American Eagle Outfitters Inc (AEO) 2019 Q1 法說會逐字稿

Greetings and welcome to the American Eagle Outfitters' First Quarter 2019 Earnings Conference Call.

問候並歡迎參加 American Eagle Outfitters 的 2019 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, Ms. Judy Meehan, Vice President of Investor Relations for American Eagle Outfitters.

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

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good morning, everyone.

大家，早安。

Joining me today for our prepared remarks are Jay Schottenstein, Chief Executive Officer; Chad Kessler, AE Global Brand President; Jen Foyle, Aerie Global Brand President; 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； Chad Kessler，AE 全球品牌總裁； Jen Foyle，Aerie 全球品牌總裁；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 statement, whether as a result of new information, future events or otherwise, except as required by law.

公司不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因，除非法律要求。

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 our corporate website, aeoinc.com, in the Investor Relations section.

調整後的結果與 GAAP 結果的對賬可在收益發布所附的表格中找到，該發布發佈在我們的公司網站 aeoinc.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。

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。

Thanks, Judy, and good morning, everyone.

謝謝，朱迪，大家早上好。

Thank you for joining us today.

感謝您今天加入我們。

I'm very pleased with our first quarter results.

我對我們第一季度的業績感到非常滿意。

Sales and earnings increased to last year and exceeded our guidance.

銷售額和收益增長至去年，超出了我們的預期。

This was the 17th consecutive quarter of record revenue and positive comparable sales growth.

這是連續第 17 個季度創紀錄的收入和可比銷售額的正增長。

I emphasize, 17 straight quarters.

我強調，連續 17 個季度。

Both American Eagle and Aerie have now delivered multiyear comp growth, which is proof that our strategic growth priorities are delivering strong results.

American Eagle 和 Aerie 現在都實現了多年的薪酬增長，這證明我們的戰略增長重點正在取得強勁的成果。

We are experiencing positive comps in all channels.

我們在所有渠道都經歷了積極的競爭。

Most importantly, our results were a positive report card from customers.

最重要的是，我們的結果是來自客戶的積極成績單。

Our success is a direct result of initiatives to grow our brands, strengthen our customer connection and deliver the very best merchandise collections.

我們的成功是我們發展品牌、加強客戶聯繫和提供最好的商品系列的舉措的直接結果。

Those efforts are delivering returns.

這些努力正在帶來回報。

Last year, we made ambitious investments in our field talent to ensure that customers get a great shopping experience.

去年，我們對我們的現場人才進行了雄心勃勃的投資，以確保客戶獲得出色的購物體驗。

As a result, our store business delivered positive comps for the sixth consecutive quarter.

因此，我們的門店業務連續第六個季度實現了正收益。

We were early investors in technology and omnichannel capabilities and now have a $1 billion-plus digital business, which is growing rapidly.

我們是技術和全渠道能力的早期投資者，現在擁有超過 10 億美元的數字業務，並且正在迅速增長。

This year, we are continuing those investments with an upgraded platform.

今年，我們將通過升級的平台繼續這些投資。

We remain focused on our strategic growth pillars.

我們仍然專注於我們的戰略增長支柱。

To remind you, our priorities include: [grow] American Eagle brand; accelerate the expansion of Aerie; further elevate the customer experience; and deliver strong financial returns while operating within a strong and unified corporate culture.

提醒您，我們的優先事項包括： [發展] American Eagle 品牌；加速Aerie的擴張；進一步提升客戶體驗；並在強大而統一的企業文化中運營的同時提供可觀的財務回報。

Before I turn it over to the team to provide more details in our growth strategies, I'd like to provide my perspective.

在我將其移交給團隊以提供我們增長戰略的更多細節之前，我想提供我的觀點。

Over the past several years, we've been operating in a highly disrupted industry where many brands and retailers have struggled or closed.

在過去的幾年裡，我們一直在一個高度混亂的行業中運營，許多品牌和零售商都在苦苦掙扎或倒閉。

During this time, we've been strengthening our business and winning market share.

在此期間，我們一直在加強我們的業務並贏得市場份額。

We made the right investments and focused our efforts on the things that matter, our merchandise, omnichannel capabilities and customer experience.

我們進行了正確的投資，並將我們的精力集中在重要的事情、我們的商品、全渠道能力和客戶體驗上。

As a result, we have enhanced our competitive advantage and transformed our business.

因此，我們增強了競爭優勢並改變了我們的業務。

American Eagle has solidified its leadership with a winning signature jeans collection and customer-first brand platform.

American Eagle 憑藉獲獎的標誌性牛仔褲系列和客戶至上的品牌平台鞏固了其領導地位。

With Aerie, we built one of the most relevant new brands and best growth concepts in the market today, which is fueled by the deep emotional connection our customers have with that brand.

通過 Aerie，我們建立了當今市場上最相關的新品牌和最佳增長概念之一，這得益於我們的客戶與該品牌的深厚情感聯繫。

We have accomplished a lot in the past several years, and we are not slowing down.

在過去的幾年裡，我們取得了很多成就，而且我們並沒有放慢腳步。

Today, we are better positioned than ever to capitalize on the disruption across the industry.

今天，我們比以往任何時候都更有能力利用整個行業的顛覆。

In addition to our strong brands, we have the best talent, strong financials and free cash flow and operation infrastructure to support further growth.

除了我們強大的品牌之外，我們還擁有最優秀的人才、強大的財務狀況以及自由現金流和運營基礎設施，以支持進一步的增長。

As I sit here today, I'm more confident than ever in our near-term and long-term opportunities.

當我今天坐在這裡時，我對我們的近期和長期機會比以往任何時候都更有信心。

We are focused on profitable growth and driving shareholder returns.

我們專注於盈利增長和推動股東回報。

Thanks to the team for outstanding execution.

感謝團隊出色的執行力。

And now, I'll turn the call 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。

We continue to deliver growth in the American Eagle brand.

我們繼續實現 American Eagle 品牌的增長。

We achieved record revenues, which increased $32 million over last year.

我們實現了創紀錄的收入，比去年增加了 3200 萬美元。

Our momentum is strong.

我們的勢頭強勁。

AE Brand comps were up 4% following a 4% increase last year and accelerating from a 3% increase in the fourth quarter.

AE 品牌組合在去年增長 4% 之後增長了 4%，並且從第四季度的 3% 增長加速。

This marks our eighth consecutive quarter of comp sales gains reflecting AE's growing brand strength and our commitment to giving our customers the highest levels of innovation, quality, style and value.

這標誌著我們連續第八個季度的銷售額增長，反映了 AE 不斷增長的品牌實力以及我們致力於為客戶提供最高水平的創新、質量、風格和價值。

Sales metrics were also strong in AE stores with increases in conversion rate and transaction.

隨著轉化率和交易量的增加，AE 商店的銷售指標也很強勁。

Investments in our stores and improved customer engagement are paying off.

對我們商店的投資和提高客戶參與度正在獲得回報。

We continue to drive positive store comps with traffic outpacing them all and sales outpacing traffic.

我們繼續推動積極的商店組合，流量超過所有流量，銷售額超過流量。

Our robust online business was fueled by a significant increase in mobile, which is now over 50% of our digital business.

移動業務的顯著增長推動了我們強勁的在線業務，現在移動業務占我們數字業務的 50% 以上。

I want to take a minute to talk about jeans.

我想花點時間談談牛仔褲。

American Eagle jeans continue to show incredible strength and consistency with positive comps and record performance across genders.

American Eagle 牛仔褲繼續表現出令人難以置信的力量和一致性，具有積極的組合和跨性別的創紀錄表現。

This was the 23rd straight quarter of record jeans sales.

這是牛仔褲銷量連續第 23 個季度創紀錄。

AE is the #1 women's jeans brand in America.

AE 是美國排名第一的女式牛仔褲品牌。

We are the #2 jeans brand overall.

我們是整體排名第二的牛仔褲品牌。

We are committed to expanding our leadership in women's and increasing our share in our men's business where we are already #1 in our core 15- to 25-year-old age group.

我們致力於擴大我們在女裝領域的領導地位，並增加我們在男裝業務中的份額，我們已經在 15 至 25 歲的核心年齡組中排名第一。

While we are proud of what we have achieved, we know we have so much more opportunity.

雖然我們為我們所取得的成就感到自豪，但我們知道我們有更多的機會。

There's significant runway in our business as we raise the bar with new fits, fabrics and innovation that our customers love.

隨著我們通過客戶喜愛的新款式、面料和創新提高標準，我們的業務有了重要的發展。

We're also focused on expanding our reach and getting new customers into American Eagle jeans.

