American Eagle Outfitters Inc (AEO) 2025 Q1 法說會逐字稿

Good day and welcome to the AEO Incorporated first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 AEO Incorporated 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ms. Judy Meehan, Head of Investor Relations and Corporate Communications. Please go ahead, ma'am.

現在，我想將會議交給投資者關係和企業傳播主管朱迪·米漢女士。請繼續，女士。

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 American Eagle 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發言的還有執行董事長兼首席執行官傑伊·肖滕斯坦 (Jay Schottenstein)、American Eagle 和 Aerie 總裁兼執行創意總監 Jen Foyle 以及首席財務官邁克·馬蒂亞斯 (Mike Mathias)。

Before we begin today's call, I need to remind you that we will make certain forward-looking statements. These statements are based upon information that represents the company's current expectations or beliefs. The results actually realized may differ materially based on risk factors included in our SEC filings. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

在我們開始今天的電話會議之前，我需要提醒您，我們將做出某些前瞻性的陳述。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包含的風險因素，實際實現的結果可能會有重大差異。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，無論是否出現新資訊、未來事件或其他情況。

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 first-quarter investor presentation.

另請注意，在本次電話會議和隨附的新聞稿中，某些財務指標是按照 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帶的表格中找到，該報告發佈於我們公司網站 www.aeo-inc.com 的「投資者關係」部分。您也可以在這裡找到第一季的投資者介紹。

And now, I will turn the call over to Jay.

現在，我將把電話轉給傑伊。

Thanks, Judy, and good afternoon, everyone. As described in our preliminary release earlier this month, we were disappointed with our first-quarter performance. The margin impact, together with the $75 million inventory write down contributed to a $68 million adjusted operating loss for the quarter.

謝謝，朱迪，大家下午好。正如我們本月稍早發布的初步報告所述，我們對第一季的業績感到失望。利潤率的影響加上 7,500 萬美元的庫存減記導致本季調整後的營業虧損達到 6,800 萬美元。

At the brand level, American Eagle comps were down 2% and Aerie comps declined 4%. While the broader macro environment and cold spring weather presented challenges, we did not execute to our potential. We had some product misses in our spring and summer floor sets.

品牌層面，American Eagle 同店銷售額下降 2%，Aerie 同店銷售額下降 4%。儘管更廣泛的宏觀環境和寒冷的春季天氣帶來了挑戰，但我們並未發揮出我們的潛力。我們的春夏系列產品中缺少了一些產品。

At Aerie, in particular, merchandise came in with higher design and transportation costs, and we were not able to realize pricing to support a healthy margin. Altogether, this resulted in higher-than-expected promotions and the inventory write down we took on spring and summer merchandise.

特別是在 Aerie，商品的設計和運輸成本更高，我們無法實現定價來支持健康的利潤率。總而言之，這導致促銷活動超出預期，春夏商品的庫存減記。

In reviewing the season, our execution needs to be better, and the entire team is hard at work to ensure that it is. We have been busy correcting and planning fall 2025 and spring 2026 seasons with all of our learnings top of mind.

回顧這個賽季，我們的執行力需要更好，整個團隊都在努力確保這一點。我們一直在忙於糾正和規劃 2025 年秋季和 2026 年春季，並將所有學習成果放在首位。

With the right down behind us, we entered the second quarter with inventory for the season better aligned with recent sale trends. Additionally, we have implemented increased rigor into our buying process, which includes greater cross-functional partnership and oversight.

隨著庫存的下降，我們進入了第二季度，本季的庫存與近期的銷售趨勢更加一致。此外，我們對採購流程實施了更嚴格的要求，包括加強跨職能合作和監督。

We also remain focused on optimizing our operations consistent with our long-term strategic framework. In the first quarter, we accelerated plan actions to further strengthen our supply chain network, which included closing two of our edge fulfillment centers. This was the majority of the $17 million non-GAAP charge in the first quarter and is expected to generate annualized savings of approximately $5 million.

我們也將繼續致力於優化與我們的長期策略框架一致的營運。第一季度，我們加快了計劃行動，進一步加強了我們的供應鏈網絡，其中包括關閉兩個邊緣履行中心。這是第一季 1700 萬美元非公認會計準則費用的大部分，預計將產生約 500 萬美元的年度節省。

We continue to take steps to mitigate the impact of tariffs, using all levers at our disposal as it makes sense for our business. Additionally, we are continuing on our strategic path to move business to ensure we are manufacturing with best-in-class partners in countries that make sense for us.

我們將繼續採取措施減輕關稅的影響，並利用一切可以利用的手段，因為這對我們的業務有意義。此外，我們將繼續沿著戰略路徑推進業務發展，以確保我們在對我們有意義的國家與一流的合作夥伴一起進行生產。

Although we continue to face challenges and near-term uncertainties, I believe we are making progress. While annual guidance remains paused until we have greater visibility, I'm confident that we will see improvement as the year progresses. This is further underscored by the meaningful opportunities we see to continue to amplify our brands, two of the most beloved brands in retail in American Eagle and Aerie, as well as our active sub-brand OFFLINE.

儘管我們繼續面臨挑戰和短期不確定性，但我相信我們正在取得進展。儘管年度指導仍處於暫停狀態，直到我們有更大的透明度，但我相信隨著時間的推移，我們將看到改善。我們看到繼續擴大我們品牌的重大機遇，這進一步強調了這一點，我們的品牌包括 American Eagle 和 Aerie 這兩個零售業最受歡迎的品牌，以及我們活躍的子品牌 OFFLINE。

The team is focused on fueling growth and reach, and we remain confident in the strategic initiatives we have laid out to drive this. Our capital allocation priorities balance investments to support our long-term growth agenda while making sure we return capital to shareholders.

該團隊致力於推動成長和影響力，我們對為推動這一目標而製定的策略舉措充滿信心。我們的資本配置重點是平衡投資，以支持我們的長期成長議程，同時確保向股東返還資本。

On that note, in the first quarter, this included the initiation of a $200 million accelerated share repurchase program as well as $31 million in open market shares repurchases. Additionally, we paid out $22 million in cash dividends in the first quarter.

