American Eagle Outfitters Inc (AEO) 2023 Q2 法說會逐字稿

Greetings and welcome to the AEO Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AEO 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Judy Meehan. Thank you, Ms. Meehan, you may begin.

現在我很高興向大家介紹你們的主持人朱迪·米漢。謝謝米漢女士，您可以開始了。

Good afternoon, everyone. Joining me today for our prepared remarks are Jay Schottenstein, Executive Chairman and Chief Executive Officer; 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。今天與我一起發表準備好的講話的是執行主席兼首席執行官傑伊·肖滕斯坦 (Jay Schottenstein)； Jen Foyle，AE 和 Aerie 總裁兼執行創意總監；邁克爾·倫佩爾 (Michael Rempell)，首席運營官；和首席財務官邁克·馬蒂亞斯。

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. 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. Additionally, you can find the second quarter investor presentation posted on our corporate website at www.aeo-inc.com in the Investor Relations section.

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聲明。這些陳述基於代表公司當前期望或信念的信息。根據我們向美國證券交易委員會提交的文件中包含的風險因素，實際實現的結果可能會存在重大差異。除非法律要求，否則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、未來事件還是其他原因。此外，您還可以在我們公司網站 www.aeo-inc.com 的投資者關係部分找到發布的第二季度投資者演示文稿。

And now I will turn the call over to Jay.

現在我將把電話轉給傑伊。

Good afternoon. Thanks for joining us today. I am pleased to report second quarter revenue and operating profit that exceeded our expectations, reflecting stronger demand and improved profit flow-through. Business picked up in June across brands and channels with strength sustaining until July as our early back-to-school collections rolled out. The teams executed well during the period. We made quick product adjustments, chased into demand profitably while also maintaining healthy inventories and controlling promotions.

午安.感謝您今天加入我們。我很高興地報告第二季度的收入和營業利潤超出了我們的預期，反映出需求強勁和利潤流動改善。六月份，各品牌和渠道的業務有所回升，隨著我們早期返校系列的推出，這種勢頭一直持續到七月份。球隊在此期間表現良好。我們快速調整產品，追逐需求以實現盈利，同時保持健康的庫存並控制促銷活動。

Record revenue of $1.2 billion was up slightly to last year, while operating income of $65 million increased significantly to last year. We generated strong cash flow, ending the quarter with a healthy balance sheet and cash of $175 million, up $77 million to last year.

收入創紀錄地達到 12 億美元，較去年略有增長，而營業收入則較去年大幅增長 6,500 萬美元。我們產生了強勁的現金流，本季度結束時擁有健康的資產負債表和 1.75 億美元的現金，比去年增加了 7700 萬美元。

As previously discussed, we expect this past several months reviewing our cost structure to find areas where we can be more efficient as we continue to grow. We have identified opportunities to improve profitability over the next 12 to 24 months. We began to take action on these items in the second quarter and starting to see results, which Mike will review.

正如前面所討論的，我們預計在過去的幾個月中審查我們的成本結構，以找到隨著我們的持續增長而可以提高效率的領域。我們已經確定了未來 12 至 24 個月內提高盈利能力的機會。我們在第二季度開始對這些項目採取行動，並開始看到結果，邁克將對此進行審查。

Now on to a few highlights of the quarter. American Eagle continues its leadership in casual wear, and that's evident in recent performance where demand has been strong, particularly during peak shopping periods. We are seeing encouraging results across genders as new products are introduced. Expansions like AE77 (inaudible)24/7, our entry into men's activewear, are injecting new energy and expanding our reach.

現在介紹本季度的一些亮點。 American Eagle 繼續保持其在休閒服裝領域的領先地位，這一點從最近的表現中可以明顯看出，需求強勁，尤其是在購物高峰期。隨著新產品的推出，我們看到了跨性別的令人鼓舞的結果。像 AE77（聽不清）24/7 這樣的擴張，我們進入男士運動服領域，正在註入新的能量並擴大我們的業務範圍。

As the team will discuss, we are excited about the launch of the new store design to update and modernize the shopping experience. The online channel is also being enhanced with new features, which is driving better overall metrics.

正如團隊將討論的那樣，我們對新商店設計的推出感到興奮，以更新和現代化購物體驗。在線渠道也通過新功能得到增強，這推動了整體指標的改善。

Aerie achieved yet another record revenue quarter with strong profit. As Jen will review, we saw incredible demand across our core apparel collection, and our activewear extension continues to be on fire. We are also seeing renewed momentum in intimates where we've introduced new collections. I see a very bright future for the Aerie and OFFLINE brands, where we are just beginning to see the real potential.

Aerie 季度營收再創新高，利潤強勁。正如 Jen 將回顧的那樣，我們看到我們的核心服裝系列有著令人難以置信的需求，而我們的運動服系列也繼續火爆。我們還看到了內衣領域的新勢頭，我們推出了新系列。我看到 Aerie 和 OFFLINE 品牌的未來非常光明，我們才剛剛開始看到真正的潛力。

I'd also like to comment on our Todd Snyder brand, where we have been seeing strong growth. Over the past year, we have selectively expanded into high-fashion metros, bringing Todd's modern creations and upscale experience to new customers. We expect to reach over $100 million in revenue this year. I cannot be more excited for what's ahead.

我還想評論一下我們的托德·斯奈德品牌，我們在該品牌上看到了強勁的增長。在過去的一年裡，我們有選擇地擴展到高級時尚都市，為新客戶帶來托德的現代創作和高檔體驗。我們預計今年的收入將超過 1 億美元。我對未來感到無比興奮。

Entering the third quarter, it's been encouraging to see sustained strength across our entire brand portfolio. As we continue to fuel this momentum with strong merchandise and innovative marketing, we will stay focused on delivering efficiencies across the business and improve profit flow-through.

進入第三季度，我們整個品牌組合的持續強勢令人鼓舞。隨著我們繼續通過強大的商品和創新的營銷來推動這一勢頭，我們將繼續專注於提高整個業務的效率並改善利潤流動。

Before I turn the call over to Jen, I want to touch on the leadership transition announced last month. As noted, Michael Rempell, our Chief Operating Officer, has made a decision to leave the company at the end of the fiscal year. While I'm personally sad to see him go, I want to thank Michael for his incredible leadership and partnership over the last 23 years. Michael has been a tremendous asset to the company, investing in technology and infrastructure to create our world-class operations. He will leave AEO with a strong foundation to build on from here, including excellent teams to help support a successful transition.

在將電話轉給 Jen 之前，我想談談上個月宣布的領導層換屆。如前所述，我們的首席運營官 Michael Rempell 已決定在本財年末離開公司。雖然我個人對他的離開感到難過，但我要感謝邁克爾在過去 23 年裡所表現出的令人難以置信的領導力和合作精神。邁克爾一直是公司的巨大資產，他投資技術和基礎設施來創建我們世界一流的運營。他將為 AEO 留下堅實的基礎，包括幫助支持成功過渡的優秀團隊。

With that, I'll turn the call over to Jen.

這樣，我會將電話轉給 Jen。

Thanks, Jay, and good afternoon, everyone. I am pleased with how the second quarter shaped up, including a significant improvement in operating profit across brands. As Jay noted, June was an inflection point. Business improved as we brought in new fashion, and July was our best month with both AE and Aerie comping positively. We were able to chase into high-demand items at a strong margin. With inventory at appropriate levels, promotions and end-of-season clearance were down dramatically to last year.

謝謝杰伊，大家下午好。我對第二季度的表現感到滿意，包括各品牌營業利潤的顯著改善。正如傑伊所說，六月是一個轉折點。隨著我們引入新時尚，業務有所改善，7 月是我們表現最好的月份，AE 和 Aerie 都表現出色。我們能夠以豐厚的利潤追逐高需求的商品。由於庫存處於適當水平，促銷活動和季末清倉活動比去年大幅減少。

Our second quarter AUR was the second highest in history. Customer KPIs remained solid with growth in our total customer file as well as our loyalty customer base. Aerie continues to expand its reach with the customer file growing to another all-time high this quarter.

我們第二季度的 AUR 是歷史第二高的。隨著我們總客戶檔案和忠誠客戶群的增長，客戶 KPI 保持穩定。 Aerie 繼續擴大其覆蓋範圍，本季度客戶檔案增長至歷史新高。

Turning to the brands. Aerie revenue was up to last year, led by new store growth. With the exception of swimwear and intimates, comps are very solid across categories with most major businesses up in the double digits. As we move past peak swim season, comp strengthened further as we introduce new merchandise turning positive in July and accelerated into the third quarter. Receptions in new styles in our core apparel collection has been incredible, especially in fleece, bottoms and tops. For activewear extension, OFFLINE by Aerie also had a standout quarter across tops, sports bras, active shorts and fashion items.

轉向品牌。在新店增長的帶動下，Aerie 的收入與去年持平。除泳裝和內衣外，各品類的業績表現都非常強勁，大多數主要業務都實現了兩位數的增長。隨著游泳旺季過去，我們推出的新產品在 7 月份轉為正數，並加速進入第三季度，競爭進一步增強。我們的核心服裝系列的新款式反響令人難以置信，尤其是羊毛、下裝和上衣。在運動服延伸方面，OFFLINE by Aerie 在上衣、運動胸罩、運動短褲和時尚單品方面也表現出色。

I am also pleased to note that our intimates business turned positive with the arrival of updated collections. As discussed on previous calls, we have been focused on leading with greater innovation and offering more (inaudible). Our newly launched SMOOTHEZ styles and extended body suit collections have been a tremendous success. Coupled with refreshed marketing, I am pleased to see the intimates attract new customers and drive higher sales.

