Abercrombie & Fitch Co (ANF) 2022 Q1 法說會逐字稿

Good day and welcome to the Abercrombie & Fitch First Quarter Fiscal Year 2022 Earnings Call. Today's call is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Abercrombie & Fitch 2022 財年第一季度財報電話會議。今天的電話正在錄音。 （操作員說明）

At this time, I would like to turn the conference over to Pam Quintiliano. Please go ahead, ma'am.

此時，我想將會議交給 Pam Quintiliano。請繼續，女士。

Thank you. Good morning, and welcome to our First Quarter 2022 Earnings Call. Joining me today on the call are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer.

謝謝你。早上好，歡迎參加我們的 2022 年第一季度財報電話會議。今天和我一起參加電話會議的是首席執行官 Fran Horowitz；和首席財務官 Scott Lipesky。

Earlier this morning, we issued our first quarter earnings release, which is available on our website at corporate.abercrombie.com under the Investors section. Also available on our website is an investor presentation.

今天上午早些時候，我們發布了第一季度收益報告，該報告可在我們的網站corporate.abercrombie.com 的“投資者”部分下獲得。我們的網站上還提供投資者介紹。

Please keep in mind that any forward-looking statements made on the call are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mention today. A detailed discussion of these factors and uncertainties is contained in the company's filings with the Securities and Exchange Commission.

請記住，在電話會議上做出的任何前瞻性陳述均受 1995 年《私人證券訴訟改革法案》的安全港條款的約束。這些前瞻性陳述受到可能導致實際結果出現重大差異的風險和不確定性的影響從我們今天提到的期望和假設來看。有關這些因素和不確定性的詳細討論包含在公司提交給證券交易委員會的文件中。

In addition, we will be referring to certain non-GAAP financial measures during the call. Additional details and the reconciliation of GAAP to adjusted non-GAAP financial measures are included in the release issued earlier this morning.

此外，我們將在電話會議期間提及某些非公認會計原則的財務措施。更多細節以及 GAAP 與調整後的非 GAAP 財務指標的對賬包含在今天上午早些時候發布的新聞稿中。

With that, I will turn the call over to Fran.

有了這個，我會把電話轉給弗蘭。

Good morning. Thank you for joining us today to discuss our first quarter results. This earnings, we are going to approach things a little differently. Since 2018, we have dedicated a portion of our call to talking about the progress made on our key transformation initiatives, which were anchored to our goal of doubling our operating margin from 2017 levels. Last year, we not only achieved that goal, but we significantly surpassed it, more than tripling our operating margin.

早上好。感謝您今天加入我們討論我們的第一季度業績。這個收益，我們將以不同的方式處理事情。自 2018 年以來，我們將部分電話用於討論我們在關鍵轉型計劃方面取得的進展，這些計劃旨在實現我們的營業利潤率比 2017 年水平翻番的目標。去年，我們不僅實現了這一目標，而且大大超越了它，營業利潤率增加了兩倍多。

At our upcoming June 14 Investor Day, we will discuss the next phase of our corporate journey and how we will execute our Always Forward plan. From there, we will update you regularly on our progress. In the first quarter, we navigated yet another period of global volatility. We remained focused on controlling what we can control and never lost sight of what's important to drive our business, our customers, associates, communities and partners. We exceeded our sales plan, delivering our best Q1 revenue since 2014 despite several major headwinds, including: the lapping of stimulus and return to in-person learning for much of the U.S. last March; global inflationary pressures, significant COVID restrictions in China; and the conflict in Ukraine.

在即將到來的 6 月 14 日投資者日，我們將討論我們企業旅程的下一階段以及我們將如何執行我們的 Always Forward 計劃。從那裡，我們將定期向您更新我們的進展。在第一季度，我們又經歷了另一個全球波動時期。我們始終專注於控制我們可以控制的東西，並且從未忽視對推動我們的業務、我們的客戶、員工、社區和合作夥伴至關重要的東西。我們超出了銷售計劃，實現了自 2014 年以來最好的第一季度收入，儘管存在一些重大不利因素，包括：去年 3 月美國大部分地區實施刺激措施並恢復面對面學習；全球通脹壓力，中國對新冠病毒的重大限制；和烏克蘭的衝突。

For the quarter, total company revenues rose 4% year-over-year, above our outlook for a low single-digit increase. Abercrombie continued to outperform, rising 13% on top of a 60% gain last year. By region, our largest market, the U.S. registered a 6% increase, while international was flat. EMEA accelerated from last quarter and last year, benefiting from the reopening of our largest country in that region, the U.K. In APAC, China remained challenged due to COVID-related lockdowns.

本季度，公司總收入同比增長 4%，高於我們對低個位數增長的預期。 Abercrombie 繼續表現出色，在去年上漲 60% 的基礎上上漲了 13%。按地區劃分，我們最大的市場美國增長了 6%，而國際市場則持平。得益於我們在該地區最大的國家英國的重新開放，歐洲、中東和非洲地區從上個季度和去年開始加速。在亞太地區，由於與 COVID 相關的封鎖，中國仍然面臨挑戰。

Our global revenues were healthy. Customers continue to respond favorably to our product, voice and experience, and we achieved our eighth consecutive quarter of AUR improvement as we benefited from higher tickets and slightly lower promotional activity. As a reminder, we implemented targeted ticket increases in the first quarter based on competitive pricing analysis. We took advantage of colder weather conditions to push through the delayed Q4 receipts to ensure we were clean for spring. Scott will discuss those pressures in more detail, but we remain focused on navigating through these near-term challenges while delivering the right product at the right time, at the right price.

我們的全球收入很健康。客戶繼續對我們的產品、聲音和體驗做出積極響應，我們實現了連續第八個季度的 AUR 改進，因為我們受益於更高的門票和略低的促銷活動。提醒一下，我們根據競爭定價分析在第一季度實施了有針對性的票價增長。我們利用較冷的天氣條件來推動延遲的第四季度收貨，以確保我們在春季保持清潔。 Scott 將更詳細地討論這些壓力，但我們仍然專注於應對這些近期挑戰，同時在合適的時間以合適的價格提供合適的產品。

Looking ahead, we expect freight and raw material costs to remain elevated. We plan to tightly manage inventories and expenses and are actioning opportunities to offset a portion of these costs. We are carefully evaluating these opportunities and do not plan on trimming areas that support our longer-term growth strategies.

展望未來，我們預計運費和原材料成本將保持高位。我們計劃嚴格管理庫存和費用，並正在採取行動抵消部分成本。我們正在仔細評估這些機會，並且不打算削減支持我們長期增長戰略的領域。

Now on to the brands. Q1 represented a continuation of the Abercrombie brand's remarkable turnaround. Abercrombie adults delivered its best first quarter sales since 2014 and its highest Q1 AUR in brand history, benefiting from higher tickets and lower discounting. Results were led by ongoing strength in North America, which posted its highest sales since 2012, although we did also experience a sequential improvement on an international basis. And while we have heard that the consumer is spending more on experiences, our millennial Abercrombie customer is coming to us to refresh their wardrobe as they get back out there. And with an unwavering dedication to listening to our customers about the new, trending styles and fits they're looking for, we've been able to expand market share.

現在談談品牌。第一季度代表了 Abercrombie 品牌顯著轉變的延續。 Abercrombie Adult 實現了自 2014 年以來最好的第一季度銷售額和品牌歷史上最高的第一季度 AUR，這得益於更高的票價和更低的折扣。北美地區的持續強勁表現引領了業績，該地區的銷售額創下了自 2012 年以來的最高水平，儘管我們在國際上也確實經歷了連續的改善。雖然我們聽說消費者在體驗上花費更多，但我們的千禧一代 Abercrombie 客戶回來後會來找我們更新他們的衣櫥。我們堅定不移地傾聽客戶關於他們正在尋找的新流行款式和合身的意見，從而擴大了市場份額。

And we're not just winning in 1 or 2 areas, strength was broad-based, with multiple categories registering growth. In women's, denim, dresses and knits were standouts, all delivering their highest Q1 sales and AUR in over a decade. In men's, our target customer is also taking notice of the changes we have made. Tops, which is our largest men's revenue driver were strong, with growth in graphics, sweaters and wovens.

我們不僅在 1 或 2 個領域獲勝，實力基礎廣泛，多個類別都取得了增長。在女裝方面，牛仔布、連衣裙和針織品表現出色，均實現了十多年來最高的第一季度銷售額和 AUR。在男裝方面，我們的目標客戶也注意到了我們所做的改變。上衣是我們最大的男裝收入驅動力，其圖形、毛衣和梭織面料增長強勁。

There is so much more market share opportunity at Abercrombie. In March, we launched YPB, or Your Personal Best. After hearing from customers, they want us to deliver a performance active line with the same dedication to fit, comfort and confidence they experience in our regular assortment. YPB has received high praise from customers, influencers, affiliates and media for its fit, fashion and function.

