Financial Data and Key Metrics Changes - The company reported a 9% increase in organic net revenue for Q2, marking the third consecutive quarter of high single-digit growth [7][33] - Gross margin reached a record 62.6%, expanding 140 basis points year-over-year, driven by lower product costs and a favorable channel mix [36][38] - Adjusted diluted EPS increased by 37% year-over-year to $0.22 [38] Business Line Data and Key Metrics Changes - Direct-to-consumer (DTC) sales grew by 10%, with 13 consecutive quarters of positive comparable sales growth [7][22] - The wholesale business also saw growth, up 7%, with notable performance in Europe [7][33] - Women's business grew by 13%, while men's business increased by 6% [33] Market Data and Key Metrics Changes - The Americas net revenues were up 9%, with operating margins increasing to 20.5% [39] - Europe experienced a 15% increase in net revenues, with a 17.2% operating margin [40] - Asia's net revenues were flat due to strategic actions taken to improve structural economics, but DTC grew double digits in several markets [41] Company Strategy and Development Direction - The company is transitioning to a DTC-first model, with over half of its business now coming from owned and operated channels [9][11] - A focus on becoming a full head-to-toe apparel lifestyle brand is evident, with significant growth in lifestyle categories [9][10] - The company is narrowing its focus by divesting from non-core brands like Dockers, allowing for a more concentrated effort on the Levi's brand [10][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a challenging global operating environment, citing strong brand equity and consumer connection [11][30] - The company raised its full-year guidance for organic net revenue growth to 4.5% to 5.5% [45] - Despite uncertainties around tariffs, the company believes it is well-positioned to manage potential impacts [44][50] Other Important Information - The company opened 16 net new stores in Q2, expanding its global store network [24] - The loyalty program has nearly 40 million members, contributing to increased consumer engagement and higher average unit retail (AUR) [25] - The company expects to return at least $100 million from the net proceeds of the Dockers sale to shareholders through share repurchases [42] Q&A Session Summary Question: Drivers of demand strength and market share gains - Management noted broad-based growth across all business segments and maintained a top market share position globally and in the U.S. [53][56] Question: Clarification on organic wholesale revenues - Management indicated a prudent approach to wholesale, expecting it to remain flat to slightly positive for the year, with growth driven by digital channels and premium customers [66][70] Question: Marketing initiatives and price increases - The company is investing in brand marketing and has exciting campaigns planned for the fall, with room for further AUR growth across categories [75][80] Question: Margin profile of DTC business - DTC margins have improved significantly, with a focus on revenue per square foot and cost management contributing to this positive trend [95][99] Question: Tariff assumptions and pricing strategy - The company has factored in additional tariffs into its guidance and is implementing strategies to mitigate their impact [103][44]

洞见 （DJ00123987） ——不一样的观点，不一样的故事，2000万人订阅的微信大号。点击标题下蓝字"洞见"关注，我们将为您提供有 价值、有意思的延伸阅读。 爱买衣服的女人的3个特点 大家好，我是给你们录了10年音频的老朋友，林静。 你相信吗？ 爱买衣服的女人啊，才是 最健康，最踏实，最幸福 的女人。 为什么这么说呢？ 首先，爱买衣服的女人，她 身体很健康 ，经常乐呵呵的。 如果她身体不好，经常病痛缠身，她怎么可能有闲心去打扮自己，购置新衣呢？ 第二， 爱买衣服的女人，表面看起来 很爱美 ，其实这是她 对生活的一种态度 。 她从来不会去敷衍生活，也不会因为家务和孩子去敷衍自己。 买衣服会激发使人快乐的荷尔蒙，她的 家庭也会更和谐，人缘也会更好 。 第三，爱买衣服，说明这个女人她 经济独立 ，她不依附谁，也不依赖谁。 花自己的钱，买自己喜欢的东西 ， 花钱花得踏实有底气 。 你是这样的人吗？ 我自己就很喜欢买衣服，喜欢真丝， 喜欢好的面料 ，穿着舒适，风格还高级。 我还喜欢研究不同场合，搭配不同风格的衣服。 穿漂亮衣服真的可以给人带来积极正向的 能量 和 好运 。 所以，慕江南专场的衣服，一定是 品质堪比 ...

