Abercrombie & Fitch Co (ANF) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Abercrombie & Fitch Fourth Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mo Gupta, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Abercrombie & Fitch 2023 財年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係副總裁莫古普塔 (Mo Gupta)。請繼續。

Thank you. Good morning, and welcome to our Fourth Quarter 2023 Earnings Call. Joining me today on the call are Fran Horowitz, Chief Executive Officer; and Scott Lipesky, Chief Financial Officer and Chief Operating Officer. Earlier this morning, we issued our fourth 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。早上好，歡迎參加我們的 2023 年第四季財報電話會議。今天與我一起參加電話會議的還有執行長 Fran Horowitz；以及財務長兼營運長 Scott Lipesky。今天早些時候，我們發布了第四季度收益報告，您可以在我們網站 corporate.abercrombie.com 的「投資者」部分查看。我們的網站上也提供投資者介紹。

Please keep in mind that we will make certain forward-looking statements on the call. These statements are subject to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mention today. These factors and uncertainties are discussed in our reports and filings with the Securities and Exchange Commission.

請記住，我們將在電話會議中做出某些前瞻性陳述。這些聲明受 1995 年私人證券訴訟改革法的安全港條款約束，並受風險和不確定性的影響，可能導致實際結果與我們今天提到的預期和假設有重大差異。我們向美國證券交易委員會提交的報告和文件中討論了這些因素和不確定性。

In addition, we will be referring to certain non-GAAP financial measures during the call. Additional details and reconciliations of GAAP to adjusted non-GAAP financial measures are included in the release and the investor presentation issued earlier this morning. Finally, references to Abercrombie brands include Abercrombie & Fitch and Abercrombie Kids and references to Hollister brands include Hollister and Gilly Hicks. With that, I'll turn the call over to Fran.

此外，我們將在電話會議中參考某些非公認會計準則財務指標。今天早上發布的新聞稿和投資者報告中包含了更多詳細資訊以及 GAAP 與調整後的非 GAAP 財務指標的對帳表。最後，對 Abercrombie 品牌的引用包括 Abercrombie & Fitch 和 Abercrombie Kids，對 Hollister 品牌的引用包括 Hollister 和 Gilly Hicks。說完這些，我將把電話轉給弗蘭。

Good morning, and thank you for joining us to discuss our fourth quarter and full year results. Since our business update in early January, we had a strong final month of the year, leading fourth quarter sales and operating margin above the high end of our outlook.

早安，感謝您加入我們討論我們的第四季和全年業績。自 1 月初更新業務以來，我們在今年最後一個月表現強勁，第四季度的銷售和營業利潤率均高於我們預期的高點。

From start to finish, 2023 was a defining year for our company. We saw top line growth across regions and brands, resulting in sales of $4.28 billion, up 15.8% to 2022. And our second highest annual sales level in our history. On profitability, we achieved an operating margin of 11.3%, our best in 15 years.

從頭到尾，2023 年對我們公司來說都是具有決定性意義的一年。我們看到各地區和品牌的營收均實現成長，到 2022 年銷售額將達到 42.8 億美元，年增 15.8%。在獲利能力方面，我們實現了11.3%的營業利潤率，這是15年來的最佳水準。

Importantly, while achieving these financial milestones, we made critical investments to strengthen our brands and company. These investments included increased marketing to drive customer acquisition and brand loyalty, approximately 60 new in-store experiences to reach new and current customers, technology to improve the customer and associate experience and talented team members to drive growth today and into the future.

重要的是，在實現這些財務里程碑的同時，我們進行了關鍵投資以加強我們的品牌和公司。這些投資包括加強行銷以吸引新客戶和提高品牌忠誠度、推出約 60 種全新店內體驗以吸引新舊客戶、採用技術以改善客戶和員工體驗、以及招募優秀團隊成員以推動當前和未來的成長。

2023 was also a defining moment for our teams, who have worked so hard over the years to evolve our operating model and what we stand for as a company. Our offices around the globe are electric with energy, from all we have accomplished. But as I say regularly, there is no finish line, and we see tremendous opportunity ahead. While the decade high results are certainly worth celebrating. What really stood out to me and our team is the progress we've made against our own expectations for this growth phase of our journey.

2023 年對我們的團隊來說也是一個決定性的時刻，多年來，他們一直在努力改進我們的營運模式和公司立場。由於我們已取得的成就，我們遍布全球的辦事處都充滿活力。但正如我經常說的那樣，沒有終點線，我們看到了前方巨大的機會。而十年來的最高成績當然值得慶祝。對我和我們的團隊來說真正引人注目的是，我們在這成長階段所取得的進展超出了我們的預期。

In June 2022, we shared our Always Forward Plan, a strategy that marked the entry into a growth focus era for Abercrombie & Fitch Co. Our strong 2023 results are at or above our 2025 financial targets of $4.1 billion to $4.3 billion in sales and an operating margin at or above 8%.

2022 年 6 月，我們分享了「永遠向前」計劃，這項策略標誌著 Abercrombie & Fitch Co. 進入以成長為重點的時代。

We are now setting our sights on demonstrating the sustainability of our operating model and profitability profile, by repeating our success. For us, 2024 should be a proof point of our ability to balance pursuit of new growth opportunities, while also maintaining strong financial discipline. We believe we can continue our trajectory in 2024, growing across regions and brands, building to our longer-term ambition of $5 billion in global sales.

我們現在致力於透過重複我們的成功來證明我們的營運模式和獲利狀況的可持續性。對我們來說，2024 年應該是我們能夠平衡追求新的成長機會與維持嚴格財務紀律的能力的證明點。我們相信，2024 年我們能夠繼續維持這樣的發展軌跡，跨地區、跨品牌地發展，實現我們全球銷售額 50 億美元的長期目標。

Clearly, 2023 has given us confidence that we are on the right path. We're excited to be at this point in our growth journey. To give some context on how we got here, I'll respond to a question, we commonly get from both new and long-time followers. What are you doing to drive this great performance? Our response has been consistent. There is no silver bullet. It has been about having thousands of associates across the world, aligned and executing a focused playbook every single day. One that is rooted intimately in knowing our customer and the meticulously building the product voice and experience to match their needs.

顯然，2023年讓我們有信心，我們走在正確的道路上。我們很高興我們的成長之旅已經到達了這一階段。為了說明我們是如何到達這裡，我將回答新舊粉絲經常提出的問題。您正在採取什麼措施來推動這項出色表現？我們的反應是一致的。沒有什麼靈丹妙藥。它的宗旨是讓全球數以千計的同事每天齊心協力、共同執行有針對性的計劃。這種方法根植於對客戶的深入了解以及精心打造產品聲音和體驗來滿足他們的需求。

This is so much easier said than done. When we refer to our years of transformation work, we're most proud of how we built the trust and the experience within our team to push boundaries, as it relates to evolving our assortment, end-to-end supply chain, enhancing our marketing and creating digital and physical experiences that exceed our customers' expectations.

這說來容易做來難。當我們提到我們多年的轉型工作時，我們最自豪的是如何建立團隊內部的信任和經驗以突破界限，因為這與改進我們的產品組合、端到端供應鏈、增強我們的營銷以及創造超出客戶期望的數位和實體體驗有關。

Our global customer is responding, and we can see proof points in both the customers we retained and the millions we've added to our brands this past year. From kids to teens to adults, our brand portfolio has something for them, and we have increasing confidence that we are at a stage, where we can focus on capturing more customers across the globe.

我們的全球客戶正在回應，我們可以從我們保留的客戶和過去一年來我們品牌新增的數百萬客戶中看到證明。從兒童到青少年到成年人，我們的品牌組合都能滿足他們的需要，我們越來越有信心，我們正處於一個可以專注於吸引全球更多客戶的階段。

Recapping further on 2023, our growth was broad-based with each of our regions growing in the fourth quarter and full year. The Americas led our strong growth result at an impressive 18% from 2022. We saw outsized growth in Abercrombie brands in the region, and we are pleased to see Hollister brands grow off 2022 levels.

進一步回顧 2023 年，我們的成長是廣泛的，我們每個地區在第四季度和全年都實現了成長。美洲地區引領我們強勁的成長勢頭，較 2022 年增長了 18%。 我們看到該地區的 Abercrombie 品牌實現了超額增長，我們很高興看到 Hollister 品牌在 2022 年的水平上實現了增長。

In EMEA, we delivered 4% sales growth for the year in a difficult macro environment with some acceleration in the back half of the year. Our team distorted investments and focus to those markets where we have the highest customer awareness mainly the U.K. and Germany, and we saw positive results in both countries.

在歐洲、中東和非洲地區，儘管宏觀環境艱難，我們全年銷售額仍成長 4%，且下半年成長加速。我們的團隊調整了投資方向，將重點放在客戶認知度最高的市場，主要是英國和德國，我們在這兩個國家都看到了積極的成果。

Our regional team was there for EMEA customers and made great strides by localizing assortments, distorting inventory, fine-tuning price and adjusting product set timing and promotional cadence. This is an important foundation, that we'll look to build on moving forward.

我們的區域團隊為 EMEA 客戶提供服務，透過在地化分類、調整庫存、微調價格以及調整產品設定時間和促銷節奏取得了巨大進步。這是一個重要的基礎，我們將努力在此基礎上繼續前進。

In APAC, we finished the year up 16% to 2022. We continued to build our team in Shanghai, and we connected with customers as COVID restrictions were lifted across the region. Our team is approaching the business with a start-up mentality, testing different strategies to grow the business through targeted store and marketing investments and bringing our brands to life in locally relevant ways.

在亞太地區，截至 2022 年，我們的業績成長了 16%。我們的團隊以新創企業的心態來對待業務，測試不同的策略，透過有針對性的商店和行銷投資來發展業務，並以適合當地的方式讓我們的品牌煥發生機。

Looking at our brand portfolio, 2023 was a year of great progress for Hollister brands. Today, the brand is a healthy growing business because of the focused and decisive work we started in the middle of 2022. I applaud our team who showed a relentless drive to reset the assortment, brand imagery and brand voice to meet the needs of today's teen.

