Abercrombie & Fitch Co (ANF) 2022 Q2 法說會逐字稿

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

美好的一天，歡迎參加 Abercrombie & Fitch 2022 財年第二季度財報電話會議。今天的會議正在錄製中。 （操作員說明）

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

此時，我想將會議交給 Pam Quintiliano。請繼續。

Thank you. Good morning. And welcome to our second quarter 2022 earnings call. Joining me today on the call are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer. Earlier this morning, we issued our second 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.

謝謝你。早上好。歡迎參加我們的 2022 年第二季度財報電話會議。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。今天早上早些時候，我們發布了第二季度收益報告，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 mentioned today. A detailed discussion of these factors and uncertainties are 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 a 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. And thank you for joining us today to discuss our second quarter results. Before I get started, I would like to take a moment to thank our global teams for continuing to bring your best each and every day.

早上好。感謝您今天加入我們討論我們的第二季度業績。在開始之前，我想花一點時間感謝我們的全球團隊，感謝他們每天都繼續發揮最好的一面。

So it's been a couple of months since our Investor Day. And during that time, the retail landscape has continued to evolve rapidly. We're now in year 3 of 1 of the most dynamic environments that I have experienced in my 30-plus-year career in retail. The work we have done over the last several years to improve our enterprise-wide agility has enabled us to take decisive actions to navigate near-term challenges while remaining focused on executing to our long-term goals.

因此，距離我們的投資者日已經過去了幾個月。在此期間，零售格局繼續迅速發展。我們現在處於我在 30 多年的零售職業生涯中經歷過的最具活力的環境中的第 3 年。我們在過去幾年中為提高整個企業的敏捷性所做的工作使我們能夠採取果斷的行動來應對近期挑戰，同時繼續專注於執行我們的長期目標。

At our June Investor Day, we provided our 2025 and long-term targets and introduced our Always Forward Plan, which is centered around the successful execution of 3 strategic principles: focused brand growth, an enterprise-wide digital revolution and operating with financial discipline. During the second quarter, despite well-documented consumer headwinds, we made progress against all 3.

在 6 月的投資者日上，我們提供了 2025 年和長期目標，並介紹了始終向前的計劃，該計劃以成功執行 3 項戰略原則為中心：專注的品牌增長、企業範圍內的數字革命和財務紀律。在第二季度，儘管有據可查的消費者逆風，但我們在所有三個方面都取得了進展。

Let's start with our first principle: focused brand growth. I'm excited about the global opportunity of our brands, and I'm confident in their positioning. However, we've recently experienced a significant divergence in sales and gross margin trends amongst our 2 largest brands, Abercrombie adults and Hollister.

讓我們從我們的第一個原則開始：專注於品牌增長。我對我們品牌的全球機遇感到興奮，我對他們的定位充滿信心。然而，我們最近在我們的兩個最大品牌 Abercrombie 成人和 Hollister 之間經歷了銷售和毛利率趨勢的顯著差異。

When analyzing the Q2 spending behaviors, it has truly been a tale of 2 worlds. Challenges at Hollister, whose customer base tilts lower on the income scale compared to the Abercrombie adults brand, was the primary driver of our total company sales and operating margin miss relative to the outlook we provided on our Q1 call.

在分析第二季度的消費行為時，它確實是一個兩個世界的故事。與 Abercrombie 成人品牌相比，Hollister 的客戶群在收入規模上偏低，這是我們公司總銷售額和營業利潤率低於我們在第一季度電話會議上提供的前景的主要驅動力。

For the second quarter, total company sales declined 7% and were down 4% on a constant currency basis. Abercrombie brands, which includes kids, grew 5% or 7% on a constant currency basis, led by ongoing strength in our primary growth opportunity, Abercrombie adults.

第二季度，公司總銷售額下降 7%，按固定匯率計算下降 4%。包括兒童在內的 Abercrombie 品牌在固定貨幣基礎上增長了 5% 或 7%，這得益於我們的主要增長機會 Abercrombie 成人的持續增長。

As many of you have witnessed, Abercrombie adults has had an amazing turnaround over the last 3 years. We have successfully evolved the brand positioning, assortment and fits to cater to the lifestyle needs of our target young millennial customer, and we see additional runway ahead. During the second quarter, our Abercrombie adult customer was actively shopping for their weekend trips, weddings and going back to the office. Sales and conversion remained consistent month-to-month, and our promotions and markdowns were in line with plan, leading adults to achieve its best Q2 sales since 2015 and its highest Q2 AUR since 2005. Congratulations to the team.

正如你們中的許多人所見證的那樣，Abercrombie 成年人在過去 3 年中取得了驚人的轉變。我們已經成功地改進了品牌定位、品種和款式，以滿足我們目標年輕千禧一代客戶的生活方式需求，並且我們看到了更多的跑道。在第二季度，我們的 Abercrombie 成年客戶正在積極地為他們的周末旅行、婚禮和返回辦公室購物。銷售額和轉化率逐月保持一致，我們的促銷和降價促銷也符合計劃，導致成人實現了自 2015 年以來的最佳第二季度銷售額和自 2005 年以來的最高第二季度 AUR。祝賀團隊。

Women's remained a standout, delivering its best Q2 sales in AUR since 2008 with dresses, jeans and knits continuing to outperform. Throughout this summer, our dresses were popping up everywhere, from viral TikToks to press headlines, all celebrating the fit, comfort and style of our assortments.

女裝仍然表現出色，在 AUR 實現了自 2008 年以來最好的第二季度銷售額，其中連衣裙、牛仔褲和針織品繼續表現出色。整個夏天，我們的連衣裙隨處可見，從病毒式的 TikTok 到新聞頭條，都在慶祝我們產品系列的合身、舒適和風格。

Men's results were also encouraging, delivering the highest Q2 AUR since 2013. We are seeing more green shoots as he rediscovers the brand and all the new product that caters to his lifestyle needs, such as the recent launch of our golf shop, which was very well received.

男子組的成績也令人鼓舞，實現了自 2013 年以來的第二季度最高 AUR。隨著他重新發現品牌和滿足其生活方式需求的所有新產品，我們看到了更多的萌芽，例如我們最近推出的高爾夫商店，這對深受好評。

Last, certainly but not least, response to our newest sub-brand, YPB or Your Personal Best, remains strong across genders.

最後，當然但並非最不重要的一點是，對我們最新的子品牌 YPB 或 Your Personal Best 的反應在不同性別之間仍然保持強勁。

Abercrombie performance has been in sharp contrast to Hollister brand [sales] (added by company after the call), which declined 15% or 12% on a constant currency basis in the second quarter. As a reminder, this includes Gilly Hicks and Social Tourist. As global inflationary pressures mounted, we experienced a shift in our teens shopping behavior, resulting in lower conversion and basket size.

Abercrombie 的業績與 Hollister 品牌 [sales]（由公司在電話會議後添加）形成鮮明對比，後者在第二季度按固定匯率計算下降了 15% 或 12%。提醒一下，這包括 Gilly Hicks 和 Social Tourist。隨著全球通脹壓力的增加，我們的青少年購物行為發生了轉變，導致轉化率和購物籃規模降低。

While we tracked closely to apparel store traffic in the U.S., our customer was doing more browsing than buying and targeting special occasion items like women's dresses, where we registered our best ever Q2 sales, and men's woven shirts. Outside of these trending categories, our customers were searching for and responding to promotions.

雖然我們密切跟踪美國服裝店的客流量，但我們的客戶瀏覽的次數多於購買和定位特殊場合的商品，例如女裝（我們在該地區取得了有史以來最好的第二季度銷售額）和男式梭織襯衫。在這些趨勢類別之外，我們的客戶正在搜索和響應促銷活動。

As back-to-school has kicked off, our Hollister customer shopping behavior has continued to deviate from our expectations. Demand has moved out of bottoms, which has been a top-performing category over the last several years into tops and dresses. As we've seen selling trends develop, we've had a swift call to action.

