American Eagle Outfitters Inc (AEO) 2025 Q2 法說會逐字稿

Welcome to the AEO Inc. second-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 AEO Inc. 2025 年第二季財報電話會議。（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 Judy Meehan, Head of Investor Relations and Corporate Communications. Please go ahead.

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 (Judy Meehan)。請繼續。

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.

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。

The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Additionally, please see the second quarter investor presentation in our corporate website at www.aeo-inc.com in the Investor Relations section. And now, I will turn the call over to Jay.

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，無論其是否由於新資訊、未來事件或其他原因。此外，請參閱我們公司網站 www.aeo-inc.com 投資者關係部分的第二季投資者介紹。現在，我將把電話轉給傑伊。

Thanks, Judy, and good afternoon, everyone. Before we get into the quarterly results, I want to step back and acknowledge the team's hard work and our conviction in our long-term plans. We had a good quarter. But more importantly, we continue to strengthen our brands, improve our runway for growth and manage the business for higher profitability. The consumer backdrop is dynamic, yet we are focused on controlling all that is within our control, providing a leading customer experience while maintaining cost disciplines.

謝謝，朱迪，大家下午好。在我們討論季度業績之前，我想先回顧一下團隊的辛勤工作以及我們對長期計劃的信念。我們度過了一個美好的季度。但更重要的是，我們將繼續加強我們的品牌，改善我們的成長管道，並管理業務以獲得更高的獲利能力。消費者背景是動態的，但我們專注於控制一切在我們控制範圍內的事情，在保持成本限制的同時提供領先的客戶體驗。

I'm pleased to report on the encouraging early results the actions we are taking to reignite performance. Last quarter, I spoke about a series of actions we were implementing, and I'm pleased that the team has moved with urgency to execute.

我很高興地報告我們為重振業績所採取的行動所取得的令人鼓舞的早期成果。上個季度，我談到了我們正在實施的一系列行動，我很高興團隊已經緊急採取行動來執行。

Product initiatives across brands, exciting new marketing campaigns, and greater operational disciplines are all contributing to improved business results. We have a lot of hard work ahead, yet we are excited about the progress so far.

跨品牌的產品計劃、令人興奮的新行銷活動以及更嚴格的營運紀律都有助於提高業務成果。我們還有很多艱苦的工作要做，但我們對迄今為止的進展感到興奮。

Total revenue of $1.28 billion was our second highest ever posted for the second quarter, marking a meaningful improvement from the first quarter and validating the actions we have taken. Aerie saw a dramatic turn from the first quarter, delivering comp growth of 3%. American Eagle saw a nice improvement in key go-forward categories as Jen will review shortly.

12.8 億美元的總收入是我們第二季度創下的第二高水平，這標誌著與第一季相比有了顯著的改善，也驗證了我們所採取的行動。Aerie 從第一季開始出現了戲劇性的轉變，實現了 3% 的同比增長。American Eagle 在關鍵的前進類別中取得了良好的進步，Jen 很快就會進行回顧。

Second quarter traffic was positive across brands and channels. And I was pleased to see traffic momentum built throughout the second quarter, which continued into August. Following the first quarter inventory write-down, the team was focused on successfully managing through the season, delivering better sell-throughs with less promotions.

第二季各品牌和通路的流量均呈正成長。我很高興看到第二季的流量動能不斷增強，並持續到 8 月。在第一季庫存減記之後，團隊專注於成功管理整個季節，以更少的促銷實現更好的銷售。

We also managed the business with financial discipline, with SG&A down compared to last year. Operating income improved 2% to $103 million, significantly exceeding our expectations. Diluted EPS increased 15% to last year.

我們也依照財務紀律管理業務，銷售、一般及行政費用與去年相比有所下降。營業收入成長 2% 至 1.03 億美元，大大超出我們的預期。稀釋每股收益較去年同期成長 15%。

It was a solid quarter, and we are encouraged by the progress, yet our work is not complete. We are leaving no stone unturned. We are committed to growing our brands by putting our customers first and improving operational efficiencies.

這是一個堅實的季度，我們對取得的進展感到鼓舞，但我們的工作尚未完成。我們正在竭盡全力。我們致力於以客戶為中心並提高營運效率來發展我們的品牌。

One component of this plan is to create greater efficiencies and speed across our supply chain. With respect to tariffs, we will begin to feel the impact in the second half, as Mike will review. We are using all levers to mitigate tariff increases. Early efforts have been successful.

該計劃的一個組成部分是提高我們整個供應鏈的效率和速度。關於關稅，我們將在下半年開始感受到影響，正如麥克所回顧的那樣。我們正在利用一切手段來減輕關稅上調的影響。早期的努力已經成功了。

We have taken action to assure manufacturing options are in place in countries that make the most sense for our business moving forward. We have a highly seasoned sourcing team and strong partnerships with vendors. We will leverage these relationships as we navigate through evolving trade dynamics.

我們已採取行動，確保在最有利於我們業務發展的國家提供製造選擇。我們擁有經驗豐富的採購團隊並與供應商建立了牢固的合作關係。我們將利用這些關係來應對不斷變化的貿易動態。

Turning to capital allocations. We continue to strike the right balance between investments to support our long-term growth agenda and returning capital to shareholders. Year-to-date, we have returned $276 million to shareholders through dividends and share repurchases. This includes the completion of our $200 million accelerated repurchase program earlier this year.

轉向資本配置。我們繼續在支持長期成長計畫的投資和向股東返還資本之間取得適當的平衡。年初至今，我們已透過股利和股票回購向股東返還了 2.76 億美元。其中包括我們今年稍早完成的 2 億美元加速回購計畫。

The fall season is off to a good start, fueled by the strength of our product lines and the success of our recent marketing campaigns. The iconic fall denim campaign with Sydney Sweeney affirms we are the American Jeans brand.

由於我們強大的產品線和近期行銷活動的成功，秋季銷售開局良好。與 Sydney Sweeney 合作的標誌性秋季牛仔廣告活動證明了我們是美國牛仔褲品牌。

We saw a record-breaking new customer acquisition and brand awareness, cutting across age demographics, and genders. The most recent collaboration with Tru Kolors by Travis Kelce has kept the momentum going. We have seen periods of very strong demand from both campaigns, fueling positive traffic in August, which was up consistently throughout the month.

我們看到了創紀錄的新客戶獲取量和品牌知名度，跨越了年齡和性別的界限。Travis Kelce 最近與 Tru Kolors 的合作保持了這一勢頭。我們看到這兩個活動的需求都非常強勁，推動了 8 月份的流量成長，整個月的流量都在持續上升。

I'll end with our commitment to building on this quarter's progress. We have enduring brands with significant potential for more growth. I am confident we will realize our potential and drive sustainable, profitable growth for the long run and create greater value for our shareholders. Let me turn it over to Jen.

最後，我想表達我們對在本季取得進一步進展的承諾。我們擁有經久不衰的品牌，具有巨大的成長潛力。我相信我們將發揮我們的潛力，推動長期可持續的獲利成長，並為我們的股東創造更大的價值。讓我把它交給 Jen。

Thank you, Jay, and good afternoon, everyone. We saw a clear improvement in the business in the second quarter. Efforts to strengthen collections across brands, lean into best sellers and deliver higher margins are already having an impact. As we work through some of the challenges from the first quarter, we saw progressive improvements with the new deliveries, and I am encouraged that momentum strengthened into August with the arrival of our new back-to-school collections.

謝謝傑伊，大家下午好。我們看到第二季業務明顯改善。加強各品牌系列、偏向暢銷產品和提高利潤率的努力已產生效果。在我們努力克服第一季遇到的一些挑戰時，我們看到了新產品交付的逐步改善，而且我很高興，隨著我們新的返校系列產品的到來，這種勢頭在 8 月得到了加強。

So let me walk you through some of the new highlights. Starting with Aerie, we drove a nice rebound from the first quarter, delivering comp growth of 3% and achieving record second quarter revenue. Performance was driven by positive demand across a number of major categories, including intimates, soft dressing, sleepwear, and our activewear collections at OFFLINE. While shorts were the most challenging seasonal category, we are focused on driving improvements here as well.

那麼讓我帶您了解一些新的亮點。從 Aerie 開始，我們從第一季就實現了良好的反彈，實現了 3% 的同比增長，並實現了創紀錄的第二季度收入。績效表現受到多個主要類別的正面需求推動，包括貼身衣物、軟裝、睡衣以及 OFFLINE 上的運動服系列。雖然短褲是最具挑戰性的季節性類別，但我們也致力於推動這一領域的改進。

Among the highlights, intimates has been a key area of focus within our long-range plan, and we will recapture share in the return of this category to growth. We are pleased to see customers responding to new fits and fabrics in undies and bras and more regular fashion drops.

