American Eagle Outfitters Inc (AEO) 2017 Q4 法說會逐字稿

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

您好，歡迎參加 American Eagle Outfitters 2017 年第四季度收益電話會議。

(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。

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

現在我很高興向您介紹您的主持人，投資者關係副總裁 Judy Meehan。

Thank you, Ms. Meehan.

謝謝你，米漢女士。

You may begin.

你可以開始了。

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.

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 represents the company's current expectations or beliefs.

這些陳述基於代表公司當前期望或信念的信息。

The results actually realized may differ materially 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.

除法律要求外，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, please 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.

此外，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 調整的基礎上提出的。

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

調整後的結果與公認會計原則結果的對賬可在收益發布所附的表格中找到，該發布發佈在公司網站 www.ae.com 的投資者關係部分。

Here, you can also find the fourth quarter investor presentation.

在這裡，您還可以找到第四季度的投資者介紹。

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

現在我想把電話轉給傑伊。

Okay.

好的。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

I'm pleased that we ended 2017 with strong momentum.

我很高興我們以強勁的勢頭結束了 2017 年。

The fourth quarter was our best of the year.

第四季度是我們今年最好的季度。

Sales accelerated and our fourth quarter comp sales increased to 8%.

銷售加速，我們第四季度的銷售額增長到 8%。

Adjusted EPS grew 13% and was a high -- and was on the high end of our guidance.

調整後的每股收益增長了 13%，處於高位——處於我們指導的高端。

2017 was our third straight year of positive same-store sales.

2017 年是我們連續第三年實現同店銷售。

I am proud of how quickly the teams made adjustments to the business after a challenging first half of the year.

在經歷了充滿挑戰的上半年之後，我為團隊如此迅速地調整業務感到自豪。

This resulted in a recovery of strong sales growth in the second half.

這導致下半年銷售強勁增長的複蘇。

American Eagle and Aerie both posted positive brick-and-mortar comps, capitalizing on improved mall trends.

American Eagle 和 Aerie 都發布了積極的實體店組合，利用了商場趨勢的改善。

We also demonstrated exceptional growth online.

我們還在網上展示了非凡的增長。

Our fourth quarter gross and operating margins continued on attractive consistent sequential improvement.

我們第四季度的毛利率和營業利潤率繼續保持有吸引力的持續增長。

And as Bob will discuss, we expect this positive trend to continue into the first quarter of 2018.

正如 Bob 將討論的那樣，我們預計這種積極趨勢將持續到 2018 年第一季度。

AEO is in excellent financial condition.

AEO 財務狀況良好。

We ended the year with $414 million in cash and no debt, reflecting confidence in our growth potential and strong free cash flow.

我們以 4.14 億美元的現金結束了這一年，沒有債務，這反映出我們對我們的增長潛力和強勁的自由現金流充滿信心。

Today, we announced a 10% increase in the cash dividend.

今天，我們宣布將現金股息增加 10%。

Our financial strength has enabled us to invest in our brands, talent and omnichannel capabilities.

我們的財務實力使我們能夠投資於我們的品牌、人才和全渠道能力。

As a result, we are operating from a position of strength, and we continue to advance what I believe are the best specialty apparel brands in America.

因此，我們從實力的位置運營，我們繼續推進我認為是美國最好的專業服裝品牌。

The American Eagle brand has emerged as a true leader in specialty apparel with more growth ahead, not just in America but globally.

American Eagle 品牌已成為特種服裝領域的真正領導者，未來將實現更多增長，不僅在美國，而且在全球範圍內。

This spring, we open in India and we'll continue to grow our global footprint.

今年春天，我們在印度開業，我們將繼續擴大我們的全球足跡。

Getting AE jeans in the hands of more consumers is our goal.

讓AE牛仔褲交到更多消費者手中是我們的目標。

Aerie is one of the fastest-growing brands with a very exciting and long runway ahead.

Aerie 是發展最快的品牌之一，擁有非常令人興奮和漫長的跑道。

We'll be accelerating our investments in Aerie to expand our market presence and fuel very strong customer demand.

我們將加快對 Aerie 的投資，以擴大我們的市場佔有率並推動非常強勁的客戶需求。

We're also investing in our selling channels.

我們也在投資我們的銷售渠道。

Digital sales rose over 20% in the fourth quarter, reaching record levels.

第四季度數字銷售額增長超過 20%，達到創紀錄水平。

This marked our 12th consecutive quarter, a double-digit growth.

這標誌著我們連續第 12 個季度實現兩位數增長。

We achieved 2 of our highest volume sales days over the holidays with seamless execution.

通過無縫執行，我們在假期實現了銷量最高的 2 天。

I'm proud to say that we operate one of the best e-commerce sites in retail at $1 billion in sales with strong profitability.

我很自豪地說，我們經營著最好的零售電子商務網站之一，銷售額達 10 億美元，盈利能力很強。

It is also encouraging to see better sales trends in the brick-and-mortar channel, and we are continuing to invest in our store fleet.

看到實體渠道的更好銷售趨勢也令人鼓舞，我們將繼續投資於我們的商店車隊。

It is becoming increasingly apparent that the best go-to-market strategy is a combination of digital and physical store experiences.

越來越明顯的是，最好的上市策略是數字和實體店體驗的結合。

We will focus on optimizing our business market by market to ensure we have the right stores in the right locations.

我們將專注於按市場優化我們的業務市場，以確保我們在正確的位置擁有正確的商店。

For AE, we are working on updating our store design to strengthen the appeal and bring a more engaging customer experience.

對於 AE，我們正在努力更新我們的商店設計，以增強吸引力並帶來更具吸引力的客戶體驗。

Our pillars of growth are proven and firmly in place with center in driving market share and profit growth.

我們的增長支柱已得到證實，並以推動市場份額和利潤增長為核心。

They are: leverage our leading position in AE jeans and bottoms, increasing our customer reach; accelerate Aerie growth; strengthen customer experience engagement and deliver financial returns to create shareholder value.

它們是：利用我們在 AE 牛仔褲和褲裝方面的領先地位，擴大我們的客戶範圍；加速 Aerie 的增長；加強客戶體驗參與並提供財務回報以創造股東價值。

I believe now is our time.

我相信現在是我們的時代。

We have never been stronger as an organization and never as well positioned for sustained success.

作為一個組織，我們從未像現在這樣強大，也從未像現在這樣為持續成功做好準備。

American Eagle and Aerie are 2 great brands with 2 strong brand equity.

American Eagle 和 Aerie 是擁有 2 個強大品牌資產的 2 個偉大品牌。

Additionally, tax reform will provide incremental cash flow, enabling us to reinvest a portion into further growth and shareholder returns.

此外，稅收改革將提供增量現金流，使我們能夠將一部分再投資於進一步的增長和股東回報。

I'm incredibly proud of the entire American Eagle Outfitters team for the progress this company has made over the past few years in the midst of significant change.

我為整個 American Eagle Outfitters 團隊感到無比自豪，因為這家公司在過去幾年中在重大變革中取得了進展。

We have a very healthy business ready for growth.

我們有一個非常健康的業務，為增長做好了準備。

We intend to build on our momentum, and I look forward to continued success in 2018.

我們打算再接再厲，我期待在 2018 年繼續取得成功。

And now I will turn the call over to Chad.

現在我將把電話轉給乍得。

Thanks, Jay.

謝謝，傑。

Good morning, everyone.

大家，早安。

I'm pleased to report that American Eagle brand sales accelerated in the fourth quarter, posting a 5% comp increase.

我很高興地報告，American Eagle 品牌的銷售在第四季度加速，增長了 5%。

It was great to see store traffic and comp store sales turn positive in the quarter, and this trend has continued.

很高興看到本季度的商店客流量和商店銷售額轉為正數，並且這種趨勢仍在繼續。

Sales were driven by improved traffic and increased transaction.

銷售是由改善的交通和增加的交易推動的。

We also saw strong growth in our digital business.

我們還看到了數字業務的強勁增長。

Expecting another promotional holiday season, we took a strong stance to gain market share, win the season and fuel momentum going into spring.

期待另一個促銷假日季節，我們採取了強硬立場來獲得市場份額，贏得季節並推動進入春季的勢頭。

Although markdowns were up, we drove more customers to our brand and importantly generated higher merchandise margin dollars.

儘管降價幅度有所上升，但我們為我們的品牌吸引了更多客戶，重要的是產生了更高的商品利潤率。

We remain committed to strategically reducing our go-forward promotional posture.

我們仍然致力於戰略性地減少我們前進的促銷姿態。

We're off to a good start with our initial spring deliveries.

我們的初始春季交付有了一個良好的開端。

The AE brand is firing on all cylinders.

AE 品牌正在全力以赴。

Our new loyalty program, AEO Connected, continues to attract new customers.

我們新的忠誠度計劃 AEO Connected 繼續吸引新客戶。

In fact, today, our active customers are spending more money with American Eagle than ever before.

事實上，今天，我們的活躍客戶在 American Eagle 上花費的錢比以往任何時候都多。

We successfully capitalized on our dominance in bottoms and jeans, posting positive comps across key categories for men's and women's.

