American Eagle Outfitters Inc (AEO) 2013 Q3 法說會逐字稿

Greetings and welcome to the American Eagle Outfitters third-quarter 2013 earnings conference call.

您好，歡迎參加 American Eagle Outfitters 2013 年第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder this conference is being recorded.

作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Judy Meehan, Vice President of Investor Relations.

現在我很高興向您介紹您的主持人，投資者關係副總裁 Judy Meehan。

Thank you, you may begin.

謝謝，可以開始了。

Good morning everyone.

大家，早安。

Joining me today for our prepared remarks are Robert Hanson, Chief Executive Officer, and Mary Boland, Chief Financial and Administrative Officer.

今天和我一起準備發言的還有首席執行官 Robert Hanson 和首席財務和行政官 Mary Boland。

Before we begin today's call, I need to remind you that during this conference call, we will make certain forward-looking statements.

在我們開始今天的電話會議之前，我需要提醒您，在這次電話會議期間，我們將做出某些前瞻性陳述。

These statements are based upon information that represents the company's current expectations or beliefs.

這些陳述基於代表公司當前期望或信念的信息。

The results actually realized may differ materially from those expectations or beliefs based on risk factors included in our quarterly and annual reports filed with the SEC.

基於我們向 SEC 提交的季度和年度報告中包含的風險因素，實際實現的結果可能與那些預期或信念存在重大差異。

Our comments today will focus on results from continuing operations and exclude other non-GAAP adjustments.

我們今天的評論將集中在持續經營的結果上，不包括其他非公認會計原則的調整。

Please refer to the tables attached to the press release.

請參閱新聞稿所附表格。

We've also posted a third-quarter financial supplement on our website, which Mary will refer to.

我們還在我們的網站上發布了第三季度的財務補充，瑪麗將參考。

Now I'll turn the call over to Robert for opening remarks.

現在我將把電話轉給羅伯特，讓他發表開場白。

Good morning.

早上好。

Our third-quarter results were clearly unsatisfactory and not consistent with our objectives.

我們第三季度的業績顯然不能令人滿意，並且與我們的目標不一致。

While we saw some signs of improvement to our execution, it's not where we need to be.

雖然我們看到了一些改進執行的跡象，但這並不是我們需要的。

We continued to operate in the most challenging sector of retail, where there has been intense promotional competition and tepid consumer spending.

我們繼續在最具挑戰性的零售領域運營，那裡的促銷競爭激烈，消費者支出不溫不火。

This has lead to weak store traffic and a high level of promotional activity.

這導致商店客流量低，促銷活動高。

Within this context, our third-quarter comparable sales were down 5% against a 10% increase last year.

在這種情況下，我們第三季度的可比銷售額下降了 5%，而去年增長了 10%。

We saw a sequential improvement from the second quarter's comp decline of 7%.

我們看到從第二季度的 7% 下降的連續改善。

In the third quarter, good expense management was offset by top-line pressure and weak merchandise margins.

第三季度，良好的費用管理被頂線壓力和疲軟的商品利潤率所抵消。

Adjusted EPS of $0.19 was ahead of our early expectations.

調整後每股收益為 0.19 美元，超出了我們的早期預期。

However, the 54% decline to last year was not an acceptable performance.

然而，與去年相比下降了 54%，這並不是一個可以接受的表現。

As we discussed during the second quarter, our assortments, primarily in women's, did not deliver trend relevancy and the value our customers expect.

正如我們在第二季度所討論的那樣，我們的產品系列，主要是女裝，並沒有提供趨勢相關性和客戶期望的價值。

This led to weakness in our key items business, including knit tops during the back-to-school season.

這導致我們的關鍵商品業務疲軟，包括返校季的針織上衣。

Late in the quarter we delivered a stronger focus on key items in core and core fashion, including women's sweaters and fleece, which demonstrated improvements from earlier trends.

在本季度末，我們更加關注核心和核心時尚的關鍵項目，包括女式毛衣和羊毛，這表明與早期趨勢相比有所改善。

Women's comps during the third quarter were consistent with men's, which declined in the mid single digits.

第三季度的女性組合與男性一致，下降了中個位數。

Business conditions in our North American mainline stores remained tough.

我們北美主線門店的經營狀況依然嚴峻。

We need to deliver stronger assortments and insure we have compelling, innovative key items at outstanding value.

我們需要提供更強大的分類，並確保我們擁有引人注目的、創新的、價值非凡的關鍵產品。

In order to win, we need to be differentiated and deliver excellence in trend and quality, combined with a great customer experience.

為了取勝，我們需要與眾不同，提供卓越的趨勢和質量，以及出色的客戶體驗。

Before I turn the call over to Mary I'd like to review a few highlights.

在我把電話轉給 Mary 之前，我想回顧一下幾個要點。

Our direct business grew 17% in the quarter, which followed a 26% increase last year.

我們的直接業務在本季度增長了 17%，而去年增長了 26%。

Investments in omnichannel initiatives are paying off.

對全渠道計劃的投資正在獲得回報。

Growth was driven by higher conversion in our web business as we make improvements to our online shopping experience.

隨著我們對在線購物體驗的改進，我們網絡業務的更高轉化率推動了增長。

Revenue from our newly launched mobile app more than doubled compared to last year.

與去年相比，我們新推出的移動應用程序的收入增加了一倍以上。

Our focus areas for the aerie brand, which includes side-by-side formats, international and the online business, generated solid results in the third quarter, while the standalone stores were disappointing.

我們對 aerie 品牌的關注領域，包括並排形式、國際和在線業務，在第三季度取得了可觀的業績，而獨立商店則令人失望。

We continue to close underperforming stores to strengthen the fleet, and are working to sharpen our overall shopping experience.

我們將繼續關閉表現不佳的商店以加強車隊，並正在努力提升我們的整體購物體驗。

Factory stores delivered a positive mid single-digit comp in the quarter.

工廠商店在本季度實現了正中個位數的業績。

We're very pleased to see the strong demand at factory even in a tough environment.

即使在艱難的環境中，我們也很高興看到工廠的強勁需求。

Our made-for-merchandise, which now represents about 50% of the assortment, continues to perform very well.

我們為商品定制的商品，現在約佔產品種類的 50%，繼續表現良好。

We continued to grow our international presence with total licensed revenue rising in the mid single digits.

我們繼續擴大我們的國際業務，總許可收入以中個位數增長。

During the quarter we added four international locations, including two stores in Israel and one store in both Japan and the Philippines.

在本季度，我們增加了四家國際門店，其中包括以色列的兩家門店以及日本和菲律賓的一家門店。

And we're encouraged by the initial response to these stores, particularly in Japan, our strongest license market.

我們對這些商店的初步反應感到鼓舞，特別是在我們最強大的許可市場日本。

Our Company-owned stores in Mexico continue to perform extremely well.

我們在墨西哥的公司擁有的商店繼續表現出色。

Now a few comments on the start of the holiday season.

現在有一些關於假期開始的評論。

Although business conditions remain volatile and promotional, we saw sequential sales improvement during the week of Black Friday.

儘管商業狀況仍然不穩定且促銷活動，但我們看到黑色星期五這一周的銷售連續改善。

We've also seen a fairly significant shift to online shopping with our eCommerce sales reaching record volumes on both Thanksgiving and Cyber Monday when sales were 45% above prior peak.

我們還看到在線購物發生了相當大的轉變，我們的電子商務銷售額在感恩節和網絡星期一都達到了創紀錄的水平，銷售額比之前的峰值高出 45%。

We saw positive consolidated comps over Thanksgiving weekend through Cyber Monday.

從感恩節週末到網絡星期一，我們看到了積極的綜合補償。

However, sales have been promotionally driven which is pressuring margins, which Mary will now review.

然而，促銷推動了銷售，這對利潤率造成了壓力，瑪麗現在將對此進行審查。

Thanks, Robert.

謝謝，羅伯特。

And good morning.

早上好。

From a financial standpoint, the third quarter was disappointing.

從財務角度來看，第三季度令人失望。

In a highly competitive retail segment, promotional pressures weighed heavily on margins.

在競爭激烈的零售領域，促銷壓力嚴重影響利潤率。

Yet we met our objectives of clearing through inventories and managing our expenses during a volatile period.

然而，我們在動盪時期實現了通過庫存清理和管理費用的目標。

Total revenue for the period ended November 2, 2013 compared to the period ended October 27, 2012 decreased 6% to $857 million.

截至 2013 年 11 月 2 日止期間的總收入與截至 2012 年 10 月 27 日止期間相比下降 6% 至 8.57 億美元。

On comparable weeks, total revenue declined about 2%, and consolidated comparable sales declined 5% against a 10% increase last year.

在可比的幾週內，總收入下降了約 2%，綜合可比銷售額下降了 5%，而去年增長了 10%。

The average unit retail and average dollar sale declined approximately 9% as a result of an increase in promotions.

由於促銷活動的增加，平均單位零售額和平均美元銷售額下降了約 9%。

Traffic was weak yet conversion was up about 1%, resulting in higher transactions and unit sales per store.

流量疲軟，但轉化率上升了約 1%，導致每家商店的交易量和單位銷售額增加。

Consolidated American Eagle Outfitters brand comps decreased 5%, aerie comps decreased 3%, and the total online business grew 17% compared to last year.

綜合 American Eagle Outfitters 品牌組合下降 5%，aerie 組合下降 3%，在線業務總額同比增長 17%。

Additional sales information can be found on page 5. The consolidated gross margin declined 670 basis points to 34.9%.

更多銷售信息見第 5 頁。綜合毛利率下降 670 個基點至 34.9%。

590 basis points of the decline primarily reflected competitive pricing pressures and increased markdowns, which was partially offset by 70 basis points of non-merchandise cost improvement.

下降 590 個基點主要反映了競爭性定價壓力和降價幅度增加，這部分被非商品成本改善 70 個基點所抵消。

Buying, occupancy and warehousing costs increased 150 basis points as a rate to revenue due to the deleverage of rent on negative comps and increased delivery costs.

