American Eagle Outfitters Inc (AEO) 2024 Q1 法說會逐字稿

Greetings, and welcome to the American Eagle Outfitters First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 American Eagle Outfitters 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to introduce your host, Judy Meehan. Thank you. 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。你可以開始了。

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; and Mike Mathias, Chief Financial Officer.

大家下午好。今天與我一起發表準備好的演講的是執行主席兼執行長傑伊‧蕭滕斯坦 (Jay Schottenstein)； Jen Foyle，AE 和 Aerie 總裁兼執行創意總監；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. 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聲明。這些陳述是基於代表公司當前期望或信念的資訊。根據我們向美國證券交易委員會提交的文件中所包含的風險因素，實際實現的結果可能會存在重大差異。除非法律要求，否則本公司不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

Consistent with the retail calendar and the 53rd week last year, first quarter 2024 results and today's discussion are presented for the 13 weeks ending May 4, 2024, compared to 13 weeks ending April 29, 2023. Comparable sales metrics are presented for the 13 weeks ending May 4, 2024, compared to the 13 weeks ending May 6, 2023.

與零售日曆和去年的第53 週一致，我們列出了截至2024 年5 月4 日的13 週的2024 年第一季業績和今天的討論，與截至2023 年4 月29 日的13 週相比。

Also, please note that during this call and in the accompanying press release, certain financial metrics are presented on both a GAAP and non-GAAP adjusted basis. Reconciliation of adjusted results to the GAAP results are available in the tables attached to the earnings release, which is posted on our corporate website at www.aeo-inc.com in the Investor Relations section. Here, you can also find the first quarter investor presentation.

另請注意，在本次電話會議和隨附的新聞稿中，某些財務指標是在 GAAP 和非 GAAP 調整後的基礎上提出的。調整後的績效與 GAAP 績效的對帳可在收益發布所附的表格中找到，收益發佈發佈在我們公司網站 www.aeo-inc.com 的投資者關係部分。在這裡，您還可以找到第一季投資者介紹。

And now I will turn the call over to Jay.

現在我將把電話轉給傑伊。

Thanks, Judy, and good afternoon, everyone. I'm incredibly pleased with our first quarter results. We posted significant growth from last year and meaningfully exceeded our guidance. These results were a strong proof point that our strategic priorities are driving business momentum and solid profit flow-through. This past March, we were excited to share our new strategy plan, powering Profitable Growth, charts a new path forward for the company and aims to deliver steady growth as we build to an operating margin target of 10% by 2026.

謝謝朱迪，大家下午好。我對我們第一季的業績非常滿意。與去年相比，我們實現了顯著成長，並大大超越了我們的指導。這些結果有力地證明了我們的策略重點正在推動業務發展勢頭和穩定的利潤流動。今年 3 月，我們很高興與大家分享我們的新策略計劃，推動獲利成長，為公司規劃新的前進道路，並致力於實現穩定成長，實現 2026 年營運利潤率 10% 的目標。

AEO is a proven brand builder with distinct and undeniable strength. We have exceptional brands in American Eagle and Aerie with powerful customer connection and tremendous growth potential. Our best-in-class operations bring our brilliant design team's creative vision to life at the highest level every day. Our shopping experiences across stores and digital is second to none, powered by decades of customer insights. Our new strategy magnifies these strengths to go after growth opportunities, and our focus on continuous operational improvements will set the business up to deliver consistent profitable growth in the years ahead.

AEO 是一家久經考驗的品牌建立者，擁有獨特且不可否認的實力。我們擁有 American Eagle 和 Aerie 等卓越品牌，擁有強大的客戶關係和巨大的成長潛力。我們一流的營運每天都以最高水準將我們出色的設計團隊的創意願景變為​​現實。憑藉數十年的客戶洞察，我們在商店和數位平台上的購物體驗是首屈一指的。我們的新策略放大了這些優勢，以追求成長機會，而我們對持續營運改善的關注將使我們的業務在未來幾年實現持續的獲利成長。

As a reminder, our priorities are defined by 3 key strategic pillars: first, amplify our brands; second, optimize our operations; and third, execute with financial discipline. Jen and Mike will provide more detail on how we deliver against these pillars, but I want to underscore just how pleased I am with momentum out of the gate. The teams have wasted no time in attacking our priorities.

提醒一下，我們的優先事項由三個關鍵策略支柱決定：首先，擴大我們的品牌；第二，優化營運；第三，執行財務紀律。 Jen 和 Mike 將提供有關我們如何實現這些支柱的更多詳細信息，但我想強調的是，我對即將到來的勢頭感到非常高興。這些團隊不失時機地致力於解決我們的優先事項。

Let me touch on a few highlights. First quarter revenue of $1.1 billion reflected a new record for the company, driven by 7% comp growth. What's more notable is the strength we saw across brands and channels. American Eagle, Aerie, digital and stores all experienced solid growth and healthy metrics. We saw meaningful increases across Aerie and OFFLINE's core categories, particularly in apparel, where expansion beyond Aerie's foundation intimates has seen strong success as we reviewed active wear under the OFFLINE banner and Aerie's soft dressing presents huge long-term growth opportunities.

讓我談談一些亮點。第一季營收 11 億美元，創下公司新紀錄，這得益於 7% 的同比增長。更值得注意的是我們看到的跨品牌和跨通路的優勢。 American Eagle、Aerie、數位和商店都經歷了穩健的成長和健康的指標。我們看到Aerie 和OFFLINE 的核心品類實現了有意義的增長，特別是在服裝領域，在Aerie 基礎內衣之外的擴張取得了巨大成功，因為我們回顧了OFFLINE 旗下的運動服裝，而Aerie 的軟裝則帶來了巨大的長期成長機會。

These are large categories with significant white space, and Aerie and OFFLINE bring a fresh take to the market that is body positive and fun. As we continue to build brand awareness and invest in our assortments, we're gaining momentum, and we have strong plans in place to continue to gain share.

這些都是具有大量空白的大類別，Aerie 和 OFFLINE 為市場帶來了對身體有益且有趣的新鮮體驗。隨著我們不斷建立品牌知名度並投資於我們的產品類別，我們正在獲得動力，並且我們制定了強有力的計劃來繼續獲得份額。

I also want to take a quick minute to celebrate the great progress we have made on the American Eagle brand. As we shared in March, there is renewed focus on driving growth by leveraging AE's powerful platform and amazing legacy to extend our dominance in casual wear. This presents a sizable growth opportunity. And as Jen will cover, early initiatives are delivering excellent results.

我還想花一點時間來慶祝我們在美國之鷹品牌上的巨大進步。正如我們在 3 月分享的那樣，我們重新專注於利用 AE 強大的平台和令人驚嘆的傳統來推動成長，以擴大我們在休閒服裝領域的主導地位。這提供了巨大的成長機會。正如 Jen 將介紹的那樣，早期的舉措正在取得優異的成果。

We are gaining momentum and growing market share in a number of our focus categories. Strength was broad-based across channels with growth of both digital and stores. Here, too, we saw our recent initiatives aimed at improving KPIs deliver results. For example, more strategic and targeted customer tactics online led to a double-digit increase in digital revenue.

我們在許多重點領域的發展勢頭強勁，市場份額不斷擴大。隨著數位通路和實體店的成長，各個通路的實力都得到了廣泛的體現。在這裡，我們也看到了我們最近旨在改善 KPI 的舉措取得了成果。例如，更具策略性和針對性的線上客戶策略導致數位收入實現兩位數成長。

Our first quarter financial results reflected strong early results on our priorities. We saw significant leverage across our cost base, fueled by a number of initiatives action on as a part of our strategic priorities. Our strong cash position allowed us to fuel investments in the business. Additionally, we returned approximately $60 million in cash to shareholders through a combination of dividends and share repurchases. Our balance sheet is healthy with $300 million in cash and no debt.

我們第一季的財務表現反映了我們優先事項的早期強勁成果。在作為我們策略優先事項一部分的一系列舉措的推動下，我們的成本基礎具有顯著的槓桿作用。我們強大的現金狀況使我們能夠推動業務投資。此外，我們也透過股利和股票回購的方式向股東返還了約 6,000 萬美元的現金。我們的資產負債表健康，擁有 3 億美元現金，沒有債務。

With a solid start to the year, we are on pace to deliver our full year guidance for revenue and operating income. This is an exciting time for American Eagle Outfitters. We feel very confident in our future. We have the right focus, a clear strategy and a highly talented team that will carry us through as we unlock greater value for our shareholders.

