American Eagle Outfitters Inc (AEO) 2018 Q1 法說會逐字稿

Greetings, and welcome to American Eagle Outfitters First Quarter 2018 Earnings Conference Call.

您好，歡迎來到 American Eagle Outfitters 2018 年第一季度收益電話會議。

(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。

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

我現在想將會議轉交給您的東道主，American Eagle Outfitters 投資者關係副總裁 Judy Meehan 先生。

Thank you.

謝謝你。

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, please note that during this call and in the accompanied 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 調整的基礎上呈現的。

Reconciliations of adjusted results to the GAAP results are available in the tables attached to the earnings release, which is posted to 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 first quarter investor presentation.

在這裡，您還可以找到第一季度的投資者介紹。

Consistent with the retail calendar and the 53rd week last year, the first quarter's financial report and discussion today reflects the quarter ended May 5, 2018, compared to the quarter ended April 29, 2017.

與零售日曆和去年第 53 週一致，今天的第一季度財務報告和討論反映了截至 2018 年 5 月 5 日的季度，與截至 2017 年 4 月 29 日的季度相比。

Comparable sales are shifted to reflect the comparable period of the quarter ended May 5, 2018, against May 5, 2017.

可比銷售額被轉移以反映截至 2018 年 5 月 5 日的季度與 2017 年 5 月 5 日的可比期間。

And now I will turn the call over to Jay.

現在我將把電話轉給傑伊。

Okay, thanks.

好的謝謝。

Thanks, Judy.

謝謝，朱迪。

Yes, good morning, everyone.

是的，大家早上好。

Thanks for joining us today.

感謝您今天加入我們。

I'm extremely pleased to see our momentum from the back half of fiscal 2017 carry into 2018.

我非常高興地看到我們從 2017 財年下半年到 2018 年的勢頭。

Comparable sales increased 9% in the first quarter driven by our strategic initiatives and ability to gain market share through strong brands and compelling merchandise.

在我們的戰略舉措和通過強大品牌和引人注目的商品獲得市場份額的能力的推動下，第一季度可比銷售額增長了 9%。

This quarter marked the 13th consecutive quarter of positive comps, a real milestone for AEO Inc.

本季度是連續第 13 個季度取得積極業績，這對 AEO Inc. 來說是一個真正的里程碑。

We achieved gross margin expansion, leverage expenses and drove a higher operating margin, resulting in adjusted earnings per share growth of 44%.

我們實現了毛利率擴張、槓桿支出並推動了更高的營業利潤率，調整後的每股收益增長了 44%。

I'm incredibly proud of our wins and progress over the past 4 years.

我為過去 4 年的勝利和進步感到無比自豪。

During a period of significant industry turmoil and transformation, we have successfully grown market share, built strong brand equity and have launched an incredibly exciting new growth vehicle in Aerie.

在重大的行業動盪和轉型時期，我們成功地擴大了市場份額，建立了強大的品牌資產，並在 Aerie 推出了令人難以置信的令人興奮的新增長工具。

Now a few quarter highlights.

現在有幾個季度的亮點。

We saw broad-based strength across brands, channels and geographic regions.

我們看到了跨品牌、渠道和地理區域的廣泛實力。

AE achieved a 4% comp increase, and Aerie delivered a 38% comp, truly outstanding performances.

AE 實現了 4% 的補償增長，而 Aerie 提供了 38% 的補償，真正出色的表現。

All regions in the U.S. and our global markets, including Canada, Mexico and Asia, were positive in the first quarter.

美國的所有地區和我們的全球市場，包括加拿大、墨西哥和亞洲，在第一季度都是積極的。

It was very encouraging to see our brick-and-mortar store comp increase in both AE and Aerie stores.

看到我們在 AE 和 Aerie 商店中的實體店收入增加，非常令人鼓舞。

We drove improved conversion and outpaced mall traffic.

我們推動了轉化率的提高，並超過了購物中心的客流量。

The team's increased focus on elevating the customer experience are driving key sales metrics and having a positive impact on our business.

團隊越來越重視提升客戶體驗，這推動了關鍵的銷售指標，並對我們的業務產生了積極影響。

We saw exceptional growth in our digital business with sales rising 20%, marking our 13th straight quarter of double-digit increase.

我們的數字業務實現了驚人的增長，銷售額增長了 20%，這是我們連續第 13 個季度實現兩位數增長。

Ongoing investment in technology and omni capabilities are delivering strong returns.

對技術和全方位能力的持續投資正在帶來豐厚的回報。

The digital business now stands at 29% of our business, 300 basis points above last year.

數字業務現在占我們業務的 29%，比去年高出 300 個基點。

On the last conference call, we introduced key strategies to drive long-term growth and value for AEO.

在上次電話會議上，我們介紹了推動 AEO 長期增長和價值的關鍵戰略。

Those growth vehicles include leverage our leading position in AE jeans and bottoms to grow market share.

這些增長工具包括利用我們在 AE 牛仔褲和褲裝方面的領先地位來增加市場份額。

Accelerate Aerie growth.

加速 Aerie 的增長。

Strengthen our customer connection.

加強我們的客戶聯繫。

Deliver financial returns.

提供財務回報。

I am pleased to say that our execution on those strategies fuel our results during the first quarter.

我很高興地說，我們對這些戰略的執行推動了我們第一季度的業績。

First, within the AE brand.

首先，在AE品牌內。

We achieved our 19th straight quarter of record jeans sales.

我們連續第 19 個季度創下牛仔褲銷量記錄。

Our strength in this important lifestyle category has been the foundation of our long-term success and the primary reason why American Eagle is a market leader today.

我們在這一重要生活方式類別中的實力是我們長期成功的基礎，也是 American Eagle 成為當今市場領導者的主要原因。

We remain highly focused on developing the very best new fabrics, fits and styles to continue to be the leader in jeans.

我們仍然高度專注於開發最好的新面料、版型和款式，以繼續成為牛仔褲的領導者。

We also are looking beyond bottoms to ensure we have the best merchandise offering across categories.

我們還超越了底部，以確保我們提供跨類別的最佳商品。

Our upcoming product lines are terrific, and we see further runway to fuel the American Eagle brand.

我們即將推出的產品線非常棒，我們看到了進一步推動 American Eagle 品牌的發展。

Now let me turn your attention to Aerie, the next pillar of our growth strategy.

現在讓我將您的注意力轉向 Aerie，這是我們增長戰略的下一個支柱。

After starting a Body Positivity movement, Aerie is nothing short of spectacular, delivering record growth rates and gaining market shares in the intimate space.

在開始身體積極運動之後，Aerie 簡直是壯觀，實現了創紀錄的增長率並在私密空間中獲得了市場份額。

Our customers have a strong emotional connection to Aerie.

我們的客戶與 Aerie 有著強烈的情感聯繫。

As Jen review in more detail, we have been thrilled with our growing customer base and the response to expanded product offering.

隨著 Jen 更詳細地回顧，我們對不斷增長的客戶群和對擴大產品供應的反應感到非常興奮。

Additionally, our new store design is exceeding expectations.

此外，我們的新店設計超出預期。

Needless to say, I couldn't be more excited about the future of Aerie.

不用說，我對 Aerie 的未來感到無比興奮。

We're still in the very early stages of growth.

我們仍處於增長的早期階段。

We know we have something really special here, and we will continue to fuel Aerie's growth to $1 billion and way beyond that.

我們知道我們在這裡有一些非常特別的東西，我們將繼續推動 Aerie 的增長達到 10 億美元甚至更多。

Across brands, we are focused on strengthening customer's connections, the third pilar of our growth strategy.

在各個品牌中，我們專注於加強與客戶的聯繫，這是我們增長戰略的第三大支柱。

In 2018, we're continuing to deepen our connection with customers through our unique marketing campaign, AE X Me and the AerieREAL as well as our loyalty program AEO Connected.

2018 年，我們將繼續通過我們獨特的營銷活動 AE X Me 和 AerieREAL 以及我們的忠誠度計劃 AEO Connected，加深與客戶的聯繫。

Through new store designs, we're improving the store experience and are making ongoing investments in our digital channels to deliver the best shopping sites for our customers.

通過新的商店設計，我們正在改善商店體驗，並正在對我們的數字渠道進行持續投資，以便為我們的客戶提供最好的購物網站。

Our fourth pillar, deliver financial returns, is top of the mind across the organization.

我們的第四個支柱，即提供財務回報，是整個組織的首要任務。

As Bob will expand upon in his comments, driving growth, strengthening margins and leveraging our fixed expenses are top priorities.

正如鮑勃將在他的評論中擴展的那樣，推動增長、提高利潤率和利用我們的固定費用是重中之重。

We deliver against these priorities in the first quarter, yet we see more opportunities ahead.

我們在第一季度實現了這些優先事項，但我們看到了更多機會。

The teams are seeking efficiencies across operations, stronger ROIs on projects and margin opportunities.

這些團隊正在尋求提高運營效率、提高項目投資回報率和利潤機會。

Our strong financial position in free cash flow enable us to repurchase 2.3 million shares.

我們在自由現金流方面的強大財務狀況使我們能夠回購 230 萬股股票。

Combined with our dividend, we returned $69 million to shareholders in the first quarter.

