Abercrombie & Fitch Co (ANF) 2024 Q1 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 Call. Today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to Mo Gupta. 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。今天的會議正在錄製中。 （操作員指示）我現在想將會議交給 Mo Gupta。請繼續。

Thank you. Good morning, and welcome to our first quarter 2024 earnings call. Joining me are Fran Horowitz the Executive Officer and Scott Lipesky, Chief Financial Officer and Chief Operating Officer. Earlier this morning, we issued our first quarter earnings release, which is available on our website at corporate.abercrombie.com under the Investors section. Also available on our website is an investor presentation. 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.

謝謝。早上好，歡迎參加我們的 2024 年第一季財報電話會議。與我一起的還有執行長 Fran Horowitz 和財務長兼營運長 Scott Lipesky。今天早些時候，我們發布了第一季收益報告，該報告可在我們網站 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。請記住，我們將在電話會議中做出某些前瞻性陳述。這些陳述受到 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。

These factors and uncertainties are discussed in our reports and filings with the Securities and Exchange Commission. 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 investor presentation issued earlier this morning. Finally, references to Abercrombie Brands include Abercrombie & Fitch and abercrombie kids, and references to Hollister brands includes Hollister and Gilly Hicks. With that, I'll turn the call over to Fran.

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。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 Brands 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。

Thanks, Mo. Good morning, and thank you for joining us to discuss what has been a very busy and productive start to 2024. And I'm happy to report that our sales trend remained strong throughout the first quarter, exceeding the expectations we provided in early March. Net sales of $1 billion and operating income of $130 million were both the best first quarter results in the history of the company. First quarter sales grew 22% year-over-year with broad-based growth across regions, brands and direct channels.

謝謝，莫。月初。 10億美元的淨銷售額和1.3億美元的營業收入都為該公司歷史上最好的第一季業績。第一季銷售額較去年同期成長 22%，跨地區、品牌和直接通路均有廣泛成長。

I'm also pleased to share that women's and men's divisions grew across our brand families in the quarter. We entered the year in a clean inventory position and maintained that discipline through Q1. Allowing for fewer promotions, which contributed to gross profit rate improvement. With a strong top line and improved gross profit rate, we achieved a 12.7% operating margin for the quarter, while also funding strategic investments across marketing, digital and technology and global expansion.

我還很高興地告訴大家，本季我們品牌家族的女裝和男裝部門都在成長。我們進入今年時庫存狀況良好，並在第一季保持了這一紀律。允許較少的促銷活動，這有助於毛利率的提高。憑藉強勁的營收和不斷提高的毛利率，我們本季實現了 12.7% 的營業利潤率，同時也為行銷、數位和技術以及全球擴張方面的策略投資提供資金。

These are simply outstanding results, adding yet another proof point of our global team's ability to execute at the highest standard. Always looking forward, we are laser-focused on showing continued growth through 2024, which is reflected in our increased full year net sales growth and operating margin outlook.

這些都是非常出色的結果，再次證明我們的全球團隊有能力以最高標準執行。我們始終展望未來，專注於在 2024 年實現持續成長，這反映在我們全年淨銷售額成長和營業利潤率前景的提高。

Before I dive deeper into the first quarter, I'd like to zoom out and share more context on where we are in our journey. Fiscal 2023 was a defining year for our company. We delivered 16% revenue growth and operating margin over 11%. These results would not have been possible without the hard work and dedication of our team to transform our operating model and our playbook. While there is no finish line, we have developed an extensive global platform to support our brands leveraging strong inventory discipline and agile chase capabilities.

在深入研究第一季之前，我想先縮小範圍並分享更多有關我們目前所處階段的背景資訊。 2023 財年對我們公司來說是具有決定性意義的一年。我們的收入成長了 16%，營業利潤率超過 11%。如果沒有我們團隊的辛勤工作和奉獻精神來改變我們的營運模式和策略，這些成果是不可能實現的。雖然沒有終點線，但我們已經開發了一個廣泛的全球平台，利用強大的庫存紀律和敏捷的追逐能力來支持我們的品牌。

We have further strengthened our operations by building our teams and modernizing our capabilities across digital and technology, stores and data analytics. We've leveraged these strengths to support and grow our global brands through 2023, while also improving the gross profit rate on reduced promotions and clearance selling. We further defined what each of our brands stands for and the customers they serve, presenting a significant global addressable market opportunity they are capitalizing on with relevant assortments and compelling brand voice.