憑藉今年的良好開局，我們正在努力提供全年收入和營業收入指引。對於 American Eagle Outfitters 來說，這是一個激動人心的時刻。我們對我們的未來充滿信心。我們擁有正確的重點、明確的策略和一支高素質的團隊，他們將帶領我們為股東創造更大的價值。

Now over to Jen.

現在輪到珍了。

Thanks, Jay, and good afternoon, everyone. It's great to see nice momentum across the business as we implement the strategic initiatives we reviewed with you last quarter. The teams have truly taken the task of amplifying our iconic brands. We are making great headway and fueling the significant opportunities we see across the assortment while elevating our store and digital experience.

謝謝傑伊，大家下午好。當我們實施上季度與您一起審查的戰略計劃時，很高興看到整個業務的良好勢頭。這些團隊真正承擔起了擴大我們標誌性品牌的任務。我們正在取得巨大進展，並在提升我們的商店和數位體驗的同時，推動我們在整個品類中看到的重大機會。

I'm incredibly pleased with how we delivered the first quarter. We brought innovation to core collections as well as new adjacencies, driving growth across American Eagle and Aerie. We maintained inventory discipline and chased into winning ideas efficiently, fueling merchandise margin expansion. We also grew our customer file across brands, marrying strong products with exciting marketing activation and a winning shopping experience.

我對我們第一季的表現非常滿意。我們為核心系列以及新的周邊產品帶來了創新，推動了 American Eagle 和 Aerie 的成長。我們維持庫存紀律，並有效追尋致勝創意，推動商品利潤率擴張。我們也擴大了跨品牌的客戶檔案，將強大的產品與令人興奮的行銷活動和成功的購物體驗結合。

Starting with American Eagle. I am particularly encouraged by the acceleration to 8% revenue growth fueled by a 7% increase in comps. Key drivers of growth included women's overall, especially in tops, which as I reviewed is a major priority for us. I'll also highlight strength in dresses, skirts and jeans. In these areas, we are seeing a positive customer response as we look to capture the social casual dressing occasion and a wider age demo. Both of these are key growth opportunities within our long-term plan. Men's saw strength in pants, knit teas, sweaters and outerwear. I'd also like to add that we are seeing nice momentum in AE 24/7, our men's activewear collection. Across the AE brand, our ongoing focus on flow-through led to a 310 basis point improvement on the operating margin to 19%.

從美國之鷹開始。我特別感到鼓舞的是，在比較成長 7% 的推動下，營收成長加速至 8%。成長的主要驅動力包括女裝整體，尤其是上衣，正如我所評論的那樣，這是我們的一個主要優先事項。我還將強調洋裝、半身裙和牛仔褲的優勢。在這些領域，我們看到了積極的客戶反應，因為我們希望捕捉社交休閒著裝場合和更廣泛的年齡演示。這兩者都是我們長期計劃中的關鍵成長機會。男裝在褲子、針織衫、毛衣和外套上表現強勁。我還想補充一點，我們在男士運動服系列 AE 24/7 中看到了良好的勢頭。在整個 AE 品牌中，我們對流通的持續關注使營業利潤率提高了 310 個基點，達到 19%。

Turning to other brand priorities. As you know, we are modernizing our stores and improving inventory allocation. We are seeing exciting results from action taken so far. The new lived-in store design is a truly fresh and modern update with remodeled stores continuing to outperform the balance of the fleet across several KPIs. Additionally, as I discussed last quarter, our focus on expanding availability of top-selling styles across our fleet is delivering a nice comp lift.

轉向其他品牌優先事項。如您所知，我們正在對商店進行現代化改造並改善庫存分配。我們看到迄今為止所採取的行動取得了令人興奮的成果。新的住店設計是一次真正新鮮和現代的更新，改造後的商店在幾個關鍵績效指標上繼續優於其他商店的平衡。此外，正如我上季度所討論的那樣，我們專注於擴大整個機隊中最暢銷款式的可用性，這帶來了不錯的競爭提升。

Now moving on to Aerie. We achieved yet another record revenue quarter with brand rev up 4% to last year, fueled by a 6% increase in comps. Excluding swim, where trends have been challenging in the spring season, Aerie comps were up 11%, consistent with trends exiting last year. The operating margin increased 70 basis points to 16.5%. And as Jay noted, we saw incredible strength across our core soft dressing and active wear businesses. In intimates, we continue to see traction with new fabrications and styles, including our fan favorite SMOOTHEZ collection.

現在前往艾瑞。我們的季度營收再創新高，在比較成長 6% 的推動下，品牌知名度比去年成長了 4%。不包括春季的游泳趨勢，Aerie 的綜合指數成長了 11%，與去年的趨勢一致。營業利益率成長 70 個基點，達到 16.5%。正如傑伊所指出的，我們在核心軟裝和運動服業務中看到了令人難以置信的實力。在內衣方面，我們繼續看到新的面料和款式的吸引力，包括我們粉絲最喜歡的 SMOOTHEZ 系列。

And looking ahead, there remains significant untapped opportunity for Aerie and OFFLINE as we are confident in their growth trajectory. New Aerie and OFFLINE stores continue to come out of the gate positive to expectations. We are also testing a new Aerie store design in Tysons Corner that showcases our assortment in an exciting and unique way. We opened this location a few weeks ago, and early indications have been encouraging.

展望未來，Aerie 和 OFFLINE 仍然存在大量尚未開發的機會，因為我們對它們的成長軌跡充滿信心。新的 Aerie 和線下商店繼續開張，符合預期。我們也在泰森斯角測試新的 Aerie 商店設計，以令人興奮和獨特的方式展示我們的產品種類。我們幾週前開設了這家店，早期跡象令人鼓舞。

As we made investments in our assortment and shopping experience, we also fuel customer engagement with exciting marketing activation. In the first quarter, we kicked off our celebration of the 10th anniversary of Aerie Real, showcasing our decade-long commitment to body positivity and women's empowerment that has forever transformed the retail industry. Throughout the quarter, we shared real-life testimonies from our customers on the life-changing impact Aerie has had on them in social and in-person events. This included the first event, an exciting multi-stop Gen REAL tour running through the country this year.

在我們對商品分類和購物體驗進行投資的同時，我們也透過令人興奮的行銷活動來提高客戶參與度。在第一季度，我們啟動了 Aerie Real 十週年慶祝活動，展示了我們十年來對身體積極性和女性賦權的承諾，這永遠改變了零售業。在整個季度中，我們分享了客戶的真實見證，證明 Aerie 在社交和麵對面活動中對他們的生活產生了改變。其中包括第一項活動，即今年在全國進行的激動人心的多站 Gen REAL 巡演。

American Eagle continues to be at the epicenter of popular culture. Promoting our spring denim collection and capitalizing on the Western trend, we leverage influencers and organic content to build excitement across social channels. As we approach back to school, we look forward to the relaunch of the brand platform celebrating AE's heritage of self-expression, individual style, acceptance and, of course, optimism.

美國之鷹繼續處於流行文化的中心。為了推廣我們的春季牛仔系列並利用西方趨勢，我們利用影響者和有機內容在社交管道上引起興奮。當我們重返校園之際，我們期待著重新推出品牌平台，慶祝 AE 的自我表達、個人風格、接受度，當然還有樂觀的傳統。

As we fuel growth, casual dressing remains a quintessential part of our customers' wardrobe, providing the natural tailwinds to our business. We are seeing exciting new trends emerge on the runway and on the street. Two of the most beloved brands in the industry, American Eagle and Aerie, are well positioned to continue to win.

在我們推動成長的同時，休閒服裝仍然是我們客戶衣櫃中的典型組成部分，為我們的業務提供了天然的推動力。我們看到時裝秀和街頭出現了令人興奮的新趨勢。 American Eagle 和 Aerie 是業界最受歡迎的兩個品牌，它們處於有利地位，並將繼續獲勝。

And before I turn the call over to Mike, I want to say a big thank you to the American Eagle and Aerie team for their hard work and perseverance. We've had a lot to be proud of this quarter, yet the work continues. We are breaking new ground every day and forging ahead.

