出了假日系列，該系列在第三季開局強勁，並持續保持良好表現。該節目是強大的客戶獲取引擎。活動結束後，新客戶和重新啟動的客戶數量實現了兩位數的成長，其中 18 至 34 歲年齡層的客戶成長尤為強勁。該展會仍然是無與倫比的文化盛事，它推動了成長，提升了品牌喜愛度和參與度，同時鞏固了我們在全球內衣市場的領導地位。

This year's fashion show was a defining moment, allowing us to show the world how we've evolved into our new era of sexy. In this era, beauty is no longer a singular standard. It's on her own terms, a conscious liberating choice. Some of the shift is subtle. It's in the tone, the gaze, the feeling.

今年的時裝秀是一個具有決定性意義的時刻，讓我們得以向世界展示我們是如何演變成性感的新時代。在這個時代，美不再是單一的標準。這是她自己所做的選擇，一種自覺的、解放自我的選擇。有些變化很細微。關鍵在於語氣、眼神和感覺。

And some of it is unmistakable, more diverse bodies and ages, a fuller spectrum that's joyful at its core and an expanded product assortment that empowers her to feel exactly how she wants. Our role isn't to dictate or to define. It's to meet women where they are, to inspire them, listen to them and reflect the many ways they show up today. Now let's review the meaningful progress we made in the third-quarter across each pillar of our Path to Potential strategy.

有些變化是顯而易見的，例如更多樣化的體型和年齡，更完整的光譜，其核心是快樂，以及更廣泛的產品系列，使她能夠完全按照自己的意願感受。我們的職責不是發號施令或做出定義。這是為了了解女性的現狀，激勵她們，傾聽她們的心聲，並反映她們如今展現出的多種方式。現在讓我們回顧一下我們在第三季在「邁向潛力之路」策略的各個支柱領域取得的實質進展。

Turning to our first strategic pillar, supercharging our bra authority. Bras are the heart of our business and we are a market leader in the bra category. We want to reinforce our position as her number one destination for all bras because when we win in bras, it creates a halo effect across our entire brand. Our bra customer is among our most valuable and loyal.

接下來，我們來談談第一個策略支柱，那就是增強我們在內衣領域的權威性。胸罩是我們業務的核心，我們是胸罩類別的市場領導者。我們希望鞏固我們作為她購買所有內衣的首選之地的地位，因為當我們贏得內衣市場時，會對我們的整個品牌產生光環效應。我們的內衣顧客是我們最有價值、最忠誠的顧客群。

She spends more, visits us more frequently and shops additional categories, reinforcing her connection with us. To achieve this, we are delivering market-leading innovation with style and fashion that solves real lifestyle needs. We are educating with authority to showcase our expertise.

她消費更多，光顧我們更頻繁，購買的商品種類也更多，這加強了她與我們之間的連結。為了實現這一目標，我們以時尚的風格提供市場領先的創新產品，滿足真正的生活方式需求。我們以權威的方式進行教育，以展現我們的專業技能。

We are amplifying our digital marketing voice through a social-first approach to attract new customers and grow the value of existing ones. And we are elevating the experience with profiting experts in top stores and creating emotional connected digital experiences. These actions position us to unlock significant growth and deepen loyalty through an exceptional bra experience.

我們正透過以社群為先導的方式，加大數位行銷力度，以吸引新客戶並提升現有客戶的價值。我們正在透過頂級門市的獲利專家提升體驗，並創造情感連結的數位體驗。這些舉措使我們能夠透過卓越的內衣體驗，實現顯著成長並加深客戶忠誠度。

The third-quarter showcased our ability to win across the bra lifestyle spectrum with a frequent drumbeat of fashion innovation complemented by sharp messaging. The Body by Victoria FlexFactor bra with the tagline, Better than Braless, delivered casual comfort and innovation and has quickly become one of our top styles, driving incremental growth.

第三季度，我們憑藉著不斷推陳出新的時尚創新和精準的訊息傳遞，展現了我們在內衣生活方式領域贏得市場的能力。Body by Victoria FlexFactor 胸罩以「比不穿胸罩更好」為標語，兼具休閒舒適感和創新性，迅速成為我們最受歡迎的款式之一，推動了銷量的成長。

Ahead of our Fashion Show, we activated a sophisticated campaign for the Very Sexy franchise, which delivered impressive results. Finally, in Sport, we expanded our range of support levels, reinforcing our authority in sports bras across all wearing occasions.

在我們的時裝秀之前，我們為 Very Sexy 系列發起了一項精心策劃的宣傳活動，並取得了令人印象深刻的效果。最後，在運動領域，我們擴大了支撐等級的範圍，鞏固了我們在各種穿著場合的運動胸罩領域的權威地位。

In North America, our Victoria's Secret bra business delivered a mid-single-digit increase in the third-quarter, signaling a strong return to growth in the category. Performance was steady throughout the quarter as our bra offering from casual to sexy and glamor, with the latter accelerating with the heightened interest around the Fashion Show.

在北美，我們的維多利亞的秘密內衣業務在第三季度實現了中等個位數的成長，這標誌著該品類強勁復甦。本季業績穩定，我們的內衣產品涵蓋休閒款、性感款和魅力款，其中魅力款的銷量隨著時裝秀的臨近而加速增長。

As a result, we grew our share of the US bra market by low single digits, a nice acceleration from last quarter. By connecting emotionally with the customer, we've been able to increase regular price selling, pull back on promotions and execute select strategic price increases all while growing the bra base business. As our bra category accelerated, so did the rest of Victoria's Secret brand.

因此，我們在美國胸罩市場的份額實現了個位數低成長，比上一季有了顯著提升。透過與顧客建立情感聯繫，我們得以提高常規價格銷售額，減少促銷活動，並執行選擇性的策略性漲價，同時發展內衣基礎業務。隨著內衣類別的快速成長，維多利亞的秘密品牌的其他產品線也隨之發展壯大。

For the fourth-quarter, we've been very pleased with the response to our intimates collection thus far, and momentum continues to build. The VS Lifestyle extends into sexy and casual sleepwear and gift sets, a key gifting category for the quarter. Then as we transition into post-holiday, we are excited to unveil a fresh Valentine's Day assortment designed to keep our customer engaged and inspired.

第四季至今，我們對內衣系列的市場反應非常滿意，而且銷售動能仍在持續增強。VS Lifestyle 系列產品涵蓋性感休閒睡衣和禮品套裝，這是本季重要的禮品類別。隨著節後時光的到來，我們很高興推出全新的情人節系列產品，旨在保持顧客的興趣和靈感。

The Victoria's Secret brand proposition of sexy, glamorous, and luxurious is clearly resonating. The customer is responding, returning, and reengaging with the brand. As we continue to innovate, deliver differentiated product and communicate in compelling ways, we are not just succeeding, we are gaining share.

維多利亞的秘密性感、迷人、奢華的品牌理念顯然引起了共鳴。顧客正在回應，再次光顧並與品牌互動。隨著我們不斷創新，提供差異化產品，並以引人入勝的方式進行溝通，我們不僅取得了成功，而且還在擴大市場份額。

Our next pillar is recommitting to PINK. PINK has long been an iconic, immediately recognizable, and beloved brand. We are focused on returning PINK to its roots as a lifestyle brand designed for 18 to 24 year olds, a segment we pioneered and once dominated. That means reestablishing PINK's identity as digitally first and socially driven while staying true to its DNA: bold, playful, and irreverent. This is at the heart of everything we do from product design to storytelling.

我們的下一個支柱是重新致力於 PINK。PINK 一直以來都是一個標誌性的、辨識度極高且深受喜愛的品牌。我們致力於讓 PINK 回歸其最初的定位，成為一個面向 18 至 24 歲年輕人的生活風格品牌，而我們正是這一細分市場的開拓者，並且曾經佔據主導地位。這意味著要重新確立 PINK 以數位優先、社交驅動為核心的品牌形象，同時保持其 DNA：大膽、俏皮、不敬。從產品設計到故事敘述，這貫穿我們所做的一切的核心。

By showing up in the moments that matter most to her and creating compelling products and experiences, we are building the emotional connections needed to win her loyalty for the long term. PINK delivered an outstanding third-quarter with double-digit sales growth accelerating from the second-quarter.

透過在對她而言最重要的時刻出現，並創造引人入勝的產品和體驗，我們正在建立贏得她長期忠誠所需的情感聯繫。PINK 第三季業績表現出色，銷售額實現了兩位數成長，較第二季成長加快。

As we increase our apparel penetration, we are delivering frequent fashion to create a steady drumbeat of newness. We showed up in key moments like back-to-school, Game Day and Halloween, supported by culturally relevant and entertainment-led digital and social content. A record-breaking LoveShackFancy collaboration and PINKs included in the Fashion Show also fueled awareness and connection.

隨著我們服裝滲透率的提高，我們將不斷推出時尚新品，以持續創造新鮮感。我們在返校季、比賽日和萬聖節等關鍵時刻出現，並輔以與文化相關、以娛樂為主導的數位和社交內容。LoveShackFancy 與 PINKs 合作推出的破紀錄系列以及 PINKs 品牌在時裝秀上的亮相，也提高了人們的意識和聯繫。

Our LoveShackFancy collaboration was highly successful. We seized the launch on our social channels and hosted a pop-up event in New York City with media and influencers. At launch, traffic to our site soared and we logged our highest five minutes of digital volume ever. Importantly, this is all at regular price and incremental to the base PINK business. This buzz translated into authentic brand content that drove engagement across social channels. Nearly 15% of customers shopping this collaboration were new or reactivated.

我們與 LoveShackFancy 的合作非常成功。我們利用社群媒體管道進行推廣，並在紐約市舉辦了一場快閃活動，邀請了媒體和有影響力的人士參與。網站上線後，訪客人數激增，我們創下了有史以來最高的五分鐘數位訪客紀錄。重要的是，所有這些都是以正常價格出售，並且是在 PINK 基本業務之外的額外收費項目。這種熱度轉化為真實的品牌內容，從而推動了社交管道上的互動。參與此次合作的顧客中，近 15% 為新顧客或重新啟用的顧客。

PINK also took center stage at the Fashion Show with the K-pop sensation, TWICE, and a lineup of talent that appeals to Gen Z. This collaboration resonated with our target customer and reintroduced PINK to their highly engaged fan bases. The Wear Everywhere bra worn by TWICE sold out following the performance and related content on social media went viral, generating over 52 million views to date. PINK intimates also returned to growth, signaling positive momentum across the brand. This remarkable post show lift in PINK intimates reinforced a key insight.