隨著返校開始，我們的 Hollister 客戶購物行為繼續偏離我們的預期。需求已從過去幾年表現最佳的下裝轉向上裝和連衣裙。隨著我們看到銷售趨勢的發展，我們迅速呼籲採取行動。

We've adjusted our fall and holiday orders shifting into higher-trending categories and out of core. In addition, we are reimagining our store experience and assessing our go-to-market strategy, including the ideal balance between stores and digital as the world has reopened and our team has returned to in-person shopping. We're continuing to look for additional areas of opportunity, and I'm confident that these steps will help Hollister get back on track even if the macro environment remains challenging.

我們調整了秋季和假日訂單，將其轉移到趨勢更高的類別和核心之外。此外，我們正在重新構想我們的商店體驗並評估我們的上市策略，包括隨著世界重新開放以及我們的團隊恢復到實體店購物，商店與數字化之間的理想平衡。我們將繼續尋找更多的機會領域，我相信這些步驟將幫助 Hollister 重回正軌，即使宏觀環境仍然充滿挑戰。

Rounding up the conversation on brands, similar to Hollister, abercrombie kids had a soft start to back-to-school season. At Gilly Hicks, active and lounge continued to outperform while at Social Tourist, we've been leaning into higher fashion assortments.

圍繞品牌的對話，與 Hollister 類似，abercrombie kids 的返校季開局良好。在 Gilly Hicks，active 和 Lounge 繼續表現出色，而在 Social Tourist，我們一直傾向於更高級的時尚品類。

Inventory management is a key component of our strategic brand growth principle. We ended the quarter with roughly 92% of our inventory current, defined as back-to-school and early fall product, new goods that haven't been set or longer-life items. This is in line with historic levels, reflecting the recent sell-through of summer seasonal goods at Hollister as we took markdowns to clear through warmer weather product.

庫存管理是我們戰略品牌增長原則的關鍵組成部分。我們在本季度結束時約有 92% 的庫存是當前庫存，定義為返校和初秋產品、尚未設置的新商品或使用壽命較長的商品。這與歷史水平一致，反映了 Hollister 近期夏季季節性商品的銷售情況，因為我們採取了降價措施來清除天氣變暖的產品。

Total end of quarter inventories were up 70% to Q2 2021. And as a reminder, Q2 2021 inventory marked a decade plus low due to freight delays and our exposure to Vietnam production, which was our largest country of origin last year at roughly 40% and experienced significant COVID-related factory closures, which had an outsized impact on timing of receipts. Of the 70% increase, in-transit inventory was the largest driver, up $140 million or 130% to last year, contributing 34 points of the total increase as we lapped significant product delays.

到 2021 年第二季度，季度末總庫存增加了 70%。提醒一下，由於貨運延誤和我們對越南生產的敞口，2021 年第二季度的庫存創下了十年多的低點，越南生產是我們去年最大的原產國，約為 40%並經歷了與 COVID 相關的重大工廠關閉，這對收貨時間產生了巨大影響。在 70% 的增長中，在途庫存是最大的驅動因素，比去年增加了 1.4 億美元或 130%，由於我們嚴重的產品延遲，貢獻了總增長的 34 個百分點。

Our in-transit inventory is late fall and holiday goods that we want here before the peak season, unlike last year, when we were still receiving product after Christmas. Units on hand contributed another 28 points in line with our plan coming into the quarter as we lapped our lowest Q2 on-hand inventory levels since the mid-2000s.

我們的在途庫存是旺季之前我們想要的秋末和節日商品，不像去年，我們在聖誕節後仍然收到產品。由於我們達到了自 2000 年代中期以來的最低 Q2 庫存水平，庫存量又貢獻了 28 個點，這與我們進入本季度的計劃一致。

After not being able to keep up with sales demand in the back half of last year, in the spring, we decided to proactively pull forward deliveries to ensure in-stock positioning for this back-to-school and holiday seasons this year. And the final piece of the total increase is higher year-over-year product costs, which contributed 8 points.

在去年下半年的銷售需求跟不上後，在春季，我們決定主動提前交貨，以確保今年開學和假期的庫存定位。總增長的最後一部分是產品成本同比增加，貢獻了 8 個百分點。

We have taken action to ensure that our inventories move closer to our sales expectations in the back half. We expect year-over-year inventory growth to peak in Q2 and moderate significantly in Q3 and Q4 as we anniversary the unprecedented number of late receipts we experienced last year and realized the benefits of recent moves taken to improve inventory turns and reduce receipts.

我們已採取行動確保我們的庫存在下半年更接近我們的銷售預期。我們預計，與去年同期相比，庫存增長將在第二季度達到頂峰，並在第三季度和第四季度顯著放緩，因為我們紀念了我們去年經歷的空前數量的延遲收貨，並意識到最近為改善庫存周轉和減少收貨而採取的舉措的好處。

We're keeping our eyes on Hollister inventory as it's slightly more elevated than we would like, reflecting the falloff we experienced in late June and the shift away from core categories. Assuming recent trends remain consistent, we expect to continue to leverage markdowns in Q3 to keep seasonal items turning.

我們一直關注 Hollister 庫存，因為它比我們想要的略高，反映了我們在 6 月下旬經歷的下降以及從核心類別的轉變。假設最近的趨勢保持一致，我們預計將在第三季度繼續利用降價來保持季節性商品的周轉。

We are rightsizing Hollister inventory levels for holiday and beyond through a series of actions that included reducing receipts, utilizing box-and-hold strategies on certain core items and re-cadencing the timing of inventory sets. Beyond inventory management, evolving our store experience and opening new stores is also critical to the successful execution of our strategic brand growth principle.

我們正在通過一系列行動來調整 Hollister 假期及以後的庫存水平，這些行動包括減少收貨、對某些核心項目採用盒裝保留策略以及重新調整庫存集的時間安排。除了庫存管理，提升我們的門店體驗和開設新店對於成功執行我們的戰略品牌增長原則也至關重要。

As a reminder, this year, we expect to open around 60 stores, heavily weighted to the third and fourth quarter. Our updated stores are an amazing representation of our brands today. New locations are smaller format and a mix of existing markets that we exited because we couldn't find the right deals as well as new markets that we have identified through data and analytics.

提醒一下，今年，我們預計將開設約 60 家門店，重點放在第三和第四季度。我們更新的商店是當今我們品牌的驚人代表。新地點的格式更小，並且是我們退出的現有市場的混合體，因為我們找不到合適的交易以及我們通過數據和分析確定的新市場。

On an average store basis, we anticipate that the new Abercrombie adult and Hollister stores opening in fiscal 2022 will contribute at least 2x the annual sales volume of our planned 30-store closures. At Abercrombie, we recently introduced an updated store design, the getaway shop, which is meant to evoke the aesthetic of a chic hotel lobby.

在平均門店基礎上，我們預計 2022 財年新開的 Abercrombie 成人和 Hollister 門店的年銷售額將至少是我們計劃關閉的 30 家門店的 2 倍。在 Abercrombie，我們最近推出了更新的商店設計，即度假商店，旨在喚起時尚酒店大堂的美感。

For those of you who attended our Investor Day, the pop-up shop there had elements of this new design, which is roughly 4,500 square feet versus the chain average of 5,000 square feet. The first 2 locations just opened: 1 in Los Angeles and the other in Milan. And the remainder of new Abercrombie adult locations this year will be in the updated format.

對於那些參加我們投資者日的人來說，那裡的快閃店有這種新設計的元素，大約 4,500 平方英尺，而連鎖店平均面積為 5,000 平方英尺。前 2 個地點剛剛開業：1 個在洛杉磯，另一個在米蘭。今年其餘的新 Abercrombie 成人地點將採用更新的格式。

These Abercrombie stores as well as others opening this year across brands stay true to our stringent real estate strategy: right size, right location, right economics. If we can't check the box on all 3, we will continue to walk away, and with just under 50% of our revenues derived digitally in fiscal 2021, we have the ability to do that.