在我把電話轉給麥克之前，我想對 American Eagle 和 Aerie 團隊的辛勤工作和毅力表示衷心的感謝。本季我們有很多值得自豪的事情，但工作仍在繼續。我們每天都在開拓新天地，不斷前進。

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

然後，我會將電話轉給麥克。

Thanks, Jen, and good afternoon, everyone. As Jay and Jen reviewed, we're off to a strong start for 2024. Our new strategy is delivering great results with healthy growth across brands coming hand-in-hand with meaningful profit and margin expansion. Our focus on optimizing our operations and executing with financial discipline contributed to strong gross margin expansion in the quarter, and we remain on track to begin leveraging SG&A in the second quarter as additional work streams come into effect.

謝謝，Jen，大家下午好。正如 Jay 和 Jen 所評論的那樣，我們在 2024 年有了一個良好的開端。我們對優化營運和執行財務紀律的關注促成了本季毛利率的強勁成長，隨著其他工作流程的生效，我們仍有望在第二季開始利用銷售、管理和行政費用。

Expanding on a few highlights. Consolidated revenue of $1.1 billion was up 6% to last year, driven by a 7% increase in comparable sales growth. As discussed last quarter, the shift in the retail calendar contributed approximately $15 million to revenue, reflecting the capture of a higher volume spring week.

擴展一些亮點。受可比銷售額成長 7% 的推動，綜合收入為 11 億美元，比去年增長 6%。正如上季所討論的，零售日曆的轉變為收入貢獻了約 1500 萬美元，反映出春季週銷量增加的情況。

Operating income was $78 million. This represents a 76% increase to last year's adjusted operating income of $44 million. The operating margin rose 270 basis points to 6.8% against an adjusted operating margin last year.

營業收入為 7800 萬美元。這比去年調整後的 4,400 萬美元營業收入成長了 76%。與去年調整後的營業利潤率相比，營業利益率上升了 270 個基點，達到 6.8%。

Gross profit dollars of $464 million increased 12%. Gross margin expanded 240 basis points to a rate of 40.6%. This was our second highest rate since 2008, which really speaks to the structural improvements we're making to our business. Strong inventory management and our shift to a more profitable clearance model initiated in the second quarter of last year contributed to gross margin expansion. Lower product and transportation costs also had a favorable impact to margin.

毛利達 4.64 億美元，成長 12%。毛利率擴大 240 個基點，達到 40.6%。這是我們自 2008 年以來的第二高比率，這確實說明了我們正在對業務進行結構性改進。強大的庫存管理以及我​​們去年第二季開始轉向利潤更高的清倉模式，促進了毛利率的成長。較低的產品和運輸成本也對利潤率產生了有利的影響。

As I reviewed over the past several quarters, our focus on reducing costs across the business continue to deliver results. Operating expenses within the gross margin leverage, including 90 basis points of leverage on BOW costs driven by rent, delivery and distribution and warehousing costs. SG&A expense of $333 million was up 7% to last year and roughly in line with sales growth, consistent with our guidance. As noted in March, SG&A is a big focus for us. We have work streams that are continually addressing 85% of our expense base with focus areas being store and corporate compensation, professional fees and services and optimization of marketing spend. We're making good progress across the board and remain on track to begin leveraging SG&A in the second quarter.

正如我在過去幾個季度中回顧的那樣，我們對降低整個業務成本的關注繼續取得成果。毛利率槓桿範圍內的營運費用，包括由租金、交付和分銷以及倉儲成本驅動的BOW成本90個基點的槓桿。 SG&A 費用為 3.33 億美元，比去年增長 7%，與銷售成長大致一致，與我們的指導方針一致。正如三月所指出的，SG&A 是我們的重點。我們的工作流程不斷解決我們 85% 的支出基礎，重點領域是商店和公司薪酬、專業費用和服務以及行銷支出優化。我們在各方面都取得了良好的進展，並預計在第二季開始利用銷售及管理費用。

Depreciation was down slightly year-over-year, leveraging 60 basis points. The first quarter tax rate benefited from discrete items. We expect the tax rate to be in the mid- to high 20s for the remainder of the year. Earnings per share for the first quarter was $0.34 per share, and this rose 98% to last year's adjusted earnings.

折舊同比小幅下降，槓桿率上升 60 個基點。第一季稅率受益於離散項目。我們預計今年剩餘時間稅率將在 20 多歲左右。第一季每股收益為 0.34 美元，較去年調整後收益成長 98%。

Consolidated ending inventory at cost was up 9% year-over-year with units up 10%. This includes higher end-of-season merchandise due to our shift to a more profitable clearance strategy, which will anniversary next quarter. Inventory levels remain healthy and in line with demand trends across brands as we maintain buying discipline and continue to chase. We ended the quarter with a strong balance sheet, holding approximately $300 million in cash and over $900 million of total liquidity, including our revolver.

以成本計算的合併期末庫存年增 9%，單位數量增加 10%。這包括由於我們轉向利潤更高的清倉策略而導致的季末商品數量增加，該策略將在下個季度週年紀念日。隨著我們保持採購紀律並繼續追逐，庫存水準保持健康並符合各品牌的需求趨勢。本季結束時，我們的資產負債表強勁，持有約 3 億美元的現金和超過 9 億美元的總流動資金，其中包括我們的左輪手槍。

CapEx totaled $36 million, and we continue to expect full year spend to be in the range of $200 million to $250 million. As we discussed, the strategic plan is driving great results. There's a new mindset across the organization with every team decision now incorporating an end-to-end assessment of its ability to power healthy top and bottom line growth. This is a permanent cultural shift across the business that is optimizing how we operate every day and allowing us to maintain strong financial discipline. And importantly, as we discussed in March, the work is ongoing. We have formalized this new mindset and rigor into an office of continuous improvement, identify incremental efficiencies and drive accountability and results.

資本支出總計 3,600 萬美元，我們仍然預期全年支出在 2 億至 2.5 億美元之間。正如我們所討論的，戰略計劃正在帶來巨大的成果。整個組織出現了一種新的思維方式，現在每個團隊的決策都納入了對其推動健康的頂線和底線成長的能力的端到端評估。這是整個企業的永久性文化轉變，它正在優化我們的日常營運方式，並使我們能夠保持嚴格的財務紀律。重要的是，正如我們在三月討論的那樣，這項工作正在進行中。我們已將這種新的思維方式和嚴謹性正式納入持續改善辦公室，確定增量效率並推動問責制和結果。

Now on to our outlook. We are making steady progress across our strategic pillars. As Jay noted, we're on pace to achieve our full year operating income guidance of $445 million to $465 million. This reflects revenue growth in the range of 2% to 4%, including an approximately 1 point negative impact from 1 less selling week. As we control expenses, we continue to expect full year SG&A dollars to be flat at the low end of our revenue outlook. Additionally, D&A is still expected to be approximately $220 million, and our projections for weighted average share count remains in the high 190s.

現在談談我們的展望。我們正在我們的策略支柱上穩步取得進展。正如 Jay 指出的那樣，我們正在努力實現 4.45 億至 4.65 億美元的全年營業收入指引。這反映了 2% 至 4% 範圍內的收入成長，其中包括銷售週減少 1 個百分點的約 1 個百分點的負面影響。隨著我們控制開支，我們繼續預計全年銷售管理及行政費用將與我們收入前景的低端持平。此外，D&A 預計仍約為 2.2 億美元，我們對加權平均股數的預測仍保持在 190 左右。

As I discussed last quarter, we expect total revenue and profit growth to be skewed to the first half of the year, reflecting either year-over-year comparison, the impact of the retail calendar shift and 1 less selling week in the fourth quarter. As noted last quarter, this implies a low single-digit comp assumption in the back half of the year.

正如我在上個季度討論的那樣，我們預計總收入和利潤增長將偏向今年上半年，反映了同比比較、零售日曆變化的影響以及第四季度銷售週減少的影響。正如上個季度所指出的，這意味著今年下半年的業績假設為低個位數。

Quarter-to-date, we feel really good about the pace of the business with strength continuing into the second quarter. We're guiding operating income in the range of $95 million to $100 million with revenue up in the high single digits. As a reminder, this includes a $55 million positive impact to the top line from the shift in the retail calendar as we pick up a week of back-to-school, which are some of our busiest weeks of the year.

本季度迄今為止，我們對業務節奏感到非常滿意，並且強勁勢頭持續到第二季​​度。我們預計營業收入將在 9,500 萬美元至 1 億美元之間，營收將成長到高個位數。提醒一下，這包括零售日曆的變化對營收產生的 5500 萬美元的積極影響，因為我們將迎來返校一周，這是我們一年中最繁忙的幾週。

Before I open up for questions, I want to underscore our confidence in the direction of the business. With our strategy and priorities aligned towards delivering consistent, profitable growth, we have a solid plan in place that is already unlocking significant value across the company. The teams are focused in driving to our long-term plans.

