American Eagle Outfitters Inc (AEO) 2024 Q3 法說會逐字稿

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

問候，歡迎參加 American Eagle Outfitters 2024 年第三季收益電話會議（操作員指示）提醒一下，本次會議正在錄製中。

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

現在我很高興介紹您的主持人朱迪·米漢 (Judy Meehan)。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還有執行董事長兼執行長傑伊‧蕭滕斯坦 (Jay Schottenstein)； Jen Foyle，AE 和 Aerie 總裁兼執行創意總監；以及財務長 Mike Mathias。

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

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的陳述。這些聲明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。

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. Consistent with the retail calendar and the 53rd week last year, third-quarter 2024 results and today's discussion are presented for the 13 weeks ended November 2, 2024, compared to the 13 weeks ended October 28, 2023.

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，無論由於新資訊、未來事件或其他原因。與零售日曆和去年第 53 週一致，2024 年第三季的業績和今天的討論是針對截至 2024 年 11 月 2 日的 13 週，而截至 2023 年 10 月 28 日的 13 週。

Comparable sales metrics are presented for the 13 weeks ended November 2, 2024, compared to the 13 weeks ended November 4, 2023. 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. Reconciliations of adjusted results to the GAAP results are available in the tables attached to the earnings release, which is posted on our corporate website at www.aeo-inc.com in the Investor Relations section. Here, you can also find the third quarter investor presentation.

與截至 2023 年 11 月 4 日的 13 週相比，截至 2024 年 11 月 2 日的 13 週的可比較銷售指標如下。另請注意，在本次電話會議和隨附的新聞稿中，某些財務指標是按照 GAAP 和非 GAAP 調整後的基礎呈現的。調整後結果與 GAAP 結果的對帳表可在收益報告附表中找到，該報告發佈於我們公司網站 www.aeo-inc.com 的「投資者關係」部分。在這裡，您還可以找到第三季的投資者介紹。

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

現在，我將電話轉給傑伊。

Thanks, Judy, and good afternoon, everyone. We are pleased to report another strong quarter, building off positive performance in the first half of the year. Our Powering Profitable Growth strategy is clearly delivering results. As we execute on these strategic initiatives, we are positioning AEO for healthy long-term growth and transforming how we operate to be more efficient and agile.

謝謝，朱迪，大家下午好。我們很高興地報告本季業績再次表現強勁，這得益於上半年的積極表現。我們的「推動獲利成長」策略顯然正在取得成果。在執行這些策略措施的過程中，我們正在定位 AEO 以實現長期的健康成長，並轉變我們的營運方式，使其更加高效、靈活。

This is all aimed at strengthening long-term profitability and building greater consistency in our performance. Third-quarter comparable sales grew 3% on top of last year's strong 5% growth. With positive momentum across brands and channels, while we saw some demand choppiness, we successfully offset the bulk of this through expense efficiencies and delivered adjusted operating income at the high end of our guidance.

這一切都是為了增強長期獲利能力並提高我們業績的一致性。第三季可比銷售額在去年強勁 5% 成長的基礎上又成長了 3%。各個品牌和管道均呈現正面勢頭，儘管我們看到一些需求波動，但我們透過提高費用效率成功抵消了大部分影響，並實現了調整後營業收入達到預期的高位。

Turning now to a few highlights of the quarter. First, we are making very good progress on our top strategic pillar, amplify our brands. Building on a solid foundation in denim as the number one brand for 15- to 25-year olds and the number one brand for women of all ages, American Eagle achieved its sixth consecutive quarter of comparable sales growth and share gains in several key categories. Our strategies to fuel growth and go after new dressing occasions like social casual and men's active are gaining momentum with meaningful opportunity still ahead.

現在來談談本季的幾個亮點。首先，我們在最重要的策略支柱——擴大我們的品牌方面取得了非常好的進展。作為 15 至 25 歲人群的首選品牌以及各年齡段女性的首選品牌，American Eagle 在牛仔服裝領域擁有堅實的基礎，並連續六個季度在多個關鍵類別中實現了可比銷售額增長和份額增長。我們推動成長並追求社交休閒和男士運動等新著裝場合的策略正在獲得發展勢頭，未來仍有巨大的機會。

Aerie achieved yet another record revenue result, also led by positive comp growth. With revenue on track to cross $1.7 billion this year, I'm so proud of the remarkable strides the teams have made. Aerie's unique brand DNA anchored in authenticity, positivity, and empowerment continue to resonate powerfully with women of all ages. And we are incredibly encouraged by continued momentum and market share growth in soft dressing and activewear, which are two of our strongest long-term growth engines.

Aerie 再次創下創紀錄的營收業績，主要得益於同店銷售額的正成長。今年的收入預計將超過 17 億美元，我為團隊的顯著進步感到自豪。Aerie 獨特的品牌 DNA 植根於真實性、積極性和賦權，繼續與各個年齡層的女性產生強烈共鳴。我們對軟性服裝和運動服的持續發展勢頭和市場份額成長感到非常鼓舞，這兩個市場是我們最強勁的長期成長引擎。

There is no better validation of our strategic direction than the vote of our customers. On that note, we are pleased to see continued growth in our customer file across brands in the third quarter. And we were thrilled to see American Eagle and Aerie retained their top rankings as a shopping destination for a day's youth. Yet again, in the Fall addition of Piper Sandler's Team survey, this is a testament to our strong brand heritage and evergreen promise of delivering high-quality fashion at a great value to our customers.

沒有什麼比客戶的投票更能驗證我們的策略方向了。就這一點而言，我們很高興看到第三季各品牌的客戶數量持續成長。我們很高興看到 American Eagle 和 Aerie 繼續位居青少年購物目的地榜首。再一次，在 Piper Sandler 秋季團隊調查中，這證明了我們強大的品牌傳統和為客戶提供物超所值的高品質時尚的永恆承諾。

Turning to our second strategic pillar, optimizing our operations. We take great pride in the quality of our shopping experience where we continue to invest and innovate. Openings and remodels are tracking well and delivering results in line with our expectations.

轉向我們的第二個策略支柱，優化我們的營運。我們對我們的購物體驗的品質感到非常自豪，並將繼續進行投資和創新。開業和改造工作進展順利，結果符合我們的預期。

Two recent callouts in high-profile malls, where we have seen terrific results for King of Prussia, Pennsylvania and Woodfield, Illinois with all brands represented in a fresh and modern way. Additionally, we remain highly committed to elevating our e-commerce platform. We are successfully leveraging new tools like outfitting and sizing as well as customer engagement tactics to improve conversion.

我們最近在知名商場進行了兩次宣傳，在賓夕法尼亞州普魯士王和伊利諾伊州伍德菲爾德取得了優異的成績，所有品牌都以新穎、現代的方式呈現。此外，我們仍然致力於提升我們的電子商務平台。我們成功地利用了裝配和尺寸等新工具以及客戶參與策略來提高轉換率。

Finally, within our third pillar of executing with financial discipline, we have continued to identify opportunities for cost efficiencies to drive more profit to the bottom line. SG&A dollars were down 3% quarter over quarter, leveraging 50 basis points. We also set the stage for ongoing improvement through a number of restructuring actions we took during the quarter, which Mike will elaborate on.

最後，在執行財務紀律的第三大支柱中，我們不斷尋找提高成本效率的機會，以推動更多利潤的產生。銷售、一般及行政開支較上月下降 3%，槓桿率為 50 個基點。我們也透過本季採取的一系列重組行動為持續改進奠定了基礎，Mike 將對此進行詳細說明。

Lastly, our balance sheet remains in great shape. We exited the quarter with $160 million in cash and no debt. During the third quarter, we continued to advance our capital allocation priorities, investing in our brands and operations to drive growth while returning cash to our shareholders.

最後，我們的資產負債表仍然狀況良好。本季末我們擁有 1.6 億美元現金且沒有債務。第三季度，我們繼續推進資本配置重點，投資於我們的品牌和營運以推動成長，同時向股東返還現金。

With three successful quarters under our belt, we are poised to deliver significant progress across our strategic initiatives this year. And we expect to achieve mid-teen growth in operating income this year, in line with our long-term road map. Yet, as Mike will review, we have adjusted our full-year guidance to reflect more caution fourth-quarter demand outlook. This also incorporates pressure from a strong US dollar.

憑藉過去三個季度的成功經驗，我們有望在今年的策略性舉措中取得重大進展。我們預計今年的營業收入將實現中等幅度的成長，這符合我們的長期路線圖。然而，正如麥克將會回顧的那樣，我們已經調整了全年預期，以反映更謹慎的第四季需求前景。這也包括了美元走強的壓力。

Before I turn it over to Jen, I want to underscore the strength of our brands and our commitment to powering their long-term potential while continuing to strengthen our operations. In the near term, we remain focused on delivering the holiday season as we execute on our strategic initiatives.

在將權力移交給 Jen 之前，我想強調我們品牌的實力，以及我們致力於激發其長期潛力並繼續加強營運的承諾。短期內，我們仍將專注於假日季的運營，同時執行我們的策略性舉措。

Now, over to Jen.

