(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.

美好的一天，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，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，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是執行長 Fran Horowitz；財務長兼營運長史考特‧利佩斯基(Scott Lipesky)。今天早些時候，我們發布了第四季度收益報告，該報告可在我們的網站 Corporate.abercrombie.com 的「投資者」部分下找到。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 mentioned 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聲明。這些陳述受 1995 年《私人證券訴訟改革法案》安全港條款的約束，並受到可能導致實際結果與我們今天提到的預期和假設存在重大差異的風險和不確定性的影響。這些因素和不確定性在我們向美國證券交易委員會提交的報告和文件中進行了討論。

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提及某些非公認會計準則財務指標。今天早上早些時候發布的新聞稿和投資者介紹中包含了 GAAP 與調整後的非 GAAP 財務指標的更多細節和調整。最後，提及 Abercrombie 品牌包括 Abercrombie & Fitch 和 Abercrombie Kids，提及 Hollister 品牌包括 Hollister 和 Gilly Hicks。這樣，我就把電話轉給弗蘭。

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。自一月初更新業務以來，我們在今年最後一個月表現強勁，第四季度銷售額和營業利潤率高於我們預期的上限。

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.

自始至終，2023 年對我們公司來說都是決定性的一年。我們看到各個地區和品牌的營收都在成長，銷售額達到 42.8 億美元，到 2022 年成長 15.8%。這是我們史上第二高的年度銷售額水準。在獲利能力方面，我們實現了 11.3% 的營業利潤率，為 15 年來的最高水準。

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，我們進行了重要投資來增強我們的品牌和公司。這些投資包括加強行銷以推動客戶獲取和品牌忠誠度、約 60 種新的店內體驗以接觸新客戶和現有客戶、改善客戶和員工體驗的技術以及推動當前和未來成長的優秀團隊成員。

[2022] is 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.

[2022] 對我們的團隊來說也是一個決定性的時刻，他們多年來一直努力發展我們的營運模式和我們作為一家公司的立場。從我們所取得的成就來看，我們在全球各地的辦公室都充滿了電力。但正如我經常說的，沒有終點線，我們看到前方有巨大的機會。雖然十年來的高成績當然值得慶祝。對我和我們的團隊來說真正突出的是我們在這成長階段的成長階段所取得的進展，超越了我們自己的預期。

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“始終前進計劃”，該戰略標誌著Abercrombie & Fitch Co. 進入了以增長為中心的時代。我們2023 年的強勁業績達到或高於2025 年41 億至43 億美元銷售額的財務目標，以及營業利益率達到或超過8%。

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 into 2024, growing across regions and brands, building to our longer-term ambition of $5 billion in global sales.

我們現在的目標是透過重複我們的成功來展示我們營運模式和獲利狀況的可持續性。對我們來說，2024 年應該證明我們有能力平衡追求新的成長機會，同時保持嚴格的財務紀律。我們相信，到 2024 年，我們能夠繼續我們的發展軌跡，跨地區和品牌實現成長，實現全球銷售額 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 年讓我們相信我們正走在正確的道路上。我們很高興能到達我們成長旅程的這個階段。為了提供一些關於我們如何走到這一步的背景信息，我將回答一個我們通常從新粉絲和長期粉絲那裡提出的問題。您正在做什麼來推動這出色的表現？我們的反應是一致的。沒有靈丹妙藥。它是關於讓世界各地的數千名員工每天協調並執行有針對性的行動手冊。這個理念深植於了解我們的客戶，並精心建構產品聲音和體驗以滿足他們的需求。

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，我們最自豪的是我們如何在團隊內部建立信任和經驗來突破界限，因為這關係到發展我們的品種、端到端供應鏈、增強我們的營銷創造超出客戶期望的數位和實體體驗。

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做出回應，我們可以從我們保留的客戶以及去年為我們的品牌增加的數百萬客戶中看到證據。從兒童到青少年再到成人，我們的品牌組合適合他們，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，我們的成長基礎廣泛，每個地區在第四季和全年都實現了成長。美洲地區以 2022 年以來 18% 的強勁成長成績引領我們的強勁成長。我們看到 Abercrombie 品牌在該地區的大幅成長，我們很高興看到 Hollister 品牌在 2022 年的水平上實現成長。

In EMEA, we delivered 4% sales growth for the year and 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，我們今年的銷售額成長了 4%，宏觀環境困難，下半年成長加速。我們的團隊扭曲了投資，並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 客戶服務，透過在地化品種、扭曲庫存、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，我們將在此基礎上繼續前進。

In APAC, we finished the year up 16% to 2022. We continue 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 bring our brands to life in locally relevant ways.

在亞太地區，到 2022 年，我們的業績成長了 16%。我們繼續在上海建立團隊，並在整個地區取消新冠疫情限制後與客戶建立聯繫。我們的團隊以創業心態開展業務，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，並以與當地相關的方式將我們的品牌帶入生活。

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 focus 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 team.

