(AEO) 2022 Q1 法說會逐字稿

Greetings, and welcome to the American Eagle Outfitters' First Quarter 2022 Conference Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 American Eagle Outfitters 的 2022 年第一季度電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Judy Meehan. Please go ahead.

我現在想將會議轉交給您的主持人 Judy Meehan。請繼續。

Good afternoon, everyone. Joining me today for our prepared remarks are Jay Schottenstein, Executive Chairman and CEO, and Jen Foyle, President, Executive Creative Director for AE and Aerie; Michael Rempell, Chief Operating Officer; and Mike Mathias, Chief Financial Officer.

大家下午好。今天和我一起準備發言的還有執行董事長兼首席執行官 Jay Schottenstein 和 AE 和 Aerie 總裁兼執行創意總監 Jen Foyle； Michael Rempell，首席運營官；和首席財務官 Mike Mathias。

Before we begin today's call, I need to remind you that we will make certain forward-looking statements. These statements are based upon information that represents the company's current expectations or beliefs. The results actually realized may differ materially based on risk factors included in our SEC filings. 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.

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。這些陳述基於代表公司當前期望或信念的信息。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。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。

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

現在我將把電話轉給傑伊。

Thanks for joining the call today.

感謝您今天加入電話會議。

This was a complex quarter with many macro variables to navigate through. Total revenue increased over last year but was well below our expectations. Lapping stimulus payments and pent-up demand, combined with rising inflation and higher gas prices weighed on our results. Adding to these pressures, the weather was unseasonably cold, dampening sales of spring goods. Higher freight and expenses deleveraged droves and operating profit results that was well below plan and what we are capable of delivering. In hindsight, our buys and overall plans were too optimistic for the current environment.

這是一個複雜的季度，有許多宏觀變量需要瀏覽。總收入比去年有所增加，但遠低於我們的預期。刺激支付和被壓抑的需求，加上通脹上升和汽油價格上漲，給我們的業績帶來了壓力。除了這些壓力，天氣異常寒冷，抑制了春季商品的銷售。更高的運費和費用使遠低於計劃和我們能夠交付的貨物和營業利潤結果去槓桿化。事後看來，我們的購買和總體計劃對當前環境過於樂觀。

We are taking swift measures to reset. We will clear through spring goods in the second quarter and be in better position for the second half of the year. We have adjusted our forward inventory plans reflect a more measured demand outlook. We're also looking after our expense base in a more meaningful way.

我們正在採取迅速措施進行重置。我們將在第二季度通過春季貨，並在下半年處於更好的位置。我們已經調整了我們的遠期庫存計劃，以反映更加謹慎的需求前景。我們也在以更有意義的方式照顧我們的支出基礎。

Despite near-term challenges, I want to emphasize that our brands, operations and organization are on solid ground. Aerie revenue increased 8% in the quarter and has more than doubled since 2019. Operating profit is up over 5 full compared to 2019. Aerie continues to present incredible growth prospects for the future and highly desirable product categories. With a strong brand platform we see exciting potential as we reach more new customers.

儘管近期面臨挑戰，但我想強調的是，我們的品牌、運營和組織都在堅實的基礎上。 Aerie 本季度收入增長 8%，自 2019 年以來增長了一倍以上。與 2019 年相比，營業利潤增長了 5 倍以上。Aerie 繼續為未來和非常理想的產品類別呈現令人難以置信的增長前景。憑藉強大的品牌平台，隨著我們接觸到更多新客戶，我們看到了令人興奮的潛力。

Brand expansion has been successful with a positive reception to new Aerie offline locations. Innovation is at the core of the creative team and we look forward to new product introductions this fall.

品牌擴張取得了成功，新的 Aerie 線下地點受到了積極歡迎。創新是創意團隊的核心，我們期待今年秋季推出新產品。

American Eagle is a destination for you. It's loved by our customer base and consistently shows up as the top brand in our demographic. For well over a decade, AE has consistently ranked as a top favorite brand in the Piper Sandler Taking Stock and Teens survey. The AE brand remains highly profitable and extraordinary cash flow.

美國之鷹是您的目的地。它深受我們的客戶群的喜愛，並始終在我們的人群中成為頂級品牌。十多年來，AE 在 Piper Sandler 庫存和青少年調查中一直被評為最受歡迎的品牌。 AE 品牌仍然保持著高利潤和非凡的現金流。

Now as we look to rebalance assortments and right set plans for the current environment, I'm confident we will see improvement. Over the past few years, great work has been done to optimize the real estate portfolio and strengthen product margins, and that work continues to generate underlying benefits.

現在，當我們尋求重新平衡分類並針對當前環境制定正確的計劃時，我相信我們會看到改進。在過去的幾年裡，我們在優化房地產投資組合和提高產品利潤率方面做了大量工作，這些工作繼續產生潛在的好處。

Regarding our new logistics business, Quiet platform, has been actively signing up new customers. We are excited to announce new accounts, including Fanatics and Saks Off Fifth. Michael will provide more details in a minute, but I am very optimistic about this business. We have hired amazing talent into the business from some of the best technology, procurement and logistics companies in the world. We are extremely pleased with the benefits Quiet is providing to our brands and see this as an exciting growth vehicle.

關於我們新的物流業務，安靜平台一直在積極簽約新客戶。我們很高興地宣布新帳戶，包括 Fanatics 和 Saks Off Fifth。邁克爾會在一分鐘內提供更多細節，但我對這項業務非常樂觀。我們從世界上一些最好的技術、採購和物流公司聘請了令人驚嘆的人才。我們對 Quiet 為我們的品牌帶來的好處感到非常滿意，並將其視為令人興奮的增長工具。

Now a moment on ESG, where we continue to advance our progress. In the second half of this year, we look forward to introducing more real good products across our brands, demonstrating our commitment to environmentally responsible and sustainable design and production. I'm also happy to share that we are exceeding several of our water reduction goals ahead of schedule. We look forward to sharing more about progress when we release our ESG report this summer.

現在是關於 ESG 的時刻，我們將繼續推進我們的進步。今年下半年，我們期待在我們的品牌中推出更多真正的好產品，展示我們對環境負責和可持續設計和生產的承諾。我也很高興與大家分享，我們提前完成了多項減水目標。我們期待在今年夏天發布 ESG 報告時分享更多有關進展的信息。

Before I turn the call over to Jen, I want to underscore our laser focus on resetting our plans and making improvements across areas of opportunity. And slightly the near-term environment will remain volatile. I believe that every challenge creates an opportunity. That's what has enabled this company to endure for the long term. We've been through challenging periods in the past. We've always come through a stronger company.

在我將電話轉給 Jen 之前，我想強調我們的激光重點是重置我們的計劃並在機會領域進行改進。近期環境將略微波動。我相信每一次挑戰都會創造機會。這就是使這家公司能夠長期堅持下去的原因。過去，我們經歷了充滿挑戰的時期。我們總是通過一家更強大的公司來的。

With that, I'll turn it over to Jen.

有了這個，我會把它交給珍。

Thanks, Jay, and good afternoon, everyone.

謝謝，傑，大家下午好。

In the first quarter across brands, we faced difficult comparisons as we lapped extremely strong demand last year. Shifting macro trends and the cold spring created additional challenges, making it tough to nail down a consistent trend. As March and April played out, our plans proved too optimistic, and demand fell short. Despite this, Aerie delivered good results, especially factoring in the outsized growth in 2021.

在第一季度各個品牌之間，我們面臨著艱難的比較，因為我們去年遇到了極其強勁的需求。宏觀趨勢的轉變和寒冷的春天帶來了額外的挑戰，使得很難確定一致的趨勢。隨著 3 月和 4 月的結束，我們的計劃被證明過於樂觀，需求不足。儘管如此，Aerie 還是取得了不錯的成績，尤其是考慮到 2021 年的超額增長。

First quarter revenue grew 8%, reflecting a strong 27% 3-year CAGR. Swimwear was weak, we believe, driven by weather. Excluding swim, Aerie revenue grew 15% with intimates, leggings, apparel and beauty and also accessories also posting growth versus last year. OFFLINE by Aerie grew in the strong double digits, lapping a triple-digit growth as it continued to scale its assortment and customer base. I'm also pleased to highlight that Aerie continued to grow its customer count. Aerie's rich platform and marketing investments are resonating.

第一季度收入增長 8%，反映出強勁的 27% 的 3 年復合年增長率。我們認為，受天氣影響，泳裝疲軟。不包括游泳，Aerie 的收入增長了 15%，內衣、緊身褲、服裝和美容產品以及配飾也與去年相比有所增長。 Aerie 的 OFFLINE 以兩位數的強勁增長，隨著其繼續擴大其產品種類和客戶群而實現了三位數的增長。我也很高興地強調 Aerie 繼續增加其客戶數量。 Aerie 豐富的平台和營銷投資正在引起共鳴。

Our spring campaign promoting happiness was a huge success, making #AerieREAL the #2 trending hashtag on TikTok. Our Happy Spot event generated almost 8 billion views and 2 million videos. As the leader in women's inclusivity and empowerment, we continue to push the envelope on innovation, and we ensure our customers feel our passion for our great product and the best customer experience and a brand that they can be proud to shop.

