American Eagle Outfitters Inc (AEO) 2013 Q4 法說會逐字稿

Greetings, and welcome to the American Eagle fourth quarter 2013 earnings conference call.

您好，歡迎參加 American Eagle 2013 年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Ms. Judy Meehan.

我現在想將會議轉交給您的主持人 Judy Meehan 女士。

Thank you.

謝謝你。

You may now begin.

你現在可以開始了。

Good morning, everyone.

大家，早安。

Joining me today for our prepared remarks are Jay Schottenstein, interim CEO; Roger Markfield, Chief Creative Director, and Mary Boland, Chief Financial and Administrative Officer.

今天和我一起準備發言的是臨時首席執行官 Jay Schottenstein；首席創意總監 Roger Markfield 和首席財務和行政官 Mary Boland。

Also joining us for Q&A today are Jen Foyle, CMO of Aerie brand; and Michael Rempell, Chief Operating Officer.

Aerie 品牌的首席營銷官 Jen Foyle 也加入了我們今天的問答環節；和首席運營官 Michael Rempell。

Before we begin today's call, I need to remind you that 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，我們將做出某些前瞻性陳述。

These statements are based upon information that represent 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 based on risk factors included in our SEC filings.

根據我們提交給美國證券交易委員會的文件中包含的風險因素，實際實現的結果可能與那些預期存在重大差異。

Our comments today will focus on results from Continuing Operations and include non-GAAP adjustments.

我們今天的評論將集中在持續運營的結果上，包括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 also posted a financial supplement on our website.

我們還在我們的網站上發布了財務補充。

And now, I'll turn the call over to Jay for opening remarks.

現在，我將把電話轉給傑伊做開場白。

Thank you.

謝謝你。

Good morning.

早上好。

I'm glad that you joined our call today.

我很高興你今天加入我們的電話會議。

I'm very excited to be back as the acting CEO of this great Company.

我很高興能再次擔任這家偉大公司的代理首席執行官。

American Eagle has been in my family since 1981, when we had just a handful of stores.

American Eagle 自 1981 年以來一直在我家，當時我們只有幾家商店。

Over the years, I've seen this Company grow from $150 million in sales to over $3 billion, with strong profitability.

多年來，我看到這家公司的銷售額從 1.5 億美元增長到超過 30 億美元，盈利能力很強。

I served as CEO from 1992 to 2002, when we built this brand into what it is today.

我從 1992 年到 2002 年擔任首席執行官，當時我們將這個品牌打造成了今天的樣子。

I hired Roger in 1993, then we went public a year later.

我在 1993 年聘請了羅傑，一年後我們上市了。

In 2002, I stepped down from the CEO role and remained on as Chairman of the Board.

2002 年，我辭去了 CEO 的職務，繼續擔任董事會主席。

The Company is very personal to me.

公司對我來說非常個人化。

I'm passionate and deeply committed to our brands, associates and stockholders.

我對我們的品牌、員工和股東充滿熱情和堅定的承諾。

I'm also a large shareholder myself, and I recently added to my holdings, underscoring my confidence in the team and our ability to reinvigorate our business.

我自己也是大股東，最近我增持了自己的股份，這突顯了我對團隊的信心以及我們重振業務的能力。

The past year has been a tough, and we are very disappointed with the Company's financial results.

過去的一年是艱難的一年，我們對公司的財務業績感到非常失望。

Looking back, our merchandise and overall customer experience fell short of expectations.

回首過去，我們的商品和整體客戶體驗均未達到預期。

We disappointed our customers, and are working hard to get back on track.

我們讓客戶失望了，我們正在努力重回正軌。

The search for a new CEO is underway.

正在尋找新的首席執行官。

Yet, in the meantime, we're not standing still.

然而，與此同時，我們並沒有停滯不前。

We have aggressive near term plans and a sense of urgency to deliver improvements.

我們有積極的近期計劃和提供改進的緊迫感。

My role is to ensure our teams are aligned and working together towards our common goals.

我的職責是確保我們的團隊保持一致並朝著我們的共同目標共同努力。

The connection between merchandising, marketing, stores, e-commerce, production, technology, essentially all areas of our business has been strengthened.

銷售、營銷、商店、電子商務、生產、技術，基本上我們業務的所有領域之間的聯繫都得到了加強。

We've got great talent.

我們有很棒的人才。

I'm confident that with Roger's engagement and focus, we will deliver better merchandise, infused with the outstanding quality and value that our customers expect.

我相信，在 Roger 的參與和專注下，我們將提供更好的商品，並融入客戶期望的卓越品質和價值。

We will energize the customer experience and bring fun back into our brand, both in stores and online.

我們將激發客戶體驗，並為我們的品牌帶來樂趣，無論是在商店還是在線。

The experience for our customer must be outstanding.

我們客戶的體驗必須非常出色。

This is at the heart of all great brands, and the foundation of our past success.

這是所有偉大品牌的核心，也是我們過去成功的基礎。

Our long-term strategic agenda remains in place, including continuing our factory store expansion plans.

我們的長期戰略議程仍然存在，包括繼續我們的工廠店擴張計劃。

The investments to build omni-channel capabilities are clearly important to our future, and global expansion is a very exciting opportunity.

建立全渠道能力的投資顯然對我們的未來很重要，而全球擴張是一個非常令人興奮的機會。

Before I turn it over to Roger, I'd like to re-emphasize the confidence I have in the team to execute our goals.

在我把它交給羅傑之前，我想再次強調我對團隊執行目標的信心。

I'm excited to be here, and I look forward to delivering on the many opportunities we have.

我很高興來到這裡，我期待著提供我們擁有的許多機會。

Now over to you, Roger.

現在交給你了，羅傑。

Thanks, Jay.

謝謝，傑。

Good morning to all of you.

大家早上好。

I wholeheartedly agree with Jay.

我完全同意傑的觀點。

As an organization, we bring a long history, vast experience, deep knowledge and indelible brand, yet we have a lot to improve on, and that's our focus.

作為一個組織，我們擁有悠久的歷史、豐富的經驗、深厚的知識和不可磨滅的品牌，但我們還有很多需要改進的地方，這就是我們的重點。

2013 and the fourth quarter were challenging.

2013 年和第四季度充滿挑戰。

Although the macro wasn't easy, especially the decline in mall traffic, we simply did not do enough to drive traffic to our stores.

儘管宏觀並不容易，尤其是商場客流量的下降，但我們根本沒有做足夠的事情來為我們的商店帶來客流量。

Our merchandise assortments were inconsistent, and the overall customer experience lacked the excitement and fun our customers demand and deserve.

我們的商品分類不一致，整體客戶體驗缺乏客戶要求和應得的興奮和樂趣。

As a result, the need for mark-downs and promotions hit record high levels.

結果，對降價和促銷的需求達到了創紀錄的水平。

This adversely affected both our top line and merchandise margins.

這對我們的收入和商品利潤率都產生了不利影響。

This is a big opportunity for us, and something we are determined to fix in 2014.

這對我們來說是一個巨大的機會，也是我們決心在 2014 年解決的問題。

Even with these challenges, our brands remain incredibly strong.

即使面臨這些挑戰，我們的品牌仍然非常強大。

We are still our customer's choice for denim.

我們仍然是客戶對牛仔布的選擇。

In fact, we are thrilled with the popularity of the brand.

事實上，我們對該品牌的受歡迎程度感到興奮。

That can be seen on page 3 of the slide show.

這可以在幻燈片的第 3 頁上看到。

Recently, Shakira wore AE jeans for her spread in Women's Health magazine.

最近，夏奇拉穿著 AE 牛仔褲登上《女性健康》雜誌。

This is one great example of the popularity and broad reach of our denim line.

這是我們牛仔布系列廣受歡迎和覆蓋面廣的一個很好的例子。

Though store traffic was difficult, our online business was strong, increasing in the low teens this year.

儘管商店流量困難，但我們的在線業務很強勁，今年在青少年時期有所增長。

Within aerie, we continued to right-size the brand, closing poor-performing stores and positioning it appropriately alongside AE.

在 aerie 內部，我們繼續調整品牌規模，關閉業績不佳的門店，並將其與 AE 並列定位。

Aerie delivered particular strength online, and is getting great traction in global markets.

Aerie 在線提供了特別的優勢，並在全球市場上獲得了巨大的吸引力。

Factory stores performed well in 2013, and we remain excited about this opportunity and the made for factory product assortment.

工廠商店在 2013 年表現良好，我們仍然對這個機會和為工廠產品分類感到興奮。

Now over the past several weeks, we've taken steps to move in the right direction.

現在在過去的幾周里，我們已經採取措施朝著正確的方向前進。

We will align our marketing plans to better support our product and drive traffic.

我們將調整我們的營銷計劃，以更好地支持我們的產品並增加流量。

We have strong leadership in place across our brands and channels.

我們在品牌和渠道中擁有強大的領導力。

Jen is here leading the aerie brand, and Chad Kessler has joined to head the AE brand, bringing over 20 years of experience in our sector.

Jen 在這裡領導 aerie 品牌，Chad Kessler 已加入領導 AE 品牌，帶來了我們行業 20 多年的經驗。

To be effective, we must embrace the youthful spirit of our customers and be passionate about our brand.

為了有效，我們必須擁抱客戶的年輕精神並對我們的品牌充滿熱情。

Some of the specific opportunities we are addressing for the near term include strengthening our product assortments, including trend, value and quality.

我們近期正在解決的一些具體機會包括加強我們的產品分類，包括趨勢、價值和質量。

We must be innovative with distinct finishes, fabrics and washes, which will set us apart.

我們必須在獨特的飾面、面料和洗滌方面進行創新，這將使我們與眾不同。

Capitalizing on the strength and popularity of our core programs, such as AE jeans, all bottoms, aerie's undies, and men's underwear.