我們還專注於擴大我們的影響力並吸引新客戶購買 American Eagle 牛仔褲。

This back-to-school, we will offer our broadest, most inclusive jeans collection ever.

這次返校，我們將提供有史以來最廣泛、最具包容性的牛仔褲系列。

For women, we are launching a new curvy jean collection, an innovation that answers a previously unmet need.

對於女性，我們正在推出一個新的曲線牛仔褲系列，這是一項滿足以前未滿足的需求的創新。

And we are expanding our size range to include double 0 to size 24 in every jeans style in every store, which will attract new customers to our brand.

我們正在擴大我們的尺碼範圍，在每家商店的每種牛仔褲款式中都包括雙 0 到 24 碼，這將吸引新客戶加入我們的品牌。

In men's, we are rolling out new fabric innovation and new fits and also broadening the size range up to a 48-inch waist with more offerings in length across all sizes.

在男裝方面，我們正在推出新的面料創新和新版型，並將尺碼範圍擴大到 48 英寸腰圍，並提供各種尺碼的更多長度。

Our size expansion will deliver on our brand promise of inclusivity and will drive share gains by making us more relevant to more customers than ever before.

我們的規模擴張將兌現我們對包容性的品牌承諾，並將通過使我們比以往任何時候都更與更多客戶相關來推動份額增長。

Of course, we continue to focus on great outfitting with tops and accessories that perfectly complement our jeans, making American Eagle the shopping destination of choice this back-to-school season and beyond.

當然，我們將繼續專注於與牛仔褲完美搭配的上衣和配飾，使 American Eagle 成為返校季及以後的購物目的地。

To drive the best product innovation, we are focused both on new fabrics and also continually seeking the best manufacturing techniques to maintain our dominance.

為了推動最好的產品創新，我們既專注於新面料，也不斷尋求最好的製造技術來保持我們的主導地位。

This means delivering consistent quality and improving sustainability.

這意味著提供一致的質量並提高可持續性。

Our factories have made significant investments in laser processing and updated techniques to reduce water usage and minimize environmental impact.

我們的工廠在激光加工和更新技術方面進行了大量投資，以減少用水量並最大限度地減少對環境的影響。

We are increasing our use of more sustainable fabrics and more responsibly sourced raw material.

我們正在增加使用更可持續的面料和更負責任的原材料。

In fact, every single one of our jeans is made, in part, with recycled polyester.

事實上，我們的每一條牛仔褲都有一部分是用回收的聚酯製成的。

Based on the overwhelming response to our jeans recycling program, we have committed to offering this service year-round.

基於對我們的牛仔褲回收計劃的熱烈反響，我們承諾全年提供這項服務。

We will be turning some of these jeans into apparel in future seasons.

我們將在未來幾季將其中一些牛仔褲變成服裝。

And because we [feel] directly to our customers, we offer all of this jean innovation at a better value than our wholesale competitors.

而且因為我們[感受]直接給我們的客戶，我們以比我們的批發競爭對手更好的價值提供所有這些牛仔褲創新。

I'm extremely proud of how far we've come in the past several years.

我為我們在過去幾年取得的成就感到非常自豪。

Within the context of a disrupted retail environment, American Eagle is stronger than ever with significant opportunity ahead.

在零售環境中斷的背景下，American Eagle 比以往任何時候都更加強大，並面臨著巨大的機遇。

The AE brand platform is helping us build a real relationship with our customers positioning AE as a leading voice for this generation.

AE 品牌平台正在幫助我們與客戶建立真正的關係，將 AE 定位為這一代人的領軍人物。

Our spring campaign pushed the brand platform further by showcasing the cast as they wanted to be seen.

我們的春季活動通過展示他們希望看到的演員陣容，進一步推動了品牌平台。

The first time our brand is given talent the power to compose their own styling and images.

我們的品牌第一次被賦予了創作自己的風格和形象的能力。

We have seen rising brand perception, an increase in brand relevance, positive customer retention rates and increased spending.

我們看到了品牌認知度的提高、品牌相關性的提高、積極的客戶保留率和支出的增加。

We recently introduced the AE X Me Council consisting of 9 real American Eagle customers serving as advisers across our brands.

我們最近推出了 AE X Me 委員會，該委員會由 9 位真正的 American Eagle 客戶組成，擔任我們品牌的顧問。

Our council members are leaders and change makers in their generation.

我們的理事會成員是他們這一代的領導者和變革者。

These amazing young women and men have inspired us to think differently about how we speak to our customers.

這些了不起的年輕女性和男性激勵我們以不同的方式思考我們如何與客戶交談。

They've helped us more effectively merchandise our assortments.

他們幫助我們更有效地銷售我們的產品。

They've influenced the causes we support, and social content we've created with them is positively shaping the perception and purchase consideration of AE, both among existing and potential customers.

他們影響了我們支持的事業，我們與他們一起創建的社交內容正在積極塑造 AE 在現有和潛在客戶中的看法和購買考慮。

We look forward to their ongoing influence and contributions.

我們期待他們持續的影響和貢獻。

I'm very pleased with the start of 2019, and I'm very optimistic about the balance of the year.

我對 2019 年的開始感到非常滿意，我對今年的餘額非常樂觀。

To the team, thanks for the great work and the amazing talent and effort you bring every day.

感謝團隊，感謝您每天帶來的出色工作以及驚人的才能和努力。

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。

I'm extremely pleased to report another record quarter for Aerie.

我非常高興地報告 Aerie 又一個創紀錄的季度。

Revenues rose 20%, and we posted a 14% comparable sales increase in the first quarter.

收入增長了 20%，我們公佈第一季度可比銷售額增長了 14%。

The 14% comp built on a 38% increase last year.

14% 的薪酬是在去年增長 38% 的基礎上形成的。

That's a 2-year stack of 52%.

這是 52% 的 2 年堆棧。

This also marked our 18th consecutive quarter of double-digit sales growth.

這也標誌著我們連續第 18 個季度實現兩位數的銷售額增長。

It's really exciting to see the consistency of Aerie's growth as we continue to capture meaningful market share.

隨著我們繼續獲得有意義的市場份額，看到 Aerie 的持續增長真是令人興奮。

We saw positive traffic and improved conversion rates in the stand-alone stores.

我們在獨立商店中看到了積極的客流量和提高的轉化率。

The health of our business is based on successfully expanding our brand and growing Aerie's customer base, which increased this quarter also.

我們業務的健康發展基於成功擴展我們的品牌和擴大 Aerie 的客戶群，本季度也有所增加。

We saw the customer retention rates that were strong to last year.

我們看到與去年相比強勁的客戶保留率。

In fact, they are an 8% increase.

事實上，它們增加了 8%。

All areas of the business performed well.

各業務領域表現良好。

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

我們在第一季度的多個類別中公佈了創紀錄的銷售額，包括文胸、內衣、服裝和游泳。

Performance was led by continued newness, especially in apparel.

持續的新品引領了業績，尤其是在服裝方面。

We have invested in key categories as we look to fuel brand growth, our customer love; Aerie's emphasis on cozy, casual, comfortable and active.

我們在關鍵類別上進行了投資，以推動品牌增長和客戶的喜愛； Aerie 強調舒適、休閒、舒適和活躍。

Two additional strategic growth areas for Aerie have been swim and bralettes, which, once again, delivered in this quarter.

Aerie 的另外兩個戰略增長領域是游泳和文胸，它們在本季度再次交付。

Despite unseasonal weather, we saw positive sales in swim driven by an amazing in-store and fitting room experience.

儘管天氣非季節性，但我們看到了令人驚嘆的店內和試衣間體驗推動的游泳銷售額。

And several years ago, we led the industry with the launch of the bralette, which put Aerie on the map as a true innovator and a product leader.

幾年前，我們推出了文胸，引領行業，這使 Aerie 成為真正的創新者和產品領導者。

This also continues to be an exciting area of growth.

這也將繼續是一個令人興奮的增長領域。

In addition to creating collections that emotionally connect with our brand in the range of customers, brand building efforts are a top priority for us.

除了在客戶範圍內創建與我們的品牌產生情感聯繫的系列外，品牌建設工作是我們的首要任務。

We continue to see very positive results on social media.

我們繼續在社交媒體上看到非常積極的結果。

We've had significant growth in followers, especially on Instagram, where our Love the Swim You're In campaign generated strong posts.

我們的追隨者顯著增長，尤其是在 Instagram 上，我們的 Love the Swim You're In 活動在 Instagram 上產生了強大的帖子。

The port from our inspirational #AerieREAL model, influencers and Aerie followers are continuing to expand our reach.