就此而言，第一季度，這包括啟動 2 億美元的加速股票回購計畫以及 3,100 萬美元的公開市場股票回購。此外，我們在第一季支付了 2,200 萬美元的現金股利。

Before I turn the call to Jen, I want to underscore that we are working with urgency to reignite our performance. We expect to be well positioned, heading into the important back to school season and are confident that results will follow. We've been through challenges in the past and always emerged stronger, and that is our goal. We are grateful for the continued commitment and support of our associates and partners as we work to capitalize on the meaningful shareholder value creation and opportunity in front of us.

在我將電話轉給 Jen 之前，我想強調的是，我們正在緊急努力重振我們的業績。我們期望在重要的返校季節做好充分準備，並有信心取得成果。我們過去經歷過挑戰並且變得更加強大，這就是我們的目標。我們感謝同事和合作夥伴的持續承諾和支持，我們致力於利用我們面前有意義的股東價值創造和機會。

Now, I would turn the call over to Jen.

現在，我將把電話轉給 Jen。

Thanks, and good afternoon, everyone. Clearly, this was a tough quarter. We had misses on the merchandizing front and a handful of key categories. This was compounded by a cool spring and a slow start to the quarter in February.

謝謝，大家下午好。顯然，這是一個艱難的季度。我們在商品銷售方面和一些關鍵類別上都出現了失誤。春季涼爽以及二月季度開局緩慢，加劇了這一情況。

As the quarter progressed, we saw improvement and met our sales guidance. However, promotional activity was up resulting in lower AURs. We also took an inventory write down altogether driving significant margin pressure.

隨著季度的進展，我們看到了改善並達到了我們的銷售預期。然而，促銷活動增加導致 AUR 下降。我們也進行了庫存減記，這給利潤帶來了巨大的壓力。

Reviewing our performance by brand, starting with Aerie, issues were concentrated in soft apparel, particularly in fleece tops and shorts, where some of our big fashion ideas for the season simply did not resonate with our customer. We also had higher product costs, and we are not able to realize the pricing to get an acceptable margin.

按品牌回顧我們的表現，從 Aerie 開始，問題集中在軟服裝上，特別是羊毛上衣和短褲，我們當季的一些重要時尚理念並沒有引起客戶的共鳴。我們的產品成本也較高，我們無法實現定價以獲得可接受的利潤。

We did see areas of strength which we are leaning into as we move through the quarter and the balance of the year. In addition to certain fashion categories, we saw intimates improved sequentially as we gain share. Newness in fabrication and design as well as refreshed marketing emphasizing our unique value offering is resonating well.

我們確實看到了一些優勢領域，隨著本季以及全年的推進，我們正在向這些領域傾斜。除了某些時尚類別外，隨著市佔率的增加，我們發現貼身衣物的銷售量也隨之不斷改善。製造和設計的新穎性以及強調我們獨特價值的全新行銷引起了良好的共鳴。

OFFLINE by Aerie demonstrated positive growth. This continues to be such an exciting opportunity for us. We are gaining market share, expanding customer awareness and building a community around our truly unique take on activewear.

Aerie 的 OFFLINE 表現出積極的增長。這對我們來說仍然是一個令人興奮的機會。我們正在獲得市場份額，擴大客戶知名度，並圍繞我們真正獨特的運動服理念建立社區。

Looking ahead, Aerie collections are more cohesive and balanced between basics and fashion items, and tariffs aside, product costs are favorable. Despite the near-term challenges, I'm excited as ever about Aerie and OFFLINE's long-term growth opportunities. We have a powerful and strong platform we will continue to build upon. Our dedication to our customer is at the center of every decision we make, and we are committed to delighting them every day.

展望未來，Aerie 系列產品在基本款和時尚單品之間更加協調和平衡，而且除了關稅之外，產品成本也很優惠。儘管面臨近期的挑戰，但我對 Aerie 和 OFFLINE 的長期成長機會仍然充滿期待。我們擁有強大而強勁的平台，我們將繼續在此基礎上發展。我們對客戶的奉獻是我們所做的每一個決定的核心，我們致力於每天讓客戶感到滿意。

Let's turn to American Eagle. Although disappointing in total, we saw a nice improvement as spring breaks got underway during the Marpril period. As discussed last quarter, we experienced out of stocks in some core demo styles which constrained our performance in this quarter. Overall, we saw weakness in shorts and pants.

讓我們來看看 American Eagle。儘管總體上令人失望，但隨著 Marpril 期間春假的開始，我們看到了不錯的改善。正如上個季度所討論的，我們在一些核心演示樣式中經歷了缺貨，這限制了我們本季的表現。總體而言，我們看到短褲和長褲的疲軟。

On the positive side, we are pleased to see comp growth in several areas in our women's business, in particular, categories that have been a strategic focus around our social casual dressing initiatives. At the same time, we continue to elevate our everyday casual offering. We achieved our best quarter ever in fleece. And additionally, we came back in stock in women's denim, and then we saw improvement. Although we continue to see pressure in men, two notable positives were tops in our activewear franchise 24/7.

從積極的一面來看，我們很高興看到女裝業務在多個領域的成長，特別是那些一直是我們社交休閒服裝計畫策略重點的類別。同時，我們繼續提升我們的日常休閒產品。我們的羊毛業務取得了有史以來最好的季度成績。此外，我們恢復了女式牛仔布的庫存，然後我們看到了改善。儘管我們仍然看到男性面臨壓力，但在我們的 24/7 運動服特許經營中，有兩個值得注意的積極因素最為突出。

Looking ahead, I am confident we can build on these winds while addressing the opportunities that came to light over the past few months. Additionally, we have some very exciting campaigns planned for back to school, which we believe will elevate the brand and build greater customer engagement.