現在交給 Jen。

Thanks, Jay, and good afternoon, everyone. Overall, I am pleased with our third-quarter performance. Demand was positive each month, with peak back-to-school selling weeks seeing the strongest trend. The teams executed well in this environment, working strategically to drive top line while maintaining healthy profit flow-through. Led by our amplified strategy, we came to market with trend-right fashion underscored by our unique price value quality equation. We supported our brands with innovative marketing and collaborations and promoted selectively to support healthy traffic and conversion.

謝謝傑伊，大家下午好。總體而言，我對我們第三季的表現感到滿意。每個月的需求都是正面的，返校銷售高峰週的趨勢最為強勁。在這種環境下，團隊表現良好，透過策略性的工作來推動營收成長，同時保持健康的利潤流。在我們擴大的策略的引領下，我們以獨特的價格價值品質方程式為特色，將符合潮流的時尚帶入市場。我們透過創新的營銷和合作來支持我們的品牌，並選擇性地進行推廣以支持健康的流量和轉換。

So beginning with Aerie, the third quarter marks yet another record revenue result with comps growing 5%, building on 12% growth last year. I'm thrilled to see strong momentum continue. In fact, we expect 2024 to mark our 11th consecutive year of revenue growth, and we remain excited about the opportunities ahead.

因此，從 Aerie 開始，第三季又創下了創紀錄的收入成績，同店銷售額成長 5%，而去年的成長率為 12%。我很高興看到強勁勢頭持續下去。事實上，我們預計 2024 年將是我們連續第 11 年實現收入成長，我們對未來的機會仍然感到興奮。

We continue to scale our core businesses and fuel new opportunities. Aerie's apparel category achieved its seventh consecutive quarter of double-digit growth with strength across soft dressing and offline activewear, and we're just getting started. These two categories continue to be our most exciting growth opportunities, which we are actively building on with each season.

我們繼續擴大核心業務並尋找新的機會。Aerie 的服裝類別連續第七個季度實現兩位數增長，軟裝和線下運動服表現強勁，而我們才剛剛起步。這兩個類別仍然是我們最令人興奮的成長機會，我們每個季節都在積極地發展這兩個類別。

In soft dressing, strength in the third quarter was led by sleep, dresses, tees, tanks, sweaters, and fleece. We are gaining traction in sleep by expanding into new fabrications and styles. In activewear, I am extremely pleased to see OFFLINE continue to grow in the highly attractive $29 billion activewear market.

在軟服裝方面，第三季表現強勁的是睡衣、洋裝、T卹、背心、毛衣和羊毛衫。我們透過拓展新的製造工藝和款式，在睡眠領域取得了進展。在運動服方面，我非常高興看到 OFFLINE 在極具吸引力的價值 290 億美元的運動服市場中繼續成長。

In the third quarter, we saw strength in share gains in leggings and sports bras as we brought greater innovation to core product lines. As awareness of OFFLINE builds, it's bringing in new customers. In fact, active bottoms has been our strongest driver of new customer acquisitions.

第三季度，隨著我們對核心產品線進行更大創新，我們看到緊身褲和運動胸罩的份額強勁增長。隨著人們對 OFFLINE 的認識不斷提高，它正在吸引新的客戶。事實上，正面的底部一直是我們獲得新客戶的最強大動力。

Now, turning to intimates. While the category continues to be down across the industry, we are holding our share. I was pleased to see demand trends improve sequentially with each month. Newness is resonating, and I am pleased to see this improvement continue into the holiday season.

現在，談談親密朋友。儘管整個產業的類別持續下滑，但我們仍保有自己的份額。我很高興看到需求趨勢每月逐步改善。新鮮感正在引起共鳴，我很高興看到這種改善持續到假期。

As we build brand awareness, we are accelerating investments in our influencer strategy. With our holiday campaign, Get Real Make it Aerie, we are highlighting looks and elevated styling for the holiday occasions. In addition, we launched new activewear focused marketing for OFFLINE for the first time. Here, we highlighted our famous for fabrics, a key differentiator for the brand.

在建立品牌知名度的同時，我們正在加快對影響力策略的投資。透過我們的假期活動“Get Real Make it Aerie”，我們重點介紹了假日場合的外觀和高級造型。此外，我們首次推出了針對線下運動服飾的全新行銷策略。在這裡，我們重點突出了我們著名的面料，這是該品牌的關鍵差異化因素。

Now, moving on to American Eagle. I was pleased with the business in the third quarter, particularly with the strength during the back-to-school season. American Eagle posted a 3% comp increase, following a positive 2% comp last year, marking its sixth consecutive quarter of growth. We are making solid progress on our strategic pillars. Momentum in women's continued, and I am especially pleased with share gains across denim and tops.

現在，我們來談談 American Eagle。我對第三季的業務感到滿意，尤其是返校季的強勁表現。American Eagle 的同店銷售額繼去年同比增長 2% 之後，今年又增長 3%，這是其連續第六個季度實現增長。我們的策略支柱正在穩步推進。女裝業務的勢頭持續強勁，我對牛仔布和上衣的份額增長尤其感到高興。

We saw positive comps across most categories with double-digit increases in dresses, sweaters, fleece, shorts, and skirts. We are seeing powerful trends and distorting into new fashion as we offer greater options for outfitting, including more wear out, social casual dressing occasions.

我們發現大多數品類的銷售額都呈現正面成長，其中連身裙、毛衣、羊毛衫、短褲和裙子的銷售額均實現了兩位數的成長。隨著我們為服裝提供更多的選擇，包括更多的穿著、社交休閒穿著場合，我們看到強大的趨勢正在轉變成新的時尚。

Within men's, we have seen sequential improvement across a number of categories. Highlights include knitties and men's sweaters. AE men's continues to be top of mind with our core demo as we hold share in denim and gain in other focused categories like tops and activewear.

在男子項目方面，我們看到多個類別都取得了連續的進步。亮點包括針織品和男士毛衣。由於我們在牛仔布中佔有份額並在上衣和運動服等其他重點類別中取得成長，AE 男裝繼續成為我們核心客戶的首選。

Now, on the marketing front. With last quarter's launch of Live Your Life, we continue to engage our community in new and exciting ways. Product and celebrity collaborations have been positive, including our Timberland, Red Bull, and the NFL, where we are chasing into styles for future seasons. And we are particularly excited about our upcoming partnerships as we look ahead into the spring season.

現在，談談行銷方面。隨著上個季度「Live Your Life」計畫的推出，我們繼續以新穎和令人興奮的方式與社區互動。產品和名人合作一直很積極，包括我們與 Timberland、Red Bull 和 NFL 的合作，我們正在追逐未來季節的風格。展望春季，我們對即將到來的合作關係感到特別興奮。

And now, the holiday season is upon us. Our product looks great, and we are seeing a favorable customer response. Overall, we've had numerous wins across our brands, stores have been particularly strong, and we are highly focused on working hard to fuel improvements and deliver upon this holiday season.

現在，假期已經到來。我們的產品看起來很棒，我們看到了良好的客戶反應。總體而言，我們的品牌取得了許多勝利，商店表現尤為強勁，我們高度專注於努力推動改進並在這個假期季節取得成功。

Stepping back, we are making fantastic progress across our strategic initiatives. Our brands are top destinations, and our unique combination of quality, fashion, and value is second to none in this marketplace. I am incredibly confident that we are on the right path to unlock the tremendous potential we see across our brands. Thanks to the teams for their incredible focus and commitment and wishing everyone a happy holiday season.

回顧過去，我們的各項策略措施都取得了巨大進展。我們的品牌是頂級目的地，我們獨特的品質、時尚和價值組合在這個市場上是首屈一指的。我非常有信心，我們正走在正確的道路上，釋放我們品牌的巨大潛力。感謝團隊的高度專注和投入，並祝大家節日快樂。

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

說完這些，我將把電話轉給麥克。

Thanks, Jen, and good afternoon, everyone. We remain focused on our Powering Profitable Growth Plan with the third quarter another proof point of the effectiveness of our strategic initiatives. As Jen noted, we were able to deliver adjusted operating income on the high end of our guidance with positive comps across brands and channels while experiencing some peaks and lulls in demand.

謝謝， Jen，大家下午好。我們將繼續專注於推動獲利成長計劃，第三季的表現再次證明了我們策略舉措的有效性。正如 Jen 所言，在經歷需求高峰和低谷的同時，我們能夠實現預期高端的調整後營業收入，各品牌和通路均實現正成長。

As discussed at our strategy meeting back in March, we have an ongoing focus on optimizing our business and improving profit flow-through. With this work continuing, we took additional actions in the third quarter, which included further moves to streamline our corporate cost structure and better align our teams. We also made a change in Hong Kong from a company-owned operation to a licensed model.

