American Eagle Outfitters, Inc. (AEO) 2025 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to the AEO Inc fourth quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

各位下午好。歡迎參加 AEO Inc 2025 年第四季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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人關係與企業傳播主管 Judy Meehan。請開始。

Good afternoon, everyone. Today, we issued our fourth quarter and fiscal year 2025 press release. Note that included in the release and during this call, 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 our fourth quarter investor presentation.

各位下午好。今天，我們發布了 2025 年第四季及 2025 會計年度新聞稿。請注意，在新聞稿及本次電話會議中，部分財務指標同時以 GAAP 與非 GAAP 調整後基礎呈現。調整後結果與 GAAP 結果之對帳表，載於財報新聞稿所附表格中；新聞稿已張貼於我們公司網站 www.aeo-inc.com 的投資人關係專區。在此您也可找到我們的第四季投資人簡報。

During today's call, 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 relays 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. Today, we have a change to our conference call format.

在今天的電話會議中，我們將作出若干前瞻性陳述。這些陳述係基於代表公司目前預期或信念的資訊。實際結果可能因我們向 SEC 提交文件中所列風險因素而出現重大差異。除法律要求外，公司不承擔因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述之義務。今天，我們的電話會議形式有所調整。

Due to the passing of Jay's mother, he is unable to join the question-and-answer section of the call. We extend our deepest condolences to Jay and the Schottenstein family. Today's call will include Jay's overview and highlights, which were prerecorded. Joining me for the call are Jen Foyle, President, Executive Creative Director for American Eagle and Aerie; and Mike Mathias, Chief Financial Officer.

由於 Jay 的母親過世，他無法參與本次電話會議的問答環節。我們向 Jay 及 Schottenstein 家族致上最深切的哀悼。今天的電話會議將包含 Jay 的概覽與重點（已預先錄製）。與我一同參與電話會議的還有：American Eagle 與 Aerie 總裁兼執行創意總監 Jen Foyle，以及財務長 Mike Mathias。

And now we will begin the call.

現在我們開始電話會議。

Thanks to the hard work of the team, we made meaningful progress this year and delivered a strong fourth quarter. Following a tough start to the year, I'm extremely proud of how the team course corrected with a deliberate action plan that ignite growth, improved profitability and cash flow, fueling a strong finish to 2025. Initiatives across merchandising, operations and marketing, continue to strengthen our company and position our brands for long-term success. We remain committed to driving enduring profitable growth and strong cash flow for our shareholders.

在團隊的辛勤努力下，我們今年取得了實質進展，並交出強勁的第四季表現。在年初艱難開局之後，我對團隊如何透過明確的行動計畫迅速修正方向感到非常自豪；該計畫點燃成長、提升獲利能力與現金流，推動 2025 年強勢收官。我們在商品、營運與行銷等面向的各項舉措，持續強化公司並讓品牌具備長期成功的定位。我們仍致力於為股東推動可持續的獲利成長與強勁現金流。

Let me walk you through the highlights of the quarter, and Mike will go through the numbers in detail. We delivered double-digit sales growth in the fourth quarter ahead of plan. This represented an acceleration from the third quarter to produce our best quarter of the year. We also achieved record-breaking results through the Thanksgiving and holiday season, building on the approved trends that began last summer. Margin performance was solid and drove enhanced operating efficiencies. We were thrilled to see the remarkable momentum at Aerie and OFFLINE, which delivered 23% comp growth.

我先帶各位回顧本季重點，接著 Mike 會詳細說明財務數字。我們第四季銷售額實現兩位數成長，且優於原先計畫。相較第三季呈現加速，並成為全年表現最佳的一季。我們在感恩節與假期旺季也創下破紀錄的成果，延續自去年夏天開始的正向趨勢。毛利率表現穩健，並帶動營運效率提升。我們很高興看到 Aerie 與 OFFLINE 的強勁動能，兩者同店成長達 23%。

Robust demand was broad-based across categories and channels. By leveraging our stronger market position and heightened demand, we exited the quarter with record brand awareness and customer acquisition was up in the double digits. With successful expansion underway across a number of categories, we see significant runway to continue to build Aerie and OFFLINE and capture new audiences in the years ahead. I'm also pleased by the consistent and steady progress we've seen at American Eagle.

強勁需求在各品類與各通路皆呈現廣泛分布。藉由更強的市場地位與更高的需求，我們在季末達到創紀錄的品牌知名度，且新客獲取以兩位數成長。隨著多個品類的擴張順利推進，我們看到顯著的成長跑道，可在未來數年持續壯大 Aerie 與 OFFLINE 並吸引新客群。我也對 American Eagle 持續且穩健的進展感到欣慰。

Comps grew 2%, accelerating from the third quarter with growth across genders. Product initiatives are delivering more newness and fresh trends right collections. Following impactful partnerships with Cindy Sweeny and Travis Calci, Martha Stewart's, Holiday Campaign, reinforce AE's cross-generational pill as the ultimate gift-giving destination. Customer accounts and retention rates are proof points of success. This year, we look forward to creating more culture defining moments with newly announced partnerships with Lamanna Mill, LL Langley and Baileys Ziverman and more to come.

同店銷售成長 2%，較第三季加速，且男女裝皆有成長。產品端的舉措帶來更多新品與更貼近潮流的系列。繼與 Cindy Sweeny 與 Travis Calci 的具影響力合作之後，Martha Stewart 的假期行銷活動進一步強化 AE 跨世代吸引力，成為終極送禮目的地。客戶帳戶數與留存率是成功的佐證。今年，我們期待透過新公布的合作夥伴 Lamanna Mill、LL Langley 與 Baileys Ziverman，以及更多後續合作，創造更多定義文化的時刻。

In terms of the numbers, total revenue hit an all-time high for the fourth quarter, increasing 10% to $1.8 billion. Overall comp sales grew 8%. Adjusted operating income of $180 million was up 27% from the $142 million last year. Notably, we achieved these results despite significant tariff pressure. Successful tariff mitigation efforts centered on cost savings, greater efficiencies and strategic management across our sourcing operations.

就數字而言，第四季總營收創歷史新高，成長 10% 至 18 億美元。整體同店銷售成長 8%。調整後營業利益為 1.80 億美元，較去年 1.42 億美元成長 27%。值得注意的是，我們在面臨顯著關稅壓力下仍達成上述成果。成功的關稅緩解措施聚焦於成本節省、更高效率，以及在採購營運上的策略性管理。

Full year 2025 annual revenue reached a record $5.5 billion, up 3% to last year, and adjusted operating income was $328 million. We ended 2025 in a strong financial position with nearly $240 million in cash and no debt. Our capital allocation strategy remains focused on investing in the business while returning cash to shareholders. We completed $256 million in share buybacks while paying $85 million in dividends last year.

2025 全年營收達到創紀錄的 55 億美元，較去年成長 3%，調整後營業利益為 3.28 億美元。我們在 2025 年底維持強勁財務狀況，現金接近 2.40 億美元且無負債。我們的資本配置策略仍聚焦於投資業務，同時回饋現金給股東。去年我們完成 2.56 億美元庫藏股回購，並支付 8,500 萬美元股利。

Now looking ahead, we remain confident in our strategy and our ability to build on our second half. As part of the continued effort to drive efficiencies and prioritize initiatives with the highest impact and strongest returns, we made the decision to exit quite logistics during the quarter. This move keeps our focus and investment dollars on our core brands.

展望未來，我們對策略以及在下半年成果基礎上持續推進的能力仍具信心。作為持續提升效率、並優先推動影響最大且報酬最強之計畫的一部分，我們決定在本季退出 Quiet Logistics。此舉使我們能將焦點與投資資金集中於核心品牌。

As we exit the third-party business, we are left with a significantly enhanced logistics function, including much improved warehousing systems and technology, regionalized distribution capabilities, excellent speed to customer at a network that will support growth for several years. We entered 2026 from a position of strength and positive sales trends continuing. We have significant opportunities ahead and our teams are energized and committed to executing on our plans. I am fully confident in our path forward and our strategy to drive long-term profitable growth and free cash generation, which in turn will create value for shareholders.

隨著退出第三方業務，我們保留了一個顯著強化的物流功能，包括大幅改善的倉儲系統與技術、區域化配送能力、優異的到客速度，以及可支撐未來數年成長的網路。我們以強勢姿態進入 2026 年，且正向銷售趨勢持續。我們面前有重大機會，團隊士氣高昂並致力於落實計畫。我對前進道路以及推動長期獲利成長與自由現金流生成的策略充滿信心，而這也將為股東創造價值。

Good afternoon, everyone. I want to begin by underscoring how pleased I am with the fourth quarter performance. Our commitment to product leadership continues to be a key engine that's driving our business, and that's true across all brands. As I'll share, we saw a widespread improvement in the majority of our categories. There has been a clear acceleration in demand in certain segments as our customers respond to newness, color and trend-right fashion.

各位下午好。我想先強調，我對第四季表現感到非常滿意。我們對產品領導力的承諾，持續是推動業務的關鍵引擎，且此點適用於所有品牌。如我將分享的，我們看到多數品類出現廣泛改善。隨著顧客對新品、色彩與貼近潮流的時尚做出回應，某些區隔的需求明顯加速。

Compelling new collections in fleece, tees and knits, coupled with the growing accessories business within AE and Aerie are together supporting our layering and outfitting strategy. As you've heard, following the first quarter 2025, we initiated a number of process changes and the reorganization of the teams and talent. We began to see the results of this work mid-year. I'm proud of the quick execution, and we are excited to carry this momentum forward. I'm confident that we remain very well positioned for profitable growth in 2026 and beyond.

抓絨、T 恤與針織等引人注目的新系列，加上 AE 與 Aerie 內部持續成長的配件業務，共同支撐我們的疊穿與整體穿搭策略。如各位所聽到的，在 2025 年第一季之後，我們啟動了多項流程變更，並對團隊與人才進行重整。我們在年中開始看到這些工作的成果。我為快速執行感到自豪，也很期待將這股動能延續下去。我相信我們在 2026 年及更長遠的未來，仍具備非常有利的獲利成長定位。

Now let's review our wins and opportunities by brand. Turning to Aerie first, where we have experienced strong acceleration in demand, strength has been broad-based across all categories, including intimate, soft dressing and OFFLINE activewear. Fresh flows of new and exciting collections, coupled with category expansions in areas like Sleepwear kept the customer engaged throughout the season. We grabbed our communities attention with must-have products and position them in the most relevant ways. Aerie apparel was strong across both tops and bottoms as a result of great fabrication, on-trend fun prints and winning color stories.