展望未來，我相信我們能夠利用這些機遇，同時抓住過去幾個月出現的機會。此外，我們也為返校季規劃了一些非常令人興奮的活動，我們相信這些活動將提升品牌形象並增強客戶參與度。

Before I turn the call over to Mike, I want to reiterate my confidence in the long-term growth potential for American Eagle and Aerie. We have powerful brands, strengthened our selling channels and a dedicated customer base that continues to grow with us. We are working with urgency to make the right improvements to realize our full potential.

在我將電話轉給麥克之前，我想重申我對 American Eagle 和 Aerie 長期成長潛力的信心。我們擁有強大的品牌、強大的銷售管道和與我們一起不斷成長的忠實客戶群。我們正在緊急努力做出正確的改進，以充分發揮我們的潛力。

And thank you, all. I'll turn the call over to Mike.

謝謝大家。我現在把電話轉給麥克。

Thanks, Jen. Good afternoon, everyone. Beginning with our first quarter review. As shared earlier this month, first quarter consolidated revenue of $1.1 billion declined 5% to last year. This included a 1 point headwind from adverse currency, and another 1 point from moving our Hong Kong operations to a license model last year. Comparable sales decreased 3%. As Jen said, February is particularly difficult with some improvement in the March-April time period. Of note, traffic was up across brands and channels. Comp pressure came through lower AURs and conversions.

謝謝，Jen。大家下午好。從我們的第一季回顧開始。正如本月稍早所分享的，第一季綜合收入為 11 億美元，較去年同期下降 5%。其中包括因不利貨幣而導致的 1 點逆風，以及去年將香港業務轉為許可模式而導致的 1 點逆風。可比銷售額下降3%。正如 Jen 所說，二月的情況特別困難，三月至四月期間有所改善。值得注意的是，各個品牌和通路的流量都有所增加。競爭壓力來自於較低的 AUR 和轉換。

Gross profit dollars were $322 million and included approximately $75 million in inventory write downs on spring and summer goods as previously disclosed. The gross margin was 29.6%. Our merchandise margin decreased 960 basis points driven by 680 basis points impact from inventory write downs.

毛利為 3.22 億美元，其中包括先前披露的約 7,500 萬美元的春夏商品庫存減損。毛利率為29.6%。我們的商品利潤率下降了 960 個基點，因為庫存減損影響了 680 個基點。

In addition, higher in season markdowns, higher product costs and increased freight as we chased into goods pressured margins. Buying occupancy and warehousing expenses de leveraged 140 basis points due largely to rent and delivery in light of the comp decline.

此外，隨著我們追逐商品，季節性降價幅度加大、產品成本上升以及運費增加也給利潤率帶來了壓力。由於租金和交付成本因同店銷售額下降而下降，採購佔用和倉儲費用下降了 140 個基點。

SG&A dollar increased 2% as a result of higher advertising where we made investments to support our brands with a partial offset from lower compensation. Appreciation was down year-over-year to $52 million and we recorded an adjusted first quarter operating loss of $68 million. And adjusted lost per share was $0.29. Consolidated ending inventory costs was down 5% following the write down, with units also down 5%.

由於廣告費用增加，我們投資於支持我們的品牌的廣告費用增加，而較低的薪酬則部分抵消了這一影響，因此銷售、一般及行政費用增加了 2%。增值額年減至 5,200 萬美元，我們第一季調整後的營業虧損為 6,800 萬美元。調整後每股虧損為0.29美元。合併期末存貨成本在減記後下降了5%，銷售量也下降了5%。

In the first quarter, as Jay noted, we continued to make long-term investments in our business while returning cash to shareholders. First-quarter CapEx totaled $62 million. With the after-market buybacks and the accelerated share repurchase program, our share count comes down to approximately $175 million moving forward, and we remain on track to complete the program in the second quarter. We ended the quarter with approximately $88 million in cash and investments and over $620 million in total liquidity, including our revolver.

正如傑伊所指出的，在第一季度，我們繼續對我們的業務進行長期投資，同時向股東返還現金。第一季資本支出總計 6,200 萬美元。透過上市後回購和加速股票回購計劃，我們的股票數量將降至約 1.75 億美元，我們仍有望在第二季完成該計劃。截至本季末，我們擁有約 8,800 萬美元的現金和投資，以及超過 6.2 億美元的總流動資金（包括我們的循環信貸）。

Now, turning to our outlook. While we have paused for your guidance until we have greater visibility, we wanted to share our expectations for the second quarter as well as some incremental color on the actions we're taken to strengthen performance.

現在，談談我們的展望。雖然我們暫停尋求您的指導，直到我們有更大的透明度，但我們希望分享我們對第二季的期望，以及我們為加強業績而採取的行動的一些漸進色彩。

Jen and team remain focused on improving product performance with fresh back to school merchandise hitting shelves in July. As mentioned, we've taken actions on inventory, including leaving fall and holiday season buys open to maintain flexibility in our merchandizing strategy.

Jen 和團隊將持續致力於提升產品效能，並將於 7 月推出全新的返校商品。如上所述，我們已對庫存採取了措施，包括保留秋季和假期季節的購買，以保持我們的商品銷售策略的靈活性。

As we continue to navigate tariffs, we're implementing various mitigation strategies, including partnering with our sourcing vendors to reduce costs. Additionally, we're further diversifying our supply chain and on track to reduce our sourcing exposure to China at under 10% this year, with falling holiday season down to low single digits.

隨著我們繼續應對關稅，我們正在實施各種緩解策略，包括與我們的採購供應商合作以降低成本。此外，我們正在進一步實現供應鏈多元化，並預計今年將對中國的採購比例降低至 10% 以下，而假日季的採購比例也將降至個位數。

We're pursuing efficiencies across capital spend with full year CapEx now expected to be approximately $275 million as we retain some investments over the coming years. And as noted last quarter, we expect currency pressure to alleviate in the second half as we lap headwinds from last year.