我還很高興地註意到，隨著更新系列的到來，我們的內衣業務出現了積極的變化。正如之前電話會議中所討論的，我們一直致力於引領更大的創新並提供更多（聽不清）。我們新推出的 SMOOTHEZ 款式和擴展連體衣系列取得了巨大成功。加上更新的營銷方式，我很高興看到這些內衣吸引了新客戶並推動了更高的銷售額。

Building brand awareness and amplifying our products through unique marketing is a priority. Through our Hidden Gems campaign, we are bringing to life a more mature point of view within intimates this fall. We are emphasizing high-quality, beautiful designs while maintaining the playful spirit that makes Aerie distinctive. This is a 360-degree campaign, including partnerships with the dating app Bumble, celebrity influencers, active social campaigns and live events.

通過獨特的營銷建立品牌知名度並擴大我們的產品是當務之急。通過我們的“隱藏的寶石”活動，我們將在今年秋天為親密的人帶來更成熟的觀點。我們強調高品質、精美的設計，同時保持 Aerie 與眾不同的俏皮精神。這是一場 360 度的活動，包括與約會應用程序 Bumble、名人影響者的合作、積極的社交活動和現場活動。

Now turning to American Eagle. Revenue was down to last year, yet with a significant improvement in profitability. Here, too, we were pleased to see trends improve sequentially throughout the quarter with AE exiting July with positive comps, which has sustained into the third quarter as well.

現在轉向美國之鷹。收入較去年有所下降，但盈利能力顯著改善。在這裡，我們也很高興看到整個季度的趨勢連續改善，AE 在 7 月退出時取得了積極的業績，這種情況也持續到了第三季度。

Women's tops had another quarter of growth with continued improvement in comp trends across denim and non-denim bottoms as well. Men's also saw improvement in bottoms driven by pants. Over the past several quarters, with brand margins restored to healthier levels, we are now focusing on growth.

女式上衣又實現了四分之一的增長，牛仔布和非牛仔布下裝的比較趨勢也持續改善。男士下裝也因褲子而有所改進。在過去的幾個季度中，隨著品牌利潤恢復到更健康的水平，我們現在專注於增長。

As Jay noted, we are pleased with the expansion of newer collections like AE77 and 24/7, and we'll continue to build on our learnings. I'm also very excited about the launch of our new AE store design with modern aesthetics that celebrate our strong heritage in denim and casual wear. We've seen strong results so far and look forward to updating additional locations.

正如 Jay 指出的那樣，我們對 AE77 和 24/7 等新系列的擴展感到高興，我們將繼續鞏固我們的經驗。我也對推出具有現代美學的新 AE 商店設計感到非常興奮，該設計慶祝了我們在牛仔布和休閒裝方面的深厚傳統。到目前為止，我們已經看到了強勁的成果，並期待更新更多地點。

On the marketing front, AE collaborated with "The Summer I Turned Pretty", a Gen Z favorite, with a live shopping experience on Amazon. The campaign and collections were a strong success, and we continue to chase items.

在營銷方面，AE 與 Z 世代最愛的《The Summer I Turned Pretty》合作，在亞馬遜上提供現場購物體驗。活動和系列取得了巨大成功，我們將繼續追逐單品。

Looking ahead, I am really excited by the trends I am seeing in casual wear. Emerging new trends provide exciting opportunities to fuel growth, and I believe we will be well positioned for upcoming seasons. As we said, the business has shown material improvement this summer across brands. Recent trends have been stronger with greater consistency and performance. We are continuing to build on the areas with high demand while keeping a sharp eye on the consumer environment and planning appropriately.

展望未來，我對休閒服裝的趨勢感到非常興奮。新興趨勢為推動增長提供了令人興奮的機會，我相信我們將為即將到來的季節做好準備。正如我們所說，今年夏天各品牌的業務都出現了實質性改善。最近的趨勢更加強勁，一致性和性能更高。我們將繼續在高需求領域開展業務，同時密切關註消費者環境並進行適當規劃。

Before I turn the call over to Michael, I want to say thank you to my incredible AE and Aerie teams for staying focused and delivering this quarter. We are energized, and I look forward to updating you on our performance next quarter. Thank you.

在將電話轉給 Michael 之前，我想對我出色的 AE 和 Aerie 團隊表示感謝，感謝他們在本季度保持專注並交付成果。我們充滿活力，我期待著向您通報我們下季度的最新業績。謝謝。

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

現在我將把電話轉給邁克爾。

Thanks, Jen, and good afternoon, everyone. I'm very pleased with how the teams are executing against our initiatives and delivering stronger results. We are leveraging flexibility in our supply chain to chase high-demand items. Across channels, we're making improvements and seeing a real difference in key performance metrics, which I believe will enhance the customer experience and support sales growth.

謝謝，Jen，大家下午好。我對團隊如何執行我們的計劃並取得更強勁的成果感到非常滿意。我們正在利用供應鏈的靈活性來追逐高需求的商品。我們正在跨渠道進行改進，並看到關鍵績效指標的真正差異，我相信這將增強客戶體驗並支持銷售增長。

For the quarter, store revenue increased 4% as customers continue to return to in-person shopping. It's encouraging to see demand improve over the course of the quarter as our new (inaudible) hit stores. I'm also very pleased with the progress we're making on our store payroll model, which is creating efficiencies and allowing us to leverage expense. Upgrading our fleet and store operations remain a top priority.

隨著顧客繼續回歸實體購物，本季度商店收入增長了 4%。隨著我們新的（聽不清）商店的上市，本季度的需求有所改善，這令人鼓舞。我也對我們在商店薪資模型方面取得的進展感到非常滿意，該模型提高了效率並允許我們利用費用。升級我們的車隊和商店運營仍然是首要任務。

Our new store design was introduced in 3 locations: (inaudible) in Chicago, Palisades in New York, and Polaris in Columbus. In (inaudible), we coupled the remodel with a relocation to a better area of the mall. And while it's early days, the combination of these actions has driven a nice lift to store sales. This is a great example of this 360-degree approach we are taking to improve store productivity while also ensuring our brands are showcased in the best way possible.

我們的新店設計在 3 個地點推出：（聽不清）芝加哥、紐約帕利塞茲和哥倫布北極星。在（聽不清）中，我們將改造與搬遷到商場更好的區域結合起來。雖然現在還處於早期階段，但這些行動的結合已經帶動了商店銷售額的大幅提升。這是我們採用 360 度方法提高商店生產力的一個很好的例子，同時也確保我們的品牌以盡可能最好的方式展示。

We also rolled out a new AI-based technology to optimize size profiling and inventory replenishment. Early results are showing quicker and more accurate placement with improved in-stock levels. This is allowing us to better service demand with lower inventory across the network.

我們還推出了一種新的基於人工智能的技術來優化尺寸分析和庫存補貨。早期結果顯示，庫存水平有所提高，佈局更快、更準確。這使我們能夠以更低的網絡庫存來更好地服務需求。

Turning to digital. Revenue declined 7% in the quarter as demand continued to normalize from elevated builds during the pandemic. Yet here, too, we are very pleased to see the business accelerate month-to-month and turn positive in August. New leadership has brought a fresh set of eyes to how we can continue to elevate our online shopping experience. We have put new processes in place to test, learn and scale ideas with greater precision and speed. This new rhythm and the culture of experimentation is creating an exciting avenues for us to improve our KPIs.

轉向數字化。由於疫情期間建築量增加導致需求繼續正常化，本季度收入下降了 7%。然而，我們也很高興看到業務逐月加速並在 8 月份轉為正值。新的領導層為我們如何繼續提昇在線購物體驗帶來了新的視角。我們建立了新的流程，以更高的精度和速度來測試、學習和擴展想法。這種新的節奏和實驗文化正在為我們改善 KPI 創造令人興奮的途徑。

As an example, updated messaging and more strategic customer engagement are leading to higher conversion rates. We are just scratching the surface, and I see plenty of opportunity for more improvement as we build on our learnings.

例如，更新的消息傳遞和更具戰略性的客戶參與可以帶來更高的轉化率。我們只是觸及了表面，在我們學習的基礎上，我看到了很多進一步改進的機會。

We are also taking action to create a more seamless customer experience across channels as we further integrate our store and digital operations. This quarter, we enhanced our Buy Online, Pick Up in Store offering, providing increased visibility to customers and optimizing order fulfillment. The initial read has been very positive. We've doubled our pick-up penetration, which is generating savings on shipping costs and creating additional sales. Altogether, this is allowing us to better leverage our store fleet and our associates to provide a great cross-channel customer experience.

隨著我們進一步整合商店和數字運營，我們還採取行動在跨渠道上創造更加無縫的客戶體驗。本季度，我們增強了在線購買、店內提貨服務，提高了客戶的可見性並優化了訂單履行。最初的閱讀非常積極。我們的提貨滲透率翻了一番，從而節省了運輸成本並創造了額外的銷售額。總而言之，這使我們能夠更好地利用我們的商店隊伍和我們的員工來提供出色的跨渠道客戶體驗。

Our network of distribution centers and in-market nodes continue to drive efficiencies in our fulfillment model. Second quarter delivery costs were down year-over-year and leveraged as a percent of digital revenue. In fact, we achieved multiyear lows in both our cost per shipment and the number of shipments required to fulfill an order, all while delivering products faster to our customers.

我們的配送中心和市場節點網絡繼續提高我們的履行模式的效率。第二季度的交付成本同比下降，並佔數字收入的百分比。事實上，我們的每次發貨成本和履行訂單所需的發貨數量都實現了多年來的最低水平，同時更快地向客戶交付產品。

On the inbound side, we continue to see a favorable environment. We expect product cost and freight to continue to be a tailwind in the second half of 2023. Additionally, we are leveraging shorter lead times to stay nimble and chase.