這些 Abercrombie 商店以及今年跨品牌開業的其他商店都忠於我們嚴格的房地產戰略：合適的規模、合適的位置、合適的經濟性。如果我們不能在這三個方面都打勾，我們將繼續走開，並且在 2021 財年，我們有不到 50% 的收入來自數字化，我們有能力做到這一點。

Now turning to our second strategic principle: enterprise-wide digital revolution. In the second quarter, we continued to make progress towards the longer-term digital technology and data aspirations discussed at our Investor Day. As a reminder, we have a large sophisticated global digital operation, with our digital sales reaching roughly $1.7 billion in 2021.

現在轉向我們的第二個戰略原則：企業範圍的數字革命。在第二季度，我們繼續在投資者日討論的長期數字技術和數據願望方面取得進展。提醒一下，我們擁有龐大而復雜的全球數字業務，我們的數字銷售額在 2021 年達到約 17 億美元。

Our goal is to deliver a best-in-class, seamless digital experience, and that is fueling our digital revolution across the company. In the customer experience space, we continued to listen to our customer, and through our new agile ways of working, we were able to deliver experience improvements across the omnichannel shopping journey.

我們的目標是提供一流的無縫數字體驗，這正在推動我們整個公司的數字革命。在客戶體驗領域，我們繼續傾聽客戶的意見，並通過我們新的敏捷工作方式，能夠在全渠道購物之旅中提供體驗改進。

At the same time, we accelerated the pace of key multiyear technology modernization efforts, including upgrading our retail merchandising system, moving to the cloud and evolving our core data architecture. These efforts have and will continue to enable more organizational agility and improve our ability to leverage our rich data to drive decision-making across the company.

與此同時，我們加快了關鍵的多年技術現代化步伐，包括升級我們的零售商品系統、遷移到雲端和發展我們的核心數據架構。這些努力已經並將繼續提高組織敏捷性，並提高我們利用豐富數據推動整個公司決策制定的能力。

And last, but certainly not least, our third strategic principle: operating with financial discipline. As the business became more challenging in the second quarter, we managed both customer and noncustomer-facing spend while prioritizing marketing and long-term strategic investments. Looking to the remainder of the year, we've made further adjustments, cutting approximately $35 million from the back half on top of volume-related expense decreases.

最後但同樣重要的是，我們的第三個戰略原則：遵守財務紀律。隨著第二季度業務變得更具挑戰性，我們管理了客戶和非面向客戶的支出，同時優先考慮營銷和長期戰略投資。展望今年剩餘時間，我們進行了進一步調整，在與數量相關的費用減少的基礎上從下半年削減了大約 3500 萬美元。

Quarter-to-date, sales are running consistent with Q2 levels although trends have improved sequentially each week. As we look to the back half, we expect inflationary pressures to continue and potentially heighten in EMEA. We have taken action across brands and at a corporate level, reflecting these assumptions.

迄今為止，儘管趨勢每週都有所改善，但銷售額與第二季度的水平保持一致。展望下半年，我們預計歐洲、中東和非洲地區的通脹壓力將繼續存在並可能加劇。我們已經在品牌和企業層面採取了行動，反映了這些假設。

While we are cautiously optimistic that inflation will moderate, we are not baking improvement into our updated outlook. At Abercrombie, we've tweaked back half receipts to reflect the potential for that customer to become more impacted by inflationary pressures. If the trend accelerates, we will be able to fulfill demand through chase and prepositioned future set items.

儘管我們對通脹將放緩持謹慎樂觀態度，但我們並未對更新後的前景做出改善。在 Abercrombie，我們調整了後半部分收據，以反映該客戶受到通脹壓力影響更大的可能性。如果趨勢加速，我們將能夠通過追逐和預先定位的未來設定項目來滿足需求。

At Hollister, we are assuming our customer will continue to be faced with tough decisions on where and how to spend their discretionary dollars. As mentioned, for the back half, we've chased into trending categories, reduced receipts, adjusted promotions and are employing box and hold where appropriate.

在 Hollister，我們假設我們的客戶將繼續面臨艱難的決定，即在何處以及如何花費他們的可支配資金。如前所述，對於後半部分，我們已經進入趨勢類別、減少收入、調整促銷活動，並在適當的情況下採用盒子和持有。

As we've consistently done over the last few years, we will continue to control what we can control, and we'll remain flexible to quickly respond to unknowns. We remain committed to executing to the 2025 and longer-term goals we provided at our Investor Day and are confident in our ability to achieve these goals, including sales of $4.1 billion to $4.3 billion and a sustainable operating margin rate at or above 8% by the end of fiscal 2025.

正如我們在過去幾年中一直在做的那樣，我們將繼續控制我們可以控制的事情，並且我們將保持靈活，以快速響應未知數。我們仍然致力於實現我們在投資者日提供的 2025 年和更長期目標，並對我們實現這些目標的能力充滿信心，包括 41 億至 43 億美元的銷售額和 8% 或以上的可持續營業利潤率2025財年末。

At the time we provided our targets, we assumed that Hollister customer would be more impacted by inflationary pressures in the near term and that annual growth would not be linear. That has not changed. And to be clear, we have multiple paths to achieve our goals.

在我們提供目標時，我們假設 Hollister 客戶在短期內會受到通脹壓力的更大影響，並且年度增長不會是線性的。這並沒有改變。需要明確的是，我們有多種途徑來實現我們的目標。

This fall and holiday, as we respond to the dynamic environment, we have the balance sheet to protect investments in the key areas that support our Always Forward Plan, and they include judiciously investing in digital talent and tools to revolutionize how we approach the customer experience, modernizing our core platforms across merchandising and data and investing in marketing and store openings to drive brand awareness and enhance our ability to drive top line growth in the months and years to come.

今年秋季和假期，隨著我們應對動態環境，我們擁有資產負債表來保護支持我們始終向前計劃的關鍵領域的投資，其中包括明智地投資於數字人才和工具，以徹底改變我們處理客戶體驗的方式，使我們在銷售和數據方面的核心平台現代化，並投資於營銷和開店，以提高品牌知名度並增強我們在未來幾個月和幾年內推動收入增長的能力。

I'm excited about our future. We've been faced with challenges in the past, and we've consistently overcome them from when I first arrived in late 2014, and we turned around Hollister to late 2019 when the reinvention of Abercrombie adults first began to gain traction. From closing flagships and rightsizing our store footprint to our performance during the pandemic, we have proven time and again our ability to evolve with our customer.

我對我們的未來感到興奮。我們過去一直面臨挑戰，從我 2014 年底剛到任時我們就一直在克服這些挑戰，我們扭轉了 Hollister 的局面，直到 2019 年底 Abercrombie 成人的重塑首次開始獲得牽引力。從關閉旗艦店和調整我們的商店足跡到我們在大流行期間的表現，我們一次又一次地證明了我們與客戶一起發展的能力。

And with that, I'm going to turn it over to Scott to provide more detail on the quarter and our Q3 and updated full year outlook.

有了這個，我將把它交給斯科特，以提供有關本季度和我們的第三季度以及更新的全年展望的更多細節。

Thanks, Fran, and good morning. For the second quarter, we delivered net sales of $805 million, down 7% to last year on a reported basis and down 4% on a constant currency basis. Sales were below our expectation for a low single-digit decline as the Hollister business softened as the quarter progressed.

謝謝，弗蘭，早上好。第二季度，我們實現了 8.05 億美元的淨銷售額，在報告基礎上比去年下降 7%，在固定匯率基礎上下降 4%。由於 Hollister 業務隨著季度的進展而疲軟，銷售額低於我們對低個位數下降的預期。

By brand, net sales at Abercrombie, which includes kids, rose 5% compared to 2021 on a reported basis and 7% on a constant currency basis, largely in line with internal expectations.