我們鼓舞人心的#AerieREAL 模型、影響者和 Aerie 追隨者的端口正在繼續擴大我們的影響力。

Customer engagement in the quarter was also driven by grassroot efforts.

本季度的客戶參與度也受到基層努力的推動。

This spring, our camp Aerie pop-up tour brought the brand to new customers across 8 college campuses.

今年春天，我們的營地 Aerie 快閃之旅將這個品牌帶給了 8 個大學校園的新客戶。

And to fuel the #AerieREAL community, this spring, we produced a new content platform, #AerieREAL Life.

為了給#AerieREAL 社區加油，今年春天，我們製作了一個新的內容平台#AerieREAL Life。

It's a great place for customers and brand loyalists to share thoughts and ideas that the future at #AerieREAL community and -- can strengthen the connection up to our customers.

這是客戶和品牌忠誠者分享#AerieREAL 社區未來的想法和想法的好地方，並且可以加強與客戶的聯繫。

In this first quarter, business was positive across all channels as well with both digital and stores posting record sales.

在第一季度，所有渠道的業務都是積極的，數字和商店都創下了銷售記錄。

All store formats performed positively with double-digit comps in both stand-alone and side-by-side locations, and we are thrilled with the results in our new market store design.

所有商店格式在獨立和並排位置均以兩位數的比例表現良好，我們對新市場商店設計的結果感到興奮。

Over the past year, we remodeled 15 stores into the new design, and we are seeing comps nicely exceed the chain average.

在過去的一年裡，我們將 15 家商店改造成新設計，我們看到的組合大大超過了連鎖店的平均水平。

Our new store performance has also been stronger than ever, and we are excited to open a total of 60 to 75 locations this year.

我們的新店業績也比以往任何時候都強，我們很高興今年將開設 60 至 75 家門店。

As we look forward, we are committed to driving double-digit growth for Aerie as we move into new markets, expand existing markets and rapidly grow our customer base.

展望未來，隨著我們進入新市場、擴大現有市場並迅速擴大我們的客戶群，我們致力於推動 Aerie 實現兩位數的增長。

Thanks to the amazing Aerie team, again, for all your great work, and I look forward to another outstanding year.

再次感謝令人驚嘆的 Aerie 團隊，感謝你們所做的出色工作，我期待著又一個出色的一年。

And now, I hand the call over to Bob.

現在，我把電話交給鮑勃。

Thanks, Jen, and good morning, everyone.

謝謝，珍，大家早上好。

We're pleased with our first quarter results, particularly the top line performance, which exceeded our expectations.

我們對我們的第一季度業績感到滿意，尤其是超出我們預期的頂線業績。

American Eagle comps were up 4% in the first quarter and Aerie comps increased 14%.

第一季度 American Eagle 的組合增長了 4%，Aerie 的組合增長了 14%。

We saw positive comps across all channels for both brands.

我們看到這兩個品牌的所有渠道都取得了積極的回報。

As many other retailers have indicated, the quarter started slow with a cold start to spring.

正如許多其他零售商所表明的那樣，本季度開局緩慢，春季開局很冷。

This led to increased promotional activity putting a bit of pressure on our gross margin.

這導致促銷活動增加，給我們的毛利率帶來了一些壓力。

However, gross profit dollars improved, we gained market share, exceeded our guidance and reported earnings growth over a strong period last year.

然而，毛利潤有所改善，我們獲得了市場份額，超過了我們的指導，並報告了去年強勁時期的盈利增長。

My comments will focus on the adjusted first quarter results, which exclude certain items as detailed in the press release and tables in the investor presentation.

我的評論將集中在調整後的第一季度業績上，其中不包括新聞稿中詳述的某些項目和投資者演示文稿中的表格。

Total revenue increased $63 million for the first quarter, rising 8% to a record $886 million.

第一季度總收入增加了 6300 萬美元，增長 8%，達到創紀錄的 8.86 億美元。

Comparable sales increased 6% building on 9% growth last year.

可比銷售額在去年增長 9% 的基礎上增長了 6%。

Despite the slow start, we saw a pickup in sales as we entered the spring break and Easter holiday.

儘管起步緩慢，但隨著我們進入春假和復活節假期，我們看到銷售額有所回升。

Importantly, both our core brands continue to capture market share.

重要的是，我們的兩個核心品牌繼續佔領市場份額。

I'm pleased to note the brick-and-mortar stores for both brands posted positive comp sales during the period, marking the sixth consecutive quarter of growth.

我很高興地註意到，這兩個品牌的實體店在此期間均實現了正的銷售額，連續第六個季度實現增長。

On a consolidated basis, stores increased in the low single digits with positive comps across all geographic regions in the U.S. Digital sales rose in the low double digits reaching 30% of total revenue, up a 100 basis points from 29% last year.

在綜合基礎上，美國所有地理區域的商店均以低個位數增長，銷售額為正數。數字銷售額以低兩位數增長，達到總收入的 30%，比去年的 29% 高出 100 個基點。

We saw the biggest increases coming from our app and mobile channels, which, combined, now represent more than half of our digital business.

我們看到最大的增長來自我們的應用程序和移動渠道，它們現在占我們數字業務的一半以上。

Gross profit increased $21 million or 7% to $325 million from $304 million last year.

毛利潤從去年的 3.04 億美元增加 2100 萬美元或 7% 至 3.25 億美元。

The gross margin rate contracted 30 basis points to 36.7% of revenue.

毛利率收縮 30 個基點至收入的 36.7%。

This reduction in rate reflects a higher markdown rate and increases in digital delivery expense and compensation costs, which were partially offset by rent leverage and lower product costs.

費率的下降反映了更高的降價率以及數字交付費用和補償成本的增加，這部分被租金槓桿和較低的產品成本所抵消。

Selling, general and administrative expense of $231 million increased 50 basis points as a percentage of revenues to 26%.

銷售、一般和管理費用為 2.31 億美元，佔收入的百分比增加了 50 個基點，達到 26%。

Store compensation was the largest contributor to the increase.

商店薪酬是增長的最大貢獻者。

This was mainly due to the continued impact of our investments in customer-facing store payroll and wages, which began in mid-2018.

這主要是由於我們從 2018 年年中開始對面向客戶的商店工資和工資進行投資的持續影響。

We invested in incremental marketing this quarter to support Aerie sponsorship of Captain Marvel to support greater brand awareness.

本季度我們投資了增量營銷，以支持 Aerie 對驚奇隊長的讚助，以提高品牌知名度。

Increased professional fees also contributed to the $20 million increase from $210 million last year.

增加的專業費用也促成了從去年的 2.1 億美元增加的 2,000 萬美元。

Depreciation and amortization increased $3 million to $45 million, yet was flat as a rate to revenue at 5.1% compared to last year.

折舊和攤銷增加了 300 萬美元至 4500 萬美元，但與去年相比，收入增長率為 5.1%。

Adjusted operating income declined 6% to $49 million from $52 million last year.

調整後的營業收入從去年的 5200 萬美元下降 6% 至 4900 萬美元。

Our operating margin declined 80 basis points to 5.6% as a rate of revenue.

作為收入比率，我們的營業利潤率下降了 80 個基點至 5.6%。

The effective tax rate of 22% compared to 22.1% last year.

有效稅率為22%，而去年為22.1%。

Adjusted EPS of $0.24 increased 4% from $0.23 last year and came in ahead of our guidance.

調整後每股收益為 0.24 美元，比去年的 0.23 美元增長 4%，高於我們的預期。

Adjusted earnings in the first quarter excluded restructuring charges of $1.5 million or approximately $0.01 per share.

第一季度的調整後收益不包括 150 萬美元或每股約 0.01 美元的重組費用。

Now regarding inventory which can be found on Page 9 of the investor presentation.

現在關於可以在投資者介紹的第 9 頁找到的庫存。

We ended the quarter with inventory at cost of $456 million, up 13% from last year with units up 10% versus the year ago period.

我們在本季度末的庫存成本為 4.56 億美元，比去年增長 13%，單位比去年同期增長 10%。

This increase reflects strong demand and expanded collections for American Eagle jeans and new store growth for Aerie.

這一增長反映了對 American Eagle 牛仔褲的強勁需求和擴大的系列以及 Aerie 的新店增長。

In addition, we ended the quarter with 12 clearance stores, up from 5 last year, which also contributed to the increase in pending inventory.