在入境方面，我們繼續看到有利的環境。我們預計產品成本和運費將在 ​​2023 年下半年繼續成為推動因素。此外，我們正在利用更短的交貨時間來保持敏捷和追逐。

Before I turn the call over to Mike, I want to thank Jay for his kind words on my decision to leave the company. It's hard to move on from a place that has been my second home for the last 23 years, especially one where I had made so many lifelong friendships. The only thing that makes it easier is knowing that I'm leaving the company in very capable hands. It has truly been a privilege to work with such a high-caliber and talented team over the years.

在將電話轉給邁克之前，我要感謝杰伊對我離開公司的決定所講的客氣話。離開這個在過去 23 年裡一直是我的第二個家的地方是很困難的，尤其是在這裡我結交了很多終生的朋友。唯一能讓事情變得更容易的是知道我將把公司交給非常有能力的人。多年來與這樣一支高素質、才華橫溢的團隊合作確實是一種榮幸。

Thank you for your support, your hard work and your camaraderie. We will work closely together to ensure a smooth transition in the coming months. AEO has a bright future ahead. I know there's no better team to take this company to the next level.

感謝你們的支持、你們的辛勤工作和你們的友情。我們將密切合作，確保未來幾個月的順利過渡。 AEO有著光明的未來。我知道沒有更好的團隊可以帶領這家公司更上一層樓。

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

就這樣，我要把這個電話轉給邁克。

Thanks, Michael. Good afternoon, everyone. We are pleased with our second quarter results, which reflected early progress on our journey to improve long-term profitability. Despite a slow start, we saw a real inflection point with the arrival of new merchandise over the summer. We remain nimble, manage markdowns effectively and leverage our ability to chase into demand profitably.

謝謝，邁克爾。大家下午好。我們對第二季度的業績感到滿意，這反映了我們在提高長期盈利能力方面取得的早期進展。儘管起步緩慢，但隨著夏季新商品的到來，我們看到了真正的拐點。我們保持靈活性，有效管理降價，並利用我們的能力追逐需求並實現盈利。

With the initiation of our profit improvement program, we also saw some early benefits, which I'll touch on shortly. Overall, we managed the quarter well, and we're able to nicely exceed our outlook provided back in May.

隨著我們的利潤改善計劃的啟動，我們還看到了一些早期的好處，我將很快談到。總體而言，我們本季度管理得很好，並且能夠很好地超出 5 月份提供的預期。

Consolidated revenue of $1.2 billion was up slightly to the second quarter of last year. It's important to note that we cycled approximately $22 million in revenue from last year's excess end-of-season sell-off, which impacted second quarter revenue growth across brands and channels. Operating income came in at $65 million for the quarter, reflecting a strong recovery year-over-year and a 5.4% operating margin.

綜合收入為 12 億美元，比去年第二季度略有增長。值得注意的是，我們從去年季末過度拋售中獲得了約 2200 萬美元的收入，這影響了第二季度各品牌和渠道的收入增長。本季度營業收入為 6500 萬美元，同比強勁復甦，營業利潤率為 5.4%。

Compared to last year, gross profit dollars increased $83 million or 22% to $453 million with a gross margin rate up 680 basis points to 37.7%. The majority of the improvement was driven by better merchandise margins. Inventory discipline drove lower markdowns as we maintain our focus on healthy promotions. Additionally, we lapped $25 million of freight headwinds and $30 million of incremental markdowns related to end-of-season sell-offs last year.

與去年相比，毛利潤增加了 8300 萬美元，即 22%，達到 4.53 億美元，毛利率提高了 680 個基點，達到 37.7%。大部分的改善是由更好的商品利潤推動的。由於我們繼續關注健康的促銷活動，庫存控制推動了降價幅度的降低。此外，我們去年還經歷了 2500 萬美元的貨運逆風和 3000 萬美元的與季末拋售相關的增量降價。

As I will discuss shortly, we made a structural change to our end-of-season clearance process this quarter, which we expect to positively impact gross margin over the next year. As Michael noted, lower delivery and distribution expenses also provided tailwinds to gross margin this quarter as we drove efficiencies across our outbound network.

正如我稍後將討論的那樣，我們對本季度的季末清倉流程進行了結構性改變，我們預計這將對明年的毛利率產生積極影響。正如邁克爾指出的那樣，隨著我們提高出站網絡的效率，較低的交付和分銷費用也為本季度的毛利率帶來了推動力。

SG&A expense of $332 million was up 8% to last year. We continue to drive efficiencies in our store labor model, providing a partial offset to incentive accruals compared to zero last year, higher costs from store growth and other corporate expense. Depreciation was up year-over-year and in line with guidance provided last quarter. EPS was $0.25 per share, and our diluted share count was 196 million.

SG&A 費用為 3.32 億美元，比去年增長 8%。我們繼續提高商店勞動力模式的效率，與去年為零的應計激勵措施、商店增長和其他公司費用帶來的更高成本相比，提供部分抵消。折舊同比上升，與上季度提供的指導一致。 EPS 為每股 0.25 美元，稀釋後股票數量為 1.96 億股。

Turning to our brands. Following the lull in May, we were pleased to see trends for both Aerie and American Eagle improve sequentially through the quarter. Aerie revenue increased 2% in the second quarter. Comparable sales were flat, and Aerie's operating margin of 15.1% expanded approximately 12 points to last year driven by improved markup and lower markdowns.

轉向我們的品牌。繼 5 月份的平靜之後，我們很高興看到 Aerie 和 American Eagle 的趨勢在本季度連續改善。 Aerie 第二季度收入增長了 2%。可比銷售額持平，在加價改善和降價降低的推動下，Aerie 的營業利潤率為 15.1%，比去年增長了約 12 個百分點。

American Eagle revenue declined 1% with comps down 2%. AE's operating margin of 16.8% expanded nearly 3 points to last year. Consolidated ending inventory cost was down 7% compared to last year with units down 11%. Inventory levels remain healthy and controlled across geographies as we continue to maintain buying discipline and chase demand.

American Eagle 收入下降 1%，同期收入下降 2%。 AE 的營業利潤率為 16.8%，比去年擴大了近 3 個百分點。與去年相比，綜合期末庫存成本下降了 7%，單位數量下降了 11%。隨著我們繼續保持採購紀律並追逐需求，各個地區的庫存水平保持健康並受到控制。

We generated strong cash flow and ended the quarter with $175 million in cash. We continue to have healthy access to additional liquidity through our revolver with current liquidity over $800 million. Capital expenditures totaled $46 million, and we continue to expect full year CapEx to be in the range of $150 million to $175 million. Our plan for our consolidated store count in 2023 remains roughly flat to last year, reflecting approximately 25 new Aerie store openings, offset by approximately 25 net closures for the AE brand.

我們產生了強勁的現金流，本季度末現金為 1.75 億美元。我們繼續通過我們的左輪手槍健康地獲得額外的流動性，目前的流動性超過 8 億美元。資本支出總計 4600 萬美元，我們繼續預計全年資本支出將在 1.5 億至 1.75 億美元之間。我們對 2023 年合併門店數量的計劃與去年大致持平，反映出大約 25 家新開的 Aerie 門店，被 AE 品牌淨關閉大約 25 家門店所抵消。

Before I move on to our outlook, I'd like to provide an update on the positive progress being made on our profit improvement initiative. We have highly motivated cross-functional teams making structural changes to our operating model to capture permanent efficiencies. As I've discussed on previous calls, we're working across all areas of the P&L.

在展望我們的前景之前，我想先介紹一下我們的利潤改善計劃所取得的積極進展的最新情況。我們擁有積極主動的跨職能團隊，對我們的運營模式進行結構性變革，以實現永久效率。正如我在之前的電話中討論過的那樣，我們正在處理損益表的所有領域。

With roughly 70% of our costs spread across product, markdowns, rent, warehousing and inbound and outbound delivery, our initial actions are positively impacting our gross margin. Michael pointed out the benefits we're seeing in distribution and warehousing. In addition to this, in the second quarter, we optimized our clearance strategy, which we expect to drive approximately $50 million in benefits to gross margin on an annualized basis.

由於我們大約 70% 的成本分佈在產品、降價、租金、倉儲以及入庫和出庫交付上，我們最初的行動對我們的毛利率產生了積極影響。邁克爾指出了我們在分銷和倉儲方面看到的好處。除此之外，在第二季度，我們優化了清倉策略，預計這將為年化毛利率帶來約 5000 萬美元的收益。

Another area of near-term focus is a structural change to optimize our loyalty program with a focus on driving more profitable sales. We're also working on longer-term benefits in SG&A across all areas. We will keep you updated on what this could contribute to long-term profitability as we solidify those work streams.

近期關注的另一個領域是結構性變革，以優化我們的忠誠度計劃，重點推動利潤更高的銷售。我們還在各個領域致力於 SG&A 的長期效益。隨著我們鞏固這些工作流程，我們將隨時向您通報這對長期盈利能力有何貢獻。

Moving on to our outlook. Quarter-to-date, product acceptance and overall demand has been very encouraging. Trends through the back-to-school shopping period have been strong with AE positive and Aerie delivering a double-digit comp quarter-to-date. Yet with significant business still ahead, we're maintaining a cautious view.

繼續我們的展望。本季度迄今為止，產品接受度和總體需求非常令人鼓舞。返校購物期間的趨勢一直很強勁，AE 呈積極趨勢，Aerie 季度迄今的業績達到兩位數。然而，由於仍有大量業務存在，我們仍保持謹慎的看法。

For the year, we're raising our outlook to reflect better-than-expected business performance in the second quarter in addition to improved demand and continued profit recovery in the back half of the year. We expect total revenue to be up low single digits and operating income in the range of $325 million to $350 million. We expect gross margin expansion, reflecting improved freight and product costs, lower markdowns and approximately $25 million in savings tied to early profit improvement initiatives.