由於負補償的租金去槓桿化和交付成本增加，購買、入住和倉儲成本佔收入的比例增加了 150 個基點。

Selling, general and administrative expense decreased 6% and leveraged 10 basis points as a rate to revenue.

銷售、一般和管理費用下降了 6%，並以 10 個基點作為收入比率。

Lower incentive and travel costs were partially offset by filling open positions at the corporate office and expense related to the opening of factory stores and omnichannel initiatives.

較低的激勵和差旅成本被填補公司辦公室的空缺職位以及與開設工廠商店和全渠道計劃相關的費用部分抵消。

We are staying disciplined in expense management and working hard on redirecting costs toward critical long-term initiatives and delivering leverage.

我們在費用管理方面保持紀律，並努力將成本轉向關鍵的長期計劃並提供槓桿作用。

Depreciation and amortization increased 2% to $32 million, deleveraging 40 basis points.

折舊和攤銷增加 2% 至 3200 萬美元，去槓桿化 40 個基點。

The increase was primarily due to new stores and IT investments.

增長主要是由於新店和 IT 投資。

Operating income for the quarter was $61 million, down 52% to last year.

本季度營業收入為 6100 萬美元，比去年下降 52%。

And adjusted EPS of $0.19 decreased 54%.

調整後的每股收益為 0.19 美元，下降了 54%。

Including the $0.06 charge related to the closing of our distribution center, EPS was $0.13 per diluted share.

包括與關閉我們的配送中心相關的 0.06 美元費用，每股攤薄收益為 0.13 美元。

Now turning to the balance sheet.

現在轉向資產負債表。

Starting with inventory, which can be found on page 6 of the presentation, we ended the quarter with inventory at cost per foot up 6% against a decline of 11% last year, which reflects the impact of the timing shift of the merchandise receipts due to the 53rd week last year.

從演示文稿第 6 頁上的庫存開始，我們在本季度末以每英尺成本的庫存增加了 6%，而去年下降了 11%，這反映了到期商品收據時間轉移的影響到去年第53週。

On comparable weeks, inventory at cost per foot would have increased in the low single digits.

在可比的幾週內，每英尺成本的庫存將以較低的個位數增加。

Looking forward, we expect fourth-quarter ending inventory at cost per foot to decline in the high single digits against a decline of 8% last year.

展望未來，我們預計第四季度末每英尺成本的庫存將以高個位數下降，而去年下降了 8%。

Importantly, the decline in Q4 reflects a change in inventory ownership terms.

重要的是，第四季度的下降反映了庫存所有權條款的變化。

Excluding the change in ownership terms, we expect year-end inventory to be up in the low single digits.

排除所有權條款的變化，我們預計年終庫存將以低個位數增長。

We ended the third quarter with $367 million in cash and investments.

我們在第三季度結束時擁有 3.67 億美元的現金和投資。

We expect capital expenditures to come in around $250 million this year, roughly broken down as follows.

我們預計今年的資本支出約為 2.5 億美元，大致細分如下。

$50 million for stores, which includes new factory stores which are generating a year one ROI of over 80%; $30 million for store remodeling and maintenance costs; $80 million for the new distribution center, which will provide needed capacity for our growing online business; and $90 million for new systems and home office-related costs, largely centered on upgrading legacy systems and building omnichannel capabilities.

5000 萬美元用於商店，其中包括第一年 ROI 超過 80% 的新工廠商店； 3000萬美元用於商店改造和維護費用； 8000 萬美元用於新的配送中心，它將為我們不斷增長的在線業務提供所需的容量； 9000 萬美元用於新系統和家庭辦公室相關成本，主要集中在升級舊系統和建立全渠道能力。

This year we expect total square footage to increase in the mid single digits.

今年，我們預計總面積將以中個位數增長。

The primary focus of new store growth is factory stores, with 29 new openings so far this year, and another 10 opening in the fourth quarter, most of which were completed by Thanksgiving.

新店增長的主要重點是工廠店，今年迄今新開 29 家，第四季度又有 10 家新開，其中大部分在感恩節前完成。

As Robert mentioned, we added four international licensed stores in the quarter.

正如羅伯特所說，我們在本季度增加了四家國際特許商店。

Additional information on store activity can be found on pages 9 through 11.

有關商店活動的更多信息，請參見第 9 頁至第 11 頁。

Now, regarding the outlook, based on quarter-to-date trends of negative mid single-digit comps continuing for the remainder of the quarter, we expect fourth quarter EPS to be in the range of $0.26 to $0.30.

現在，關於前景，基於本季度剩餘時間內持續負中個位數組合的季度至今趨勢，我們預計第四季度每股收益將在 0.26 美元至 0.30 美元之間。

Also, keep in mind that due to the 53rd week last year we give up about $50 million in net revenue.

另外，請記住，由於去年第 53 週，我們放棄了大約 5000 萬美元的淨收入。

Our guidance compares to adjusted EPS of $0.55 last year and excludes potential impairment and restructuring charges.

我們的指引與去年調整後的每股收益 0.55 美元相比，不包括潛在的減值和重組費用。

We are focused on controlling the controllables and expect fourth quarter SG&A expense to decline in the low double digits and leverage sales.

我們專注於控制可控因素，預計第四季度 SG&A 費用將以兩位數的低位下降並槓桿銷售。

I'd like to underscore our commitment to maintaining strong financial discipline across inventories, expenses and capital deployment.

我想強調我們致力於在庫存、費用和資本部署方面保持強大的財務紀律。

We are capable of much stronger financial performance.

我們有能力實現更強勁的財務業績。

And we are highly focused on delivering improved profitability and return to shareholders.

我們高度專注於提高盈利能力和回報股東。

Thanks and now I'll turn it back to Robert.

謝謝，現在我會把它轉回給羅伯特。

Thanks, Mary.

謝謝，瑪麗。

2013 is not the year we'd planned for.

2013 年不是我們計劃的一年。

Yet we've been working to set the stage for an improved performance in 2014.

然而，我們一直在努力為 2014 年的業績改善奠定基礎。

We expect conditions to remain challenging and we're planning accordingly.

我們預計情況仍將充滿挑戰，我們正在相應地進行計劃。

To strengthen margins, we're focusing on the following: improving our speed to market with innovative and trend relevant product; engineering merchandise to deliver the style, quality and value our customers expect at higher IMUs; evolving beyond store-wide promotions to lower our markdowns; and redirecting expense towards high-return strategic growth.

為了提高利潤率，我們專注於以下方面：通過創新和趨勢相關的產品提高我們的上市速度；設計商品以提供我們客戶對更高 IMU 的期望的風格、質量和價值；超越全店促銷活動以降低我們的降價促銷；並將費用轉向高回報的戰略增長。

As we move into 2014, we expect to further strengthen our fast-track speed-to-market process.

隨著我們進入 2014 年，我們預計將進一步加強我們的快速上市進程。

We began this work this year and saw some benefit and learned a lot.

我們今年開始這項工作，看到了一些好處，也學到了很多東西。

It takes time to change a process.

改變流程需要時間。

And as we move through next year we expect to see the benefits from better and faster execution and improved IMUs due to further enhancements to our production and sourcing capabilities.

隨著我們明年的到來，我們希望看到更好更快的執行和改進的 IMU 帶來的好處，因為我們的生產和採購能力進一步增強。

We are working hard to drive efficiencies across the organization and ensuring all expenses and investments are funding areas with the highest returns.

我們正在努力提高整個組織的效率，並確保所有費用和投資都為回報最高的領域提供資金。

We've been evaluating activities and processes in our brick-and-mortar fleet, removing complexities, streamlining operations, and going after all low ROI spending.

我們一直在評估我們實體車隊中的活動和流程，消除複雜性，簡化運營，並追求所有低投資回報率。

Specifically, we're aggressively going after the expense within our North American mainline fleet to improve profitability, while ensuring we continue to deliver a strong customer experience.

具體來說，我們正在積極減少北美幹線機隊的開支，以提高盈利能力，同時確保我們繼續提供強大的客戶體驗。

While we look to fortify our North American mainline chain with store upgrades and fleet repositioning, as consumer dynamics evolve at a rapid pace, we are redirecting our investments towards areas of growth, including omnichannel, global expansion and factory stores.

雖然我們希望通過商店升級和車隊重新定位來加強我們的北美主線連鎖店，但隨著消費者動態的快速發展，我們正在將我們的投資轉向增長領域，包括全渠道、全球擴張和工廠商店。

These are high-return business segments which diversify our business and will be key drivers of our future growth and success.

這些是高回報的業務部門，使我們的業務多樣化，並將成為我們未來增長和成功的關鍵驅動力。

A few highlights include, the anticipated opening of our new distribution center next year will more than double our current capacity for eCommerce.

一些亮點包括，預計明年我們新的配送中心開業將使我們目前的電子商務能力增加一倍以上。

Our need has been further underscored by the recent record sales volumes and rapid growth this year.

最近創紀錄的銷量和今年的快速增長進一步凸顯了我們的需求。

The opening of Hazelton will also reduce our outbound transportation costs by 10% to 20%, and will allow us to offer one day delivery to a significant portion of our Eastern seaboard customers.

Hazelton 的開業還將使我們的出境運輸成本降低 10% 至 20%，並使我們能夠為大部分東海岸客戶提供一日送達服務。

Buy online, ship from store will begin in the spring, enhancing our customer experience and driving inventory turns.

在線購買，從商店發貨將於春季開始，增強我們的客戶體驗並推動庫存周轉。

Next year, we're also planning on opening 26 new factory stores, bringing our total to about 140 stores.

明年，我們還計劃開設 26 家新工廠店，使我們的門店總數達到約 140 家。

We continue to see strong productivity and high profitability here with minimal cannibalization of our mainline stores.

我們繼續在這裡看到強大的生產力和高盈利能力，同時對我們的主線商店的蠶食最少。

We recently signed new license store agreements across Central and South America and Thailand, where our first stores will open in the summer.