利用我們核心項目的實力和受歡迎程度，例如 AE 牛仔褲、全褲、aerie 內衣和男士內衣。

We need to maximize what we are known for with stronger marketing support.

我們需要通過更強大的營銷支持來最大化我們的知名度。

We will also drive legacy categories, including accessories and outerwear, which were deemphasized last year.

我們還將推動傳統品類，包括配飾和外套，這些在去年被淡化。

We need to bring fun back to our brands, with compelling events that engage our customers and are supported by clear and simple creative marketing messages.

我們需要為我們的品牌帶來樂趣，通過引人注目的活動吸引我們的客戶，並得到清晰簡單的創意營銷信息的支持。

We are upgrading our styling and creative marketing to inspire our customers.

我們正在升級我們的造型和創意營銷，以激勵我們的客戶。

Speed to market and fluid fashion flows remain a priority to drive the customer experience.

加快上市速度和流暢的時尚潮流仍然是推動客戶體驗的重中之重。

Our soft dressing fashion line is an example of testing innovation.

我們的軟裝時尚系列是測試創新的一個例子。

The full assortment is now online, and you can see some of the key looks on page 4 of the slide show, or go online.

完整的分類現已上線，您可以在幻燈片的第 4 頁上看到一些關鍵外觀，或上網。

More relevant marketing campaigns and deemphasized low margin by store promotions -- deemphasize low-margin by store promotions.

更相關的營銷活動，並通過商店促銷不再強調低利潤率——通過商店促銷不再強調低利潤率。

AE's real people and aerie's recent real campaign were great examples of how we need to deliver and build brand momentum, and we will better balance our inventories to our sales plans.

AE 的真實人員和 aerie 最近的真實活動是我們需要如何傳遞和建立品牌動力的很好的例子，我們將更好地平衡我們的庫存和我們的銷售計劃。

As Jay said, we have a sense of urgency to make improvements.

正如傑伊所說，我們有一種迫切需要改進的感覺。

Stabilizing and strengthening our North American business is absolutely job number one.

穩定和加強我們的北美業務絕對是第一要務。

Over the years, we've had our share of challenges, and we've always recovered.

多年來，我們遇到了一些挑戰，而且我們總是能恢復過來。

It's clear the retail environment is changing, and we are making the right adjustments to adapt our business.

很明顯，零售環境正在發生變化，我們正在做出正確的調整以適應我們的業務。

Along those lines, we continue to make progress connecting the dots between our stores and digital channels.

沿著這些思路，我們繼續在連接我們的商店和數字渠道之間的點方面取得進展。

We launched the pilot of ship from store, and expect to expand it by the fall season.

我們推出了從商店發貨的試點，並希望在秋季之前擴大它。

Our new distribution center opens this summer.

我們新的配送中心將於今年夏天開業。

This will enable a single pool of inventory, which over time, will bring greater efficiencies and inventory utilization.

這將使單一庫存池成為可能，隨著時間的推移，這將帶來更高的效率和庫存利用率。

We are making ongoing improvements across digital to drive better customer engagement and brand experience for all channels and devices.

我們正在不斷改進數字化，以推動所有渠道和設備更好的客戶參與和品牌體驗。

Having the best mobile and overall digital sites are absolutely critical to serve our customers.

擁有最好的移動和整體數字網站對於為我們的客戶提供服務至關重要。

Additionally, we will continue to expand internationally, where we see strong demand.

此外，我們將繼續在國際上擴張，我們看到了強勁的需求。

We'll do so profitably, with the right mix of licensed stores and company-owned markets.

我們將通過正確組合特許商店和公司擁有的市場來實現盈利。

Our brands are highly relevant, and resonate with customers from Asia to Latin America, and we will build on that momentum.

我們的品牌具有高度相關性，並與從亞洲到拉丁美洲的客戶產生共鳴，我們將在這一勢頭的基礎上再接再厲。

We're excited to enter the London market later this year.

我們很高興能在今年晚些時候進入倫敦市場。

Before turning it over to Mary, I'd like to emphasize that I'm thrilled the team is working in sync across all creative areas.

在把它交給 Mary 之前，我想強調一下，我很高興團隊能夠在所有創意領域同步工作。

We have strong leaders who are highly focused on developing the outstanding young talent across our organization.

我們擁有強大的領導者，他們高度專注於在整個組織中培養傑出的年輕人才。

I have great confidence in our future, and I'll leave it at that.

我對我們的未來充滿信心，我會就此打住。

Mary?

瑪麗？

Thanks, Roger.

謝謝，羅傑。

The fourth quarter and annual financial results largely reflected weak store traffic in North America and the high level of promotional activity, which had a significant impact on margins and EPS.

第四季度和年度財務業績在很大程度上反映了北美門店客流量疲軟和促銷活動的高水平，這對利潤率和每股收益產生了重大影響。

Total revenue for the 13-week period ended February 1, 2014, compared to the 14-week period ended February 2, 2013, decreased 7% to $1.04 billion.

與截至 2013 年 2 月 2 日的 14 週期間相比，截至 2014 年 2 月 1 日的 13 週期間的總收入下降 7% 至 10.4 億美元。

On comparable weeks, and excluding the extra week in the fourth quarter of last year, total revenue declined about 2%.

在可比的幾週內，不包括去年第四季度的額外一周，總收入下降了約 2%。

Consolidated comparable sales decreased 7% against a 4% increase last year.

綜合可比銷售額下降了 7%，而去年增長了 4%。

AE brand comps decreased 7%, aerie comps decreased 4%, and the total online business grew 8% compared to last year.

AE 品牌佔比下降 7%，aerie 佔比下降 4%，在線業務總額同比增長 8%。

Lower transactions and transaction value drove the comp decline in stores.

較低的交易量和交易價值推動了商店的銷售額下降。

Additional sales information can be found on page 8.

更多銷售信息請參見第 8 頁。

The consolidated gross margin fell 930 basis points to 31.9%.

綜合毛利率下降 930 個基點至 31.9%。

Increased mark-downs drove 810 basis points of the decline, which was partially offset by 60 basis points of cost improvement.

降價幅度的增加推動了 810 個基點的下降，這被成本改善 60 個基點部分抵消。

Buying, occupancy and warehousing costs increased 180 basis points as a rate to revenue, due to the deleverage of rent on negative comps and increased delivery costs.

購買、入住和倉儲成本佔收入的比例增加了 180 個基點，原因是負補償的租金去槓桿化和交付成本增加。

Selling, general and administrative expense decreased 15%, and leveraged 190 basis points as a rate to revenue.

銷售、一般和管理費用下降了 15%，並以 190 個基點作為收入比率。

The majority of the improvement was due to lower incentive cost and a planned reduction in advertising expense.

大部分改進是由於較低的激勵成本和計劃減少的廣告費用。

Depreciation and amortization increased slightly, and deleveraged 30 basis points.

折舊攤銷小幅增加，去槓桿30個基點。

Store impairments and asset write-offs offset the increase from new stores and IT investments.

商店減值和資產沖銷抵消了新商店和 IT 投資的增長。

Operating income for the quarter was $85.8 million, down 52% to last year, and adjusted EPS of $0.27 a share, decreased 51%.

本季度營業收入為 8580 萬美元，比去年下降 52%，調整後每股收益為 0.27 美元，下降 51%。

GAAP EPS of $0.05 per diluted share includes $0.22 of store impairments, asset write-offs and other corporate charges, including severance and tax-related items.

每股攤薄收益 0.05 美元的 GAAP 每股收益包括 0.22 美元的商店減值、資產沖銷和其他公司費用，包括遣散費和與稅收相關的項目。

Asset write-offs include charges related to fabric and product liabilities, and the discontinuation of the AE Performance line.

資產沖銷包括與面料和產品負債相關的費用，以及 AE 績效線的終止。

For additional information, please refer to page 17.

如需更多信息，請參閱第 17 頁。

Now, I'd like to spend a few minutes talking about the year.

現在，我想花幾分鐘談談這一年。

Total annual revenue decreased 5%, to $3.3 billion.

年總收入下降 5%，至 33 億美元。

AE brand comps decreased 7%, aerie comps decreased 2%, and the online business grew 13%.

AE 品牌組合下降 7%，aerie 組合下降 2%，在線業務增長 13%。

Weak traffic, lower transactions, and transaction value drove the decline in store comps.

客流量疲軟、交易量減少和交易價值推動了商店收入的下降。

The gross margin contracted 540 basis points to 34.6%, primarily due to 510 basis points of mark-downs, and 150 basis points of BOW deleverage.

毛利率收縮 540 個基點至 34.6%，主要是由於降價 510 個基點和 BOW 去槓桿 150 個基點。

The change was partially offset by 120 basis points of product cost improvement.

這一變化被產品成本改善 120 個基點部分抵消。

Selling, general and administrative expense decreased 5%, increasing 10 basis points as a rate to revenue.

銷售、一般和行政費用下降 5%，佔收入的比率增加 10 個基點。

The decline resulted primarily from lower incentive costs, offset by higher store payroll and corporate salaries.

下降主要是由於較低的激勵成本，但被較高的商店工資和公司工資所抵消。

Operating income decreased 47% to $234 million, and adjusted EPS of $0.74 decreased 47%.

營業收入下降 47% 至 2.34 億美元，調整後每股收益 0.74 美元下降 47%。

GAAP EPS of $0.43 included the charges I outlined earlier.

0.43 美元的 GAAP 每股收益包括我之前概述的費用。

For additional information, please refer to page 18.

如需更多信息，請參閱第 18 頁。

Now, turning to the balance sheet.

現在，轉向資產負債表。

Starting with inventory, which can with found on page 9 of the presentation, we ended the quarter with inventory at cost per foot down 16%, against an 8% decline last year.