對於今年，我們上調了預期，以反映第二季度的業務表現好於預期，以及下半年需求的改善和利潤的持續復甦。我們預計總收入將增長低個位數，營業收入將在 3.25 億美元至 3.5 億美元之間。我們預計毛利率將擴大，反映出運費和產品成本的改善、降價幅度的降低以及與早期利潤改善計劃相關的約 2500 萬美元的節省。

Based on improvements in trend and profitability, we are accruing a baseline of incentives this year. As a result, we expect full year SG&A to be up in the low double digits with the second half up in the mid-teens. We expect the 53rd week to contribute 1 point to full year top line growth. We expect third quarter total revenue to be up in the low single digits and operating income in the range of $115 million to $125 million.

基於趨勢和盈利能力的改善，我們今年正在積累激勵基準。因此，我們預計全年銷售、管理及行政費用將增長兩位數，下半年將增長十多歲左右。我們預計第 53 週將為全年營收增長貢獻 1 個百分點。我們預計第三季度總收入將以較低的個位數增長，營業收入將在 1.15 億美元至 1.25 億美元之間。

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

有了這個，我將打開它來提問。

(Operator Instructions) Our first question comes from the line of Jay Sole with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Jay Sole 線路。

My question is about the intimates business. Jay mentioned that there's some new momentum in intimates. Jen, I think you mentioned that intimates turned positive with the updated collections. And you said, I think, like you said, Aerie is up double digits third quarter so far. Can you just maybe help us understand like how much momentum you're seeing in intimates? Maybe elaborate on those comments, give us an idea of where you see that business going? Can you sustain that momentum? And is that -- how big of a contributor is that to the improvement in the Aerie comp that you've seen so far in Q3 versus Q2?

我的問題是關於內衣業務的。 Jay 提到內衣行業出現了一些新的勢頭。 Jen，我想你提到過，隨著系列的更新，內衣變得積極起來。你說，我認為，就像你說的那樣，到目前為止，Aerie 第三季度的業績增長了兩位數。您能否幫助我們了解您在親密關係中看到的動力有多大？也許可以詳細說明這些評論，讓我們了解一下您認為該業務的發展方向？你能保持這種勢頭嗎？到目前為止，您在第三季度與第二季度中看到的 Aerie 陣容的改進有多大貢獻？

Sure. What I like about the intimates business is, I mean, when we just think about our brand awareness, Jay, Aerie still -- the intimates business is roughly an $80 billion industry out there. And Aerie still has only like 50% brand awareness. So we're still getting this brand out there and becoming famous for intimates. So there's a lot of runway here, Jay.

當然。我喜歡內衣業務的一點是，我的意思是，當我們只考慮我們的品牌知名度時，Jay，Aerie 仍然——內衣業務大約是一個價值 800 億美元的行業。而 Aerie 的品牌知名度仍然只有 50% 左右。因此，我們仍在推廣這個品牌，並因內衣而聞名。所以這裡有很多跑道，傑伊。

Look, it was down -- there was a down-trending cycle in intimates. And I think the teams did an incredible job mitigating any risk there. But as we look ahead and I mentioned on prior calls, Jay, that we were really up to really innovating in that category and showing up with what she wants now. And I think the teams did an excellent job relaunching SMOOTHEZ and tying it in with an amazing campaign.

看，它在下降——內衣行業出現了下降趨勢週期。我認為團隊在降低風險方面做得非常出色。但當我們展望未來時，傑伊，我在之前的電話中提到，我們真的準備在該類別中進行真正的創新，並展示她現在想要的東西。我認為團隊在重新推出 SMOOTHEZ 並將其與精彩的營銷活動結合起來方面做得非常出色。

We just -- it was incredible, Jay. We were down in The Meatpacking District. We took over the district. We had girls bringing in their bras and trying on our bras, and it was just the momentum I saw there. So what I can tell you is our head designer, that's her expertise. We're double downing there. And Aerie has maintained market share, in fact, gained some share in some specific categories tucked in the intimates business.

我們只是——這太不可思議了，傑伊。我們在肉類加工區。我們接管了該地區。我們讓女孩們帶來她們的胸罩並試穿我們的胸罩，這就是我在那裡看到的勢頭。所以我可以告訴你的是我們的首席設計師，這是她的專長。我們在那裡雙重打擊。 Aerie 一直保持著市場份額，事實上，在內衣業務的某些特定類別中獲得了一些份額。

So we're going to keep at this, Jay. And as I mentioned, we saw excitement in other categories too, apparel, fleece. OFFLINE is not slowing down, Jay. The new store design for OFFLINE and the new stores, we're seeing nice momentum in malls where we coexist, Aerie and OFFLINE. That's really exciting. And as we anniversary these new store openings in both brands, we're starting to see that halo effect happen and that momentum coming to fruition.

所以我們要堅持下去，傑伊。正如我所提到的，我們也看到了其他類別的興奮，例如服裝、羊毛。傑伊，離線並沒有放緩。 OFFLINE 的新店設計和新店，我們在我們共存的購物中心 Aerie 和 OFFLINE 中看到了良好的勢頭。這真的很令人興奮。當我們慶祝這兩個品牌的新店開業周年紀念日時，我們開始看到光環效應發生，並且這種勢頭即將實現。

So I love having Aerie back. So let's hope these next weeks in the quarter deliver what we intend to, and more to come.

所以我喜歡艾莉回來。因此，我們希望本季度接下來的幾週能夠實現我們的預期，以及未來的更多成果。

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

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations. And Michael, thanks for all the hard work you've done over the years. So really appreciate that. Good luck.

恭喜。邁克爾，感謝你多年來所做的辛勤工作。所以真的很感激。祝你好運。

Thank you.

謝謝。

You're welcome. So Jen, I want to stick on the theme that things seem to be rebounding. It does seem like the teens space generally seems to be having a little bit of a moment -- sort of a recapture moment, maybe a recovery moment. What are the driving forces that you're seeing in sort of back-to-school? I know you kind of own the bottom space. So if you can talk a little bit about kind of long-standing trends.

不客氣。所以，Jen，我想堅持主題，即事情似乎正在反彈。青少年的空間似乎確實有一些時刻——某種重新捕捉的時刻，也許是恢復的時刻。您認為返校的推動力是什麼？我知道你擁有底層空間。因此，您能否談談長期存在的趨勢。

And then, Mike, on the SG&A dollar growth, just wondering, it would seem that you're more incented, I guess, on the EBIT side of things versus the top line because it looks like you're falling through a lot more on the EBIT. So just a little bit of color on kind of the incentive comp going up so much. I think prior guidance was low to mid-single digit, and now it's actually double. So some color there.

然後，邁克，關於SG&A美元的增長，我只是想知道，我想，與營收相比，你似乎更傾向於息稅前利潤方面，因為看起來你在以下方面經歷了更多的失敗息稅前利潤。所以，只是對激勵補償的增加有一點點色彩。我認為之前的指導是低至中個位數，現在實際上是兩倍。所以那裡有一些顏色。

Yes, sure. Look, I think we've been at this for 3 years now, rebuilding American Eagle. Michael mentioned we have new store designs. We have new concepts. And quite frankly, out of the gate in Q1, we've been chasing women's. Women's has gotten better quarter-over-quarter. As we landed this back-to-school assortment, it really came together. Between the marketing and the assortment, we really leaned in there and it's paying off. I really like what I'm seeing. I don't know if you got a chance also to see that marketing campaign, The Summer I Turned Pretty. It was incredible. It was a great success story. And I think it was a great launchpad as we headed into back-to-school.

是的，當然。聽著，我想我們已經為此努力了三年，重建美國之鷹。邁克爾提到我們有新的商店設計。我們有新的概念。坦白地說，從第一季度開始，我們就一直在追逐女性市場。女性的季度環比有所好轉。當我們推出這款返校系列產品時，它真的走到了一起。在營銷和分類之間，我們確實投入了精力，並且取得了回報。我真的很喜歡我所看到的。我不知道你是否也有機會觀看營銷活動《我變漂亮的夏天》。實在太棒了。這是一個偉大的成功故事。我認為這是我們重返校園時一個很好的啟動平台。

Getting into the back-to-school season. As you know, we do dominate in bottoms. The teams did a great job maneuvering the fits, not only between denim but also non-denim bottoms. We really doubled down there. And we're definitely in position to continue to see that business grow. And as you know, when this comes back, AE is the winner in bottoms, the fit, the quality, the price value equation. I'm really excited to see this come to fruition.

進入返校季。如您所知，我們確實在底部佔據主導地位。團隊在調整合身性方面做得非常出色，不僅包括牛仔布下裝，也包括非牛仔布下裝。我們真的在那裡加倍了。我們絕對有能力繼續看到該業務的增長。如您所知，當這種情況回來時，AE 是下裝、合身性、質量和價格價值等方面的贏家。我很高興看到這一切得以實現。

And early on, we've been still seeing wear-now trends. So we're not even into -- as you know, it's 90 degrees out there. As we really get into the back half, looking forward to seeing our leg shape and all the adjustments we made to the categories in both men's and women's come to life. The trends that we saw early on, we've gone back at double downed on. So looking forward to really capitalizing on this on the back half.