我們成功地利用了我們在下裝和牛仔褲領域的主導地位，在男裝和女裝的關鍵類別中發布了積極的對比。

Women's increased in low single digits and men's in the high-single digits.

女性的低個位數增加，男性的高個位數增加。

Men's tops strengthened, delivering a positive comp, continuing the great progress made throughout the year.

男子上衣得到加強，帶來了積極的表現，延續了全年取得的巨大進步。

One of the most important highlights for the American Eagle business continues to be bottoms.

American Eagle 業務最重要的亮點之一仍然是底部。

The fourth quarter represented our 18th consecutive quarter of record sales for both genders.

第四季度是我們連續第 18 個季度創下兩性銷售記錄。

Our customers recognize the consistent breadth of styles, quality and value we offer.

我們的客戶認可我們提供的風格、質量和價值始終如一的廣度。

We view bottoms as an important growth initiative from the AE business as well as a powerful new customer acquisition tool.

我們將底部視為 AE 業務的一項重要增長舉措，也是一種強大的新客戶獲取工具。

Today, less than half of our customers buy jeans.

今天，我們不到一半的客戶購買牛仔褲。

For us, this indicates meaningful upside in the business.

對我們而言，這表明業務有顯著的上升空間。

We will continue to raise the bar, driving greater and greater innovation and building stronger awareness around our jeans collection.

我們將繼續提高標準，推動越來越大的創新，並圍繞我們的牛仔褲系列建立更強大的意識。

At over $3 billion dollars in revenue, the American Eagle brand has had great success and now stands as the undisputed leader in our space.

American Eagle 品牌的收入超過 30 億美元，取得了巨大的成功，現在是我們領域無可爭議的領導者。

As we look to the next billion and beyond, momentum in our bottoms business and growth in loyalty members are key indicators that we are on a path for more market share gain.

當我們展望下一個十億甚至更多時，我們底部業務的勢頭和忠誠度會員的增長是我們正在爭取更多市場份額的關鍵指標。

We'll continue building on our brand platform of youth empowerment with our new campaign AE X ME to create a deeper emotional connection to our customers.

我們將繼續通過我們的新活動 AE X ME 建立我們的青年賦權品牌平台，以與我們的客戶建立更深層次的情感聯繫。

And of course, we're highly focused on delivering the most innovative, high-quality merchandise and creating the most seamless and best customer experience with our leading digital platform and updated store design.

當然，我們高度專注於提供最具創新性、高質量的商品，並通過我們領先的數字平台和更新的商店設計創造最無縫和最佳的客戶體驗。

To conclude my remarks, I'm so proud of the incredible position the American Eagle brand holds today.

最後，我為 American Eagle 品牌今天所擁有的令人難以置信的地位感到非常自豪。

This is our time.

這是我們的時代。

We hold leading market share positions across our most important categories.

我們在最重要的類別中佔據領先的市場份額。

We are supported by the best creative teams.

我們得到了最好的創意團隊的支持。

We have leading operational capabilities and financial strength.

我們擁有領先的運營能力和資金實力。

That's giving us the ability to invest in and grow this amazing brand.

這使我們有能力投資和發展這個令人驚嘆的品牌。

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。

I'm thrilled to announce another outstanding quarter for Aerie.

我很高興地宣布 Aerie 又一個出色的季度。

Sales strengthened and we achieved our best quarter yet.

銷售加強，我們取得了迄今為止最好的季度。

In the fourth quarter, we delivered an industry-leading comp increase of 34% following a 17% gain last year.

繼去年增長 17% 之後，第四季度我們實現了行業領先的 34% 的薪酬增長。

This marks the 15th consecutive quarter of positive comps, which is a testament to the power of our team as well as the uniqueness and relevancy of our brand platform.

這標誌著連續第 15 個季度獲得正面評價，這證明了我們團隊的力量以及我們品牌平台的獨特性和相關性。

I'm extremely proud of the consistent growth we experienced throughout 2017.

我為我們在 2017 年所經歷的持續增長感到非常自豪。

In fact, [hitting a key milestone using] $500 million in sales (inaudible) profit flow through.

事實上，[達到一個關鍵里程碑使用] 5 億美元的銷售（聽不清）利潤流。

Our next target of $1 billion is in sight, and we can't wait to get there.

我們下一個 10 億美元的目標就在眼前，我們迫不及待地想要實現這一目標。

In the fourth quarter, we saw a terrific growth in both our brick-and-mortar stores and in our digital business.

在第四季度，我們的實體店和數字業務都出現了驚人的增長。

We strategically capitalized on the key holiday weeks with a powerful gifting strategy and distortions in the big product categories.

我們通過強大的送禮策略和大產品類別的扭曲，戰略性地利用了關鍵的假期週。

In addition to core intimates, we saw excellent growth in our significant active line -- or our signature active line.

除了核心親密關係之外，我們的重要活躍產品線或我們的標誌性活躍產品線也出現了出色的增長。

Blah, sorry, guys.

廢話，對不起，伙計們。

As well as our leggings, fleece, women accessories.

以及我們的緊身褲、羊毛、女士配飾。

With bras and undies at the core of our brand DNA, we see potential to expand our offerings and more broadly address our lifestyle needs.

胸罩和內衣是我們品牌 DNA 的核心，我們看到了擴展我們的產品和更廣泛地滿足我們的生活方式需求的潛力。

In today's climate, areas truly resonating with young women and clearly evolving into a real and relevant lifestyle brand.

在當今的氣候下，這些領域真正引起年輕女性的共鳴，並明顯演變成一個真實且相關的生活方式品牌。

Awareness is at an all-time high, and we are continuing to expand our reach.

意識處於歷史最高水平，我們正在繼續擴大我們的影響力。

In 2017, we generated over 8.5 billion media impressions and a 28% increase in social media followers.

2017 年，我們產生了超過 85 億次媒體印象，社交媒體關注者增加了 28%。

And we consistently expanded our customer base at a double-digit pace throughout the year.

我們全年以兩位數的速度不斷擴大我們的客戶群。

As we enter 2018, I'm very excited about what we have in the product pipeline.

當我們進入 2018 年時，我對我們在產品管道中擁有的東西感到非常興奮。

The creative team continues to push the innovation envelope, developing new ideas and fabrics, all anchored on quality and value.

創意團隊繼續推動創新，開發新的創意和麵料，所有這些都以質量和價值為基礎。

Within our bra category, 2018 will be about newness and innovation, and we will continue to look for opportunities across the assortment.

在我們的文胸類別中，2018 年將是關於新奇和創新的，我們將繼續在整個品類中尋找機會。

Another strategic focus in 2018 is to build synergies with Chad and the AE business as we work to strategically cross customers from AE-only shoppers to become AE and Aerie shoppers.

2018 年的另一個戰略重點是與乍得和 AE 業務建立協同效應，因為我們致力於戰略性地將客戶從僅 AE 的購物者轉變為 AE 和 Aerie 的購物者。

Today, only 50% of women who shop our AE brand shop Aerie.

今天，只有 50% 購買我們 AE 品牌的女性會購買 Aerie。

This represents a tremendous opportunity to introduce new customers to the Aerie brand.

這是向 Aerie 品牌介紹新客戶的絕佳機會。

Let me now briefly turn to our store opening initiatives.

現在讓我簡要談談我們的開店計劃。

We have had an incredible opportunity to expand our brand presence across the country.

我們有一個難得的機會來擴大我們在全國的品牌影響力。

Customers love our new store design, which debuted last fall in Miami.

客戶喜歡我們去年秋天在邁阿密首次亮相的新店設計。

And recently, we opened in a mall location with terrific results so far.

最近，我們在一家商場開業，到目前為止效果非常好。

Our current plan calls for 35 to 40 new Aerie store openings in 2018, with roughly 70% in underpenetrated markets.

我們目前的計劃要求在 2018 年新開 35 到 40 家 Aerie 門店，其中大約 70% 位於未充分滲透的市場。

Everything we do, we do for our customers.

我們所做的一切，都是為了我們的客戶。

They inspire us each and every day to remain real and relevant as we build a lifestyle brand designed for her.

他們每天都在激勵我們保持真實和相關，因為我們建立了一個為她設計的生活方式品牌。

Our new campaign and amazing role models, Aly Raisman, Yara Shahidi, Rachel Platten and Iskra Lawrence embody the very core of Aerie.

我們的新活動和令人驚嘆的榜樣，Aly Raisman、Yara Shahidi、Rachel Platten 和 Iskra Lawrence 體現了 Aerie 的核心。

They are strong, confident, empowered women who celebrate their real selves.

她們是堅強、自信、有能力的女性，她們慶祝真實的自我。

No need for retouching these incredible and beautiful women.

無需修飾這些令人難以置信的美麗女性。

We entered spring with tremendous momentum, and we feel great about our potential of the season and into the future.

我們以巨大的勢頭進入了春天，我們對本賽季和未來的潛力感到非常滿意。

Thanks to my amazing team for your unwavering dedication to Aerie.

感謝我出色的團隊對 Aerie 堅定不移的奉獻。

We look forward to the many new opportunities 2018 brings.