在所有亮點中，貼身衣物一直是我們長期計劃的重點領域，我們將在這一類別恢復成長的過程中重新奪回市場份額。我們很高興看到顧客對內衣、胸罩的新款式和布料以及更常規的時尚產品做出積極反應。

For example, in July, we introduced the Parisian Romance fashion capsule, which embraced feminine touches like lace and sheet combos of our most loved silhouettes. Our Aerie customers loved it and it was the page turner we needed to enter the fall season strong.

例如，7 月份，我們推出了巴黎浪漫時尚膠囊系列，其中融入了我們最喜歡的款式的蕾絲和床單組合等女性化元素。我們的 Aerie 顧客非常喜歡它，它是我們強勢進入秋季所需要的一本好書。

Beyond intimates off-line continues to be a positive performer and we remain excited about the growth potential as we continue to increase awareness and further expand our footprint. And now turning to American Eagle. Second quarter comps declined yet demand improved throughout the quarter, and I am confident that we are at an inflection point.

線下內衣業務繼續表現積極，隨著我們不斷提高知名度並進一步擴大業務範圍，我們對其成長潛力仍然感到興奮。現在我們來談談 American Eagle。第二季的同店銷售額有所下降，但整個季度的需求都有所改善，我相信我們正處於一個轉折點。

Although the second quarter was under pressure from early spring receipts and softer demand in shorts and bottoms, AE saw solid improvement in key go-forward categories. That was especially apparent as the quarter progressed.

儘管第二季受到早春收貨和短褲及下裝需求疲軟的壓力，但 AE 在關鍵的未來類別中仍取得了穩步改善。隨著本季的進展，這一點尤為明顯。

Most notably in women's jeans and tops as well as dresses where we were focused on building franchise businesses like our new Sun Chasers collection. Men's has also seen a nice trajectory in key classifications, including graphics, knit tops and jeans, all positive in August.

最引人注目的是女式牛仔褲、上衣和連身裙，我們專注於打造特許經營業務，例如我們的新款 Sun Chasers 系列。男裝在主要類別的銷售也呈現良好成長勢頭，包括圖案、針織上衣和牛仔褲，8 月銷售量均呈現正態勢。

Back-to-school arrivals have been well received. New gene styles, along with a continued focus on great outfitting across genders led the business. This year, we continued our long-standing partnership with The Summer I Turned Pretty, expanding the collection with new styles and three separate drops to coincide with the storyline.

返校季的到來受到了熱烈歡迎。新的基因風格以及對跨性別服裝的持續關注引領了業務的發展。今年，我們繼續與《我變得漂亮的夏天》保持長期的合作關係，擴大了該系列，推出了新款式和三個獨立系列，以配合故事情節。

In addition, as Jay mentioned, our exclusive product and marketing campaigns with Sydney Sweeney and Travis Kelce have created amazing energy and buzz. Over a year in the making, these two signature collaborations have generated a strong response driven by limited edition merchandise, demonstrating the power of celebrity style and great product.

此外，正如傑伊所提到的，我們與 Sydney Sweeney 和 Travis Kelce 合作的獨家產品和行銷活動創造了驚人的活力和轟動。經過一年多的籌備，這兩次標誌性的合作在限量版商品的推動下引起了強烈反響，展現了名人風格和優質產品的力量。

Sweeny Signature jeans sold out within a week and some products within one day. Demand for her curated online shop of FDIC has been very strong. Similarly, AE and Tru Kolors by Travis Kelce has received tremendous engagement, fueling higher traffic and new customers. Product sell-throughs have been strong. Overall, we are very pleased with these campaigns.

Sweeny Signature 牛仔褲在一周內銷售一空，部分產品在一天內銷售一空。她精心策劃的 FDIC 網上商店的需求一直非常強勁。同樣，AE 和 Travis Kelce 的 Tru Kolors 也獲得了巨大的參與度，帶來了更高的流量和新客戶。產品銷售狀況一直很強勁。總體而言，我們對這些活動非常滿意。

Since the launch, customer counts are up more than 700,000 and the campaigns combined have generated a staggering 40 billion impressions. As we look ahead, our plan to build on this momentum to further expand brand awareness, customer engagement and retention, and ultimately strengthen the long-term brand loyalty. I am proud of our second quarter accomplishments and the early third quarter trends.

自推出以來，客戶數量已增加超過 70 萬，各項活動總計產生了驚人的 400 億次曝光。展望未來，我們計劃利用這一勢頭進一步擴大品牌知名度、客戶參與度和保留率，並最終加強長期品牌忠誠度。我為我們第二季的成就和第三季初期的趨勢感到自豪。

Our work is continuing at full speed. We are heads down focused on the future and improving all aspects of the business to deliver sustained growth. I wanted to thank the teams and now we'll turn the call over to Mike.

我們的工作正在全速進行。我們全心全意地著眼於未來並改善業務的各個方面以實現持續成長。我想感謝各隊，現在我們將把電話交給麥克。

Thanks, and good afternoon, everyone. Let me echo Jay and Jen by saying we were very encouraged to see solid progress in the second quarter with results coming in above the expectations that we set back in May. Stronger demand coupled with lower-than-expected promotional activity and well-managed expenses enabled us to stabilize margins and deliver operating income 2% above last year.

謝謝，大家下午好。讓我附和傑伊和 Jen 的觀點，我們非常高興地看到第二季度取得了穩步進展，業績超出了我們 5 月設定的預期。更強勁的需求加上低於預期的促銷活動和管理良好的費用使我們能夠穩定利潤率並實現比去年高出 2% 的營業收入。

Consolidated revenue of $1.28 billion declined 1% to last year. Comparable sales also decreased 1%. A lower average unit price was largely offset by growth in transactions, benefiting from positive traffic across selling channels.

綜合收入為 12.8 億美元，較去年同期下降 1%。可比銷售額也下降了 1%。較低的平均單價在很大程度上被交易量的成長所抵消，這得益於銷售管道的正向流量。

We saw demand pick up as the quarter progressed. July was our best month of the second quarter as we introduced our initial back-to-school product collections. And as Jay mentioned, we are pleased to see that improvement continue into August consolidated comps turning positive.

隨著季度的進展，我們看到需求回升。7 月是我們第二季表現最好的月份，因為我們推出了首批返校產品系列。正如傑伊所提到的，我們很高興看到這種改善持續到 8 月合併業績轉為正值。

Gross profit of $500 million reflected a gross margin of 38.9% compared to 38.6% last year. Following the first quarter inventory (technical difficulty) a quarter with lower promotions. This was partially offset by 20 basis points of deleverage on buying occupancy and warehousing as a result of the sales decline.

毛利為 5 億美元，毛利率為 38.9%，去年同期為 38.6%。繼第一季庫存（技術難度）之後，促銷活動較低的一個季度。由於銷售額下降，購買入住率和倉儲成本的去槓桿率降低了 20 個基點，部分抵消了這一影響。

BOW dollars were flat to last year. SG&A was better than expected, down 1% to $342 million and was flat as a rate to sales. Compensation costs were down as a result of recent expense restructuring initiatives, offset by investments in advertising.

BOW 美元與去年持平。銷售、一般及行政開支優於預期，下降 1% 至 3.42 億美元，與銷售額的比率持平。由於近期的費用重組舉措，薪酬成本有所下降，但被廣告投資所抵銷。

The balance of expense categories were flat, reflecting our ongoing cost management program. Operating income came in at $103 million, up 2% to last year. This reflected an operating margin of 8% compared to 7.8% last year. Consolidated ending inventory at cost increased 8% with units up 3%. The inventory cost increase is primarily due to the impact of tariffs.

費用類別的餘額持平，反映了我們正在進行的成本管理計劃。營業收入達 1.03 億美元，比去年成長 2%。這反映出營業利益率為 8%，而去年同期為 7.8%。合併期末庫存成本增加 8%，單位數量增加 3%。庫存成本增加主要是關稅的影響。

We're comfortable with inventory positioning for the quarter, which is aligned with our plans. Our capital allocation priorities remain unchanged and focused on investing in growth and returning cash to shareholders through dividends and share repurchases.

我們對本季的庫存定位感到滿意，這與我們的計劃一致。我們的資本配置重點保持不變，專注於投資成長並透過股利和股票回購向股東返還現金。

Second quarter CapEx totaled $71 million, bringing year-to-date spend to $133 million. We continue to expect CapEx of approximately $275 million for the year. During the second quarter, we completed our $200 million accelerated repurchase program announced back in March. In total, year-to-date, we returned $231 million in buybacks, it's reduced outstanding shares by $20 million or approximately 10% of outstanding diluted shares.

第二季的資本支出總計 7,100 萬美元，年初至今的支出達到 1.33 億美元。我們繼續預計今年的資本支出約為 2.75 億美元。在第二季度，我們完成了三月宣布的 2 億美元加速回購計畫。總體而言，今年迄今為止，我們已回購了 2.31 億美元，這使流通股減少了 2,000 萬美元，約佔流通稀釋股的 10%。

Our balance sheet is solid with ending cash of $127 million and total liquidity of approximately $400 million. As planned, we drew down $200 million from our revolver to support the buyback program and seasonal cash needs.