縱觀我們的品牌組合，2023 年是 Hollister 品牌取得長足進步的一年。如今，由於我們在2022 年中期開始的專注和果斷工作，該品牌已成為一家健康發展的企業。我讚揚我們的團隊，他們表現出了不懈的努力，重新調整了品種、品牌形象和品牌聲音，以滿足當今團隊的需求。

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 年下降 9% 相比出現了良好的轉變。全年成長由女性引領，第四季連續第三個季度實現兩位數成長。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.

雖然我們看到這兩個管道都在成長，但商店的表現優於數位管道，到2023 年，Hollister 銷售額的70% 左右將在商店中下降。[青少年]消費者傾向於以數位方式開始他們的旅程，但更多時候是在商店結束。 Hollister 品牌在 2023 年的成長更是一項成就，因為我們顯著改善了財務狀況。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。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。2023 年結束後，我們現在已經擁有了堅實的基礎，在進入2024 年時，我們已經實現了三個季度的成長。對於Abercrombie 品牌來說，這是一年預計到 2022 年將實現突破性增長，增長 27%，但這是長期趨勢的一部分。

Fiscal 2023 sales 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.

2023 財年，Abercrombie 品牌銷售額較 2019 年水準成長 50%，複合年增長率高達 10%，令人印象深刻，其中連續 3 年實現兩位數成長。我已經說過很多次了，但我對這個團隊為重新定位 Abercrombie & Fitch 以及發展產品、聲音和體驗所做的努力感到非常自豪。在 Abercrombie 的新時代，我們透過創新合作和夥伴關係積極與客戶互動，擴大我們的影響力並與新受眾建立聯繫。

Two recent events are great examples of where we're going. First, in January, we partnered with McLaren Racing, to showcase their Formula 1 Liberty 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.

最近發生的兩件事是我們前進方向的一個很好例子。首先，一月份，我們與麥克拉倫賽車合作，在我們的第五大道商店展示他們的一級方程式 Liberty。我當時就在那裡，哇。這是對重要合作關係的一次盛大慶祝，我們歷史上從未做過如此規模的事情。

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.

透過全面的媒體努力，我們也參加了二月的超級盃比賽，最終在拉斯維加斯成功舉辦了一次品牌活化活動。這些只是幫助我們加深客戶聯繫的幾項活動，我們的 Abercrombie 團隊在未來幾季還有更多規劃。

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 and growth -- 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，我們在第一年就實現了達到或超過 2025 年始終前進計劃目標的財務業績，這是一項重大成就。除了這些基準之外，我們還欠利害關係人銷售和成長（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所能控制的事情。

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.

我們的目標是透過堅持我們的策略並與客戶保持密切聯繫，在各種消費者環境中為我們的公司贏得勝利，所有這些都是我們進入 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 品牌來說，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品種能夠滿足客戶的需求，並且我們致力於擴大全球客戶群。在2024 年的產品上，我們將繼續提供跨類別的新穎性和深度的引人注目的產品組合，同時繼續以我們的婚禮商店（婚禮商店）等關鍵系列為基礎，婚禮商店是最佳著裝賓客的延伸，將於本週推出。這些系列在吸引和留住客戶方面都取得了成功。

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.

我們相信客戶也是我們最好的支持者，我們希望增加對行銷（尤其是社群媒體）的投資，以便以真正相關的方式向更多客戶展示 Abercrombie。

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 loss 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，我們希望成為一家網店開業者，同時擴展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 品牌中，我們已在 2022 年彌補了部分銷售損失，並計劃在 2024 年投資於關鍵成長舉措以延續這一勢頭。我們相信該品種是非常協調的。女性業務表現良好，我們也看到男性業務有改善的跡象。男女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 team'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.

隨著品種的增加，我們在 2023 年下半年增加了行銷力度，預計這種情況將持續到 2024 年。我們還希望繼續提供新的商店體驗，同時投資數位化以支持團隊的旅程。作為 Gilly Hicks 的更新，我們在 2023 年將產品類別轉變為積極的生活方式，結果顯示出巨大的前景，有助於 Hollister 的成長成果，同時提供我們的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，我們打算將我們的進入市場策略主要集中在 Hollister 主導的銷售管道上，包括 Hollister 商店、數位和應用程式以及 Hollister Gilly 並列。雖然我們將 Gilly Hicks 視為 Hollister 的關鍵成長類別，但作為一家公司，我們在短期內優先考慮 Abercrombie & Fitch 和 Hollister 更高回報的成長機會。我們將維持幾家獨立的 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。我們很享受與D'Amelio 家族的合作關係，並感謝有機會與D'Amelio 家族一起開發產品和社交策略。他們。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、中東和非洲和亞太地區的擴張。在過去的一年裡，我們在建立本地團隊、職責以及重置產品、定價和庫存方面的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，以提高人們對每個品牌不斷發展的品牌定位和產品供應的認識。我們的行銷活動將集中在英國和德國，這是我們在該地區最大的兩個國家。在亞太地區，我們的目標是繼續在中國和日本實現重點成長。我們希望策略性地在主要城市增加門市位置，以提高我們的密度和品牌知名度。

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'm 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.

