American Eagle Outfitters Inc (AEO) 2017 Q1 法說會逐字稿

Greetings, and welcome to the American Eagle Outfitters First Quarter 2017 Earnings Call.

您好，歡迎參加 American Eagle Outfitters 2017 年第一季度財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Ms. Judy Meehan, Vice President of Investor Relations for American Eagle Outfitters.

我現在想將會議轉交給您的主持人，American Eagle Outfitters 投資者關係副總裁 Judy Meehan 女士。

Thank you.

謝謝你。

You may begin.

你可以開始了。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

Joining me today for our prepared remarks are Jay Schottenstein, Chief Executive Officer; Chad Kessler, Global Brand President of the AE brand; Jen Foyle, Global Brand President of Aerie; and Bob Madore, Chief Financial Officer.

今天和我一起準備發言的還有首席執行官 Jay Schottenstein； AE品牌全球品牌總裁Chad Kessler； Aerie 全球品牌總裁 Jen Foyle；和首席財務官 Bob Madore。

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

在我們開始今天的電話會議之前，我需要提醒您，我們將對今天的電話會議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。

Results actually realized may differ materially 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存在重大差異。

The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

除非法律要求，否則公司不承擔因新信息、未來事件或其他原因而公開更新或修改任何前瞻性陳述的義務。

Also note that during this call and in the accompanying press release, certain financial metrics are presented on both a GAAP and non-GAAP adjusted basis.

另請注意，在本次電話會議和隨附的新聞稿中，某些財務指標是在 GAAP 和非 GAAP 調整後的基礎上呈現的。

Reconciliations of adjusted results to the GAAP results are available in the tables attached to the press release, which is posted to the company's website, www.ae.com, in the Investor Relations section.

調整後的結果與 GAAP 結果的對賬可在新聞稿所附的表格中找到，該新聞稿發佈在公司網站 www.ae.com 的投資者關係部分。

Here, you can also find the first quarter supplemental online presentation, which we will refer to today.

在這裡，您還可以找到我們今天將參考的第一季度補充在線演示。

And now I'd like to turn the call over to Jay.

現在我想把電話轉給傑伊。

Thank you.

謝謝你。

Okay, good morning, and thanks for joining us today.

好的，早上好，感謝您今天加入我們。

During the first quarter, we continued to execute on our priorities and position our brands and organizations for long-term success.

在第一季度，我們繼續執行我們的優先事項，並為我們的品牌和組織定位以取得長期成功。

In the midst of some of the most challenging times in retail, we're adapting our business model and leveraging our strength.

在零售業面臨一些最具挑戰性的時期，我們正在調整我們的商業模式並利用我們的優勢。

First quarter results reflected a number of wins as well as a few challenges.

第一季度的業績反映了一些勝利以及一些挑戰。

Margins came under pressure as we increased promotions as per demand during slow traffic periods.

由於我們在客流量緩慢期間根據需求增加了促銷活動，因此利潤率受到壓力。

This compared to a very positive and large -- largely full price first quarter last year.

這與去年第一季度的非常積極和大——基本上是全價的相比。

This year, we posted 2% comp increase in the quarter, and expenses were well managed.

今年，我們在本季度公佈了 2% 的薪酬增長，並且費用得到了很好的管理。

I'm never happy to report earnings below last year, and we're working hard to strengthen results.

我從不樂意報告低於去年的收益，我們正在努力加強業績。

Now I'll provide you a few insights into the quarter.

現在，我將為您提供對該季度的一些見解。

We did a good job building our competitive strength in jeans, bottoms and women's apparel, which posted positive comps.

我們在牛仔褲、下裝和女裝領域的競爭優勢方面做得很好，這些產品都獲得了積極的回報。

Yet, we continue to have opportunity to improve the men's business.

然而，我們仍然有機會改善男裝業務。

Momentum in the Aerie brand was strong again this quarter, further demonstrating significant growth potential and strength of Aerie.

本季度 Aerie 品牌的勢頭再次強勁，進一步展示了 Aerie 的顯著增長潛力和實力。

We posted record volumes in e-commerce, which accelerated from the prior periods.

我們發布了創紀錄的電子商務交易量，比前期有所加快。

Strong double-digit growth led to an online contribution of 26% to our total revenue, up from 19% last year.

強勁的兩位數增長為我們的總收入帶來了 26% 的在線貢獻，高於去年的 19%。

Effective digital marketing and increases in mobile contribute to the growth.

有效的數字營銷和移動設備的增長有助於增長。

Investments aimed at a more seamless and positive online shopping experience across digital channels also drove sales.

旨在通過數字渠道提供更加無縫和積極的在線購物體驗的投資也推動了銷售。

Now as I look forward, we are intensely focused on our strategic priorities to continue to fuel product innovation, strengthen our brands and deliver an outstanding customer experience.

現在，正如我所期待的那樣，我們非常專注於我們的戰略重點，以繼續推動產品創新，加強我們的品牌並提供出色的客戶體驗。

Across the organizations, we are seeking efficiencies while ensuring that we are managing the business for long term.

在整個組織中，我們都在尋求效率，同時確保我們對業務進行長期管理。

This quarter, we repurchased 6 million shares, reflecting the strength of our balance sheet, strong cash flow, attractive valuation and confidence in our brand and long-term strategies.

本季度，我們回購了 600 萬股，反映了我們資產負債表的實力、強勁的現金流、有吸引力的估值以及對我們品牌和長期戰略的信心。

In this challenging retail landscape, we see tremendous opportunity to capitalize on our strength including our financials, our brand and competitive advantages.

在這個充滿挑戰的零售環境中，我們看到了利用我們實力的巨大機會，包括我們的財務、品牌和競爭優勢。

We have an outstanding team across the company, and they have embraced the opportunities within enormous energy and passion.

我們在整個公司擁有一支優秀的團隊，他們以巨大的精力和熱情擁抱了機遇。

And for that, I'm extremely grateful.

為此，我非常感激。

Lastly, let me underscore that during this time of upheaval across our industry, we see great potential for our company and our leading brand.

最後，讓我強調一下，在整個行業動蕩的時期，我們看到了我們公司和領先品牌的巨大潛力。

Thank you, and now I'll turn it over to Chad.

謝謝，現在我會把它交給乍得。

Thanks, Jay.

謝謝，傑。

Good morning, everyone.

大家，早安。

In the first quarter, the American Eagle brand had some great wins and we also faced headwinds.

在第一季度，美國鷹品牌取得了一些巨大的勝利，我們也面臨逆風。

Our brand is stronger than ever and well positioned, but there's lots of turbulence out there.

我們的品牌比以往任何時候都更強大並且定位良好，但是那裡有很多動盪。

A choppy start to the quarter, combined with a late Easter, resulted in increased promotion.

本季度開局不穩，加上復活節較晚，導致促銷活動增加。

On a positive note, business improved and we had a positive comp over Easter compared to the holiday last year.

積極的一面是，業務有所改善，與去年的假期相比，我們在復活節期間獲得了積極的回報。

For the quarter, the American Eagle brand comp declined 1%, with strength online partially offsetting weakness in stores.

本季度，American Eagle 品牌組合下降 1%，在線業務的強勢部分抵消了實體店的疲軟。

This store had a 4% comp increase a year ago.

這家商店一年前的收入增長了 4%。

We saw positive comps continue in men's and women's bottoms, with AE jeans achieving record first quarter sales.

我們看到男式和女式褲裝繼續出現積極的對比，AE 牛仔褲在第一季度實現了創紀錄的銷售額。

The teams continue to execute extremely well across our bottoms categories.

團隊繼續在我們的底部類別中執行得非常好。

We have real competitive advantages and offer our customers something truly special.

我們擁有真正的競爭優勢，並為我們的客戶提供真正特別的東西。

Looking ahead to the back-to-school and fall seasons, we will take our AE jeans collection and marketing to the next level, highlighting our strength and style, fit, innovation and wash.

展望返校和秋季，我們將把我們的 AE 牛仔褲系列和營銷提升到一個新的水平，突出我們的實力和風格、合身、創新和水洗。

Jeans embody the ultimate expression of individuality and personal style.

牛仔褲體現了個性和個人風格的終極表達。

With the strength of our product and leadership position, we have a real opportunity to continue to gain share.

憑藉我們的產品實力和領導地位，我們有真正的機會繼續獲得份額。

Women's posted strong results again this quarter, with apparel comps in the positive mid-single digits.

女裝本季度再次取得強勁業績，服裝佔正中個位數。

We saw growing momentum in the women's tops category.

我們看到了女裝上衣類別的增長勢頭。

This has been driven by an emphasis on outfitting with a well-balanced tops collection that ties back perfectly to the AE jeans assortment.

這是因為強調搭配均衡的上衣系列，與 AE 牛仔褲系列完美結合。

I'm extremely pleased with how the team continues to deliver trend-right tops supported by an agile process and greater speed to market.

我對團隊如何繼續提供由敏捷流程和更快上市速度支持的趨勢正確的頂部感到非常高興。

With each season, we continue to gain new fans of our women's assortment, where we are focused on leveraging additional opportunity.

