American Eagle Outfitters Inc (AEO) 2024 Q2 法說會逐字稿

Greetings, and welcome to the American Eagle Outfitters second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

您好，歡迎參加 American Eagle Outfitters 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

I would now like to turn the call over to Judy Meehan, Senior Vice President, Corporate Communications and Investor Relations. Thank you, Judy. You may begin.

我現在想將電話轉給企業傳播和投資者關係高級副總裁朱迪·米漢 (Judy Meehan)。謝謝你，朱迪。你可以開始了。

Good morning, 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.

大家早安。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 53 week last year, second quarter 2024 results and today's discussion are presented for the 13 weeks ended August 3, 2024, compared to the 13 weeks ended July 29, 2023.

與零售日曆和去年的 53 週一致，我們公佈了截至 2024 年 8 月 3 日的 13 週的 2024 年第二季度業績和今天的討論，與截至 2023 年 7 月 29 日的 13 週相比。

Comparable sales metrics are presented for the 13 weeks ended August 3, 2024, compared to the 13 weeks ended August 5, 2023. Additionally, you can find the second quarter investor presentation posted on our corporate website at www.aeo-inc.com in the Investor Relations section. And now I'll turn the call over to Jay.

與截至2023 年8 月5 日的13 週相比，提供了截至2024 年8 月3 日的13 週的可比較銷售指標。的第二季度投資者演示文稿投資者關係部分。現在我會把電話轉給傑伊。

Thanks, Judy, and good morning, everyone. During the second quarter, we continued executing on our strategy plan, Powering Profitable Growth. We're moving our iconic brands forward and strengthening our operating capabilities to continue driving shareholder value.

謝謝朱迪，大家早安。第二季度，我們繼續執行策略計劃「推動獲利成長」。我們正在推動我們的標誌性品牌向前發展，並加強我們的營運能力，以繼續推動股東價值。

Our second quarter results were a strong proof. Consolidating financial results showed improvement across the majority of our key performance metrics. We delivered our sixth consecutive quarter of record revenue while also achieving meaningful operating income growth.

我們第二季的業績就是有力的證明。合併財務表現顯示我們大多數的關鍵績效指標均有所改善。我們連續第六個季度實現創紀錄的收入，同時也實現了有意義的營業收入成長。

Second quarter results built on our strong first quarter performance, locking in a solid first half. We made consistent progress across our strategic priorities aligned with our multiyear plan. As a reminder, our three key pillars are: first, amplify our brands; second, optimize our operations; and third, execute with financial discipline.

第二季業績建立在第一季強勁表現的基礎上，鎖定了上半年的穩健表現。我們在與多年計劃一致的策略重點方面取得了持續進展。提醒一下，我們的三個關鍵支柱是：第一，擴大我們的品牌；第二，優化營運；第三，執行財務紀律。

Touching on the strategic and financial highlights for the quarter. To start, second quarter revenue of $1.3 billion was a new record for the company. We achieved 4% comp growth and a total revenue increase of 8% for the quarter. Notably both brands and channels posted nice growth.

談到本季的策略和財務亮點。首先，第二季 13 億美元的營收創下了該公司的新紀錄。本季我們實現了 4% 的複合成長率和 8% 的總收入成長。值得注意的是，品牌和通路都實現了良好的成長。

We have two of the most beloved brands in retail: American Eagle and Aerie, each with their own exciting road map for expansion. AE has defined American casual fashion for countless generations. And I love seeing it come to life in new ways as we leverage our powerful legacy and execute on our growth initiatives.

我們擁有兩個最受歡迎的零售品牌：American Eagle 和 Aerie，每個品牌都有自己令人興奮的擴張路線圖。 AE 定義了無數世代的美式休閒時尚。我喜歡看到它以新的方式變為現實，因為我們利用我們強大的遺產並執行我們的成長計劃。

AE's comps grew 5% in the second quarter. We are gaining momentum and growing market share in a number of our focused categories. Our new lived-in store design has now been rolled out to approximately 30 locations, and we are seeing great results with remodeled stores outperforming the balance of the fleet.

AE 第二季的比較增加了 5%。我們在許多重點領域的發展勢頭強勁，市場份額不斷增長。我們新的入駐店設計現已推廣到大約 30 個地點，我們看到改造後的店面表現優於其他店面，取得了良好的效果。

Aerie is a very special brand, anchored on body positivity and women empowerment. As we build brand awareness and expand into new categories, we are reaching new heights. In the second quarter, Aerie achieved another record revenue result with comps increasing 4% driven by strength in apparel and our Offline active sub-brand. New Aerie and Offline stores are performing very well, expanding our reach and bringing in new customers.

Aerie 是一個非常特別的品牌，以身體積極性和女性賦權為基礎。隨著我們建立品牌知名度並擴展到新的類別，我們正在達到新的高度。第二季度，在服裝和線下活躍子品牌的推動下，Aerie 的營收再創新高，較去年同期成長 4%。新的 Aerie 和線下商店表現非常出色，擴大了我們的覆蓋範圍並吸引了新客戶。

Second, in line with our focus on delivering profitable growth, we also continue to realize efficiency across key focus areas. This drove significant leverage in our cost base as we submit new operating principles across the business and delivered 55% growth in operating income year-over-year.

其次，根據我們對實現獲利成長的關注，我們也持續提高關鍵重點領域的效率。隨著我們在整個業務範圍內提交新的營運原則，這極大地提高了我們的成本基礎，並實現了營業收入同比增長 55%。

Third, we exited the quarter with our balance sheet in excellent shape, with $192 million in cash and no debt. During the second quarter, we leveraged healthy cash flow to fuel long-term investments in our brands and operations. We also returned $120 million in cash to our shareholders through a combination of dividends and share repurchases. This brings year-to-date returns to $180 million, consistent with our commitment to delivering value to our shareholders.

第三，本季結束時，我們的資產負債表狀況良好，現金為 1.92 億美元，沒有債務。在第二季度，我們利用健康的現金流來推動對我們品牌和營運的長期投資。我們也透過股利和股票回購的方式向股東返還 1.2 億美元現金。這使得年初至今的回報達到 1.8 億美元，符合我們為股東創造價值的承諾。

And lastly, in the second quarter, we are very excited to welcome the new Board member, Stephanie Pugliese. Stephanie brings a strong track record as a proven strategist with over three decades of brand building experience in the consumer sector. She'll complement our outstanding Board, which she has always brings strong expertise and valuable advice to our organization.

最後，在第二季度，我們非常高興地歡迎新董事會成員 Stephanie Pugliese。史蒂芬妮作為一位久經考驗的策略家，在消費領域擁有三十多年的品牌建立經驗，擁有良好的業績記錄。她將補充我們傑出的董事會，她一直為我們的組織帶來強大的專業知識和寶貴的建議。

Now as I look forward, I'm pleased with the positive customer response to our new fall collections. New product innovations, combined with our unique formula of outstanding quality and style offered at great value, is a cornerstone of our brands, position us perfectly for today's consumers. Across brands, I'm optimistic that we will continue to deliver great experiences for our customers in the upcoming seasons.

現在，當我展望未來時，我很高興看到顧客對我們秋季新品系列的積極反應。新產品創新與我們以超值價格提供的卓越品質和風格的獨特配方相結合，是我們品牌的基石，使我們能夠完美地滿足當今消費者的需求。對於各個品牌，我樂觀地認為我們將在接下來的季節繼續為客戶提供出色的體驗。

At the same time, we recognize the importance of inventory and expense discipline in this dynamic macro environment. And that will remain a core focus across the organization.

同時，我們認識到在這個動態的宏觀環境中庫存和費用紀律的重要性。這仍將是整個組織的核心關注點。

In closing, the second quarter results locked in a solid first half for AEO and our powering profitable growth strategy. As Mike will review, we are on track to deliver operating profits of $455 million to $465 million at the high end of our previous outlook.

最後，AEO 和我們推動獲利成長策略的第二季業績鎖定了上半年的穩健表現。正如麥克將評論的那樣，我們預計將實現 4.55 億至 4.65 億美元的營業利潤，達到我們之前預期的上限。

Looking beyond this, I'm confident we have the right plan in place to further expand our brands and deliver sustainable profit growth over the long term. Our focus on greater efficiencies is yielding results, and we remain steadfast in making continued progress to drive shareholder value.

除此之外，我相信我們已經制定了正確的計劃來進一步擴大我們的品牌並實現長期可持續的利潤成長。我們對提高效率的關注正在取得成果，我們將堅定不移地不斷取得進展，以推動股東價值。

Now over to Jen.