早期，我們仍然看到了即穿的趨勢。所以我們甚至不知道——正如你所知，那裡的角度是 90 度。當我們真正進入後半部分時，期待看到我們的腿部形狀以及我們對男子和女子類別所做的所有調整。我們早期看到的趨勢，我們已經加倍努力了。所以期待在後半部分真正利用這一點。

And just wanted to mention women's tops. That came out of the gate really swinging, beating expectations. We've been up to chasing there too, excited what I'm seeing there just from owning the key items and then chasing the fashion trends that are working. The team's at it every morning. I have my conversations. What are we doing now? Love what I'm seeing. I just got through looking at holiday and the adjustments are made. We bring in our first holiday delivery early in October, end of September, and we'll be able to still react then. So wide legs, of course, are still trending for us, as I'm sure you've heard from other retailers. And we're ready to battle.

只是想提一下女式上衣。從一開始的結果就非常令人震驚，超出了預期。我們也一直在追逐這個目標，我對在那裡看到的東西感到興奮，因為我擁有關鍵的物品，然後追逐有效的時尚潮流。團隊每天早上都在忙碌。我有我的談話。我們現在在做什麼？喜歡我所看到的。我剛剛看完假期並做出了調整。我們將在 10 月初、9 月底推出首次假日送貨服務，屆時我們仍能做出反應。當然，寬腿仍然是我們的流行趨勢，我相信您已經從其他零售商那裡聽說過。我們已經準備好戰鬥了。

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

我們的下一個問題來自摩根大通的馬修·博斯（Matthew Boss）。

Congrats on the quarter and the nice improvement. So maybe 2-part question. Jen, maybe relative to a year ago, could you speak to changes in customer behavior that you're seeing across categories, just how you feel about your ability to chase trends this year in the back half given inventories in the supply chain relative to a year ago?

祝賀本季度取得的良好進步。所以也許是由兩部分組成的問題。 Jen，也許相對於一年前，您能否談談您在各個類別中看到的客戶行為的變化，以及考慮到供應鏈中的庫存相對於供應鏈中的庫存，您對今年下半年追逐趨勢的能力有何看法？一年前？

And then, Mike, could you just elaborate on specific areas that you've identified so far, supporting the $25 million of savings for this year? And then maybe how best to think about the potential magnitude of savings into next year?

然後，Mike，您能否詳細說明一下您迄今為止已確定的支持今年 2500 萬美元節省的具體領域？那麼，也許如何最好地考慮明年的潛在節省規模？

I would definitely say that we're in a fashion cycle. And it's -- we've been chasing -- like I said, in women's, they're definitely moving a little faster. But we're always going to take the position, though, that we are in this for the long haul. We want to have steady, definitely profitable growth, and that's what we're up to.

我肯定會說我們正處於時尚週期中。正如我所說，我們一直在追求，在女子運動方面，她們的進步肯定更快一些。但我們始終會採取這樣的立場：我們將長期堅持下去。我們希望實現穩定、絕對盈利的增長，這就是我們要做的。

So looking at this from a 5-year perspective, a 10-year perspective, how do we do this year-over-year? I think we proved so doing that in Aerie, right? The many consecutive quarters of high double-digit growth, getting through COVID and some of the changes in the past couple of years, certainly, that's changed the customer behavior in both brands.

那麼從5年、10年的角度來看，我們今年的表現如何？我想我們在鷹巢城就證明了這一點，對吧？連續多個季度實現兩位數的高增長，經歷了新冠疫情以及過去幾年的一些變化，這當然改變了兩個品牌的客戶行為。

But we've been up to just looking at this, as you can see with our results, right, the profits and our net earnings are certainly from all the hard labor and the work we've been up to. And I think now we're really up to growth in both brands. I think we've repositioned American Eagle. As I mentioned, we have new store designs. We have marketing tactics that we're really leaning into.

但我們一直只關注這一點，正如你從我們的結果中看到的那樣，對吧，利潤和我們的淨利潤肯定來自我們所有的辛勤勞動和工作。我認為現在我們確實能夠滿足兩個品牌的增長。我認為我們已經重新定位了美國之鷹。正如我提到的，我們有新的商店設計。我們有我們真正傾向於的營銷策略。

We're showing up differently with our marketing. I think better and -- bigger and better, and we're winning there. And I think the same for Aerie. And I think just really looking at both brands and making sure we have disciplines as what each brand stands for and the DNA behind each brand and making sure that we can get that incremental activity from our customer is what we've been up to. And I think we're starting to see the early benefits from all the work the team has been doing.

我們的營銷方式有所不同。我認為更好，而且更大、更好，我們正在那裡獲勝。我認為艾黎也是如此。我認為，真正關注這兩個品牌，確保我們有紀律，了解每個品牌所代表的含義和每個品牌背後的DNA，並確保我們能夠從客戶那裡獲得增量活動，這就是我們一直在做的事情。我認為我們已經開始看到團隊所做的所有工作的早期效益。

So that's really it. I really -- we have a lot of weeks in front of us to pull out this year, but I think we're set up for success.

就是這樣。我真的——今年我們還有很多周的時間才能退出，但我認為我們已經為成功做好了準備。

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

我們的下一個問題來自花旗銀行的 Paul Lejuez。

Curious if you can talk about the profit improvement plan. And as you go through and do all that work, are you finding opportunities on the SG&A line specifically or is it mostly coming from cost of goods? And if you are finding this to cut SG&A, are you also discovering places where you maybe sort of under-invested, which makes it tough for savings to flow through to the bottom line?

很好奇您能否談談利潤改善計劃。當您完成並完成所有這些工作時，您是否在 SG&A 線上專門找到了機會，或者主要來自商品成本？如果您發現這樣做可以削減SG&A，您是否也發現了您可能投資不足的地方，這使得節省的資金難以流入利潤？

And I guess just big picture, when you threw all the profit improvements and accruing incentive comp at an appropriate rate, what do you consider the right base level of expense dollars for this business?

我想，從大局來看，當您以適當的比率投入所有利潤改進和累積激勵補償時，您認為該業務的正確費用基礎水平是多少？

Mike, are you having phone trouble? Paul, Mike is having some difficulty with his line now. We'll maybe move on to the next question and then come back.

邁克，你的電話有問題嗎？保羅，邁克現在在他的台詞上遇到了一些困難。我們可能會繼續討論下一個問題，然後再回來。

Our next question comes from the line of Jonna Kim with TD Cowen.

我們的下一個問題來自 Jonna Kim 和 TD Cowen 的對話。

You're seeing nice growth in terms of digital penetration. Can you just remind us in terms of where the margins are on the digital versus stores and where that can go over time?

您會看到數字滲透率的良好增長。您能否提醒我們數字店與實體店的利潤率以及隨著時間的推移，利潤率會走向何方？

Sure. This is Michael. I'll take that. The way we look at it, our digital margins are pretty comparable to our store margins. What I would tell you is we've been able to start to see that nudge even higher as we've been focused on some of the delivery initiatives recently.

當然。這是邁克爾.我會接受的。從我們的角度來看，我們的數字利潤與我們的商店利潤相當。我要告訴你的是，由於我們最近一直專注於一些交付計劃，因此我們已經開始看到這一點甚至更高。

So as I mentioned in the prepared remarks, we've been able to drive down and reduce the cost of delivery both in absolute dollars, in cost per shipment, in number of shipments per order while delivering to the customers faster. And that is starting to drive incremental leverage in the direct channel. So we're certainly excited to see that, and we think there's more work and more opportunity in front of us.

正如我在準備好的評論中提到的，我們已經能夠降低和減少絕對美元的交付成本、每批貨物的成本、每份訂單的發貨數量，同時更快地向客戶交付。這開始推動直接渠道的槓桿作用不斷增加。所以我們當然很高興看到這一點，我們認為我們面前有更多的工作和更多的機會。

One of the big levers that I talked about in the remarks was the fact that in many parts of retail, in grocery and hard goods, people have been able to leverage their stores as pick-up points in a pretty robust way to make a difference in their business. It's historically been a very small part of our business, but with some changes that the team made, focusing on inventory availability and some of the system changes, we were able to double that in the quarter.

我在演講中談到的重要槓桿之一是，在零售業的許多領域，例如雜貨和耐用品，人們已經能夠以相當穩健的方式利用他們的商店作為提貨點來發揮作用在他們的業務中。從歷史上看，這只是我們業務的一小部分，但通過團隊所做的一些改變，重點關注庫存可用性和一些系統更改，我們能夠在本季度將其翻倍。

And we see a good runway to continue to grow that. That provides a ton of leverage for us because it actually eliminates delivery as a cost and allows us to upsell customers as they come in the store. We're currently seeing about a 10% attachment rate to those digital sales, and we think we can get that number even higher.

我們看到了繼續發展的良好途徑。這為我們提供了大量的槓桿，因為它實際上消除了送貨成本，並允許我們在顧客來到商店時向他們追加銷售。目前，我們看到這些數字銷售的附著率約為 10%，並且我們認為這個數字可以更高。

So yes, so historically, margins for e-commerce and stores are pretty comparable. We've been able to drive the e-commerce margins up in recent quarters, and we see opportunity as we go forward to raise those even higher.

所以，是的，從歷史上看，電子商務和商店的利潤率相當可比。最近幾個季度，我們已經能夠提高電子商務利潤率，並且我們看到了進一步提高利潤率的機會。

Our next question comes from the line of Corey Tarlowe with Jefferies.

我們的下一個問題來自科里·塔洛和杰弗里斯的對話。

I was wondering if you could talk a little bit about the new store design that you have. And it sounds like it's early days, but it does also seem like you're witnessing some pretty promising results from that. So could you maybe talk a little bit about what you're doing differently in this new store design?