此外，我們在本季度末有 12 家清倉店，高於去年的 5 家，這也促成了待處理庫存的增加。

Capital expenditures totaled $37 million in the first quarter, and we continue to expect CapEx to be in the range of $200 million to $215 million for the year.

第一季度的資本支出總額為 3700 萬美元，我們繼續預計今年的資本支出將在 2 億美元至 2.15 億美元之間。

The planned increase in capital spending is primarily driven by increased Aerie store openings.

計劃中的資本支出增加主要是由於 Aerie 商店開業的增加。

During the quarter, we also completed $20 million in share repurchases and paid $24 million in dividends to shareholders.

在本季度，我們還完成了 2000 萬美元的股票回購併向股東支付了 2400 萬美元的股息。

As a result of our strong free cash flow generation, we ended the quarter with total cash and investments of $350 million, up $40 million or 13% to last year.

由於我們強大的自由現金流產生，我們在本季度末的總現金和投資為 3.5 億美元，比去年增加 4,000 萬美元或 13%。

Looking at our real estate portfolio.

看看我們的房地產投資組合。

Our 2019 priorities are to accelerate the growth of Aerie with approximately 60 to 75 store openings, to reposition and remodel AE stores and continue expanding our global footprint.

我們 2019 年的優先事項是加速 Aerie 的發展，開設約 60 至 75 家門店，重新定位和改造 AE 門店，並繼續擴大我們的全球足跡。

Additional store information can be found on Pages 12 through 16 in the investor presentation.

其他商店信息可在投資者介紹的第 12 頁至第 16 頁上找到。

Regarding tariffs.

關於關稅。

Those announced to date are immaterial.

迄今為止宣布的那些是無關緊要的。

However, if tariffs are expanded to apparel, there would be an adverse effect on our financial results.

但是，如果關稅擴大到服裝，將對我們的財務業績產生不利影響。

With that said, we are actively collaborating with our sourcing partners and believe we can significantly mitigate any potential impact from additional tariffs.

話雖如此，我們正在積極與我們的採購合作夥伴合作，並相信我們可以顯著減輕額外關稅的任何潛在影響。

We are also working to further diversify our production capabilities across geographies.

我們還在努力進一步使我們的生產能力在各個地區多樣化。

Now looking ahead.

現在展望未來。

We expect second quarter earnings per share in the range of $0.30 to $0.32, which assumes comparable sales growth in the positive low single digits.

我們預計第二季度每股收益在 0.30 美元至 0.32 美元之間，假設可比銷售額增長為正的低個位數。

Our second quarter guidance compares to EPS of $0.34 last year and excludes potential impairment and restructuring charges.

我們的第二季度指引與去年的每股收益 0.34 美元相比，不包括潛在的減值和重組費用。

In summary, we are very pleased with our performance to start the year, and are confident in our outlook for the remainder of the year.

總而言之，我們對年初的表現非常滿意，並對今年剩餘時間的前景充滿信心。

We are in a market-leading position, continue to capture market share and are taking advantage of a disrupted marketplace.

我們處於市場領先地位，繼續佔領市場份額，並正在利用顛覆性的市場。

As the team discussed, we are focused on our strategic initiatives, which will continue to generate financial returns to our shareholders.

正如團隊所討論的那樣，我們專注於我們的戰略舉措，這將繼續為我們的股東帶來財務回報。

Thanks.

謝謝。

And now, we'd like to take your questions.

現在，我們想回答您的問題。

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

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

Congratulations on the strong top line.

祝賀強勁的頂線。

Bob, I was hoping you could help us think a little bit more about the second quarter guidance.

鮑勃，我希望你能幫助我們更多地思考第二季度的指導。

Just what are you expecting in terms of margin complexion between gross margin and SG&A?

您對毛利率和 SG&A 之間的利潤率有何預期？

And particularly, on the gross margin side, if you could just help us think about the inputs between markdowns, delivery, rent, et cetera, that would be helpful.

特別是在毛利率方面，如果你能幫助我們考慮降價、交付、租金等之間的投入，那將是有幫助的。

Yes.

是的。

Thank you, Kate.

謝謝你，凱特。

Appreciate the question.

欣賞這個問題。

So you can really expect gross margin, particularly on the merch margin line, to experience very similar pressure to what we experienced in Q1.

因此，您真的可以預期毛利率，特別是在商品利潤率線上，會經歷與我們在第一季度經歷的壓力非常相似的壓力。

We actually leveraged BOW expenses in the quarter based on the fact that we delivered a mid-single-digit comp.

我們實際上在本季度利用了 BOW 費用，因為我們提供了中個位數的補償。

With the low-single-digit comp guidance, we're actually expecting to deleverage BOW expenses.

憑藉低個位數的薪酬指導，我們實際上期望降低 BOW 費用。

So you'll see a little more pressure on the gross margin overall than what we saw in Q1.

因此，與我們在第一季度看到的相比，您會看到整體毛利率面臨更大的壓力。

Related to SG&A expense guidance for the quarter, we've been pretty consistent reiterating the fact that we're going to continue to invest in things like store payroll and advertising.

與本季度的 SG&A 費用指導相關，我們一直在重申我們將繼續投資於商店工資和廣告等方面的事實。

That investment, incremental investment started at the end of Q2 last year.

這筆投資，增量投資始於去年第二季度末。

So we continue to incrementally invest in Q1.

因此，我們繼續在第一季度進行增量投資。

Our SG&A expense was up $21 million or 10%.

我們的 SG&A 費用增加了 2100 萬美元或 10%。

That is sequentially going to start to decrease.

這將依次開始減少。

And you should expect SG&A expense increase to be less than what we saw in Q1, and that the percentage increase would be roughly half of what we saw in the first quarter.

您應該預計 SG&A 費用增長將低於我們在第一季度看到的，並且百分比增長將大約是我們在第一季度看到的一半。

So -- but it sounds like we should still expect SG&A deleverage in 2Q.

所以——但聽起來我們仍然應該期待第二季度的 SG&A 去槓桿化。

Is that fair?

這公平嗎？

You should expect SG&A deleverage in Q2, but at a much lower deleveraging rate than we saw in Q1.

您應該預計第二季度的 SG&A 去槓桿化，但去槓桿化率比我們在第一季度看到的要低得多。

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

（操作員說明）我們的下一個問題來自 Citi 的 Paul Lejuez。

I'm wondering if you could talk about the performance of your new Aerie stores relative to expectations for both the stand-alone and side-by-side.

我想知道您是否可以談談您的新 Aerie 商店相對於獨立和並排的預期的表現。

And I'm also curious if you could speak to the performance of your AE stores that are side-by-side to an Aerie and also those that are in a mall where there's an Aerie stand-alone.

我也很好奇你是否可以談談與 Aerie 並排的 AE 商店的表現，以及那些在有 Aerie 獨立的商場中的商店的表現。

If you could talk about the AE stores versus the rest of the chain that are in malls without any Aerie.

如果您可以談論 AE 商店與沒有任何 Aerie 的商場中的其他連鎖店。

I mean the comps that I just mentioned are basically across all of the various formats.

我的意思是我剛才提到的組合基本上涵蓋了所有各種格式。

So I'm really pleased with the 14% comp, just to reiterate.

所以我對 14% 的補償感到非常滿意，重申一下。

In this environment today, what we're seeing out there, a highly promotional environment.

在今天的這種環境中，我們看到的是一個高度宣傳的環境。

And our -- all of our formats held strong.

而我們——我們所有的格式都保持強勁。

So that said, what we're most pleased with is what we're seeing in some of our traditional malls, our older stores, that we renovated.

話雖如此，我們最滿意的是我們在一些傳統購物中心、舊商店和我們翻新的商店中看到的東西。

There were about 15 this quarter.

本季度大約有 15 個。

They are seeing well above average, above the average comp.

他們看到的遠高於平均水平，高於平均水平。

So we're focusing on not only opening up new stores, but refurbishing our old.

因此，我們不僅專注於開設新店，還專注於翻新舊店。

And we're constantly looking at our assortments in these on various formats that can optimize our product offerings, and we see still opportunity there.

我們一直在以各種格式查看我們的分類，以優化我們的產品供應，我們仍然看到了機會。

We can focus in some of our smaller stores and give them even more depth in their key items to even grow their businesses at the same rate that they are, like I said.

我們可以專注於我們的一些較小的商店，讓他們更深入地了解他們的關鍵項目，甚至以與他們相同的速度發展他們的業務，就像我說的那樣。

But just as we look ahead, we think we can even do more in some of these smaller formats, and we're really excited about what we delivered in Q1.