Abercrombie 擁有更多的市場份額機會。 3 月，我們推出了 YPB，即您的個人最佳。在聽取客戶的意見後，他們希望我們提供性能活躍的產品線，與他們在常規產品中體驗到的合身性、舒適性和信心相同。 YPB因其合身、時尚和功能而受到客戶、影響者、附屬公司和媒體的高度評價。

The launch has truly served as a reflection of our personal best, far exceeding expectations. We sold out of over 25% of our SKUs within weeks of the launch and have been quickly working to replenish. The speed with which customers have embraced YPB gives us even more confidence in its future. A big part of Abercrombie's success can be attributed to our marketing team. Throughout the quarter, they continued to tap into human-powered brand building through our influencer and affiliate network, which we view as a vital social commerce revenue stream.

此次發布確實反映了我們個人最好的一面，遠遠超出了預期。在推出後的幾週內，我們售出了超過 25% 的 SKU，並且一直在迅速努力補充。客戶接受 YPB 的速度讓我們對它的未來更有信心。 Abercrombie 的成功很大程度上歸功於我們的營銷團隊。在整個季度，他們繼續通過我們的影響者和附屬網絡利用人力品牌建設，我們認為這是一個重要的社交商務收入來源。

In Q1, Abercrombie was the recipient of LTK's most loved product awards in multiple categories, had its best social commerce quarter ever with significant double-digit year-over-year growth and achieved volumes that beat our previous record, which we just hit last quarter. And we are not satisfied. We intend to continue building on the rapid rise of this channel as the team innovates and invents new possibilities. We're excited for Q2. Stay tuned for the third annual Abercrombie Pride collection codesigned with our partners, The Trevor Project, an organization that provides a essential services benefiting [LGBTQs]. In June, we're set to launch a getaway-inspired collaboration with 2 influencer friends of the brand, Champagne and Chanel and Dress Up Buttercup. And soon to come, we'll be bringing our popular Curve Love fits to both tops and bottoms in our YPB line.

在第一季度，Abercrombie 獲得了 LTK 在多個類別中最受喜愛的產品獎，實現了有史以來最好的社交商務季度，實現了兩位數的顯著同比增長，並且實現了超過我們之前的記錄，我們上個季度剛剛達到.而我們並不滿足。隨著團隊創新和發明新的可能性，我們打算繼續在這個渠道的快速崛起的基礎上進行建設。我們對第二季度感到興奮。請繼續關注與我們的合作夥伴 The Trevor Project 共同簽署的第三屆年度 Abercrombie Pride 系列，該組織提供有益於 [LGBTQs] 的基本服務。 6 月，我們將與該品牌的 2 位有影響力的朋友 Champagne 和 Chanel 以及 Dress Up Buttercup 推出一場以度假為靈感的合作。不久之後，我們將在 YPB 系列的上裝和下裝上推出廣受歡迎的 Curve Love 合身款。

Now on to Abercrombie Kids. During the quarter, we experienced strong conversion and a record-setting basket size. Our comfy, dressy assortments for Easter and spring break drove results. In addition, we had our best Q1 swim season ever and our franchise collections, the cool stuff ready for play active and made for life essentials were well-received.

現在到 Abercrombie Kids。在本季度，我們經歷了強勁的轉換和創紀錄的籃子規模。我們為複活節和春假準備的舒適、考究的分類帶來了成效。此外，我們迎來了有史以來最好的 Q1 游泳季，我們的特許經營系列、現成可用的酷炫物品和為生活必需品打造的必備品廣受好評。

Turning to Hollister, which includes Gilly Hicks and Social Tourist. In North America, we delivered our second-best sales results since 2012 behind only last year, even as we lapped stimulus and the mini back-to-school season in March. Internationally, although trends improved dramatically from last year and last quarter, the business has not yet returned to pre-pandemic levels. Taken together, global sales were in line with our expectations, declining 3% for the quarter. We continue to emphasize our top 30 items and must-win categories, which led the way in the first quarter, and we experienced strength in women's dresses, and fleece and men's woven, and swim. In denim, our customer embraced newer widere-leg fashion assortments, although skinny remains an important part of her wardrobe.

轉向 Hollister，其中包括 Gilly Hicks 和 Social Tourist。在北美，我們實現了自 2012 年以來僅次於去年的第二好的銷售業績，儘管我們在 3 月份經歷了刺激措施和迷你開學季。在國際上，儘管趨勢比去年和上一季度有了顯著改善，但該業務尚未恢復到大流行前的水平。綜合來看，全球銷售額符合我們的預期，本季度下降 3%。我們繼續強調我們的前 30 名項目和必勝品類，這在第一季度處於領先地位，我們在女裝、抓絨和男式梭織和游泳方面體驗到了實力。在牛仔布方面，我們的客戶接受了較新的闊腿時尚系列，儘管緊身褲仍然是她衣櫥的重要組成部分。

Social commerce and affiliate growth continued to be key drivers of our success. In February, we wrapped our Respect the Jeans campaign, which was done in partnership with Black-ish Star and Gen Z favorite, Marsai Martin. The campaign outperformed benchmark goals, driving 11 million impressions and also won Gen Z over on TikTok, with benchmark-beating engagement and comments such as, "Now this is how you do an ad." During the quarter, we also launched our monthly Facebook Live shopping event, which drove social commerce sales up an average of 20%.

社交商務和會員增長仍然是我們成功的關鍵驅動力。 2 月，我們完成了 Respect the Jeans 活動，該活動是與 Black-ish Star 和 Z 世代的最愛 Marsai Martin 合作完成的。該活動超越了基準目標，獲得了 1100 萬次展示，並在 TikTok 上贏得了 Z 世代的青睞，其參與度超標，並發表了諸如“現在這就是你做廣告的方式”之類的評論。本季度，我們還推出了每月一次的 Facebook Live 購物活動，推動社交商務銷售額平均增長 20%。

Now let's talk about Gilly Hicks, where we continue to be excited about the global growth opportunity ahead. Customer response to our updated carve-out and side-by-side locations, which incorporate key elements of our stand-alone store has been very encouraging, with these locations outperforming the balance of the chain. We're also bringing our updated store concept to our global customer. We recently opened our first Gilly Hicks stand-alone EMEA store a few weeks ago in Centro Oberhausen, Germany, and plan to introduce more stores throughout the year, including Carnaby Street in London this summer.

現在讓我們談談 Gilly Hicks，我們繼續對未來的全球增長機會感到興奮。客戶對我們更新的分店和並排位置的反應非常令人鼓舞，這些位置包含了我們獨立商店的關鍵元素，這些位置的表現優於連鎖店的平衡。我們還將更新的商店概念帶給我們的全球客戶。幾週前，我們最近在德國奧伯豪森中心開設了我們的第一家 Gilly Hicks 獨立 EMEA 商店，併計劃全年推出更多商店，包括今年夏天在倫敦的 Carnaby Street。

Last but not least, Social Tourist. Our newest brand has an engaged fan base who is providing valuable insights into up-and-coming fashion trends and the shopping habits of social-first customers, which we have applied to the brand and to our broader portfolio.

最後但並非最不重要的，社交旅遊。我們最新的品牌擁有一個活躍的粉絲群，他們為新興的時尚趨勢和社交優先客戶的購物習慣提供了寶貴的見解，我們已將其應用於該品牌和我們更廣泛的產品組合。

Looking ahead, there's a lot of excitement at all 3 brands under the Hollister umbrella. In partnership with GLSEN, an organization that works to make K-12 schools feel safe and inclusive for LGBTQ+ students, we will be launching our sixth annual Hollister Pride Collection. At Gilly Hicks, we have plans to expand our active lifestyle collection, Gilly Go, which has consistently been our top performer since its launch. And at Social Tourist, we are set to open a pop-up shop on Melrose Avenue in Los Angeles, which will be the brand's first stand-alone experience. The pop-up will feature always on social content and programming, monthly activations, including consumer influencer events and PR engagement and visits from Dixie and Charli to meet customers, so exciting.

展望未來，Hollister 旗下的所有 3 個品牌都令人興奮不已。 GLSEN 是一個致力於讓 K-12 學校對 LGBTQ+ 學生感到安全和包容的組織，與 GLSEN 合作，我們將推出第六屆年度 Hollister Pride Collection。在 Gilly Hicks，我們計劃擴展我們的積極生活方式系列 Gilly Go，該系列自推出以來一直是我們表現最好的產品。而在 Social Tourist，我們將在洛杉磯的梅爾羅斯大道開設一家快閃店，這將是該品牌的首個獨立體驗。彈出窗口將始終以社交內容和節目、每月激活為特色，包括消費者影響者活動和公關參與以及 Dixie 和 Charli 與客戶會面的訪問，非常令人興奮。

Before turning it over to Scott, I want to take a moment to discuss our thoughts on the health of our global consumer. It is an interesting time. The weather has started to become more seasonal, and collectively, it seems as though we are ready to return to some form of normalcy. In our largest market, the U.S., unemployment is currently low, wages are high and there's hunger to participate in many of the social activities that were missed over the last 2-plus years. However, we are in an extreme inflationary period where experience, everything from food to gas is costing more and we expect those pressures to weigh on consumer confidence.