我們透過建立團隊以及實現數位和技術、商店和數據分析的能力現代化，進一步加強了我們的營運。我們利用這些優勢在 2023 年之前支持和發展我們的全球品牌，同時也透過減少促銷和清倉銷售來提高毛利率。我們進一步定義了每個品牌所代表的含義及其所服務的客戶，展示了他們正在利用相關品種和引人注目的品牌聲音所利用的重要的全球潛在市場機會。

Both brand families are contributing nicely to our business results while expanding our customer base to increase marketing spend and improved omnichannel customer experience. Abercrombie Brands issued a double-digit net sales growth CAGR from 2019 and Hollister Brands returned to growth in 2023 in the midst of a challenging teen apparel environment. We entered 2024 with momentum and the objective of producing sustainable, profitable growth. We believe we have the pieces in place to deliver global brand growth this year, and our first quarter results are further evidence that we are off to a strong start.

這兩個品牌系列都為我們的業務成果做出了良好貢獻，同時擴大了我們的客戶群，增加了行銷支出並改善了全通路客戶體驗。 Abercrombie Brands 公佈的 2019 年淨銷售額複合年增長率為兩位數，Hollister Brands 在充滿挑戰的青少年服裝環境中於 2023 年恢復成長。我們帶著實現永續獲利成長的動力和目標進入 2024 年。我們相信，我們已經做好了今年實現全球品牌成長的準備，我們第一季的業績進一步證明我們已經有了一個好的開始。

Diving into those results. We saw great progress across regions in Q1. Starting with the Americas business, which continued to show strength of 23% net sales growth. Outside of the Americas, I am proud of how our teams are executing in EMEA and APAC. In EMEA, we delivered 19% net sales growth led by U.K. and Germany. Our teams continue to localize our assortments and operations, and we've made strategic investments in marketing to drive brand awareness in these 2 key EMEA markets.

深入研究這些結果。第一季我們看到各地區取得了巨大進展。首先是美洲業務，該業務持續展現出 23% 淨銷售額成長的強勁勢頭。在美洲以外，我對我們的團隊在歐洲、中東和非洲和亞太地區的執行情況感到自豪。在歐洲、中東和非洲地區，我們實現了 19% 的淨銷售額成長，其中英國和德國領先。我們的團隊繼續在地化我們的產品種類和運營，並且我們在行銷方面進行了策略性投資，以提高這兩個主要歐洲、中東和非洲市場的品牌知名度。

We saw great digital engagement and conversion from new marketing campaigns, along with the benefit of new store experiences, particularly in Greater London. In APAC, we saw similar themes played out with 10% net sales growth led by China. We believe we have more runway ahead in both regions, and the first quarter was another proof point that our playbook is working. Shifting to the brand side and continuing the theme of broad-based growth.

我們看到新的行銷活動帶來了巨大的數位參與和轉化，以及新商店體驗的好處，特別是在大倫敦地區。在亞太地區，我們看到了類似的主題，以中國為首的淨銷售額成長了 10%。我們相信我們在這兩個地區都有更多的發展空間，第一季是我們的策略正在發揮作用的另一個證據。轉向品牌側，延續廣泛成長的主題。

Both brand families delivered double-digit net sales growth. Abercrombie Brand's momentum continued, growing 31% on top of 14% growth in the first quarter of 2023. Both women's and men's contributed nicely to this result, showing balanced growth across categories. Both AUR and units continue to contribute nicely to growth. With AUR, improvement coming from category and style mix as well as reduced promotions. Customer acquisition remains a key focus for the brand, and we increased global marketing investments year-over-year to help build community and brand affinity.

兩個品牌系列均實現了兩位數的淨銷售額成長。 Abercrombie Brand 的勢頭仍在繼續，在 2023 年第一季增長 14% 的基礎上，增長了 31%。 AUR 和單位都繼續為成長做出良好貢獻。透過 AUR，改進來自品類和風格組合以及促銷活動的減少。客戶獲取仍然是品牌的重點關注點，我們逐年增加了全球行銷投資，以幫助建立社群和品牌親和力。

Abercrombie's results this quarter were driven in part by our continued focus on building and growing concepts within the brand to speak to customers' needs in a relevant authentic way. This quarter, we launched the Wedding Shop. A curated set of dresses and other apparel to outfit our customers from bachelorette parties to honeymoons to the big day itself. The Wedding Shop is a successful extension of our best dressed guest collection, which has been a part of the assortment for a few years.

Abercrombie 本季的業績在某種程度上得益於我們持續專注於在品牌內建立和發展概念，以相關真實的方式滿足客戶的需求。本季度，我們推出了婚禮商店。一套精心設計的連身裙和其他服裝，適合我們的客戶從單身派對到蜜月再到重要的日子。婚禮商店是我們最佳著裝賓客系列的成功延伸，該系列多年來一直是該系列的一部分。

We led The Wedding Shop with a mix of styles, including new fashion items while also showcasing products that has performed and grown over several seasons. Congratulations to our team on a great initial reception. I'm excited by the continued opportunities for The Wedding Shop as we approach peak wedding season this summer and into the fall.