在提出問題之前，我想先強調我們對業務方向的信心。我們的策略和優先事項旨在實現持續的獲利成長，我們制定了可靠的計劃，已經在整個公司釋放了巨大的價值。這些團隊專注於推動我們的長期計劃。

And with that, we'll open it up for questions.

接下來，我們將開放提問。

(Operator Instructions) Our first question comes from the line of Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Great. So Jen, could you elaborate maybe on current demand trends, what you've seen in May, maybe what you're seeing across your product assortments across brands into the back half of the year? Just your confidence in comping that comp as we move through the year. And then, Mike, just on the SG&A, maybe how things came in during the first quarter relative to plan and then drivers of the inflection to leverage that you cited in the second quarter and back half of the year?

偉大的。 Jen，您能否詳細說明一下當前的需求趨勢，您在五月看到的情況，也許您在下半年看到的跨品牌產品分類的情況？只是您對我們這一年的表現充滿信心。然後，麥克，就 SG&A 而言，也許第一季的情況與計劃有關，然後是您在第二季和今年下半年提到的槓桿變化的驅動因素？

Sure. Okay. Thanks, Matt. And thinking about American Eagle first. As I said back in March, we're really up to amplifying not only American Eagle but both brands. And as I think about, Mike, you just said it well, we really did deliver on the strategy. We continue to dominate in jeans. I believe there will be tailwinds there. We're seeing early trends, particularly in women's, and the assortments look great for back-to-school and onward.

當然。好的。謝謝，馬特。首先考慮美國之鷹。正如我在三月所說的那樣，我們不僅要擴大美國之鷹的規模，還要擴大這兩個品牌的規模。我想，麥克，你剛才說得很好，我們確實兌現了這項策略。我們繼續在牛仔褲領域佔據主導地位。我相信那裡會有順風。我們看到了早期的趨勢，尤其是女裝，而且這些款式非常適合返校後及以後的穿著。

And completing the outfit. That's been something so important on the American Eagle side. We were very single noted, and it was time to rebuild that lifestyle that the customer was demanding from us. And wow, those results have been better than expected. And so we're going to continue to expand in those adjacencies, Matt.

並完成服裝。這對美國之鷹來說非常重要。我們非常單一，是時候重建客戶對我們要求的生活方式了。哇，這些結果比預期的還要好。因此，我們將繼續擴大這些鄰近地區，馬特。

And then thinking about our fleet, we have a new store design, lived-in, that is getting an incredible response from the customers. So again, we're going to continue to deliver on that. As I think just more so the product and how we're set up for back-to-school, look, the tailwinds are there in denim. I just said that.

然後想想我們的車隊，我們有一個新的商店設計，並已投入使用，得到了顧客的令人難以置信的反響。再說一次，我們將繼續實現這一目標。我認為更重要的是產品以及我們如何為返校做好準備，看，牛仔布是順風車。我只是這麼說的。

We're going to round out the assortment in men's more so with the early reads that we've seen in the business, which are great categories. We just need to dominate more, and we need to distort more into these categories that did win in men's. Women's were on a great trajectory. So we're going to continue to drive the early trends and get back into those businesses. We leave open to buy, so we can really course correct as we build out into the back half.

我們將透過我們在行業中看到的早期讀物來完善男裝的分類，這些都是很棒的類別。我們只需要更多地佔據主導地位，我們需要更多地融入那些在男子比賽中獲勝的類別。女子運動正處於良好的軌道上。因此，我們將繼續推動早期趨勢並重返這些業務。我們保留買入的機會，這樣我們就可以在進入後半部分時真正糾正路線。

Aerie, look, the comps outside of swim were powerful. We were right in line where we left in Q4. And those businesses continue. And actually, we build on them in Q3 and Q4. So I think you're going to see a nice change in pace in that business as well as we lead into back to -- the back-to-school season, soft dressing and some new categories.

艾瑞，你看，游泳以外的比賽都很強大。我們正好在第四季離開的地方。這些業務仍在繼續。實際上，我們在第三季和第四季以它們為基礎。所以我認為你會看到這個行業的節奏發生了很大的變化，我們也將迎來返校季、軟裝和一些新類別。

We love what we're seeing in some of these new offerings that our customer has not really seen from us, one being sleep. There's some really fun ideas around that category. We're going to continue to innovate on our core categories. Even in some of the slowdown in intimates, we held our position and our market share, and we have new surprises in that category.

我們喜歡在一些新產品中看到的東西，而我們的客戶還沒有真正從我們這裡看到過，其中之一就是睡眠。圍繞這個類別有一些非常有趣的想法。我們將繼續在核心品類上進行創新。即使在內衣市場放緩的情況下，我們仍然保持著自己的地位和市場份額，並在該類別中帶來了新的驚喜。

So lots in store for back-to-school not only just with the product offerings but also our marketing. We're going to repitch the American Eagle brand. I think you're going to be really excited with what you see. It's getting back to our roots, our heritage. The campaign looks phenomenal and same for Aerie. So lots in store.

因此，返校季不僅有產品供應，還有我們的行銷活動。我們將重新命名美國之鷹品牌。我想你會對你所看到的感到非常興奮。它正在回歸我們的根源，我們的傳統。對於 Aerie 來說，這次活動看起來非常出色。商店裡有很多東西。

Matt, on SG&A, Q1 result for SG&A was right in line with our guidance. Dollars were up 7%, exactly in line with our comp result of plus 7%. Second quarter, we're looking at SG&A growth in the mid-single digits on high single-digit revenue growth. That includes the impact of that $55 million shift of revenue into the quarter from the retail calendar shift, and the SG&A up mid-single include some variable expense shift with that revenue.

Matt，關於 SG&A，第一季 SG&A 的結果與我們的指導一致。美元上漲了 7%，與我們 7% 的比較結果完全一致。第二季度，我們預計銷售、管理及行政費用 (SG&A) 將在高個位數收入成長的基礎上實現中個位數成長。這包括 5500 萬美元的收入從零售日曆轉移到本季度的影響，而 SG&A 中單包括一些隨該收入轉移的可變費用。

Then the back half of the year, SG&A dollars are planned down. So from here, we are structured to leverage. I think really pleased and proud of the expense leverage we saw in the first quarter across the P&L, a lot of which was in gross margin and then depreciation from here. We're really looking to and excited the fact that SG&A is where we'll see a lot of a significant amount of leverage from the second quarter on.

然後下半年，SG&A 美元計劃下調。因此，從這裡開始，我們的結構就是利用槓桿。我認為我們對第一季損益表中的費用槓桿感到非常高興和自豪，其中許多是毛利率，然後是從這裡開始的折舊。我們非常期待並感到興奮的是，從第二季開始，SG&A 將會出現大量槓桿。

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。

Great. My first question is basically the reiteration of the full year. Does that have anything to do with sort of visibility or macro? If you can just speak to that. Jen, can you go over the percent of sales that swim contribute? Obviously, it was tough to sell somewhere when it's 50 degrees. But wondering, does that impact -- does it have -- do you have like a calculated impact on the second quarter? And then my last one is on the inventory. Mike, can you just clarify the ending inventory, how much -- I think there's some confusion. How much of that is that you are holding that inventory on your balance sheet rather than liquidating it with third party? I think that would be helpful, too.

偉大的。我的第一個問題基本上是全年的重申。這與可見性或宏觀有什麼關係嗎？如果你能談談這一點的話。 Jen，可以介紹一下游泳所佔銷售額的百分比嗎？顯然，在 50 度的氣溫下，想要賣掉房子是很困難的。但想知道，這種影響是否——有——你對第二季的影響有計算出來的嗎？然後我的最後一件就在庫存裡了。麥克，你能否澄清一下期末庫存，有多少——我認為有些混亂。其中有多少是您在資產負債表上持有該庫存而不是與第三方清算的？我認為這也會有幫助。

Sure. Thanks, Adrienne. I can talk -- start with the reiteration of the full year guide. I think we're very pleased with our Q1 results, as we said. We exceeded expectations and guidance both on top line and our operating income range of $65 million to $70 million. So exceeded nicely on both revenue and income.