加上我們的股息，我們在第一季度向股東返還了 6900 萬美元。

AEO is an industry leader with the best brands in retail today and outstanding growth ahead.

AEO 是行業領導者，擁有當今零售業最好的品牌，並在未來取得顯著增長。

Our goal is to continue to create great product and brand experiences for our customers to enjoy every day.

我們的目標是繼續為我們的客戶創造出色的產品和品牌體驗，讓他們享受每一天。

I'd like to congratulate and thank the entire team for their significant contribution and accomplishments over the past several years.

我要祝賀並感謝整個團隊在過去幾年中做出的重大貢獻和成就。

As I look ahead, I'm excited about the next phase of growth as we continue executing our strategies and delivering return to shareholders.

展望未來，隨著我們繼續執行我們的戰略並為股東帶來回報，我對下一階段的增長感到興奮。

Thanks.

謝謝。

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

現在我想把電話轉給乍得。

Thanks, Jay.

謝謝，傑。

Good morning, everyone.

大家，早安。

As Jay indicated, driving growth to the American Eagle brand is a key pillar of our strategic plan.

正如 Jay 所說，推動 American Eagle 品牌的增長是我們戰略計劃的關鍵支柱。

I'm pleased to say we delivered on that pillar once again in this quarter.

我很高興地說，我們在本季度再次實現了這一支柱。

We posted a 4% comp increase and a higher gross margin.

我們公佈了 4% 的薪酬增長和更高的毛利率。

American Eagle continues to attract customers with our strong brand positions and compelling merchandise.

American Eagle 憑藉強大的品牌地位和引人注目的商品繼續吸引客戶。

We saw broad-based strengths across regions, and it was great to see AE stores comp positively for the second consecutive quarter.

我們看到了各個地區的廣泛優勢，很高興看到 AE 商店連續第二個季度實現正增長。

Our stores outpaced mall traffic and delivered a positive 3% comp.

我們的商店超過了購物中心的客流量，並實現了 3% 的正增長。

The digital channel was also strong and double-digit increases continue.

數字渠道也很強勁，兩位數的增長仍在繼續。

I'm thrilled with the ongoing strong performance of our jeans and pants categories.

我對我們牛仔褲和褲子類別的持續強勁表現感到興奮。

With the power of these core businesses, each season, we widen our competitive moat and set the AE brand apart.

憑藉這些核心業務的力量，每個賽季，我們都拓寬了我們的競爭護城河，並使 AE 品牌與眾不同。

During this particularly cool spring, the strength in jeans and bottoms made up for a softer demand in seasonal goods such as shorts and bare knits.

在這個特別涼爽的春天，牛仔褲和下裝的強勢彌補了對短褲和裸針織衫等季節性商品的疲軟需求。

As weather improved since the latter part of April, we've seen a meaningful pick up in seasonal spring categories, and I'm pleased with the overall performance of our spring and summer collections.

隨著自 4 月下旬以來天氣好轉，我們看到季節性春季類別出現了有意義的回升，我對我們春季和夏季系列的整體表現感到滿意。

In the first quarter, we delivered healthy sales comps across genders, with women's up 3% and men's rising 7%.

在第一季度，我們實現了跨性別的健康銷售業績，女性增長 3%，男性增長 7%。

Our women's creative teams continue to develop assortments that inspire our customers.

我們的女性創意團隊繼續開發能夠激發客戶靈感的產品系列。

An area of opportunity is women's accessories.

一個機會領域是女性配飾。

Similar to men's tops a year ago, I believe we are at an inflection point.

與一年前的男士上衣類似，我相信我們正處於一個拐點。

With new talent and new product strategies, we are seeing improvement and are focused on rebuilding accessories into the growth category.

隨著新的人才和新的產品戰略，我們看到了進步，並專注於將配件重建為增長類別。

In men's, we have made great progress.

在男子方面，我們取得了很大進步。

Bottoms remain strong, tops are back on track.

底部保持強勁，頂部重回正軌。

And I believe there's significant opportunity ahead for growth and profit improvement.

而且我相信未來有很大的增長和利潤改善機會。

Work on our third strategic pillar, strengthening the customer experience, remains a priority.

致力於我們的第三個戰略支柱，加強客戶體驗，仍然是當務之急。

AE X Me is building customer engagement, creating a stronger connection between our customers and our brand.

AE X Me 正在建立客戶參與度，在我們的客戶和我們的品牌之間建立更牢固的聯繫。

We are evolving our new store design and look forward to opening our first mall store in Boston this summer.

我們正在改進我們的新店設計，並期待今年夏天在波士頓開設我們的第一家商場店。

This store will incorporate learnings from AE Studio to update and elevate the in-store experience to better showcase our leading product line, especially jeans.

這家商店將結合 AE Studio 的經驗來更新和提升店內體驗，以更好地展示我們領先的產品線，尤其是牛仔褲。

Turning to our loyalty program, AEO Connected.

談到我們的忠誠度計劃 AEO Connected。

Since the launch 6 months ago, we've hit our new enrollment targets while seeing dollars spend, overall transactions and jeans purchases per member increase.

自 6 個月前推出以來，我們已經實現了新的註冊目標，同時看到美元支出、總體交易量和每位會員的牛仔褲購買量都有所增加。

Additionally, we are creating unique customer experiences to deepen the emotional connection to our brand.

此外，我們正在創造獨特的客戶體驗，以加深與我們品牌的情感聯繫。

As an example, through Live Nation, we are sponsoring the Governors Ball and Lollapalooza music festivals.

例如，通過 Live Nation，我們贊助了Governors Ball 和 Lollapalooza 音樂節。

With another music partner, we are supporting emerging artists and will showcase their musical journey while they wear AE jeans.

我們與另一位音樂合作夥伴一起支持新興藝術家，並在他們穿著 AE 牛仔褲時展示他們的音樂之旅。

Both partnerships will offer unique experiences for our best loyalty customers.

這兩種合作夥伴關係將為我們最好的忠誠客戶提供獨特的體驗。

The American Eagle brand is setting standards for innovation, style, quality and value, and we will continue to raise the bar.

American Eagle 品牌正在為創新、風格、質量和價值設定標準，我們將繼續提高標準。

The team is focused on ensuring we have the right product and style to complement our jeans business.

該團隊專注於確保我們擁有合適的產品和款式來補充我們的牛仔褲業務。

This fall, we are delivering a curated collection of great fashion to inspire our customers to take what we make and make it their own.

今年秋天，我們將推出精選的時尚系列，以激勵我們的客戶接受我們的產品並使其成為自己的產品。

We ended 2017 with over $3 billion in revenue.

我們在 2017 年結束時的收入超過 30 億美元。

Our sights are set on the next billion and beyond, and we're off to a great start in 2018.

我們的目標是下一個十億甚至更多，我們在 2018 年有了一個良好的開端。

Thanks to the team for their hard work and dedication, setting the stage for a strong year for American Eagle.

感謝團隊的辛勤工作和奉獻精神，為 American Eagle 的強勁一年奠定了基礎。

Now I'll turn it over to Jen.

現在我把它交給珍。

Thanks, Chad, and good morning, everyone.

謝謝，乍得，大家早上好。

Well, this is another outstanding quarter for Aerie.

好吧，這對 Aerie 來說又是一個出色的季度。

We registered a first quarter comparable sales gain of 38%, our highest growth rate yet, and the 38% built on a 25% increase last year.

我們第一季度實現了 38% 的可比銷售額增長，這是我們迄今為止的最高增長率，而 38% 的增長是在去年增長 25% 的基礎上實現的。

This marked our 14th consecutive quarter of double-digit sales growth, and Aerie is simply on fire.

這標誌著我們連續第 14 個季度實現兩位數的銷售額增長，Aerie 簡直火了。

We are so excited, and I remain, and the team, highly focused on fueling ongoing momentum.

我們非常興奮，我和團隊仍然高度專注於推動持續發展的勢頭。

During the first quarter, I was very pleased to see consistent performance and broad-based strengths across all 4 formats.

在第一季度，我很高興看到所有 4 種格式的一致表現和廣泛的優勢。

In fact, this was the second quarter in a row in which both stand-alone and side-by-side store formats posted over 20% comp growth.

事實上，這是連續第二個季度，獨立商店和並排商店形式都實現了超過 20% 的複合增長率。

Aerie's online business is simply spectacular, producing a nearly 50% sales gain in the quarter.

Aerie 的在線業務簡直是驚人的，在本季度產生了近 50% 的銷售額增長。

All areas of the business are growing.

業務的所有領域都在增長。

We posted record sales volume in a number of categories, including core bras, undies, apparel and swim in the first quarter.

我們在第一季度發布了多個類別的創紀錄銷量，包括核心文胸、內衣、服裝和游泳。

Performance was led by continued newness across all categories and the team's focus on building outfitting and all around the Aerie lifestyle.

所有類別的持續創新以及團隊專注於打造服裝和圍繞 Aerie 生活方式的一切都引領了業績。

Our customers appreciate the collection's foundation of cozy, casual, comfortable and active, while also focusing on body positivity and inclusion.

我們的客戶欣賞該系列的舒適、休閒、舒適和活躍的基礎，同時也注重身體的積極性和包容性。

We build merchandise assortments for a diverse body type.