我們帶領 The Wedding Shop 推出多種風格，包括新的時尚單品，同時也展示了經過幾季表現和發展的產品。恭喜我們的團隊獲得了良好的初次接待。隨著今年夏季和秋季婚禮高峰期的臨近，我對 The Wedding Shop 的持續機會感到興奮。

At Hollister, we saw progress with both women's and men's contributing to the 12% first quarter sales growth an acceleration from the 9% we saw in the fourth quarter of 2023. The men's division returned to growth, led by fleece tops and bottoms as well as pants, which all did well throughout the quarter. Women's contributed nicely to the growth acceleration with balance across categories.

在Hollister，我們看到女裝和男裝都取得了進展，第一季銷售額成長了12%，高於2023 年第四季的9%。成長作為褲子，整個季度都表現良好。女裝在各個類別的平衡中為成長加速做出了巨大貢獻。

We increased Hollister marketing in the back half of 2023, and we also increased year-over-year investment this quarter. We saw improved traffic trends across both stores and digital channels, which helped show teen customers the changes we have made to the assortment. Importantly, the Hollister team continue to seek opportunities to reduce discounts and promotions while tightly managing inventory levels, further supporting AUR and gross profit rate expansion in the quarter, a really great effort on all fronts.

我們在 2023 年下半年增加了 Hollister 行銷，本季我們也增加了同比投資。我們看到商店和數位管道的流量趨勢有所改善，這有助於向青少年顧客展示我們對產品類別所做的改變。重要的是，Hollister團隊繼續尋求減少折扣和促銷的機會，同時嚴格管理庫存水平，進一步支持本季度的AUR和毛利率擴張，在各方面都做出了巨大的努力。

And we entered the second quarter with inventory flexibility and momentum as we build to the back-to-school season later in the quarter. Across brands, regions and genders, we had an outstanding start to the year carrying great momentum from 2023 to produce record first quarter results. We did this while also investing globally to attract and retain our target customers, further strengthening our brand portfolio. Our team remains focused on following up a defining fiscal 2023, leveraging the power brands and operating model to deliver sustainable long-term growth and profitability.

隨著我們為本季晚些時候的返校季節做好準備，我們以庫存靈活性和動力進入了第二季度。無論品牌、地區和性別，我們今年都有一個出色的開局，從 2023 年起勢頭強勁，第一季業績創歷史新高。我們在這樣做的同時也在全球範圍內進行投資，以吸引和留住我們的目標客戶，進一步加強我們的品牌組合。我們的團隊仍專注於跟進具有決定意義的 2023 財年，利用強大的品牌和營運模式來實現可持續的長期成長和獲利能力。

After an impressive record-setting first quarter and a strong start to Q2 across regions and brands, we have a high degree of confidence that we can accomplish our 2024 goals while also building and investing in the tools, technology and people to realize the long-term ambitions we've previously shared. And with that, I'll hand it over to Scott.

經過令人印象深刻的創紀錄的第一季以及跨地區和品牌的第二季度的強勁開局，我們非常有信心能夠實現2024 年的目標，同時建立和投資工具、技術和人員，以實現長期目標。這樣，我就把它交給史考特了。

Thanks, Fran. I'd like to thank our global teams for their continued strong execution throughout the first quarter, helping to drive record first quarter net sales and operating income. For the quarter, total net sales of $1 billion were up 22% compared to last year with growth across regions and brands. This is the first time in the history of the company, we have delivered sales of $1 billion in the first quarter. On a reported basis, we saw a 120 basis point benefit from the calendar shift from the 53rd week in 2023.

謝謝，弗蘭。我要感謝我們的全球團隊在整個第一季持續強勁的執行力，幫助推動第一季淨銷售額和營業收入創下新紀錄。本季總淨銷售額為 10 億美元，較去年成長 22%，各地區和品牌均成長。這是公司史上第一次，我們第一季的銷售額達到 10 億美元。根據報告，我們看到從 2023 年第 53 週開始的日曆變化帶來了 120 個基點的收益。

Comparable sales growth for the quarter was 21%. By channel, we saw double-digit growth in both stores and digital. On a regional basis, we delivered double-digit growth in each region. Net sales grew 23% in the Americas, 19% in EMEA and 10% in APAC. On a comp basis, sales grew 21% in the Americas, 23% in EMEA and 22% in APAC. In the Americas, we saw balanced growth across markets. In EMEA, the growth was driven by the U.K. and Germany, 2 markets where we are accelerating our increasingly localized marketing efforts.