正如我們在三月策略會議上所討論的那樣，我們一直致力於優化業務並提高利潤流。隨著這項工作的繼續，我們在第三季採取了額外行動，其中包括進一步精簡我們的企業成本結構和更好地協調我們的團隊。我們也在香港將經營模式從公司自營轉變為授權經營模式。

Expanding on a few third quarter highlights. Consolidated revenue of $1.3 billion was down 1% to last year, reflecting the $45 million headwind related to the retail calendar as previously discussed.

進一步介紹第三季的一些亮點。綜合收入為 13 億美元，較去年下降 1%，反映出與零售日曆相關的 4,500 萬美元的逆風，如前所述。

[AE] comparable sales increased 3%, in line with our guidance. This follows a 5% comp increase last year. Operating income of $106 million included $18 million of the impairment and restructuring costs I discussed earlier. Adjusted operating income was $124 million on the high end of our guidance range and included approximately $20 million of headwind related to the shifted calendar. The adjusted operating margin of 9.6% was flat to last year.

[AE] 可比銷售額成長 3%，符合我們的預期。去年，該公司的複合年增長率為 5%。1.06 億美元的營業收入包括我之前討論過的 1,800 萬美元的減損和重組成本。調整後的營業收入為 1.24 億美元，處於我們預期範圍的高位，其中包括與日曆調整相關的約 2000 萬美元的不利因素。調整後的營業利益率為 9.6%，與去年持平。

Gross profit dollars of $527 million decreased 3% and reflected a gross margin rate of 40.9% compared to 41.8% last year. Markdowns increased and IMU was relatively flat to last year. (inaudible) cost de-leveraged 20 basis points due to lower revenue as a result of the retail calendar shift. Despite this, certain items leveraged, including digital delivery, professional fees and services, and rents driven by our efforts to reduce costs and find efficiencies across the company. These factors also had a positive impact in the SG&A line, which decreased 3% and leveraged 50 basis points as a rate of sales.

毛利為5.27億美元，下降3%，毛利率為40.9%，去年同期為41.8%。降價幅度加大，IMU 與去年相比持平。 （聽不清楚）由於零售日曆變化導致收入下降，成本下降了 20 個基點。儘管如此，由於我們努力降低成本並提高公司效率，某些項目仍發揮了槓桿作用，包括數位交付、專業費用和服務以及租金。這些因素也對銷售、一般及行政開支產生了正面影響，使其下降了 3%，並將銷售率提高了 50 個基點。

The improvement was driven by lower compensation, including incentive costs, as well as lower professional fees and services and maintenance costs. Teams are continuing to make progress across key focus areas, and we remain on track to leverage SG&A again in the fourth quarter.

推動此改善的因素包括激勵成本等薪酬降低，以及專業費用和服務及維護成本降低。團隊正在各個重點關注領域繼續取得進展，我們仍有望在第四季度再次利用銷售、一般及行政開支。

Depreciation was down year over year, leveraging 40 basis points. The third quarter tax rate was 26.1%, in line with guidance. Adjusted earnings per share for the second quarter was $0.48 per share. Consolidated ending inventory cost was up 5% year over year. Inventory is healthy and well positioned for the holiday season. As Jay noted, our healthy cash position allowed us to fuel investments in our business as well as return cash to shareholders.

折舊年減，槓桿率為 40 個基點。第三季稅率為26.1%，符合預期。第二季調整後每股收益為 0.48 美元。合併期末存貨成本較去年同期上漲 5%。庫存狀況良好，為節日季節做好了準備。正如傑伊所說，我們健康的現金狀況使我們能夠推動業務投資並向股東返還現金。

Third-quarter CapEx totaled $60 million (sic - see press release, "$61 million"), bringing year-to-date investment to $158 million. Now, expect full-year spend to be in the range of $225 million to $245 million.

第三季的資本支出總計 6,000 萬美元（原文如此 - 請參閱新聞稿「6,100 萬美元」），使得年初至今的投資額達到 1.58 億美元。現在，預計全年支出將在 2.25 億美元至 2.45 億美元之間。

Additionally, we returned approximately $24 million to shareholders through the third quarter cash dividend, bringing year-to-date returns through dividends and share repurchases to over $200 million. We ended the quarter with a strong balance sheet with approximately $160 million in cash and over $800 million of total liquidity, including our revolver.

此外，我們透過第三季現金股利向股東返還了約 2,400 萬美元，使年初至今透過股利和股票回購獲得的回報超過 2 億美元。我們以強勁的資產負債表結束了本季度，其中包括約 1.6 億美元的現金和超過 8 億美元的總流動資金（包括我們的循環信貸）。

Third-quarter results reflect continued progress on our long-term strategy to fuel growth across our brands, drive efficiencies across our business, and deliver shareholder value. And looking ahead, we remain focused on executing on our strategic pillars.

第三季的業績反映了我們長期策略的持續進展，即推動整個品牌的成長、提高整個業務的效率、並為股東創造價值。展望未來，我們將繼續專注於執行我們的策略支柱。

Now, moving on to our outlook. As Jen mentioned, we're well-positioned and prepared for the holiday season. Customer response has been positive during key selling periods, including Thanksgiving and Black Friday weekend when we experienced double-digit traffic growth, positive comps in stores and some of our highest store volume in history.

現在，我們來談談我們的展望。正如 Jen 所說，我們已經為節日季節做好了充分的準備。在感恩節和黑色星期五等關鍵銷售時段，客戶反應都很積極，這段期間我們的客流量實現了兩位數增長，門市銷售額同比增長，部分門市銷量也創下了歷史新高。

However, we've seen less consistency in our direct business relative to last year. We also remain cognizant of potential choppiness during nonpeak selling periods. As a result, we're revising our fourth quarter comp outlook to be up approximately 1% on last year's 8% reported comp increase.

然而，與去年相比，我們的直接業務的一致性有所降低。我們也意識到非銷售高峰期可能會出現波動。因此，我們修改了第四季的同店銷售額預期，將比去年報告的 8% 的同店銷售額增幅上調約 1%。

With the $85 million adverse impact from the retail calendar shift and one less selling week, as previously noted, total revenue is expected to be down 4%. We expect operating income to be in the range of $125 million to $130 million. This incorporates currency pressure from the recent strengthening in the US dollar in addition to a $20 million drag from the retail calendar shift.

如前所述，由於零售日曆變化和銷售週減少帶來 8,500 萬美元的不利影響，預計總收入將下降 4%。我們預計營業收入在 1.25 億美元至 1.3 億美元之間。這包括近期美元走強帶來的貨幣壓力以及零售日曆轉變帶來的 2000 萬美元的拖累。

We remain focused on driving efficiencies and finding cost savings across the P&L, which will enable us to leverage SG&A in the quarter. For the year, this implies comps up 3%, total revenue up 1% and adjusted operating income in the range of $428 million to $433 million, an increase in the mid-teens from $375 million last year. This is consistent with our long-term algorithm of mid- to high-teens operating income growth announced back in March.

我們仍然專注於提高效率和節省損益表中的成本，這將使我們能夠在本季度利用銷售、一般和行政費用。就全年而言，這意味著同店銷售額成長 3%，總營收成長 1%，調整後的營業收入在 4.28 億美元至 4.33 億美元之間，比去年的 3.75 億美元成長 15% 左右。這與我們三月宣布的中高水準營業收入成長的長期演算法一致。

The teams remain focused on delivering the quarter. We are confident in the decisive steps we are taking under our Powering Profitable Growth strategy to position our iconic brands for success, further enhance operating efficiencies, and deliver consistent profitable growth.

團隊依然專注於本季的交付。我們對在「推動獲利成長」策略下採取的決定性措施充滿信心，這些措施將使我們的標誌性品牌獲得成功，進一步提高營運效率，並實現持續的獲利成長。

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

現在，我們將開始回答問題。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示） 摩根大通 (JPMorgan) 的 Matthew Boss。

Great, thanks. So Jen, maybe two to start off. Could you speak to what you've seen in terms of the progression of demand into the fourth quarter at Aerie? Maybe any outliers by category? And as you look ahead to next year, what are the opportunities you see to potentially accelerate the pace of growth at Aerie as we look across the assortment or the store fleet?

太好了，謝謝。所以 Jen，也許從兩個開始。您能否談談 Aerie 第四季需求變化的情況？也許按類別劃分存在任何異常值？展望明年，從產品種類或門市規模來看，您認為有哪些機會可以加速 Aerie 的成長速度？

Yeah, thanks. Look, as I mentioned, Aerie saw record revenues in Q3, and I love the way we are delivering on our strategic pillars. I've never seen such consistency in this company, including thinking about all 3 brands showing growth, which I think is something that hasn't been done in a long time, and that's what we're building into, Matt.