我們期待著 2018 年帶來的許多新機遇。

And now I will turn this call over to Bob.

現在我將把這個電話轉給 Bob。

Thanks, Jen, and good morning, everyone.

謝謝，珍，大家早上好。

I'm pleased with the progress made throughout 2017 and ending the year with adjusted fourth quarter EPS growth of 13% compared to the prior year.

我對 2017 年全年取得的進展感到滿意，並以調整後的第四季度每股收益比去年同期增長 13% 結束這一年。

As the team noted, fourth quarter sales accelerated, delivering our best quarter of the year.

正如團隊所指出的，第四季度的銷售加速，創造了我們今年最好的季度。

Margins continued to demonstrate quarterly sequential improvement, which has been one of our objectives throughout the year.

利潤率繼續表現出季度環比改善，這一直是我們全年的目標之一。

As I review the quarter and the year, my comments will focus on the adjusted financials, which exclude certain items as detailed in the press release and tabled on Pages 4 through 9 of the investor presentation.

當我回顧季度和年度時，我的評論將集中在調整後的財務數據上，其中不包括新聞稿中詳述的某些項目，並列在投資者演示文稿的第 4 頁至第 9 頁上。

First, looking at the fourth quarter.

首先，看第四季度。

Total revenue for the 14 weeks increased 12% to $1.23 billion compared to $1.1 billion for the 13-week period last year.

與去年 13 週期間的 11 億美元相比，這 14 週的總收入增長了 12% 至 12.3 億美元。

Total revenue grew by $131 million, which included $43 million from the extra week.

總收入增長了 1.31 億美元，其中包括額外一周的 4300 萬美元。

Comparable sales for the 14 weeks increased 8%, following a slight increase in comps over the same 14-week period last year.

14 週的可比銷售額增長了 8%，而去年同期 14 週內的可比銷售額略有增加。

The 8% increase was our strongest comp sales performance since the third quarter of fiscal 2015.

8% 的增長是我們自 2015 財年第三季度以來最強勁的銷售業績。

Additional sales information can be found on Page 11 of the investor presentation.

更多銷售信息可在投資者介紹的第 11 頁找到。

By brand, fourth quarter American Eagle comps were up 5% and Aerie comps increased 34%.

按品牌劃分，第四季度 American Eagle 的銷量增長了 5%，Aerie 的銷量增長了 34%。

Both stores and the digital business grew in the quarter with stores increasing in the low-single digits and digital sales growing over 20%.

商店和數字業務在本季度均實現增長，商店以低個位數增長，數字銷售額增長超過 20%。

Digital penetration increased 340 basis points, expanding to just under 31% of revenue in the fourth quarter compared to 27% a year ago.

數字滲透率增加了 340 個基點，第四季度佔收入的比例從一年前的 27% 擴大到略低於 31%。

Regarding our quality of sale metrics on a consolidated basis, traffic and transactions increased with store traffic posting a positive comp, outperforming the mall for both brands.

關於我們的綜合銷售質量指標，流量和交易量隨著商店流量的增加而增加，這兩個品牌的表現都優於購物中心。

Favorable product mix contributed to a low single-digit increase in the average unit retail price, while the average dollar sale was up slightly.

有利的產品組合導致平均單位零售價僅以低個位數增長，而平均美元銷售額則略有上升。

Gross profit dollars increased $37 million to $425 million, up 9% from $389 million last year.

毛利潤增加 3700 萬美元至 4.25 億美元，比去年的 3.89 億美元增長 9%。

The gross margin declined 80 basis points to 34.6% of revenue compared to 35.4% last year, the lowest decline of the year.

毛利率下降 80 個基點至佔收入的 34.6%，而去年為 35.4%，為年內降幅最低。

The decrease in margin reflected higher promotional activity.

利潤率下降反映促銷活動增加。

Additionally, increased shipping cost and higher compensation were offset by rent leverage.

此外，增加的運輸成本和更高的補償被租金槓桿所抵消。

SG&A expense of 264 million leveraged 60 basis points to 21.5% as a rate of revenue, driven by strong sales growth.

在強勁的銷售增長的推動下，2.64 億美元的 SG&A 費用將收入比率提高了 60 個基點至 21.5%。

Increased store salaries in support of the strong holiday season, incentive compensation and expenses related to the extra week in the fourth quarter drove the dollar increase from $242 million last year.

為支持強勁的假日季節而增加的商店工資、激勵性薪酬和與第四季度額外一周相關的費用推動了美元從去年的 2.42 億美元增長。

Depreciation and amortization remained flat at 3.6% as a rate of revenue with dollars increasing to $44 million compared to $39 million last year.

折舊和攤銷與去年的 3900 萬美元相比，收入增長率為 4400 萬美元，持平於 3.6%。

Adjusted operating income of $118 million rose 10% compared to $107 million last year while deleveraging 20 basis points to 9.6% as a rate to revenue.

調整後的營業收入為 1.18 億美元，比去年的 1.07 億美元增長 10%，同時去槓桿化 20 個基點至 9.6% 的收入比率。

Adjusted fourth quarter EPS of $0.44 increased 13% compared to adjusted EPS of $0.39 last year.

與去年調整後的每股收益 0.39 美元相比，調整後的第四季度每股收益為 0.44 美元，增長了 13%。

Now a few comments and highlights regarding our annual results.

現在就我們的年度業績發表一些評論和亮點。

After a challenging first half of the year, business recovered in the second half, driven by better overall traffic trends and improved product assortments, particularly in men's tops.

在經歷了充滿挑戰的上半年之後，由於整體客流量趨勢的改善和產品種類的改善，尤其是男裝上衣，業務在下半年開始復蘇。

Sales strengthened as the year progressed and we saw improvement in both gross margin and operating margin.

隨著時間的推移，銷售額得到加強，我們看到毛利率和營業利潤率都有所提高。

Total revenue for the 53 weeks increased $186 million or 5% to a record $3.8 billion compared to $3.6 billion for the 52 weeks last year.

與去年 52 週的 36 億美元相比，這 53 週的總收入增加了 1.86 億美元或 5%，達到創紀錄的 38 億美元。

Consolidated comparable sales for 53 weeks increased 4% following a 3% increase last year.

繼去年增長 3% 之後，53 週的綜合可比銷售額增長了 4%。

AE brand comp rose 2% and Aerie comps were up 27%.

AE 品牌組合上漲 2%，Aerie 品牌組合上漲 27%。

AE comps showed improvement each quarter this year, and Aerie continues to grow at a fast pace with this quarter marking 15 straight quarters of comp growth with the last 13 rising in the double digits.

AE comps 今年每個季度都有所改善，Aerie 繼續快速增長，本季度連續 15 個季度實現 comps 增長，最後 13 個季度以兩位數增長。

Adjusted gross profit dollars increased slightly with a sharp decline in the first half, offset by growth in the second half.

調整後的毛利美元略有增加，上半年大幅下降，被下半年的增長所抵消。

For the year, we deleveraged 170 basis points to 36.2% as a rate to revenue due to higher promotional activity primarily.

本年度，由於促銷活動增加，我們將收入比率降低 170 個基點至 36.2%。

The digitally increased delivery to support strong digital business was offset partially by rent leverage.

為支持強大的數字業務而增加的數字交付量被租金槓桿部分抵消。

We successfully cut gross margin erosion for 270 basis points in the first quarter to only 80 basis points of decline in the fourth quarter.

我們成功地將第一季度的毛利率侵蝕減少了 270 個基點，到第四季度僅下降了 80 個基點。

Demonstrating good expense management, the SG&A leveraged each quarter this year.

SG&A 展示了良好的費用管理，今年每個季度都利用了槓桿。

The annual rate of 23.2%, reflects a 60 basis point improvement.

年利率為 23.2%，反映了 60 個基點的改善。

For the year, adjusted operating income of $325 million decreased 8% from $353 million last year, deleveraging 120 basis points to 8.6% as a rate to revenue.

今年，調整後的營業收入為 3.25 億美元，比去年的 3.53 億美元下降 8%，去槓桿化 120 個基點至收入比率的 8.6%。

In this fiscal year, we incurred total restructuring and related charges of $30 million or $0.11 per share, consisting primarily of charges corresponding to the closure or conversion of international owned and operated stores to license partnerships, home office restructuring activities and charges related to the planned exit of a joint business venture.

在本財年，我們發生了 3000 萬美元或每股 0.11 美元的總重組和相關費用，主要包括與關閉或將國際擁有和經營的商店轉換為許可合作夥伴關係、家庭辦公室重組活動以及與計劃相關的費用合資企業的退出。

Adjusted EPS of $1.16 decreased 7% compared to adjusted EPS of $1.25 last year.

與去年調整後的每股收益 1.25 美元相比，調整後的每股收益為 1.16 美元，下降了 7%。

For additional information, please refer to Page 7 of the investor presentation.

如需更多信息，請參閱投資者介紹的第 7 頁。

As noted in our GAAP statements, our reported fourth quarter in fiscal year EPS of $0.52 and $1.13, respectively, included an $0.08 benefit from the impact of U.S. tax legislation, which is excluded from the adjusted earnings.