我們正在追求資本支出的效率，由於我們在未來幾年保留了一些投資，預計全年資本支出約為 2.75 億美元。正如上個季度所指出的，我們預計下半年貨幣壓力將會減輕，因為我們克服了去年的不利因素。

Altogether, this positions us to deliver improved growth, profitability and cash flow as the year progresses. For the second quarter specifically, we expect the top line to trend similar to the first quarter with revenue down 5% and comparable sales down approximately 3%.

總而言之，這將使我們能夠在未來幾年內實現更好的成長、獲利能力和現金流。具體來說，對於第二季度，我們預期營收趨勢與第一季類似，營收下降 5%，可比銷售額下降約 3%。

Operating income is expected to be in the range of $40 million to $45 million. We expect gross margin to be down to last year, driven primarily by higher in-season markdowns and BOW cost delevers on the comp decline.

預計營業收入將在 4,000 萬美元至 4,500 萬美元之間。我們預計毛利率將下降至去年水平，主要原因是季節性降價幅度加大以及 BOW 成本降低導致公司利潤下降。

SG&A dollars are expected to be roughly flat with D&A at approximately $54 million. The tax rate is expected to be approximately 25%, and the weighted average shared account will be approximately $175 million.

預計銷售、一般及行政費用 (SG&A) 將與折舊及攤銷前費用 (D&A) 基本持平，約 5,400 萬美元。預計稅率約25%，加權平均共享帳戶約1.75億美元。

Overall, we're committed to re-accelerating performance from here and to take the necessary action to achieve that goal. We are better positioned entering the second quarter, and our teams are laser focused on execution to strengthen our performance.

總的來說，我們致力於從現在開始重新加速績效，並採取必要的行動來實現這一目標。進入第二季度，我們處於更有利的位置，我們的團隊將專注於執行以加強我們的業績。

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

接下來，我們將開始回答問題。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Great, thanks. So Jay, maybe larger picture, what's your view of the consumer today? How do you see this impacting the retail landscape into the back half of the year? And maybe across your brands, how much of the recent performance do you see as macro driven maybe relative to execution related, and how can you best respond?

太好了，謝謝。那麼傑伊，也許從更大的角度來看，您對當今的消費者有何看法？您認為這會對下半年的零售業格局產生什麼影響？也許在您的品牌中，您認為最近的表現有多少是受到宏觀因素驅動的，可能與執行力有關，您如何做出最佳應對？

All right. With the macro situation, look, we're optimistic. We're hoping that this tax plan gets passed sooner than later, and I think that'll give a lot of optimism, and it may even stimulate the economy as far as the second half goes.

好的。從宏觀情勢來看，我們感到樂觀。我們希望這項稅收計畫能夠盡快獲得通過，我認為這將帶來很多樂觀情緒，甚至可能在下半年刺激經濟。

As far as the macro -- as far as the first half, I think at the beginning of the year, it did have a little influence on us between people worried about the immigration issue. They're worried about the government cuts. They're worried about tariffs. I think people are getting more settled down now on it and it's not as prominent as it was before.

就宏觀而言——就上半年而言，我認為在年初，它確實對我們產生了一些影響，人們擔心移民問題。他們擔心政府削減開支。他們擔心關稅。我認為現在人們對此已經更加適應了，它不再像以前那麼突出了。

Great. And then, maybe Mike, on the second-quarter operating income, I guess, could you help break down or break apart your embedded assumption for gross margin and just promotional activity needed, and the timeline to return to a clean inventory position across brands.

偉大的。然後，麥克，關於第二季的營業收入，我想，你能否幫忙分解或剖析一下你對毛利率和所需促銷活動的嵌入式假設，以及恢復各品牌清潔庫存狀況的時間表。

Yeah, I can hit the inventory piece first. We've been hard at work really -- start to see this trend in the first half, then with the tariff news on April 2 to really reset plans for the rest of the year, especially in the back half, the write down obviously to get our total inventory right set for this entire first six months, spring and summer goods. So our inventory we feel is in a better place for the back half, very much in line with sales expectations. We'll talk about we're not providing full-year guidance, but we'll talk about that more on the next call.

是的，我可以先打庫存部分。我們確實一直在努力工作——在上半年開始看到這種趨勢，然後根據 4 月 2 日的關稅消息，真正重新設定今年剩餘時間的計劃，特別是在下半年，顯然要減記，以便為整個前六個月的春季和夏季商品設定正確的總庫存。因此，我們認為下半年的庫存狀況會更好，非常符合銷售預期。我們會談論我們不提供全年指導，但我們會在下次電話會議上詳細討論這個問題。

And for Q2 specifically, yeah, we're still embedding on what is the negative 3 comp expectation similar to the first quarter at the moment, down [5] total revenue with still concurrency and other, the currency Hong Kong. Point or two headwinds there continuing for the second quarter until we lap both those things starting in the third quarter and still embedding some promotional activity that we believe we will probably need during the summer season here to get through the inventory and be clean going into the back to school season.

具體來說，對於第二季而言，是的，我們目前仍在考慮與第一季類似的負 3 倍可比預期，總收入下降 [5]，同時其他因素，即香港貨幣。一兩個不利因素將持續到第二季​​度，直到我們從第三季度開始克服這兩個因素，並且仍然嵌入一些促銷活動，我們認為我們可能需要在夏季進行庫存清理，並在返校季節之前保持清潔。

And then on -- with the down 5 total revenue pressure on the expenses and gross margin, rent and delivery specifically, I would expect to see the leverage on those lines again similar to what we saw in the first quarter.

然後，由於總收入下降 5%，費用和毛利率面臨壓力，特別是租金和交付，我預計這些方面的槓桿率將再次與我們在第一季看到的類似。

Great, best of luck.

太好了，祝你好運。

Thank you.

謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much. Jen, my question for you. Let's talk about some of the merchandizing issues. Do you feel like that maybe there was a little bit of a misread of where the consumer was going or was it perhaps -- your identification of trends was good but maybe competition had the trends a little bit better or sooner than you did. And then, secondly, how fast do you think you can get back on the trend where the merchandizing is where you want to be to perhaps drive stronger comp growth in the back to school and holiday seasons. Thank you.

太好了，非常感謝。Jen，我想問你一個問題。讓我們來討論一些商品銷售問題。您是否覺得也許您對消費者的走向有些誤讀，或者也許——您對趨勢的判斷是正確的，但競爭對手可能比您更早或更好地了解這些趨勢。其次，您認為您能多快恢復到您想要的商品銷售趨勢，從而在返校季和假期期間推動更強勁的銷售額成長。謝謝。

Sure, yeah, to reiterate, we came off of a really solid Q4. We were expecting more as we moved into February, and obviously that didn't happen. I will tell you that these teams are working very swiftly to repair what our learnings are, and there's always green shoots, right? And we definitely had product issues across brands, but there were product categories that worked.

當然，是的，重申一下，我們的第四季表現非常穩健。進入二月，我們期待更多，但顯然這並沒有發生。我會告訴你，這些團隊正在非常迅速地修復我們所學到的知識，並且總是會有新的進展，對嗎？我們確實存在跨品牌的產品問題，但有些產品類別是有效的。

So what the team's been up to since February is repairing and looking forward ahead. Of course, we needed to lean into moving our inventory, ensuring that we're clean. That is our approach. We want to be clean and lean for back to school. It's our Super Bowl season and that's what we're working on.

因此，自二月以來，球隊一直在修復局面並展望未來。當然，我們需要傾向於轉移我們的庫存，以確保我們的清潔。這就是我們的做法。我們希望在返校時保持乾淨、精幹的形象。這是我們的超級盃賽季，這就是我們正在努力的事情。

We have categories like OFFLINE. OFFLINE's been great. We had solid strength and growth there, and we're leaning into that category when we think about the Aerie brand. There are misses, but look, we're looking into back to school. I'm proud of what the team's working through. We have new members on the team, too, and we have new talent. And I think this team is a winning recipe, including moving some tenure teams into new businesses, i.e., direct. So I'm really excited about what's to come, but we have work to do, that's for sure.

我們有離線等類別。離線很棒。我們在那裡擁有雄厚的實力和成長，當我們考慮 Aerie 品牌時，我們傾向於這個類別。雖然有些失誤，但看，我們正在考慮重返學校。我為團隊的努力感到自豪。我們團隊也有新成員，也有新人才。我認為這支團隊有一個成功的秘訣，包括將一些終身團隊轉移到新業務，即直接業務。所以我對即將發生的事情感到非常興奮，但我們肯定還有很多工作要做。

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)。

Hi, good afternoon, everyone. As you think about capital allocation and the cap expenditure, I think it came in a little bit. How are you thinking about your physical footprint? What's changing in openings and closings versus what you had previously expected?

大家好，下午好。當您考慮資本配置和上限支出時，我認為它會產生一點影響。您如何看待自己的實體足跡？與您之前預期的相比，開場和收場有什麼變化嗎？

And then, if you think about the merchandise assortment going into the back half of the year, category wise, Jen, where do you expect to see the biggest improvement and what will take a little bit longer in order to address? Thank you.

然後，如果您考慮下半年的商品分類，從類別上看，Jen，您預計哪些方面會有最大的改進，哪些方面需要更長的時間來解決？謝謝。

I'll start with the product. Well, good news is our seasonal products were tough, right? Shorts across all three brands were tough. Interestingly enough, denim has been very, very strong for us and giving us nice solid indications as we think about back to school. So it's interesting how we've been able to lean into that category and make sure we're prepared for the back-to-school season, particularly obviously in AE. I mentioned OFFLINE, OFFLINE's been a strong category for us. We're winning in that area and we're going to continue to lean into that category in Aerie.

我先從產品開始。嗯，好消息是我們的季節性產品很難，對吧？這三個品牌的短褲都很硬朗。有趣的是，牛仔布對我們來說非常非常強勁，並且在我們考慮重返學校時給了我們很好的暗示。因此有趣的是，我們如何能夠傾向於這個類別並確保我們為返校季節做好準備，尤其是在 AE。我提到了離線，離線對我們來說是一個強大的類別。我們在該領域取得了勝利，並且我們將繼續在 Aerie 中向該類別邁進。

And look, intimate, we still have our -- what's interesting as I think about all three brands is we're holding our market share, okay, and we're gaining in areas like IE intimates where that whole share has been down across the industry and we're gaining share. So thinking about intimates for Aerie, we're excited about that category. Undies has been accelerating for us. And again, we're going to lean into these green shoots that we've been seeing, and we're prepared for back to school.

看看貼身衣物，我們仍然擁有——當我想到這三個品牌時，有趣的是，我們都保持著自己的市場份額，而且我們在諸如IE貼身衣物等領域的市場份額正在增長，而整個行業的市場份額一直在下降，而我們的市場份額正在增長。因此，考慮到 Aerie 的貼身衣物，我們對該類別感到非常興奮。內衣一直在加速我們的發展。再說一次，我們將抓住我們看到的這些復甦跡象，為返校做好準備。

On capital allocation, CapEx standard, we've reduced the guidance for the year to $275 million in CapEx. We're really just re-cadencing projects and our initial guidance for the AEO remodel program was around 100 locations. We're still going to do about 60 to 70 this year, so just re-cadencing them to preserve a little bit of cash in the environment, and really reaction to our own business, but the tariff impact initially in April we decided to re-cadence some capital projects to preserve some cash.