從演示文稿第 9 頁上的庫存開始，我們在本季度末的每英尺成本庫存下降了 16%，而去年下降了 8%。

The year-over-year decline reflects the change in the timing of inventory ownership.

同比下降反映了庫存所有權時間的變化。

Without this change, inventory at cost per foot increased in the high single digits.

如果沒有這種變化，每英尺成本的庫存以高個位數增加。

Looking forward, we expect first-quarter ending inventory at cost per foot to decrease in the mid single digits.

展望未來，我們預計第一季度末每英尺成本的庫存將減少中個位數。

Similarly, without the change in ownership, we expect inventory to increase in the mid single digits against a 6% decline last year.

同樣，如果不改變所有權，我們預計庫存將以中個位數增長，而去年下降 6%。

The increase is due to the investments in core categories, including denim, pants and men's polos, areas in which inventories were very light last year.

這一增長是由於對核心品類的投資，包括牛仔布、褲子和男士馬球衫，這些領域去年的庫存非常少。

We ended the fourth quarter with $429 million in cash and investments.

我們在第四季度結束時擁有 4.29 億美元的現金和投資。

Capital expenditures totaled $278 million for the year.

該年度的資本支出總額為 2.78 億美元。

This was above our earlier guidance of $250 million, due in part to the timing of investments for our new distribution center and related systems to support omni-channel.

這高於我們之前 2.5 億美元的指導，部分原因是投資新配送中心和相關係統以支持全渠道的時機。

In 2014, capital expenditures are expected to be approximately $230 million.

2014 年，資本支出預計約為 2.3 億美元。

Similar to 2013, nearly half of the capital spending plan is for new and upgraded systems, the completion of the distribution center and omni-channel projects, while the rest relates the to store upgrades, as well as factory and international store expansion plans.

與 2013 年類似，近一半的資本支出計劃用於新建和升級系統、完成配送中心和全渠道項目，其餘則與門店升級以及工廠和國際門店擴張計劃有關。

As we have stated, 2013 and 2014 are catch-up years, in which we are making investments that are critical for our long-term success.

正如我們所說，2013 年和 2014 年是追趕年，我們正在進行對我們的長期成功至關重要的投資。

Total store square footage increased by 5% in 2013.

2013 年，商店總面積增加了 5%。

We opened 64 stores, including 39 new factory stores and six new stores in Mexico, in addition to taking ownership of our licensed stores in China and Hong Kong.

除了擁有我們在中國大陸和香港的特許經營店的所有權外，我們還在墨西哥開設了 64 家門店，包括 39 家新工廠店和 6 家新店。

We closed 42 stores, including 29 aerie standalone locations.

我們關閉了 42 家門店，包括 29 家 aerie 獨立門店。

We added 23 international licensed stores in 2013, ending the year with 66 stores in 12 countries.

我們在 2013 年增加了 23 家國際特許店，到年底在 12 個國家擁有 66 家店。

In 2014, new store openings will be largely driven by additional factory and international stores, including our launch in the UK.

2014 年，新店的開張將主要由更多的工廠和國際商店推動，包括我們在英國的推出。

Store information can be found on pages 12 through 14.

商店信息可在第 12 至 14 頁找到。

Now, regarding the outlook for the first quarter.

現在，關於第一季度的前景。

Business has remained highly competitive, and sales trends have been choppy so far this year.

業務一直保持高度競爭，今年到目前為止銷售趨勢一直不穩定。

Though we were encouraged by what we saw in the first few weeks of January, sales deteriorated and negative trends continued into the first quarter.

儘管我們對 1 月份前幾週看到的情況感到鼓舞，但銷售情況惡化，負面趨勢持續到第一季度。

This is partially due to severe winter weather, which has resulted in nearly 900 full and partial day weather-related store closures in the month of February alone.

這部分是由於嚴寒的冬季天氣，僅在 2 月份就導致近 900 家與天氣有關的全天和部分商店關閉。

Based on a high single digit decline in comparable sales, we expect first-quarter EPS to be approximately breakeven.

基於可比銷售額的高個位數下降，我們預計第一季度每股收益將接近盈虧平衡。

Mark-downs are expected to increase, albeit at a lesser rate than in the prior quarters.

降價幅度預計會增加，儘管速度低於前幾個季度。

We also expect to deleverage fixed costs and expense on negative comps.

我們還希望降低負收益的固定成本和費用。

Our guidance compares to adjusted EPS of $0.18 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 0.18 美元相比，不包括潛在的減值和重組費用。

Across all areas of the business, we are focused on expense reductions and efficiency gains.

在業務的所有領域，我們都專注於減少開支和提高效率。

Based on the continuation of a negative sales trend, we pulled back sales and inventory plans for the upcoming quarters.

基於持續的負面銷售趨勢，我們撤回了未來幾個季度的銷售和庫存計劃。

This should enable less reliance on broad, sweeping promotional activity.

這應該可以減少對廣泛、全面的促銷活動的依賴。

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）

Our first question is coming from the line of Simeon Siegel with Nomura Securities.

我們的第一個問題來自野村證券的 Simeon Siegel。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

Good morning, guys.

早上好傢伙。

Hi, Jay.

嗨，傑。

Good morning.

早上好。

In light of the current promotional environment, could you talk about your main focuses as CEO?

鑑於目前的促銷環境，您能談談您作為CEO的主要工作重點嗎？

And then any color you could provide on the management search?

然後您可以在管理搜索中提供任何顏色？

And then Mary, could you quantify your thoughts on SG&A for Q1 and the year, and puts in the guidance?

然後瑪麗，您能否量化您對第一季度和當年的 SG&A 的看法，並提供指導？

And maybe just looking a little further out, any color on that 23% goal?

也許只是看遠一點，23%的目標有什麼顏色嗎？

Thanks a lot.

非常感謝。

Yes.

是的。

I would say my main focus, number one, is to make sure that all the key members are all in sync with each other.

我想說我的主要重點，第一，是確保所有關鍵成員都彼此同步。

And to make sure that the experience of the customer, whether it's on the e-tail side or the store side, that it's all the same experience.

並確保客戶的體驗，無論是在電子零售端還是商店端，都是相同的體驗。

That the business shouldn't be operated in silos; they should be operated as a group that everybody knows what everybody is doing, and we all have the common goal to make the experience better for the customer.

業務不應該在孤島中運營；他們應該作為一個團隊來運作，每個人都知道每個人在做什麼，我們都有一個共同的目標，那就是為客戶提供更好的體驗。

The biggest thing that we put our focuses on is to make sure that, in the part in the of the third quarter and fourth quarter, that the merchandise in the stores look the way we expect it to look, and not the way it looked last year.

我們最關注的事情是確保在第三季度和第四季度的部分時間裡，商店裡的商品看起來像我們預期的那樣，而不是最後的樣子年。

And that's where a lot of our focus has been put on to make sure that we put the emphasis on the product, make sure we build our product, not a good product, but a great product.

這就是我們的很多重點，以確保我們將重點放在產品上，確保我們構建我們的產品，不是一個好的產品，而是一個偉大的產品。

And on a personal basis, I think there's big opportunities.

就個人而言，我認為有很大的機會。

We travel around the world, we look at our competition, we go to various shows around the world.

我們環遊世界，觀察我們的比賽，參加世界各地的各種演出。

We see what's being done in trends, in fashion, we see which -- where goods are being sourced at different places, we see the embellishments that are being put on products.

我們看到趨勢中正在做什麼，在時尚中，我們看到了哪些——商品在不同的地方採購，我們看到了產品上的裝飾。

And I believe that we're on the right track there.

我相信我們在正確的軌道上。

We have the right focus to do what we have to do.

我們有正確的重點去做我們必須做的事情。

As far as the search for the CEO, the -- we formed a committee, and we're in the process of looking.

至於尋找首席執行官，我們成立了一個委員會，我們正在尋找。

But right now, we're focused on doing what's right for the customer, what's right for the Company.

但現在，我們專注於為客戶做正確的事情，為公司做正確的事情。

And then regarding your question on SG&A, for Q1, we expect SG&A to be up high single digits, driven by store growth and home office salaries.

然後關於您關於 SG&A 的問題，對於第一季度，我們預計 SG&A 將在商店增長和家庭辦公室工資的推動下達到高個位數。

So expect SG&A to deleverage from last year.

因此，預計 SG&A 將從去年開始去槓桿化。

For the fiscal year, at this point, I would expect SG&A to be above our 23% long-term target, but of course we're obviously focused on expense reduction throughout the year.

在這一點上，我預計本財年的 SG&A 將高於我們 23% 的長期目標，但當然，我們顯然全年專注於減少開支。

Thanks, guys.

多謝你們。

Good luck for the year.

祝你今年好運。

Thank you.

謝謝你。

Our next question is coming from the line of Adrienne Tennant with Janney Capital Markets.

我們的下一個問題來自 Janney Capital Markets 的 Adrienne Tennant。

Please proceed with your question.

請繼續您的問題。

Good morning, everybody.

大家早上好。

Good morning.

早上好。

Jay or Roger, I was just wondering if you can talk about the balance in inventory between core and, however you want to describe it, fashion/veneer?

Jay 或 Roger，我只是想知道您是否可以談談核心與時尚/單板之間的庫存平衡，無論您想如何描述它？

A number of competitors in the teen space are moving to lower AURs, more into fashion.

青少年領域的許多競爭對手正在轉向更低的 AUR，更多地進入時尚領域。

You're talking about being under-inventoried in some of the core categories.

您說的是某些核心類別的庫存不足。

And then for Mary, just a housekeeping.

然後對瑪麗來說，只是一個家務。

If you can talk about the difference between the high single digit inventory ex the change in terms?

能否談談高個位數存貨ex變化方面的區別？

I think you were looking for low single digit at the end of the quarter.