按品牌劃分，包括兒童在內的 Abercrombie 的淨銷售額在報告的基礎上與 2021 年相比增長了 5%，在固定貨幣基礎上增長了 7%，基本符合內部預期。

Hollister, which includes Gilly Hicks and Social Tourist, declined 15% or 12% on a constant currency basis, reflecting mounting macro pressures on its core consumer, a shift in shopping behaviors versus last year and lower demand for core back-to-school categories. This compares to prior year growth of 30% and 20% for Abercrombie and Hollister, respectively.

包括 Gilly Hicks 和 Social Tourist 在內的 Hollister 按固定匯率計算下跌 15% 或 12%，反映出其核心消費者面臨越來越大的宏觀壓力、購物行為與去年相比發生轉變以及對核心返校類別的需求下降.相比之下，Abercrombie 和 Hollister 去年分別增長了 30% 和 20%。

By region, net sales decreased 4% in the U.S. and declined 14% internationally or 5% on a constant currency basis. By region, EMEA was down 13% on a reported basis and 4% on a constant currency basis, and APAC was down 33% on a reported basis and 25% on a constant currency basis.

按地區劃分，美國的淨銷售額下降了 4%，國際下降了 14%，按固定匯率計算下降了 5%。按地區劃分，歐洲、中東和非洲（EMEA）在報告基礎上下降了 13%，在固定貨幣基礎上下降了 4%，亞太地區在報告基礎上下降了 33%，在固定貨幣基礎上下降了 25%。

In EMEA, strength in the U.K. and Middle East was offset by softness in Western Europe. In China, we experienced COVID-related pressures throughout the quarter but have seen a nice trend change as the country has reopened and mostly stayed open.

在歐洲、中東和非洲，英國和中東的實力被西歐的疲軟所抵消。在中國，我們在整個季度都經歷了與 COVID 相關的壓力，但隨著該國重新開放並且大部分時間保持開放，我們看到了良好的趨勢變化。

Our gross profit rate was 57.9% versus 65.2% last year. Key drivers of the year-over-year change were the adverse impact of exchange rates of 30 basis points and higher product costs of 750 basis points. Relative to our expectations, FX was slightly worse than anticipated, while product cost pressure was in line. These impacts were partially offset by higher AUR driven by the Abercrombie adult brands.

我們的毛利率為 57.9%，而去年為 65.2%。同比變化的主要驅動因素是匯率上升 30 個基點和產品成本上升 750 個基點的不利影響。相對於我們的預期，外匯略遜於預期，而產品成本壓力符合預期。這些影響被 Abercrombie 成人品牌推動的更高 AUR 部分抵消。

Looking to the back half of this year, we are modeling freight rates to remain relatively steady with Q2 levels. We expect to see freight flip to a tailwind as we anniversary elevated air rates and air usage due to Vietnam closures last year. This will be offset by rising product costs as we continue to see higher commodity costs flow through COGS this fall. We are encouraged by recent trends across freight and commodities, giving us cautious optimism that this year will be the peak and that we will begin to realize benefits in fiscal 2023.

展望今年下半年，我們正在對運費進行建模，使其與第二季度的水平保持相對穩定。由於去年越南關閉，我們一周年提高了航空費率和航空使用量，我們預計貨運將順風順水。這將被不斷上漲的產品成本所抵消，因為今年秋天我們繼續看到更高的商品成本流經 COGS。我們對貨運和大宗商品的近期趨勢感到鼓舞，讓我們謹慎樂觀地認為今年將是高峰，我們將在 2023 財年開始實現收益。

Moving on to inventories. We ended the quarter with inventory up 70% to last year, 92% of which is current. As Fran mentioned, our Q2 '21 total inventory at cost was the lowest in over a decade, and on-hand inventory, the lowest since the mid-2000s as we saw shipping times lengthen and experienced significant delays from the Vietnam shutdowns.

繼續討論庫存。我們在本季度末的庫存比去年增加了 70%，其中 92% 是當前庫存。正如 Fran 所提到的，我們的 21 年第二季度總成本庫存是十多年來最低的，而現有庫存是自 2000 年代中期以來的最低水平，因為我們看到運輸時間延長並且經歷了越南停工造成的重大延誤。

Overall, our inventory is current, and we intend to keep it that way. We are keeping a close eye on Hollister inventory. Based on the greater-expected -- greater-than-expected falloff and trend in Q2, we've chased areas of strength, reduced receipts on slower moving categories and put plans in place to box and hold certain items. We will utilize markdowns as necessary to ensure the remaining inventory turns appropriately. Looking ahead, we expect to see total year-over-year inventory growth moderate in Q3 and approach 2021 levels in Q4 as we lap all late receipts from last year.

總體而言，我們的庫存是最新的，我們打算保持這種狀態。我們正在密切關注 Hollister 的庫存。基於第二季度大於預期的下降和趨勢，我們已經追逐優勢領域，減少了移動較慢類別的收入，並製定了包裝和持有某些物品的計劃。我們將根據需要使用降價促銷，以確保剩餘庫存適當周轉。展望未來，我們預計第三季度總庫存同比增長將放緩，並在第四季度接近 2021 年的水平，因為我們將去年的所有逾期收貨都覆蓋了。

I'll now cover the rest of our Q2 results on an adjusted non-GAAP basis. We excluded $2 million and $1 million of pretax asset impairment charges for this year and last year, respectively. Q2 operating expense, excluding other operating income, was $465 million compared to $450 million last year, driven by inflation and higher digital fulfillment expense, partially offset by lower incentive-based compensation. On digital fulfillment, we have seen temporary cost inefficiencies as we ramp up our new West Coast distribution center. We expect these inefficiencies to moderate in Q3.

我現在將在調整後的非公認會計原則基礎上介紹我們第二季度的其餘結果。我們分別排除了今年和去年的 200 萬美元和 100 萬美元的稅前資產減值費用。第二季度的營業費用（不包括其他營業收入）為 4.65 億美元，而去年為 4.5 億美元，主要受通貨膨脹和更高的數字履行費用的推動，但部分被較低的激勵薪酬所抵消。在數字化履行方面，隨著我們擴建新的西海岸配送中心，我們發現暫時的成本效率低下。我們預計這些低效率在第三季度會有所緩和。

We are breakeven on the operating income line compared to operating income of $116 million last year. For tax, we recognized a tax expense on a pretax loss due to our inability to obtain a tax benefit for certain losses incurred outside the U.S.

與去年 1.16 億美元的營業收入相比，我們的營業收入實現了盈虧平衡。對於稅收，由於我們無法就美國境外發生的某些損失獲得稅收優惠，我們確認了稅前損失的稅項費用。

Net loss per share was $0.30 compared to net income per diluted share of $1.70 last year.

每股淨虧損為 0.30 美元，而去年每股攤薄收益為 1.70 美元。

Our balance sheet remains strong. We ended the quarter with cash of $370 million and liquidity of $729 million.

我們的資產負債表依然強勁。我們在本季度結束時擁有 3.7 億美元的現金和 7.29 億美元的流動資金。

During the quarter, we repurchased 1 million shares for approximately $18 million. At quarter end, we had 49.5 million shares outstanding, down 21% from the start of 2021, with approximately $240 million remaining under our previously authorized share repurchase program. We remain committed to putting excess cash to work and expect shareholder returns to focus on share repurchases, pending liquidity levels, market conditions, share price and our ability to accelerate investments in the business.

在本季度，我們以約 1800 萬美元的價格回購了 100 萬股股票。在季度末，我們有 4950 萬股流通股，比 2021 年初下降 21%，在我們之前授權的股票回購計劃下剩餘約 2.4 億美元。我們仍然致力於將多餘的現金投入使用，並期望股東回報將重點放在股票回購、待定流動性水平、市場狀況、股價以及我們加速業務投資的能力上。

Turning to investments. We continue to expect fiscal '22 CapEx of approximately $150 million, with about half supporting digital and technology and half supporting stores and maintenance.

轉向投資。我們繼續預計 22 財年資本支出約為 1.5 億美元，其中大約一半支持數字和技術，一半支持商店和維護。

We continue to expect to be a net store opener this year, with approximately 60 new stores globally weighted towards the back half. This year, we have approximately 250 leases up for renewal, which gives us great flexibility to react to the macro environment. We expect to close [approximately] (corrected by company after the call) 30 locations this year, pending negotiations with our landlord partners.