從那時起，我們將專注於推動關鍵平台的數位成長。進入 2024 年，我們的全球業務勢頭強勁。我們專注於增強實力，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中所取得的成就感到非常自豪。重建基礎和與客戶互動的辛勤工作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.

到 2024 年，我們的目標是實現可持續的獲利成長，同時對我們的人員、品牌和營運進行關鍵投資，使我們的公司更快更強，實現 50 億美元的長期銷售目標。衷心感謝我們的全球團隊為我們的客戶帶來如此美好的一年。這樣，我就把它交給史考特了。

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。我還要感謝我們的全球團隊在 2023 年以如此高的水平執行任務。正如 Fran 所說，我們還沒有完成。經過多年的品牌和營運模式轉型，進入 2024 年，我們對公司有了清晰的成長思維。我將首先介紹第四季度的業績，並快速概述我們 2023 年全年的業績。除非另有說明，所有比較均針對相應的 2022 年會計期間。然後我將對 2024 年的前景進行一些闡述。

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，我們實現淨銷售額 14.5 億美元，按報告成長 21%。由於本月的業績好於預期，這高於我們在一月初提供的範圍。該季度的可比銷售額成長了 16%，實體店和數位通路均做出了貢獻。我們從第 53 週報告中看到了 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，美洲地區報告淨銷售額成長 23%，可比銷售額成長 17%。歐洲、中東和非洲地區的報告成長率為 13%，年成長率為 10%。按報告和比較計算，亞太地區成長了 21%。在歐洲、中東和非洲地區，成長由我們最大的兩個國家（英國和德國）引領，我們在這兩個國家專注於行銷和品牌知名度工作。在亞太地區，中國和日本擁有和營運的市場的成長保持一致。

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的成長。據報告，Abercrombie 品牌的淨銷售額增長了 35%，可比銷售額增長了 28%。 Hollister 品牌較去年同期成長 9% 或 6%。就全年而言，該季度的毛利率為62.9%，而去年同期為55.7%。年比變化的主要驅動因素是各個品牌的 AUR 較高，貢獻了 430 個基點，其餘 290 個基點與較低的運費和原料成本有關。

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，庫存量下降 7%，各品牌都處於追趕狀態。不包括其他營業收入的第四季營業費用為 6.92 億美元，而去年調整後的營業費用為 5.75 億美元。我們排除了 2022 年第四季 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 $223 million, 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.

費用年增率是由較高的行銷支出、基於激勵的薪酬、數位和技術投資以及第 53 週報告所推動的。總的來說，我們在本季實現了輕微的費用槓桿。營業收入為 2.23 億美元，是去年調整後營業收入 9,200 萬美元的兩倍多。營業利益率為 15.3%，而去年調整後的營業利益率為 7.6%。本季稅率為 29%，攤薄後每股淨利潤為 2.97 美元，去年為 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，我將在調整後的非公認會計準則基礎上介紹。全年業績不包括約 400 萬美元的稅前資產減損費用，這對業績產生了 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。今年淨銷售額為 42.8 億美元，成長 16%，是公司史上第二高的銷售額水準。

Comparable sales for the quarter 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.

該季度的可比銷售額增長了 13%。今年，我們在第 53 個報告週看到了約 5000 萬美元的收益，並且淨開店帶來了輕微收益。我們實現了跨地區的成長，其中大部分來自美洲。美洲銷售額成長 18%，歐洲、中東和非洲地區銷售額成長 4%，亞太地區銷售額成長 16%。按品牌劃分，Abercrombie 品牌一馬當先，報告銷售額成長 27%，可比銷售額成長 23%。我們看到男裝和女裝的銷售額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 material costs.

在 Hollister 品牌，我們的總銷售額年增了 6% 和 4%。成長主要由女性業務和來源管道帶動。毛利率為 62.9%，而 2022 年為 56.9%。在 600 個基點的改善中，我們看到大約一半來自較高的 AUR，大約一半來自較低的運費和較高的原料成本。

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%。與去年相比，美元成長主要由行銷、基於激勵的薪酬以及數位化和數位化技術推動。技術投資。我們還發現可變費用隨著銷售額的增加而增加，並且從第 53 個報告週開始增加了費用。

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%。這一成長主要是由於較高的毛利率以及強勁的銷售成長所帶來的營運費用槓桿所推動的。本年度實際稅率為31%。稀釋後每股淨利潤為 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.