我們促進幸福的春季活動取得了巨大成功，使#AerieREAL 成為 TikTok 上的#2 熱門話題標籤。我們的 Happy Spot 活動產生了近 80 億次觀看和 200 萬個視頻。作為女性包容性和賦權的領導者，我們繼續推動創新，確保我們的客戶感受到我們對我們偉大產品和最佳客戶體驗以及他們可以自豪購物的品牌的熱情。

In the near term, as weather has improved, we've seen seasonal categories tick up. However, we expect the environment to remain a bit choppy. We also have excess spring merchandise and are focused on clearing through it during the second quarter. This will position us for an improved second half when buys will be better aligned with demand. For the fall season, we have exciting new product launches, and these are excellent additions to the Aerie collection.

在短期內，隨著天氣的好轉，我們看到季節性類別有所增加。然而，我們預計環境仍將有些波動。我們也有多餘的春季商品，並專注於在第二季度通過它進行清算。當購買將更好地與需求保持一致時，這將使我們在下半年有所改善。在秋季，我們推出了令人興奮的新產品，這些都是對 Aerie 系列的出色補充。

Looking out longer term, I remain extremely confident in the Aerie and the OFFLINE potential growth.

從長遠來看，我對 Aerie 和 OFFLINE 的潛在增長仍然非常有信心。

Shifting to American Eagle. As we cycled a terrific season last year, sales trends were a bit more challenging. Revenue declined 6%, reflecting a negative 2% 3-year CAGR as we refocus our assortment and real estate footprint. Although we had a number of good performers, including dresses, accessories, jeans and men's overall, demand fell short of our plans.

轉向美國之鷹。去年我們度過了一個非常棒的賽季，銷售趨勢更具挑戰性。收入下降了 6%，反映了 2% 的負 3 年復合年增長率，因為我們重新關注我們的分類和房地產足跡。儘管我們有許多表現出色的產品，包括連衣裙、配飾、牛仔褲和男裝，但需求未能達到我們的計劃。

In addition to rightsizing the inventory, we also see an opportunity to strike a better balance across our key styles. We are making those adjustments for the fall season. I continue to be proud of our leading jeans business, which is up double digits across both genders compared to the first quarter 2019. Investments to reenergize the brand and messaging are working well. We are reactivating legacy AE customers and raising engagement. In the first quarter, we relaunched our new Members Always campaign with the TikTok #challenge that garnered almost 3 billion views. AE continues to be at the forefront of the Metaverse marketing, launching on Roblox with a remarkable 10 million visitors to date. And I'm so pleased to note that AE was recognized as the best in use of media and social by Digiday.

除了調整庫存規模外，我們還看到了在我們的主要風格之間取得更好平衡的機會。我們正在為秋季進行這些調整。我繼續為我們領先的牛仔褲業務感到自豪，與 2019 年第一季度相比，該業務在兩性方面均增長了兩位數。為品牌和信息注入活力的投資運作良好。我們正在重新激活傳統的 AE 客戶並提高參與度。在第一季度，我們通過 TikTok #challenge 重新啟動了新的“始終會員”活動，獲得了近 30 億次觀看。 AE 繼續處於 Metaverse 營銷的最前沿，在 Roblox 上發布，迄今為止擁有 1000 萬訪問者。我很高興地註意到，AE 被 Digiday 公認為在媒體和社交方面的最佳使用。

With the new team in place, we are now starting to see new processes and energy fuse together to drive the business forward. I love what I'm seeing for future seasons, including this coming back to school, and I believe this new leadership team and structure will set us up for success.

隨著新團隊的到位，我們現在開始看到新的流程和能源融合在一起，推動業務向前發展。我喜歡我在未來幾個賽季看到的一切，包括重返校園，我相信這個新的領導團隊和結構將為我們的成功做好準備。

Across brands, our teams are rolling up their sleeves to innovate, test and learn and to use all the learnings we've had over the past years to get stronger, better and faster. We've been hard at work hindsighting the season. We are adjusting plans for the balance of the year to be better aligned with demand levels. Although the environment could remain choppy, we are excited by the new trends and fashion, and we are prepared to deliver a strong fall season to our customers.

在各個品牌中，我們的團隊都捲起袖子進行創新、測試和學習，並利用我們在過去幾年中學到的所有知識來變得更強大、更好、更快。我們一直在努力回顧賽季。我們正在調整年度餘額計劃，以更好地與需求水平保持一致。儘管環境可能仍然不穩定，但我們對新趨勢和時尚感到興奮，我們準備為我們的客戶提供一個強勁的秋季。

Thank you. And now I'll turn the call over to Michael.

謝謝你。現在我將把電話轉給邁克爾。

Thanks, Jen, and good afternoon, everyone.

謝謝，珍，大家下午好。

In the midst of current challenges, we continue to manage our operations well. We are focused on innovation to ensure we can deliver the best customer experience while also driving operational efficiencies and mitigating cost increases wherever we can. Channel performance this quarter reflected continued migration back to stores and solid digital results compared to outsized growth over the past few years.

在當前的挑戰中，我們繼續很好地管理我們的運營。我們專注於創新，以確保我們能夠提供最佳的客戶體驗，同時盡可能提高運營效率並降低成本增加。本季度的渠道表現反映了與過去幾年的大幅增長相比，持續遷移回商店和穩健的數字結果。

Store revenue increased 2%. Digital was down 6% against a 43% increase last year and 9% growth in the first quarter of 2020. Digital penetration grew in the quarter from -- to 37% from 30% in 2019.

商店收入增長 2%。數字下降 6%，而去年增長 43%，2020 年第一季度增長 9%。數字滲透率在本季度從 2019 年的 30% 增長到 37%。

Our mobile app continues to show strong momentum, driving more than 1/3 of e-commerce sales and traffic in the quarter. As we've indicated in the past, mobile customers are our most engaged digital shoppers. We're also continuing to invest in new ways to drive better engagement and increase personalization. This quarter, we introduced Shop the Look, enabling customers to browse and shop head-to-toe looks, curated by our stylists. We're very encouraged to see strong conversion with this tool that is double that of other site visitors. Additionally, we also enhanced our search capabilities to return more relevant results and prioritize best sellers for our customers.

我們的移動應用繼續呈現強勁勢頭，在本季度推動了超過 1/3 的電子商務銷售和流量。正如我們過去所指出的，移動客戶是我們參與度最高的數字購物者。我們還將繼續投資於新的方式來推動更好的參與和增加個性化。本季度，我們推出了 Shop the Look，讓顧客能夠瀏覽和選購由我們的造型師精心挑選的從頭到腳的造型。我們很高興看到使用此工具的強大轉化率是其他網站訪問者的兩倍。此外，我們還增強了搜索功能，以返回更相關的結果，並為我們的客戶優先考慮暢銷書。

Now moving to supply chain. Clearly, this environment remains challenging. Costs remain elevated worst history. And although lead times have improved slightly in the quarter, they are also still longer than any prior history. That being said, we do currently expect that freight costs for the fall and holiday seasons will benefit from lower ocean and air freight rates. And regarding product costs, we've been successful at keeping costs in check through a number of mitigation measures, including platforming fabrics, diversifying production facilities and leveraging our scale to find efficiencies.

現在轉向供應鏈。顯然，這種環境仍然充滿挑戰。成本保持高位歷史最差。儘管本季度交貨時間略有改善，但仍比以往任何時候都長。話雖如此，我們目前確實預計秋季和假日季節的運費將受益於較低的海運和空運運費。在產品成本方面，我們通過一系列緩解措施成功地控制了成本，包括平台結構、生產設施多樣化以及利用我們的規模來提高效率。

However, beginning in the fourth quarter, we expect to see some pressure from product input costs, specifically higher cotton costs. This will be more than offset by relief on the freight side, primarily lower air freight usage. In this dynamic and inflationary environment, we are regularly reviewing our pricing strategies and our promotional activity to optimize both sales and margins, and we do believe that there's good opportunity for us in the second half of the year.

然而，從第四季度開始，我們預計產品投入成本會帶來一些壓力，特別是更高的棉花成本。這將被貨運方面的救濟所抵消，主要是降低空運使用量。在這個充滿活力和通貨膨脹的環境中，我們定期審查我們的定價策略和促銷活動，以優化銷售和利潤，我們相信下半年對我們來說是一個很好的機會。

Now regarding Quiet platforms. We continue to drive efficiency using our innovative approach to delivering fulfillment through the use of local distribution nodes. In the first quarter, we saw further reductions in our number of shipments per order and shipped our digital orders faster with a 13% reduction in delivery times. We are extending these benefits through our third-party Quiet platforms business to customers through a shared supply chain services network. We've been really encouraged by the level of engagement we've seen from other brands and retailers who have -- who share our vision for the future of the supply chain. Jay highlighted a few of our significant new customers in his comments, and we're looking forward to adding more in the coming months.