現在輪到珍了。

Thanks, Jay, and good morning, everyone. I'm really pleased with our second quarter performance. Our brand strategies are guiding us in delivering strong results. Across brands, we offered trend rate collections and exciting new marketing. We stayed disciplined on inventory and chased into fan favorites profitably, which contributed to higher merchandise margins, and we are actively engaging with our customers more than ever. Both AE and Aerie saw double-digit growth in their customer files, further demonstrating the widening appeal of our brands.

謝謝傑伊，大家早安。我對我們第二季的表現非常滿意。我們的品牌策略引導我們取得強勁成果。在各個品牌中，我們提供了趨勢率系列和令人興奮的新行銷。我們對庫存保持嚴格控制，並以有利可圖的方式追逐粉絲的最愛，這有助於提高商品利潤，而且我們比以往任何時候都更積極地與客戶互動。 AE 和 Aerie 的客戶檔案都實現了兩位數的成長，進一步證明了我們品牌的吸引力不斷擴大。

Let me start today with American Eagle. As Jay noted, AE is a mainstay in casual fashion that has brought joy to generations of customers, and one incredible journey we've been on over the past year, modernizing AE's legacy of optimism and individual style anchored in an exciting new growth agenda. In fact, this was the fourth consecutive quarter of revenue and profit growth for AE, with revenue rising 8% and comps up 5%. Operating profit also continues to rise with every quarter we are making steady progress, amplifying American Eagle with exciting collections.

讓我今天從美國之鷹開始。正如Jay 所指出的，AE 是休閒時尚的中流砥柱，為幾代顧客帶來了歡樂，過去一年我們經歷了一段令人難以置信的旅程，將AE 的樂觀主義和個人風格傳統現代化，紮根於令人興奮的新增長議程。事實上，這是 AE 連續第四個季度實現營收和利潤成長，營收成長 8%，淨利成長 5%。隨著每個季度我們都取得穩步進展，營業利潤也在持續成長，透過令人興奮的系列擴大了美國之鷹的影響力。

I am particularly pleased with the momentum in Women's, which once again led growth for the quarter. We continue to drive comps a category that has now seen six consecutive quarters of growth. As I reviewed in March, completing the output is a huge focus for us, and I love seeing new fashion check across knits, tees and shirts. Skirts, dresses and shorts were also very strong. We have seen a great response to new looks targeting social casual occasions and our widening age demo, both of which are key growth opportunities.

我對女裝的勢頭特別滿意，它再次引領了本季的成長。我們繼續推動比較這一類別，目前該類別已連續六個季度成長。正如我在三月回顧的那樣，完成輸出是我們的一大重點，我喜歡看到針織品、T 恤和襯衫上的新時尚格紋。裙子、洋裝和短褲也很強勢。我們看到了針對社交休閒場合的新造型和我們擴大年齡的演示的熱烈反響，這兩者都是關鍵的成長機會。

In Men's, we were very pleased with improving trends in tops and strength in twill bottoms. Additionally, our Activewear collection 24/7 is gaining traction, offering a new active casual option defined by high-quality, sharp design and great value. We look forward to continuing to use our learnings to read and react to new trends.

在男裝方面，我們對上衣趨勢和斜紋下裝強度的改善感到非常高興。此外，我們的 24/7 運動服系列越來越受歡迎，提供了新的運動休閒選擇，其特點是高品質、銳利的設計和超值的價值。我們期待繼續利用我們所學到的知識來解讀新趨勢並做出反應。

In the second quarter, we were also excited to reintroduce our marketing platform, Live Your Life. Built on AE's legacy of individuality and optimism, it's a powerful anthem that inspires every generation to live life to the fullest. Our fall campaign features US Open Champion, Coco Gauff and star quarterback Trevor Lawrence. Just last week, we introduced a limited edition product collaboration with Coco designed to highlight denim [forward] styles. We look forward to building on our platform as we move ahead.

在第二季度，我們也很高興重新推出我們的行銷平台「Live Your Life」。它建立在 AE 的個性和樂觀傳統之上，是一首強而有力的讚歌，激勵每一代人過著充實的生活。我們的秋季活動以美國公開賽冠軍可可·高夫和明星四分衛特雷弗·勞倫斯為主角。就在上週，我們推出了與 Coco 合作的限量版產品，旨在突出牛仔布[前衛]風格。我們期待著在我們的平台上繼續前進。

And now moving on to Aerie, we continue to see a terrific response to this amazing brand. Our soft dressing categories and the expansion into Activewear with OFFLINE has been simply incredible. The second quarter marked yet another record for Aerie with revenue up 9% to last year, fueled by a 4% increase in comps. And as we continue to scale, profit flow-through is improving, with margins that are expanding.

現在轉向 Aerie，我們繼續看到人們對這個令人驚嘆的品牌的熱烈反響。我們的軟裝類別以及透過 OFFLINE 向運動裝領域的擴張簡直令人難以置信。第二季 Aerie 再次創下歷史新高，在公司業績成長 4% 的推動下，營收比去年同期成長 9%。隨著我們不斷擴大規模，利潤流動正在改善，利潤率也在擴大。

Most major categories were positive. One callout continues to be the expected weakness in swim. Excluding swim, which is a seasonal spring category, Aerie comps were up 7%.

大多數主要類別都是正面的。值得一提的是，游泳運動仍是預期的弱點。不包括春季季節性游泳類別，Aerie 的綜合業績成長了 7%。

As we shared in March, soft apparel and AIctivewear are two of Aerie's hottest categories and where we see the most growth potential in the coming years. I love how we delivered here in the second quarter with both categories comping in the double digits. In soft apparel, strength was led by tees, tanks and pants and shorts, as our customers reach for our tried and true cozy favorites.

正如我們在三月分享的那樣，軟服裝和 Aictivewear 是 Aerie 最熱門的兩個類別，我們認為未來幾年最具成長潛力。我喜歡我們在第二季的表現，兩個類別的業績都達到了兩位數。在軟裝方面，T 卹、背心、長褲和短褲佔據主導地位，因為我們的客戶追求我們久經考驗且真正舒適的最愛。

Offline continues to be outstanding. We came to market with a stellar assortment that captured key summer active looks, driving strength in sports bras, shorts and active tops. As we transition to back-to-school, we are seeing a very positive customer response to newness and categories, including sleepwear as well as strongholds like fleece and leggings.

線下繼續表現出色。我們向市場推出了一系列出色的產品，抓住了夏季運動的關鍵造型，推動了運動胸罩、短褲和運動上衣的發展。隨著返校季的到來，我們看到顧客對新品和品類反應非常積極，包括睡衣以及羊毛和緊身褲等主打產品。

We are also ramping up our influencer strategy to expand the power and the exposure of Aerie Real. In July, we launched Get Real With Me, featuring 30 prominent TikTokers sharing what makes them real. And the campaign has been a huge success to date. As we continue to build buzz around OFFLINE, we are unveiling new Activewear focused marketing for the first time in this fall, highlighting our breadth of fabrications with the tagline "Move The Way You Want".

我們也加強了影響者策略，以擴大 Aerie Real 的影響力和曝光度。 7 月，我們推出了 Get Real With Me，邀請 30 位知名 TikTok 用戶分享真實的感受。迄今為止，該活動取得了巨大成功。隨著我們繼續圍繞線下活動引起熱議，我們將在今年秋季首次推出新的以運動裝為重點的營銷活動，以“Move The Way You Want”為口號，突出我們的製作廣度。

In summary, our brands are healthy, growing and well positioned. Our new fall collection is doing well, and I'm pleased with our performance so far in August. I'm excited about upcoming collections, which include fun collaborations and marketing events to delight our customers.

總而言之，我們的品牌健康、成長且定位良好。我們的秋季新系列表現良好，我對我們八月份迄今為止的表現感到滿意。我對即將推出的系列感到興奮，其中包括有趣的合作和行銷活動，以取悅我們的客戶。

We are making fantastic progress across our strategic initiatives. I remain incredibly confident that we are on the right path to unlock the tremendous potential we see across our brands. Thanks to the teams for delivering once again, and I look forward to the continued momentum.

我們的策略舉措正在取得巨大進展。我仍然非常有信心，我們正走在正確的道路上，釋放我們在品牌中看到的巨大潛力。感謝團隊再次提供的幫助，我期待繼續保持這種勢頭。

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 morning, everyone. Our strong second quarter results speak to the power of our brands and the work behind our Powering Profitable Growth plan announced back in March. Foundational improvements to our cost structure are driving nice leverage across the P&L, leading to strong operating profit growth and margin expansion.