我們的資產負債表穩健，期末現金為 1.27 億美元，總流動資金約 4 億美元。根據計劃，我們從循環信貸中提取了 2 億美元來支持回購計劃和季節性現金需求。

By year-end, we expect to repay the majority of outstanding debt and begin rebuilding cash. We are continuing to prioritize investments in our digital channel, making foundational improvements to the shopping experience. We're also focused on optimizing our store fleet to ensure we are in the best location trends to provide the best customer experience while pursuing additional growth opportunities.

到年底，我們預計將償還大部分未償債務並開始重建現金。我們將繼續優先投資我們的數位管道，從根本上改善購物體驗。我們也致力於優化我們的門市陣容，以確保我們處於最佳位置趨勢，從而提供最佳的客戶體驗，同時尋求額外的成長機會。

This year we're on path to open approximately 30 are an OFFLINE locations and remodel 40 to 50 AE stores for a modern store design. We now anticipate closing 35 to 40 American Eagle locations by year-end.

今年，我們計劃開設約 30 家線下門市，並改造 40 至 50 家 AE 商店，以實現現代化的商店設計。我們預計今年底將關閉 35 至 40 家 American Eagle 門市。

Now turning to our outlook. The third quarter is off to a better start with quarter-to-date consolidated comps up in the mid-single digits. This includes a positive turn in the business as Jen noted as well as a very strong Labor Day weekend.

現在轉向我們的展望。第三季開局較好，本季累計合併銷售額成長了中等個位數。正如 Jen 所說，這包括業務的積極轉變以及非常強勁的勞動節週末。

With more than half of our quarter yet to go, our outlook for the third quarter includes a low single-digit increase in comparable sales. Third quarter operating income is expected to be in the range of $95 million to $100 million, which includes approximately $20 million of incremental tariff costs.

由於本季還剩下一半以上，我們對第三季的預期包括可比銷售額將出現低個位數成長。第三季營業收入預計在 9,500 萬美元至 1 億美元之間，其中包括約 2,000 萬美元的增量關稅成本。

Buying, occupancy, and warehousing costs are expected to increase due to new store growth for Aerie and OFFLINE and increased digital penetration resulting in slight deleverage. SG&A is expected to be increased in the high single digits, driven primarily by investments in advertising.

由於 Aerie 和 OFFLINE 新店的成長以及數位滲透率的提高導致輕微的去槓桿，預計採購、佔用和倉儲成本將會增加。預計銷售、一般及行政費用將以高個位數成長，主要受廣告投資推動。

The tax rate is estimated to be approximately 25% and the weighted average share count will be roughly 172 million. For the fourth quarter, our outlook is for a low single-digit increase in comparable sales and operating profit in the range of $125 million to $130 million. This includes approximately $40 million to $50 million of tariff impact in the fourth quarter. SG&A is expected to be down slightly in the quarter.

稅率預計約25%，加權平均股數約為1.72億股。對於第四季度，我們預計可比銷售額和營業利潤將實現低個位數成長，範圍在 1.25 億美元至 1.3 億美元之間。其中包括第四季約 4,000 萬至 5,000 萬美元的關稅影響。預計本季銷售、一般及行政開支將略有下降。

We're encouraged by the progress this quarter, demonstrating that our initiatives are working. While this is a positive step, our teams remained sharply focused on building upon profitable sales momentum, managing costs, and driving continued improvements across the organization to deliver higher profitability. Now we can take your questions.

我們對本季的進展感到鼓舞，這表明我們的舉措正在發揮作用。雖然這是一個積極的舉措，但我們的團隊仍然高度重視鞏固盈利銷售勢頭、管理成本以及推動整個組織的持續改進，以實現更高的盈利能力。現在我們可以回答你們的問題。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great. I want to ask about the Sydney Sweeney and the Travis Kelce campaigns. Obviously, I think, Jen, I think you mentioned $40 billion impressions, which is a huge number. The question is, can you tell us more about how you keep the momentum going with these new customers that you've attracted?

偉大的。我想問有關悉尼·斯威尼和特拉維斯·凱爾西的競選活動的情況。顯然，我認為，Jen，我認為你提到了 400 億美元的展示量，這是一個巨大的數字。問題是，您能否告訴我們更多有關如何保持吸引新客戶的勢頭的信息？

And can you tell us about what those consumers shop? Do they buy just the specific product associated with the celebrities or did they shop across the store and buy tops as well as bottoms?

您能告訴我們這些消費者購買了什麼嗎？他們是否只購買與名人相關的特定產品，還是在整個商店購物併購買上衣和褲子？

Sure, Jay. I wanted to introduce Craig Brommers because we had a feeling that there would be a lot of questions around this very exciting campaign. So let me introduce the American Eagle CMO, Craig Brommers.

當然，傑伊。我想介紹克雷格·布羅默斯，因為我們覺得圍繞這個非常令人興奮的活動會有很多疑問。那麼，讓我來介紹一下 American Eagle 的首席行銷長 Craig Brommers。

Thanks, Jen. The American Eagle Sydney Sweeney campaign was intended to be a brand and business reset, and it has. Let me be very clear, Sydney Sweeney sells great jeans. She is a winner. And in just six weeks, the campaign has generated unprecedented new customer acquisition. To be clear, that consumer acquisition is coming from every single county in the US. This momentum is national, and it is pervasive.

謝謝，Jen。American Eagle 雪梨斯威尼 (Sydney Sweeney) 活動旨在重塑品牌和業務，並且確實做到了。讓我明確一點，Sydney Sweeney 銷售優質牛仔褲。她是一位勝利者。僅用六週時間，該活動就獲得了前所未有的新客戶。需要明確的是，消費者來自美國的每個縣。這種勢頭是全國性的，而且具有普遍性。

We've experienced denim sell-off items that Sydney has worn. We have strong positive traffic throughout this quarter. And as Jen mentioned, a staggering 40 billion impressions. But a brand campaign is not to be judged in just one day, one week, or even one month. A brand campaign endures.

我們經歷過悉尼穿過的牛仔布被拋售的情況。本季我們的流量非常強勁。正如 Jen 所提到的，這一數字高達 400 億次。但品牌活動不能只根據一天、一週甚至一個月來判斷。品牌活動是持久的。

We are off to a start beyond our wildest dreams. As we track consumer sentiment over the past six weeks, we've seen consideration and purchase intent meaningfully up, and now it's our opportunity to continue to convert this buzz into business and to convert these new customers into repeat customers. That's the work of the work ahead.

我們已經開始了一個超越我們最瘋狂的夢想的開始。在過去六週的時間裡，我們追蹤了消費者情緒，發現考慮和購買意圖顯著上升，現在是我們繼續將這種熱情轉化為業務並將這些新客戶轉化為回頭客的機會。這就是未來工作的任務。

And to add on, Jay, what they are buying right now. I mean, what's great, all brands are really seeing acceleration. As you know, we share a domain on the direct side of the business. So we're obviously driving traffic to our website.

傑伊，再補充一下，他們現在正在購買什麼。我的意思是，所有品牌都確實看到了加速發展，這是一件好事。如您所知，我們在業務的直接方面共享一個網域。因此我們顯然正在增加我們網站的流量。

Labor Day was record-breaking. It was our best Labor Day in history, actually. We had a great weekend. But there's work to do in the quarter, of course. You heard that there's some sellouts we need to chase. But really across our key categories, we're seeing great success, jeans, of course. We do it very well and are really proud of that assortment.

勞動節創下了紀錄。事實上，這是我們歷史上最好的勞動節。我們度過了一個愉快的週末。但當然，本季還有很多工作要做。您聽說我們需要追捕一些叛徒。但實際上，在我們的主要產品類別中，我們看到了巨大的成功，當然是牛仔褲。我們做得非常好，並且對這樣的產品組合感到非常自豪。

What I love about the jeans assortment is it's diversified. So we're gaining new customers with all different body types and age groups, and we're very excited. We believe we're getting that market share that we deserve.

我喜歡牛仔褲的種類，因為它種類繁多。因此，我們獲得了不同體型和年齡層的新客戶，我們感到非常興奮。我們相信，我們將獲得應得的市場份額。

And Aerie intimates is back. It's so exciting to see, and we saw that acceleration in Q2, and really, it's continuing into Q3 with the launch of our Parisian Chic capsule that I mentioned in my talking points. And lastly, men's acceleration has been more than exciting. We've been really up to repairing the men's business, and we're seeing categories work. And again, in both men's and women's, what's nice is we're selling the asset and selling tops as well.