每個賽季，我們都會繼續吸引女裝系列的新粉絲，我們專注於利用更多機會。

As we anticipated, men's tops were challenging in the first quarter, dragging total men's comps to a negative mid-single digit.

正如我們預期的那樣，男裝上衣在第一季度面臨挑戰，將男裝總數拖至負的中個位數。

As I said on the last call, we are working on the men's business, which remains a top priority for the team.

正如我在上次電話會議上所說，我們正在致力於男子業務，這仍然是團隊的首要任務。

As the first quarter progressed, we saw some signs of improvement in men's tops, which we hope continue as we approach the back half of the year.

隨著第一季度的進展，我們看到男士上衣出現了一些改善的跡象，我們希望隨著我們接近下半年，這種情況會繼續下去。

AE's online sales accelerated, where we saw exceptional results across a number of categories.

AE 的在線銷售加速增長，我們在多個類別中看到了非凡的結果。

Our exclusive online product has also been well-received, driving incremental growth.

我們的獨家在線產品也受到好評，推動了增量增長。

Continuous improvements to the shopping experience, our advanced omni tools and digital marketing have driven growth in our online business, which now represents 22% of our sales.

購物體驗的持續改進、我們先進的全方位工具和數字營銷推動了我們在線業務的增長，目前占我們銷售額的 22%。

We remain highly focused on delivering improvements across the brand including innovation, product leadership and an enhanced customer experience.

我們仍然高度專注於提供整個品牌的改進，包括創新、產品領導力和增強的客戶體驗。

The American Eagle brand is operating from a position of strength.

American Eagle 品牌從實力地位開始運作。

Our goal is to make sure we are putting the customer at the center of everything we do and giving them reasons to shop our brands.

我們的目標是確保我們將客戶置於我們所做的一切的中心，並讓他們有理由購買我們的品牌。

That's how we will continue to win.

這就是我們將繼續獲勝的方式。

Thanks to my team for the many successes we achieved this quarter and for their commitment to driving improvements across the brand.

感謝我的團隊在本季度取得的許多成功，以及他們對推動整個品牌改進的承諾。

And now I'll turn the call over to Jen.

現在我將把電話轉給 Jen。

Thanks, Chad, and good morning, everyone.

謝謝，乍得，大家早上好。

Aerie delivered another great quarter, posting a 25% comp increase.

Aerie 實現了另一個出色的季度，實現了 25% 的薪酬增長。

I'm pleased to report that this marked our 13th straight quarter of double-digit comp growth.

我很高興地報告，這標誌著我們連續第 13 個季度實現兩位數的複合增長。

The first quarter also reflected acceleration from the prior year and builds on a 32% comp increase in the first quarter of last year.

第一季度也反映了去年第一季度的增長，並建立在去年第一季度 32% 的增長基礎上。

New-to-file customers increased and overall traffic to our brand, both online and in stores, was up to last year.

新客戶增加，我們品牌的在線和實體店整體流量與去年持平。

Aerie's digital business was especially strong this quarter, showing rapid growth and accelerating from last year.

本季度 Aerie 的數字業務表現尤為強勁，與去年相比呈現快速增長態勢。

This led to a 47% online penetration in the first quarter, up from 35% last year.

這導致第一季度的在線滲透率為 47%，高於去年的 35%。

Our online swim and bra shops were particularly strong.

我們的在線游泳和文胸商店特別強大。

Yet, we also saw strength across a broad range of categories.

然而，我們也看到了廣泛類別的優勢。

We expanded our swim collection this year, adding new silhouettes, more fashion and additional fits, all of which have been extremely well received by our customers, both in-store and online.

今年我們擴大了我們的游泳系列，增加了新的款式、更多的時尚和額外的合身，所有這些都受到了我們的客戶的好評，無論是在店內還是在網上。

Our new apparel collections, led by Chill.

我們由 Chill 領導的新服裝系列。

Play.

玩。

Move., posted very strong results this quarter.

Move.，本季度發布了非常強勁的業績。

And we continue to see strength in our lightly lined bras and bralettes.

我們繼續在我們的輕襯胸罩和文胸中看到力量。

We remain extremely excited by the ongoing opportunities to grow and expand the Aerie brand.

我們仍然對不斷發展和擴展 Aerie 品牌的機會感到非常興奮。

Our #AerieREAL brand platforms continue to resonate with our customers.

我們的#AerieREAL 品牌平台繼續與我們的客戶產生共鳴。

We look forward to building on our campaign and expanding the Aerie lifestyle with fresh assortments and new products, season after season.

我們期待著在我們的活動基礎上再接再厲，通過一季又一季的新鮮品種和新產品來擴展 Aerie 的生活方式。

New store growth is on track, and we are also working hard to take the customer experience to the next level.

新店增長步入正軌，我們也在努力將客戶體驗提升到一個新的水平。

We are making sure we have the right talent at the store level to ensure an outstanding brand experience.

我們確保我們在商店層面擁有合適的人才，以確保出色的品牌體驗。

I'd like to thank my team for driving Aerie's ongoing success and for their great passion and hard work every day.

我要感謝我的團隊推動 Aerie 不斷取得成功，感謝他們每天的熱情和辛勤工作。

Now I'll turn it over to Bob.

現在我把它交給鮑勃。

Thanks, Jen, and good morning, everyone.

謝謝，珍，大家早上好。

Although we're dissatisfied to report earnings below last year, we managed the business well through a tough quarter.

儘管我們對報告低於去年的收益不滿意，但我們在艱難的季度中管理得很好。

In response to slower-than-expected start to the period and challenging mall traffic, our promotions increased, pressuring margins.

為應對該期間開局慢於預期和商場客流量挑戰，我們的促銷活動增加，對利潤率造成壓力。

Yet, we managed expenses well, generated healthy cash flow and saw strong traffic and sales increases in our e-commerce business.

然而，我們很好地管理了開支，產生了健康的現金流，並看到我們電子商務業務的流量和銷售額增長強勁。

In addition to the many positives across the brands, as called out by Chad and Jen, we saw improvement in consolidated traffic and transactions, and the conversion rates in stores and online increased to last year.

除了 Chad 和 Jen 所說的品牌的許多積極因素外，我們還看到綜合客流量和交易量有所改善，商店和在線的轉化率也比去年有所提高。

Now looking more closely at the details of the quarter -- total revenue increased 2% to $762 million from $749 million last year.

現在更仔細地查看本季度的細節——總收入從去年的 7.49 億美元增長 2% 至 7.62 億美元。

Comparable sales increased 2% for the period.

同期可比銷售額增長 2%。

Total net revenue included approximately $5 million received from the termination of a license agreement with a third-party operator.

總淨收入包括從終止與第三方運營商的許可協議中收到的約 500 萬美元。

Additional sales information can be found on Pages 6 and 7 of the supplemental online presentation.

其他銷售信息可在補充在線演示的第 6 頁和第 7 頁上找到。

This quarter, American Eagle comps were down 1% and Aerie comps increased 25%.

本季度，American Eagle 組合下降了 1%，Aerie 組合增加了 25%。

The average transaction size declined in the low single digits.

平均交易規模以低個位數下降。

This was offset by a mid-single-digit increase in the number of transactions.

這被交易數量的中個位數增長所抵消。

Demand was slow to the start of the quarter, yet business improved as the quarter progressed, which was highlighted by the positive Easter holiday and comp traffic up mid-single digits in the quarter.

本季度初需求緩慢，但隨著本季度的進展，業務有所改善，復活節假期的積極影響和本季度中個位數的交通流量突顯了這一點。

Total gross profit decreased 5% to $278 million from $293 million last year.

總毛利從去年的 2.93 億美元下降 5% 至 2.78 億美元。

The gross margin declined 270 basis points to a rate of 36.5% of revenue.

毛利率下降 270 個基點至收入的 36.5%。

Increased promotional activity caused 200 basis points of the decline.

促銷活動增加導致下跌 200 個基點。

Buying, occupancy and warehousing deleveraged 70 basis points due primarily to increased shipping costs related to the strong e-commerce business in the quarter.

採購、入住和倉儲去槓桿化 70 個基點，主要是由於本季度強勁的電子商務業務導致的運輸成本增加。

SG&A dollars declined 1% to $195 million.

SG&A 美元下降 1% 至 1.95 億美元。

As a rate to revenue, SG&A expense improved 60 basis points to 25.6% from 26.2% last year.

作為收入比率，SG&A 費用從去年的 26.2% 提高了 60 個基點至 25.6%。

Higher advertising expense was offset by lower compensation expense and favorability across a number of other expense categories.

較高的廣告費用被較低的補償費用和許多其他費用類別的優惠所抵消。

Depreciation and amortization increased $1.6 million to $40 million and deleveraged 10 basis points to 5.3% as a rate of revenue.

折舊和攤銷增加了 160 萬美元至 4,000 萬美元，並降低了 10 個基點至 5.3% 的收入率。

Adjusted operating income fell 28% to $42 million from $59 million last year and the operating margin declined 220 basis points to 5.6% as a rate to revenue.

調整後的營業收入從去年的 5900 萬美元下降 28% 至 4200 萬美元，營業利潤率下降 220 個基點至收入的 5.6%。

The effective tax rate decreased to 32.4% compared to 36.4% last year, reflecting the impact of discrete items this quarter.