但正如我們展望未來一樣，我們認為我們甚至可以在這些較小的格式中做更多的事情，我們對我們在第一季度交付的內容感到非常興奮。

Yes.

是的。

And I think for AE, it does help our women's business when we have Aerie in the same mall, whether it's a side-by-side or a stand-alone.

我認為對於 AE 來說，當我們在同一個購物中心擁有 Aerie 時，它確實有助於我們的女性業務，無論是並排的還是獨立的。

I think anytime you have a strong brand that brings traffic to the mall, it's good for us.

我認為任何時候你有一個強大的品牌，為商場帶來流量，這對我們有好處。

So we like a healthy retail environment bringing in traffic, and Aerie brings in traffic to the mall.

因此，我們喜歡健康的零售環境帶來客流量，而 Aerie 則為商場帶來客流量。

So that's great.

那太好了。

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

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

Congratulations to everybody.

祝賀大家。

What a great result.

多麼棒的結果。

It was really a tough quarter.

這真的是一個艱難的季度。

Chad, my first question for you.

乍得，我問你的第一個問題。

Can you discuss the promotional backdrop?

你能談談促銷背景嗎？

It seems like when you do have a little -- to give a little bit of merch margin, you get it back in spades in market share.

似乎當你確實有一點 - 給予一點商品利潤時，你會在市場份額中得到它的黑桃。

So is there any indication that, that AUR is reaching a low point?

那麼有沒有跡象表明，AUR 正在達到一個低點？

For Jen, I mean another outstanding results.

對於 Jen，我的意思是另一個出色的結果。

So can you talk about as they continue to donate market share, how much faster would you be willing to accelerate your store expansion?

那麼你能談談當他們繼續捐贈市場份額時，你願意以多快的速度加速你的商店擴張？

And then Bob, really quickly.

然後鮑勃，真的很快。

Tariffs' exposure and sourced into China and Mexico.

關稅風險和採購到中國和墨西哥。

Thanks, Adrienne.

謝謝，阿德里安。

So for AE, I think it has been a very promotional environment.

所以對於AE來說，我認為這是一個非常有宣傳的環境。

And I think we continue to drive -- especially in a sort of 11 month to the year in the first 3 quarters, continue to outperform the sector being at full price as we can and really relying on the strength of our jeans business and the strength of the brand to drive traffic, and then the store investments to drive conversion.

而且我認為我們會繼續推動——尤其是在今年前 3 個季度的 11 個月內，繼續以全價超越該行業，並真正依靠我們牛仔褲業務的實力和實力品牌推動流量，然後商店投資推動轉化。

I don't see -- we expect our plans going forward to be -- not to be -- to not be any more promotional than we've been last year.

我不認為 - 我們預計我們的計劃未來會 - 不會 - 不會比去年更具促銷性。

I think that -- we find that when we get more promotional that it's actually harder to drive some of the sales expansion.

我認為 - 我們發現，當我們獲得更多促銷時，實際上更難推動一些銷售擴張。

So our goal is to continue to lean in on our store experience, our brand and our product strength and win that way.

所以我們的目標是繼續依靠我們的商店體驗、我們的品牌和我們的產品實力，並以這種方式獲勝。

Great.

偉大的。

Adrienne, just to clarify on your question, just what -- are you asking what contributes to our increased market share?

Adrienne，只是為了澄清你的問題，你問的是什麼有助於我們增加市場份額？

If that was the question, really, it's all of our categories and the continued focus on customer acquisition and retention.

如果這是問題所在，真的，這是我們所有的類別以及對客戶獲取和保留的持續關注。

And as we expand in the new markets, my team has an incredible strategy.

隨著我們在新市場的擴張，我的團隊制定了一個令人難以置信的戰略。

The marketing team is really pulling it out on when we enter a new market, how do we engage a new customer and get her into our brand.

當我們進入一個新市場時，營銷團隊真的很努力，我們如何吸引新客戶並讓她進入我們的品牌。

So that's a high -- that's really a major focus of what we are up to today.

所以這是一個很高的 - 這確實是我們今天要做的一個主要焦點。

And then we're opening up stores as fast as we can.

然後我們會盡快開店。

We're talking about 70 this year.

我們談論的是今年 70 歲。

I think if I did any more, my team might keel over, Adrienne.

我想如果我再這樣做，我的團隊可能會倒下，Adrienne。

They're working as hard as we can to get into new markets as fast as we can, markets that we need to expand in currently, and then we're really getting into Texas and California this year, which we're really excited about.

他們正在盡我們所能盡快進入新市場，我們目前需要擴展的市場，然後我們今年真正進入德克薩斯州和加利福尼亞州，我們對此感到非常興奮.

One thing that actually drives the pace at which we open Aerie stores also is just the supply of desirable locations.

真正推動我們開設 Aerie 商店步伐的一件事就是提供理想的地點。

We're really looking for 40-, 50-yard line locations in a mall, not looking to sacrifice getting into a location in a less than optimal positioning in the mall.

我們真的在尋找商場中 40 碼、50 碼線的位置，而不是犧牲進入商場中不太理想的位置。

So we're being patient and prudent in that growth.

因此，我們在這種增長中保持耐心和謹慎。

Related to...

相關...

But also to add, Bob, is developers want our content.

但還要補充一點，Bob，是開發人員想要我們的內容。

That's right.

這是正確的。

We're like the retailer of choice.

我們就像首選的零售商。

That's exactly right.

這是完全正確的。

So they're actually opening up space for us in that retail today.

所以他們實際上在今天的零售中為我們開闢了空間。

Sure.

當然。

Thank you.

謝謝你。

Related to tariffs, China, Mexico, Mexico is a nonevent for us, essentially.

與關稅有關，中國、墨西哥、墨西哥對我們來說基本上是無關緊要的。

The biggest issue I have with Mexico tariffs is that I think the price of avocados is going to go up, and that's one of my favorite fruits.

我對墨西哥關稅的最大問題是我認為鱷梨的價格會上漲，這是我最喜歡的水果之一。

Related to China, we've got very strong relationships with our manufacturers.

與中國有關，我們與製造商建立了非常牢固的關係。

We are the customer of choice just based on the amount of business that we do with them and the relationships that we have.

我們是首選客戶，僅基於我們與他們開展的業務量以及我們擁有的關係。

We've been working through the China tariff possibility for quite a while with them.

我們與他們一起研究中國關稅的可能性已經有一段時間了。

And we feel very confident that we will be able to significantly or substantially mitigate any potential impact of China tariffs should they go through in addition of the fact that we are constantly looking to diversify the geographies that we do produce our inventory, and we will continue that exercise.

我們非常有信心，我們將能夠顯著或大幅減輕中國關稅的任何潛在影響，此外我們一直在尋求使我們生產庫存的地域多樣化，我們將繼續那個練習。

So everybody's waiting with bated breath to see what happens with this China trade war, but I think we are in a great position to mitigate it significantly should it occur.

因此，每個人都在屏息等待，看看這場中國貿易戰會發生什麼，但我認為，如果它發生，我們可以大大緩解它。

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。

Given such a strong first quarter performance across brands, can you walk us through your thought process behind second quarter comp guidance that does imply a meaningful deceleration and how quarter-to-date trends are factored into your planning and how they're running today?

鑑於各品牌第一季度的強勁表現，您能否向我們介紹您在第二季度業績指引背後的思考過程，該指引確實暗示了有意義的減速，以及季度至今的趨勢如何被納入您的計劃以及它們今天的運行情況？

Yes.

是的。

Our second quarter comp guidance takes in consideration not only current business, but anticipated business.

我們的第二季度業績指引不僅考慮了當前業務，還考慮了預期業務。

And we feel as though May got off to a slightly slow start.

我們覺得 May 的起步有點慢。

It was somewhat unseasonably cool continuation from Q1, but we feel very confident in our ability to drive the remainder of the business through the rest of the quarter.

從第一季度開始有點不合時宜的涼爽延續，但我們對我們在本季度剩餘時間推動其餘業務的能力充滿信心。

And we feel very confident with the comp guidance that we gave.

我們對我們提供的補償指導感到非常有信心。

But, Bob, to add to that question, that despite all that, we still comped on a positive comp, and we didn't have the best conditions out there.

但是，鮑勃，補充一下這個問題，儘管如此，我們仍然以積極的方式進行比賽，而且我們沒有最好的條件。

If we had better weather and better feeling out there with the consumer, everything works well.

如果我們有更好的天氣和更好的消費者感覺，一切都會很好。

And that even despite what's going on out there, we're still comping.