在把它交給斯科特之前，我想花點時間討論一下我們對全球消費者健康的看法。這是一個有趣的時刻。天氣開始變得更具季節性，總的來說，我們似乎已經準備好恢復某種形式的常態。在我們最大的市場美國，目前失業率低，工資高，並且渴望參與過去兩年多錯過的許多社會活動。然而，我們正處於一個極端的通貨膨脹時期，從食品到天然氣的所有東西都在增加成本，我們預計這些壓力會影響消費者的信心。

We are keeping a close eye on each of our respective consumers and how they're being impacted and responding. With 5 distinct brands, we will not take a one size fits all approach. We will stay close to our customers and have the ability to quickly recalibrate reflecting their unique stages in life activities and pressure points. Internationally, while encouraged by recent improvements in EMEA, we are cognizant that our European customer is faced with similar inflationary pressures and is more directly impacted from the situation in Ukraine.

我們正在密切關注我們各自的消費者以及他們如何受到影響和回應。對於 5 個不同的品牌，我們不會採取一刀切的方法。我們將與客戶保持密切聯繫，並有能力快速重新校準，以反映他們在生活活動中的獨特階段和壓力點。在國際上，儘管最近歐洲、中東和非洲地區的改善令我們感到鼓舞，但我們認識到我們的歐洲客戶面臨著類似的通脹壓力，並且更直接地受到烏克蘭局勢的影響。

Across the globe, we know there are a lot of options on where to spend, and as always, we will focus on offering a compelling and inclusive product, voice and experience for each of our respective customer bases with a commitment to fashion, fit and quality. We remain focused on profitable growth through leveraging strategic planned promotions, and we intend to tightly manage expenses with the goal of offsetting a portion of freight and raw material inflation.

在全球範圍內，我們知道在哪裡消費有很多選擇，並且一如既往，我們將專注於為我們各自的客戶群提供引人注目和包容性的產品、聲音和體驗，並致力於時尚、合身和質量。我們仍然專注於通過利用戰略性計劃促銷來實現盈利增長，並且我們打算嚴格管理費用，以抵消部分運費和原材料通脹。

In closing, I would like to reiterate my confidence in our future. We are staying close to our customer and executing to our proven playbooks. With our strong balance sheet, we are well equipped to navigate the current environment and its challenges. We have clearly defined positioning at each of our brands and remain focused on our long-term opportunities. Reflecting the successful execution of our key transformation initiatives, we believe that we are stronger, smarter and faster than ever before and have the foundation firmly in place for the next phase of our corporate journey and our Always Forward plan, which we look forward to sharing in more detail at our June 14 Investor Day.

最後，我想重申我對我們未來的信心。我們與客戶保持密切聯繫，並按照我們經過驗證的劇本執行。憑藉我們強大的資產負債表，我們有能力應對當前環境及其挑戰。我們對每個品牌都有明確的定位，並繼續專注於我們的長期機會。反映我們關鍵轉型計劃的成功執行，我們相信我們比以往任何時候都更強大、更聰明、更快，並為我們下一階段的企業旅程和我們期待分享的 Always Forward 計劃奠定了堅實的基礎在我們 6 月 14 日的投資者日上更詳細地介紹。

And with that, I will turn it over to Scott.

有了這個，我會把它交給斯科特。

Thanks, Fran, and good morning. Over the past several years, we have been providing financial comparisons on a 1- and 2-year basis. Starting this quarter, our discussions will only focus on the year ago period.

謝謝，弗蘭，早上好。在過去幾年中，我們一直在提供 1 年和 2 年的財務比較。從本季度開始，我們的討論將只關註一年前的時期。

Now on to Q1 results. In the first quarter, we delivered net sales of $813 million, our highest Q1 since 2014. Sales were up 4% to last year, ahead of our expectation coming into the quarter for a low single-digit increase, despite an estimated combined 100 basis point adverse impact from foreign currency volatility and the COVID-driven lockdowns in China.

現在到第一季度的結果。第一季度，我們實現了 8.13 億美元的淨銷售額，這是自 2014 年以來的最高第一季度。銷售額比去年增長了 4%，超出了我們對進入該季度的預期，儘管估計為 100 基數，但仍將實現低個位數增長指出外匯波動和中國因新冠疫情導致的封鎖帶來的不利影響。

Net sales were above expectations at Abercrombie, which includes kids, rising 13% compared to 2021; and in line with our expectations at Hollister, which includes Gilly Hicks and Social Tourist, declining 3%. This compares to prior year growth of 60% and 62%, respectively. By region, net sales increased 6% in the U.S. and were flat internationally.

與 2021 年相比，包括兒童在內的 Abercrombie 的淨銷售額高於預期，增長了 13%；符合我們對 Hollister 的預期，其中包括 Gilly Hicks 和 Social Tourist，下降 3%。相比之下，去年分別增長了 60% 和 62%。按地區劃分，美國的淨銷售額增長了 6%，與國際持平。

Parsing out international. EMEA sales increased year-over-year as COVID-related restrictions were mostly lifted in our larger markets. Our biggest country in EMEA, the U.K., led results, although we were pleased to see year-over-year improvements in Germany and France later in the quarter. In APAC, China remained a challenge with the prolonged COVID-related lockdown in Shanghai, which is one of our largest markets in the region.

解析國際。由於在我們更大的市場中大部分取消了與 COVID 相關的限制，歐洲、中東和非洲地區的銷售額同比增長。我們在歐洲、中東和非洲最大的國家英國領先業績，儘管我們很高興看到本季度晚些時候德國和法國的同比改善。在亞太地區，中國仍然是一個挑戰，因為上海是我們在該地區最大的市場之一，與 COVID 相關的長期封鎖。

Moving on to gross profit. Our rate was 55.3% versus 63.4% last year. We continued to increase AUR, registering our eighth consecutive quarter of AUR gains, driven by reductions in the depth and breadth of promotional activity and selective ticket increases, which we took for the first time this quarter. AUR growth was more than offset by higher AUCs, reflecting 2 factors. First, a higher-than-expected freight costs. In total, freight costs were approximately $80 million above last year and roughly $15 million above our estimate. In the current highly volatile global supply chain environment, the estimated freight rates and our outlook proved to be lower than actual rates.

繼續看毛利。我們的比率為 55.3%，而去年為 63.4%。我們繼續增加 AUR，連續第八個季度實現 AUR 增長，這是由於促銷活動的深度和廣度的減少以及我們本季度首次採取的選擇性門票增加。 AUR 增長被更高的 AUC 所抵消，這反映了兩個因素。一是運費高於預期。總體而言，運費成本比去年高出約 8000 萬美元，比我們的估計高出約 1500 萬美元。在當前高度波動的全球供應鏈環境中，估計的運費和我們的展望被證明低於實際運費。

Second, we made the decision to take advantage of the unseasonably cold temperatures to proactively accelerate the sell-through of late holiday goods in Hollister and Gilly Hicks, which as a reminder, had the highest exposure to Vietnam-related receipt delays. These clearance sales came with a lower gross margin than our spring goods, causing a reduction in our Q1 rate. Ending the quarter, our inventory is in a good position in all brands. Looking forward, we expect the impact from both of these factors to moderate in Q2 and beyond as we lap rising freight rates from last year and carryover inventory inherently becomes a significantly smaller portion of our sales mix.

其次，我們決定利用反常寒冷的氣溫，主動加快 Hollister 和 Gilly Hicks 假日後期商品的銷售，提醒一下，越南相關收貨延遲的風險最高。這些清倉銷售的毛利率低於我們的春季商品，導致我們的第一季度利率下降。到本季度末，我們的庫存在所有品牌中都處於有利位置。展望未來，我們預計這兩個因素的影響將在第二季度及以後放緩，因為我們從去年開始上漲運費，並且結轉庫存本質上成為我們銷售組合的一小部分。

Moving on to the health of our inventories. We came into Q2 with our in-stocks in a much better place as we have realized the benefits of the multiple adjustments made to our product and sourcing playbooks to ensure timely deliveries. These efforts include diversifying carriers and ports of entry, adjusting our product calendars and further diversifying our countries of origin. We expect these collective efforts to result in more predictable inventory flows, pending additional unforeseen shocks to the supply chain.