謝謝，珍，大家早安。我們強勁的第二季業績證明了我們品牌的力量以及我們三月宣布的推動獲利成長計劃背後的工作。我們成本結構的根本性改善正在推動損益表的良好槓桿作用，從而帶來強勁的營業利潤成長和利潤率擴張。

Spending on a few highlights. Consolidated revenue of $1.3 billion was up 8% to last year, driven by a 4% increase in comparable sales growth. As discussed last quarter, the shift in the retail calendar contributed approximately $55 million to revenue, reflecting the capture of a higher volume back-to-school selling week. Operating income was $101 million, increasing 55% to last year. This includes a contribution of approximately $20 million related to the calendar shift. The operating margin rose 240 basis points to 7.8%.

花在一些亮點上。受可比銷售額成長 4% 的推動，綜合收入為 13 億美元，比去年增長 8%。正如上季所討論的，零售日曆的轉變為收入貢獻了約 5500 萬美元，反映出返校銷售週銷售增加。營業收入為 1.01 億美元，比去年增長 55%。其中包括與日曆調整相關的約 2000 萬美元捐款。營業利益率上升 240 個基點至 7.8%。

Gross profit dollars of $499 million rose 10%. The gross margin expanded 90 basis points to a rate of 38.6%. Merchandise margins were healthy and up to last year, led by favorable product costs. Additionally, we maintained strict cost discipline, leveraging BOW cost by 40 basis points, driven by rent and digital delivery where we saw lower cost per order.

毛利達 4.99 億美元，成長 10%。毛利率擴大90個基點至38.6%。在有利的產品成本的帶動下，商品利潤率維持健康水平，與去年持平。此外，在租金和數位交付的推動下，我們保持了嚴格的成本控制，將 BOW 成本提高了 40 個基點，每筆訂單的成本降低了。

SG&A expense of $345 million was up 4% to last year, consistent with our guidance. SG&A as a rate of sales declined 90 basis points, driven by leverage across compensation, including incentive store and corporate payroll. Professional fees and services, supplies and maintenance also levered. I'm pleased with the progress the teams are making across key focus areas. We're challenging how we work and driving efficiencies and how we operate every day and remain on track to leverage SG&A over the balance of the year.

SG&A 費用為 3.45 億美元，比去年增長 4%，與我們的指導一致。 SG&A（銷售比率）下降了 90 個基點，這是由於薪資槓桿（包括激勵商店和公司薪資）的推動。專業費用和服務、用品和維護也得到了槓桿化。我對團隊在關鍵重點領域的進展感到高興。我們正在挑戰我們的工作方式和提高效率以及我們日常營運的方式，並繼續在今年餘下的時間裡利用銷售管理及行政費用。

Depreciation was down year-over-year, leveraging 60 basis points. The second quarter tax rate was 25%, in line with guidance. We continue to expect the tax rate to be in the mid- to high 20s for the remainder of the year.

折舊年減，槓桿率下降了 60 個基點。第二季稅率為 25%，符合指引。我們仍然預計今年剩餘時間內稅率將在 20 多歲左右。

Earnings per share for the second quarter was $0.39 per share, rising 56% to last year. Consolidated ending inventory costs was up 4% year-over-year. Inventory levels remain healthy across brands as we maintained buying discipline and continued to chase. As Jay noted, we generated healthy cash flow, allowing us to fuel investments in our business as well as return cash to shareholders.

第二季每股收益為0.39美元，比去年同期成長56%。綜合期末庫存成本較去年同期成長 4%。由於我們維持採購紀律並持續追逐，各品牌的庫存水準保持健康。正如傑伊指出的那樣，我們產生了健康的現金流，使我們能夠推動業務投資並向股東返還現金。

Second quarter CapEx totaled $61 million in the quarter and $97 million year-to-date. We continue to expect full year spend to be in the range of $200 million to $250 million. In addition to paying out our quarterly dividend, we repurchased 4.5 million shares in the quarter, amounting to $96 million, bringing year-to-date share repurchases to 6 million shares and $131 million. We ended the quarter with a strong balance sheet with approximately $192 million in cash and over $800 million of total liquidity, including our revolver.

第二季資本支出本季總計 6,100 萬美元，年初至今總計 9,700 萬美元。我們仍然預計全年支出將在 2 億至 2.5 億美元之間。除了支付季度股息外，我們還在本季回購了 450 萬股股票，金額達 9,600 萬美元，使年初至今的股票回購額達到 600 萬股和 1.31 億美元。本季結束時，我們的資產負債表強勁，擁有約 1.92 億美元的現金和超過 8 億美元的總流動資金，其中包括我們的左輪手槍。

Second quarter results are a good demonstration of our ability to deliver strong results under our new strategy, fueling growth across our brands while driving efficiencies to improve profit flow-through. This operating discipline is now ingrained in our organization as we move our business forward, continue creating shareholder value, which leads me to our outlook.

第二季業績很好地證明了我們有能力在新策略下實現強勁業績，推動我們品牌的成長，同時提高效率以改善利潤流動。隨著我們推動業務發展、持續創造股東價值，這種營運紀律現已在我們的組織中根深蒂固，這讓我對我們的前景有了展望。

For the third quarter, we expect operating income to be in the range of $120 million to $125 million. This reflects approximately $20 million of profit that shifted into the second quarter from the third quarter due to the retail calendar. We expect third quarter comparable sales to grow in the range of 3% to 4%, with revenue flat to up slightly, reflecting $45 million of revenue shifting out due to the retail calendar as previously discussed.

我們預計第三季營業收入將在 1.2 億至 1.25 億美元之間。這反映了由於零售日曆的原因，大約 2000 萬美元的利潤從第三季度轉移到了第二季度。我們預計第三季可比銷售額將成長 3% 至 4%，營收持平或小幅成長，反映出 4,500 萬美元的營收因前面討論的零售日曆而轉移。

For the full year, we have updated our operating income outlook to $455 million to $465 million, at the high end of our prior guidance. This reflects income growth of 21% to 24% to adjusted operating income of $375 million last year. We expect comparable sales growth of approximately 4%, with revenue up in the range of 2% to 3%, including the impact of one less selling week as previously discussed.

對於全年，我們將營業收入預期更新為 4.55 億美元至 4.65 億美元，處於先前指引的上限。這反映了去年調整後營業收入 3.75 億美元的收入成長 21% 至 24%。我們預計可比銷售額成長約 4%，營收成長在 2% 至 3% 範圍內，其中包括先前討論的銷售週減少的影響。

We remain on track to leverage SG&A for the year, with the bulk of the second half benefit coming in the fourth quarter due to the timing of incentive and other expenses as well as ongoing profit improvement initiatives. Third quarter SG&A is expected to be down slightly. D&A remains at $220 million, and our projections for weighted average share count remained in the high 190.

我們仍有望利用今年的銷售、管理及行政費用，由於激勵和其他費用的時機以及持續的利潤改善計劃，下半年的大部分收益將在第四季度實現。第三季銷售及管理費用預計將小幅下降。 D&A 仍為 2.2 億美元，我們對加權平均股數的預測仍保持在 190 的高點。

Before I open up for questions, I want to underscore the confidence I have in the direction of our business. With the clarity of our new strategy, we're moving our brands and business forward in line with our long-term agenda.

在提出問題之前，我想先強調我對我們業務方向的信心。隨著新策略的明確，我們正在根據我們的長期議程推動我們的品牌和業務向前發展。

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

接下來，我們將開放提問。

(Operator Instructions)

（操作員說明）

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great. Nice to see the progress. Jen, I was wondering, you had mentioned that you were happy with the early reads on back-to-school sort of quarter-to-date, month-to-date. I was wondering if you can go a little bit deeper into that between kind of Aerie versus American Eagle, and if you're seeing some of the silhouette shift impact thus far.

偉大的。很高興看到進展。珍，我想知道，你提到你對返校季、月至今的早期讀物感到滿意。我想知道你是否可以更深入地了解鷹巢與美國之鷹之間的關係，以及到目前為止你是否看到了一些輪廓變化的影響。

And then following up, like how do you think about the duration of back-to-school in terms of having a second wind after September, after Labor Day? And then Mike, can you talk about the estimate down slightly? Is that a change from kind of last quarter? If so, what has shifted there? Because you are up against a pretty big up 16% last year for that same quarter.

然後跟進，例如你如何看待九月之後、勞動節之後返校的持續時間？然後麥克，你能談談稍微下調的估計嗎？這與上個季度相比有什麼變化嗎？如果是這樣，那裡發生了什麼變化？因為去年同一季度你面臨 16% 的大幅成長。

Sure. We're really pleased with second quarter results. And really, we're delivering on this strategy. I am so pleased with our results. And as we look ahead, very excited about the acceleration in the back-to-school. As you know, when we think about denim, it's our mainstay. Jeans are a rite of passage for American Eagle.