我想知道您是否可以談談您的新商店設計。聽起來還為時過早，但您似乎也看到了一些非常有希望的結果。那麼您能否談談您在這家新店設計中所做的不同之處？

Sure. First and foremost, we've -- Michael mentioned that we're in 3 malls, as he stated, Polaris, Palisades and Oak Brook in Illinois. So they're all semi-different formats, but it's very focused on more of a modern design, approachable design. The opening -- just the entrance alone is very inviting.

當然。首先也是最重要的，邁克爾提到我們有 3 個購物中心，正如他所說，伊利諾伊州的 Polaris、Palisades 和 Oak Brook。所以它們都是半不同的格式，但它非常注重現代設計、平易近人的設計。光是入口就非常吸引人。

I was really pleased to see when I went to Palisades to see all 3 brands in the mall. I mean just our store designs really are like incredibly inviting. We definitely needed a new concept for American Eagle. It was time. We've been working fast and furiously on this design and (inaudible). And I really like what I'm seeing. The results are definitely at this stage and it's only been a few weeks now, but well above average. And we really we feel excited about it.

當我去 Palisades 看到商場裡的所有 3 個品牌時，我真的很高興看到。我的意思是我們的商店設計確實非常吸引人。我們確實需要為美國之鷹提供一個新概念。是時候了。我們一直在快速而激烈地進行此設計（聽不清）。我真的很喜歡我所看到的。結果肯定是在這個階段，而且現在才過去幾週，但遠遠高於平均水平。我們真的對此感到興奮。

So we're in the middle of some of these new strategies, fashions with some of the new learnings, not only between the store design but AE77, AE 24/7, which is our men's active concept. Early reads there are very encouraging to the point where we're launching some of the product that was tested in fewer stores to all stores. We're up to a lot over here.

因此，我們正在採取一些新的戰略，在時尚方面學到了一些新知識，不僅是在商店設計方面，還有AE77、AE 24/7，這是我們的男士積極概念。早期的閱讀非常令人鼓舞，我們正在向所有商店推出一些在少數商店進行測試的產品。我們在這裡要做很多事情。

Also, just to add on (inaudible), our store there now has all brands consolidated into it, including AE77. And we just did our first pass at a remodel there. It will be in full swing headed into November. But just I love what I'm seeing early on. The teams -- we only set forth on this initiative about 2 months ago. This shows you how swiftly our teams work, and they've already put together an entire concept around the store.

另外，補充一下（聽不清），我們那裡的商店現在整合了所有品牌，包括 AE77。我們剛剛在那裡進行了第一次改造。它將在11月份全面展開。但我喜歡我早期所看到的。團隊——我們大約兩個月前才提出這個倡議。這向您展示了我們團隊的工作速度有多快，他們已經圍繞商店整合了一個完整的概念。

It looks beautiful. I'm going to go revisit it after this call, and I invite everyone to go see it. It's -- we're calling it The Gateway. It has all of our house of brands, and it's the entrance into (inaudible). So I think it's just really an exciting concept, and there's more to come here.

它看起來很漂亮。這次通話結束後我會再去回顧一下，並邀請大家去看一下。我們稱之為“網關”。它擁有我們所有的品牌，也是（聽不清）的入口。所以我認為這確實是一個令人興奮的概念，而且還有更多的東西要做。

So like I said, I'm encouraged by the early reads. In some cases, Michael mentioned, we reduced square footage but went into the 50-yard line. And we're seeing better sales in smaller square footage. So that's always a good recipe. So more to come. And again, we're going to start to incorporate this new design into our strategies going forward.

就像我說的，我對早期的閱讀感到鼓舞。邁克爾提到，在某些情況下，我們減少了面積，但進入了 50 碼線。我們看到較小面積的銷售更好。所以這始終是一個很好的食譜。未來還會有更多。再次，我們將開始將這種新設計納入我們未來的戰略中。

That's great. And then was just wondering if you could talk a little bit about what you're seeing in denim.

那太棒了。然後我想知道您是否可以談談您在牛仔布中看到的東西。

Denim is our -- denim is everything we do. It's amazing what this AE team accomplishes. Just when I look at competition, our price points, our quality, our washes, our ability to chase an ebb and flow, a very complex business. As you know, size, intensity, ownership but still allowing us to be fluid in our assortments. Because fashion is definitely changing in that category. We're seeing fashion mixes go higher than we've ever seen, and we're creating, testing strategies so that we can ebb and flow faster than we've ever had.

牛仔布是我們的——牛仔布是我們所做的一切。這個 AE 團隊所取得的成就令人驚嘆。當我審視競爭時，我們的價格點、我們的質量、我們的洗滌、我們追逐潮起潮落的能力，這是一項非常複雜的業務。如您所知，規模、強度、所有權，但仍然使我們能夠靈活地調整我們的品種。因為時尚在這一類別中肯定正在發生變化。我們看到時尚組合比以往任何時候都更高，我們正在製定、測試策略，以便我們能夠比以往更快地潮起潮落。

I just got through all the testing for spring for next year. And we're really able to impact receipts. Definitely wider silhouettes, as I mentioned earlier, in both men's and women's. Men's is seeing an inflection point in fashion, and we're pretty excited about the future. So -- and I think we're ready to compete. And it's not just denim bottoms. It's denim as a holistic category. Really exciting things happening out there. And we're starting to show up. If you go into our homepage right now, you'll see. And we're going to continue to drive this business home.

我剛剛完成了明年春季的所有測試。我們確實能夠影響收入。正如我之前提到的，男裝和女裝的廓形肯定更寬。男裝正迎來時尚的拐點，我們對未來感到非常興奮。所以——我認為我們已經準備好競爭了。這不僅僅是牛仔褲。牛仔布是一個整體類別。那裡正在發生非常令人興奮的事情。我們開始出現。如果您現在進入我們的主頁，您就會看到。我們將繼續推動這項業務回家。

It's Mike. And hopefully, everyone can hear me now. Sorry for the technical difficulties. Let me double back and answer, I think, Adrienne and Matt had questions on SG&A and just where we are on our profit initiatives. So if you go back to our Q1 guidance, at that point -- and well, first, Adrienne, yes, we are incented on EBIT, not revenue. And if you go back to our Q1 guidance, we were not assuming an incentive accrual in the year at that point.

是邁克。希望現在每個人都能聽到我的聲音。對於技術上的困難，我們深表歉意。讓我回過頭來回答一下，我認為艾德麗安和馬特對 SG&A 以及我們的利潤計劃的進展有疑問。因此，如果你回到我們第一季度的指導，那麼，首先，艾德麗安，是的，我們關注的是息稅前利潤，而不是收入。如果你回到我們第一季度的指導，我們當時並沒有假設當年會產生激勵。

With the 30% increase in our guidance range now, we are. We've crossed that threshold for accruing incentives. And based on that timing, it will be -- it's back half-weighted, which is the guide you're getting with mid-teen SG&A growth for the back half. So on an annual basis, then we're talking about low double-digit SG&A, call it, 10%, 11% for being projected.

現在我們的指導範圍增加了 30%，我們確實做到了。我們已經跨過了獲得激勵的門檻。根據這個時間安排，它會是半加權的，這是你在後半部分中青少年 SG&A 增長中獲得的指南。因此，按年度計算，我們談論的是低兩位數的 SG&A，預計為 10%、11%。

And with that, though, we -- our initiatives initially -- our initiatives on the profit side are very much focused on gross margin and immediacy. We've seen some benefit in Q2. Our guidance includes some significant benefit in the back half. But we do have work streams across really every area of the P&L. So work continues.

儘管如此，我們——我們最初的舉措——我們在利潤方面的舉措非常關注毛利率和即時性。我們在第二季度看到了一些好處。我們的指導包括後半部分的一些重大好處。但我們確實在損益表的每個領域都有工作流程。所以工作仍在繼續。

If you think about the OpEx that's up in gross margin, we actually saw a reduction to those operating expenses in the second quarter. So even with SG&A up high single in the first quarter, our OpEx was only up mid-single. And if you would normalize for the baseline of incentives we're not talking about, our total OpEx for the second quarter was actually down to last year.

如果您考慮毛利率上升的運營支出，我們實際上會看到第二季度運營支出有所減少。因此，即使第一季度的銷售、管理費用（SG&A）上升至高位，我們的運營支出也僅上升至中位。如果你將我們沒有討論的激勵基準標準化，我們第二季度的總運營支出實際上下降到了去年。

For the back half sort of on an annual basis, then we're talking about double -- low double-digit SG&A growth. Those operating expenses and gross margin that span design, merchandising, compensation, rents, delivery, distribution costs, those expenses are projected to be relatively flat for the year. So with the SG&A in the low double-digit range, OpEx is only up about, call it, high single. And if I would normalize year-on-year on that baseline of incentives, our total OpEx would be up mid-single.

對於下半年的年度基礎而言，我們談論的是雙倍——低兩位數的銷售及管理費用增長。涵蓋設計、銷售、薪酬、租金、交付、分銷成本的運營費用和毛利率預計今年將相對持平。因此，由於 SG&A 處於較低的兩位數範圍內，運營支出僅上升了大約（可以稱之為高單位）。如果我按照激勵基準逐年正常化，我們的總運營支出將上升到中等水平。

From there, like I say, we've got initiatives across every area of the P&L. We believe there's more annual benefit coming through those gross margin expenses. We've got work streams as we're calling them against 80% of our SG&A spend right now across really all the big buckets that make up that -- those dollars. We've got a lot of positive momentum happening there.