Aerie intimates 又回來了。看到這一點非常令人興奮，我們在第二季度看到了這種加速，而且隨著我在談話要點中提到的 Parisian Chic 膠囊的推出，這種加速將持續到第三季。最後，男子加速賽的表現也十分令人興奮。我們一直在努力修復男裝業務，我們看到了產品類別的成效。再說一次，無論男裝還是女裝，我們都在銷售資產，同時也銷售上衣，這很好。

Maybe, Jen, if I can follow up on that. Obviously, the marketing campaigns have been hugely successful, but you're talking about intimates in Aeire, you're talking about men's. Can you just remind us of the transition of the products from where they were in the first half of the year to how the product assortment has evolved now for back-to-school and what you see toward holiday?

也許吧，Jen，如果我可以跟進的話。顯然，行銷活動取得了巨大的成功，但您談論的是 Aeire 的貼身衣物，是男士衣物。您能否簡單介紹一下從上半年產品到現在開學季產品組合的演變以及您對假期的展望？

How much of the improvement in the business is just because the assortment is better, it's more on trend, it's where you want it to be versus kind of where you were in the first half and try to separate it from all the hoopla and excitement around the marketing campaigns, if possible.

業務的改善在多大程度上僅僅是因為產品種類更豐富、更符合潮流、達到了你想要的水平，而不是像上半年那樣，如果可能的話，試著將其與營銷活動周圍的喧囂和興奮區分開來。

Yes. Great question, Jay. Where we started is Aerie had work to do. Our key competency business is, I mean, in the apparel side, and we had work to do on the fleet side. What's nice is the team worked really hard, and we've seen really incredible results in fleet.

是的。很好的問題，傑伊。我們開始的地方是 Aerie 有工作要做。我們的核心競爭力業務是在服裝方面，我們在車隊方面也有一些工作要做。令人高興的是，團隊非常努力，我們在艦隊中看到了非常令人難以置信的成果。

So as you know, that's a seasonal business as we head into Q3 and build into Q4, but seeing nice uptick there. Intimates as well. We started to see intimates turn on actually in Q1. We doubled down in Q2, and we've seen nice acceleration into Q3.

所以，正如你所知，這是一個季節性業務，因為我們正進入第三季度並進入第四季度，但看到了良好的成長勢頭。親密的人也是如此。我們其實在第一季就看到了親密關係的轉變。我們在第二季加倍投入，並且在第三季看到了良好的加速。

That's really basically the Aerie story. There were some seasonal products in Aerie, shorts being one of them, which was the same for American Eagle in both men's and women's.

這基本上就是 Aerie 的故事。Aerie 有一些季節性產品，短褲就是其中之一，American Eagle 的男款和女短褲都是一樣的。

Shorts were really the category that we needed to get moving. And as you know, we dominate in that category. And we really couldn't accelerate long bottoms, long legs in both men's and women's to compensate for the miss in shorts. But as the quarter progressed, we saw nice upticks in the AE business, and now we're back in business in Q3.

短褲確實是我們最需要推廣的類別。正如你們所知，我們在該類別中佔據主導地位。而我們確實無法加速男女長褲、長腿的發展來彌補短褲的不足。但隨著本季的進展，我們看到 AE 業務出現了良好的上升勢頭，現在我們在第三季度恢復了業務。

We're very excited for, like I mentioned, not only our jeans business but our tops business, sweaters and fleece in both men's and women's. And again, they're seasonally appropriate. So that's what we've been up to.

正如我所提到的，我們不僅對我們的牛仔褲業務感到非常興奮，而且對我們的上衣業務、男女毛衣和羊毛衫業務也感到非常興奮。而且，它們也適合這個季節。這就是我們一直在做的事情。

Got it. Thank you so much.

知道了。太感謝了。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Can you give a little bit more on the comp metrics, transaction, ticket, maybe the components of ticket in terms of AUR and UPT. And then you gave a couple of tariff numbers. Just curious because those were gross or net, whatever they were, if you could provide the other number? And how much you're relying on the pricing to get to that net number?

您能否就補償指標、交易、票證，以及 AUR 和 UPT 方面的票證組成部分提供更多相關資訊？然後你給了幾個關稅數字。只是好奇，因為這些是總額還是淨額，不管它們是多少，您是否可以提供其他數字？您在多大程度上依賴定價來達到這個淨數字？

Paul, yeah, I can start. I can actually cover both questions. Metrics for the second quarter, AUR was down mid-single digits. So the negative 1 results -- we actually had some healthy traffic, but with the AUR down 5%, UPT didn't offset that completely. We were able to manage that well. Our AUR in our digital channels was actually flat.

保羅，是的，我可以開始了。我實際上可以回答這兩個問題。第二季的指標顯示，AUR 下降了中等個位數。因此，負面結果 1 — — 我們實際上有一些健康的流量，但由於 AUR 下降了 5%，UPT 並沒有完全抵消這一點。我們能夠很好地處理這個問題。我們數位通路的 AUR 實際上是持平的。

And that's where some of the really markdown savings and management promotions came through the quarter, really flowing through the revenue beat pretty much all the way to the gross margin line based on being able to manage markdowns pretty well through the second quarter there.

這就是本季真正的降價節省和管理促銷的成果，真正使收入一路超過毛利率線，這是基於能夠在第二季度很好地管理降價。

On tariffs, we're providing the guidance here for the third and fourth quarter, $20 million of impact in Q3, $40 million to $50 million in Q4. So that will pressure gross margin a bit on the low single-digit revenue guide. The team has done a tremendous job there. Our unmitigated number was closer to $180 million versus the $70 million we're guiding to.

關於關稅，我們在此提供第三季和第四季的指導，第三季的影響為 2,000 萬美元，第四季的影響為 4,000 萬至 5,000 萬美元。因此，這將對低個位數收入指南的毛利率造成一定壓力。該團隊在那裡做出了巨大的貢獻。我們的最終數字接近 1.8 億美元，而我們的指導數字是 7,000 萬美元。

So a combination of rebalancing country of origin, cost negotiations with our vendors, optimizing freight between air and ocean costs, and then some pricing. So I'd say pricing is down the list. We're taking our shots there. We have increased some tickets, just gives us some flexibility in promoting those items where we haven't seen really any customer resistance to some of those increases, but it's not the largest mitigation strategy. It has other components I just talked about that the team has done a great job for mitigating the back half impact and the annual impact going forward.

因此，我們需要重新平衡原產國、與供應商進行成本談判、優化空運和海運成本，然後再進行定價。所以我認為價格是首要考慮因素。我們正在那裡拍攝。我們提高了一些票價，這給了我們一些靈活性來推廣這些商品，我們並沒有看到任何客戶對某些票價上漲的抵制，但這並不是最大的緩解策略。它還有我剛才談到的其他組成部分，團隊在減輕後半部分影響和未來年度影響方面做得很好。

Just relative to that down mid-single-digit AUR in the second quarter, what are you expecting for the back half?

相對於第二季中個位數的 AUR 下降，您對下半年有何預期？

Third quarter to date, we're actually up slightly. We're up low single digits on AUR, the combination of AUR and traffic, which was driving the mid-single-digit increase as of quarter-to-date through literally yesterday. We're expecting that same type of dynamic for the back half on the low single-digit expectation.

第三季至今，我們的業績其實略有上升。我們的 AUR（AUR 和流量的總和）成長了低個位數，從本季至今直到昨天，這推動了中等個位數的成長。我們預計下半年將出現同樣的動態，預期為低個位數。

Jonna Kim, TD Cowen.

喬娜金（Jonna Kim），TD Cowen。

You mentioned intimates improved during the quarter. Could you just remind us what percentage of sales intimates is now for Aerie? And could you just give us more color around the strategy to recapture share there?

您提到本季內衣銷量有所改善。您能否提醒我們一下，目前 Aerie 內衣的銷售佔比是多少？您能否向我們詳細介紹重新奪回市場佔有率的策略？

And would love additional color around how the existing consumers performed. You mentioned a nice new customer acquisition, but any color around the existing customer during the quarter would be helpful. Thank you.

並希望了解現有消費者的表現如何。您提到了獲得新客戶的好消息，但本季度圍繞現有客戶的任何變化都會有所幫助。謝謝。

Sure. Intimates is roughly one-third of the business. And look, we felt like it's time for intimates to come back. There've been some trends out there where crop and baby tops, baby Ts and camis were working. And I think they actually took the place of a key category for us.

當然。內衣約佔業務的三分之一。瞧，我們覺得是時候讓親密關係回歸了。目前已經出現了一些流行趨勢，其中短上衣、嬰兒上衣、嬰兒 T 恤和吊帶背心很受歡迎。我認為它們實際上取代了我們的一個關鍵類別。

So I think our timing was right on when we launched the Parisian Chic collection with lace. As we know, intimates is lace, and it works. We're excited about just really double-downing on that business.