當然。我們對第二季的業績非常滿意。事實上，我們正​​在實施這項戰略。我對我們的結果非常滿意。展望未來，我們對重返校園的加速感到非常興奮。如你所知，當我們想到牛仔布時，它是我們的支柱。牛仔褲是 American Eagle 的必經之路。

We have an incredible denim business. We're number one for 15 to 25 year olds and number one for women of all ages. We're really leaning on women's particularly. Denim is our mainstay, I'm going to reiterate. And we love the new trends that are emerging. We are not just a one-fit brand anymore. Women's is so nimble these days, and we are leaning into all the new silhouettes, feel really good about lowering looser silhouettes, and we're seeing really nice results there. And as we think about the future, we're modifying our trends that we're seeing, we're making sure that we're leaning in as we go into the back half of Q3 and Q4. And we're ready to play.

我們擁有令人難以置信的牛仔布業務。我們在 15 至 25 歲人群中排名第一，在所有年齡段的女性中排名第一。我們確實特別依賴女性。我要重申，牛仔布是我們的支柱。我們喜歡正在出現的新趨勢。我們不再只是一個單一品牌。如今女裝是如此靈活，我們正在嘗試所有新的廓形，對降低寬鬆廓形感覺非常好，而且我們在那裡看到了非常好的結果。當我們思考未來時，我們正在修改我們所看到的趨勢，我們確保在進入第三季和第四季的後半段時我們會向前邁進。我們已經準備好開始比賽了。

Going into Aerie, I mentioned it, right A little softness in swim in Q2, but we're seeing really nice results as we head into August. Still many weeks ahead of us, but very similar to what we saw outside of swim. In fact, we're seeing some nice growth in our categories including soft dressing. Really amazing results there.

進入 Aerie，我提到過，第二季的游泳有點軟，但進入 8 月時我們看到了非常好的結果。距離我們還有好幾週的時間，但與我們在游泳之外看到的情況非常相似。事實上，我們看到我們的品類出現了一些不錯的成長，包括軟裝。那裡的結果真的很驚人。

We launched sleep, I don't know if you saw it, but early on in July, and we are chasing that business. It's done fantastic for us. And also, of course, OFFLINE. OFFLINE is our business right now. We are not seeing any slowness in the athletic category. In fact, we were high double digits on last year's double-digit increase, and we are going to continue to lean into that category.

我們推出了睡眠業務，我不知道你是否看到了，但在七月初，我們正在追逐這項業務。這對我們來說太棒了。當然，還有離線。離線是我們現在的業務。我們沒有看到運動類別有任何放緩。事實上，我們在去年兩位數成長的基礎上實現了高兩位數成長，我們將繼續傾向於這個類別。

On SG&A, Adrienne, so we've, a great result here in the second quarter. We guided to mid-single-digit increase in SG&A, we came in on the low side of that guidance, just an indication of how our expense initiatives have taken hold, and we're continuing to strengthen that monthly even further.

關於 SG&A，Adrienne，我們在第二季取得了很好的成績。我們指導SG&A 實現中個位數成長，但我們處於該指導的較低水平，這只是表明我們的支出計劃是如何發揮作用的，我們將繼續進一步加強該月度支出。

And then for the remainder of the year, we're expecting SG&A to be down slightly in the third quarter, down in the fourth quarter, leverage for the rest of the year. And that's really consistent with the previous guidance we've given.

然後，在今年剩餘時間裡，我們預計第三季的銷售管理費用將小幅下降，第四季則略有下降，今年剩餘時間的槓桿率將略有下降。這與我們之前給出的指導確實一致。

And then your question on just the elongation of the back-to-school season. We have seen that in recent years where, especially in the Northeast, I think as you get into Labor Day and into the early September period, have seen, I think, demand is stretched a little bit. We're assuming similar type, something similar to happen this year.

然後是關於返校季節延長的問題。我們已經看到，近年來，特別是在東北地區，我認為隨著勞動節和九月初的到來，我認為需求有點緊張。我們假設今年會發生類似的情況。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So Jen, maybe could you speak to the core consumer relative to new customer acquisitions? I think you talked about expanding the customer file at American Eagle by double digits, actually across both brands. So maybe what are you seeing from your existing customer? What do you think is driving new customer acquisition? And how best to think about where we stand today on assortments relative to where you see assortment opportunity as the year progresses?

Jen，也許您可以與核心消費者談談有關新客戶獲取的問題嗎？我想您談到了將 American Eagle 的客戶檔案擴大兩位數，實際上是跨兩個品牌。那麼，也許您從現有客戶那裡看到了什麼？您認為是什麼推動了新客戶的獲取？如何最好地考慮我們今天在品種上的立場相對於您認為隨著時間的推移品種機會的位置？

Sure. Look, we're really leaning into our marketing campaigns for sure. If I think about American Eagle, and we're amplifying our strategy growth initiatives and we have new categories in American Eagle. We have 24/7. We have AE77. We're getting nice early reads on those businesses. And we're offering new categories that were not in existence from prior years.

當然。看，我們確實非常注重我們的行銷活動。如果我想到美國之鷹，我們正在擴大我們的戰略成長計劃，並且我們在美國之鷹中有新的類別。我們有 24/7。我們有AE77。我們對這些業務的早期了解很不錯。我們也提供了往年不存在的新類別。

So we're leaning into social casual. I think we're going to own this category. We're doing it better than other competition out there. And this is what we do best, right? Quality and value. And I want to highlight quality for our brands. We -- our quality is like no other. And we spend a lot of time leaning in and ensuring that we have the best quality out there at the best price.

所以我們傾向於社交休閒。我認為我們將擁有這個類別。我們比其他競爭對手做得更好。這就是我們最擅長的，對吧？品質和價值。我想強調我們品牌的品質。我們－我們的品質是獨一無二的。我們花了很多時間來確保我們以最優惠的價格提供最好的品質。

And I missed your second question. Can you just please reiterate that, please?

我錯過了你的第二個問題。請您重申一下好嗎？

Just on new customer acquisition and relative to opportunities within the assortment as the year progresses that you think.

只是關於新客戶的獲取以及與您認為的隨著時間的推移在品種中的機會相關的問題。

And it's not just acquisitions, it's also retention in both brands. We saw in past years, honestly, that our customer dumped out really when you think of post 2021. And now just with these assortments in both brands, that we're really able to keep that customer with us, and they're growing with us. Such an important key factor for us as we grow these businesses.

這不僅是收購，還包括對兩個品牌的保留。老實說，我們在過去的幾年裡看到，當你想到2021 年後，我們的客戶真的被拋棄了。而他們正在與我們一起成長。對於我們發展這些業務來說，這是一個非常重要的關鍵因素。

Great. And then, Mike, just on gross margin, help us to think about third quarter relative to fourth quarter expectations relative to the 90 basis points of expansion you saw in the second quarter.

偉大的。然後，麥克，就毛利率而言，幫助我們思考第三季相對於第四季預期的情況，相對於第二季成長 90 個基點的情況。

I think with the revenue shift in the calendar, we're not expecting gross margin to expand as much as we have seen in the first half, really because of the leverage of the expenses in gross margin. Nothing tied to product margin. We still see favorability in our initial markups and we're managing promotions and markdowns as we always have.

我認為，隨著收入的變化，我們預計毛利率不會像上半年那樣擴大，這實際上是因為毛利率中費用的槓桿作用。與產品利潤無關。我們仍然看到我們最初的加價受到歡迎，並且我們一如既往地管理促銷和降價。

So it's really just about with the revenue shift, not leveraging those expenses. So we're not looking for the margin improvement like we've seen in the first quarter in the second quarter.

因此，這實際上只是與收入轉移有關，而不是利用這些費用。因此，我們並不希望第二季的利潤率能像第一季那樣有所改善。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Just to maybe expand on that a little bit, on the gross margin. Mike, are you -- what are you expecting from the promotional environment from other retailers, you talked out maybe seeing promotions tick up? I mean is that -- are you expecting a more competitive environment? Is that different from what you expected 90 days ago?

只是想稍微擴充一下毛利率。麥克，您對其他零售商的促銷環境有何期望，您說也許會看到促銷活動增加？我的意思是──你期待一個更具競爭性的環境嗎？這與您 90 天前的預期有什麼不同嗎？

It's always competitive, Jay. I think it's a good question. But I think we've been managing things consistently for multiple years now. We manage markdowns intelligently. We compete when we need to compete in peak periods. We've refined how -- the depth of our discounts or the length of our promotions, to just maintain a very disciplined approach to markdown. So we don't see that changing at all based on kind of what we're seeing in the business right now.