即使外面發生了什麼，我們仍然在競爭。

We're not only comping, Jay, but our 2-year stack is very strong and is not a big deceleration at all based on low-single-digit guidance in the quarter.

傑伊，我們不僅在競爭，而且我們的 2 年籌碼非常強勁，根據本季度低個位數的指導，根本不會出現大幅減速。

So strong 2-year stack performance.

如此強勁的 2 年堆棧性能。

And we're in a positon of strength as a business and a brand.

作為企業和品牌，我們處於強勢地位。

We will continue to kind of finish with our incremental investments within Q2, and we will see -- you will see that within the second half of the year that we will be leveraging gross margin and SG&A expense as we've communicated for a while now.

我們將繼續在第二季度完成我們的增量投資，我們將看到 - 你會看到，在今年下半年，我們將利用毛利率和 SG&A 費用，正如我們已經溝通了一段時間一樣.

Yes.

是的。

Also, to point out when we look at our business, we build for the future.

此外，要指出，當我們審視我們的業務時，我們會為未來而建設。

We're not building -- we know we perform quarter-to-quarter, but if we want to invest in something in marketing because we believe it's going to give us future, we're going to invest to the future.

我們不是在建設——我們知道我們每個季度都有表現，但是如果我們想投資營銷方面的東西，因為我們相信它會給我們帶來未來，我們就會投資於未來。

We're not looking short-sighted.

我們看起來並不短視。

We're looking what's best for the brand and how to drive business for the future.

我們正在尋找最適合品牌的東西以及如何推動未來的業務發展。

Sticking with our growth pillars and our strategies, we're operating from a position of strength.

堅持我們的增長支柱和我們的戰略，我們正處於強勢地位。

And Jay, I love this disruption.

傑伊，我喜歡這種顛覆。

I'll take it all day long because we continue to grab more, more market share every day.

我會整天堅持下去，因為我們每天都在繼續搶占更多、更多的市場份額。

Every day, you're hearing something about a different retailer struggling, going bankrupt, having huge restructuring charges, store closings.

每天，你都會聽到一些關於不同零售商苦苦掙扎、破產、巨額重組費用、商店關門的消息。

We're not in that position at all, Jay.

傑伊，我們根本不在那個位置。

We're sitting on $350 million of cash.

我們坐擁 3.5 億美元現金。

$400 million ABL is undrawn.

4 億美元的 ABL 未提取。

And even better than that, Bob.

甚至比這更好，鮑勃。

And I'll tell you Chad and Jen here, the product we make today is the best product that we've ever made.

我會在這裡告訴你們 Chad 和 Jen，我們今天生產的產品是我們做過的最好的產品。

And we're very proud of that.

我們為此感到非常自豪。

Agree.

同意。

When it comes to back-to-school for our denim program, we will have the most outstanding denim out there.

當談到我們牛仔布計劃的返校時，我們將擁有最出色的牛仔布。

We'll have the best laser-finished denim.

我們將擁有最好的激光加工牛仔布。

The best sustainability that we're very excited about it.

我們對此感到非常興奮的最佳可持續性。

The stuff we're going to be offering in the next few months is the greatest stuff I've ever seen in this company.

我們將在未來幾個月內提供的東西是我在這家公司見過的最棒的東西。

Agree.

同意。

We're excited, Jay.

我們很興奮，傑。

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

我們的下一個利潤來自 JJK Research 的 Janet Kloppenburg。

Congratulations on a great quarter.

祝賀一個偉大的季度。

A question for Jay, first, is if you could talk to us about your capital allocation priorities and perhaps talk about any M&A opportunities you see.

首先，傑伊的一個問題是，您是否可以與我們談談您的資本配置優先事項，或者談談您看到的任何併購機會。

And for Bob, if you could just confirm the outlook for SG&A leverage in fiscal '19, which I think was included in your original fiscal '19 guidance at the end of fourth quarter.

對於鮑勃，如果你能確認 19 財年 SG&A 槓桿的前景，我認為這已包含在第四季度末你最初的 19 財年指導中。

Janet, I think Bob emphasized that our company has no debt.

珍妮特，我認為鮑勃強調我們公司沒有債務。

We're in a very good cash situation.

我們的現金狀況非常好。

We're producing a lot of free cash flow.

我們正在產生大量的自由現金流。

If the right opportunities are out there, we will take it -- look at those right opportunities.

如果有合適的機會，我們會抓住它——看看那些合適的機會。

But we can't express what they are because -- until something is done.

但我們無法表達它們是什麼，因為——直到完成某些事情。

But we believe, like Bob said, this is a disruptive time.

但我們相信，正如鮑勃所說，這是一個顛覆性的時代。

It's a -- it was normal time with what's going on out there to be disruptive.

這是一個正常的時間，外面發生的事情會造成破壞。

But every day, there's something new going on out there.

但每一天，都有新的事情發生。

And the political environment out there is definitely keeping us on our toes.

那裡的政治環境肯定讓我們保持警惕。

And we believe that there's going to be opportunities for -- down the road, and we'll be in position to take advantage of it.

我們相信，未來會有機會，我們將能夠利用它。

At the same time, we are making investments in our brands, in our marketing because we see with American Eagle, and we're very attuned to that, it's not just the opportunity in the United States, it's a world market out there, too.

與此同時，我們正在對我們的品牌、我們的營銷進行投資，因為我們看到了 American Eagle，我們對此非常了解，這不僅僅是美國的機會，它也是一個世界市場.

And we're expanding our brand more -- in more and more places.

我們正在更多地擴展我們的品牌——在越來越多的地方。

We see -- it's amazing how the brands we see in the many different parts of the world.

我們看到了——令人驚訝的是，我們在世界許多不同地區看到的品牌。

And we see a big opportunity there, too.

我們也看到了一個巨大的機會。

And we see a lot of growth.

我們看到了很多增長。

And we see a lot of businesses like that on.

我們看到很多這樣的企業。

Whether it be in the beauty business area, whether it be in accessories, we do have an opportunity within our company to do that.

無論是在美容業務領域，還是在配飾領域，我們公司內部都有機會這樣做。

So we're very excited.

所以我們非常興奮。

We have a great new structure built.

我們建造了一個很棒的新結構。

We can handle all types of merchandise.

我們可以處理所有類型的商品。

And like Bob said, it is disruptive out there.

就像鮑勃說的那樣，那裡是破壞性的。

But when you have disruption, you have real opportunity.

但是，當您遇到干擾時，您就擁有真正的機會。

One thing we're very proud of that I said earlier, we have a great team.

我之前說過，我們非常自豪的一件事是，我們擁有一支出色的團隊。

And it's an experienced team.

這是一支經驗豐富的團隊。

It's a team that worked well together.

這是一個合作良好的團隊。

So it's not a new team.

所以這不是一個新的團隊。

It's a team that we've been -- we've been working well together for the last several years together.

這是一個我們一直以來的團隊——在過去的幾年裡，我們一直在一起工作得很好。

We all have confidence in each other.

我們都對彼此充滿信心。

We all watch each other's back.

我們都看著對方的背影。

And we're one mindset, which is very important.

我們是一種心態，這非常重要。

And just to reiterate on that, Jay, the strength of our balance sheet gives us a lot of opportunity.

重申一下，傑伊，我們資產負債表的實力給了我們很多機會。

And it's really part of what is widening our competitive moat.

這確實是擴大我們競爭護城河的一部分。

Janet, to your point on SG&A leverage for the fiscal year, we are expecting to leverage SG&A for the full year.

珍妮特，就本財年的 SG&A 槓桿而言，我們預計全年都會利用 SG&A。

It's kind of the tale of two halves as I had pointed out.

正如我所指出的，這有點像兩半的故事。

First half, continuing our strategic investments in payroll and advertising.

上半年，繼續我們在薪資和廣告方面的戰略投資。

We will be lapping that in the second half, and we'll be driving SG&A leverage in the second half.

我們將在下半年進行這項工作，我們將在下半年推動 SG&A 的影響力。

So for the full year, you can expect slight SG&A leverage for the full year.

因此，對於全年，您可以預期全年的 SG&A 槓桿率將略有下降。

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

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

This is Carlin Lynch on for Susan Anderson.

這是蘇珊安德森的卡林林奇。

Congrats on the good quarter.

祝賀好季度。

Just wanted to get a bit of an update on international, in particular, with some of the China restructuring.

只是想了解一些有關國際的最新信息，特別是一些中國重組的情況。

And then also for -- in Europe, I know last quarter, you had said that you weren't operating there yet.

然後還有 - 在歐洲，我知道上個季度，你說過你還沒有在那裡開展業務。

If we could just get any time line about when you kind of expect that to start to make an impact, that will be great.