因此我認為我們推出帶有蕾絲的巴黎時尚系列的時機恰到好處。我們知道，內衣是蕾絲材質，很實用。我們很高興能夠加倍投入這項業務。

We feel like it's time for Aerie 2.0. We just launched a campaign that really highlights our intimates categories, and it's pretty exciting. And again, there's not a lot of news there on the campaign as we're only underway, but it really just leans into our customer and letting her speak to our product because our intimates are the softest and they feel the best on your skin.

我們覺得是時候推出 Aerie 2.0 了。我們剛剛啟動了一項活動，重點突出了我們的貼身衣物類別，這非常令人興奮。再次強調，由於我們才剛開始，所以關於這次活動的消息並不多，但它確實傾向於我們的客戶，讓她談論我們的產品，因為我們的貼身衣物是最柔軟的，它們在你的皮膚上感覺最好。

So we're really excited about talking about this only idea and leaning into a category that we haven't been up to for a while, and it's time. It's time for intimates to come back.

因此，我們真的很高興談論這個唯一的想法，並傾向於我們有一段時間沒有涉及的類別，現在是時候了。親密的人回歸的時候到了。

This is Craig. I want to talk about the new customer acquisition. We decided to level up with talent this season, and we architected with intent. Both of these individuals are generational talents that are aspirational to both men and women. And as I just mentioned, we're seeing a national swell in new customer acquisition in every single county, and we just moved from one strength to the other.

這是克雷格。我想談談新客戶獲取。我們決定在本賽季提升人才水平，並有意識地進行規劃。這兩位都是一代才俊，無論男女都對其充滿期待。正如我剛才提到的，我們看到全國每個縣的新客戶數量都在增長，我們的優勢正在擴大。

Sydney Sweeney has great jeans, was all about our best-at-category jeans. And as Jen mentioned, our Q3 is off to a significant start in terms of our denim penetration. Within last week, we bring Travis Kelce into the conversation, and Travis is at the intersection of fandom and fashion.

Sydney Sweeney 擁有出色的牛仔褲，全部都是關於我們同類中最好的牛仔褲。正如 Jen 所提到的，就牛仔布滲透率而言，我們第三季取得了顯著的開端。上週，我們把特拉維斯凱爾西 (Travis Kelce) 帶入了討論，特拉維斯處於粉絲和時尚的交匯處。

Sports is driving culture in a way that it has never done before. And Travis is driving interest in fashion like never before. The launch date was the launch date was the launch date. And despite other news, we started working with Travis almost a year ago.

體育正以前所未有的方式推動文化發展。特拉維斯 (Travis) 正在引發人們對時尚前所未有的興趣。發射日期就是發射日期就是發射日期。儘管有其他消息，我們大約一年前就開始與特拉維斯合作了。

Travis is the creative director of this campaign and of this collaboration. He was personally in our design offices, working with our designers. He personally picked out fabric and trims.He personally identified the amazing athletes that help tell this story. And this collaboration is off to an incredible start, just dominating our men's business over the course of the Labor Day weekend, building on the men's momentum that started in July. We could not be more excited about these back-to-back campaigns.

特拉維斯是此次活動和合作的創意總監。他親自到我們的設計辦公室與我們的設計師一起工作。他親自挑選布料和飾邊。他親自挑選有助於講述這個故事的傑出運動員。這次合作開局非常好，在勞動節週末期間佔據了男裝業務的主導地位，延續了 7 月份男裝業務的良好勢頭。我們對這些連續的活動感到無比興奮。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究中心。

Hi, everybody, and I want to extend my congratulations. I'm particularly excited about the intimates business and also about the men's churn. On that note, is there any product category that's not working at Aerie right now, like the sportswear side of the business? Jen, maybe you could talk a little bit about that and about the intimates business and if you're thinking that it's going to sustain these strong comps going forward? And then just lastly, on denim, are your ticket prices higher? Or will they move higher as the quarter unfolds?

大家好，我向大家表示祝賀。我對內衣業務以及男裝業務的流失特別感興趣。說到這兒，Aerie 目前是否有任何產品類別表現不佳，例如運動服裝業務？Jen，也許您可以稍微談一談這個話題以及貼身衣物業務，您是否認為它將來會保持強勁的成長勢頭？最後，關於牛仔布，你們的票價是否更高？或者隨著本季的展開，它們會進一步走高嗎？

Yeah, I'll just start with denim. I mean, Mike alluded to it, denim's our key category. So if you focus on the AE business, our AURs are nicely up, but I think we've done a great job just balancing out our price points. That's what we're up to.

是的，我就從牛仔布開始。我的意思是，麥克提到過，牛仔布是我們的主要類別。因此，如果您關注 AE 業務，我們的 AUR 會大幅上升，但我認為我們在平衡價格點方面做得很好。這就是我們要做的事情。

We have key price points in denim that we always learn from and build into. And that's what we did. Obviously, when the tariff hit, we had to think a little harder. So I think we're well positioned in denim with good, better, best pricing, but really trying to elevate our customer and getting them to pay for the quality that we embed into our product.

我們在牛仔布方面有關鍵的價格點，我們始終從中學習並加以利用。我們也確實這麼做了。顯然，當關稅來襲時，我們必須更加認真思考。所以我認為我們在牛仔布領域處於有利地位，擁有好、更好、最好的價格，但真正努力提升我們的客戶，讓他們為我們產品中蘊含的品質買單。

Going to intimates, there's so much good news in intimates. Undies, we picked up market share, a nice back-in market share actually. And as we know, that's a fire starter to our bundles in Aerie, so to see that business come back is really exciting.

去親密的人那裡，親密的人那裡有很多好消息。內衣，我們獲得了市場份額，實際上獲得了不錯的市場份額。我們知道，這對 Aerie 的業務來說是一個很大的推動，所以看到業務的復甦真的令人興奮。

But bras, our core bras, again, we've held our share and we're gaining some more share. And I think that that's our focus. We really want to lean into these categories. It's a category, particularly in bras, that the customer comes back for -- to try on, to get to our stores, to experience the brand.

但是胸罩，我們的核心胸罩，我們再次保住了我們的份額，並且正在獲得更多的份額。我認為這就是我們的重點。我們確實想傾向於這些類別。這是一個顧客會再次光顧的類別，尤其是胸罩——他們會來試穿、來我們的商店、來體驗我們的品牌。

So honestly, again, that's what the teams are up to. Hopefully, we're going to show up really unique. There's more ideas in the hopper. Like I said, we're only up to Aerie 2.0. And these new learnings are going to help us accelerate into 2026, particularly in intimates as we're just seeing nice new wins there. OFFLINE is --

所以說實話，這就是球隊正在做的事情。希望我們能夠展現出真正獨特的一面。料斗還有更多想法。就像我說的，我們只完成了 Aerie 2.0 的開發。這些新的經驗將幫助我們加速邁向 2026 年，尤其是在親密產品領域，我們剛剛看到一些不錯的新成果。離線--

OFFLINE is good, right? Yeah. And what about the soft apparel is good?

離線很好，對吧？是的。那麼軟服裝有什麼好的呢？

Yeah. Not too heavy. That's what we were leaning into. That's what our learning was from Q1. I think we went too fashion. There was too much fashion. We needed to balance out the price equation as well as what that customer expects from us.

是的。不太重。這正是我們所傾向的。這就是我們從第一季學到的。我認為我們太時尚了。時尚太多了。我們需要平衡價格方程式以及客戶對我們的期望。

Now we have a set. We have a set called the Jet Set. It's amazing. If you don't own it, get into it. It's your best travel set out there. And we have just a core competency, crew necks and fleece and it's just really nicely working for us.

現在我們有了一套。我們有一套名為 Jet Set 的套裝。太神奇了。如果你還沒有擁有它，那就加入吧。這是您最好的旅行裝備。我們的核心競爭力就是圓領衫和羊毛衫，這對我們來說真的很有效。

So soft apparel is great. It really was shorts. And as you know, we even leaned into shorts into August. So if I was going to articulate a soft category across all three, men's, women's, and Aerie and OFFLINE actually, all four, they would be shorts. They were soft.

所以柔軟的服裝很棒。確實是短褲。如你所知，我們甚至在八月開始涉足短褲領域。因此，如果我要將男裝、女裝、Aerie 和 OFFLINE 這四個類別劃分為一個軟類別，那麼它們實際上都是短褲。它們很柔軟。

Okay. Terrific. And with respect to pricing, Mike, will we start to see a broader range of select price increases as we go forward? Or is it over? Did you take them and it's done?

好的。了不起。關於定價，麥克，我們是否會看到更大範圍的精選價格上漲？還是已經結束了？你服用了它們然後就完成了嗎？

I'd expect that to be ongoing, Jen. I think as we look at our forward plans into the first half of next year, we're going to continue kind of all levers of mitigation for tariffs. So pricing will be a component of that, but kind of optimizing country of origin, cost negotiations, air-ocean freight optimization, and other expense line items that are embedded in our landed cost will be the bigger levers. Pricing will just be one tool in the kit.