繼續關注我們庫存的健康狀況。我們進入第二季度時，我們的庫存情況要好得多，因為我們已經意識到對我們的產品和採購手冊進行多重調整以確保及時交付的好處。這些努力包括使承運人和入境口岸多樣化、調整我們的產品日曆以及進一步使我們的原產國多樣化。我們預計這些集體努力將導致更可預測的庫存流動，以應對供應鏈面臨的額外意外衝擊。

We ended Q1 with units up 10% off a multiyear low last year and total inventory up 45%, with higher freight costs and in-transit inventory each contributing around 17 percentage points to the increase. As we look to the rest of the year, we expect inventory levels to remain above last year as we flow product in early to guard against potential supply chain disruptions. This compares to last year, where we saw inventory receipt delays increased throughout the year.

我們在第一季度結束時，單位數量比去年的多年低點增加了 10%，總庫存增加了 45%，貨運成本和在途庫存的增加各貢獻了約 17 個百分點。展望今年餘下的時間，我們預計庫存水平將保持在去年以上，因為我們會提前流通產品以防止潛在的供應鏈中斷。與去年相比，我們看到全年庫存接收延遲有所增加。

I'll now cover the rest of our Q1 results on an adjusted non-GAAP basis. Excluded from our non-GAAP results this quarter are $3 million of pretax asset impairment charges, which adversely impacted results by approximately $0.05 and -- last year, we excluded $3 million of pretax asset impairment charges, which adversely impacted results by $0.03.

我現在將在調整後的非公認會計原則基礎上介紹我們第一季度的其餘結果。本季度我們的非 GAAP 業績中不包括 300 萬美元的稅前資產減值費用，這對業績產生了大約 0.05 美元的不利影響，並且去年，我們排除了 300 萬美元的稅前資產減值費用，這對業績產生了 0.03 美元的不利影響。

Operating expense, excluding other operating income, was $460 million compared to $436 million last year, with approximately half of the increase due to lapping COVID-related rent abatements and government assistance recognized in Q1 2021, and the other half related to investments in marketing and higher digital fulfillment expense.

營業費用（不包括其他營業收入）為 4.6 億美元，而去年為 4.36 億美元，其中大約一半的增長是由於 2021 年第一季度確認的與 COVID 相關的租金減免和政府援助，另一半與營銷和營銷投資有關更高的數字履行費用。

We had an operating loss of $6 million compared to an operating income of $60 million last year. The effective tax rate was 9.3%. Net loss per share was $0.27 compared to net income per diluted share of $0.67 last year. Taking a look at the balance sheet. We ended Q1 with cash of $468 million and liquidity of $783 million.

我們的營業虧損為 600 萬美元，而去年的營業收入為 6000 萬美元。有效稅率為 9.3%。每股淨虧損為 0.27 美元，而去年攤薄後每股淨收益為 0.67 美元。看看資產負債表。我們在第一季度結束時擁有 4.68 億美元的現金和 7.83 億美元的流動資金。

During the quarter, we made further progress in utilizing excess liquidity with continued returns to shareholders through share repurchases. In the first quarter, we repurchased approximately 3.3 million shares for $100 million. At quarter end, we had 50.4 million shares outstanding, down 19% from the start of 2021 and approximately 258 million remaining under our previously authorized share repurchase program. We remain committed to putting excess cash to work and expect to continue to focus on share repurchases, pending market conditions, share price and our ability to accelerate investments in the business.

本季度，我們在利用過剩流動性方面取得了進一步的進展，通過股票回購持續為股東帶來回報。第一季度，我們以 1 億美元回購了大約 330 萬股股票。在季度末，我們有 5040 萬股流通股，比 2021 年初下降 19%，在我們之前授權的股票回購計劃下剩餘約 2.58 億股。我們仍然致力於將多餘的現金投入使用，並預計將繼續專注於股票回購、未決的市場狀況、股價以及我們加速業務投資的能力。

On investments, we expect fiscal 2022 CapEx to be approximately $150 million, with about half related to digital and technology and the other half related to stores and maintenance. As a reminder, we expect to be a net store opener this year for the first time in over a decade and now expect to open approximately 60 new stores this year, up from our prior assumption of 50 new stores. These openings will be weighted towards the back half.

在投資方面，我們預計 2022 財年的資本支出約為 1.5 億美元，其中約一半與數字和技術有關，另一半與商店和維護有關。提醒一下，我們預計今年將成為 10 多年來的首次淨開店，現在預計今年將開設約 60 家新店，高於我們之前假設的 50 家新店。這些開口將偏向後半部分。

This year, we have roughly 250 leases up for renewal, around 33% of our base, which is higher than the last few years, when we were closer to 25%. In line with our prior projections, we expect to close around 30 stores this year, pending negotiations with our landlord partners.

今年，我們有大約 250 個租約待續約，約占我們基數的 33%，高於過去幾年，當時我們接近 25%。根據我們之前的預測，我們預計今年將關閉約 30 家門店，等待與房東合作夥伴的談判。

I'll finish up with our thoughts on the remainder of the year. As noted in our press release, we are updating how we provide guidance. Going forward, we will provide a sales and operating margin outlook. The reasoning is twofold. First, this approach better aligns with our industry peers. Second, with the current and likely continued volatility in freight and raw material costs, we expect to flex operating expenses in response to unforeseen swings, whether positive or negative.

我將結束我們對今年剩餘時間的想法。正如我們的新聞稿中所述，我們正在更新我們提供指導的方式。展望未來，我們將提供銷售和營業利潤率展望。推理是雙重的。首先，這種方法更好地與我們的行業同行保持一致。其次，在運費和原材料成本當前和可能持續波動的情況下，我們預計將調整運營費用以應對不可預見的波動，無論是正面還是負面。

In our updated outlook, which replaces our previous full year outlook, we are making an assumption for inflation-related pressure on consumer demand and also that freight rates will remain at peak levels for the remainder of the year. From a supply chain perspective, our outlook does not anticipate a similar magnitude of inventory delays as experienced last year due to the Vietnam shutdown, but we are closely monitoring the lockdowns in China.

在我們更新的展望（取代我們之前的全年展望）中，我們假設與通脹相關的消費者需求壓力以及運費將在今年剩餘時間內保持在峰值水平。從供應鏈的角度來看，我們的展望預計庫存延遲不會像去年由於越南停工而出現的那樣嚴重，但我們正在密切關注中國的停工情況。

For the full year, we are planning as follows: net sales to be flat to up 2% to 2021 level of approximately $3.7 billion. Embedded in this outlook is a combined estimated adverse impact of approximately 200 basis points from foreign currency and inflationary pressure on consumer demand, partially offset by outperformance in Q1.

對於全年，我們的計劃如下：淨銷售額將持平至 2%，至 2021 年約 37 億美元的水平。該展望中包含約 200 個基點的外彙和通脹壓力對消費者需求的綜合估計不利影響，部分被第一季度的出色表現所抵消。

Operating margin in the range of 5% to 6%, down from our previous range of 7% to 8%, reflecting an estimated combined 200 basis point adverse impact from higher freight and raw material costs, foreign currency and lower sales, and an effective tax rate in the mid-30s.

營業利潤率在 5% 到 6% 之間，低於我們之前的 7% 到 8%，反映了運費和原材料成本上升、外彙和銷售額下降帶來的 200 個基點的不利影響，以及有效的30年代中期的稅率。

For the second quarter, we are planning as follows: net sales to be down low single digits to 2021 level of approximately $865 million. Embedded in this outlook is an estimated adverse impact of approximately 300 basis points from foreign currency and COVID-related lockdowns in China and an approximately 300 basis point adverse impact due to an assumed inflationary pressure on consumer demand. Operating margin in the range of 3% to 4%, with the year-over-year decline driven by higher freight and raw material costs. And an effective tax rate in the mid- to high 30s as the rate remains sensitive at lower levels of income.

對於第二季度，我們計劃如下：淨銷售額將下降個位數，至 2021 年約 8.65 億美元的水平。該展望中包含的估計是中國外彙和與 COVID 相關的封鎖帶來約 300 個基點的不利影響，以及由於假設的通脹壓力對消費者需求造成的約 300 個基點的不利影響。營業利潤率在 3% 至 4% 之間，貨運和原材料成本上漲導致同比下降。並且有效稅率在 30 年代中期到高位，因為該稅率在較低的收入水平上仍然很敏感。

As we look to the remainder of the year, we intend to balance near-term profitability with long-term strategic investments. While we do not expect to fully offset freight and commodity headwinds real time, we do expect to drive efforts to reduce the impact on profitability, including, but not limited to, managing inventory flows by region to ensure we maximize top line during our peak selling periods; strategically increasing tickets and reducing the depth and breadth of promotions to drive AUR growth; and prioritizing customer-facing spend and strategic long-term investments while reducing noncustomer-facing expenses.