現在讓我們按品牌檢視我們的成果與機會。先看 Aerie：我們的需求強勁加速，且強勢表現遍及所有品類，包括內著、舒適穿搭以及 OFFLINE 運動休閒服。持續推出新穎且令人興奮的系列，再加上睡衣等領域的品類擴張，使顧客在整個季度都保持高度參與。我們以必備商品吸引社群目光，並以最貼近需求的方式呈現。Aerie 服飾在上裝與下裝皆表現強勁，得益於優秀面料、符合潮流的趣味印花，以及成功的色彩主題。

I am particularly encouraged by the continued momentum in intimates recording some of our best ever results in the quarter with match back sets fueling demand. OFFLINE had another incredible quarter with steady sales in active bottoms and double-digit growth in sports broad, tops and fashion bottoms. OFFLINE signature cloud fleece remains a customer favor, and we continue to have significant opportunities to leverage the success of this key franchise. Our focus on new fashion silhouettes and fresh color drops are also contributing to strong growth across categories. As we look to accelerate the OFFLINE business in 2026, we will be focused on expanding our footprint engaging more customers and delivering great product.

我尤其受到內衣品類持續動能的鼓舞，本季在「回購配套組（match back sets）」帶動需求下，錄得我們歷來最佳之一的季度表現。OFFLINE 也再度交出亮眼一季，運動下身銷售穩健，運動內衣（sports bra）、上衣與時尚下身皆實現雙位數成長。OFFLINE 招牌 cloud fleece 仍是顧客最愛，我們也持續擁有可觀機會，進一步放大這一核心系列成功的槓桿效益。我們聚焦於新的時尚輪廓與新鮮配色上新，也正推動各品類的強勁成長。展望在 2026 年加速 OFFLINE 業務，我們將著重擴大據點版圖、觸及更多顧客並提供優質產品。

OFFLINE'S brand awareness is rising and the brand has a long runway ahead. Our share is still small, but growing, and I'm confident that we have only just begun to scratch the surface of this brand's massive and long-term potential. The powerful reacceleration of the Aerie brand coupled with the explosive trajectory of OFFLINE is cementing our position as a leader in the space. And with our brand positioning as relevant and strong as ever, we look to continue to expand our reach to more customers. New Aerie customers grew 14% and brand awareness climbed 12% year over year.

OFFLINE 的品牌知名度正在提升，且品牌仍有很長的成長跑道。我們目前市占仍小，但正在成長；我有信心，我們才剛開始挖掘這個品牌龐大且長期的潛力。Aerie 品牌強勁再加速的動能，結合 OFFLINE 爆發式的成長軌跡，正鞏固我們在該領域的領導地位。在我們的品牌定位依舊高度相關且強勢的情況下，我們預期將持續擴大觸及更多顧客。Aerie 新客成長 14%，品牌知名度年增 12%。

We know these customers are sticky, and we are focused on maintaining this healthy and engaged customer base. As we kick off 2026, expect to see significant increase in buzz for Aerie as we launch a highly visible brand campaign, rooted in purpose and mission. And as you've heard, we're just getting started here, and I'm excited for what's ahead. Now moving on to American Eagle, which achieved a solid 2% increase in the quarter. Positive results were driven by men's, women's tops and our signature AE genes across genders.

我們知道這些顧客黏著度高，因此我們專注於維持這個健康且高度互動的顧客基礎。隨著我們啟動 2026 年，預期 Aerie 的聲量將顯著提升，因為我們將推出一個高度可見的品牌活動，並以宗旨與使命為核心。如同各位所聽到的，我們在這裡才剛開始，我也對未來感到振奮。接著談 American Eagle，本季實現穩健的 2% 成長。正向成果主要由男裝、女裝上衣，以及我們跨性別皆具代表性的 AE 牛仔（genes）系列所帶動。

The men's business continued to improve in the fourth quarter, delivering the third consecutive quarter of growth. Positive results were seen across nearly every category, with sweaters, shirts and tees and sweatshirts emerging as favorites and graphics leading the way as the hero. Our strategy to recapture the men's business is on track as we gain market share and expand our customer base. AE women's comp was flat in the quarter, strength in jeans and tops, including knits, sweaters and fleece was offset by a slower demand in dresses and non-denim bottoms.

男裝業務在第四季持續改善，連續第三季實現成長。幾乎所有品類皆呈現正向表現，其中毛衣、襯衫與 T 恤、以及運動衫最受歡迎，而圖案款（graphics）作為主打（hero）領先帶動。我們重振男裝業務的策略進展符合預期，正同步提升市占並擴大顧客基礎。AE 女裝本季同店持平；牛仔與上衣（包含針織、毛衣與刷毛）表現強勁，但被洋裝與非丹寧下身需求較慢所抵銷。

Driving ongoing progress is a top priority, and we are working to ensure that we have the best styles and quality together with more frequent flows to support growth. Work is underway, and we are focused on investing in depth of key items and size integrity to drive sales. We expect to see continued improvements as we move through 2026.

推動持續進展是首要任務，我們正努力確保具備最佳款式與品質，並以更頻繁的上新節奏支援成長。相關工作已在進行中，我們聚焦投資於關鍵商品的深度（備貨深度）與尺碼完整性，以帶動銷售。隨著我們邁入 2026 年，預期將看到持續改善。

As Jay reviewed, AE brand marketing has been a clear strategic focus and is expanding brand awareness and driving purchase intent. In addition to talent-focused campaigns, we recently relaunched AE's creator community to bring together a network of passionate trend centers and brand advocates to drive revenue and digital content. And just last week, we announced our partnership with Stagecoach, joining country music's biggest stage and connecting with a new generation of artists and fans as we continue to show up at the intersection of golder and fashion.

如 Jay 所回顧，AE 的品牌行銷一直是明確的策略重點，正在擴大品牌知名度並提升購買意圖。除以人才為核心的行銷活動外，我們近期也重新啟動 AE 的創作者社群，匯聚一群充滿熱情的潮流核心與品牌倡議者，以帶動營收與數位內容。就在上週，我們宣布與 Stagecoach 合作，加入鄉村音樂最大的舞台，並在我們持續出現在「文化（culture）與時尚」交會點的同時，連結新一代的藝人與粉絲。

The intention behind these initiatives is to maintain and drive our industry-leading position. Before turning the call over to Mike, I want to recognize the team for a strong finish to 2025 and their ability to drive improvement across multiple processes and to deliver results was impressive. We are incredibly optimistic about the profitable growth potential of our portfolio. We are moving forward decisively and we know that our brands are uniquely positioned to win, scale and deliver sustained long-term growth.

這些計畫背後的用意，是維持並推動我們在產業中的領先地位。在把電話會議交給 Mike 之前，我想肯定團隊在 2025 年強勁收官的表現；他們能在多項流程上推動改善並交付成果，令人印象深刻。我們對於旗下品牌組合的獲利成長潛力感到非常樂觀。我們正果斷向前推進，也深知我們的品牌具備獨特優勢，能夠勝出、擴張規模並帶來可持續的長期成長。

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

接下來，我把電話會議交給 Mike。

Thanks, Jen, and good afternoon, everyone. 2025 results reflect the actions we took to strengthen the fundamentals of the business, make operational improvements, introduce new compelling product collections and launch strategic marketing initiatives. These steps strengthened our foundation for long-term success and drove a sharp improvement in trends throughout the year across brands and channels, even as we navigated a dynamic retail industry and an unprecedented tariff backdrop.

謝謝你，Jen，各位下午好。2025 年的成果反映了我們為強化業務基本面所採取的行動：進行營運改善、推出具吸引力的新產品系列，以及啟動策略性行銷計畫。即使我們在充滿變動的零售產業與前所未有的關稅環境下前行，這些步驟仍強化了我們長期成功的基礎，並推動全年各品牌與各通路的趨勢顯著改善。

Our strong performance in the fourth quarter is a testament to the work with results coming in ahead of expectations across margins and profitability. In the quarter, consolidated revenue of $1.8 billion increased 10% to last year, fueled by comparable sales growth of 8% with Aerie up 23% and American Eagle up 2%.

我們第四季的強勁表現，證明了團隊的努力；在毛利率與獲利能力方面的結果均優於預期。本季合併營收為 18 億美元，較去年成長 10%，主要由同店銷售成長 8% 所帶動，其中 Aerie 成長 23%，American Eagle 成長 2%。

We saw across-the-board improvement in trends with an acceleration from the prior quarter. KPIs were favorable with growth in transactions across brands driven by higher traffic. The average unit retail price was flat to last year. Gross profit dollars of $651 million increased 9%. Gross margin declined 30 basis points to 37% from 37.3% last year, which included net tariff pressure of approximately $50 million.

我們看到整體趨勢全面改善，且較前一季加速。關鍵績效指標（KPI）表現有利：在更高客流帶動下，各品牌交易筆數成長。平均單件零售價格與去年持平。毛利金額為 6.51 億美元，成長 9%。毛利率較去年 37.3% 下滑 30 個基點至 37%，其中包含約 5,000 萬美元的關稅淨壓力。

On the positive side, the leverage from strong revenue growth, lower costs favorable currency and overall operational efficiencies partially offset tariffs and higher markdowns. Buying, occupancy and warehousing leveraged 50 basis points due to higher sales and a continued focus on operational improvements. SG&A increased 4% to $418 million and as a rate leveraged 120 basis points to last year, driven by strong revenue growth.

正面因素方面，強勁營收成長帶來的槓桿效益、較低成本、有利匯率以及整體營運效率，部分抵銷了關稅與較高折扣（markdowns）的影響。採購、店舖租賃（occupancy）與倉儲費用因銷售提升及持續聚焦營運改善而槓桿改善 50 個基點。SG&A 成長 4% 至 4.18 億美元；以營收比率計，較去年槓桿改善 120 個基點，主要受惠於強勁的營收成長。

Planned investments in advertising were offset by our continued focus on disciplined cost management and lower incentives. Adjusted operating income of $180 million was above our recent guidance of $167 million to $170 million, driven largely by very robust sales and margins at Aerie and OFFLINE.