是的，謝謝。正如我所提到的，Aerie 在第三季創下了創紀錄的收入，我喜歡我們實現策略支柱的方式。我從未見過這家公司如此保持一致，包括三個品牌都呈現成長，我認為這是很久沒有發生過的事情，而這正是我們正在努力實現的，馬特。

Moving into Aerie, look, we're really pleased with the five comp on the [12th]. Moving into holiday, we're seeing a little bit of some choppiness Mike mentioned, just in a couple of weeks. We just want to be really cautious and we want to deliver strong results. But at the same time, we're thinking about new categories. So -- and that is something that we learned thinking back in Q3. So let me just take a moment to speak about that.

說到 Aerie，我們非常滿意[第十二]。進入假期後，我們看到了麥克提到的一些波動，就在幾週前。我們只是想非常謹慎並且取得強勁的成果。但同時，我們也在考慮新的類別。所以 — — 這是我們在第三季回顧時學到的東西。因此，請允許我花一點時間來談論這個問題。

Sleep has been outstanding. We've been chasing into that business, and we chased into it to Q4. It will be a new category for us as we deliver into spring, something very exciting that I think Aerie hasn't really dipped their toes and thinking about spring, that will be something a new category to offset swim.

睡眠非常好。我們一直在追逐這個業務，並且已經追逐到第四季度了。隨著春季的到來，這對我們來說將是一個新的類別，這是非常令人興奮的事情，我認為 Aerie 還沒有真正涉足其中，考慮到春季，這將是一個抵消游泳的新類別。

Look, Aerie has a lot of potential growth. This year, we only opened four stores. Next year, we're opening 45, and we know what that means for the business, right? We're going to get new customer acquisition based on that. And by the way, our customer acquisition is strong right now.

你看，Aerie 有很大的成長潛力。今年我們只開了四家店。明年我們將開設 45 家店，我們知道這對我們的業務意味著什麼，對嗎？我們將以此為基礎來獲取新客戶。順便說一句，我們現在的客戶獲取能力很強。

And the team did a really amazing job delivering an incredible campaign in Q3, where we saw just increased brand awareness, increased influencer strategies, increased investment that we are making change. And I believe all that marketing impact will have a halo effect on the brand as we march into 2025 and think about these new category opportunities.

團隊在第三季開展了一場令人難以置信的活動，做得非常出色，我們看到品牌知名度提高、影響力策略增強、投資增加，我們正在做出改變。我相信，當我們邁入 2025 年並思考這些新的類別機會時，所有這些行銷影響都會對品牌產生光環效應。

Great. And then maybe a follow-up for Mike. Maybe could you speak to your expectations for promotions in the fourth quarter relative to what you saw in the third quarter? And just overall health of your inventory today. And with that, maybe just drivers of gross margin expansion that you see remaining as we look into next year.

偉大的。然後也許是對麥克的後續行動。也許您能談談相對於第三季的促銷情況，您對第四季的促銷有何期望？以及您今天庫存的整體健康狀況。因此，展望明年，您或許會發現這些只是毛利率擴張的剩餘驅動力。

Yeah. I'll start with inventory. Inventory up 5% at the end of the quarter, positioned very well across brands and categories. We did pull up -- there's definitely some receipt timing differences than last year, looking to mitigate any potential port strike. So that's a little bit of an apples and oranges comparing with some of the receipts that we hit at the end of the third quarter.

是的。我先從庫存開始。季度末庫存增加了 5%，各個品牌和類別的定位都非常良好。我們確實做出了調整——與去年相比，收貨時間肯定存在一些差異，以減輕任何潛在的港口罷工。因此，與我們在第三季末達到的一些收入相比，這就有點像蘋果和橘子一樣。

And then reminder last year, we were chasing a trend change into the third quarter. So inventory was down a bit. I think we were down mid-single last year. So we're kind of relatively flat on a two-year basis. So inventory is well-positioned across brands and categories.

提醒一下，去年我們一直在追逐第三季的趨勢變化。因此庫存略有下降。我覺得我們去年處於單身狀態。因此，以兩年計算，我們的業績相對持平。因此，庫存在各個品牌和類別中都處於有利地位。

Promotional level, we are planned similarly this holiday season to last year. So we're not expecting any real additional impact from markdowns or margin erosion from having to be more promotional this year. And I think we've seen that actually even through this last peak period over the last 1.5 weeks through Thanksgiving and Black Friday weekend. So nothing indicating, we'll need to be more promotional.

促銷層面，我們今年假期的計畫與去年類似。因此，我們預計今年的促銷活動不會帶來降價或利潤率下滑帶來的任何實際額外影響。我認為，我們實際上已經看到，即使是在過去 1.5 週的感恩節和黑色星期五週末的最後一個高峰。因此沒有任何跡象表明我們需要進行更多的宣傳。

Gross margin go forward, it's -- we talk about this really efficiency, focus across the P&L, leveraging the expenses and gross margin on this 3% to 5% revenue algorithm, the teams hard at work at looking at delivery, distribution, and supply chain costs within the gross margin and then finding efficiencies in our IMU as well.

毛利率的提高，我們談論的是真正的效率，專注於損益表，利用 3% 到 5% 的收入演算法上的費用和毛利率，團隊努力在毛利率範圍內研究交付、分銷和供應鏈成本，然後在我們的 IMU 中找到效率。

Somewhere else in the P&L, we've been very focused on pulling apart the cost of the expenses within our landed cost, so raw materials, freight and transportation, duty, sampling development, those are all areas we're also focused on to reduce the cost and gross margin. That 39% to 40% target we put out back in March on a multiyear basis is still where our set and we view it as very achievable.

在損益表的其他部分，我們一直非常注重在到岸成本中分攤費用，因此原材料、貨運和運輸、關稅、樣品開發，這些都是我們關注的領域，以降低成本和毛利率。我們 3 月提出的多年期 39% 至 40% 的目標仍然是我們設定的，而且我們認為這個目標非常容易實現。

Great. Best of luck.

偉大的。祝你好運。

Thanks.

謝謝。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Hey, thanks, guys. Just want to understand the choppiness that you're seeing a little bit better understanding that there's a calendar shift impacting November, how did this period that you've seen quarter to date perform relative to your expectations at each of the brands?

嘿，謝謝大家。只是想更好地理解您所看到的波動，了解日曆的變化會影響 11 月，您所看到的這個季度迄今為止的時期的表現相對於每個品牌的預期如何？

And then second, just curious as we think about SG&A, Mike, for next year, what sort of comp leverage point are we thinking is necessary to see leverage on that SG&A line? Thanks.

其次，Mike，只是好奇，當我們考慮銷售、一般和行政費用時，對於明年，我們認為什麼樣的比較槓桿點是必要的，才能在銷售、一般和行政費用線上看到槓桿作用？謝謝。

Yeah. The choppiness, as we've described it, if you think about coming off of back-to-school peak in August, and we provided guidance at the end of August, we were being cognizant of some of the choppiness or lull we saw end of the summer in Q2 when we gave guidance for really contemplated that for September, October. I think the warmer weather, a couple of hurricanes, warmer weather, the impact of those different pieces in September, October. The reason why we came in at our three comp versus -- the three to four that we guided to a little on the lower end, but they continue into early November.

是的。正如我們所描述的那樣，如果您考慮 8 月份的返校高峰，並且我們在 8 月底提供了指導，我們就會意識到我們在第二季度夏季末看到的一些波動或平靜，當時我們給出了針對 9 月和 10 月的指導。我認為溫暖的天氣、幾場颶風、溫暖的天氣，這些不同因素在九月和十月產生了影響。我們之所以會選擇三比四的成績，是因為我們的預期是三比四，雖然這個數字比較低，但這個數字會持續到 11 月初。

So the first couple of weeks of November, we saw a similar pattern. And then as we got into Thanksgiving and the last 1.5 weeks or so, similar to the back-to-school peak period, we've been really pleased with the business.

因此，在十一月的頭幾週，我們看到了類似的模式。然後，當我們進入感恩節以及接下來的 1.5 週左右的時間，類似於返校高峰期時，我們對業務感到非常滿意。

So it's really just looking at that taking the learnings from the last four or five months here, applying to maybe what we could see post-Christmas at the moment. And we have ability to update that with our holiday sales release at the beginning of January and see where we are recorded to date at that point.

因此，這實際上只是回顧過去四到五個月的經驗，並將其應用於我們現在所能看到聖誕節後的情況。我們可以在 1 月初發布假期銷售信息時更新這些信息，並查看當時的銷售記錄。

For SG&A next year, we are very focused. SG&A continues to be a huge focus across the organization. The teams are in place, managing all those big line items. We continue to talk about around corporate compensation, store labor, services, supplies, maintenance costs, and we are not going to take our foot off the gas and continuing to find reductions and optimization in those areas. So we intend to leverage on that sales algorithm of 3% to 5% that we're committed to, we will leverage at the low end and leverage just more on the end.

對於明年的銷售、一般及行政開支，我們將非常關注。銷售、一般及行政開支 (SG&A) 繼續成為整個組織的重點。團隊已經到位，負責管理所有重要專案。我們將繼續討論企業薪資、店面勞動力、服務、供應、維護成本等問題，我們不會放鬆腳步，並將繼續在這些領域尋求削減和優化。因此，我們打算利用我們承諾的 3% 到 5% 的銷售演算法，我們將在低端利用槓桿，在高端利用更多槓桿。

Thanks a lot.