亏损6.53亿元。随后的2023年、2024年也依旧处于亏损状态。 2023年3月，宝尊电商宣布以原有电商业务为基础，业务布局升级为三大业务线，即"宝尊电商 （BEC）""宝尊品牌管理（BBM）"和"宝尊国际（BZI）"，开启转型之路，而收购品牌丰富自有品牌阵 容成为其中的一环。 从最新的业绩数据来看，宝尊电商收购的品牌贡献了不少的业绩增长动力。2025年一季度，宝尊电商品 牌管理业务（BBM）收入同比增长23.4%，约3.9亿元；经调整经营亏损为0.21亿元，较去年同比收窄 28.1%。宝尊电商在财报中如此表示："GAP与Hunter两个授权品牌的表现超出预期，成为拉动该板块增 长的主要动因。" 转型中的宝尊电商还在"买买买"。7月3日，北京商报记者获悉，宝尊电商收购英国瑜伽服品牌Sweaty Betty中国区业务。 Sweaty Betty成立于1998年的英国伦敦，专注于契合女性需求的运动服饰，用鲜亮的花色赋予女性健身 时尚感，定位高端女性运动服饰。Sweaty Betty拳头产品"训练紧身裤"在天猫旗舰店原价750—1180元不 等，训练上衣原价480—750元不等，产品售价与lululemon相近。 ...

精练GymSquare向宝尊内部知情人士确认了上述收购信息，对方表示「最近收购了这一品牌，正开始一些前期的准备工作」。 被认为是英国版lululemon的国际瑜伽服品牌Sweaty Betty，将在中国市场结束直营模式。 精练GymSquare独家获悉，英国瑜伽服品牌 Sweaty Betty中国区业务，已被宝尊收购，成为和GAP、Hunter之后宝尊旗下第三个收购而来的国际品牌。目 前接手Sweaty Betty品牌的运营团队，也是上述国际品牌的运营团队，宝尊正在着手招聘运动社群运营和商品运营相关岗位。 精练GymSquare向宝尊品牌部予以确认，未获正面回复。目前上市公司宝尊也未公开这一信息，但在猎聘等品牌官方招聘渠道上，已经可以看到Sweaty Betty 相关招聘岗位，招聘方为GAP中国。 宝尊旗下GAP中国 猎聘官方招聘页面 几乎与来自加拿大的瑜伽服品牌lululemon同一时期，Sweaty Betty 1998年在英国伦敦成立，品牌专注于契合女性需求的运动服饰，产品以鲜亮的花色为 特点，定位高端女性运动服饰。其中，Sweaty Betty 产品「训练紧身裤」在天猫旗舰店原价750至1180元不等 ...

惟改革者进 ——纪录全面深化改革进行时。 央广网北京6月30日消息 据中央广播电视总台中国之声报道，消费纠纷处理效率低、维权周期长，是许多消费者和商家的共同痛点。如何让消费者"放 心购"、商家"安心营"？记者日前在北京市南锣鼓巷采访了解到，这里创新推出"双重先行赔付"机制，变"事后追责"为"先行兜底"，用诚信契约重塑商业生 态。 这项由商会主导、商户自律的改革如何提出并落地的？除了北京，河南、上海、海南等多地也推出了"消费纠纷先行赔付"机制，这样的改革是否可以向 全国推广？如何破解资金可持续与恶意索赔等难题？ 从算"眼前账"到算"长远账"，南锣鼓巷《南锣公约》如何让先行赔付落地？ 在北京著名特色商业街区、位于北京市东城区的南锣鼓巷，虽然今天是工作日，但青石板路上依然人流如织。在这条全长不到800米、日均客流超十万 的"顶流"商街里面，有一个并不显眼的"消费维权工作站"，如果消费者与商户产生纠纷，都可以通过全国首创的"双重先行赔付"机制进行处理。今年"五 一"假期，南锣鼓巷累计接待游客84.7万人次，但通过高效化解消费纠纷，假期这里实现了有关商品消费的"零投诉"。 南锣鼓巷商会会长徐岩告诉记者，南锣鼓巷曾经历过 ...