在資本配置、資本支出標準方面，我們已將今年的資本支出指導額度下調至 2.75 億美元。我們實際上只是重新安排項目，我們對 AEO 改造計劃的初步指導範圍是約 100 個地點。我們今年仍將進行大約 60 到 70 個項目，因此只是重新安排節奏以在環境中保留一點現金，並真正對我們自己的業務做出反應，但由於 4 月份最初的關稅影響，我們決定重新安排一些資本項目以保留一些現金。

So remodel program re-cadencing, Aerie stores, we're still looking about 30 openings and then we also just re-cadence of technology spend as well on a multi-year basis. And then, when we --prepared remarks, we talked about the dividend in the first quarter and the ASR being completed here during the second quarter.

因此，改造計劃重新調整，Aerie 商店，我們仍然在尋找大約 30 家新店，然後我們也只是在多年基礎上重新調整技術支出的節奏。然後，當我們準備發言時，我們談到了第一季的股息以及第二季完成的 ASR。

And then further outlook, we'll provide later in terms of continued plans. We know the remodel program will continue into next year, Aerie openings will provide additional color as we get further into this year as well.

然後進一步展望，我們將在後續計劃中提供。我們知道改造計畫將持續到明年，隨著今年的進一步推進，Aerie 的開幕也將增添更多色彩。

Thank you.

謝謝。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Thanks, guys. Can we just talk two things I want to confirm? I think you said denim is still doing well and you had some sellouts. When you saw the weather break, did you also see denim pick up in denim shorts? And is denim doing well in men's and women's? And then, I just have one quick follow up on your marketing. Is that going to be weighted towards back to school and any change in the spend there?

謝謝大家。我們可以談談我想確認的兩件事嗎？我認為您說過牛仔布仍然賣得很好並且有些商品已經售罄。當您看到天氣變暖時，您是否也看到牛仔短褲的流行？牛仔佈在男裝和女裝市場表現良好嗎？然後，我只想對您的行銷進行一次快速跟進。這是否會對重返校園以及學校的支出產生影響？

Sure, let me just say in general for men's, men's we've seen some acceleration in all categories as we move into Q2. So really good news there. Shorts has still remained fairly tough for us across, again, all three brands. Hoping when the weather breaks, we're going to see some relief there and we can then post on that.

當然，我只想說，總體而言，隨著我們進入第二季度，男裝所有類別都出現了一定的加速成長。這確實是個好消息。對我們所有三個品牌來說，短褲仍然相當困難。希望天氣轉好後，我們能看到那裡的情況有所好轉，然後我們就可以發布相關消息。

Denim in women's has been strong. Once we got back -- and if you remember back in March, I quoted that we were out of stocks in February. When we got back into stocks, we saw the business and the momentum, really good news there.

女裝牛仔布一直都很暢銷。一旦我們回來——如果你還記得三月的情況，我曾說過我們二月就缺貨了。當我們重新回到股市時，我們看到了業務和勢頭，這確實是個好消息。

And all -- it's really interesting in denim. And I think I've mentioned this on previous calls. We're seeing all of its work for women. It's great news for us. We have a stronghold in women's denim, and we've gained share, so that's the good news.

而且，牛仔布真的很有趣。我想我在之前的通話中提到過這一點。我們看到了它為女性所做的一切工作。這對我們來說是個好消息。我們在女式牛仔服裝領域佔據著主導地位，並且市場份額有所增長，這是個好消息。

And again, I want to reiterate our customer file. Our customer file in AE has grown high single digits and Aerie, through this tough, challenging time has grown mid-single digits. So we know we have work to do on the product. There were definitely some misses in Aerie, late good to the floor. I never like how that shows up, by the way, when you're doing good. Oh, never. I hate it. It ends up looking like what -- we all -- we know how that looks, and I know the teams. We see what our misses and again, starting in February, we've been reacting. So back to school campaign start in July and move through the season.

我想再次重申我們的客戶檔案。我們在 AE 的客戶數量已成長了高個位數，而 Aerie 在經歷了這段艱難、充滿挑戰的時期，也成長了中等個位數。所以我們知道我們需要對產品做一些工作。Aerie 中確實有一些失誤，後期表現不錯。順便說一句，當你做得很好的時候，我從不喜歡這種情況。哦，永遠不會。我恨它。最終看起來就像——我們都知道——我們都知道它是什麼樣子，而且我也了解這些團隊。我們看到了我們錯過了什麼，從二月開始，我們就開始做出反應。因此，返校活動將於 7 月開始並持續整個季節。

Fantastic. And just the marketing, will that be weighted towards back to school? Is that (multiple speakers) start to see the new campaigns and (multiple speakers)

極好的。那麼，行銷是否會專注於重返校園？（多位發言者）是否開始看到新的活動和（多位發言者）

Yeah, absolutely. AE had a new floor set recently and Aerie has new floor set this week. So again, we want to continue to bring in the newness that's so important for our customer, but our real marketing campaigns, you'll see more through July through the back-to-school season.

是的，絕對是如此。AE 最近推出了一套新地板，Aerie 本周也推出了一套新地板。因此，我們再次希望繼續推出對我們的客戶至關重要的新事物，但我們真正的行銷活動，您將在 7 月到返校季看到更多。

Honestly, the new floor set that just went in is stunning and such a big change from what's been there. So congrats on that because it honestly looks fantastic.

老實說，剛安裝的新地板令人驚嘆，與以前的相比有很大變化。所以恭喜你，因為它確實看起來很棒。

Thank you. Like I said, starting in February, we started to move fast, so that's what we need to do.

謝謝。就像我說的，從二月開始，我們就開始快速行動，這就是我們需要做的。

Thank you, guys.

謝謝你們。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Thank you. Good afternoon. I'm hoping you could talk about the outlook for promotions. So you touched on growth improving as the year progresses. What does that embed in terms of promotions? Like just bigger picture, how are you evaluating the potential to improve conversion with promotions versus protecting gross margins?

謝謝。午安.我希望您能談談晉升的前景。所以您提到了隨著時間的推移經濟成長會改善。這對於促銷來說意味著什麼？從更大的角度來看，您如何評估透過促銷提高轉換率的潛力與保護毛利率的潛力？

Yeah, I think I will put the rest of this quarter like I talked about, still assuming a little pressure on mark down through promotions to get ourselves completely clean going into the back to school season as Jen talked about. In the back half, we're still embedding a little more expectation around promotions into our gross margin expectations, but again, we haven't really guided the full year, and we'll provide more color on that in the third quarter.