我們對廣告的計畫性投資，被我們持續聚焦於嚴謹的成本管理與較低的激勵費用所抵銷。調整後營業利益為 1.80 億美元，高於我們近期指引的 1.67 億至 1.70 億美元，主要由 Aerie 與 OFFLINE 非常強勁的銷售與毛利率所帶動。

The adjusted operating margin of 10.2% increased from 8.9% last year. During the quarter, we recognized restructuring charges totaling approximately $85 million, of which $13 million was cash, primarily related to severance. These charges relate to discontinuation of quiet platforms, third-party logistics, store impairments and a corporate restructuring. Net annual savings from these actions is estimated at about $20 million annually, with a portion of that expected to be realized in 2026. We ended the year with a strong balance sheet with cash of $239 million after returning $341 million to shareholders.

調整後營業利益率為 10.2%，高於去年的 8.9%。本季我們認列重組費用合計約 8,500 萬美元，其中 1,300 萬美元為現金支出，主要與資遣費相關。這些費用與停止 quiet platforms、第三方物流、店舖減損以及公司組織重整有關。上述行動預估可帶來每年約 2,000 萬美元的年度淨節省，其中一部分預期將於 2026 年實現。在向股東回饋 3.41 億美元後，我們以 2.39 億美元現金結束年度，資產負債表依然強勁。

At year-end, total liquidity was approximately $930 million. Consolidated inventory cost was up 10% with units up 3%. Cost inventory reflects the impact of tariffs. Fourth quarter CapEx totaled $59 million, bringing year-to-date spend to just over $260 million. As we look ahead to next year, we expect similar levels of CapEx in the range of $250 million to $260 million, reflecting investments in technology upgrades, general corporate maintenance as well as 35 new Aerie, OFFLINE store openings and about 60 store remodels.

截至年末，總流動性約為 9.30 億美元。合併存貨成本年增 10%，件數年增 3%。存貨成本反映了關稅的影響。第四季資本支出（CapEx）為 5,900 萬美元，使年初至今支出略高於 2.60 億美元。展望明年，我們預期 CapEx 水準相近，約 2.50 億至 2.60 億美元，反映對技術升級、一般公司維護的投資，以及新開 35 間 Aerie、OFFLINE 門市與約 60 間門市翻新。

In 2026, we expect to close another 25 to 30 lower productivity AE stores. Turning to our 2026 outlook. The first quarter is off to a good start. Comp sales are positive across brands with notable strong performance continuing at Aerie and OFFLINE. For the first quarter, we expect comparable sales growth in the high single digits, with American comps in the positive low single digits and area OFFLINE comps in the double digits.

在 2026 年，我們預期將再關閉 25 至 30 間生產力較低的 AE 門市。接著談我們對 2026 年的展望。第一季開局良好。各品牌同店銷售皆為正成長，其中 Aerie 與 OFFLINE 延續顯著強勁表現。就第一季而言，我們預期同店銷售成長為高個位數；American 同店為正的低個位數，而 Aerie 與 OFFLINE 同店為雙位數成長。

Our operating income expectation is in the range of $20 million to $25 million, which includes tariff headwinds of approximately $30 million and incremental advertising investment, which will drive total SG&A expense up approximately 10% versus last year. For the full year, we expect operating profit in the range of $390 million to $410 million based on consolidated comparable sales growth in the mid-single digits.

我們對營業利益的預期區間為2,000萬至2,500萬美元，其中包含約3,000萬美元的關稅逆風以及額外的廣告投資，這將使整體SG&A費用較去年增加約10%。就全年而言，基於合併同店銷售成長為中個位數百分比，我們預期營業利益區間為3.90億至4.10億美元。

Guidance reflects the incremental tariffs that were put in place in 2025, which primarily impacts the first half of the year. Our outlook does not incorporate developments related to the recent Supreme Court decisions and subsequent actions. Modeling purposes, please note that we expect approximately 80% of our annual operating profit to be generated in the second half of the year.

本次指引反映了2025年新增實施的關稅，主要影響上半年。我們的展望未納入近期最高法院裁決及後續行動相關的發展。為建模之用，請注意我們預期約80%的年度營業利益將在下半年產生。

This waiting reflects pressures from tariffs and incremental advertising spend, which will impact the first and second quarters. In the second half of the year, we will cycle tariffs and investments in advertising, which began midyear 2025. To wrap it up, we ended the year on a strong note and remain confident in our forward trajectory. In 2026, we look forward to building on the significant progress we made last year to generate continued growth and enhanced value for our shareholders.

這種等待反映了關稅與額外廣告支出帶來的壓力，將影響第一與第二季。在下半年，我們將進入關稅與廣告投資的比較基期循環，該等投資於2025年年中開始。總結來說，我們以強勁態勢結束本年度，並對未來發展軌跡仍具信心。2026年，我們期待在去年取得的重大進展基礎上再接再厲，帶來持續成長並為股東創造更高價值。

With that, we'll open up for questions.

接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Paul Lejuez, Citi.

Paul Lejuez，花旗。

Two quick ones. Gross margin, can you talk about what you expect once you move past the first quarter where obviously you've got the comparisons. Maybe you could talk 2Q through 4Q. And then you mentioned increased markdowns again this quarter. I'm curious if you could talk more about which brand you saw the higher markdowns, maybe which category is needed to be promoted to drive sales, and how you think about the promotional outlook for the rest of the year.

兩個簡短問題。關於毛利率，能否談談在第一季之後、顯然比較基期因素過去之後，你們的預期？也許可以談談第二季到第四季。另外你們提到本季折扣加深再次增加。我想了解你們在哪個品牌看到較高的折扣、哪些品類需要透過促銷來帶動銷售，以及你們如何看待今年剩餘期間的促銷展望。

Paul, on gross margin, yeah, I think we know that last year was a little different with where we broke down inventory in the first quarter and pulled markdowns forward. So I think as we talked a little bit different points that if you really look at kind of 2024 gross margin cadence and then the impact of tariffs around that $30 million each quarter, we're looking at gross margin sort of in that mid- to high 30% range in the first quarter, a little lower than that in the second quarter.

Paul，關於毛利率，是的，我想我們知道去年有點不同，因為我們在第一季處理庫存的方式以及把折扣提前。所以如同我們先前提到的幾個點，如果你真的去看2024年毛利率的節奏，再加上每季約3,000萬美元的關稅影響，我們預期第一季毛利率大致落在30%中段到高段，第二季則會比這個水準略低一些。

And actually, 24 less tariffs would get you pretty close to what we're expecting for the first half of the year. Second half then, we're looking to expand our gross margin performance, anniversarying tariffs as is. I mean we're guiding tariffs to essentially the same thing we've been talking about really the EPA impact of that $130 million plus per year.

而且其實，若以2024年扣除關稅的情況來看，會非常接近我們對上半年所預期的水準。到了下半年，我們希望在毛利率表現上擴張，因為關稅將進入比較基期。我的意思是，我們對關稅的指引基本上與我們一直在談的相同，也就是每年約1.30億美元以上的EPA影響。

We'll know a lot more come May of really what that's going to look like by quarter. But if you start with that as what the worst case then we'd look to expand upon the gross margin results we just saw in the third and fourth quarter of this year at, call it, like a mid-single-digit comp results. We've got some early indications on costing for the third quarter time frame at this point. The team is doing a great job there. And controlling costs, all the other costs within gross margin, we've been very successful with that to date and expect to continue that.

到5月時，我們會更清楚按季度來看會是什麼樣子。但如果先以此作為最壞情境，那麼我們會希望在今年第三、第四季所看到的毛利率結果之上再進一步改善，假設同店為中個位數成長。就目前而言，我們已經對第三季期間的成本有一些初步跡象。團隊在這方面做得非常好。在成本控管以及毛利率內的其他成本項目上，我們迄今非常成功，並預期會持續如此。

So we'd look to expand upon gross margin improvement on gross margin in the back half. At markdown front, I think you talked about in the January time frame after at ICR and after our holiday sales release around being well controlled across categories for the most part. We talked about bottoms in the jeans business and the jeans category being promoted a little deeper to compete. And that was having kind of a mix impact in the AE brand, where markdowns were up a bit in total.

因此我們會希望在下半年進一步擴大毛利率改善。至於折扣方面，我想你在1月、ICR之後以及我們發布假期銷售後的時間點提到，整體而言各品類的折扣大多控制得很好。我們談到牛仔業務中的下身品類，特別是牛仔褲品類為了競爭而促銷得更深一些。這對AE品牌的組合造成了一些影響，使得整體折扣略有上升。

Aerie, on the other hand, the AUR was up in the quarter with it growth trajectory of the business, they've been able to really control or even reduce promotions a bit, AUR was up mid-single digits in the fourth quarter and markdowns are actually down favorable for Aerie. So the mix of the business is very favorable for us with really have a couple of bottoms categories, especially jeans being promoted a little deeper.

另一方面，Aerie本季AUR上升；隨著業務的成長軌跡，他們確實能很好地控制、甚至略為降低促銷，第四季AUR上升中個位數百分比，而Aerie的折扣實際上是下降、表現有利。因此，對我們而言，業務組合非常有利，主要是少數下身品類，尤其是牛仔褲，促銷得更深一些。

Should we expect that to continue, the markdowns to be higher at AE and lower at Aerie?

我們是否應該預期這種情況會持續，也就是AE的折扣較高、Aerie的折扣較低？

We -- it's Jen, by the way, Paul. We do expect some pressure in denim. And we feel good about our positioning, though, as we bring in other bottoms. That's what we're really excited about. So there's new bottoms that we've been testing, not only just in long legs, but skirts and shorts early reads have been positive.