轉向資產負債表。年底時，我們的現金和現金等價物為 9.01 億美元，流動資金總額約為 12 億美元。今年，我們的營運現金流為 6.53 億美元。我們花費了 1.58 億美元用於資本支出，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 rightsizes and 13 remodels. We also closed 32 stores.

今年，我們在公開市場上回購了總計 7,700 萬美元面額的優先擔保票據，截至年底，未償還票據為 2.23 億美元。截至年底，我們擁有 765 家商店，總面積達 500 萬平方英尺。我們提供了 57 家新店體驗，包括 35 家新店、9 家規模調整和 13 家改造。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，我們截至 2023 年的商店數量減少了約 10%，總面積減少了 21%，商店入住率減少了 24%，每平方英尺生產力提高了 18%。進入 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力。

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，我們跨地區和品牌勢頭強勁，資產負債表強勁，2023 年下半年控制了庫存和行銷投資，這讓我們相信我們在我們控制範圍內的這些領域表現良好。從宏觀角度來看，我們正在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.

對於全年而言，我們預計淨銷售額將從 2023 年的 42.8 億美元增長 4% 至 6%，預計各地區和品牌的全年增長。這包括 2023 年第 53 個報告週損失帶來的約 5000 萬美元的淨不利影響。雖然我們預計今年上半年和下半年都會出現成長，但我們預計上半年的成長率會更高，部分原因是從第53 週開始的日曆變更。

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%。就驅動因素而言，我們預期棉花和其他原物料成本下降將導致毛利率小幅改善。與過去的做法一致，在經歷了過去幾年的強勁增長之後，我們進入了今年，假設全年 AUR 增長最小。

On freight, we had expected -- we discussed on minor benefits trickling into 2024, but we now expect those remaining benefits to 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，我們曾預計 - 我們討論了 2024 年將帶來的微小效益，但我們現在預計這些剩餘的效益將被紅海的影響所抵消。我們將利用我們多年來建立的強大的供應鏈手冊，繼續了解 2024 年情況的發展並做出反應。對於我們銷售前景中點的營運費用，我們預計不會有太多槓桿或去槓桿化。我們將繼續推進我們的技術投資計劃，包括零售銷售 ERP 升級，該升級將持續到 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，我們預測稅率在 20 多歲左右，根據預期的地區收入結構，該稅率仍高於疫情前的水平。對於資本配置，我們預計資本支出約為 1.7 億美元。我們預計約 8000 萬美元用於數位和技術，約 9000 萬美元用於商店和維護。

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，其中包括 45 家新商店和 30 家合適尺寸或改造的商店。我們還預計將開設 45 家新店，超過預計關閉的 30 家左右。在流動性方面，我們預計將繼續投入多餘的現金，包括根據業務和市場狀況進行股票和債務回購。進入 2024 年，我們在 2021 年 11 月設立的 5 億美元股票回購授權中還剩下約 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.

我們預計將在今年餘下時間回購股票，目的是抵消基於股票的薪酬的預期稀釋並向股東返還多餘現金。我們也預期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 related 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兩位數，達到2023 年第一季度的8.36 億美元，其中包括從第53 週開始的日曆變化以及假設的跨地區和品牌成長帶來的小幅收益。第一季的強勁開局支撐了這一點。我們預計營業利潤率將在 8% 至 10% 之間，而 2023 年第一季調整後營業利潤率為 4.6%。我們預計同比改善將主要由毛利率改善推動。稅率約為 10%，低於公司的法定聯邦所得稅稅率，主要是由於與股份薪酬歸屬相關的預期離散聯邦所得稅優惠。該利率也對公司在歸屬日的實際股價敏感。

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，我們的 2025 年始終前進計畫已完成一半。展望 2024 年，我們的重點是實現可持續的獲利成長。自 2022 年 6 月啟動該計劃以來，我們在每個支柱上都取得了進展。在專注於品牌成長方面，我們按計劃實現了 Abercrombie 品牌的大幅成長，同時穩定並發展了 Hollister 的健康業務。在數位革命中，我們增加了人才，改進了工作方式，並在關鍵技術平台現代化方面取得了進展。

For financial discipline, we have greatly improved cash flow, reduced debt levels and use 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，並利用銷售業績加快了行銷等目標領域的投資，以支持進一步的成長。我們期待在 2024 年繼續執行該計劃。運營商，我們已經準備好回答問題了。

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

（操作員說明）第一個問題來自 Telsey Advisory Group 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?

恭喜您度過了美好的一年，並期待 2024 年繼續取得進步。有幾個問題。霍利斯特繼續表現出良好的進步。你提到弗蘭，它是由女性領導的，你對男性方面有何看法？您對今年 Hollister 在產品方面看到的成功標誌有何展望？

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?