多謝。

Thank you.

謝謝。

Thank you.

謝謝。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Hi, this is Angus Kelleher on for Adrienne Yih. Curious if you could to some of the new customers you're bringing in? I know you mentioned Aerie, but curious if American Eagle has also seen uptake, particularly in the adjacent categories and the new brands like AE 24/7 and AE77?

大家好，我是 Adrienne Yih 的 Angus Kelleher。想知道您是否可以介紹一些您引進的新客戶嗎？我知道您提到了 Aerie，但好奇 American Eagle 是否也看到了成長，特別是在相鄰類別和新品牌如 AE 24/7 和 AE77？

Yeah. Actually, I was referring to both brands combined are up double digits as far as customer acquisition. So really pleased with those results.

是的。實際上，我指的是兩個品牌在客戶獲取量方面的合計成長都達到了兩位數。我對這些結果非常滿意。

And if I think about AE, we just launched our Live Your Life campaign, which was our original campaign. We brought it back to life in such a modern way, and we're really proud of that. Some of the tactics there were simply influencers, collaborations, speaking to our man and really just doubling down where we haven't before. And these collaborations are really working.

如果我想到 AE，我們剛剛發起了「Live Your Life」活動，這是我們最初的活動。我們以一種現代的方式讓它重現生機，我們對此感到非常自豪。其中的一些策略只是影響者、合作、與我們的人交談，以及加倍努力，這是我們以前從未做過的。這些合作確實有效。

We noted it on the earlier speaking points. Timberland was fantastic. Now that we look ahead, we have so many exciting collaborations for spring. And I think we're going to continue to really open up the doors for these new customers. Also, I want to really reiterate something that hadn't happened in the American Eagle brand, retention was an issue in the past, and we are now retaining our customers. They're staying with us longer and growing with us. And that doubled down there with the new acquisition and growing.

我們在之前的發言中已經提到了這一點。Timberland 非常棒。展望未來，我們在春季有許多令人興奮的合作。我認為我們將繼續為這些新客戶敞開大門。此外，我想重申 American Eagle 品牌從未發生過的事情，保留客戶在過去是一個問題，而我們現在正在留住我們的客戶。他們與我們在一起的時間更長，與我們一起成長。隨著新的收購和成長，這一數字翻了一番。

We're also renovating stores. We've seen really nice upticks in the new store renovations and that's bringing in new customers. Jay mentioned King of Prussia, wow, the numbers we are fantastic. So we're going to renovate more stores next year. I mentioned in Aerie, again, they saw acceleration in customer acquisition.

我們還正在翻新商店。我們看到新店裝修取得了非常好的成績，這也帶來了新的客戶。傑伊提到了普魯士國王，哇，我們的數字太棒了。因此我們明年將翻新更多商店。我再次提到 Aerie，他們看到了客戶獲取量的加速。

We're opening 45 new stores next year, where we only opened four this year. So there's lots in the work to see this momentum continue.

我們明年將開設 45 家新店，而今年只開了 4 家。因此，還有很多工作要做，才能保持這一勢頭。

Great. Thank you.

偉大的。謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Great. Thank you so much. My question, Jen, two for you. One, can you just talk about the denim category a little bit more on what you saw and how you saw the competitive landscape sort of developed over the last three months?

偉大的。太感謝了。我有兩個問題想問你，Jen。首先，您能否再多談談牛仔布類別的情況以及您認為過去三個月競爭格局的發展？

And then, Mike, can you just quantify the FX impact on the quarter and also the full-year guide? Thank you.

然後，麥克，您能量化外匯對本季以及全年指南的影響嗎？謝謝。

Yeah. Well, I'm going to reiterate that both men's and women's were holding our share. There was definitely some softness in long legs through Q3. Women's helped maintain more in -- particularly in fashion. We're really excited about what we delivered on fashion.

是的。好吧，我要重申一下，男女都佔有我們的份額。在 Q3 中，長腿確實有一些柔軟。女性有助於保持更多的時尚。我們對於自己在時尚領域所取得的成就感到非常興奮。

And so that continues. In fact, we've seen women's accelerate into Q4. And that team is chasing denim like no tomorrow right now. Our fashion is checking all new fits and silhouettes. I've never seen such a great variety in our assortments, and the team is doing an outstanding job, developing new fabrications and new fits, and we have accelerated into Q4.

事情就這樣繼續下去。事實上，我們已經看到女性在第四季的成長勢頭加速。現在這個團隊正拼命追逐牛仔布。我們的時尚正在檢查所有新的款式和輪廓。我從未見過我們的產品種類如此豐富，團隊的工作非常出色，開發出新的製造流程和新的適配方式，我們已經加速進入第四季。

Yeah. The FX, Jay, the significant strengthening of the US dollar here over the last several months impacting both the peso and the Canadian dollar is what's impacting our -- a bit of our guide here for the fourth quarter, especially the peso.

是的。傑伊，外匯，過去幾個月美元大幅走強，對比索和加元都產生了影響，這對我們第四季的預測產生了一些影響，尤其是比索。

Our business in Mexico is really healthy, growing at double digits locally, and the contribution from Mexico in the fourth quarter is over 40%. So that's changed you over the last several months, even more recently with the election outcome. We're adjusting our projections to account for that for sure in the fourth quarter. And that's having about a $15 million impact combined mostly through -- mostly from Mexico and from the peso.

我們在墨西哥的業務非常健康，當地以兩位數的速度成長，第四季來自墨西哥的貢獻超過 40%。所以這在過去的幾個月裡改變了你，尤其是最近的選舉結果。我們正在調整我們的預測，以便在第四季度確實考慮到這一點。這總共產生了約 1500 萬美元的影響，主要來自墨西哥和比索。

So about half of our kind of guide change here for the fourth quarter is related to (technical difficulty) long term. Our long-term targets, no issues there. We are going to be looking for some mitigation through other expense reductions, specifically in the market. So nothing concerning for the long term, but definitely a piece of this fourth quarter and annual guide changes.

因此，我們在第四季度的指導變化中大約有一半與長期（技術難度）有關。我們的長期目標，沒有問題。我們將尋求透過減少其他費用來緩解影響，特別是在市場方面。因此，從長期來看沒有什麼值得擔心的，但肯定是第四季度和年度指南變化的一部分。

Got it. Thank you so much.

知道了。太感謝了。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Good afternoon, everyone. As you think about the business with digital and stores, was there any difference as you went through the quarter between the two for either their brands? And how much did the hurricanes have an impact on the quarter?

大家下午好。當您考慮數位業務和實體店業務時，這兩個品牌在本季的表現是否有差異？颶風對本季的影響有多大？

And just lastly, as you think about the remodels that you're doing, how are they performing versus the base? And any initial thoughts as for 2025 on them? Thank you.

最後，當您考慮正在進行的改造時，它們的表現與基礎相比如何？您對 2025 年有什麼初步想法嗎？謝謝。

I can start with the remodels. We're seeing great results, as Jen said, from the program so far. So we're first year into this remodel program for the AE brand. We're touching 70-ish plus stores here by the end of the year. Seen some very nice consistent results across the board where those stores -- the store performance is outpacing the base or average comp for the AE brand.

我可以從改造開始。正如 Jen 所說，到目前為止，我們看到了該計劃的巨大成果。這是我們 AE 品牌重塑計畫的第一年。到今年年底，我們的商店數量將達到 70 多家。我們看到這些商店都取得了非常好的一致結果——這些商店的表現超過了 AE 品牌的基礎或平均水平。

As it's encouraged about what that means for the go forward, and we talked about a 300 store plus program, maybe 400 stores, we're going to accelerate that a bit going into next year. So it's a good thing. We're seeing a payback for that investment and we want to go a little faster.

由於這對未來意味著什麼，我們感到很受鼓舞，並且我們討論了 300 多家門市的計劃，也許 400 家門市，我們將在明年加快這一進程。所以這是一件好事。我們看到了這項投資的回報，並且我們希望能夠更快地實現這一目標。

Hurricanes, Yeah, I think the kind of the combined back-to-back impact of Helene and Milton there were a little bit surprised. I hate to talk about hurricanes from a comp perspective, but definitely a bigger impact to the Southeast than what happened last year and even up into the Carolinas.

颶風，是的，我認為海倫颶風和米爾頓颶風接連造成的衝擊讓人有點意外。我不想從公司的角度談論颶風，但這次颶風對東南部的影響肯定比去年更大，甚至影響卡羅來納州。

So a bit of a hit, but I think the bigger weather impact in general was just the warmer weather across the back half of September and all the way through October and even in early November. So I think that was a bigger issue than hurricanes, quite frankly, in terms of us just coming in on the low end of our comp expectation in Q3 versus -- the 3% versus the 4%.