我們——順帶一提，我是Jen，Paul。我們確實預期丹寧會有一些壓力。不過，隨著我們引進其他下身品類，我們對自身的布局感到樂觀。這正是我們非常興奮的地方。因此我們正在測試新的下身品類，不僅是長褲，還包括裙子與短褲，初步反應都很正面。

As you know, we have a huge spring break customer, and we're just on the cusp of this right now. In fact, we're in Miami right now, and we can see them coming into shops. So we're excited about the way we're positioning. And the beauty about these brands, Paul, is that we have a portfolio of brands, right? And we can pulse and throttle categories that we need to, but also get into new categories that are trending.

如你所知，我們有很大的春假客群，而我們現在正處在臨界點。事實上，我們現在就在邁阿密，也能看到他們走進店裡。所以我們對目前的布局方式感到興奮。而這些品牌的優勢在於，Paul，我們擁有一個品牌組合，對吧？我們可以針對需要的品類進行節奏調整與力度控管，同時也能切入正在走紅的新類別。

So we feel really good about where we're headed as we get into peak spring break in all brands in some of the new categories that you'll see us introducing more and also just to lean on to Aerie, makes that that we've been pulling back on promotions. The they've been doing a nice job balancing out eating and pulling back promotions. And it's only just begun here in Aerie. We have a spring break again. I mentioned it already for the all brands.

因此，隨著我們進入各品牌的春假旺季，並在一些你將看到我們推出更多的新類別中發力，我們對未來走向感到非常樂觀；同時也會更多倚重Aerie，因為我們一直在收斂促銷。他們在平衡（庫存/銷售節奏）並收斂促銷方面做得很好。而這在Aerie才剛剛開始。我們又迎來春假。我剛才已經提過，這適用於所有品牌。

It's coming our way and swim early reads on swim have been strong, but that's a category that we're looking to build margin and not just unit-based promotions.

它正朝我們而來，而泳裝品類的早期反應很強勁，但這也是我們希望提升毛利的品類，而不只是做以件數為導向的促銷。

Jay Sole, UBS.

Jay Sole，瑞銀。

A few questions for me. Just number one, like how are you thinking about store openings this year? And sort of if you gave us comp sales guidance for the first quarter of the year, but how you think about total sales? And then the Middle East business, can you just give us an update on how you're thinking about that business given what's going on? And then can you also explain lastly, the impact of the quiet, the changes to the quiet logistics, what impact is that having on EBIT dollars? Those are my three questions, to start.

我有幾個問題。第一，你們今年如何看待開店計畫？另外，你們給了第一季同店銷售指引，但你們如何看待總銷售額？再來是中東業務，鑑於目前的情況，能否更新一下你們對該業務的看法？最後也請說明一下，quiet（紅海/蘇伊士）物流變更的影響，對EBIT金額造成了什麼影響？以上是我先提出的三個問題。

Sure, Jay. Store openings, we're looking at 35 to 40 openings for Aerie in OFFLINE this year. Just to reiterate, we're probably expecting somewhere in the 25 to 35 in terms of net closings for AE as we continue just to refine and optimize the AE store fleet so you can model that or assume those plans for the year. Total sales then, we do have total sales to comp actually would be pretty similar. So we gave high single-digit comp guidance for the first quarter.

好的，Jay。開店方面，今年我們在OFFLINE將為Aerie開出35到40家新店。再重申一次，AE方面我們預期淨關店約25到35家，因為我們會持續精煉並優化AE的門市組合；你可以用這些計畫來建模或假設今年的情況。至於總銷售額，我們的總銷售與同店其實會非常接近。因此我們給了第一季同店高個位數成長的指引。

Total revenue will be similar to that. Just based on the fact that we do have a bit of a comp spread in our brand sales, but then with the disposition or the closing of quiet, you'll see a reduction in total revenue because of the third-party revenue. So the net-net is that comp result in total revenue should be similar. And yes, I mean, just to expand upon that guidance a bit. We -- high single-digit comp for the first quarter.

總營收將會與此相近。主要是因為我們的品牌銷售同店（comp）之間確實存在一些差異，但隨著 quiet 的處置或關閉，你會因第三方營收而看到總營收下降。因此整體而言，總營收的同店結果應該會相近。是的，我的意思是，再稍微延伸一下這個指引。我們——第一季同店為高個位數成長。

We're looking at sort of mid- to high in the second quarter and then mid for the back half, so you get to kind of a mid- to high comp expectation for the full year then. And then again, with total revenue and comp being similar for the year. Middle East, our team is doing a nice job just connecting with our business partners there, really Alshaya in the Middle East and then our JV partner with Fox in Israel, definitely some disruption to the business -- their businesses at the moment. Our AI stores are actually mostly open at this point after some initial disruption, but the stores in Israel are still closed. Reminder that's a licensed business are, licensed business in one hand and a JV on the other, so the.

我們預期第二季大約在中到高區間，下半年則在中段，因此全年同店預期大致落在中到高區間。另外，如前所述，全年總營收與同店表現將會相近。中東方面，我們團隊在與當地業務夥伴的連結上做得很好，主要是中東的 Alshaya，以及在以色列與 Fox 的合資夥伴；目前他們的業務確實受到一些干擾——他們的業務在此刻受到影響。我們的 AI 門市在初期干擾後，目前大多已重新開業，但以色列的門市仍然關閉。提醒一下，那邊一部分是授權業務，另一部分是合資（JV），所以……

EBIT impact to us would be we quantify what we think assuming that this the war wraps up in the first quarter for now that the impact of the first quarter would be very minimal to us from an income or even perspective just based on the structure or the relationships there being kind of licensed in JV and then for quiet, again you'll see some, quarterly revenue reduction from what was about a probably about a $60 million total number in our 2025 results, so that will wind down here at the beginning of the year and go to zero as we get end of the year here.

對我們的 EBIT 影響方面，我們目前的量化是假設戰事在第一季結束；在此假設下，第一季對我們的影響將非常有限，無論從損益或甚至（其他）角度來看，主要是因為那邊的架構與合作關係屬於授權與合資。

And then we talked about the restructuring in total, which quite as a part of being around a $20 million benefit annually. Again, we're in a bit of a wind down mode but with the other kind of corporate restructuring and store impairments. We're expecting probably at least 50% of that, maybe a little more to benefit this year, but we'll provide some updated guidance with especially how cadence of the quiet business shutting down here in the next several months.

另外我們也談到整體重組，其中 quiet 作為其中一部分，年度效益約為 2,000 萬美元。同樣地，我們正處於某種收尾模式，但同時也有其他類型的公司重組與門市減損。我們預期今年大概至少能實現其中 50% 的效益，可能還會多一些；不過我們會提供更新的指引，特別是 quiet 業務在未來幾個月關閉的節奏。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通（JPMorgan）。

Congrats on another nice quarter. So Jen, with Aerie comps up high teens in the back half of the year, could you break down the inflection in the business if -- maybe if we looked at it by customer file or key category performance? And then so far in the first quarter, have you seen any slowing relative to the low 20s comps that you saw in the fourth quarter?

恭喜又交出一個不錯的季度。所以 Jen，Aerie 在下半年同店成長達到高十幾％，你能否拆解一下業務的轉折點——例如從客戶檔案（customer file）或關鍵品類表現來看？另外，到目前為止在第一季，你是否看到相較於第四季低 20% 同店成長有任何放緩？

Very similar, Matt. We're seeing nice momentum headed into Q1. And look, back in Q1 last year, we knew it was the time for all brands, not just Aerie for us to pivot, focus on our product, deliver and gain momentum going into the back half, which is typically our Super Bowl. We have all brands. It's our big quarter, Q3.

非常相似，Matt。我們看到進入第一季的動能不錯。而且你看，去年第一季我們就知道那是所有品牌的轉折時點，不只是 Aerie；我們需要轉向、聚焦產品、把交付做好，並在進入下半年時累積動能——那通常是我們的「超級盃」。我們所有品牌都是如此。我們最大的季度是第三季（Q3）。

And I think the team is really -- that's what we did, right? We focused on our product. So if you look at Aerie, Certainly, what was really exciting in area, not only new categories, i.e., sleep, which delivered a lot of growth for the brand. OFFLINE moving faster. Honestly, it's one of our fastest-growing brands in the total portfolio that I've seen in history.

我認為團隊真的——我們就是這麼做的，對吧？我們聚焦在產品上。所以如果你看 Aerie，當然，Aerie 令人興奮的不僅是新類別，例如睡眠（sleep），它為品牌帶來了很大的成長。OFFLINE 的成長速度更快。老實說，這是我在歷史上看過、在整體產品組合中成長最快的品牌之一。

So OFFLINE is very exciting. And then, of course, AE. But going back to Aerie, the most important thing is that all categories really worked. And I think that's important as we look forward, Matt, because when you think about just the newer trends and trends are moving faster, I think Arian can throttle on either, let's just say that more hard lines become in whether it's suiting or more straight lines, what I can say, it's areas a softer business. We have all the layering pieces.

所以 OFFLINE 非常令人振奮。然後，當然還有 AE。但回到 Aerie，最重要的是所有品類都表現得很好。我認為這對我們往前看很重要，Matt，因為當你想到新的趨勢、而且趨勢變動更快時，我認為 Aerie 可以在兩端之間調節——比如說，無論是更偏硬挺的線條（hard lines）變得流行，像是套裝（suiting）或更俐落的直線條；我能說的是，Aerie 是較偏柔和的生意。我們有所有可疊穿（layering）的單品。

We can support those businesses. And I think that's why we're expanding our offerings in Aerie that we can lean into other categories when trends change. And I think it's really working. And there's new things to come to. We have new businesses that we're developing, new ideas.

我們可以支援那些業務。我認為這也是為什麼我們在 Aerie 擴大產品供給，讓我們在趨勢改變時可以轉向其他品類。我覺得這真的很奏效。而且也會有更多新東西推出。我們正在開發新的業務、新的想法。

The team is running very flexible. I mean, we're really trying to work on flexibility, newness, and I think that's what's winning, just delivering these new product offerings when it's not expected, seems to be really working for the Aerie brand. So more to come here, but we've seen nice momentum into Q1, and we're going to focus and continue to deliver.