該季度的可比較銷售額成長率為 21%。按通路劃分，我們看到商店和數位通路均實現了兩位數成長。從地區來看，我們在每個地區都實現了兩位數的成長。美洲淨銷售額成長 23%，歐洲、中東和非洲地區淨銷售額成長 19%，亞太地區淨銷售額成長 10%。相較之下，美洲的銷售額成長了 21%，歐洲、中東和非洲地區的銷售額成長了 23%，亞太地區的銷售額成長了 22%。在美洲，我們看到各個市場的均衡成長。在歐洲、中東和非洲地區，成長是由英國和德國推動的，我們正在這兩個市場加快日益在地化的行銷工作。

In APAC, growth was driven by China. In APAC, we saw a larger spread from comps to net sales growth, which was primarily driven by foreign currency and a few store closures. From a brand perspective, Abercrombie Brands delivered another stellar quarter of growth at 31% and while Hollister brands grew 12%. On a comp basis, Abercrombie grew 29% and Hollister grew 13%.

在亞太地區，成長是由中國推動的。在亞太地區，我們看到從比較到淨銷售額成長的差距更大，這主要是由外匯和一些商店關閉所推動的。從品牌角度來看，Abercrombie Brands 又實現了 31% 的強勁季度成長，而 Hollister 品牌則成長了 12%。以比較計算，Abercrombie 成長了 29%，Hollister 成長了 13%。

Taking a look at gross profits. We delivered record first quarter gross profit dollars, driven by both a strong top line and a healthy gross profit rate. The gross profit rate for the quarter was 66.4% up 540 basis points compared to the 61% rate in 2023. We saw year-over-year benefits from lower cotton costs and slightly lower freight costs. We also saw benefits from lower discounts and clearance selling across brands on continued strong inventory management.

看看毛利。在強勁的營收和健康的毛利率的推動下，我們第一季的毛利創歷史新高。該季度的毛利率為 66.4%，較 2023 年的 61% 上升 540 個基點。我們也看到了持續強大的庫存管理帶來的跨品牌折扣和清倉銷售的好處。

We leverage our chase capabilities across brands during the quarter, and each brand was in a position to chase entering the second quarter. Moving on to expenses. Operating expense, excluding other operating income, was $550 million for the quarter compared to adjusted operating expense of $474 million last year. On top of higher variable expenses on strong sales growth, the year-over-year increase was driven by inflation and increased investments in marketing, digital and technology and people.

我們在本季度利用了跨品牌的追趕能力，每個品牌都處於進入第二季度的追趕能力。繼續討論費用。該季度的營運支出（不包括其他營運收入）為 5.5 億美元，而去年調整後的營運支出為 4.74 億美元。除了銷售強勁成長帶來的可變費用增加之外，通膨以及行銷、數位、技術和人員投資的增加也推動了年成長。

For marketing, the first quarter spend was around 5% of sales compared to around 4% in the first quarter of last year. As a reminder, we pulled back on Hollister marketing last year as we work through our assortment and brand projection evolution. Even after these investments, we delivered solid expense leverage with operating expenses as a percentage of sales of 53.8% compared to 57.3% last year. Operating income was $130 million or 12.7% of sales compared to adjusted operating income of $38 million or 4.6% of sales last year.

在行銷方面，第一季的支出約為銷售額的 5%，而去年第一季約為 4%。提醒一下，去年我們在品種和品牌預測演變過程中取消了 Hollister 行銷。即使在這些投資之後，我們仍實現了穩健的費用槓桿，營運費用佔銷售額的比例為 53.8%，而去年為 57.3%。營業收入為 1.3 億美元，佔銷售額的 12.7%，而去年調整後的營業收入為 3,800 萬美元，佔銷售額的 4.6%。

Net income per diluted share was $2.14 compared to adjusted net income per diluted share of $0.39 last year. This quarter, we've introduced an additional performance measure of non-GAAP EBITDA to our results. For Q1, EBITDA totaled $168 million or 16% of sales compared to adjusted EBITDA of $74 million or 9% of sales last year. Please refer to our press release for disclosures on EBITDA, adjusted EBITDA and other non-GAAP metrics.

每股攤薄淨利潤為 2.14 美元，而去年調整後每股攤薄淨利潤為 0.39 美元。本季度，我們在業績中引入了一項額外的非公認會計準則 EBITDA 績效衡量指標。第一季的 EBITDA 總額為 1.68 億美元，佔銷售額的 16%，而去年調整後的 EBITDA 為 7,400 萬美元，佔銷售額的 9%。請參閱我們的新聞稿，以了解有關 EBITDA、調整後 EBITDA 和其他非 GAAP 指標的揭露資訊。

On the balance sheet, we ended the quarter with cash of $864 million and liquidity of approximately $1.2 billion. We delivered operating cash flow of $95 million and had $39 million of capital expenditures. We repurchased $15 million worth of shares, ending the quarter with $217 million remaining on our current share repurchase authorization. We also purchased $9 million of senior secured notes at par value on the open market, ending the quarter with $214 million of notes outstanding.