縱觀我們的品牌組合，2023 年對 Hollister 品牌來說是取得巨大進步的一年。如今，由於我們在 2022 年中期開始的專注而果斷的工作，該品牌已成為一家健康增長的企業。

For the year, Hollister brands grew 6%, a good turnaround from down 9% in 2022. Our growth was led by women throughout the year, delivering its third consecutive quarter of double-digit growth in Q4. On the men's side, we continue to see progress, and we're optimistic that we'll catch up with what we're seeing in women's in the quarters to come.

今年，Hollister 品牌成長了 6%，與 2022 年 9% 的下滑相比，實現了良好的扭轉。在男子方面，我們繼續看到進步，並且我們樂觀地認為我們將在未來幾季趕上女子方面的進步。

While we saw growth in both channels, stores outperformed digital with around 70% of Hollister sales down in stores in 2023. The [teen] consumer tends to start their journey digitally, but more often finishes in the store. Hollister brands growth in 2023 is even more of an achievement because we significantly improved financial health. The brand was chasing inventory throughout the year, which allowed us to reduce promotions and clearance selling to improve AUR. Coupled with significant freight cost recovery, we greatly improved Hollister's gross profit rate, compared to 2022. Exiting 2023, we now have a strong foundation and 3 quarters of growth under our belt as we move into 2024. For Abercrombie brands, it was a year of exceptional breakout growth, up 27% to 2022, but it's part of a much longer trend.

雖然我們看到兩個通路都在成長，但實體店的表現優於數位化，2023 年 Hollister 在實體店的銷售額下降了約 70%。 Hollister 品牌在 2023 年的成長更是一大成就，因為我們的財務狀況得到了顯著改善。該品牌全年都在追逐庫存，這使我們能夠減少促銷和清倉銷售以提高 AUR。再加上運費成本的大幅回收，與 2022 年相比，我們大大提高了 Hollister 的毛利率。 走出 2023 年，我們現在擁有堅實的基礎，並在邁入 2024 年時實現了 3 個季度的增長。

Fiscal 2023 sales at Abercrombie brands were up 50% to 2019 levels, an impressive 10% growth CAGR, including 3 consecutive years of double-digit growth. I've said it many times, but I am so proud of what this team has done to reposition Abercrombie & Fitch and evolve the product, voice and experience. In this new era for Abercrombie, we're actively engaging with customers through innovative collaborations and partnerships broadening our reach and connecting with new audiences.

Abercrombie 品牌 2023 財年的銷售額較 2019 年的水平增長了 50%，複合年增長率達到了令人印象深刻的 10%，其中包括連續 3 年實現兩位數的增長。我已經說過很多次了，但我對這個團隊為重新定位 Abercrombie & Fitch 以及改進產品、聲音和體驗所做的努力感到非常自豪。在 Abercrombie 的新時代，我們透過創新的合作與夥伴關係積極與客戶互動，擴大我們的影響力並與新的受眾建立聯繫。

Two recent events are great examples of where we're going. First, in January, we partnered with McLaren Racing, to showcase their Formula 1 Livery in our Fifth Avenue store. I was there and wow. It was a great celebration of what has become an important partnership, something we had not done to this scale in our history.

最近發生的兩起事件很好地反映了我們的發展方向。首先，一月份，我們與麥克拉倫車隊合作，在我們的第五大道商店展示他們的一級方程式賽車塗裝。我當時就在那兒，哇哦。這是對我們已成為重要夥伴關係的盛大慶祝，在我們的歷史上從未舉行過如此規模的慶祝活動。

We also participated in the Super Bowl in February, through a comprehensive media effort, culminating in a successful brand activation event in Las Vegas. These are just a couple of events that help us deepen our customer connections and our Abercrombie team has even more planned in the coming quarters.

我們還透過全面的媒體宣傳參加了 2 月的超級盃比賽，最終在拉斯維加斯成功舉辦了品牌活化活動。這些只是幫助我們加深與客戶聯繫的幾項活動，我們的 Abercrombie 團隊在接下來的幾季也計劃舉辦更多活動。

As a company, we've been able to deliver financial results at or above our 2025 Always Forward Plan targets in our first year, a significant achievement. Beyond these benchmarks, we also owe our stakeholders consistency and sustainability of both sales growth and profitability. While we must acknowledge potential challenges we see from global macroeconomic and geopolitical instability, we have proven our ability to control what we can control.

作為一家公司，我們在第一年就能夠實現達到或超過 2025 年「始終前進」計畫目標的財務業績，這是一項重大成就。除了這些基準之外，我們還欠我們的利害關係人一個承諾：銷售成長和獲利能力的一致性和可持續性。雖然我們必須承認全球宏觀經濟和地緣政治不穩定所帶來的潛在挑戰，但我們已經證明我們有能力控制我們能夠控制的事情。

We aim to win in this new chapter for our company across a variety of consumer environments by sticking to our playbook and remaining close to our customers, all of which is in focus, for us heading into 2024.

我們的目標是，堅持我們的策略，密切關注客戶，在各種消費環境中為公司贏得新的篇章，所有這些都是我們邁向 2024 年的重點。

For Abercrombie brands, with their impressive multiyear growth trend, we are confident that our positioning and assortments are meeting the needs of our customers, and we're focused on growing the global customer base. On product in 2024, we will continue to deliver compelling assortments with newness and depth across categories, while continuing to build on key collections like our Wedding Shop, an extension of best dressed guest, which launches this week. These collections have been successful in both attracting and retaining customers.

對於 Abercrombie 品牌，憑藉其令人印象深刻的多年成長趨勢，我們相信我們的定位和產品組合能夠滿足客戶的需求，並且我們專注於擴大全球客戶群。在 2024 年的產品方面，我們將繼續在各個類別中提供具有新穎性和深度的引人注目的產品組合，同時繼續打造關鍵系列，例如我們本週推出的婚禮商店，這是最佳著裝嘉賓的延伸。這些系列在吸引和留住顧客方面都取得了成功。

We believe the customer is also our best advocate, and we expect to increase our investments in marketing, particularly social media, to position Abercrombie in an authentic relevant way to more customers.

我們相信顧客也是我們最好的支持者，我們希望增加在行銷方面的投資，特別是社群媒體，以便讓 Abercrombie 以真實、相關的方式吸引更多顧客。

Finally, on experience, we expect to be a net store opener while both expanding our successful neighborhood concept and filling in gaps in great shopping centers across the world. In Hollister brands, we have recouped a portion of the sales lost in 2022, and we plan on investing in key growth initiatives in 2024 to continue the momentum. We believe the assortment is well aligned. The women's business is performing well, and we're seeing signs of improvement in men's. Both genders are executing our core principles of testing and chasing.

最後，根據經驗，我們希望成為淨店開設者，同時擴大我們成功的社區概念並填補世界各地大型購物中心的空白。在 Hollister 品牌方面，我們已經收回了 2022 年損失的部分銷售額，並計劃在 2024 年投資關鍵成長計劃，以延續這一勢頭。我們相信產品組合十分合理。女裝業務表現良好，我們也看到男裝業務改善的跡象。兩性都在執行我們測試和追逐的核心原則。

With the assortment coming along, we increased marketing in the back half of 2023, and we expect that to continue into 2024. We also expect to continue to deliver new store experiences, while investing in digital to support the teens's journey. As an update on Gilly Hicks, we transitioned the assortment to an active lifestyle in 2023, and the results have shown great promise contributing to Hollister's growth results, while offering a product category our customer has been asking for.

隨著產品的推出，我們在 2023 年下半年加大了行銷力度，預計這一勢頭將持續到 2024 年。作為 Gilly Hicks 的最新消息，我們在 2023 年將產品組合轉變為積極的生活方式，結果顯示出巨大的希望，為 Hollister 的成長表現做出了貢獻，同時提供了我們客戶一直要求的產品類別。

Going forward, we intend to focus our go-to-market strategy primarily on Hollister led selling channels, including Hollister stores, digital and app and Hollister Gilly side by side. While we see Gilly Hicks as a key growth category for Hollister, as a company, we are prioritizing higher return growth opportunities Abercrombie & Fitch and Hollister in the near term. We will maintain a couple of freestanding Gilly stores to continue learning about the assortment and customer potential.

展望未來，我們打算將我們的行銷策略主要集中在 Hollister 主導的銷售管道，包括 Hollister 商店、數位和應用程式以及 Hollister Gilly。雖然我們將 Gilly Hicks 視為 Hollister 的關鍵成長類別，但作為一家公司，我們優先考慮 Abercrombie & Fitch 和 Hollister 近期的更高回報成長機會。我們將保留幾家獨立的 Gilly 商店，以繼續了解產品種類和客戶潛力。

For Social Tourists, we've moved the brand to digital only in the back half of 2023 and will offer minimal SKUs in 2024. We've enjoyed our partnership with the D'Amelio family and appreciate the opportunity to develop products and social strategies with them. Global growth is a very important part of our Always Forward Plan, and we intend to put greater emphasis on expansion of our EMEA and APAC regions. Over the past year, we've made significant progress building our local teams, responsibilities and resetting the foundation across product, pricing and inventory.

對於社交遊客，我們僅在 2023 年下半年將品牌轉向數位化，並將在 2024 年提供最少的 SKU。全球成長是我們「始終前進」計畫中非常重要的一部分，我們打算更加重視歐洲、中東和非洲地區以及亞太地區的擴張。在過去的一年裡，我們在建立本地團隊、職責以及重塑產品、定價和庫存基礎方面取得了重大進展。

In EMEA, we expect to increase marketing across brands to drive awareness around the evolved brand positioning and product offering for each brand. Our marketing push will focus on the U.K. and Germany, our 2 largest countries in the region. In APAC, our goal is to continue to deliver focused growth across China and Japan. We expect to strategically add store locations in key cities to improve our density and brand awareness.