是的，我想我會像我所說的那樣安排本季度的剩餘時間，仍然假設透過促銷來降低價格，以便讓我們在進入返校季節時完全乾淨，就像 Jen 所說的那樣。在下半年，我們仍然將促銷方面的更多期望融入到我們的毛利率預期中，但同樣，我們還沒有真正指導全年，我們將在第三季提供更多細節。

I will say and we definitely look at our -- we diagnosed our assortments and where we might have had opportunity in units and opening price points. And the teams have been up to remixing starting back to school and even the near end as I just spoke about.

我要說的是，我們肯定會考慮我們的——我們診斷了我們的產品組合，以及我們可能在單位和開盤價位方面有機會的地方。正如我剛才所說，從開學開始，甚至接近畢業，各個團隊就一直在進行重新混音。

Can you also unpack your outlook for SG&A? So it grew 2% in Q1. 2Q is planned flat. Just curious what you're pulling back on and how you're approaching the back half given expectations for better growth? Curious if you lean into that improvement or if you keep spending pretty tight here.

您能否也闡述對銷售、一般及行政費用 (SG&A) 的展望？因此第一季成長了2%。第二季計畫持平。我只是好奇您正在撤回什麼以及考慮到更好的增長預期您如何處理後半部分？好奇您是否傾向於這種改進，或者您是否繼續在這裡節省開支。

Yeah, I'll actually give a little color on the full year SG&A. So yes, we're assuming around -- we're estimating, projecting about flat SG&A in the second quarter, and that's true for the year, too. As of right now, I expect SG&A to be relatively flat in the year, but where we're leaning into is customer facing spend. The earlier question advertising will be up on the year. We have some exciting things coming for the coming back to school season general. Elaborate on later. So we are -- there's an incremental spend in the third quarter, so all other SG&A is down on the year including compensation lines. Advertising is where we are increasing spend and that's resulting in roughly a flattish outlook for the year.

是的，我實際上會對全年銷售、一般及行政費用 (SG&A) 做一些說明。是的，我們假設——我們估計，預測第二季銷售、一般及行政費用將持平，對於全年而言也是如此。截至目前，我預計今年的銷售、一般及行政開支將相對持平，但我們關注的是面向客戶的支出。早期的問題廣告將在年內發布。在即將到來的開學季，我們準備了一些令人興奮的事情。稍後詳細說明。因此，我們 - 第三季度的支出有所增加，因此包括薪酬項目在內的所有其他銷售、一般及行政費用同比都有所下降。我們在廣告方面的支出正在增加，因此今年的前景大致持平。

Thanks very much.

非常感謝。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

Thank you for taking my question. Could you give more color on how the digital perform versus stores during the quarter and what you're seeing quarter to date there? And as you think about mitigating the tariff impact, how are you thinking about the pricing strategy as you flow through the goods at a higher price? Thank you very much.

感謝您回答我的問題。您能否詳細介紹本季數位業務與實體店的表現以及本季迄今的觀察情況？當您考慮減輕關稅影響時，您如何考慮以更高價格流通商品的定價策略？非常感謝。

We definitely saw an uptick on the digital channel, and we leaned in there during the quarter. I will say it was a very interesting quarter. The traffic was very tumultuous whether it was going to stores or digital. It was -- we navigated to the best of our ability, and we leaned into the digital channel for sure. And we saw a nice uptick on the AE side particularly. So again, we're going to continue to take those learnings and move forward.

我們確實看到了數位管道的上升趨勢，並且我們在本季度加大了對該管道的投入。我想說這是一個非常有趣的季度。無論是前往商店還是數位管道，交通都非常擁擠。是的——我們盡了最大努力，並且確實傾向於數位管道。我們尤其看到了 AE 方面的良好成長。因此，我們將繼續吸取這些經驗教訓並繼續前進。

I think I missed your latter half of the promotional question, you phased out, so.

我想我錯過了你促銷問題的後半部分，你已經退出了，所以。

Yeah, just as you think about tariffs and mitigating that impact, how are you sort of using pricing as a lever there, how are you sort of balancing promotions and raising pricing in the current environment?

是的，正如您考慮關稅和減輕其影響一樣，您如何利用定價作為槓桿，如何在當前環境下平衡促銷和提高價格？

Yeah, as Jay mentioned in his -- earlier, we definitely saw some impact of air and cost of goods, particularly in Aerie. So when we looked forward and we again took our learnings, we're making sure that our cost of goods is in line, including the tariffs. And I have to give a call out to the teams. We were well in front of the tariffs. We worked hard to make sure we were mitigating this risk between production, merchandizing, planning. They did an outstanding job, and we feel like we're very well positioned for back to school. And ready to compete.

是的，正如傑伊之前提到的那樣，我們確實看到了空運和貨物成本的一些影響，尤其是在 Aerie。因此，當我們展望未來並再次吸取教訓時，我們要確保我們的商品成本符合要求，包括關稅。我必須向各隊發出呼籲。我們遠遠領先關稅。我們努力確保在生產、銷售和規劃過程中降低這種風險。他們做得非常出色，我們覺得我們已經為返校做好了充分的準備。並做好參賽準備。

All right. Thank you.

好的。謝謝。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Chris, are you on mute?

克里斯，你靜音了嗎？

Maybe on mute.

或許是靜音了。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect. Thanks so much. Maybe just on guidance, maybe what would give you confidence there to reinstate it and what are really the KPIs for the second quarter that you're watching to ensure that you're making progress from some of the first quarter missteps? Thanks so much.