我希望這種情況能夠持續下去，Jen。我認為，當我們展望明年上半年的計畫時，我們將繼續採取各種措施來降低關稅。因此，定價將是其中的一個組成部分，但優化原產國、成本談判、空運海運優化以及嵌入到岸成本的其他費用項目將是更大的槓桿。定價只是工具包中的工具。

Alexandra Straton, Morgan Stanley

亞歷珊卓‧斯特拉頓，摩根士丹利

Congrats on a really nice quarter. I just had a couple of questions here. Maybe first for Mike, just on the back half gross margin. Where you were guiding to a decline for both the third quarter and the fourth quarter. Looks like fourth quarter decline is maybe 2 times worse or so than the third quarter. So can you just walk us through the gross margin pieces? Is that just tariff, or is there anything else in there?

恭喜您度過了一個非常愉快的季度。我這裡有幾個問題。對麥克來說，也許首先要討論的是後半部的毛利率。您預測第三季和第四季都會出現下滑。看起來第四季的下滑幅度可能比第三季嚴重兩倍左右。那麼，您能向我們簡單介紹一下毛利率的各個部分嗎？那隻是關稅嗎，還是有其他內容？

And then maybe separately, just on these recent campaign launches and some of the sales momentum that you've garnered on the back of them. Do you have a sense for how long top-line momentum lasts after those? And do you have more sort of in the hopper following these pretty big two campaigns?

然後，也許可以單獨談談最近發起的這些活動以及你們在這些活動中累積的一些銷售動能。您是否知道這些之後營收成長動能能持續多久？在完成這兩場大型活動後，您還有其他計劃嗎？

So I'll start with the gross margin question. Yes, to your point, the fourth quarter impact is a little larger, definitely tied to the tariff impact guidance. So $20 million for the third quarter, $40 million to $50 million for the fourth quarter. So you've got a little more pressure there from tariffs in the fourth quarter.

因此，我將從毛利率問題開始。是的，正如您所說，第四季度的影響要大一些，肯定與關稅影響指引有關。因此第三季為 2,000 萬美元，第四季為 4,000 萬至 5,000 萬美元。因此，第四季關稅的壓力會更大一些。

And we do have some embedded promotions assumed. We've been managing that really well all the way through the second quarter. August markdowns came in ahead of where we planned them as well. So we're leaving that embedded in our assumptions, but the team has done a nice job of optimizing the promotional levels each week, especially digitally. So could be some upside to that assumption within the gross margin.

我們確實假設了一些嵌入式促銷。整個第二季度，我們的管理一直都很好。八月的降價幅度也超出了我們的計劃。因此，我們將其保留在我們的假設中，但團隊在優化每週的促銷水平（尤其是數位促銷水平）方面做得很好。因此，這個假設在毛利率範圍內可能會有一定的上升空間。

And then we do with the uptick here in the back half, this mid-single-digit trend. Digital is definitely a big driver of that. So you've got your distribution and delivery costs, kind of variability in that. So if the mix does lean heavier toward digital, we've got some variable expense in the BOW lines in the expenses and gross margin.

然後讓我們來看看下半年的上升趨勢，也就是中等個位數的趨勢。數位化無疑是推動這項進程的重要因素。因此，您的分銷和運送成本存在一定的變化。因此，如果組合確實更傾向於數位化，那麼我們在 BOW 費用和毛利率中就會有一些變動費用。

So with a low single-digit assumption, we'd have some BOW deleverage between that line and then sort of the full back half impact of the Aerie and OFFLINE openings that are largely second quarter and third quarter weighted. So we'll have a little pressure.

因此，在較低的個位數假設下，我們會在該線之間進行一些 BOW 去槓桿，然後對 Aerie 和 OFFLINE 開業產生整體後半部分的影響進行某種程度的去槓桿，這些影響主要是第二季度和第三季度加權的。所以我們會有點壓力。

So it's equal parts, some expense deleverage on a low single-digit assumption and some in the tariff impact, and some embedded promotions that we believe we can probably -- we believe we have seen actually some optimization of that through the second quarter and through August. So some opportunity there still. On the sales momentum, Craig, I don't know if you want to jump on that one.

因此，它是平等的部分，一些費用去槓桿化是基於低個位數假設，一些是關稅影響，還有一些嵌入式促銷，我們相信我們可能 - 我們相信我們已經在第二季度和整個 8 月份看到了一些優化。因此仍然存在一些機會。關於銷售勢頭，克雷格，我不知道您是否想參與其中。

Yeah. Thanks, Mike. I'll go ahead and talk about that. The new era has just begun. We're excited to introduce new chapters in the future.

是的。謝謝，麥克。我將繼續討論這個問題。新時代才剛開始。我們很高興在未來推出新的篇章。

As we've already publicly announced, there will be a second drop of the American Eagle Tru Kolors by Travis Kelce collection. We've seen incredible interest on this first drop, expect even more in the second drop as the NFL season begins and Travis is front and center in the national conversation.

正如我們已經公開宣布的那樣，Travis Kelce 的 American Eagle Tru Kolors 系列將再次推出。我們看到，人們對這款首發產品產生了極大的興趣，隨著 NFL 賽季的開始以及特拉維斯成為全國熱門話題的中心，我們預計第二款產品將受到更多關注。

Additionally, Sydney Sweeney Has Great Jeans is not going anywhere. Sydney will be part of our team as we get into the back half of the year, and we'll be introducing new elements of the campaign as we continue forward.

此外，Sydney Sweeney Has Great Jeans 也不會離開。進入下半年，雪梨將成為我們團隊的一部分，我們將在未來繼續推出新的活動元素。

(Operator Instructions) Chris Nardone, Bank of America.

（操作員指示）美國銀行的 Chris Nardone。

Thanks, guys. Good afternoon. I just had a question on the tariff impact. It sounds like the $40 million to $50 million in 4Q is roughly 250 to 300 bps. Is this a fair assumption as we think through the mitigated impact for the first half of next year?

謝謝大家。午安.我只是想問一下關稅的影響。聽起來第四季的 4,000 萬至 5,000 萬美元大約是 250 至 300 個基點。當我們考慮明年上半年的緩解影響時，這是合理的假設嗎？

And then, Mike, nearer term, on your back half gross margin guidance, just a follow-up on Alex's question. What are some of the positive offsets to drive some muted gross margin expansion to absorb some of the tariffs?

然後，麥克，近期，關於你的下半年毛利率指引，這只是對亞歷克斯問題的後續。有哪些積極的抵銷措施可以推動一些低迷的毛利率擴張，以吸收部分關稅？

Yes, Chris. I think if you play forward the tariff impact, talked about $180 million unmitigated kind of back half impact here. The team has done a nice job knocking it down to this sort of $70 million-ish projection we have.

是的，克里斯。我認為，如果考慮關稅的影響，這裡談到的是 1.8 億美元的未減輕的後半部分影響。團隊做得很好，將其降低到我們預測的 7000 萬美元左右。

If you start with all the country of origin remixing that's happened here in the back half, China, where we had a higher penetration coming into the year, is mid-single digit now on a full year, but low single digit for the back half. India is small for us, rebalancing some things out of Vietnam.

如果從下半年發生的所有原產國混合開始，那麼中國，我們今年的滲透率更高，全年滲透率目前為個位數中段，但下半年滲透率則為個位數低段。印度對我們來說很小，需要我們重新平衡與越南的一些關係。

So if you start with just even the country of origin remix on an annualized basis next year, that number is probably around the $250 million to $300 million number to start. So there's some benefits there initially. And you have continued cost negotiations and all the other components I just talked about as far as levers.

因此，如果明年您僅以年度化為基礎計算原產國混音，那麼這個數字可能就在 2.5 億至 3 億美元左右。因此，最初存在一些好處。而且您還在繼續進行成本談判以及我剛才談到的有關槓桿的所有其他組成部分。

So our latest projection as we're playing forward '26 numbers now is somewhere in that $125 million to $150 million range on a full-year basis, with more work to do. And we're uncovering every stone around all other embedded costs in our gross margin.

因此，根據我們對 26 年數字的最新預測，全年收入將在 1.25 億美元至 1.5 億美元之間，但仍有更多工作要做。我們正在揭露毛利率中所有其他嵌入成本的每一個細節。

There's still opportunity for delivery optimization. We've got a longer-term supply chain network optimization plan that we're in the middle of to optimize those expenses and gross margin. We talked about -- we updated our store closure number, if you noticed in our prepared remarks, about 35 to 40 stores this year. That's kind of double where we've been in the last several years. So as we know that our digital penetration is picking up, we're going to continue to rebalance our fixed versus variable expense base by really looking at rebalancing the store fleet, especially on the AE side to closures with positions while we're still opening Aerie and OFFLINE locations.