如果我們能得到任何時間線，說明你預計什麼時候開始產生影響，那就太好了。

Sure.

當然。

So actually, in the first quarter, we completed the exit or closure of our remaining stores in the China market.

所以實際上，在第一季度，我們完成了在中國市場剩餘門店的退出或關閉。

We only had 4 stores scattered across the market, and we completed that at the end of the quarter.

我們在市場上只有 4 家商店，我們在本季度末完成了這項工作。

We're currently in the process of looking for new franchisees, licensing partners or joint venture partners in the region.

我們目前正在該地區尋找新的特許經營商、許可合作夥伴或合資夥伴。

We're well along our way on that, but have not come to a final decision at this point.

我們在這方面進展順利，但目前尚未做出最終決定。

The China market, Asia, in particular, in the aggregate, still represents a huge opportunity for us in something that's a high priority for the organization.

中國市場，尤其是亞洲，總體而言，仍然為我們提供了巨大的機會，這是該組織的高度優先事項。

As it relates to Europe, as we previously stated, we have new licensing partners in that region.

正如我們之前所說，由於它與歐洲有關，我們在該地區有新的許可合作夥伴。

And actually, we have 2 stores slated to open on the latter part of the fiscal year in Europe.

實際上，我們有 2 家商店計劃在本財年下半年在歐洲開業。

So we're excited about that and starting to reenter that market, which we exited a couple of years ago.

所以我們對此感到興奮，並開始重新進入幾年前我們退出的那個市場。

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

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

I understand that the environment was tough in Q1, and your comp was great.

我知道第一季度的環境很艱難，你的比賽很棒。

But with merchandise margin down with that as a backdrop, how do you get confidence that the gross margin will inflect as you move through the year?

但是，在商品利潤率下降的背景下，您如何確信毛利率會隨著您的一年而發生變化？

I presume that includes an expectation for a reversal in merch margin.

我認為這包括對商品利潤率逆轉的預期。

It does.

確實如此。

And thank you for the question, Laura.

謝謝你的問題，勞拉。

Really, the margin pressure that we saw in Q1 that continues into Q2 based on the guidance that we've given is really a result of the unseasonably cool weather and the fact that our seasonal product hadn't sold through quite as much as we had hoped in the beginning of the season.

確實，根據我們給出的指導，我們在第一季度看到的持續到第二季度的利潤率壓力實際上是由於異常涼爽的天氣以及我們的季節性產品銷售量不如我們所擁有的那麼多。希望在賽季初。

We are very committed...

我們非常投入...

Bob, you should point out that we're -- that weather has been normal and sound very well.

鮑勃，你應該指出我們 - 天氣一直很正常，聽起來很好。

No.

不。

You're right, Jay.

你是對的，傑。

So when the weather's picked off, become more normal, a little warmer than it's been, we've seen huge comp pickups.

因此，當天氣轉好，變得更正常，比以前暖和一些時，我們看到了巨大的補償。

It's really about shorts as a category, right?

這真的是關於短褲作為一個類別，對吧？

And we were backing off a little bit in Q1, and we're committed to make sure we exit Q2 with clean inventory or in inventory currencies that got us positioned to have a strong back-to-school holiday season.

而且我們在第一季度有所退縮，我們致力於確保以清潔庫存或庫存貨幣退出第二季度，這使我們能夠有一個強勁的返校假期季。

So that's really where you're seeing some of the gross margin pressure in Q1 and Q2.

所以這就是你在第一季度和第二季度看到一些毛利率壓力的地方。

That will stop in the second half of the year when we enter the new back-to-school and holiday season.

當我們進入新的返校和假期季節時，這將在下半年停止。

And we're so dominant in bottoms, long leg bottoms, whether it's jeans or other bottoms.

而且我們在下裝、長腿下裝方面非常占主導地位，無論是牛仔褲還是其他下裝。

That's where we're really getting the confidence that we'll be able to deliver a gross margin rate improvement in the second half.

這就是我們真正有信心在下半年實現毛利率改善的地方。

It falls right in with the seasonal cadence, and it's really our sweet spot and where we're continuing to drive significant market share gains.

它與季節性節奏相吻合，這確實是我們的最佳選擇，也是我們繼續推動顯著市場份額增長的地方。

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。

Congratulations on a great quarter.

祝賀一個偉大的季度。

The results look really fantastic.

結果看起來真的很棒。

Chad, if you won't mind, can you give us an update on Style Drop and on your collaboration or partnership investment, I guess, with Dormify?

Chad，如果你不介意的話，你能給我們介紹一下 Style Drop 以及你與 Dormify 的合作或合作投資的最新情況嗎？

And then, Jay, if you could just follow up on that.

然後，傑伊，如果你能跟進一下。

And sort of dovetailing on what Janet said, these have been rentals and then an investment in Dormify are two things that feel very right for your consumer, have you -- how are you thinking about American Eagle sort of a platform for investments to reach other angles for your consumer?

有點與珍妮特所說的相吻合，這些是租金，然後是對 Dormify 的投資是兩件對你的消費者來說感覺非常合適的事情，你有沒有 - 你如何看待 American Eagle 一種投資平台，以接觸其他人為您的消費者提供角度？

Sure.

當然。

So Style Drop, we launched it this spring season in partnership with Castle with -- clothing rental.

所以 Style Drop，我們在今年春季與 Castle 合作推出了它——服裝租賃。

And it's been really exciting.

這真的很令人興奮。

So far, we see the customer interest.

到目前為止，我們看到了客戶的興趣。

It is a test and we're not -- or disclosing the metrics at this point.

這是一個測試，我們現在沒有 - 或披露指標。

But I can say that the customer interest has far exceeded our expectations, but it sort of 2 steps, right?

但我可以說客戶的興趣遠遠超出了我們的預期，但它有點像兩個步驟，對吧？

You've got to get the customer interested, and then get them actually paying.

你必須讓客戶感興趣，然後讓他們真正付款。

And a part of that, we're close on track with that.

其中一部分，我們已經接近了這一點。

But there's been a lot of excitement around that.

但是周圍有很多令人興奮的事情。

And I think it's great to participate in a new type of interacting, selling, engaging with the customers.

而且我認為參與一種新型的互動、銷售和與客戶互動是很棒的。

Is it a different customer or the same or a similar customer?

是不同的客戶還是相同或相似的客戶？

We're seeing both.

我們都看到了。

We're seeing a mix of existing customers and bringing customers in.

我們看到了現有客戶的混合併吸引了客戶。

So that will be part of what we analyze as we look at that because we want this to be either way of getting expanded -- increase market share from existing customers or bring new customers into the brand and into jeans.

因此，這將是我們分析的一部分，因為我們希望這是擴大現有客戶的市場份額或將新客戶帶入品牌和牛仔褲。

So we need to look at -- have all that plays together as we weave the test throughout the year.

所以我們需要看看 - 在我們全年編織測試時，所有這些都在一起。

The Dormify investment's great.

Dormify 投資很棒。

The team -- the women who run that brand are really passionate and talented, and we're excited to continue to also partner with them to supply a significant portion of our dorm and apartment that we sell on our website.

團隊——經營該品牌的女性非常熱情和才華橫溢，我們很高興能繼續與她們合作，為我們在網站上銷售的大部分宿舍和公寓提供服務。

I think there is definitely an opportunity for that to expand share of wallet and expand our relationship with our customer into new category.

我認為這肯定有機會擴大錢包份額並將我們與客戶的關係擴展到新的類別。

So that's been great.

所以這很棒。

And then making the investment and being able to both support them but also be inspired by what they're doing has been really great.

然後進行投資，既能支持他們，又能從他們所做的事情中得到啟發，這真的很棒。

Great.

偉大的。

And the question that you asked me is basically comes down to by having an active omnichannel, which we do, by having ability to sell through our stores or to sell like online, it gives us greater flexibility of looking at different opportunities, such as Dormify because we have the ability that when it comes back-to-school -- to offer our customers going back-to-school a whole package not just for the wearer, but also fixing up their dorm rooms, too.

你問我的問題基本上歸結為擁有一個活躍的全渠道，我們做到了，通過我們的商店銷售或像在線一樣銷售，它使我們能夠更靈活地尋找不同的機會，比如 Dormify因為我們有能力在返校時為返校的客戶提供一整套服務，不僅為佩戴者提供服務，還為他們整理宿舍。

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。

Nice to see the results.

很高興看到結果。

As you think about the back-to-school season, what will be the biggest differences this year as compared to last year?