在歐洲、中東和非洲地區，我們希望加強跨品牌行銷力度，以提高人們對每個品牌不斷發展的品牌定位和產品的知名度。我們的行銷活動將集中在英國和德國，這兩個國家是該地區最大的國家。在亞太地區，我們的目標是繼續實現重點關注中國和日本的成長。我們希望在重點城市策略性地增加門市數量，以提高門市密度和品牌知名度。

From there, we will focus on driving digital growth across key platforms. We've entered 2024 in a position of strength with momentum across our global business. We are laser-focused on building on the strength and the first quarter is off to a strong start. I am so proud of what our global teams accomplished over the past few years. The hard work rebuilding our foundation and engaging with our customers is showing up in our financial results.

從此以後，我們將專注於推動主要平台的數位成長。進入 2024 年，我們在全球業務的推動下處於強勁發展勢頭。我們全心全意地增強實力，第一季取得了良好的開局。我對我們的全球團隊在過去幾年所取得的成就感到非常自豪。我們重建基礎和與客戶互動的辛勤工作已經體現在我們的財務表現中。

In 2024, our goal is to deliver sustainable, profitable growth, while making key investments in our people, brands and operations to make our company faster and stronger, progressing to a longer-term $5 billion sales aspiration. A heartfelt thanks goes out to our global team that delivered such a fantastic year for our customers. And with that, I'll hand it over to Scott.

2024 年，我們的目標是實現可持續的獲利成長，同時對人才、品牌和營運進行重點投資，使我們的公司發展得更快、更強大，並向著 50 億美元的長期銷售目標邁進。我們衷心感謝我們的全球團隊為客戶帶來如此美好的一年。說完這些，我就把麥克風交給史考特。

Thanks, Fran, and good morning. I'll add my thanks to our global teams for executing at such a high level in 2023. As Fran said, we are not done. After years of transforming our brands and operating model, we have a clear growth mindset of the company, as we enter 2024. I'll start by covering Q4 results along with a quick rundown of our full year 2023 performance. Unless noted, all comparisons are to the respective 2022 fiscal period. I'll then provide some color on our 2024 outlook.

謝謝，弗蘭，早安。我要向我們的全球團隊在 2023 年如此高水準的執行表示感謝。經過多年的品牌和營運模式轉型，在邁入 2024 年之際，我們對公司有了清晰的成長思維。除非另有說明，所有比較均與相應的 2022 財政期間進行。然後我將對 2024 年的展望做一些闡述。

For Q4, we delivered net sales of $1.45 billion, up 21% on a reported basis. This was above the range we provided in early January due to a better-than-expected finish to the month. Comparable sales for the quarter were up 16%, with both stores and digital contributing. We saw a $50 million benefit from the 53rd reporting week, up slightly to our previous outlook.

第四季度，我們的淨銷售額為 14.5 億美元，年增 21%。由於一月份的收官表現優於預期，這一數字高於我們在一月初提供的範圍。本季可比銷售額成長 16%，其中實體店和數位通路均有貢獻。我們看到了第 53 個報告週的 5000 萬美元的收益，略高於我們先前的預期。

By region, net sales increased 23% in the Americas on a reported basis, and 17% on a comparable sales basis. EMEA was up 13% on a reported basis and 10% on a comp basis. APAC was up 21% on both a reported and comp basis. In EMEA, growth was led by our largest 2 countries, the U.K. and Germany, where we are focusing our marketing and brand awareness efforts. In APAC, growth was consistent across the owned and operated markets of China and Japan.

按地區劃分，美洲地區的淨銷售額按報告基礎計算增長了 23%，按可比較銷售額計算增長了 17%。歐洲、中東和非洲地區 (EMEA) 報告期內成長 13%，年增 10%。亞太地區報告和可比較數據均上漲 21%。在歐洲、中東和非洲地區，我們最大的兩個國家—英國和德國推動了成長，我們正專注於在這些國家進行行銷和品牌知名度提升工作。在亞太地區，中國和日本的自有和營運市場均維持了持續成長。

From a brand perspective, we saw growth across brands in the quarter. Net sales at Abercrombie brands rose 35% on a reported basis, with comparable sales up 28%. Hollister brands increased 9% or 6% on a comp basis. For the year, the gross profit rate for the quarter, the gross profit rate was 62.9% versus 55.7% last year. Key drivers of the year-over-year change were higher AURs across brands, contributing 430 basis points, with the remaining 290 basis points associated with lower freight and raw material costs.

從品牌角度來看，我們看到本季各個品牌都實現了成長。據報道，Abercrombie 品牌淨銷售額成長 35%，可比銷售額成長 28%。 Hollister 品牌銷售額年增 9%，較上季成長 6%。就全年而言，本季的毛利率為 62.9%，而去年同期為 55.7%。推動同比變化的關鍵因素是各品牌的 AUR 上漲，貢獻了 430 個基點，而剩餘的 290 個基點則與運費和原材料成本的下降有關。

Cotton costs were relatively consistent with 2022 levels. Product acceptance and tightly controlled inventory were key enablers of the AUR growth. Inventory ended the year down 7% to 2022 and each brand is in a position to chase. Q4 operating expense, excluding other operating income, was $692 million, compared to adjusted operating expense of $575 million last year. We excluded $4.7 million of pretax asset impairment charges in the fourth quarter of 2022.

棉花成本與2022年的水準相對一致。產品接受度和嚴格控制的庫存是 AUR 成長的關鍵推動因素。截至 2022 年，庫存已下降 7%，每個品牌都處於追趕的位置。第四季營業費用（不含其他營業收入）為 6.92 億美元，而去年調整後的營業費用為 5.75 億美元。我們在 2022 年第四季排除了 470 萬美元的稅前資產減損費用。

Year-over-year expense growth was driven by higher marketing spend, incentive-based compensation, digital and technology investments and the 53rd reporting week. In total, we delivered slight expense leverage in the quarter. Operating income was [approximately $223 million](added by company after the call), more than double the adjusted operating income of $92 million last year. Operating margin was 15.3%, compared to adjusted operating margin of 7.6% last year. Tax rate for the quarter was 29%, and net income per diluted share was $2.97, compared to $0.81 last year.

支出較去年同期上漲的原因是行銷支出增加、激勵性薪酬、數位和技術投資以及第 53 週的報告。總體而言，我們在本季實現了輕微的費用槓桿。營業收入為 [約 2.23 億美元]（公司在電話會議後補充），較去年調整後的 9,200 萬美元營業收入增長一倍多。營業利益率為 15.3%，去年調整後營業利益率為 7.6%。本季稅率為 29%，每股攤薄淨利潤為 2.97 美元，去年同期為 0.81 美元。

Turning to full year results, which I'll cover on an adjusted non-GAAP basis. Full year results exclude approximately $4 million of pretax asset impairment charges, which adversely impacted results by $0.06. In 2022, we excluded $14 million of pretax asset impairment charges, which adversely impacted results by $0.20. For the year, net sales were $4.28 billion, up 16% and represented our second highest sales level in the history of the company.

談到全年業績，我將根據調整後的非 GAAP 基礎進行介紹。全年業績不包括約 400 萬美元的稅前資產減損費用，這對業績造成了 0.06 美元的不利影響。 2022 年，我們排除了 1,400 萬美元的稅前資產減損費用，這對業績產生了 0.20 美元的不利影響。全年淨銷售額為 42.8 億美元，成長 16%，創下公司史上第二高的銷售水準。

Comparable sales for the [year](corrected by company after the call) were up 13%. For the year, we saw a benefit of approximately $50 million for the 53rd reporting week and a slight benefit from net store openings. We delivered growth across regions with the majority of growth coming from the Americas. Sales were up 18% in the Americas, 4% in EMEA and 16% in APAC. By brand, Abercrombie brands led the way with 27% growth on a reported basis and 23% growth on a comparable sales basis. We saw double-digit sales growth in both men's and women's.

[年度]可比銷售額（電話會議後公司進行了更正）增長了 13%。就本年度而言，我們看到第 53 個報告週的收益約為 5000 萬美元，並且淨開店帶來了小幅收益。我們在各個地區都實現了成長，其中大部分成長來自美洲。美洲地區銷售額成長 18%、歐洲、中東和非洲地區成長 4%、亞太地區成長 16%。按品牌劃分，Abercrombie 品牌處於領先地位，報告成長率為 27%，可比銷售額成長率為 23%。男裝和女裝的銷量都實現了兩位數的成長。

At Hollister brands, we delivered total sales growth of 6% and 4% on a comp basis. Growth was led by the women's business and the source channel. Gross profit rate was 62.9%, compared to 56.9% in 2022. Of the 600 basis point improvement, we saw around half come from higher AURs and around half come through the net of lower freight and higher raw materials costs.

在 Hollister 品牌方面，我們的總銷售額成長了 6%，年比分別成長了 4%。成長主要由女性業務和貨源通路推動。毛利率為 62.9%，而 2022 年為 56.9%。

Operating expense, excluding other operating income, was $2.2 billion or 51.6% of sales, compared to $2.0 million or 54.1% of sales in 2022. Compared to last year, the dollar increase was primarily driven by marketing, incentive-based compensation and digital and technology investments. We also saw variable expenses increased with higher sales and had added expense from the 53rd reporting week.

不包括其他營業收入的營業費用為 22 億美元，佔銷售額的 51.6%，而 2022 年為 200 萬美元，佔銷售額的 54.1%。我們也發現，隨著銷售額的增加，變動費用也隨之增加，從第 53 個報告週開始費用增加。

Adjusted operating income was $489 million or 11.4% of sales, compared to $107 million or 2.9% of sales last year. The increase was driven primarily by a higher gross profit rate as well as operating expense leverage on strong sales growth. The effective tax rate for the year was 31%. The Net income per diluted share was $6.28, compared to $0.25 in 2022.

調整後營業收入為 4.89 億美元，佔銷售額的 11.4%，而去年為 1.07 億美元，佔銷售額的 2.9%。成長的主要原因是毛利率提高以及強勁銷售成長帶來的營業費用槓桿。本年度有效稅率為31%。每股攤薄淨利潤為 6.28 美元，而 2022 年為 0.25 美元。

Moving to the balance sheet. We exited the year with cash and cash equivalents of $901 million and total liquidity of approximately $1.2 billion. For the year, we had operating cash flow of $653 million. We spent $158 million on capital expenditures, with $75 million spent on digital and technology and the remainder spent on stores and maintenance.