我認為您在本季度末尋找低個位數。

And just trying to get a read on when we can see that inventory ex the change get in line with sales cadence.

並且只是試圖了解我們何時可以看到更改前的庫存與銷售節奏一致。

Thank you very much.

非常感謝。

Adrienne, on the power of the Eagle brand in terms of core, we're in a favored situation, that our bottoms business is such a strong part of our core business.

Adrienne，就 Eagle 品牌的核心力量而言，我們處於有利的境地，我們的底部業務是我們核心業務的重要組成部分。

And when you own the bottoms business, you have a long, long record of having the customer come back, because there's nothing more important than fit.

當你擁有打底業務時，你就有很長的客戶回來的記錄，因為沒有什麼比合身更重要了。

And as you've seen on that little slide with Shakira wearing our denim, she could buy anybody's denim, and she chose ours.

正如你在小幻燈片上看到的那樣，夏奇拉穿著我們的牛仔褲，她可以買任何人的牛仔褲，而她選擇了我們的。

And you know that our denim is an incredibly large part of our business.

你知道我們的牛仔布是我們業務的一個非常重要的部分。

And that business, while it has been difficult, things you haven't seen in the denim cycle, is starting to come back.

而這項業務，雖然一直很困難，但你在牛仔布週期中沒有看到的東西開始捲土重來。

And as the seasons has just started, if you were to go and take a look at our new set that went into place, where we had a bit more emphasis on the short part of the business, the shorts seem to be strong.

由於季節剛剛開始，如果您要去看看我們已經到位的新系列，我們更加強調業務的短期部分，短褲似乎很強大。

And the underwear business continues to be a pretty strong business for us.

內衣業務對我們來說仍然是一項非常強大的業務。

We do need to get the tops part of the business better than where it's been, and we're working on that.

我們確實需要讓業務的頂級部分比以前更好，我們正在努力。

But we're going to have relevant marketing with our core bottoms business.

但我們將與我們的核心底部業務進行相關營銷。

We own that business, and we're going to let our customer know about it.

我們擁有該業務，我們將讓我們的客戶知道它。

Right.

正確的。

And then Mary?

然後瑪麗？

And then in terms of -- you asked about AUR.

然後就--您詢問了AUR。

We are planning the year for AUR to be basically flat to last year, so we're not planning any significant movement in AUR in total for the year.

我們計劃今年 AUR 與去年基本持平，因此我們不計劃今年 AUR 有任何重大變動。

In terms of inventory, we are, as I said, projected to end Q1 up in the high single digits, excluding the ownership turn.

在庫存方面，正如我所說，我們預計第一季度末將以高個位數增長，不包括所有權轉變。

And if you remember last year, in Q1, we were light on denim pants and men's polos inventory, and said that we needed to make some further investment in that product, which we have done here in Q1.

如果你還記得去年，在第一季度，我們對牛仔褲和男士馬球衫的庫存很少，並表示我們需要對該產品進行進一步的投資，我們在第一季度就已經這樣做了。

I think we'll be in balance -- in line with sales, to your other question, probably at the end of Q2 or early Q3.

對於您的另一個問題，我認為我們將保持平衡——可能在第二季度末或第三季度初。

But we've taken a fair amount of inventory actions here already to bring the inventory more in line with the continuing negative trend that we're seeing in our business.

但是我們已經在這裡採取了相當多的庫存行動，以使庫存更符合我們在業務中看到的持續負面趨勢。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is coming from the line of Steph Wissink with Piper Jaffray.

我們的下一個問題來自 Steph Wissink 和 Piper Jaffray。

Please proceed with your question.

請繼續您的問題。

Good morning, everyone.

大家，早安。

Our question really focuses on the conversation around merchandising, I think, and expansion, which was mentioned several times in the prepared remarks.

我認為，我們的問題真正集中在圍繞商品推銷和擴展的對話上，這在準備好的評論中多次提到。

Just curious if there's been any internal discussions around the opposite of expansion, which would be contraction, in some of the capacity in the US.

只是好奇在美國的某些產能中是否有圍繞擴張相反的內部討論，這將是收縮。

Yes, I think as we look at our overall merchandise margin, it's obviously been impacted this year by the high level of mark-downs.

是的，我認為當我們查看我們的整體商品利潤率時，它顯然受到了今年大幅降價的影響。

And we're planning to balance our inventory to our sales trend, which should help alleviate the boxed-off promotions that we encountered last year.

我們計劃平衡我們的庫存與我們的銷售趨勢，這應該有助於緩解我們去年遇到的盒裝促銷活動。

There is obviously opportunity here from a store perspective, as we look at our store fleet.

從商店的角度來看，這裡顯然有機會，因為我們看看我們的商店車隊。

And we will continue to drive our -- the look that we're doing at our store fleet, in terms of some further rationalization, as there is a fair amount of capacity.

我們將繼續推動我們在商店車隊中所做的外觀，在一些進一步的合理化方面，因為有相當數量的容量。

All our stores, at the end of the day, are cash positive, and we have only a handful of stores that are actually in a loss position.

歸根結底，我們所有的商店都是現金積極的，我們只有少數商店實際上處於虧損狀態。

So we need to balance that with the long-term view of the capacity and the overall teen market, but we're sitting in a position where, as I said, our stores are all cash positive.

因此，我們需要從容量和整個青少年市場的長期觀點來平衡這一點，但正如我所說，我們所處的位置是，我們的商店都是現金正數。

And we're very well positioned at this point in view of -- you talk about the competition.

鑑於您談論競爭，我們在這一點上處於非常有利的位置。

In terms of what we are, where our vision is, and what the DNA of the Eagle brand is, we have 1,066 stores out there.

就我們的定位、願景以及 Eagle 品牌的 DNA 而言，我們擁有 1,066 家門店。

They're all cash flow positive.

它們都是正現金流。

We're in a very strong position going forward, especially in view of what the treasure hunt stores are doing, and what some of the people in our lifestyle area are doing.

我們在未來處於非常有利的地位，特別是考慮到尋寶店正在做什麼，以及我們生活方式領域的一些人正在做什麼。

I really feel good about how we're positioned now.

我對我們現在的定位感到非常滿意。

I remember when I first got involved with the Company in 1992, I couldn't say everything was all cash positive.

我記得 1992 年我第一次加入公司時，我不能說一切都是現金。

(laughter)

（笑聲）

We'll take the next question.

我們將回答下一個問題。

Thank you.

謝謝你。

Our next question is coming from the line of Susan Anderson with FBR Capital Markets.

我們的下一個問題來自 FBR Capital Markets 的 Susan Anderson。

Please proceed with your question.

請繼續您的問題。

Good morning, everyone.

大家，早安。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you could talk about the store trends in the warmer regions versus the colder?

我想知道你能否談談溫暖地區與寒冷地區的商店趨勢？

And then, when you talk about the guidance for minus high single digits for the quarter, is that currently where sales are trending right now?

然後，當您談到本季度負高個位數的指導時，這是目前銷售的趨勢嗎？

Yes, so in terms of warmer versus cold stores, we are seeing a better run rate in the warmer stores than what we've seen in the colder stores, especially over the last couple of weeks, when [winter] weather actually warmed up a bit more across the country.

是的，所以就暖店和冷店而言，我們看到暖店的運行率比我們在冷店中看到的要好，尤其是在過去幾週，當 [冬季] 天氣實際上變暖時全國多一點。

The guidance for Q1 of negative high single digits, I would say that's been the trend.

第一季度負高個位數的指導，我會說這是趨勢。

We've had better days, when the weather was warmer.

當天氣變暖時，我們度過了更好的日子。

But at this point, it's still our trend, and that's what our guidance is based on for Q1.

但在這一點上，這仍然是我們的趨勢，這也是我們對第一季度的指導所依據的。

Okay.

好的。

Thanks.

謝謝。

That's really helpful.

這真的很有幫助。

Thanks.

謝謝。

Thank you.

謝謝你。

The next question is coming from the line of Dorothy Lakner with Topeka Capital Markets.

下一個問題來自 Topeka Capital Markets 的 Dorothy Lakner。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

Good morning, everyone, and welcome back, Jay.

大家早上好，歡迎回來，傑伊。

Thanks, Dorothy.

謝謝，多蘿西。

Hello, Dorothy.

你好，多蘿西。

Hey, Roger.

嘿，羅傑。

Good to have you on-board as well.

很高興你也加入。

Thank you.

謝謝你。

Just a question about opportunity that you might have this year on average unit cost?

只是一個關於今年平均單位成本的機會的問題嗎？

And then also, Roger, if you could just talk about where you are in speed to market?

然後，羅傑，您能否談談您的上市速度？

And how much faster you think you can get?

你認為你能得到多快？

And then just a little detail on getting back into more of the accessories business, which has been a real distinctive factor for American Eagle.

然後是關於重返更多配飾業務的一些細節，這對 American Eagle 來說是一個真正與眾不同的因素。

Mary will take the first part, and I'll take the second part.

瑪麗負責第一部分，我負責第二部分。

Yes, on average unit cost, we're looking for it to be, excluding mix, relatively flat for the year.

是的，就平均單位成本而言，我們希望它在今年（不包括混合成本）相對持平。

I think the team -- the sourcing team here has done a really nice job of offsetting any economic pressure with other sourcing savings.

我認為團隊——這裡的採購團隊在通過其他採購節省來抵消任何經濟壓力方面做得非常好。

But basically looking for it to be about flat for the year.

但基本上是在尋找它在今年基本持平。

And on an apples-to-apples basis, it should be somewhat flat.

在蘋果對蘋果的基礎上，它應該有點平。

Obviously, you heard Jay's comments.

顯然，你聽到了傑的評論。

You heard some of my comments.

你聽到了我的一些評論。

We're a store that wants to please our customer.

我們是一家想要取悅客戶的商店。

We have one voice, and that's the customer.