團隊的運作非常有彈性。我的意思是，我們真的在努力提升彈性與新品（newness），我認為這正是致勝關鍵——在不被預期的時候推出這些新產品供給，似乎對 Aerie 品牌非常有效。所以後續還會有更多，但我們看到進入第一季的動能不錯，我們會專注並持續交付。

That's great color. And then, Mike, on the expense side, with reinvestments, I think you cited marketing this year. How best to think about the leverage point in the business for SG&A? Or any changes relative to historical flow-through to consider?

這些說明很有幫助。接著 Mike，在費用端，關於再投資，我想你提到今年的行銷。我們應該如何理解 SG&A 在業務中的槓桿點（leverage point）？或相較於歷史的費用流轉（flow-through）是否有任何需要考量的變化？

Yeah. We have another two quarters here, this intentional and strategic increase in elevation of our advertising spend. So you're going to -- you're going to see in the first quarter -- or first two quarters here, like over 50% increase in advertising dollars, which is, again, is intentional. So I think that's driving SG&A in the first half, up in the low double-digit range with all other expense categories being managed as we have successfully for a few years now, kind of low to mid-single digit and leveraging nicely on the sales expectations. So it's really advertising, driving the dollar increase and advertising is going to drive some deleverage in the first and second quarter.

是的。接下來還有兩個季度，我們會有一個刻意且策略性的廣告投放提升。所以你會——你會在第一季——或前兩季看到廣告金額增加超過 50%，這同樣是刻意為之。因此我認為這會推動上半年 SG&A 以低雙位數的幅度上升；其他費用類別則如同過去幾年我們成功管理的方式，維持在低到中個位數，並在銷售預期下帶來良好的槓桿。所以主要是廣告帶動金額增加，而廣告也會在第一、第二季造成一些去槓桿（deleverage）。

When we get to the at this point looking to at least our initial plans is for advertising dollars to be relatively flat, maybe a slight increase. So we plan to leverage advertising in the back half of the year, once we're anniversarying the elevated spend that started last year in the third quarter. And then the rest of the -- again, the rest of the SG&A lines being well controlled, may have a little bit of incentive comp increase compared to this year in both the third and fourth quarter, a little more in the fourth quarter. But we're looking to leverage SG&A though, across the back half even with that. So we'll get back into a cycle Matt, then starting in the back half of the year and 12 months into '27 that we want to leverage this expense based on a mid- to high single -- sorry, a low to mid-single-digit comp.

到了——以目前來看、至少依照我們的初步計畫，廣告金額將相對持平，可能小幅增加。因此我們計畫在下半年讓廣告費用產生槓桿，因為我們將進入去年第三季開始的提高投放的周年比較基期。至於其他——同樣地，其餘 SG&A 各項目仍會受到良好控制；相較於今年，第三與第四季的獎酬激勵（incentive comp）可能會略有增加，第四季會多一些。但即便如此，我們仍希望在下半年讓 SG&A 產生槓桿。所以我們會回到一個循環，Matt，從今年下半年開始，並延伸到 2027 年的 12 個月期間；我們希望在同店中到高個位數——抱歉，是低到中個位數成長的基礎上，讓這項費用產生槓桿。

The plans at the moment and the guidance we're providing, we're looking to expand upon some healthy operating rates in the back half once we anniversary tariffs and this elevated advertising spend, and we want to carry that into '27 on a 12-month basis going forward to get this operating rate back going back to the high single digits.

以目前的計畫與我們提供的指引來看，一旦我們在下半年跨過關稅與這次提高的廣告投放的周年比較基期，我們希望能在下半年擴大一些健康的營運率（operating rates），並在未來以 12 個月的基礎延續到 2027 年，讓營運率回到高個位數水準。

Mike, I think that's a great point, too. When you think about marketing and our strategy, really, it was about relevancy for American Eagle for the American Eagle brand. And I'm sure you've seen many of the tactics that have gone viral out there for American Eagle. And then Aerie, it's really been awareness. And boy, has that strategy worked.

Mike，我也覺得這點說得很好。當你思考行銷與我們的策略時，核心其實是讓 American Eagle 的 American Eagle 品牌對消費者更具相關性。我相信你也看過 American Eagle 在外面有很多策略手法都引發了病毒式傳播。而 Aerie 這邊，重點一直是提升知名度。而且，這個策略真的非常奏效。

We've grown our brand awareness over end points, it's huge. It's a huge number. I'm really proud of the team there. And now the teams are up because keep in mind, we share a platform. Now what we want to do is get that customer shopping back. Coming back to us. We want peak performance from these customers. We want them to come back through our doors or onto the site, and those are the tactics that we're working on.

我們的品牌知名度成長了超過幾個百分點，幅度非常大。這是一個很驚人的數字。我對那邊的團隊感到非常自豪。而現在各團隊也都動起來了，因為請記得，我們共用同一個平台。接下來我們想做的是讓那些顧客回來購物。回到我們這裡。我們希望這些顧客能有最佳表現。我們希望他們回到門市或回到網站，而這些就是我們正在推進的策略手段。

It's great, Jen. We are 5% this year, Jen. Our teams work very closely on a week-to-week basis on -- there's a campaign pieces of it, and then there's the week-to-week spend on kind of digital media performance marketing that we're managing very closely. And our teams are doing it very well together and come to Jen and I on those fronts on kind of managing that week-to-week. We talked about that's kind of maintain that 5% spend into the sale increase, maintaining that.

很棒，Jen。Jen，我們今年是 5%。我們的團隊以每週為單位非常緊密合作——其中有活動（campaign）的部分，另外也有每週在數位媒體成效型行銷上的投放支出，我們都在非常密切地管理。團隊合作得非常好，並在這些面向上會和我與 Jen 一起討論，來管理每週的節奏。我們也談到，會把這 5% 的投放維持在帶動銷售成長的同時，持續維持這樣的水準。

We think this elevated level to all the metrics Jen just said, moving in the right direction. We like what we're seeing, it's why we're continuing it. We think it's the right new baseline to run the company. We'll make some changes based on what we see rebalancing some of the spend between kind advertising strategies, maybe across tactics around talent versus media performance spend, just trying to find efficiencies in other line items like content creation. Are you looking at some plans into '27 around rebalancing some of those things, and we're continuing to manage it that way. But this kind of 5% new baseline is working for us.

我們認為，Jen 剛才提到的所有指標都在這個較高水準上朝正確方向前進。我們喜歡目前看到的結果，這也是我們持續推進的原因。我們認為這是公司營運應採用的正確新基準。我們會依據觀察到的情況做一些調整，在不同廣告策略之間重新平衡部分支出，例如在「人才（talent）」相關策略與媒體成效投放之間調整，並嘗試在其他費用項目（如內容製作）找出效率。你問到是否有一些到 2027 年的規劃，會在這些項目間做再平衡——我們也會持續以這樣的方式管理。但這個約 5% 的新基準對我們來說是有效的。

Jonna Kim, TD Cowen.

Jonna Kim，TD Cowen。

As you think about American Eagle brand positioning, what are key opportunities that you see for improvement over time? And then could you just speak to the intimate business performance during the quarter and just quarter-to-date, what you're seeing there? And how do you think that business will evolve over time as well.

當你思考 American Eagle 的品牌定位時，你認為隨時間推進有哪些關鍵的改善機會？另外，你能否談談本季內衣（intimate）業務的表現，以及截至目前（quarter-to-date）你看到的情況？以及你認為該業務隨時間會如何演進？

Yeah. For American Eagle, Mike mentioned it, number one, Street -- our fleet rationalization. We're still working through some lower-tier stores that we need to optimize and actually give back to our best stores. So just so you know, our new model in the American Eagle brand are really resonating with the customer. We're seeing nice upticks versus the average base.

好的。就 American Eagle 而言，Mike 提到過，第一是門市組合——我們的門市網絡合理化。我們仍在處理一些較低層級的門市，需要優化，並把資源回饋到我們表現最好的門市。所以讓你知道一下，我們在 American Eagle 品牌的新店型（model）確實非常打動顧客。我們看到相較於平均基礎水準有不錯的提升。

And so we're working on the models where we can justify, and where it make sense depending on the mall. So excited about that. Our new SoHo store has been outperforming, and it's a great visualization to where we're headed for our entire portfolio of brands, but a great representation of the American Eagle brand. So number one, fleet optimization; number two, product, product, product focus on product we're focusing on new innovation, delivering new products, delivering excitement on top of our incredible marketing campaigns that again, we have relevant like we needed to get back on the map. That's what American Eagle is up to.

因此我們正在推進那些我們能夠論證合理、且依商場條件判斷確實有意義的店型。對此我們很興奮。我們新的 SoHo 門市表現超出預期，這也很好地呈現了我們整體品牌組合未來的方向，同時也是 American Eagle 品牌的一個很棒示範。所以第一，門市組合優化；第二，產品、產品、產品——聚焦產品。我們專注於新的創新、推出新產品、帶來新鮮感，再加上我們非常出色的行銷活動；同樣地，我們需要保持相關性，讓品牌重新回到消費者視野。這就是 American Eagle 正在做的事。

We're a more mature brand, and we needed to turn heads. And certainly, the team really has stood out there, and I think some of these new campaigns and getting up the stuff on our marketing spend and competing because we were a little -- we underperformed there our competition. And I think yes, we're ready to compete a little bit more. We're building our new franchise businesses. We're excited about Men's.

我們是一個更成熟的品牌，因此需要吸引目光。而團隊確實在這方面表現突出；我認為一些新的活動、以及提高行銷投放並加強競爭，因為我們之前在這方面相較競品有點——表現落後。我想，是的，我們已準備好更積極地競爭。我們正在打造新的主力系列（franchise）業務。我們對男裝很興奮。

Men's has turned around, and now it's just Women's and really looking at install per square foot by store and making sure that we're really optimizing the women's business in our best stores and online. Let's talk about the direct business. Our direct business has been outperforming last year on the back half going into Q1. We're seeing really nice momentum on the direct business. It's in way of getting new acquired customers.