轉到資產負債表。截至本財年末，我們的現金及現金等價物為 9.01 億美元，總流動資金約 12 億美元。本年度，我們的營運現金流為 6.53 億美元。我們在資本支出上花費了 1.58 億美元，其中 7,500 萬美元用於數位和技術，其餘用於商店和維護。

For the year, we repurchased a total of $77 million of par value senior secured notes on the open market, ending the year with $223 million outstanding. We ended the year with 765 stores, across 5 million gross square feet. We delivered 57 new store experiences, including 35 new stores, 9 right-sizes and 13 remodels. We also closed 32 stores.

全年我們在公開市場上回購了總計 7,700 萬美元票面價值的優先擔保票據，年底未償還金額為 2.23 億美元。截至年底，我們擁有 765 家門市，總佔地 500 萬平方英尺。我們提供了 57 種新店體驗，其中包括 35 家新店、9 家合適規模店和 13 家改建店。我們還關閉了 32 家商店。

Compared to 2019, our ending 2023 store count was down around 10%, while gross square footage was down 21%, store occupancy was down 24% and productivity per square foot was up 18%. This improved productivity in the store channel, coupled with significant growth in digital are key drivers of our improved profitability profile, as we move into 2024.

與 2019 年相比，我們預計 2023 年底的門市數量下降了約 10%，總建築面積下降了 21%，門市入住率下降了 24%，每平方英尺的生產率上升了 18%。隨著我們邁入 2024 年，商店通路生產力的提高加上數位化的顯著成長是我們獲利能力改善的關鍵驅動因素。

On 2024, we entered the year with momentum across regions and brands a strong balance sheet, controlled inventory and marketing investments in the back half of 2023, giving us confidence that we are executing well in those areas within our control. From a macro perspective, we are closely tracking the geopolitical landscape.

2024 年，我們以跨地區和品牌的發展勢頭進入了新的一年，資產負債表強勁，庫存可控，2023 年下半年的營銷投資，讓我們有信心在我們控制的領域表現良好。從宏觀角度來看，我們密切關注地緣政治格局。

For the full year, we expect net sales growth in the range of 4% to 6%, from $4.28 billion in 2023, with full year growth expected across regions and brands. This includes a net adverse impact of approximately $50 million from the loss of the 53rd reporting week in 2023. While we expect growth in both the first and second half of the year, we expect the rate of growth will be higher in the first half, partially due to calendar shifts stemming from the 53rd week.

我們預計全年淨銷售額將從 2023 年的 42.8 億美元成長 4% 至 6%，預計各地區和品牌的全年都將成長。其中包括因 2023 年第 53 週報告損失而產生的約 5000 萬美元的淨不利影響。

We expect the full year operating margin around 12%. In terms of drivers, we expect modest gross profit rate improvement from lower cotton and other raw material costs. Consistent with past practice, we entered the year assuming minimal full year AUR growth, after strong growth the past few years.

我們預計全年營業利潤率約為12%。從驅動因素來看，我們預期棉花和其他原物料成本下降將使毛利率略有增加。與以往的做法一致，在經歷了過去幾年的強勁增長後，我們在今年年初假設全年 AUR 增長將達到最低水平。

On freight, we had discussed some minor benefits trickling into 2024, but we now expect those remaining benefits will be more than offset by impacts from the Red Sea. We will continue to read and react as the situation evolves in 2024, leveraging a strong supply chain playbook we've built over the years. For operating expense at the midpoint of our sales outlook, we are not expecting much leverage or deleverage. We will continue to drive our technology investment plan forward, including our retail merchandising ERP upgrade, which continues into 2024.

在貨運方面，我們曾討論過一些將持續到 2024 年的小幅收益，但我們現在預計，剩餘的收益將被紅海的影響所抵消。我們將利用多年來建立的強大供應鏈劇本，繼續閱讀並應對 2024 年情況的發展。對於銷售預期中點的營業費用，我們預期不會出現太多的槓桿或去槓桿。我們將繼續推動我們的技術投資計劃，包括我們的零售商品 ERP 升級，該計劃將持續到 2024 年。

For the tax rate, we are forecasting a rate in the mid- to high 20s, which remains elevated to pre-pandemic levels based on the expected regional mix of income. For capital allocation, we expect capital expenditures of approximately $170 million. We expect around $80 million to be spent on digital and technology and around $90 million on stores and maintenance.

對於稅率，我們預測稅率將在 25% 左右，根據預期的地區收入結構，這一稅率仍將維持在疫情前的水平。對於資本配置，我們預計資本支出約為 1.7 億美元。我們預計將在數位和技術上花費約 8,000 萬美元，在商店和維護上花費約 9,000 萬美元。

On stores, we expect to deliver around 75 new experiences, including 45 new stores and 30 right sizes or remodels. We also expect to be net store openers with our 45 new store openings, outpacing around 30 anticipated closures. On liquidity, we expect to continue putting excess cash to work, including through share and debt repurchases pending business and market conditions. Entering 2024, we have approximately $232 million remaining on the $500 million share repurchase authorization, established in November of '21.

在商店方面，我們預計將提供約 75 種新體驗，包括 45 家新店和 30 家合適規模或改造的商店。我們也預計開設 45 家新店，成為淨開店者，超過預計關閉的 30 家店。在流動性方面，我們預計將繼續投入過剩現金，包括透過股票和債務回購來適應業務和市場狀況。進入 2024 年，我們在 21 年 11 月設立的 5 億美元股票回購授權中還剩餘約 2.32 億美元。

We expect to buy back shares during the balance of the year with the objectives of offsetting anticipated dilution from share-based compensation and returning excess cash to shareholders. We also expect to further pay down debt through repurchases of outstanding senior secured notes where market conditions and pricing allow.

我們預計在今年剩餘時間內回購股票，目的是抵銷股權激勵預期帶來的稀釋，並向股東返還多餘的現金。我們也希望在市場條件和定價允許的情況下，透過回購未償還的優先擔保票據來進一步償還債務。

For the first quarter of 2024, we expect net sales to be up low double digits, to the Q1 2023 level of $836 million, including a slight benefit from the calendar shift from the 53rd week and assumed growth across regions and brands. This is supported by a strong start to the first quarter. We expect operating margin to be in the range of 8% to 10%, compared to adjusted operating margin of 4.6% in Q1 2023. We expect the year-over-year improvement to be primarily driven by gross profit rate improvement. And a tax rate around 10%, which is lower than the company's statutory federal income tax rate, primarily due to anticipated discrete federal income tax benefits relating to the vesting of share-based compensation. The rate is also sensitive to the company's actual stock price on the vesting dates.

對於 2024 年第一季度，我們預計淨銷售額將成長低兩位數，達到 2023 年第一季度的 8.36 億美元水平，其中包括從第 53 週開始的日曆轉換帶來的輕微好處以及跨地區和品牌的假設增長。第一季的強勁開局為這一表現提供了支持。我們預計營業利潤率將在 8% 至 10% 之間，而 2023 年第一季的調整後營業利潤率 我們預計同比增長主要得益於毛利率的提高。稅率約為 10%，低於公司的法定聯邦所得稅率，這主要歸因於預期與股權激勵歸屬相關的單獨聯邦所得稅優惠。該利率也對歸屬日的公司實際股價很敏感。

To finish up, we are about halfway through our 2025 Always Forward Plan. As we look to 2024, we are focusing on delivering sustainable, profitable growth. Since we launched the plan in June of 2022, we have made progress across each pillar. On focused brand growth, we have delivered outsized growth in Abercrombie brands as planned, while stabilizing and growing a healthy business in Hollister. For our digital revolution, we have added talent, evolved ways of working and made progress towards modernizing key technology platforms.

最後，我們已經完成了 2025 年 Always Forward 計劃的一半。展望 2024 年，我們致力於實現永續的獲利成長。自 2022 年 6 月啟動該計劃以來，我們在各個支柱上都取得了進展。在專注品牌成長方面，我們已按計劃實現了 Abercrombie 品牌的超額成長，同時穩定並健康發展 Hollister 的業務。為了實現數位革命，我們增加了人才，改進了工作方式，並在關鍵技術平台的現代化方面取得了進展。

For financial discipline, we have greatly improved cash flow, reduced debt levels and used sales outperformance to accelerate investments in targeted areas like marketing to support further growth. We look forward to continuing to execute against this plan in 2024. With that, operator, we are ready for questions.

在財務紀律方面，我們大大改善了現金流，降低了債務水平，並利用銷售優異的表現來加速對行銷等目標領域的投資，以支持進一步成長。我們期待在 2024 年繼續執行該計劃。

(Operator Instructions) First question comes from the line of Dana Telsey with Telsey Advisory Group.

（操作員指示）第一個問題來自 Telsey 顧問集團的 Dana Telsey。

Congratulations on a terrific year and look forward to continuing to see the path of progress in 2024. A couple of questions. Hollister continues to show nice improvement. You've mentioned Fran, that it's led by women's, what are you seeing on the men's side? And what's your outlook for what the markers are for success in Hollister this year that you're seeing on the product side?

恭喜您度過了出色的一年，並期待在 2024 年繼續看到進步之路。霍利斯特繼續展現出良好的進步。您提到了 Fran，該領域由女性主導，那麼您在男性方面有何看法？您如何看待今年霍利斯特在產品上的成功標誌？

Also, when you talked about Gilly Hicks any other updates there in terms of how we should think about that as a growth vehicle going forward? And Scott, you mentioned the Red Sea having more of an impact, timing of that impact, the margin impact of that impact? And how do you see AURs progressing?