我們只有一個聲音，那就是客戶。

So we've got to give them product that's incredibly compelling, and it's got to be, what I call it, we do 10 Broadway shows a year.

所以我們必須為他們提供令人難以置信的引人注目的產品，而且必須是，我稱之為，我們每年做 10 場百老匯演出。

That's pretty fast fashion.

這是相當快的時尚。

Everyone talked about the fast fashion guys.

每個人都在談論快時尚。

I remember the old fast fashion guys, the 579s, the Chess Kings, the Foxmoores, I don't see them around anymore.

我記得那些老快時尚的傢伙，579s，Chess Kings，Foxmoores，我再也看不到他們了。

But a lifestyle brand is an indelible brand.

但生活方式品牌是不可磨滅的品牌。

And you can read all of the reports -- your own analysis of the -- who is the --

你可以閱讀所有的報告——你自己的分析——誰是——

Randy.

蘭迪。

What Randy did was a terrific report, and it's not us saying it.

蘭迪所做的是一個了不起的報告，這不是我們說的。

American Eagle is the number one relevant brand.

American Eagle 是排名第一的相關品牌。

The beauty of this brand, we sell in excess of 200 million units a year.

這個品牌的美麗，我們每年銷售超過 2 億台。

It really -- and I don't want to over-simplify, because I have got to get it right, and I have a great team to get it right with, and I have a great partner in Jay to make this happen.

真的——我不想過度簡化，因為我必須把它做好，我有一個很棒的團隊可以把它做好，而且我在傑伊有一個很好的合作夥伴來實現這一點。

What you have to do in those units is get an extra $0.50 or $1 a unit, because the customer wants to buy it.

在這些單位中，您必須做的是每單位額外獲得 0.50 美元或 1 美元，因為客戶想要購買它。

And that's the difference between making 7% operating profit and making 15% operating profit.

這就是 7% 的營業利潤和 15% 的營業利潤之間的區別。

So we've always done it.

所以我們一直這樣做。

We've always gotten it back.

我們總是把它拿回來。

And I've got a big mission ahead of me, but I have a great partner and a great team to accomplish it.

我有一個偉大的使命擺在我面前，但我有一個偉大的合作夥伴和一個偉大的團隊來完成它。

Thank you.

謝謝你。

Our next question is coming from the line of Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Please proceed with your question.

請繼續您的問題。

Great.

偉大的。

Thanks so much.

非常感謝。

Good morning.

早上好。

Mary, I'm wondering if you built tight and pretty aggressively here in 2014, what's the minimum kind of level that we might be able to see SG&A dollars grow?

瑪麗，我想知道你是否在 2014 年在這裡建立了緊湊且非常積極的建設，我們可以看到 SG&A 美元增長的最低水平是多少？

Do you think you could keep it to a 5% to 6% dollar growth rate for the year?

你認為你可以將它保持在 5% 到 6% 的美元增長率嗎？

And then secondarily, on the cash balance, I noticed that cash fell $200 million year over year.

其次，在現金餘額方面，我注意到現金同比減少了 2 億美元。

I'm wondering what sort of initiatives you have here in 2014 to stabilize that cash balance?

我想知道您在 2014 年採取了哪些措施來穩定現金餘額？

Thanks.

謝謝。

Yes.

是的。

So the -- I would say, for SG&A, we're looking, probably, at this point, at a low single digit increase over the course of the year.

所以 - 我會說，對於 SG&A，我們可能在這一點上看到，在一年中的低個位數增長。

Obviously, we're hard at work at looking at all our expense areas.

顯然，我們正在努力研究我們所有的支出領域。

There's a multitude of things we've done already, as Roger mentioned.

正如羅傑所說，我們已經做了很多事情。

We have more aligned our inventory with our negative sales trend, which should help us reduce our mark-downs significantly, as we don't have to go after the box-off promotions.

我們的庫存與我們的負面銷售趨勢更加一致，這應該有助於我們顯著減少降價，因為我們不必進行盒裝促銷活動。

We're hard at work on our store fleet, in terms of stores that have rent relief or very short lease terms, like about a one-year lease term.

就租金減免或租賃期限非常短的商店而言，我們正在努力開發我們的商店車隊，例如大約一年的租賃期限。

And then of course on the expense side, we're really reviewing and deep-diving the expenses related to our US mainline stores, which is driving the negative trend.

當然，在費用方面，我們真的在審查和深入研究與我們的美國主線商店相關的費用，這正在推動負面趨勢。

So way too soon to call the year, Kimberly, on SG&A, but just know we're maniacally focused on it.

金伯利在 SG&A 上宣布這一年還為時過早，但要知道我們瘋狂地專注於它。

And then in terms of cash, obviously, the pressure here that we've got on the team here is to drive our margins up with some great innovative product.

然後就現金而言，顯然，我們對團隊的壓力是通過一些出色的創新產品提高我們的利潤率。

And the work Roger and his team are doing, which is really critical here to drive our operating cash flow.

羅杰和他的團隊正在做的工作，這對於推動我們的運營現金流非常重要。

Also about cash, I like cash.

另外關於現金，我喜歡現金。

If you look at my history, I've always liked to build cash.

如果你看看我的歷史，我一直喜歡積累現金。

The good thing about our Company is, we have no debt on our balance sheet.

我們公司的好處是，我們的資產負債表上沒有債務。

It's a clean balance sheet, and my goal is always to build cash.

這是一張乾淨的資產負債表，我的目標始終是積累現金。

And then I would -- the other thing I would add, too, Kimberly, is that we said we were -- had two years of investment, 2013 and 2014.

然後我會 - 金伯利，我還要補充的另一件事是，我們說過我們是 - 有兩年的投資，2013 年和 2014 年。

And to Jay's point, because we have no debt on our balance sheet, we don't -- we need to continue to focus on the investments to drive growth.

在傑伊看來，因為我們的資產負債表上沒有債務，所以我們沒有——我們需要繼續專注於投資以推動增長。

And then as we get into 2015, that level of CapEx spend will certainly decline from 2013 and 2014.

然後隨著我們進入 2015 年，該資本支出水平肯定會從 2013 年和 2014 年下降。

Thank you.

謝謝你。

Our next question is coming from the line of Matt McClintock with Barclays.

我們的下一個問題來自巴克萊銀行的馬特麥克林托克。

Please proceed with your question.

請繼續您的問題。

Good morning, everyone.

大家，早安。

Hi, Matt.

嗨，馬特。

So Jay, you talked earlier about the customer experience, improving that, and you also talked about bringing back the fun into the stores.

所以傑伊，你之前談到了客戶體驗，改進了它，你還談到了把樂趣帶回商店。

Clearly, merchandise plays a large role in that.

顯然，商品在其中發揮了重要作用。

But I was wondering if you could share any other strategies?

但我想知道你是否可以分享任何其他策略？

Or if you're thinking about anything else, maybe from a more physical remodel, or some other perspective, that will help you achieve that?

或者，如果您正在考慮其他任何事情，也許從更物理的改造或其他角度來看，這將幫助您實現這一目標？

Thanks.

謝謝。

One thing is, it is past fall.

一件事是，它已經過去了秋天。

On a personal level, I did not like the way our stores looked, the way the merchandise was all stacked up there.

在個人層面上，我不喜歡我們商店的樣子，商品都堆在那裡的樣子。

The way we had certain racks in the store, it wasn't the image of the past.

我們在商店裡有某些貨架的方式，它不是過去的形象。

So we'll be focused to make an easier shopping experience for the customer.

因此，我們將專注於為客戶提供更輕鬆的購物體驗。

At the same time, the merchandise has to speak for itself, and you want to have the right looks.

同時，商品必須自己說話，並且您希望擁有合適的外觀。

It's very important to have the right looks, the right feels, the right [waist] at the right time.

在正確的時間擁有正確的外觀、正確的感覺、正確的 [腰圍] 非常重要。

I will tell you this, that when I got involved in the last couple of months, the first thing, Roger and I sat down.

我會告訴你，當我在過去幾個月參與進來時，第一件事是，羅杰和我坐下來。

And I said Roger, we've got to focus.

我說羅傑，我們必須集中註意力。

We've got to get this merchandise right.

我們必須正確處理這些商品。

We've got to get the team all speaking to each other.

我們必須讓團隊都互相交談。

We have to have the designers, the merchandiser, everybody on the same page.

我們必須讓設計師、採購員、每個人都在同一個頁面上。

And unfortunately, this past year, we weren't on the same page.

不幸的是，在過去的一年裡，我們不在同一頁上。

Our biggest job the last few months is to make sure that everybody's speaking the same language, and everyone's on the right page.

過去幾個月我們最大的工作是確保每個人都說同一種語言，並且每個人都在正確的頁面上。

And that we have a merchant's touch involved.

我們有一個商人的接觸。

We got away from having a merchant's touch on the product.

我們擺脫了商家對產品的接觸。

And in the store level, too, and the experience, and the way the marketing was being presented to the customer, and the whole package.

在商店層面也是如此，體驗，營銷向客戶展示的方式，以及整個包裝。

But I you will tell you this, we're focused now.

但我會告訴你，我們現在很專注。

I've seen some of the future floor sets, and it looks good.

我看過一些未來的地板套裝，看起來不錯。

And then the one other point that I would add, from a store perspective.

然後我要補充一點，從商店的角度來看。

As we've mentioned before, we've piloted by online ship from store, so there's a multitude of omni-channel initiatives that we are beginning to implement in our store fleet.

正如我們之前提到的，我們已經通過商店在線發貨進行了試點，因此我們開始在我們的商店車隊中實施大量全渠道計劃。

That's how our customer views us, and is choosing to shop.

這就是我們的客戶如何看待我們並選擇購物的方式。

So in addition to Jay's comments, I would say a fair amount of work from the technology perspective and from an omni point of view.

