(AEO) 2021 Q3 法說會逐字稿

Greetings, and welcome to the American Eagle Outfitters Third Quarter 2021 Earnings Conference Call.

您好，歡迎參加 American Eagle Outfitters 2021 年第三季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Judy Meehan.

我現在想將會議轉交給您的主持人 Judy Meehan。

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good morning, everyone.

大家，早安。

Joining me today for our prepared remarks are Jay Schottenstein, Executive Chairman and Chief Executive Officer; Jen Foyle, President, Executive Creative Director for AE and Aerie, Michael Rempell, Chief Operating Officer; and Mike Mathias, Chief Financial Officer.

今天和我一起準備發言的還有執行董事長兼首席執行官 Jay Schottenstein； AE 和 Aerie 總裁兼執行創意總監 Jen Foyle，首席運營官 Michael Rempell；和首席財務官 Mike Mathias。

Before we begin today's call, I need to remind you that we will make certain forward-looking statements.

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陳述。

These statements are based upon information that represents the company's current expectations or beliefs.

這些陳述基於代表公司當前期望或信念的信息。

The results actually realize may differ materially based on risk factors included in our SEC filings.

根據我們提交給美國證券交易委員會的文件中包含的風險因素，實際實現的結果可能存在重大差異。

The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

除非法律要求，否則公司不承擔因新信息、未來事件或其他原因而公開更新或修改任何前瞻性陳述的義務。

Also, please note that during this call and in the accompanying press release, certain financial metrics are presented on both a GAAP and non-GAAP adjusted basis.

此外，請注意，在本次電話會議和隨附的新聞稿中，某些財務指標是在 GAAP 和非 GAAP 調整的基礎上提出的。

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.

調整後的結果與 GAAP 結果的對賬可在收益發布所附的表格中找到，該發布發佈在我們的公司網站 www.aeo-inc.com 的投資者關係部分。

Here, you can also find the third quarter investor presentation.

在這裡，您還可以找到第三季度的投資者介紹。

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

現在我將把電話轉給傑伊。

Good morning, and thanks for joining us today.

早上好，感謝您今天加入我們。

I hope everyone is doing well.

我希望每個人都做得很好。

I'm extremely happy with the continued strength across our business.

我對我們業務的持續實力感到非常滿意。

It was a truly a milestone quarter in which we posted the best ever third quarter results and announced an important strategic acquisition.

這是一個真正具有里程碑意義的季度，我們發布了有史以來最好的第三季度業績，並宣布了一項重要的戰略收購。

I'll start with our results, which were simply outstanding.

我將從我們的結果開始，這些結果非常出色。

This quarter, we delivered record revenue of $1.27 billion, reflecting growth of 24% from 2020 and an increase of 19% to 2019.

本季度，我們實現了創紀錄的 12.7 億美元收入，與 2020 年相比增長了 24%，到 2019 年增長了 19%。

Healthy sales and merchandise margins, combined with cost efficiencies, drove profit flow through, which surpassed our expectations, with Record operating income of $210 million, reflecting a margin of 16.5%, our highest rate since 2007.

健康的銷售和商品利潤率，再加上成本效率，推動了利潤流動，超出了我們的預期，營業收入達到創紀錄的 2.1 億美元，利潤率為 16.5%，是我們自 2007 年以來的最高水平。

We are extremely pleased to see sustained momentum across our brands and channels which posted growth versus 2020 and pre-pandemic 2019 levels.

我們非常高興地看到我們的品牌和渠道的持續增長勢頭與 2020 年和 2019 年大流行前的水平相比有所增長。

Casual wear remains in high demand, and AE and Aerie are perfectly positioned to benefit.

休閒裝的需求量仍然很大，AE 和 Aerie 完全可以從中受益。

We are delivering great product and sharper marketing as well as brand experiences, both in-store and online.

我們正在店內和在線提供出色的產品和更清晰的營銷以及品牌體驗。

that are second to none.

這是首屈一指的。

The AE brand is achieving exceptional results.

AE 品牌正在取得非凡的成績。

Under Jen's leadership, the product style and quality has improved remarkably, and customers are noticing.

在任先生的帶領下，產品風格和質量有了顯著提升，得到了客戶的關注。

As back-to-school came rolling back, AE received more than its fair share of growth.

隨著返校率的回落，AE 獲得了超過其公平份額的增長。

shopping frequency and spend is up dramatically, and we are acquiring and reactivating more customers.

購物頻率和消費大幅上升，我們正在獲得併重新激活更多客戶。

It's exciting to see the consistency in our signature jean business, which continues to reach new heights across genders.

看到我們標誌性的牛仔褲業務的一致性令人興奮，該業務繼續達到跨性別的新高度。

At the same time, we are seeing renewed growth in categories that have been underpenetrated in recent years.

與此同時，我們看到近年來滲透率不足的品類出現了新的增長。

Aerie's growth continues at a fast pace, with momentum across all categories, including our new activewear brand, OFFLINE by Aerie.

Aerie 繼續快速增長，所有品類都保持強勁勢頭，包括我們的新運動服品牌 OFFLINE by Aerie。

Customers who try Aerie love it, and the brand is just beginning to unlock its true potential.

嘗試過 Aerie 的客戶喜歡它，而該品牌才剛剛開始釋放其真正潛力。

Healthy acquisition and retention are fueling strong sales, and we are seeing nice reception as we expand into new markets.

健康的收購和保留正在推動強勁的銷售，隨著我們向新市場的擴張，我們看到了良好的反響。

Our Real Power.

我們真正的力量。

Real Growth strategic pillars have provided a road map and instilled focus across the company.

Real Growth 戰略支柱提供了路線圖，並在整個公司內灌輸了重點。

Simply put, we are running our business better than ever.

簡而言之，我們比以往任何時候都更好地經營我們的業務。

key initiatives such as inventory and real estate optimization and the transformation of our supply chain are driving significant profit flow-through.

庫存和房地產優化以及我們的供應鏈轉型等關鍵舉措正在推動顯著的利潤流動。

The processes, disciplines and capabilities we have put in place over the past 18 months will continue to set us apart, fueling strong returns and taking AEO to even greater heights.

我們在過去 18 個月中建立的流程、紀律和能力將繼續使我們與眾不同，推動強勁的回報，並將 AEO 推向更高的高度。

As an organization, innovation is a core value and at the heart of everything we do.

作為一個組織，創新是核心價值，也是我們所做一切的核心。

We clearly recognize that many of the changes in our industry over the past year are here to stay.

我們清楚地認識到，過去一年我們行業的許多變化將持續存在。

In order to remain competitive today and in the years to come, we must pivot and think differently about our business.

為了在今天和未來保持競爭力，我們必須以不同的方式看待我們的業務。

That brings me to our exciting plan to acquire Quiet Logistics.

這讓我想到了我們收購 Quiet Logistics 的激動人心的計劃。

This acquisition marks a major milestone for our company, which I believe will be transformative.

此次收購標誌著我們公司的一個重要里程碑，我相信這將是變革性的。

Acquiring Quiet allows us to build on the efficiencies we've gained over the past 12 months and position us for success as we grow our business over the coming years.

收購 Quiet 使我們能夠在過去 12 個月中獲得的效率基礎上再接再厲，並為我們在未來幾年的業務發展做好準備。

We also have a broader vision.

我們也有更廣闊的視野。

We expect the combination of Quiet Logistics and the recent acquisition of AirTerra to create a unique platform that revolutionizes logistics within our business in retail.

我們預計 Quiet Logistics 與最近收購 AirTerra 的結合將創建一個獨特的平台，從而徹底改變我們零售業務中的物流。

Through consolidation and pooled resources, the customer acquired in AirTerra will enjoy the agilities and efficiencies that were previously only available to the world's largest brands and retailers.

通過整合和集中資源，在 AirTerra 中獲得的客戶將享受到以前只有世界上最大的品牌和零售商才能獲得的敏捷性和效率。

I believe this will create an exciting new profit center with meaningful growth opportunities for AEO.

我相信這將為 AEO 創造一個令人興奮的新利潤中心，並帶來有意義的增長機會。

Lastly, our efforts around sustainability and building a better world through our ESG initiatives remain front and center at all times.

最後，我們在可持續發展和通過 ESG 舉措建設更美好世界方面的努力始終處於前沿和中心地位。

We continue to increase our most sustainable real good styles across all merchandise categories.

我們繼續在所有商品類別中增加我們最可持續的真正優質款式。

Additionally, we are investing to decrease emissions in our operations as we make progress towards becoming carbon neutral.

此外，隨著我們在實現碳中和方面取得進展，我們正在投資減少運營中的排放。

AE's outperformance year-to-date was truly remarkable and exceeded our expectations.

AE 年初至今的出色表現確實非常出色，超出了我們的預期。

I'd like to thank our teams across AEO for how well they have executed in the quarter and throughout the year.

我要感謝我們整個 AEO 的團隊在本季度和全年的執行情況。

They clearly demonstrated the agility to meet unexpected challenges while also staying the course towards our long-term goals.

他們清楚地展示了應對意外挑戰的敏捷性，同時也朝著我們的長期目標前進。

Our results continue to be fueled by a sound and meaningful strategy.

我們的成果繼續受到健全而有意義的戰略的推動。

resilient operations and focus on innovation and a passionate world-class team.

彈性運營，專注於創新和充滿激情的世界級團隊。

Strong demand continues, and we expect a strong close to 2021.

強勁的需求仍在繼續，我們預計將在 2021 年實現強勁需求。

With that, I'll turn it over to Jen.

有了這個，我會把它交給珍。

Thanks, Jay, and good morning, everyone.

謝謝，傑，大家早上好。

This was another amazing quarter for AEO with such immense excitement around Aerie and AE as customers turn to their favorite brands, back-to-school.

對於 AEO 來說，這是另一個令人驚嘆的季度，隨著客戶轉向他們最喜歡的品牌，回到學校，Aerie 和 AE 令人興奮不已。

Customer KPIs were very favorable as we brought in new customers and won more of their wallet.

客戶 KPI 非常有利，因為我們帶來了新客戶並贏得了更多的錢包。

It was a great setup for the holiday season, where I'm happy to note the energy has stayed just as elevated.

這是假日季節的一個很好的設置，我很高興地註意到能量一直保持在高位。

Starting with Aerie.

從艾瑞開始。

We consistently reach new heights each and every quarter.

我們每個季度都不斷達到新的高度。

28% revenue growth in the third quarter, following a 34% increase last year, demonstrates Aerie's strong growth path.

繼去年增長 34% 之後，第三季度收入增長 28%，表明 Aerie 的強勁增長之路。

This marked the 28th consecutive quarter of double-digit growth.

這標誌著連續第 28 個季度實現兩位數增長。

Profit flow-through was also very healthy with a 16.5% operating margin, reflecting new third quarter highs for the brand.

利潤流動也非常健康，營業利潤率為 16.5%，反映了該品牌第三季度的新高。

We achieved this despite some unevenness of inventory flow during factory shutdowns in South Vietnam.