此外，當您談到吉利希克斯時，還有其他關於我們應該如何將其視為未來成長工具的最新消息嗎？斯科特，您提到紅海的影響更大，影響的時間以及影響的邊際影響？您如何看待 AUR 的進展？

Thanks, Dana. Yes, on an amazing and exciting year here at Abercrombie. To start with your first question about Hollister, very proud of the team. As you know, coming out of 2022, they really dug in to figure out what pieces were owned by us and what was happening in the greater macro world. And they were able to really uncover some product opportunities.

謝謝，達娜。是的，這對 Abercrombie 來說是一個令人驚嘆、激動人心的一年。首先問你關於霍利斯特的問題，我對這個團隊感到非常自豪。如你所知，從 2022 年開始，他們真正深入挖掘，以弄清楚我們擁有哪些部分，以及更大的宏觀世界正在發生什麼。他們確實能夠發現一些產品機會。

So returning to growth for 2023, led, as you mentioned, by the women's business, and that's across all categories. We are seeing progress in some green shoots in guys. We see a very strong Bottoms business. They've been able to diversify out of Denim and there's lots of categories in the Bottoms that are selling. And our expectation is to continue to see this progress throughout the year.

因此，2023 年將恢復成長，正如您所說，成長主要由女性業務推動，並涵蓋所有類別。我們看到一些傢伙正在取得進步。我們看到 Bottoms 業務非常強勁。他們已經能夠實現除牛仔布以外的多樣化，並且有許多類別的下裝在熱銷中。我們期望全年能夠繼續看到這項進展。

Regarding Gilly, again, we are excited about the growth of Gilly, Gilly had a nice year. It's been a journey of learning for us that we've discussed many times. And the exciting thing is it's contributing to the growth of Hollister. So we have been able to pivot that brand per customer's feedback, to really being an active lifestyle-focused brand, and that's what they're continuing to respond to. So as we mentioned, we do carry it in all the stores around the world. The side-by-side will remain, we'll actually have some freestanding stores as well to continue to test and learn, but we're excited to see what it's contributing.

關於 Gilly，我們再次對 Gilly 的成長感到興奮，Gilly 度過了愉快的一年。對我們來說，這是一次學習之旅，我們已經討論過很多次了。令人興奮的是，它促進了 Hollister 的發展。因此，我們能夠根據客戶的回饋對該品牌進行調整，使其成為真正注重積極生活方式的品牌，而這也是他們持續回應的。正如我們所提到的，我們確實在世界各地的所有商店都有銷售它。並排模式將會保留，我們實際上也會有一些獨立的商店來繼續測試和學習，但我們很高興看到它的貢獻。

Okay. Dana, let me chime in here for the last 2. So on the Red Sea, first, a huge thanks to our supply chain team, planning team, sourcing teams, for the read and react over the past couple of months. Obviously, the situation is evolving rapidly. When we think about impact, this is mostly an impact to the European market for us. A lot of shipping goes through that area. Our teams have been read and reacting, changing modes whenever they need to do to get the product here at the right time at the best price.

好的。達娜，讓我在這裡插播最後 2 句話。顯然，情況正在迅速發展。當我們考慮影響時，這對我們來說主要是對歐洲市場的影響。許多船隻經過該地區。我們的團隊一直在閱讀並做出反應，隨時改變模式，以便在合適的時間以最優惠的價格將產品送到這裡。

Obviously, we've seen -- you've seen this. You've seen shipping rates elevate kind of around the world, as this has transpired. A little different by lane. So we are seeing some friction there on shipping costs. That will be more of kind of Q2 into the back half thing, as those higher shipping costs start to flow through. I'd say in total, on freight for the year, we had talked a little bit about some benefits rolling into the year. We think that will be more than offset by the Red Sea. So freight, not a lot happening there for this year in the total year.

顯然，我們已經看到——你們已經看到了這一點。隨著這種情況的發生，您已經看到世界各地的運費都有所上漲。不同車道略有不同。因此我們看到運輸成本方面存在一些摩擦。這將更多地成為第二季後半段的事情，因為更高的運輸成本開始流入。總的來說，關於今年的貨運，我們已經討論了一些將在今年帶來的福利。我們認為紅海將足以抵消這一影響。因此，今年全年的貨運量沒有太大變化。

The second piece was AUR. So we've made amazing progress here over the past 3, 4 years on our AURs, consistent with last year. Our goal is sitting here today at the outset of the year is to hold those AURs, our margins in a really strong place exiting 2023, and we'll see what happens. We say it all the time, but the best ways to raise your AURs controlling your inventory and having great product acceptance. So we're going to continue to work on those 2 things, as we go throughout the year.

第二件是 AUR。因此，在過去 3 至 4 年裡，我們的 AUR 取得了驚人的進展，與去年一致。我們今天在年初就定下的目標是，在 2023 年之前保持這些 AUR 和利潤率處於一個非常強勁的位置，然後我們再看看會發生什麼。我們總是這麼說，但提高 AUR 的最佳方法是控制庫存並獲得較高的產品接受度。因此，我們將全年繼續致力於這兩件事。

Our next question comes from the line of Corey Tarlowe with Jefferies.

我們的下一個問題來自 Jefferies 的 Corey Tarlowe。

Fran, the success of the Abercrombie brand has been nothing short of amazing. And I think now as of this fiscal year, the company has now approached record levels of sales at the Abercrombie segment. So how do you think about what's worked for the business within the last 12 to 24 months, since you put forth the Always Forward Plan? And then within the context of that Always Forward Plan, how do you think about what are the vectors of growth that you'll likely leverage over the next several years, as you think about continuing to drive growth at Abercrombie because it seems to be an increasingly promising trajectory.

弗蘭，Abercrombie 品牌的成功簡直令人驚嘆。我認為截至本財年，公司 Abercrombie 品牌的銷售已接近創紀錄的水平。那麼，您認為自從您提出「永遠前進」計畫以來，過去 12 到 24 個月內哪些做法對公司有益？然後，在「永遠向前」計劃的背景下，您如何看待未來幾年您可能利用的成長載體？

And then Scott, just on the outlook, you mentioned that you're expecting revenue to be up low double digits in the first quarter. Is that where you're tracking at the moment? And then how do you bridge that with the full year revenue growth guidance of up 4% to 6% from low double digits in the first quarter?

然後斯科特，就前景而言，您提到預計第一季收入將增長兩位數。那是您目前正在追蹤的地方嗎？那麼，您如何實現全年營收成長預期從第一季的低兩位數成長 4% 至 6% 呢？

All right, Corey. Good morning. And first of all, thank you. Yes, it was an absolutely amazing year for the company, as well as for the A&F brands. I mean, to see growth across brands, regions and channels. It's just been incredible. And A&F, to your point, we have seen a 50% increase in the family of brands, at A&F in 2019, and a 10% CAGR with double digits for 3 years with that happening.

好的，科里。早安.首先，謝謝你。是的，對於公司和 A&F 品牌來說，這絕對是令人驚嘆的一年。我的意思是看到跨品牌、跨地區、跨通路的成長。這真是令人難以置信。正如您所說，A&F 的品牌家族在 2019 年增長了 50%，並且 3 年來複合年增長率達到 10%，並且一直保持兩位數。

The reason behind that is that our playbook is working. We have been able to really expand the addressable market for Abercrombie adult, particularly. So it is no longer a jeans and T-shirt company, it's truly a lifestyle brand. So the addressable market has gone from the early 20s to easily through the late 30s and we've broadened all the offerings from a category perspective.

這背後的原因是我們的劇本正在發揮作用。我們已經能夠真正擴大 Abercrombie 成人產品的目標市場。因此，它不再是一家牛仔褲和 T 卹公司，而是一個真正的生活方式品牌。因此，潛在市場已經從20年代早期擴大到30年代晚期，我們從類別角度擴大了所有產品範圍。

So today, where we talk about things like YPB, our active brand, Best Dressed Guests. This week, we're launching our Wedding Shop, which is another exciting bit of information that we learned from staying close to the customer and how important this wedding journey is and how many occasions we can dress them for. So our expectation is to continue to see these ideas coming from the team and helping us understand what the consumer is looking for and continuing to grow all of those categories. So 2024, as we said, we're focused on sustainable, profitable growth. And frankly, there's just -- there's no finish line.

所以今天，我們談論的是 YPB、我們的活躍品牌、最佳著裝嘉賓等話題。本週，我們將推出婚禮商店，這是我們從與客戶的密切接觸中了解到的另一個令人興奮的信息，它表明了婚禮之旅有多麼重要，以及我們可以為多少個場合設計婚禮服裝。因此，我們的期望是繼續看到團隊提出這些想法，並幫助我們了解消費者的需求，並繼續發展所有這些類別。因此，正如我們所說，到 2024 年，我們將專注於可持續的獲利成長。坦白說，沒有終點線。

Okay. On the outlook. So let's start with kind of breaking up the year. So yes, we expect growth in both halves. We'll start there. We do expect the growth rate to be higher in the first half. We'll get a little bit of help here from this 53rd week nuance on the calendar shift and really comes down to visibility, Corey, sitting here today, we had a nice start to the quarter, strong start to the quarter. That's baked into our first quarter outlook here of up low double digits.

好的。關於前景。那麼就讓我們先來按年份分類吧。是的，我們預計上下半年都會成長。我們就從那裡開始。我們確實預計上半年的成長率會更高。日曆變化的第 53 週細微差別會給我們帶來一些幫助，而這實際上取決於可見性，科里，今天坐在這裡，我們本季度有一個很好的開端，強勁的開端。這已融入我們對第一季低兩位數成長的預期。

And with how fast this world is changing and just the geopolitical landscape changes so quickly, finding it hard to be super aggressive here and a reason to be super aggressive on the back half sitting here in March of this year. So we're running this business more on a seasonal basis. We are laser-focused on running the spring business, have had great product reactions to the start of spring. Our teams are chasing inventory for the spring and we're building those plans for the fall.

隨著世界的變化如此之快，地緣政治格局也變化如此之快，在這裡很難採取超級積極的態度，而在今年 3 月，我們有理由對後半部分採取超級積極的態度。因此，我們經營這項業務更多的是基於季節性的。我們專注於經營春季業務，春季開始時產品就獲得了很好的迴響。我們的團隊正在追逐春季的庫存，我們正在製定秋季的計劃。

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

我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on another great quarter.