我們最近在中美洲、南美洲和泰國簽署了新的特許經營店協議，我們的第一家門店將在夏季開業。

We expect to end 2014 with at least 100 license stores in over 20 countries.

我們預計到 2014 年底將在 20 多個國家/地區擁有至少 100 家特許經營店。

Our strongest license market, Japan, will get 5 to 8 new stores next year.

我們最強的授權市場日本，明年將有 5 到 8 家新店。

Growth will also continue in our Company-owned international markets with several new stores in China and 10 in Mexico where we have strong customer demand.

我們公司擁有的國際市場也將繼續增長，在中國有幾家新店，在墨西哥有 10 家新店，我們有強勁的客戶需求。

Lastly, with our commitment to further build our talent base and focus on succession planning across the organization, we're pleased that Chad Kessler will be joining American Eagle Outfitters as Chief Merchandising and Design Officer for the AE brand in early February.

最後，由於我們致力於進一步建立人才基礎並專注於整個組織的繼任計劃，我們很高興 Chad Kessler 將於 2 月初加入 American Eagle Outfitters，擔任 AE 品牌的首席營銷和設計官。

He's recognized as one of the top merchandising and design talents in the business.

他被公認為業內頂尖的營銷和設計人才之一。

And brings to us a depth of experience in US specialty merchandising, as well as recent experiences in global luxury and multi-channel merchandising and design.

並為我們帶來了在美國專業營銷方面的豐富經驗，以及最近在全球奢侈品和多渠道營銷和設計方面的經驗。

Chad succeeds Fred Grover, who announced his plans to retire from AEO next year.

Chad 接替 Fred Grover，後者宣布計劃明年從 AEO 退休。

Over his 35 year tenure with AEO, Fred has played an integral role in building this business and has been a great partner to me.

在他在 AEO 的 35 年任期內，Fred 在建立這項業務方面發揮了不可或缺的作用，並且一直是我的好夥伴。

Fred has generously agreed to stay on through mid year to ensure a smooth transition for Chad.

弗雷德慷慨地同意留任至年中，以確保乍得順利過渡。

To sum it up, as we look ahead, we're aggressively adapting to a fast-changing retail environment, working hard to manage expenses and drive efficiency and returns in both SG&A and capital deployment.

總而言之，展望未來，我們正在積極適應瞬息萬變的零售環境，努力管理費用並提高 SG&A 和資本部署的效率和回報。

We are absolutely determined to win in 2014.

我們絕對有決心在 2014 年獲勝。

We have an outstanding team of associates and strong brands that continue to attract the broadest base of youth consumers in specialty retail.

我們擁有一支優秀的員工團隊和強大的品牌，繼續在專業零售領域吸引最廣泛的青年消費者群。

Thanks for listening and now we'll take your questions.

感謝您的收聽，現在我們將回答您的問題。

(Operator Instructions)

（操作員說明）

Thomas Filandro with Susquehanna.

托馬斯·菲蘭德羅（Thomas Filandro）與薩斯奎哈納（Susquehanna）。

Hi, thank you.

嗨，謝謝你。

First, just want to wish everybody and families a very happy and healthy holiday season.

首先，只想祝大家和家人度過一個非常愉快和健康的假期。

Robert, what would you characterize as the most significant adjustments you made in the women's business for spring?

羅伯特，您認為春季女性業務中最重要的調整是什麼？

What do you consider the greatest opportunities in women's for the first half?

您認為上半年女足最大的機會是什麼？

And I just have one question that's related to this.

我只有一個與此相關的問題。

Outside of this speed-to-market initiative, have you made any additional process adjustments to ensure that future flow does remain, as you say, trend relevant?

除了這一加速上市計劃之外，您是否進行了任何額外的流程調整，以確保未來的流程確實如您所說的與趨勢相關？

Thank you.

謝謝你。

Sure.

當然。

Great questions, Tom.

好問題，湯姆。

I think the most significant adjustments we've made is that we, as we mentioned earlier in the year, we had a strong fashion assortment performance, and have continued to throughout the year.

我認為我們所做的最重要的調整是，正如我們在今年早些時候提到的，我們的時尚品類表現強勁，並且全年都在繼續。

But we were underperforming in our core and core fashion.

但我們在核心和核心時尚方面表現不佳。

So the women's merchandising and design teams have been really focused on delivering outstanding value and trend-relevant core and core fashion merchandise.

因此，女裝營銷和設計團隊一直專注於提供卓越的價值和與趨勢相關的核心和核心時尚商品。

If you look at my comments earlier, we really focused on categories we need to win and be famous for in the back half of the year, like sweaters and fleece.

如果你之前看我的評論，我們真的專注於我們需要在下半年贏得併出名的類別，比如毛衣和羊毛。

And those are demonstrating strong performance for us at the moment.

目前，這些都為我們展示了強勁的表現。

So, without speaking specifically about things we're going to be doing next year, what I'd say is the team is really focused on balancing their efforts to ensure that 50% of our business comes from the most outstanding core assortment in the marketplace, about 35% comes from the most outstanding core fashion, and the balance from fashion.

因此，在不具體談論我們明年將要做的事情的情況下，我想說的是團隊真正專注於平衡他們的努力，以確保我們 50% 的業務來自市場上最出色的核心分類，約35%來自最傑出的核心時尚，其餘來自時尚。

The opportunity that we have is to really go into each season both tested as well as much more open.

我們擁有的機會是真正進入每個賽季，既經過考驗，又更加開放。

Where I give the women's merchandising and design team a lot of compliments, everything that we're bringing into the market next year will have been either tested in our Eagle Eye program or through extraction tests.

我對女裝銷售和設計團隊給予了很多讚美，我們明年將推向市場的所有產品都將在我們的鷹眼計劃或提取測試中進行測試。

So, we'll have early reads and can make adjustments to the assortment, content as well as the emphasis of the buys behind the assortment.

因此，我們將進行早期閱讀，並可以對分類、內容以及分類背後的購買重點進行調整。

And, most importantly, we remain open, both in open to buy as well as in customer choices, in March and April.

而且，最重要的是，我們在 3 月和 4 月保持開放，無論是開放購買還是客戶選擇。

And we are extremely open as we look at the second quarter.

當我們看第二季度時，我們非常開放。

And that's a result of the fast-track process that we put in place.

這是我們實施的快速通道流程的結果。

And I think that's probably the greatest addition in terms of process adjustments, is the discipline around our testing process, combined with our speed to market and fast-track processes, giving our women's merchandising team a lot more flexibility to ensure they're delivering trend-relevant assortments at great value.

而且我認為這可能是流程調整方面最大的補充，是圍繞我們的測試流程的紀律，結合我們的上市速度和快速跟踪流程，為我們的女性營銷團隊提供了更大的靈活性，以確保她們提供趨勢- 物超所值的相關分類。

Fantastic.

極好的。

Best of luck.

祝你好運。

Simeon Siegel with Nomura.

Simeon Siegel 與野村證券。

Thanks, good morning, guys.

謝謝，早安，伙計們。

Robert, to your points about the environment, how do you view the US promotional landscape looking beyond holiday?

羅伯特，就您關於環境的觀點而言，您如何看待假期之後的美國促銷環境？

And then, Mary, what were the non-merchandise cost benefits in Q3?

那麼，瑪麗，第三季度的非商品成本收益是什麼？

Do you see further opportunity there in Q4?

您在第四季度看到更多機會嗎？

And just given your color on the SG&A, what is the implied gross margin rate within the guidance for Q4?

剛剛給出了您對 SG&A 的看法，第四季度指引中的隱含毛利率是多少？

Thanks.

謝謝。

I think we believe that 2014 is going to be challenging and we're preparing for it.

我認為我們相信 2014 年將充滿挑戰，我們正在為此做準備。

The thing that we are extremely focused on, though, is to make sure that we are improving our speed to market so we can put out more trend-relevant assortments, that we're building our product to deliver outstanding trend relevancy and great value but at higher IMUs.

然而，我們非常關注的事情是確保我們正在提高我們的上市速度，以便我們可以推出更多與趨勢相關的分類，我們正在構建我們的產品以提供出色的趨勢相關性和巨大的價值，但在更高的 IMU。

Most critically, to address your point on promotional cadence, we have been unhappy about the reliance upon box off promotional events throughout this year;, and are working quite diligently cross-functionally to make sure that we can drive traffic, both new-to-file customers as well as more from our repeat customers, by either promotional activities versus box off to improve our markdown rates.

最關鍵的是，為了解決您關於促銷節奏的觀點，我們對今年全年對盒裝促銷活動的依賴感到不滿；並且正在努力跨職能地工作，以確保我們能夠推動流量，無論是新手通過促銷活動和拆箱來提高我們的降價率，向客戶以及我們的回頭客提供更多信息。

We expect the promotional environment to continue to be extremely strong and challenging domestically and, frankly, volatile.

我們預計，國內的促銷環境將繼續非常強勁和具有挑戰性，坦率地說，是不穩定的。

But we are in the process of testing a significant number of ideas to try to drive the traffic we need at improved profit rates.

但是我們正在測試大量的想法，試圖以更高的利潤率來增加我們需要的流量。

And that's how we're preparing but, in addition, controlling the controllables.

這就是我們正在準備的方式，但除此之外，還要控制可控因素。

We have a really strong focus on channeling our SG&A capital investments to high-return ideas.

我們非常注重將我們的 SG&A 資本投資引導到高回報的想法上。

And your question on non-merchandise cost improvement, it was all driven, or was primarily driven by lower incentives planned for 2013.

而你關於非商品成本改進的問題，都是由 2013 年計劃的較低激勵措施驅動的，或者主要是驅動的。

And then in terms of implied gross margin, I would assume the same continuing trend as we saw in Q3, same for Q4.

然後就隱含毛利率而言，我會假設與我們在第三季度看到的相同的持續趨勢，第四季度也是如此。

The same.

相同。

When I look back historically, so Q4 is typically a more promotional to lower margin rates.

當我回顧歷史時，第 4 季度通常更有助於降低保證金率。

When you say the same --?