我們為不同的體型打造商品分類。

This is at the very core of our DNA and really loved by our customers.

這是我們 DNA 的核心，深受客戶喜愛。

Our brand awareness continues to expand with more impressions and social media followers, #AerieREAL is a very powerful and a movement, and we are reaching new customers every day.

我們的品牌知名度隨著更多的印象和社交媒體追隨者而不斷擴大，#AerieREAL 是一個非常強大的運動，我們每天都在接觸新客戶。

Our role models including Yara Shahidi, Aly Raisman and Iskra Lawrence are highly relevant and brand ambassadors.

我們的榜樣，包括 Yara Shahidi、Aly Raisman 和 Iskra Lawrence，都是高度相關的品牌大使。

They have been actively supporting Aerie through our campaigns grassroot events such as our in-store Aerie Real Talks.

他們一直通過我們的運動基層活動（例如我們的店內 Aerie Real Talks）積極支持 Aerie。

In the first quarter, once again, we registered double-digit increase in our customer file.

在第一季度，我們的客戶檔案再次實現了兩位數的增長。

And over the past year, we have added over 3.5 million new customers.

在過去的一年裡，我們增加了超過 350 萬新客戶。

Not only are we acquiring customers at a steady pace, but we are also improving our customer retention rates.

我們不僅以穩定的速度獲取客戶，而且還在提高客戶保留率。

Also, as Jay mentioned, accelerating Aerie is a key growth initiative within the AEO strategic plan.

此外，正如 Jay 所提到的，加速 Aerie 是 AEO 戰略計劃中的一項關鍵增長計劃。

Clearly, we are delivering on that goal.

顯然，我們正在實現這一目標。

And we are at the very early stages of this amazing growth opportunity.

我們正處於這個驚人增長機會的早期階段。

In addition to new product launches and strong customer engagement, we are expanding into new markets in North America.

除了新產品發布和強大的客戶參與度外，我們還在北美拓展新市場。

Additionally, we are proving -- improving on our existing market presence with a number of renovations into our new store design.

此外，我們正在證明——通過對我們的新商店設計進行一些翻新來改善我們現有的市場佔有率。

We are thrilled with the initial performance in customer feedback on this new design.

我們對客戶對這一新設計的反饋的初步表現感到非常興奮。

Recent openings on 58th & Lexington in New York City and in new malls in Raleigh and Nashville, they are definitely exceeding expectations.

最近在紐約市的 58th & Lexington 以及羅利和納什維爾的新購物中心開業，它們絕對超出了預期。

We're looking forward to our continued expansion plans, which also includes our new SoHo store on Spring Street opening in July.

我們期待著我們的持續擴張計劃，其中還包括我們在 Spring Street 的新 SoHo 店於 7 月開業。

Not only are these stores driving strong initial in-store selling, they are also elevating the performance of our online results within the market.

這些商店不僅推動了強勁的初始店內銷售，還提升了我們在線業績在市場上的表現。

We are on track to open a total of 35 to 40 stores this year.

我們有望在今年開設 35 至 40 家門店。

We kicked up the year with strong business momentum.

我們以強勁的業務勢頭開啟了這一年。

Our highly capable and talented teams continue to leverage Aerie's unique plan platform and drive product innovation in newness.

我們能力強、才華橫溢的團隊繼續利用 Aerie 獨特的計劃平台，推動產品創新。

We are well positioned for continued growth into 2018 and beyond as we drive towards our next milestone of $1 billion.

隨著我們邁向 10 億美元的下一個里程碑，我們已做好準備在 2018 年及以後繼續增長。

As always, I thank my team, they're amazing.

一如既往，我感謝我的團隊，他們很棒。

Thank you for your unwavering dedication to Aerie and the future is #AerieREAL.

感謝您對 Aerie 的堅定奉獻，未來是#AerieREAL。

Thank you.

謝謝你。

And now I'll turn it over to Bob.

現在我將把它交給鮑勃。

Thanks, Jen, and good morning, everyone.

謝謝，珍，大家早上好。

We continue to make excellent progress across our business in the first quarter, building on the momentum we saw in the latter half of last year.

在去年下半年看到的勢頭的基礎上，我們在第一季度繼續在業務方面取得出色進展。

Despite cold weather, we saw broad-based sales gains across brands, channels and geographic regions in the quarter.

儘管天氣寒冷，我們在本季度看到品牌、渠道和地理區域的廣泛銷售增長。

In addition to consistent top line gains, we posted higher margins, achieve expense leverage, grew adjusted operating income by 23% and delivered adjusted EPS growth of the 44%.

除了持續的收入增長外，我們還公佈了更高的利潤率，實現了費用槓桿，調整後的營業收入增長了 23%，調整後的每股收益增長了 44%。

Our comments will focus on the adjusted first quarter financials, which exclude certain items as detailed in the press release and tables on Pages 4 through 7 of the investor presentation.

我們的評論將集中在調整後的第一季度財務數據上，其中不包括新聞稿中詳述的某些項目以及投資者演示文稿第 4 頁至第 7 頁的表格。

Total revenue increased $61 million, rising 8% to $823 million from $762 million last year.

總收入增加了 6100 萬美元，從去年的 7.62 億美元增長 8% 至 8.23 億美元。

As a reminder, last year's total net revenue included a one-time benefit of approximately $5 million received from the termination of a license agreement with a third-party operator.

提醒一下，去年的總淨收入包括從終止與第三方運營商的許可協議中獲得的約 500 萬美元的一次性收益。

Comparable sales, which are based on the shifted retail calendar, increased 9% compared to the same period last year.

基於改變的零售日曆的可比銷售額與去年同期相比增長了 9%。

Additional sales information can be found on Page 9 of the investor presentation.

更多銷售信息可在投資者介紹的第 9 頁找到。

By brand, first quarter, American Eagle comps were up 4%, and Aerie comps increased 38%.

按品牌劃分，第一季度 American Eagle 的銷售額增長了 4%，Aerie 的銷售額增長了 38%。

I'm pleased to note that brick-and-mortar stores for both brands posted positive comps this quarter, continuing the trend from the fourth quarter.

我很高興地註意到，這兩個品牌的實體店本季度都發布了積極的業績，延續了第四季度的趨勢。

On a consolidated basis, stores increased in the mid-single digits with positive comps across all geographic regions in the U.S. as well as our company-owned international markets, Greater China, Canada and Mexico.

綜合來看，美國所有地理區域以及我們公司擁有的國際市場、大中華區、加拿大和墨西哥的門店均以中個位數增長。

Regional sales growth 20%, reaching 29% of total revenue, up 300 basis points from 26% last year.

區域銷售增長 20%，達到總收入的 29%，比去年的 26% 提高 300 個基點。

We saw the biggest increases coming from our app in mobile channels with combined -- which combined now represents approximately half of our digital business.

我們看到我們的移動渠道應用程序的最大增長來自於合併 - 現在合併約占我們數字業務的一半。

Regarding our quality of sales metrics, it was a very healthy quarter.

關於我們的銷售指標質量，這是一個非常健康的季度。

On a consolidated basis, improved traffic and conversion led to an increase in transaction comps.

在綜合基礎上，流量和轉換的改善導致交易組合增加。

The transaction value and average unit retail price also increased over last year due to favorable sales mix and controlled promotional activity.

由於有利的銷售組合和受控的促銷活動，交易價值和平均單位零售價也比去年增加。

Total gross profit increased 10% to $304 million from $278 million last year.

總毛利潤從去年的 2.78 億美元增長 10% 至 3.04 億美元。

Continuing the progress we made throughout last year, we saw sequential margin improvement and a higher year-over-year rate.

繼續我們去年全年取得的進展，我們看到連續利潤率改善和更高的同比增長率。

The gross margin rate increased 50 basis points to 37% of revenue.

毛利率上升 50 個基點，達到收入的 37%。

This reflects rent leverage in a favorable markdown rate, partially offset by increased digital delivery expense.

這反映了有利的降價率中的租金槓桿，部分被增加的數字交付費用所抵消。

Selling, general and administrative expense of $210 million improved 10 basis points to 25.5% as a rate of revenue driven by strong comp sales.

銷售、一般和管理費用為 2.1 億美元，增長 10 個基點至 25.5%，這是由強勁的複合銷售推動的收入率。

Store compensation, mainly due to higher sales and a wage increases as well incentive expense, drove the majority of dollar increase from $195 million last year.

商店薪酬，主要是由於更高的銷售額和工資增長以及激勵費用，推動了大部分美元從去年的 1.95 億美元增長。

Depreciation and amortization increased $1.5 million to $42 million and leveraged 20 basis points to 5.1% as a rate to revenue.

折舊和攤銷增加了 150 萬美元至 4,200 萬美元，並將收入比率提高了 20 個基點至 5.1%。

Adjusted operating income rose 23% to $52 million from $42 million last year.

調整後的營業收入從去年的 4200 萬美元增長 23% 至 5200 萬美元。

The operating margin improved 80 basis points to 6.4% as a rate of revenue.

作為收入比率，營業利潤率提高了 80 個基點至 6.4%。

I'm pleased to see the improvement to our operating rate, which was driven largely by strong sales and the leveraging of expenses.

我很高興看到我們的營業率有所改善，這主要是由於強勁的銷售和費用的槓桿作用。

Unseasonable weather this quarter affected selling mix, which limited the upside to our margins.