恭喜您又度過了一個出色的季度。

Thanks, Matt.

謝謝，馬特。

So 2 questions. Fran, maybe near term, could you elaborate on the continued momentum post holiday and what you're seeing with early spring assortments so far here in the first quarter? And then just larger picture, how best to think about the global opportunity? It seems like in the release and in some of our recent calls, you've really honed in on the global opportunity. So maybe just help best to think about the growth playbook outside of North America, as you see it from here. One quick one for Scott. Is there any change in operating margin flow through this year if sales were to come in above plan? Or just any offsetting investments for us to consider?

所以有 2 個問題。弗蘭，也許是近期，您能否詳細說明假期後持續的增長勢頭以及您在第一季迄今為止看到的早春產品分類？然後從更大的角度來看，如何最好地看待全球機會？看來，在我們發布的消息和最近的一些電話會議中，您確實關注了全球機會。所以也許最好只是思考北美以外的成長策略，就像你從這裡看到的那樣。對斯科特來說這是一個快速的機會。如果銷售額超出計劃，今年的營業利潤流會有什麼變化嗎？或只是任何值得我們考慮的抵銷投資？

Yes. So super excited with the results we put up obviously for the fourth quarter, as well as for the full year. And we did see some nice acceleration in January. It really does kind of prove that you can do business in January. I'm very proud of the team because that was really a result of transitioning their assortments into early spring and getting some newness on the floor. Our consumer continues to respond to newness and having new and first is something that's a very big part of our vocabulary and the fact that we're holding our inventory so lean, and we're chasing it drives the ability to be able to do that.

是的。因此，我們對第四季度以及全年的業績感到非常興奮。我們確實在一月份看到了一些良好的加速。這確實證明你可以在一月份做生意。我為這個團隊感到非常自豪，因為這實際上是他們將產品系列過渡到早春並在市場上推出一些新事物的結果。 我們的消費者不斷對新事物做出反應，「新」和「第一」是我們詞彙中非常重要的一部分，而我們保持庫存如此精簡，並且不斷追逐庫存，這些都推動著我們能夠做到這一點。

You used our word. So yes, we are actually exporting our playbook globally. It was exciting to see both of our international regions start to return to growth this year. That was our expectation, and we're very happy to have seen that come through. We've spent years building those teams in Shanghai, as well as London. And the fact that our playbook is working here, we're very confident that it will work there as well. I've been actually in both regions very recently, working and visiting with the teams, and it's exciting to see all the talent that we've been able to recruit into those offices.

您使用了我們的字詞。所以是的，我們實際上正在向全球輸出我們的劇本。我們很高興地看到，我們的兩個國際地區今年都開始恢復成長。這是我們的期望，我們很高興看到它實現了。我們花了數年時間在上海和倫敦組建這些團隊。事實上，我們的劇本在這裡是有效的，我們非常有信心它在那裡也會有效。事實上，我最近一直在這兩個地區工作，與那裡的團隊一起工作和拜訪，看到我們能夠招募到這些辦公室的各種人才，我感到非常興奮。

All right, Matt, I'll grab the last one. Yes, on the operating margin flow-through, if we would see sales outperformance, it would be similar to 2023. Our investment plan is relatively set at this point. Any outperformance we may put more marketing in play like we did in 2023, but flow-through would be similar.

好的，馬特，我拿最後一個。是的，在營業利潤率流動方面，如果我們看到銷售業績優異，那將與 2023 年類似。為了獲得優異表現，我們可能會像 2023 年那樣投入更多行銷，但流通量會類似。

Our next question comes from the line of Marni Shapiro with -- The Retail Tracker.

我們的下一個問題來自《零售追蹤》的 Marni Shapiro。

Congrats on the great quarter and year. I have one housekeeping question and one bigger picture. Just on the housekeeping. Of the stores you're opening, are you leaning into Abercrombie or Hollister specifically? And the store size has been getting a little bit smaller, so I'm just curious what you're thinking about store sizes for the concepts in '24.

恭喜這個季度和這一年所取得的輝煌成就。我有一個基本問題和一個更大的問題。只是做家事。在您開設的商店中，您是否特別傾向於 Abercrombie 或 Hollister？而且商店規模變得越來越小，所以我很好奇您對 24 年概念的商店規模有何看法。

And then, Fran, if you could just talk about your ability to attract new customers into the brands. Have you been able to do that? Is it through digital, are you bringing in lapsed Abercrombie shoppers. I'm curious what that looks like across the brands and what it looks like for '24.

然後，弗蘭，您能談談您吸引新客戶的能力嗎？你能做到嗎？您是否透過數位化方式吸引了流失的 Abercrombie 購物者？我很好奇各個品牌的表現如何以及『24 年的表現如何。

Marni, I'll kick this one off. So on the new stores, so the 75 new experiences that we'll bring in, in 2024, that's up from around 57% there in 2023. Those will be tilted towards Abercrombie and tilted towards the Americas. We'll still be opening Hollisters, and we'll still be opening stores globally, but they'll be tilted towards Abercrombie, obviously, with the trend that we're seeing.

瑪尼，我來開始這個。就新店而言，我們將在 2024 年引入 75 種新體驗，比 2023 年的 57% 左右有所增長。我們仍將開設 Hollisters 門市，也仍將在全球開設門市，但顯然，根據我們所看到的趨勢，這些門市將傾向於 Abercrombie。

And when you think about store sizes for 2024, kind of different here by brand, the Hollister brand, we're liking the sizes there. We're talking 5,000, 6,000 square feet for Abercrombie. It kind of depends now that we're getting into the neighborhood retail environment. It depends on what you can find and what deal you can get. So we're seeing those stores somewhere between 2,500 square feet to 4,000. And in malls, we're kind of in that 4,000 or 5,000 square foot range. So very happy with those spaces, and we hope to get more of them in 2024.

當您考慮 2024 年的商店規模時，不同品牌的商店規模有所不同，例如 Hollister 品牌，我們喜歡那裡的規模。我們說 Abercrombie 的面積有 5,000 到 6,000 平方英尺。這在某種程度上取決於我們現在是否進入了社區零售環境。這取決於您能找到什麼以及能達成什麼樣的交易。因此，我們看到這些商店的面積在 2,500 平方英尺到 4,000 平方英尺之間。在購物中心，我們的面積大約在 4,000 或 5,000 平方英尺的範圍內。我們對這些空間非常滿意，希望在 2024 年能擁有更多這樣的空間。

Great.

偉大的。

And regarding your other question regarding attracting customers. So yes, we're attracting new customers. We've actually added millions of customers to our file this year, which has been incredibly exciting. Those are both customers coming back to the brand, as well as new customers that are just discovering us. It's being done through digital as well as stores. And the fact that we have really expanded the addressable market and age as well as in categories is really helping us bring in some new shoppers. A great example would be they come to check out YPB, and then they realize and see many other things on the site that they're excited about, and we see the attachments to the other products as well.

關於您提出的吸引客戶的另一個問題。所以是的，我們正在吸引新客戶。事實上，今年我們已經增加了數百萬客戶，這令人興奮不已。這些既包括回歸品牌的客戶，也包括剛發現我們的新客戶。這項工作可以透過數位方式和商店完成。事實上，我們確實擴大了目標市場、年齡和類別，這確實幫助我們吸引了一些新的購物者。一個很好的例子是，他們來查看 YPB，然後他們意識到並看到網站上許多其他讓他們興奮的東西，我們也看到了其他產品的附件。

And our next question comes from the line of Alex Straton with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞歷克斯·斯特拉頓 (Alex Straton)。

Congrats on a great quarter. Just 2 for me. First on Hollister. Where does that banner sit now as it relates to profitability? Is it still undershooting historical levels? And maybe if so, what's holding it back? And how do you think about the time line? And then just turning to A&F, digital penetration. Can you just remind me why it's so much higher than the average retailer? Has it always been that way? Or was that a part of the turnaround over the last few years?

恭喜您度過了一個美好的季度。對我來說只要 2 個。首先是霍利斯特。就獲利能力而言，這個橫幅現在處於什麼位置？它是否仍低於歷史水平？如果確實如此，那麼是什麼阻礙了它？您如何看待時間軸？然後轉向 A&F，數位滲透。你能提醒我為什麼它比一般零售商高這麼多嗎？一直都是這樣嗎？或者這是過去幾年轉變的一部分？

We'll actually answer those questions in reverse. We'll start with Abercrombie. The digital consumer really is a result of the age cohort that we've gone after. So the A&F millennial consumer is really a online shopper, and they love the convenience of coming to a store, whether that's to pick up their what we call a pop-in purchase online, pick up in store or to make an exchange or a return.

我們實際上會反過來回答這些問題。我們將從 Abercrombie 開始。數位消費者實際上是我們所追求的年齡群體的結果。因此，A&F 千禧世代的消費者實際上是線上購物者，他們喜歡到店購物的便利，無論是在線上取貨、在店內取貨，還是進行換貨或退貨。

The digital penetration has certainly grown significantly over the past several years as we have changed that brand so significantly. The Hollister teen starts their journey on their phone as well but it's very social for them to spend time in the mall with their friends and complete their purchase there.

由於我們對品牌進行了巨大的變革，過去幾年來數位滲透率確實有了顯著的成長。霍利斯特的青少年也是透過手機開始他們的旅程，但他們與朋友一起在商場裡度過時光並在那裡完成購買，這非常具有社交性。

Alex, I'll grab the Hollister question. So happy with the profitability of the Hollister brand. I mean it's been a roller coaster here over the past few years, with COVID number one. And then the spike in input costs had an outsized impact on Hollister. But we're through the worst of that in terms of cotton, in terms of freight. And so we've seen the profitability of Hollister dramatically improve here as we've come through 2023.