當你說同樣的話——？

The same decline versus LY as we saw in Q3.

正如我們在第三季度看到的那樣，與 LY 的跌幅相同。

So, seeing that continued trend from Q3, moving on to Q4, as well.

因此，看到從第三季度開始的持續趨勢，也進入第四季度。

Got it, perfect.

明白了，完美。

Paul Alexander with Bank of America Merrill Lynch.

美國銀行美林證券的保羅·亞歷山大。

Hi, thank you.

嗨，謝謝你。

Robert, could you talk a little bit more about the improved core and core fashion styles?

羅伯特，你能多談談改進的核心和核心時尚風格嗎？

It sounds like sweaters and fleece have improved.

聽起來毛衣和羊毛衫有所改進。

How strongly have they improved?

他們的進步有多大？

And have other categories fallen off more?

其他類別的下降幅度更大嗎？

Or are there other categories that didn't get quite as much attention as the sweaters and fleece up front?

或者還有其他類別沒有像前面的毛衣和羊毛那樣受到關注？

What other categories need to be addressed?

還有哪些類別需要解決？

And then on the hire of Chad, where do you think he can help Eagle the most?

然後在聘請 Chad 時，您認為他在哪些方面最能幫助 Eagle？

And with him coming from Urban, does that foreshadow contemplating carrying a greater amount of third-party product or broader assortments?

他來自 Urban，這是否預示著他打算攜帶更多的第三方產品或更廣泛的分類？

Thank you.

謝謝你。

Paul, let me talk about both our men's and our women's business, but starting with women's.

保羅，讓我談談我們的男裝和女裝業務，但先從女裝開始。

If I look at our mainline doors, we had a strong performance across a number of categories.

如果我看看我們的主線門，我們在多個類別中都有強勁的表現。

Obviously I've mentioned sweaters and fleece.

顯然我提到了毛衣和羊毛。

But we had a really strong performance in our pants business, as well as categories like skirts.

但我們的褲子業務以及裙子等類別的表現非常出色。

And we met our expectations in our denim business, is the way that I would describe that.

我們在牛仔佈業務中達到了我們的期望，這就是我要描述的方式。

Our outlets, tops and bottoms business, particularly the made-for-factory product, also dramatically exceeded expectations.

我們的奧特萊斯、上衣和下裝業務，尤其是工廠定制產品，也大大超出了預期。

We're very much focused on our Famous For categories.

我們非常關注我們的 Famous For 類別。

We continue to repeat that -- denim, pants, shorts, fleece.

我們繼續重複這一點——牛仔布、褲子、短褲、羊毛。

Our knit programs in the back half of the year, programs like sweaters.

我們下半年的針織節目，毛衣之類的節目。

On the men's side of the business we had really strong performance in mainline in our bottoms business.

在男裝業務方面，我們在底褲業務的主線表現非常強勁。

And we had strong performance in sweaters, as well.

我們在毛衣方面也表現出色。

The outlet's made-for-factory product also performed extremely strongly.

奧特萊斯的工廠定制產品也表現非常強勁。

So, that's the approach that we're taking.

所以，這就是我們正在採取的方法。

In both men's and women's we've had stronger performance in fashion but it represents a smaller portion of our mix.

在男裝和女裝中，我們在時尚方面都有更強的表現，但它只占我們組合的一小部分。

We want to keep it at about 20% to 25% of our total business, and balance that with the best and most valuable core and core fashion products in the marketplace.

我們希望將其保持在我們總業務的 20% 到 25% 左右，並與市場上最好、最有價值的核心和核心時尚產品保持平衡。

We're excited to have Chad join us.

我們很高興乍得加入我們。

I think he's got a breadth of US specialty store experience.

我認為他擁有廣泛的美國專賣店經驗。

But recently he had experience in global merchandising in a luxury market.

但最近他在奢侈品市場擁有了全球營銷經驗。

And then has been in the multi-brand, multi-channel environment that Urban Outfitters represents.

然後一直處於 Urban Outfitters 所代表的多品牌、多渠道的環境中。

We need to onboard him, we need to give him the opportunity to understand us and to assess his abilities to make contributions.

我們需要讓他加入，我們需要讓他有機會了解我們並評估他做出貢獻的能力。

But what we're excited about is he will bring a new perspective to us as we transform the Company moving forward.

但我們感到興奮的是，在我們推動公司向前發展的過程中，他將為我們帶來新的視角。

And especially as we position our brands to be iconic competitors on the global stage.

尤其是當我們將我們的品牌定位為全球舞台上的標誌性競爭對手時。

I think we feel the complement of all of his past experience is going to bring a lot of benefit to the Company.

我認為我們認為他過去所有經驗的補充將為公司帶來很多好處。

Adrienne Tennant with Janney Capital Markets.

珍妮資本市場的 Adrienne Tennant。

Thank you.

謝謝你。

Good morning, everybody.

大家早上好。

Robert, my question is -- either Robert or Mary but I think to Robert -- is on the end-of-year inventory position.

羅伯特，我的問題是——無論是羅伯特還是瑪麗，但我認為對羅伯特來說——是年終庫存狀況。

First of all, does that include any earlier receipts from the earlier Chinese New Year?

首先，這是否包括早期農曆新年的任何早期收據？

And when can we expect to see the notion of a GMROI inflection.

我們什麼時候才能看到 GMROI 拐點的概念。

I like to look at that.

我喜歡看那個。

Or, asked another way, inventory dollars growing in line with sales.

或者，換一種方式問，庫存美元隨著銷售額的增長而增長。

So that's my first question.

所以這是我的第一個問題。

And then, Mary, I do have a follow-up for you.

然後，瑪麗，我確實為你準備了後續行動。

Adrienne, I'll let Mary take both questions.

Adrienne，我會讓 Mary 回答這兩個問題。

And then if I can answer anything on the inventory strategic, I'm happy to do it.

然後，如果我能回答有關庫存戰略的任何問題，我很樂意回答。

Mary?

瑪麗？

Yes, on the inventory at the end of Q4, really no material impact here on the Chinese New Year.

是的，在第四季度末的庫存上，對中國新年確實沒有實質性影響。

As I mentioned in our guidance, when you net out the change in ownership terms, we're expecting to be up in the low single digits.

正如我在我們的指導中提到的，當您扣除所有權條款的變化時，我們預計會以較低的個位數增長。

So, that seems to be in line with how we're planning the business for next year.

所以，這似乎符合我們對明年業務的規劃。

The one thing I would just add is, as we go into the first half of next year, we did have some operational missteps throughout the first and second quarter, especially in some of our core Famous For categories -- denim, pants, polos, our Legend program -- were all under-inventoried, especially in men's but denim across both men's and women's.

我要補充的一件事是，隨著我們進入明年上半年，我們確實在第一季度和第二季度出現了一些運營失誤，尤其是在我們的一些核心 Famous For 類別——牛仔布、褲子、馬球衫，我們的Legend 計劃——都庫存不足，尤其是男裝，但男裝和女裝均採用牛仔布。

And our transitions were not what we wanted them to be.

我們的過渡並不是我們想要的。

So, we are making strategic investments and those will moderate as we go into the back half of the year, Adrienne.

因此，我們正在進行戰略投資，隨著我們進入下半年，這些投資將會放緩，Adrienne。

Okay.

好的。

Does it concern you that some of your competitors are also not necessarily being that conservative on inventory?

您是否擔心您的一些競爭對手在庫存方面也不一定那麼保守？

My question is how much of this is within your control and how much of it is over inventory across the teen sector?

我的問題是，其中有多少在您的控制範圍內，有多少是整個青少年部門的庫存？

We're going to play our game on our field.

我們將在我們的場地上玩我們的遊戲。

And I think we've been able to end each quarter clean, move into the next quarter open with the right investments behind the assortment.

而且我認為我們已經能夠以乾淨的方式結束每個季度，進入下一個開放的季度，並在分類背後進行正確的投資。

That's our intention moving forward.

這是我們前進的意圖。

We're not concerned that we're over-inventoried.

我們不擔心庫存過多。

I think we are concerned about the promotional environment and what it has taken for us to move the inventory, which is obviously negatively impacting margins.

我認為我們擔心促銷環境以及我們轉移庫存所採取的措施，這顯然會對利潤率產生負面影響。

So, we're going to stay very focused on this issue.

因此，我們將繼續非常關注這個問題。

You know we have a strong focus as an organization to improve our returns and to drive our inventory turns, and that will continue to be a focus.

您知道，作為一個組織，我們非常重視提高我們的回報並推動我們的庫存周轉，這將繼續成為一個重點。

We even incent the leadership team here on inventory turns.

我們甚至在庫存周轉方面激勵領導團隊。

Yes, and I would just second everything Robert said.

是的，我會支持羅伯特所說的一切。

And if you think about the volatility of the business that we've seen in Q2-Q3, and we're still experiencing now, we've been able to, I think pretty effectively, manage through our inventory, and end the quarter without any significant hangover of inventory.

而且，如果您考慮一下我們在第二季度至第三季度看到的業務波動，並且我們現在仍在經歷，我認為我們已經能夠非常有效地管理我們的庫存，並在沒有的情況下結束本季度任何重大的庫存殘留。

So, it feels fairly well managed at this point, and that's our plan for next year, as well.

所以，在這一點上感覺管理得很好，這也是我們明年的計劃。

Anna Andreeva with Oppenheimer.

安娜安德烈耶娃與奧本海默。

Yes, hi guys, good morning.

是的，大家好，早上好。

This is actually [Steven Zicone] on for Anna.

這實際上是安娜的 [Steven Zicone]。

Just looking into 2014, how should we think about expenses, as you guys are obviously playing defense, controlling the controllables within your longer-term investments, continue?

展望2014年，我們應該如何考慮費用，因為你們顯然是在防守，控制長期投資中的可控因素，繼續嗎？

And then also on 2014, CapEx should be coming down next year.

然後在 2014 年，資本支出應該會在明年下降。

Can you just give us an update on your priorities for cash?