正如我們在 GAAP 報表中所指出的，我們報告的財年第四季度每股收益分別為 0.52 美元和 1.13 美元，其中包括美國稅法影響帶來的 0.08 美元收益，該收益不包括在調整後的收益中。

The benefit relates to a lower blended U.S. corporate tax rate, a net benefit from the remeasurement of the deferred tax balances and a onetime transition tax on unrepatriated earnings of foreign subsidiaries and a benefit related to the acceleration of certain deductions into fiscal 2017.

該收益與較低的混合美國公司稅率、重新計量遞延稅款餘額的淨收益和對外國子公司未匯回收益的一次性過渡稅以及與加速某些扣除到 2017 財年有關的收益有關。

Now turning to the balance sheet, starting with inventory.

現在轉向資產負債表，從庫存開始。

Total ending inventories at cost increased 11% to $398 million.

按成本計算的期末存貨總額增加了 11%，達到 3.98 億美元。

Higher inventory reflects strategic investments in men's and women's bottoms, women's tops and Aerie apparel to support strong sales trends and new stores.

較高的庫存反映了對男女上衣、女式上衣和 Aerie 服裝的戰略投資，以支持強勁的銷售趨勢和新店。

Additionally, as noted last quarter, a change of the use of clearance stores to liquidate inventory has increased on-hand inventory levels, which will continue until we anniversary this change in strategy in the third quarter of 2018.

此外，如上個季度所述，使用清倉店清算庫存的變化增加了現有庫存水平，這種情況將持續到我們在 2018 年第三季度對這一戰略變化進行週年紀念。

Looking forward, we expect first quarter inventory to be up in a low double digits with 2% to 3 percentage points driven by our new clearance strategy.

展望未來，我們預計第一季度庫存將以兩位數的低位增長，在我們新的清倉策略的推動下增長 2% 至 3 個百分點。

We ended the year with $414 million in cash and investments.

我們以 4.14 億美元的現金和投資結束了這一年。

As a result of strong free cash flow, cash increased $35 million compared to last year.

由於強勁的自由現金流，現金與去年相比增加了 3500 萬美元。

During 2017, we returned a total of $176 million to shareholders, paid dividends of $89 million and we repurchased 6 million shares for $88 million.

2017 年，我們共向股東返還 1.76 億美元，支付了 8900 萬美元的股息，並以 8800 萬美元回購了 600 萬股股票。

Today, we also announced a 10% increase on our quarterly cash dividend, in part reflecting strong cash flow, which will increase as a result of the new U.S. tax legislation.

今天，我們還宣布將季度現金股息增加 10%，部分反映了強勁的現金流，這將由於美國新的稅收立法而增加。

Consistent with our guidance, capital expenditures totaled $169 million for the year.

根據我們的指導，本年度的資本支出總額為 1.69 億美元。

For 2018, we expect CapEx to be in the range of $180 million to $190 million.

對於 2018 年，我們預計資本支出將在 1.8 億美元至 1.9 億美元之間。

The increase is due to an acceleration of Aerie growth, store remodeling projects and the balance to support the digital business, omnichannel tools and general corporate maintenance.

這一增長是由於 Aerie 增長的加速、商店改造項目以及支持數字業務、全渠道工具和一般企業維護的平衡。

2017 store activity can be found on Pages 15 through 17 of the investor presentation.

2017 年商店活動可在投資者演示文稿的第 15 頁至第 17 頁上找到。

Total gross square footage declined slightly in the year as we continue to close underperforming stores, including 25 AE stores and 8 old format Aerie stores.

由於我們繼續關閉表現不佳的商店，包括 25 家 AE 商店和 8 家舊式 Aerie 商店，總面積在今年略有下降。

We opened 15 AE stores, 15 Aerie standalone stores and 28 Aerie side-by-side stores in 2017.

2017 年，我們開設了 15 家 AE 店、15 家 Aerie 獨立店和 28 家 Aerie 並排店。

Rightsizing our store fleet with the success of our digital business continues to be a high priority for our teams as we continue to use customer data analytics to help in our decision-making.

隨著我們繼續使用客戶數據分析來幫助我們做出決策，隨著我們數字業務的成功調整我們的門店規模仍然是我們團隊的重中之重。

Our plans to strategically expand in the new market has not changed.

我們在新市場進行戰略擴張的計劃沒有改變。

In 2018, we'll add 35 to 40 new Aerie stores, of which 10 to 15 will be standalone stores, with the balance to represent side-by-side Aerie locations.

2018 年，我們將增加 35 到 40 家新的 Aerie 商店，其中 10 到 15 家將是獨立商店，其餘的代表並排的 Aerie 位置。

Additionally, we will open 15 to 20 AE stores, and we are currently planning to close 5 to 10 old format Aerie stores and 10 to 15 AE stores in 2018.

此外，我們將開設 15 至 20 家 AE 店，我們目前計劃在 2018 年關閉 5 至 10 家舊式 Aerie 店和 10 至 15 家 AE 店。

Now regarding our outlook.

現在關於我們的前景。

We're off to a very positive start this season.

我們本賽季的開局非常積極。

In the first quarter, we expect earnings per share of $0.20 to $0.22 based on comp sales in the positive mid-single digits.

在第一季度，基於正中個位數的複合銷售額，我們預計每股收益為 0.20 美元至 0.22 美元。

The first quarter EPS guidance compares to adjusted EPS of $0.16 last year and excludes potential asset impairment or restructuring charges.

第一季度每股收益指引與去年調整後的每股收益 0.16 美元相比，不包括潛在的資產減值或重組費用。

Our anticipated effective tax rate for the quarter and the year is in the mid-20s, yielding roughly $60 million of incremental cash flow and approximately $0.20 of EPS after making additional investments in our brands.

我們對本季度和年度的預期有效稅率在 20 年代中期，在對我們的品牌進行額外投資後，將產生大約 6000 萬美元的增量現金流和大約 0.20 美元的每股收益。

In closing, we remain focused on driving improvements across the business to produce better earnings flow-through while fueling growth in our brands.

最後，我們仍然專注於推動整個業務的改進，以產生更好的收益流通，同時推動我們品牌的增長。

The future is bright as we look at opportunities ahead.

當我們展望未來的機會時，未來是光明的。

Our goal is to deliver consistent online results while creating sustained shareholder value.

我們的目標是提供一致的在線結果，同時創造持續的股東價值。

And now we'll open it up to questions.

現在我們將對問題開放。

(Operator Instructions) Our first question comes from the line of Anna Andreeva with Oppenheimer.

（操作員說明）我們的第一個問題來自 Anna Andreeva 和 Oppenheimer 的台詞。

Two quick questions.

兩個快速的問題。

Curious how we should think about gross margins within your guidance for 1Q?

好奇我們應該如何考慮您對第一季度的指導中的毛利率？

And maybe talk about the puts and takes on a gross margin line as we go through the year.

在我們度過這一年時，也許會談論看跌期權和毛利率線。

And then secondly, a follow-up on the mid-single-digit comp guide.

其次，對中個位數比較指南的後續行動。

Is that the run rate in the business quarter-to-date?

這是本季度迄今為止的業務運行率嗎？

Sure.

當然。

So looking forward this quarter on gross margin, you should be thinking on continuation of our sequential margin improvements that we experienced throughout '17 continuing into the first quarter of this year and the remainder of the year.

因此，展望本季度的毛利率，您應該考慮繼續我們在整個 17 年經歷的連續利潤率改善，持續到今年第一季度和今年剩餘時間。

Really, what's driving that is we continue to manage our BOW expenses very well, our cost per shipment, our shipments per order.

真的，推動我們繼續很好地管理我們的 BOW 費用、每批貨物的成本、每筆訂單的貨物。

The team did a phenomenal job managing that over the fourth quarter through holiday and actually leveraging those expense line items during that period, which we had not experienced prior to Q4.

該團隊在第四季度到假期期間的管理工作非常出色，並在此期間實際利用了這些費用項目，這是我們在第四季度之前沒有經歷過的。

And continued improvement in the margin because of sourcing efficiencies.

由於採購效率的提高，利潤率持續提高。

Drive -- continuing to drive higher IMUs on products -- like products and just managing our promotions better versus last year is really what's going to drive that.

推動——繼續在產品上推動更高的 IMU——比如產品，並且與去年相比更好地管理我們的促銷活動，這確實是推動這一點的因素。

And then relative to our mid-single-digit comp guidance for the quarter, we're actually experiencing a better trend of that as we began the quarter.

然後相對於我們本季度的中個位數的比較指導，當我們開始本季度時，我們實際上正在經歷一個更好的趨勢。

But we've got a lot of business ahead of us, with spring break and Easter being big volume-driving periods for us.

但我們有很多業務擺在我們面前，春假和復活節對我們來說是重要的推動期。

So the trend is slightly better than that currently, but we feel good about the guidance we gave in the quarter.

因此，這一趨勢略好於目前，但我們對本季度給出的指導感到滿意。

Our next question comes from the line of Pamela Quintiliano with SunTrust Robinson Humphrey.

我們的下一個問題來自 SunTrust Robinson Humphrey 的 Pamela Quintiliano。

This is Shoshana Pollack on for Pam.

