0001060822-26-000126
SEC filingQ3 FY2026 调整后EPS $1.03、调整后营业利润增45%，定价与生产力提升驱动利润率扩张，但全年营收指引下调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $752.5 million | $757.8 million | -0.7% |
| Gross profit | $354.8 million | $341.6 million | — |
| Gross margin | 47.1% | 45.1% | — |
| Operating income (GAAP) | $55.8 million | $29.1 million | +91.7% |
| Operating margin (GAAP) | 7.4% | 3.8% | — |
| Adjusted operating income (Non-GAAP) | $56.9 million | $39.4 million | +44.6% |
| Adjusted operating margin (Non-GAAP) | 7.6% | 5.2% | — |
| Net income (GAAP) | $36.6 million | $11.6 million | — |
| Adjusted net income (Non-GAAP) | $37.5 million | $26.8 million | — |
| Diluted EPS (GAAP) | $1.00 | $0.32 | — |
| Adjusted diluted EPS (Non-GAAP) | $1.03 | $0.74 | +39% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net sales | $2.91 billion to $2.93 billion | N/A |
| FY2026 | Adjusted operating income | $178 million to $187 million | Non-GAAP |
| FY2026 | Adjusted diluted EPS | $3.05 to $3.23 | Non-GAAP |
| FY2026 | Operating cash flow | $240 million to $250 million | N/A |
| FY2026 | Capital expenditures | $50 million | N/A |
| Q4 FY2026 | Net sales | $860 million to $880 million | N/A |
| Q4 FY2026 | Adjusted operating income | $74 million to $83 million | Non-GAAP |
| Q4 FY2026 | Adjusted diluted EPS | $1.37 to $1.55 | Non-GAAP |
Q3 净销售 $752.5 million 同比小幅下滑 0.7%，但盈利端显著改善：GAAP 营业利润 $55.8 million（+91.7%），调整后营业利润 $56.9 million（+44.6%），调整后营业利润率由 5.2% 升至 7.6%。公司口径将改善归因于 higher realized pricing 与 productivity initiatives，部分被 increased marketing investments 及 general cost inflation 抵消；毛利率由 45.1% 升至 47.1%。分部上 International 净销售 +4.5%（constant currency +3.6%）、U.S. Retail 持平且可比净销售 +0.4%、U.S. Wholesale -3.8%，U.S. Retail 分部营业利润率由 2.8% 升至 5.3%。Q3 一次性项为 IP litigation $1.2 million（税后 $0.9 million、EPS $0.02）；前三季度则含 $127.7 million 关税退款收益，使 GAAP 前三季度 EPS 达 $4.27、调整后为 $1.68。
指引方面，公司下调全年营收展望至 $2.91–2.93 billion，调整后营业利润 $178–187 million（low-single digit to mid-single digit 增长），调整后 EPS $3.05–3.23（high-single digit to low-double digit 下滑），并假设 gross margin rate 略降、SG&A 持平、净利息费用约 $32 million、有效税率约 23%。Q4 指引净销售 $860–880 million、调整后营业利润 $74–83 million、调整后 EPS $1.37–1.55，且假设 gross margin rate 上升；需注意 FY2025 含第 53 周、贡献约 $37 million 净销售，Q4 FY2025 为 14 周，同比基数不可比。资本返还方面，前三季度派息 $27.5 million（Q3 每股 $0.25、合计 $9.1 million），未回购股份；期末现金及等价物 $450.957 million、短期投资 $75.0 million，前三季度经营现金流 $101.8 million（去年同期为 -$136.3 million），主因关税退款到账与营运资本改善。管理层同时宣布领导架构调整（另发新闻稿），CEO Sharon Price John 强调在宏观与地缘不确定性下适度下调营收展望。