您能否向我們介紹一下您的現金優先事項？

We know you haven't been buying stock for some time.

我們知道您已經有一段時間沒有購買股票了。

Thanks.

謝謝。

Sure.

當然。

On expenses, as we've talked about, we continue to stay very focused on managing our expenses, and ensuring we continue to drive leverage on our SG&A.

在費用方面，正如我們已經談到的那樣，我們繼續非常專注於管理我們的費用，並確保我們繼續推動我們的 SG&A 的槓桿作用。

And one of the areas that we have spent a lot of time on here is looking at redirecting the costs from the declining business to help fund our growth initiatives.

我們在這里花了很多時間研究的領域之一是考慮重新調整業務下滑的成本，以幫助為我們的增長計劃提供資金。

So, therefore, a lot of the growth investment therefore does not become incremental to our SG&A line.

因此，許多增長投資因此不會成為我們的 SG&A 線的增量。

It's a balance we're trying to walk here but very aggressively looking at our SG&A pretty much across the board.

這是我們試圖在這裡取得的平衡，但非常積極地全面審視我們的 SG&A。

In terms of CapEx, next year looking to spend somewhere in the $230 million to $250 million range.

就資本支出而言，明年希望支出在 2.3 億至 2.5 億美元之間。

Our new distribution center, that investment bridges two years, as that distribution center opens in June of 2014.

我們新的配送中心，這項投資跨越了兩年，因為該配送中心於 2014 年 6 月開業。

We'll continue to invest in factory store growth, as Robert mentioned, our international growth.

正如羅伯特所說，我們將繼續投資於工廠商店的增長，即我們的國際增長。

And we have under-invested in the past in our basic infrastructure in the Company and we need to continue on that path for next year, as well.

而且我們過去在公司的基礎設施上投資不足，我們也需要在明年繼續這條道路。

So, in terms of just general capital allocation our first and foremost priority is to invest in the Company and invest in growth.

因此，就一般資本配置而言，我們的首要任務是投資於公司並投資於增長。

We'll continue to look from a share buyback perspective to offset dilution.

我們將繼續從股票回購的角度來看，以抵消稀釋。

But, again, the highest priority is to invest in the Company and in growth.

但是，最重要的是投資公司和增長。

Susan Anderson with FBR Capital Markets.

蘇珊安德森與 FBR 資本市場。

Good morning, everyone, and thanks for taking my questions.

大家早上好，感謝您提出我的問題。

I was wondering, on the promotion front, it seems like AURs are really coming down, especially in the teen sector.

我想知道，在促銷方面，AUR 似乎真的在下降，尤其是在青少年領域。

Do you think this is a new level of prices?

您認為這是一個新的價格水平嗎？

And if so, it sounds like you have a lot of great initiatives for 2014.

如果是這樣，聽起來你在 2014 年有很多很棒的計劃。

Maybe talk about what areas of the business you can make more efficient to offset that on the cost side, such as within the supply chain or distribution channel.

也許談談您可以在哪些業務領域更有效地抵消成本方面的影響，例如在供應鍊或分銷渠道中。

I think we expect 2014 to continue to be challenging and the promotional environment that we experience to continue.

我認為我們預計 2014 年將繼續充滿挑戰，我們所經歷的促銷環境將繼續下去。

And there are dynamics that are changing the way consumers behave.

還有一些動態正在改變消費者的行為方式。

Technology and the level of global competition that's affecting the US marketplace now is clearly having an impact on the customers' value perception.

現在影響美國市場的技術和全球競爭水平顯然正在影響客戶的價值認知。

Our greatest asset, obviously, are our brands, our ability to identify and commercialize trends more rapidly than our competition.

顯然，我們最大的資產是我們的品牌，我們比競爭對手更快地識別和商業化趨勢的能力。

And then make sure that we're building product that is the most trend-relevant, offering the best value but at improved IMUs.

然後確保我們正在構建與趨勢最相關的產品，提供最佳價值但改進 IMU。

So, specifically to your question on what we're doing, is we're really challenging our merchandising design and production team to build product that has the intrinsic value our customers expect but at higher margins.

因此，特別是對於您關於我們正在做什麼的問題，我們是否真的在挑戰我們的商品設計和生產團隊，以構建具有我們客戶期望的內在價值但利潤率更高的產品。

And we're being relentless about that.

我們對此毫不留情。

As I mentioned earlier, we are looking to drive traffic with alternative approaches to the promotional cadence versus box off promotions, which really impacted our profitability and average unit retail this year.

正如我之前提到的，我們希望通過促銷節奏與盒裝促銷的替代方法來增加流量，這確實影響了我們今年的盈利能力和平均單位零售額。

And then, as Mary mentioned earlier, we're very committed to making sure that our SG&A and our CapEx is put behind high-return investment activities.

然後，正如瑪麗之前提到的，我們非常致力於確保我們的 SG&A 和資本支出支持高回報的投資活動。

The greatest opportunity we have, without compromising the superior customer service we provide to the broadest base of customers in the sector, is to really look at how to drive efficiencies in our mainline fleet within the North American marketplace.

在不影響我們為該行業最廣泛的客戶群提供的卓越客戶服務的情況下，我們擁有的最大機會是真正研究如何在北美市場內提高我們的干線機隊的效率。

We've been running that business very consistently to how it's been run during the growth years of the Company.

我們一直在非常一致地經營該業務，就像它在公司成長期間的經營方式一樣。

And as the fleet has matured and we're in this environment, there are clearly opportunities for us to improve our efficiency without compromising the customer experience.

隨著機隊的成熟和我們所處的環境，我們顯然有機會在不影響客戶體驗的情況下提高效率。

And then I would just add to that that when you look at our overall cost base, how I like to think about it is in three buckets -- people, process and technology.

然後我想補充一點，當你查看我們的整體成本基礎時，我喜歡從三個方面來考慮它——人員、流程和技術。

And, so, we're looking at every area, looking at every area to drive efficiency in how we do work today.

因此，我們正在關注每一個領域，關注每一個領域，以提高我們今天的工作效率。

Some of the technology we're investing in should be driving efficiency as well, too.

我們投資的一些技術也應該提高效率。

Looking at things like shipping direct to stores versus via the distribution network.

看看直接運送到商店還是通過分銷網絡運送。

So, basically every expense line is under scrutiny, and that's how we're focusing.

因此，基本上每條支出線都受到審查，這就是我們關注的方式。

It's really, truly an across-the-board effort here, not a single silver bullet.

這真的是一個全面的努力，而不是一個銀彈。

(Operator Instructions)

（操作員說明）

Paul Lejuez with Wells Fargo.

Paul Lejuez 與富國銀行。

Hi, thanks guys.

嗨，謝謝各位。

Robert, it sounds like you guys expect AUR pressure to continue.

羅伯特，聽起來你們預計 AUR 壓力會繼續存在。

But correct me if that's not right.

但如果這不正確，請糾正我。

But you're also talking about higher IMUs.

但你也在談論更高的 IMU。

And IMUs you guys control, you set the prices, but the consumer really sets the out-the-door margin.

你們控制的 IMU，您設定價格，但消費者真正設定了門外利潤。

So I'm just trying to understand, what's the outlook on when AURs can possibly turn positive?

所以我只是想了解，AUR 何時可能轉為正值的前景如何？

Do you have any initiatives on the AUC side?

您在 AUC 方面有什麼倡議嗎？

Are you considering maybe reducing the quality in the product?

您是否正在考慮降低產品的質量？

I know companies don't ever like to really admit to that, but I'm just wondering what you have going on in terms of building up to that out-the-door gross margin equation.

我知道公司從來不喜歡真正承認這一點，但我只是想知道你在建立這個戶外毛利率等式方面做了什麼。

Thanks.

謝謝。

Sure.

當然。

On AUR, we expect it to remain under pressure.

在 AUR 上，我們預計它將繼續承受壓力。

But, Paul, we're really clear about what our customer expects in terms of an average out-the-door price, especially for our core and core fashion items.

但是，保羅，我們非常清楚客戶對平均出廠價格的期望，尤其是對於我們的核心和核心時尚產品。

I think fashion is a bit more volatile based on the success of your assortment seasonally.

我認為根據你的季節性分類的成功，時尚會更加不穩定。

But in terms of core and core fashion we do an extensive amount of work to evaluate the average unit retail.

但在核心和核心時尚方面，我們做了大量工作來評估平均零售單位。

We have an initiative under way next year to make sure that we're sharpening our strategic approach to pricing.

我們明年將採取一項舉措，以確保我們正在加強我們的定價戰略方法。

And we'll bring you up to speed as we are able to test and scale that initiative over time.

隨著我們能夠隨著時間的推移測試和擴展該計劃，我們將讓您了解最新情況。

And we think it will just make us smarter by category down to the customer choice level.

而且我們認為它只會讓我們在類別上更聰明，直到客戶選擇水平。

But we do a lot of very specific quantitative work to make our pricing choices.

但是我們做了很多非常具體的量化工作來做出我們的定價選擇。

The greatest opportunity we have is to build a product that meets the customers' expectations and trend relevancy and quality.

我們擁有的最大機會是打造滿足客戶期望和趨勢相關性和質量的產品。

We will not compromise physical or aesthetic quality.

我們不會損害身體或美學質量。

But we believe that there is waste in our product that doesn't deliver intrinsic consumer value and costs us IMU, and we're going after that.

但我們認為，我們的產品存在浪費，無法提供內在的消費者價值，並讓我們付出了 IMU 的代價，我們正在努力解決這個問題。

The other opportunity, obviously, is to reduce our markdown rate.

顯然，另一個機會是降低我們的降價率。

So, although we expect the AUR pressure, we gave up a lot of margin this year because we had to over-rely on box off promotions to drive the traffic.

因此，儘管我們預計 AUR 會面臨壓力，但今年我們放棄了很多利潤，因為我們不得不過度依賴盒裝促銷來推動流量。

We think we can be better.

我們認為我們可以做得更好。

We've got great brands.