儘管在越南南部的工廠停工期間庫存流動有些不平衡，但我們還是實現了這一目標。

This occurred primarily in our high-demand legging business, which is also one of our best margin categories.

這主要發生在我們高需求的緊身褲業務中，這也是我們利潤率最高的類別之一。

Sales metrics in the third quarter were incredibly healthy.

第三季度的銷售指標非常健康。

The AUR was up in the high teens, driven by higher full-price selling and more strategic decision-making around promotions.

受全價銷售上漲和圍繞促銷的更具戰略性決策的推動，AUR 在十幾歲時上漲。

Demand was strong across the Aerie portfolio with our core intimates bralettes and apparel leading the charge.

Aerie 產品組合的需求強勁，我們的核心內衣文胸和服裝引領潮流。

The OFFLINE activewear brand is continuing to generate excitement as it expands its product offering.

OFFLINE 運動服品牌在擴展其產品供應的同時繼續引起人們的關注。

We feel great about what's to come as we grow the store footprint and widen the customer base.

隨著我們擴大商店足跡並擴大客戶群，我們對即將發生的事情感到非常高興。

Marketing is also playing a key role.

營銷也發揮著關鍵作用。

In August, we launched the Voices of AerieREAL.

8 月，我們推出了 AerieREAL 之聲。

This was Aerie's largest integrating marketing campaign featured across TikTok and Connected TV and Snapchat.

這是 Aerie 在 TikTok 和 Connected TV 和 Snapchat 上進行的最大的整合營銷活動。

This platform is giving our customers a voice and opportunity to share what makes them real.

這個平台為我們的客戶提供了一個聲音和機會，讓他們分享讓他們真實的東西。

The response was truly amazing.

反應真的很驚人。

Hundreds of customers shared their touching and funny real stories and will be featured in our upcoming campaigns.

數百名客戶分享了他們感人而有趣的真實故事，並將在我們即將舉行的活動中出現。

Year-to-date, Aerie's customer file has expanded 15%.

年初至今，Aerie 的客戶檔案擴大了 15%。

Customers are transacting more frequently and across more categories.

客戶的交易頻率更高，類別也更多。

This is driving higher spend per customer as Aerie becomes the go-to for intimates activewear and cozy apparel.

隨著 Aerie 成為貼身運動服和舒適服裝的首選，這推動了每位客戶的更高支出。

We opened 29 new Aerie doors in the quarter, including a mix of new stand-alone and side-by-side formats, roughly 1/4 of them are OFFLINE doors.

我們在本季度開設了 29 家新的 Aerie 門，包括新的獨立和並排形式的組合，其中大約 1/4 是離線門。

Momentum heading into the holiday season remains strong.

進入假日季節的勢頭依然強勁。

We are focused on driving broad-based scale recognition of Aerie as a must-stop gifting destination, and I am so excited for what we have planned, and I look forward to sharing more Aerie highlights in the upcoming quarters.

我們專注於推動 Aerie 作為必須停止的送禮目的地的廣泛規模認可，我對我們的計劃感到非常興奮，我期待在接下來的幾個季度分享更多 Aerie 亮點。

Now turning to American Eagle.

現在轉向美國之鷹。

I'm thrilled with the great progress we're making just 11 months into the launch of our new strategy.

我對我們在推出新戰略僅 11 個月內取得的巨大進展感到興奮。

As I shop our website and walk our stores, I have to tell you, the strong AE heritage we all know and love is back.

當我在我們的網站上購物和逛商店時，我必須告訴你，我們都知道和喜愛的強大的 AE 傳統又回來了。

The assortment has been refreshed.

分類已刷新。

Our advertising and messaging is reenergized, and it's working.

我們的廣告和信息重新煥發活力，並且正在發揮作用。

Sales in the quarter rose 21% compared to 2020 and increased 8% to 2019.

本季度銷售額與 2020 年相比增長 21%，到 2019 年增長 8%。

Reuniting our branded product together with inventory optimization and promotional discipline drove strong AUR growth and merchandise margin expansion.

將我們的品牌產品與庫存優化和促銷紀律相結合，推動了強勁的 AUR 增長和商品利潤率擴張。

This resulted in significant profit flow-through and operating margin of 27.8% that reflected new highs.

這導致顯著的利潤流轉和營業利潤率達到 27.8%，創下新高。

Our strength during back-to-school is a clear signal that we are the destination for jeans, which continues to hit new highs.

我們在返校期間的實力是一個明確的信號，表明我們是牛仔褲的目的地，牛仔褲繼續創下新高。

AE's customer file is up and here too, customers are buying more frequently and spending more.

AE 的客戶檔案也已建立，客戶購買頻率更高，消費也更高。

As we predicted, current trends in shifting to the web are playing right into AE strengths as the market leader.

正如我們預測的那樣，當前轉向網絡的趨勢正在發揮 AE 作為市場領導者的優勢。

In the quarter, our men's business saw tremendous growth across all categories, the women's business also posted strong sales, supported by our signature denim category and a focus on outfitting.

在本季度，我們的男裝業務在所有類別中都出現了巨大的增長，女裝業務也取得了強勁的銷售，這得益於我們標誌性的牛仔布類別和對服裝的關注。

AE continues to explore innovative ways to reach and broaden it's audience.

AE 繼續探索創新方法來接觸和擴大其受眾。

I'm so proud to share that AE was included in TikTok's pilot of its social commerce program this quarter.

我很自豪地分享 AE 在本季度被納入 TikTok 的社交商務計劃試點。

Being a part of the new initiative is a true testament to the growing strength of the AE brand and its importance to customers, AE also launched a store on Snapchat and became the official partner of Twitch gaming, a new channel created by gamers for gamers.

作為新計劃的一部分，AE 品牌不斷增長的實力及其對客戶的重要性的真實證明，AE 還在 Snapchat 上開設了一家商店，並成為 Twitch 遊戲的官方合作夥伴，這是一個由遊戲玩家為遊戲玩家創建的新頻道。

There is so much momentum across the brands as we head into the holiday season.

隨著我們進入假日季節，各個品牌的勢頭如此之大。

The teams did a great job getting our product out here, and we're positioned to meet strong demand.

這些團隊在將我們的產品推向市場方面做得很好，我們已經準備好滿足強勁的需求。

To the teams across AE and Aerie, I can't thank you enough for all your hard work.

對於 AE 和 Aerie 的團隊，我非常感謝你們的辛勤工作。

It's paying off in spades, and I'm so happy how far we have come and how much we've accomplished in such a short period of time.

它得到了回報，我很高興我們在這麼短的時間內取得了多大的成就和成就。

More to share in the coming quarters.

在接下來的幾個季度分享更多內容。

Thank you.

謝謝你。

And now I'll turn the call over to Michael.

現在我將把電話轉給邁克爾。

Thanks, Jen, and good morning, everyone.

謝謝，珍，大家早上好。

I'm very pleased with how we executed this quarter.

我對我們本季度的執行情況感到非常滿意。

The teams did a remarkable job managing through a highly disrupted operating environment.

這些團隊在高度混亂的運營環境中進行了出色的管理工作。

Strong top and bottom line results are a clear indication that our strategies are working.

強勁的頂線和底線結果清楚地表明我們的策略正在發揮作用。

We are making sustained progress against the strategic pillars outlined in our Real Power.

我們正在針對我們的 Real Power 中概述的戰略支柱取得持續進展。

Real Growth value creation plan.

真正的成長價值創造計劃。

And with this, we are unlocking structural benefits to create the best brand experience for our customers.

有了這個，我們正在釋放結構性優勢，為我們的客戶創造最佳的品牌體驗。

and our selling channels really delivered this quarter.

我們的銷售渠道在本季度真正交付。

We are pleased to see store traffic rebuild rising in the double digits, driving a 29% increase in store revenue.

我們很高興看到門店客流量以兩位數增長，推動門店收入增長 29%。

Selling trends were robust across our factory outlets and mainline stores, with both formats also seeing significant profit improvement.

我們的工廠直銷店和主線商店的銷售趨勢強勁，兩種形式的利潤也顯著提高。

Momentum was broad-based across all regions in the U.S., and all international markets also posted positive results.

勢頭在美國所有地區都有廣泛的基礎，所有國際市場也都取得了積極成果。

Our digital business continued at a healthy pace with revenues up 10%, successfully lapping 29% growth in the prior year.

我們的數字業務繼續以健康的速度增長，收入增長了 10%，成功超越了上一年 29% 的增長。

I am pleased to note that both our store and digital revenues and profits in the quarter surpassed levels we achieved in the third quarter of 2019.

我很高興地註意到，我們本季度的商店和數字收入和利潤都超過了我們在 2019 年第三季度實現的水平。

This is reaffirming that we are emerging from the pandemic stronger.

這再次證明我們正在從大流行中走出來，變得更加強大。

Year-to-date, digital penetration is 35%, and our trailing 12-month digital revenue is approximately $1.8 billion with very strong profitability.

年初至今，數字滲透率為 35%，我們過去 12 個月的數字收入約為 18 億美元，盈利能力非常強。

As we prioritize enhancing the omnichannel shopping experience, we are launching new tools and technologies.

隨著我們優先考慮增強全渠道購物體驗，我們正在推出新的工具和技術。

This quarter, we expanded our virtual selling tool, AE Live which leverages our amazing store teams and local influencers to connect directly with customers looking for inspiration and guidance on the latest trends.

本季度，我們擴展了我們的虛擬銷售工具 AE Live，它利用我們出色的商店團隊和當地影響者直接與尋求最新趨勢靈感和指導的客戶聯繫。

We also launched Afterpay in stores enhanced our e-gifting for a more engaging experience and expanded both same-day delivery services and customer self-checkout to more geographies.

我們還在商店推出 Afterpay，增強了我們的電子禮品以提供更具吸引力的體驗，並將當日送達服務和客戶自助結賬擴展到更多地區。

I am very encouraged by the strength in our customer data.

我對我們客戶數據的強大感到非常鼓舞。

We closed the third quarter with the highest active customer count and highest average annual spend since 2010.

自 2010 年以來，我們以最高的活躍客戶數量和最高的平均年度支出結束了第三季度。

Over the past 12 and 24 months, we added almost 1.75 million and 2.25 million new customers, respectively.

在過去的 12 個月和 24 個月中，我們分別增加了近 175 萬和 225 萬新客戶。

Approximately 1/3 are engaging across both brands and spending approximately 2x that of our average customer annually.

大約 1/3 的人同時參與這兩個品牌，並且每年花費大約是我們平均客戶的 2 倍。

Following a successful relaunch last summer, the royalty program is growing, with members spending more and staying longer.

繼去年夏天成功重新啟動後，版稅計劃正在增長，會員花費更多，停留時間更長。

Now shifting gears to logistics and supply chain.

現在轉向物流和供應鏈。

We continue to reap the benefits from our in-market fulfillment model.

我們繼續從我們的市場內履行模式中獲益。

Delivery costs leveraged 120 basis points in the quarter.

交付成本在本季度上漲了 120 個基點。

In fact, delivery cost dollars were down year-on-year, led by efficiencies created in digital delivery.