當然。謝謝，艾德麗安。我可以談談——從重申全年指南開始。正如我們所說，我認為我們對第一季的結果非常滿意。我們的營收和營業收入均超出了預期和指導（6,500 萬至 7,000 萬美元）。所以在收入和收入上都很好地超出了。

The reiteration of the year is really we're on plan. We're slightly ahead of our plans for the first half. It's really more of a cautious guide for the back half of the year as we lap some -- the better results that started with back-to-school last year. July and August are a proof point for us in terms of what we should expect. It's always a proof point for what we would expect in the back half of the year. So I think it's just kind of maintaining the strategic path, executing on our plans. And as we see the back half of the second quarter and into back-to-school, we can update our expectations for the year.

今年的重申確實是我們計劃中的。我們上半年的計畫稍微提早了一些。這其實更像是對今年下半年的謹慎指導，因為我們取得了一些成績——去年返校後取得的更好成績。七月和八月是我們應該期待的一個證明點。這始終是我們對下半年預期的證明。所以我認為這只是維持策略路徑，執行我們的計劃。當我們看到第二季後半段和返校時，我們可以更新我們對今年的預期。

I can hit on inventory quickly, Jen, if you want to just -- on inventory, yes, plus 9% in inventory, which was in line with sales or with our brand demand. And yes, Adrienne, there's a few points around -- we would have a mid-single-digit inventory without the impact of carrying clearance and selling it ourselves profitably now versus our previous sell-off strategy. That will anniversary here in the second quarter. So second quarter ending inventory and then back half inventory will be more apples-to-apples. Right now, we are carrying more inventory as we clear it ourselves.

我可以很快找到庫存，Jen，如果你只想——庫存，是的，加上 9% 的庫存，這符合銷售或我們的品牌需求。是的，艾德麗安，有幾點需要注意——與我們之前的拋售策略相比，在沒有清倉影響的情況下，我們現在的庫存量將達到中等個位數，並且我們自己出售可以盈利。第二季將是周年紀念日。因此，第二季期末庫存和後半庫存將更加相似。目前，我們自己清理庫存，因此庫存增加。

The impact of swim is, for Aerie specifically, high single-digit impact on the front half and then not material at all in the back half. So as I mentioned, other core categories that we will then double down on as we get into Q3 and Q4, we're really excited about. We've seen nice wins there.

特別是對艾利來說，游泳對前半場的影響是個位數的高影響，而對後半場的影響則根本不重要。正如我所提到的，當我們進入第三季和第四季時，我們將加倍關注其他核心類別，我們對此感到非常興奮。我們在那裡看到了不錯的勝利。

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

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

As you look at the channel sales of stores and digital, difference between Aerie and American Eagle, what you saw traffic-wise or transaction-wise in unbundling the comp by channel? And any change to your new store openings for this year and how you're looking at it?

當您查看商店和數位通路銷售、Aerie 和 American Eagle 之間的差異時，您在按通路分拆組合時在流量或交易方面看到了什麼？今年您的新店開幕有什麼改變嗎？

Yes, I can -- thanks, Dana. The channel specifics for the brands were Aerie stores and digital were pretty close to -- both mid-single. So Aerie's comp was plus 6%. Digital and stores were pretty close in terms of that plus 6%. Swim has a bigger impact on digital. So as we talk about the Aerie comp being plus 11% without swim, that impacted the digital comp more than stores. AE stores were slightly positive, and digital was high in the high teens growth.

是的，我可以－－謝謝，達納。這些品牌的具體管道是 Aerie 商店，數位管道非常接近——都是中單品牌。所以 Aerie 的報酬是+ 6%。數位商店和實體店的增幅非常接近，均增加了 6%。游泳對數位化的影響更大。因此，當我們談論 Aerie 比較在沒有游泳的情況下增加 11% 時，這對數字比較的影響比商店更大。 AE 商店略有成長，數位商店的成長率也很高。

So that's -- Aerie brand plus 7% comp was a mix of stores being slightly positive, digital high teens, Aerie plus 6%. Both channels were similar. And then store plans continue to be 25 to 30 Aerie, OFFLINE new stores and kind of a net 20 or so, 20, 25 closures for AE. But that's something we're looking at even more closely. We expect that number to continue to come down as we look to reposition more locations and because of the success that we're seeing or early success in our remodel program with the results of those stores.

所以，Aerie 品牌加 7% 的比較是商店稍微正面的組合，數位高中，Aerie 加 6%。兩個渠道都很相似。然後，商店計劃繼續是 25 至 30 家 Aerie、OFFLINE 新店，並關閉 20 家左右、20 家、25 家 AE。但這是我們正在更仔細研究的事情。我們預計這個數字將繼續下降，因為我們希望重新定位更多地點，並且因為我們看到的成功或我們的改造計劃的早期成功以及這些商店的結果。

Got it. Just one follow-up, Jen, on the category of denim. How did denim do? How is pricing? And with some of the new styles, you mentioned tops being a key call-out. Sounds like it's helping the tops business, too. Is that driving margins also?

知道了。 Jen，只是關於牛仔布類別的後續行動。牛仔布做得怎麼樣？定價如何？對於一些新款式，您提到上衣是一個關鍵點。聽起來這對頂級業務也有幫助。這也會推動利潤率嗎？

Absolutely. We've really taken that category back. We're winning definitely in women's. Some early learning in men's, as I mentioned, that we're going to -- you'll see more of that -- those learnings in Q3. We remain very nimble in that category, but we're definitely more balanced than we had been in the past, where we can chase the right fashion, not over a sort either, but make sure that we are in a better balanced situation.

絕對地。我們確實收回了該類別。我們在女子比賽中絕對獲勝。正如我所提到的，我們將在男性領域取得一些早期的經驗教訓，你會在第三季看到更多的經驗教訓。我們在這個類別中仍然非常靈活，但我們肯定比過去更加平衡，我們可以追逐正確的時尚，而不是某種，但確保我們處於更好的平衡狀態。

As we get into Q3, you'll see more new fits, new learnings. We've had a bunch of tests out there that will drive the assortments. And I like what I see. I definitely feel like there's tailwinds. I mentioned it earlier. I think we're about to head into a cycle, which is obviously a winning category for us, it's our dominant category. We're dominating it. And like I said, women's in particular already are seeing these trends, and we will continue to drive those trends.

當我們進入第三季時，您將看到更多新的適應、新的學習。我們已經進行了一系列測試，這些測試將推動產品的分類。我喜歡我所看到的。我確實覺得有順風。我之前有提到過。我認為我們即將進入一個週期，這顯然對我們來說是一個獲勝類別，它是我們的主導類別。我們正在主宰它。正如我所說，女性尤其是女性已經看到了這些趨勢，我們將繼續推動這些趨勢。

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。

If I am seeing this right, Aerie comps were up 6%. I think total revenue is up 4%. Why the negative spread on the Aerie business? And then curious if you could talk about what you saw by month throughout the quarter by brand and if you saw any weather impact.

如果我沒看錯的話，Aerie 的股價上漲了 6%。我認為總收入成長了 4%。為什麼 Aerie 業務出現負利差？然後很好奇您是否可以按品牌談談您在整個季度中看到的情況以及您是否看到任何天氣影響。

Paul, yes, the difference in the Aerie plus 6% comp versus plus 4% total revenue is fully an impact from sell-off revenue last year. So as we still -- last year in the first quarter, we had not made the operational change around selling our own clearance profitably versus sell-off. So we did have -- we did book sell-off revenue in the first quarter last year at a loss. So that differential this year impacted -- that impacted Aerie more last year in the first quarter, which is driving that differential this year. We'd expect that to normalize as we anniversary that in the second quarter, and you won't have that impact go forward. We still expect Aerie's spread to be about 1 point directionally for the rest of the year.

保羅，是的，Aerie + 6% 的比較與 + 4% 總收入的差異完全是去年拋售收入的影響。因此，去年第一季度，我們仍然沒有圍繞出售我們自己的清倉以盈利而不是拋售來進行營運改變。所以我們確實有——去年第一季我們確實錄得了虧損的拋售收入。因此，今年的差異產生了影響——去年第一季對 Aerie 的影響更大，這推動了今年的差異。我們預計，隨著第二季週年紀念日的到來，這種情況將會正常化，並且今後不會再產生這種影響。我們仍預期今年餘下時間 Aerie 的定向利差約為 1 個百分點。

And then I think by month, to answer that question, yes, I think it's always a little rocky when you've got kind of the spring break and Easter calendar shifts. Definitely a couple of rocky weeks there in terms of weather, but that's always a March, April phenomenon. We're pleased with the total quarter results coming in above our expectations.