展望今年剩餘時間，我們打算平衡近期盈利能力與長期戰略投資。雖然我們預計不會實時完全抵消貨運和商品逆風，但我們確實希望努力減少對盈利能力的影響，包括但不限於按地區管理庫存流動，以確保我們在銷售高峰期間最大限度地提高收入時期；戰略性地增加門票並減少促銷的深度和廣度，以推動 AUR 增長；優先考慮面向客戶的支出和戰略性長期投資，同時減少非面向客戶的費用。

We believe we must continue investing for the long term, specifically in our people, store experience, and advancing our capabilities in digital, data and technology. To finish up, we believe our brands are positioned well for the summer season and beyond. We are confident in our evolved business model and our current expectation to deliver an operating margin above pre-pandemic levels despite significant inflation. We look forward to sharing more with you at our Investor Day in a few weeks.

我們相信我們必須繼續長期投資，特別是在我們的員工、商店體驗以及提升我們在數字、數據和技術方面的能力。最後，我們相信我們的品牌在夏季及以後都處於有利地位。儘管通貨膨脹顯著，我們對我們不斷發展的業務模式以及我們目前的預期營業利潤率充滿信心，該營業利潤率將高於大流行前的水平。我們期待在幾週後的投資者日與您分享更多信息。

With that, operator, we are ready for questions.

有了這個，接線員，我們準備好提問了。

(Operator Instructions) We will begin with Dana Telsey with Telsey Group.

（操作員說明）我們將從 Telsey Group 的 Dana Telsey 開始。

As you think about the Hollister business, I think down around 3%, what's the game plan? And how are you looking at and growth go forward? And then you talked about the inflationary impact on demand that you're planning go-forward in this challenging environment now. How are you breaking that out? How are you thinking about promotions or markdowns going forward, given the uncertainty of when inventory arrives? And does it differ by brand or region?

當您考慮 Hollister 業務時，我認為下降了 3% 左右，遊戲計劃是什麼？您如何看待和增長？然後你談到了你現在計劃在這個充滿挑戰的環境中向前發展的通脹對需求的影響。你怎麼打破它？考慮到庫存何時到達的不確定性，您如何看待未來的促銷或降價促銷？它是否因品牌或地區而異？

All right, Dana, it's Scott. I'll kick this one off. All right. Let's start with the inflationary impact on demand. So yes, as we think about coming through Q1, happy with our results in Q1, plus 4% to last year, solid growth. We did see some of that -- some of those impacts that we talked about sneaking in late in the quarter. One is foreign currency, which we've all seen the U.S. dollar strengthen pretty materially recently. So that started to get us towards the end of the quarter and knocked around a point off of that Q1 growth.

好的，達娜，是斯科特。我會踢掉這個。好的。讓我們從通貨膨脹對需求的影響開始。所以是的，當我們考慮通過第一季度時，對我們在第一季度的業績感到滿意，加上去年的 4%，穩健增長。我們確實看到了其中一些——我們在本季度末談到的一些影響。一種是外幣，我們都看到美元最近大幅走強。因此，這開始使我們接近本季度末，並使第一季度的增長減少了一個點。

As we think about Q2, we have some of those same impacts carrying over. We have the foreign currency impact and China will hit us for about 300 basis points in Q2 versus last year. And then we're adding about 300 basis points based on this inflationary impact on the consumer. And what that does is it backs us into kind of where we're operating quarter-to-date here. We're -- with all those factors embedded in, we're just slightly negative here coming into the quarter for the first 3 weeks. So we're going to make the assumption that things are going to stay the same, not getting any better, not get any worse, because that's the data that we have today.

當我們考慮第二季度時，我們會繼續產生一些相同的影響。我們受到外匯影響，中國將在第二季度對我們造成約 300 個基點的打擊，與去年相比。然後，根據對消費者的通脹影響，我們增加了大約 300 個基點。這樣做的目的是讓我們回到我們在本季度至今的運營狀況。我們 - 考慮到所有這些因素，我們在本季度的前 3 週只是略微消極。因此，我們將假設情況將保持不變，不會變得更好，也不會變得更糟，因為這就是我們今天擁有的數據。

Obviously, the consumer is up against pretty dramatic inflation here, and we'll see how that plays through. We'll be doing everything we can, delivering great products, great marketing and great experience to offset that, but we'll see how that plays out. And then before I kick it over to Fran, just on Hollister. The minus 3% in Q1 was expected. Hollister did have a tough comp as we think about last year, up against that mini back-to-school in March, that March time period so that was the start, and I'll kick it over to Fran.

顯然，消費者在這裡面臨著相當劇烈的通貨膨脹，我們將看到它是如何發揮作用的。我們將盡我們所能，提供出色的產品、出色的營銷和出色的體驗來抵消這一點，但我們會看看結果如何。然後在我把它交給弗蘭之前，就在霍利斯特。預計第一季度的負3%。 Hollister 確實有一個艱難的比賽，正如我們去年所想的那樣，在 3 月的那個迷你返校期間，那個 3 月的時間段是一個開始，我會把它踢給 Fran。

Thanks, Scott. So Dana, on Hollister, just to echo a little bit what Scott said. So we are -- we continue to be pleased with our U.S. performance in Hollister was up 6%, and we are seeing strong acceptance from the consumer on product. So as Scott said, you have to parse the brand apart a little bit. We have our U.S. business, which has been strong, was good through '21, a much higher penetration for Hollister from an international perspective.

謝謝，斯科特。因此，在 Hollister 上，Dana 只是為了回應 Scott 所說的話。所以我們 - 我們繼續對我們在 Hollister 的美國業績增長 6% 感到滿意，並且我們看到消費者對產品的強烈接受。所以正如斯科特所說，你必須將品牌分開一點。我們的美國業務一直很強勁，到 21 年都很好，從國際角度來看，Hollister 的滲透率要高得多。

So APAC, clearly a tough go there with the shutdowns from COVID, and EMEA coming back and we're starting to see some nice opportunities happening there as well. So we're focused on the consumer. We're focused on our top 30, and more to come. We're looking forward to back to school.

因此，亞太地區顯然很難去那裡，因為 COVID 導致關閉，而 EMEA 又回來了，我們開始看到那裡也出現了一些不錯的機會。所以我們專注於消費者。我們專注於我們的前 30 名，以及更多未來。我們期待著回到學校。

Now moving to a question from Corey Tarlowe with Jefferies.

現在轉到 Corey Tarlowe 和 Jefferies 的一個問題。

Firstly, can you discuss some cost savings initiatives that you have in place to help mitigate margin pressures that you're witnessing? And then secondarily, how should we be thinking about the EBIT margin cadence throughout the rest of the year? It would seem that you're embedding an improvement in the outlook, given the 1Q performance, the 2Q guide of 3% to 4% and the full year guide of 5% to 6% unit margins?

首先，您能否討論一下您已經採取的一些成本節約計劃，以幫助減輕您所看到的利潤壓力？其次，我們應該如何考慮全年剩餘時間的息稅前利潤率節奏？鑑於第一季度的業績、3% 至 4% 的第二季度指導和 5% 至 6% 的全年指導單位利潤率，您似乎正在對前景進行改進？

Yes. Corey, I'll grab this one. So I think I'll start with the EBIT margin, it really all ties together. So Q2, yes, so 3% to 4% down from last year, really driven by those year-over-year freight costs. As we think about the full year being at 5% to 6%, based on the seasonality of our business, we tend to have more sales in the back half, and we can get much better leverage on the expense base in the back half, specifically in Q4.

是的。科里，我會抓住這個。所以我想我將從息稅前利潤率開始，它真的是聯繫在一起的。所以第二季度，是的，比去年下降了 3% 到 4%，這實際上是由這些同比運費成本推動的。當我們認為全年在 5% 到 6% 之間時，根據我們業務的季節性，我們傾向於在後半部分有更多的銷售額，並且我們可以在後半部分的費用基礎上獲得更好的槓桿作用，特別是在第四季度。

So what we are focused on is, number one, looking at expenses, anything that is noncustomer-facing, those discretionary expenses, and pausing some of those. But we are not going to step back from some of the key expenses we need to drive the top line. That is marketing. And then also some of these strategic investments that we're making for the long term in digital and technology and people, we're going to continue on the path with making those investments because they're key to the long term in the midst of short-term inflationary issues.

因此，我們關注的第一點是查看費用，任何非面向客戶的費用，這些可自由支配的費用，並暫停其中一些費用。但我們不會放棄推動收入增長所需的一些關鍵費用。那就是營銷。然後還有一些我們在數字和技術以及人員方面長期進行的戰略投資，我們將繼續進行這些投資，因為它們是長期的關鍵短期通脹問題。

We're also going to look up and down the P&L. We're going to continue to drive AUR growth. We just had our eighth consecutive quarter of AUR growth. The costs are coming in faster than we can take up the AUR, but very pleased with the AUR growth that we have seen this year so far on top of strong double-digit AUR growth back in 2021. So we're going to continue on that path, but it really comes down to, number one, great product, great marketing and let's keep our inventory balance in check. And we feel comfortable with our inventory levels at this point.