現在關於安靜的平台。我們繼續使用我們的創新方法來提高效率，通過使用本地分發節點來提供履行。在第一季度，我們看到每個訂單的發貨數量進一步減少，我們的數字訂單發貨速度更快，交貨時間減少了 13%。我們通過共享的供應鏈服務網絡將這些好處通過我們的第三方 Quiet 平台業務擴展到客戶。我們從其他品牌和零售商那裡看到的參與程度真的讓我們深受鼓舞，他們分享了我們對供應鏈未來的願景。 Jay 在評論中強調了我們的一些重要新客戶，我們期待在未來幾個月內增加更多。

We believe that edge fulfillment, share distribution and shared logistics is going to be as transformative to retail as the shift to omnichannel was a few years ago. It's going to help drive efficiencies and improve service that Quiet platforms is already helping us to realize in our brands. Although we are still in the early stages of this, I'm very encouraged by our momentum and the potential that we see in this business.

我們相信，邊緣履行、共享分銷和共享物流將像幾年前轉向全渠道一樣對零售業產生變革。這將有助於提高效率並改善 Quiet 平台已經幫助我們在品牌中實現的服務。儘管我們仍處於早期階段，但我對我們在這項業務中看到的勢頭和潛力感到非常鼓舞。

And with that, I'm going to turn the call over to Mike.

有了這個，我將把電話轉給邁克。

Thanks, Michael. Good afternoon, everyone.

謝謝，邁克爾。大家下午好。

As the team has indicated, the topline was well below our expectations, while our plans baked in an impact of cycling stimulus and pent-up demand from last year, we underestimated the magnitude. A shifting macro environment created additional challenges with added pressure from unseasonably cold weather throughout the quarter. As a result of the topline miss, expenses deleveraged driving an operating profit result well under our plan. We also faced headwinds from freight inflation and the ramp-up of Quiet platforms as we discussed in the fourth quarter conference call.

正如團隊所指出的那樣，收入遠低於我們的預期，而我們的計劃受到自行車刺激和去年被壓抑的需求的影響，我們低估了規模。不斷變化的宏觀環境帶來了額外的挑戰，整個季度異常寒冷的天氣帶來了額外的壓力。由於營收未達預期，支出去槓桿化推動了營業利潤的增長，這完全符合我們的計劃。正如我們在第四季度電話會議中討論的那樣，我們還面臨貨運通脹和 Quiet 平台增加的不利因素。

Based on our first quarter performance and the current macroeconomic environment, we have moved quickly to reset our plans for the rest of the year. This includes meaningful adjustments to both inventory and expenses, which I'll discuss throughout the call today.

根據我們第一季度的表現和當前的宏觀經濟環境，我們已迅速採取行動，重新調整今年剩餘時間的計劃。這包括對庫存和費用的有意義的調整，我將在今天的電話會議中討論這些。

First, let me review the details of the first quarter. We posted consolidated revenue of $1.1 billion. The revenue increase of 2% included approximately 3 points of growth from our supply chain acquisitions.

首先，讓我回顧一下第一季度的細節。我們公佈的綜合收入為 11 億美元。 2% 的收入增長包括我們供應鏈收購帶來的約 3 個增長點。

Brand revenue declined 1%, below our expectation of a mid- to high single-digit increase. Compared to pre-pandemic 2019, total revenue was up 19% and brand revenue was up 16% or $141 million.

品牌收入下降 1%，低於我們預期的中高個位數增長。與大流行前的 2019 年相比，總收入增長了 19%，品牌收入增長了 16%，即 1.41 億美元。

Consolidated gross profit dollars declined 11% compared to the first quarter of 2021. The gross margin rate of 36.8% contracted 540 basis points, primarily reflecting headwinds to merchandise margins from higher freight costs of approximately 340 basis points. As discussed last quarter, the integration of our supply chain acquisitions also adversely impacted the gross margin, driving 120 basis points of deleverage.

與 2021 年第一季度相比，綜合毛利潤下降了 11%。毛利率為 36.8%，下降了 540 個基點，主要反映了貨運成本增加約 340 個基點對商品利潤率的不利影響。正如上個季度所討論的，我們的供應鏈收購整合也對毛利率產生了不利影響，推動了 120 個基點的去槓桿化。

Additionally, lower revenues drove fixed cost deleverage. Compared to first quarter 2019, merchandise margins continue to reflect markdown and promotional discipline. Additionally, rent dollars are down versus 2019, and leveraged as a percentage of sales, reflecting our measured approach to store openings and closures.

此外，較低的收入推動了固定成本去槓桿化。與 2019 年第一季度相比，商品利潤率繼續反映降價和促銷紀律。此外，租金美元與 2019 年相比有所下降，並以佔銷售額的百分比計算，反映了我們衡量開店和關店的方法。

Turning to expenses. SG&A deleveraged 270 basis points compared to the first quarter of 2021. The mid-teens dollar increase was in line with the guidance we provided last quarter, led by higher wages for store associates and hours to support the recovery in store operating capacity compared to last year. Additionally, increased corporate compensation, advertising and professional services were partially offset by lower incentive accruals.

轉向開支。與 2021 年第一季度相比，SG&A 去槓桿化了 270 個基點。10 美元左右的增長符合我們上個季度提供的指導，這主要是由於門店員工的工資和支持門店運營能力恢復的工時高於上一季度年。此外，企業薪酬、廣告和專業服務的增加被較低的應計激勵部分抵消。

Resetting our expense base is a major priority. We are identifying savings well beyond the $60 million opportunity I discussed last quarter. Major areas of focus include store payroll and hours, corporate compensation, professional services and advertising. Beginning in the second quarter, I expect year-over-year dollar growth in the low to mid-single digits.

重置我們的費用基礎是一個主要優先事項。我們正在確定的節省遠遠超出我上個季度討論的 6000 萬美元的機會。主要關注領域包括商店工資和營業時間、企業薪酬、專業服務和廣告。從第二季度開始，我預計美元將同比增長低至中個位數。

First quarter operating profit of $42 million, reflected a 4% operating margin. This included approximately $35 million of impact from higher freight costs and a $12 million loss from our supply chain acquisitions. We earned $133 million in operating profit in 2021 and $49 million in 2019. EPS was $0.16 per share. Consistent with the new accounting standard for convertible notes, our diluted share count of 220 million, recognized with the full 49 million in shares of the unrealized dilution associated with converts. And our EPS includes an interest add back to net income of $3 million.

第一季度營業利潤為 4200 萬美元，營業利潤率為 4%。這包括運費上漲帶來的大約 3500 萬美元的影響以及我們供應鏈收購帶來的 1200 萬美元的損失。 2021 年，我們的營業利潤為 1.33 億美元，2019 年為 4900 萬美元。每股收益為 0.16 美元。根據可轉換票據的新會計準則，我們的稀釋股份數為 2.2 億股，與轉換相關的未實現稀釋股的全部 4900 萬股確認。我們的每股收益包括利息加回 300 萬美元的淨收入。

Breaking down the individual brand performance. Aerie revenue increased 8% and comparable sales declined 2% following outsized growth last year. Operating profit was $43 million, reflecting a 13.4% margin. This was well below last year as we lapped a near perfect period of strong demand, while experiencing higher freight costs and expense deleverage related to the sales miss. Despite headwinds to the quarter on a multiyear basis, Aerie's growth trajectory remains intact. Growing revenue had a consistent 25% plus CAGR and 20% plus profit flow-through.

分解個別品牌的表現。在去年大幅增長之後，Aerie 的收入增長了 8%，可比銷售額下降了 2%。營業利潤為 4300 萬美元，利潤率為 13.4%。這遠低於去年，因為我們經歷了近乎完美的強勁需求時期，同時經歷了更高的運費成本和與銷售失誤相關的費用去槓桿化。儘管在多年的基礎上本季度面臨逆風，但 Aerie 的增長軌跡保持不變。不斷增長的收入有 25% 以上的複合年增長率和 20% 以上的利潤流動。

As I said earlier, we're adjusting our forward plans to be more consistent with these long-term trends and remain very confident in Aerie's path from here. AE brand revenue declined 6%. Operating profit was $104 million with a 15.2% operating margin. This was well below an exceptional period last year, mirroring the headwinds I just discussed to Aerie profit results, including higher freight costs. Compared to pre-pandemic 2019 levels, the operating profit and margin was stable, reflecting the benefits of our more focused brand strategy. We have downsized our North America store footprint from 891 stores in the first quarter of 2019 to 815 stores in the first quarter of 2022, reflecting a mid-single-digit reduction in gross square footage.

正如我之前所說，我們正在調整我們的未來計劃，以更加符合這些長期趨勢，並對 Aerie 從這裡開始的道路充滿信心。 AE品牌收入下降6%。營業利潤為 1.04 億美元，營業利潤率為 15.2%。這遠低於去年的特殊時期，反映了我剛剛討論的對 Aerie 利潤結果的不利影響，包括更高的運費。與 2019 年疫情前的水平相比，營業利潤和利潤率保持穩定，反映了我們更加專注的品牌戰略的好處。我們已將北美門店的足跡從 2019 年第一季度的 891 家門店縮減至 2022 年第一季度的 815 家門店，反映出總面積減少了中個位數。

As we right size and rebalance ads, inventories and current operating expenses, I expect to see improvements to operating profits for the second half. Consolidated ending inventory costs was up 46% compared to last year. Higher costs drove roughly half of the increase. From a brand standpoint, Aerie and AE also drove half of the increase. Total inventory units were up 24% due to higher in-transit and on-hand inventory, including 7 points of growth related to Aerie and OFFLINE new store openings.