本季度不合時宜的天氣影響了銷售組合，這限制了我們利潤率的上行空間。

This is clearly an opportunity as we look ahead as well as continuing to seek expense efficiencies and savings across the organization.

這顯然是一個機會，因為我們展望未來並繼續在整個組織內尋求費用效率和節省。

The effective tax rate decreased to 22.1% compared to 33% last year, mostly reflecting the impact of U.S. tax legislation.

實際稅率從去年的 33% 下降至 22.1%，主要反映了美國稅收立法的影響。

Adjusted EPS of $0.23 increased $0.44 -- 44% from $0.16 last year.

調整後的每股收益為 0.23 美元，比去年的 0.16 美元增加了 0.44 美元——增長了 44%。

Adjusted earnings excluded restructuring charges of $1.6 million or approximately $0.01 per share, consisting primarily of corporate severance.

調整後的收益不包括 160 萬美元或每股約 0.01 美元的重組費用，主要包括公司遣散費。

Now regarding inventory, which can be found on Page 10 of the investor presentation.

現在關於庫存，可以在投資者介紹的第 10 頁上找到。

We ended the quarter with inventory of cost of $404 million, up 11% from last year, which is in line with our expectations.

我們在本季度末的庫存成本為 4.04 億美元，比去年增長 11%，這符合我們的預期。

Approximately 1/3 of the increase reflects additional inventory units held to support the company's clearance store strategies.

大約 1/3 的增長反映了為支持公司清倉戰略而持有的額外庫存單位。

Additionally, strong sales trends in the American Eagle jeans and long bottoms and Aerie apparel contributed to the increase.

此外，American Eagle 牛仔褲、長褲和 Aerie 服裝的強勁銷售趨勢促成了增長。

Looking forward, we expect second quarter ending inventory to be up in the high-single digits.

展望未來，我們預計第二季度末庫存將以高個位數增長。

Capital expenditures totaled $47 million in the first quarter, and we continue to expect CapEx to be in the range of $180 million to $190 million for the year.

第一季度的資本支出總額為 4700 萬美元，我們繼續預計今年的資本支出將在 1.8 億美元至 1.9 億美元之間。

Roughly half of the spend relates to store remodeling projects and new openings and the balance supports the digital business, omni-channel tools and general corporate maintenance.

大約一半的支出與商店改造項目和新開業有關，其餘用於支持數字業務、全渠道工具和一般企業維護。

As a result of our strong free cash flow, we ended the quarter with total cash and investments of $310 million, up $85 million or 38% compared to $225 million last year.

由於我們強勁的自由現金流，本季度末我們的現金和投資總額為 3.1 億美元，比去年的 2.25 億美元增加 8500 萬美元或 38%。

This was after we invested $47 million in CapEx, $45 million in share repurchases and $24 million in dividends to shareholders.

這是在我們投資 4700 萬美元資本支出、4500 萬美元股票回購和 2400 萬美元股東股息之後。

Looking at our real estate portfolio, we're on track to open a total of 35 to 40 Aerie stores this year and approximately 5 AE stores, net of closures.

看看我們的房地產投資組合，我們有望在今年開設總共 35 至 40 家 Aerie 商店和大約 5 家 AE 商店，扣除關閉後的淨值。

As I've indicated previously, our store fleet is very healthy, with over 93% profitable at the operating level.

正如我之前所指出的，我們的商店車隊非常健康，在運營層面有超過 93% 的盈利。

We also have lease flexibility with nearly 700 stores, up for lease negotiation through fiscal 2021.

我們還擁有近 700 家門店的租賃靈活性，可在 2021 財年進行租賃談判。

Of these stores, over 58% are in D and C malls.

在這些商店中，超過 58% 位於 D 和 C 商場。

Additional store information can be found on Pages 13 through 15 in the investor presentation.

其他商店信息可在投資者介紹的第 13 頁至第 15 頁上找到。

Now looking ahead to the second quarter.

現在展望第二季度。

We continue to be pleased with the pace of our business.

我們繼續對我們的業務發展速度感到滿意。

We expect second quarter EPS of $0.27 to $0.29 per share based on comparable sales in the positive mid-single digits.

基於正中個位數的可比銷售額，我們預計第二季度每股收益為 0.27 美元至 0.29 美元。

This guidance assumes continued improvement to our gross margin and leveraging of fixed expenses.

該指導假設我們的毛利率和固定費用的槓桿作用持續改善。

We expect the tax rate of approximately 23%.

我們預計稅率約為 23%。

Our second quarter guidance compares to adjusted earnings per share of $0.19 last year, which excludes potential impairment restructuring charges.

我們的第二季度指引與去年調整後的每股收益 0.19 美元相比，其中不包括潛在的減值重組費用。

We're very happy with the start of the year.

我們對今年的開始感到非常高興。

As the teams discussed, we're very focused on our strategic initiatives and believe we will continue to show financial returns to our shareholders.

正如團隊所討論的那樣，我們非常專注於我們的戰略舉措，並相信我們將繼續向股東展示財務回報。

Thank you.

謝謝你。

And now I'd like -- we'd like to take your questions.

現在我想 - 我們想回答你的問題。

(Operator Instructions) Our first question comes from the line of Brian Tunic with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Brian Tunic。

This is Kate on for Brian.

這是凱特為布賴恩准備的。

I guess my first question would be on Aerie.

我想我的第一個問題是關於 Aerie。

Did any one category lead the way?

有任何一個類別引領潮流嗎？

And just if I could dig a little bit deeper into this swim business and the size of that today and what its growth rate was here in Q1.

如果我能更深入地研究一下這個游泳業務，今天的規模以及它在第一季度的增長率是多少。

And then, also, what do you see on margin basis in that brand relative to AE?

然後，您認為該品牌相對於 AE 的利潤率如何？

It's Jen.

是珍。

And really, as I mentioned in the script or the opening remarks, our every business is really on track and leading the way, I mean.

真的，正如我在劇本或開場白中提到的，我的意思是，我們的每一項業務都真正走上正軌並處於領先地位。

We have so much growth opportunity in all of our categories, including apparel, which is our CHILL.

我們在所有類別中都有如此多的增長機會，包括服裝，這是我們的 CHILL。

PLAY.

玩。

MOVE.

移動。

category.

類別。

Leggings and sweats, everything is just really outperforming, including swim.

緊身褲和汗水，一切都非常出色，包括游泳。

It was a tough business seasonally, but I will say swim still really performed for the business.

這是一個季節性的艱難業務，但我會說游泳仍然為該業務表現出色。

So that said, I mean -- I always say this, but we're only in 15 states.

這麼說，我的意思是——我總是這麼說，但我們只在 15 個州。

So the majority of our customers haven't even seen what we have to offer in this brand, and we really need to get our brand out there and really show these customers and show the world what we have to offer in all these categories.

因此，我們的大多數客戶甚至還沒有看到我們在這個品牌中提供的產品，我們真的需要把我們的品牌推廣出去，真正向這些客戶展示並向世界展示我們在所有這些類別中必須提供的產品。

We're a lifestyle brand and we're proud of that with always bras being at the core of what we do.

我們是一個生活方式品牌，我們為此感到自豪，胸罩始終是我們工作的核心。

And from a margin perspective, Aerie's accretive to the company.

從利潤的角度來看，Aerie 對公司的貢獻。

We had amazing flow-through this year, and we continue to have continued leverage on our expenses and our flow-through we plan on just continuing maximizing as years go on.

今年我們有驚人的流量，並且我們繼續對我們的費用和流量保持槓桿作用，我們計劃隨著時間的推移繼續最大化。

We've only just begun.

我們才剛剛開始。

We're going to get this brand to $1 billion and we're going to continue to leverage.

我們將使這個品牌達到 10 億美元，並且我們將繼續發揮槓桿作用。

Yes, and just to clarify that a little more.

是的，只是為了澄清一點。

On a -- the margin comparison between the 2 brands, they're very comparable.

在 - 兩個品牌之間的利潤率比較上，它們非常具有可比性。

So in addition to what Jen said as far as Aerie continuing to drive positive flow-through, the gross margin rates between the brands are very similar.

因此，除了 Jen 所說的 Aerie 繼續推動積極的流量外，品牌之間的毛利率非常相似。

But we -- and also to add Bob is what Jen said, it takes a few years to, like, build a certain base like in the volume, and when we did a comparison between Aerie and its current volume and where American Eagle was years ago -- its current volume, it's amazing how, like, similar they are as far as all their metrics.

但是我們 - 並且還要補充 Bob 是 Jen 所說的，需要幾年的時間才能建立一個像體積一樣的基礎，當我們在 Aerie 與其當前體積和 American Eagle 的位置進行比較時以前 - 它目前的數量，令人驚訝的是，就所有指標而言，它們是如何相似的。

So from my standpoint, we're just in the early stages of Aerie.

所以從我的角度來看，我們只是處於 Aerie 的早期階段。

I'm very proud of the Aerie team.

我為 Aerie 團隊感到非常自豪。

I think Jen and her team has done an excellent job.

我認為 Jen 和她的團隊做得非常出色。

I mean, this is a real dedicated team.

我的意思是，這是一個真正敬業的團隊。

They have all the excitement.