事實上，由於數字交付創造的效率，交付成本同比下降。

With product located closer to stores and customers, delivery times and the average cost per shipment declined versus last year.

由於產品離商店和客戶更近，交貨時間和每批貨物的平均成本與去年相比有所下降。

And with greater control over inventory placement, shipments per order were also down dramatically.

隨著對庫存放置的更大控制，每個訂單的出貨量也大幅下降。

This created enormous cost savings and efficiencies.

這創造了巨大的成本節約和效率。

As Jay said, we are thrilled to announce the purchase of Quiet Logistics, which will allow us to increase these benefits over time.

正如 Jay 所說，我們很高興地宣布收購 Quiet Logistics，這將使我們能夠隨著時間的推移增加這些收益。

In particular, the ability to drive substantially greater sales and margin on far less inventory, create more precision in our inventory allocation decisions and deliver products to customers both faster and at a lower cost.

特別是，能夠以更少的庫存推動更大的銷售額和利潤，在我們的庫存分配決策中創造更高的精確度，並以更快和更低的成本向客戶交付產品。

This comes shortly after our acquisition of AirTerra, which we discussed on last quarter's call.

這是在我們收購 AirTerra 後不久發生的，我們在上個季度的電話會議上對此進行了討論。

The combination of Quiet and AirTerra has meaningful growth potential, offering a one-stop shop for cost-effective transportation and fulfillment solutions to a growing customer base.

Quiet 和 AirTerra 的結合具有顯著的增長潛力，可為不斷增長的客戶群提供具有成本效益的運輸和履行解決方案的一站式服務。

A technology-led supply chain is the backbone of the successful retail business today and into the future.

以技術為主導的供應鍊是當今和未來零售業務成功的支柱。

We believe we are demonstrating the power of this and that Quiet and AirTerra are providing capabilities that are much needed in today's marketplace.

我們相信我們正在展示其強大功能，並且 Quiet 和 AirTerra 正在提供當今市場急需的功能。

We are going to continue to grow both of these businesses and are excited to welcome their highly skilled and experienced teams into our family.

我們將繼續發展這兩項業務，並很高興歡迎他們高技能和經驗豐富的團隊加入我們的大家庭。

As we discussed in September, the global supply chain remains highly disrupted with core backlog and shifting production schedules, leading to longer delivery times and higher transportation costs.

正如我們在 9 月份所討論的，全球供應鏈仍然高度中斷，核心積壓和生產計劃不斷變化，導致交貨時間延長和運輸成本增加。

Overall, we managed effectively through these challenges.

總體而言，我們有效地應對了這些挑戰。

In the third quarter, the AE brand essentially had no disruption.

第三季度，AE品牌基本沒有中斷。

However, as Jen discussed, Aerie's legging category experienced uneven inventory flows when factory closures in Vietnam created product delays.

然而，正如 Jen 所討論的，當越南的工廠關閉導致產品延遲時，Aerie 的緊身褲類別經歷了不平衡的庫存流動。

As a result, we chose to air the product in to ensure we were in stock for the holidays.

因此，我們選擇將產品投放市場，以確保假期有貨。

Although there is a related cost that Mike will discuss in more detail, we are in a healthy inventory position that are set up for a very strong holiday.

儘管邁克將更詳細地討論相關成本，但我們的庫存狀況良好，為一個非常強勁的假期做好了準備。

In closing, I'm extremely pleased with our performance year-to-date, and I'm looking forward to sharing more details on our new investments in the coming quarters.

最後，我對我們年初至今的表現感到非常滿意，我期待在未來幾個季度分享我們新投資的更多細節。

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

有了這個，我將把電話轉給邁克。

Thanks, Michael.

謝謝，邁克爾。

Good morning, everyone.

大家，早安。

In the third quarter, we built on strong momentum from the first half of the year, posting yet another record revenue and profit results.

第三季度，我們在上半年的強勁勢頭的基礎上再創歷史新高。

Even with the global operating environment still in flux, our teams executed with precision, guided by the initiatives we outlined in our Real Power.

即使全球運營環境仍在不斷變化，我們的團隊仍以我們在 Real Power 中概述的舉措為指導，精準執行。

Real Growth value creation plan back in January.

真正的增長價值創造計劃早在一月份。

We continue to place strong emphasis on product innovation that strengthens customer affinity for our brands, inventory discipline and focus and real estate optimization and supply chain investments that build on our leading omnichannel capabilities.

我們繼續高度重視產品創新，以增強客戶對我們品牌的親和力、庫存紀律和重點，以及基於我們領先的全渠道能力的房地產優化和供應鏈投資。

Together, these initiatives are fueling our performance and improving our gross margin for the long term.

從長遠來看，這些舉措共同推動了我們的業績並提高了我們的毛利率。

Revenue of $1.27 billion, operating income of $210 million and adjusted EPS of $0.76 marked third quarter records for the company.

收入為 12.7 億美元，營業收入為 2.1 億美元，調整後每股收益為 0.76 美元，創下該公司第三季度的記錄。

Gross margin of 44.3% and operating margin of 16.5% hit their strongest levels since 2007.

44.3% 的毛利率和 16.5% 的營業利潤率達到 2007 年以來的最高水平。

Growth across the business was also exceptional compared to the pre-pandemic 2019 period.

與 2019 年大流行前時期相比，整個業務的增長也非常出色。

Consolidated third quarter net revenue increased $242 million or 24% versus third quarter 2020 and is up $208 million or [19%] from 2019.

合併後的第三季度淨收入與 2020 年第三季度相比增加了 2.42 億美元或 24%，比 2019 年增加了 2.08 億美元或 [19%]。

Across brands, sales metrics were very favorable, strong demand, higher full price sales and fewer promotions drove the average unit retail up 15% and fueled a high single-digit increase in our average transaction value.

在各個品牌中，銷售指標非常有利，強勁的需求、更高的全價銷售和更少的促銷活動推動平均單位零售額增長 15%，並推動我們的平均交易價值實現高個位數增長。

As Michael noted, our selling strategy as an omnichannel retailer continues to be a competitive advantage fueling growth across channels.

正如邁克爾指出的那樣，我們作為全渠道零售商的銷售策略仍然是推動跨渠道增長的競爭優勢。

We offer customers the convenience they seek on where and how to shop and continue to work to optimize the costs associated with that convenience.

我們為客戶提供他們所尋求的購物地點和方式的便利，並繼續努力優化與這種便利相關的成本。

From a brand standpoint, Aerie continued its industry-leading multiyear growth trajectory.

從品牌的角度來看，Aerie 延續了其行業領先的多年增長軌跡。

Revenue rose 28% from third quarter 2020 and over [78%] from third quarter 2019.

收入較 2020 年第三季度增長 28%，較 2019 年第三季度增長超過 [78%]。

Aerie's operating profit rose 46% and the operating margin expanded to 16.5%, marking a new third quarter high.

Aerie 的營業利潤增長 46%，營業利潤率擴大至 16.5%，創下第三季度新高。

Incremental freight costs were $5 million or a 170 basis point headwind to brand operating margins in the quarter.

本季度增加的運費成本為 500 萬美元或 170 個基點的逆風品牌運營利潤率。

Additionally, uneven flow of goods, particularly in our signature leggings business put pressure on volumes as well as product mix as this is one of our highest margin categories.

此外，貨物流動不均，特別是在我們的標誌性緊身褲業務中，對銷量和產品組合構成壓力，因為這是我們利潤率最高的類別之一。

Despite these headwinds, Aerie posted a significant improvement in profitability compared to prior years, almost tripling versus third quarter 2019.

儘管存在這些不利因素，但與往年相比，Aerie 的盈利能力顯著提高，幾乎是 2019 年第三季度的三倍。

Moving to American Eagle's brand performance.

轉向 American Eagle 的品牌表現。

I could not be more pleased with our results here.

我對我們在這裡的結果感到非常滿意。

The third quarter saw a significant profit on [LockIt AE] as top line grew 21% and operating profit jumped 68%.

第三季度，[LockIt AE] 實現了可觀的利潤，收入增長了 21%，營業利潤增長了 68%。

Operating margins hit a remarkable 27.8%.

營業利潤率達到了驚人的 27.8%。

As Jen mentioned, with improvements across key categories, the top line grew 8% against 2019.

正如 Jen 所提到的，隨著關鍵類別的改進，收入比 2019 年增長了 8%。

We are seeing far better profitability even beyond our expectations.

我們看到的盈利能力要好得多，甚至超出了我們的預期。

Strong demand for our products is being met with healthier decision-making across all areas of the business, and we are truly benefiting from the inventory optimization work unveiled in January.

對我們產品的強勁需求正在得到滿足所有業務領域更健康的決策，我們真正受益於 1 月份公佈的庫存優化工作。

With significant progress here, we still see room for further unlock moving forward.

隨著這裡取得重大進展，我們仍然看到進一步解鎖的空間。

Total company consolidated gross profit dollars were up 36% compared to the third quarter of 2020, reflecting a 44.3% gross margin rate.

與 2020 年第三季度相比，公司綜合毛利潤總額增長 36%，毛利率為 44.3%。

A strong top line allowed us to realize expense leverage and rent as we benefited from lease negotiations.

當我們從租賃談判中受益時，強勁的收入使我們能夠實現費用槓桿和租金。

And as Michael indicated, if efficiencies in our distribution network, fuel leverage and delivery.

正如邁克爾指出的那樣，如果我們的分銷網絡效率提高，則可以促進槓桿和交付。

Merchandise margins also expanded due to our focus on inventory optimization, promotional discipline and higher full price selling, partially offset by higher freight costs.

由於我們專注於庫存優化、促銷紀律和更高的全價銷售，商品利潤率也有所擴大，部分被更高的運費成本所抵消。

As a result of strong sales, we saw SG&A leverage 190 basis points.

由於銷售強勁，我們看到 SG&A 槓桿率為 190 個基點。

The dollar increase of $41 million was due primarily to higher store payroll, especially as we lapped capacity constraints last year as well as new store openings and increased advertising.

4,100 萬美元的增長主要是由於商店工資增加，特別是因為我們去年遇到了產能限制以及新店開業和廣告增加。

This was partially offset by lower incentive compensation due to accruals earlier in the year.

這部分被今年早些時候因應計而導致的較低激勵薪酬所抵消。

Record operating income of $210 million reflected a 16.5% operating margin, our highest third quarter rate since 2007.

創紀錄的 2.1 億美元營業收入反映了 16.5% 的營業利潤率，這是我們自 2007 年以來第三季度的最高水平。

Adjusted EPS was $0.76 per share, marking a record third quarter.

調整後每股收益為 0.76 美元，創下第三季度的紀錄。

Our diluted share count was 205 million and included 34 million shares of unrealized dilution associated with our convertible notes.

我們的稀釋股數為 2.05 億股，其中包括與我們的可轉換票據相關的 3400 萬股未實現稀釋股。

Ending inventory was up 32% compared to a 13% decline last year.

期末庫存增加了 32%，而去年則下降了 13%。

The increased freight costs had about a 10-point impact on ending inventory at cost.