我們有很棒的品牌。

We need to learn how to attract new customers to the brand and get more out of our repeat customers by marketing in a different way.

我們需要學習如何為品牌吸引新客戶，並通過不同的營銷方式從回頭客中獲得更多收益。

We would like to market key items at great value in a way that will drive the traffic we need to deliver an improved performance overall and reduce that markdown rate.

我們希望以一種能夠推動我們需要的流量的方式以高價值推銷關鍵商品，從而提高整體性能並降低降價率。

We won't reduce the quality or the aesthetic quality of our garments.

我們不會降低我們服裝的質量或美學質量。

That's not a way to win in the long term.

從長遠來看，這不是取勝的方法。

And if you look, Paul, at our IMU, Q3 and Q4 of this year versus last year, basically flattish both quarters.

保羅，如果你看一下我們的 IMU，今年第三季度和第四季度與去年相比，這兩個季度基本上持平。

So, clearly, we need, as Robert just articulated, to drive for some improvement in IMU as we go through next year.

因此，很明顯，正如 Robert 剛才所說，我們需要在明年進行時推動 IMU 的一些改進。

And it's all about finding the right price value relationship while still giving our customer the product that they want and have come to enjoy over the years.

這一切都是為了找到正確的價格價值關係，同時仍然為我們的客戶提供他們想要並多年來享受的產品。

Janet Kloppenberg with JJK Research.

JJK Research 的 Janet Kloppenberg。

Good morning, everyone.

大家，早安。

I'm happy to hear about the succession plan.

我很高興聽到關於繼任計劃的消息。

That's terrific.

真了不起。

Maybe you could comment on Roger's plans.

也許你可以評論羅傑的計劃。

I think he may be retiring at the end of this year but staying on as a consultant.

我認為他可能會在今年年底退休，但會繼續擔任顧問。

I also wanted to ask Robert, I know you said some or most of the products for the spring had been tested.

我還想問羅伯特，我知道你說春季的部分或大部分產品已經過測試。

I wondered if you could talk a little bit about the results and if you're encouraged there.

我想知道您是否可以談談結果以及您是否受到鼓勵。

And also the factory numbers are very impressive.

而且工廠數量也非常可觀。

And given that it's only 50% made for factories, the remainder, I assume, reflects what's in the full-line stores.

鑑於它只有 50% 是為工廠製造的，我認為其餘部分反映了全線商店的情況。

So I wondered if you could tell us maybe some of the learnings that you could take from factory and apply to the full-priced stores.

所以我想知道你能否告訴我們一些你可以從工廠學到的知識並應用於全價商店。

And happy holidays to all of you.

祝大家節日快樂。

Happy holidays to you, too.

也祝你節日快樂。

Just on Roger, really quickly, I think we've always, we've been communicating pretty consistently.

就在羅傑身上，很快，我想我們一直，我們一直在保持一致的溝通。

Rogers a great partner to me.

羅傑斯是我的好夥伴。

We have a great relationship.

我們關係很好。

He's generously agreed to stay on for a four-year consultant fee period, to be available as much or as little as we need him to be.

他慷慨地同意留任四年的顧問費期，以便我們需要他盡可能多地或盡可能少地提供服務。

So, we're not feeling particular pressure to succeed him at the moment because I think he will stay actively involved appropriately in the business.

因此，我們目前並沒有感到要接替他的特別壓力，因為我認為他將繼續積極參與業務。

We're very excited to have Chad join us for the reasons that I mentioned in the earlier question.

由於我在前面的問題中提到的原因，我們很高興 Chad 加入我們。

I think not only his experience in US specialty but the fact that he's had global merchandising and multi-channel merchandising, design and planning leadership experience, and has worked both in specialty as well as in the market, is going to bring a fresh perspective to the Company, which we're excited to leverage.

我認為不僅他在美國專業領域的經驗，而且他擁有全球營銷和多渠道營銷、設計和規劃領導經驗，並且在專業和市場方面都有過工作，這將為他帶來全新的視角。公司，我們很高興能夠利用它。

The testing process that we have in place, Janet, is a process Roger's put in place for some time.

珍妮特，我們已經實施的測試流程是羅傑已經實施了一段時間的流程。

I think we just did not -- in the toughness of the business this year we haven't used it in as disciplined of a way.

我認為我們只是沒有 - 在今年的業務艱難中，我們沒有以一種自律的方式使用它。

What I can say now, having just reviewed our Q2 assortment and buy plans with the team this week, our men's and women's merchandising and design teams are very disciplined in making sure that they either Eagle Eye or extraction test the assortment almost in its entirety.

我現在可以說的是，本周剛剛與團隊一起審查了我們的 Q2 分類和購買計劃，我們的男裝和女裝銷售和設計團隊非常自律，以確保他們無論是鷹眼還是提取幾乎對整個分類進行測試。

We pull out our Famous For categories and we go even deeper into those to make sure that we've got the right product, that we've ranked it correctly, and that we're putting the right investments behind it.

我們退出了 Famous For 類別，我們更深入地研究這些類別，以確保我們擁有正確的產品，我們對它進行了正確的排名，並且我們在其背後投入了正確的投資。

I think the benefit of that process is that we make adjustments before we actually trigger the bulk production, so that we're investing behind the assortment in a smarter way.

我認為該過程的好處是我們在實際觸發批量生產之前進行調整，以便我們以更智能的方式投資於分類。

And are encouraged by what we've learned and how that will hopefully make us smarter as we enter 2014.

並且對我們所學到的東西以及在我們進入 2014 年時如何讓我們變得更聰明感到鼓舞。

Most critically, in my response to a prior question, we have a lot of open, both open to buy and customer choices, in Q1 and a significant amount in Q2 to react to the results of the test.

最關鍵的是，在我對先前問題的回答中，我們在第一季度有很多開放的空間，包括對購買和客戶選擇的開放，在第二季度有大量的開放空間來對測試結果做出反應。

Factory -- the greatest learning there has just been there are some excellent raw materials that the factory team has identified that, frankly, can be a part of our building product in the mainline.

工廠——剛剛學到的最大的收穫是工廠團隊已經確定了一些優秀的原材料，坦率地說，它們可以成為我們主線建築產品的一部分。

As we're pushing the factory team to get even more value driven and drive up their there IMUs, they're handing over some raw materials that we think actually meet the standards for our mainline business, which will help us meet the IMU challenges that we've talked about earlier there.

當我們推動工廠團隊獲得更多價值驅動並提高他們的 IMU 時，他們正在交出一些我們認為實際上符合我們主線業務標準的原材料，這將幫助我們應對 IMU 挑戰我們之前在那裡討論過。

Kimberly Greenberger with Morgan Stanley.

摩根士丹利的金伯利格林伯格。

Thanks so much, good morning.

非常感謝，早上好。

I'm wondering if you could talk about any benefit of lower incentive comp in third quarter SG&A, and if you expect some benefit as well in the fourth quarter.

我想知道您是否可以談論第三季度 SG&A 中較低激勵補償的任何好處，以及您是否期望在第四季度也有一些好處。

And then, Robert, you talked about looking out into 2014 you expect the environment to remain challenging.

然後，羅伯特，您談到展望 2014 年，您預計環境仍將充滿挑戰。

But you're planning inventory to grow in the low single-digit range, which doesn't really align with an ongoing difficult environment.

但是您計劃庫存在低個位數範圍內增長，這與持續的困難環境並不相符。

So I was just wondering if you could reconcile those thoughts for us.

所以我只是想知道你是否可以為我們調和這些想法。

Okay.

好的。

On the SG&A for Q3, the dollar reduction in SG&A over last year, a fair amount of that reduction was driven by incentive comp.

在第三季度的 SG&A 上，SG&A 比去年減少了美元，其中相當一部分減少是由激勵補償推動的。

But if you look underneath the covers of the SG&A reduction, the team has been able to reduce other costs in order to fund our growth initiatives.

但是，如果您深入了解 SG&A 削減的背後，團隊已經能夠降低其他成本，以便為我們的增長計劃提供資金。

So, while incentive comp was a big driver, there's a lot going on underneath that that is helping to shift our cost base to fund our growth initiatives.

因此，雖然激勵補償是一個很大的推動力，但在這背後還有很多事情正在幫助我們轉移成本基礎，為我們的增長計劃提供資金。

And then in Q4, our reduction in SG&A, it's about one-third of it roughly is related to incentive.

然後在第四季度，我們減少了 SG&A，大約有三分之一與激勵有關。

And then the rest of it is, again, the work that the team is doing on reducing overall cost.

然後剩下的就是團隊在降低總體成本方面所做的工作。

And, Kimberly, on the inventory, what I would say is even in a very tough environment this year we're on track to increase our inventory turn enterprise-wide and meet the targets that we established this year.

而且，金佰利，關於庫存，我想說的是，即使在今年非常艱難的環境中，我們也有望在整個企業範圍內增加庫存周轉率並實現我們今年制定的目標。

We're extremely focused on it.

我們非常關注它。

As I mentioned in an earlier response to a question that was asked, we were under-invested in some critical categories that we're famous for throughout all of the first half of the year.

正如我在早些時候對一個問題的回答中提到的那樣，我們在今年上半年的一些著名類別上的投資不足。

We had a combination of operational misssteps, planning misssteps, and some production fall out in categories like denim, pants, our Legend program in men's, and our Polo program.

我們遇到了操作失誤、計劃失誤以及牛仔布、褲子、我們的男裝傳奇計劃和馬球計劃等類別的一些生產失誤。

And we are strategically investing behind them.

我們正在對它們進行戰略性投資。

If you take those out of the equation and you look at do our inventory plans match our sales plans, they do.

如果你把這些排除在外，看看我們的庫存計劃是否與我們的銷售計劃相匹配，它們確實如此。

Our mainline business is what's under pressure here.

我們的主線業務是這裡面臨的壓力。

We are growing our direct business, we're growing our factory store business, we're growing our aerie side-by-side and shop-in-shop business, we're growing our international business.