隨著我們調整廣告、庫存和當前運營費用的規模和重新平衡，我預計下半年的運營利潤會有所改善。與去年相比，合併期末存貨成本上升了 46%。較高的成本推動了大約一半的增長。從品牌的角度來看，Aerie 和 AE 也推動了一半的增長。由於在途和現有庫存增加，總庫存單位增加了 24%，其中包括與 Aerie 和離線新店開業相關的 7 個增長點。

Based on current demand trends, we're resetting inventory for the second half, and will clear through excess spring goods in the second quarter.

根據目前的需求趨勢，我們正在重新調整下半年的庫存，並將在第二季度通過過剩的春季商品進行清理。

We ended the quarter with $229 million in cash and total liquidity of $581 million. Capital expenditures totaled $58 million in the quarter. For the full year, we expect capital expenditures to be approximately $275 million.

我們在本季度結束時擁有 2.29 億美元的現金和 5.81 億美元的總流動資金。本季度的資本支出總額為 5800 萬美元。全年，我們預計資本支出約為 2.75 億美元。

Turning to real estate. We continue to be pleased with our returns on new Aerie openings with first year returns of approximately 50%. In the first quarter, we opened 12 new Aerie stores, including a mix of stand-alone and Aerie OFFLINE side-by-side formats. For AE, we continue to make progress towards our long-term target of rightsizing the brand store footprint. Looking ahead, we maintain significant flexibility to adjust our footprint further with 40% to 50% of our fleet available for lease action each year.

轉向房地產。我們繼續對新 Aerie 開業的回報感到滿意，第一年回報率約為 50%。在第一季度，我們開設了 12 家新的 Aerie 商店，包括獨立和 Aerie OFFLINE 並排形式的組合。對於 AE，我們將繼續朝著我們的長期目標前進，即合理調整品牌門店的規模。展望未來，我們保持極大的靈活性，以進一步調整我們的足跡，每年有 40% 至 50% 的機隊可供租賃。

While first quarter brand performance has played out differently versus our original plan, as I noted earlier, our results continue to show meaningful progress on key strategic pillars outlined in our Real Power. Real Growth value creation plan. We're committed to preserving and building on these improvements.

正如我之前提到的，雖然第一季度品牌表現與我們最初的計劃有所不同，但我們的結果繼續顯示我們在 Real Power 中概述的關鍵戰略支柱方面取得了有意義的進展。真正的成長價值創造計劃。我們致力於維護和鞏固這些改進。

For the second quarter, we will be entirely focused on clearing out excess spring inventory. We expect topline growth to trend similarly to the first quarter. We expect higher markdowns as we clear through excess inventory, combined with continued freight inflation and the impact of our supply chain acquisitions to result in a gross margin rate of approximately 33%. As we said earlier, we're axing expense reductions and expect second quarter SG&A to be up in the mid-single-digit range.

對於第二季度，我們將完全專注於清理多餘的春季庫存。我們預計收入增長趨勢與第一季度相似。我們預計，隨著我們通過清理過剩庫存，加上持續的運費通脹和我們的供應鏈收購的影響，將導致毛利率約為 33%，因此降價幅度會更高。正如我們之前所說，我們正在削減開支，並預計第二季度 SG&A 將在中個位數範圍內上升。

As we reset the shifts in the macro environment, we're lowering our outlook for the full year. Using 2019 as a gauge, we expect to deliver operating profit above the full year profit of $314 million. This anticipates total revenue growth in the low single digits with brand revenue down slightly. We expect to enter the second half better aligned with demand with a more balanced inventory position and leaner expense base, driving improved margins and profitability relative to the first half. In terms of our longer-term outlook, we'll provide an update as we see greater visibility into our business in the macro environment.

隨著我們重新調整宏觀環境的變化，我們正在降低全年的展望。以 2019 年為衡量標準，我們預計營業利潤將超過全年 3.14 億美元的利潤。這預計總收入將以低個位數增長，品牌收入略有下降。我們預計下半年將更好地與需求保持一致，庫存狀況更加平衡，費用基礎更加精簡，從而相對於上半年提高利潤率和盈利能力。就我們的長期前景而言，我們將提供更新，因為我們看到在宏觀環境中對我們的業務有更大的了解。

With that, I'll open it up for questions.

有了這個，我會打開它來提問。

(Operator Instructions) Your first question comes from Matthew Boss with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Matthew Boss。

So maybe, Jen, just to dig a little deeper on the magnitude of the 1Q topline miss relative to the initial plan. I guess, how would you break apart the topline underperformance at each of the concepts if we were thinking about the shift in category spending, weather, is it inflationary impact on your core consumer? Is there a change in competition? Just any help in terms of the magnitude of the first quarter miss.

因此，Jen，也許只是為了更深入地了解 1Q 相對於初始計劃的收入缺失的幅度。我想，如果我們考慮類別支出的轉變、天氣、通貨膨脹對您的核心消費者的影響，您將如何分解每個概念的業績不佳？競爭有變化嗎？就第一季度錯過的幅度而言，只是任何幫助。

Sure. We mentioned in Aerie as we think of the OFFLINE business, how exciting that business is. And it's still obviously in its infancy stage. So we're pretty excited about that category, Matt. And I think we're ready for some fierce competition there as we roll out stores and build on that business. And let me just take a step back and just say that in total, I think it was a little macro, right? Kids want experiences, weddings are happening again. So certainly, there's that occasion dressing. That I think you can see in some of our competition where dresses have trended really nicely.

當然。當我們想到離線業務時，我們在 Aerie 中提到過，該業務是多麼令人興奮。而且它顯然仍處於起步階段。所以我們對這個類別感到非常興奮，馬特。而且我認為我們已經準備好在那裡開展一些激烈的競爭，因為我們推出了商店並建立了該業務。讓我退後一步，總的來說，我認為這是一個小宏觀，對吧？孩子們想要體驗，婚禮又開始了。所以當然，有那個場合的著裝。我想你可以在我們的一些比賽中看到連衣裙的流行趨勢非常好。

But going back to Aerie, I'm really pleased. It was fairly isolated in the swim business where we saw some miss. And if you think about that business, it's definitely more penetrated on the direct side where we do most of the business there and direct business was softer than stores.

但回到 Aerie，我真的很高興。在我們看到一些失誤的游泳業務中，它相當孤立。而且，如果您考慮該業務，那麼在我們在那裡開展大部分業務的直接方面肯定會更加滲透，並且直接業務比商店要軟。

So again, fairly isolated, which I like because we're almost through the swim season, and we're pretty excited about some of the launches that are coming your way for Aerie. I just reviewed our back-to-school launch, and it is more than exciting. I don't know what to say. I just think like we're going to continue to forge ahead. This launch is very isolated in our go-to business. And like I mentioned, all of those businesses in Aerie, they're nice -- they did great. So hopefully, that points to a turnaround in Q3 and Q4, where we definitely left some certainly margin in Q4 on the table. So I'm excited about that.

再說一次，相當孤立，我喜歡這樣，因為我們幾乎要度過游泳季節了，我們對 Aerie 即將推出的一些新產品感到非常興奮。我剛剛回顧了我們的返校發布會，這不僅令人興奮。我不知道該說些什麼。我只是認為我們將繼續前進。這次發佈在我們的首選業務中非常孤立。就像我提到的，Aerie 的所有這些企業都很好——他們做得很好。因此，希望這表明第三季度和第四季度出現轉機，我們肯定在第四季度留下了一些肯定的利潤。所以我對此很興奮。

Thinking about AE, look, the denim business remains strong. We are up against our biggest year last year. But if you look back to prior years, it's still our second best volume season. So Q1 -- past Q1. So pretty excited because we know how important that business is for the Eagle, and certainly is a category that we look forward and we re-merchandise to for Q3 and Q4, like we had some learnings in Q1. And I think the team did a knockout job, re-penetrating the right fits and the right washes for Q3 and onwards. So excited about that.

想想 AE，看，牛仔佈業務依然強勁。我們正面臨著去年最大的一年。但如果你回顧往年，這仍然是我們銷量第二好的季節。所以第一季度——過去第一季度。非常興奮，因為我們知道這項業務對 Eagle 有多麼重要，當然這是我們期待的一個類別，我們在第三季度和第四季度重新銷售，就像我們在第一季度學到了一些東西一樣。而且我認為團隊完成了一項淘汰工作，在第三季度及以後重新滲透正確的配合和正確的洗滌。對此非常興奮。

There were some softness in tops. And look, we're learning and we're moving ahead. So that's really the answer that I can say. I walked, I had the pleasure of walking Michael Rempell through our deliveries today, some of our future deliveries, our concepts for summer and some of the spring goods. And that's what we're doing. We're looking ahead. We can learn. There's always a learning in retail, and that's how we're thinking about the business. I love the new team in American Eagle. They're just getting going. So I think there's a lot to come down the pipe.