我們還將上下查看損益表。我們將繼續推動 AUR 的增長。我們剛剛連續第八個季度實現了 AUR 增長。成本的增長速度超過了我們承擔 AUR 的速度，但我們對今年迄今為止在 2021 年強勁的兩位數 AUR 增長之上看到的 AUR 增長感到非常滿意。所以我們將繼續這條路，但歸根結底，第一，偉大的產品，偉大的營銷，讓我們保持我們的庫存平衡。在這一點上，我們對我們的庫存水平感到滿意。

Now moving to a question from Paul Lejuez with Citi.

現在轉到花旗的 Paul Lejuez 的問題。

I'm curious how you would characterize the pricing environment in each of your regions and your ability to pass through higher prices compared to how you're thinking about that opportunity just 3 months ago. And then just curious on the inventory. Can you just give a little bit more detail, Scott, just where you expect that number to shake out at the end of 2Q? And what we should expect for the balance of the year?

我很好奇，與 3 個月前您對這個機會的看法相比，您將如何描述您所在地區的定價環境以及您通過更高價格的能力。然後只是對庫存感到好奇。斯科特，您能否提供更多細節，您預計該數字在第二季度末將在哪裡出現？我們應該對今年的餘額有什麼期待？

Paul, I will start with the first question on pricing. So it's exciting. We just finished our eighth quarter of consecutive AUR growth. And in fact, that was on top of last year's double-digit growth. So that really tells us that our consumer is responding to our price, our product, our voice and our experience. So we have been able to see that push through. We've also seen an opportunity to be less promotional than pre-pandemic, which is also an exciting opportunity for us. We believe that we have continued opportunity to see AUR growth through the balance of the year.

保羅，我將從關於定價的第一個問題開始。所以這很令人興奮。我們剛剛完成了連續第八個季度的 AUR 增長。事實上，這是在去年兩位數增長之上的。所以這確實告訴我們，我們的消費者正在對我們的價格、我們的產品、我們的聲音和我們的體驗做出反應。因此，我們已經能夠看到這種推動力。我們還看到了比大流行前更少促銷的機會，這對我們來說也是一個令人興奮的機會。我們相信，在今年餘下的時間裡，我們仍有機會看到 AUR 增長。

All right. Let's move on to inventory. So thinking about inventory, I just want to pause real quick and reiterate Q1 levels. So up 45% to last year. We have units up around 10%. That is absolutely purposeful. We are bringing in units faster or earlier than we wanted to in the past because of the supply chain delays. So happy with where our inventory is today, our best in-stocks that we've seen since back in 2019.

好的。讓我們繼續討論庫存。因此，考慮到庫存，我只想快速暫停並重申第一季度的水平。因此比去年增長了 45%。我們的單位上漲了 10% 左右。這是絕對有目的的。由於供應鏈延遲，我們比過去更快或更早地引進單位。對我們今天的庫存狀況感到非常滿意，這是我們自 2019 年以來看到的最好的庫存。

As we think about going forward, that trend will continue. We will continue to bring in inventory early to make sure we can hit the peak selling periods, specifically in back-to-school and holiday. So I expect inventory levels to be up in Q2 and Q3 and then start to rightsize more towards Q4. Whenever we lap, really catching up those significant delays that we saw in the back half of last year.

當我們考慮向前發展時，這種趨勢將繼續下去。我們將繼續提早引入庫存，以確保我們能夠達到銷售高峰期，特別是在返校和假期。所以我預計第二季度和第三季度的庫存水平會上升，然後在第四季度開始調整規模。每當我們跑一圈時，都會真正趕上我們在去年下半年看到的那些重大延誤。

So comfortable with the receipt plan that we have in place. In the end, whenever you take a zoom out, that's really what matters. And we're going to bring that inventory in a little earlier than we would have in the past, based on what's happening in the supply chain.

對我們制定的收據計劃非常滿意。最後，無論何時縮小，這才是真正重要的。根據供應鏈中發生的情況，我們將比過去更早地提供庫存。

Got it. And Scott, just a follow-up. When we look at your full year guidance for sales, how much of that is AUR-driven versus units?

知道了。和斯科特，只是一個後續行動。當我們查看您的全年銷售指導時，其中有多少是 AUR 驅動的而不是單位？

Yes. There's a piece of AUR and just a bit of units. I'd say it's a little more tilted towards AUR, and units will kind of bounce around. With the inflationary demands on the consumer here, we're going to be prudent in how we forecast both top line and the ability to pass through AUR and look at those items as upside to our plans as we've laid out.

是的。有一塊 AUR 和一些單位。我會說它更傾向於 AUR，單位會反彈。鑑於這裡消費者的通脹需求，我們將謹慎地預測收入和通過 AUR 的能力，並將這些項目視為我們制定的計劃的上行空間。

(Operator Instructions) We'll now move to our next question, which will come from Janet Kloppenburg with JJK Research.

（操作員說明）我們現在將轉到下一個問題，該問題將來自 JJK Research 的 Janet Kloppenburg。

A couple of questions. Fran, are you seeing AUR gains at Hollister as well as A&F? And we're seeing a trend towards slightly dressier product sales being stronger than casual, like shorts and tees. Maybe I was wondering what you saw in your business, and if you think that better positions A&F versus Hollister.

幾個問題。 Fran，您是否看到了 Hollister 和 A&F 的 AUR 收益？而且我們看到了一種趨勢是，稍微講究一點的產品銷售比休閒產品更強勁，比如短褲和 T 卹。也許我想知道您在您的業務中看到了什麼，以及您是否認為 A&F 與 Hollister 相比更好。

And for Scott, I was wondering if you expected any AUR pressure coming from the competitive environment. I know you said you expect AUR to be up for the rest of the year, but it does feel like promotions in your sectors are starting to tick up around you. And I'm wondering, given what I see in the inflationary pressure that you referred to, whether or not you think that, that may impact the AUR opportunity. And just lastly on freight. Do you expect it to remain as elevated in the second, third and fourth quarter as it was in the first quarter? Or what's the trend outlook there?

對於 Scott，我想知道您是否預計 AUR 壓力會來自競爭環境。我知道你說過你希望 AUR 在今年剩下的時間裡會上升，但感覺你所在行業的促銷活動開始在你身邊滴答作響。我想知道，鑑於我在您提到的通脹壓力中看到的情況，您是否認為這可能會影響 AUR 的機會。最後是貨運。您是否預計第二、第三和第四季度會像第一季度一樣保持高位？或者那裡的趨勢前景如何？

Okay. Janet, let's see where we want to -- yes, let's see where we want to get started. Let's start on the dressier product versus casual. So what's exciting about our brands is that we have various categories in both of our brands and opportunities to really balance those categories, right, depending upon what we're hearing from our consumers, staying close to our customer.

好的。珍妮特，讓我們看看我們想從哪裡開始——是的，讓我們看看我們想從哪裡開始。讓我們從更考究的產品與休閒產品開始。因此，我們品牌的令人興奮之處在於，我們在兩個品牌中都有不同的類別，並且有機會真正平衡這些類別，對，這取決於我們從消費者那裡聽到的信息，與我們的客戶保持密切聯繫。

So if you start with Abercrombie. To your point, we're selling lots of different categories that point to that customer wanting to get back out there and spend that 96-hour weekend that we always reference for that consumer and really dressing them for all those occasions, as well as getting back to work. So we have an opportunity in dresses and our woven pants and our woven tops, all resonating really nicely. The Hollister customer as well. So he and she may be more casual shorts and T-shirts, but they have events to go to also. They have graduation, they have prom weekends. So we're seeing a nice dress business in there as another good support to both businesses having opportunity.

因此，如果您從 Abercrombie 開始。就您而言，我們正在銷售許多不同的類別，這些類別指向希望回到那裡並度過我們一直為該消費者參考的那個 96 小時周末並真正為所有這些場合著裝的客戶，以及獲得回去工作。所以我們有機會在連衣裙、我們的編織褲子和我們的編織上衣，所有的共鳴都非常好。 Hollister 客戶也是如此。所以他和她可能更休閒的短褲和T卹，但他們也有活動要去。他們有畢業典禮，他們有舞會周末。因此，我們看到那裡有一個不錯的服裝業務，這是對兩家有機會的企業的另一個良好支持。

Okay, Janet, I'll tick through the others. So AUR gains at Hollister. So AUR was down in Q1 at Hollister, and really getting back to that point around taking advantage of the cool weather and really pushing through some of that carryover inventory quicker than we expected to in our outlook. So that's a good thing. We finished the quarter, inventory is in a good place at Hollister and Gilly got through a big chunk of that late arriving inventory.