增加的運費對以成本計價的期末存貨產生了大約 10 個百分點的影響。

We're really happy with our inventory position.

我們對我們的庫存狀況感到非常滿意。

I'd like to take a minute to recognize the hard work our teams put in to get our product here on time to support strong demand this holiday season.

我想花一點時間來表彰我們的團隊為按時交付我們的產品以支持這個假期旺季的強勁需求所付出的辛勤工作。

Our balance sheet remains healthy, and we ended the quarter with $741 million in cash, up from $692 million in third quarter 2020.

我們的資產負債表保持健康，本季度末現金為 7.41 億美元，高於 2020 年第三季度的 6.92 億美元。

Capital expenditure totaled $58 million in the quarter and #144 million year-to-date.

本季度資本支出總額為 5800 萬美元，年初至今為 1.44 億美元。

For 2021 we continued to expect capital expenditures to come in on a low end of out $250 million to $275 million guidance range, reflecting cost savings and project timing.

對於 2021 年，我們繼續預計資本支出將處於 2.5 億美元至 2.75 億美元指導範圍的低端，這反映了成本節約和項目時間安排。

With regards to our real estate strategy, we have significant flexibility in managing our store fleet to support our revenue and profit goals.

關於我們的房地產戰略，我們在管理我們的商店車隊以支持我們的收入和利潤目標方面具有很大的靈活性。

As we work towards our long-term target of rightsizing AE store footprint, we are dealing with a sharp eye on maximizing profitability.

在我們努力實現調整 AE 商店足蹟的長期目標時，我們正以敏銳的眼光來最大化盈利能力。

For Aerie, we are focused on markets with the greatest opportunity.

對於 Aerie，我們專注於機會最大的市場。

Due to backlogs and building materials and fixtures, several of our third quarter store openings shifted into the fourth quarter, we expect the majority of these stores open by the end of the year.

由於積壓和建築材料和固定裝置，我們第三季度的幾家商店開業轉移到第四季度，我們預計這些商店中的大部分將在年底前開業。

We're very excited about our recently announced acquisition of Quiet.

我們對最近宣布收購 Quiet 感到非常興奮。

This will improve our ability to service both channels and lock in the cost benefits and overall gross margin efficiencies we've consistently seen over the past last year.

這將提高我們為兩個渠道提供服務的能力，並鎖定我們在過去一年中一直看到的成本效益和整體毛利率效率。

To wrap up, our performance year-to-date has been truly phenomenal and even more so in the context of challenges and uncertainties in our external environment.

總而言之，我們年初至今的表現確實非常出色，在外部環境充滿挑戰和不確定性的背景下更是如此。

We're extremely pleased with our record results year-to-date and continued progress on our strategic initiatives.

我們對年初至今的創紀錄業績以及戰略計劃的持續進展感到非常滿意。

Sales trends remain strong heading into the key Black Friday and Cyber Week period.

進入關鍵的黑色星期五和網絡週期間，銷售趨勢依然強勁。

We have met our goal to ensure our customers do not feel any impact from supply chain disruptions and we're well positioned to meet holiday demand.

我們已經實現了我們的目標，以確保我們的客戶不會受到供應鏈中斷的任何影響，並且我們已經做好了滿足假期需求的準備。

However, that has come with additional freight costs in the range of $70 million to $80 million, which will impact the fourth quarter.

然而，這帶來了 7000 萬至 8000 萬美元的額外運費，這將影響第四季度。

Of course, we expect to nicely exceed $600 million of operating income for the year, well above the $550 million 2023 target.

當然，我們預計今年的營業收入將大大超過 6 億美元，遠高於 2023 年 5.5 億美元的目標。

We will be updating our longer-term financial targets at ICR this January.

我們將在今年 1 月更新 ICR 的長期財務目標。

Our results year-to-date continue to reaffirm that the Real Power.

我們年初至今的業績繼續重申 Real Power。

Real Growth value creation plan is working, and that we're focusing on the right levers to drive financial success and returns to our shareholders.

真正的增長價值創造計劃正在發揮作用，我們正專注於正確的槓桿來推動財務成功並為我們的股東帶來回報。

With that, I'll open it up for questions.

有了這個，我會打開它來提問。

(Operator Instructions) Our first question comes from the line of Jay Sole with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Jay Sole。

Jay, I want to ask you about your comments on the recent acquisitions of Quiet and AirTerra, you call them transformative and said they'd be profitable.

傑伊，我想問你對最近收購 Quiet 和 AirTerra 的看法，你稱它們為變革性的，並說它們會盈利。

Can you talk about why you're using those type of words?

你能談談你為什麼使用這些類型的詞嗎？

I mean, can you give us a sense of what kind of revenue and profit on these acquisitions continue to the company?

我的意思是，你能告訴我們這些收購帶來的什麼樣的收入和利潤繼續給公司？

And also why you see this transformative?

還有為什麼你會看到這種變革？

All right.

好的。

We have a problem that your voice came in all ruffled up.

我們有一個問題，你的聲音很亂。

We couldn't hear the question.

我們聽不見這個問題。

Yes, Jay, can you try to repeat that?

是的，傑，你能試著重複一遍嗎？

Can you hear me now?

你能聽到我嗎？

There's something wrong with your line.

你的線路有問題。

Yes.

是的。

I think he was asking about Quiet and AirTerra.

我想他是在問 Quiet 和 AirTerra。

Can you hear me better now?

你現在能聽到我的聲音了嗎？

There you go.

你去吧。

Yes, yes.

是的是的。

Now we can hear you much, much better, much better.

現在我們可以聽到你的聲音好多了，好多了，好多了。

Okay.

好的。

Sorry about that.

對於那個很抱歉。

The questions were about the acquisitions.

問題是關於收購的。

Jay, you used the word transformative and profitable.

傑，你使用了變革性和盈利性這個詞。

Just can you elaborate on why you see this transformative?

您能否詳細說明為什麼您會看到這種變革？

And what kind of profit potential you see from these businesses, also revenue potential as well as profit potential?

您從這些業務中看到了什麼樣的盈利潛力，還有收入潛力和盈利潛力？

All right.

好的。

First of all, this is an acquisition that we've been using for the last 15, 16 months ourselves.

首先，這是我們自己過去 15、16 個月一直在使用的收購。

We saw this year part of our success of getting higher margin is ability to have the right merchandise at the store at the right time in the most efficient manner.

今年我們看到，我們獲得更高利潤的部分成功之處在於能夠以最有效的方式在正確的時間在商店提供正確的商品。

And a part of it is because of using client.

其中一部分是因為使用客戶端。

We've had very good success with it.

我們已經取得了很好的成功。

We've had such success that we didn't tune our horn, but this past quarter, our operating costs on our logistics were lower percentages than the last couple of years, we played the best lower percentages and actual dollars for the quarter were less dollars than the previous year.

我們取得瞭如此大的成功，以至於我們沒有調整我們的喇叭，但是在過去的一個季度，我們的物流運營成本百分比低於過去幾年，我們發揮了最好的較低百分比，本季度的實際美元更少美元比上一年。

And I don't think any retailer can make that statement that their costs of merchandise -- not the cost of merchandise, but the cost of the handling was less than the year before with what's going on in the market and the environment they're working on.

而且我認為任何零售商都不能做出這樣的聲明，即他們的商品成本——不是商品成本，而是處理成本低於前一年的市場情況和他們所處的環境工作。

First of all, the systems inquired are the most up-to-date system.

首先，詢問的系統是最新的系統。

We've got the Sort robots walk around pulling.

我們讓 Sort 機器人四處走動。

We have the ability to deliver to the customer fast.

我們有能力快速交付給客戶。

And the big thing that we have is that this system follows our model that we set up.

我們擁有的最重要的事情是這個系統遵循我們建立的模型。

We were the first people when we built our distribution center a few years ago to have the ability to handle stores and direct to the customer in the same facility.

幾年前，當我們建立我們的配送中心時，我們是第一批能夠在同一設施中處理商店並直接面向客戶的人。

Most people do not build their facilities.

大多數人不建造他們的設施。

They built separate facilities for the online business of separate facilities for store.

他們為商店的單獨設施建立了單獨的在線業務設施。

We really made a true omni experience where our facilities can handle both.

我們真的創造了真正的全方位體驗，我們的設施可以同時處理這兩種情況。

This same system that Quiet has, gives us the ability to even do it better.

Quiet 擁有的相同系統使我們能夠做得更好。

If you ask me what I see?

如果你問我看到了什麼？

I see us expanding Quiet with more locations that will have all these micro centers around the country and be able to deliver it faster, better and more efficient.

我看到我們在更多地點擴展 Quiet，這些地點將在全國擁有所有這些微型中心，並能夠更快、更好、更高效地交付它。

And also, the big thing is we already have 60 customers handling other people, other retailers.

而且，最重要的是我們已經有 60 位客戶在處理其他人、其他零售商。

We're giving great service.

我們正在提供優質的服務。

And I look at us getting a platform which will be able to allow ourselves and our partners in it to whoever -- different retailers between their [tier], they've come aboard.

我看著我們獲得了一個平台，該平台將能夠讓我們自己和我們的合作夥伴參與其中 - 他們[層]之間的不同零售商，他們已經加入。

And the ones that are coming on board, on Quiet, to really be able to compete against the Amazons of the world and the Walmarts of the world in an efficient manner.

那些即將加入 Quiet 的公司，真正能夠以有效的方式與世界上的亞馬遜和世界上的沃爾瑪競爭。

Because in the future, and I say this to our team, logistics, logistics or districts.

因為在未來，我對我們的團隊、物流、物流或地區說這個。

If you're not efficient there, you're not going to win.

如果你在那裡沒有效率，你就不會贏。

We have the best merchandise in the world.

我們擁有世界上最好的商品。

and the best looks.

和最好的外觀。

But if we don't have the ability to get it there in an efficient manner, we're not going to win.

但是，如果我們沒有能力以有效的方式實現目標，我們就不會贏。

And this will give us ability to stay on top.

這將使我們有能力保持領先。

And we have great things we brought in.

我們帶來了很棒的東西。

The quality of our teams are put against anybody in the industry, period.

我們團隊的質量與行業中的任何人相提並論。

Maybe if I could just follow up.

也許如果我能跟進。

If you could offer some ideas on revenue and profit potential because you mentioned you have 60 customers.

如果你能提供一些關於收入和利潤潛力的想法，因為你提到你有 60 個客戶。

Do you see that customer comp growing?

您看到客戶比例在增長嗎？

And what does that mean for revenue and profit potential of the business?

這對企業的收入和利潤潛力意味著什麼？

Jay, this is...

傑，這是……

I'll let Michael Rempell answer that, but we're very excited about that.

我會讓 Michael Rempell 回答這個問題，但我們對此感到非常興奮。

When you say about growing the area people contacts we want to become customers like we could talk about the potential, it's big potential.

當您談到擴大人們接觸的區域時，我們希望成為客戶，就像我們可以談論潛力一樣，這是巨大的潛力。

I mean this is a true high-tech story.

我的意思是這是一個真正的高科技故事。

Yes, yes.

是的是的。

So, Jay, we're actually going to defer that answer until next year.