有效稅率從去年的 36.4% 下降至 32.4%，反映了本季度離散項目的影響。

Adjusted EPS of $0.16 decreased 27% from $0.22 last year.

調整後每股收益為 0.16 美元，比去年的 0.22 美元下降 27%。

Adjusted earnings excluded restructuring-related charges of $5.4 million or approximately $0.02 per diluted share.

調整後的收益不包括與重組相關的 540 萬美元或稀釋後每股約 0.02 美元的費用。

This consisted primarily of severance and related charges corresponding to home office restructuring as well as our initiative to explore closure or conversion of company owned and operated stores in Hong Kong, China and the United Kingdom to licensed partnerships.

這主要包括與家庭辦公室重組相對應的遣散費和相關費用，以及我們探索關閉或將在香港、中國和英國的公司擁有和經營的商店轉換為許可合夥企業的舉措。

Now regarding inventory, which can be found on Page 8 of the online presentation.

現在關於庫存，可以在在線演示的第 8 頁上找到。

We ended the quarter with inventory at cost of $364 million, up 9% from last year.

我們在本季度末的庫存成本為 3.64 億美元，比去年增長 9%。

Ending units were flat to last year while the average unit cost was up 9%.

最終單位與去年持平，而平均單位成本上升了 9%。

The increase in cost per unit reflects a greater mix of AE jeans, bottoms and Aerie apparel driven from our merchandise strategies.

單位成本的增加反映了我們商品策略推動的 AE 牛仔褲、下裝和 Aerie 服裝的更多組合。

Looking ahead, we expect second quarter ending inventory at cost to be up in the mid-single digits.

展望未來，我們預計第二季度末按成本計算的庫存將上升至個位數中位數。

Capital expenditures totaled $40 million in the quarter, and we continue to expect CapEx to be in the range of $160 million to $170 million for the year.

本季度的資本支出總額為 4000 萬美元，我們繼續預計今年的資本支出將在 1.6 億美元至 1.7 億美元之間。

Roughly half of the spend relates to store remodeling projects and new openings and the balance to support the digital business, omnichannel tools and general corporate maintenance.

大約一半的支出用於商店改造項目和新開業，以及支持數字業務、全渠道工具和一般企業維護的餘額。

During the quarter, we returned a total of $110 million to shareholders, including 6 million shares repurchased for a total of $88 million.

本季度，我們共向股東返還了 1.1 億美元，其中包括以 8800 萬美元回購的 600 萬股股票。

Additionally, we paid $22 million in cash dividends.

此外，我們支付了 2200 萬美元的現金股息。

19 million shares remain authorized under the current repurchase program.

根據當前的回購計劃，仍有 1900 萬股被授權。

We ended the quarter with $225 million in cash compared to $239 million last year.

我們在本季度末的現金為 2.25 億美元，而去年為 2.39 億美元。

With ongoing traffic declines, we're continually reviewing the store fleet and focusing efforts on extracting store efficiencies and productivity.

隨著客流量的持續下降，我們不斷審查商店車隊，並集中精力提高商店的效率和生產力。

Our fleet is largely profitable.

我們的機隊基本上是盈利的。

I want to emphasize that this is the case across all mall types, A, B, C malls, as well as our outlet centers.

我想強調的是，所有類型的商場、A、B、C 商場以及我們的奧特萊斯中心都是如此。

However, when it makes sense, where we're overstored and have a high likelihood of sales migration, we are closing locations.

然而，當有意義的時候，我們被過度存儲並且銷售遷移的可能性很高，我們正在關閉位置。

We are also building flexibility into our lease terms with over 500 stores and store leases set to expire in the next 3 years.

我們也在為我們的租賃條款增加靈活性，超過 500 家商店和商店租約將在未來 3 年內到期。

This year, we plan to close between 25 and 40 store locations.

今年，我們計劃關閉 25 到 40 家門店。

As previously discussed, we are selectively opening new Aerie stores and a handful of American Eagle stores in the U.S. and Mexico, where we believe we have opportunities.

如前所述，我們正在有選擇地在美國和墨西哥開設新的 Aerie 商店和少數 American Eagle 商店，我們相信在那裡我們有機會。

Internationally, the company plans to open 45 and close 2 licensed store locations.

在國際上，該公司計劃開設 45 家並關閉 2 家特許門店。

Additional store information can be found on Pages 11 through 13 in the online presentation.

更多商店信息可在在線演示的第 11 頁至第 13 頁上找到。

Now looking ahead to the second quarter, we expect second quarter earnings per share of $0.15 to $0.17, which is based on comparable sales of flat to a low single-digit decline.

現在展望第二季度，我們預計第二季度每股收益為 0.15 美元至 0.17 美元，這是基於可比銷售額持平至低個位數的下降。

The guidance assumes a lower merchandise margin due to increased promotions and a low single-digit increase in SG&A dollars compared to last year.

該指南假設由於促銷活動的增加和與去年相比 SG&A 美元的低個位數增長，商品利潤率較低。

This compares to earnings per share of $0.23 last year and excludes potential impairment and restructuring charges.

相比之下，去年每股收益為 0.23 美元，不包括潛在的減值和重組費用。

We remain focused on our strategic priorities centered on improving the customer experience and engagement with our brands.

我們仍然專注於以改善客戶體驗和品牌參與度為中心的戰略重點。

We're also creating efficiencies and strong financial disciplines to strengthen the bottom line and deliver shareholder returns.

我們還創造了效率和強大的財務紀律，以加強底線並為股東帶來回報。

Thanks.

謝謝。

And now we'll take your questions.

現在我們將回答您的問題。

(Operator Instructions) Our first question comes from the line of Oliver Chen with Cowen and Company.

（操作員說明）我們的第一個問題來自 Cowen and Company 的 Oliver Chen。

Great job on the denim, it's (inaudible) that each year, it just looks really (inaudible).

牛仔布做得很好，每年都是（聽不清），它看起來真的很（聽不清）。

So a question is around --

所以有一個問題——

We can't hear you.

我們聽不見你的聲音。

Oliver, you're a little bit difficult to hear.

奧利弗，你有點難聽。

I don't know if you can pick up your line or...

我不知道你能不能接你的線或...

Can you hear me better?

你能聽得更清楚嗎？

I'm on a mobile, I apologize.

我是手機，請見諒。

Is this better?

這是否更好？

Yes, that's better.

是的，這樣更好。

I just wanted to ask about the store footprint.

我只是想問一下商店的足跡。

And if you can get recaptures, will you potentially decide to close at a faster rate?

如果你能重新獲得，你可能會決定以更快的速度關閉嗎？

And what are some of the guardrails for thinking about that in terms of how that may proceed versus your annual program of 25 to 40?

與您的 25 到 40 年的年度計劃相比，考慮到這一點的一些護欄是什麼？

Just we're all thinking about how to optimize this and what can happen, especially as your online business has been leading and growing nicely?

只是我們都在考慮如何優化這一點以及會發生什麼，尤其是在您的在線業務一直處於領先地位並且發展良好的情況下？

Yes, sure, Oliver.

是的，當然，奧利弗。

As I pointed out in my prepared remarks, we're constantly evaluating our store footprint in the real estate portfolio.

正如我在準備好的評論中指出的那樣，我們一直在評估我們的商店在房地產投資組合中的足跡。

Although we've given some guidance for the year, we are looking to get more aggressive with store closings.

儘管我們已經為今年提供了一些指導，但我們希望在關閉商店時變得更加積極。

We've been experimenting with closures of stores where we are able to really track sales migration and really analyze the relationship of the stores to our digital business.

我們一直在嘗試關閉商店，以便我們能夠真正跟踪銷售遷移並真正分析商店與我們的數字業務的關係。

I mean, just to point out a couple of things.

我的意思是，只是指出一些事情。

Within our store base, it is the best place for us to drive new customer acquisition still.

在我們的商店基地內，它仍然是我們推動新客戶獲取的最佳場所。

And 80% of our online returns get returned back to stores, right?

我們 80% 的在線退貨都會退回到商店，對吧？

So there's a very close interplay between brick-and-mortar and digital, although you may be seeing continued traffic declines in stores...

因此，實體店和數字店之間的相互作用非常密切，儘管您可能會看到商店的客流量持續下降……

(inaudible) experience.

（聽不清）經驗。

And comp decreases in certain stores, those stores are still very profitable.

並且某些商店的補償減少了，這些商店仍然非常有利可圖。

And although they may not be profitable at a four-wall rate that they experienced, say, 3, 4 years ago, they're driving very significant four-wall profits, and that's across all mall grades -- A, B, C outlet malls, et cetera.

儘管他們可能無法以 3、4 年前所經歷的四壁速度盈利，但他們正在推動非常可觀的四壁利潤，這適用於所有商場等級 - A、B、C 出口商場等。

But the short answer to your question is yes, we are looking to get a little more aggressive in our store closures than what we've communicated thus far, as we continue to go through our market assessments.

但對您的問題的簡短回答是肯定的，隨著我們繼續進行市場評估，我們希望在關閉商店方面比我們迄今為止所傳達的更積極一些。

Okay.