另外，當您談到吉莉·希克斯時，我們應該如何將其視為未來的成長工具，還有其他更新嗎？史考特，你提到紅海有更多的影響，影響的時間，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，達納。是的，在 Abercrombie 度過了令人驚嘆和激動人心的一年。首先回答關於 Hollister 的第一個問題，我們為這個團隊感到非常自豪。如您所知，從 2022 年開始，他們真正深入研究了我們擁有哪些部分以及更大的宏觀世界中正在發生什麼。他們能夠真正發現一些產品機會。

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 and guides. 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，正如您所提到的，在女性業務的帶動下，2023 年將恢復成長，這涉及所有類別。我們看到一些新芽和指南取得了進展。我們看到了非常強勁的下裝業務。他們已經能夠在牛仔布之外實現多元化，並且下裝中有很多類別正在銷售。我們的期望是全年繼續看到這一進展。

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.

關於吉莉，我們再次為吉莉的成長感到興奮，吉莉度過了美好的一年。這對我們來說是一次學習的旅程，我們已經討論過很多次了。令人興奮的是，它為 Hollister 的發展做出了貢獻。因此，我們已經能夠根據客戶的回饋將品牌轉變為真正以積極的生活方式為中心的品牌，這就是他們繼續做出的回應。正如我們所提到的，我們確實在世界各地的所有商店中出售它。並排將保留，我們實際上也會有一些獨立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。達納（Dana），讓我插話最後兩句話。關於紅海，首先，非常感謝我們的供應鏈團隊、規劃團隊、採購團隊在過去幾個月的閱讀和反應。顯然，局勢正在迅速發展。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。很多運輸都經過該地區。我們的團隊已經閱讀並做出反應，在需要時改變模式，以便在正確的時間以最優惠的價格獲得產品。

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，我們已經看到了──你們也已經看到了。正如所發生的那樣，您已經看到世界各地的運費有所上升。各車道略有不同。因此，我們在運輸成本方面看到了一些摩擦。這將更像是第二季的後半段事情，因為更高的運輸成本開始流動。我想說，總的來說，關於今年的貨運，我們已經討論了一些今年將帶來的好處。我們認為這將被紅海所抵消。因此，今年全年的貨運量並不大。

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，過去 3、4 年我們在 AUR 方面取得了驚人的進展，與去年一致。今天年初，我們的目標是保持這些 AUR，即我們的利潤率在 2023 年結束時保持在一個非常強勁的位置，我們將看看會發生什麼。我們一直這麼說，但提高 AUR 的最佳方法是控制庫存並獲得良好的產品接受度。因此，我們將在全年中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科里·塔洛和傑弗里斯的對話。

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.

Fran，Abercrombie 品牌的成功簡直令人驚嘆。我認為，截至本財年，該公司 Abercrombie 部門的銷售額已達到創紀錄水準。那麼，自從您提出「永遠前進」計畫以來，您如何看待過去 12 到 24 個月內對企業有效的措施？然後，在「永遠向前」計劃的背景下，當您考慮繼續推動 Abercrombie 的成長時，您如何考慮未來幾年您可能會利用的成長載體是什麼，因為這似乎是一個越來越有希望的軌跡。

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，就展望而言，您提到您預計第一季的收入將增長兩位數。那是你現在正在追蹤的地方嗎？那麼，您如何將全年營收成長指引從第一季的低兩位數成長 4% 至 6%？

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 brand. 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.

好吧，科里。早安.首先，謝謝你。是的，對於公司以及 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、跨地區和跨渠道的成長。這真是令人難以置信。至於 A&F，就您而言，我們看到 2019 年 A&F 的品牌系列成長了 50%，並且在 3 年內實現了 10% 的複合年增長率，達到兩位數。

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.

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 成人的目標市場，尤其如此。所以它不再是一家牛仔褲和T卹公司，而是一個真正的生活品牌。因此，目標市場已經從 20 年代初輕鬆過渡到 30 年代後期，我們從品類角度拓寬了所有產品。

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 address 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，我們談論諸如 YPB、我們的活躍品牌「最佳著裝嘉賓」之類的話題。本週，我們將推出婚禮商店，這是我們從與客戶保持密切聯繫中了解到的又一個令人興奮的信息，以及這次婚禮之旅的重要性以及我們可以為他們提供服務的場合。因此，我們的期望是繼續看到團隊提出的這些想法，幫助我們了解消費者正在尋找什麼，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。論展望。讓我們從今年的分手開始。所以，是的，我們預計兩半都會成長。我們將從這裡開始。我們確實預計上半年成長率會更高。我們將從第 53 週日曆變化的細微差別中得到一些幫助，真正歸結為可見性，科里，今天坐在這裡，我們本季度有一個良好的開局，本季度的強勁開局。這已融入我們對第一季低兩位數成長的展望中。

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.