亞歷克斯，我要回答霍利斯特的問題。對 Hollister 品牌的獲利能力感到非常滿意。我的意思是，過去幾年這裡的情況就像過山車一樣，首當其衝的是新冠疫情。然後投入成本的飆升對霍利斯特產生了巨大的影響。但就棉花和貨運而言，我們已經度過了最糟糕的時期。因此，我們看到，隨著 2023 年的到來，Hollister 的獲利能力顯著提高。

When you look at the brand, store fleet like on an operational basis, the store fleet is in a good place. Our productivity in the stores is up and the gross margins are in a really good place also. We're selling a lot less clearance in Hollister, than we were last year, #1, whenever the business stepped back, I'm sorry, 2022. And compared to 2019. So it's just a cleaner selling environment there in Hollister. Our teams are chasing. We've mentioned that. And optimistic for the profitability of Hollister to continue as we go forward.

當您從營運角度看待品牌和商店車隊時，您會發現商店車隊處於良好狀態。我們商店的生產效率提高了，毛利率也處於非常好的水準。與去年相比，我們在霍利斯特的清倉銷售量少了很多，#1，每當業務下滑時，對不起，2022 年。我方隊伍正在追擊。我們已經提到過這一點。我們對 Hollister 未來繼續獲利充滿信心。

And our next question comes from the line of Mauricio Serna with UBS.

我們的下一個問題來自瑞銀的 Mauricio Serna。

I guess I just wanted to hear more details about how you're thinking about the growth coming in both brands? I know you mentioned you expect Abercrombie to outperform Hollister. I mean, should we expect the same kind of divergence in sales growth between both brands? Or could that narrow this year? And same thing with international versus U.S. And then maybe on the inventory, it ended up the year in pretty good shape as well despite the very strong growth. I mean what are your expectations for inventory growth this year relative to sales growth?

我想我只是想聽聽更多關於您如何看待這兩個品牌的成長的細節？我知道您提到過，您預計 Abercrombie 的表現將優於 Hollister。我的意思是，我們是否應該預期這兩個品牌的銷售成長會出現同樣的差異？或者今年這個數字會縮小嗎？國際市場與美國市場的情況也一樣。我的意思是，您對今年庫存成長相對於銷售成長的預期是多少？

Yes, Mauricio, actually, we're going to take your back, but we're going to go in reverse as well. So regarding inventory, yes, I'm very pleased to start the year with a down 7% inventory. And obviously, a little bit differentiated by brand. But we've spent a lot of years getting our inventory into a much healthier place. And our expectation is that it will probably be closer to our sales opportunity as we head into 2024, but we are going to stay lean. We're going to continue to chase. We work with the teams every single week on what's working and what's not working. And that mantra is not changing in 2024.

是的，毛里西奧，實際上，我們會支持你，但我們也會反向行動。因此關於庫存，是的，我很高興今年年初庫存下降了 7%。顯然，品牌之間略有差異。但我們花了很多年的時間才讓我們的庫存變得更健康。我們的預期是，到 2024 年，它可能會更接近我們的銷售機會，但我們將保持精簡。我們還會繼續追擊。我們每週都會和團隊一起研究哪些有效，哪些無效。即使到了 2024 年，這個口號也不會改變。

Hey Mauricio, I'll grab the other 2. So growth levels by brand. Yes, we've obviously seen Abercrombie outperform Hollister brands here over the past few years. And we're just going to expect that to continue until it doesn't. There could be divergence at some point and when that happens, fine. But we're worried about growing the total. Same thing for international versus U.S. growth. The U.S. business, it's a little bit over 80% of the business at this point. We've seen really strong growth in the U.S. over the past few years.

嘿，毛里西奧，我會抓住另外兩個。是的，我們顯然看到 Abercrombie 在過去幾年的表現優於 Hollister 等品牌。我們只是希望這種情況能一直持續下去，直到不再發生。在某個時候可能會出現分歧，當這種情況發生時，就很好了。但我們擔心總數會增加。國際成長與美國成長的情況也一樣。目前，美國業務佔比略超過 80％。過去幾年，我們看到了美國真正強勁的成長。

And so we'll expect the majority of dollar growth to continue to come from the Americas region. But on a rate basis, we're optimistic that we can start to see good growth, outsized growth in Europe and APAC. Obviously, APAC is a very small part of our business, but as Fran mentioned earlier, we're investing in our teams and we're rebuilding the foundation and we're confident in our ability to grow in those regions.

因此，我們預計美元成長的大部分仍將來自美洲地區。但從利率角度來看，我們樂觀地認為歐洲和亞太地區將開始出現良好的成長、超高速的成長。顯然，亞太地區只是我們業務的一小部分，但正如 Fran 之前提到的，我們正在投資我們的團隊，重建基礎，我們對在這些地區發展的能力充滿信心。

Got it. Super helpful. Just one quick follow-up. On the OpEx on the fourth quarter. Any way you could like parse out or point out like how much did the additional we contribute to the OpEx growth in Q4?

知道了。超有幫助。只需快速跟進一次。關於第四季的營運支出。您能否以任何方式分析或指出我們對第四季度營運支出成長的額外貢獻是多少？

Yes. It was about $25 million or so for the fourth quarter. So that will hurt us a little bit there in Q4, but that will go away in 2024.

是的。第四季的營收約為2500萬美元左右。所以這會在第四季對我們造成一點影響，但到 2024 年就會消失。

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

我們的下一個問題來自花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. Congrats on a great quarter. I just wanted to touch on the gross margin expansion you're expecting in that '24 and 1Q, how much of a benefit are you expecting to see from lower product costs? And is that a tailwind that lasts throughout the year? And then secondly, Fran, could you talk about what learnings you feel you're taking from A&F and applying to Hollister, where you've seen progress there? And just remind us of how much AURs are up at Hollister versus 2019?

這是凱莉 (Kelly) 取代保羅 (Paul)。恭喜您度過了一個美好的季度。我只是想談談您預計 24 年和 1 季的毛利率擴大，您預計從降低產品成本中獲得多少收益？這是持續全年的順風嗎？其次，弗蘭，您能否談談您從 A&F 學到了什麼，並將其應用到霍利斯特，您在那裡看到了進步？能否提醒我們一下，與 2019 年相比，Hollister 的 AUR 成長了多少？

Kelly, I'll kick this one off. So let's start with gross margin expansion. Yes, we'll see benefit from the cotton cost. That's mainly a front half phenomenon here in 2024. Q1, we talked about operating margins in that 8% to 10% range on our outlook, about double from 4.6% last year, primary driver should be that gross margin or gross profit rate expansion. So excited to see -- finally get to the point where we're seeing those lower product costs come through the P&L, and I'll kick it the Fran for the next.

凱利，我來開始這個。那麼就讓我們先從毛利率擴大開始吧。是的，我們將從棉花成本中看到收益。這主要是 2024 年上半年的現象。我很高興看到 — — 終於看到這些較低的產品成本透過損益表體現出來了，我將在下個月將其踢出 Fran。

Yes. So the learnings from A&F, we have a corporate playbook that we referenced very often, which is aligning our product, our voice and experience and really staying close to our customer. Those are the same principles that we use for each of the brands. And particularly for Hollister this year, I mean, keeping that lean inventory and making sure that we stay in chase mode has been a huge win for us. And intending to do the same as we continue into 2024. d

是的。因此，從 A&F 學到的東西，我們形成了一個經常參考的公司劇本，即調整我們的產品、我們的聲音和經驗，並真正貼近我們的客戶。我們對每個品牌都採取相同的原則。特別是對於今年的霍利斯特來說，保持精益庫存並確保我們保持追逐模式對我們來說是一個巨大的勝利。並打算在 2024 年繼續這樣做。

And then lastly, marketing, we treat our marketing very similarly to how we treat our chase and our open-to-buy, and we keep our -- we keep it open so that we can continue to test and learn and see what's working. We were able to add some marketing to Hollister in the back half, when we had the product all lined up and the customer was responding.

最後，關於行銷，我們對待行銷的方式與我們對待追逐和開放購買的方式非常相似，我們保持開放，以便我們可以繼續測試和學習，看看什麼是有效的。當我們的產品全部準備好並且客戶開始做出反應時，我們能夠在後半段為 Hollister 增加一些行銷活動。

On the last piece, in terms of AURs, as we think about Hollister versus Abercrombie, the path for Hollister, definitely up double digits versus 2019, lower clearance spending or lower clearance selling. We've taken off some promotions versus 2019. So really a cleaner, healthier sales base there.

最後，就 AUR 而言，當我們比較 Hollister 與 Abercrombie 時，Hollister 的走勢肯定比 2019 年增長兩位數，清倉支出或清倉銷售額較低。與 2019 年相比，我們取消了一些促銷活動。

When you think about Abercrombie, it's kind of an all of the above scenario. The brand is very different than it was in 2019 and 2018. So we have a very different product mix. With the strength of the product, the marketing and the brand, we've been able to take off a significant amount of promotions versus 2019 and prior.

當你想到 Abercrombie 時，你就會想到上述所有的情況。該品牌與 2019 年和 2018 年相比有很大不同。憑藉產品、行銷和品牌的實力，與 2019 年及之前相比，我們已經能夠進行大量促銷活動。

So very happy with where those AURs are. We like to say that the customer votes every day with their wallet. So we'll continue to try to deliver great quality for the consumer going forward.

我對這些 AUR 的現狀非常滿意。我們喜歡說顧客每天都用錢包投票。因此，我們將繼續努力為消費者提供優質的產品。

Next question comes from the line of Janet Kloppenburg with JJK Research Associates.

下一個問題來自 JJK Research Associates 的 Janet Kloppenburg。

Congrats on a good quarter, and fabulous year. Fran, I was wondering, you said the bottoms business, especially what you call out Hollisters, being so strong. I was wondering if the components of that were changing because I sense the Denim category is coming back. So I was wondering what you were seeing there? And I hope you would give us an update on your outlook for promotional activity embedded in guidance because you guys were so much less promotional year-over-year last year, and I'm wondering if you think that can continue?