因此，這確實有點打擊，但我認為，總體而言，更大的天氣影響是九月下半月、整個十月、甚至十一月初的天氣都變得更溫暖。因此，坦白說，我認為這比颶風更成問題，因為我們第三季的業績預期低於 3% 和 4%。

Yeah. I think third quarter, we comped both positively across brands and channels. So stores were positive. Digital was positive on that 3%. More recently here, we've seen traffic in stores through this past week was tremendous.

是的。我認為第三季我們在各個品牌和通路上都取得了積極的成績。因此商店都很積極。數字對這 3% 呈現正面趨勢。最近，我們發現過去一週商店的客流量非常大。

So our store growth and our store results. As I said in my remarks that some historical highs in terms of store performance over the weekend, looks like that could be continuing into this week a bit. So we'll see that bodes well for us. We have a very -- we have a healthy store fleet. We've got a little bit of a shift maybe even back to the mall for holiday here. That could be in our favor, but we'll take the transactions wherever they come.

我們的商店也在成長，我們的商店業績也在成長。正如我在評論中所說，週末商店的業績創下了一些歷史新高，看起來這種情況可能會持續到本週。因此我們認為這對我們來說是個好兆頭。我們擁有非常健康的商店隊伍。我們有一些變化，甚至可能回到購物中心度假。這可能對我們有利，但無論交易來自何方，我們都會接受。

Thank you.

謝謝。

Jonna Kim, TD Cowen & Company.

喬娜·金（Jonna Kim），TD Cowen & Company。

Thanks for taking my question. I would love to hear about the intimates business strategy. Though you mentioned the category is still down and you held share, but as you think about Aerie intimates business, what are ways that you can regain share and accelerate sales there? And then also would love your thoughts on just OFFLINE. It looks like it's doing really well. But how are you planning to accelerate that growth as we look into next year? Thank you so much.

感謝您回答我的問題。我很想聽聽關於貼身衣物的經營策略。雖然您提到該類別的銷售額仍在下降並且您仍持有一定份額，但是當您考慮 Aerie 內衣業務時，您有什麼方法可以重新獲得份額並加速銷售？並且也希望聽聽您對離線的想法。看起來它做得很好。但展望明年，您計劃如何加速這一成長？太感謝了。

Yeah. Well, it's interesting with OFFLINE, we've seen really nice increases in shares in sports bras. So I think that that's been a big play for trend. Girls are wearing sports bras out again as tops and that continues to happen. And we've done really well addressing that trend.

是的。嗯，離線方面很有趣，我們看到運動胸罩的份額大幅增長。所以我認為這對趨勢來說是一個重大的變化。女孩們又開始把運動胸罩當作上衣穿了，而且這種情況還在繼續。我們在應對這一趨勢方面做得非常好。

Intimates, yeah, it's down in total, but we've held our share. In fact, we've seen nice increases into Q4 as far as acceleration, particularly in undies.

親密服裝，是的，總體來說有所下降，但我們保住了自己的份額。事實上，我們看到第四季的加速度有了很大的成長，特別是內衣方面。

We're really unlocking some growth there in that category. On the go forward, look, this team does not stop as far as innovation, and I think we have some of the best in If you think about SMOOTHEZ, we now have of that category. We have body suits. So we're going to continue to double down on the fabrication that we are famous for. That's what we do well.

我們確實正在釋放該類別的一些成長潛力。在前進的道路上，你看，這個團隊並沒有止步於創新，我認為我們擁有一些最好的創新，如果你想想 SMOOTHEZ，我們現在擁有該類別的創新。我們有緊身衣。因此，我們將繼續加倍努力，致力於我們賴以聞名的製造業務。這正是我們擅長的事。

So going into Q1 and Q2, look, I think there's opportunity in this category. Lace is certainly a trend out there. The team's on it. And Lace is obviously one and one with the intimates business. So we have lots behind those ideas and there'll be more to come. I continue to see us holding our share, if not growing with some of the new ideas that we have in store.

因此進入第一季度和第二季度，我認為這個類別中存在機會。蕾絲確實是當今的一種流行趨勢。團隊正在處理此事。而蕾絲顯然與貼身衣物業務密不可分。我們對這些想法有很多支持，未來還會有更多。我仍然看到我們能保持自己的份額，即使沒有隨著我們儲備的一些新想法而增長。

Thank you so much.

太感謝了。

Janet Kloppenburg, JJK Research.

Janet Kloppenburg，JJK 研究公司。

Hi, everybody. I wanted to just can learn a little bit more about the choppiness. Did any of that beyond weather, which I heard loud and clear, could any of that have to do with perhaps inventory and balances like I saw a lot of the color sell down in the stores? And I thought maybe you could have had more of that, like the colorful sweaters and that kind of stuff.

大家好。我只是想多了解一點關於波動的知識。除了天氣因素（我聽得很清楚）之外，這些因素是否與庫存和餘額有關，就像我在商店裡看到很多彩色商品被賣掉一樣？我覺得你或許可以擁有更多這樣的東西，像是色彩鮮豔的毛衣和類似的東西。

And I wanted to understand more about November, Mike. I think you said that November was weak, maybe until Thanksgiving, and then it picked up. And I think that's what you said. Maybe you could clarify and if you've had some choppiness sense? And does the great SG&A performance of the third quarter, does that steal from the fourth quarter on SG&A? Thank you very much.

麥克，我想更多地了解十一月。我記得您說過 11 月份的市場表現較弱，可能直到感恩節之後才有所回升。我想這就是你所說的。也許您可以澄清一下，看看您是否感覺到了一些波動？第三季優秀的銷售、一般及行政開支是否會搶走第四季的銷售、一般及行政開支？非常感謝。

Yeah, of course. I think Mike said it well, we're just anticipating what happens in January, again, with just some of the slowdown that we saw, for instance, during the hurricane. For instance, long legs that I mentioned. We've seen very like trending categories from Q3 in both brands heading into Q4.

是的，當然。我認為麥克說得很好，我們只是預計 1 月會發生什麼，同樣，也會出現一些像颶風期間那樣的放緩。比如我剛才說的長腿。我們看到，這兩個品牌在進入第四季時，其類別趨勢與第三季非常相似。

The store is definitely outpaced and we are on it. That team is filling in like left and right. We just have new deliveries today land. We've already seen nice upticks in the sales, including stores again.

這家商店肯定已經超越了我們，而且我們正在努力。那個隊伍正在左右填補。我們今天剛收到新的貨物。我們已經看到銷售額出現了良好的上升趨勢，包括商店的銷售額也再次出現了良好的上升趨勢。

So we are feeding that beast as quickly as possible. I do like fast turns, let's not deny, and the team is doing a great job replenishing and getting back into business.

所以我們正在盡快餵養這頭野獸。我確實喜歡快速轉變，這一點我們不可否認，而且該團隊在補充人員並恢復業務方面做得很好。

But again, Mike said it well, our store business is on fire. Black Friday was a record breaker for us. We've never seen sales like that. And I think that, that speaks well for how we execute it. I think that's the most important thing.

不過，麥克說得好，我們的商店生意很火爆。「黑色星期五」對我們來說是一個破紀錄的節日。我們從未見過這樣的銷售情況。我認為這很好地說明了我們的執行方式。我認為那是最重要的事。

When we were in the malls, our brand executed, our bags are everywhere. You're fulfilling the needs of the customers, the lines are moving, and we have a lot in front of us. So we're hoping to grab every bit we can.

當我們走進商場時，我們的品牌展示隨處可見我們的包包。您正在滿足客戶的需求，生產線正在移動，我們面前還有很多事情要做。因此我們希望盡我們所能。

And Jen, so what I'm trying to understand is your thoughts behind the digital business slowing down. What happened there?

Jen，我想了解的是，您對數位業務放緩背後的看法。那裡發生了什麼事？

We're just -- honestly, we're up against incredible comps on that side of the business. And look, we're balancing what Mike said. We are going to where the customer is at. So we're thinking It's not my favorite word, but we are there for where the customer is.

說實話，我們在這個業務方面面臨著令人難以置信的競爭。你看，我們正在平衡麥克所說的話。我們要去客戶所在的地方。因此我們認為，這不是我最喜歡的詞，但是客戶在哪裡，我們就在哪裡。

And digital, look, we're testing every day in that business. We're relentless, and we're learning new tricks. And as we get this halo effect, I think, from some of the new acquisition, we're going to really bridge that gap. So there's more to do always. And I think we have a lot of good ideas for the future.

至於數位化，你看，我們每天都在進行這項業務的測試。我們堅持不懈，並且不斷學習新技巧。而且我認為，隨著我們從一些新收購中獲得這種光環效應，我們將真正彌合這一差距。因此總是有更多的事情要做。我認為我們對未來有很多好的想法。

And right now, I think digital is showing up again. There was a slowdown during cyber because I think we pulled it in, to be honest. We launched some of the ideas early, and we saw nice upticks earlier. So now we're getting it back a little bit back day by day.