PINK 也攜手韓國流行音樂天團 TWICE 以及一眾深受 Z 世代喜愛的藝人，在時裝秀上大放異彩。此次合作引起了目標客戶的共鳴，並將 PINK 重新介紹給了他們高度活躍的粉絲群。TWICE 在表演後穿著的 Wear Everywhere 胸罩迅速售罄，相關內容在社群媒體上走紅，迄今已獲得超過 5,200 萬次的觀看次數。PINK內衣也恢復了成長，顯示品牌整體發展勢頭良好。PINK內衣秀後銷售量的顯著成長印證了一個重要的洞見。

With the innovation and brand experience, PINK intimates can unlock meaningful growth. PINK has gotten off to a strong start in the fourth-quarter. Earlier this week, we launched our second collaboration with LoveShackFancy. PINK is regaining its spark, and we are confident in our strategy to drive growth, deepen customer connection and the long-term brand value.

憑藉創新和品牌經驗，PINK 內衣可以實現有意義的成長。PINK在第四節比賽中開局強勁。本週早些時候，我們與 LoveShackFancy 推出了第二次合作。PINK 正在重拾活力，我們對推動成長、加深客戶聯繫和提升長期品牌價值的策略充滿信心。

Our next pillar is fueling growth in Beauty, a powerhouse business nearing $1 billion in net sales in North America. Beauty is a high-frequency category and our beauty customer is our second most valuable in spend, yet only 40% of our customers purchase Beauty, which is a clear opportunity. To capture this, we are investing in talent to scale Victoria's Secret Beauty, build a differentiated offering for PINK Beauty, and strengthen our innovation pipeline. We're putting innovation at the forefront while enhancing merchandising and speed-to-market capabilities to consistently deliver fresh, exciting products.

我們的下一個支柱是推動美容業務的成長，這是一個強大的業務，在北美的淨銷售額已接近 10 億美元。美容產品是高頻消費品類，我們的美容客戶消費金額排名第二，但只有 40% 的客戶購買美容產品，這顯然是一個機會。為了實現這一目標，我們正在投資人才，以擴大 Victoria's Secret Beauty 的規模，為 PINK Beauty 打造差異化產品，並加強我們的創新管道。我們將創新放在首位，同時提升商品銷售和上市速度能力，以持續提供新鮮、令人興奮的產品。

With a strong team in place, we see tremendous runway for growth in North America and internationally. In the third-quarter, our Beauty business grew low single digits, building on last year's mid-teens increase. An important reason our business is thriving is because we listen and act. After last year's Fashion Show, customers asked for more glamor, so we delivered runway exclusives and the response was electric. This year, the customer buzz after the fashion show got even louder, and we are turning those insights into innovation for our upcoming product launches.

憑藉著一支強大的團隊，我們看到了在北美和國際市場的巨大成長空間。第三季度，我們的美容業務實現了個位數低成長，延續了去年兩位數中段的成長動能。我們業務蓬勃發展的一個重要原因是，我們傾聽客戶意見並採取行動。去年時裝秀之後，顧客們要求更有魅力一些，所以我們推出了T台獨家款，反應非常熱烈。今年，時裝秀結束後，顧客的反應更加熱烈，我們將這些見解轉化為即將推出的產品的創新。

Scent is our secret weapon. It creates lifelong memories and a deep emotional connection with our brand. You see it with Bombshell, which is America's number one fragrance. This quarter, we introduced the holiday addition of Bombshell and launched our first integrated lifestyle campaign for the Very Sexy franchise, bringing together intimates and the restaged fragrance, which drove solid growth.

氣味是我們的秘密武器。它能創造終生難忘的回憶，並與我們的品牌建立深厚的情感連結。以 Bombshel​​l 為例，它是美國排名第一的香水。本季度，我們推出了假期限定版 Bombshel​​l，並為 Very Sexy 系列推出了首個整合生活風格行銷活動，將內衣和重新推出的香水結合在一起，推動了穩健成長。

For the fourth-quarter, Beauty is a key gifting category. We have a full selection of fine fragrances, mists and beautifully packaged gift sets heading into the holiday season. We are investing in the future of this business to innovate and differentiate to capture market share across North America and internationally, where beauty is a key category.

第四季度，美妝產品是重要的禮品類別。節慶季節來臨之際，我們準備了各種精美香水、香氛噴霧和包裝精美的禮品套裝。我們正在投資這項業務的未來，透過創新和差異化來搶佔北美和國際市場份額，而美容是這些市場的關鍵類別。

Finally, evolving our brand projection and go-to-market pillar. We are creating a compelling shift in our market presence, more purposeful, more provocative, and more aligned with who our customer is today. Our focus is on driving brand heat to reclaim mind share, which ultimately fuels market share and growth. Over the past year, we clarified our target customer for each brand's positioning. This clarity informs every decision, from product creation to how our brand shows up in the world, helping to reestablish our relevance and leadership position.

最後，我們將完善品牌形象和市場推廣策略。我們正在創造一個引人注目的市場形象轉變，使其更具目標性、更具啟發性，並更符合我們當今客戶的需求。我們的目標是提升品牌熱度，重新奪回用戶心智，最終推動市場佔有率和成長。過去一年，我們明確了每個品牌定位的目標客戶。這種清晰的想法引導著我們所做的每一個決定，從產品創造到我們的品牌在世界上的形象，幫助我們重新確立了我們的相關性和領導地位。

To capture mind share, we are continuing to fine-tune our marketing investments. This includes rightsizing direct mail spend to protect our most valuable customers while investing in digital and social marketing. We are leveraging owned channels that reach more than 145 million followers and expanding influencer campaigns, all with a sharp focus on acquiring new customers. We are delivering bold, entertainment-led creative content that is forging an emotional connection. Our approach is working.

為了贏得消費者的關注，我們正在不斷調整行銷投入。這包括調整直郵支出規模，以保護我們最有價值的客戶，同時投資數位和社交行銷。我們正在利用覆蓋超過 1.45 億粉絲的自有管道，並擴大網紅行銷活動，所有這些都以獲取新客戶為重點。我們提供大膽創新、以娛樂為主導的創意內容，旨在建立情感連結。我們的方法奏效了。

The momentum in brand buzz and mind share gains are evident with the commercial success of our FlexFactor bra launch in late July, LoveShackFancy collaboration in early August and the ultimate cultural moment, our Fashion Show in mid-October.

品牌熱度和市場份額的成長勢頭顯而易見，我們在 7 月下旬推出了 FlexFactor 文胸，8 月初與 LoveShackFancy 合作，並在 10 月中旬舉辦了一場盛大的時裝秀，這些都取得了商業上的成功。

This strategic marketing shift, combined with our product initiatives, is also driving meaningful customer growth. In the third-quarter, our total customer file grew low single digits, a significant improvement over the second-quarter. We saw gains across all customer segments, new, reactivated, and active with our new customers showing the biggest shift in trend. Additionally, we saw nice increases in both the number of customers and average sales per customer across all income cohorts.

這項策略行銷轉變，加上我們的產品舉措，也正在推動客戶數量的顯著成長。第三季度，我們的客戶檔案總數實現了個位數低成長，比第二季度有了顯著改善。我們看到所有客戶群（包括新客戶、重新激活客戶和活躍客戶）都實現了成長，其中新客戶的成長趨勢最為顯著。此外，我們看到所有收入群體的客戶數量和每位客戶的平均銷售額都有顯著成長。

Our gains in mind share and customer share are translating into market share. In the third-quarter, despite the total US intimates market declining, we grew our share of the market by over 1% driven by growth across our intimates business. This was our second consecutive quarter of gaining market share, reinforcing that our growth is not dependent on the category growing. It comes from creating desire, building brand heat, and providing exceptional customer experiences.

我們在用戶心智份額和客戶份額方面的提升正在轉化為市場份額。第三季度，儘管美國內衣市場整體下滑，但由於內衣業務的成長，我們的市佔率成長了 1% 以上。這是我們連續第二季獲得市場份額，這進一步證明，我們的成長並不依賴品類的成長。它源自於創造慾望、建立品牌熱度和提供卓越的客戶體驗。

Our brand projection and marketing efforts are delivering heightened awareness, deeper affinity, and increased relevance. Victoria's Secret is now dominating the conversation and moving into the center of culture, converting buzz into measurable business impact and market share gains.

我們的品牌推廣和行銷努力正在提高品牌知名度、加深品牌好感度和提升品牌相關性。維多利亞的秘密如今主導了人們的討論，並逐漸成為文化中心，將熱度轉化為可衡量的商業影響和市場份額成長。

In closing, we delivered a standout third-quarter with sales and earnings growth that positions us to raise our outlook for the year. We feel confident in our ability to execute but are being thoughtful about the consumer, particularly post-holiday. We are heading into the holiday season with momentum and are well positioned to deliver a strong finish for the year. I would like to thank our incredible, talented, and passionate teams for their tireless work in driving our transformation strategy forward and for delivering exceptional service to our customers every day.

總之，我們第三季業績表現出色，銷售額和利潤均實現成長，這使我們能夠提高全年的業績預期。我們對自身的執行能力充滿信心，但同時也考慮到消費者的需求，尤其是在節後時期。我們帶著強勁的勢頭進入假日季，並已做好充分準備，為今年畫上一個圓滿的句號。我要感謝我們傑出、才華橫溢、充滿熱情的團隊，感謝他們為推進我們的轉型策略所付出的不懈努力，以及他們每天為我們的客戶提供的卓越服務。

When the implementation of our Path to Potential strategy is aligned and working in concert, it creates a powerful multiplier effect, unlocking greater value across our ecosystem. We are reinforcing our leadership in global intimates and beauty to drive sustained long-term profitable growth.

當我們的「通往潛力之路」策略的實施協調一致、協同運作時，它會產生強大的倍增效應，從而釋放我們整個生態系統的更大價值。我們正在鞏固我們在全球內衣和美容領域的領先地位，以推動持續的長期獲利成長。

I will now turn it over to Scott to provide a financial overview of the quarter and our updated fiscal 2025 guidance. Scott?

現在我將把發言權交給史考特，讓他為大家提供本季的財務概覽以及我們更新後的 2025 財年業績指引。史考特？

Thanks, Hillary, and thank you, everyone, for joining today's call. Our third-quarter results significantly exceeded expectations, building on the momentum from our strong first half of the year. This outperformance was broad-based and reflects continued progress on our Path to Potential strategy. We continue to focus on the fundamentals while prioritizing investments in product innovation, brand strength, and customer experience. These investments are positioning us for long-term differentiation and success.

