CFO COMMENTARY AND FINANCIAL REVIEW SECOND QUARTER 2025 JULY 31, 2025 Exhibit 99.2
DTC DTC.com DTC B&M y/y U.S. LAAP EMEA SG&A EPS bps direct-to-consumer DTC e-commerce DTC brick & mortar year-over-year United States Latin America and Asia Pacific Europe, Middle East and Africa selling, general & administrative earnings per share basis points “+” or “up” “-” or “down” LSD% MSD% HSD% LDD% low-20% mid-30% high-40% increased decreased low-single-digit percent mid-single-digit percent high-single-digit percent low-double-digit percent low-twenties percent mid-thirties percent high-forties percent “$##M” “$##B” c.c. M&A FX ~ H# Q# YTD in millions of U.S. dollars in billions of U.S. dollars constant-currency mergers & acquisitions foreign currency exchange approximately First half, second half Quarter 1, 2, 3, 4 Year-to-date
W E C O N N E C T A C T I V E P E O P L E W I T H T H E I R P A S S I O N S
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• • • • (dollars in millions, except per share amounts) Q2'25 Q2'24 Change Net Sales $605.2 $570.2 +6% Gross margin 49.1% 47.9% +120 bps SG&A percent of net sales 53.8% 53.1% +70 bps Operating loss ($23.6) ($23.8) +1% Operating margin -3.9% -4.2% +30 bps Net loss ($10.2) ($11.7) +13% Diluted EPS ($0.19) ($0.20) +5%
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