恭喜您度過了一個良好的季度和輝煌的一年。弗蘭，我很好奇，你所說的底部業務，特別是你所說的霍利斯特，如此強大。我想知道其中的組成部分是否正在發生變化，因為我感覺牛仔布類別正在回歸。所以我想知道你在那裡看到了什麼？我希望您能向我們介紹一下指導中嵌入的促銷活動前景，因為去年你們的促銷活動同比下降了很多，我想知道你們認為這種情況是否會持續下去？

And Scott, on the gross margin opportunity, you talked about earnings in perhaps higher in the first half versus the second half for obvious reasons, And that's how we should think about gross margin as well? Is my question.

史考特，關於毛利率機會，您談到由於顯而易見的原因，上半年的獲利可能比下半年更高，我們也應該這樣看待毛利率嗎？是我的問題。

So, let's start with the product. So if we talk about bottom. Bottoms actually been a success across both brands and all genders. I think the biggest learning coming out of 2022 was certainly about diversifying on our Bottoms business, so that we're not so heavily reliant on just the Denim.

那麼，讓我們從產品開始。所以如果我們談論底部。下裝實際上在兩個品牌和所有性別中都獲得了成功。我認為 2022 年最大的收穫無疑是實現我們的下裝業務多元化，這樣我們就不會過度依賴牛仔布。

With that said, Denim is working. There's some exciting new things happening in Denim. It's certainly cleaning up. Believe it or not, the rise now is starting to go back down. The wide leg and the baggy is working both in men's and women's and girls and boys. But the real key here is keeping a balance in the Bottoms assortment and making sure that we continue to mind for new things out there like utility and cargo and non-denim bottoms, which are working for us.

話雖如此，Denim 還是發揮作用了。牛仔布領域發生了一些令人興奮的新鮮事。這當然是在進行清理。不管你信不信，現在漲勢已經開始回落。寬腿和寬鬆的服裝無論男女、無論男孩或女孩都適合。但這裡真正的關鍵是保持下裝系列的平衡，並確保我們繼續關注市場上的新事物，如實用褲、工裝褲和非牛仔褲，這些都對我們很有用。

I'll move to the next 2, Janet. So promo outlook, we start every year, assuming that we're going to be, as promotional as the prior year, and our goal will be then to pull some back as we go throughout the year. And that kind of ties to that mindset of assuming flat AUR year-over-year at the beginning of the year. As we said, that the customer will continue to vote if they're willing to pay a little bit more than last year.

我將轉到下一個 2，珍妮特。因此，對於促銷前景，我們每年都假設我們會像前一年一樣進行促銷，然後我們的目標是全年收回一些開支。這與年初假設 AUR 同比持平的心態有關。正如我們所說的，如果客戶願意比去年多付一點錢，他們就會繼續投票。

And if the product acceptance is there and the inventory is in the right place, that will enable us, hopefully, to pull off some promotions as we go throughout the year. The gross margin point versus sales, yes, very similar first half benefit mainly from cotton. So gross margin expansion, a little more in the first half there than you see in the second half.

如果產品接受度高且庫存充足，我們預計將在全年開展一些促銷活動。毛利率點與銷售額相比，是的，非常相似，上半年主要受益於棉花。因此，上半年的毛利率擴張比下半年略高一些。

Our next question comes from the line of Dylan Carden.

我們的下一個問題來自 Dylan Carden。

Just kind of curious here, you've -- I think you've said this on your prepared remarks, but you've hit or exceeded the 2025 targets. And so from here, I guess, maybe it's $5 billion is the right way to kind of think about it. I guess is growth now a larger customer file for Abercrombie, Hollister recovery, net store growth international, I'm sure you're going to say the combination of all, but if you could kind of maybe weight those. And then the structural improvement in sort of the long-term margin target in terms of sustaining 12%. What sustained that as sort of the new level kind of going back to some of the original thoughts around closing the benefits there and any recovery of the business?

只是有點好奇，我想你已經在準備好的發言中提到過這一點，但是你已經達到或超過了 2025 年的目標。所以從現在來看，我想，也許 50 億美元是正確的思考方式。我想現在的成長是 Abercrombie、Hollister 復甦、國際淨店成長的更大客戶檔案，我相信你會說是所有這些的結合，但如果你可以對它們進行加權。然後，在長期利潤率目標方面進行結構性改善，以維持 12%。是什麼讓這種現象維持在新的水平，回到最初關於取消那裡的福利以及業務復甦的一些想法？

Well done Dylan, yes, that does sum up our Always Forward Plan and our targets, thinking about $5 billion is the right way to think about it. Very excited to achieve what we have top line and bottom line. But the key that we said in June of 2022, when we came out with our Always Forward Plan was about sustainable, profitable, consistent growth. And that's really what our goal is for 2024, is certainly to do it again.

幹得好，迪倫，是的，這確實總結了我們的「永遠前進」計劃和目標，考慮 50 億美元是正確的思考方式。我們非常高興能夠實現我們所取得的營收和利潤。但是，我們在 2022 年 6 月提出「永遠前進」計畫時說的關鍵是可持續、獲利、持續的成長。這確實是我們 2024 年的目標，一定能再次實現這一目標。

I would say that there is no finish line, and we are really just at the beginning of this conversation, particularly from a global perspective and there's just so many opportunities out there and having seen both those regions go positive this year, as I mentioned just a minute ago about the teams that we're building in those regions. So super excited about exporting our playbook.

我想說的是，這沒有終點線，我們實際上才剛開始這場對話，特別是從全球角度來看，那裡有太多的機會，而且我看到這兩個地區今年都取得了積極的進展，正如我剛才提到的，我們正在這些地區組建團隊。我對匯出我們的劇本感到非常興奮。

On the second part on these long-term targets and the sustainability, you called out the per square footage in the real estate, some of the stats, I gave, square footage down 21%, occupancy down 24%, productivity up 18%. That's a much healthier store base than we had in 2019, when we were in kind of those low single digits, maybe to mid-single digits operating margins.

關於這些長期目標和永續性的第二部分，您提到了房地產每平方英尺的面積，我給出了一些統計數據，平方英尺下降了 21%，入住率下降了 24%，生產力上升了 18%。與 2019 年相比，我們的門市基礎要健康得多，當時我們的營業利潤率大概在個位數的低位，甚至可能在個位數的中位。

You add on the fact that the company is now about 45% digital penetration that comes along with variable expenses. So we just have a cleaner expense base at the company. And we have regions that are growing, brands that are growing and a marketing machine that's using data and analytics like they never have before and new technologies. So that gives us the excitement like Fran said, that we can continue to grow and sustain these margins, where they are to grow.

另外，目前公司的數位滲透率已達到約 45%，伴隨著變動費用。因此，我們公司的支出基礎更加清晰。我們的地區不斷發展，品牌不斷壯大，行銷機器也以前所未有的方式利用數據和分析以及新技術。所以就像弗蘭所說的那樣，這讓我們感到興奮，我們可以繼續成長，並維持這些利潤率。

Is the online penetration there around 45%, is that -- do you anticipate that being relatively stable from here? Is that kind of the right level?

那裡的線上滲透率是不是在 45% 左右？這樣的水平合適嗎？

It feels like it's stable. Abercrombie is a brand that's around 60% digital. And Hollister is a brand that's around 30% digital. Those -- they've been tracking at those numbers over the past couple of years. So will it tick up a couple of hundred basis points one way or another, maybe, but that's how we're running the business.

感覺還挺穩定的。 Abercrombie 是一個數位化程度約佔 60% 的品牌。 Hollister 是一個數位化程度約佔 30% 的品牌。他們在過去幾年中一直在追蹤這些數字。所以，不管怎樣，它可能會上升幾百個基點，也許吧，但這就是我們經營業務的方式。

We're making huge investments in digital, and we're also making huge investments in stores and the customer demands it all. So I'm super happy with all the product progress we've made, but also all the operations improvements we've made when it comes to the customer experience through this digital revolution of the past couple of years.

我們在數位領域投入了巨資，我們也在商店領域投入了巨資，而客戶對這一切都有要求。因此，我對我們在產品方面取得的所有進步感到非常高興，同時也對我們在過去幾年的數位革命中在客戶體驗方面取得的所有營運改進感到非常高興。

And the Hollister store count, you're in a net square footage or at least a net store open position. Does Hollister need to kind of close more stores here? How are you feeling about the size of that fleet and sort of the penetration rate?

根據 Hollister 商店數量，您可以了解淨平方英尺數或至少是淨商店開業位置。霍利斯特是否需要在這裡關閉更多商店？您對於該船隊的規模和滲透率有何看法？

Happy with the size of the fleet, probably there's an opportunity to open more stores for Hollister. In the Hollister markets, we're always repositioning that brand within cities. Malls move around, the hotspots move around. We're always doing that. So we're always repositioning our brands within key cities, but we do believe there's an opportunity to grow the Hollister base, globally.

對車隊規模感到滿意，也許有機會為 Hollister 開設更多商店。在 Hollister 市場，我們總是在不同城市重新定位品牌。商場四處移動，熱點也四處移動。我們一直都在這麼做。因此，我們一直在重點城市重新定位我們的品牌，但我們確實相信，Hollister 有機會在全球擴大其品牌影響力。

Got it. And last one. International penetration can I get that back to prior 30-plus percent, do you think at this point?

知道了。最後一個。您認為目前國際滲透率能否恢復到先前的 30% 以上？

That would be the goal. We expect growth in all regions this year. So we'd love to be growing the Americas, but also growing the international business, and we'll see where the penetration ends up.

這就是我們的目標。我們預計今年所有地區都會成長。因此，我們希望在擴大美洲業務的同時，也擴大國際業務，然後我們再看看滲透率最終會達到什麼程度。

This completes our Q&A portion. I would like to turn the call back over to Fran Horowitz for closing remarks.

我們的問答部分到此結束。我想將電話轉回給 Fran Horowitz，請他做最後演講。

Yes, I just want to thank you, everyone, for joining the call today, and we look forward to continuing to provide updates in the near term. Thank you.

是的，我只想感謝大家今天的參加電話會議，我們期待在近期內繼續提供最新消息。謝謝。

And this concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。