謝謝希拉里，也謝謝各位參加今天的電話會議。第三季業績大幅超出預期，延續了上半年強勁的成長動能。這項優異表現具有廣泛的基礎，反映了我們在實現潛力之路策略方面取得的持續進展。我們將繼續專注於基本面，同時優先投資於產品創新、品牌實力和客戶體驗。這些投資使我們具備了長期差異化和成功的優勢。

Now let's turn to our third-quarter results in more detail. Net sales for the quarter were $1.472 billion, an increase of $125 million or 9% over last year with comparable sales growth of 8%, exceeding the high end of our guidance. These strong results built on last year's third-quarter growth of 7%. As Hillary highlighted, these results reflect growth across all businesses Victoria's Secret, PINK and Beauty. This momentum was supported by broad-based outperformance across channels and geographies, improved sales metrics including higher comp traffic and average order value and increased regular price selling.

現在讓我們更詳細地看一下第三季的業績。本季淨銷售額為 14.72 億美元，比去年同期成長 1.25 億美元，增幅為 9%，同店銷售額成長 8%，超過了我們預期的上限。這些強勁的業績建立在去年第三季7%的成長基礎上。正如希拉蕊所強調的那樣，這些業績反映了維多利亞的秘密、PINK 和美妝等所有業務的成長。這一動能得益於各通路和地區的全面優異表現，銷售指標的改善，包括更高的同店流量和平均訂單價值，以及更高的常規價格銷售。

We saw solid growth leading into the fashion show and then an acceleration following the fashion show. In North America, the Victoria’s Secret brand delivered a strong mid-single-digit increase in sales versus last year while PINK achieved a low double-digit sales increase. Traffic continued to outperform the mall driven by enhanced product offerings, our digital-first and socially driven marketing approach and haloed by the fashion show later in the quarter.

在時裝秀之前，我們看到了穩健的成長，時裝秀結束後，成長速度更是加快了。在北美，維多利亞的秘密品牌銷售額較去年實現了強勁的中等個位數成長，而PINK品牌則實現了較低的兩位數銷售額成長。客流量持續優於購物中心，這得益於產品供應的增加、我們以數位優先和社交驅動的營銷方式，以及本季稍後舉辦的時裝秀的加持。

AURs in the quarter were up 3% compared to last year. And excluding panties, which is a low AUR category, AURs increased 6%. As Hillary highlighted, customers also responded to the frequent drumbeat of newness in the quarter.

本季平均使用率比去年同期成長了3%。如果排除 AUR 較低的內褲類別，AUR 則成長了 6%。正如希拉蕊所強調的那樣，顧客們也對本季頻繁推出的新品做出了積極回應。

We were extremely pleased with our performance and intimates in the Victoria's Secret brand, where we saw major trend improvements from the first and second-quarter across both bras and panties. Contributing to this improvement was strong demand and regular price selling through the quarter for our full assortment across casual to sexy and glamor bras, with the latter accelerating post fashion show. Additionally, PINK intimates returned to growth for the first time in years, a real positive trend shift and a key learning going forward.

我們對維多利亞的秘密品牌內衣的業績感到非常滿意，我們看到胸罩和內褲的趨勢在第一季和第二季都有了顯著改善。促成這一改善的因素包括本季我們全系列休閒、性感和魅力文胸的強勁需求和正常價格銷售，其中魅力文胸在時裝秀後銷售加速。此外，PINK內衣多年來首次恢復成長，這是一個真正的正面趨勢轉變，也是未來發展的重要經驗。

For the quarter, we grew our market share in US intimates by over 1% compared to last year, driven by increases in our bra business. Beauty again delivered top line growth with sales up low single digits over last year on top of the exceptional results in the third-quarter of 2024.

本季度，我們在美國內衣市場的份額比去年同期增長了 1% 以上，這主要得益於我們胸罩業務的成長。美容業務再次實現營收成長，銷售額較去年同期成長個位數，此前在 2024 年第三季也取得了優異的業績。

Our international business also continued to perform exceptionally well during the quarter. Reported third-quarter sales grew 34% to $265 million, reflecting an improvement over a strong second-quarter. Approximately six points of this sales increase reflect a shift in the reporting of European digital sales, which were previously fulfilled from our US distribution center and recorded in North America direct sales. They are now being fulfilled from our European distribution center as part of our ongoing efforts to enhance international operations and will be reported as part of our international sales.

本季度，我們的國際業務也持續表現出色。報告顯示，第三季銷售額成長 34% 至 2.65 億美元，較強勁的第二季有所改善。此次銷售額成長約有 6 個百分點反映了歐洲數位銷售報告方式的轉變，這些銷售以前是由我們的美國分銷中心完成的，併計入北美直接銷售額。這是我們不斷努力加強國際業務的一部分，目前這些訂單正從我們的歐洲配送中心發貨，並將作為我們國際銷售額的一部分進行報告。

International retail sales grew in the high teens during the quarter driven by exceptional performance in China, primarily in the digital channel. In late October, we also saw a strong start to the 11.11 Singles Day selling period. International results included low double-digit retail comparable sales gains across both stores and digital, combined with continued new store openings.

本季國際零售額實現了接近兩位數的成長，主要得益於中國市場的出色表現，尤其是數位通路的強勁成長。10 月下旬，我們也看到了「雙十一」購物節銷售季的強勁開局。國際業績包括實體店和線上零售額均實現了兩位數的同店銷售額成長，同時新店數量也持續增加。

Third-quarter adjusted gross margin dollars were $537 million with an adjusted gross margin rate of 36.5%, which was 170 basis points above last year and 250 basis points above our guidance. We've built a solid operational foundation, creating a business model that enables us to scale effectively and support the company's growth. This was evident in the significant leverage on our buying and occupancy expenses, which contributed nicely to margin expansion.

第三季調整後毛利為 5.37 億美元，調整後毛利率為 36.5%，比去年同期高出 170 個基點，比我們的預期高出 250 個基點。我們已經建立了穩固的營運基礎，創建了一種能夠有效擴展規模並支持公司發展的商業模式。這一點在我們採購和租賃費用方面的顯著槓桿作用中得到了體現，這為利潤率的提升做出了很好的貢獻。

Additional favorable drivers versus last year included continued strength in regular price selling and a pullback in traditional promotions, resulting in lower discounting throughout the quarter. Altogether, these factors allowed us to more than offset approximately $15 million or 100 basis points in tariffs in the quarter. This operational foundation positions us well for long-term success.

與去年相比，其他有利因素包括常規價格銷售的持續強勁和傳統促銷活動的減少，導致整個季度折扣力度降低。綜合來看，這些因素使我們能夠在本季度抵消約 1500 萬美元或 100 個基點的關稅。這項營運基礎使我們為長期成功奠定了良好的基礎。

Adjusted SG&A dollars were $537 million in the third-quarter and our adjusted SG&A rate was 36.5%, which was 30 basis points better than our guidance and leveraging 30 basis points versus the prior year rate of 36.8%. 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. We did make additional strategic marketing investments in the quarter, where we saw positive ROAS opportunities.

第三季調整後的銷售、一般及行政費用為 5.37 億美元，調整後的銷售、一般及行政費率為 36.5%，比我們的預期高出 30 個基點，比上年同期的 36.8% 的費率也高出 30 個基點。本季調整後的銷售、一般及行政費用率優於預期，得益於銷售額超出預期，以及公司在各個業務方面持續嚴格的費用管理。本季我們確實進行了額外的策略行銷投資，我們看到了積極的廣告支出回報率 (ROAS) 機會。

Driven by the sales beat as well as the disciplined expense management, adjusted operating income for the third-quarter was breakeven, which was better than our guidance of an adjusted operating loss of $35 million to $55 million. This result compares to last year's third-quarter adjusted operating loss of $28 million.

由於銷售額超出預期以及嚴格的費用管理，第三季調整後的營業收入實現了盈虧平衡，好於我們先前預測的調整後營業虧損 3,500 萬美元至 5,500 萬美元。這一結果與去年第三季調整後的營業虧損 2,800 萬美元相比有所改善。

Adjusted nonoperating expenses, consisting principally of interest expense, were $18 million in the quarter, in line with our guidance and down from last year, driven by a lower level of weighted average borrowings and lower interest rates. Our third-quarter adjusted tax rate was 15% and our adjusted net loss per share came in at $0.27, significantly better than our guidance of an adjusted net loss per diluted share of $0.55 to $0.75 and last year's adjusted net loss of $0.50 per share.

經調整的非經營性支出（主要包括利息支出）在本季度為 1800 萬美元，符合我們的預期，並且低於去年同期水平，這主要得益於加權平均借款水平的下降和利率的降低。我們第三季的調整後稅率為 15%，調整後每股淨虧損為 0.27 美元，遠優於我們先前預測的調整後每股稀釋淨虧損 0.55 美元至 0.75 美元，也好於去年同期調整後每股淨虧損 0.50 美元。

Turning to the balance sheet. Total inventories ended the third-quarter up 7% compared to last year and in line with our guidance. From a liquidity standpoint, we ended the third-quarter with a cash balance of $249 million, which is $88 million above last year and our outstanding balance under our $750 million ABL credit facility was $375 million, which was down $65 million from last year.

接下來看一下資產負債表。第三季末總庫存比去年同期成長7%，符合我們的預期。從流動性角度來看，我們第三季末的現金餘額為 2.49 億美元，比去年同期增加了 8,800 萬美元；我們在 7.5 億美元 ABL 信貸安排下的未償餘額為 3.75 億美元，比去年同期減少了 6,500 萬美元。

Since the end of the quarter, we have paid off approximately $165 million and expect to fully pay off the outstanding balance this quarter and end the year with full availability under the ABL. Our liquidity position is strong and provides us financial flexibility for continued execution of our strategic pillars.

自本季末以來，我們已償還約 1.65 億美元，預計本季將全部償還未償餘額，並在年底前實現 ABL 項下的全部可用資金。我們的流動性狀況良好，為持續執行我們的策略支柱提供了財務靈活性。

Now let's turn to our updated outlook for fiscal year 2025. We are raising our full year outlook for net sales and are now forecasting net sales in the range of $6.45 billion to $6.48 billion compared to our prior guidance calling for net sales in the range of $6.33 billion to $6.41 billion.

現在讓我們來看看我們對 2025 財年的最新展望。我們將全年淨銷售額預期上調，目前預測淨銷售額將在 64.5 億美元至 64.8 億美元之間，而先前的預期為淨銷售額在 63.3 億美元至 64.1 億美元之間。

This compares to net sales of $6.23 billion in fiscal 2024 or approximately $6.204 billion excluding the previously disclosed benefit of the approximately $26 million cumulative adjustment related to the gift card break exchange an accounting estimate recognized in the fourth-quarter of 2024. This adjustment increased net sales, gross margin, and operating income by approximately $26 million in the fourth-quarter and full year 2024. Adjusting for this benefit in 2024, our raised sales outlook anticipates a growth of approximately 4%.