在資產負債表上，本季末我們的現金為 8.64 億美元，流動資金約 12 億美元。我們的營運現金流為 9,500 萬美元，資本支出為 3,900 萬美元。我們回購了價值 1500 萬美元的股票，截至本季末，我們目前的股票回購授權還剩 2.17 億美元。我們還在公開市場上以面額購買了 900 萬美元的優先擔保票據，本季末未償票據為 2.14 億美元。

In the second quarter, we will continue to focus on debt and share repurchases as the primary options to put excess cash to work pending business performance, share price and our ability to increase investments in the business. For share repurchases, we continue to expect to buy back shares to offset dilution from stock compensation at a minimum. On the store fleet, we ended the first quarter with 753 stores. During the quarter, we opened one new store, remodeled 13 stores and closed 13 stores.

在第二季度，我們將繼續專注於債務和股票回購，將其作為將多餘現金用於待業務表現、股價和增加業務投資能力的主要選擇。對於股票回購，我們繼續預期回購股票，以至少抵銷股票薪酬的稀釋。在門市數量方面，第一季末我們擁有 753 家門市。本季度，我們新開 1 家門市，改造 13 家門市，關閉 13 家門市。

For the full year, we have updated and increased our store investment plan to deliver approximately 60 new stores, 65 remodels and rightsizes and 40 closures. Moving on to our expectations for the rest of fiscal 2024. From a total company perspective, we had a strong start to the year, delivering record Q1 results. As we said last quarter, we believe we are executing well in those areas in our control across product, voice and experience.

全年，我們更新並增加了門市投資計劃，新增約 60 家門市，改造和調整 65 家門市，並關閉 40 家門市。接下來是我們對 2024 財年剩餘時間的預期。正如我們上季度所說，我們相信我們在產品、語音和體驗方面的控制範圍內表現良好。

For the second quarter, we expect net sales growth in the mid-teens compared to the second quarter 2023 level of $935 million. This expectation includes a year-over-year benefit of around $30 million or 320 basis points for the quarter due to the calendar shift from the 53rd week in 2023 as we pick up a peak back-to-school week in Q2 this year compared to Q3 last year. We expect growth across regions and brands and a slight adverse impact from foreign currency.

與 2023 年第二季 9.35 億美元的水平相比，我們預計第二季的淨銷售額將成長百分之十左右。這項預期包括，由於 2023 年第 53 週的日曆發生變化，本季度的同比效益約為 3000 萬美元或 320 個基點，因為我們今年第二季度迎來了返校週的高峰期。季度。我們預計跨地區和品牌的成長以及外匯的輕微不利影響。

We expect operating margin to be in the range of 13% to 14% compared to 9.6% in 2023. We expect the year-over-year operating margin improvement to be primarily driven by a higher gross profit rate on continued year-over-year cotton benefits and some AUR growth, combined with modest operating expense leverage. And we expect an effective tax rate in the mid-20s with the rate being sensitive to the jurisdictional mix and level of income.

我們預計營業利潤率將在 13% 至 14% 之間，而 2023 年為 9.6%。槓桿。我們預計有效稅率將在 20 多歲左右，該稅率對司法管轄區組合和收入水平敏感。

For the full year, we are increasing our expectations primarily based on the actual results from the first quarter and the outlook for the second quarter. We are leaving the back half outlook consistent with the levels implied in the outlook given in March. We expect net sales growth of around 10% from the 2023 level of approximately $4.3 billion, an increase from the previous outlook of up 4% to 6%.

對於全年，我們主要根據第一季的實際業績和第二季的展望來提高預期。我們將下半年的展望與三月展望中暗示的程度保持一致。我們預計淨銷售額將比 2023 年約 43 億美元的水平增長 10% 左右，較之前的預期增長 4% 至 6%。

This outlook continues to include an adverse impact of around $50 million from the loss of the 53rd week in 2023. We also expect the growth rate to be higher in the first half of the year, partially due to the calendar shift from the 53rd week in 2023 and the loss of the 53rd week in the fourth quarter of 2024 compared to 2023. We've included a table in the press release to provide more detail on expected sales and comparative growth impacts by quarter and for the full year.

這項展望繼續包括 2023 年第 53 週損失帶來的約 5,000 萬美元的不利影響。與2023 年相比，2023 年第四季度損失了第53 週。

For operating margin, we expect to be around 14%, an increase in the previous outlook of around 12%. We expect the year-over-year improvement to be driven primarily by gross profit rate expansion from the combination of lower cotton costs and AUR expansion on lower promotions and clearance selling slightly offset by higher freight costs.

對於營業利潤率，我們預計為 14% 左右，較先前預期的 12% 左右上調。我們預期年比改善主要是由於棉花成本下降以及促銷和清倉銷售減少所帶來的毛利率擴張，但貨運成本上升略有抵銷。

Based on the updated first half expectations, we also now expect some full year expense leverage that will contribute to operating margin. We expect to continue to use our Agile funding process to find ways to increase investments over the remainder of the year. We expect an effective tax rate in the mid- to high 20s and capital expenditures of approximately $170 million.