所以，傑伊，我們實際上要把這個答案推遲到明年。

But like Jay is saying, we see tremendous potential for this business.

但就像傑伊所說的那樣，我們看到了這項業務的巨大潛力。

And as we said in the Quiet release, we see this business not only being very large, but being very profitable and having margins that are incremental to the company.

正如我們在 Quiet 版本中所說的那樣，我們看到這項業務不僅非常龐大，而且非常有利可圖，並且公司的利潤是增量的。

And we'll give more color at the beginning of next year.

我們將在明年年初提供更多顏色。

Yes.

是的。

Certainly, Michael, I think the big thing we're pointing out is we're taking what's normally been a cost center, and we're going to turn it to a profit center.

當然，邁克爾，我認為我們要指出的重要一點是，我們正在將通常作為成本中心的東西轉變為利潤中心。

Right.

正確的。

SO Our next question comes from the line of Matthew Boss with JPMorgan.

所以我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on a nice quarter.

祝賀一個不錯的季度。

Thanks, Matt.

謝謝，馬特。

Thanks, Matt.

謝謝，馬特。

At Aerie and American Eagle, could you speak to demand that you're seeing across categories exiting the third quarter as we enter holiday?

在 Aerie 和 American Eagle，當我們進入假期時，您能否談談您在第三季度退出的各個類別中看到的需求？

How you feel about overall momentum in each concept so far in November maybe?

到目前為止，您對 11 月份每個概念的整體勢頭有何看法？

And just comfort with your inventory across the assortment as we think about the fourth quarter as a whole and exit the year?

當我們考慮整個第四季度並退出這一年時，只是對您的整個品種的庫存感到滿意？

It's Jen.

是珍。

And happy Thanksgiving to everybody.

祝大家感恩節快樂。

Look, I first want to start with inventory and congratulate the team.

看，我首先要從庫存開始，祝賀團隊。

I'm hearing from competition that they really leaned on direct, which is indicative to me that they could probably support their store base.

我從競爭中聽說他們真的傾向於直接，這對我來說表明他們可能會支持他們的商店基礎。

Keep in mind that we have a decent sized store fleet across our chain, and we were able to not only meet the customer demands there, but also on direct.

請記住，我們在整個連鎖店擁有相當規模的商店車隊，我們不僅能夠滿足那裡的客戶需求，而且能夠直接滿足客戶需求。

Our store business was fantastic.

我們的商店生意很棒。

And with just real disciplines in inventory, we were able to get that product based on some of what Jay just spoke about to the customer at the right time.

通過真正的庫存管理，我們能夠根據 Jay 剛剛在正確的時間與客戶談論的一些內容來獲得該產品。

And I do want to add in one thing there.

我確實想在其中添加一件事。

When I think about doing that, I love the reactivation rates we're seeing on our customer base.

當我考慮這樣做時，我喜歡我們在客戶群中看到的重新激活率。

We're plus 40% in both brands on customer reactivation, which again tells me -- plus 40%, I should say, tells me that our customers are highly engaged.

在客戶重新激活方面，我們在兩個品牌中都增加了 40%，這再次告訴我——加上 40%，我應該說，告訴我我們的客戶高度參與。

They're excited to go to the store and see what we have to offer.

他們很高興能去商店看看我們能提供什麼。

We're in great supply there.

我們那裡供應充足。

And I think we're ready to hit the road into holiday.

我認為我們已經準備好踏上假期的道路了。

And I love what I'm seeing.

我喜歡我所看到的。

I was just in the mall.

我剛在商場裡。

I saw all three brands, excuse my voice, I'm a little threat today.

三個牌子我都看到了，不好意思，今天有點威脅。

And, I saw an OFFLINE store in the area and Aerie, and I saw American Eagle Outfitters, and I have to tell you, we are ready for the holiday season.

而且，我在該地區和 Aerie 看到了一家離線商店，我看到了 American Eagle Outfitters，我必須告訴你，我們已經為假期做好了準備。

It looks like there wasn't a blip in the road as far as I'm concerned.

就我而言，道路上似乎沒有任何亮點。

And I think we look best in show.

而且我認為我們在表演中看起來最好。

So I'm really proud of what these teams are able to deliver just to really deliver on to the season.

所以我真的為這些球隊能夠為這個賽季真正交付的東西感到自豪。

And like, look, this is definitely continued momentum so far.

就像，看，這絕對是迄今為止的持續勢頭。

We have a few weeks ahead of us, meaning this week is our big one.

我們還有幾週的時間，這意味著本周是我們的重要一周。

So we're buckling up and I'm pretty excited about our execution to date.

所以我們正在全力以赴，我對我們迄今為止的執行感到非常興奮。

That said, look, in American Eagle, we have reignited that customer.

也就是說，看，在 American Eagle 中，我們重新點燃了那個客戶。

We set out a strategy a year ago and look at these results.

我們在一年前製定了一項戰略，並查看了這些結果。

I mean the earnings are spectacular, the execution on low inventory levels.

我的意思是收益是驚人的，在低庫存水平上的執行。

Of course, there's a denim trend out there, and those cycles last for a long time.

當然，那裡有一種牛仔布趨勢，而且這些週期會持續很長時間。

And I love that they're incredibly -- it's not just one fits, that's the best part.

而且我喜歡他們令人難以置信的 - 這不僅僅是一個合適的，這是最好的部分。

And what we're seeing in that is that she's aging -- she and he, they're aging up with us, and they're growing with us.

我們從中看到的是她在變老——她和他，他們和我們一起變老，他們和我們一起成長。

So we're pretty excited about that.

所以我們對此感到非常興奮。

And I love what I see in the future, the way we're mixing denim.

我喜歡我在未來看到的東西，我們混合牛仔布的方式。

This marks almost a full year of really not promoting denim 365 days a year and look at those results.

這標誌著幾乎整整一年都沒有一年 365 天推廣牛仔布，看看這些結果。

Our promotional cadence is lower than ever.

我們的宣傳節奏比以往任何時候都低。

And again, just the thoughtfulness in our strategies around exciting the customers is right on.

再一次，我們圍繞激發客戶的策略中的周到是正確的。

All categories have really been performing nicely, and we see continued opportunity in both men's and women's for outfitting in the future.

所有類別的表現都非常好，我們看到未來男裝和女裝都將繼續存在機會。

in AE.

在 AE 中。

And I love what spring is going to bring us.

我喜歡春天會給我們帶來什麼。

I saw early on -- some of the early-on photo shoots and what our marketing campaigns are going to be, and it's better with age.

我很早就看到了一些早期的照片以及我們的營銷活動將是什麼，而且隨著年齡的增長會更好。

And Lastly, I will say, don't forget, we have a brand-new design team, a new head merchant, and they're really putting together a fabulous assortment strategy for the future.

最後，我要說的是，不要忘記，我們有一個全新的設計團隊，一個新的頭部商人，他們真的在為未來製定一個絕妙的分類策略。

And I could not be more proud of that team.

我為那支球隊感到無比自豪。

And looking to Aerie, well, number one, we have a whole new business category OFFLINE.

看看 Aerie，好吧，第一，我們有一個全新的離線業務類別。

You heard about the leggings, incredible those results.

你聽說過打底褲，這些結果令人難以置信。

with one of our highest demand categories in our highest margin category.

在我們的最高利潤類別中，我們的需求最高的類別之一。

So we were able to hurdle that potential a bump in the road.

因此，我們能夠克服潛在的障礙。

And I think we did a great job doing so and watch out because those leggings are here and are ready for holiday.

而且我認為我們在這方面做得很好，要小心，因為那些緊身褲已經準備好去度假了。

Look, the new brand is certainly exceeding expectations, OFFLINE.

看，新品牌肯定超出預期，OFFLINE。

We have a lot of learnings, and we had a lot of learnings.

我們學到了很多東西，也學到了很多東西。

I always love a learning because it means there's upside for next year.

我總是喜歡學習，因為這意味著明年會有上升空間。

And the team is really disciplined right now and focused on delivering incredible results in Aerie.

團隊現在非常自律，專注於在 Aerie 取得令人難以置信的成果。

All categories have fired though.

不過，所有類別都被解雇了。

In Q3, we've seen a nice acceleration in our core intimates business, as well as lounge.

在第三季度，我們的核心內衣業務和休息室都出現了不錯的加速增長。

Many people scratch their heads and wondered if launch was still going to be desired category and certainly is, we're really excited with what we've been seeing.

許多人摸不著頭腦，想知道發布是否仍然是理想的類別，當然，我們對我們所看到的感到非常興奮。

So more to come, and we're excited about holiday and the future.

還有更多，我們對假期和未來感到興奮。

That's great color, Jen.

這顏色真好，珍。

Maybe Mike, just as a follow-up on profitability.

也許邁克，只是作為盈利能力的後續行動。

So kind of twofold.

所以有點雙重。

Can you speak to drivers of AE's operating margin expansion?

您能談談 AE 營業利潤率擴張的驅動因素嗎？

I think it was up over 1,000 basis points in the third quarter relative to two years ago?

我認為第三季度相對於兩年前上漲了 1,000 多個基點？

And then just with Aerie, is 20% operating dollar flow-through, is that still the right rate to think about for the concept as we move forward?

然後就 Aerie 而言，是否有 20% 的運營資金流轉，這仍然是我們前進時要考慮的正確比率嗎？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

I'll answer the second question first.

我先回答第二個問題。

I think we talked about 25% for our longer-term targets.

我認為我們談到了 25% 的長期目標。

We flowed through about 25% in Aerie this quarter over a two-year basis.

在兩年的基礎上，本季度我們在 Aerie 的流通量約為 25%。

But I think if you do the math on the freight that we incurred in the brand, which on a proportionate basis was a bigger deal to Aerie.

但我認為，如果你計算一下我們在該品牌中產生的運費，按比例計算，這對 Aerie 來說是一筆更大的交易。

We definitely missed some business in leggings that Jen was just talking about, to the tune of probably we're estimating maybe $15 million in the quarter, maybe a little over $1 million a week in leggings business.

我們肯定錯過了 Jen 剛剛談到的一些緊身褲業務，可能我們估計本季度可能會達到 1500 萬美元，每週緊身褲業務可能會超過 100 萬美元。

So if you do the math on that, you'd be at a probably 20% operating rate or so for the quarter versus the 16.5%.

因此，如果您對此進行數學計算，則本季度的開工率可能為 20% 左右，而不是 16.5%。

And if you think about the flow through, then would have been probably 30-plus -- 30% or higher in the quarter versus the 25%.

如果你考慮流量，那麼本季度可能會超過 30%——30% 或更高，而不是 25%。

So I think we'll talk about the longer-term goals in January, again.

所以我想我們會在 1 月份再次討論長期目標。

25% is what we communicated last January.

25% 是我們去年 1 月所傳達的。

We got the question around that being conservative.

我們得到了關於保守的問題。

The answer to that was likely conservative.

答案可能是保守的。

We've been flowing through I think in the first half of the year, more like 40%.

我認為今年上半年我們一直在流動，更像是 40%。

So we'll talk about.