他們有所有的興奮。

They live the life.

他們過著這種生活。

They believe in the message.

他們相信這個信息。

And this is a real boom that's going on.

這是一個正在發生的真正繁榮。

Our next question comes from the line of Oliver Chen with Cohen and Company.

我們的下一個問題來自於 Cohen and Company 的 Oliver Chen。

What are your thoughts about the AE Connected program and the opportunities to continue to leverage that and use a lot of that information to continue to engage the customer as well as thinking about managing promotions in a brand accretive way?

您對 AE Connected 計劃有何看法，以及繼續利用該計劃並利用大量信息繼續吸引客戶以及考慮以品牌增值方式管理促銷活動的機會？

And just related to that is digital margins on a long-term basis.

與此相關的是長期的數字利潤。

What are your thoughts on what can happen there as your penetration rate is really impressive and will likely continue to rise?

您對那裡可能發生的事情有什麼看法，因為您的滲透率確實令人印象深刻並且可能會繼續上升？

Data is very, very important to everybody.

數據對每個人都非常非常重要。

We have over 20 million members.

我們有超過 2000 萬會員。

We take it very seriously.

我們非常重視它。

We have data analytics scientists with us, we end up hiring.

我們有數據分析科學家，我們最終會招聘。

We have a whole department.

我們有一個完整的部門。

We study the analytics day in, day out.

我們日復一日地研究分析。

And we're figuring out what our customer really likes, how it speak to them, what channels speak to them through and it's a continuing challenge.

我們正在弄清楚我們的客戶真正喜歡什麼，它如何與他們交談，通過哪些渠道與他們交談，這是一個持續的挑戰。

I mean, at the end of the day, the groups that have the best data wins, and we understand that.

我的意思是，歸根結底，擁有最好數據的小組獲勝，我們理解這一點。

And we made a major commitment to whether it be on our digital sites.

我們對它是否出現在我們的數字網站上做出了重大承諾。

We're collecting all the data and figuring out what our customer wants and how can we give it -- how can we give them things they want and make our brand more, like, important in their lives.

我們正在收集所有數據，並弄清楚我們的客戶想要什麼以及我們如何提供它——我們如何為他們提供他們想要的東西，並使我們的品牌在他們的生活中更加重要。

And on your question, Oliver, on the digital business.

關於你的問題，奧利弗，關於數字業務。

Our digital business has been experiencing unbelievable growth.

我們的數字業務一直在經歷令人難以置信的增長。

We had 13 consecutive quarters of double-digit sales growth.

我們連續 13 個季度實現兩位數的銷售額增長。

Our business -- our digital business is very profitable.

我們的業務——我們的數字業務非常有利可圖。

We continue to improve the operating margins in that business.

我們繼續提高該業務的營業利潤率。

And I will tell you different than many vertical retailers, our digital business operating margin is accretive to total companies.

我會告訴你，與許多垂直零售商不同的是，我們的數字業務運營利潤率是對所有公司的增值。

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。

Just a quick question on the gross margin front.

只是關於毛利率方面的一個快速問題。

Good performance there despite the weather.

儘管天氣很好，但那裡的表現很好。

You feel like you could have pulled back maybe a bit more in promotions if it was wasn't for the weather?

如果不是因為天氣原因，您覺得您可能會在促銷活動中更多地撤回？

And then, also, what are your expectations for promotions in the second quarter?

然後，您對第二季度的促銷活動有何期望？

And then I know you talked about a little bit better gross margin, but how should we think about that magnitude?

然後我知道你談到了更好的毛利率，但我們應該如何考慮這個幅度？

I think when we look at just the promotional environment and the weather impact, it is our goal every quarter, every week, every month, to drive market share gains while containing promotions and driving this business as profitably as we can.

我認為，當我們僅考慮促銷環境和天氣影響時，我們的目標是每個季度、每週、每個月都在推動市場份額增長的同時控制促銷活動並儘可能推動這項業務盈利。

I think the real -- a huge win for us is the strength of our jeans business and long bottoms in Q1.

我認為真正的 - 對我們來說，一個巨大的勝利是我們牛仔褲業務的實力和第一季度的長褲。

With a cooler weather we were able to drive strong results in the AE brand even with the cooler weather.

即使天氣轉涼，我們也能夠在 AE 品牌中取得強勁的業績。

And I think we contained our promotions well.

我認為我們很好地控制了我們的促銷活動。

And our goal as we go forward in Q2 is to continue to try to contain promotions and leverage markdown expenses year-over-year.

我們在第二季度前進的目標是繼續嘗試控制促銷活動並逐年利用降價支出。

Great, that's helpful.

太好了，這很有幫助。

And one last follow-up, if I could.

如果可以的話，還有最後一次跟進。

On Aerie, really nice comps there, and it sounds like all the new products are performing well.

在 Aerie，那裡的組合非常好，聽起來所有新產品都表現良好。

Just curious, how has intimate side of things been?

只是好奇，事情的親密方面如何？

I know that's been somewhat of a pressure point with some other retailers out there, so maybe if you can give some color on that?

我知道這對其他一些零售商來說有點壓力，所以也許你可以給點顏色？

Yes.

是的。

Intimates has been holding its own as well.

Intimates 也一直保持著自己的地位。

We definitely -- we're repositioning bras, and there's more to come in Q3 and Q4, and we are feel really excited about what we're about to present down the road as far as the product and the innovation.

我們肯定 - 我們正在重新定位胸罩，第三季度和第四季度還有更多內容，我們對我們即將在產品和創新方面展示的內容感到非常興奮。

But we're seeing some nice build and momentum in core bras and undies have been simply doing great, so -- particularly in our synthetic side of the business.

但是我們看到核心胸罩和內衣的一些不錯的構造和勢頭一直做得很好，所以 - 特別是在我們業務的合成方面。

But no, we're pleased with that side of the business as well, and we continually want to dress her from head-to-toe, which is why we have also gone after the apparel side of the business.

但是不，我們也對這方面的業務感到滿意，我們一直想從頭到腳為她著裝，這就是為什麼我們也關注服裝方面的原因。

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

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

I wanted to check on if you could just -- and I may have missed it because I hopped on the call a little late.

我想看看你是否可以——我可能錯過了，因為我接電話有點晚了。

If you could give any more color on your e-commerce growth rate here in the first quarter?

如果您可以在第一季度在這里為您的電子商務增長率提供更多顏色？

And did you comment specifically on the spread between comp and total sales if there was a contribution here in the first quarter from the fiscal shift in the calendar?

如果日曆中的財政轉變在第一季度有貢獻，您是否特別評論了薪酬與總銷售額之間的差異？

Just understanding that would be helpful in how we should think about the cadence back through the year?

僅僅了解這將有助於我們如何考慮全年的節奏嗎？

Yes.

是的。

So -- this is Bob, Kimberly, very good questions.

所以- 這是Bob，Kimberly，非常好的問題。

Regarding our e-commerce growth, you may have missed it.

關於我們的電子商務增長，您可能已經錯過了。

We had 20% comp in our digital business.

我們在數字業務中獲得了 20% 的收益。

Our digital business represents 29% of total company's revenues.

我們的數字業務占公司總收入的 29%。

Regarding the comp shift or the difference between total revenues and comps, we had total revenue increase of 8%.

關於補償轉移或總收入與補償之間的差異，我們的總收入增長了 8%。

Comp -- total comp performance of plus 9%, so a 1 point spread.

補償——總補償性能增加 9%，因此差價為 1 點。

That 1 point spread was really driven by -- partially by a shift, which was mainly offset by not comping the $5 million termination payment with a licensee operator.

這 1 個點的差價實際上是由 - 部分由轉變推動的，這主要通過不與被許可運營商支付 500 萬美元的終止付款來抵消。

So it had very minimal impact on the quarter, total revenue versus comp revenue.

因此，它對本季度的影響非常小，總收入與補償收入的關係。

And then just how should we think about the shift in the calendar in the second quarter, third quarter?

然後我們應該如何考慮第二季度，第三季度的日曆變化？

And what are you thinking about the spread between comp and total sales for fourth quarter given loss for that extra week?

考慮到額外一周的虧損，您如何看待第四季度的薪酬與總銷售額之間的差距？

Yes, regarding the shift related to the 53rd week, we do drop a lower volume week in the beginning of the quarter and pick up a higher volume back-to-school week in the beginning of August, which will drive approximately a 5-point spread between total revenues and comps.

是的，關於與第 53 週相關的轉變，我們確實在本季度初減少了較低的一周，並在 8 月初增加了較高的返校週，這將推動大約 5 個百分點總收入和補償之間的分佈。

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。

Two questions.

兩個問題。

First, on SG&A, I think up 8 in dollar terms, a little bit higher than low to mid-single digit guidance.

首先，在 SG&A 方面，我認為以美元計算上漲 8，略高於中低個位數指導。

What drove that?

是什麼推動了它？

And how should we think about the 2Q growth and maybe expectation for the full '18?

我們應該如何看待第二季度的增長以及對整個 18 年的預期？

And then secondly, to Jen and to Chad, maybe remind us what you guys see as the biggest opportunities for back-to-school at both brands?

其次，對於 Jen 和 Chad，也許可以提醒我們你們認為這兩個品牌返校的最大機會是什麼？

Yes.