這是 Pam 的 Shoshana Pollack。

Jay, on Aerie, where do you see the brand's potential over...

Jay，在 Aerie，您認為該品牌的潛力在哪裡...

(inaudible) we can't hear you.

（聽不清）我們聽不見你的聲音。

Sorry.

對不起。

Shoshana, can you speak up a little bit?

Shoshana，你能說點兒話嗎？

Could you speak up, please?

請你說話好嗎？

Sure, sure.

一定一定。

Jay, on Aerie, where do you see the brand's potential over the longer term?

Jay，關於 Aerie，您認為該品牌的長期潛力在哪裡？

It seems like it could surpass at least our initial expectations.

看起來它至少可以超過我們最初的預期。

Well, it took us the last 7, 8 years to get to $500 million.

好吧，我們花了 7 年、8 年的時間才達到 5 億美元。

I believe, in the next 2 years, we can achieve over $1 billion.

我相信，在接下來的 2 年裡，我們可以實現超過 10 億美元。

And while I look at Aerie and I look at the American Eagle and I see the progress that's being made in Aerie and with the experience we have, I think this could become, in the next few years, a $2 billion, $3 billion brand.

當我看到 Aerie 和 American Eagle 時，我看到了 Aerie 正在取得的進步以及我們擁有的經驗，我認為這可能在未來幾年內成為一個 20 億、30 億美元的品牌。

Our next question comes from the line of Rebecca Duval with BlueFin Research Partners.

我們的下一個問題來自 BlueFin Research Partners 的 Rebecca Duval。

Now if you could just talk to me a little bit about the clearance store strategy?

現在你能不能和我談談清倉策略？

Last time, I think on the Q3 call and at the conference, you talked about maybe increasing store count of those clearance stores to maybe 10 stores.

上次，我認為在第三季度電話會議和會議上，您談到可能將清倉店的門店數量增加到 10 家。

Is that still the strategy this year and where are you with that?

這仍然是今年的策略嗎？你在哪裡？

Yes, Rebecca.

是的，麗貝卡。

Yes, we're continuing with the clearance strategy.

是的，我們正在繼續執行清除策略。

As you mentioned, we tested it in 5 initial stores.

正如您所提到的，我們在 5 家初始商店中對其進行了測試。

Those test results were very positive.

那些測試結果是非常積極的。

And as a matter of fact, this fall, we're going to expand the program to a total of 11 stores.

事實上，今年秋天，我們將把計劃擴展到總共 11 家商店。

The AUR that we realized in clearing or liquidating this inventory through our clearance outlets is significantly better than our previous liquidation period.

我們通過清倉網點清倉或清算此庫存時實現的 AUR 明顯優於我們之前的清算期。

So very happy with the results of the test and looking to expand it to 11 in the fall.

對測試結果非常滿意，並希望在秋季將其擴展到 11 個。

Our next question comes from the line of Brian Tunick with Royal Bank of Canada.

我們的下一個問題來自加拿大皇家銀行的 Brian Tunick。

This is Kate on for Brian.

這是凱特為布賴恩准備的。

Bob, I just want to circle back to your earlier comment on gross margin.

鮑勃，我只想回到你之前對毛利率的評論。

You called out sequential improvement.

你提出了順序改進。

Does that mean that we should think about it being up year-on-year here in Q1?

這是否意味著我們應該考慮在第一季度同比增長？

And just how should we think about markdown flowing through there?

我們應該如何看待流經那裡的降價？

And then secondly, as you kind of embark on 2018, what's just your overall view in terms of balancing market share gains with profitability?

其次，當你開始 2018 年時，你對平衡市場份額增長和盈利能力的總體看法是什麼？

I understand you drove a lot of share gains this year, but maybe were a bit more promotional than what you have wanted.

我了解您今年推動了很多份額增長，但可能比您想要的更具促銷性。

Just higher-level views there.

那裡只是更高級別的視圖。

Yes.

是的。

So we're going to continue with the sequential margin improvements.

因此，我們將繼續連續提高利潤率。

And as it relates to Q1, I think you should be thinking of positive leverage on that margin rate, not just improvement, but up versus same period the prior year.

由於它與第一季度有關，我認為您應該考慮對該保證金率進行積極的影響，不僅僅是提高，而且與去年同期相比有所提高。

And thinking about 2018, and Chad mentioned this in his prepared remarks, we're going to be competitive in the marketplace all along.

考慮到 2018 年，Chad 在他準備好的講話中提到了這一點，我們將一直在市場上具有競爭力。

We -- but as we look forward, we're going to look to reduce our promotional stance as we continue throughout the 2018 period.

我們——但正如我們所期待的那樣，我們將在整個 2018 年期間繼續減少我們的促銷立場。

Yes.

是的。

And add to Bob, we are very optimistic about 2018.

再加上 Bob，我們對 2018 年非常樂觀。

We see a stronger economy.

我們看到了更強勁的經濟。

People have more money in their paychecks, and we think 2018 should be a very good year.

人們的薪水有更多的錢，我們認為 2018 年應該是非常好的一年。

Well, and it's highlighted by the fact, Jay, that we -- our traffic is performing much better than the malls, which I think speaks to how our product resonates with the consumer and the value proposition in the quarter.

好吧，Jay 的事實突出了我們 - 我們的流量表現比購物中心好得多，我認為這說明了我們的產品如何與消費者產生共鳴以及本季度的價值主張。

And it also speaks that people feel more confident.

它還說明人們感到更加自信。

Our next question comes from the line of Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

What comp do you need to see EBIT margin expand or breakeven in 2018?

2018 年息稅前利潤率增長或盈虧平衡需要什麼補償？

Maybe talk about the store comp you need within that to achieve margin expansion.

也許談談你需要的商店補償來實現利潤增長。

Across the total company, we would see margin expansion with a low-single-digit comp increase.

在整個公司中，我們將看到利潤率以低個位數的低增長增長。

Our next question comes from the line of Susan Anderson with B. Riley.

我們的下一個問題來自 Susan Anderson 和 B. Riley 的對話。

I was wondering if you could talk about the AUC expectation for first quarter and 2018?

我想知道您能否談談對第一季度和 2018 年的 AUC 預期？

And maybe just to expand a little bit, you mentioned just being more efficient within your sourcing to drive greater efficiencies in IMUs.

也許只是為了擴大一點，你提到只是在你的採購中更有效率，以提高 IMU 的效率。

And then one for Chad.

然後是乍得。

I know you mentioned that about half the customers buy jeans in your stores.

我知道你提到大約一半的顧客在你的商店裡買牛仔褲。

This may be back historically a long ways, but if you go back a couple of decades, I guess, during periods of stronger jean trends in fashion cycles, has this number been higher?

從歷史上看，這可能會追溯到很長一段時間，但如果你回到幾十年前，我猜，在時尚週期中牛仔褲趨勢更強的時期，這個數字會更高嗎？

Well, that goes way back.

嗯，這可以追溯到很久以前。

It's because -- if we go back a couple of decades, we didn't sell our own jeans.

這是因為——如果我們回到幾十年前，我們沒有賣自己的牛仔褲。

So it was a very small part of our sales.

所以這只是我們銷售額的一小部分。

And Susan, on your first question related to the AUC expectations in Q1, as I mentioned, on like-for-like product basis, we're anticipating to continue to see low-single-digit decreases in average unit cost in Q1.

蘇珊，關於你關於第一季度 AUC 預期的第一個問題，正如我所提到的，在同類產品的基礎上，我們預計第一季度平均單位成本將繼續出現低個位數的下降。

And current trends in sourcing are we are seeing some pressure in material components and labor.

目前的採購趨勢是我們看到材料組件和勞動力方面的一些壓力。

But having said that, based upon our size, the size of the orders we place and the fact that there's more supply out there than demand, it's a buyer's market, and we're actually leveraging a situation to continue to negotiate cost decreases.

但話雖如此，根據我們的規模、我們下訂單的規模以及供大於求的事實，這是一個買方市場，我們實際上是在利用這種情況繼續談判降低成本。

I would say just in the terms of the jeans, I agree with Jay, we don't -- can't look back that far, but the number of customers buying jeans is one of the levers we have to expand our denim business.

我想說就牛仔褲的條款而言，我同意 Jay 的觀點，我們不會 - 不能回頭看那麼遠，但購買牛仔褲的顧客數量是我們擴大牛仔佈業務的槓桿之一。

We continue to see market share gains and comp improvements and see that business expand for us, and we expect to continue to see that for the foreseeable future.

我們繼續看到市場份額的增長和競爭的改善，並看到我們的業務擴大，我們希望在可預見的未來繼續看到這一點。

And we'll be trying to get more customers in the jeans.

我們將努力讓更多顧客穿牛仔褲。

We'll be trying to get customers to buy more jeans.

我們將努力讓顧客購買更多牛仔褲。

And we are working and testing and trying to figure out how to get non-denim buyers to buy jeans, so something we continue to work on to drive and fuel that business.

我們正在努力和測試並試圖弄清楚如何讓非牛仔買家購買牛仔褲，因此我們將繼續努力推動和推動這項業務。

Yes.

是的。

And I think that our goal is to be the authority in jeans in America.