好的，珍妮特，我會檢查其他的。所以 AUR 在 Hollister 獲得了收益。因此，Hollister 的 AUR 在第一季度有所下降，並且真正回到了這一點，利用涼爽的天氣並真正推動了一些結轉庫存，其速度比我們預期的要快。所以這是一件好事。我們完成了本季度，Hollister 的庫存狀況良好，而 Gilly 處理了大部分遲到的庫存。

As we think about freight, I'll go to that one next. We're assuming it's going to remain where it is for the rest of the year. I think a lot of us are optimistic that we'll start to see a little bit of relief in the back half. But who knows? We've all been thinking that for the last couple of years. So we're just going to assume it stays where it is.

當我們考慮貨運時，我接下來會談到那個。我們假設它會在今年剩下的時間裡保持不變。我認為我們中的很多人都樂觀地認為我們將開始看到後半場的一些緩解。但誰知道呢？在過去的幾年裡，我們都在想這個。所以我們只是假設它保持在原來的位置。

The one benefit we will see on freight is that we will start to lap the heavy air usage that we were, call it, forced into with the Vietnam closures last year. So that will be a tailwind as we get into Q4 and beyond because we saw a lot of that air freight hit in Q4. And then actually a lot of that air freight, from an accounting perspective, hit us here in Q1 as you flow it through the inventory balance.

我們將在貨運方面看到的一個好處是，我們將開始減少我們去年因越南關閉而被迫進入的大量航空使用量。因此，隨著我們進入第四季度及以後，這將是一個順風，因為我們在第四季度看到了很多空運。然後實際上很多空運，從會計的角度來看，在第一季度通過庫存餘額流向我們這裡。

And the last piece is AUR pressure from the competitive set. What I would say is, we're looking at it. It's not something that drives our decision-making. We have been promotional throughout this entire cycle and have still been able to take up our AURs on a double-digit basis. We will remain promotional going forward. That is part of the business that we're in. It's just being smarter with the promotions, reducing some depth, reducing some breadth and being able to take up AUR to offset some of this inflationary pressure.

最後一點是來自競爭對手的 AUR 壓力。我想說的是，我們正在研究它。這不是驅動我們決策的東西。在整個週期中，我們一直在進行促銷，並且仍然能夠以兩位數的數量使用我們的 AUR。我們將繼續促銷。這是我們所從事的業務的一部分。它只是在促銷方面更聰明，減少了一些深度，減少了一些廣度，並且能夠使用 AUR 來抵消一些通脹壓力。

Yes, I think Scott, we've said that many times but we've said many times, our AUR pressure or our promotional stance, is based on our consumer right, our supply, our demand, what we're seeing with our customer and not really based on what's happening with the competition, right? Staying close to our customer is what's most important, and keeping that inventory in line, are the 2 real key pieces.

是的，我認為 Scott，我們已經說過很多次了，但我們已經說過很多次了，我們的 AUR 壓力或我們的促銷立場是基於我們的消費者權利、我們的供應、我們的需求以及我們對客戶的看法而不是真正基於競爭中發生的事情，對吧？與我們的客戶保持密切聯繫是最重要的，並且保持庫存符合要求是 2 個真正的關鍵部分。

And if I could just sneak one more in. You talked about sort of late deliveries impacting the assortments at Hollister, and you took care of that, you liquidated that product. Do you feel now that the assortments at Hollister are structured right, that the architecture of that assortment is where you want it to be?

如果我可以再偷偷溜進去一個。你談到了影響 Hollister 分類的延遲交貨，你處理了這個，你清算了那個產品。您現在是否覺得 Hollister 的分類結構正確，該分類的架構是您想要的？

Yes. I mean, the short answer to that is yes. We feel very comfortable with where we are heading into summer with -- where swim, shorts and tees are. And as well as I mentioned just a few minutes ago, but the dress business also, really pleased with that business as well, so yes.

是的。我的意思是，簡短的回答是肯定的。我們對進入夏天的地方感到非常舒服——游泳、短褲和 T 卹在哪裡。就像我幾分鐘前提到的那樣，服裝業務也非常滿意，所以是的。

And next, we have Mauricio Serna with UBS.

接下來，我們有瑞銀的毛里西奧·塞爾納 (Mauricio Serna)。

I wanted to ask if you could provide some details on how sales performed at stores versus digital. And also, if you could talk maybe about how the quarter progressed from month-to-month. And lastly, you could just repeat that portion from your remarks at the beginning when you were talking about the 2 drivers for the AUC. I know you mentioned the freight, but I kind of missed the second part. So I just want to make sure I get that part correctly.

我想問你是否可以提供一些關於商店銷售與數字銷售的細節。而且，如果你能談談這個季度是如何逐月進展的。最後，當您談論 AUC 的 2 個驅動程序時，您可以重複您在開始時的評論中的那部分內容。我知道你提到了運費，但我有點錯過了第二部分。所以我只是想確保我得到正確的那部分。

Sure. Let's start with the last question. So the 2 drivers for AUC. So we saw some incremental freight versus what we assumed coming into Q1. So that hit us for about $15 million more than we thought. The other piece was accelerating the sell-through. As we just talked about, the Hollister and Gilly Hicks late receipts. So we pushed those through. Those fall goods, come with a higher AUC than the spring goods that we're selling, a little heavier apparel, so that comes with a higher AUC. So that hit us from a margin rate perspective in Q1.

當然。讓我們從最後一個問題開始。所以 AUC 的 2 個驅動程序。因此，我們看到了一些增加的運費，而不是我們假設進入第一季度的運費。所以這比我們想像的要多出大約 1500 萬美元。另一部分是加速銷售。正如我們剛剛談到的，Hollister 和 Gilly Hicks 遲到了收據。所以我們推動了這些。那些秋季商品，AUC 比我們銷售的春季商品高，服裝稍微重一些，所以 AUC 更高。因此，從第一季度的保證金率角度來看，這對我們造成了影響。

Backing up into the quarter on a monthly basis. I'd say our trends were consistent with what we've heard in the market. February was a good month and then March was a tough month for a couple of reasons. We had the mini back-to-school here in the U.S. and kind of that reopening and a lot of people going back to school in person last year, and we also had the Easter shift out of March. So whenever you add that in, and then we came back there in April and then thinking we've already talked about how we're trending here in the beginning of May.

每月備份到本季度。我想說我們的趨勢與我們在市場上聽到的一致。二月是一個好月份，然後三月是一個艱難的月份，原因有幾個。去年，我們在美國進行了小型返校，類似那種重新開放，很多人親自返校，我們還從 3 月開始進行複活節換班。因此，無論何時添加，然後我們在四月回到那裡，然後認為我們已經討論了五月初的趨勢。

The last piece is performed, stores versus digital. Yes, stores have continued to claw their way back. We did see the benefit in Q1 of reopening in Europe and a lot of those stores getting back up to kind of full hours or, at least, removing some of those restrictions. And we continue to see the traffic here to stores in the U.S. continue to climb. So nice to see the balance coming back between digital and stores, and we continue to see kind of that 50-50 balance. And we'll continue to track to that.

最後一塊被執行，商店與數字。是的，商店繼續往回走。我們確實看到了在第一季度在歐洲重新開業的好處，並且其中許多商店恢復了完整的營業時間，或者至少取消了其中一些限制。我們繼續看到美國商店的客流量繼續攀升。很高興看到數字和商店之間的平衡恢復，我們繼續看到那種 50-50 的平衡。我們將繼續跟踪這一點。

And if I could just sneak one last one. Just in EMEA, it seemed a sequential recovery, but still like below the U.S. I was just wondering, from a market perspective, you talked about U.K. and Germany and France. I mean, how do -- how much do -- roughly how much does each represent of your sales? And given with the reopening, I would have expected maybe a higher growth rate. So I just want to understand like what could have dragged down the performance in EMEA?

如果我能偷偷最後一個。就在歐洲、中東和非洲地區，這似乎是一個連續的複蘇，但仍然低於美國。我只是想知道，從市場的角度來看，你談到了英國、德國和法國。我的意思是，如何 - 多少 - 大致代表您的銷售額？考慮到重新開放，我預計可能會有更高的增長率。所以我只想了解是什麼拖累了歐洲、中東和非洲的表現？

Sure. We haven't provided the percent of sales for each, but those are the kind of the 1, 2, 3 biggest countries for us in EMEA. So good to see the U.K. performed well in Q1, and then Germany and France really turned on later. They had some pretty heavy restrictions. It really started to kind of pull off as we went throughout the quarter.