相較之下，2024 財年的淨銷售額為 62.3 億美元，或約 62.04 億美元，不包括先前揭露的與禮品卡兌換相關的約 2,600 萬美元累計調整收益（該會計估計已在 2024 年第四季確認）。這項調整使 2024 年第四季和全年淨銷售額、毛利率和營業收入增加了約 2,600 萬美元。考慮到 2024 年的這一利多因素，我們上調後的銷售預期預計將增長約 4%。

As we discussed, we saw significant outperformance in the third-quarter. Additionally, we continue to see momentum into the fourth-quarter, tailored by the Fashion Show, and our holiday offering is resonating well. We are winning in big moments like Black Friday and Cyber Monday, and we also have a robust gifting assortment across key categories like beauty, sleep and PINK and continued brand moments planned through the holiday season.

正如我們之前討論的，我們在第三季度看到了顯著的超預期表現。此外，在時裝秀的推動下，我們第四季持續保持成長勢頭，我們的假期產品也反應良好。我們在黑色星期五和網路星期一等重要時刻都取得了成功，而且我們在美容、睡眠和PINK等關鍵類別中也擁有強大的禮品系列，併計劃在整個假日季繼續推出品牌活動。

Post holidays, we will be ready with the Valentine's Day floor set, giving us confidence in our ability to deliver a strong finish to fiscal 2025. We are also raising our full year guidance for adjusted operating income, which is now expected to be in the range of $350 million to $375 million for fiscal year 2025 compared to our previous guidance of $270 million to $320 million. This compares to last year's adjusted operating income of $373 million in 2024 or approximately $347 million excluding the $26 million gift card breakage benefit.

節慶結束後，我們將準備好情人節主題的展廳佈置，這讓我們有信心在 2025 財年取得優異的成績。我們同時提高了2025財年全年調整後營業收入的預期，目前預計該收入將在3.5億美元至3.75億美元之間，而此前的預期為2.7億美元至3.2億美元。相較之下，2024 年的調整後營業收入為 3.73 億美元，若不計入 2,600 萬美元的禮品卡違約補償金，則約為 3.47 億美元。

Our guidance for the full year 2025 now assumes net tariff impact of approximately $90 million, with approximately $65 million impacting the fourth-quarter. Our mitigation efforts include optimizing costs with vendors, further diversifying our sourcing, ensuring we have a more efficient air versus ocean freight mix 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.

我們對 2025 年全年的預測目前假設淨關稅影響約為 9,000 萬美元，其中約 6,500 萬美元將影響第四季。我們的緩解措施包括與供應商優化成本、進一步實現採購多元化、確保空運與海運比例更加高效，以及透過更有針對性的促銷和策略性的價格調整，在市場上存在價值主張差距的地方實施一系列價格調整。

Adjusted nonoperating expenses, consisting principally of interest expense, are projected to be about $65 million for fiscal year 2025, down from $84 million in fiscal year 2024 and lower than the previous guidance, 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, in line with guidance last quarter. We estimate weighted average diluted shares outstanding of approximately $83 million for fiscal year 2025.

經調整的非經營性支出（主要包括利息支出）預計 2025 財年約為 6,500 萬美元，低於 2024 財年的 8,400 萬美元，也低於先前的預期，這主要是由於加權平均借款水準預計會下降以及利率下降。我們預計 2025 財年的調整後稅率約為 24% 至 25%，與上季的指導意見一致。我們預計 2025 財年加權平均稀釋後流通股數約為 8,300 萬美元。

Given these inputs, we are raising our fiscal year 2025 adjusted net income per diluted share to be in the range of $2.40 to $2.65 compared to our previous guidance of $1.80 to $2.20 and $2.69 in fiscal year 2024. Fiscal 2024 EPS would have been approximately $2.45 excluding the $26 million gift card breakage benefit.

根據這些投入，我們將 2025 財年調整後每股攤薄淨收益預期上調至 2.40 美元至 2.65 美元，而此前的預期為 2024 財年每股攤薄淨收益預期為 1.80 美元至 2.20 美元，2024 財年為 2.69 美元。如果不計入 2,600 萬美元的禮品卡違約賠償金，2024 財年的每股收益約為 2.45 美元。

We continue to be prudent with planning capital expenditures and still expect approximately $200 million in fiscal year 2025. Capital investments will primarily focus on investing in stores and the customer experience, along with investments in technology and logistics related to our strategic initiatives to drive growth and support productivity. We are also increasing our forecast of adjusted free cash flow to approximately $170 million to $210 million in fiscal year 2025.

我們將繼續謹慎規劃資本支出，預計 2025 財年支出約 2 億美元。資本投資將主要集中在門市和客戶體驗方面，以及與我們的策略措施相關的技術和物流方面的投資，以推動成長和提高生產力。我們同時將 2025 財年調整後自由現金流的預測值上調至約 1.7 億美元至 2.1 億美元。

Store counts and renovation plans in North America in 2025 continue to be similar to what we discussed in our previous calls. Square footage in our North American stores this year is still expected to decrease approximately 2% compared to 2024. By the end of the year, we estimate our Store of the Future presence in North America will be nearly 200 stores or approximately 25% of the fleet. Internationally, we estimate our Store of the Future presence end of 2025 will be approximately 40% of the fleet.

2025 年北美地區的門市數量和翻新計劃與我們先前電話會議中討論的內容基本一致。今年我們北美門市的面積預計仍將比 2024 年減少約 2%。預計到今年年底，我們在北美的未來商店將達到近 200 家，約佔我們門市總數的 25%。從國際來看，我們預計到 2025 年底，我們的未來商店將占到我們門市總數的約 40%。

Turning to our outlook for the fourth-quarter. We are forecasting net sales in the range of $2.17 billion to $2.2 billion compared to last year's fourth-quarter net sales of $2.106 billion or approximately $2.08 billion excluding the $26 million gift card breakage benefit. Excluding last year's breakage benefit, our forecast assumes an approximate 4% to 6% top line growth based on continued momentum we are seeing quarter-to-date in our North America business as well as strength in our international business.

接下來展望第四季。我們預測淨銷售額將在 21.7 億美元至 22 億美元之間，而去年第四季的淨銷售額為 21.06 億美元，若不計入 2,600 萬美元的禮品卡違約補償金，則約為 20.8 億美元。不計去年的破損收益，根據我們北美業務本季至今的持續成長動能以及國際業務的強勁表現，我們的預測假設營收成長約為 4% 至 6%。

At this forecasted level of sales, we expect fourth-quarter 2025 adjusted operating income to be in the range of $265 million to $290 million compared to an adjusted operating income of $299 million in the fourth-quarter of 2024 or approximately $273 million excluding the $26 million gift card breakage benefit.

根據預測的銷售水平，我們預計 2025 年第四季調整後營業收入將在 2.65 億美元至 2.9 億美元之間，而 2024 年第四季調整後營業收入為 2.99 億美元，或約 2.73 億美元（不包括 2600 萬美元的禮品卡違約收益）。

We expect fourth-quarter 2025 adjusted gross margin rate to be about 37% to 38%. For comparison, last year's fourth-quarter gross margin rate was 39.7% or approximately 38.9% excluding the $26 million gift card breakage benefit. This means we anticipate the fourth-quarter 2025 gross margin rate to be down between 90 to 190 basis points year-over-year. The decline reflects estimated net tariff pressure of approximately 300 basis points, partially offset by our disciplined promotional strategy and the strength of our operational model, which continues to deliver leverage on buying and occupancy expenses as net sales grow.

我們預計 2025 年第四季調整後的毛利率約為 37% 至 38%。作為對比，去年第四季的毛利率為 39.7%，若不計入 2,600 萬美元的禮品卡違約補償金，則約為 38.9%。這意味著我們預計 2025 年第四季的毛利率將年減 90 至 190 個基點。這一下降反映了預計約 300 個基點的淨關稅壓力，部分被我們嚴謹的促銷策略和強大的營運模式所抵消，隨著淨銷售額的增長，我們的營運模式繼續在採購和占用費用方面發揮槓桿作用。

The adjusted SG&A rate in the fourth-quarter 2025 is expected to lever slightly compared to the fourth-quarter 2024's adjusted rate of 25.4% or approximately 25.8% excluding the $26 million gift card breakage benefit. The forecasted increase in SG&A dollars is primarily driven by store labor and other costs that drive top line.

預計 2025 年第四季的調整後銷售、一般及行政費用率將略高於 2024 年第四季的調整後費用率 25.4%，若不計入 2,600 萬美元的禮品卡違約補償金，則約為 25.8%。預計銷售、管理及行政費用的成長主要受門市人工成本和其他影響營收成長的成本所驅動。

We expect total inventories to be up mid-teens percent compared to last year. This increase is driven by growth to support business trends, the impact of tariffs and timing related to our operations mostly as we strategically shift towards ocean freight from airfreight, which results us in taking ownership of inventory earlier as compared to last year.

我們預計總庫存將比去年增加15%左右。這一增長是由支持業務趨勢的增長、關稅的影響以及與我們運營相關的時機所驅動的，主要是因為我們從空運戰略性地轉向海運，這導致我們比去年更早地獲得了庫存。

Given these inputs, we are forecasting fourth-quarter adjusted earnings per diluted share to be in the range of $2.20 to $2.45 compared to $2.60 in the fourth-quarter of 2024 or approximately $2.35 excluding the $26 million gift card breakage benefit.

根據這些投入，我們預測第四季度調整後每股攤薄收益將在 2.20 美元至 2.45 美元之間，而 2024 年第四季為 2.60 美元，或不包括 2,600 萬美元禮品卡違約收益時約為 2.35 美元。

In closing, I want to reiterate a few key points. Our Path to Potential strategy is producing tangible results. We remain focused on managing costs while prioritizing investments in product innovation, brand strength, and customer experience. These efforts, along with the solid operational foundation we have built, enables us to scale effectively and support the company's future growth. We feel confident in our ability to execute but are being thoughtful about the consumer, particularly post-holiday.

最後，我想重申幾個要點。我們的「潛力挖掘之路」策略正在產生切實可見的成果。我們將繼續專注於控製成本，同時優先投資於產品創新、品牌實力和客戶體驗。這些努力，加上我們已經建立的堅實營運基礎，使我們能夠有效地擴大規模，並支持公司的未來發展。我們對自身的執行能力充滿信心，但同時也考慮到消費者的需求，尤其是在節後時期。

Despite the uncertain macro environment, our fundamentals remain strong and resilient. Our outperformance in the third-quarter, along with our market share gains and momentum into the fourth-quarter, give us confidence in delivering the raised outlook for 2025 and positioning us for long-term success.