上衣有些柔軟。看，我們正在學習，我們正在前進。所以這就是我可以說的答案。我走著走著，很高興帶邁克爾·雷佩爾（Michael Rempell）瀏覽我們今天的交付、我們未來的一些交付、我們的夏季概念和一些春季商品。這就是我們正在做的事情。我們正在向前看。我們可以學習。零售業總是有學習的，這就是我們對業務的看法。我喜歡 American Eagle 的新團隊。他們剛剛開始。所以我認為還有很多事情要做。

Great. And then, Mike, maybe in terms of the looking ahead, what exactly is the composition of the excess inventory? What's the timeline to clear through the spring merchandise. And then on the EBIT outlook to be above 2019's $314 million base. Just any additional parameters you could provide, I think, would be helpful.

偉大的。然後，邁克，也許就展望未來而言，過剩庫存的具體構成是什麼？通過春季商品清除的時間表是什麼。然後息稅前利潤前景將高於 2019 年的 3.14 億美元基數。我認為，您可以提供的任何其他參數都會有所幫助。

Yes. Sure, Matt. I mean I'll start with inventory. I mean I think we all know there are several factors to our ending inventory in the quarter. Freight costs are elevated, been talking about it for quite some time now. So that's in our cost inventory on the balance sheet, as we all know. Looking at the 24% increase in units, I'll say that -- a couple of things. One, we're coming off of last year's March-April hyper stimulus period. So from a unit perspective, we were down more than planned, selling through more units than expected.

是的。當然，馬特。我的意思是我將從庫存開始。我的意思是我認為我們都知道本季度的期末庫存有幾個因素。運費上漲，已經談了很長時間了。眾所周知，這就是我們資產負債表上的成本清單。看看 24% 的單位增長，我會說 - 幾件事。一，我們正在擺脫去年 3 月至 4 月的超刺激期。所以從單位的角度來看，我們的降幅超過了計劃，銷售的單位比預期的要多。

As we said a few times now coming into this year that we should expect that point in time balance sheet inventory at the end of each quarter to be almost a complete apples-to-oranges comparison this year. We're bringing in inventory sooner than typically planned with -- in the big seasonal change period just because of the supply chain length. It's planned that way. So to compare to last year's tough. But at the end of the day, we -- as we said in prepared remarks, we plan too high. So on that plus 24% units can gauge about 1/3 of that is just missing the plan and having to clear through spring and summer goods, as we talked about, that we will do here in Q2.

正如我們在進入今年以來幾次所說的那樣，我們應該預計每個季度末的資產負債表庫存在今年幾乎是一個完整的蘋果與橘子的比較。由於供應鏈的長度，我們在季節性變化大的時期比通常計劃更早地引入庫存。是這樣計劃的。所以與去年的艱難相比。但歸根結底，我們——正如我們在準備好的評論中所說的那樣，我們的計劃太高了。因此，加上 24% 的單位可以衡量其中大約 1/3 只是錯過了計劃，並且必須清理春季和夏季商品，正如我們所說，我們將在第二季度在這裡完成。

The gross margin rate at 33% accounts for clearing through those goods. We're going to do it in a profitable way. We've seen that overpromoting is not paying for itself. So we are -- we think we have a good plan in terms of how to get to those units to be clear for back-to-school. And then I did forget one of the piece of that inventory, we do have quite a bit of new Aerie and OFFLINE openings that we have inventory on hand for as well. As you know, we've got a big sort of noncomp base that's new to last year. Those are ramping up into the second quarter in terms of new stores. We'll have 90 noncomp stores as we get toward holiday. So there is an inventory component of the plus 24 units includes that as well.

33% 的毛利率是通過這些商品進行清算的原因。我們將以一種有利可圖的方式來做這件事。我們已經看到，過度促銷並沒有為自己付出代價。所以我們 - 我們認為我們有一個很好的計劃，關於如何到達這些單位以明確返校。然後我確實忘記了其中一個庫存，我們確實有很多新的 Aerie 和離線開口，我們手頭也有庫存。如你所知，我們有一個很大的非補償基數，這是去年新增的。就新店而言，這些正在加速進入第二季度。隨著假期的臨近，我們將擁有 90 家非競爭性商店。因此，加上 24 個單位的庫存部分也包括在內。

On the EBIT front, yes, I mean, look, that's essentially -- Jen did a great job answering our trend line. We're on this multiyear trend where Aerie is looking to double to '19, to double from 3 years ago. That's phenomenal still, that 25% plus CAGR. We're planning the inventory in the business to achieve that for the rest of this year. AE was down mid-single digits and to '19. We're looking at that being semi-consistent through the first quarter. So we hope that's conservative, but we're planning the business that way. So this EBIT guidance is accounting for continued freight pressure. If it's accounting for that revenue trend line that's 7, 8 points off of -- at least through the first 4 months of the year here at 7, 8 points off of what we thought when we came into the year.

在息稅前利潤方面，是的，我的意思是，看，這本質上是 - Jen 在回答我們的趨勢線方面做得很好。我們正處於這種多年趨勢中，Aerie 期望在 19 年翻一番，比 3 年前翻一番。這仍然是驚人的，25% 加上 CAGR。我們正在計劃業務中的庫存，以在今年剩餘時間內實現這一目標。 AE 下降到中個位數，到 19 年。我們正在考慮在第一季度保持半一致。所以我們希望這是保守的，但我們正在以這種方式規劃業務。因此，本息稅前利潤指引考慮了持續的貨運壓力。如果考慮到收入趨勢線為 7、8 點 - 至少在今年前 4 個月，這裡是 7 點，比我們進入今年時的想法低 8 點。

Again, very macro impact that we believe. So if we roll that through the rest of this year with some of those cost pressures, that's the guidance.

同樣，我們相信非常宏觀的影響。因此，如果我們在今年剩下的時間裡帶著一些成本壓力來推動這一點，那就是指導。

The other piece that entails is that I also said in my remarks, expenses. So we are very aggressively resetting the expense base around this trend. The SG&A guidance of low single to mid double digit incorporates some of that work. And I think for the back half, the work we expect to see impact or benefit the back half. A lot of the work we're doing is to make sure going into 2023, we have that expense base reset to where we want it to be going into next fiscal year. So we'll get some benefit from here through the rest of the year. And that guidance of hitting or really exceeding 2019 is a good place to start. We hope we can exceed that. But for now, it's a prudent place to be.

另一部分是我在發言中也提到的，費用。因此，我們非常積極地圍繞這一趨勢重新調整費用基礎。低個位數到中兩位數的 SG&A 指南包含了其中的一些工作。我認為對於後半部分，我們期望看到影響或使後半部分受益的工作。我們正在做的很多工作是確保進入 2023 年，我們將費用基數重置為我們希望它進入下一財年的地方。因此，在今年餘下的時間裡，我們將從這裡獲得一些好處。達到或真正超過 2019 年的指導是一個很好的起點。我們希望我們能夠超越這一點。但就目前而言，這是一個謹慎的地方。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

My question is if you can just give us a little bit more information about how the quarter trended because February comps are pretty strong. If you can help us -- tell us what happened in March and April. And then give us a sense of May. Maybe give us a sense of how you're thinking about Q2? And then also back-to-school, assuming back-to-school is going to impact the July business. Given you're lapping the child tax credit from last year, and maybe some pent-up demand because there wasn't a lot of in-person school in 2020. How are you thinking about the July business as back-to-school begins.

我的問題是，您是否可以向我們提供更多有關本季度趨勢的信息，因為 2 月份的業績非常強勁。如果你能幫助我們——告訴我們三月和四月發生了什麼。然後給我們一個五月的感覺。也許讓我們了解您對第二季度的看法？然後還要返校，假設返校會影響 7 月份的業務。鑑於您從去年開始享受兒童稅收抵免，並且可能還有一些被壓抑的需求，因為 2020 年沒有很多面對面的學校。您如何看待返校開始時的 7 月業務.

Yes, I can start, Jay. So yes, February, the trend the last year was stronger. We planned it that way. We were up mid-teens. I think we said that on our fourth quarter call. But again, that was prior to lapping stimulus that really hit mid-March and through April in terms of the benefit from the stimulus last year. So we planned March down significantly. But then we planned April with the Easter timing being later. We had hoped or we believe that April would bounce back in somewhat positive way, even up against stimulus with some of that holiday shift timing.

是的，我可以開始了，傑。所以，是的，二月，去年的趨勢更強。我們是這樣計劃的。我們正值十幾歲。我想我們在第四季度的電話會議上說過。但同樣，就去年刺激措施帶來的好處而言，那是在 3 月中旬到 4 月真正實施的刺激措施之前。所以我們計劃大幅下調三月。但後來我們計劃了四月，復活節的時間要晚一些。我們曾希望或相信 4 月份會以某種積極的方式反彈，即使在某些假期輪班時間出現刺激措施的情況下也是如此。

We know weather did not help us there. And quite honestly, I think we've learned now that the macro impact to the business from where we planned it, it's a little different. And we planned it higher, we planned wrong, and now we're going to reset our plans around that.