我認為我們的目標是成為美國牛仔褲的權威。

And we're committed to it.

我們致力於此。

We're beefing up our organization that we are going to be the -- when it comes to denim in America, American Eagle is going to be the authority, period.

我們正在加強我們的組織，我們將成為 - 當談到美國的牛仔佈時，American Eagle 將成為權威，時期。

Our next question comes from the line of Tiffany Kanaga with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Tiffany Kanaga。

I wanted to follow-up on what Anna asked.

我想跟進安娜的要求。

We see many of your peers discuss potential growth margin expansion in 2018.

我們看到您的許多同行都在討論 2018 年潛在的利潤率擴張。

When you talk about sequential improvements in the first quarter, does that also mean that you expect expansion year-over-year versus last year's declines?

當您談到第一季度的連續改善時，這是否也意味著您預計與去年同期相比會出現同比增長？

And then a follow-up.

然後是後續行動。

If you can dig into your inventory guidance, does the low double-digit expectation at the end of the quarter suggest that you're planning accelerating sales as we head into summer?

如果您可以深入了解您的庫存指導，那麼本季度末兩位數的低預期是否表明您正計劃在我們進入夏季時加速銷售？

Yes.

是的。

So on the gross margin expansion, you should be thinking about that both on a rate and a dollars increase basis.

因此，在毛利率擴張方面，您應該在利率和美元增長的基礎上考慮這一點。

And related to our inventory guide of low double digits, 2 -- a few things really, if you want to -- and I mentioned it in my prepared comments, we continue to invest in both the men's and women's bottoms business, not just jeans, but bottoms.

與我們的低兩位數庫存指南相關，2——如果你願意的話，真的有幾件事——我在準備好的評論中提到了，我們繼續投資於男裝和女裝褲業務，而不僅僅是牛仔褲，但底部。

All 6 bottoms categories for us in Q4 were up.

我們在第四季度的所有 6 個底部類別都上升了。

So shorts, jeans, pants, both men's and women's genders.

所以短褲，牛仔褲，褲子，男女皆宜。

And when I say up, up significantly.

當我說起來時，顯著上升。

Those businesses are really on fire.

這些企業真的火了。

In addition, we were very broken in women's tops.

另外，我們在女裝上衣很破。

Last year, we continue to invest in tops and women's tops inventory.

去年，我們繼續投資於上衣和女式上衣庫存。

Our men's tops business has improved dramatically and we're going to fuel that trend.

我們的男式上衣業務有了顯著改善，我們將推動這一趨勢。

And lastly, with growth that we're were experiencing within Aerie, a plus 34% comp for the brand this quarter alone, those are really fueling the main businesses.

最後，隨著我們在 Aerie 內經歷的增長，僅本季度該品牌就增加了 34%，這些確實為主要業務提供了動力。

The very last thing I'll point out is, today we're operating 5 clearance stores, we're increasing it to 11, so more than doubling the store count.

我要指出的最後一件事是，今天我們經營著 5 家清倉店，我們將增加到 11 家，所以店鋪數量增加了一倍多。

We're going to have to have the clearance inventory to fuel those stores and that's also driving the increase.

我們將不得不擁有清倉庫存來為這些商店提供燃料，這也推動了增長。

So that breakdown of the low double digits is really comprised of those 4 to 5 elements.

因此，低兩位數的細分實際上是由這 4 到 5 個元素組成的。

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

您的下一個問題來自與 Evercore ISI 的 Omar Saad。

I wanted to ask if you guys would be willing to give an update to your Connected loyalty program you launched back in the fall?

我想問一下你們是否願意對你們在秋季推出的 Connected 忠誠度計劃進行更新？

How that's doing?

怎麼樣？

What you're learning from that?

你從中學到了什麼？

What sign-ups are like?

註冊是什麼樣的？

And maybe also an update on the studio?

也許還有工作室的更新？

I don't know if you touched on that Union Square store, what you're learning from that.

我不知道你有沒有接觸過聯合廣場的那家商店，你從中學到了什麼。

Sure.

當然。

So the loyalty program, we continue to be happy with it.

所以忠誠度計劃，我們繼續對它感到滿意。

We've been signing up many new members and largely driving sign-up through stores, being a very effective channel to get the sign-ups.

我們一直在註冊許多新會員，並在很大程度上推動通過商店進行註冊，這是獲得註冊的非常有效的渠道。

The program is off to a great start.

該計劃有一個良好的開端。

We're seeing great engagement in the program.

我們看到該計劃的參與度很高。

And as we go forward, we look to make the program even more engaging, adding non-dollar reward -- rewards are not just dollar-based, and ways to keep the customer engaged and participating both in the program and shopping in the store, spend more money and more frequently.

隨著我們的前進，我們希望使該計劃更具吸引力，增加非美元獎勵——獎勵不僅僅是基於美元，以及保持客戶參與計劃和在商店購物的方式，花更多的錢，更頻繁。

So we're happy with the start of the program.

所以我們對項目的開始感到滿意。

Union Square has been a great learning experience for us.

聯合廣場對我們來說是一次很棒的學習經歷。

It's really a good opportunity for us to see the brand platform come to life as well as a lot of the new engagement tools and customer experiences we have in the store.

這對我們來說真的是一個很好的機會，可以看到品牌平台以及我們在商店中擁有的許多新的參與工具和客戶體驗。

We're learning quite a bit from what the customer is responding to and things that the customers maybe not as engaged in as we thought.

我們從客戶的反應以及客戶可能不像我們想像的那樣參與的事情中學到了很多東西。

And we will be taking learnings from that store and opening a mall-based version later this spring.

我們將從那家商店吸取教訓，並在今年春天晚些時候開設一個基於商場的版本。

So more to come on that.

所以還有更多的事情要做。

Your next question comes from the line of Oliver Chen with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Oliver Chen。

It's Courtney Willson on for Oliver today.

今天是奧利弗的考特尼威爾森。

We just had a question on real estate.

我們剛剛有一個關於房地產的問題。

Can you remind us how many leases are expected to expire this year?

你能提醒我們今年預計會有多少租約到期嗎？

And then regarding the increased CapEx for '18 and with half going to store remodels, can you just brief us on whether remodels will consist of?

然後關於 18 年增加的資本支出和一半的商店改造，您能否簡要介紹一下改造是否包括在內？

Is it typical refreshes?

它是典型的刷新嗎？

Are you adding like digital or omnichannel capabilities to those stores?

您是否正在為這些商店添加數字或全渠道功能？

Yes.

是的。

Sure, Courtney.

當然，考特尼。

So regarding real estate, we've got roughly 600 leases coming off for expiration over the course of the next 3 years.

因此，關於房地產，在接下來的 3 年裡，我們有大約 600 份租約即將到期。

Looking to 2018 is the heaviest number of leases that come up for renewal at about approximately 350 of those 600.

展望 2018 年，續約的租約數量最多，在這 600 份中約有 350 份。

And as I pointed out earlier, we've been very successful in negotiating lower rates as those expirations came off and only negotiating short-term leases to the extent we have the ability to.

正如我之前指出的那樣，隨著到期時間的推移，我們在談判降低利率方面非常成功，並且僅在我們有能力的範圍內談判短期租約。

Regarding your second question on CapEx, remodels kind of take all shapes and sizes.

關於您關於資本支出的第二個問題，改造有各種形狀和大小。

Some are minor refreshes with new fixture packages, paint.

有些是用新的固定裝置包、油漆進行的小更新。

Others are major remodels.

其他是重大改造。

We do have a number of American Eagle stores that date back to older concepts, which would warrant a complete remodel.

我們確實有許多可追溯到舊概念的 American Eagle 商店，這將保證徹底改造。

If we feel as though we're located in the right section of the mall or in some instances, we'll relocate in that same mall to accommodate an Aerie side-by-side location or an adjacent location opens up, we're able to add a side-by-side location that a lot of times, just so you don't have a new Aerie concept, next to an old American Eagle concept that you would remodel the AE store.

如果我們覺得我們位於商場的正確區域，或者在某些情況下，我們將搬遷到同一個商場以容納 Aerie 並排位置或相鄰位置開放，我們能夠多次添加一個並排的位置，這樣您就沒有新的 Aerie 概念，旁邊是一個舊的 American Eagle 概念，您將改造 AE 商店。

So it -- our remodels take roughly 3 different shapes and sizes, depending really on the circumstance.

所以它 - 我們的改造大約有 3 種不同的形狀和大小，具體取決於具體情況。

Our next question comes from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

As you think about the men's business and the progress that you've seen on the men's business, well, how do you see that moving forward?

當您考慮男裝業務以及您在男裝業務上所看到的進步時，您如何看待未來的發展？

I mean, obviously, the bottoms business is doing well, but that trajectory of improvement compared to last year is very impressive.

我的意思是，顯然，底部業務表現良好，但與去年相比，這種改善軌跡令人印象深刻。

So what are you seeing there?

那麼你在那裡看到了什麼？

And the cross learnings with American Eagle and the Aerie in terms of getting more cross customers, is it coming through marketing?