我們繼續預計今年將成為淨開店者，全球約有 60 家新店將集中在下半年。今年，我們有大約 250 個租約可供續約，這使我們能夠靈活應對宏觀環境。我們預計今年將關閉[大約]（由公司在電話會議後更正）30 個地點，等待與我們的房東合作夥伴進行談判。

I'll finish up with our thoughts on the remainder of the year. In our updated outlook, which replaces all previous full year guidance, we assume inflation-related pressure on consumer demand continues and that freight rates remain at current levels through year-end.

我將結束我們對今年剩餘時間的想法。在我們更新的展望（取代之前所有全年指引）中，我們假設與通脹相關的消費者需求壓力持續存在，並且到年底運費將保持在當前水平。

For the full year, we are planning as follows: net sales to be down mid-single digits to 2021 level of approximately $3.7 billion. Embedded in this outlook is an estimated adverse impact of approximately 200 basis points from foreign currency slightly worse than our prior expectation.

對於全年，我們的計劃如下：淨銷售額將下降中個位數至 2021 年的約 37 億美元水平。這一前景中包含的估計負面影響約為外幣 200 個基點，略低於我們之前的預期。

Operating margin in the range of 1% to 3%, down from our previous range of 5% to 6%, reflecting deleverage from lower sales and the potential for margin degradation to turn Hollister back-to-school inventory.

營業利潤率在 1% 至 3% 的範圍內，低於我們之前的 5% 至 6% 的範圍，這反映了銷售額下降帶來的去槓桿化以及利潤率下降的可能性，從而使 Hollister 返校庫存。

For the effective tax rate, we're withdrawing the previous outlook of mid-30s as there could be a higher rate due to our inability to recognize a tax benefit for certain losses incurred outside of the U.S.

對於有效稅率，我們撤回了之前 30 年代中期的展望，因為我們無法為在美國以外發生的某些損失確認稅收優惠，因此稅率可能會更高。

For the third quarter, we are planning as follows: net sales to be down high single digits to 2021 level of approximately $905 million. Embedded in this outlook is an estimated adverse impact of approximately 220 basis points from foreign currency. The down high single digits assumes quarter-to-date sales trends continue. We are not assuming an improvement or falloff in that trend. And finally, operating income around breakeven.

對於第三季度，我們計劃如下：淨銷售額將下降高個位數至 2021 年約 9.05 億美元的水平。在此展望中嵌入了來自外幣約 220 個基點的估計不利影響。下降的高個位數假設季度至今的銷售趨勢仍在繼續。我們沒有假設這種趨勢會有所改善或下降。最後，營業收入在盈虧平衡附近。

As we move through the back half, we intend to balance near-term profitability with long-term strategic investments. For 2022, we expect around $250 million or 700 basis points of cost pressure due to inflation compared to 2021. While we will not fully offset these headwinds this year, we are driving efforts to reduce the impact on profitability, including, but not limited to, tightly managing inventory receipts, taking select [ticket] (added by company after the call) increases in Abercrombie adults and reducing certain expenses.

隨著我們進入後半部分，我們打算在近期盈利能力與長期戰略投資之間取得平衡。與 2021 年相比，我們預計 2022 年由於通貨膨脹導致的成本壓力約為 2.5 億美元或 700 個基點。雖然今年我們不會完全抵消這些不利因素，但我們正在努力減少對盈利能力的影響，包括但不限於，嚴格管理庫存收據，選擇 [ticket]（由公司在通話後添加）增加 Abercrombie 成人並減少某些費用。

To date, on top of the volume-related savings we will realize on lower sales, we have reduced planned expenses for the back half by around $35 million through the following initiatives: slowed hiring while maintaining focus on areas necessary to support our aspirations in digital, data and technology; reduced or eliminated spend on noncritical projects and travel; and negotiated key contracts based on the current business environment.

迄今為止，除了我們將通過降低銷售額實現與數量相關的節省之外，我們還通過以下舉措將後半部分的計劃開支減少了約 3500 萬美元：放慢招聘速度，同時保持專注於支持我們在數字化領域抱負的必要領域、數據和技術；減少或消除在非關鍵項目和差旅上的支出；並根據當前的商業環境協商關鍵合同。

As we look to 2023 and beyond, we are cautiously optimistic that we'll start to see relief on product costs to help us recoup a portion of our operating margin lost to inflation this year. We are confident in the strategies we have in place to execute to our Always Forward Plan and build towards our 2025 goals, and we look forward to leveraging our strong liquidity to fund our investments through the months and quarters to come.

展望 2023 年及以後，我們謹慎樂觀地認為，我們將開始看到產品成本的下降，以幫助我們彌補今年因通貨膨脹而損失的部分營業利潤率。我們對我們為執行“永遠向前”計劃和實現 2025 年目標而製定的戰略充滿信心，我們期待利用我們強大的流動性為未來幾個月和幾個季度的投資提供資金。

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) Our first question today comes from Dana Telsey of the Telsey Advisory Group.

（操作員說明）我們今天的第一個問題來自 Telsey 諮詢小組的 Dana Telsey。

What a changed environment. As you think about the inventory levels -- I hope you can hear me. As you think about the inventory levels and the positioning as we go through the balance of the year, how are you planning for in-transit units on hand and product costs? And how will it differ by brand in certainly in this promotional environment?

多變的環境啊。當您考慮庫存水平時-我希望您能聽到我的聲音。當您考慮到今年餘下的庫存水平和定位時，您如何計劃手頭的在途單位和產品成本？在這種促銷環境中，它會因品牌而異嗎？

Dana, I'll kick that one off. So it is really important for everyone to understand where we are with our inventory levels. So to begin with, 92% of our inventory is current, and we define current inventory by goods that are long life, goods that are early but actually have not even been set yet as well as current goods.

達納，我會踢掉那個。因此，每個人都必須了解我們的庫存水平在哪裡。因此，首先，我們 92% 的庫存是當前庫存，我們通過使用壽命長的商品、早期但實際上尚未確定的商品以及當前商品來定義當前庫存。

Now if you take the 70% ahead of last year and you break it down, half of that, to your question, is in transit. So $140 million or 130% more than last year because we are anniversarying from last year, probably our lowest inventory levels in over a decade.

現在，如果您將去年的 70% 提前並分解，那麼對於您的問題，其中一半正在運輸中。因此，比去年增加了 1.4 億美元或 130%，因為我們是從去年開始的周年紀念日，這可能是我們十多年來的最低庫存水平。

Everyone managed through all of the supply chain pressures from last year. But additionally, we had 40% of our goods coming out of Vietnam last year. And at this point last year, those factories were all closed during -- due to COVID.

每個人都克服了去年的所有供應鏈壓力。但此外，去年我們有 40% 的商品來自越南。去年的這個時候，這些工廠都因新冠疫情而關閉。

Now if you take the balance of the 70 points, you take 28 of them, which is our on-hand units, and then 8, which are production costs. So it's very important to really break down and understand how -- why we are where we are. We disappointed our customer last year in the back half. We were not able to get goods. In fact, we started receiving goods still after Christmas last year. So I hope that helps.

現在如果你拿70個點的餘額，你拿28個，這是我們的現有單位，然後是8個，這是生產成本。因此，真正分解並理解我們是如何——為什麼我們現在在哪裡是非常重要的。去年下半年，我們讓我們的客戶失望了。我們無法得到貨物。事實上，我們在去年聖誕節之後就開始收貨了。所以我希望這會有所幫助。

I don't know, Scott, if there's anything else that you like add.

我不知道，Scott，你還有什麼想補充的。

So yes, looking forward, we expect Q2 here on a year-over-year growth basis to be the peak. We'll moderate in Q3, and then we will moderate significantly in Q4 as we lap, like Fran just finished, with all those late receipts from Vietnam last year.