正如我所說，從那時起，我們在損益表的各個領域都採取了舉措。我們相信這些毛利率支出會帶來更多的年度收益。我們已經有了工作流，因為我們現在稱之為 SG&A 支出的 80%，涵蓋了構成這些支出的所有大部門——這些美元。我們在那裡看到了很多積極的勢頭。

But the SG&A piece takes a little longer to get at. We've got contractual obligations. We've got RFPs out. We're bidding expense categories. We're looking at consolidating vendors for things across services, across maintenance. We've got org design and labor model changes that we're testing into that we look want to implement things into 2024. So there's a lot of work -- positive work happening across our teams right now. We'll have more updates in November and the end of the year on the progress on the SG&A front, but we're really pleased with kind of all the OpEx progress we've made down through gross margin at this point that's coming through our results.

但 SG&A 部分需要更長的時間才能理解。我們有合同義務。我們已經發出了 RFP。我們正在對費用類別進行投標。我們正在考慮整合跨服務、跨維護的供應商。我們正在測試組織設計和勞動力模式的變化，我們希望在 2024 年實施這些變化。因此，我們的團隊目前正在進行大量工作——積極的工作。我們將在 11 月和年底提供有關 SG&A 方面進展的更多更新，但我們對目前通過毛利率取得的所有運營支出進展感到非常滿意，這些進展是通過我們的結果。

If you kind of look at the gross margin guidance that we're implying for the year, other than 2021, it would be the highest back to like 2012 or even 2008, 2009 periods. So we're seeing a lot of benefits come through there with more to come through SG&A. We'll provide more updates on coming calls.

如果你看一下我們暗示的今年毛利率指引（2021 年除外），它將是 2012 年甚至 2008 年、2009 年期間的最高毛利率指引。因此，我們看到了很多好處，並且通過 SG&A 可以帶來更多好處。我們將在接到電話時提供更多更新。

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

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

Congratulations on the progress. Mike, you just gave out a lot of different numbers on SG&A, excluding incentive comp and all of that. I guess what I'd like to understand is the SG&A outlook for the second half is different than we all expected and versus your prior guidance. So what I'd like to understand is, as we look into fiscal '24, should we expect that on a total basis, there's opportunity for meaningful SG&A reduction? Or is the incentive comp going to continue to push the SG&A levels higher or other factors like Aerie's store rollout? I'd like you to flesh that out a little bit for us.

祝賀取得的進展。邁克，你剛剛給出了很多不同的銷售、管理費用（SG&A）數字，不包括激勵補償等。我想我想了解的是下半年的銷售、管理及行政費用 (SG&A) 前景與我們所有人的預期不同，也與您之前的指導不同。因此，我想了解的是，當我們研究 24 財年時，我們是否應該預期總體上有機會大幅削減 SG&A？或者激勵補償是否會繼續推高 SG&A 水平或其他因素（例如 Aerie 的商店推出）？我希望你為我們具體說明一下。

And Jen, I think your guidance assumes that comps decelerate from current trends. Perhaps you could talk about what's driving that. Maybe clearance levels would be lower year-over-year or other factors that are influencing the third quarter outlook versus current trends.

Jen，我認為你的指導假設公司的業績增速比當前趨勢有所放緩。也許你可以談談是什麼推動了這一點。也許清倉水平會同比下降，或者影響第三季度前景與當前趨勢的其他因素。

Janet, let me -- so let me just simplify it. I know I said a lot earlier, but -- so with SG&A guidance being up low double digits for the year, let's just focus on this year, to your point. About 40% of the dollar growth is related to incentives, again no accrual last year. The expectations for next year would be no, that we're really kind of looking at a baseline accrual this year and that we would look to probably anniversary something similar next year. So there wouldn't be any additional pressure on '24 based on what we know today.

珍妮特，讓我——讓我簡化一下。我知道我之前已經說過很多了，但是，由於今年的銷售管理及行政費用指導值增長了兩位數，所以讓我們只關註今年，就你的觀點而言。大約 40% 的美元增長與激勵措施有關，去年同樣沒有應計費用。對明年的預期是否定的，我們實際上正在考慮今年的基準應計費用，並且我們可能會在明年進行類似的周年紀念活動。因此，根據我們今天所知，'24不會有任何額外的壓力。

And from here then, we are looking at progress and have a road map in place where we believe we can provide some significant leverage next year, knowing that we wouldn't have that headwind or that sort of apples-to-oranges compare for incentives. And again, 80% of our SG&A is kind of under a microscope right now with a lot of work happening cross-functionally between our finance teams, supply chain, IT, merchandising and planning.

從這裡開始，我們正在關注進展並製定了路線圖，我們相信明年我們可以提供一些重要的影響力，因為我們知道我們不會遇到這種逆風或那種蘋果與橘子比較的激勵措施。再說一遍，我們 80% 的 SG&A 目前都在顯微鏡下進行，大量工作在我們的財務團隊、供應鏈、IT、銷售和規劃之間跨職能進行。

We've got a lot of great momentum happening across our entire expense base. We're seeing some benefits in our new guidance this year, but we expect even more on an annual basis between next year and even into '25. So more to come, but we would expect OpEx to leverage off of all this work and leveraging even incentives at this point next year.

我們的整個支出基礎都呈現出強勁的勢頭。我們在今年的新指導中看到了一些好處，但我們預計明年甚至到 25 年每年都會帶來更多好處。未來還會有更多，但我們預計運營支出將在明年這個時候充分利用所有這些工作，甚至利用激勵措施。

Yes. In Aerie -- I'll start with Aerie. I mentioned that we're really encouraged actually in both brands just by the early reads for back-to-school. Aerie was really just our ability to double down coming off a swim. With all the work we've done around intimates and just our fleece and OFFLINE categories, Janet, it's incredible what we're seeing.

是的。在鷹巢——我將從鷹巢開始。我提到過，我們對這兩個品牌的返校季早期讀物感到非常鼓舞。 Aerie 實際上只是我們游泳後加倍努力的能力。珍妮特，我們圍繞內衣以及羊毛和離線類別所做的所有工作，我們所看到的令人難以置信。

So -- and like I said, the halo effect of going up against these non-comp stores and going comp and just our customer acquisition is healthy. Our total file is definitely -- we've seen incredible acquisition, again, in both brands. AE is really -- has seen some incredible growth in customer acquisition. So they like what they're seeing. So that's encouraging.

所以——就像我說的那樣，與這些非競爭性商店競爭、競爭以及我們的客戶獲取的光環效應是健康的。我們的總文件肯定是——我們再次看到這兩個品牌的令人難以置信的收購。 AE 確實在客戶獲取方面取得了令人難以置信的增長。所以他們喜歡他們所看到的。所以這是令人鼓舞的。

Basically, it's intimates and what Aerie stands for, honestly, it's firing on all cylinders right now. So I can't say it's one business over the other. Some are definitely stronger than others. We saw wear-now categories still trending as we headed into August, and we own them. So we were there for the customer.

基本上，它是親密的，也是 Aerie 所代表的，老實說，它現在正在全力以赴。所以我不能說這是一件事而不是另一件事。有些人肯定比其他人強。進入八月，我們看到即穿類別仍然流行，並且我們擁有它們。所以我們就在那里為客戶服務。

And then AE, early on in Q1, we saw nice reads in tops. And we were able to chase, and we continue to chase women's better consecutively quarter-over-quarter. And then as we launch back-to-school again, the stars were aligned there. We were able to remix a little bit more into women's versus men's and really reposition men's focused on back -- on the holiday for men's and really gearing up women's for back-to-school, and it's starting to pay off.

然後是 AE，在第一季度初期，我們在頂部看到了不錯的讀數。我們能夠追趕，並且我們將繼續連續季度比季度更好地追趕女性。然後，當我們再次返校時，星星就在那裡對齊了。我們能夠在女裝和男裝中進行更多的混搭，並真正將男裝的重點重新定位在背部——男裝的假期上，並真正為女裝的返校做好準備，而且它開始得到回報。

So I like the early trends. We still have several weeks ahead of us. So we're going to proceed fast. But honestly, with a lot of intelligence, profit-minded, we don't want to give up everything we've earned over the past few years of working towards these incredible margins that we're delivering. And so we're ready to go. I hope it continues. We like what we're seeing now.

所以我喜歡早期的趨勢。我們還有幾週的時間。所以我們要快速進行。但老實說，憑藉大量的智慧和利潤導向，我們不想放棄過去幾年為實現這些令人難以置信的利潤而努力所獲得的一切。我們準備出發了。我希望它能繼續下去。我們喜歡現在所看到的。

But does your guidance assume that it will continue? Or is there some moderation?

但您的指導是否假設這種情況會持續下去？還是有一定的節制？

Mike can answer that for you.

邁克可以為你解答。

Revenue guidance, Janet?

收入指導，珍妮特？

Yes, doesn't it -- I am not sure if it embeds the current trend. And I get why you might not want to do that, but I'm just wondering if you could talk us through it.

是的，不是嗎——我不確定它是否符合當前的趨勢。我明白為什麼你可能不想這樣做，但我只是想知道你是否可以和我們談談。

No, you're exactly right. It's a little more cautious (inaudible). You've got about 50% -- about half of the quarter ends from a revenue perspective, 7.5 weeks to go. And it does have a more of a side of the current quarter-to-date trends, yes.

不，你說得完全正確。有點謹慎（聽不清）。你已經完成了大約 50%——從收入的角度來看，大約有一半的季度結束，還有 7.5 週。是的，它確實有當前季度至今趨勢的更多方面。

(Operator Instructions) Our next question comes from the line of Chris Nardone with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Chris Nardone。

Just have a couple of questions on the gross margin. Can you confirm if there is any more freight recapture left in your guidance this year? Can you also help quantify the benefit you expect to receive from lower cotton costs?

只是有幾個關於毛利率的問題。您能否確認今年的指導中是否還有剩餘的貨運回收？您還能幫助量化您期望從棉花成本降低中獲得的收益嗎？

Then as a follow-up, I think you identified $25 million of identified savings so far. Is that only isolating the changes you made to the end-of-season markdown process? Or is there more embedded in that $25 million number?