好的。

And on the inventory number, is it...

而在庫存號上，是不是...

Okay, just to add to that.

好的，只是補充一下。

We want to do it in a smart way.

我們想以一種聰明的方式做到這一點。

So when we do close a store, we pick up those sales, we pick up those profits.

因此，當我們關閉一家商店時，我們會獲得這些銷售額，我們會獲得這些利潤。

We just don't want to close stores to close stores.

我們只是不想關閉商店來關閉商店。

We want to figure out how to optimize and maximize those sales.

我們想弄清楚如何優化和最大化這些銷售額。

So when we do close, we -- we're able to keep the majority of it.

因此，當我們關閉時，我們 - 我們能夠保留其中的大部分。

Our next question comes from the line of Anna Andreeva with Oppenheimer & Co.

我們的下一個問題來自奧本海默公司的 Anna Andreeva。

Question on the second quarter comp guide, flat to down low singles.

關於第二節比賽指南的問題，從平到低的單曲。

I guess, what's driving deterioration versus positive 1Q?

我想，是什麼推動了惡化而不是積極的第一季度？

What kind of promotional pressure are you guys expecting during the second quarter?

你們預計第二季度會有什麼樣的促銷壓力？

And, Bob, maybe talk about your comfort with inventory levels.

而且，鮑勃，也許可以談談您對庫存水平的滿意程度。

What is driving the mid-single-digit increase ending 2Q?

是什麼推動了截至第二季度的中個位數增長？

Yes.

是的。

So related to the revenue guidance that we gave for the quarter, it's really based upon what we're seeing quarter-to-date in trends across channel.

因此，與我們為本季度提供的收入指導相關，它實際上是基於我們在本季度看到的跨渠道趨勢。

I would tell you the guidance is comprised of significant improvements or increases continuing in digital; and brick-and-mortar continuing to be or feeling slight like pressure in comps.

我會告訴您，該指南包括數字化領域的重大改進或持續增加；實體店在比賽中繼續存在或感到輕微的壓力。

But it's very much in line with not only trends we're seeing currently, but what we anticipate for the remainder of the quarter.

但這不僅與我們目前看到的趨勢非常一致，而且與我們對本季度剩餘時間的預期非常一致。

From an inventory perspective, what's really driving that is when we announced earnings at the end of Q4 at year-end, inventory levels were up 17%.

從庫存的角度來看，真正推動我們在年底第四季度末公佈收益時，庫存水平上升了 17%。

When we guided to inventory levels at that point in time for the end of Q1, we believed that we were going to be closer to about 12%.

當我們在第一季度末的那個時間點指導庫存水平時，我們認為我們將接近 12% 左右。

We ended the quarter up 9%.

我們在本季度結束時上漲了 9%。

So better than what we had anticipated in the beginning of the quarter.

比我們在本季度初的預期要好。

Looking forward, we're continuing to decrease inventory levels to get them better or more aligned with sales performance.

展望未來，我們將繼續降低庫存水平，以使其更好或更符合銷售業績。

Having said that, we've made strategic investments across roughly 3 product categories: in the AE brand, in denim and long bottoms; and within the Aerie brand, within the overall apparel category, all of which drive higher AUCs.

話雖如此，我們已經對大約 3 個產品類別進行了戰略投資：AE 品牌、牛仔布和長褲；在 Aerie 品牌中，在整個服裝類別中，所有這些都推動了更高的 AUC。

And those businesses, particularly when you talk bottoms and denims, are extremely SKU extensive.

這些業務，尤其是當您談論下裝和牛仔時，SKU 非常廣泛。

You're talking multiple fabrics, multiple colors, multiple sizes, et cetera.

你說的是多種面料、多種顏色、多種尺寸等等。

So to make sure you're in business, in line with the merchandising strategies we have, particularly as we start moving into back-to-school season, building inventories for the summer, that's really what was driving inventory.

因此，為了確保您的業務符合我們的銷售策略，特別是當我們開始進入返校季節，為夏季建立庫存時，這才是推動庫存的真正原因。

Inventory units at the end of Q1 were flat.

第一季度末的庫存單位持平。

Our next question comes from the line of Simeon Siegel with Nomura/Instinet.

我們的下一個問題來自野村/Instinet 的 Simeon Siegel。

Have you guys sized the top line opportunity for Aerie?

你們是否確定了 Aerie 的頂線機會？

How large can you see the business growing?

你能看到多大的業務增長？

What does that do for company-level margins?

這對公司級別的利潤率有什麼影響？

And then just what's the general breakdown of product penetration within Aerie at this point?

那麼此時 Aerie 內部產品滲透率的總體細分是什麼？

And then, Jay, can you just share your view on the mall landscape?

然後，傑伊，你能分享你對商場景觀的看法嗎？

Any thoughts on the competitive dynamic and maybe any views on consolidation within the industry?

對競爭動態有什麼想法，或許對行業內的整合有什麼看法？

Sure.

當然。

Thank you, Simeon.

謝謝你，西蒙。

We are really excited about the Aerie potential.

我們對 Aerie 的潛力感到非常興奮。

We're not going to stop, I say this on every call.

我們不會停止，我在每次通話時都會這麼說。

There's a path to actually more than $1 billion easily.

實際上，有一條輕鬆超過 10 億美元的途徑。

What I love about the Aerie composition is that we're not just about bras and undies, which, as I always will say, that's our core competency business, but we have new product categories, swim, Chill.

我喜歡 Aerie 組合的原因在於，我們不僅僅是胸罩和內衣，正如我一直說的那樣，這是我們的核心競爭力業務，但我們有新的產品類別，游泳，寒意。

Play.

玩。

Move., and all those categories are -- is really resonating with the customer.

Move.，所有這些類別都 - 真正引起了客戶的共鳴。

They're loving these new product offerings, and it allows us also pulse and ebb and flow when various product categories are down-trending.

他們喜歡這些新產品，當各種產品類別呈下降趨勢時，它也使我們能夠脈動和潮起潮落。

So I love that ability in Aerie.

所以我喜歡 Aerie 的這種能力。

That said, bras and undies will still be well positioned at roughly 60% of the business.

也就是說，胸罩和內衣仍將佔據大約 60% 的業務。

And then, depending on the seasonality, we'll pulse swim and/or the apparel categories.

然後，根據季節性，我們將調整游泳和/或服裝類別。

I mean, just to add to that, there's a lot of white space within the Aerie world.

我的意思是，除此之外，Aerie 世界中有很多空白區域。

Today, from a store portfolio perspective, we only have 103 stand-alone Aerie stores.

今天，從商店組合的角度來看，我們只有 103 家獨立的 Aerie 商店。

So where some people may say we're overstored in an AE, we're significantly under-stored as it relates to Aerie.

因此，有些人可能會說我們在 AE 中存儲過多，但與 Aerie 相關，我們的存儲量明顯不足。

In addition to the stand-alone stores, we have only 92 side-by-side Aerie locations.

除了獨立商店外，我們只有 92 家並排的 Aerie 門店。

So those are stores that are adjacent, connected to AE stores.

所以那些是相鄰的商店，連接到 AE 商店。

So very small store base that we feel gives us an opportunity to be extremely selected -- selective in the locations, in the markets we're not in and we're not deeply penetrating today.

我們認為非常小的商店基礎讓我們有機會被嚴格挑選——在我們不涉足的市場、我們今天沒有深入滲透的市場中進行挑選。

You couple that with the relationship we see between brick-and-mortar retail presence and digital business that's driven by that, just to highlight what Jen said, we think Aerie represents a large growth opportunity for the company.

您將其與我們看到的實體零售業務與受其驅動的數字業務之間的關係相結合，只是為了強調 Jen 所說的，我們認為 Aerie 代表了公司的巨大增長機會。

And, Jay, you want to handle the mall?

還有，傑，你想打理商場嗎？

I was walking the mall yesterday.

昨天我在逛商場。

You still see a lot of stores with signs 40% off as far the entire store.

你仍然可以看到很多商店都標有 40% 的折扣。

It's not a secret.

這不是什麼秘密。

There have been a lot of stores closing.

已經有很多商店關門了。

In like the last 12 months, I think 3,800 sites closed.

在過去的 12 個月中，我認為關閉了 3,800 個站點。

So we have to go fight that.

所以我們必須去對抗它。

At the same time, our challenge is how do we make our customers feel more special?

同時，我們面臨的挑戰是如何讓我們的客戶感覺更特別？

And that we work on every day.

我們每天都在努力。

We're challenging ourselves, whether it be adding certain product lines in and what can we do to make a better shopping experience.

我們正在挑戰自己，無論是增加某些產品線，還是我們可以做些什麼來創造更好的購物體驗。

And also, we're investing in the technology to keep our mobile site very exciting, too.

而且，我們正在投資技術以使我們的移動網站也非常令人興奮。

So this is the, what you call, this is the year of the disruption.

這就是，你所說的，這是顛覆之年。

And it's challenging, but our people are up to it.

這很有挑戰性，但我們的員工可以做到。

And the most important thing is that we still see major opportunities out there.