根據更新後的上半年預期，我們現在也預期全年費用槓桿將有助於提高營業利潤率。我們預計將繼續利用敏捷融資流程來尋找在今年剩餘時間內增加投資的方法。我們預計有效稅率在 20 多歲左右，資本支出約為 1.7 億美元。

To close it up, there was another quarter of progress as we delivered strong financial results, managed inventory well and continue to strengthen the foundation of our company. We have plenty of hard work ahead, but we believe each of our brands is in a position to deliver for our customers in the summer selling season, keeping us on track to deliver sustainable, profitable growth this year.

最後，我們又取得了一個季度的進展，我們取得了強勁的財務業績，良好地管理了庫存，並繼續鞏固了我們公司的基礎。我們還有很多艱苦的工作要做，但我們相信我們的每個品牌都有能力在夏季銷售季節為我們的客戶提供服務，使我們能夠在今年實現可持續的盈利增長。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) And our first question comes from Dana Telsey of Telsey Advisory Group.

（操作員說明）我們的第一個問題來自 Telsey Advisory Group 的 Dana Telsey。

Congratulations on the terrific results. Fran, as you think about the merchandise assortment for each of the brands, key drivers for men and women, did you see men improve? What are you seeing from women? How is the denim impact? And then, Scott, as you think about the drivers of gross margin, what was the AUR uptick in the first quarter?

祝賀取得了出色的成果。 Fran，當您考慮每個品牌的商品種類（男性和女性的主要驅動力）時，您是否看到男性有所改善？你從女性身上看到了什麼？牛仔布的影響如何？然後，斯科特，當您考慮毛利率的驅動因素時，第一季的 AUR 上漲是多少？

How are you thinking of it going forward in addition to the benefit from any lower freight and raw material costs?

除了運費和原材料成本下降的好處之外，您如何看待未來的發展？

Dana, so I'll kick off on the first one. It was a pretty incredible quarter. So super excited to have reported a record quarter for us. And what's great about it is that it was very balanced and driven across both brands across genders, channels, regions, et cetera. So what we did see was a very balanced growth by category. The probably biggest standout I would talk about would be Abercrombie women's dresses.

達納，所以我將從第一個開始。這是一個非常令人難以置信的季度。非常高興能為我們報告創紀錄的季度業績。它的偉大之處在於，它非常平衡，並且在跨性別、管道、地區等的兩個品牌之間得到驅動。所以我們確實看到了按類別的非常平衡的增長。我要談論的最突出的可能是 Abercrombie 女裝。

The launch of this Wedding Shop has clearly exceeded our expectations from the beginning. And the wedding season hasn't even technically started yet, right? We got out ahead of that and got that in early. The men's Abercrombie business also a very strong, big contributor . We are super excited to see the Guys Hollister business returned positive comps that helped drive that acceleration in total to up 12.

這家婚禮店的開幕顯然超出了我們的預期。從技術上講，婚禮季節還沒有開始，對吧？我們提前離開並提前到達。 Abercrombie 男裝業務也是一個非常強大、貢獻巨大的業務。我們非常高興地看到 Guys Hollister 業務帶來了正面的回報，幫助推動總成長率達到 12。

In denim, specifically, we are seeing some new trends happening in denim, which is exciting. The rise is actually going back down a little bit. So this low-rise baggy is coming in pretty strong. Wide-leg jeans are happening. But the biggest lesson that we learned from COVID and the word that everybody knows on campus I love, which is balanced. So denim is very important to our business. It always has been, but striking a balance on our assortments is most important.

特別是在牛仔布領域，我們看到牛仔布領域出現了一些新趨勢，這令人興奮。漲幅實際上正在回落。所以這款低腰寬鬆款的銷售量相當強勁。闊腿牛仔褲正在興起。但我們從新冠病毒中學到的最重要的教訓以及我喜歡校園裡每個人都知道的詞，那就是平衡。因此牛仔布對我們的業務非常重要。一直如此，但最重要的是在我們的產品組合上取得平衡。

Dana, I'll pick up the gross margin side. So yes, nice gross margin performance in Q1, so up around 540 basis points to last year. A couple of factors, and we talked about the cotton we're finally there. It's been a couple of years. We've been talking about that cotton drag. We've gotten to the good side of it. So that was a nice pickup here in Q1.