作為後續行動，我認為您迄今為止已經確定了 2500 萬美元的已確定節省。這是否只是孤立您對季末降價流程所做的更改？或者這 2500 萬美元的數字中是否還包含更多內容？

Chris, yes. No, I think we've pretty much anniversaried the majority of the freight headwinds that we had through the first half of last year. And your answer on cotton, we are -- we do see line of sight to not only continued IMU benefit this year, but we already have plans laid out for the majority of first half of next year. And we continue to see markup gains in our future plans, including, I think, just the benefit from cotton or any other commodity pricing. So our team is doing a great job there. We see kind of tailwinds on product costs into the beginning of '24 at this point.

克里斯，是的。不，我認為我們已經度過了去年上半年的大部分貨運逆風。關於棉花的答案，我們確實看到，不僅今年 IMU 會繼續受益，而且我們已經為明年上半年的大部分時間制定了計劃。我們在未來的計劃中繼續看到加價收益，我認為包括棉花或任何其他大宗商品定價的好處。所以我們的團隊在那裡做得很好。我們認為，到 24 年初，產品成本將會出現一些順風車。

The $25 million, just maybe add a little more color there, that's really a net number. We're actually seeing -- with the incentive accrual, there's actually more benefit we're getting through not just the kind of clearance, end-of-season, sell-off process, but other operating expenses. Michael hit on a bunch of them, delivery, warehousing costs, some headway in store payroll and a lot more to come. But -- so there is more benefit embedded in the guidance, and really the impact of incentives is offsetting that a little bit.

2500 萬美元，也許只是增添了一點色彩，這確實是一個淨數字。我們實際上看到，隨著應計獎勵的增加，我們實際上獲得了更多的好處，不僅是清倉、季末、銷售過程，還有其他運營費用。邁克爾談到了其中的一些問題，包括送貨、倉儲成本、商店工資方面的一些進展等等。但是——所以指導中包含了更多的好處，而且激勵措施的影響確實在一點點抵消了這一點。

Our next question comes from the line of Alex Straton with Morgan Stanley.

我們的下一個問題來自 Alex Straton 與摩根士丹利的對話。

Really 2 from me. One, just on the gross margin in the quarter. Did you guys quantify how much of the outperformance you would attribute to the cost-savings initiatives? And then I just wanted to make sure I understood. Were there just one or 2 of the things you had identified that flowed through this quarter, and then there's still more to come there in the back half? Just trying to understand all the moving pieces there because it sounds like a lot of different initiatives.

真的是我的2。第一，僅就本季度的毛利率而言。你們是否量化過您認為成本節約計劃所帶來的優異表現有多少？然後我只是想確保我理解了。您已經確定的事情中是否只有一兩件事貫穿本季度，然後在後半段還有更多事情要做？只是試圖了解那裡的所有活動部分，因為這聽起來像是很多不同的舉措。

And then just secondly, on the full year guide, I want to just dig into the components of the raise and how you're kind of thinking about Aerie versus AE growth in the back half?

其次，在全年指南中，我想深入探討一下加薪的組成部分，以及您如何看待 Aerie 與 AE 後半段的增長？

Yes. So the gross margin in the second quarter, we had benefits both from the acceleration -- or across a bunch of different fronts. The acceleration in the business, really, it started in June through July like we've described. Then we did have cost-savings initiatives. The change to our -- that clearance sell-off of end-of-season goods had a benefit in the second quarter. It will have an annual benefit beyond what we were able to book in the second quarter or capture in the second quarter.

是的。因此，第二季度的毛利率，我們既受益於加速，也受益於一系列不同的方面。事實上，正如我們所描述的那樣，業務的加速從六月到七月開始。然後我們確實採取了節省成本的舉措。我們的變化——季末商品的清倉拋售在第二季度帶來了好處。它將帶來的年度收益超出我們在第二季度預訂或捕獲的收益。

And we -- obviously, we did recapture the freight headwinds from last year as well as the impact of selling off extraordinary amount of units or not -- higher than historical amount of units last year in the second quarter.

顯然，我們確實重新遇到了去年的貨運逆風，以及是否出售大量單位的影響，第二季度的單位數量高於去年的歷史水平。

In the full year guide then, we do have continued growth. Really, the gross margin benefits that we're rolling through this forecast continued its benefits through the delivery savings we're seeing with a wider network, including the capabilities we have (inaudible) warehousing costs alongside that, so compensation as well as other DC-related costs, and benefits through just gross margin in general from continued benefits to markup and controlling markdowns with very healthy inventory levels.

在全年指南中，我們確實實現了持續增長。事實上，我們在這一預測中所帶來的毛利率收益，通過我們在更廣泛的網絡中看到的交付節省，包括我們擁有的（聽不清）倉儲成本的能力，因此補償以及其他 DC相關成本，以及總體毛利率帶來的收益，從持續收益到加價和以非常健康的庫存水平控制降價。

So the guide really reflects a low single-digit revenue trend. Aerie's still at this accelerated pace. I think it's probably a low double-digit trend, AE flat to positive with the gross margin benefits that we've been able to see through the second quarter continuing through the back half of this year.

因此，該指南確實反映了低個位數的收入趨勢。艾黎的步伐仍然如此加快。我認為這可能是一個低兩位數的趨勢，AE 持平到正，我們在第二季度看到的毛利率效益一直持續到今年下半年。

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

我們的下一個問題來自 Marni Shapiro 與 Retail Tracker 的合作。

Congratulations on all the improvements. The stores look great. Jen, I just wanted to dig in on 2 quick things. The fashion in the stores, particularly on the women's side, seems to be moving at a very quick pace. Like a few days on hand, it seems it's turning very quickly. So I'm curious if you could just talk a little bit about the balance of the fashion and your ability to -- how quickly you will be able to chase back in? And do you feel well set for holiday in that balance?

祝賀所有的改進。商店看起來很棒。 Jen，我只想深入研究兩件事。商店裡的時尚，尤其是女裝，似乎正在以非常快的速度發展。眼前這幾天，似乎轉得很快。所以我很好奇你是否能談談時尚和你的能力之間的平衡——你能多快追回來？您在這種平衡狀態下感覺準備好度假了嗎？

And then just on the expense line, I'm assuming the Ziegler sisters and everything that you guys are doing to capture attention, I'm assuming all of that is embedded in the marketing costs and the forward guidance on SG&A. Is that correct?

然後就費用線而言，我假設齊格勒姐妹以及你們為吸引註意力所做的一切，我假設所有這些都包含在營銷成本和 SG&A 的前瞻性指導中。那是對的嗎？

I can answer that. That is correct, yes, yes. And just as I think about just the pace of the -- I mean the turns, right, it's just amazing how women's is turning, and it should turn fast. We're up to getting at tops, and tops turn a lot faster than bottoms.

我可以回答這個問題。這是正確的，是的，是的。正如我思考的速度——我指的是轉彎，對吧，女子的轉彎真是令人驚奇，而且應該轉彎得很快。我們正準備到達頂部，而頂部的轉變速度比底部快得多。

And there's been some channel shifts. The new direct -- the direct business and this team, what they're able to -- we're really seeing a dramatic improvement on that channel. And we're up to making sure that we can maximize that channel and moving our best stores fast and getting back into goods.

並且出現了一些渠道轉變。新的直接業務——直接業務和這個團隊，他們的能力——我們確實看到了該渠道的巨大改進。我們致力於確保我們能夠最大化該渠道，并快速轉移我們最好的商店並重新投入商品。

The team has been at it every day, Marni. I mean every day, we have new learnings. So there's not a day that goes by that we're not chasing. We definitely beat plan early on, as I mentioned early on. At the end of June, we were starting getting in new receipts. And so we've been chasing that. We exceeded plan, and now we're up to getting back on what we think is our new plan and making sure that we can deliver this number.

Marni，團隊每天都在努力。我的意思是，我們每天都有新的學習。因此，沒有一天我們不去追逐。正如我之前提到的，我們肯定很早就超出了計劃。六月底，我們開始收到新的收據。所以我們一直在追求這一點。我們超出了計劃，現在我們要重新制定我們認為的新計劃，並確保我們能夠實現這個數字。

Do you feel the fashion is balanced so for holiday? Or is that less of a...

你覺得度假的時尚感這麼平衡嗎？或者說，這還不算……

I do.

我願意。

Okay. Fantastic. I'll take the rest later.

好的。極好的。剩下的我稍後再處理。

I feel good about that. And in men's too, Marni, we had to reset in men's. And I just saw the holiday delivery, and it feels way more balanced. We have outerwear. We have categories that we hadn't been in business in. So we're pretty excited about the offerings that are coming. It's exciting.

我對此感覺很好。在男裝方面，Marni，我們也必須重新調整男裝。我剛剛看到假期交付，感覺更加平衡。我們有外套。我們有一些我們從未涉足過的類別。因此，我們對即將推出的產品感到非常興奮。是興奮的。

There are no further questions at this time. And I would like to turn the floor back over to Mr. Jay Schottenstein for closing comments.

目前沒有其他問題。我想請 Jay Schottenstein 先生髮表最後評論。

All right. Thank you. Our brands are strong, and we remain focused on unlocking additional growth and profit moving forward. Thank you for joining the call and look forward to updating you on our next -- look forward to updating you as far as our progress next quarter. Thank you.

好的。謝謝。我們的品牌很強大，我們仍然專注於未來的額外增長和利潤。感謝您加入電話會議，並期待向您通報我們下一個季度的最新進展——期待向您通報我們下季度的最新進展。謝謝。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。