Core Viewpoint - YOUNGOR has sold financial assets worth 4.175 billion yuan, accounting for 10.13% of its net assets, as part of a strategic shift to focus on its fashion business and gradually exit financial investments [1][6] Financial Asset Sales - The company plans to sell financial assets including CITIC shares and CITIC Bank from the 2024 annual shareholder meeting until June 23, 2025, with total sales reaching 4.175 billion yuan [1] - These financial assets are classified as "measured at fair value with changes recognized in other comprehensive income," meaning their value fluctuations do not impact current profits, only dividend income affects current earnings [1][7] Investment Performance - YOUNGOR's investment returns are estimated to exceed 50 billion yuan, with significant past profits from investments in CITIC Securities and other companies [2][3] - The company has a history of successful investments, including a notable investment in Ningbo Bank and CITIC Securities, which have yielded substantial returns over the years [2] Fashion Business Performance - In 2024, YOUNGOR's fashion segment generated 6.799 billion yuan in revenue, a decline of 6.94%, with net profit dropping 43.9% to 431 million yuan [9][10] - The main brand YOUNGOR accounted for 90.46% of the fashion revenue, but saw an 11.14% decrease in sales [10] - The decline in the fashion segment is attributed to lower consumer confidence and increased competition in the retail market [8][12] Real Estate Business Transition - YOUNGOR is transitioning away from its real estate business, confirming no new projects and focusing on cash flow management [14][15] - The real estate segment remains the largest revenue source, generating 7.471 billion yuan in revenue, but net profit fell 73.23% [16] Strategic Acquisitions - The company is actively acquiring brands, including a recent purchase of the high-end children's clothing brand Bonpoint, marking its entry into the luxury children's market [17][18] - YOUNGOR's acquisition of Intime Retail aims to strengthen its fashion industry chain, although there are concerns about over-reliance on this channel [17]

618当天部分商品价格不降反涨 有商品比年初上涨近15% 金十数据6月18日讯，6月18日大促当天，电商平台部分商品的价格不降反涨，消费者在购物车中发现商 品6月18日价格较年初、5月初、618活动前期等节点上涨，涉及服装、电器、家居用品等多个类目。同 时，小红书等平台也有此现象，涉及淘宝、京东等主流电商平台。一位消费者向记者展示的页面信息显 示，她购物车里的一件枕头5月18日加购价为73元，5月27日，618第一波活动结束后涨价至89元，5月28 日再降价至73元，但6月12日至今日，该商品涨价至89元，她询问商家发现，商家中途退出了618活动。 还有商品6月18日价格比年初上涨近15%。页面信息显示，一件上衣的价格1月22日加购价为478元，6月 18日叠加平台消费券后价格为549.9元，618大部分时间价格高于加购价。 （一财） ...