是的。

Good questions, Anna.

好問題，安娜。

Regarding SG&A.

關於SG&A。

Our SG&A expense was up $50 million in the quarter.

本季度我們的 SG&A 費用增加了 5000 萬美元。

Half of that was driven by stores payroll.

其中一半是由商店工資推動的。

Combination of 2 things: higher comps in brick-and-mortar retail than the prior year and wage rate increases.

兩件事的結合：實體零售的薪酬比上一年高，工資率上漲。

And then there were some other minor increases.

然後還有其他一些小幅增長。

But the biggest second piece contributing to that was higher incentives than Q1 of last year.

但最大的第二個貢獻是激勵措施高於去年第一季度。

For back-to-school, I'm not going to go into detail about the collection, but I will tell you that we would be focused on driving the jeans business in back to school.

對於返校，我不會詳細介紹該系列，但我會告訴你，我們將專注於推動牛仔褲業務返校。

It's our leading category.

這是我們的主要類別。

It's the leading time of year to sell jeans.

這是一年中銷售牛仔褲的主要時間。

We're going to make sure we have every relevant fit, a fit for everybody.

我們將確保我們有每一個相關的適合，適合每個人。

We're going to continue to lead the industry with innovation, quality and value.

我們將繼續以創新、質量和價值引領行業。

And we're going to have a marketing campaign focused -- highly focused on selling more jeans in back-to-school.

我們將開展一場以營銷活動為重點的營銷活動——高度關注在返校期間銷售更多牛仔褲。

And for Aerie, it's really more of the same.

而對於 Aerie 來說，情況實際上更是如此。

We're going to continue to grow our lifestyle portion of the business, while focusing, of course, on intimates.

我們將繼續擴大我們在業務中的生活方式部分，當然，同時關注親密關係。

But the marketing campaign really, I think, is going to be outstanding.

但我認為，營銷活動真的會非常出色。

Our team has already shown me some previews, and the blood, sweat and tears that have gone into this campaign for back-to-school, I think we're all going to be really proud.

我們的團隊已經向我展示了一些預演，以及為這次返校活動付出的鮮血、汗水和淚水，我想我們都會感到非常自豪。

So I'm really excited of -- for what's to come.

所以我真的很興奮——對於即將發生的事情。

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。

A question for Jay.

傑伊的問題。

You mentioned the first quarter being the 13th consecutive quarter of positive comps, and that being a milestone for the company.

您提到第一季度是連續第 13 個季度獲得正收益，這對公司來說是一個里程碑。

Could you just elaborate a little bit on why you view this as a key point in the company's history?

您能否詳細說明一下為什麼您認為這是公司歷史上的一個關鍵點？

And then how you feel about the level of go-forward stability and just visibility in the business versus other periods in the company's history?

然後，您如何看待與公司歷史上其他時期相比，業務的前進穩定性和可見性水平？

And then just I'd like from Chad a little more color on men's.

然後只是我想從乍得的男裝上多一點顏色。

Sounds like bottoms is driving the business.

聽起來底部正在推動業務。

The tops are improving as well.

頂部也在改善。

Can you give some more details in performance by category, and then where you see the biggest opportunities?

您能否按類別提供更多關於性能的詳細信息，然後您認為最大的機會在哪裡？

Okay.

好的。

Well, first of all, it's 13 straight quarters, which is great.

嗯，首先，這是連續 13 個季度，這很棒。

Our goal is to be 14 very shortly.

我們的目標是很快就滿 14 歲。

But at this time, I see as much opportunity as I've ever seen in this company.

但此時，我在這家公司看到了前所未有的機會。

I think we have great focus.

我認為我們非常專注。

I think Aerie is ready to explode.

我認為 Aerie 已經準備好爆發了。

I mean, we're at a point right now that we see the more stores we open, the more volume we do, it becomes much more a creative bite to the earnings.

我的意思是，我們現在正處於這樣一個時刻，我們看到我們開設的商店越多，我們的銷量就越大，它對收益的創造性影響就越大。

So it's to everyone's interest to open more Aerie stores.

因此，開設更多 Aerie 商店符合每個人的利益。

We have a -- Jen has a great enthusiasm.

我們有一個—— Jen 有很大的熱情。

She has a great love for the brand.

她對這個品牌有著極大的熱愛。

It transcends through her entire organization.

它超越了她的整個組織。

They're focused.

他們很專注。

They have excitement that we see as a big opportunity.

他們很興奮，我們認為這是一個巨大的機會。

American Eagle, we are very excited as far as Eagle itself.

American Eagle，就 Eagle 本身而言，我們感到非常興奮。

We see our bottoms business getting bigger and stronger.

我們看到我們的底部業務變得越來越強大。

It's interesting, when you look at our denim business, when you look at all the stores that sell denim, we're the second-biggest seller of denim in the country, which is amazing because there's other stores that sell 7, 8 brands, and there's some big chains out there, whether it be Walmart, which is maybe #1 for selling denim itself, but we're #2.

有趣的是，當你看看我們的牛仔佈業務，當你看看所有銷售牛仔布的商店時，我們是全國第二大牛仔布銷售商，這很了不起，因為還有其他商店銷售 7、8 個品牌，那裡有一些大型連鎖店，無論是沃爾瑪，它可能是銷售牛仔布本身的第一名，但我們是第二名。

Levi's is the #1 brand, but they're in thousands of stores, different retailers.

Levi's 是排名第一的品牌，但它們在數千家商店和不同的零售商中銷售。

And we're the #2 brand in the United States for selling denim.

我們是美國銷售牛仔布的第二大品牌。

I really believe that we have a great opportunity.

我真的相信我們有一個很好的機會。

I think we have a great team working with denim.

我認為我們有一個很棒的團隊與牛仔一起工作。

I think we're bringing new innovative fabrics there.

我認為我們正在那裡帶來新的創新面料。

We know what the customer wants.

我們知道客戶想要什麼。

We're getting great response.

我們得到了很好的回應。

And I really believe in the next few years, we could be the #1 brand in the United States of selling denim and be the #1 name for denim.

我真的相信在接下來的幾年裡，我們可以成為美國銷售牛仔布的第一品牌，成為牛仔布的第一品牌。

It wasn't that long ago that I didn't have an American Eagle brand.

不久前，我還沒有 American Eagle 品牌。

I sold other brands.

我賣過其他品牌。

And in a short period, we went from doing 0 brand 20-something years ago, to today being the #2 brand in the country.

在很短的時間內，我們從 20 年前的 0 品牌發展到今天成為全國第二大品牌。

We're not satisfied being the #2 brand.

我們不滿足於成為#2 品牌。

Our goal is to be -- we see the opportunity for growth to be the #1 brand in the United States.

我們的目標是——我們看到了成長為美國第一品牌的機會。

And that's our goal, and we're committed to be #1.

這就是我們的目標，我們致力於成為第一。

Definitely.

確實。

In terms of Men's, bottoms was very strong in the quarter.

在男裝方面，該季度的底部非常強勁。

We saw positive growth in both bottoms and in tops in Men's.

我們看到男裝的底部和頂部都出現了正增長。

Not going to go into the categories within each of those, but both are growing.

不會進入每個類別中的類別，但兩者都在增長。

And tops, I think, is -- bottoms just continues to build the momentum, like Jay just spoke to.

我認為，頂部是 - 底部只是繼續建立勢頭，就像傑伊剛剛談到的那樣。

And the tops presents as well with recovery with the second quarter of positive comps.

隨著第二季度的積極補償，頂部也出現了復甦。

So looking forward to back-to-school and the rest of summer.

所以期待回到學校和剩下的夏天。

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

我們的下一個問題來自 Janet Kloppenburg 與 JJK 研究的路線。

I wondered if you could talk a little bit about the promotional environment in the quarter.

我想知道您是否可以談談本季度的促銷環境。

And if you had to react to that?

如果你必須對此做出反應？

And also a little bit, maybe more for Chad then Jen, on the seasonal inventories, you've mentioned some softness in shorts and some of the summer categories.

還有一點，乍得可能比 Jen 更多，關於季節性庫存，你提到了短褲和一些夏季類別的疲軟。

So I was just wondering if the inventories are aligned and positioned the way you'd like them to be?

所以我只是想知道庫存是否按照您希望的方式排列和定位？

And just lastly, for both of you, with the momentum in the business and a similar comparison, is there any real reason why comps should be -- should slow down?

最後，對於你們倆來說，在業務發展勢頭和類似比較的情況下，是否有任何真正的理由讓comps應該 - 應該放慢速度？

Just wondering, if you guided to mid-single.

只是想知道，如果你引導到中單。

You did 9%.

你做了9%。

It sounds like the momentum is just terrific.

聽起來氣勢簡直太棒了。

Janet, we're very positive on the business and very happy with how we came out of Q1.

珍妮特，我們對業務非常積極，並對我們從第一季度的表現感到非常滿意。

In terms of the promotional environment, it has continued to be very promotional out there.

在促銷環境方面，它仍然非常促銷。

But our lease lines, our promotions, especially over the key Easter time period, we were less promotional in our channels than we were last year, and we're very happy with the results.