男裝已經扭轉局面，現在重點在女裝，並真正檢視各店每平方英尺的裝置/陳列（install per square foot），確保我們在最佳門市與線上把女裝業務做到最優。再談談直營電商（direct）業務。我們的 direct 業務在去年下半年延續到 Q1 的表現都優於去年。我們看到 direct 業務有非常好的動能。這主要來自於獲取新客。

And again, this is where we're working on how do we get them to repeat shop either on the site or going into stores. And that is a new I would say it's a new initiative for us. We're talking a little bit more about omni customer. I'm not a huge fan of the word omni, but there certainly is opportunity in this new world to understand where the customer is going to be leveraging some of our new capabilities and understand where they are and being there for the customer with what he or she wants. So most -- those are really our tactics.

同樣地，我們正在努力的是：如何讓他們不論在網站或走進門市都能重複購買。我會說，這對我們而言是一個新的倡議。我們更多在談「全通路顧客」。我不是很喜歡「全通路（omni）」這個詞，但在這個新世界裡，確實有機會透過我們的新能力去理解顧客會在哪裡、他們在哪裡，並在顧客需要的地方提供他或她想要的東西。所以大致上——這些就是我們的策略手段。

And again, like I said, product, we have new product categories. We have new talent that we're launching in American Eagle. We're excited about that. You've heard some of the -- you've seen it already longly by the way, we just launched her. She's the number one song in the US right now, Her song facing choosing Texas, sorry. So we're just excited about continuing to gain that relevancy in American Eagle. And keep in mind, it's our Americas 250th anniversary this year and next year's AE's 50th anniversary. So lots of excitement around American Eagle.

另外，如我所說，產品方面，我們有新的產品類別。我們在 American Eagle 也會推出新的代言人/人才合作（talent）。我們對此很興奮。你已經聽到一些——其實你也已經看到很久了，順帶一提，我們剛剛推出她。她現在在美國的歌曲是第一名，她的歌《... choosing Texas》，抱歉。所以我們很期待持續提升 American Eagle 的相關性。也請記得，今年是美國 250 週年，明年是 AE 的 50 週年。所以 American Eagle 會有很多令人興奮的事情。

On the intimates side, I think intimates is just getting going. We're leveraging undies to bundle and to get customers into our brand. We're considering it the lipstick of our brand. But also, we're launching new bra silhouette, bralettes are back and these layering pieces. So we have lots of categories now on the intimate side. Again, we can lean into and pulse depending on the trends and where the trends are going. But we're feeling good about again, they saw a great success in Q4, and we're continuing that momentum into Q1.

在內衣（intimates）方面，我認為內衣業務才剛開始起步。我們利用內褲（undies）做組合銷售（bundle），把顧客帶進我們的品牌。我們把它視為我們品牌的「口紅」品類。同時，我們也在推出新的胸罩版型（silhouette），小可愛內衣（bralettes）回來了，還有這些可層搭的單品。因此在內衣端我們現在有很多品類。同樣地，我們可以依趨勢、以及趨勢走向來加碼或調整節奏。但我們感覺很好，因為它們在 Q4 取得很大成功，而我們正把這股動能延續到 Q1。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

As you think about the advertising, which has been so successful. Obviously, Stagecoach now being the next thing. How do you think of it for the balance of the year? And how do you see lapping whether it's Sydney Sweeney or others? And then on the refreshes in stores, how many store refreshes are you doing?And what kind of productivity gains have you seen from these refreshes?

談到廣告投放，這一直非常成功。顯然，Stagecoach 現在會是下一個重點。你如何看待今年剩餘時間的規劃？以及你如何看待在比較基期（lapping）上，不論是 Sydney Sweeney 或其他合作？另外，關於門市翻新，你們會做多少家門市翻新？以及你們從這些翻新中看到了哪些生產力提升？

Sure. So I didn't mention this before, but also not only are we leveraging talent, more so on the AE side of the business. But in both brands, AE and Aerie, we're really leaning into our community and our customer base, and we're really -- I mean both brands right now are starting new tactics to gain new customers as far as -- well, there's some there -- I can't tell you. There's some I can't share with you, but this creator community that I think we are just encroaching on for both brands, it's real.

當然。所以我之前沒提到，但我們不只是善用人才，而且更多是在業務的 AE 端。不過在兩個品牌——AE 與 Aerie——我們都非常著重我們的社群與客群；而且我們——我的意思是，兩個品牌現在都在啟動一些新策略來獲取新客，至於——嗯，有些內容——我不能告訴你。有些我不能跟你分享，但我認為我們正在同時切入兩個品牌的這個創作者社群，這是確實存在的。

And that is the difference, okay? So there's a lot of our competitions out there. They're getting -- they're finding tactics, but I think our tactics for our brands are about real and authentic and getting our community that believes in our brands to celebrate our brands, and that's -- and so these influencers that we're leveraging across all brands, I think we're going to really lean into both we're excited about it, and we're already starting to see some momentum gaining with this influencer program that we're starting. And again, it's more in eight. We own it, and we're excited about it. So the tactics are slightly different than some of what we see our competition doing.

而這就是差異，好嗎？所以外面有很多競爭對手。他們也在——也在找方法，但我認為我們品牌的方法是關於真實與真誠，並讓相信我們品牌的社群來一起慶祝我們的品牌；而這——因此，我們在所有品牌上所運用的這些影響者，我認為我們會更深入投入，我們對此很興奮，而且我們已經開始看到這個我們正在啟動的影響者計畫帶來一些動能。再說一次，這更多是在 eight。我們掌握它，而且我們很興奮。所以這些策略和我們看到一些競爭對手在做的略有不同。

On the store remodels, refreshes, Dana, we've got, as I said in prepared remarks, we'll do at least around 60, maybe a few more than that this year. We're, I think, in our third to fourth year of that program, where we still have about a 350 to 400 store in total. We're working towards probably about another year away from that. I think we'll get over the 300 mark close to that with these next 60. Again, the average age of the fleet before we started this was about 12 years.

關於門市改裝與翻新，Dana，如我在事先準備的發言中提到的，今年我們至少會做大約 60 家，可能還會多一些。我想我們這個計畫已經進入第 3 到第 4 年了，目前整體門市總數大約還有 350 到 400 家。我們大概再努力一年左右就能完成。我想加上接下來這 60 家，我們會接近、甚至超過 300 家的里程碑。再說一次，在我們開始這個計畫之前，整體門市組合的平均屋齡大約是 12 年。

We were behind a little bit due to COVID in our intentions of refreshing the fleet. The stores we know we want to sign leases for the longer term. And I think once we'll get into a rhythm of keeping the average age more in that six to seven year sweet spot, which we think is the right thing to do. So -- and then on a performance basis, we are seeing a copper sold or an increase in these stores that's above the chain average. So we like what we're seeing in terms of payback on that cash.

因為 COVID 的關係，我們在翻新門市組合的進度上比原先計畫稍微落後。我們知道哪些門市是我們希望簽更長期租約的。我想一旦我們進入節奏，把平均屋齡維持在 6 到 7 年的甜蜜點——我們認為這是正確的做法。所以——另外在績效面，我們看到這些門市的銷售提升（或增量）高於全連鎖平均。因此就這筆資金的回收而言，我們喜歡目前看到的結果。

It's a bit of a kind of maintenance as some payback by doing this. We have refined the cost of fees down from where we started in the first year. So we're kind of the elements of the store that you need to touch and the biggest bang for our buck is the average has come down on the spend since we started. So we're kind of maybe more than halfway through the program. We like what we're seeing in terms of performance and with the intent on an ongoing basis to kind of maintain the age of the fleet more in that six, seven year range.

這有點像是維護性質，但透過這樣做也能帶來一些回收。我們已把翻新成本從第一年開始時的水準下修。所以我們更聚焦在門市中需要動到的元素，以及最能帶來投資報酬的部分；自計畫啟動以來，平均支出已經下降。所以我們大概已經完成超過一半。就績效表現而言我們很滿意，並且未來會以持續性的方式，把門市組合的平均屋齡維持在 6、7 年左右。

Janine Stitcher, BTIG

Janine Stitcher，BTIG

Just on the tariffs, can you remind us what you've done on pricing in response? Have you raised tickets all and any thoughts on pricing for the rest of the year?

關於關稅，能否提醒我們你們在定價上做了哪些因應？你們是否全面調高吊牌價？以及對今年剩餘時間的定價有何想法？

Yeah. I think we've talked about really business as usual. We approach kind of tickets and pricing, just like we always have, where we what's the right price value equation for the customer, where are we not seeing price resistance across items, some strategic intent of increasing tickets a bit, so we can kind of provide that right value equation from a promotion perspective to the customer. So no specific intent around tariff pass-through. It's really what we've been -- what we've always done from a pricing perspective and maintaining.

是的。我想我們談過，基本上就是照常營運。我們看待吊牌價與定價的方式，跟以往一樣：對顧客而言正確的價格—價值方程式是什麼、哪些品項我們沒有看到價格阻力；以及在策略上適度提高吊牌價，讓我們能從促銷角度為顧客提供正確的價值方程式。所以沒有特別要把關稅成本轉嫁到價格上。這就是我們一直以來的定價方式與維持策略。

Again, AUR for the fourth quarter was relatively flat, like down a little bit in AE and up in Aerie. From a margin perspective, it's not a bad place to be with some mix benefits in there, aside from the tariff impact. So we'll continue down that path with whether the opportunistic and kind of opportunities to raise tickets a bit. But just based on customer reaction, and what's right for the price value equation.

再說一次，第四季的 AUR 大致持平——AE 略降、Aerie 略升。從毛利角度來看，撇除關稅影響，搭配組合帶來的一些好處，這並不是個不錯的位置。所以我們會沿著這條路走，視情況把握機會、在某些地方小幅提高吊牌價。但一切都會以顧客反應，以及什麼才是正確的價格—價值方程式為依據。

Great. And then maybe just back on quite logistics with the $20 million in annualized savings. Are you thinking about reinvesting any of that? Are there you potentially spend more, or is that flowing all the way through the bottom line?

了解。那再回到物流這塊，每年年化節省 2,000 萬美元。你們有考慮把其中一部分再投資嗎？你們是否可能增加支出，或是這些節省會全部反映到淨利？

No. I think now we're looking at reinvesting other than probably advertising. I mean, a lot of what we've been doing with the management of our expense base for several years was to find some funding to do what we're doing on the advertising line. And actually, if you we've been measuring that ourselves and just looking at our own sort of internal scorecard over the last several years. We've done a nice job at kind of reducing the rate of sale on the majority of the expense base, the bigger line items that we've the project we had a few years ago where we kind of addressed 85% of our overall OpEx base.