因此，除了 Jay 的評論之外，我還要從技術角度和全方位的角度說相當多的工作。

Thank you.

謝謝你。

Our next question is coming from the line of Brian Tunick with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Tunick。

Please proceed with your question.

請繼續您的問題。

Yes, hi, this is Kate on for Brian.

是的，嗨，這是凱特為布賴恩代言。

Thanks for taking my question.

感謝您提出我的問題。

Just with mall traffic on the decline, and the consumer increasingly accustomed to these box-off promotions, how do you wean them off of these store-wide events?

只是隨著商場客流量的下降，以及消費者越來越習慣於這些盒裝促銷活動，你如何讓他們擺脫這些全店範圍的活動？

Particularly if she's only in the mall on a handful of days.

特別是如果她只有幾天時間在商場裡。

I really think that the customer will pay you for a product that they want.

我真的認為客戶會為他們想要的產品付錢給你。

I can see examples of it.

我可以看到它的例子。

I've been in this business a long time.

我從事這個行業很長時間了。

And by being a lifestyle brand, you're not a treasure hunt.

作為一個生活方式品牌，你不是在尋寶。

You're not putting 1,000 racks on the floor.

您不會在地板上放置 1,000 個機架。

If we put our store together in a compelling way, with the right marketing around it, and the online experience that drives them into the store.

如果我們以引人入勝的方式將我們的商店整合在一起，並圍繞它進行正確的營銷，以及將他們帶入商店的在線體驗。

And it's all the touch points talking to the same thing, and it's an exciting experience, you watch what happens in the lifestyle store.

所有的接觸點都在談論同一件事，這是一種令人興奮的體驗，你可以看到生活方式商店裡發生的事情。

The big, big box stores that are just racks, the treasure hunt stores, are not capable of doing that.

那些只是貨架的大盒子商店，尋寶商店，沒有能力做到這一點。

Okay.

好的。

Great.

偉大的。

And then just one quick follow-up.

然後只是一個快速的跟進。

With inventory expected down mid single digits per square foot in the -- at the end of the first quarter, I believe, is that how we should think about comps as we move into the second quarter?

我相信，在第一季度末，每平方英尺的庫存預計會下降中個位數，這是我們進入第二季度時應該如何看待補償的方式嗎？

We gave guidance for comps for Q1 of negative high single digit decline.

我們為第一季度負高個位數下降的補償提供了指導。

And at this point, we're not giving any guidance for Q2.

在這一點上，我們沒有為第二季度提供任何指導。

But the current trend is high single digits negative.

但目前的趨勢是高個位數負。

And then remember, that inventory decline was driven by ownership change -- the minus 16%.

然後請記住，庫存下降是由所有權變更驅動的——負 16%。

Thank you.

謝謝你。

Our next question is coming from the line of Randy Konik with Jefferies.

我們的下一個問題來自 Randy Konik 和 Jefferies 的觀點。

Please proceed with your question.

請繼續您的問題。

Great.

偉大的。

Thanks a lot.

非常感謝。

I guess a couple questions.

我猜有幾個問題。

First for Jay.

首先是傑。

Jay, what -- is there a type of CEO that you want in the business, as you look forward to the long-term future of the Company?

傑，什麼——在您期待公司的長期未來時，您希望在業務中擁有哪種類型的 CEO？

Is it more of a product-type person, or an operational-type person?

是產品型的人，還是運營型的人？

I guess for Mary, is there any kind of perspective you can give us on how much CapEx can come down in 2015?

我想瑪麗，你有什麼看法可以告訴我們 2015 年資本支出可以下降多少？

I don't really need an actual pinpoint number, but maybe give us a perspective of what a normalized CapEx run rate number is for the business?

我真的不需要一個實際的精確數字，但也許可以讓我們了解標準化的資本支出運行率數字對企業來說是什麼？

And I guess lastly, for Roger, what specifically do you think you and Chad need to change regarding the product out there in American Eagle stores to drive more traffic?

最後，我想，對於 Roger，你認為你和 Chad 需要對 American Eagle 商店的產品進行哪些改變以增加流量？

Is it more product change?

是更多的產品變化嗎？

Or price point change?

還是價格點變化？

Or what do you see that needs to be done to re-engage or re-energize the consumer?

或者您認為需要做些什麼來重新吸引或重新激發消費者的活力？

Thanks.

謝謝。

Idea of a person we need who number one, understands operations, understands the balance sheet.

我們需要的人的想法是第一，了解運營，了解資產負債表。

But at the same time, has an understanding of merchandise itself.

但同時，對商品本身也有了解。

Doesn't have to be a merchant himself, but has to have the proper respect of the merchandising team, and be able to give the proper support to the merchandise team.

不一定要自己是商家，但要有商品團隊應有的尊重，能夠給予商品團隊應有的支持。

And then in terms of 2015 CapEx, we're, at this point, targeting somewhere around $150 million to roughly $170 million.

然後就 2015 年資本支出而言，我們目前的目標是大約 1.5 億美元到大約 1.7 億美元。

So as we said, 2013 and 2014 were our big investment years.

正如我們所說，2013 年和 2014 年是我們的大投資年。

And expect us to be down somewhere $75 million to $100 million from those two peak years.

預計我們將比這兩個高峰年減少 7500 萬至 1 億美元。

Randy, by the way, thanks for that report unsolicited.

蘭迪，順便說一句，感謝主動提供的報告。

You made American Eagle sound pretty good, even in this tough environment.

即使在這種艱難的環境中，你也讓 American Eagle 聽起來不錯。

Clearly, as you've heard me over the years, when I've been directing the business, when you have a 6,000-foot box on average, there are advantages and disadvantages.

很明顯，正如您多年來聽到的那樣，當我一直在指導業務時，當您平均擁有一個 6,000 英尺的盒子時，有利也有弊。

But one of the advantages is, you really -- most people really don't know how to dress themselves.

但好處之一是，你真的——大多數人真的不知道如何打扮自己。

And really, what they're looking for is what they should look like and what the outfit should look like.

實際上，他們正在尋找的是他們應該是什麼樣子以及服裝應該是什麼樣子。

When you have a 6,000-foot box, you have that opportunity, when we do the styling right and we hit the trends right, and we do speed source.

當您擁有一個 6,000 英尺的盒子時，您就有機會，當我們正確地進行造型設計並正確把握趨勢時，我們會進行速度來源。

And we are absolutely doing it right now.

我們現在絕對正在這樣做。

And you ought to really go online and take a look at this Made in Italian project, which, on a choice basis, is turning twice as fast as anything else that we have on average in the store.

你真的應該去網上看看這個意大利製造的項目，在選擇的基礎上，它的轉動速度是我們商店平均速度的兩倍。

And there's lots of things that are going to come from that as an advantage for us.

並且有很多東西將來自這對我們來說是一個優勢。

We offer a great, compelling product, and a great value, by the way.

順便說一句，我們提供了一個偉大的、引人注目的產品和一個巨大的價值。

When I say we're going to add these things, it's going to be great value for the customer.

當我說我們要添加這些東西時，這對客戶來說將是巨大的價值。

Apples-to-apples, the cost will not go up.

蘋果對蘋果，成本不會上去。

It might go down.

它可能會下降。

But where we add in, I'm expecting to get a higher return rate in terms of the return on invested capital in that item than not.

但是，在我們添加的地方，我期望在該項目的投資資本回報率方面獲得更高的回報率。

It will be cool.

會很酷。

It will be -- the store will be hipper, and the mark-down factor should be less.

它將是——商店會更時髦，降價因素應該更少。

I think that, after we get through the first quarter, my hope is that the mark-down rates start to come down.

我認為，在我們度過第一季度之後，我希望降價率開始下降。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Our next question is coming from the line of Anna Andreeva from Oppenheimer.

我們的下一個問題來自奧本海默的 Anna Andreeva。

Just a follow-up on SG&A dollars being up high singles in 1Q versus, I think you said, annual guidance for up low singles.

只是對 SG&A 美元在 1Q 中單打高位的跟進，我想你說過，對於低位單打的年度指導。

What's driving that?

是什麼驅動了它？

Are there any timing shifts that we should be aware of?

是否有任何我們應該注意的時間變化？

And then quickly, just on inventories, if I heard it right, to be in line with sales coming out of 2Q?

然後很快，就庫存而言，如果我沒聽錯的話，是否與第二季度的銷售保持一致？

I guess, why not take a more conservative approach there, given the comp run rate?

我想，考慮到comp run rate，為什麼不採取更保守的方法呢？

Especially as, obviously, some of your competitors are reining inventories in.

特別是，很明顯，你的一些競爭對手正在控制庫存。

Thanks so much.

非常感謝。

(multiple speakers) The first half of the year, our inventories were too [low].

（多位發言者）上半年，我們的庫存太[低]。

Yes.

是的。

So on SG&A, the increase is -- there's really no timing shift.

所以在 SG&A 上，增長是 - 真的沒有時間變化。

It's really driven by store salaries, as we're opening additional stores and anniversarying some of the stores that we opened in 2013, as well as home office expense.

這實際上是由商店工資推動的，因為我們正在開設更多商店並為我們在 2013 年開設的一些商店進行週年紀念，以及家庭辦公費用。

We don't really start to lap the incentives until the back half of the year.

直到今年下半年，我們才真正開始實施激勵措施。

In terms of the inventory, we did, as I said, needed to take a stronger position on denim pants and polos, which we were too low on inventory.

在庫存方面，正如我所說，我們確實需要在牛仔褲和 Polo 衫上採取更強的立場，我們的庫存太少了。

We were too low last year.

去年我們太低了。

That's a problem.

那是個問題。

In Q1, as we transitioned out a lot of our denim product too early last year.

在第一季度，我們去年過早地淘汰了很多牛仔產品。

So I think we're trying to balance, obviously, versus the sales trend.