傑伊，競爭總是很激烈。我認為這是一個好問題。但我認為多年來我們一直一致地管理事情。我們智能地管理降價。當我們需要在高峰期競爭時我們就競爭。我們改進了折扣的深度或促銷的持續時間，以保持非常嚴格的降價方法。因此，根據我們目前在業務中看到的情況，我們認為這種情況根本不會改變。

And then on gross margin in general, I think it's -- the year here is a great equalizer because of these ships create some nuances, that we don't want to get into the details around. So on the year, we are seeing a total gross margin improvement based on what we've seen so far in the first half and the color I just gave Matt a minute ago. And we are tracking toward our longer-term goal is 39% to 40% for gross margin, and we're seeing nice improvement on a full year basis towards that goal.

然後就整體毛利率而言，我認為今年是一個很好的均衡器，因為這些船舶產生了一些細微差別，我們不想深入討論細節。因此，根據我們上半年迄今為止所看到的情況以及我一分鐘前剛剛給馬特的顏色，我們看到今年的總毛利率有所改善。我們正在朝著毛利率 39% 到 40% 的長期目標邁進，我們看到全年在實現該目標方面取得了很大的進步。

And so I think the other piece of it is the value equation on promotions as well. So we know our price-quality equation is in a great spot in the industry. So even if there's more deeper or more aggressive promotions from other retailers, we're managing things intelligently with that price-value equation as a great starting point.

所以我認為另一部分也是促銷的價值方程式。因此，我們知道我們的性價比在業界處於領先地位。因此，即使其他零售商有更深入或更積極的促銷活動，我們也會以價格價值等式作為一個很好的起點來明智地管理事物。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

As you think about the stores channel versus the digital channel, what are you seeing in, I mean, you had mentioned in terms of the stores business, some of the new formats. How are you seeing traffic in stores versus digital? And then just expanding on the gross margin. The puts and takes in terms of the components and what you're seeing also with freight costs and also cotton costs as we move through the back half of the year.

當您考慮商店通路與數位管道時，您看到了什麼，我的意思是，您在商店業務方面提到了一些新格式。您如何看待實體店和數位店的客流量？然後只是擴大毛利率。當我們進入今年下半年時，就組件而言，您會看到運費和棉花成本。

So for second quarter, Dana, we saw strength across both brands, as we've outlined, and channels. So both stores and digital were positive in the quarter. We're seeing the same thing continue into the third quarter here with a nice start or a good back-to-school peak season and strength in August that we're seeing. Both channels are positive still, with traffic being healthy in both stores and on the digital side.

因此，在第二季度，達納，我們看到了兩個品牌和管道的實力，正如我們所概述的那樣。因此，本季商店和數位管道都表現積極。我們看到同樣的情況持續到第三季度，我們看到了一個良好的開局或一個良好的返校旺季和八月份的實力。這兩個管道仍然積極，商店和數位方面的流量都很健康。

Gross margin puts and takes are similar. I think we're seeing flow-through of finished product margin benefits. There has been some freight disruption in the industry, but our teams have gotten ahead of that, really just changing time lines, handover dates. So that we've mitigated any issues there with some of the recent disruption. And again, it just comes down to quarterly with the revenue shifts, how we're leveraging the expenses and gross margin, tracking nicely to a full year improvement in our gross margin rate as planned.

毛利率看跌期權和毛利率相似。我認為我們正在看到成品利潤效益的流動。該行業出現了一些貨運中斷，但我們的團隊已經走在了前面，實際上只是改變了時間線、移交日期。因此，我們已經緩解了最近發生的一些中斷所帶來的任何問題。再說一遍，這只是收入變化的季度影響，我們如何利用費用和毛利率，很好地追蹤我們毛利率按計劃實現的全年改善。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Maybe give a little bit more specifics on what you're seeing quarter-to-date by brand, also just how you're thinking about the composition for each in terms of what comp assumptions you bake in the second half. And then separately, we're seeing some SG&A improvements down in the back half. How should we be thinking about SG&A dollar growth for FY25?

也許可以更具體地說明您按品牌劃分的季度至今所看到的情況，以及您如何根據下半年的比較假設來考慮每個產品的成分。另外，我們看到後半段的銷售、管理費用（SG&A）有所改善。我們該如何考慮 2025 財年的銷售及行政費用 (SG&A) 美元成長？

Thanks, Paul. Trends by brand, we have, second quarter, both brands were positive, as we've outlined. Jen mentioned Aerie was plus seven without swim. So as we've entered August here, that trend has been consistent. So AE sort of maintaining the trend from the second quarter, and Aerie has picked up in total, similar to that result without swim. So happy to see that start at the beginning of the quarter here and some strong performance through the back-to-school peak weeks here in August.

謝謝，保羅。正如我們所概述的，按品牌劃分的趨勢，第二季度，兩個品牌都是正面的。 Jen 提到 Aerie 沒有游泳就加七。因此，當我們進入八月時，這種趨勢一直是一致的。因此，AE 保持了第二季度的趨勢，而 Aerie 的總量有所回升，與沒有游泳時的結果類似。很高興看到這一點從本季度初開始，並在八月份的返校高峰周中取得了一些強勁的表現。

And then SG&A, I think we're basically saying we're going to leverage the rest of the year. Dollars are relatively flat, on the low end of our guide, maybe up slightly on the high end of the guide this year. And then for '25, we are in the middle of those plans. So we've got our muscles built around managing every single expense line item. We've got targets for every expense line item. All the decisions we're making in managing things for the short term have a '25 lens toward them to make sure we're passing to the targets we need for 2025.

然後是SG&A，我認為我們基本上是說我們將利用今年剩餘時間。美元相對持平，位於我們指南的低端，今年可能略高於指南的高端。然後到 25 年，我們正處於這些計劃的中間。因此，我們有能力管理每一個費用項目。我們為每個費用項目設定了目標。我們在短期管理方面所做的所有決策都著眼於 25 年，以確保我們能夠實現 2025 年所需的目標。

I think, in general, as we talked about a 3% to 5% total revenue growth rate that we're going after year-over-year, SG&A dollars will be planned and managed down or below that growth rate. That's what the line of sight we have for '25 right now.

我認為，總的來說，當我們談到我們追求的年同比總收入增長率為 3% 到 5% 時，SG&A 美元將被規劃和管理為低於或低於該增長率。這就是我們現在對 25 年的看法。

Jonna Kim, TD Cowen.

喬納森·金，TD·考恩。

Could you talk about the monthly cadence during the quarter, how each month performed? And also just comment on the consumer health, if you saw anything notable there? And would love any color on how you're planning for the holiday as well.

您能否談談該季度的每月節奏以及每個月的表現如何？另外，您也可以評論一下消費者的健康狀況，您是否看到了任何值得注意的事情？並且也會喜歡任何與您計劃假期相關的顏色。

So for Q2, May and June were the stronger months. We did see July moderate a bit. I think that's been an industry topic. The data traffic data and other kind of indicators, where July did slow down a bit. But again, August has kind of reaccelerated right back to the pre-July trend. And our guidance for the rest of this quarter, coming off of August, we are planning for the middle periods between peak selling periods and peak traffic periods between back-to-school and holiday. We're using the assumption that things might moderate again within our 3% to 4% comp guidance for the full quarter.

因此，對於第二季來說，五月和六月是表現最強勁的月份。我們確實看到七月的情況有所緩和。我認為這是一個行業話題。數據流量數據和其他類型的指標，7月確實有所放緩。但同樣，八月又加速回到了七月前的趨勢。我們對本季剩餘時間（從 8 月開始）的指導是，我們正在規劃銷售高峰期和返校與假期之間的交通高峰期之間的中間時期。我們假設情況可能會在整個季度 3% 至 4% 的複合指導範圍內再次放緩。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究中心。

Good morning, everyone. I have a question for everyone. Jay, we've been hearing from a lot of CEOs about the outlook on the consumer as we move forward in these uncertain times and with the election coming up. So I'd love to hear your thoughts there.

大家早安。我有一個問題想問大家。傑伊，我們從許多執行長那裡聽到了關於消費者前景的看法，因為我們在這個不確定的時期和選舉即將到來的情況下向前邁進。所以我很想聽聽你的想法。

Jen, I was wondering about your -- the stores look terrific, just terrific. I was wondering about Aerie's opportunity to accelerate now that swim has become seasonally less important. And also on the men's denim business at AE, I mean, the silhouettes look great to me, but you're not calling it out.

珍，我想知道你的——商店看起來棒極了，棒極了。我想知道現在游泳已經變得不再那麼重要了，Aerie 是否有機會加速。還有 AE 的男士牛仔布業務，我的意思是，輪廓對我來說看起來很棒，但你並沒有指出這一點。

And Michael, I was just wondering, on the merchandise margin, what are the puts and takes there as we go forward, maybe with the AUC levels normalizing and also perhaps with some pressure on the freight side. So maybe you could address that and the inventory levels look really good to me. Do they keep improving?