儘管宏觀環境存在不確定性，但我們的基本面依然強勁且具韌性。我們在第三季度的優異表現，加上市場份額的成長以及第四季度的良好勢頭，使我們有信心實現 2025 年的更高預期，並為長期成功奠定基礎。

I would now like to open it up for questions. Operator?

現在我想開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Mauricio Serna, UBS.

Mauricio Serna，瑞銀集團。

Great. First, could you elaborate a little bit more on how are you maintaining the momentum so far post the Fashion Show? And just give a little more detail on initiatives that you're thinking as you look into the startup of '26 just to maintain like the momentum around the brand. And generally speaking, I guess, where do you see the market share opportunities in bras and beauty, particularly with the comment about PINK intimates returning to [equal].

偉大的。首先，您能否詳細說明一下，在時裝秀之後，您是如何保持目前的勢頭的？請您更詳細地介紹一下您在考慮 '26 啟動專案時正在考慮的舉措，以保持品牌的發展勢頭。總的來說，您認為內衣和美容產品的市場份額機會在哪裡？特別是考慮到PINK內衣即將回歸的消息。[平等的]。

Mauricio, I'll take that one. Momentum post Fashion Show, we are still in the halo of the Fashion Show. We see it in our traffic, which has been very, very strong in both channels. Particularly in stores, we're seeing it much stronger than the balance of the mall. And internationally, we're seeing just incredible momentum.

毛里西奧，我來做這個。時裝秀結束後，我們仍然沉浸在時裝秀的光環之中。我們從流量中就能看出這一點，兩個管道的流量都非常非常強勁。尤其是在商店裡，我們看到的情況比購物中心其他區域好得多。在國際上，我們看到了令人難以置信的發展勢頭。

That is led and grounded by bras and sexy and glamor. And so the messaging from the Fashion Show and the work that we've done to really build a sharp brand point of view is paying off. The initiatives are the initiatives and the Path to Potential. We continue to focus on those categories.

這一切都以胸罩、性感和魅力為主導和基礎。因此，時裝秀傳遞的訊息以及我們為真正打造鮮明的品牌觀點所做的工作正在取得成效。這些舉措就是各項舉措以及通往潛力的道路。我們將繼續專注於這些類別。

We are incredibly pleased with the progress we've made in top and bottom line, in increased market share and in the growth of our customer file, particularly from new and reactivated customers and customers that are coming in on higher AURs and are being compelled by brand and product and not necessarily by deals. So all of that feels really good and feels like things we can continue to play forward and double down on in the future.

我們對我們在營收和利潤、市場份額成長以及客戶檔案成長方面取得的進展感到非常滿意，特別是來自新客戶、重新激活客戶以及平均年使用率更高的客戶，他們是被品牌和產品所吸引，而不是被優惠所吸引。所以這一切感覺都非常好，感覺我們可以繼續前進，並在未來加大投入。

As we enter 2026, we have a full pipeline of innovation in the bra world in particular as well as in the beauty world. We are building on what we've learned from partnerships and collaborations in PINK, PINK, we did well, as we said, with LoveShackFancy.

進入 2026 年，我們在內衣領域以及美容領域都擁有豐富的創新產品線。我們正在藉鑒從 PINK, PINK 的合作中學到的經驗，正如我們所說，我們與 LoveShackFancy 的合作非常成功。

Very, very pleased with that. And there are many things that we have in the future that we can apply those learnings to as well as PINK in the Fashion Show was a big surprise for us. The partnership with TWICE and the virality of that moment and how it impacted our PINK business, it was new news for us. And we quickly played that forward and impacted the first-quarter of next year.

非常非常滿意。未來我們有很多事情可以運用這些經驗，而PINK在時裝秀上的亮相也讓我們感到非常驚喜。與 TWICE 的合作，以及當時的病毒式傳播及其對我們 PINK 業務的影響，對我們來說都是全新的體驗。我們迅速將這項策略向前推進，並對明年第一季產生了影響。

So lots to be excited about here. And with all cylinders firing on our four key pillars, we feel very well positioned for 2026.

所以這裡有很多令人興奮的事情。憑藉我們四大支柱的全面運轉，我們感覺為 2026 年做好了非常充分的準備。

Got it. Just a quick follow-up on the part of promotions. Maybe could you elaborate on strategies in place to keep pulling back on promotions? And how much is this lever contributing to gross margin expansion?

知道了。推廣部門方面再補充一點。您能否詳細說明目前採取了哪些策略來逐步減少促銷活動？這槓桿對毛利率成長的貢獻有多大？

Mauricio, it's Scott. I'll take that one. So yes, we continue to pull back on promotions. We saw a good benefit to our gross margin in Q3, and that's even net of some increases in GWPs. And as we've talked on prior calls, having GWPs as a lever to provide value for customers as we pull back on promos, we've had a lot of success through that.

毛里西奧，我是史考特。我選那個。所以，是的，我們將繼續縮減促銷活動。第三季我們的毛利率獲得了顯著提升，即使扣除了部分商品加價幅度，這一數字仍然很高。正如我們在之前的電話會議中討論過的，隨著促銷活動的減少，我們利用贈品作為槓桿來為客戶提供價值，並且已經取得了很大的成功。

While our promotional level is going to be much more similar in Q4 year-over-year, we have utilized the GWPs in a way where we've increased the amount that triggers the GWP, and we've seen great success in the Q4 and the Black Friday period with that. The demand through our stores was very, very strong for those GWPs and giving customers to come in with a much higher average order value.

雖然我們第四季度的促銷力度與去年同期相比會更加接近，但我們對贈品的使用方式有所改變，增加了觸發贈品的金額，並且在第四季度和黑色星期五期間取得了巨大的成功。我們門市對這些贈品的需求非常非常強勁，使得顧客的平均訂單金額大幅提高。

And as we've talked, promotions will be a multiyear journey. So we'll continue to find these opportunities to drive more regular price selling, pull back on full box promotions and continue to be more about emotion versus promotion, as Hillary said.

正如我們之前討論過的，晉升將是一個多年的過程。因此，我們將繼續尋找這些機會，推動更規律的價格銷售，減少整盒促銷，並繼續像希拉蕊說的那樣，更多地關注情感而不是促銷。

Great. Congratulations on the results.

偉大的。恭喜你取得好成績。

Thank you.

謝謝。

Thank you.

謝謝。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Hillary, I wanted to talk a little bit more about the change in rate of new customer acquisition that you're seeing this quarter. Can you talk a little bit about the profile of those customers? Are they younger? Are they higher income? What are you seeing across your brands, particularly in North America? And what drives your plans for marketing as a result as you look ahead into '26?

希拉里，我想再和你談談本季新客戶獲取率的變化。能簡單介紹一下這些客戶的特徵嗎？他們更年輕嗎？他們的收入更高嗎？您認為您的各個品牌，特別是北美地區的品牌，呈現出什麼樣的趨勢？展望 2026 年，是什麼因素驅動您的行銷計畫？

Brooke, happy to answer that question. So customer acquisition and reactivation is something that we are extremely focused on and very excited about. And happy to report that we are seeing it distorted to 18- to 24-year-olds. So that was our goal. We are seeing that come to life.

Brooke 很樂意回答這個問題。因此，客戶獲取和激活是我們非常關注並感到非常興奮的事情。令人欣慰的是，我們發現這種情況已經轉移到 18 至 24 歲的人群中。這就是我們的目標。我們正在見證這一切成為現實。

I would also add that they're coming in on a higher AUR. So we feel like the quality -- and we noticed anecdotally from interactions in stores that customers are coming in with their phones and showing videos and content, whether it's Love Shack, whether it's Better than Braless, whether it's Fashion Show content, they're bringing their phones in and saying, I need this. And that is the ultimate goal rather than, I want this price point.

我還要補充一點，他們的平均年薪也比較高。所以我們覺得品質——而且我們從商店的互動中註意到，顧客們帶著手機進來，播放視頻和內容，無論是 Love Shack、Better than Braless，還是時裝秀的內容，他們都會帶著手機進來，說：“我需要這個。”這才是最終目標，而不是我想要這個價位。

And so we feel really good about that. In terms of the cohorts, we're seeing growth across all cohorts, maybe a slight uptick in higher income customers on the growth side. But I do want to just add that I know a big question has been how are all income cohorts doing. I'll just take this moment to say that we are seeing consistent positive performance across all income cohorts. And we're really pleased with that and feel like that's a real proof point as we move forward.

所以，我們對此感到非常滿意。就用戶群而言，我們看到所有用戶群都在成長，或許高收入客戶的成長動能略有增強。但我還想補充一點，我知道大家一直很關心各個收入群體的狀況如何。我只想藉此機會說明一下，我們看到所有收入群體都取得了持續的正面表現。我們對此感到非常滿意，並認為這是我們前進道路上的一個重要證明。

Great. And then just a follow-up for Scott. Historically, the business had targeted a low double-digit EBIT margin profile. Is this rate achievable in your view? And how are you thinking about the potential pace of expansion, offset by any reinvestment to continue the positive comp momentum?

偉大的。然後，我想問史考特一個後續問題。從歷史上看，該企業的目標是實現兩位數的低利率稅前利潤率。您認為這個收益率能達到嗎？您如何看待潛在的擴張速度，以及任何旨在維持積極成長勢頭的再投資能否抵消這種速度的影響？

Yes. So we definitely still see a low double-digit operating margin as achievable. I think the question is when over the next couple of years, the margin has continued to expand, number one, as we grow and we've talked about we have that low leverage point for both our buying and occupancy expenses but also our SG&A.

是的。因此，我們仍然認為實現兩位數的低營業利潤率是完全可能的。我認為問題在於，在接下來的幾年裡，隨著我們的發展，利潤率會持續擴大，正如我們之前討論過的，我們在採購和占用費用以及銷售、一般及行政費用方面都處於較低的槓桿水平。

So as we grow north of 1% to 2%, we're going to expand margin. That's still going to allow us to make select investments back into the business, in particular, in marketing. We've had success with some of that where we've seen positive ROAS opportunities. And we'll continue to take advantage of those. But even taking advantage of those, we feel like we can get back to that low double-digit operating margin over the next couple of years through our Path to Potential growth strategy.

因此，當我們的成長率超過 1% 到 2% 時，我們將擴大利潤率。這仍然能夠讓我們對業務進行一些選擇性的投資，尤其是在行銷方面。我們已經在一些方面取得了成功，看到了積極的廣告支出回報率 (ROAS) 機會。我們將繼續利用這些優勢。但即便利用了這些優勢，我們仍然認為，透過我們的「邁向潛力之路」成長策略，我們可以在未來幾年內恢復到兩位數的低營業利潤率。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Great. And really great to see the stores, the product, the brands really turning. Hillary, I guess on that, the fall of this year, we really started to see that bra focus and the franchise bra focus is kind of calling out those products. And it kind of reminded me of kind of historically when Victoria's Secret would regularly come to market with bra launches. And so I'm wondering kind of what do you have in the pipeline for 2026 to keep that going?