所以我們會談談。

I think 30% is probably a good number to have in your mind now, and we'll refine that for January at ICR.

我認為 30% 現在可能是一個很好的數字，我們將在 1 月份的 ICR 上完善它。

And then on the operating rate expansion in AE, it's really the story of everything we're talking about at the company level, too.

然後關於 AE 的開工率擴張，這也是我們在公司層面談論的一切的故事。

So we saw some nice night merchant margin gains on top of really strong gains last year.

因此，除了去年真正強勁的增長之外，我們還看到了一些不錯的夜間商戶利潤率增長。

But the bigger story is through the gross margin was rent and delivery.

但更大的故事是通過毛利率是租金和交付。

The majority of our leverage, the majority of the gross margin expansion, which then benefited AE on some night revenue growth were those two categories.

我們的大部分槓桿，大部分毛利率擴張，然後使 AE 受益於一些夜間收入增長是這兩個類別。

And then again AE, growing 21% to last year, but then up 8% to 19%, how is leveraging other expenses, too.

然後是 AE，與去年相比增長了 21%，但隨後增長了 8% 至 19%，如何利用其他費用也是如此。

But rent and delivery were definitely standouts for us, and I think that's continued work that we'll see.

但是租金和送貨對我們來說絕對是佼佼者，我認為這是我們將看到的持續工作。

That's the Quiet conversation, that's the logistics capable efficiencies and leverage we expect to continue to see, and we'll continue to tell, give, provide more details around that in the future.

這就是安靜的對話，這就是我們期望繼續看到的物流能力和影響力，我們將在未來繼續講述、提供和提供更多細節。

Our next question comes from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

This is Kelly Crago on for Paul.

這是保羅的凱利克拉戈。

I'm just curious if you could elaborate on your outlook for the gross margin line in the fourth quarter, just in light of the $70 million to $80 million in additional freight costs?

我只是想知道您能否詳細說明您對第四季度毛利率的展望，僅考慮到 7000 萬至 8000 萬美元的額外運費成本？

And what are your AUR assumptions in the fourth quarter?

您對第四季度的 AUR 假設是什麼？

Are you expecting as strong as of AUR that you saw so far this year?

您是否期待今年迄今為止看到的 AUR 一樣強大？

And then just secondly, on the AUC, just curious what you're looking at for -- at '22, what sort of price increases would you expect to help offset?

其次，在 AUC 上，只是好奇你在尋找什麼——在 22 年，你希望什麼樣的價格上漲有助於抵消？

Thanks, Kelly.

謝謝，凱利。

I'll take the gross margin pieces and maybe Michael can take some of the '22 questions.

我會拿毛利部分，也許邁克爾可以回答 '22 的一些問題。

So at first AUR, we're expecting similar type of results in AUR.

所以在第一個 AUR 中，我們期望在 AUR 中得到類似類型的結果。

Again, we have a lot of business ahead of us in the fourth quarter here, navigating week-to-week, but our expectations are similar in terms of what we saw in the third quarter.

同樣，我們在第四季度有很多業務擺在我們面前，每週都在導航，但我們的預期與我們在第三季度看到的情況相似。

Gross margin piece of your question for the fourth quarter, we disclosed and we talked about the $70 million to $80 million of freight cost.

我們披露了第四季度的毛利率問題，我們談到了 7000 萬至 8000 萬美元的運費。

The number for the year is more like -- is over $90 million.

今年的數字更像是 - 超過 9000 萬美元。

So we did incur -- as we talked about in the Aerie comments, we incurred some incremental freight costs in the first -- or in the third quarter.

所以我們確實產生了——正如我們在 Aerie 評論中談到的那樣，我們在第一季度或第三季度產生了一些增加的運費。

You can think about maybe 100 basis points of impact there to the company.

您可以考慮對公司產生 100 個基點的影響。

But fourth quarter, it's $70 million to $80 million.

但第四季度，它是 7000 萬美元到 8000 萬美元。

And if you do the math on rounding what you're expecting in revenue, what we're probably expecting in revenue, it's probably all -- it's close to 500 points of gross margin.

如果你計算一下你對收入的預期，我們可能對收入的預期，這可能就是全部——毛利率接近 500 個百分點。

So I think the benefits we're seeing in rent, delivery, almost we'll expect those things again, but then we did what we said we're going to do, which was get our inventory here, make sure the customer didn't feel any impacts of the supply chain disruptions of Vietnam shutdown, and we spent money to get it here.

所以我認為我們在租金、交付方面看到的好處，幾乎我們會再次期待這些事情，但後來我們做了我們說過要做的事情，就是把我們的庫存放在這裡，確保客戶沒有沒有感受到越南關閉供應鏈中斷的任何影響，我們花錢把它弄到了這裡。

So that's about 500 basis points to the fourth quarter.

到第四季度，這大約是 500 個基點。

If you do the math related to guidance, I mean, hit that question maybe now, which if you model out what you would expect us to probably have been guiding to in the fourth quarter and subtract $70 million to $80 million, you're probably in the right place.

如果你計算與指導相關的數學，我的意思是，現在可能會遇到這個問題，如果你模擬出你期望我們在第四季度可能一直在指導的目標並減去 7000 萬到 8000 萬美元，你可能是在正確的地方。

And just to say it proactively, not tough to put it in a press release, but we'd be talking about a $700 million number higher, if not for that freight cost.

只是主動地說出來，把它放在新聞稿中並不難，但如果不是因為運費，我們會談論一個高出 7 億美元的數字。

Our next question comes from the line of Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Congrats.

恭喜。

And I just have to say from personal experience, the digital and (inaudible) store are remarkably fast, like a day.

而且我只能從個人經驗中說，數字和（聽不清）商店的速度非常快，就像一天一樣。

It crazy.

它瘋了。

So good for you.

對你太好了。

You're experiencing the efficiency first hand then.

那麼，您將親身體驗效率。

Thank you.

謝謝你。

Yes.

是的。

Thanks, Amy.

謝謝，艾米。

I know.

我知道。

Exactly.

確切地。

You're welcome.

不客氣。

Maybe Jay or Jen or whoever wants to take this one, can you talk about AE brand's #2 denim selling position in the U.S., how has that changed maybe from five years ago?

也許是 Jay 或 Jen 或任何想買這個的人，你能談談 AE 品牌在美國排名第二的牛仔布銷售地位嗎？與五年前相比，這有什麼變化？

I seem to recall annually, it was sort of in that 20% of sales, but it seems like it's like significantly higher than that.

我似乎每年都記得，它佔銷售額的 20%，但似乎比這要高得多。

So if you can talk about where that is?

所以如果你能談談那在哪裡？

And then any comment on fourth quarter-to-date holiday.

然後是對第四季度迄今假期的任何評論。

We've heard about acceleration, massive acceleration in the space into the first part of November, any quarter-to-date by brand would be super helpful.

我們聽說過加速，到 11 月上旬該領域的大規模加速，任何一個季度至今的品牌都會非常有幫助。

So yes, in denim, we still remain #1 in women's for all ages, and we sit #1 in men's for our age demo.

所以是的，在牛仔布方面，我們仍然在所有年齡段的女性中排名第一，在我們的年齡演示中，我們在男性中排名第一。

20% market share or still in that zone.

20% 的市場份額或仍在該區域。

I would like to just add though, it's really about the health of the business.

我想補充一點，這真的關乎企業的健康。

I mentioned it on my prior answer, the AURs and denim are at record highs, and they've surpassed the total AE brand AURs.

我在之前的回答中提到過，AUR 和牛仔布都創下歷史新高，並且已經超過了 AE 品牌 AUR 的總數。

So it's pretty impressive as a percentage growth.

因此，百分比增長令人印象深刻。

It's pretty, pretty impressive when you see our ability to sell full price denim.

當您看到我們銷售全價牛仔布的能力時，這非常非常令人印象深刻。

And honestly, it's about time because the love and the detail and the workmanship that goes into our denim at this price value equation is like no other.

老實說，現在是時候了，因為在這個價格價值等式中融入我們牛仔布的愛、細節和工藝是獨一無二的。

And I'd like to say that we're in this for the long haul.

我想說的是，我們長期參與其中。

I like what we've done over the past year.

我喜歡我們過去一年所做的事情。

I like that we're demanding the retails that warrant the quality that I just spoke about because I think it bodes well for our future where many retailers are going to face a lot of headwinds.

我喜歡我們要求保證我剛才談到的質量的零售，因為我認為這對我們的未來是個好兆頭，許多零售商將面臨很多逆風。

We have that beauty of, again, delivering quality, less units, and we're going to keep on looking at what else we can offer this customer and grow that AUR, where it's warranted, so only where it's warranted, but we're seeing no resistance.

我們再次擁有提供高質量、更少單位的美感，我們將繼續研究我們還能為這個客戶提供什麼，並在有保證的地方發展 AUR，所以只在有保證的地方，但我們是看到沒有抵抗。

If they love the fit and they love the silhouette, they are spending.

如果他們喜歡合身並且喜歡輪廓，他們就會花錢。

So that will give us a lot of leverage in the future.

因此，這將在未來給我們很大的影響力。

If you think about it, eventually, these headwinds are going to come down.

如果您考慮一下，最終，這些不利因素將會下降。

Our costs are going to be more advantageous.

我們的成本將更有優勢。

And I think we're going to be in a good position to take advantage of some of that, but also continue to better our quality year-over-year.

而且我認為我們將處於有利位置，可以利用其中的一些優勢，而且還會繼續逐年提高我們的質量。

And that's truly the strategy.

這才是真正的策略。

we're trending up over the past five years as far as market share.

就市場份額而言，我們在過去五年中呈上升趨勢。

And our customer is aging with us, which I mentioned as well.

我們的客戶正在和我們一起變老，我也提到了這一點。

Love that.

喜歡那個。

love that because in the past, we used to see the customers jump out around 19, 20 years old.

喜歡那個，因為過去，我們曾經看到客戶在 19 歲、20 歲左右跳出來。

So we are in there as the #1 solid denim offering in specialty from age 15 to 25.

因此，我們在 15 至 25 歲的專業中成為排名第一的純色牛仔布產品。

So really excited about that.

所以真的很興奮。

And headed into holiday, we're continuing the momentum.

進入假期，我們將繼續保持這種勢頭。

I like what I'm seeing.

我喜歡我所看到的。

But again, it's early on, Adrienne, to tell.

但再說一次，艾德里安，現在說出來還為時過早。

It's obviously a big quarter, but we definitely saw some acceleration early in on the quarter.

這顯然是一個很大的季度，但我們肯定在本季度初看到了一些加速。

So now we're here.

所以現在我們到了。

We call it green week, and we are ready to fight and most importantly, delight our customers.

我們稱之為綠色週，我們準備好戰鬥，最重要的是，取悅我們的客戶。

So just wanted to wish you a happy Thanksgiving as well.

所以只想祝你感恩節快樂。

Great job.

做得好。

Happy Thanksgiving.

感恩節快樂。

Take care, Adrienne.

保重，阿德里安。

Our next question comes from the line of Oliver Chen with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Oliver Chen。

Happy holidays, everybody.