達納，我來談談毛利率。所以，是的，第一季的毛利率表現不錯，比去年增長了約 540 個基點。有幾個因素，我們談到了棉花，我們終於做到了。已經有幾年了。我們一直在談論棉花阻力。我們已經看到了好的一面。所以這是第一季的一次不錯的回升。

And then we did see some AUR benefit in Q1. And it came from reduced promotions as well as less clearance selling. Obviously, with the top line results, strong above our expectations. We are chasing throughout the quarter, a good place to be. So we were able to pull back on some promotions and then reduce that clearance selling. Thinking about the go forward, expect cotton to be a benefit here again in Q2 and then just kind of moderate in the back half.

然後我們確實在第一季看到了一些 AUR 的好處。這是由於促銷活動減少以及清倉銷售減少所致。顯然，營收結果強於我們的預期。我們整個季度都在追求一個好地方。因此，我們能夠取消一些促銷活動，然後減少清倉銷售。考慮到未來，預計棉花將在第二季度再次受益，然後在後半段表現溫和。

Thinking about freight specifically, a little bit of a help in Q1. That will flip to a little bit of a [herd,] I think, Q2 through the end of the year. We've seen those rates pick up a little bit more recently. On the ocean side, and then we're keeping our eyes on the air rates. So a little bit of friction coming there. All that said, expect to see that gross profit rate expansion this year, and that will be kind of a key driver of our operating margin expansion that we put out there, that 14% versus that 9.6% last year.

具體考慮貨運，對第一季有一點幫助。我認為，到今年年底，這將變成一點點[群體]。我們看到這些利率最近有所上升。在海邊，我們會密切注意空運價格。所以會有一點摩擦。話雖如此，預計今年毛利率將有所增長，這將成為我們公佈的營業利潤率擴張的關鍵驅動力，即 14%，而去年為 9.6%。

And our next question will be coming from Matthew Boss of JPMorgan.

我們的下一個問題將來自摩根大通的馬修·博斯。

Congrats on another nice quarter. So 2-part question. Fran, could you elaborate on drivers of the same-store sales acceleration that you're seeing at Hollister across men's as well as women's. And any change in current business momentum across the organization?

恭喜又一個美好的季度。所以分為兩部分的問題。 Fran，您能詳細說明 Hollister 男裝和女裝同店銷售加速的驅動因素嗎？整個組織目前的業務動能有什麼變化嗎？

And then, Scott, just maybe relative to 2024 operating margin guide of 14%. What do you see as the right long-term margin target for the business?

然後，斯科特，也許只是相對於 2024 年 14% 的營業利潤率指導而言。您認為企業正確的長期利潤目標是多少？

Matt, I'll kick off. So Hollister, we were super excited to see the men's business turn around a bit faster than we had anticipated. I mean we've been as you know, working hard on testing and chasing and reading into that business. We've seen a lot of success in the bottoms business over the past several quarters. And I would say this season, the biggest accelerator were the tops businesses.

馬特，我要開始了。因此，霍利斯特，我們非常高興看到男裝業務的轉變比我們預期的要快一些。我的意思是，正如您所知，我們一直在努力測試、追逐和解讀該業務。在過去的幾個季度中，我們在下裝業務上取得了巨大的成功。我想說，這個季節，最大的加速器就是頂級企業。

Excited to see that there's a proportion happening and changing a bit in guys. They're wearing these baggier jeans that involve looser tops different proportions. So that was probably the biggest change in the accelerator. But overall, Hollister and Abercrombie, nice success across the genders in a pretty well-balanced category business.

很高興看到男性中的比例發生了一些變化。他們穿著寬鬆的牛仔褲，搭配不同比例的寬鬆上衣。所以這可能是加速器最大的改變。但總體而言，Hollister 和 Abercrombie 在相當均衡的品類業務中在不同性別方面取得了巨大成功。

Matt, on the operating margin, yes, so great to put that 14% out here for the year, up from the 12% original outlook. Really nice growth in the first quarter, seeing that growth continue into the second quarter here. Not talking about long term at this point. We've talked back in our Investor Day about getting to that double-digit operating margin, that's been proven by some of our peers in the industry, we're there, which is exciting.

馬特，關於營業利潤率，是的，今年的營業利潤率為 14%，高於最初的 12%，這真是太棒了。第一季的成長非常好，看到這種成長持續到第二季​​。目前不談長期。我們在投資者日上談到瞭如何實現兩位數的營業利潤率，這一點已經被業內的一些同行證明了，我們已經做到了，這令人興奮。

But right now, we've been focused, 2024 is about sustainable profitable growth. And so far, so good. As we've come through the first quarter and into the second quarter, and that's our focus right now. We'll talk a little bit more about the long term in the future.

但現在，我們一直關注的是，2024 年是可持續的獲利成長。到目前為止，一切都很好。我們已經度過了第一季並進入了第二季度，這就是我們現在的重點。我們將來會多討論長期的問題。

And our next question will be coming from Marni Shapiro of the Retail Tracker.