所以是的，展望未來，我們預計第二季度的同比增長將達到頂峰。我們將在第三季度放緩，然後我們將在第四季度大幅放緩，就像 Fran 剛剛完成一樣，去年所有來自越南的遲到收據。

As a reminder, we were receiving goods -- holiday goods into the last week of January, and we are not going to do that this year. So we'll see good moderation in inventory as that go through the back half.

提醒一下，我們在 1 月的最後一周收到貨物——節日貨物，今年我們不會這樣做。因此，我們將看到庫存在後半段出現良好的節制。

Our next question comes from Corey Tarlowe of Jefferies.

我們的下一個問題來自 Jefferies 的 Corey Tarlowe。

Fran, first, I think we called out in the release that you've seen a little bit of an improvement so far in back-to-school. Maybe can you talk a little bit more about what you're seeing there, any trends either at Hollister or A&F and then specifically maybe some merchandise that's resonating really well with the consumer right now?

Fran，首先，我認為我們在發布中指出，到目前為止，您已經看到返校情況有所改善。也許你能多談談你在那裡看到的東西，Hollister 或 A&F 的任何趨勢，然後特別是一些現在與消費者產生共鳴的商品？

And then, Scott, as it relates to the promotional environment, what have you embedded in your outlook from a markdown perspective as we look throughout the back half?

然後，斯科特，因為它與促銷環境有關，當我們看到整個後半部分時，從降價的角度來看，你在你的前景中嵌入了什麼？

Corey, so yes, a couple of things. We'll start with Abercrombie. It's exciting that second quarter really continuing to grow and see some nice AUR growth in the Abercrombie brand. And as we headed into the third quarter, continuing to see those key categories still resonating such as jeans and dresses.

科里，所以是的，有幾件事。我們將從 Abercrombie 開始。令人興奮的是，第二季度確實繼續增長，並且看到 Abercrombie 品牌的 AUR 增長不錯。當我們進入第三季度時，繼續看到牛仔褲和連衣裙等關鍵類別仍然引起共鳴。

In Hollister, there was a significant shift in this consumer, greater than we have honestly seen and a quick, quick shift out of bottoms and into tops during Q2 and dresses particularly. This customer has really pressed on inflation and what they have -- can spend their money on. We're seeing the consumer come in and be very judicious on their spending.

在 Hollister，這個消費者發生了重大轉變，比我們真實看到的還要大，並且在第二季度快速、快速地從下裝轉向上裝，尤其是連衣裙。這位客戶確實對通貨膨脹施加了壓力，他們所擁有的東西——可以花錢買。我們看到消費者進來並且對他們的支出非常明智。

As we got into August, though, he and she started buying more tops maybe perhaps to go with some of those bottoms that they are waiting to buy on. So what we're seeing is a consumer shift much quicker in Hollister than we saw in Abercrombie.

然而，隨著我們進入 8 月，他和她開始購買更多的上衣，也許是為了與他們正在等待購買的那些下衣搭配。因此，我們在 Hollister 看到的消費者轉變比我們在 Abercrombie 看到的要快得多。

But what's resonating, I would say, #1, are dresses. Q2, we saw the best Q2 ever in Hollister dresses as well as Abercrombie, some exciting things happening and shifting consumer behavior.

但引起共鳴的，我想說，#1，是連衣裙。第二季度，我們看到了 Hollister 連衣裙和 Abercrombie 有史以來最好的第二季度，一些令人興奮的事情正在發生並改變了消費者的行為。

All right. Let me grab the promo piece. So as we went through Q2, once we saw the Hollister business soften a little bit, like many others, we've heard that kind of back of June into July, we saw the same exact trend here, specifically in the Hollister business.

好的。讓我抓住宣傳片。因此，當我們經歷第二季度時，一旦我們看到 Hollister 業務有所軟化，就像許多其他業務一樣，我們在 6 月到 7 月聽到了這種情況，我們在這裡看到了同樣的趨勢，特別是在 Hollister 業務中。

And once we saw that, we turned on some markdowns and promotions, kept that inventory current and kept it turning. At the same time, we have reduced receipts for holiday and beyond. So we feel good about the rightsized level of the receipt by -- for Hollister for holiday and beyond.

一旦我們看到這一點，我們就開啟了一些降價促銷活動，保持庫存最新並保持運轉。同時，我們減少了假期及以後的收入。因此，我們對 Hollister 假期及以後的收據的正確大小感到滿意。

So what we're going to focus on as we go through Q3 is just keeping that back-to-school inventory turning. Part of our reduction in the operating margin outlook is reflecting a little bit of margin pressure there in the Hollister business to keep that inventory turning, but feel good as we get to Q4 and beyond that we have rightsized that inventory level.

因此，當我們經歷第三季度時，我們將重點關注的是保持返校庫存的轉變。我們降低營業利潤率前景的部分原因是，Hollister 業務存在一定的利潤率壓力，以保持庫存周轉，但當我們進入第四季度及之後感覺良好，我們已經調整了庫存水平。

And we can go to Paul Lejuez of Citi.

我們可以去找花旗的 Paul Lejuez。

This is Kelly on for Paul. I'm just curious if maybe we could take a step back and just talk a little bit more about the Hollister brand. I know that certainly inflation is having an impact. It does seem like Hollister has been underperforming for a while. So is there anything -- any diagnosis you have of the brand? Are there changes that need to be made to potentially reposition the brand?

這是凱利對保羅的看法。我只是好奇我們是否可以退後一步，多談談 Hollister 品牌。我知道通貨膨脹肯定會產生影響。 Hollister 似乎有一段時間表現不佳。那麼有什麼——你對這個品牌有什麼診斷嗎？是否需要做出改變才能重新定位品牌？

And then also just on Europe, that did underperform. Is that mainly in the Hollister business? And just any color there because we have heard from others that Europe has actually been strong. So just curious of your thoughts there.

然後也只是在歐洲，表現不佳。主要是在 Hollister 業務中嗎？那裡的任何顏色都是因為我們從其他人那裡聽說歐洲實際上很強大。所以只是好奇你的想法。

Kelly, I'll kick off with Hollister. So as you recall, just a couple of months ago, we had our Investor Day, and we talked about our Always Forward Plan. And within that, we've discussed Hollister, which in the past 4 years, Hollister in the U.S. saw a 4% CAGR growth. So it continued to really resonate with that with the team.

凱利，我先從霍利斯特開始。所以你還記得，就在幾個月前，我們有我們的投資者日，我們談到了我們的永遠前進計劃。其中，我們討論了 Hollister，在過去的 4 年中，Hollister 在美國的複合年增長率達到了 4%。因此，它繼續與團隊產生真正的共鳴。

We did see a significant falloff for Q2, and we think part of that is macro. This consumer who is on the lower end of the income scale is definitely feeling a lot of pressure from inflation, but there's part of it that, of course, we own and we have to inspect and continually look through our business and really understand what's happening.

我們確實看到了第二季度的顯著下降，我們認為其中一部分是宏觀的。這個收入處於低端的消費者肯定感受到了來自通貨膨脹的很大壓力，但其中一部分是我們當然擁有的，我們必須檢查並不斷審視我們的業務，並真正了解正在發生的事情.

So we saw a shift from bottoms to tops as I mentioned a little bit earlier, and the team got to work. They really got to work on the receipts. They made sure that those trending categories are in line for fourth quarter. We have a very agile and flexible supply chain here, and we can react to what's happening in the business. So we're controlling what we can control, and we are confident in the future of Hollister.

因此，正如我之前提到的，我們看到了從底部到頂部的轉變，團隊開始工作。他們真的需要處理收據。他們確保這些趨勢類別與第四季度一致。我們這裡有一個非常敏捷和靈活的供應鏈，我們可以對業務中發生的事情做出反應。所以我們正在控制我們可以控制的東西，我們對 Hollister 的未來充滿信心。

Let's grab the EMEA side, second question. And what I would say with EMEA is it's bifurcating. We've seen great results in the U.K. more recently. We talked about that last quarter. We've also seen strong results in the Middle East. Where we haven't seen as strong results are in our next 2 biggest countries, so Germany and France.