但是我們的租賃線路，我們的促銷活動，尤其是在關鍵的複活節期間，我們在渠道中的促銷活動比去年少，我們對結果非常滿意。

And we continue to be focused on driving sales comp and margin expansion and containing promotions where we can.

我們將繼續專注於推動銷售補償和利潤擴張，並儘可能地包含促銷活動。

In terms of the seasonal categories, I did mention that they turned on a little bit later this year based on the cooler weather.

在季節性類別方面，我確實提到它們在今年晚些時候基於涼爽的天氣打開了一點。

But they have accelerated really nicely as the weather's warmed up, and we are not concerned about inventory in those seasonal categories coming through Q2.

但隨著天氣變暖，它們的加速非常好，我們並不擔心這些季節性類別的庫存會在第二季度到來。

And as we progress through the remainder of the year, you'll see -- and relative to the inventory guide that I gave for next quarter, inventory levels will be much more in line as we start comping some of the jeans and long bottom investment that we started last year in Q2 and further out in Q3 and 4.

隨著我們在今年剩餘時間裡的進展，你會看到——相對於我為下個季度提供的庫存指南，隨著我們開始計算一些牛仔褲和長底投資，庫存水平將更加一致我們從去年第二季度開始，在第三季度和第四季度更進一步。

Our next question comes from the line of Laura Champine with Loop Capital.

我們的下一個問題來自於 Loop Capital 的 Laura Champine。

The first one's just quick housekeeping.

第一個只是快速的家務。

I think Chad mentioned that brick-and-mortar American Eagle comped up 3%.

我認為乍得提到實體美國鷹佔了 3%。

And I'm wondering if traffic was positive there.

我想知道那裡的交通是否積極。

But my more significant question is on the Aerie brand, which is showing phenomenal growth.

但我更重要的問題是關於 Aerie 品牌，它正在呈現驚人的增長。

Growth at this rate can create some scale challenges.

以這種速度增長可能會帶來一些規模挑戰。

So I'd love to hear from Jen sort of how they're addressing the challenges of such a rapid growth rate in terms of supply chain, in terms of store-level labor, just what are they doing to support a continuation of the phenomenal growth you've had?

因此，我很想听聽 Jen 的意見，他們如何應對供應鏈、商店級勞動力方面如此快速增長所帶來的挑戰，以及他們正在做些什麼來支持這種現象的延續你有過成長嗎？

Yes, we did say that AE stores were up 3%.

是的，我們確實說過 AE 商店上漲了 3%。

Our traffic was slightly negative, but it was better than the traffic in the mall.

我們的客流量略顯負，但比商場的客流量要好。

And the stores team did a fantastic job converting and leveraging the traffic we got to drive that positive comp.

商店團隊在轉換和利用我們獲得的流量來推動積極的競爭方面做得非常出色。

Also, the question about the supply, the beauty about Aerie is that Aerie has the support of the American Eagle Inc.'s sourcing division.

此外，關於供應的問題，關於 Aerie 的美妙之處在於 Aerie 得到了 American Eagle Inc. 採購部門的支持。

So we source a few billion dollars of product a year.

所以我們每年採購數十億美元的產品。

So as far as growing the Aerie business, we -- it's already established the...

因此，就發展 Aerie 業務而言，我們已經建立了...

Yes.

是的。

And we plan -- we staged this business, we plan this strategically.

我們計劃——我們上演了這項業務，我們從戰略上進行計劃。

So when it comes to supply, support, store growth, everything, we've been planning this.

因此，在供應、支持、商店增長等所有方面，我們一直在計劃這一點。

So we've been certainly staging the people that we need to support this incredible growth, and we've been well ahead of the curve here.

因此，我們當然一直在安排我們需要的人員來支持這種令人難以置信的增長，而且我們在這方面已經遙遙領先。

So again, this is -- it's in our strategic plan for the company.

再說一次，這是 - 它在我們公司的戰略計劃中。

So we're certainly ahead of the curve here.

因此，我們肯定在這方面處於領先地位。

The teams has done a phenomenal job for the growth that we've seen.

這些團隊為我們所看到的增長做了出色的工作。

Our issue now is making sure that we can get enough new store locations to continue and accelerate this growth.

我們現在的問題是確保我們能夠獲得足夠的新店舖位置來繼續並加速這種增長。

As Jen's pointed out in the past, we only really have any real brick-and-mortar retail presence in approximately 15 states.

正如 Jen 過去指出的那樣，我們在大約 15 個州只有真正的實體零售店。

We see a huge halo effect anywhere we open a brick-and-mortar store to our digital business.

在我們為數字業務開設實體店的任何地方，我們都會看到巨大的光環效應。

So any of this whitespace that exists for us is really going to be -- represent significant incremental growth to the business, and we're looking to accelerate that.

因此，對我們來說存在的任何這些空白都將真正代表業務的顯著增量增長，我們正在尋求加速這一點。

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

我們的下一個問題來自 Telsey Advisor Group 的 Dana Telsey。

As you think about wages and wage pressures that are out there, how does this compare in the store versus what do you see in the distribution center, too?

當您考慮那裡的工資和工資壓力時，與您在配送中心看到的相比，這與商店中的情況有何不同？

And how you're planning it going forward?

以及你如何規劃它的未來？

Yes.

是的。

We obviously have experienced some wage increase really over the course of the last year, a little more than that.

很明顯，在過去的一年裡，我們確實經歷了一些工資增長，比這多一點。

We've managed that through leveraging some of our technology and tools.

我們通過利用我們的一些技術和工具來管理這一點。

We have a great workforce management tool, really allows us to focus on things like customer to associate coverage ratios.

我們有一個出色的勞動力管理工具，真正讓我們能夠專注於客戶與關聯覆蓋率之類的事情。

We're really managing our task work outside of those power hours and really trying to eliminate some of the task work that we do or have historically done out in the field to help minimize the -- some of the impact that we've seen on wages.

我們實際上是在那些工作時間之外管理我們的任務工作，並真正試圖消除我們在該領域所做或歷史上已經完成的一些任務工作，以幫助最大限度地減少 - 我們已經看到的一些影響工資。

And yes, we've seen, Dana, wage increases, not only in the stores but also in distribution centers as we see more and more competition in some of the areas where we do have our distribution centers.

是的，我們已經看到，Dana，工資增長，不僅在商店，而且在配送中心，因為我們看到在我們擁有配送中心的某些地區競爭越來越激烈。

But again, we've been -- we've really been combating that with efficiencies through automation and technology in our distribution centers in addition to our stores that I've mentioned.

但同樣，我們一直 - 除了我提到的我們的商店外，我們真的一直在通過我們的配送中心的自動化和技術來提高效率。

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

我們的下一個問題來自 Simeon Siegel 與 Nomura Instinet 的對話。

This is Julie Kim on for Simeon.

這是西蒙的朱莉金。

Just given the continued strength in e-com and the resulting increase in shipping costs pressuring gross margin, what are some of the things you can do in terms of trying to reduce the shipping costs and getting some leverage there?

鑑於電子商務的持續強勢以及由此導致的運輸成本增加對毛利率造成壓力，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？

And separately, can you touch on the accessory opportunity you mentioned?

另外，你能談談你提到的配件機會嗎？

What trends on you saw on the quarter?

您在本季度看到了哪些趨勢？

And any improvement you saw there?

你在那裡看到了什麼改進？

Sure.

當然。

So there are a few levers to shipping expense.

因此，運輸費用有一些槓桿作用。

One of the bigger ones is, we've made some significant improvements in reducing our shipments per order.

其中一個更大的問題是，我們在減少每個訂單的出貨量方面做出了一些重大改進。

We just had a positive impact on overall cost, and we're constantly looking at delivery providers and tweaking our delivery model to combat some of the price increases that we've seen.

我們剛剛對整體成本產生了積極影響，我們一直在尋找交付提供商並調整我們的交付模式，以應對我們所看到的一些價格上漲。

The -- I'll be honest there, our team's done a phenomenal job managing it through those different levers.

- 老實說，我們的團隊通過這些不同的槓桿來管理它，做得非常出色。

We are not just victims of price increases.

我們不僅僅是價格上漲的受害者。

There's things we can do in how we manage the business to drive more efficiencies and actually, combat some of the pricing increases that we've seen.

我們可以在如何管理業務方面做一些事情，以提高效率，實際上，對抗我們所看到的一些價格上漲。

And in accessories, I don't want to get into details by category, but we are seeing -- we have new product strategies.

在配飾方面，我不想按類別詳細介紹，但我們看到了——我們有新的產品策略。

We have some new visual merchandising strategies, and we are starting to see green shoots in that business and starting to see it -- recover and come back.

我們有一些新的視覺營銷策略，我們開始看到該業務的萌芽並開始看到它——恢復並回來。

So I compared it to men's tops because last year, at this time, I told the group that we were starting to see that improvement in men's tops and expected it to continue throughout the year, which we saw.

所以我將它與男式上衣進行了比較，因為去年，此時，我告訴小組我們開始看到男式上衣的改進，並預計它會在全年繼續，我們看到了。

And I feel the same way about women's accessories.

我對女性配飾也有同樣的感覺。

We have opportunity to see that improvement throughout the year and hopefully, see that add to the total business.

我們有機會在全年看到這種改進，並希望看到這增加了總業務量。

Our next question comes from the line of Marni Shapiro with The Retail Tracker.