祝大家節日快樂。

The topic of ESG and sustainability is really important to Cowen, and a lot of the research that we've been doing is for Gen Z and Gen A. What would you say distinguishes you in terms of your competitive advantages?

ESG 和可持續發展的主題對 Cowen 來說非常重要，我們一直在做的很多研究都是針對 Z 世代和 A 世代的。您認為您在競爭優勢方面的區別是什麼？

One of the risk factors we see around denim is clearly water and the future of water as well as dyeing and thinking about transparency and the consumer preference for transparency as well.

我們在牛仔布周圍看到的風險因素之一顯然是水和水的未來，以及染色和對透明度的思考以及消費者對透明度的偏好。

Oliver, this is Michael Rempell.

奧利弗，這是邁克爾·雷佩爾。

Yes, look, I would just build on what Jen was saying, which is we've invested over the last few years a lot of time and money and resources in building the best product that we can.

是的，聽著，我會以 Jen 所說的話為基礎，即我們在過去幾年中投入了大量時間、金錢和資源來構建我們能做到的最好的產品。

And part of doing that is investing in how that product is manufactured, whether it's using better dye stuff, more sustainable dye stuff, more sustainable cotton, reducing water usage as part of the manufacturing process.

這樣做的一部分是投資於產品的製造方式，無論是使用更好的染料、更可持續的染料、更可持續的棉花，還是在製造過程中減少用水量。

And we're working very closely with our factories.

我們正在與我們的工廠密切合作。

We set ambitious goals.

我們設定了雄心勃勃的目標。

In fact, our water goal that we set earlier last year, we believe we're likely to accomplish that this year or next year in terms of water reduction, and we're going to continue to raise the bar and make sure that our product is as sustainable as possible.

事實上，我們去年早些時候設定的用水目標，我們相信今年或明年我們可能會在減少用水方面實現這一目標，我們將繼續提高標準並確保我們的產品是盡可能可持續的。

Because if there's something our customers care about, it's great quality, it's great fit, it's great innovation.

因為如果我們的客戶關心某件事，那就是優質、合身、創新。

It's great value.

這是很有價值的。

but it's also the way our product is manufactured and the impact on the environment.

但這也是我們產品的製造方式以及對環境的影響。

So it's something we take very seriously, and we're going to continue to raise the bar and improve the sustainability of our product and believe that in this environment where people are dealing with inflation and other pressures that the sustainability of our product, along with the quality of our product is going to be a significant competitive advantage for us.

所以這是我們非常重視的事情，我們將繼續提高標準並提高我們產品的可持續性，並相信在人們應對通貨膨脹和其他壓力的環境中，我們產品的可持續性以及我們產品的質量將成為我們的重要競爭優勢。

Also, Michael and Jen, I think you could tell them about the T-shirt program we have coming up for the spring with the special dyes, there are special seaweed dyes.

另外，Michael 和 Jen，我想你可以告訴他們我們為春季推出的 T 卹計劃，其中包含特殊染料，有特殊的海藻染料。

Yes.

是的。

I mean the design team in both brands obviously have real good top of mind for all of our product categories.

我的意思是，這兩個品牌的設計團隊顯然對我們所有的產品類別都非常重視。

I mean from swim, as the swim category being almost 100% denim.

我的意思是游泳，因為游泳類別幾乎是 100% 牛仔布。

And again, there's many variables under that, what a 100% means.

再一次，在這之下有很多變量，100% 意味著什麼。

But our swim denim for back-to-school, we're going to be almost 90% there as far as 90% of our denim being real good.

但是我們的返校游泳牛仔布，只要我們的牛仔布的 90% 是真正好的，我們將在那裡幾乎 90%。

And we're just innovating under the covers.

我們只是在幕後進行創新。

I mean, Jay, I don't want to tell everyone that we have on order.

我的意思是，傑，我不想告訴每個人我們有訂單。

We have some really cool T-shirts coming your way.

我們準備了一些非常酷的 T 卹。

I can't tell them the ingredients, so Jay.

我不能告訴他們成分，所以傑。

I will now...

我現在會...

There's special ingredients there.

那裡有特殊的成分。

But the design team definitely knows that this should be a top of mind question when we go to design and the sketch point and raw materials, what can we do?

但是設計團隊肯定知道，這應該是我們在設計和草圖點和原材料時最關心的問題，我們能做些什麼呢？

What part of this garment could be real good?

這件衣服的哪個部分真的很好？

Everything we do every part of it, something that we do is better than doing nothing.

我們所做的每一件事的每一部分，我們做的事情總比什麼都不做要好。

I mean that's my position on this subject matter.

我的意思是這就是我在這個主題上的立場。

And we are continuing to innovate in all of our categories, whether it's BM Icon, whatever it may be, you'll see more and more of this coming from AEO Inc.

我們將繼續在所有類別中進行創新，無論是 BM Icon，無論是什麼，您都會看到越來越多的此類產品來自 AEO Inc.。

and really, it's what our customer cares about.

真的，這是我們的客戶所關心的。

It's top of mind for this next generation.

這是下一代的頭等大事。

It's the #1 idea or concept that these generations talk about.

這是這幾代人談論的第一想法或概念。

And trust me, I have a 14-year-old and she's always reminding me that I need to go recycle my shoes.

相信我，我有一個 14 歲的孩子，她總是提醒我需要去回收我的鞋子。

So I will say it's something that we care about in AEO Inc.

所以我會說這是我們在 AEO Inc. 中關心的事情。

and there's going to be some great report outs.

並且會有一些很棒的報告。

And we'll -- I'm sure we're going to talk about it when we go into the investor meeting and ICR at the beginning of the year.

我們會 - 我相信我們會在今年年初參加投資者會議和 ICR 時討論它。

So thank you.

所以謝謝。

Our next question comes from the line of Simeon Siegel with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Congrats on the ongoing strength, and I hope you all have a great holiday season.

祝賀持續的力量，我希望你們都有一個美好的假期。

Thanks.

謝謝。

The two-year revenue growth is fantastic.

兩年的收入增長是驚人的。

It's a great job.

這是一項很棒的工作。

You've clearly been enjoying the higher full price sell-through.

您顯然一直在享受更高的全價銷售。

Just curious how are units versus 2019 for AE and Aerie?

只是好奇 AE 和 Aerie 的單位與 2019 年相比如何？

And then sorry if I missed it, did you speak to how you're approaching wage inflation from here?

然後抱歉，如果我錯過了，你有沒有談到你是如何從這裡接近工資通脹的？

Yes, I can answer.

是的，我可以回答。

I mean, for AE brand, units are down.

我的意思是，對於 AE 品牌，單位下降了。

So when you think about the AUR growth, margin growth we've seen, we're doing more with less units.

因此，當您考慮 AUR 增長和我們所看到的利潤率增長時，我們正在用更少的單位做更多的事情。

So this revenue growth you're seeing is significant unit efficiency.

因此，您看到的這種收入增長是顯著的單位效率。

That's what we're seeing through the P&L and other places, like delivery in terms of cost efficiencies.

這就是我們通過損益表和其他地方看到的，比如在成本效率方面的交付。

So that's the continued story.

這就是繼續的故事。

Aerie, of course, on the growth we're seeing there, Units are up, but it's always AUR.

Aerie 當然，就我們在那裡看到的增長而言，Units 是上升的，但它始終是 AUR。

So it's not all driven by unit growth.

因此，這並不全是由單位增長驅動的。

It's as much or more driven by AUR growth.

它與 AUR 增長一樣多或更多。

So again, that's just inventory optimization.

再說一次，這只是庫存優化。

That's the way Jen and the teams are buying with depth.

這就是 Jen 和團隊深度購買的方式。

We're seeing AUR growth then less promotional stance.

我們看到 AUR 增長，然後是促銷立場減少。

And that's -- I think we've talked about it profit equals less units.

那就是 - 我認為我們已經討論過利潤等於更少的單位。

So the more we can drive revenue with less units, the more profitable all the way through the P&L and there's more efficiency, higher sustainability.

因此，我們越能以更少的單位推動收入，整個損益表的利潤就越高，效率更高，可持續性也更高。

You name it, it's all a good story when you're selling less units.

你的名字，當你賣的更少時，這都是一個好故事。

Great.

偉大的。

And anything on wage inflation?

還有什麼關於工資通脹的嗎？

We have not seen -- I mean I think we are in good shape there, Simeon.

我們還沒有看到——我的意思是我認為我們在那裡的狀態很好，西蒙。

And I think in our stores and our distribution centers, we are not seeing anything that's beyond -- especially in the stores, typical sort of market or local minimum wage increases, that's part for the course, things we deal with over and over.

而且我認為在我們的商店和配送中心，我們沒有看到任何超越的東西——尤其是在商店裡，典型的市場或當地最低工資增長，這是課程的一部分，我們一遍又一遍地處理的事情。

We're not seeing a significant impact there in stores.

我們在商店中沒有看到顯著的影響。

And I think we've done a nice job in our distribution centers as well to mitigate wage inflation there.

而且我認為我們在配送中心也做得很好，以減輕那裡的工資上漲。

Mike, I don't know if there's any other color you want to add on the DC side.

邁克，我不知道你是否想在 DC 端添加任何其他顏色。

But...

但...

No.

不。

Actually, our labor situation in our distribution centers is in good shape.

實際上，我們配送中心的勞動力狀況良好。

We have raised wages in the DCs to attract talent, but we've been able to attract all the labor that we need for the season, and we believe that we're largely going to offset any of the wage increases with efficiencies in the distribution center.

我們提高了華盛頓特區的工資以吸引人才，但我們已經能夠吸引到本賽季所需的所有勞動力，我們相信我們將在很大程度上通過分配效率來抵消任何工資增長中央。

So we feel good about how we're positioned going into holiday.

因此，我們對進入假期的定位感到滿意。

Maybe one, we levered -- our own DC costs and labor we leveraged in the third quarter, Simeon.

也許我們利用了一個——我們在第三季度利用了我們自己的 DC 成本和勞動力，Simeon。

So we're seeing as much -- Michael just hit the points on sort of how we're handling labor and making sure we're staffed appropriately, but we -- on a total basis, our DCs we leverage costs.

所以我們看到了很多——邁克爾剛剛談到我們如何處理勞動力並確保我們的人員配備得當，但我們——總的來說，我們的配送中心利用了成本。

Our next question comes from the line of Dana Telsey with Telsey Advisor Group.

我們的下一個問題來自 Telsey Advisor Group 的 Dana Telsey。

Congratulations on the nice results.

祝賀你取得了不錯的成績。

I think the acquisitions of Quiet and AirTerra are very interesting.

我認為收購 Quiet 和 AirTerra 非常有趣。

As you think of this becoming a separate business line in your income statement and potentially revenue and profit driver, does this lead to more acquisitions?

當您認為這將成為您損益表中的一個單獨業務線以及潛在的收入和利潤驅動因素時，這是否會導致更多的收購？

What fits in this?

什麼適合這個？

And how do you see the margin profile compared to the base business and does the base business grow because of having these businesses that help drive logistics leverage?