我們正在發展我們的直接業務，我們正在發展我們的工廠店業務，我們正在發展我們的 aerie 並排和店中店業務，我們正在發展我們的國際業務。

And we have to invest behind the growth there while we're matching the inventory and sales plans in our mainline doors outside of those areas where we had to strategically invest on a like-for-like basis.

我們必須投資支持那裡的增長，同時我們在我們必須在類似基礎上進行戰略投資的那些領域之外的主線門中匹配庫存和銷售計劃。

So we feel confident in our plans.

所以我們對我們的計劃充滿信心。

Eric Beder with Brean Capital.

埃里克·貝德 (Eric Beder) 與 Brean Capital。

Good morning.

早上好。

Happy holidays, guys.

節日快樂，伙計們。

Could you talk a little bit -- Mexico is now almost a year.

你能談談嗎 - 墨西哥現在快一年了。

Could you talk about what you've learned there in terms of the customer and the customer base?

你能談談你在客戶和客戶群方面學到了什麼嗎？

And could you talk a little bit about the -- I know you did this line of performance product, the AEO line, how did that go?

你能談談 - 我知道你做了這條性能產品線，AEO線，進展如何？

And that's it.

就是這樣。

Sure.

當然。

So, we've been very pleased with our performance in Mexico.

所以，我們對我們在墨西哥的表現非常滿意。

The initial response was well beyond our expectations, Eric.

埃里克，最初的反應遠遠超出了我們的預期。

And I think I've mentioned that in prior calls.

我想我已經在之前的電話會議中提到了這一點。

We adjusted, of course, our targets for our Mexico team up as a result of that.

當然，我們因此調整了墨西哥團隊的目標。

And I would say that we're actualizing performance in line with that revised forecast, more or less.

我想說的是，我們正在或多或少地按照修訂後的預測來實現業績。

We have seen a different business by market, to be honest.

老實說，我們已經看到了不同市場的不同業務。

We've got a particularly fashion forward customer in Mexico City.

我們在墨西哥城有一位特別時尚的客戶。

That is also true of Guadalajara.

瓜達拉哈拉也是如此。

We just recently entered Monterey.

我們剛剛進入蒙特雷。

I think there was some concern that that customer has been a predominantly US customer purchasing from our border stores.

我認為有人擔心該客戶主要是從我們邊境商店購買的美國客戶。

But we haven't seen at all any impact from the opening of our business there on our US border store business.

但我們根本沒有看到我們在那裡開業對我們美國邊境商店業務的任何影響。

But we have seen a different composition of business.

但我們看到了不同的業務構成。

We'll see shifts between the mix by gender, and the mix between core and core fashion.

我們將看到性別混合之間的變化，以及核心和核心時尚之間的混合。

But, fundamentally, 70% of the core assortment that we run in the US is resonating for our Mexico customer.

但是，從根本上說，我們在美國經營的 70% 的核心產品都引起了我們墨西哥客戶的共鳴。

And obviously it's based on climate and particularly cultural requirements.

顯然，這是基於氣候，尤其是文化要求。

For example, Mexican female consumers don't wear shorts often so it's a distortion of our denim and our pants business.

例如，墨西哥女性消費者不經常穿短褲，因此這是對我們牛仔布和褲子業務的一種扭曲。

Those kinds of adjustments are the kinds of things that we're making.

這些調整就是我們正在做的事情。

But we're very pleased.

但我們非常高興。

Our performance business was disappointing.

我們的表演業務令人失望。

We had some strong performance product in both men's and women's.

我們在男裝和女裝中都有一些性能強勁的產品。

We're going to take those products and bring them into our core sportswear assortment.

我們將採用這些產品並將它們納入我們的核心運動裝品類。

And, in particular, in men's there were a limited number of tops products that we think we can merchandise along with our performance underwear program in the assortment.

而且，特別是在男裝中，我們認為可以與我們的性能內衣計劃一起銷售的上衣產品數量有限。

And then there were some real winners on the women's side but we're going to migrate those products into our sportswear assortment and not continue with the performance assortment moving forward.

然後在女性方面有一些真正的贏家，但我們會將這些產品遷移到我們的運動服分類中，而不是繼續推進性能分類。

And then I would just add on Mexico, what's encouraging for us to see is that the store productivity is higher than what we're seeing here in the US.

然後我想補充一下墨西哥，讓我們感到鼓舞的是，商店的生產力比我們在美國看到的要高。

Way early to call a trend, we're very early in the journey, but the early indications are very positive.

很早就可以稱之為趨勢，我們還處於旅程的早期，但早期的跡象非常積極。

Dorothy Lakner with Topeka Capital Markets.

托皮卡資本市場的多蘿西·拉克納。

Thanks and good morning everyone.

謝謝大家早上好。

Happy holidays, too.

節日快樂，也。

Just a quick precision on where you are in made-for-outlet product, what the percentages, where you expect to be next year.

只需快速準確地了解您在直銷產品中的位置、百分比以及明年的預期位置。

But mainly I wanted to ask about systems initiatives and if you could just update us on where you are there going into 2014.

但主要是我想問一下系統計劃，如果你能告訴我們你在 2014 年的進展情況。

Sure.

當然。

On the made-for-factory product we're at 50% now.

在為工廠製造的產品上，我們現在是 50%。

And that product is outperforming our expectations.

該產品的表現超出了我們的預期。

We're very happy about it because it's a way for us to differentiate the assortment from our mainline doors.

我們對此感到非常高興，因為這是我們將分類與主線門區分開來的一種方式。

In fact, it's allowing us to elevate, if you will, the aesthetics and trend relevancy of our mainline assortment as we drive even harder at great value, the core Famous For categories in core and core fashion in our factory store business.

事實上，如果您願意的話，它使我們能夠提升我們主線產品的美學和趨勢相關性，因為我們更加努力地以高價值推動核心Famous For 類別在我們的工廠店業務中的核心和核心時尚。

We expect to grow the mix of made-for-factory products from 50% up to probably as high as 70% to 75% in 2014.

我們預計 2014 年工廠製造產品的比例將從 50% 增加到可能高達 70% 到 75%。

And that will represent an opportunity.

這將代表一個機會。

And, without getting into a tremendous amount of detail, we're on track with all of the systems initiatives that we've spoken of over the last couple calls.

而且，在不涉及大量細節的情況下，我們正在推進我們在過去幾次電話會議中談到的所有系統計劃。

I think Mary mentioned we're going to slightly moderate our capital investment spending this year.

我認為瑪麗提到今年我們將略微調整我們的資本投資支出。

But we intend to keep the investments behind that because we need to really build the infrastructure that would enable us to scale, to become a global efficient and effective global competitor with consistency across our business units.

但我們打算保留投資，因為我們需要真正建立基礎設施，使我們能夠擴展，成為全球高效和有效的全球競爭對手，在我們的業務部門保持一致。

And at the same time we're diverting some investment away from infrastructure into customer-facing technology enhancements.

與此同時，我們正在將一些投資從基礎設施轉移到面向客戶的技術增強上。

I've spoken about those in the past.

我過去曾談過這些。

All of those are really focused on making sure we're fortifying our ability to compete in the omnichannel environment initiatives like buy online/ship from store, mobile point of sale, the development of our mobile business in particular, which was double the prior year rate of performance during the Thanksgiving period, are all areas offer focus for us.

所有這些都真正專注於確保我們加強在全渠道環境計劃中的競爭能力，例如在線購買/從商店發貨、移動銷售點，特別是我們的移動業務的發展，這是去年的兩倍感恩節期間的表現率，都是我們關注的各個領域。

Yes.

是的。

And I would say on that last point, in particular around the online performance on Monday where we were 45% above any historical standard.

我想說的是最後一點，特別是周一的在線表現，我們比任何歷史標準高出 45%。

Our site performed well, our mobile site performed well, which is a lot of the work, infrastructure work, that has been going on this year to ensure our ability to grow there.

我們的網站表現良好，我們的移動網站表現良好，這是今年一直在進行的大量工作和基礎設施工作，以確保我們能夠在那裡發展。

So it was nice to see that proof point come to fruition here in the last week.

所以很高興看到證明點在上週在這裡取得成果。

And just to add a fun fact to that, if you put the size of what happens from Thanksgiving through, we call it, Tech Tuesday, in perspective to the total business, Thanksgiving, Black Friday, Cyber Monday and Tech Tuesday delivered about 10% of the annual revenue of our direct business, those four days alone.

為了增加一個有趣的事實，如果你把從感恩節到我們稱之為“科技星期二”的事情的規模，從整體業務的角度來看，感恩節、黑色星期五、網絡星期一和科技星期二交付了大約 10%我們直接業務的年收入，僅這四天。

And we had 100% stability on our site performance.

我們的網站性能具有 100% 的穩定性。

So I give a tremendous amount of compliment to the direct team and our IT team for being able to deliver that kind of performance.

因此，我非常感謝直接團隊和我們的 IT 團隊能夠提供這種性能。

Richard Jaffe with Stifel Nicolaus.

理查德·賈菲與 Stifel Nicolaus。

Thanks very much, guys.

非常感謝，伙計們。

Just wondering about the improvement you've seen with the reassortment that took place in October.

只是想知道您在 10 月份的重組中看到的改進。

Did you see any changes in the core and core fashion businesses, as you did the floor set in October I know you've talked about some improvement in the business over the holiday, which sounded more promotionally driven.

您是否看到核心和核心時尚業務的任何變化，就像您在 10 月份所做的那樣？

I'm wondering if there's some core strength or core fashion strength you could share with us.

我想知道您是否可以與我們分享一些核心力量或核心時尚力量。

And then if you could also just comment on depreciation for both Q4 and 2014.

然後，如果您也可以評論一下 2014 年第四季度和 2014 年的折舊。

Thank you.

謝謝你。

Sure, hi, Richard.

當然，嗨，理查德。

We did see, like we said, from second to third quarter a sequential improvement in our comps.

正如我們所說，我們確實看到，從第二季度到第三季度，我們的業績連續改善。

We saw men's and women's comps, which were down in the mid single digits, align.