而現在，我認為數位化又再次出現了。老實說，網路時代速度變慢了，因為我認為我們把它拉進來了。我們很早就提出了一些想法，並且早些時候就看到了不錯的成長。所以現在我們正在一天天地恢復一點。

Okay, thanks a lot -- go ahead, Mike. I'm sorry.

好的，非常感謝--繼續，麥克。對不起。

I'll answer your question. Now, the -- I mean, the improvement seeing a reduction in Q3 beyond what we expected is just the outcome of the continued work. The SG&A focus is here to stay. Q3 was another proof point of that. We were able to find a few other dollars through all the work we're doing to reduce SG&A a little further than anticipated, compensation-related areas, all the focus areas we continue to talk about leverage.

我來回答你的問題。現在，我的意思是，第三季的減幅超出了我們的預期，這只是持續工作的結果。銷售、一般及行政開支的重點將持續存在。Q3 是另一個證明點。透過我們正在做的所有工作，我們能夠找到一些其他的資金來減少銷售、一般及行政開支，比預期的要多一點，在與薪酬相關的領域，以及我們繼續談論槓桿作用的所有重點領域。

So corporate compensation, related incentives, store salaries have been well controlled, services leveraged. And Q4 is a continuation. We're actually expecting dollars to be down mid- to high single, expecting similar type leverage even with total revenue being down 4% with the calendar shift. So focus is there, and it's here to stay.

因此，企業薪酬、相關激勵措施、門市薪資都得到了很好的控制，服務也得到了充分利用。Q4 是延續。實際上，我們預計美元將下降中高水平，即使總收入隨著日曆的變化而下降 4%，也預期槓桿率會類似。因此，重點就在那裡，而且它會一直存在。

Okay. Lots of luck to you all.

好的。祝你們好運。

Simeon Siegel, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的西緬·西格爾 (Simeon Siegel)。

Hi, good evening. This is Dan on for Simeon. Thanks for taking the question. Curious what your general lead times are now? And maybe how much has been left open to buy for holiday versus prior years? And I'm sorry if I missed it, but how are you planning to end the year with inventory? Thank you.

嗨，晚上好。這是丹 (Dan) 代替西緬 (Simeon)。感謝您回答這個問題。好奇您現在的一般交貨時間是多久？與前幾年相比，可能還剩下多少可供假期購買的商品？如果我錯過了，我很抱歉，但是您打算如何以庫存來結束這一年？謝謝。

Sorry, can you repeat that? You were a little choppy.

抱歉，你能重複一遍嗎？你有點不順暢。

So just where the lead times are now and then how much has been left open to buy for holiday now versus prior years?

那麼，現在的交貨時間是怎麼樣的呢？

Yeah. We were strategic, not even just an open to buy, but positioning new receipts, like I mentioned. We have new receipts from both brands that just hit digital today, we're launching in stores. Actually, we're releasing as ready because there is the demand out there speaking to my last answer. So we're ready to go.

是的。我們有戰略眼光，甚至不只是開放購買，而是定位新的收據，就像我提到的那樣。我們有兩個品牌的新收據今天剛在數位平台上發布，我們正在商店中推出。實際上，我們已經準備好發布，因為外界對我上一個回答有需求。我們準備出發了。

We have new receipts here. We have another full delivery coming in towards the end of December, really excited about that. We have open to buy. We're pulling in actually as we speak. So we feel really good. We're going to be very nimble, and we're thinking about spring and how we're going to be ready to sell and have our inventory ready to go.

我們這裡有新的收據。12 月底我們將有另一批完整的貨物交付，對此我們感到非常興奮。我們已經開放購買。事實上，當我們說話的時候，我們就已經在收斂了。因此我們感覺非常好。我們會非常靈活，我們正在考慮春季以及如何做好銷售準備並準備好庫存。

So I think as we launch into spring, you're going to see really incredible excitement across both brands were positioned and we're nimbled. That's all I can say. And I've never seen the team react so swiftly on the business, and we're in a good position. Chase is always a good thing, and they're doing a great job.

因此，我認為，隨著春季的到來，您將會看到兩個品牌的定位都非常令人興奮，而且我們的行動非常靈活。我只能說這麼多。我從未見過團隊對業務做出如此迅速的反應，我們處於有利地位。Chase 一直都是好事，他們做得很好。

Thank you.

謝謝。

And going into spring inventory plan, in line with sales growth. That's our planning mentality at the moment, and we'll continue to do that in the spring and next year.

並進入春季庫存計劃，與銷售成長一致。這是我們目前的規劃思路，我們將在春季和明年繼續這樣做。

Appreciate the color. Thanks.

感謝色彩。謝謝。

Chris Nardone, Bank of America.

美國銀行的克里斯‧納多內 (Chris Nardone)。

Hey, guys, good afternoon. So just on your plan to ramp up the Aerie door count next year, can you just talk about what is giving you the confidence to step up the pace relative to the more muted openings this year? And Jen, just on the recent introduction of the sleep business, is this sizable enough to offset any potential pressure you may see from your swim business next year if it continues to be a challenging category?

嘿，大家下午好。那麼，關於您明年增加 Aerie 門市數量的計劃，能否談談相對於今年較為平靜的開業速度，是什麼讓您有信心加快步伐呢？Jen，關於最近推出的睡眠業務，如果明年游泳業務仍然是一個充滿挑戰的類別，那麼這個規模是否足以抵消您明年可能遇到的游泳業務潛在壓力？

Yeah, sure. I should add on. It's not just sleep. We're seeing incredible momentum in all of soft dressing in Aerie fleece, tops, knits, new categories like dresses, cover-ups. So you'll see a lot more of that assortment as we head into the spring season. So I feel really good about the way we positioned our plans to offset any slowness in swim.

是的，當然。我應該補充一下。這不僅僅是睡眠。我們看到，Aerie 羊毛衫、上衣、針織品以及連身裙、罩衫等新類別的軟裝都呈現出驚人的發展勢頭。因此，隨著春季的到來，您會看到更多這樣的商品。因此，我對於我們制定的計劃感到非常滿意，該計劃可以抵消游泳方面的任何放緩。

Interestingly enough, Aerie held all their market share in all of our categories, apparel, every category, but intimates since -- well, we did hold our market share in intimates, I should say. But those are the two categories that are seeing pressure across the entire business. So feel good about that they were attacking our other businesses to offset for spring. That said, we feel very confident about our store openings.

有趣的是，Aerie 在我們所有的類別中都佔據了市場份額，服裝，每個類別，但貼身衣物除外——好吧，我應該說，我們確實在貼身衣物方面佔據了市場份額。但這兩個類別正面臨整個產業的壓力。所以很高興看到他們正在攻擊我們的其他業務來抵消春季的影響。儘管如此，我們對我們的開店非常有信心。

OFFLINE is actually neck and neck with Aerie and similar malls. This is amazing. It's a brand-new business. I want to remind you, OFFLINE launched in 2020 during COVID online only. We're now seeing record highs in our legging business and our sports bra business. So we feel like we definitely can go. Mike mentioned, these stores are profitable. They're making money out of the gate. They're hitting performance. Really excited about the OFFLINE growth.

OFFLINE 實際上與 Aerie 和類似的商場不相上下。這太神奇了。這是一項全新的業務。我想提醒您，OFFLINE 在 2020 年 COVID 期間僅在線上推出。我們的緊身褲業務和運動胸罩業務目前都創下了歷史新高。所以我們覺得我們絕對可以去。Mike提到，這些商店都是有獲利的。他們一開始就賺到錢了。他們的表現非常出色。線下的成長確實讓我很興奮。

And Aerie, it's just about moving into new market still. We still have opportunity in new markets. And we know our Aerie stores are very profitable. The new store design must I say, is pretty cool. I love it.

Aerie 仍處於進軍新市場階段。我們在新市場仍有機會。我們知道我們的 Aerie 商店利潤非常豐厚。我必須說，新店的設計非常酷。我喜歡它。

[It's all] at the arch, it's amazing. I think everyone would feel excited about it. If you haven't seen it, get out there, and we're seeing nice business on those new stores, and they are definitely more profitable. We were really efficient the way we build them out. So some exciting things to happen for the future.

[一切都在]拱門旁，真是太神奇了。我想每個人都會對此感到興奮。如果你還沒看到，那就去看看吧，我們發現這些新店的生意不錯，而且利潤肯定更高。我們建造它們的方式確實很有效率。未來將會發生一些令人興奮的事情。

Jen just said is the acceleration to support that. We're opened 25 doors this year -- or 25 stores, which combination of Aerie standalone, OFFLINE standalone, so we've been kind of more doors for the two brands beyond the 25 total store count. And we're looking to accelerate there or build upon that next year, probably more in the 45 store count with doors being higher to support Aerie OFFLINE side-by-side within that count as well.