我們知道天氣對我們沒有幫助。老實說，我認為我們現在已經了解到，對業務的宏觀影響與我們計劃的地方有所不同。我們計劃得更高，我們計劃錯了，現在我們將圍繞它重新制定計劃。

The thing that's been consistent, very consistent through the first quarter and even now into May is our multiyear trend line and I think we all hate continue to do this. But we're still talking about 2019 because it is a grounding point, knowing the volatility of the last couple of years in '20 and '21. So Aerie has been very consistent on this doubling '19 trend, 25% CAGR over the 3 years. We're going to plan the business that way to drive profitability. AE down in mid-single digits has been consistent too. So again, that's why we're setting these plans up for the remainder of the year this way.

在第一季度甚至現在到五月一直保持一致，非常一致的是我們的多年趨勢線，我認為我們都討厭繼續這樣做。但我們仍在談論 2019 年，因為它是一個基礎點，了解 20 和 21 年過去幾年的波動性。因此，Aerie 在 19 年翻倍的趨勢上非常一致，3 年的複合年增長率為 25%。我們將以這種方式規劃業務以提高盈利能力。 AE 下降到中個位數也一直是一致的。再說一次，這就是為什麼我們以這種方式為今年剩餘時間制定這些計劃的原因。

We did see some pop as we got into May, and we did see some weather benefit finally in early May. So a little bit of a change in trend there, which is somewhat encouraging. But again, we're planning the business for the brands on this trend line that we've seen on this multiyear basis through the first 3.5 months. So the answer to your question -- you're July, I mean that is really essentially what we're doing for the remainder of this year with -- I hope that there's some potential upside to that, but it's -- again, it's the right place to position inventory.

當我們進入五月時，我們確實看到了一些流行音樂，我們確實在五月初看到了一些天氣的好處。所以那裡的趨勢發生了一點變化，這有點令人鼓舞。但同樣，我們正在為這個趨勢線上的品牌規劃業務，這是我們在前 3.5 個月的多年基礎上看到的。所以你的問題的答案——你是 7 月，我的意思是這實際上是我們在今年剩餘時間裡正在做的事情——我希望這有一些潛在的好處，但它是——再一次，它是放置庫存的正確位置。

Your next question comes from Janet Kloppenburg with JJK Research Associates.

您的下一個問題來自 JJK Research Associates 的 Janet Kloppenburg。

Just a couple of questions on the repositioning of the assortment. Was there enough time to get the back-to-school and holiday assortments better positioned, perhaps the weakness that you're seeing in the tops business? Or do you anticipate that there will be further margin pressure as we go through that period. It seems like you do, given the EBIT guidance. But I'd love you to talk through where you were able to make changes and if we should see greater progress at Aerie or at American Eagle.

只是關於重新定位分類的幾個問題。是否有足夠的時間讓返校和假期分類更好地定位，也許是您在頂級業務中看到的弱點？或者您是否預計在我們經歷那個時期時會出現進一步的利潤壓力。鑑於息稅前利潤指導，您似乎這樣做了。但我希望你能談談你能夠做出改變的地方，以及我們是否應該在 Aerie 或 American Eagle 看到更大的進步。

And then, Jen, if you could address for me something that's confusing me is, I love the assortments at Aerie, but they seem to be overlapping a lot with a lot of the women's assortment at Eagle. And I'm wondering if you're contemplating any cannibalization there and how we should think about that?

然後，Jen，如果你能為我解決一些讓我感到困惑的問題，我喜歡 Aerie 的分類，但它們似乎與 Eagle 的許多女性分類重疊很多。而且我想知道你是否正在考慮在那裡進行任何同類相食以及我們應該如何考慮這一點？

Yes. Janet, again, I need to hear you, I'm sorry, Janet. I'm thinking about something else so as you speak. I feel really great about how we reassorted back-to-school. And our famous 4 categories like I mentioned in my first response are set up to go and -- so for instance, using denim as an example, not only did we look at our wash and our fit and making sure that we have the right qualities for both men's and women's and distorting there. We also really like how our price positioning is. So we definitely make sure that we have the good, better, best pricing assortments. And I feel really strongly that the team's really well-balanced that whole denim assortment.

是的。珍妮特，再次，我需要聽你說，對不起，珍妮特。你說話的時候，我在想別的事情。我對我們如何重新安排返校感到非常好。就像我在第一次回復中提到的那樣，我們著名的 4 個類別已經準備就緒，例如，以牛仔佈為例，我們不僅查看了我們的洗滌和合身性，並確保我們具有正確的品質對於男性和女性，並在那裡扭曲。我們也非常喜歡我們的價格定位。因此，我們絕對確保我們擁有優質、更好、價格最優的產品組合。而且我非常強烈地感覺到團隊在整個牛仔布品類中的平衡非常好。

Tops get stronger, Janet. I mean, Janet, we don't have an issue actually in men's. Men's has been very strong. And women's, like I said, this is the most important thing. We're just getting going. We have a brand-new designer, a brand-new lead merchant and new head of marketing essentially. And I think what I'm seeing for the future, we're going to get really psyched around these assortments. I feel really good, Janet. I really do.

上衣變得更強，珍妮特。我的意思是，珍妮特，我們實際上在男裝方面沒有問題。男裝一直很強。而女性，就像我說的，這是最重要的。我們剛剛開始。我們有一個全新的設計師，一個全新的首席商人和新的營銷主管。而且我認為我所看到的未來，我們會對這些分類感到非常興奮。我感覺很好，珍妮特。我真的。

Can you identify what went wrong in women's tops at Eagle because I thought they had been okay through last year. And then there's been some shift.

你能找出 Eagle 的女裝上衣出了什麼問題嗎，因為我認為她們去年還好。然後發生了一些轉變。

Okay. It's more just about the balance of the inventory really. It's just about how we planned it. I think Mike set that up well. We were just too aggressive on the plan, that's all. And we reset them and we reset our inventory levels that I think we're going to really reap the benefit there. Look, I like the profit margins in American Eagle. I mean our gross margins are still fine and we're not knee-jerking during this time. We made the decision not to overly promote, which I think was a very smart, strategic, long-term decision. Our markdown rates are at all-time lows. And we're going to ride this way. This is what happens during these times. It's our job to get through it in the most profitable way, and I like where our inventories are positioned.

好的。實際上，這更多的是關於庫存的平衡。這只是關於我們如何計劃它。我認為邁克設置得很好。我們在計劃上過於激進，僅此而已。我們重置了它們，我們重置了我們的庫存水平，我認為我們將在那裡真正獲得收益。看，我喜歡 American Eagle 的利潤率。我的意思是我們的毛利率仍然很好，在這段時間裡我們並沒有下意識。我們做出了不過度推廣的決定，我認為這是一個非常明智的、戰略性的、長期的決定。我們的降價率處於歷史最低水平。我們要這樣騎。這就是在這些時期發生的事情。以最有利可圖的方式度過難關是我們的工作，我喜歡我們的庫存位置。

I mentioned in Aerie are that our great businesses get stronger in the back half. OFFLINE, which we've seen great results. Those assortments get bigger and stronger with new launches. So it's really -- swim. Mike mentioned the number. We've been up 15% without that category. So as that seasonality takes hold, I think I feel really good about where we're headed in Aerie. (inaudible) Yes, I get that question a lot, Jan. And you know what I love, I love that I can actually see all the assortments now. And when I mention that, that was another thing that we put in place. We used to see the American Eagle line at a very different time frame than I saw Aerie. So not only do we have a new team in place, but we have a whole new process where we actually -- I can see the various lines during similar weeks, which I think is a huge advantage.

我在 Aerie 中提到的是，我們偉大的業務在後半部分變得更強大。離線，我們已經看到了很好的結果。隨著新產品的推出，這些分類變得越來越大。所以這真的是——游泳。邁克提到了這個數字。沒有這個類別，我們已經上漲了 15%。因此，隨著季節性因素的影響，我認為我對我們在鷹巢的發展方向感覺非常好。 （聽不清）是的，我經常收到這個問題，Jan。你知道我喜歡什麼，我喜歡我現在可以看到所有的分類。當我提到這一點時，這是我們實施的另一件事。我們過去看到美國鷹線的時間框架與我看到的 Aerie 完全不同。所以我們不僅有一個新的團隊，而且我們實際上有一個全新的流程——我可以在類似的幾週內看到不同的線路，我認為這是一個巨大的優勢。

That said, I will say when there's a trend, there's a trend, there's a trend. I look at that as our opportunity to gain market share. And we see it all the time since lease. The fleet is trending. It sells both in American Eagle women and in Aerie. Now my job is to make sure that they're differentiated enough so that we can still see incrementality. So that's what we're working towards. But American Eagle really is about, Janet, slow and steady wins the race. Not getting too aggressive, making sure that we're protecting the margins, rebuilding assortment and setting up the plans to beat. That's really how I'm thinking about the business. And of course, you've heard the Aerie members. I still feel very passionate that there's growth there, particularly with OFFLINE.