當然。我們沒有提供每個國家的銷售額百分比，但這些是我們在 EMEA 中最大的 1、2、3 個國家/地區。很高興看到英國在第一季度表現出色，然後德國和法國才真正打開。他們有一些非常嚴格的限制。當我們在整個季度進行時，它真的開始有所進展。

Thinking about the results in total. The EMEA customer is dealing with even more inflation likely than the U.S. I mean, because of what's happening with the situation in Ukraine, there's pretty significant inflation that, that local consumer is seeing, whether it comes to heating bills or gasoline, just multiples it seems of what we're paying here in the U.S.

綜合考慮結果。歐洲、中東和非洲的客戶面臨的通貨膨脹可能比美國還要高。我的意思是，由於烏克蘭的情況，當地消費者看到的通貨膨脹非常顯著，無論是取暖費還是汽油費，都會成倍增加似乎我們在美國在這裡支付的費用

So part of the reason for our outlook that we've set up, like looking at that in inflationary demand on the consumer as we're seeing it in the U.S., we're all seeing that real time, but also in the EMEA region, that is happening in a big way. So feel good about the big 3 countries. We are laser-focused on these countries on the reopening and looking forward to them getting even closer to normalcy and kind of catching up here to the U.S.

因此，我們設定前景的部分原因，比如我們在美國看到的消費者的通脹需求，我們都看到了這一點，而且在歐洲、中東和非洲地區也是如此，這在很大程度上正在發生。所以對三大國家感覺良好。我們專注於這些國家的重新開放，並期待它們更接近正常狀態，並在某種程度上趕上美國。

Our next question will come from Kimberly Greenberger with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Kimberly Greenberger。

Great. I wanted to dig in a little bit more on freight cost, if I could. Scott, have you renegotiated contracts for this year? And are you seeing any sort of relief in -- or still some inflation in those contract negotiations? And I just wanted to check if you are largely in contract for your freight needs? Or are you also availing yourself of the spot market?

偉大的。如果可以的話，我想多挖掘一點運費。斯科特，你今年重新談判合同了嗎？在這些合同談判中，您是否看到任何形式的緩解——或者仍然存在一些通貨膨脹？我只是想檢查一下您是否在很大程度上滿足了您的貨運需求？還是您也在利用現貨市場？

And then you mentioned that you might experience some relief from the very high use of air freight as we get later in the year, particularly, I think, to the fourth quarter. Assuming that does happen, would you expect to begin to see some benefits of lower freight -- lower airfreight usage in the fourth quarter gross margin? Or would we not see those benefits flow through the P&L until we get into the first half of 2023?

然後你提到，隨著我們在今年晚些時候，特別是到第四季度，你可能會從空運的大量使用中得到一些緩解。假設確實發生了這種情況，您是否會開始看到降低運費的一些好處——第四季度毛利率的空運使用率降低？或者在我們進入 2023 年上半年之前，我們不會看到這些收益通過損益表流動嗎？

Okay. Let's start with the freight costs. So we are actually in the midst of finishing up some contracts. Our cycle is happening real time, so I'm not going to provide too much there. What we are trying to do is lock in more than we have in the past, in contracted rates to try to avoid some of the fluctuations that we've seen in the spot market. We've added some new carriers, which is exciting. So our goal is to have optionality and flexibility. And hopefully, that will result in lower rates as we go forward, but this market remains pretty tough out there.

好的。讓我們從運費開始。所以我們實際上正在完成一些合同。我們的周期是實時發生的，所以我不會在那裡提供太多。我們試圖做的是鎖定比過去更多的合約利率，以試圖避免我們在現貨市場上看到的一些波動。我們添加了一些新的運營商，這令人興奮。所以我們的目標是具有選擇性和靈活性。希望隨著我們的發展，這將導致更低的利率，但這個市場仍然非常艱難。

On the air freight, yes, we do expect to see some benefits flow through in Q4 and Q1 of next year. Now on the other side of that fence is the commodity cost. And when you think about what's happening in the cotton markets, that's starting to flow through the P&L. So there will be a little bit of an offset to some of the savings we see there in the air freights, with some of those commodity costs starting to flow through because it does take a pretty healthy time to have them lag through the P&L since you buy so forward into the future. So that's what we're thinking about for air freight. We're optimistic that we're not going to see big disruptions like last year. And assuming that happens, we should see a really nice benefit from air freight in the back half.

在空運方面，是的，我們確實希望在明年的第四季度和第一季度看到一些好處。現在，圍欄的另一邊是商品成本。當你考慮棉花市場正在發生的事情時，它開始通過損益表流動。因此，我們在航空貨運中看到的一些節省將會有一點抵消，其中一些商品成本開始流轉，因為它確實需要相當健康的時間才能讓它們滯後於損益表，因為你購買未來。這就是我們正在考慮的空運。我們樂觀地認為，我們不會像去年那樣看到大的中斷。假設發生這種情況，我們應該會在後半部分看到空運帶來的非常好的好處。

(Operator Instructions) Now moving to Marni Shapiro with Retail Tracker.

（操作員說明）現在使用零售跟踪器轉移到 Marni Shapiro。

Just 2 quick ones. Can you just talk a little bit about was the traffic -- I guess, what were the traffic patterns like in the first quarter? Are you seeing a more traditional traffic pattern driven by weather? Or when you run a promotion in the store is she coming in to buy for the promotions, specifically at Hollister as well. And then you've had some good results from this active business. And I'm curious if you could just talk a little bit about it. Is it bringing a new customer into the store? Is that helping to drive traffic to the site and to the store?

只有2個快速的。你能談談流量嗎？我猜，第一季度的流量模式是怎樣的？您是否看到由天氣驅動的更傳統的交通模式？或者，當您在商店進行促銷活動時，她是否會進來購買促銷活動，特別是在 Hollister。然後你從這個活躍的業務中獲得了一些好的結果。我很好奇你能否談談它。是否將新客戶帶入商店？這是否有助於增加網站和商店的流量？

Marni, I'll start with the first one, so traffic patterns in Q1. So you are right, we're starting to get back to more normalized traffic clustered around Easter in Q1. There were some spring breaks happening. So I'd say it's more normal. Last year was very abnormal with what we call our mini back-to-school. So we are definitely getting closer to normalized traffic patterns. And we're expecting that as we go forward for the rest of the year.

Marni，我將從第一個開始，即第一季度的流量模式。所以你是對的，我們開始恢復到第一季度復活節前後聚集的更標準化的流量。有一些春假髮生。所以我會說這更正常。去年對於我們所說的迷你返校來說是非常不正常的。因此，我們肯定越來越接近標準化的流量模式。我們期待在今年剩下的時間裡繼續前進。

And regarding YPB, yes, we're very excited about the initial response to YPB, which was created by request by our customers, as I always talk about how close we are to our consumer. And it is actually bringing in new consumers, which is even more exciting about it. So driving traffic and bringing in new customers. So excited to see where that's going. We're busy chasing goods. We sold out of almost 1/4 of the SKUs very quickly. So we'll talk about more of it at our Investor Day on June 14.

關於 YPB，是的，我們對 YPB 的初步回應感到非常興奮，這是應我們客戶的要求創建的，因為我總是談論我們與消費者的距離有多近。它實際上正在吸引新的消費者，這更令人興奮。因此，可以增加流量並吸引新客戶。很高興看到它的發展方向。我們正忙著追貨。我們很快就賣光了近 1/4 的 SKU。因此，我們將在 6 月 14 日的投資者日上討論更多內容。

That's exciting. A nice highlight. And did you guys break out what percentage of sales are online versus in-store? I was looking for the number. I wasn't sure if you broke that out.

真令人興奮。一個不錯的亮點。你們有沒有列出在線銷售與實體店銷售的百分比？我在找號碼。我不確定你是否打破了這一點。

No, we have not. We're not going to give that on a quarter-by-quarter basis as we start to normalize in. But we'll keep you posted if there's any large swings.

不，我們沒有。隨著我們開始正常化，我們不會按季度提供。但如果有任何大幅波動，我們會及時通知您。

And ladies and gentlemen, that's all the time we have for questions today. I'll turn the call back over to Fran for any additional or closing remarks.

女士們，先生們，這就是我們今天的所有提問時間。我會將電話轉回給 Fran，以獲取任何補充或結束語。

Thank you for participating in our call today. I hope you all enjoy your Memorial Day weekend, and I look forward to seeing many of you in New York City at our June 14 Investor Day.

感謝您今天參加我們的電話會議。我希望你們都喜歡陣亡將士紀念日週末，我期待在 6 月 14 日的投資者日在紐約市見到你們中的許多人。

Ladies and gentlemen, this will conclude your conference for today. We do thank you for your participation, and you may now disconnect.

女士們，先生們，今天的會議到此結束。我們非常感謝您的參與，您現在可以斷開連接。