讓我們抓住 EMEA 方面，第二個問題。我要對 EMEA 說的是它是分叉的。我們最近在英國看到了很好的結果。我們在上個季度談到了這一點。我們在中東也看到了強勁的業績。我們沒有看到強勁結果的地方是我們接下來的兩個最大的國家，即德國和法國。

So while we're excited about the results we're seeing in U.K. and Middle East, we do have opportunity in Germany and France. And our teams are focused on that, and we'll be looking to address that as we go forward Q3 into Q4.

因此，雖然我們對在英國和中東看到的結果感到興奮，但我們在德國和法國確實有機會。我們的團隊專注於這一點，我們將在第三季度進入第四季度時尋求解決這個問題。

We are committed to EMEA long term. It is our second largest region, and we do have opportunity there. As we go forward, we will adjust.

我們長期致力於 EMEA。這是我們的第二大地區，我們確實有機會。隨著我們前進，我們會調整。

Got it. Just to clarify, is that -- that's mainly on the Hollister brand, where we're seeing that weakness? Or is it kind of across the board?

知道了。澄清一下，這主要是在 Hollister 品牌上，我們在哪裡看到了這種弱點？或者它是全面的？

Across the board. Hollister is more highly penetrated into the EMEA region, but it's a similar trend across the board, both brands strongest in the U.K. and Middle East and then seeing softness in Germany and France.

一刀切。 Hollister 在歐洲、中東和非洲地區的滲透率更高，但總體趨勢相似，這兩個品牌在英國和中東地區最強大，然後在德國和法國出現疲軟。

(Operator Instructions) Our next question comes from Janet Joseph Kloppenburg of JJK Research.

（操作員說明）我們的下一個問題來自 JJK Research 的 Janet Joseph Kloppenburg。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

I just wanted to dig a little bit deeper on this change in preference at Hollister and maybe get your views, plan what's going on in denim and if things have slowed in that category.

我只是想更深入地了解 Hollister 的這種偏好變化，也許會得到你的意見，計劃牛仔布的情況以及該類別的情況是否有所放緩。

And then, Scott, if you could talk a little bit about the outlook for inventory at the end of the year and how you're planning it go forward, given the trends at Hollister. Also Fran love to hear about denim trends at A&F as well.

然後，斯科特，如果你能談談今年年底的庫存前景，以及你如何規劃它，考慮到 Hollister 的趨勢。 Fran 也喜歡在 A&F 聽到有關牛仔布趨勢的信息。

Okay. Let's face it all the way back up to the top here, Janet. So the shift that we saw in Hollister, as you know, back-to-school is traditionally a strong bottoms business, and we did see a very quick, very significant shift. Bottoms have been trending quite some time.

好的。珍妮特，讓我們一直面對它回到頂部。所以我們在霍利斯特看到的轉變，如你所知，返校傳統上是一個強大的底部業務，我們確實看到了一個非常快速、非常重要的轉變。底部的趨勢已經有一段時間了。

The past 3 years, the consumer does have a lot of those newer fashion bottoms in their closet. And their wearing occasions have shifted a bit. So dresses were, as we mentioned, a record for us for Q2, super exciting. As we headed into August, what we saw in Hollister girls tops, we saw a nice shift in the trend. She's really responding to the tops that we're giving her. And with a limited amount of money to spend, they are making very judicious decisions.

在過去的 3 年裡，消費者的衣櫥裡確實有很多新潮的下裝。他們的穿著場合也發生了一些變化。因此，正如我們所提到的，連衣裙對我們來說是第二季度的記錄，非常令人興奮。當我們進入 8 月時，我們在 Hollister 女裝上衣中看到的，我們看到了趨勢的一個不錯的轉變。她真的在回應我們給她的上衣。由於花費的資金有限，他們正在做出非常明智的決定。

These decisions could be short term. We could see the bottoms open up as we -- as the weather changes, and we head into the back half of the third quarter. But with the information that we have today, we had to put our outlook based on what we currently know.

這些決定可能是短期的。隨著天氣的變化，我們可以看到底部打開，我們進入第三季度的後半段。但是根據我們今天掌握的信息，我們必鬚根據我們目前所知道的情況來展望未來。

A&F, we continue to see growth in that brand and in jeans. And the opportunity there is that consumer is actually going back to work and continuing on this 96-hour exciting weekend that we always talk about and their wearing occasions have shifted as well. So the offices have gotten more casual. They're going back to the office. They're wearing some of our fashion and dressed up denim to go back to the office in. So 2, the customers are diverging. The brands are diverging. And we're seeing different behavior between the 2.

A&F，我們繼續看到該品牌和牛仔褲的增長。消費者實際上有機會重返工作崗位，繼續這個我們經常談論的 96 小時激動人心的周末，他們的穿著場合也發生了變化。因此，辦公室變得更加隨意。他們要回辦公室了。他們穿著我們的一些時尚和裝扮牛仔回到辦公室。所以 2，客戶是不同的。品牌出現分化。我們看到兩者之間的不同行為。

Okay, Janet. For the plan go forward. So we will -- the year-over-year growth rate will peak here in Q2, will moderate in Q3, and we'll get close to last year levels, 2021 levels as we get to Q4.

好的，珍妮特。為計劃前進。因此，我們將 - 同比增長率將在第二季度達到頂峰，在第三季度放緩，我們將接近去年的水平，當我們進入第四季度時，我們將接近 2021 年的水平。

At that point, we'll be lapping all of those late receipts from last year. In transit will be down. Units on hand will get pretty close to last year as we lap the late receipts. As we think about 2023, we are thinking about that today. As the business softened specifically in Hollister there in Q2 and that June, July time period, we have reduced receipts for Q4, have reduced receipts for Q1 and Q2 of the next year in the spring season because we want to get our brand to the chase mode. It's something that we talk about internally a lot. There is capacity out there. You've seen across the industry, many people taking out receipts for the back half and planning conservatively.

屆時，我們將處理所有去年的遲到收據。在運輸途中會下降。手頭的單位將非常接近去年，因為我們會處理遲到的收據。當我們思考 2023 年時，我們今天也在思考這個問題。由於第二季度和 6 月、7 月期間 Hollister 的業務特別疲軟，我們減少了第四季度的收入，並減少了明年春季第一季度和第二季度的收入，因為我們希望讓我們的品牌受到追捧模式。這是我們在內部經常談論的事情。那裡有容量。你已經在整個行業中看到，許多人拿出後半部分的收據並保守地計劃。

So we are doing the same thing. So we feel good about our inventory plans for Hollister specifically, Q4 and into Q1 of next year. We will chase if we need to. And there, like I said, there is capacity out there to do that.

所以我們在做同樣的事情。因此，我們對 Hollister 的庫存計劃感到滿意，特別是第四季度和明年第一季度。如果需要，我們會追逐。就像我說的那樣，那裡有能力做到這一點。

And we can go to Mauricio Serna of UBS Technology.

我們可以去找瑞銀科技的 Mauricio Serna。

I guess I wanted to talk a little bit about freight. I mean what are you thinking in terms of the potential for recovery of freight costs that you have experienced, the pressures that you've experienced over the last year? How much do you see that could be like permanent? And how much do you think you can recover probably next year? And maybe if you could talk a little bit about the monthly sales progression you saw throughout the quarter and how that exit rate compares to July, particularly.

我想我想談談貨運。我的意思是，就您所經歷的運費回收潛力以及您在過去一年中所經歷的壓力而言，您是怎麼想的？你認為有多少可能是永久的？你認為明年你能恢復多少？也許如果你能談談你在整個季度看到的月度銷售進展，以及退出率與 7 月相比如何，特別是。

Let's start with freight. So we are cautiously optimistic about what we're seeing in the freight markets. Zooming into Abercrombie specifically, with the inventory issues we had coming out of Vietnam last year, we had a significant amount of air that we needed to use last Q3, Q4. That -- those higher rates and that higher usage hit us in Q4 last year and even carried over into Q1 and a little bit into Q2 of 2022.