不會。我想目前我們考慮再投資的部分，除了可能是廣告之外。我的意思是，我們多年來在費用基礎的管理上做的很多事情，就是為了找到資金來源，來支持我們在廣告費用線上的投入。而且其實，如果你看——我們自己也有在衡量，並檢視過去幾年我們內部的某種記分卡。我們在降低大多數費用基礎（主要費用項目）的銷售費用率方面做得不錯；幾年前我們有個專案，處理了我們整體營運費用（OpEx）基礎的約 85%。

We've been continued success there to kind of knock that down as a rate of sale, and we have sort of funding that back to advertising right now in total. Again, we anniversary that and start to leverage again starting in the back half of the year. So no reinvestment of those dollars specifically. It's sort of an ongoing program to improve our operating rate, short term here, we're investing some dollars back in advertising, for sure, at least 12 months, but nothing else specific from that savings that we're intending to do.

我們在那方面持續有成果，讓銷售費用率繼續下降，而目前整體上我們把這些資金回補到廣告。再說一次，等到這些基期效應過了之後，我們會在今年下半年開始再次產生槓桿。所以不會特別把那些節省下來的美元再投資到其他地方。這是一個持續改善營運費用率的長期計畫；短期來看，我們確實會把一些資金投入回廣告，至少 12 個月，但除此之外，對於那筆節省並沒有其他特定的再投資意圖。

Jon Keypour, Goldman Sachs.

Jon Keypour，高盛。

I just had a question about the low single-digit AE comp in 1Q. Just noticing that the if you go from 4Q '24 to 1Q '25, the sequential comparable gets points easier, but the low single digit sort of implies that on a two year stack basis, there's a slowdown. So just any commentary around that? And then I have a follow-up.

我有個問題是關於第一季 AE 低個位數的同店成長。我注意到如果你從 2024 年第四季到 2025 年第一季來看，序列上的可比基期變得更容易，但低個位數似乎意味著以兩年疊加（two-year stack）來看，成長在放緩。能否對此做些評論？然後我還有一個追問。

Yeah. And Jon, I think if you look at the improvement to that point, I mean I think we've seen a 5 point improvement from time of the second quarter of last year through the fourth -- to this fourth quarter result of plus 2%. And the guidance we're providing now is based on what we've seen to date, we know there's been some weather disruptions, some serious storms and things like that in this February this year that we didn't really see that dramatically last year, especially the Northeast getting pounded a bit, and we have obviously our store base is a nice concentration in that area, but we're pleased to see the kind of trend continue from fourth quarter.

好的。Jon，我想如果你看截至目前的改善——我的意思是，我們從去年第二季到第四季——到這次第四季 +2% 的結果——大概看到 5 個百分點的改善。而我們現在提供的指引是基於目前為止看到的情況；我們知道今年 2 月有一些天氣干擾、一些嚴重風暴之類的狀況，去年並沒有那麼明顯，尤其東北部受到不小衝擊，而我們的門市在那個區域的比重也相當高；但我們很高興看到這個趨勢能從第四季延續下來。

That being said, Jen said at the spring break time is ahead of us short season is coming. The Markel time frame is more like 75% of our total first quarter. So we've got a long way to go. But the continuation of the trend we saw in -- the teams are working hard to capture these next two months, and we'll see how the quarter pans out, but it's the right place to be at the moment.

話雖如此，Jen 提到春假檔期還在前面，短季節即將到來。Markel 的時間區間大概涵蓋我們第一季總量的 75%。所以我們還有很長一段路要走。但我們看到的趨勢延續——團隊正努力把握接下來兩個月；我們會看看這一季最後會如何發展，但就目前而言，這是個合適的位置。

Got it. Okay. And then just in terms of the Aerie comp, which was very impressive, just any way that we can get a sense of buckets that contributed to that 23%. Like I guess, there was a different question to try to get at this, but you mentioned like 14% new customer addition. Just any ways we can piece together the building blocks to get to the 23%?

了解。好的。然後就 Aerie 的同店表現而言，確實非常亮眼；想請問是否有任何方式能讓我們大致了解，是哪些「分項/桶」貢獻了這 23%？我想之前也有人用不同方式在問這題，但你提到像是新增客戶增加了 14%。有沒有任何方法可以把這些組成要素拼起來，理解如何達到 23%？

Yeah. That was actually branded witness. I just wanted to let you know. We were roughly at 55% as we increase that, but we do have a new customer base to solidly growing our customer base. In Aerie, I have to say this.

是的。那其實是品牌知名度的帶動。我只是想讓你知道。我們大約在 55% 左右，且隨著我們提升這個比例，我們也確實有一個新的客戶基礎，正在穩健地擴大我們的客戶群。在 Aerie，我必須這麼說。

Literally, all categories worked, whether it was set dressing, fleece, knit, tees, sweater, sleep really was unbelievable and intimate and layering. We have this new layering business that we're pretty excited about, so far so good. And that continues into Q1. And again, we still have some categories that we actually lean on more as we head into the spring break time period. So strategically, we didn't pull swim in as hard as we used to in the past because we believe that there's a different strategy for slim, where we can lean on -- it's a great margin category.

基本上，所有品類都表現得很好，不管是套裝搭配、刷毛、針織、T 恤、毛衣、睡衣，都真的非常驚人，還有內衣與層搭。我們有一個新的層搭業務，我們對此相當興奮；目前看起來進展很順利。而且這股動能會延續到第一季。另外，我們仍有一些品類，隨著進入春假檔期會更倚重。所以在策略上，我們沒有像過去那樣大幅提前導入泳裝，因為我們認為泳裝有不同的策略，我們可以倚重——那是一個毛利很好的品類。

And I think that's what we're looking to do. And we're going to bring in newness monthly, more so than we did in the past excite that girl,. So I think there's still more to come here because we still have some new category introductions or seasonal introductions that I think are still in play. Early reads on these seasonal categories, including in AE, are strong. Last year, if you remember, we had weather and shorts are really tough across the board. So that's a huge category for us. In Aerie, OFFLINE and in American Eagle. So there's still a lot of volume in front of us, and we're going to set ourselves up for success here.

我想這就是我們要做的。而且我們會以每月上新（newness）的方式帶來更多新品，比過去更能讓那位女孩感到興奮。所以我認為這裡還會有更多成長，因為我們仍有一些新品類導入或季節性導入，我覺得仍在推進中。對這些季節性品類的早期回饋（包括 AE）都很強勁。去年如果你記得，天氣因素讓短褲在各方面都很難賣。而那對我們來說是個很大的品類。在 Aerie、OFFLINE 以及 American Eagle 都是如此。所以我們前面還有很多量能，我們會把自己定位好，確保能在這裡取得成功。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

Yeah. Mike, on tariff, could you remind us again what the impact is that you're expecting? And then I asked that in the name you guided with EPA in, how much upside is there to the current guide if that is struck down?

是的。Mike，關於關稅，你能再提醒我們一次你們預期的影響是多少嗎？另外我之所以問，是因為你們在指引中已把 EPA 的影響納入；如果那項措施被推翻，現有指引還有多少上行空間？

Yeah. So just the quarterly impact of how we laid things out with EPA tariffs that were in place. So about a $30 million impact each of the first and second quarter. So kind of $60 million total for the spring season. We incurred $20 million of impact in Q3 of $25 million, but probably more like a $30 million, $35 million on a full quarter basis because of the timing of the effective the effective tariff rates last year.

好的。就我們在 EPA 關稅已生效的前提下、按季度拆解的影響來看：第一季與第二季各約影響 3,000 萬美元。所以春季檔期合計大約 6,000 萬美元。我們在第三季承擔了 2,000 萬美元的影響（原本說 2,500 萬美元），但若以完整季度來看，可能更接近 3,000 萬到 3,500 萬美元，因為去年有效關稅稅率生效時間點的影響。

And then we incurred $50 million of impact this past fourth quarter. So that gets you to your $130 million plus number for -- on an annual basis. Obviously, we left that guidance or that the approach to guidance in place because to your second question, I don't think any of us know what's about to happen. We've got this 10% Section 122 in place, all indication is that's going to go to 15% based on kind of recent communication. We know there's things happening on the 301 front that this administration intends to do.

然後在剛結束的第四季，我們承擔了 5,000 萬美元的影響。所以全年合計就會到 1.3 億美元以上的數字。顯然，我們維持了這個指引（或指引的制定方式），因為回到你第二個問題，我想我們誰也不知道接下來會發生什麼。目前有 10% 的第 122 條（Section 122）在實施，從近期溝通來看，所有跡象顯示可能會提高到 15%。我們也知道在 301（Section 301）方面，這個政府打算採取一些措施。

So the impact to the total year, we believe the guidance we just gave should be the worst case, knock on wood. We didn't distinct ourselves in the entire industry with that comment. But there would be upside done some back of the envelope math on what it could look like based on the cadence of when we think the Section 122 tariffs expiring after 150 days and if 301 take effect, but it's all guesstimates at this point. So I think we'll know a lot more by the first quarter call at the end of May. I expect to provide a bit of upside to this guidance at that point, but better have to quantify that over the next couple of months once we actually know more than kind of put numbers out there we're not 100% sort of at the moment.

因此就全年總影響而言，我們認為剛給出的指引應該是最壞情境（希望如此）。我們並不是整個產業中唯一這麼說的。但確實會有上行空間；我們也做了一些粗略估算，基於我們認為第 122 條關稅在 150 天後到期的節奏，以及若 301 生效會如何，但目前都只是推測。所以我想在第一季電話會議（5 月底）時，我們會知道更多。我預期屆時能對這份指引提供一些上行，但在接下來幾個月，我們需要先把它量化，等我們掌握更多資訊後再說，而不是在此刻就拋出我們還無法 100% 確認的數字。

Got it. That's super helpful. And then just as a quick follow-up, it looks like there's no buyback embedded in the outlook. So I was just curious how you're thinking about that specifically.