Jen 剛才說的是支持這一點的加速。我們今年新開了 25 家門市，或者說 25 家商店，包括 Aerie 獨立店和 OFFLINE 獨立店，因此，除了總門市數量 25 家之外，我們為這兩個品牌開設了更多的門市。我們希望在明年加速或在此基礎上進一步發展，可能會將門市數量增加到 45 家，門市數量也會更高，以便在這一數量範圍內同時支援 Aerie OFFLINE。

This OFFLINE business has been the kind of highest growth category for the company. We're seeing great trends strides here in terms of market share gains. So it's really a strategic to support that even further going into next year.

線下業務一直是該公司成長最高的業務類別。我們看到市場佔有率成長方面出現了巨大的趨勢。因此，這確實是一個策略，可以為明年的進一步支持提供進一步的支持。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Hi. This is Katy Delahunt on for Alex Straton. I just want to ask, how are you thinking about the impact of the new administration particularly on tariffs? Any color you could give on kind of your manufacturing exposure there would be really helpful. Thank you.

你好。這是 Katy Delahunt 為 Alex Straton 主持的節目。我只想問一下，您如何看待新政府的影響，特別是對關稅的影響？如果您能提供任何有關您在那裡的製造經歷的信息，那將會非常有幫助。謝謝。

Okay. This is Jay. We're very flexible in our operations. We have the ability like to source anywhere. Just to remind everybody, we were around in 2016 through 2020. So this is nothing new to us.

好的。這是傑伊。我們的營運非常靈活。我們有能力在任何地方進行採購。只是想提醒大家，我們從 2016 年到 2020 年一直都在。這對我們來說並不是什麼新鮮事。

We've been living with tariffs and change in tariff policy in 2020, it's still going on, and we have that flexibility. And nobody knows for sure exactly what's going to happen. So we are flexible and we are lean that way.

2020 年，我們一直在應對關稅和關稅政策的變化，這種情況仍在繼續，而且我們具有這種靈活性。沒有人確切知道到底會發生什麼事。因此我們是靈活且精益的。

Yeah. We've got a very strong sourcing team, sourcing capabilities. We already sourced from 15-plus countries with great relationships and partnerships with our manufacturers. So we're in this together I think, and the team internally is doing a great job in proactively looking at setting up redundancy and the ability to shift as we see fit, depending on the outcome.

是的。我們擁有非常強大的採購團隊和採購能力。我們已經從 15 多個國家採購產品，並與我們的製造商建立了良好的關係和夥伴關係。所以我認為，我們是一起努力的，而且內部團隊正在積極考慮設置冗餘，並根據結果根據需要進行轉變，做得很好。

[Nobody knows where it's going to be.]

[沒人知道它會去哪裡。

Right. So we're setting ourselves up to be ready to react regardless of exactly what occurs.

正確的。因此，無論發生什麼情況，我們都已準備好做出反應。

Great. Thank you.

偉大的。謝謝。

Marni Shapiro, Retail Tracker.

Marni Shapiro，零售追蹤員。

Hey, guys. I have a couple of quick questions. I just want to confirm, did you say 45 Aerie and OFFLINE stores in '25? And can you just give us an estimate on what Eagle stores would look like for next year as well?

嘿，大家好。我有幾個簡單的問題。我只是想確認一下，您說的是 25 年有 45 家 Aerie 和 OFFLINE 商店嗎？您能否對我們明年的 Eagle 商店的情況做一個估計？

Yeah, Marni, I think we're talking about 45 stores roughly. We're going to refine these plans. We'll talk more in March when we provide a very specific color and updates for '25 guidance and store counts, capital spending, all of it.

是的，Marni，我想我們談論的大約有 45 家商店。我們將完善這些計劃。我們將在 3 月進行更多討論，屆時我們將提供非常具體的顏色和 25 年指導以及商店數量、資本支出等的更新。

Right now, preliminarily, we're looking at 45 stores total, which would be a combination of Aerie standalones OFFLINE standalones And then when I say doors, doors could be like 55 to 60 because a bunch of those would be Aerie and OFFLINE side by side. It could be 45 stores, maybe 60 doors that what we call our terminology internally because a chunk of those would be side by side.

目前，我們初步考慮總共 45 家商店，這些商店將是 Aerie 獨立店和線下獨立店的組合。可能有 45 家商店，也許有 60 扇門，這就是我們內部所說的術語，因為其中很大一部分是並排的。

And for AE, we're still looking at -- we're repositioning a bunch of stores. We're seeing good success when we do that in markets, especially one or two store markets. Probably still a net closure situation, but we've been closing less stores in the 20 range, could be something similar, and we're really focused on this remodel program, though.

對於 AE，我們仍在關注——我們正在重新定位一些商店。當我們在市場中，特別是一兩家商店的市場中這樣做時，我們看到了良好的成功。可能仍是淨關閉的情況，但我們關閉的商店數量較少，在 20 家左右，情況可能會類似，但我們確實專注於這個改造計劃。

So as we're touching 70 to 80 this year in total, we're looking to probably accelerating that just based on the results we're seeing. Could be over 100 stores that we --

因此，由於我們今年的總人數將達到 70 到 80 人，因此根據我們看到的結果，我們可能會加速這一進程。可能有超過 100 家商店--

(inaudible) better locations.

（聽不清楚）更好的位置。

And we're repositioning, rightsizing, getting better positions where it makes sense, and we could be looking at it over 100 next year, but we'll refine that.

我們正在重新定位，調整規模，在合理的範圍內獲得更好的位置，明年我們可能會考慮超過 100 個，但我們會對其進行改進。

That's great. And then, Jen, if we could -- it sounds like almost a tale of two businesses right now. When things are good, they're really good. I was in your stores Black Friday. You know I sent pictures. Your bags were literally everywhere. They were Gremlins through the mall. So is the choppiness -- to me, -- you had a lot of sweaters leading the store. You had a lot of warm weather. To Janet's point, your fashion when it came in, sold very, very quickly. How much of this can you really attribute just to lack of weather-driven demand?

那太棒了。然後，Jen，如果我們可以的話——這聽起來幾乎就像是兩個企業的故事。當事情好的時候，它們真的很好。「黑色星期五」期間我去過你們的商店。你知道我發了照片。你的行李幾乎到處都是。他們是穿過商場的「小精靈」。對我來說，這種不穩定因素也很多，商店裡有很多毛衣。你們那裡的天氣很溫暖。正如珍妮特所說，你的時裝一上市就賣得非常非常快。您能將其中有多少歸咎於天氣驅動需求的缺乏？

And if that really is the case, I guess, why would you be so concerned about January? I mean, it's possible we have a really warm January, but it feels inconsistent because you're getting really good reception to all the products you're putting in the store? So I'm trying to those two things.

如果事實確實如此，我想，你為什麼會如此擔心一月份呢？我的意思是，我們有可能度過一個非常溫暖的一月，但感覺不一致，因為你在商店中擺放的所有產品都受到了很好的歡迎？所以我正在嘗試做這兩件事。

Yes, I understand. It's a great call, Marni. Like we're up against incredible comps from last year. We're seeing this year-over-year, quarter-over-quarter growth for all brands. I think that's something that we should be proud of right now. It's been something that hasn't been done, and we've been working on all brands.

是的，我明白。這真是一個很棒的決定，瑪尼。就像我們面對的是去年令人難以置信的對手。我們看到所有品牌都呈現同比、環比成長。我認為這是我們現在應該感到自豪的事情。這是尚未完成的事情，我們一直在致力於所有品牌。

Now, I think it's time for these brands to really take it forward and really double down on all of our learnings. Aerie's at the pinnacle of a new stage of growth, AE has only just begun. We have opportunity in men's. We're seeing some acceleration in men's. But I think with some of the plans we have ready for spring, I think you're going to see a lot more excitement there.

現在，我認為這些品牌是時候真正向前邁進並加倍學習了。Aerie 正處於新一輪發展的巔峰，而 AE 才剛起步。我們在男子方面還有機會。我們看到男子運動正在加速發展。但我認為，我們已經為春季準備好了一些計劃，我想你會看到更多令人興奮的事情。

And look, we are just thinking we're just being smart. That's all. There was some choppiness with the election. Who knows about snowstorms. We're just preparing ourselves.

瞧，我們只是以為自己很聰明。就這樣。選舉中出現了一些波動。誰知道暴風雪。我們只是在做準備。

And look, what we're seeing early on coming out of cyber, we like what we're seeing. I mentioned that. We're seeing similar And we want to obviously over deliver, that's what we want to do. But just being smart, that's all.

看看我們早期在網路領域看到的東西，我們喜歡我們所看到的。我提到過這一點。我們看到了類似的事情，我們顯然想超額完成，這就是我們想要做的。但僅僅是聰明而已。

That's great. Best of luck for the rest of the holiday season, guys.

那太棒了。祝大家假期剩餘時間好運。

Thank you.

謝謝。

Thank you. And we have reached the end of the question-and-answer session. And also we have reached the end of today's call. And we thank you for your participation. You may disconnect your lines at this time. Have a great day.

謝謝。問答環節已經結束。今天的通話也已經結束了。我們感謝您的參與。現在您可以斷開您的線路。祝你有美好的一天。