也就是說，當有趨勢時，我會說，有趨勢，有趨勢。我認為這是我們獲得市場份額的機會。自租約以來，我們一直看到它。艦隊是趨勢。它在 American Eagle 女性和 Aerie 均有銷售。現在我的工作是確保它們有足夠的差異化，以便我們仍然可以看到增量。這就是我們正在努力的方向。但美國之鷹真的是，珍妮特，緩慢而穩定地贏得比賽。不要過於激進，確保我們保護利潤，重建分類並製定擊敗計劃。這就是我對業務的看法。當然，您也聽說過 Aerie 成員。我仍然對那裡的增長充滿熱情，尤其是在離線時。

(Operator Instructions) Your next question comes from Marni Shapiro with Retail Tracker.

（操作員說明）您的下一個問題來自 Marni Shapiro with Retail Tracker。

Jan, I actually thought the top was really nice. So they were a great improvement over last year. But Jay, I actually have a question for you.

簡，我實際上認為頂部非常好。所以他們比去年有了很大的進步。但是傑，我實際上有一個問題要問你。

Thank you, Marni. Thank you. We're working hard.

謝謝你，瑪尼。謝謝你。我們正在努力工作。

I mean, compared to 2019 also, unbelievable. But, Jay, I actually have a big picture question for you because you've been through periods like this before. But I feel like as a company, American Eagle has just done so much work operationally and technology that you're coming into this tough period a very different company than you were in the past. And at the same time, you have a fashion trend in denim that's playing to your company's strength. So I guess, am I seeing this right? Or is there something else going on? Because it feels like compared to past times when we've had these moments with the consumer or inflation or anything else, the company is much better positioned. You're starting from a stronger point to fix what is going wrong.

我的意思是，與 2019 年相比，也令人難以置信。但是，傑伊，我實際上有一個大問題要問你，因為你以前經歷過這樣的時期。但我覺得作為一家公司，American Eagle 剛剛在運營和技術方面做瞭如此多的工作，以至於你正進入這個艱難的時期，這是一家與過去截然不同的公司。同時，您的牛仔佈時尚潮流正在發揮您公司的實力。所以我想，我看對了嗎？還是有其他事情發生？因為感覺與過去我們與消費者或通貨膨脹或其他任何事情的這些時刻相比，該公司的定位要好得多。你從一個更強大的角度出發來解決問題所在。

Is this question like address me or is it addressing Jen?

這個問題是針對我還是針對 Jen？

Yes. No, just to you because you've been through a number of these ups and downs in business.

是的。不，只是對您而言，因為您在業務中經歷了許多這樣的起起落落。

Yes. Look, I've been through these ups and downs since being involved with the company since early '90s. And look, one thing is we consistently make money no matter what the story is. We got a little surprised this first quarter. The team has made a lot of adjustments. We feel very good about the third and the fourth quarter. And we think we're in good shape. I think, like you said, we put a lot of money in our technology. We're making investments in our supply chain. We're making investments in the stores and making it easier for the customer to shop, making the experience online better.

是的。看，自從 90 年代初加入公司以來，我就經歷了這些起起落落。看，一件事是無論故事是什麼，我們都在持續賺錢。第一季度我們有點驚訝。球隊做了很多調整。我們對第三和第四季度感覺非常好。我們認為我們的狀態很好。我想，就像你說的，我們在技術上投入了大量資金。我們正在對我們的供應鏈進行投資。我們正在對商店進行投資，讓客戶更容易購物，從而改善在線體驗。

I think we're in great shape. There might be a hiccup this quarter but the company is in great shape. We have a great team. I think we have the best -- like the best team out there, period. I'm not worried about it.

我認為我們的狀態很好。本季度可能會出現小問題，但公司狀況良好。我們有一個很棒的團隊。我認為我們擁有最好的——就像那裡最好的球隊一樣，時期。我不擔心。

And you feel good...

而且你感覺很好...

I feel very strong about the company. And look, we're opportunistic and there'll be a lot of opportunities for us out there also.

我對公司的感覺非常強烈。看，我們是機會主義者，我們也會有很多機會。

Your next question comes from Dan Stroller with BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Dan Stroller。

I just wanted to ask about the omnichannel capabilities and channel profitability. I think traditionally, you've mentioned that store and e-com profitability has been relatively in line with one another. So I was just curious if that diverged at all? And if so, how you get more focused orders to drive in-store transactions?

我只是想問一下全渠道能力和渠道盈利能力。我認為傳統上，你提到商店和電子商務的盈利能力相對一致。所以我只是好奇這是否完全不同？如果是這樣，您如何獲得更集中的訂單來推動店內交易？

Yes, Dan, I can start with that question. I think the way I've described this before, is -- I mean, obviously, we look at the channels in terms of productivity, both in topline trend and then the profitability flow-through coming through both channels. At the end of the day, though, I don't like to talk about channel profitability all that much because we are looking at delivery efficiencies. We're looking at store labor efficiencies. We're looking at really the cost of a transaction. We've reduced rent cost. So it's really about efficiencies through the P&L because as we know, our customers don't really shop channels. They just shop us. A lot of times they're shopping on their app as they're walking into the store. We're fulfilling orders from the store directly to customers' homes. So channel profitability in general is not that different, and we're working through the expense line items that attach to each transaction to find optimal -- to find ways to optimize.

是的，丹，我可以從這個問題開始。我認為我之前描述的方式是 - 我的意思是，顯然，我們從生產力的角度來看待渠道，無論是在頂線趨勢中，然後是通過兩個渠道的盈利能力流動。不過，歸根結底，我不太喜歡談論渠道盈利能力，因為我們正在關注交付效率。我們正在研究商店的勞動效率。我們正在考慮真正的交易成本。我們降低了租金成本。因此，這實際上是通過損益表提高效率，因為我們知道，我們的客戶並不真正購買渠道。他們只是給我們購物。很多時候，當他們走進商店時，他們會在他們的應用程序上購物。我們正在將商店的訂單直接送到客戶家中。因此，一般來說，渠道盈利能力並沒有那麼不同，我們正在通過附加到每筆交易的費用項目來尋找最佳方案——尋找優化的方法。

I think it's the best way to answer that question without getting into a lot of accounting because a lot of our accounting around channel profitability is allocations, which we don't like to get into. So it is just finding efficiencies related to every transaction and the cost of every transaction is a way we like to think about it.

我認為這是在不涉及大量會計的情況下回答這個問題的最佳方式，因為我們圍繞渠道盈利能力的很多會計都是分配，我們不喜歡涉及。所以它只是找到與每筆交易相關的效率，每筆交易的成本是我們喜歡考慮的一種方式。

Your next question comes from Corey Tarlowe with Jefferies.

您的下一個問題來自 Corey Tarlowe 和 Jefferies。

Firstly, just a point of clarification on the inventory. Is the expectation that it will be completely worked through by the end of the second quarter? And then if so, how should we expect the remainder of the gross margin to cadence throughout the rest of this fiscal year?

首先，只是對庫存的一點澄清。是否期望在第二季度末完全完成？如果是這樣，我們應該如何期望剩餘的毛利率在本財年的剩餘時間裡保持節奏？

Yes. Yes, I think from a spring and summer perspective in terms of how we play in the business, we expect to be clean going into back-to-school. And when I say clean, we have reset our plans multiple times now for the back half to so that our average inventory is in line with these trend expectations and the trends we've been seeing for almost 4 months now. So on average, for those seasons, we're really happy with the way inventory is positioned against our current trend line. At the end of each quarter on the balance sheet, again, you're going to see some apples and oranges comparisons in terms of just timing of inventory. So we feel really good about that.

是的。是的，我認為從春季和夏季的角度來看，就我們在業務中的表現而言，我們希望在重返校園時保持乾淨。當我說乾淨時，我們現在已經多次調整後半部分的計劃，以使我們的平均庫存符合這些趨勢預期以及我們近 4 個月以來所看到的趨勢。因此，平均而言，對於那些季節，我們對庫存相對於我們當前趨勢線的定位方式感到非常滿意。在資產負債表上的每個季度末，您將再次看到一些蘋果和橙子在庫存時間方面的比較。所以我們對此感覺非常好。

From a gross margin perspective, we provided the 33% for the second quarter, which is where we think we'll be to get through the goods we own right now. When we look to the back half, we do expect to see improvement in Q3. I think we gave previous guidance to be in the low 40s. We do expect to be at a very healthy gross margin. I'm not sure we'll be exactly at that rate with just the top line trend change. But I would think targeting 40 is the right place to be for us in that third quarter time frame. Q4, we typically -- again, we get a little more promotional, just the nature of the holiday period. And we -- in January is when we think you cleared through all of our fall and winter and holiday goods. So gross margin is typically a little lower, but we do expect to see significant improvement to last year's rate because of that $60 million impact from airfreight.