隨著這個世界變化的速度如此之快，地緣政治格局的變化如此之快，我發現很難在這裡表現出超級侵略性，並且有理由在今年三月坐在這裡的後半部分錶現出超級侵略性。因此，我們更多地按季節經營這項業務。我們專注於春季業務的運營，在春季開始時產品反應良好。我們的團隊正在追逐春季的庫存，並正在為秋季制定這些計劃。

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馬修·博斯（Matthew Boss）。

Congrats on another great quarter.

恭喜又一個偉大的季度。

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，您能否詳細說明一下假期後的持續勢頭以及您在第一季度到目前為止對早春品種的看法？然後從更大的角度來看，如何最好地思考全球機會？看來在新聞稿和我們最近的一些電話會議中，你們確實抓住了全球機會。因此，也許只是幫助最好地思考北美以外的成長策略，正如您從這裡看到的那樣。斯科特快點吧。如果銷售額高於計劃，今年的營業利潤率是否會改變？或者只是我們可以考慮的任何抵消投資？

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 is so lean, and we're chasing it drives the ability to be able to do that.

是的。我們對第四季度以及全年的結果感到非常興奮。一月份我們確實看到了一些不錯的加速。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品種過渡到早春並在地板上引入一些新產品的結果，我們的消費者繼續對新產品做出反應，而新產品和第一是我們詞彙中非常重要的一部分事實上，我們持有的庫存是如此之少，而我們正在追逐它，這推動了我們能夠做到這一點的能力。

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.

你用了我們的話。所以，是的，我們實際上正在向全球出口我們的劇本。很高興看到我們的兩個國際地區今年開始恢復成長。這是我們的期望，我們很高興看到它實現。我們花了數年時間在上海和倫敦建立這些團隊。事實上，我們的策略在這裡有效，我們非常有信心它在那裡也同樣有效。事實上，我最近去過這兩個地區，與團隊一起工作和拜訪，看到我們能夠招募到這些辦公室的所有人才，我感到很興奮。

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.

好吧，馬特，我去拿最後一個。是的，就營業利潤流轉而言，如果我們看到銷售表現出色，那將與 2023 年類似。此時我們的投資計畫已經相對確定。如果表現出色，我們可能會像 2023 年那樣投入更多行銷，但流量會相似。

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

我們的下一個問題來自 Marni Shapiro 的《零售追蹤》。

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.

恭喜這個偉大的季度和一年。我有一個家政問題和一個更大的問題。只是做家事。在您要開設的商店中，您特別傾向於 Abercrombie 或 Hollister 嗎？商店規模變得越來越小，所以我很好奇你對 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，您能否談談您吸引新客戶加入品牌的能力。你能做到嗎？是否透過數位化方式吸引流失的 Abercrombie 購物者？我很好奇各個品牌的情況以及 '24 的情況。

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，我要開始這一件事了。因此，在新商店方面，我們將在 2024 年引入 75 種新體驗，比 2023 年的 57% 左右有所增加。這些將向 Abercrombie 和美洲傾斜。我們仍然會開設 Hollisters，我們仍然會在全球開設商店，但顯然，按照我們所看到的趨勢，他們將傾向於 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.

當你考慮 2024 年的商店規模時，這裡的不同品牌（霍利斯特品牌）會有所不同，我們喜歡那裡的規模。我們說的是 Abercrombie 的 5,000 至 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可以獲得什麼交易。所以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 平方英尺範圍內。我們對這些空間非常滿意，希望在 2024 年能擁有更多空間。

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.

關於您關於吸引客戶的其他問題。所以，是的，我們正在吸引新客戶。今年，我們實際上已將數百萬客戶添加到我們的檔案中，這非常令人興奮。這些客戶既有回頭客，也有剛發現我們的新客戶。這是透過數字和商店完成的。事實上，我們確實擴大了目標市場、年齡以及類別，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，然後他們意識到並在網站上看到了許多其他讓他們感到興奮的東西，我們也看到了其他產品的配件。

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

我們的下一個問題來自 Alex Straton 與摩根士丹利的對話。

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?

恭喜您度過了一個出色的季度。對我來說只有2個。首先是霍利斯特。與獲利能力相關的旗幟現在位於何處？是否仍低於歷史水準？也許如果是這樣的話，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。我們將從阿伯克龍比開始。數位消費者確實是我們所追求的年齡層的結果。因此，A&F 千禧世代消費者實際上是線上購物者，他們喜歡來到商店的便利，無論是在線提貨、到店提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 team 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.

在過去的幾年裡，數位滲透率確實顯著成長，因為我們對這個品牌進行瞭如此重大的改變。 Hollister 團隊也透過手機開始他們的旅程，但與朋友一起在購物中心度過時光並在那裡完成購買對他們來說非常社交。

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，我來回答霍利斯特的問題。對 Hollister 品牌的獲利能力非常滿意。我的意思是，過去幾年這裡的情況就像坐過山車一樣，其中新冠疫情位居第一。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，我們已經經歷了最糟糕的時期。因此，隨著 2023 年的到來，我們看到 Hollister 的獲利能力顯著提高。

When you look at the brand, store fleet like come 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.