與 American Eagle 和 Aerie 在獲得更多交叉客戶方面的交叉學習，是通過營銷來實現的嗎？

Is it coming through in-store events?

它是通過店內活動來的嗎？

How do you see that developing to drive top line?

您如何看待這種發展以推動收入增長？

Sure.

當然。

Thanks.

謝謝。

So the men's business, honestly, it's really exciting because we're firing on all cylinders in the men's business, tops, bottoms across categories.

所以男士業務，老實說，這真的很令人興奮，因為我們在男士業務的所有氣缸上開火，各個類別的頂部，底部。

I think we finally -- we have new talents in the team, and I think we're finally seeing that product and those merchandise strategies coming to life.

我認為我們終於——我們的團隊中有新的人才，我認為我們終於看到了產品和那些商品策略的實現。

And we're seeing really nice business across the whole of men's -- everywhere in men's.

而且我們在整個男裝領域都看到了非常好的生意——男裝無處不在。

So I think we have a lot of opportunities throughout the year.

所以我認為我們全年都有很多機會。

We had a soft men's business last year, and I think there's a lot of opportunity to continue to show strong positive comps throughout the men's business.

去年我們的男裝業務表現不佳，我認為有很多機會可以繼續在男裝業務中表現出強大的積極影響。

In terms of trying to leverage the Aerie, American Eagle customers to shop together, we do target the same age range, but we have slightly different sort of emotional propositions from the 2 brands.

在嘗試利用 Aerie、American Eagle 客戶一起購物方面，我們確實針對相同的年齡段，但我們與這兩個品牌的情感主張略有不同。

So what we do is really in terms of the marketing team.

因此，我們所做的實際上是針對營銷團隊。

We really look at gaining customers into each brand and then trying to leverage them across the 2 brands, whether it's on the shared digital platform, in the side-by-side stores or the shop-in-shops.

我們真正著眼於為每個品牌贏得客戶，然後嘗試在兩個品牌中利用他們，無論是在共享數字平台上、在並排商店還是在店中店。

So we really see it's an opportunity, a marketing opportunity to get the customers highly engaged in both brands going forward.

所以我們真的看到這是一個機會，一個讓客戶高度參與兩個品牌的營銷機會。

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。

Question for Jen.

仁的問題。

Another outstanding quarter for Aerie.

Aerie 的另一個出色季度。

It's a really nice acceleration on the tough comparison.

在艱難的比較中，這是一個非常好的加速。

As far as you can tell, where -- an update sort of -- or a view here on where you're acquiring this customer from, any change in that profile?

據您所知，在哪裡 - 更新類型 - 或在這裡查看您從哪裡獲得該客戶，該配置文件有任何變化嗎？

And of the, I guess, 50% or so that don't shop Aerie, what's the opportunity there?

而且，我猜，有 50% 左右不購買 Aerie，那裡有什麼機會？

And maybe also just short of a follow-up there, Jen, on the opportunity for swim come this spring, are you kind of lapping the easier environment last year?

也許還沒有跟進，Jen，關於今年春天游泳的機會，你是不是覺得去年的環境更輕鬆了？

Do you see more opportunity there?

你在那裡看到更多的機會嗎？

Yes.

是的。

Thanks, John.

謝謝，約翰。

So really, first of all, it's not only -- it's not ever one thing.

所以真的，首先，它不僅僅是——它從來都不是一回事。

And when we think about how we acquire the customers, I mean, I think our platform is just resonating for the brand.

當我們考慮如何獲得客戶時，我的意思是，我認為我們的平台正在引起品牌的共鳴。

If you think about just our recent launch of the role models and how they represent our brand and what they're doing for the brand and the impressions that we're getting, John, of course, we're introducing new customers every day just using those avenues and channels.

如果您僅考慮我們最近推出的榜樣以及他們如何代表我們的品牌以及他們為品牌所做的事情以及我們獲得的印象，約翰，當然，我們每天都在介紹新客戶使用這些途徑和渠道。

The 50% opportunity is huge, and Chad and I and the marketing team are thinking strategically on how to introduce the balance of the customers into Aerie, as Chad mentioned.

50% 的機會是巨大的，Chad 和我以及營銷團隊正在戰略性地思考如何將客戶平衡引入 Aerie，正如 Chad 所提到的。

And we're thinking of new tactics, John.

我們正在考慮新的戰術，約翰。

And every day, we're coming up with new creative ideas to ensure that we're sharing our brands with each other.

每天，我們都在想出新的創意，以確保我們彼此分享我們的品牌。

So it's just -- it's not as scientific as I'd like to say, it's just really understanding the gal.

所以它只是 - 它不像我想說的那樣科學，它只是真正了解女孩。

We are getting new customers every day and it's interesting, our age range is expanding.

我們每天都有新客戶，有趣的是，我們的年齡範圍正在擴大。

We're introducing new young women into the brand with some of our new product launches, i.e.

我們正在通過我們的一些新產品推出將新的年輕女性引入品牌，即

that starts with U Bra, which is amazing, and it's a little bit more youth inspired.

從 U 胸罩開始，這很神奇，而且有點年輕的靈感。

However, the moms are shopping with us.

但是，媽媽們正在和我們一起購物。

So we're loving what's happening there, and we're seeing some ubiquity in our sales.

所以我們很喜歡那裡正在發生的事情，我們看到我們的銷售無處不在。

And we're going to continue to punch on that.

我們將繼續加強這一點。

Listen, swim is amazing for us.

聽著，游泳對我們來說太棒了。

It's been amazing for us, and we see that as just another cornerstone of our brand.

這對我們來說太棒了，我們認為這只是我們品牌的另一個基石。

And it's definitely something that we continue to evolve and innovate.

這絕對是我們不斷發展和創新的東西。

We're seeing nice business there, but we're also launching other new categories.

我們在那裡看到了不錯的業務，但我們也在推出其他新類別。

And what's really nice about what we're doing and how mixing the brand now today, John, is our AURs are at an all-time high.

約翰，我們正在做的事情以及現在如何混合品牌，真正令人高興的是，我們的 AUR 處於歷史最高水平。

And so that's been really helpful for us to make sure that we continue to be productive in our stores, and we're seeing nice dollars per square foot growth as well because of that, John.

因此，這對我們確保我們的商店繼續保持生產力非常有幫助，而且我們也因此看到了每平方英尺的可觀增長，約翰。

So the mix of our new businesses -- and then, of course, always remaining true to our core competency business, which is intimates.

因此，我們的新業務的組合——當然，始終忠於我們的核心競爭力業務，即親密關係。

And I mentioned it in my opening remarks, but you're going to see some nice innovation in the bra category that we're going to be introducing this year.

我在開場白中提到了這一點，但是你會看到我們今年將推出的胸罩類別中的一些不錯的創新。

So we're just really excited.

所以我們真的很興奮。

And I will -- I think today is International Women's Day.

我會——我想今天是國際婦女節。

And again, this is how we do it, John.

再一次，這就是我們的做法，約翰。

We're welcoming new women into our brand.

我們歡迎新女性加入我們的品牌。

Our campaign today just launched.

我們今天的活動剛剛啟動。

So just go check it out.

所以去看看吧。

It's really exacting.

這真的很嚴格。

So thank you.

所以謝謝。

Our next question comes from the line of Janine Stichter with Jefferies.

我們的下一個問題來自 Jefferies 的 Janine Stichter。

I just want to get an update on the accessories category.

我只想了解配件類別的最新信息。

I think it's been kind of one source of weakness for you.

我認為這對你來說是一種弱點。

But are you now starting to see some improvement there?

但是你現在開始看到那裡有一些改善嗎？

And then one more question for Jen.

然後還有一個問題要問 Jen。

I just wanted to see if you could talk about the differences in trend you saw in the fourth quarter between the constructed and unconstructed bra business and then a little bit more of how you're thinking about the growth in that category going forward.

我只是想看看您能否談談您在第四季度看到的已構建和未構建的胸罩業務之間的趨勢差異，然後再談談您如何看待該類別未來的增長。

Okay.

好的。

So for accessories, it's really been just the women's accessories category that's been -- that had been challenging.

因此，對於配飾來說，真正具有挑戰性的只是女性配飾類別。

The men's accessories category has continued -- have been stronger and have continued that momentum.

男士配飾品類繼續 - 變得更強大，並繼續保持這種勢頭。

And it is nice to say -- a year ago, I sat here and said that I thought we were going to get the men's business figured out, and we did and we have some nice momentum there.

很高興地說 - 一年前，我坐在這裡說我認為我們會弄清楚男士業務，我們做到了，我們在那裡有一些不錯的勢頭。

And we are starting to see some nice green shoots in the women's accessories business.

我們開始在女性配飾業務中看到一些不錯的萌芽。

We have some new talent in that area as well and starting to see a nice -- some improvements in the women's accessories business.

我們在該領域也有一些新人才，並且開始看到一個不錯的 - 女性配飾業務的一些改進。

And I expect that, that will continue throughout the year.

我預計，這將持續一整年。

And that will be -- it should be a source of strength by the end of this year.

那將是 - 它應該在今年年底成為力量的源泉。

And regarding bras.