然後我想按月回答這個問題，是的，我認為當你有春假和復活節日曆變化時，它總是有點不穩定。就天氣而言，肯定會有幾週的不穩定天氣，但這總是三月、四月的現象。我們對季度總業績超出我們的預期感到滿意。

And in May 2Q to date, anything you can talk about by brand?

5 月 2 季至今，您可以按品牌談談什麼嗎？

Yes, continued momentum, similar to what we've been seeing. Pretty commensurate with the first quarter trend. So we're very pleased with that coming into the second quarter. Our guidance is based on mid-single. So again, early in the quarter, 3.5 weeks in, certainly in the year in general. So both the second quarter guide and the full year, we still have got a long way to go. Some big kind of summer and back-to-school weeks coming in the second quarter, and then obviously, our bigger time of year is back-to-school and holiday. So pleased with -- very pleased with the start of the year, a lot of business ahead of us.

是的，持續的勢頭，類似於我們所看到的。與第一季的趨勢相當吻合。因此，我們對第二季的情況感到非常滿意。我們的指導是基於中路。再說一次，在本季度初，即 3.5 週，當然在全年中也是如此。因此，無論是第二季指南還是全年指南，我們還有很長的路要走。第二季將迎來一些重要的夏季和返校週，顯然，我們一年中最重要的時間是返校和假期。非常高興——對今年的開始非常滿意，我們面前有很多業務。

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。

Just curious on the promotion side, if you saw any more uptick this year was last year and AUR that you've seen this quarter and what your expectations are for the remainder of the year. And it looks like you have a lot of exciting marketing initiatives. Just any color around the spend, if you're looking to increase spend year-on-year. And how are you allocating by channel?

只是對促銷方面感到好奇，如果您去年看到今年有更多的上升，您在本季度看到的 AUR 以及您對今年剩餘時間的期望是什麼。看起來你們有很多令人興奮的行銷舉措。如果您希望逐年增加支出，則可以使用支出周圍的任何顏色。你們是如何按管道分配的？

On promotions, I think our gross margin result is a testament to our strategies and our plans. We have 240 basis points of gross margin expansion. And that came from multiple facets within gross margin, product margin and initial IMUs were healthy with controlled freight and transportation costs and our sourcing strategies at work. That structural change in clearance, as much as we didn't book that revenue, there was actually a benefit to gross margin in the quarter because of selling through clearance profitably versus selling off those goods historically at a loss. And then we leverage the expenses and gross margin by 90 basis points.

在促銷方面，我認為我們的毛利率結果證明了我們的策略和計劃。我們的毛利率成長了 240 個基點。這來自於毛利率、產品利潤率和初始 IMU 等多個方面，在貨運和運輸成本受控以及我們的採購策略發揮作用的情況下，初始 IMU 保持健康。清倉方面的結構性變化，儘管我們沒有計入該收入，但實際上本季度的毛利率有所提高，因為透過清倉銷售可以盈利，而不是歷史上以虧損方式出售這些商品。然後我們將費用和毛利率槓桿化 90 個基點。

So very pleased with that result in the first quarter. Promotions are still in very much in check. Those are structural changes we've made that we've talked about that we do not plan to revert, which are changes to our day and day out. No BOGO on jeans like we were running for a long time. We've made changes to our loyalty program, where we're not giving away free jeans or free bras anymore. And then there's clearance change that has a structural benefit to markdowns as well within the gross margin. All those things are permanent and happy with the results we've seen from all those changes.

對第一季的結果非常滿意。促銷活動仍受到很大限制。這些是我們已經討論過的結構性變化，我們不打算恢復這些變化，這些變化是我們日復一日的變化。牛仔褲上沒有BOGO，就像我們跑了很久一樣。我們對忠誠度計劃進行了更改，不再贈送免費牛仔褲或免費胸罩。然後是清倉變化，這對降價以及毛利率都有結構性好處。所有這些都是永久性的，我們對所有這些變化所看到的結果感到滿意。

In marketing spend, we are -- we have spent more. We do plan to spend more. I've talked about advertising dollars and marketing expense not being a place that we're looking to reduce spend. It's actually a place as we're looking to reduce or leverage in other places that we want to continue to fund marketing as we get -- we've gotten better and better at spending our marketing dollars effectively and measuring the return from that spend. It is in the media space, kind of digital media, performance marketing and then brand in general. So we're seeing great results kind of across the disbursement of that spend, and we'll continue to look at ways to spend advertising dollars where we're generating a return.

在行銷支出方面，我們花了更多。我們確實計劃花更多錢。我已經談到廣告費用和行銷費用不是我們希望減少支出的地方。實際上，我們正​​在尋求減少或利用其他地方的槓桿，我們希望繼續為行銷提供資金——我們在有效地花費行銷資金並衡量支出回報方面做得越來越好。它涉及媒體空間、數位媒體、效果行銷以及一般品牌。因此，我們在這筆支出的支出中看到了很好的結果，我們將繼續尋找在產生回報的地方花費廣告資金的方法。

Next question comes from the line of Chris Nardone with Bank of America.

下一個問題來自美國銀行的 Chris Nardone。

Mike, just a follow-up on SG&A. How should we think about the outlook for SG&A dollar growth for the full year, if you guys are approaching the upper end of your sales guidance? And then in the back half, I think you alluded to SG&A dollars down. Can you walk through some of the specific drivers of where you're seeing savings versus last year?

麥克，只是 SG&A 的後續行動。如果你們正在接近銷售指引的上限，我們該如何看待全年銷售及行政管理費用成長的前景？然後在後半部分，我認為您提到了 SG&A 美元的下降。能否介紹一下與去年相比節省成本的一些具體驅動因素？

Sure. Yes. Look, I think we're entering a period now where SG&A leverage will be a good contribution to operating rate improvement. We're structured to leverage from here, as we said. We're talking about mid-single-digit growth in the second quarter on high single-digit revenue expectations. That will produce significant leverage in the second quarter.

當然。是的。看，我認為我們現在正在進入一個時期，SG&A 槓桿將對營運率的提高做出很好的貢獻。正如我們所說，我們的結構是從這裡發揮槓桿作用。我們正在談論第二季度在高個位數收入預期的情況下實現中個位數成長。這將在第二季度產生巨大的槓桿作用。

Third quarter dollars are down slightly on a low single digit, both -- basically low single-digit assumption for the back half in both quarters. SG&A dollars are down. So we're actually looking to leverage SG&A on low single-digit comps. And then a reminder that with the retail calendar shift, we actually have kind of flat total revenue dollars in that assumption in Q3, and then total revenue would actually be down slightly in the fourth quarter off that assumption.

第三季美元小幅下跌，都是低個位數，這兩季的後半段基本上都是低個位數的假設。 SG&A 美元下降。因此，我們實際上希望在低個位數的比較中利用銷售及管理費用。然後提醒一下，隨著零售日曆的轉變，我們實際上在第三季的假設中總收入持平，然後第四季的總收入實際上會比該假設略有下降。

So the exciting part about that for me is we are structured to leverage on any -- every comp point of upside from there, knowing that the revenue -- the revenue expectation right now is cautious until we see a few more months of business here. So yes, Chris, we're looking to leverage SG&A significantly for the rest of the year across the remaining 3 quarters. And then at the high end of revenue guide, we would just expect a healthy flow-through on -- to the bottom line from expense leverage.

因此，對我來說，令人興奮的部分是，我們的結構是利用任何——從那裡開始的每一個上行點，知道收入——目前的收入預期是謹慎的，直到我們看到這裡還有幾個月的業務。所以，是的，克里斯，我們希望在今年剩餘的時間裡，在剩下的 3 個季度中顯著利用 SG&A。然後，在收入指南的高端，我們只期望費用槓桿能夠健康地流入利潤。

Got it. And then just a quick one on the back half comp expectations above low single digits. Is that uniform across both brands? Or are you expecting different trends between Eagle and Aerie in the back half?

知道了。然後快速介紹後半段的比賽預期高於低個位數。兩個品牌都是統一的嗎？還是你期待Eagle和Aerie在後半場有不同的趨勢？

We'd expect Aerie to be on the higher end. Again, the comp in Q1 was plus 11% when you back out the impact of swim. We're seeing that continue into the second quarter. Swim becomes less of a contribution to the brand as we pass through the second quarter. Like last year, we saw some pressure on Aerie's comp through the first half because of swim and went right back to double-digit comps in the back half. So there's no reason to expect we wouldn't see kind of Aerie's comp exceed AE.