當你觀察品牌、商店車隊的運作時，商店車隊處於一個良好的位置。我們商店的生產力提高了，毛利率也非常好。與去年相比，我們在霍利斯特的清倉銷售要少得多，#1，每當業務倒退時，對不起，2022 年。與 2019 年相比。所以霍利斯特的銷售環境更加清潔。我們的隊伍正在追趕。我們已經提到過這一點。我們對 Hollister 未來的獲利能力持樂觀態度。

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集團的 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？我知道您提到您希望阿伯克龍比能夠超越霍利斯特。我的意思是，我們是否應該預期兩個品牌之間的銷售成長也會出現同樣的差異？或者今年這個數字會縮小嗎？國際與美國的情況也是如此，也許在庫存方面，儘管成長非常強勁，但今年的表現也相當不錯。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 when it'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，但我們也會反過來。因此，關於庫存，是的，我很高興年初庫存下降了 7%。顯然，品牌之間有一點差異化。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，當我們進入 2024 年時，它可能會更接近我們的銷售機會，但我們將保持精簡。我們還要繼續追。我們每週都會與團隊合作，研究什麼是有效的，什麼是無效的。到 2024 年，這一口號也不會改變。

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。所以按品牌劃分的增長水平。是的，過去幾年我們明顯看到 Abercrombie 的表現優於 Hollister 品牌。我們只是期望這種情況會持續下去，直到它不再發生為止。在某些時候可能會出現分歧，當這種情況發生時，很好。但我們擔心總數的成長。國際成長與美國成長也是如此。美國業務目前佔業務的 80% 多一點。過去幾年，我們看到美國的成長非常強勁。

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將繼續來自美洲地區。但從利率的角度來看，我們樂觀地認為，我們可以開始看到歐洲和亞太地區的良好成長和超額成長。顯然，亞太地區只占我們業務的一小部分，但正如弗蘭之前提到的，我們正在投資我們的團隊，我們正在重建基礎，我們對我們在這些地區的成長能力充滿信心。

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。只需一個快速跟進。關於第四季的營運支出。您能以任何方式解析或指出我們為第四季度的營運支出成長貢獻了多少額外費用嗎？

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。第四季約 2500 萬美元左右。因此，這將在第四季度對我們造成一些傷害，但這種情況將在 2024 年消失。

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?

這是凱利替保羅發言。恭喜您度過了一個出色的季度。我只是想談談您預計 24 年和第一季的毛利率擴張，您預計產品成本降低會帶來多少好處？這是全年持續的順風嗎？其次，Fran，您能談談您認為從 A&F 學到了什麼併申請了 Hollister，您在那裡看到了哪些進展？請提醒我們 Hollister 的 AUR 與 2019 年相比上漲了多少？

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 pick it the Fran for the next.

凱莉，我要開始這一件事了。那麼讓我們先從毛利率擴張開始。是的，我們將看到棉花成本的好處。這主要是2024 年上半年的現象。第一季度，我們在展望中談到了營業利潤率在8% 到10% 的範圍內，大約是去年4.6% 的兩倍，主要驅動力應該是毛利率或毛利率擴張。很高興看到——終於達到了這樣的程度：我們看到較低的產品成本透過損益表實現，接下來我會選擇 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.

是的。因此，從 A&F 中學到的東西，我們有一個我們經常引用的企業劇本，它調整我們的產品、我們的聲音和經驗，並真正貼近我們的客戶。這些是我們對每個品牌使用的相同原則。我的意思是，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。我們打算在 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，在行銷方面，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。當我們將產品全部排好並且客戶做出回應時，我們能夠在後半段向 Hollister 添加一些行銷內容。

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.

在最後一篇文章中，就 AUR 而言，當我們考慮 Hollister 與 Abercrombie 時，Hollister 的發展路徑肯定比 2019 年增長兩位數，清倉支出或清倉銷售較低。與 2019 年相比，我們取消了一些促銷活動。因此，那裡的銷售基礎確實更乾淨、更健康。

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，你會發現這就是上述所有場景。該品牌與 2019 年和 2018 年有很大不同。因此我們的產品組合也有很大不同。憑藉產品、行銷和品牌的優勢，與 2019 年及之前相比，我們開展了大量促銷活動。

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.

對這些 AUR 的位置非常滿意。我們想說的是，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卓越的品質。

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?