我們看到男子和女子的比賽，在中間個位數下降，對齊。

So we saw a nice improvement in our women's performance.

因此，我們看到女性的表現有了很大的提高。

And we did see -- it was promotionally driven, to your point -- but we did see a sequential improvement as we went through the month of November, particularly driven during the week of Black Friday.

我們確實看到了——就你的觀點而言，這是促銷驅動的——但我們確實看到了 11 月份的連續改善，尤其是在黑色星期五這一周。

We would have wanted it to be more profitable and less promotional but it was what it was.

我們本來希望它更有利可圖，促銷更少，但事實就是這樣。

That wasn't entirely promotionally driven.

這並不完全是促銷驅動的。

I would say the work that we put in, starting in late spring through the summer period, to adjust our assortments to put an emphasis behind core and core fashion, both denim and pants, as well as categories like sweaters and fleece that we have to win in the back half of the year, has paid dividends.

我想說的是，我們從春末到夏季期間投入的工作，以調整我們的分類，以強調核心和核心時尚，包括牛仔布和褲子，以及毛衣和羊毛等類別，我們必須贏在下半年，已經有了紅利。

Our most effective styles in those categories across both men's and women's have performed to expectations.

我們在男裝和女裝這些類別中最有效的款式都達到了預期。

And, especially with each new floor set, are delivering good sales at a less promotional environment.

而且，尤其是每一套新的地板，都在較少的促銷環境中提供了良好的銷售。

When we're in these big days we obviously have to be competitive.

當我們在這些重要的日子裡，我們顯然必須具有競爭力。

We're not willing to give up market share, which is why we have been competitive.

我們不願意放棄市場份額，這就是我們一直具有競爭力的原因。

But, as I said earlier, we're looking at ways of putting greater emphasis on our brands, the product assortments that we identify and commercialize to be the most trend-relevant, and how we can deliver better value on key items to our customers, so we can be more profitable moving forward.

但是，正如我之前所說，我們正在研究如何更加強調我們的品牌、我們識別和商業化以與趨勢最相關的產品分類，以及我們如何為客戶提供關鍵商品的更高價值，所以我們可以更有利可圖地前進。

And, Richard, regarding depreciation, expect Q4 depreciation to be up high single digits from LY.

而且，關於折舊，Richard 預計第四季度的折舊將比 LY 高個位數。

And then for 2014, expect depreciation to be up about roughly 20%.

然後在 2014 年，預計折舊率將上升約 20%。

Obviously the investments in our new DC, our factory stores primarily and some of our infrastructure investment is driving that depreciation rate up a bit.

顯然，對我們新配送中心、主要工廠商店的投資以及我們的一些基礎設施投資正在推動折舊率上升一點。

Brian Tunick with JPMorgan.

摩根大通的布萊恩·圖尼克。

Hi, good morning, everyone.

嗨，大家早上好。

Robert, the question really, I think, is on the store closing opportunity.

羅伯特，我認為，真正的問題在於關閉商店的機會。

I think, if we think about where the four walls are going to shake out this year in the mainline stores, I'm assuming they have to be near all-time lows, not only for your Company but also for your peers.

我認為，如果我們考慮今年主線商店的四堵牆將在哪裡發生變化，我假設它們必須接近歷史最低點，不僅對您的公司而且對您的同行也是如此。

So, just thinking as you look as the eCom growth and you look at what's been happening to mall traffic, how much faster would you consider closing 100, 200 stores?

所以，想想電子商務的增長，看看商場客流量的變化，你會考慮以多快的速度關閉 100 家、200 家商店？

I know they're making money now but just wondering, to get out of this competitive hamster wheel, how prepared are you to dramatically change the channel mix of the Company, given what's going on out there?

我知道他們現在正在賺錢，但只是想知道，為了擺脫這個競爭激烈的倉鼠輪盤，鑑於目前正在發生的事情，你準備好如何大幅改變公司的渠道組合了嗎？

Brian, that's a silver bullet question, and we're very focused on answering it.

Brian，這是一個靈丹妙藥的問題，我們非常專注於回答它。

You're right.

你是對的。

I think the combination of fast global and technology-enabled competitors, the impact of technology on our customer, in particular, is really changing the way our customers engage with brands.

我認為快速的全球競爭對手和技術支持的競爭對手的結合，特別是技術對我們客戶的影響，正在真正改變我們的客戶與品牌互動的方式。

That's why we're so focused on our omnichannel investments and diversifying our business base so that we have more tools to compete with and compete more profitably.

這就是為什麼我們如此專注於我們的全渠道投資和多元化我們的業務基礎，以便我們擁有更多的工具來競爭並獲得更高的利潤。

We do have a plan to close up to 50 stores per year at the moment.

目前，我們確實有計劃每年關閉多達 50 家商店。

But what I would say is we have a very strong and robust real estate committee process where we look at the profitability of the fleet on a rolling basis.

但我想說的是，我們有一個非常強大和穩健的房地產委員會流程，我們會滾動查看車隊的盈利能力。

Our A through C doors are extremely profitable.

我們的 A 到 C 門非常有利可圖。

Even the C mall doors are throwing off close to $0.5 million of profit annually.

甚至 C 商場的大門每年也能賺取近 50 萬美元的利潤。

And it's really the D through F malls that we'll be looking at very aggressively.

我們將非常積極地關注 D 到 F 購物中心。

If we have questions, instead of doing long-term lease renewals we're doing short-term renewals.

如果我們有問題，我們不會進行長期租約續約，而是進行短期續約。

If the stores are still profitable and delivering above our hurdle rates in terms of both operating profit and return on invested capital, we will roll them forward, but on a very short-term basis so that we can get clearer about the impact of the environment that you just described, and make sure we're making the CapEx deployment decisions that are in the best interests of our shareholders in the medium to long term.

如果商店仍然盈利並且在營業利潤和投資資本回報率方面都高於我們的門檻，我們將把它們向前推進，但在非常短期的基礎上，這樣我們就可以更清楚地了解環境的影響你剛才描述的，並確保我們做出的資本支出部署決策符合我們股東的中長期利益。

John Morris with BMO Capital Markets.

BMO 資本市場的約翰·莫里斯。

Thanks.

謝謝。

Good morning everybody and best wishes for the holiday.

大家早上好，祝大家節日快樂。

Just a couple clarifications here, I think for Mary.

我想在這里為瑪麗做一些澄清。

On the inventory, you've talked a lot about it, but unless I'm missing something here just describe to us a little bit more what's meant by change in ownership terms, what's happening there.

關於庫存，您已經談了很多，但除非我在這裡遺漏了什麼，否則請向我們多描述一下所有權條款的變化是什麼意思，那裡正在發生什麼。

Thinking back to when you gave the guidance on Q4 in terms of inventory a quarter or so ago, that was going to be coming in flat.

回想一下你在大約一個季度前就庫存方面給出第四季度的指導時，那將是持平的。

So I'm just trying to ascertain if that was excluding what you're talking about the change in ownership terms.

所以我只是想確定這是否不包括你所說的所有權條款的變化。

And then, secondly, we've talked a lot about SG&A already on this call at length, but I just want to make sure I'm understanding it correctly.

其次，我們已經在本次電話會議上詳細討論了 SG&A，但我只是想確保我理解正確。

You guys have done a fantastic job in managing expenses here from quarter to quarter.

你們在管理每個季度的費用方面做得非常出色。

And you've also done a pretty good job of describing where it's coming down.

你也很好地描述了它在哪裡下降。

I'm just thinking about where the delta in terms of why it's coming in significantly better than it had been before.

我只是在考慮增量在哪裡，為什麼它比以前好得多。

I think you were referring -- you said you're reducing other costs to fund growth initiatives.

我想你指的是——你說你正在減少其他成本來資助增長計劃。

So, can you just go underneath that a little bit and tell us where this other costs, if that's explaining the delta that's coming from SG&A?

那麼，如果這解釋了來自 SG&A 的增量，您能否稍微深入一點並告訴我們其他成本在哪裡？

Thanks.

謝謝。

Okay.

好的。

In terms of the ownership term, basically what that is, is previously we would take ownership of our inventory at source.

就所有權條款而言，基本上就是以前我們將從源頭獲得庫存的所有權。

And we have changed our terms to take ownership at port here in the US.

我們已經改變了我們的條款，在美國這裡的港口取得所有權。

So, think about that 20 days roughly, 15 to 20 days of in transit.

因此，大致考慮一下這 20 天，即 15 到 20 天的運輸時間。

So, we've made that change.

所以，我們做出了改變。

We didn't provide prior guidance for Q4 so we're still looking, as I said earlier, end of Q4, excluding net ownership change, to be up slightly, low single digits.

我們沒有為第四季度提供先前的指導，所以我們仍在尋找，正如我之前所說，第四季度末（不包括淨所有權變動）會略有上升，低個位數。

And that is our plan to match our overall sales plan.

這是我們與整體銷售計劃相匹配的計劃。

In terms of SG&A, it really isn't one single area that's driving our lower cost.

就 SG&A 而言，推動我們降低成本的並不是一個單一的領域。

We have been at the expense line, line by line here, for several months, looking at areas to reduce costs.

幾個月來，我們一直在這裡一行一行地研究降低成本的領域。

It's around people, it's travel, contract, professional fees.

它是圍繞人的，它是旅行、合同、專業費用。

You name it, it's every area of expense management.

你的名字，它是費用管理的每個領域。

So we're going to keep at that.

所以我們將繼續這樣做。

We need to keep at that as a way to help fund our growth initiatives as we move into 2014, as well.

我們也需要堅持這一點，以幫助我們在進入 2014 年時為我們的增長計劃提供資金。

Okay, that concludes our call today.

好的，今天的電話到此結束。

Thanks for your participation.

感謝您的參與。

And we wish everyone a happy holiday season.

我們祝大家節日快樂。

Ladies and gentlemen, this does conclude today's teleconference.

女士們，先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。

And have a wonderful day.

並度過美好的一天。