我們預計 Aerie 會處於高端。同樣，當你取消游泳的影響​​時，第一季的補償增加了 11%。我們看到這種情況持續到第二季​​。隨著第二季的過去，游泳對品牌的貢獻變得越來越小。和去年一樣，我們在上半場看到了 Aerie 的比賽因為游泳而承受了一些壓力，並在後半場回到了兩位數的比賽。所以沒有理由期望我們不會看到 Aerie 的比較超過 AE。

But the flip side of that is we're seeing momentum in the AE brand as well. So I think -- because the reasons why I guide in the back half is cautious, it's early in the year. We've got momentum across the brands. The strategies we've got in place to grow the brands are working. So I think to answer the question, on average, you think would be a little below Aerie based on that, but we've got momentum in both brands, which is exciting.

但另一方面，我們也看到了 AE 品牌的發展動能。所以我認為——因為我在下半年進行指導的原因是謹慎的，現在是今年年初。我們在各個品牌上都有動力。我們為發展品牌而製定的策略正在發揮作用。因此，我認為回答這個問題時，平均而言，您認為會略低於 Aerie，但我們在這兩個品牌上都有動力，這是令人興奮的。

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。

Jen, congrats. The stores have looked really beautiful. The tops are amazing. I wanted to talk a little bit about something you said about broadening or widening the age range for the Eagle customer. I wasn't sure if that was Eagle and Aerie or the combination of the 2. Are you seeing an older shopper, a non-high school teen shopper stay longer or come into OFFLINE? Or is it kind of a reflection -- I've noticed in some of your media posts and things like that, that the teens look a little bit older, and there's a feeling out there that the teens are going from like -- I'm going to make myself sound like an old person, but that they're going from like 12 to 18 today. They're skipping that hole in between. So can you just talk a little bit about where your head is at with this widening of the age?

珍，恭喜。商店看起來真的很漂亮。上衣太棒了。我想談談您所說的關於擴大 Eagle 客戶的年齡範圍的事情。我不確定那是 Eagle 和 Aerie 還是兩者的組合。或者這是一種反映——我在你們的一些媒體帖子和類似的事情中註意到，青少年看起來有點老了，而且有一種感覺，青少年正在從——我'我會讓自己聽起來像個老人，但他們今天已經從12 歲變成了18 歲。他們正在跳過中間的那個洞。那麼您能談談隨著年齡的增長您的想法嗎？

Sure. Marni, welcome to my world. I have a 17-year-old. Right. Just going back to our strategy, we are staying the course, and I love what I'm seeing. Look, we will always dedicate to our core customer, and we'll make sure that we always have offerings to serve that customer so that they can enter with us. I think our focus is now how do they stay with us. And thinking back to our strategy that we put forth, we want to offer new occasions, core occasions, social casual, men's active, everyday casual.

當然。瑪尼，歡迎來到我的世界。我有一個17歲的孩子。正確的。回到我們的策略，我們將堅持到底，我喜歡我所看到的。看，我們將始終致力於我們的核心客戶，我們將確保我們始終提供服務該客戶的產品，以便他們可以與我們一起進入。我認為我們現在的重點是他們如何留在我們身邊。回想我們提出的策略，我們希望提供新的場合、核心場合、社交休閒、男士活躍、日常休閒。

And I think as we brought in those assortments, customers are going to stay with us, and we're seeing that. We're actually seeing the next bracket of age -- of the age group actually increase slightly. So they are sticking around, and that has been an initiative for us because in the past, they did jump out a certain age. And the more we focus on this, and like I said, broaden our assortment, I think the more they will stay with us. And that's -- and it's working. So you'll see more offerings around this as we head into future assortments and quarters. I think...

我認為，當我們引入這些品種時，客戶將留在我們身邊，我們也看到了這一點。我們實際上看到下一個年齡組的年齡組實際上略有增加。所以他們會留下來，這對我們來說是一項舉措，因為在過去，他們確實跳出了一定的年齡。我們越關注這一點，就像我說的那樣，擴大我們的品種，我認為他們就越會留在我們身邊。這就是——而且它正在發揮作用。因此，當我們進入未來的品種和季度時，您會看到更多與此相關的產品。我認為...

Will the marketing stay very reflective of the younger shopper and just the product assortment will expand a little bit?

行銷是否會持續充分反映年輕購物者的需求，而產品種類是否會有所擴大？

Product will expand. And I think you're going to see a more balanced age demo as we continue to offer these other occasions. And of course, denim is ageless, our core competency business. And as we offer new fits, we're getting customers -- new customers because we were so focused on one fit in the past, particularly in women. I think now that we've broadened that assortment, we're getting more and more customers. And they love our jeans. They just -- for all the reasons that we know, between price, value, quality, wash, our innovation there. So I like that we might be having some tailwinds in this category. We're seeing it because I think that will bode well for this brand.

產品將會擴大。我認為，隨著我們繼續提供這些其他場合，您將會看到更平衡的年齡演示。當然，牛仔布是永恆的，是我們的核心競爭力事業。當我們提供新款式時，我們就會吸引新客戶，因為我們過去非常專注於一種款式，尤其是女性。我認為現在我們已經擴大了產品種類，我們得到了越來越多的客戶。他們喜歡我們的牛仔褲。他們只是——出於我們所知的所有原因，在價格、價值、品質、洗滌和我們的創新之間。所以我喜歡我們在這個類別中可能有一些順風車。我們看到它是因為我認為這對這個品牌來說是個好兆頭。

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

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

Congratulations on a great quarter. Jen, I know you work hard on every aspect of your business, but weather has hurt you in the swim area for a couple of years in a row now. And it just -- I just wonder about the time and focus you put into it and how you'll think about that category going forward. I also wanted to hear what you're thinking about the progress in the men's business and in the social occasion business. And Mike, I think you said that SG&A would be up mid-single digits in the second quarter and down, I presume, on dollars in the back half. Maybe you could give us an idea of how much. But that we should have leverage even in the fourth quarter with sales up modestly. I think that's what you're guiding to. Very modest fourth quarter.

恭喜您度過了一個美好的季度。 Jen，我知道您在業務的各個方面都努力工作，但是天氣已經連續幾年在游泳領域對您造成了傷害。我只是想知道您投入的時間和精力以及您將如何看待該類別的未來。我也想聽聽您對男士業務和社交場合業務的進展有何看法。麥克，我想你說過第二季的銷售管理費用將上升到個位數左右，而我認為下半年的美元成長率會下降。也許你可以告訴我們多少錢。但即使在第四季度，隨著銷售額小幅成長，我們也應該擁有槓桿作用。我認為這就是你所引導的。第四季非常溫和。

Yes. Great call. Certainly, we dedicate the time that's appropriate for that category. We have a new team in place, new eyeballs on it, new ideas. I just went through their strategies for next year. I like what I'm seeing. And we will, course correct as we continue into 2025. I saw the assortments. And again, we have new categories that we're offering in Aerie that you will see expanded not only digitally but in stores as well. So that will also be a great win for the brand next year and as we continue -- actually, starting in Q3.

是的。很棒的電話。當然，我們會投入適合該類別的時間。我們有一個新的團隊、新的關注點、新的想法。我剛剛瀏覽了他們明年的策略。我喜歡我所看到的。當我們繼續到 2025 年時，我們將糾正路線。再說一遍，我們在 Aerie 中提供了新的類別，您不僅會看到這些類別在數位化方面得到擴展，而且在商店中也得到了擴展。因此，這也將是該品牌明年的巨大勝利，而且隨著我們繼續進行——實際上，從第三季度開始。

Men's, look, we have some great wins in men's. I think it was just really more about distorting into those wins that we saw early on. 24/7 is doing great out of the gate, select knit categories, outerwear. I mentioned them on my script there. And look, it's really now about getting the investment behind the new wins that we're seeing. I think you can see in the marketing, you'll see more trends, right, categories on the go forward, and we will be leaning in there.