偉大的。很高興看到商店、產品和品牌都在發生真正的轉變。希拉里，我想說的是，今年秋天，我們真的開始看到對胸罩的關注，特許經營的胸罩關注正在凸顯這些產品。這讓我想起了維多利亞的秘密過去經常推出新胸罩的情景。所以我想知道，為了保持這種勢頭，你們在 2026 年有什麼計劃？

And then on PINK, sort of more at the high level kind of from a trend perspective, it does feel like -- and maybe I'm wrong here, but it does feel like we're kind of in a little bit of a retro, maybe like with the tracksuits coming back, some of that kind of juicy look that's sort of like very good for PINK. So I'm wondering if you can talk about some of that, that's happening. And then, Scott, really kind of want to talk about kind of the multiyear opportunity.

然後，從潮流的角度來看，PINK 似乎有點復古風，也許我錯了，但感覺我們有點復古，就像運動服回歸一樣，那種充滿活力的造型非常適合 PINK。所以我想知道您是否可以談論正在發生的事情。然後，史考特，我真的想談談這個多年合作機會。

We're sitting at a mid-single-digit op margin. You just talked about a 10% opportunity. Promos are inflecting. And really wanted to just kind of understand where we are in that merch margin journey. It seems like we're in the very, very early signs of that with some good underpinnings for long term.

我們目前的營業利益率只有個位數。你剛才談到了一個10%的機會。促銷活動正在改變。我真的很想了解我們在商品利潤成長的道路上走到哪一步了。看來我們正處於這種趨勢的非常非常早期的階段，並且具備一些良好的長期發展基礎。

Okay. I will take those first couple of questions. So bras, bras franchises and launches, yes, you're right. Extremely important. And we have been uber, uber focused on our innovation pipeline and our strategy around bra launches and have several in the pipeline next year for both brands.

好的。我將回答前幾個問題。所以，胸罩、胸罩特許經營和新品發布，是的，你說得對。極為重要。我們一直非常非常專注於創新產品線和內衣產品發布策略，明年兩個品牌都有多款新品即將推出。

But the point that I want to make here is an unlock that we had with the FlexFactor launch and throughout Q3 was that we were able to have a successful launch and continued growth across all bras. And that was a change for us.

但我想在這裡強調的是，FlexFactor 的推出以及整個第三季度我們所取得的突破是，我們成功地推出了所有款式的胸罩，並且實現了持續增長。這對我們來說是一個改變。

We, in recent history, have had a number of successful bra launches but often with a softening of the bras around it. And that was not the case this quarter. And I really credit our full funnel marketing strategy for that, that was able to talk about multiple things at one time and communicate our full breadth of range and wearing occasions. And we saw major payback for that. And we creatively and emotionally connected to the customer in a way that just drove outsized traffic.

在近期的歷史中，我們推出了許多成功的胸罩產品，但往往伴隨著對胸罩本身的軟化。但本季情況並非如此。這真的要歸功於我們的全通路行銷策略，它能夠同時談論多個方面，並傳達我們產品的全系列範圍和穿著場合。而我們也因此獲得了巨大的回報。我們以創意和情感的方式與客戶建立了聯繫，從而帶來了巨大的流量。

So feeling great about the learnings there, feeling great about what's in the pipeline and very confident that this is just the beginning of bra growth for us as a total company. PINK and trend, yes, I think, well, trends are cyclical. We're definitely seeing a number of trends that harken back to those early days of PINK. We always want to put a modern spin on it. But that's just one part of PINK's opportunity. We are seeing outsized growth in apparel but also saw incredible improvement in both panties and bras, and that was a bit of a surprise to me.

所以，我對在那裡學到的東西感到非常滿意，對正在籌備的事情感到非常滿意，並且非常有信心，這僅僅是我們公司在內衣領域全面發展的開始。粉紅色和潮流，是的，我認為，嗯，潮流是循環的。我們看到很多趨勢都讓人想起PINK雜誌的早期風格。我們總是想為它注入現代元素。但這只是PINK機會的一部分。我們看到服裝市場出現了超乎尋常的成長，但內衣褲市場也出現了令人難以置信的改善，這讓我有點驚訝。

I was thinking that the opportunity was primarily in apparel, accessories, and beauty for PINK. But we've seen that with the right cadence of fashion newness, we can drive growth across all categories in PINK, which is an extremely exciting learning and something that we're running with.

我當時認為PINK的機會主要在於服裝、配件和美妝領域。但我們發現，只要時尚新品的節奏把握得當，我們就能推動 PINK 所有品類的成長，這是一個非常令人興奮的發現，也是我們正在努力的方向。

I would also point to partnerships and collaborations as a lever that we have across the entire brand. And those take various forms, sometimes as big as LoveShack, sometimes much smaller with an influential person that we're collaborating with. Sometimes it's an item rather than an entire collection. So you'll see us dipping our toe into a lot of those different things, but we have clearly seen the power of getting the product right, getting the brand heat right. And having the right media strategy to get that in front of the right audiences is the winning ticket here, and we intend to run with those strategies forward.

我還要指出，合作夥伴關係和協作是我們在整個品牌中可以利用的槓桿。這些項目形式多種多樣，有時像 LoveShack 那樣規模龐大，有時則規模小得多，由我們與一位有影響力的人士合作開展。有時是單一物品，而不是整個系列。所以你會看到我們嘗試涉足很多不同的領域，但我們已經清楚地看到了把產品做好、把品牌熱度做好所帶來的力量。而製定正確的媒體策略，將訊息傳遞給正確的受眾，才是製勝之道，我們打算繼續推動這些策略。

Adrienne, it's Scott. Taking the last part of your question and building upon Brooke's question as well, you mentioned promos inflecting, and that's absolutely the case we've been seeing and going to continue to see. But a couple of points to just solidify that. AURs in Q2, we talked about we're up 1%. But when you include panties, they were up 8%. This quarter, as I mentioned on the call, AURs were up 3% and, excluding panties, they're up 6%. So that's both pulling back in promotions but also driving more full-price selling.

艾德琳，我是史考特。結合你問題的最後一部分以及布魯克的問題，你提到了宣傳的影響，這絕對是我們已經看到並將繼續看到的情況。但還有幾點需要補充說明。第二季 AUR，我們談到成長了 1%。但如果把內褲也算進去，銷量就漲了 8%。正如我在電話會議上提到的，本季平均商品價格上漲了 3%，如果排除內褲，則上漲了 6%。所以，這既減少了促銷活動，也促進了更多全價銷售。

In Q4, I do expect AURs to be up probably not to the same degree because it's a heavier promotion quarter, as you know. But that sort of momentum from Q2, Q3 will definitely carry into next year. And again, it's not just promos coming, but it's driving more of our mix into regular price selling.

如你所知，第四季平均用戶活躍度（AUR）可能會上升，但可能不會上升到同樣的幅度，因為第四季是促銷活動較多的季度。但第二季、第三季的這種發展勢頭肯定會延續到明年。而且，不僅僅是促銷活動，我們還在努力將更多產品納入常規價格銷售。

And one sort of anecdote on that, building about the momentum we have with PINK and as Hillary was talking about, particularly PINK apparel. PINK apparel, we're seeing double-digit increases in AURs right now because we're driving that newness in that more regular price selling. And so that's going to help build these margins getting back to that double-digit operating margin over the long term.

關於這一點，有一個軼事，那就是我們憑藉 PINK 品牌所取得的勢頭，以及希拉蕊所談到的，特別是 PINK 服裝。PINK 服飾目前的平均售價 (AUR) 實現了兩位數的成長，因為我們以更常規的價格銷售產品，從而帶動了新品的上市。因此，這將有助於提高利潤率，使公司長期恢復到兩位數的營業利潤率。

Matt Boss, JPMorgan.

馬特‧博斯，摩根大通。

Congrats on a nice quarter. So Hillary, could you speak to the inflection in your performance relative to intimates category growth as we think about market share capture relative to larger picture category trends in the US or globally? And then near term, could you just help break down the cadence of your monthly comps like you saw in the third-quarter, particularly October, or the exit rate and just elaborate on the strong start that you cited to the fourth-quarter, maybe relative to 8% comps in the third-quarter or relative to second half of the quarter or October? Have you seen any change in momentum or demand?

恭喜你本季業績出色。希拉里，鑑於美國乃至全球內衣品類整體趨勢，您能否談談您的業績相對於內衣品類增長的轉折點？那麼，就近期而言，您能否幫忙分析一下您每月的業績比較情況，就像您在第三季度，特別是10月份看到的那樣，或者分析一下退出率，並詳細說明一下您提到的第四季度強勁開局，比如相對於第三季度8%的業績比較，或者相對於第三季度下半段或10月份的情況？你觀察到市場動能或需求有任何改變嗎？

You want to take that one first?

你想先選那個嗎？

Yes, I'll take the last one first. So we saw a strong performance through the entire third-quarter, started off with PINK Friday in the LoveShackFancy collab. That momentum sustained into September, particularly as we had a Very Sexy launch later in August and then a sort of a sport reset in September. But then the comps really amplified in October with the Fashion Show, particularly in the back half and sort of the virality of both shoppable collections, but also even the PINK and the Wear Everywhere bra. So that momentum we've seen sustained into November through the Black Friday selling period.

是的，我先拿最後一個。因此，我們看到了整個第三季強勁的業績，以與 LoveShackFancy 合作推出的 PINK Friday 開場。這種勢頭一直延續到 9 月份，尤其是在 8 月下旬我們推出了非常性感的新品，然後在 9 月份進行了一次運動版的調整之後。但到了 10 月的時裝秀，競爭就真正加劇了，尤其是在後半段，可購買的系列產品，以及 PINK 和 Wear Everywhere 胸罩的病毒式傳播，都功不可沒。因此，我們看到這種勢頭延續到了11月的黑色星期五促銷期間。

We are, though, cautious as we get sort of post-holiday, will we see a broader consumer pullback. And so that's contemplated sort of in our nq4 thinking right now. But the momentum from the Fashion Show has definitely carried through November into this early December selling period. But I'll let Hillary take the first couple.

不過，隨著節後臨近，我們仍持謹慎態度，擔心會出現更廣泛的消費回落。所以，這正是我們目前在 nq4 思考中正在考慮的問題。但時裝秀帶來的勢頭無疑延續到了11月，並進入了12月初的銷售旺季。但我會讓希拉蕊拿下前兩場。

Okay. So bra performance, intimates performance versus total market share performance, I think what we have learned is that we can continue to perform and grow market share despite the market. And just as a point of reference, we are the number one market shareholder. We all know that. But the next closest is about 8 points less than us.