仍有交付優化的機會。我們有一個長期的供應鏈網路優化計劃，目前正在實施中，以優化這些費用和毛利率。我們談到了——我們更新了關閉門市的數量，如果你注意到我們準備好的發言稿，今年大約有 35 到 40 家門市。這比過去幾年的情況高出一倍。因此，正如我們所知，我們的數位滲透率正在上升，我們將繼續重新平衡我們的固定與可變費用基礎，真正考慮重新平衡門市數量，特別是在 AE 方面，在我們仍在開設 Aerie 和線下門市的同時，關閉部分門市。

So we're going to look at every single line item like we have been through a few years, kind of on all of our expense management endeavors over the last 2.5 years. We're going to continue to do that to find offsets to this tariff impact to gross margin into next year.

因此，我們將仔細檢視過去幾年所經歷的每項費用，以及過去 2.5 年中我們所有的費用管理工作。我們將繼續這樣做，以找到抵消關稅對明年毛利率影響的方法。

Got it. And then Jen or Mike, can you just talk a little bit about some of the progress you're seeing in the men's side of the business given the campaigns and whether you're seeing greater comp growth in your denim business versus the rest of the AE brand?

知道了。然後，Jen 或 Mike，您能否簡單談談透過這些活動您在男裝業務方面看到的一些進展，以及與 AE 品牌的其他部分相比，您的牛仔布業務是否看到了更大的增長？

Yes. I mean, denim has been certainly trending very nicely. It's actually on par because it's such a big penetration to our business. So we obviously love the results.

是的。我的意思是，牛仔布確實非常流行。它實際上是同等重要的，因為它對我們的業務具有很大的滲透力​​。所以我們顯然對這個結果很滿意。

Men's has been a journey, for sure. The team has been -- we have -- first of all, we have a new merchant who has come in strong and has some great ideas. And starting in Q1, we really just took charge and really pivoted that business and said, we need to get this business back to obvious. And it was our time.

毫無疑問，男子比賽是一段旅程。我們的團隊已經——我們已經——首先，我們有一位實力雄厚、有一些很棒的想法的新商人。從第一季開始，我們真正掌控了局面，真正改變了這項業務，並表示，我們需要讓這項業務恢復到顯而易見的水平。這是我們的時間。

And I think they've done a nice job balancing out the fashion. So tops, graphics, polos, polo sweaters, and of course, our bottoms, mostly denim, have been significantly on an uptick.

我認為他們在平衡時尚方面做得很好。因此，上衣、圖案、馬球衫、馬球毛衣，當然還有我們的下裝（主要是牛仔布），銷量都大幅上升。

So we're here to deliver more, and we know we are still owed more on the men's side of the business, to be perfectly frank. So the team is looking at how fast we can grab that.

因此，我們來這裡是為了提供更多，坦白說，我們知道在男裝業務方面我們仍然欠他們更多。因此團隊正在研究我們能多快實現這一目標。

Rakesh Patel, Raymond James

拉凱什·帕特爾、雷蒙德·詹姆斯

I had a question on the duration of the Sydney Sweeney and Travis Kelce campaigns. Are these a 3Q initiative, or should we expect them to run through the rest of the year? And just given the success that you're seeing, how should we think about what's embedded in your marketing spend for the back half of the year?

我對悉尼斯威尼和特拉維斯凱爾西的競選活動持續時間有疑問。這些是第三季的舉措嗎？還是我們應該預期它們會持續到今年剩餘時間？鑑於您所看到的成功，我們該如何看待您下半年的行銷支出？

I'll take the first part of that question. This is Craig again. The Sydney Sweeney jeans campaign is here, and we'll continue with it through the remainder of the year. And again, we'll be introducing new elements along the way.

我來回答這個問題的第一部分。我又是克雷格。悉尼斯威尼牛仔褲宣傳活動現已開始，我們將在今年剩餘的時間裡繼續進行這項活動。再次，我們將在此過程中引入新的元素。

Travis is just getting going. The first week has just been astounding. The traffic, the new customer acquisition, the sell-through is so incredibly strong, and we're excited to drop a second drop in the coming weeks, again at the height of the NFL season.

特拉維斯剛開始行動。第一周就令人震驚。客流量、新客戶獲取量和銷售量都非常強勁，我們很高興能在接下來的幾週內再次推出新品，屆時正值 NFL 賽季的高峰期。

And so this is a moment to take big swings. And we have big talent, we have big amplification. The world is talking about it. We know that purchase intent is significantly and meaningfully up, and we'll be looking to convert this buzz into business all through the back half of the year.

因此，現在是採取重大舉措的時刻。我們擁有大量人才，擁有巨大的發展潛力。全世界都在談論此事。我們知道購買意願顯著且有意義地上升，我們希望在今年下半年將這種熱潮轉化為業務。

.I was just going to the advertising expense question. So within SG&A, we have a high single-digit expectation for SG&A growth in the third quarter, largely the advertising increase to support these campaigns. All the line items are up slightly, leading to that high single-digit result. But then for the fourth quarter, we're looking for more of a result similar to the second quarter, meaning SG&A dollars being flat to actually slightly down.

.我只是想問廣告費用的問題。因此，在銷售、一般及行政費用方面，我們對第三季銷售、一般及行政費用的成長抱有較高的個位數預期，這主要是由於支持這些活動的廣告費用增加。所有項目均略有上漲，從而帶來較高的個位數業績。但對於第四季度，我們預期的結果與第二季度更加相似，這意味著銷售、一般及行政費用將持平或略有下降。

Advertising would still be up a bit, and we're going to kind of manage that week to week. So I expect advertising to be up sort of low single digits. A large portion of this expense to support the campaign is hitting the third quarter, even though we will continue some things into the fourth quarter. And then the rest of SG&A outside of advertising is going to be down slightly in the fourth quarter. So yes, the brunt of the advertising expense related to everything Craig is outlining is in the third quarter.

廣告費用仍會略有增加，我們將每週進行管理。因此我預期廣告收入將出現低個位數的成長。儘管我們將在第四季度繼續進行一些活動，但支持活動的大部分費用將在第三季支出。第四季度，除廣告之外的其他銷售、一般及行政費用將略有下降。所以是的，與 Craig 概述的所有內容相關的大部分廣告費用都在第三季。

Got it. And then also I had a quick question on inventory. Just curious, given the acceleration that you're seeing in the August comp, how should we think about inventory plans for Q3 and Q4?

知道了。然後我還問了一個關於庫存的簡單問題。只是好奇，鑑於您在 8 月看到的加速成長，我們應該如何考慮第三季和第四季的庫存計劃？

Yes. So we're very pleased with our position coming into the second quarter, as we talked about. Our trend is up mid-single digits. Units were up 3%, costs up 8%. That differential of 5 points is pretty much all driven by the tariff impact.

是的。正如我們所說的，我們對第二季的狀況非常滿意。我們的趨勢是上升中位數個位數。單位數量上漲 3%，成本上漲 8%。這 5 個百分點的差異幾乎全部是由關稅影響造成的。

I would expect a similar dynamic through the quarter during Q3 and then into Q4. Same idea, there's going to be a tariff impact. Unit increase, we think, will be more commensurate with our sales trend. We are chasing some things at the moment that may have an end-of-quarter impact. But anything we're chasing now is largely in jeans and has long-life, kind of non-markdown-liable goods attached to them for the fourth quarter for holiday. And a lot of things don't carry, especially the jeans assortment carrying through the first half of next year.

我預計第三季和第四季也會出現類似的動態。同樣的想法，這將產生關稅影響。我們認為，單位數量的成長將與我們的銷售趨勢更加相稱。我們目前正在追蹤一些可能對季度末產生影響的事情。但我們現在追逐的主要是牛仔褲，以及第四季假期附帶的長壽命、不降價的商品。而且很多東西都沒有庫存，尤其是明年上半年還賣的牛仔褲系列。

So very pleased with where we sit with inventory, and we'll continue to manage alongside our revenue expectations, especially on the unit growth, knowing there's a tariff cost impact to the balance sheet dollars.

我們對我們的庫存狀況非常滿意，我們將繼續按照我們的收入預期進行管理，特別是在單位成長方面，因為我們知道關稅成本會對資產負債表美元產生影響。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

Great. Mike, I wanted to ask on SG&A. I noticed, while that SG&A actually leveraged in the quarter on a negative comp and we haven't seen that in quite some time. So could you maybe talk a little bit about in the quarter about some of the changes that you've made in the business from an SG&A perspective and kind of what sticks, what comes out, and then how to think about that going forward? And then maybe what the leverage point might be on comp to actually drive some leverage on SG&A

偉大的。麥克，我想問一下銷售、一般和行政費用 (SG&A)。我注意到，本季銷售、一般及行政費用實際上利用了負比較，而我們已經很久沒有看到這種情況了。那麼，您能否從銷售、一般及行政費用的角度談談本季度您在業務中做出的一些改變，以及哪些改變會保留下來，哪些改變會產生結果，以及如何考慮未來的發展？那麼，也許槓桿點可能在公司業績上，實際上推動銷售、一般和行政管理方面的一些槓桿作用

Thanks for the question. I think we've been talking about this for a good two to almost three years now around our expense management initiatives. SG&A has definitely benefited from work on those major lines that we always talk about.