最重要的是，我們仍然看到了重大機遇。

Our next question comes from the line of Matthew Boss with JP Morgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

On the gross margin front, how should we think about promotional markdown pressure versus IMU in both the second quarter and the back half of the year?

在毛利率方面，我們應該如何看待第二季度和下半年的促銷降價壓力與 IMU 的關係？

And then just larger picture, as DTC continues to grow, what would be the offsets to the mixed headwind on a multiyear basis?

然後只是更大的圖景，隨著 DTC 的持續增長，多年的混合逆風將是什麼抵消？

Yes.

是的。

So on gross margin, we anticipate gross margin pressure in the second quarter pretty consistent with what we experienced in Q1.

因此，在毛利率方面，我們預計第二季度的毛利率壓力與我們在第一季度的經歷非常一致。

We anticipate slight IMU improvement through continued cost reductions on like-for-like products, but we do anticipate and we're currently seeing a continuation in the overall promotional environment.

我們預計通過持續降低同類產品的成本，IMU 將略有改善，但我們確實預計並且我們目前看到整體促銷環境將繼續存在。

So I think you can expect gross margin pressures comparable to what we saw in Q2.

因此，我認為您可以預期毛利率壓力與我們在第二季度看到的情況相當。

And then related to the larger picture, direct consumer continues to grow, what would the options be on a headwinds basis?

然後與更大的圖景相關，直接消費者繼續增長，在逆風的基礎上會有哪些選擇？

So we're experiencing very significant growth in our e-commerce business.

因此，我們的電子商務業務正在經歷非常顯著的增長。

This last quarter, huge traffic increase quarter-over-quarter, year-over-year and some very significant transaction growth year-over-year.

在上個季度，巨大的流量環比、同比增長和一些非常顯著的交易同比增長。

We're going to continue to leverage.

我們將繼續發揮槓桿作用。

We're going to continue to drive that growth.

我們將繼續推動這種增長。

We've been very successful in a lot of our digital marketing initiatives.

我們在許多數字營銷計劃中都非常成功。

A lot of the investments, as Jay pointed out, that we've made in our e-commerce business, really enhancing the experience with the consumer, optimizing our order management systems to really leverage our omnichannel capabilities are really translating and registering within the performance of the overall digital business.

正如傑伊指出的那樣，我們在電子商務業務中所做的很多投資，真正增強了消費者的體驗，優化了我們的訂單管理系統以真正利用我們的全渠道能力，真正實現了績效的轉化和註冊整體數字業務。

So we're obviously going to continue to capitalize on that.

因此，我們顯然將繼續利用這一點。

We've had a question and a little bit of dialogue on this call around potentially accelerating our store closures from what we've communicated thus far.

我們就本次電話會議提出了一個問題並進行了一些對話，這些電話可能會加速我們迄今為止所傳達的關閉商店的速度。

We're constantly analyzing the portfolio from a store-by-store and an overall market perspective to determine where we feel we're overstored, et cetera.

我們不斷從逐個商店和整體市場的角度分析產品組合，以確定我們認為我們在哪裡過度存儲等等。

So we're going to continue to drive digital the way we have, and we're going to continue to drive rationalization of the real estate portfolio, but at the same time, driving improvement in store productivity across the remainder of the fleet.

因此，我們將繼續以我們現有的方式推動數字化，我們將繼續推動房地產投資組合的合理化，但與此同時，推動其餘車隊的商店生產力提高。

And also, Bob, it's also very important to point out that when it comes to our core strength in our denim, it's getting stronger.

而且，鮑勃，同樣重要的是要指出，當談到我們在牛仔布中的核心力量時，它正在變得越來越強大。

Across all channels.

跨所有渠道。

That's right.

這是正確的。

Men's and women's bottoms are getting stronger.

男裝和女裝的底部越來越結實。

Exactly.

確切地。

Our next question comes from the line of Brian Tunick with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Brian Tunick。

Two questions.

兩個問題。

I guess, maybe, Jay, been a lot of media reports about consolidation, probably much needed in the apparel sector.

我想，也許，Jay，很多媒體都報導了整合，這可能是服裝行業非常需要的。

So I was just curious if you could remind us on your capital allocation thoughts and your balance sheet priorities.

所以我很好奇你能否提醒我們你的資本配置想法和資產負債表的優先事項。

And then maybe for Chad, can you talk about the lead times on fixing the men's business?

然後也許對於乍得，你能談談修復男士業務的交貨時間嗎？

And on the women's strength, where do you think your share gains are coming from?

關於女性的實力，你認為你的份額收益來自哪裡？

All right.

好的。

To give my answer, we have always said that we have a policy of not commenting on rumors or speculation, so that remains our response.

為了回答我，我們一直說我們有不評論謠言或猜測的政策，所以這仍然是我們的回應。

And just a little more on capital allocation and we've been pretty consistent with our strategy around this.

再多談一點資本配置，我們一直與我們的策略保持一致。

Obviously, we focus, first and foremost, on investing in our business.

顯然，我們首先專注於投資我們的業務。

I think we demonstrate that with where we've targeted our capital expense dollars over the years, and I think it's really produced very significant returns across that channel, in particular.

我認為我們證明了多年來我們的資本支出目標，而且我認為它確實在該渠道中產生了非常可觀的回報，特別是。

So we're going to continue to invest our business where those investments are going to drive an appropriate level of return.

因此，我們將繼續投資我們的業務，這些投資將帶來適當的回報水平。

And beyond that, obviously, we look to return or provide returns to shareholders.

除此之外，顯然，我們希望向股東回報或提供回報。

This quarter, we provided about $110 million of total returns to shareholders via dividends and the $88 million in share buybacks.

本季度，我們通過股息和 8800 萬美元的股票回購為股東提供了約 1.1 億美元的總回報。

For share buybacks, in particular, the one strategy that we have pretty consistently followed is that we are constantly looking to mitigate any EPS dilution related to accretion in share count.

特別是對於股票回購，我們一直遵循的一種策略是，我們一直在尋求減輕與股票數量增加相關的任何每股收益稀釋。

That's a starting point.

這是一個起點。

Beyond that, we obviously look for opportunistic buying opportunities relative to our share price, P/E multiples, where we think that we're undervalued relative to our performance versus the remainder of the sector that we participate in.

除此之外，我們顯然會尋找相對於我們的股價、市盈率倍數的機會性購買機會，我們認為相對於我們所參與的其他行業的表現，我們被低估了。

So that's a constant evaluation that we do, and that's really how we prioritize our capital allocation strategy.

所以這是我們所做的持續評估，這就是我們優先考慮我們的資本配置策略的方式。

Brian, this is Chad.

布賴恩，這是乍得。

Jumping in on the question on men's and women's.

跳進關於男人和女人的問題。

I think it's really important to think about, first, what our total strategy is.

我認為首先考慮我們的總體戰略是非常重要的。

I think when we -- when I look at the future and where -- how brands are going to evolve and how brands are going to be successful, I think it's going to be about being famous for a category and being a destination.

我認為當我們——當我展望未來和地點——品牌將如何發展以及品牌將如何成功時，我認為這將是關於以一個類別而聞名並成為一個目的地。

And for us, that category is jeans, and from jeans, overall bottoms.

對我們來說，這個類別是牛仔褲，而牛仔褲則是整體下裝。

But really, every day, what we're focused on primarily is what can we do to drive the bottoms business and what are the right tops to go with that bottoms business?

但實際上，每一天，我們主要關注的是我們可以做些什麼來推動底部業務以及與底部業務相匹配的正確頂部是什麼？

So when I look at the total men's business, the bottoms business continues to be very healthy.

因此，當我查看整個男裝業務時，下裝業務仍然非常健康。

The denim business had -- the bottoms business had a record Q1 and the tops business, as we've talked about, has been more challenged.

牛仔佈業務 - 下裝業務在第一季度創紀錄，而上裝業務，正如我們所談到的，受到了更大的挑戰。

We're definitely very focused on making sure we have the right tops to go with the bottoms and the right tops that our customers are looking for.

我們絕對非常專注於確保我們有合適的頂部與底部和客戶正在尋找的合適的頂部。

We have -- I think I said in the last call, we hired a new head of men's merchandising.

我們有——我想我在上次電話會議中說過，我們聘請了一位新的男裝銷售主管。

In Q1, we brought on board a new head of men's design.

在第一季度，我們聘請了一位新的男裝設計主管。

In addition to that, we're utilizing Todd Snyder in the business to help with the assortment.

除此之外，我們還在業務中利用 Todd Snyder 來幫助進行分類。

He's been very involved in the holiday.

他在假期裡非常投入。

So we are seeing some early improvement out there.

所以我們看到了一些早期的改進。

In some of the knits businesses, we're starting to see some strength.

在一些針織業務中，我們開始看到一些實力。

But we're not counting on that to start showing up until the back half.

但我們並不指望它開始出現，直到後半部分。

So it is very early days.

所以現在還很早。

We're starting to see some improvement.

我們開始看到一些改進。

But I think it's going to take a little time for that to show up.

但我認為這需要一點時間才能顯現出來。

In terms of women's and where the share is coming from, I think it's coming from all over.