我們的下一個問題來自 Marni Shapiro 與 The Retail Tracker 的系列。

I was curious, you talked, I think, Chad, you said after the fourth quarter that you're going to continue to go after market share.

我很好奇，你談到了，我想，乍得，你在第四季度之後說過你將繼續追求市場份額。

But yet, you've pulled back on promotions.

但是，您已經取消了促銷活動。

So I guess, how should we think about the back half of the year, both at Aerie and at Eagle, as you balance a healthier environment, not less competitive, but a healthier environment for momentum and yet, the goals continue to really drive market share.

所以我想，我們應該如何看待今年下半年，無論是在 Aerie 還是在 Eagle，因為你要平衡一個更健康的環境，而不是降低競爭力，而是一個更健康的動力環境，然而，目標繼續真正推動市場分享。

Just you had a fairly lengthy conversation after fourth quarter about that.

只是你在第四季度之後就這個問題進行了相當長的對話。

Yes.

是的。

I think it continues to be our goal.

我認為這仍然是我們的目標。

Look, we try to drive market share gains and sales growth as well as margins in every quarter.

看，我們試圖推動每個季度的市場份額增長和銷售增長以及利潤率。

I think my comments after fourth quarter is that fourth quarter's a bit unique in terms of the extreme promotions and the slightly different group of customers that are shopping for gifts than our day-in, day-out customers.

我認為我在第四季度之後的評論是，第四季度在極端促銷和購買禮物的客戶群體與我們日復一日的客戶略有不同方面有點獨特。

But our goal is to continue to grow share, to grow positive comps but to do that in a healthy way.

但我們的目標是繼續增加份額，增加積極的組合，但要以健康的方式做到這一點。

There does seem to be some more strength in retail today.

今天的零售業似乎確實有一些力量。

But I think we're really leading that strength with our brands and with our product.

但我認為我們的品牌和產品確實引領了這種實力。

And so as we're doing that, and as stores are performing well, and the web continuous to perform, we'll look to be -- to contain promotions where we can.

因此，當我們這樣做時，並且商店表現良好，並且網絡持續表現良好，我們將期待 - 盡可能包含促銷活動。

And we're still marketing, basically promotions.

我們仍在營銷，基本上是促銷。

We are spending marketing dollars.

我們正在花費營銷資金。

Going to be one of my questions actually.

實際上將成為我的問題之一。

Are you -- on the marketing side, are you looking at influencers, some things like that, that are relevant to your customer to help kind of drive more of this market share?

您是否 - 在營銷方面，您是否正在尋找與您的客戶相關的影響者，以幫助推動更多的市場份額？

It's part of the mix We have a great marketing department.

這是組合的一部分 我們有一個很棒的營銷部門。

That's part of our secret sauce.

這是我們秘訣的一部分。

Our next question comes from the line of Adrianne Yih with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Adrianne Yih。

So a couple of questions.

所以有幾個問題。

So Chad, I wanted to know if you can talk about, number one, the evolution of this fashion shift and kind of the uptake of sort of more of a mass adoption at this point?

所以乍得，我想知道你是否可以談談，第一，這種時尚轉變的演變以及此時更多的大規模採用的吸收？

And how it specifically impacts the tops?

以及它如何具體影響頂部？

If you already have that bottom positioning, how you can kind of generate the tops turn there into velocity?

如果你已經有了底部定位，你怎麼能把頂部變成速度呢？

And then, Jen, so with Victoria Secret exiting about $300 million a couple of years ago of the swim business, Pink is now exiting a $90 million roughly swim business, do you think you could have an all-year-round kind of swim offering through the direct channel?

然後，Jen，幾年前維多利亞秘密退出了大約 3 億美元的游泳業務，Pink 現在退出了大約 9000 萬美元的游泳業務，你認為你可以全年提供游泳業務嗎？通過直接渠道？

Yes.

是的。

We are seeing a shift in bottom silhouettes, but it's always our goal to drive -- to have the fit for everybody.

我們看到了底部輪廓的轉變，但我們的目標始終是推動——讓每個人都合身。

So we have customers that are at the forefront of fit.

因此，我們的客戶處於最適合的前沿。

And we have customers that have their favorite fits that they want to stick with.

我們的客戶有他們想要堅持的最喜歡的款式。

We are seeing, though, as bottom silhouettes evolve, we are seeing it impact tops.

不過，我們看到，隨著底部輪廓的發展，我們看到它影響頂部。

And we're able to -- we anticipate that.

我們能夠 - 我們預計到這一點。

We're always trying to design the tops and carry the tops assortment to go with the jeans.

我們一直在嘗試設計上衣並提供與牛仔褲搭配的上衣系列。

But as we see that shift in the tops happening, we're able to impact the tops assortment within, from as short as 30 days to maybe 60 days.

但當我們看到上衣發生轉變時，我們能夠在短短 30 天到大約 60 天的時間內影響上衣分類。

And we did that within Q1.

我們在第一季度就做到了。

We had some key learnings in the beginning of February, and we're able to impact new assortments coming in by the end of the quarter.

我們在 2 月初獲得了一些重要的經驗教訓，我們能夠在本季度末影響新的分類。

So our tops team is very agile, and we will always make sure that we have the most relevant tops.

所以我們的上層團隊非常敏捷，我們將始終確保我們擁有最相關的上層。

And for sure, we definitely see an all-year-round swim business for Aerie.

當然，我們肯定會看到 Aerie 的全年游泳業務。

As I mentioned prior -- or on earlier calls, we're still only in 15 states as well.

正如我之前提到的——或者在之前的電話會議中，我們仍然只有 15 個州。

So not only on the direct channel, but as we penetrate some of the southern belt tier in the business, I definitely see a year-round business in swim.

因此，不僅在直銷渠道上，而且隨著我們深入到該業務的一些南部腰帶層，我肯定會看到全年的游泳業務。

And Marni, I didn't get a chance to answer your question prior.

還有 Marni，我之前沒有機會回答你的問題。

But it's a good excuse for me to talk about the power of this platform, #AerieREAL.

但這是我談論這個平台#AerieREAL 的力量的一個很好的藉口。

And I just want to say, we started it years ago, and it's nice to see competition following, but it keeps us ahead of our game.

我只想說，我們幾年前就開始了，很高興看到比賽接踵而至，但這讓我們在比賽中保持領先。

This platform, #AerieREAL, is just so powerful for the brand.

這個平台#AerieREAL 對品牌來說非常強大。

And like I said, it keeps us in the forefront, and we're going to continue to surprise these customers with realness and product categories that service her.

就像我說的那樣，它使我們始終處於領先地位，我們將繼續用為她服務的真實性和產品類別給這些客戶帶來驚喜。

Our final question this morning comes from the line of Rebecca Duval with BlueFin Research.

我們今天早上的最後一個問題來自 BlueFin Research 的 Rebecca Duval。

Just a couple of quick questions.

只是幾個簡單的問題。

One, are you guys -- obviously, denim being such a high penetration of the assortment, are you starting to feel any pressures of some of the rising cotton prices?

一，你們——很明顯，牛仔佈在這個品種中的滲透率如此之高，你們是否開始感受到一些棉花價格上漲的壓力？

Or how should we be thinking about that if there's ways to kind of combat that for you guys?

或者，如果有辦法為你們解決這個問題，我們應該如何考慮？

And then secondly, another question on tops for you, Chad.

其次，乍得，還有一個最重要的問題。

How do you feel about the current kind of depth of some of your bestsellers or the SKU count on the tops business for both men's and women's?

您對目前一些暢銷書的深度或 SKU 對男裝和女裝業務的頂級業務有何看法？

Or do you see further opportunity for improvement there?

或者您認為那裡有進一步改進的機會？

Yes.

是的。

In terms of the margins in jeans, we continue to see nice expansion year-over-year in the margins.

就牛仔褲的利潤率而言，我們繼續看到利潤率同比增長良好。

And we -- our sourcing department works very hard to make sure that like-for-like, we see decreases in cost, and we've continued that.

而且我們 - 我們的採購部門非常努力地確保同類產品的成本降低，並且我們一直在繼續這樣做。

Some of our key items, if you've noticed, some of our key items in men's have gone light as that business has accelerated, and we are chasing inventory and pulling forward to try to build some depth around those areas.

我們的一些關鍵單品，如果您注意到的話，隨著業務的加速，我們在男裝中的一些關鍵單品已經輕裝上陣，我們正在追逐庫存並向前推進，試圖在這些領域建立一些深度。

But we feel good, I think, in total, with the balance in the store between the tops and bottoms choice counts.

但我認為，總的來說，我們感覺很好，商店裡的頂部和底部選擇之間的平衡很重要。

It feels like a good balance we have there to drive the business.

感覺就像我們在那裡推動業務的良好平衡。

And we do make sure we have enough -- we work to make sure we have enough depth in each of the key items to drive that business.

我們確實確保我們有足夠的 - 我們努力確保我們在每個關鍵項目上都有足夠的深度來推動這項業務。

Okay.

好的。

That concludes our call today.

我們今天的電話到此結束。

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

感謝您的參與以及您對 American Eagle Outfitters 的持續關注。

Have a great day.

祝你有美好的一天。

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。

Thank you for your participation.

感謝您的參與。