每经记者｜闫峰峰 每经编辑｜吴永久 6月15日即将施行的《上市公司募集资金监管规则》将从严监管募集资金用途改变和使用进度缓慢的情况，要求提升募集资金使用效率， 积极推进募投项目建设。 在此背景下，上市公司的募投资金使用情况受到市场关注。而每经资本眼专栏记者发现嘉曼服饰就存在募投项目进度缓慢、多次更改募 投项目的问题，其上市以来截至2024年底，除了补充流动资金外，多个IPO募投项目的投入金额为零元，而用于补充流动资金的IPO募集 金额达5.23亿元，占IPO募集资金净额的52.6%。 不仅IPO募投项目进展缓慢，公司发布的《2024年年度募集资金存放与使用情况专项报告》显示，2024年超募资金使用数据出现了两个版 本！ 上市超两年多个IPO募投项目零投入，补充流动资金花掉5亿多 2022年9月份，嘉曼服饰公司向社会公开发行人民币普通股（A股）2700万股，发行价格为40.66元/股，募集资金总额为10.98亿元，扣除 发行费用后募集资金净额为 9.95亿元。其中，超募资金为4.74亿元。 据嘉曼服饰招股说明书，公司原计划将募集资金用于四个项目：营销体系建设项目（1.05亿元，实施周期2年）、电商运营中心建设项 ...

Core Points - The article highlights the successful implementation of the "immediate tax refund" service for departing travelers in Foshan, marking the first such transaction in the city [1] - Foshan's tax and commerce departments have collaborated to create a mechanism for precise policy promotion and rapid service response to enhance the travel shopping experience [1][2] - The initiative aims to boost the local economy by facilitating a smoother shopping experience for international tourists, encouraging them to spend more [2] Group 1 - The first successful "immediate tax refund" transaction occurred at a tax refund pilot counter in Nanhai District, Foshan, where a Russian traveler received a tax refund on-site [1] - The local tax authorities and commerce departments have developed a coordinated approach to implement the new tax refund policy effectively [1][2] - The "Tax-Business Bridge" mechanism has been established to ensure efficient implementation of the tax refund policy, enhancing coordination with banks and other stakeholders [1] Group 2 - Tax authorities are providing one-on-one training for merchants to facilitate the electronic processing of tax refunds, significantly reducing wait times for travelers [2] - Future plans include expanding the coverage of pilot tax refund stores and improving compliance and operational efficiency among merchants [2] - The initiative is expected to enhance the overall consumer experience for international travelers, thereby stimulating local economic growth [2]

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $35.2 million or $0.70 per share, compared to $34.8 million or $0.69 per share in Q1 2025, reflecting a year-over-year increase [4] - Net sales increased by 3.7% to $272.1 million from $262.5 million in the prior year [4] - Gross margin improved to 46.7%, a 70 basis point increase from 46% in the previous year [4] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 10.5%, representing about 50% of total sales, up from 47% last year [9] - Men's merchandise sales decreased by about 2.5%, accounting for approximately 50% of total sales, down from 53% [10] - Youth business saw an increase of approximately 11.5% year-over-year [12] Market Data and Key Metrics Changes - Comparable store sales increased by 3% compared to the same period last year [4] - Online sales rose by 4.5% to $46.4 million [4] Company Strategy and Development Direction - The company plans to open seven new stores and complete 16 additional full remodel projects for the remainder of the year [7] - Focus on enhancing private label offerings, which represented 47.5% of sales, up from 46% in the prior year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in managing vendor relationships to mitigate tariff impacts, with some vendors maintaining stable costs [21] - Positive trends in women's business and strong sell-throughs in key categories were highlighted as encouraging signs for future performance [21] Other Important Information - Selling, general and administrative expenses were 30.7% of net sales, up from 29.8% in the previous year, driven by increases in incentive compensation and health insurance costs [5] - Inventory stood at $132.4 million, a 1.3% increase from the previous year [6] Q&A Session Summary Question: Impact of China tariffs on gross margin - Management indicated that they are managing tariffs effectively with vendors, with some costs remaining stable and others experiencing low to mid-single digit increases [16][21] Question: Increase in operating lease assets - The increase in operating lease assets was attributed to new stores and remodels over the past twelve months [17] Question: Drivers of merchandise margin increase - The increase in merchandise margin was driven by growth in private label and strong regular price selling [23] Question: Potential for SG&A leverage - Management noted that total SG&A dollars were up slightly, with store payroll flat as a percentage of sales, indicating potential for leverage if sales continue to improve [27]