就女性和份額的來源而言，我認為它來自各地。

I think, look, we're getting -- the bottoms business is driving customers in and she's finding that she can get the exact right tops to go with her bottoms when she's in the store.

我想，看，我們得到了 - 下裝業務正在吸引顧客進來，她發現當她在商店時，她可以得到與她的下裝完全匹配的上衣。

There are a lot of competitors out there that are giving up share and we're picking it up from whomever we can.

有很多競爭對手正在放棄份額，我們正在盡可能從任何人那裡獲得份額。

Our next question comes from the line of John Morris with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 John Morris。

Maybe if you can give us an update on the marketing campaigns and the loyalty program, some of those initiatives that I think you're having to place and where we are on those.

也許您可以向我們提供有關營銷活動和忠誠度計劃的最新信息，我認為您必須採取的一些舉措以及我們在這些方面的位置。

And I think coupled with that, the work that you guys have been doing on the new prototype stores, some updates there, modernizing the experience, et cetera.

我認為再加上你們在新原型商店所做的工作，那裡的一些更新，現代化體驗等等。

Yes, sure.

是的，當然。

We're excited to see how the Real campaign continues to evolve for AE.

我們很高興看到真實戰役如何繼續為 AE 發展。

For back-to-school, we're going to be very focused on denim and speaking very clearly and loudly to our customer about all the benefits that AE jeans have to offer.

對於返校，我們將非常專注於牛仔布，並向我們的客戶清晰而響亮地講述 AE 牛仔褲必須提供的所有好處。

We really believe it's the center of everything that we do.

我們真的相信它是我們所做的一切的中心。

Kyle has brought on some fantastic talent across our digital marketing teams, a new creative director.

凱爾為我們的數字營銷團隊帶來了一些出色的人才，一位新的創意總監。

She's really strengthened that team, and I think we're going to have a much more effective communication strategy to the customers going into back-to-school.

她確實加強了這個團隊，我認為我們將對重返校園的客戶制定更有效的溝通策略。

And in terms of the store experience, it's something we continue to be working on.

就商店體驗而言，這是我們繼續努力的方向。

We're actually presenting to Jay later today something, a prototype that we hope to get to work on.

實際上，我們今天晚些時候會向 Jay 展示一些東西，一個我們希望開始工作的原型。

And I think as Jay mentioned, creating great customer experiences is a very important part of what the stores will be as we go forward.

而且我認為正如傑伊所說，創造出色的客戶體驗是我們前進的商店的一個非常重要的部分。

Bob talked about stores being a critical place of customer acquisition and also, an important part of e-commerce channel because they handle exchanges and returns.

Bob談到商店是獲取客戶的關鍵場所，也是電子商務渠道的重要組成部分，因為它們處理交換和退貨。

And so having a great experience and having a great destination is important.

因此，擁有美好的體驗和擁有美好的目的地很重要。

Loyalty, our new loyalty program, we'll be launching at the end of back-to-school, right at the beginning of September.

忠誠度，我們新的忠誠度計劃，我們將在返校結束時推出，就在 9 月初。

So the new program, it's digital, it's tied more into our strategies of driving bottoms and driving bras in Jen's world and it's going to be a much better experience for the customer.

所以這個新程序，它是數字化的，它更多地與我們在 Jen 的世界中駕駛下裝和駕駛文胸的策略聯繫在一起，這將為客戶提供更好的體驗。

So we're excited for that to launch.

所以我們很高興推出它。

And the #AerieREAL campaign, it's spectacular, what we're doing here.

還有#AerieREAL 活動，非常壯觀，我們在這裡所做的。

I really would say that we own the Body Positivity platform.

我真的會說我們擁有 Body Positivity 平台。

It's so interesting to see what a global impact that's having on just you read the news, and it's just -- this is a way of life today.

看到新聞對全球的影響是如此有趣，而且這只是——這就是今天的一種生活方式。

And I would say even more so than bralettes, we claimed and we own this, and this is our brand DNA.

我想說的甚至比文胸更重要，我們聲稱並擁有它，這就是我們的品牌 DNA。

So I'm really proud of the work the team's done here.

所以我真的為團隊在這裡所做的工作感到自豪。

Again, our customer base grew 13%, and we continue to grow double digits.

同樣，我們的客戶群增長了 13%，並且我們繼續以兩位數增長。

So obviously, this campaign's resonating.

很明顯，這場運動引起了共鳴。

But what I love about the #AerieREAL campaign is it's not just how we portray our brand from the outside, it's what happens on the inside and how every day this team lives by the DNA of our brand.

但我喜歡#AerieREAL 活動的原因不僅在於我們如何從外部描繪我們的品牌，還在於內部發生的事情以及這支團隊每天如何以我們品牌的 DNA 為生。

And without that, the customer wouldn't feel the impact.

沒有它，客戶就不會感受到影響。

So there's so many new ways we're looking at how to excite the customer using #AerieREAL at the helm, and there's a lot of surprises on the way.

因此，我們正在研究如何使用#AerieREAL 來激發客戶的許多新方法，並且在此過程中會有很多驚喜。

So we're really excited about what this campaign is doing.

因此，我們對此次活動所做的事情感到非常興奮。

And based on the store experience, if you have not been to the Spring Street store, please go.

並且根據店鋪經驗，如果你還沒有去過春街店，請去。

It's a pop-up store.

這是一家快閃店。

It's there for a year, a little bit more than a pop-up, I would say.

我會說，它已經存在了一年，不僅僅是一個彈出窗口。

And it's amazing.

這太神奇了。

I was there on Saturday.

我星期六在那裡。

We had music and we had a customization machine making T-shirts.

我們有音樂，我們有一台定制機器製作 T 卹。

I couldn't believe the output.

我簡直不敢相信輸出。

I personally made 20, myself.

我自己做了20個。

And it was just a blast.

這只是一個爆炸。

And what that store is doing for the customer, we're definitely going to pluck some ideas from that and build on that as a learning set we're seeing at Spring Street.

那家商店正在為客戶做什麼，我們肯定會從中汲取一些想法，並將其作為我們在 Spring Street 看到的學習場所。

So it's an incredible experience.

所以這是一次不可思議的經歷。

And as Jay mentioned, it's so important today to surprise our customer with something different and I think this experience is truly unique.

正如傑伊所說，今天用不同的東西給我們的客戶驚喜是非常重要的，我認為這種體驗真的很獨特。

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

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

Jen, that story is quite beautiful in SoHo.

珍，那個故事在蘇荷區很漂亮。

Congrats on that.

對此表示祝賀。

Thank you, Janet.

謝謝你，珍妮特。

For both Jen and Chad, I was wondering if you could talk about margin trends across the board for you, Jen, what kind of promotional pressure you're seeing?

對於 Jen 和 Chad，我想知道您是否可以全面討論利潤率趨勢，Jen，您看到了什麼樣的促銷壓力？

And, Chad, it sounds like most of the pressure is coming from the tops category, I think men's and women's.

而且，乍得，聽起來大部分壓力來自上衣類別，我認為是男裝和女裝。

But also, if you could comment about your margin trends in bottoms, that would be helpful.

但是，如果您可以評論底部的保證金趨勢，那將很有幫助。

And just on the lease renegotiations, for either Jay or Bob, is it meaningful enough to help us think that the deleverage on buying and occupancy, that, that point of deleverage could improve as we look forward?

就Jay或Bob的租賃重新談判而言，是否足以幫助我們認為購買和入住的去槓桿化，即，隨著我們的期待，去槓桿化點可能會有所改善？

Janet, it's Chad.

珍妮特，我是乍得。

So I think in terms of margins in the promotional environment, it's -- as you know, it's been very tough out there.

因此，我認為就促銷環境的利潤而言，這是 - 如您所知，那裡非常艱難。

February was a tough month for everybody.

二月對每個人來說都是艱難的一個月。

And so we started the season -- the quarter with a tough month and we had to get a little more promotional than we like to be to get through to drive the top line and keep our inventories clean.

所以我們開始了這個季節 - 這個季度是艱難的一個月，我們必須獲得比我們想要的更多的促銷活動來推動收入並保持我們的庫存清潔。

I think we did that successfully.

我認為我們成功地做到了。

So we had -- we delivered a good top line.

所以我們有 - 我們提供了一個很好的頂線。

Our inventories were cleaner than we had anticipated coming out of the quarter.

我們的庫存比本季度預期的要乾淨。

We continue to -- we believe that that's going to continue into Q2.

我們繼續 - 我們相信這將持續到第二季度。

The bottoms margins are very healthy.

底部利潤率非常健康。

We had very strong margin in Q1, record margins back in Q1 in men's and women's bottoms.

我們在第一季度的利潤率非常高，在第一季度男裝和女裝褲的利潤率創下歷史新高。

So that business continues to be very healthy.

因此，該業務繼續非常健康。

The tops business, we are a little more pressured.

頂級業務，我們的壓力更大。

Those goods are more seasonal and the men's business, as you know, has been slower.

那些商品更具季節性，如你所知，男裝業務一直較慢。

So we do anticipate promotions continuing at a similar rate going into Q2.

因此，我們確實預計到第二季度的促銷活動將以類似的速度繼續進行。

But last Q1, you have to remember last Q1 was super clean.