所以我認為我們顯然正在努力平衡銷售趨勢。

Denim's a very important business for us, so is polos, so are pants.

牛仔布對我們來說是一項非常重要的業務，polo 衫也是如此，褲子也是如此。

So critical that we are in stock at the store in those products.

如此重要，以至於我們在商店裡有這些產品的庫存。

So I think we're getting this relatively balanced.

所以我認為我們得到了相對平衡。

Obviously, the sales trend will have a pretty big impact on this, but we're planning for a continuation of the negative sales.

顯然，銷售趨勢將對此產生相當大的影響，但我們正計劃繼續負銷售。

Yes, and to add to that one thing.

是的，並添加到那一件事。

On core product, we owe it to our customer to be able to service them.

在核心產品上，我們有責任為我們的客戶提供服務。

And we are the dominant supplier of denim in the country today for this 15 to 25 year old customer.

對於這個 15 到 25 歲的客戶，我們是當今該國主要的牛仔布供應商。

And as you can see on Shakira, even at a higher age -- and the beauty of denim is, it really is ageless.

正如你在夏奇拉身上看到的那樣，即使在更高的年齡——牛仔布的美在於，它真的是永恆的。

On fashion, we will turn faster.

在時尚方面，我們會轉得更快。

On fashion, we will turn faster, and the inventory level will be less than the sales.

在時尚方面，我們會轉得更快，庫存水平會低於銷售額。

But on core product, we're not going to dissatisfy our customers.

但在核心產品上，我們不會讓客戶不滿意。

It's very important to always be in stock on the right sizes.

始終保持正確尺寸的庫存非常重要。

Can't be out of stock.

不能缺貨。

You can't be out of balance.

你不能失去平衡。

And the bottoms business is an SKU-intensive business.

而底料業務是SKU密集型業務。

When we -- with what we're putting in, I'll let Michael Rempell (inaudible).

當我們 - 使用我們所投入的內容時，我會讓 Michael Rempell（聽不清）。

Someone's going to ask him a question.

有人會問他一個問題。

(laughter)

（笑聲）

Talk a little bit about the pool inventory, and what that will do in terms of the efficiency of being able to replenish an SKU.

稍微談談池庫存，以及在補充 SKU 的效率方面會有什麼作用。

Why don't you talk a little about that Michael?

你為什麼不談談那個邁克爾？

Yes.

是的。

Mary mentioned earlier our --

瑪麗之前提到我們的——

The Omni experience, they can do it.

Omni 體驗，他們可以做到。

Yes.

是的。

Mary mentioned earlier our ship from store project, and I would just tell you that's one of many projects that we have, that we're pretty excited about in terms of the potential to drive top line, improve margin, and make more efficient use of our inventory.

Mary 之前提到了我們從商店發貨的項目，我只想告訴你，這是我們擁有的眾多項目之一，就推動收入增長、提高利潤和更有效地利用我們的庫存。

So we were an early adopter at shipping inventory, being in a -- allowing the customer to be in our store and order through our distribution center.

因此，我們是運輸庫存的早期採用者，處於 - 允許客戶在我們的商店並通過我們的配送中心訂購。

We plan to improve that capability going forward.

我們計劃在未來提高這種能力。

We're in pilot in 20 stores now with ship from store capability, and we think, given our breadth of stores, the ability to service the customer, and the challenge with staying in stock, we think it's a massive opportunity for us in the back half of the year.

我們現在在 20 家門店進行試點，具備從門店發貨的能力，我們認為，鑑於我們門店的廣度、為客戶提供服務的能力以及保持庫存的挑戰，我們認為這對我們來說是一個巨大的機會後半年。

And Mary also mentioned earlier that we're building a new distribution center that's going to service e-commerce in 2014, and ultimately e-commerce and retail from a single pool of inventory in 2015.

瑪麗之前還提到，我們正在建設一個新的配送中心，它將在 2014 年為電子商務提供服務，並最終在 2015 年從單一庫存池中提供電子商務和零售服務。

That's how we plan to run our operations in the US, and that is actually how we're setting up our operations globally.

這就是我們計劃在美國開展業務的方式，實際上也是我們在全球開展業務的方式。

Okay.

好的。

Next question, please.

下一個問題，請。

Next question is coming from the line of Lindsay Drucker Mann with Goldman Sachs.

下一個問題來自高盛的 Lindsay Drucker Mann。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

Mary, I was hoping that you could just expand on the asset write-off?

瑪麗，我希望你能擴大資產核銷的範圍？

What the fabric and product liability charges were?

面料和產品責任費用是多少？

And whether we should think of those as inventory write-downs that would have flown through cost of goods in the first quarter?

我們是否應該將這些視為第一季度通過商品成本產生的庫存減記？

So some detail around that.

所以有一些細節。

And then just secondly how, Jay, maybe if you could talk about when we should expect Chad's new product to hit the floors and have impact?

其次，傑伊，如果你能談談我們應該期待乍得的新產品何時上市並產生影響？

So Lindsay, on the fabric and product liabilities, we took the decision before the product was completed to write that off.

所以 Lindsay，關於面料和產品責任，我們在產品完成之前就決定將其註銷。

So it's fabric and work in process liabilities, to better balance, eventually, what we were looking at here in Q2.

因此，這是結構和在製品負債，最終更好地平衡我們在第二季度在這裡看到的內容。

So it wasn't finished goods.

所以它不是成品。

We're looking to try and get that balanced before we ever took that product into any receipt here.

在我們將產品放入此處的任何收據之前，我們希望嘗試保持平衡。

And then the other piece was the discontinuation of our performance line that we put in place last year and discontinued here in Q4.

然後另一部分是我們去年制定並在第四季度停止的績效線的終止。

And with Chad, I would say at fourth quarter, you'll start seeing the new product coming in.

對於乍得，我想說在第四季度，您將開始看到新產品的出現。

Thank you.

謝謝你。

Our next question is coming from the line of Oliver Chen with Citigroup.

我們的下一個問題來自花旗集團的 Oliver Chen。

Please proceed with your question.

請繼續您的問題。

Hi, thanks a lot.

你好，非常感謝。

Regarding the opportunity going forward, and as you look beyond the next quarter, which comp levers are the most likely to get better in an improving scenario?

關於未來的機會，當您展望下一季度之後，哪些薪酬槓桿最有可能在改善的情況下變得更好？

And also, on your enthusiasm on the denim cycle, could you just highlight where you're seeing that and what we should expect?

此外，關於您對牛仔布週期的熱情，您能否強調一下您在哪裡看到的以及我們應該期待什麼？

I know we've had a good year, or a good prior year, with colored denim and skinny denim being a strong secular trend.

我知道我們度過了美好的一年，或者是前一年的美好時光，彩色牛仔布和緊身牛仔布是一種強烈的長期趨勢。

So I'm just curious about where we should get excited for denim, as well?

所以我很好奇我們應該對牛仔布感到興奮嗎？

Thank you.

謝謝你。

Sure.

當然。

I won't talk too much, because I know all my competitors are on the phone call, but you've been in a rough cycle of denim.

我不會說太多，因為我知道我所有的競爭對手都在打電話，但你一直處於牛仔的艱難週期。

And Jay and I travel the world.

杰和我環遊世界。

We go to all the important shows.

我們去看所有重要的節目。

We look at what the kids are wearing on the street, and we can read our own numbers.

我們看看孩子們在街上穿的衣服，我們可以讀到自己的號碼。

There is definitely something taking place in denim, as well as, obviously, the active bottoms part of the business.

牛仔布領域肯定會發生一些事情，顯然，還有業務的活躍底部部分。

That combination in total is a plus for the bottoms business.

總的來說，這種組合對於底部業務來說是一個加分項。

And I'll leave it at that.

我就這樣吧。

I think in terms of comp levers, our conversion throughout 2013, and projected for 2014, has actually been pretty good.

我認為就薪酬槓桿而言，我們整個 2013 年的轉化率以及預計 2014 年的轉化率實際上都相當不錯。

So once we get the customer in the store, we have been able to convert the sale.

因此，一旦我們在商店中吸引客戶，我們就能夠轉換銷售。

It's really been a traffic issue.

確實是交通問題。

And to Roger's earlier comments, it's all about product, and the marketing and communication with our customer to drive them into the store, as it's been a bit of a traffic issue.

對於羅傑之前的評論，這完全是關於產品，以及與我們的客戶進行營銷和溝通以驅使他們進入商店，因為這有點交通問題。

And I would just add that we can't underscore enough the importance of e-commerce, and omni-channel retailing, as we move forward.

我只想補充一點，隨著我們前進，我們不能足夠強調電子商務和全渠道零售的重要性。

And we built out a very strong team and capability last year.

去年我們建立了一個非常強大的團隊和能力。

We saw a decent amount of improvement in terms of our online conversion rates.

我們的在線轉化率有了相當大的改善。

And we have a number of initiatives this year that are going to do exactly what Jay and Roger were describing.

今年我們有許多舉措將完全按照 Jay 和 Roger 的描述進行。

Which is, we think we have a very good store experience and potential for store experience as we move forward.

也就是說，我們認為隨著我們的前進，我們擁有非常好的商店體驗和商店體驗潛力。

We need to make sure that the online digital experience is as good, if not better, than that store experience.

我們需要確保在線數字體驗與商店體驗一樣好，甚至更好。

So we're going to be focused on products, details, engagement, how quickly we -- how we communicate with our customers.

因此，我們將專注於產品、細節、參與度，以及我們與客戶溝通的速度。

How quick -- how easy it is to navigate our site, building out our mobile capabilities.

多快——瀏覽我們的網站、構建我們的移動功能是多麼容易。

And really making digital -- the digital channel a real strength in the Company.

真正讓數字化——數字化渠道成為公司的真正優勢。

Thank you.