讓我們從貨運開始。因此，我們對貨運市場的情況持謹慎樂觀的態度。特別是放大到 Abercrombie，由於去年我們從越南出現的庫存問題，我們有大量的空氣需要在上個第三季度、第四季度使用。那——去年第四季度，這些更高的費率和更高的使用率打擊了我們，甚至延續到了第一季度和 2022 年第二季度。

So we expect at Abercrombie for freight to actually become a tailwind this year. That's been planned throughout the year. We expect to see that come in this year. When you zoom out and think about freight rates in general, optimistic again that what we are seeing in the ocean shipping market and the air market, those rates have been coming in.

因此，我們預計 Abercrombie 今年的貨運實際上會成為順風。這是全年計劃的。我們預計今年會出現這種情況。當您縮小並考慮總體運費時，再次對我們在海運市場和空運市場看到的情況感到樂觀，這些運費已經出現。

We're optimistic that they'll stay there and continue at least stay there and can maybe continue to come in, and then we'll see that start to flow through in 2023. So no forecast yet as we go into the future, but optimistic that we have hopefully seen the peak here.

我們樂觀地認為他們會留在那裡並至少繼續留在那裡並且可能會繼續進來，然後我們會看到這種情況在 2023 年開始流動。所以我們對未來還沒有預測，但是樂觀地認為，我們希望看到這裡的高峰。

Next question on the monthly sales progression. I would say our progression specifically in Hollister, let's kind of split the 2 brands. Our Hollister progression is really the progression you've been hearing out in the news at this point, fall off in that June into July period.

下一個關於每月銷售進度的問題。我想說的是我們在 Hollister 的進展，讓我們把這兩個品牌分開。我們的 Hollister 進度實際上是您目前在新聞中聽到的進度，在 6 月到 7 月期間下降。

We just talked about seeing some nicer trends here more broadly over the last couple of weeks, seeing a little bit of week-over-week improvement. We're not assuming that that's the start of a new trend. We're going to assume in our outlook that the trends that we've seen in Q2 are carrying forward for the back half of the year.

我們剛剛談到在過去幾週更廣泛地看到了一些更好的趨勢，看到了一些每週的改進。我們並不認為這是新趨勢的開始。我們將在展望中假設我們在第二季度看到的趨勢將在今年下半年繼續發展。

And we're assuming they're going to be out there until they change. Abercrombie on that side, I saw consistent strength as we went throughout the quarter in Q2. So excited to see the momentum continue in that brand. Plus 5 or plus 7 in the quarter on a constant currency basis, with the Abercrombie adult brand actually being higher than that and kids bringing that down a little bit.

我們假設他們會一直待在那裡，直到他們改變。在 Abercrombie 那邊，我看到了我們在第二季度整個季度的持續實力。很高興看到該品牌繼續保持這種勢頭。在固定貨幣基礎上，本季度加 5 或加 7，Abercrombie 成人品牌實際上高於此值，而孩子們將其降低了一點。

So really optimistic that we'll continue to see that momentum continue in Abercrombie & Fitch.

非常樂觀，我們將繼續看到 Abercrombie & Fitch 繼續保持這種勢頭。

Our next question comes from Marni Shapiro of The Retail Tracker.

我們的下一個問題來自 The Retail Tracker 的 Marni Shapiro。

I'm hoping -- I want to dive a little bit more into Hollister, and then I have a quick customer file question. But in Hollister, it looks like -- or it sounds like the fashion is selling well where you have it. And I've noticed in the stores you have some really exceptional fashion for back-to-school, only it's a very small portion of the overall assortment. So I'm wondering if I'm seeing that right. And it's as much a matter of this customer is under pressure as it is getting the balance right in the store.

我希望——我想更深入地了解 Hollister，然後我有一個快速的客戶檔案問題。但在 Hollister，它看起來像 - 或者聽起來時尚在你擁有它的地方賣得很好。而且我注意到在商店裡你有一些非常特別的返校時尚，只是它只是整個分類的一小部分。所以我想知道我是否看對了。這位顧客承受著壓力，因為它在商店裡取得了正確的平衡。

And then if you could just touch on at Abercrombie with the customer file. Are you seeing that continue to grow at Abercrombie? And are you getting the attention of the older Gen Z customers into the store as well as just lapsed shoppers that maybe came back?

然後，如果您可以在 Abercrombie 與客戶檔案聯繫一下。您是否看到 Abercrombie 繼續增長？您是否會吸引年長的 Z 世代顧客進入商店，以及可能回來的流失顧客的注意力？

I'll kick off with the question on Hollister. Marni, so what we saw as an example in the second quarter, dresses were -- the best quarter we've ever seen in dresses for Hollister. So yes, the fashion to your point, is selling well and the consumer is responding to it, but they're very pressured right now.

我將從關於 Hollister 的問題開始。 Marni，所以我們在第二季度看到的例子是，連衣裙是我們見過的 Hollister 連衣裙中最好的季度。所以，是的，就你的觀點而言，時尚賣得很好，消費者對此做出了反應，但他們現在壓力很大。

They have to be very judicious on what they're spending and how much they're buying. So we're continuing to monitor that, as Scott just went through on the receipt. And as we got into the third quarter, it is nice to see that our growth, tops have really started to accelerate. So yes, to answer your question, seeing nice selling on the fashion, just a bigger shift out of bottoms than anticipated.

他們必須非常明智地決定他們花費了什麼以及購買了多少。因此，我們將繼續監控這一點，因為 Scott 剛剛處理了收據。隨著我們進入第三季度，很高興看到我們的增長，頂部真的開始加速。所以，是的，回答你的問題，看到時尚賣得很好，只是比預期的底部發生了更大的轉變。

On the customer file, we continue to see growth in the Abercrombie & Fitch. Part of the comeback story of Abercrombie, we've pressed up our bets here in marketing for Abercrombie in the back half of last year. We're continuing to focus marketing this year. Even in light of what's happening more broadly in the industry, Abercrombie continues to be a standout, and we're going to continue to protect investments and marketing to Abercrombie.

在客戶檔案中，我們繼續看到 Abercrombie & Fitch 的增長。作為 Abercrombie 捲土重來的故事的一部分，我們在去年下半年加大了對 Abercrombie 營銷的投入。今年我們將繼續專注於營銷。即使考慮到該行業更廣泛地發生的事情，Abercrombie 仍然是傑出的，我們將繼續保護對 Abercrombie 的投資和營銷。

We love the product, where the assortment is. We love where the brand positioning is, and our goal was to get more people, more eyes on that brand. And so while we're happy with continued customer and new brand customer growth, our new customers coming into the brand, we want to continue to accelerate that because we love the story we have.

我們喜歡產品，種類繁多。我們喜歡品牌定位，我們的目標是讓更多人、更多人關注該品牌。因此，雖然我們對持續的客戶和新品牌客戶的增長感到滿意，我們的新客戶進入品牌，但我們希望繼續加快這一進程，因為我們喜歡我們擁有的故事。

And as there are no further questions at this time, I would like to turn the conference back to Fran Horowitz for closing remarks.

由於目前沒有進一步的問題，我想把會議轉回弗蘭霍洛維茨的閉幕詞。

Thank you, everyone, for joining the call today. Scott and I would also like to thank our Head of Investor Relations, Pam Quintiliano. Sadly, this is her last call with us as she'll be leaving Abercrombie & Fitch to pursue another opportunity, and we wish her the best of luck.

謝謝大家今天加入電話會議。 Scott 和我還要感謝我們的投資者關係主管 Pam Quintiliano。遺憾的是，這是她與我們的最後一次通話，因為她將離開 Abercrombie & Fitch 去尋找另一個機會，我們祝她好運。

Ladies and gentlemen, that concludes today's conference call. We thank you all for your participation, and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。我們感謝大家的參與，您現在可以斷開連接。