但是上個 Q1，你必須記住上個 Q1 是超級乾淨的。

The promotions, while similar to Q1, should be more similar to last year in Q2.

促銷活動雖然與第一季度相似，但應該與去年第二季度更相似。

So I think that will be a shift we'll see from the quarters.

所以我認為這將是我們將從季度看到的轉變。

And the same for Aerie, Chad.

乍得的 Aerie 也是如此。

We had record high margins last year.

去年我們的利潤率創歷史新高。

But still, the flow-through was very healthy in Q1 in Aerie.

但是，Aerie 第一季度的流量仍然非常健康。

Still retail-leading industry margins, I would say.

我會說，仍然是零售行業領先的利潤率。

So we're pleased with that.

所以我們對此很滿意。

And again, going back to our ability to remix into new businesses, some of the margin pressure was offset by some of the newer businesses, swim and Chill.

再一次，回到我們重新融入新業務的能力，一些利潤壓力被一些新業務所抵消，游泳和寒意。

Play.

玩。

Move.

移動。

And related to the lease negotiations and deleverage on buying occupancy and warehousing, most of -- pretty much all of the deleveraging with buying occupancy and warehousing was really related to online delivery.

與租賃談判和購買入住和倉儲的去槓桿化有關，大部分——幾乎所有購買入住和倉儲的去槓桿化都與在線交付有關。

So that business continues to penetrate greater across the company total.

因此，該業務繼續在整個公司範圍內滲透到更大的範圍內。

So this quarter, digital represented 26% of total sales versus 22% last year, right?

所以本季度，數字佔總銷售額的 26%，而去年為 22%，對吧？

So becoming a more significant percentage.

所以成為一個更重要的百分比。

Digital itself was up significantly.

數字本身顯著上升。

If you look just at Jen's Aerie business, digital was up over 60% and it represents 47% of total sales in the quarter, right?

如果你只看 Jen 的 Aerie 業務，數字業務增長了 60% 以上，佔本季度總銷售額的 47%，對吧？

So as that channel becomes a bigger percentage of our business and those transactions grow significantly, that's going to drive higher delivery expense associated with that.

因此，隨著該渠道在我們業務中所佔的比例越來越大，並且這些交易顯著增長，這將推動與此相關的更高的交付費用。

On the lease side of buying or occupancy, as I said, as we get more aggressive with our store closures, we're going to be able to minimize or eliminate any deleverage we're seeing with that fixed rent expense going forward.

正如我所說，在購買或入住的租賃方面，隨著我們在關閉商店方面變得更加積極，我們將能夠最大限度地減少或消除我們在未來固定租金支出中看到的任何去槓桿化。

And now obviously, any improvement in comps, at brick-and-mortar, obviously, would leverage rent, too, right?

現在很明顯，在實體店的薪酬方面的任何改進，顯然也會影響租金，對吧？

So there's a number of initiatives and the things that we're looking to do or ways that the business is growing that are really impacting buying, occupancy and warehousing in the aggregate.

因此，有許多舉措和我們正在尋求做的事情或業務增長的方式真正影響購買、入住和倉儲。

You really have to look at each of the elements separately.

您確實必須分別查看每個元素。

Our next question comes from the line of Omar Saad with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 Omar Saad。

Couple of quick ones.

幾個快速的。

Wanted to see if you could elaborate on this kind of positive traffic number that you had in the quarter.

想看看您是否可以詳細說明您在本季度擁有的這種積極的流量數字。

You just don't hear a lot of companies talking about positive traffic with apparel exposure and mall exposure.

您只是沒有聽到很多公司談論服裝曝光和商場曝光的積極流量。

And maybe talk about what you think some of the key drivers were there and the sustainability of it.

或許可以談談你認為的一些關鍵驅動因素以及它的可持續性。

I think that's probably the best place to start.

我認為這可能是最好的起點。

Yes.

是的。

I mean, traffic wise, yes, we feel like one of the things that is going to make us stand out from a lot of our competition is an overall consolidated traffic increase.

我的意思是，在流量方面，是的，我們覺得讓我們在許多競爭中脫穎而出的一件事就是整體的綜合流量增加。

A big chunk of that is driven by our e-commerce business.

其中很大一部分是由我們的電子商務業務推動的。

Traffic in brick-and-mortar was down mid-single digits.

實體店的流量下降了中個位數。

But if you look at the digital business, it was up in the 20s.

但如果你看一下數字業務，它是在 20 年代興起的。

So very significant traffic increase in digital.

因此，數字流量增長非常顯著。

I think it speaks to a lot of our new digital marketing efforts that are producing very good returns.

我認為這說明了我們許多新的數字營銷工作正在產生非常好的回報。

I think Chad mentioned Kyle really upgrading that team, and that team really instituting some great marketing campaigns and traffic drivers that translated in the performance we saw.

我認為 Chad 提到 Kyle 確實升級了該團隊，並且該團隊確實開展了一些出色的營銷活動和交通驅動因素，這些活動轉化為我們所看到的表現。

(Operator Instructions) Our next question comes from the line of Paul Lejuez with Citi.

（操作員說明）我們的下一個問題來自 Citi 的 Paul Lejuez。

Just to try to understand, is the simple issue you think that you guys are seeing as you put more make into the product, units flat, indoor dollars up more, you're just not getting paid for what you're doing to the product in terms of the quality improvements you're making?

只是想了解一下，當您在產品中投入更多利潤時，您認為你們看到的一個簡單問題是什麼就您所做的質量改進而言？

And if that is kind of the simple issue, what adjustments do you make to the product going forward?

如果這是一個簡單的問題，你對未來的產品做了哪些調整？

Does it say something about your customers' willingness to accept what you're doing?

它是否說明了您的客戶願意接受您所做的事情？

Is it a competitive landscape issue; maybe both?

這是一個競爭格局問題嗎？也許兩者兼而有之？

Just if you could talk on that a bit.

只是如果你能談談那一點。

I think that -- I actually don't think that we're putting too much in the product, and I think the customer continues to pay for and respond to better product.

我認為——我實際上並不認為我們在產品中投入太多，而且我認為客戶會繼續為更好的產品付費並做出回應。

A lot of --as Bob discussed, a lot of the growth in the inventory to cost is driven by the mix in the bottoms, which that is our category and we're not going to apologize for investing in bottoms.

很多——正如鮑勃所討論的，庫存成本的很多增長是由底部的混合驅動的，這是我們的類別，我們不會為投資底部而道歉。

We're going to drive this business...

我們將推動這項業務...

Now we are putting stuff in the product.

現在我們正在將東西放入產品中。

Right.

正確的。

We're going to continue to put stuff in the product.

我們將繼續在產品中添加內容。

Okay.

好的。

It didn't come out that way.

它不是那樣出來的。

Sorry, we came out -- we misspoke.

抱歉，我們出來了——我們說錯了。

But we are going to continue to invest in the product.

但我們將繼續投資於該產品。

We're going to continue to invest in bottoms because bottoms is our #1 strategy and that's going to likely mix AUC up.

我們將繼續投資於底部，因為底部是我們的第一策略，這可能會混淆 AUC。

In terms of women's tops, we continue to invest more in the product and we're getting, I think, paid for that and we continue to.

在女式上衣方面，我們繼續在產品上進行更多投資，我認為，我們正在為此付出代價，我們將繼續這樣做。

And then in men's, the one place -- it's the one place where we maybe reached a little too far with some of the ticket prices without seeing the demand there.

然後在男裝中，有一個地方——我們可能在沒有看到那裡的需求的情況下，用一些票價達到了有點過分的地方。

So we have actually made some strategic investments with some of the men's tickets as we try to gain back share.

所以我們實際上已經對一些男票進行了一些戰略投資，因為我們試圖重新獲得份額。

But part of the way that we've won for the past 3 years is by investing in product, offering a better value to the customer and investing in bottoms, and we're going to continue to do that.

但我們在過去 3 年中獲勝的部分方式是投資於產品，為客戶提供更好的價值並投資於底部，我們將繼續這樣做。

I think the Q1-to-Q1 promotional activity is probably just a tough compare to last year, which is a clean quarter and then also the slow start to this year.

我認為 Q1 到 Q1 的促銷活動與去年相比可能只是一個艱難的時期，這是一個乾淨的季度，然後也是今年的緩慢開端。

But we continue to invest in the product, and we continue to see -- we're able to do that because we continue to see like-for-like cost improvement.

但是我們繼續投資於該產品，並且我們繼續看到 - 我們能夠做到這一點，因為我們繼續看到同類成本的改善。

And our goal is to offer the customer the best value we can.

我們的目標是為客戶提供我們所能提供的最佳價值。

Well, also, Chad, can you talk about the technology, too?

好吧，Chad，你也能談談技術嗎？

Yes.

是的。

And I think we will -- Jay's talking about our -- within our bottoms category, we continue to innovate in the bottoms fabrics that we're delivering in jeans.

而且我認為我們將 - Jay 談到我們的 - 在我們的下裝類別中，我們將繼續創新我們在牛仔褲中提供的下裝面料。

I think our jeans -- we offer fabrications that you're only going to get at American Eagle and then at premium competitors.