謝謝你。

Our next question is coming from the line of Jeff Van Sinderen with B. Riley.

我們的下一個問題來自 Jeff Van Sinderen 和 B. Riley。

Please proceed with your question.

請繼續您的問題。

A follow-up on the active bottoms business, since you mentioned that.

既然你提到了，那就是對活躍底部業務的跟進。

Just wondering, when you discontinue the AE Performance segment, was that really due to poor execution?

只是想知道，當你停止 AE 性能部分時，真的是因為執行不力嗎？

Or just your customer not really wanting that type of product from you?

或者只是您的客戶並不真正想要您提供那種類型的產品？

And then also, just wondering how you're thinking more broadly about the overall store count, given the shift to digital online?

然後，只是想知道考慮到向數字在線的轉變，您如何更廣泛地考慮整體商店數量？

And I guess, do you think that you need as many brick and mortar stores, given the shift that's going on?

而且我想，鑑於正在發生的轉變，你認為你需要盡可能多的實體店嗎？

Thanks.

謝謝。

Okay.

好的。

On the fit program, I'd say it was a combination of many different factors, but it was poor execution.

在健身計劃中，我會說這是許多不同因素的組合，但執行力很差。

The plus side, every time you launch something new, you learn something from it, even if it's a lousy execution.

好的一面是，每次你推出新的東西時，你都會從中學到一些東西，即使它的執行很糟糕。

So there's some core items within that collection that we obviously are putting as part of our sportswear.

因此，該系列中有一些核心項目顯然是我們作為運動服的一部分。

But in the 6,000-foot box, it's very difficult for us to do that business that sets aside from the rest of the assortment, which now gives us the opportunity to get back into the accessory business.

但是在 6,000 英尺的盒子裡，我們很難做除了其他分類之外的業務，這讓我們有機會重新進入配件業務。

Which is a huge margin gain, and also a big units per transaction game, and should help the transactional value and make the store that much more exciting.

這是一個巨大的利潤收益，也是每個交易遊戲的大單位，應該有助於交易價值並使商店更加令人興奮。

It's through accessories that you finish all of the outfits.

通過配飾，你可以完成所有的服裝。

And then in terms of overall store count, as we look forward to 2014, we're looking at roughly about 60 openings.

然後就整體商店數量而言，我們期待 2014 年，我們正在尋找大約 60 家新店。

But they are very much driven by factory and our international expansion, and very few US mainline brick and mortar.

但它們很大程度上是由工廠和我們的國際擴張推動的，很少有美國主線實體店。

As we look at our brick and mortar fleet, which was the second part of your question, as Jay mentioned earlier, we are cash positive in all our stores.

正如傑伊之前提到的，當我們查看我們的實體車隊時，這是您問題的第二部分，我們所有的商店都是現金積極的。

But having said that, given the growth in the direct business and the continued pressure on our mainline fleet, we are actively reviewing our store -- our US mainline store fleet.

但話雖如此，鑑於直接業務的增長和我們主線車隊的持續壓力，我們正在積極審查我們的商店 - 我們的美國主線商店車隊。

As I mentioned earlier, we have probably about 10% of our store fleet either in some kind of rent reduction or rent relief scenario, or on a very short-term lease, like a one-year lease renewal.

正如我之前提到的，我們可能有大約 10% 的商店車隊處於某種租金減免或租金減免的情況下，或者是非常短期的租約，比如一年的租約續約。

And we're continuing to build that.

我們正在繼續構建它。

That will give us the flexibility we need, as we look out.

正如我們所期待的那樣，這將為我們提供所需的靈活性。

And if the direct business continues to grow at this pace, and we need to further rationalize our store fleet, it will be easier for us to do it, especially with the number of stores on a one-year lease.

如果直營業務繼續以這種速度增長，並且我們需要進一步合理化我們的門店隊伍，我們會更容易做到這一點，尤其是在一年租約的門店數量的情況下。

Thank you.

謝謝你。

Our next question is coming from the line of Janet Kloppenburg with JJK Research.

我們的下一個問題來自 JJK Research 的 Janet Kloppenburg。

Please proceed with your question.

請繼續您的問題。

Good morning, everyone.

大家，早安。

And welcome back, Jay.

歡迎回來，傑伊。

And Roger, I didn't think you had left.

還有羅傑，我不認為你已經離開了。

So I'm glad you're here.

所以我很高興你在這裡。

(laughter)

（笑聲）

I remember the car ride.

我記得坐車。

(multiple speakers) (laughter)

（多位發言者）（笑聲）

Okay.

好的。

Just a couple of questions, Roger.

只是幾個問題，羅傑。

I'm confused about how you will affect the assortments going forward.

我對你將如何影響未來的分類感到困惑。

Simplify it for me, please.

請為我簡化它。

Too much core?

核心太多？

Not enough core?

核心不夠？

Too much fashion?

太時尚了？

Wrong fashion?

錯誤的時尚？

And how does the soft dressing business work with the increase in the core inventory?

軟裝業務如何隨著核心庫存的增加而運作？

So I thought that the soft pant look would perhaps cannibalize the denim business this year.

所以我認為柔軟的褲子外觀可能會蠶食今年的牛仔佈業務。

It sounds like you think they can work hand in hand.

聽起來你認為他們可以攜手合作。

Maybe you could give us a little bit more understanding there.

也許你可以給我們更多的了解。

(multiple speakers)

（多位發言者）

And this is a question for Mary.

這是瑪麗的問題。

We're all confused about the SG&A rates being up high single digits in the first quarter, Mary, and up low single for the year.

我們都對 SG&A 費率在第一季度上漲個位數高位感到困惑，瑪麗，以及今年的低位單價。

Given the fact that SG&A was down dramatically in the back half of fiscal 2013.

鑑於 SG&A 在 2013 財年下半年大幅下降。

Thanks so much.

非常感謝。

Janet, I'm not sure exactly what you're confused about, but we're going to offer a compelling assortment.

珍妮特，我不確定你到底對什麼感到困惑，但我們將提供令人信服的分類。

The core part of the business will probably represent upward of 60% of the business.

業務的核心部分可能佔業務的 60% 以上。

It's a huge business for us, and it's something we're going to have ownership of, and remain the destination.

這對我們來說是一項巨大的業務，我們將擁有它，並且仍然是目的地。

And through merchandising and marketing, grow that audience even larger.

通過推銷和營銷，擴大受眾群體。

As it relates to soft dressing and denim, they work very well together.

由於它與柔軟的敷料和牛仔布有關，它們可以很好地協同工作。

One is the fashion element, which will be in and out fast, and done on a weekly basis.

一是時尚元素，進進出出快，每週做一次。

And denim is done on a longer cycle.

牛仔布的製作週期更長。

And then in terms of SG&A, as we look forward in the year, probably up low single digits.

然後就 SG&A 而言，正如我們在今年所展望的那樣，可能會上升個位數。

A lot of that, again, will be driven by some assumption around incentive comp.

再次，其中很多將由圍繞激勵補償的一些假設驅動。

But what I would say, as we sit here today, there is a tremendous amount of work going on within the Company around expense and expense reduction.

但我要說的是，當我們今天坐在這裡時，公司內部圍繞著開支和開支削減開展了大量工作。

We'll be able to talk more about that on our next call.

我們將能夠在下一次電話會議上更多地討論這個問題。

But it just -- rest assured, we are focused on it.

但它只是 - 請放心，我們專注於它。

And hope to drive a better performance than that.

並希望能帶來比這更好的表現。

We have time for one more question.

我們有時間再問一個問題。

Thank you.

謝謝你。

Our final question of the day is coming from the line of Howard Tubin with RBC.

我們今天的最後一個問題是來自 RBC 的 Howard Tubin。

Please proceed with your question.

請繼續您的問題。

Thanks, guys.

多謝你們。

Maybe quickly, can you just remind us where you stand on some of your sourcing initiatives and strategies, in terms of reducing lead times and increasing your speed?

也許很快，您能否提醒我們您在縮短交貨時間和提高速度方面的一些採購計劃和策略的立場？

Sure.

當然。

So what I'd tell you is, when you look at the process that, frankly, we've always had at the Company, and I've been here almost 15 years.

所以我要告訴你的是，坦率地說，當你看到我們在公司一直有的流程時，我已經在這里工作了將近 15 年。

We've always had an ability to test and read and react.

我們一直都有測試、閱讀和反應的能力。

What we've done over the last couple years is really build out those capabilities a lot more.

我們在過去幾年所做的實際上是更多地構建了這些功能。

So whether it's things like platforming fabric, building systems to support it, making sure that we book capacity and keep that capacity open with our vendors, and having a responsive supply chain that allows us to ship product to stores.

因此，無論是平台結構、構建支持它的系統、確保我們預訂容量並與我們的供應商保持該容量開放，以及擁有一個允許我們將產品運送到商店的響應式供應鏈。

Either from factories, from the coast, or from our DCs, we've really worked on refining those processes over the last 12 months.

無論是來自工廠、沿海地區還是我們的配送中心，在過去的 12 個月裡，我們都在努力改進這些流程。

I can't tell you that we've exercised it as much as we'd like to over the last year, but that's exactly the game that Roger's referring to.

我不能告訴你，在過去的一年裡，我們已經盡可能多地練習了它，但這正是羅傑所指的遊戲。

That we want to get back to leaner inventories, faster turns on fashion, and really exercising all the capabilities we have in our extended supply chain.

我們希望恢復更精簡的庫存，更快地開啟時尚，並真正發揮我們在擴展供應鏈中擁有的所有能力。

Okay everyone.

大家好。

And that concludes our call today.

我們今天的電話到此結束。

Thanks for your participation and continued interest in American Eagle Outfitters.

感謝您的參與和對 American Eagle Outfitters 的持續關注。