從毛利率的角度來看，我們提供了第二季度的 33%，這是我們認為我們將通過我們現在擁有的商品的地方。當我們展望後半部分時，我們確實預計第三季度會有所改善。我認為我們之前給出的指導是在 40 歲以下。我們確實預計毛利率會非常健康。我不確定我們是否會完全按照頂線趨勢變化的速度。但我認為，在第三季度的時間框架內，目標是 40 對我們來說是正確的地方。第四季度，我們通常 - 再次，我們得到更多的促銷，只是假期的性質。我們 - 在 1 月份，我們認為您清除了我們所有的秋冬和假日商品。因此，毛利率通常會略低一些，但由於空運帶來的 6000 萬美元的影響，我們確實預計會比去年的毛利率顯著提高。

And I think Michael hit in his prepared remarks, we do not expect to incur much air freight at all in the fourth quarter compared to that $60 million number.

我認為邁克爾在他準備好的講話中說，與 6000 萬美元的數字相比，我們預計第四季度根本不會產生太多空運。

Got it. And then in an environment where freight costs continue to increase, can you highlight some key takes as it relates to your -- how your supply chain businesses performed in the quarter? And then maybe what to expect going forward?

知道了。然後在貨運成本繼續增加的環境中，您能否強調一些與您的供應鏈業務在本季度的表現相關的關鍵因素？然後也許會發生什麼？

Sure. So yes, our supply chain business, actually, I think what Mike said in the prepared remarks was performed a little bit better than expected in Q1. We're clearly in a very disruptive supply chain environment. And to me, that only makes the impetus for people needing this kind of service greater.

當然。所以是的，我們的供應鏈業務，實際上，我認為邁克在準備好的評論中所說的在第一季度的表現比預期的要好一些。我們顯然處於一個非常具有破壞性的供應鏈環境中。對我來說，這只會讓需要這種服務的人們的動力更大。

Clearly, positioning inventory closer to customers, being able to get supply chain efficiencies, being able to have fast and efficient delivery, it is the future. It is the way that retailers are going to want to operate. I said earlier, to me, it's the same as when retailers all decided to go omnichannel or most decide to go omnichannel a few years ago, we're going to look back at this moment. And we're going to look back at the changes that Quiet leading in the industry. And we're going to say positioning inventory on the edge, using shared capacity to do that, is as transformative to the retail landscape as omnichannel changes were years ago.

顯然，將庫存定位在離客戶更近的位置，能夠提高供應鏈效率，能夠快速高效地交付，這是未來。這是零售商想要經營的方式。我之前說過，對我來說，這就像幾年前零售商都決定轉向全渠道或大多數決定轉向全渠道時一樣，我們現在要回顧一下。我們將回顧一下 Quiet 在行業中領先的變化。我們要說的是，利用共享能力將庫存定位在邊緣，與多年前的全渠道變革一樣，對零售業格局具有變革性。

So we're pleased with how the supply chain business has performed. It acquired significant new customers. Jay mentioned Saks and Fanatics. We're excited to have them join. And for me, what I'm excited about is when we talk to new customers, they get it. They want to operate this way. They see this as the way in the future. And I'm very optimistic for where that business is headed.

因此，我們對供應鏈業務的表現感到滿意。它獲得了重要的新客戶。傑伊提到了薩克斯和狂熱者。我們很高興讓他們加入。對我來說，令我興奮的是，當我們與新客戶交談時，他們明白了。他們想以這種方式運作。他們認為這是未來的方向。我對該業務的發展方向非常樂觀。

Final question today comes from Rebecca Duval with BlueFin Research Partners.

今天的最後一個問題來自 BlueFin Research Partners 的 Rebecca Duval。

I am -- just a quick 2 questions. The first is, you guys seem to be pretty disciplined in terms of your SKU count on markdowns, particularly in comparison to 2019 levels. And so I just want to -- understand how you're thinking about, obviously, you have some inventory you're going to move through here in Q2. But then should we think that your goal is obviously to get to that SKU count reduction again in terms of markdowns.

我 - 只是一個快速的 2 個問題。首先，你們似乎在 SKU 降價計數方面非常自律，特別是與 2019 年的水平相比。所以我只想 - 了解你的想法，顯然，你有一些庫存要在第二季度轉移到這裡。但是我們是否應該認為您的目標顯然是在降價方面再次減少 SKU 數量。

And then the second question is on raw material inflation. Obviously, denims are a huge part of the business. and we've also started paying attention to where cotton is going. And I just wanted to know where you guys stand on that and if you're able to hedge that.

然後第二個問題是關於原材料通脹的。顯然，牛仔褲是該行業的重要組成部分。我們也開始關注棉花的去向。我只是想知道你們在這方面的立場，以及你們是否能夠對沖這一點。

Regarding SKU count, we continue to look at our CC counts. We definitely have reduced a tremendous amount in American Eagle since they started really rationalizing denim. We were way over skewed. And like I said, you heard the numbers, I'm very pleased with the results, looking at 2019 and the volume that we were able to drive in bottom just way more productive. And I think that's going to bode well for the future for our margins as well.

關於 SKU 計數，我們繼續查看我們的 CC 計數。自從 American Eagle 開始真正合理化牛仔布以來，我們肯定已經大量減少了他們的數量。我們太過分了。就像我說的，你聽到了這些數字，我對結果感到非常滿意，看看 2019 年以及我們能夠以更有效率的方式壓低的銷量。而且我認為這對我們的利潤率來說也是一個好兆頭。

Look, we're in the business of having edited, well-defined assortments. That's one thing that I really I think is what we do best in both American Eagle and Aerie. So again, we're going to continue to optimize. There's some more opportunity in denim as we move into Q3. Aerie, we've pretty much always been really disciplined there, some learnings in OFFLINE as we've expanded that assortment and that was really from back in Q3 last year. That's really where we saw some opportunity, and we worked on that as a team, and I'm feeling like we're in a really good place there.

看，我們的業務是編輯、定義明確的分類。我真的認為這是我們在 American Eagle 和 Aerie 中最擅長的一件事。因此，我們將繼續優化。隨著我們進入第三季度，牛仔布還有更多機會。 Aerie，我們在那裡幾乎一直都很自律，在我們擴大了分類範圍時，我們在離線中學到了一些東西，這真的是從去年第三季度開始的。這確實是我們看到了一些機會的地方，我們作為一個團隊一起努力，我覺得我們在那里處於一個非常好的位置。

It's Michael Rempell. On raw material inflation, we had platform fabric, I mentioned last year very aggressively all the way through back-to-school this year. So we had cost -- product cost locked in through back-to-school. I expect markups. Our receipt markup is up in Q3 and really at pre-pandemic levels. And Q4, we do start to feel cotton price increases, but it's more than offset by the transportation benefits that we're going to get. And actually, when you look at the receipt IMU in Q4, it's really very close to what pre-pandemic levels were also.

是邁克爾·雷佩爾。在原材料通脹方面，我們有平檯面料，我去年非常積極地提到過，一直到今年的返校。所以我們有成本——產品成本通過返校鎖定。我期待加價。我們的收據加價在第三季度有所上升，實際上處於大流行前的水平。第四季度，我們確實開始感覺到棉花價格上漲，但這遠遠被我們將獲得的運輸收益所抵消。實際上，當您查看第四季度的收據 IMU 時，它確實非常接近大流行前的水平。

And Rebecca, just one more point quickly. Just to be clear, because the current inventory levels have nothing to do with SKU count and choice counts. We're still down well over 20% to the 2019 levels. This is just we just bought to a higher level of sales demand. That's really what we're cleaning up. It's not anything in terms of choice or SKU counts, elevating again and becoming undisciplined. That's not -- I think Jen said, I just want to make sure that's clear.

還有麗貝卡，很快就多了一分。需要明確的是，因為當前的庫存水平與 SKU 數量和選擇數量無關。我們仍然比 2019 年的水平下降了 20% 以上。這只是我們剛剛購買到更高層次的銷售需求。這就是我們正在清理的內容。就選擇或 SKU 數量而言，這不是什麼，再次提升並變得無紀律。那不是——我想 Jen 說過，我只是想確保這一點很清楚。

Yes. I was thinking more like a SKU count on a markdown basis, like it's still pretty clean compared to 2019 levels. And maybe that's a reflection of the fact that you do have less SKUs, period. And so we could expect that to stay the same amount.

是的。我的想法更像是基於降價的 SKU 計數，與 2019 年的水平相比，它仍然相當乾淨。也許這反映了您確實擁有較少的 SKU，期間。因此，我們可以期望它保持不變。

Yes.

是的。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back to Mr. Jay Shantenstein, CEO, for closing remarks. Please go ahead.

女士們，先生們，問答環節到此結束。我想將電話轉回給首席執行官 Jay Shantenstein 先生的閉幕詞。請繼續。

Okay. Thank you, operator. Challenges unveil opportunity. We have a very strong business with leading brands. We're using learning from this quarter to right set our plans to deliver improved performance in the back half of the year.

好的。謝謝你，接線員。挑戰帶來機遇。我們與領先品牌擁有非常強大的業務。我們正在利用本季度的學習來正確制定我們的計劃，以在今年下半年提供更好的業績。

Thank you for your time and investment. I look forward to updating you on our progress on the next quarter call. Thank you.

感謝您的時間和投資。我期待在下一季度電話會議上向您通報我們的進展情況。謝謝你。

This concludes today's conference. You may disconnect your lines at this time. Thank you all for your participation.

今天的會議到此結束。此時您可以斷開線路。謝謝大家的參與。