邁克爾，我只是想知道，在商品利潤方面，隨著我們的前進，看跌期權和期權是多少，也許隨著 AUC 水平正常化，也可能在貨運方面面臨一些壓力。所以也許你可以解決這個問題，而且庫存水準對我來說看起來非常好。他們不斷進步嗎？

Janet, first of all, well, first of all, we see a lot of opportunity out there. We have great brands in American Eagle. We have great sub-brands. And as Jen has emphasized, we work very hard on giving great value to our customers. Not only are we proud of our quality, we're also proud of our fits, our comfort and what we've developed. In all the years I've been in this business, I probably see the greatest opportunity in the history of the company.

珍妮特，首先，首先，我們看到了很多機會。我們在 American Eagle 擁有偉大的品牌。我們有很棒的子品牌。正如 Jen 所強調的那樣，我們非常努力地為客戶提供巨大的價值。我們不僅為我們的品質感到自豪，也為我們的合身性、舒適度和我們開發的產品感到自豪。在我從事這個行業的這些年裡，我可能看到了公司歷史上最好的機會。

Because number one, we've got American Eagle growing the right way. We have Aerie growing in the right way. We have a hot brand in the athletic area with OFFLINE, which is just getting started. We're only in a few states. We see great opportunity. Even with Aerie, we're only in half the country. We see great opportunity there to grow this business.

因為第一，我們讓美國之鷹以正確的方式成長。我們讓 Aerie 以正確的方式成長。我們在運動領域有一個熱門品牌OFFLINE，這才剛開始。我們只在幾個州。我們看到了巨大的機會。即使有了鷹巢，我們也只到達了半個國家。我們看到了發展這項業務的巨大機會。

We developed great sub-brands in our 24/7, which is like Aerie was 10 years ago, which has great potential to be a great brand within its own and within OFFLINE. At the same time, we have our AE77, which is our better, more sophisticated, appealing to a more sophisticated customer, a more mature customer. So we will have the ability in the future not only to take the customer from the 15 to 25 group, but to keep that customer in 25 plus.

我們在 24/7 中開發了很棒的子品牌，就像 10 年前的 Aerie 一樣，它有很大的潛力成為自己和線下的一個偉大品牌。同時，我們還有我們的AE77，它是我們更好、更先進的產品，能夠吸引更精明的客戶、更成熟的客戶。因此，我們將來不僅有能力將客戶從 15 歲到 25 歲這群人中吸引過來，而且能夠將客戶保留在 25 歲以上。

So from our standpoint, today we're a $5 billion business, we think in the next few years we could be a $10 billion business.

因此，從我們的角度來看，今天我們是一家價值 50 億美元的企業，我們認為在未來幾年內我們可能會成為一家價值 100 億美元的企業。

That's really exciting.

這真的很令人興奮。

I'm going to emphasize this, we are committed to making the investment to become that business. We're putting together our plans now, what it's going to take, what we have to add. Because we're going for it. We see the opportunity. We're excited about our business. You can walk in the malls today, and I'll put my stores as the best-looking stores in the malls, the best shopping experience. We believe we have the best experience between the online where we make it seamless for the customer, whether they're online or whether they walk in the store, it's a seamless experience.

我要強調這一點，我們致力於進行投資以成為該業務。我們現在正在製定我們的計劃，包括需要做什麼、需要添加什麼。因為我們要為此而努力。我們看到了機會。我們對我們的業務感到興奮。今天你可以在商場裡逛逛，我會把我的店家列為商場裡最好看的店鋪，最好的購物體驗。我們相信，我們在網路上提供了最好的體驗，為客戶提供無縫的體驗，無論他們是在網路上還是在商店裡，這都是一種無縫的體驗。

The last couple of years, we've invested money in innovation. We're not going to play second fiddle to anybody. My goal is to have the best experience shopping experience, whether online or in the stores.

過去幾年，我們在創新方面投入了資金。我們不會屈從於任何人。我的目標是擁有最佳的購物體驗，無論是在網路上還是在商店。

Now I know everybody goes quarter-to-quarter, I can't ride a business quarter-quarter. I'm looking for the future. And I'm committed to do whatever it takes to build this thing to where it deserves to be built. And we put together a world-class team. I cannot emphasize the quality of the -- of our designers, our merchants that we put together. I'm very pleased, I'm very proud of what we have.

現在我知道每個人都按季度進行，我不能按季度進行業務。我正在尋找未來。我致力於盡一切努力將這個東西建造到它值得建造的地方。我們組建了一支世界一流的團隊。我無法強調我們的設計師、我們的商人的品質。我很高興，我為我們所擁有的感到非常自豪。

Wow, that's a hard one to top, Jay. Thanks. As I think of Aerie, the best thing is we've run 17 quarters of record revenue in Aerie. And on top of it, the profits are exceeding even the top line. So really focused on a profitable, healthy business.

哇，這是一個很難超越的人，傑伊。謝謝。在我看來，Aerie 最棒的是我們已經連續 17 個季度創下 Aerie 營收紀錄。最重要的是，利潤甚至超過了營收。所以真正專注於獲利、健康的業務。

As we look forward, look, we get our early reads in July, and we react to the business for the back half. The new reads are looking very strong in some of our new businesses, including sleep, as I mentioned. OFFLINE was outstanding in Q2. So this is just about building on innovation there and owning that business. And by the way, our legging business, we have a cornerstone and market share there. We're the number four in sports bras actually. And think about how young this business is in OFFLINE. So lots of opportunity to grow that business and compete with the likes of higher-end competitors. So I'm very excited about that business.

當我們展望未來時，我們將獲得 7 月的早期數據，並對下半年的業務做出反應。正如我所提到的，我們的一些新業務（包括睡眠）的新讀數看起來非常強勁。 OFFLINE 在第二季度表現出色。因此，這只是建立在創新基礎上並擁有該業務。順便說一句，我們的緊身褲業務，我們在那裡擁有基石和市場份額。事實上，我們在運動胸罩方面排名第四。想想這個線上業務是多麼年輕。因此有很多機會發展業務並與高端競爭對手競爭。所以我對這項業務感到非常興奮。

Men's denim. First of all, I'm going to work with my marketing team and we're going to make sure that signage looks amazing in stores because we deserve it. The business is starting to turn around, particularly on the top side. I will say we have some more work to do in denim. But we like the fits that are coming through. We like our nimbleness to impact the business. And other bottoms are really checking too. As a reminder, Men's, that business, we tend to sell short a little bit deeper into the Q3 side of the business. So more to come on long legs, but we have a lot of read and react, and we're here to deliver.

男式牛仔布。首先，我將與我的行銷團隊合作，我們將確保標誌在商店中看起來很棒，因為我們應得的。業務開始好轉，尤其是在頂部。我想說的是，我們在牛仔布方面還有更多工作要做。但我們喜歡正在發生的事情。我們希望我們能夠靈活地影響業務。其他底部也確實在檢查。提醒一下，對於男士業務，我們傾向於在第三季進一步做空該業務。因此，我們將會有更多的內容，但我們已經進行了大量的閱讀和反應，我們將在這裡交付。

Janet, on the margin puts and takes, consistent with what we've been describing, we're managing markdowns intelligently. We'll compete when we need to. We are seeing -- we have line of sight to our initial margins that are positive and up over last year for the rest of this year. So looking to flow through that benefit. And then line of sight into early initial buys for the spring season and the first half of next year looks favorable as well.

珍妮特，在保證金賣出和賣出方面，與我們所描述的一致，我們正在明智地管理降價。當我們需要的時候，我們會進行競爭。我們看到——我們預計今年剩餘時間我們的初始利潤率為正，並且比去年有所上升。因此希望能夠利用這項好處。然後，春季和明年上半年的早期初始購買看起來也很有利。

I know there's some freight disruption and some conversations around freight. Right now, we're not seeing -- we're managing that and we're not seeing any impact or decline to last year. We've got line of sight into improvements for the remainder of this year and into early next.

我知道存在一些貨運中斷以及一些有關貨運的對話。目前，我們沒有看到——我們正在對此進行管理，並且我們沒有看到與去年相比有任何影響或下降。我們已經計劃在今年剩餘時間和明年初進行改進。

And you're right, inventory, we felt great about, the plus 4% at the end of the quarter is in good position. It's where we want it between AE and Aerie, and categories that are driving the business. And as we look at our inventory plans for the rest of the year here, we feel the same about the remainder of this quarter and Q4.