當您想到返校季時，與去年相比，今年最大的不同是什麼？

And then following up on the question with collaboration, I was there when Urban Necessities got launched and the American Eagle and SoHo, and it's a total buzz and brings in a new customer in addition to the existing customers.

然後通過合作跟進這個問題，當 Urban Necessities 以及 American Eagle 和 SoHo 推出時，我在場，這完全是一種嗡嗡聲，除了現有客戶之外還帶來了新客戶。

Are more of those planned?

是否有更多計劃？

And what did you see from that in learnings, either in categories or collaboration?

您從學習中看到了什麼，無論是類別還是協作？

Yes.

是的。

I think the biggest difference for this back-to-school will be, as Jay said, we've got the best assortment that we've ever had.

正如傑伊所說，我認為這次返校的最大區別在於，我們擁有有史以來最好的品種。

I think we have very strong marketing heading into back-to-school.

我認為我們有非常強大的營銷進入返校。

And I mentioned, we're delivering new jean fits, new innovative fabrics.

我提到過，我們正在提供新的牛仔褲款式，新的創新面料。

Jeans are the core of our back-to-school business.

牛仔褲是我們返校業務的核心。

And we expect to see a healthy gain in the jeans business for back-to-school.

我們希望在返校期間看到牛仔褲業務的健康增長。

I think -- I feel -- I was just actually reviewing the August set yesterday in Pittsburgh.

我想——我覺得——我只是在回顧昨天在匹茲堡的八月集。

And I agree with Jay, it looks the best we've ever had.

我同意傑的觀點，它看起來是我們有史以來最好的。

So we're excited about back-to-school.

所以我們對返校感到興奮。

Urban Necessities, similar to the Style Drop, it's been a great way for us to engage new customers and to bring new traffic and excitement into the brand.

Urban Necessities，類似於 Style Drop，它是我們吸引新客戶並為品牌帶來新流量和興奮的好方法。

We're seeing a nice pickup in the men's business, in total, in the SoHo store.

總的來說，SoHo 商店的男裝業務出現了不錯的回升。

And we are working on -- looking at what opportunities we might have with Urban Necessities going forward and how we can leverage that brand for American Eagle and how American Eagle can support Urban Necessities.

我們正在努力——著眼於城市必需品的未來發展機會，以及我們如何利用 American Eagle 的品牌以及 American Eagle 如何支持城市必需品。

But it's really early days in terms of what that plan will be.

但就該計劃的內容而言，現在還為時過早。

We're working on that.

我們正在努力。

And just lastly, Bob, as you think about expenses to the back half of the year, is there any difference in terms of cadence for Q3 and Q4?

最後，鮑勃，當您考慮到今年下半年的費用時，第三季度和第四季度的節奏有什麼不同嗎？

And what buckets will be adjusted in Q3 from Q4?

Q3 會從 Q4 調整哪些桶？

Yes.

是的。

Looking at the back half of the year for expenses, Dana, I don't really expect much of a difference between Q3 and Q4 with the exception of, as I said, we'll be lapping the incremental investments we made last year.

Dana，看看下半年的開支，我真的不認為第三季度和第四季度會有太大的不同，除了，正如我所說，我們將重複去年所做的增量投資。

You won't be seeing the dollar increases to the same magnitude.

你不會看到美元上漲到同樣的幅度。

And we -- as I said, we'll be leveraging SG&A expense in each of those 2 quarters.

而且我們 - 正如我所說，我們將在這兩個季度的每個季度中利用 SG&A 費用。

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。

You have my congratulations.

你有我的祝賀。

Bob, Chad, Jay, I don't know if I missed this or not, but can you tell us about the performance between men's versus women's?

Bob，Chad，Jay，我不知道我是否錯過了這個，但你能告訴我們男子與女子之間的表現嗎？

And also, the underperforming -- or I guess more inconsistent categories that over the last year have really been like tops and accessories and where you are with those categories today, and if you're seeing some future sales trends there.

而且，表現不佳的——或者我猜想去年更不一致的類別真的像上衣和配飾，你今天在這些類別中的位置，如果你在那裡看到一些未來的銷售趨勢。

Sure.

當然。

I think as we've mentioned, the quarter was -- we believe there's a lot of weather impact in the quarter.

我認為正如我們所提到的，本季度是 - 我們認為本季度有很多天氣影響。

And the men's customer I think is more impacted by weather than the female customer.

我認為男性顧客比女性顧客受天氣影響更大。

Men tend to realize they need clothes when the weather changes.

當天氣變化時，男人往往會意識到他們需要衣服。

So we do have a little bit of -- we had a slowdown in the men's business in the quarter.

所以我們確實有一點 - 我們在本季度的男裝業務有所放緩。

The bottoms business continued to be strong, especially fueled by positive comps in the long bottoms business.

底部業務繼續強勁，特別是在多頭底部業務的積極組合推動下。

But in total, we did lose a little ground in the men's business.

但總的來說，我們確實在男裝業務中失去了一點優勢。

The women's business, in total, continues to be strong.

總體而言，女性業務繼續保持強勁勢頭。

The bottoms business, another record quarter.

底部業務，另一個創紀錄的季度。

Tops, strong throughout the quarter.

上衣，整個季度都很強勁。

And our accessories business, we have been seeing a really nice recovery in the accessories business for the last few quarters that's continuing now.

而我們的配件業務，在過去幾個季度中，我們看到配件業務的複蘇非常好，現在仍在繼續。

So I think we continue -- the men's business is a big focus for me.

所以我認為我們會繼續——男士業務對我來說是一個重點。

We continue to work to make sure we're getting our share in driving positive comps across the whole men's business.

我們將繼續努力確保我們在推動整個男士業務的積極競爭中獲得我們的份額。

The bottoms business remains strong in men, and we have more work to do in tops.

男士的下裝業務仍然強勁，我們在上裝方面還有更多工作要做。

But we're going to start seeing some of those changes on the back half from about August through the back half.

但是從大約 8 月到後半部分，我們將開始看到後半部分的一些變化。

So hopefully, we'll start to see more of a turnaround there.

因此，希望我們會開始在那裡看到更多的轉變。

But I do think weather is a big impact on the gender performance in the first quarter.

但我確實認為天氣對第一季度的性別表現有很大影響。

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

我們今天的最後一個問題來自野村 Instinet 的 Simeon Siegel。

This is Dan on for Simeon.

這是西蒙的丹。

We're just wondering if you could share any updates for the clearance store strategy and how should we think about more conversions going forward given the growth.

我們只是想知道您是否可以分享清倉商店策略的任何更新，以及鑑於增長，我們應該如何考慮更多的轉化。

Yes.

是的。

Thank you.

謝謝你。

The clearance store strategy has been a real success for us.

清倉店戰略對我們來說是真正的成功。

We started it out testing 5 locations.

我們開始測試 5 個位置。

We had such a good result that we've expanded it to 12, and we're looking to add another 2 to 3 locations split between the U.S. and Canada markets.

我們取得瞭如此好的結果，以至於我們將其擴展到 12 個，並且我們希望在美國和加拿大市場之間再增加 2 到 3 個地點。

What we found with the test and as we're operating a greater number of stores is on liquidating clearance products, we're able to realize an AUR that's roughly at least $5 greater than our prior liquidation strategies.

我們在測試中發現，由於我們經營更多的商店正在清算清倉產品，我們能夠實現比我們之前的清算策略至少高出大約 5 美元的 AUR。

So it's been very successful for us.

所以這對我們來說非常成功。

It is a little bit of a headwind as it relates to year-over-year comparisons on inventory levels, for instance, but we're realizing a greater profit on the liquidation of it.

例如，與庫存水平的同比比較有關，這有點逆風，但我們正在通過清算實現更大的利潤。

And we're pretty happy with it so much so that we're looking to expand it, maybe buy a couple of more stores.

我們對此非常滿意，因此我們正在尋求擴展它，也許會購買更多的商店。

We'll cap out the opportunity at no greater than roughly 15 locations in the aggregate.

我們將在總共不超過大約 15 個地點限制機會。

So it's been a big success for us.

所以這對我們來說是一個巨大的成功。

Okay.

好的。

Everybody, thanks.

大家，謝謝。

That concludes our call today.

我們今天的電話到此結束。

Thanks for your participation and have a great day.

感謝您的參與，祝您有美好的一天。

Thank you.

謝謝你。

Bye-bye.

再見。

Thank you.

謝謝你。

You may now disconnect your lines.

您現在可以斷開線路。

Our conference has ended.

我們的會議結束了。

Thank you.

謝謝你。