好的。所以，就內衣產品表現、貼身衣物產品表現與整體市場份額表現而言，我認為我們已經了解到，儘管市場形勢嚴峻，我們仍然可以繼續保持良好的業績並擴大市場份額。順便提一下，我們是市場第一大股東。我們都知道這一點。但排名第二的隊伍比我們低了約 8 分。

So we really have a hold on this market. And when we execute well and when we connect emotionally with the customer and really talk about our innovation and the value we add to her life, we win. And we're seeing that. Bras and panties both grew market share in the quarter and panties to a really impressive degree. And we're proud of that. And we see a long runway, and we're excited to keep that going.

所以我們確實掌控了這個市場。當我們執行到位，與客戶建立情感聯繫，並真正談論我們的創新以及我們為她的生活帶來的價值時，我們就成功了。我們已經看到了這一點。本季胸罩和內褲的市佔率均有所成長，其中內褲的成長幅度尤其驚人。我們為此感到自豪。我們看到了一條漫長的發展道路，我們很高興能夠繼續保持下去。

Got it. Maybe just as a follow-up. Relative to the benefit from lower promotional activity in the third-quarter, I mean, to what extent did you embed opportunity in the fourth-quarter? And maybe just what inning overall do you see this opportunity on the promotional front? Or is there a way to kind of bifurcate the margin to get to double digits relative to where we're at today?

知道了。或許只是作為後續。相對於第三季促銷活動減少帶來的好處，我的意思是，您在第四季把握了多少機會？那麼，您認為在宣傳推廣方面，這個機會會出現在哪個階段呢？或者有沒有辦法將差距縮小一倍，從而達到相對於我們目前情況的兩位數差距？

How much of this is promotional activity? How much of this is SG&A? Maybe just any way to break down that delta.

其中有多少是促銷活動？其中有多少是銷售、管理及行政費用？或許任何能縮小這個差距的方法都可以。

Yes. So tackling the Q4 piece first. There's less promotional benefit in our Q4 margins right now just because it's a heavier promotional quarter, as you know. But there is still a shift to more, I would say, regular price selling, which is a bit different than just a straight pullback in promo. So an example is really we, just this week, had our second collab on LoveShackFancy and PINK. And so that's going to be more regular price selling sort of mix than what we've had in the past.

是的。所以，我們先來解決第四季的問題。如您所知，由於第四季度是促銷活動較多的季度，因此我們第四季度的利潤率受到的促銷影響較小。但目前仍呈現出向更常規價格銷售的趨勢，這與促銷期間的直接回調略有不同。舉個例子，就在本週，我們與 LoveShackFancy 和 PINK 進行了第二次合作。因此，這將是一種比我們過去更規律的定價銷售組合。

And then as you think longer term, the promo piece, I think we're still in sort of the early middle innings, I would say, on the promotional pullback. It is going to be a multiyear journey. But the number one lever as we think about margin expansion is just how we're going to leverage our solid operational foundation, and that's both on buying and occupancy and SG&A as we grow north of 1% to 2%. That flow through to the bottom line will far outweigh the promotional pullback over the next couple of years.

從長遠來看，就宣傳推廣而言，我認為我們目前仍處於宣傳撤退的早期階段。這將是一段長達數年的旅程。但當我們考慮擴大利潤率時，最重要的槓桿是如何利用我們穩固的營運基礎，這包括採購、入住率以及銷售、一般及行政費用，因為我們的成長率要超過 1% 到 2%。未來幾年，這種利潤成長將遠超過促銷力度的縮減。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

Congratulations on the nice progress. Two things. As you think about beauty, which I think you've always mentioned is the bigger market than intimates, how do you think about the beauty progress over the next year, what it could do on the top line and how it could impact margins? And then also the marketing being as effective as it is in attracting new customers, any framework of those customers' age, income levels? Anything that you're noticing and what you'd do differently next year at all to keep the active customer growth going?

恭喜取得如此佳績。兩件事。說到美容產業，我認為你一直都提到美容市場比內衣市場更大，那麼你如何看待美容產業在未來一年的發展，它對營收的影響以及對利潤率的影響？此外，鑑於行銷在吸引新客戶方面如此有效，是否有任何關於這些客戶年齡、收入水平的框架？您注意到哪些方面需要改進？為了保持活躍客戶數量的持續成長，您明年會採取哪些不同的措施？

And then just lastly, Store of the Future. Thoughts on next year for Store of the Future. Any changes or enhancements that you want to make?

最後，還有未來商店。對未來商店明年的展望。您想做任何更改或改進嗎？

Thanks, Dana. I'll start out with the question around Beauty. So as you know, Beauty has been our stronger business for the last couple of years and has like a very impressive two-year stack. We have just started really reinvesting in Beauty, reinvesting in the innovation pipeline, investing in talent and thinking about how can we really supercharge this business.

謝謝你，達娜。我先從關於美的問題開始。如您所知，美容業務在過去幾年一直是我們較強的業務，並且在過去兩年中取得了非常令人矚目的業績。我們剛開始真正地對美容產業進行再投資，對創新管道進行再投資，對人才進行再投資，並思考如何才能真正推動這項業務的蓬勃發展。

So as I think about 2026 and 2027, in 2026, there are a number of insights that we have that are known to us that we can go after, whether it's the fact that only 40% of our current customer base is shopping beauty, and there's a lot within our own internal file that can be claimed and converted and then continued customer acquisition and really integration of beauty within each brand to be an extension and more connected to each brand. And then PINK beauty, we've only just very much scratched the surface of.

所以，當我展望 2026 年和 2027 年時，在 2026 年，我們掌握了一些可以著手實現的洞察，例如，我們目前的客戶群中只有 40% 購買美容產品，而我們內部文件中有很多信息可以被利用和轉化，然後繼續獲取客戶，並將美容產品真正融入每個品牌中，使其成為每個品牌的延伸，並與每個品牌建立更緊密的品牌中，使其成為每個品牌的更緊密，並使其與每個品牌建立更緊密的品牌中，使其成為每個品牌的更緊密，並與每個品牌建立更緊密的品牌中，使其成為每個品牌的更緊密，並與每個品牌建立更緊密的品牌中，使其成為每個品牌的更緊密，並與每個品牌建立更緊密的品牌》中，使其成為每個品牌更緊密，並使其與每個品牌建立更緊密的品牌中，使其成為每個品牌的更緊密。至於粉紅色系美妝，我們目前只是略窺門徑。

So we think there's a lot of near-term known opportunities for optimization in Beauty. In 2027 and beyond, it's really about what's unknown today and the innovation pipeline and reaching into the future and bringing that to market to really excite and delight our customers. So short term, double down on what we know the opportunities are and optimize the business. Slightly longer term, it's really about reaching into the unknown and innovating.

因此，我們認為美容領域有許多近期已知的優化機會。展望 2027 年及以後，真正重要的是今天未知的事物、創新管道以及展望未來並將其推向市場，從而真正讓我們的客戶感到興奮和滿意。所以短期內，我們要加倍投入到我們知道的機會中，並優化業務。從更長遠的角度來看，這實際上是關乎探索未知領域和進行創新。

Your second question is about marketing and new customers. Okay. So we're very excited about it, both in the new and reactivated. We are seeing an uptick in 18- to 24-year-olds, which is extremely exciting. We're seeing growth across all income cohorts with a slightly larger uptick in high-income customers, but growth across all of them.

你的第二個問題是關於行銷和新客戶的。好的。所以我們對此感到非常興奮，無論是新的還是重新激活的。我們看到 18 至 24 歲人群的數量增加，這非常令人興奮。我們看到所有收入群體都實現了成長，其中高收入客戶的增幅略大一些，但所有群體都實現了成長。

And I would say most importantly, they were coming into the brand based on product, brand, and emotion and not on promotions. They're coming into the stores, they're showing associates photographs and videos and saying they need this, they want this. And that's exactly the place that we want to be. And so as we continue to fine-tune our brand heat initiatives, as we continue to fine-tune our creative, we're really going hard at what is culturally inspiring in this moment and how do we engage with that new customer.

而且我認為最重要的是，他們是基於產品、品牌和情感而非促銷活動而選擇這個品牌的。他們走進商店，向店員展示照片和視頻，說他們需要這個，他們想要這個。而那正是我們想要去的地方。因此，隨著我們不斷改進品牌熱度提升計劃，不斷改進創意，我們正在全力以赴地探索當下文化中哪些內容能夠激發靈感，以及我們如何與新客戶互動。

And then I'll tackle the Store of the Future. We're continuing to look at our Store of the Future concept and how do we optimize it with the Path to Potential strategy. So how do we better assort as we continue to supercharge bras, as we continue to drive PINK, particularly PINK apparel. But now with some of the learnings around PINK intimates that we had in the quarter, how do we better optimize and assort PINK in the stores and differentiate PINK in the stores.

接下來，我將著手研究未來商店。我們正在繼續研究「未來商店」的概念，以及如何透過「通往潛力之路」策略來優化。那麼，隨著我們不斷大力推廣胸罩，不斷推動 PINK 品牌（尤其是 PINK 服裝）的發展，我們該如何更好地進行產品分類？但現在，根據我們本季在 PINK 內衣方面的一些經驗，我們如何在商店中更好地優化和搭配 PINK 產品，以及如何在商店中區分​​ PINK 產品。

So I think those are things we're taking away, these learnings, and applying them real time. And it will impact not only next year but, I would say, the next couple of years. And then I think the last opportunity we're looking at with Store of the Future is how do we drive that cross-shop with beauty even better.

所以我認為，這些是我們正在學習的經驗教訓，並且我們會在實際應用中運用它們。這不僅會影響明年，而且我認為還會影響未來幾年。我認為，我們在「未來商店」中看到的最後一個機會是如何更好地推動美妝產品與零售產品的交叉銷售。

And so when we have a Very Sexy launch not only on the intimates side, how do we tie in Beauty with that sort of stuff? And so you won't see a wholesale change to Store in the Future, but you'll see these enhancements to help better drive our Path to potential Strategy.

所以，當我們推出非常性感系列產品時，不僅限於內衣方面，我們該如何將美容與這類產品聯繫起來？因此，您不會看到未來商店發生徹底的變化，但您會看到這些改進，以更好地推動我們實現潛在策略的路徑。

Jungwon Kim, TD Cowen.

Jungwon Kim，TD Cowen。

Just curious on the apparel side, what's the mix now and where you see that trending over time. And also, I know you've been working on your lead time on the apparel side. What is the lead time now? And is there further opportunities to expedite that?