你是對的，我們對庫存感覺很好，季度末增加 4% 處於有利位置。這就是我們想要的介於 AE 和 Aerie 之間的位置，以及推動業務發展的類別。當我們在這裡查看今年剩餘時間的庫存計劃時，我們對本季度剩餘時間和第四季度的感覺相同。

Chris Nardon, Bank of America.

克里斯·納爾登，美國銀行。

Can you talk through the moving pieces of your updated sales guidance for the full year relative to how you were planning the business last quarter? It looks like you took down the high end of the range. You've also talked extensively about strong quarter-to-date trends. So I'm just trying to tie it all together.

您能否談談您更新後的全年銷售指引相對於上季業務規劃的哪些變化？看起來您已經降低了該範圍的高端。您也廣泛討論了季度至今的強勁趨勢。所以我只是想把它們連結在一起。

And then one quick follow-up on your store growth plans. Can you reconfirm what the plans are for new store openings for both Eagle and Aerie this year?

然後快速跟進您的商店成長計劃。您能否再次確認Eagle和Aerie今年的新店開設計畫是什麼？

Chris. Full year sales guidance, we really, I think the thing to focus on is the approximate 4% comp for the year. Narrowing the -- we've narrowed our range on the high end of our earnings guidance, $455 million to $465 million. That's tied to that approximately 4% comp, and then with the expense efficiencies we're seeing come through the business, feel good about kind of narrowing to that high end.

克里斯.全年銷售指導，我們真的，我認為要關注的是今年大約 4% 的補償。縮小－我們將獲利指導上限的範圍縮小，從 4.55 億美元縮小到 4.65 億美元。這與大約 4% 的補償相關，然後隨著我們在業務中看到的費用效率，我們對縮小到高端感到滿意。

And then the 2% to 3%, sort of narrowing from 2% to 4% to 2% to 3%, nothing to do with our AE and Aerie core business, obviously at a 4% comp. Just other revenue components that we have some line of sight to and just tightening some of those components up.

然後是 2% 到 3%，從 2% 到 4% 縮小到 2% 到 3%，與我們的 AE 和 Aerie 核心業務無關，顯然是 4%。只是我們有一些視線的其他收入組成部分，只是收緊了其中一些組成部分。

For store plans, we've got 25 to 30 Aerie, OFFLINE still planned for this year. Around 20-ish to 25 AE closings, so kind of net neutral on total stores. On the remodel front, Jay mentioned some of that in his comments, leading into the call, we're doing 70 to 80 remodels. We're seeing great results from those initial stores. We've got over 30 opened as of the end of the second quarter. Consistently seeing a lift across those stores, which is creating a lift for the brand. So excited about where that is heading.

對於商店計劃，我們今年仍計劃開設 25 至 30 家 Aerie、OFFLINE。大約有 20 到 25 家 AE 關閉，因此商店總數呈現淨中性。在改造方面，Jay 在他的評論中提到了其中的一些內容，在電話會議中，我們正在進行 70 到 80 次改造。我們從這些最初的商店中看到了很好的結果。截至第二季末，我們已經開業了 30 多家。這些商店的銷售量不斷提升，也為品牌帶來了提升。對未來的發展方向感到非常興奮。

We'll be at about 70 to 80 by the end of the year. So we're executing quite a few more of those during the third quarter. And we'll be minimally doing that number next year, even talking about kind of accelerating that. Maybe more, which based on the lift we're seeing to the brand, has exciting -- excited about what that could mean to next year in 2026.

到今年年底，我們的數量將達到 70 到 80 左右。因此，我們在第三季將執行更多此類操作。明年我們將至少做到這一點，甚至談論加速這一點。也許更多，基於我們看到的品牌提升，令人興奮——對明年 2026 年意味著什麼感到興奮。

Really pleased with those results.

對這些結果非常滿意。

Marni Shapiro, Retail traffic.

Marni Shapiro，零售流量。

Congrats on the great quarter. And I will echo Janet's comments, Jen, the stores look amazing. So I just have a couple of questions for you, and Jay, one for you. Your fashion on -- especially on the Women's side and American Eagle is turning very quickly, dresses, some of your fashion tops. So I'm curious where you guys stand on chasing, or are you pulling forward deliveries? What does that look like from your standpoint?

恭喜這個偉大的季度。我會回應珍妮特的評論，珍，商店看起來棒極了。我想問你幾個問題，傑伊也問你一個問題。你們的時尚——特別是在女裝方面，美國之鷹正在迅速轉變，裙子，你們的一些時尚上衣。所以我很好奇你們是在追逐什麼，還是提前交貨？從你的角度來看，這是什麼樣的？

And then you referenced some of the extensions of product categories. I'll just you pants like trousers as an example. Is that helping you to keep the consumer longer? Or are you getting a new consumer in?

然後你引用了一些產品類別的擴充。我就以你穿褲子為例。這是否有助於您更長久地留住消費者？或者你正在吸引新的消費者嗎？

And then, Jay, I just want to follow up on the real estate conversation because you guys are having great success with these new store formats and you are still a new store either opener or a remodeler. I'm curious what your thoughts are about the real estate environment out there right now. You've been doing this a long time. Do you feel like it's favorable right now? And are you able to get the deals you want?

然後，傑伊，我只想跟進房地產方面的對話，因為你們在這些新商店模式上取得了巨大成功，而且你們仍然是一家新店，無論是開業者還是改造者。我很好奇您對目前的房地產環境有何看法。你已經這樣做很久了。你覺得現在優惠嗎？您能獲得您想要的優惠嗎？

Sure. Regarding chase, absolutely, this team is very nimble. I mentioned it in my early response. And I do like a fast turn, by the way, because it does bode well for our demand on the brand. So very excited about what we're seeing in Women's. And we are double-downing on fashion. It's really where we're getting a ton of the growth.

當然。就追擊而言，絕對，這支隊伍非常敏捷。我在早期的回覆中提到過這一點。順便說一句，我確實喜歡快速轉變，因為這確實符合我們對品牌的需求。我們對在女子比賽中看到的東西感到非常興奮。我們對時尚非常重視。這確實是我們獲得大量成長的地方。

And not only are we able to pull in these new items and do it relatively fast, we're also actually creating capsules. So it's not just random chase. I'm not in that business. What we like to do is focus on the right ideas and pull them together and curate them and deliver a new concept. And I think you're starting to see it, whether it's -- well, Coco Gauff was a collaboration, but we are bringing in capsules bimonthly and they mean something to the business, and they're really resonating to the customer.

我們不僅能夠以相對較快的速度引入這些新產品，而且我們實際上還在創造膠囊。所以這不僅僅是隨機追逐。我不從事那個行業。我們喜歡做的就是專注於正確的想法，並將它們整合在一起並進行策劃並提供一個新的概念。我認為你已經開始看到這一點，無論是——嗯，Coco Gauff 是一次合作，但我們每兩個月推出一次膠囊，它們對業務有意義，而且確實引起了客戶的共鳴。

As far as thinking of new ideas, i.e, trousers, I think it's both. We're getting new customers certainly with some of these new categories, but then they are sticking around, as I mentioned. Double-digit growth in both brands on our customer file, and we've only just begun. Certainly, we have new tactics on the digital side, which is our bulletin board to the world, and we are only scratching the surface there. So a lot more to come. Jay?

至於新想法，即褲子，我認為兩者兼而有之。我們肯定會透過其中一些新類別吸引新客戶，但正如我所提到的，他們會留下來。我們的客戶檔案中的兩個品牌都實現了兩位數的成長，而我們才剛開始。當然，我們在數字方面有新的策略，這是我們向世界發布的公告牌，而我們只是觸及了表面。所以還有更多的事情要做。傑伊？

Right now, we have a very healthy, kind of comfortable fleet. 80% of our stores are like -- malls. Between the combination of Aerie and now with OFFLINE, we're able to go to the mall developers and offer them some fresh products. Everybody wants freshness in the mall.

現在，我們擁有一支非常健康、舒適的機隊。我們 80% 的商店就像購物中心。在 Aerie 和現在與 OFFLINE 的結合之間，我們能夠去購物中心開發商那裡，為他們提供一些新鮮的產品。每個人都希望在商場裡有新鮮感。

And I think there'll be a lot of opportunities out there because we have a lot of exciting things. Our new store design, as far as -- goes is a very fresh design, very sharp-looking design. I think that the mall developers all will want one. Our standby stores are great stores, we put American Eagle, Aerie, OFFLINE altogether.

我認為會有很多機會，因為我們有很多令人興奮的事情。我們的新店設計，就目前而言，是一個非常新鮮的設計，非常引人注目的設計。我認為商場開發商都會想要一個。我們的備用商店都是很棒的商店，我們把 American Eagle、Aerie 全部下線了。

So we have a lot of exciting things to offer the developer, and now with the potential of expanding certain categories within our stores and developing certain sub-brands, it keeps us relevant to developers and makes us one of the important people in the mall.