完美的。非常感謝。也許只是指導，也許什麼會給你信心去恢復它，你真正關注的第二季度的 KPI 是什麼，以確保你從第一季度的一些失誤中取得進展？非常感謝。

Yeah, on guidance, as we said, the first-quarter results, definitely some uncertainty still on the impact of tariffs for the rest of the year focusing on getting ourselves right into the back-to-school season.

是的，就指導而言，正如我們所說，第一季的業績，對於今年剩餘時間關稅的影響肯定仍然存在一些不確定性，重點是讓我們直接進入返校季節。

I'd imagine as we get to the second-quarter call, we'll definitely be deciding third-quarter color and if we have a better sense of narrowing down that impact on comparison to our gross margin, we'll get back to a full-year number to include a fourth-quarter expectation, too, but we'll talk about that on the second-quarter call in a few months.

我想，當我們進入第二季度電話會議時，我們肯定會決定第三季度的顏色，如果我們更好地了解如何縮小與毛利率相比的影響，我們將回到全年數字，包括第四季度的預期，但我們將在幾個月後的第二季度電話會議上討論這個問題。

As far as metrics go, I think, there are things that we saw in the first quarter. Traffic was still relatively healthy in general, customer accounts still very healthy. AUR and conversion were the drivers of the negative comp, so those are definitely metrics we've got our eyes on here day to day between both channels, Jen and teams, looking at the results every day across those metrics to see what the adjustments that could be made mostly either in cross stores and digital.

就指標而言，我認為，我們在第一季就看到了一些情況。總體而言，流量仍然相對健康，客戶帳戶仍然非常健康。AUR 和轉換率是負面比較的驅動因素，因此這些絕對是我們每天在兩個管道之間關注的指標，Jen 和團隊每天都會查看這些指標的結果，看看可以在跨商店和數位方面做出哪些調整。

So I'd say those are the metrics based on the driver of the negative comp that we saw in the first quarter, we have our eyes on those very closely.

所以我想說，這些是基於我們在第一季看到的負面比較驅動因素的指標，我們非常密切地關注這些指標。

Great, good luck.

太好了，祝你好運。

Chris Nordone, Bank of America.

美國銀行的克里斯諾登 (Chris Nordone)。

Hi, guys. Do you hear me now?

嗨，大家好。你現在聽見我說話了嗎？

Yes.

是的。

All right. Sorry about that. So first, can you just clarify how both brands are trending so far this quarter relative to the 2Q comp guide down 3%? I might have missed it.

好的。很抱歉。那麼首先，您能否澄清一下本季到目前為止這兩個品牌相對於第二季下降 3% 的趨勢如何？我可能錯過了。

I don't think we said it, so don't think he missed it, but they're very similar. AE, down 2% in the first quarter, Aerie, down 4%. Right now, they're trending very similar to that total guidance.

我認為我們沒有說過，所以不要認為他錯過了，但它們非常相似。AE 第一季下跌 2%，Aerie 下跌 4%。目前，它們的趨勢與整體指導非常相似。

Okay. And then just on margins really quick. I think you alluded to product cost becoming the tail end. Can you just elaborate and help quantify anything around this and how we should think about phasing in the tariff impact if it's really going to be more of a 3Q onward event or if you'll see some impact in the second quarter?

好的。然後很快就到了利潤率。我認為您提到產品成本正在成為尾端。您能否詳細說明並量化這方面的任何情況，以及如果這真的會成為第三季度及以後的事件，或者您會在第二季度看到一些影響，我們應該如何考慮逐步實施關稅影響？

Yeah, I think we talked about product costs being favorable pre any tariff impact. And then the tariffs, we've got the mitigated impact to this year, a couple of million dollars in the second quarter, but the full-year number is around $40 million, Chris. Again, a couple of million in the second quarter that's embedded in our current guidance. The rest of it, you could spread between Q3, Q4.

是的，我認為我們討論過在關稅影響之前產品成本是有利的。然後是關稅，我們對今年的影響有所減輕，第二季度有幾百萬美元，但全年數字約為 4000 萬美元，克里斯。再次強調，第二季的幾百萬已包含在我們目前的指導中。其餘部分，你可以分散到第三季和第四季。

Understood. Thanks.

明白了。謝謝。

Simeon Segal, BMO Capital Markets.

Simeon Segal，BMO 資本市場。

Hey, good afternoon. This is Dan on for Simeon and thanks for taking our question. Anything you could share in terms of how you're planning inventory for the remainder of the year and maybe what you're planning open to buy for the back half versus historical levels. Thanks.

嘿，下午好。我是丹，代表西蒙發言，感謝您回答我們的問題。您可以分享您如何規劃今年剩餘時間的庫存，以及與歷史水平相比，您計劃在下半年購買什麼。謝謝。

Yeah, as I said earlier, we're planning inventory commensurate with our sales expectations. Made a lot of adjustments through this first few months of the year to right set things for the rest of the year. I feel very good about how we're positioned as of right now going into the back half, and we do have about 30% of that open at the moment with calls coming over the next couple months as we get into the -- around June, July and August period. So we'll be making very -- we're very detailed and decisive conversations together on placing those buys as we see the trend continue over these next several months, but that flexibility is key.

是的，正如我之前所說，我們正在計劃與銷售預期相稱的庫存。今年頭幾個月做出了許多調整，為今年剩餘的時間做好了準備。對於我們目前進入下半年的處境，我感覺非常好，目前我們確實有大約 30% 的空缺，在接下來的幾個月裡，也就是進入六月、七月和八月期間，我們會接到電話。因此，我們將進行非常詳細和果斷的對話，以確定這些購買計劃，因為我們看到這種趨勢將在未來幾個月繼續下去，但靈活性是關鍵。

Yeah. Thanks very much.

是的。非常感謝。

Thanks. I think there's no one else left in queue, so that concludes our call for today. Thanks everyone for your participation.

謝謝。我想隊列中已經沒有人了，所以今天的通話就到此結束。感謝大家的參與。

Thank you.

謝謝。

Thanks, everyone.

謝謝大家。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。