了解。這非常有幫助。另外快速追問一下，看起來展望裡沒有把庫藏股回購納入。所以我想了解你們對這件事的具體思考。

Yeah. We repurchased about 1 million shares there before the end of the year. Share count in our projection right now would be about $177 million versus -- for the year versus $176 million last year. We are going to look at -- again, we always talk about capital allocation being -- investing back in the business first. We're committed to our $0.50 per share dividend.

是的。我們在年底前回購了大約 100 萬股。我們目前的預測中，全年股數大約是 1.77 億股，相較於去年約 1.76 億股。我們會再評估——我們一直說資本配置的優先順序是：先投資回到業務本身。我們也承諾每股 0.50 美元的股利。

And then looking at buybacks to offset dilution minimally. So the January buyback was Part of that, if you look at the full year last year, we returned, again, $341 million to shareholders, $85 million in dividends and over $250 million in share repurchases. So we'll continue to look at it, Corey. Minimally offset kind of iteration from internal grants in general. So we kind of prioritize that. Look at anything above beyond that as we kind of get into the year and see how cash flow is trending?

接著再看回購，至少用來抵銷稀釋。所以 1 月的回購就是其中一部分；如果你看去年全年，我們再次向股東回饋了 3.41 億美元，其中 8,500 萬美元是股利，超過 2.5 億美元是股票回購。所以我們會持續關注，Corey。至少要抵銷一般來自內部授予的稀釋。所以我們會把這個作為優先事項。至於超出這個範圍的部分，我們會在進入年度後、觀察現金流走勢再做判斷？

Marni Shapiro, Retail Tracker.

Marni Shapiro，Retail Tracker。

Congratulations, and please extend my condolences today, Jay. Jen, the stores look fantastic. So I have a couple of quick questions for you. Following on the denim conversation, I'm curious if part of the denim is a shift in what's working in denim from higher rises to lower from very baggy to boot and the customer is a little slower to move. Or is it something else that you're thinking?

恭喜，也請你今天代我向 Jay 表達哀悼。Jen，門市看起來非常棒。我有幾個簡短問題想請教。延續牛仔的討論，我想知道牛仔是否有一部分是因為牛仔品類的熱賣點正在轉移——例如從高腰轉向低腰、從非常寬鬆轉向靴型（bootcut），而顧客轉換得稍微慢一些？還是你們在想的是其他因素？

And then on your collaborations, which have been incredibly successful, and I love the two new ones, are you thinking about expanding this into Aerie at all to do something there, along the similar vein, now that Aerie is kind of like, Aerie is back. So kind of thinking along the lines there in Aerie?

另外關於你們的聯名合作，成效非常好，而且我也很喜歡兩個新的合作；你們是否有在考慮把這種模式擴展到 Aerie，在那邊也做一些類似路線的事情？畢竟 Aerie 現在有點像是——Aerie 回來了。所以想聽聽你們在 Aerie 這邊是否也有類似的想法？

I like that Marni. First important Aerie has great things in store. But again, are has many different tactics, and I just mentioned, we do a little bit more grassroots the community, and it's just -- they vote for us, and it's a winning recipe. But I will say, Marni, we do have some fun things in store. And as you know, back in October, we leaned into not using AI on our models.

我喜歡這個說法，Marni。首先很重要的是，Aerie 接下來會有很多很棒的安排。但同時，Aerie 也有很多不同的策略手段；我剛才也提到，我們會更偏向做一些社群的草根經營，而這就是——大家會選擇我們，這是一個成功的配方。不過我會說，Marni，我們確實準備了一些有趣的事情。而且如你所知，早在 10 月，我們就更積極地採取不在模特兒上使用 AI 的做法。

And it's a nice uptick to where we were we launched Aerie Real, I think it's just -- it's a great -- it actually addresses the new generation. I'm quite excited about it, and we've only just begun here. So really, that's what up to Aerie. And again, Marni, with all these new customers, we've got to get them to come back more often. You can't imagine the dollars on the table, if we could just get them to come back one more time annually. So those will be some of our focuses. And can we go back to your first question? I'm sorry, I got so excited about Aerie for a minute.

而且這相較於我們推出 Aerie Real 時的水準，是一個不錯的上升，我覺得這真的——這很棒——它其實是在回應新世代。我對此相當興奮，而我們才剛剛開始。所以，這就是 Aerie 的最新進展。再說一次，Marni，面對這些新客戶，我們必須讓他們更常回來消費。你無法想像如果我們能讓他們每年多回來一次，桌上會有多少錢。所以這些會是我們的一些重點。我們可以回到你第一個問題嗎？抱歉，我剛剛對 Aerie 一下子太興奮了。

I'm curious there are changes happening in denim rises baggy baggy is going, giving way to a cleaner, a little more narrow boot cut. So is that kind of -- I thought there's a confusion with the customers right now because you're not the only ones talking about this, all my peeps are talking about this.

我很好奇，牛仔褲的腰線正在改變，寬鬆版型正在退潮，讓位給更俐落、稍微更窄的靴型褲。所以這算是——我覺得現在消費者有點困惑，因為不只你們在談這件事，我身邊的人也都在談。

I think you're right. I think definitely, the rises are getting lower. You're seeing more mid drifts being shown. But I also think it is about these other bottoms, including shorts and other khaki, chino, utility, those ideas, I think, are here. And I think it is about pivoting into those. But you're right, definitely the lower rise is something that we are addressing. And we do have, and that is working for us. So now it's about just moving the business. This business has changed drastically, Marni. There's so many new fits to your point.

我覺得你說得對。我認為腰線確實在變低。你會看到更多中腹部被露出來。但我也認為，重點也在於其他下身單品，包括短褲以及其他卡其褲、chino、工裝等，這些概念我覺得都已經成形了。我認為重點在於轉向這些品類。但你說得對，低腰確實是我們正在因應的趨勢。而且我們也有相關產品，且對我們有效。所以現在就是把這門生意推動起來。這個業務已經大幅改變了，Marni。正如你所說，現在有非常多新的版型。

We are seeing with L, we're seeing the boot work for us. For sure. That makes a lot of sense. So right now, we're in the process of our test and scale for back-to-school. So I'll learn more in a couple of weeks as far as -- and we have all these fits out there that we test and learn from, and where we want to place our bets. So there's more to come here, and the team is ready to execute.

我們看到在 L（尺碼/系列）方面，靴型褲對我們有效。確實如此。這很合理。所以目前我們正在進行開學季的測試與擴大（test and scale）。所以再過幾週我會了解更多——我們把所有這些版型都放到市場上測試並從中學習，並決定要把賭注押在哪些款式上。所以後續還會有更多進展，團隊也已準備好執行。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Janet Kloppenburg, JJK Research Associates, Inc.

Janet Kloppenburg，JJK Research Associates, Inc.。

I was a little surprised to hear that denim bottoms, we're not performing. I don't know, maybe I'm misinterpreting it, Jen. Are they performing to your expectations and because you've made investments in other in other denim areas or maybe denim isn't where you think the brand should be right now. So --

聽到牛仔下身表現不佳，我有點意外。我不知道，也許我誤解了，Jen。它們的表現是否符合你的預期？以及是否因為你們在其他牛仔相關領域做了投資，或是牛仔並不是你認為品牌目前應該著力的方向。所以--

No, no. Yes, denim is at the soil of everything we do in American Eagle. Like we have maintained our market share, like our positioning everything we do. That is our core recipe for that business. And those men's and women's did come on the quarter.

不，不。是的，牛仔是 American Eagle 我們所做一切的根基。我們維持了市占率，也維持了我們的定位——我們所做的一切。那就是這門業務的核心配方。而且男裝與女裝在本季也都有起色。

it was just, in some cases, what price are they willing to pay for some fashion. So that's some of the pressure that we saw, but if we learn that lesson, and we're trying to take that forward, particularly the most important quarter, obviously, is Q3 for this business. So implying learnings, but denim, it's at the core of everything we do. It's just -- it was more about leaning into some fit and work at success as we were hoping to and learning from that and the applying the lessons.

只是，在某些情況下，問題在於他們願意為某些時尚款式付多少價格。所以那是我們看到的一些壓力；但如果我們學到這個教訓，我們也正試著把它帶到後續，尤其對這門業務而言最重要的一季，顯然是第三季（Q3）。所以這代表我們有學習收穫，但牛仔仍然是我們所做一切的核心。只是——更多是在於我們加碼某些版型並希望能成功，但結果不如預期，從中學習並把經驗教訓加以運用。

Okay, great. And then just for Mike, I think you said AUR was flat. Can you just talk a little bit more about the traffic and unit terms in the quarter? And what how we should think about that going forward?

好的，很好。接著想問 Mike，我記得你說 AUR 持平。你能否再多談一點本季的人流（traffic）與件數（unit）表現？以及我們接下來應該如何看待？

Yeah. Yeah, Janet. So our overall company level was flat. AE was down slightly, kind of low single and area was up in the mid-single digits. So it kind of ties to the margin color we were providing earlier as well.

是的。是的，Janet。所以我們公司整體層級是持平。AE 小幅下滑，大概是低個位數，而 Aerie 則是中個位數成長。所以這也與我們先前提供的毛利相關說明相呼應。

And what Jen just mentioned about, we've been talking about gene specifically as being positive, but then a little pressure, a little kind of more promotional to drive those results. We're expecting something similar as we continue, like right now in the beginning of the first -- early in the year here. Again, the Aerie team on the current trajectory is being able to kind of manage intelligently and pull back and be more targeted and then AE is really still probably in the same game we just talked about. So we're expecting something similar in the short term, and we'll see how the rest of the season progresses.

而且就 Jen 剛提到的，我們一直在談牛仔褲本身是正向的，但也有一些壓力，需要稍微更促銷一些來推動這些成果。我們預期在接下來的延續中會看到類似情況，例如現在在第一季初——年初這段時間。再說一次，Aerie 團隊在目前的軌跡下，能夠更有智慧地管理、適度收手並更精準地投放；而 AE 大概仍處於我們剛剛談到的同一個競爭態勢。所以短期內我們預期會類似，接著再看本季其餘時間的進展。

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

本次電話會議到此結束。感謝各位參加今天的簡報。各位現在可以斷線。