因此，我們有很多令人興奮的東西可以為開發商提供，現在我們有潛力擴大商店內的某些類別並開發某些子品牌，這使我們與開發商保持聯繫，並使我們成為商場中的重要人物之一。

I'm curious, if you guys -- you've had such success with these new remodels, so you're able to take parts of it and put it into some of the other stores in lieu of just a full remodel.

我很好奇，如果你們這些新改造取得瞭如此成功，那麼你們就可以將其中的一部分放到其他一些商店中，而不是進行全面改造。

We do is when the store leases come up, it's a perfect time to do it. We could go with the package with the different developers, because we like to have prime -- not only do we want to have the best-looking store in the mall, we want the prime location soon. So sometimes we have to wait a little bit in order to get a certain size store that we could put all three together. So we're patient that way. But at the same time, we have a staff that's just dedicated to this, and that's all they do all day is working on these opportunities.

我們所做的是，當商店租賃到來時，這是一個完美的時機。我們可以與不同的開發商合作，因為我們喜歡擁有黃金地段——我們不僅希望在商場裡擁有最好看的商店，我們還希望盡快擁有黃金地段。所以有時我們必須等待一段時間才能獲得一定規模的商店，我們可以將這三家商店放在一起。所以我們對此很有耐心。但同時，我們有一支專門致力於此的員工，他們整天所做的就是抓住這些機會。

And Marni, we do have multiple formats. So there's -- this new design is, we have different options. So we can go into certain centers with a $25, $30 a foot version, keep our lease terms flexible if -- which gives us advantages, or in centers, in these AE centers where we know we're going to be for a long time, we go in and do a full remodel, it could be $100, $125 a foot. Signing up with some longer lease terms which are favorable. So we do have the option to do multiple versions at different costs, do lighter touches versus full guts and full rebuilds

而 Marni，我們確實有多種形式。所以，這個新設計是，我們有不同的選擇。因此，我們可以以每英尺25 美元、30 美元的版本進入某些中心，保持我們的租賃條款靈活，如果——這給我們帶來優勢，或者在中心，在我們知道我們將長期存在的這些AE中心，我們進去進行全面改造，可能是每英尺 100 美元、125 美元。簽訂一些有利的較長租賃期限。因此，我們確實可以選擇以不同的成本製作多個版本，進行較輕的修改而不是完整的內容和完全重建

And just to reiterate, mentioned it, Marni, I briefly mentioned it, but the Aerie new store design, we have a side-by-side in Tysons, great location, right, when you come off the escalator. And we love the results here. We're definitely going to roll this out. It's definitely outperforming the average. So really exciting new design. The team really pulled through and there'll be more to come.

重申一下，提到過，Marni，我簡單地提到過，但是 Aerie 新店設計，我們在泰森斯並排有一家，位置很好，對吧，當你從自動扶梯下來時。我們喜歡這裡的結果。我們肯定會推出這個。這絕對是超越平均的。非常令人興奮的新設計。該團隊確實渡過了難關，而且還會有更多的事情發生。

Corey Tarlowe, Jefferies.

科里·塔洛，杰弗里斯。

Mike, I just wanted to ask on SG&A. Within the framework that you've outlined, how best to think about the different buckets where you see the most opportunity? And how do you stack-rank those opportunities relative to one another?

麥克，我只是想問一下 SG&A。在您概述的框架內，如何最好地考慮您認為機會最多的不同領域？您如何對這些機會進行相對排序？

Thanks, Corey. We've been talking about this for a little over a year now, the focus on core line items across the P&L, not just in SG&A, but expenses and gross margin as well, delivery rents, distribution costs. In SG&A specifically, I think we talked about 85% of our are in compensation lines, so store labor, corporate compensation and related expenses, advertising, services purchase, maintenance. So those continue to be the key focus areas, is where we saw the leverage in the second quarter. We're managing those expenses tightly. So those continue to be the key buckets that the teams are focused on and managing to the targets we set for ourselves not just this year but out to the next two years as well.

謝謝，科里。我們已經討論這個問題一年多了，重點是損益表中的核心項目，不僅是銷售管理費用，還包括費用和毛利率、送貨租金、分銷成本。具體來說，在 SG&A 方面，我認為我們討論了 85% 的薪酬項目，例如商店勞動力、公司薪酬和相關費用、廣告、服務購買、維護。因此，這些仍然是重點關注領域，也是我們在第二季度看到槓桿的地方。我們正在嚴格管理這些費用。因此，這些仍然是團隊關注的關鍵領域，並努力實現我們為自己設定的目標，不僅是今年，也是未來兩年的目標。

Okay. I think we have time for one more question in queue.

好的。我想我們還有時間再討論一個問題。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Just a couple for me here. One, just a quick one on the full year revenue guidance, I wanted to follow up on. It sounds like even though you're lowering that, it's not reflective of the worst AE or Aerie back-half outlook, is just tightening up somewhere. Can you just elaborate a little bit on that?

這裡只給我幾個。第一，我想簡單介紹一下全年收入指導。聽起來即使你降低了這個值，但這並不能反映最糟糕的 AE 或 Aerie 後半部前景，只是在某個地方收緊了。能詳細說明一下嗎？

And then I just want to make sure I understood the third quarter to fourth quarter operating income cadence. It feels like a bit of a big step down and then a bigger improvement. So I just wanted to understand the drivers there.

然後我只想確保我了解第三季到第四季的營業收入節奏。感覺就像是一個很大的下降，然後是一個更大的進步。所以我只是想了解那裡的驅動程式。

On full year revenue, yes, it's nothing to do with our core brand trajectory. We're talking about the strength we're seeing here in August across the business and what our 3% to 4% comp guide for the rest of this quarter considers tightening from 2% to 3% from 2% to 4% is other revenue components in our -- there's other moving parts that we're just seeing more accurate line of sight to just narrow this down a bit. So you've got license revenue, other emerging brands and some other revenue components. It's all that is. Nothing to do with AE and Aerie core business.

是的，就全年收入而言，這與我們的核心品牌軌跡無關。我們談論的是我們在 8 月份看到的整個業務的實力，以及本季度剩餘時間的 3% 至 4% 的補償指南認為從 2% 至 3% 收緊的其他收入是從 2% 至 4%我們的組件中還有其他移動部件，我們只是看到更準確的視線，以稍微縮小範圍。所以你有授權收入、其他新興品牌和其他一些收入組成部分。僅此而已。與AE和Aerie核心業務無關。

And then yes, operating rate for the remainder of the year, we're guiding Q3 essentially flat revenue and similar income. So we hit about a 9.5% rate, 9.6% operating rate for the third quarter last year. So we're looking at something similar this year impacted by the revenue shift. We're essentially guiding flat revenue and flat income.

然後是的，今年剩餘時間的開工率，我們指導第三季的收入基本上持平，收入類似。因此，去年第三季我們的成長率約為 9.5%，開工率約為 9.6%。因此，我們今年正在研究受收入變化影響的類似情況。我們本質上是在指導固定收入和固定收入。

Q4, on revenue sort of flat to slightly down, we are going to see, based on SG&A leverage and expense leverage, we're expecting operating rate improvement in the fourth quarter. And then really the great equalizer is the year. So we are guiding the year to approximately 4% comp at the $455 million to $465 million range on that 2% to 3% total revenue growth. We will see nice operating rate expansion as well. The math on that gets you to somewhere around the mid-8%, so call it 8.5%. That will be a 140 basis point improvement to last year as we pass toward our ultimate goal of 10%. That's a nice improvement on top of last year's improvement. So we're well on our way to setting ourselves up to achieve those targets.

第四季度，收入持平或略有下降，我們將看到，根據 SG&A 槓桿和費用槓桿，我們預計第四季度的營運率會有所改善。然後真正偉大的均衡器是這一年。因此，我們預計今年的複合成長率約為 4%，範圍為 4.55 億美元至 4.65 億美元，總營收成長 2% 至 3%。我們也將看到開工率的良好擴張。數學計算得出的結果是 8% 左右，所以稱為 8.5%。隨著我們朝著 10% 的最終目標邁進，這將比去年​​提高 140 個基點。與去年的改進相比，這是一個很好的改進。因此，我們正在努力實現這些目標。

Thank you. There are no further questions at this time. This does conclude today's conference call. You may disconnect your lines at this month. Thank you for your participation.

謝謝。目前沒有其他問題。今天的電話會議到此結束。這個月你可能會斷開線路。感謝您的參與。