關於胸罩。

Core bras have definitely turned around for us because of some of these launches I have mentioned, and we're exciting -- we're really excited with what we're seeing there.

由於我提到的其中一些發布，核心胸罩肯定為我們帶來了轉機，我們很興奮——我們對在那裡看到的東西感到非常興奮。

But we still feel like lightly lined is a big portion of our business and it's what our customer responds to.

但我們仍然覺得輕襯是我們業務的重要組成部分，也是我們客戶的反應。

So we're thinking of the business that way.

所以我們是這樣考慮業務的。

And then secondly, unconstructed bras.

其次，無結構文胸。

We launched that category in a big way.

我們大舉推出該類別。

We feel like we own that category.

我們覺得我們擁有那個類別。

And again, it really represents the Aerie lifestyle.

再一次，它真正代表了 Aerie 的生活方式。

So it would always be a big portion of our business.

因此，它始終是我們業務的重要組成部分。

And we're really excited about bralettes.

我們對文胸真的很興奮。

The girls love them.

女孩們愛他們。

It's a fashion piece in their wardrobe, and it's something that we'll always carry.

這是他們衣櫥裡的一件時尚單品，也是我們永遠隨身攜帶的東西。

So we love what we're seeing and how we're innovating both constructed and unconstructed on the go forward.

因此，我們喜歡我們所看到的，以及我們如何在前進的道路上進行構建和非構建的創新。

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

我們的下一個問題來自野村的 Simeon Siegel。

This is Julie Kim on for Simeon.

這是西蒙的朱莉金。

Could you just give color on the higher promotional activity in the quarter if that was concentrated in a specific brand or channel?

如果該季度的促銷活動集中在特定品牌或渠道中，您能否就該季度的較高促銷活動進行說明？

And how the promotional environment looks in Q1 thus far?

到目前為止，第一季度的促銷環境如何？

And additionally, on margins, what you can do in terms of trying to reduce shipping costs and getting some leverage there?

此外，在利潤方面，您可以做些什麼來降低運輸成本並在那裡獲得一些影響力？

I think we actually -- the higher markdowns we took in Q4 were not really related to a specific brand or channel.

我認為我們實際上 - 我們在第四季度進行的更高降價與特定品牌或渠道並不真正相關。

We took a specific stance that we were going to compete in Q4.

我們採取了特定的立場，即我們將在第四季度參加比賽。

It's always a tricky quarter because it's the quarter where, I think, the mall get the most promotional sighting for the dollars that can't come in.

這總是一個棘手的季度，因為我認為，在這個季度，商場因為無法進入的美元而獲得最多的促銷活動。

And look, we decided to get aggressive.

看，我們決定變得激進。

We decided we wanted to gain share and we believe that in doing so, we could feel momentum that will carry into spring and we're seeing that so far.

我們決定我們想要獲得份額，我們相信這樣做，我們可以感受到將持續到春天的勢頭，到目前為止我們已經看到了這一點。

So I think we have the right strategy.

所以我認為我們有正確的策略。

We want to keep our customers excited and engaged all year round.

我們希望讓我們的客戶全年保持興奮和參與。

We are confident and know we can do that in the first 3 quarters of the year with less promotional activity.

我們有信心並且知道我們可以在今年前三個季度通過較少的促銷活動做到這一點。

And Q4 is just a highly promotional time period.

而第四季度只是一個高度促銷的時期。

And I think you -- we -- just like any other brand, we have to play to win in that quarter, and that's what we did.

我認為你——我們——就像任何其他品牌一樣，我們必須在那個季度贏得比賽，這就是我們所做的。

We played and we won.

我們玩了，我們贏了。

So I felt good about the stance we took, and I feel good about the results that we posted.

所以我對我們採取的立場感覺很好，我對我們發布的結果感覺很好。

Yes.

是的。

And on your second question, things that we will do to continue to improve margins.

關於你的第二個問題，我們將採取哪些措施來繼續提高利潤率。

We continue to invest in our omnichannel capabilities.

我們繼續投資於我們的全渠道能力。

Some of those investments include automization -- automation of our pick-and-pack processes and our distribution centers, sortation systems, things of that nature.

其中一些投資包括自動化——我們的揀貨和包裝流程以及我們的配送中心、分揀系統以及類似性質的東西的自動化。

We also are right in the middle now of implementing some new shipping optimization software, which we believe will also drive further efficiencies.

我們現在也正在實施一些新的運輸優化軟件，我們相信這也將進一步提高效率。

And listen, with the current trends we're experiencing with mall-based traffic within our own stores and positive comps in brick-and-mortar stores, that will allow us to continue to leverage brands.

聽聽我們目前在自己的商店中體驗到的基於購物中心的客流量和實體店中的積極對比的趨勢，這將使我們能夠繼續利用品牌。

So those are the 3 major things that will continue to drive those kind of results.

因此，這些是將繼續推動此類結果的 3 個主要因素。

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

我們的下一個 - 我們的最後一個問題來自 JJK Research 的 Janet Kloppenburg。

Just a couple of quick questions.

只是幾個簡單的問題。

Jen, was there particular categories or investments that you made in holiday that drove that acceleration?

Jen，您在假期中進行的特定類別或投資是否推動了這種加速？

And for Chad, on the men's side, do you think that there's -- and you don't have to talk about them for competitive reasons, but are there trends that are working in the tops business that you can capitalize on as we go forward?

對於乍得，在男性方面，您是否認為存在 - 而且您不必出於競爭原因談論它們，但是在我們前進的過程中，您可以利用頂級業務中的趨勢嗎?

And just lastly, your guidance on the first quarter, does that anticipate that brick-and-mortar traffic remains positive?

最後，您對第一季度的指導是否預計實體交通仍然是積極的？

Thanks, Janet.

謝謝，珍妮特。

We had a great Q4.

我們有一個很棒的第四季度。

And I would say, the team did an amazing job.

我想說，團隊做得非常出色。

Should I say that we have made some changes too in organization.

我應該說我們在組織上也做了一些改變。

Abby Vernon who's running merchandising for the team now really took a lead in making sure that we just really represented gifting and we stood for it and just made appropriate investment distortions in the categories that are all working.

為團隊負責營銷的艾比弗農現在真正帶頭確保我們只是真正代表禮物，我們支持它，只是在所有有效的類別中做出適當的投資扭曲。

I mentioned, Janet, across the board, everything really worked in Q4.

我提到，珍妮特，全面來說，在第四季度，一切都真正奏效了。

So it's just really how we approach it and distorted it.

所以這只是我們處理它並扭曲它的方式。

And I would say, we really stood out in the mall.

我會說，我們真的在商場裡脫穎而出。

If you saw the windows and the marketing and what the marketing team did for us and really just got the brand out in such a fresh way, I really think that's how we won, Janet.

如果你看到了櫥窗和營銷，以及營銷團隊為我們所做的事情，並且真的以一種全新的方式推出了這個品牌，我真的認為這就是我們獲勝的方式，珍妮特。

And on the men's side, Janet, as I was saying earlier, we're really seeing success across the board in men's.

在男子方面，珍妮特，正如我之前所說，我們確實在男子方面看到了全面的成功。

We've been saying for the last year that the bottoms business continued to be strong in men's, [while tops is up].

去年我們一直在說男裝的下裝業務繼續強勁，[而上裝上升]。

And we knew we had that customer, and we just needed to fix the product and get them the right stuff.

我們知道我們有那個客戶，我們只需要修復產品並為他們提供正確的東西。

And it feels like what we're seeing is that we do have the right assortments now.

感覺我們現在看到的是我們現在確實有正確的分類。

And we have that men's customer coming in not only buying the bottom, but shopping the whole lifestyle, both across tops and accessories.

我們的男裝顧客不僅購買了底部，還購買了整個生活方式，包括上衣和配飾。

So I'm excited, as Bob mentioned earlier.

所以我很興奮，正如 Bob 前面提到的。

We're in a chase mode now in men's.

我們現在在男裝中處於追逐模式。

And I think that's going to be great through the rest of the year.

我認為這在今年剩下的時間裡會很棒。

So I kept pushing the team.

所以我一直在推動團隊。

I see a lot of opportunity and a lot of opportunity for strong comps kind of across the whole men's tops and accessories and bottoms, so.

我看到了很多機會，也有很多機會在整個男士上衣、配飾和下裝上進行強大的組合，所以。

And then on the guidance, I'll just say -- chiming in for Bob here.

然後在指導方面，我只想說- 在這里為Bob 附和。

The guidance in the first quarter does not rely upon the brick-and-mortar traffic remaining positive.

第一季度的指引並不依賴於實體客流量保持積極。

But as we've said, what we're seeing so far and what I said in my remarks is we do continue to see positive store comps.

但正如我們所說，到目前為止，我們所看到的以及我在講話中所說的是，我們確實繼續看到積極的商店業績。

So hopefully, that will continue and have a great quarter.

所以希望，這將繼續下去，並有一個偉大的季度。

Okay, great.

好，太棒了。

Thanks.

謝謝。

That concludes our call today.

我們今天的電話到此結束。

Everybody, have a great day.

大家，有一個美好的一天。

Thank you.

謝謝你。

Thank you.

謝謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。