恭喜您度過了一個美好的季度和精彩的一年。弗蘭，我想知道，你說的是底部業務，尤其是你所說的霍利斯特，是如此強大。我想知道其中的組成部分是否正在發生變化，因為我感覺到牛仔布類別正在回歸。所以我想知道你在那裡看到了什麼？我希望您能向我們提供有關指導中促銷活動前景的最新信息，因為去年你們的促銷活動比去年同期少了很多，我想知道您是否認為這種情況可以繼續下去？

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，您談到上半年的收益可能比下半年更高，原因顯而易見，這就是我們應該如何考慮毛利率？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。實際上，下裝在所有品牌和所有性別中都取得了成功。我認為 2022 年最大的收穫肯定是我們的下裝業務多元化，這樣我們就不會那麼嚴重依賴牛仔布。

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 mine for new things out there like utility and cargo and non-denim bottoms, which are working for us.

話雖如此，牛仔布正在發揮作用。牛仔布領域正在發生一些令人興奮的新事物。肯定是在清理啊不管你信不信，現在的漲幅已經開始回落。闊腿褲和寬鬆褲適用於男士、女士、女孩和男孩。但真正的關鍵是保持下裝種類的平衡，並確保我們繼續挖掘新的東西，例如實用、工裝和非牛仔布下裝，這些對我們有用。

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 2 個，珍妮特。因此，促銷展望，我們每年都會開始，假設我們將像前一年一樣進行促銷，然後我們的目標將是在全年中減少一些促銷。這與年初假設 AUR 同比持平的心態有關。正如我們所說，如果客戶願意比去年多付一點錢，他們將繼續投票。

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.

如果產品得到認可並且庫存處於正確的位置，那麼我們預計將在全年中進行一些促銷活動。是的，毛利率與銷售額非常相似，上半年主要受惠於棉花。因此，上半年的毛利率擴張比下半年要多一些。

Our next question comes from the line of Dylan Carden.

我們的下一個問題來自迪倫·卡登。

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演講中說了這一點，但你已經達到或超過了 2025 年的目標。所以從這裡開始，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 恢復、國際網店成長等更大的客戶檔案，我相信您會說所有這些的組合，但如果您可以權衡一下這些。然後是結構性改善，即維持 12% 的長期利潤率目標。是什麼支撐著這種新的水平，回到了圍繞關閉那裡的利益和業務復甦的一些原始想法？

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 set 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我們的目標，考慮 50 億美元是正確的思考方式。非常高興能夠實現我們的頂線和底線。但我們在 2022 年 6 月推出「永遠前進」計畫時設定的關鍵是可持續、獲利、持續成長。這確實是我們 2024 年的目標，肯定會再次實現這一目標。

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 exploring our playbook.

我想說，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，那裡有很多機會，而且今年這兩個地區都取得了積極的進展，正如我剛才提到的一分鐘前關於我們在這些地區建立的團隊。對探索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，你提到了房地產的每平方英尺，我給了一些統計數據，平方英尺下降了 21%，入住率下降了 24%，生產力提高了 18%。與 2019 年相比，現在的商店基礎要健康得多，當時我們的營業利潤率僅為低個位數，甚至可能達到中個位數。

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 in 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.

您還補充說，該公司目前的數位滲透率約為 45%，這也伴隨著可變費用。所以我們公司的開支基礎更加乾淨。我們擁有不斷成長的地區、不斷成長的品牌以及使用前所未有的新技術數據和分析的行銷機器。因此，正如弗蘭所說，這讓我們感到興奮，我們可以繼續成長並維持這些利潤，只要它們能夠成長。

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 45% 左右嗎？您預計這個數字會相對穩定嗎？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.

感覺好像很穩定。 Abercrombie 是一個 60% 左右數位化的品牌。 Hollister 是一個 30% 左右數位化的品牌。過去幾年他們一直在追蹤這些數字。因此，它可能會以某種方式上漲幾百個基點，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 in the past couple of years.

我們在數位化方面進行了大量投資，也在商店方面進行了大量投資，而客戶需要這一切。因此，我對我們在產品方面所取得的所有進展感到非常滿意，並且對我們在過去幾年透過這場數位革命在客戶體驗方面所取得的所有營運改善感到非常滿意。

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?

霍利斯特商店數量，您處於淨面積或至少是淨商店開放位置。霍利斯特是否需要關閉更多這裡的商店？您對該機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，可能有機會為霍利斯特開設更多商店。在霍利斯特市場，我們總是在城市中重新定位該品牌。購物中心在移動，熱點在移動。我們一直在做這件事。因此，我們總是在主要城市重新定位我們的品牌，但我們確實相信有機會在全球範圍內擴大霍利斯特基地。

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

知道了。最後一張。國際（聽不清楚）我可以將其恢復到之前的 30% 以上嗎？您現在認為嗎？

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.

這就是目標。我們預計今年所有地區都會出現成長。因此，我們希望發展美洲業務，同時也發展國際業務，我們將看看滲透率的最終結果。

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

我們的問答部分就完成了。我想將電話轉回給弗蘭·霍洛維茨（Fran Horowitz）做結束語。

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，我只是想感謝大家今天加入電話會議，我們期待在近期內繼續提供最新資訊。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。