與基礎業務相比，您如何看待利潤率狀況？基礎業務是否會因為擁有這些有助於提高物流槓桿率的業務而增長？

Dan, it's Michael.

丹，是邁克爾。

I'll answer that.

我會回答的。

First, just to reiterate what Jay said, clearly, this is working.

首先，重申一下 Jay 所說的話，顯然，這是有效的。

Okay.

好的。

Our total delivery leverage, digital delivery, leveraged as a percent of sales, delivery dollars are down, and our packages are getting to customers 10% to 15% faster.

我們的總交付槓桿，數字交付，佔銷售額的百分比，交付美元下降，我們的包裹送達客戶的速度提高了 10% 到 15%。

So we couldn't be more thrilled about seeing these acquisitions that we have, these partnerships that we have and the impact they're having on our business.

因此，看到我們擁有的這些收購、我們擁有的這些合作夥伴關係以及它們對我們的業務產生的影響，我們感到非常激動。

And clearly, we were acquired Quiet when we acquired AirTerra because we believe that this combination of scale, speed and cost advantages is needed in the market.

顯然，當我們收購 AirTerra 時，我們被收購了 Quiet，因為我們認為市場需要這種規模、速度和成本優勢的結合。

And what we're finding, we haven't closed on Quiet yet.

我們發現，我們還沒有關閉 Quiet。

We're planning to close at the end of December.

我們計劃在 12 月底關閉。

But what we're finding is we're going out to AirTerra is that there's a massive unmet need in the market.

但我們發現，我們要與 AirTerra 合作的是，市場上有大量未滿足的需求。

brands and retailers of all sizes are anxious to sign up with us.

各種規模的品牌和零售商都渴望與我們簽約。

And well, again, we'll give more color on that at the beginning of next year because previously, they didn't have these kind of capabilities.

好吧，再一次，我們將在明年年初對此進行更多說明，因為以前，他們沒有這種能力。

They couldn't access local delivery networks.

他們無法訪問本地交付網絡。

They couldn't position their inventory closer to customers and stores.

他們無法將庫存定位在更靠近客戶和商店的位置。

The combination of what we're doing with Quiet and AirTerra gives brands and retailers of all sizes the ability to do both, the ability to better position inventory, the ability to serve stores and the ability to deliver e-commerce to customers faster and cheaper than they could previously.

我們與 Quiet 和 AirTerra 的結合使各種規模的品牌和零售商能夠同時做到這兩點：更好地定位庫存、為商店提供服務以及更快、更便宜地向客戶提供電子商務服務的能力比他們以前可以。

So we're excited to give you color on it.

因此，我們很高興為您提供顏色。

Clearly, we invested in it.

顯然，我們投資了它。

Jay is a great entrepreneur.

傑伊是一位偉大的企業家。

He worked with us, he saw the opportunity, but we invested in it.

他和我們一起工作，他看到了機會，但我們投資了它。

not just because it's supporting our American Eagle business, but because we believe that this is going to be a big business in its own right.

不僅因為它支持我們的 American Eagle 業務，還因為我們相信這將成為一項獨立的大業務。

And as we went out and we talked about this before, but as we went out and we're building our plans, not only is there substantial top line growth, not only is there nice profit associated with that, but it's actually accretive to our margin rates.

當我們出去並且我們之前討論過這個，但是當我們出去並且我們正在製定我們的計劃時，不僅有可觀的收入增長，不僅有與之相關的可觀利潤，而且它實際上增加了我們的保證金率。

So again, we're going to talk about it more at the beginning of next year, but you're seeing the results in the American Eagle business.

再說一次，我們將在明年年初更多地討論它，但你會看到 American Eagle 業務的結果。

It gives us a lot of confidence that -- and the conversations we're having with other brands and retailers give us a lot of confidence that there's a huge unmet need here and that this is going to be a big business in its own right.

它給了我們很大的信心——我們與其他品牌和零售商的對話讓我們很有信心，這裡有一個巨大的未滿足的需求，而且這本身就是一項大生意。

And we're looking forward to giving you more color at the beginning of next year.

我們期待在明年年初為您提供更多色彩。

Okay.

好的。

We can take one more -- so we can take one more question.

我們可以再提出一個問題——所以我們可以再提出一個問題。

You know something, I'll just add like one thing to what Michael said.

你知道的，我只想在邁克爾所說的基礎上添加一件事。

We believe that in the logistics business, bulk is very important, getting better rates and as far as the shipping cost.

我們認為，在物流業務中，散貨非常重要，可以獲得更好的運費和運輸成本。

And we also believe is this platform and we look at this as a platform, not just a business and someone's are going to develop, and we figure in mind will be us that this will be a platform that will be shared by our competition, it will make them stronger because if we have stronger competition is better for us.

我們也相信這是一個平台，我們將其視為一個平台，而不僅僅是一個企業和某人的發展，我們認為這將是一個由我們的競爭對手共享的平台，它會讓他們更強大，因為如果我們有更強大的競爭對我們來說更好。

more people that are attracted in the malls, it helps our stores too.

更多的人被商場吸引，這對我們的商店也有幫助。

And this is really going to be the answer to certain other retailers who really have been out trying to destroy the retail in this country.

這確實將成為某些其他真正試圖摧毀這個國家零售業的零售商的答案。

And we think we have an answer against that, and we're prepared to lead the charge.

我們認為我們對此有一個答案，我們準備帶頭衝鋒。

Our final question this morning comes from the line of Susan Anderson with B. Riley Securities.

我們今天早上的最後一個問題來自蘇珊·安德森（Susan Anderson）與 B. Riley 證券公司的對話。

Nice job on the quarter.

本季度幹得不錯。

Just a follow-up on the denim AUR.

只是對牛仔布 AUR 的跟進。

It sounds like you've been pretty pleased with what you're seeing there.

聽起來你對在那裡看到的東西很滿意。

I'm curious if the consumers are shopping, you're more middle price point denim or if they're also kind of biting at those higher price points that we're seeing in the stores that approach $80 at full price?

我很好奇消費者是在購物，你是更中等價位的牛仔布，還是他們也對我們在全價接近 80 美元的商店中看到的那些更高的價格點咬牙切齒？

And then also, I'm curious how you're thinking the sales play out for this holiday.

然後，我很好奇你如何看待這個假期的銷售情況。

We're hearing a lot of consumers will shop earlier.

我們聽說很多消費者會提前購物。

Do you think that the results you've seen so far in fourth quarter reflect some earlier shopping and potentially we'll get that December lull?

您認為到目前為止您在第四季度看到的結果是否反映了一些較早的購物，並且我們可能會在 12 月獲得平靜？

Sure.

當然。

I love retail because it's art and commerce, right?

我喜歡零售，因為它是藝術和商業，對吧？

I think the team is doing a great job painting a beautiful picture for our customers, but it's also about how we invest.

我認為團隊在為我們的客戶描繪一幅美麗的圖畫方面做得很好，但這也與我們的投資方式有關。

So when we think of pricing and we look at our tiered price points, we ensure that our investments make sense.

因此，當我們考慮定價並查看我們的分層價格點時，我們會確保我們的投資是有意義的。

So regarding the higher price points, as we learn, we will scale, and we've seen no resistance at this stage, which gives us some runway for the future.

因此，關於更高的價格點，據我們所知，我們將擴大規模，在現階段我們沒有看到任何阻力，這為我們提供了一些未來的跑道。

As I just mentioned, with sustainability being at the forefront, it's important that we think about that because it's not cheap to be green, shall I say that.

正如我剛才提到的，可持續發展是最重要的，我們考慮這一點很重要，因為綠色並不便宜，我可以這麼說。

And I think we're paving a great way ahead of us, not even in just denim, but in all of our categories because it allow us to be able to face some of these cost increases, which then again, we will be able to leverage once we get through some of these headwinds.

而且我認為我們正在為我們鋪平道路，甚至不僅僅是牛仔布，而是在我們所有的類別中，因為它使我們能夠面對這些成本增加中的一部分，然後再一次，我們將能夠一旦我們克服了其中一些不利因素，就可以發揮槓桿作用。

But to our benefit, I love what we're seeing in our ability to sell higher prices in a nutshell.

但為了我們的利益，我喜歡我們所看到的我們以高價銷售的能力。

So denim, certainly, we're, like I said, the team is investing accordingly based on where we think the demand is by price point.

所以牛仔布，當然，就像我說的那樣，我們團隊正在根據我們認為的價格點需求進行相應的投資。

But certainly, we've seen some great opportunities for the future.

但可以肯定的是，我們已經看到了未來的一些巨大機遇。

As far as holiday look, we're coming into Q4 with great momentum.

就假期而言，我們正以強勁的勢頭進入第四季度。

Certainly, at the beginning of this month, we definitely saw that.

當然，在本月初，我們肯定看到了這一點。

And I do believe we're going to win throughout the season.

我相信我們會在整個賽季中獲勝。

We have goods here right now to sell for this week coming up, but we also are going to be in good position in December.

我們現在有貨要在本週出售，但我們也將在 12 月處於有利位置。

And we have newness flowing in December, and we have flow strategies that are exciting that will keep the customer engaged.

我們在 12 月有新的流動，我們有令人興奮的流動策略，可以讓客戶保持參與。

So without having a crystal ball in front of me, I like where we're positioned.

因此，在我面前沒有水晶球的情況下，我喜歡我們所處的位置。

I think the teams have done an outstanding job getting us here.

我認為這些團隊做得非常出色，讓我們來到了這裡。

So now it's our job to maximize the potential.

所以現在我們的工作就是最大限度地發揮潛力。

Ladies and gentlemen, this concludes our question-and-answer session.

女士們，先生們，我們的問答環節到此結束。

I'll turn the floor back to Mr. Schottenstein for any final comments.

我將把發言權轉回給 Schottenstein 先生以徵求任何最終意見。

Okay.

好的。

In closing, this was an excellent quarter for AEO with record revenue and profit performance.

最後，對於 AEO 來說，這是一個出色的季度，收入和利潤表現都創歷史新高。

The strategic initiatives we laid out as part of our Real Power.

我們制定的戰略舉措是我們真正力量的一部分。

Real Growth value creation plan are clearly working.

Real Growth 價值創造計劃顯然正在發揮作用。

Momentum Heading into the holidays is strong, and we feel confident with sufficient inventory to meet the very healthy demand we are seeing from our customers.

進入假期的勢頭強勁，我們有信心有足夠的庫存來滿足我們從客戶那裡看到的非常健康的需求。

And now we want to thank everyone for the investment in our company and for joining us this morning.

現在我們要感謝大家對我們公司的投資以及今天早上加入我們的行列。

And at this time, we want to wish everyone a happy holiday.

而此時，我們要祝大家節日快樂。

Everyone should stay safe.

每個人都應該保持安全。

And we look forward to seeing everyone in January at the ICR like update as far as updating our numbers and bring everyone along with our strategy.

我們期待 1 月份在 ICR 上看到大家更新我們的數據並讓大家了解我們的戰略。

Thank you.

謝謝你。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation. .

感謝您的參與。 .