我只是好奇服裝方面，現在的流行趨勢是什麼，以及你認為這種趨勢會如何發展。另外，我知道你們一直在努力縮短服裝方面的交貨週期。現在需要多長時間才能交付？是否還有其他加快這一進程的機會？

Sure. So when we first started talking about the PINK apparel opportunity, we had shared that, at one point, it was about 70-ish percent of the business and it had gone all the way down to mid-30s. It's now above 40% and climbing. We think ultimately it's somewhere in between 50% and 60% of the total PINK business and we are extremely pleased.

當然。所以，當我們最初開始討論 PINK 服裝的商機時，我們曾提到，PINK 服裝一度占到公司業務的 70% 左右，但後來下降到了 30% 左右。目前已超過 40%，而且還在上升。我們認為最終它將佔 PINK 總業務的 50% 到 60%，我們對此感到非常滿意。

It was the leading category in the PINK business in Q3. We saw that, as Scott mentioned, much higher AUR, a lower discount rate. It was just a very solid business. So lots of optimism about that. We also shared previously that we did the LoveShackFancy collaboration in 26 weeks. We continue to look for opportunities to shorten time lines and gain that agility. We have a wide range of ways to chase into and make product and get to the market more quickly. And I think we have even further room that we can go. In some cases, we're doing things like making T-shirts in LA and get those very, very quickly.

第三季度，它是粉紅食品業務的領先品類。正如 Scott 所提到的，我們看到，AUR 越高，貼現率就越低。那是一家非常穩健的企業。所以對此很多人都持樂觀態度。我們之前也分享過，我們花了 26 週完成了與 LoveShackFancy 的合作。我們將繼續尋找縮短時間軸和提高靈活性的機會。我們有很多方法可以更快地開拓市場、生產產品並推向市場。而且我認為我們還有很大的發展空間。在某些情況下，我們會做一些事情，例如在洛杉磯製作 T 卹，然後很快就能拿到貨。

And we have core raw materials in all of our top iconic items. We can get into those quickly sub-26 weeks. And we continue to work on it. So I would say we are early to mid-innings on our optimization of how we go to market in PINK apparel, and lots of opportunity to optimize that in the future.

我們所有頂級標誌性產品都採用核心原料。我們很快就能達到26週以內的妊娠期。我們將繼續努力。所以我覺得，我們在PINK服裝市場推廣方式的優化方面還處於早期到中期階段，未來還有很多優化的機會。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《零售追蹤》

Congratulations. The stores have had so much energy. It's been a pleasure to shop. So I'm so curious, I want to dig into Beauty a little bit, dovetailing on what everybody has said. I really liked your home launch in Victoria's Secret. And I'm curious, I guess, what you're thinking about in the future. Specifically candles are a big opportunity in general in the market. I thought it was really beautiful.

恭喜。這些商店充滿了活力。購物體驗非常愉快。所以我很好奇，我想深入探討一下美的話題，並結合大家所說的話來分析。我非常喜歡你在維多利亞的秘密舉辦的家居發布會。我很好奇，你對未來有什麼打算。具體來說，蠟燭圖在市場上總體上是一個很大的機會。我覺得它真的很漂亮。

And then just also in PINK beauty, with this brand coming back and the younger customer coming back in, the younger customer today is much more sophisticated than they were when PINK first launched. And there's a lot of good youth-facing brands that have come to market. So are you seeing a different kind of PINK beauty? And I would assume, like isn't there room for real PINK beauty business out there in light of the way the customer has changed?

此外，PINK 美妝品牌也迎來了回歸，年輕顧客也重新回歸，如今的年輕顧客比 PINK 品牌剛推出時更加成熟老練。市場上湧現了許多優秀的面向年輕人的品牌。所以你看到的是一種不同的粉紅色美嗎？我想，鑑於消費者觀念的改變，難道就沒有真正粉紅系美妝事業的發展空間嗎？

Yes. The short answer is yes. We have recently just made some key hires in this area, a senior leader to oversee VS beauty and merchandising and another senior leader to oversee PINK. They were once a combined role and as with everything, you focus on the bigger piece.

是的。簡而言之，答案是肯定的。我們最近在這個領域進行了一些重要的招聘，一位高級領導負責監督 VS 美妝和商品銷售，另一位高級領導負責監督 PINK 系列。它們曾經是合而為一的角色，就像所有事情一樣，你要關注的是更大的部分。

So we see the opportunity. We're going to go after the opportunity. And I couldn't agree more that this is a much more sophisticated consumer than 20 years ago, and I think there is a significant prize ahead for that business. And what a fun job that is.

所以我們看到了機會。我們將抓住這個機會。我完全同意，現在的消費者比 20 年前更成熟，我認為這對企業來說是一個巨大的機會。那真是一份很有趣的工作。

So I think we can't wait to roll our sleeves up and get into that. And then in home, we also think it's beautiful and are excited about it and we continue to believe it's an opportunity. In hindsight, I think we went very broad and very large for relatively unknown for us. So we've gotten very key learnings that are honing in on the best of the best and pushing that forward. And so we're going to continue to iterate on that category. And we feel good about it. We're proud of it.

所以我覺得我們已經迫不及待想要擼起袖子大幹一場了。而且在家裡，我們也覺得它很漂亮，為此感到興奮，我們仍然相信這是一個機會。現在回想起來，我認為我們當時的做法太過寬泛和大膽，而對我們來說，這還是一個相對陌生的領域。因此，我們已經獲得了非常關鍵的經驗，這些經驗正在不斷精進，力求做到最好，並推動其向前發展。因此，我們將繼續在這個類別上進行迭代。我們對此感到很滿意。我們為此感到自豪。

And then can I just ask one quick follow-up on marketing? You've done a lot of collaborations, a lot of fun things this year. As we think about marketing as a percentage of sales into '26, are you guys going to play up? Or as sales increase, you're going to keep the percentage falling? What's just the thinking, I guess, behind where marketing spend should be?

然後我可以再問一個關於行銷的後續問題嗎？今年你做了很多合作，也做了很多有趣的事。當我們把行銷投入 2026 年的銷售額時，你們打算加大投入嗎？或者隨著銷售額的成長，你們卻要讓這個百分比繼續下降？我想問的是，行銷支出該投向哪裡？

Yes. I think you'll see the marketing tick up both in dollars and percent of sales. I don't know that it's going to be a massive jump, but we'll keep inching it up. And as we saw positive ROAS opportunities, we continue to invest in the quarter. So there are even real-time decisions we can make there.

是的。我認為你會看到行銷支出在金額和銷售額佔比上都出現成長。我不知道這會是一次巨大的飛躍，但我們會繼續穩定地提升。由於我們看到了積極的廣告支出回報率 (ROAS) 機會，我們將繼續在本季度進行投資。所以，我們甚至可以在那裡做出即時決策。

And our work in media, as a percent of total, last year was closer to 70%. It's increasing more to 75% this year. And so even as the spend stays the same, we are shifting more spend into sort of consumer-facing areas.

去年，我們在媒體領域的工作量佔總工作量的百分比接近 70%。今年這一比例將進一步上升至75%。因此，即使支出保持不變，我們也正在將更多支出轉移到面向消費者的領域。

Ike Boruchow, Wells Fargo Securities.

艾克·博魯喬夫，富國證券。

Scott, a couple of ones on the gross margin I was hoping to ask. So just the way you're talking about ex the gift card breakage last year, the gross margin you're planning ex tariffs is up 200 basis points. Is that an accurate ballpark?

Scott，我還想問幾個關於毛利率的問題。所以，就你剛才說的，撇開去年禮品卡的損耗不談，你計劃扣除關稅後的毛利率將上升 200 個基點。這個估算準確嗎？

Yes. That's a good description, yes.

是的。是的，描述得很貼切。

Okay. And that's a little bit lower than the ex-tariff gross margin in 3Q because you're not planning as much as you are. So I guess that makes sense. I guess the other follow-up question I would have to that is, is this kind of run rate the way we should think about the first half assuming tariffs stay in place?

好的。這比第三季的未計關稅毛利率略低，因為你們的計畫制定工作量沒有那麼多。所以我覺得這樣說得通。我想提出的另一個後續問題是，假設關稅保持不變，這種運行速度是否符合我們對上半年的預期？

And then obviously, your margin trajectory is now starting to move up. Does next year kind of act as a buffer year to that just because of the first couple of quarters of the year where you have to kind of like embed these tariff headwinds into the business? Just kind of curious like how much that throws you off, your trajectory. Like can you take margins up next year despite those pressures that you guys have in front of you?

很顯然，你的利潤率現在開始上升了。明年是否可以起到緩衝作用，因為年初的幾個季度你必須將這些關稅不利因素納入業務考量？我只是有點好奇，這會對你的發展軌跡造成多大的影響。你們明年能否在面臨這些壓力的情況下提高利潤率？

Yes. And we're still working through our plan specifically for next year. But as you said, tariffs will be a headwind through the first half as they continue to come on. But the other thing we do have is our mitigation efforts will increase through next year because a big chunk of them really aren't taking hold here until Q4. So we'll be able to anniversary that, plus some of the select price increases we took in back half of this year will help offset in in the first part of next year.

是的。我們仍在製定明年的具體計劃。但正如你所說，隨著關稅的持續生效，上半年將面臨不利因素。但我們還有另一項措施，那就是我們的緩解措施將在明年加大力度，因為其中很大一部分措施要到第四季才能真正奏效。因此，我們將能夠慶祝週年紀念，加上今年下半年部分商品的價格上漲，將有助於明年上半年抵銷部分成本。

So there will be some headwinds continued with tariffs, but the mitigation efforts will be ramping through the year as well. So that's the color right now.

因此，關稅方面仍將存在一些不利因素，但緩解措施也將在今年逐步加強。這就是目前的顏色。

Thank you. I will now turn the call back to Hillary Super for closing remarks.

謝謝。現在我將把電話轉回給希拉蕊·蘇珀，請她作總結發言。

Thank you, operator. I want to end by expressing my sincere thanks to all of our associates for their passion and hard work and to our partners our customers and our shareholders for their support. We're energized heading into holiday and excited about what's ahead for our brands. I'd like to wish everyone a happy holidays, and we will see you in March.

謝謝接線生。最後，我要衷心感謝所有同事的熱情和辛勤工作，也要感謝我們的合作夥伴、客戶和股東的支持。我們充滿活力地迎接假期，並對旗下品牌的未來發展感到興奮。祝大家節日快樂，我們三月再見。

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

感謝各位參加維多利亞的秘密公司2025年第三季財報電話會議。今天的會議到此結束。請暫時斷開連接，祝您今天餘下的時間愉快。