我認為我們的牛仔褲——我們提供的面料只有在 American Eagle 才能買到，然後才能在高端競爭對手那裡買到。

No one else in our space has the bottoms technologies and innovation that we have.

在我們這個領域，沒有其他人擁有我們所擁有的底層技術和創新。

And we will continue to invest and innovate there with new higher-performance fabrics and stretches.

我們將繼續在那裡投資和創新，推出性能更高的新面料和彈力面料。

Our next question comes from the line of Michael Binetti of UBS.

我們的下一個問題來自瑞銀的 Michael Binetti。

I just want -- a lot of our questions have been answered, but I just wanted to ask, any commentary on your early thoughts on the trends in some of the malls maybe where you've seen an anchor vacate the mall?

我只是想——我們的很多問題都得到了回答，但我只是想問一下，你對一些商場趨勢的早期想法有什麼評論，也許你已經看到一個主播離開商場？

We -- generally, where there's -- with some of the major anchors that have announced closures, the good news is out of our entire real estate portfolio, we don't have a significant number of locations in those malls.

我們——一般來說，有一些主要的主播已經宣布關閉，好消息是在我們的整個房地產投資組合中，我們在這些購物中心沒有大量的地點。

But where we do, we -- and where the store has closed, we have not seen a traffic trend that is significantly different to our store, which is significantly different than what we're seeing across that mall grade average, generally speaking.

但是在我們做的地方，我們 - 以及商店關閉的地方，我們沒有看到與我們商店有顯著不同的流量趨勢，這與我們在購物中心平均等級上看到的明顯不同，一般來說。

Our next question comes 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。

I was wondering if you could talk about any reduction that you're seeing in rent.

我想知道你是否可以談談你在租金方面看到的任何減少。

It sounds like maybe even some of the A malls are starting to give some reductions now.

聽起來甚至有些 A 商場現在也開始降價了。

So just wanted to get your thoughts on that.

所以只是想了解一下你的想法。

And then just any analysis that when you're looking at the store closures on the sales or consume rate to the sales that you're keeping either online or in other stores?

然後是任何分析，當您查看商店關閉時的銷售額或您在網上或其他商店保持的銷售額的消費率？

Yes.

是的。

So I think you're right.

所以我認為你是對的。

I think in light of the environment, in light of the continued year-over-year traffic declines, I think even within some of the A mall developer community, there's an understanding that they can't necessarily command the rent increases that they've historically experienced, not to mention maintain rents at current levels.

我認為考慮到環境，鑑於流量同比持續下降，我認為即使在一些 A mall 開發商社區中，也有一種理解，即他們不一定能控制租金上漲。歷史經驗豐富，更不用說將租金維持在當前水平。

It's really on a case-by-case, developer-by-developer circumstance.

這實際上是在逐案、逐個開發人員的情況下進行的。

But yes, we obviously pursue that where it makes sense.

但是，是的，我們顯然追求有意義的地方。

We have very good partnerships with our mall developers.

我們與商場開發商有著非常好的合作夥伴關係。

But where it makes sense, in light of performance, in light of, in some instances, when we entered a mall, we had a particular footprint that competed specifically with us, in some instances where we find that there are more competitors now in the mall than they were when we initially entered the location, that's very good ammunition for that kind of conversation that I was mentioning as one example.

但是，考慮到業績，考慮到在某些情況下，當我們進入商場時，我們有一個特定的足跡，專門與我們競爭，在某些情況下，我們發現現在有更多的競爭對手。購物中心比我們最初進入該地點時的情況要好，對於我作為一個例子提到的那種對話來說，這是非常好的彈藥。

And when we're looking at store closures and we've got experience with sales migration and transfer, it's pretty successful relative to most of what we've heard in the market.

當我們考慮關閉商店並且我們擁有銷售遷移和轉移的經驗時，相對於我們在市場上聽到的大多數情況而言，它非常成功。

I'm not going to quote the specific percentage of sales.

我不會引用具體的銷售額百分比。

But depending on the market and store adjacencies in our density of real estate within a marketplace, we can experience anywhere from 50% to 10% sales migration, depending on a lot of different circumstances.

但是，根據我們在市場中的房地產密度中的市場和商店鄰接，我們可能會經歷 50% 到 10% 的銷售遷移，具體取決於許多不同的情況。

We have a great CRM database that actually we feel is a competitive advantage, and we're able to use that information to help us determine which stores to earmark for closure or not, where we feel we'll have the best success of sales migration, et cetera.

我們有一個很棒的 CRM 數據庫，實際上我們認為這是一個競爭優勢，我們能夠使用這些信息來幫助我們確定哪些商店需要關閉，哪些商店我們認為我們將在哪裡獲得最大的銷售遷移成功，等等。

We'll continue to fine-tune that.

我們將繼續對此進行微調。

We continue to build that database and our capabilities to analyze those things appropriately.

我們將繼續構建該數據庫以及我們適當分析這些事物的能力。

But it's a big piece of our real estate portfolio review and our overall portfolio strategy.

但這是我們房地產投資組合審查和整體投資組合戰略的重要組成部分。

Okay.

好的。

Melissa, we have time for one more question.

梅麗莎，我們有時間再問一個問題。

Our final question for today will come from the line of Dana Telsey with Telsey Advisory Group.

我們今天的最後一個問題將來自 Telsey 諮詢小組的 Dana Telsey。

As you talk -- as you think about product costs and direct sourcing, what are you seeing out there in terms of the ability for direct sourcing to be able to support product costs and its ability to drive the comp, and where you're seeing raw material costs given the investments in higher quality lately?

當您談論時 - 當您考慮產品成本和直接採購時，您在直接採購能夠支持產品成本的能力及其推動競爭的能力方面看到了什麼，以及您在哪裡看到考慮到最近對更高質量的投資，原材料成本如何？

Yes, I'll try to answer that first and, Chad, Jen, jump in where you feel I missed something.

是的，我會先嘗試回答這個問題，然後，Chad，Jen，跳到你覺得我錯過了什麼的地方。

But there's a number of things that are really positively impacting our ability to continue to drive unit cost reductions.

但是有很多事情對我們繼續推動單位成本降低的能力產生了積極的影響。

One is just there's a lot of supply out there from a factory base perspective, which creates big opportunities.

一是從工廠基地的角度來看，那裡有很多供應，這創造了巨大的機會。

When we look at the percentage of our business that we go direct versus through agents, that clearly represents an opportunity for us to further reduce costs as we look to change that model potentially or even use that as a, I don't want to say threat, but a negotiating stance as we go forward.

當我們查看直接與通過代理開展業務的百分比時，這顯然代表了我們進一步降低成本的機會，因為我們希望改變這種模式，甚至將其用作一種，我不想說威脅，而是我們前進時的談判立場。

We continue to do things like increase our fabric platforming and other sourcing strategies and initiatives that will continue to drive those cost decreases.

我們繼續做一些事情，比如增加我們的面料平台和其他採購戰略和舉措，這些戰略和舉措將繼續推動這些成本的下降。

And we're doing a better job of just consolidating production within factories, committing to capacity levels within factories that again, all allow us to negotiate lower per-unit costs going forward.

而且我們在整合工廠內的生產方面做得更好，再次承諾工廠內的產能水平，所有這些都使我們能夠協商降低單位成本。

So we see we still have further opportunity to drive that, and we believe we have a number of levers to pull to get there.

所以我們看到我們還有更多的機會來推動這一點，我們相信我們有許多槓桿可以拉動到那裡。

The only thing I would add is I think we balance that -- we want to offer the customer the best value.

我唯一要補充的是，我認為我們平衡了這一點——我們希望為客戶提供最佳價值。

We want to pay the best price, and we've been paying lesson light-colored garments.

我們要付出最優惠的價格，而我們一直在為淺色服裝付出代價。

And doing all of that, we want to be even faster than we've been.

做這一切，我們希望比以往更快。

So we're balancing those 3 things.

所以我們正在平衡這三件事。

And speed has been something that we've really, really improved over the last few years.

在過去的幾年裡，速度一直是我們真正非常非常改進的東西。

That continues to help us be more right with what the customer wants.

這將繼續幫助我們更準確地了解客戶的需求。

All that should pay off.

所有這些都應該得到回報。

That's a great point, Chad, because where we historically had placed buys during particular time frames, we have the ability to hold back on what our demand estimates are and not place those orders as early.

乍得，這是一個很好的觀點，因為我們過去曾在特定時間範圍內下單，我們有能力抑制我們的需求估計，而不是儘早下訂單。

And we can hold back as much as 40% of a potential seasonal buy for just-in-time kind of delivery, to Chad's point, so in chasing.

我們可以阻止多達 40% 的潛在季節性購買，以實現準時交貨，就乍得而言，因此是在追逐。

So yes, building speed and flexibility into our sourcing production function has been a huge focus and represents additional opportunity going forward, too.

所以，是的，在我們的採購生產功能中建立速度和靈活性一直是一個巨大的焦點，也代表著未來的額外機會。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This does end our time for questions and concludes today's call.

這確實結束了我們的提問時間並結束了今天的電話會議。

Thank you for your participation.

感謝您的參與。