謝謝你的提問。我想，圍繞著費用管理舉措，我們已經討論了兩到三年了。銷售、一般和行政費用確實從我們經常談論的那些主要線路的工作中受益。

I mean, the biggest drivers of SG&A are store salaries, corporate compensation, advertising, and our services line. So that's like 80%-plus of your SG&A. Incentives are built into the compensation bucket. So we've been hard at work at that for a few years.

我的意思是，銷售、一般和行政費用的最大驅動因素是商店工資、公司薪酬、廣告和我們的服務線。這相當於銷售、一般和行政費用 (SG&A) 的 80% 以上。激勵措施已納入薪資制度。因此，我們幾年來一直在努力實現這一目標。

Really this full year, as a result of that, even though there's some with advertising kind of being pulsed by quarter, the full year is going to be up in our projections here. Basically, if you piece together the guidance, 1% to 2%, with advertising being the only thing actually up and everything else being kind of flat to down. So those efforts are in place forever.

事實上，由於這個原因，儘管有些廣告業務按季度波動，但根據我們的預測，全年的廣告業務仍會上升。基本上，如果你把指導意見拼湊起來，你會發現 1% 到 2%，其中廣告是唯一真正上漲的，其他一切都持平或下降。所以這些努力將永遠存在。

As we look forward to '26, we'll just be back to what we've been continuing to talk about, which is the longer-term 3% to 5% revenue algorithm. We intend to keep SG&A flat or even leverage SG&A on that kind of revenue result. So a comp in that kind of low to mid-single-digit range with total growth in that 3% to 5%, we intend to leverage SG&A. That's our continued goal to go forward.

當我們展望 26 年時，我們將回到我們一直在談論的話題，即長期 3% 到 5% 的收入演算法。我們打算保持銷售、一般及行政費用 (SG&A) 不變，甚至利用銷售、一般及行政費用來獲得這種收入結果。因此，對於總成長率在 3% 到 5% 之間的低到中等個位數範圍內的同類產品，我們打算利用銷售、一般和行政費用。這是我們持續前進的目標。

Got it. Super helpful. And then just a quick follow-up, if I could. I know that you talked about in the release lower compensation costs. So -- and I think incentive comp might have come out initially. Does it come back? What does it look like this year, next year?

知道了。超有幫助。如果可以的話，我再快速跟進。我知道您在新聞稿中談到了降低賠償成本。所以 — — 我認為激勵補償可能已經先出現。它會回來嗎？今年、明年的情況如何？

Yeah. I mean, we did some restructuring things in the first quarter. We had some benefit in the second quarter around that. We'll continue to look at opportunities to optimize compensation in total across the P&L. Incentive comp is down this year. So we'll look for mitigation efforts if there's some sort of normalized number next year.

是的。我的意思是，我們在第一季做了一些重組工作。我們在第二季度獲得了一些好處。我們將繼續尋找機會優化整個損益表中的整體薪酬。今年的激勵薪酬有所下降。因此，如果明年的數字恢復正常，我們就會尋求緩解措施。

But we'll talk about that when we get to 2026 guidance, when we actually set those incentives -- annual incentive plans and provide more color at that point. At the end of the day, we're going to look at SG&A as a total bucket, and again, just reiterate that goal that on that 3% to 5% revenue expectation on a longer-term basis, our intent is to leverage SG&A at that level.

但是，當我們制定 2026 年指導方針時，當我們真正制定這些激勵措施（年度激勵計劃）時，我們會討論這個問題，並在那時提供更多細節。最終，我們將把銷售、一般和行政費用視為一個總體，並再次重申這一目標，即在長期 3% 至 5% 的收入預期下，我們的目的是利用這一水平的銷售、一般和行政費用。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congratulations on the improvements, and the denim has just looked absolutely outstanding. I'm curious on a couple of things. I just wanted to clarify in the inventory increase, was any of that pull-forward inventory? I don't know if I missed that, but I just wanted to check on that.

恭喜您的改進，牛仔布看起來非常出色。我對幾件事很好奇。我只是想澄清一下庫存增加的情況，其中是否有任何提前庫存？我不知道我是否錯過了，但我只是想檢查一下。

And then Jen, can you talk a little bit just about in the product assortments. Travis Kelce has this full kind of assortment, Sydney Sweeney had her sold-out butterfly jean. And then I think Syd's Picks, I think that's what you titled it. Are you going to do a real collection with her? And then kind of just thinking into next year, if it's not them, could these things continue with other people is something that you would look to do again?

然後 Jen，您能否簡單談談產品分類。特拉維斯凱爾西 (Travis Kelce) 擁有全系列的此類商品，悉尼斯威尼 (Sydney Sweeney) 的蝴蝶牛仔褲也已售罄。然後我想到“Syd's Picks”，我想這就是你給它的標題。你要和她一起做真正的收藏嗎？然後想想明年，如果不是他們，這些事情會不會繼續與其他人一起做？

I can get the inventory quickly. So Marni, there's a little bit of pull-forward of inventory based on the timing of all the tariff intentions there in early August, but very minor in the grand scheme of our 3%-plus units, 8%-plus cost.

我可以很快得到庫存。因此，Marni，根據 8 月初所有關稅意向的時間安排，庫存略有提前，但在我們的 3% 以上的單位、8% 以上的成本的總體規劃中，這種提前是非常小的。

Our early reads on Travis have been strong, as we mentioned. And the nice thing is we're selling really high price points. The customer is loving it, and it's right-priced. So we love that. And as Craig mentioned, we have a second drop, and we'll see what's in store for the rest.

正如我們所提到的，我們對特拉維斯的早期解讀非常強勁。令人高興的是，我們的產品價格確實很高。顧客很喜歡它，而且價格合適。所以我們喜歡這個。正如克雷格所提到的，我們還有第二次下降，我們將看看其餘的下降情況如何。

Sydney Sweeney, again, really nice sell-through on that butterfly jean. The teams have -- we have ideas cooking, let me just say that. And just moving into great jeans, that's really what I'll say for now. There's more to come. We're thinking about some exciting holiday campaigns and how we leverage the product within these campaigns.

再次，悉尼·斯威尼 (Sydney Sweeney) 的蝴蝶牛仔褲銷量非常好。團隊有——我們有想法，我只想說一下。現在我要說的就是穿上漂亮的牛仔褲。接下來還有更多。我們正在考慮一些令人興奮的假期活動以及如何在這些活動中利用產品。

Okay, don't spill the tea then. Can I just ask you one quick follow-up on swimwear? Now that we're out of swim season, and it's been kind of an up-and-down category for you, have you hindsighted '25 and even '24? And how are you thinking about it for spring of '26?

好吧，那就別說漏嘴了。我可以問您一個關於泳裝的快速後續問題嗎？現在我們已經過了游泳季節，對你來說，這是一個起伏不定的類別，你是否回顧了 25 年甚至 24 年的情況？您對於 26 年春季有什麼想法？

Well, let me just say, based on our shorts business, I'm glad we didn't overpitch swim. So we really did a great job pitching that business. We sold out of fashion. We planned it accordingly. We actually beat the plan. We didn't have a lot of clearance at the end of the season. So we're going to take those lessons and apply them for future seasons.

好吧，我只想說，根據我們的短褲業務，我很高興我們沒有過度推銷游泳。因此，我們在推銷這項業務方面確實做得非常出色。我們賣掉了過時的款式。我們據此制定了計劃。我們實際上已經超越了計劃。賽季末我們並沒有獲得太多的許可。因此，我們將吸取這些教訓並將其應用於未來的賽季。

It is an up-and-down category, and we're going to take those lessons that we've learned again over a few seasons now, a few spring seasons, and apply them on the go-forward. We have a new lens, our new merchant who's in place, who's been with us for over six to eight months now. She's doing a great job, and she has some new ideas. She brings some fresh perspectives for the business.

這是一個起伏不定的類別，我們將吸取過去幾個季節、幾個春季學到的教訓，並在未來運用它們。我們有了新的鏡頭，新的商家也已經到位，與我們合作已經六到八個月了。她做得很好，而且有一些新的想法。她為企業帶來了一些新的視野。

Fantastic. Thanks, guys.

極好的。謝謝大家。

Thanks, Marni. All right, everyone, thanks for your participation tonight, and have a great evening.

謝謝，瑪尼。好的，各位，感謝大家今晚的參與，祝大家有個愉快的夜晚。

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。