男子組比賽，看，我們在男子組比賽中取得了一些偉大的勝利。我認為這更多的是扭曲了我們早期看到的那些勝利。 24/7 一開始就表現出色，選擇針織品類、外套。我在那裡的劇本中提到了它們。看，現在真正的問題是如何獲得我們所看到的新勝利背後的投資。我認為你可以在行銷中看到，你會看到更多的趨勢，對，未來的類別，我們將傾向於那裡。

Let me just be specific on SG&A. So yes, again, dollars up mid-single digit in the second quarter on high single-digit revenue, both the revenue and SG&A dollars being impacted by the retail calendar shift with the $55 million benefit in the second quarter. Q3, we'd expect SG&A dollars to be down slightly -- yes, I think it's a cautious low single-digit comp. But again, with the retail calendar shift impact, there's a negative $45 million impact in Q3. So in that kind of comp expectation, total revenue would be relatively flat. So we'd be set to leverage.

讓我具體談談SG&A。因此，是的，第二季營收再次實現中位數成長，營收和銷售管理費用均受到零售日曆變化的影響，第二季收益為 5,500 萬美元。第三季度，我們預計 SG&A 美元將略有下降 - 是的，我認為這是一個謹慎的低個位數比較。但同樣，由於零售日曆變化的影響，第三季產生了 4,500 萬美元的負面影響。因此，在這種補償預期下，總收入將相對持平。所以我們會利用槓桿。

On top of that, with dollars being slightly down in the third quarter, fourth quarter, same kind of on the low end of the revenue guide and low single-digit comps. Dollars being down pretty significant in the fourth quarter, actually, could be kind of high single to 10% range in terms of SG&A dollars being down at the low end of that guide. Again, both quarters and the whole back half set to leverage on revenue above and beyond that expectation. Hopefully, that's more specific and helpful for you.

最重要的是，第三季和第四季的美元略有下降，收入指南的低端和低個位數的比較也是如此。實際上，第四季美元大幅下跌，就 SG&A 美元下跌至該指南的低端而言，可能會出現 10% 的高幅度波動。同樣，兩個季度和整個下半年的收入槓桿都將超出預期。希望這對您來說更具體、更有幫助。

And the only way that doesn't happen is if the sales numbers disappoint?

唯一不會發生的情況是銷售數字令人失望？

Correct. So that's how we're structured on the low end of our revenue guide of 2%. And then we're structured to leverage significantly on kind of every comp point above that expectation.

正確的。這就是我們在收入指南下限 2% 的基礎上建構的結構。然後我們的結構是顯著利用高於預期的每個補償點。

And just, Michael, some brands are seeing uptick in their transportation costs right now, their freight. What's going on with you guys?

只是，邁克爾，一些品牌現在的運輸成本和運費都在上升。你們怎麼了？

We are not seeing that. Again, first quarter gross margin results were kind of a mix of benefits across the board from initial markup, including freight and transportation costs, well-controlled inventory and promotions and leveraging our expenses and gross margin. Line of sight for the rest of the year is no headwinds from freight and transportation costs, and we're expecting kind of initial markup benefit in future quarters.

我們沒有看到這一點。同樣，第一季的毛利率結果是初始加價帶來的全面收益的綜合體，包括貨運和運輸成本、良好控制的庫存和促銷以及利用我們的費用和毛利率。今年剩餘時間裡，貨運和運輸成本不會帶來阻力，我們預計未來幾季將出現初步的加價收益。

And 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。

I've just got 2 for you here. First, just on SG&A. Can you elaborate qualitatively on what exactly is happening in the back half that enables you to pull back on the spend there? Just so we can understand the drivers. And then secondly, just on the Aerie intimates weakness that I believe you all highlighted. Can you just remind us how much of the business that comprises as well as provide any color on how that market is trending or what you're seeing in intimates? That would be super helpful.

我這裡剛準備了 2 個給你。首先，就SG&A 而言。您能否定性地詳細說明後半部分到底發生了什麼，使您能夠減少那裡的支出？這樣我們就可以了解驅動程式。其次，我相信你們都強調了 Aerie 的弱點。您能否提醒我們該業務的組成部分，並提供有關該市場趨勢或您在內衣中看到的情況的任何資訊？那會非常有幫助的。

Yes. So the drivers of SG&A, we talked about really for a year now as we kind of kicked off our profit improvement initiative last year and start to see the expenses and gross margin, the benefits of work around rent, delivery, distribution, supply chain costs coming through our gross margin the whole back half of last year. We talked about those being the priorities with SG&A coming later. So as we landed our plans for this year, the work across 85% of our expense base across the P&L in general with the line items in SG&A that we talked about being store labor, corporate compensation, related incentives, services, kind of optimizing our advertising dollars, reducing leveraging supplies and repairs.

是的。因此，SG&A 的驅動因素，我們已經談論了一年了，因為我們去年開始了利潤改善計劃，並開始看到費用和毛利率，以及圍繞租金、交付、分銷、供應鏈成本解決問題的好處去年下半年我們的毛利率。我們討論了這些是稍後 SG&A 的優先事項。因此，當我們制定今年的計劃時，我們在損益表中 85% 的費用基礎上的工作，以及 SG&A 中的項目，我們談到了商店勞動力、公司薪酬、相關激勵措施、服務，某種程度的優化廣告費用，減少槓桿供應和維修。

A lot of that work is taking hold. Some of it in the first quarter. But then a large majority of the benefits really starting here in the second quarter and for the rest of the year, including compensation in general and incentives being in that pool. So I think that's the continuous improvement off as we've established, continuing the work on those work streams, 85% of our SG&A base continuing to find efficiencies to control costs and those benefits really coming through kind of starting here in the second quarter and the rest of the year.

其中很多工作正在進行中。其中一些是在第一季。但大部分福利實際上是從第二季和今年剩餘時間開始的，包括一般薪資和激勵措施。因此，我認為這是我們已經建立的持續改進，繼續在這些工作流程上開展工作，我們 85% 的 SG&A 基礎繼續尋找控製成本的效率，這些收益真正從第二季度開始實現，今年剩下的時間。

And in Aerie, roughly, it's about 1/3 of the business. But as I mentioned, we're not forgetting about these core competency businesses that we launched and we owned. The SMOOTHEZ category, you're going to see newness there. Really excited about where we're taking the intimates business. And really what's changed a little bit is the customer has pivoted.

在 Aerie，這大約佔業務的 1/3。但正如我所提到的，我們並沒有忘記我們推出和擁有的這些核心競爭力業務。 SMOOTHEZ 類別，您將在那裡看到新事物。我們對內衣業務的發展感到非常興奮。真正發生的一點變化是客戶的轉變。

If you think about our OFFLINE business, which has done incredibly well this quarter, sports bras are amazing. So thinking about that category as well, and it gives us the ability to leverage both businesses, Aerie and OFFLINE, on where the customer is going, and we certainly did that. The sports bras business has been amazing. In fact, we ranked fairly high in market share in that category and also in leggings. We gained over 2 points of market share in the leggings category in this quarter. So really excited about that business. And again, it's a natural as we head into Q3 and Q4.

如果您考慮我們本季表現出色的線下業務，您會發現運動胸罩非常棒。因此，也考慮一下這個類別，它使我們能夠利用 Aerie 和 OFFLINE 這兩個業務來了解客戶的去向，我們確實做到了。運動胸罩的生意非常驚人。事實上，我們在該類別以及打底褲領域的市佔率排名相當高。本季我們在緊身褲類別的市佔率獲得了超過 2 個百分點。對這項業務非常興奮。再說一次，當我們進入第三季和第四季時，這是很自然的。

We're really happy about the Aerie business. And again, going back to our strategy, we want to win in intimates and in soft apparel. We're seeing that happen, particularly in apparel, growing off the OFFLINE business. And we definitely want to be the new authority in activewear. So I'm very excited about all these other areas that we are diving into and owning and winning at. So lots of expansion opportunity there. So really excited for more to come as we build out the rest of this year.

我們對 Aerie 業務感到非常高興。再次回到我們的策略，我們希望在內衣和軟裝領域獲勝。我們看到這種情況正在發生，特別是在服裝領域，線下業務正在不斷成長。我們絕對希望成為運動服領域的新權威。因此，我對我們正在深入、擁有並獲勝的所有其他領域感到非常興奮。那裡有很多擴張機會。隨著我們今年剩餘時間的建設，我們對即將推出的更多內容感到非常興奮。

Great. Thanks, Jen. So that completes our call for this afternoon. Thanks, everyone, for your participation, and we appreciate your interest.

偉大的。謝謝，珍。今天下午的電話會議就這樣結束了。感謝大家的參與，我們感謝您的關注。

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

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。