我們的下一個問題將來自 Retail Tracker 的 Marni Shapiro。

Congratulations. Could you talk a little bit about the marketing side? You've done an exceptional job on the Abercrombie side as the brand is coming back to strength and continues to put growth on top of growth. Now that Hollister on solid ground, will you follow that same kind of path, even though it's a younger customer.

恭喜。能談談行銷方面的情況嗎？您在 Abercrombie 方面做得非常出色，該品牌正在恢復實力並繼續實現成長。既然霍利斯特已經站穩了腳跟，你會遵循同樣的道路嗎，即使它是一個年輕的客戶。

Could you talk a little bit about what that could look like and what the spend will look like over the next couple of months?

您能否談談未來幾個月的情況以及支出狀況？

So what's exciting about our current marketing spend is that we're actually with the strength of the brands able to spend that marketing over the bottom middle and top of funnel. So to your point, it was a build in Abercrombie over the years, starting in the bottom in the middle and now doing lots of top of funnel to make sure that we acquire those customers.

因此，我們目前的行銷支出令人興奮的是，我們實際上擁有品牌的實力，能夠在漏斗的中下和頂部進行行銷。因此，就您而言，這是多年來在阿伯克龍比（Abercrombie）建立的，從中間的底部開始，現在在漏斗的頂部做了很多工作，以確保我們獲得這些客戶。

We will follow that same pattern for Hollister. We've started to reinvest, as we mentioned earlier in the script today. Just last week, we had a terrific top-of-funnel event for Hollister Festival that we did at one of the schools out in California to really bring brand awareness. So we will definitely follow a similar playbook, but one that is focused on the teen consumer.

我們將為 Hollister 遵循相同的模式。正如我們在今天的腳本中前面提到的，我們已經開始進行再投資。就在上週，我們在加州的一所學校舉辦了一場精彩的霍利斯特音樂節頂級活動，以真正提高品牌知名度。因此，我們肯定會遵循類似的策略，但重點是青少年消費者。

Marni, as we think about spend over the next few months, same story. We like this 5% of sales. It's something we talked about here for a couple of years. The great thing is with the top line growing, that 5% equals more dollars. So we're putting more dollars to work. It is good to see Hollister kind of turn that back on. We slowed that marketing a little bit in the front half last year as we were getting that assortment right and getting that brand projection right.

Marni，當我們考慮未來幾個月的花費時，同樣的故事。我們喜歡這 5% 的銷售額。這是我們在這裡討論了幾年的事情。最棒的是隨著收入的成長，5% 相當於更多的美元。因此，我們正在投入更多資金。很高興看到霍利斯特重新開啟了這一點。去年上半年，我們稍微放慢了行銷速度，因為我們正在正確地分類並正確地進行品牌預測。

We feel both of those things are in a good place. So we're continuing to accelerate that Hollister marketing like Fran said up and down the funnel, which is great. you can drive the business short term, but you also want to drive that business long term, and we're super focused on customer acquisition and getting people into our brands. We love our offering at this point. So we'll continue to get that spend around that 5% and find more customers.

我們覺得這兩件事都處於一個很好的位置。因此，我們將繼續加速 Hollister 行銷，就像 Fran 所說的那樣，在通路上下進行行銷，這非常棒。您可以短期推動業務發展，但您也希望長期推動業務發展，而我們非常注重客戶獲取並讓人們進入我們的品牌。我們非常喜歡我們目前提供的產品。因此，我們將繼續保持 5% 左右的支出並尋找更多客戶。

Our next question will be coming from Alex Straton of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的亞歷克斯·斯特拉頓。

Great. Just a couple here. One, just on the full year sales guidance raise, it looks like you guys have a pretty big back half slowdown built in. Is that just a function of compares? Or can you talk to us about the rationale there? And then secondly, just on Asia Pac, can you just elaborate on what you're seeing there for the brand in that geography as well as your view on the consumer there.

偉大的。這裡只有一對夫婦。一，僅就全年銷售指導的提高而言，你們似乎有相當大的後半段放緩。或者您能和我們談談其中的原理嗎？其次，關於亞太地區，您能否詳細說明您對該品牌在該地區的看法以及您對該地區消費者的看法。

Let's -- Go ahead, Scott. Let's kick off with that.

讓我們——繼續吧，史考特。讓我們開始吧。

Yes, I'll go with the first one. So let's talk about the full year guide. Yes. So obviously, a strong start to Q1. It was amazing to deliver $1 billion in revenue for the Q1. We've never done that as a company. So really nice to see better balance across the quarters for the year. So super exciting start, good start to Q2 here. And then thinking about Q2, it's more back weighted. We'll see that build in the back half of the quarter for Hollister and Kids.

是的，我會選擇第一個。那我們來談談全年指南。是的。顯然，第一季有一個強勁的開局。第一季實現 10 億美元的收入真是令人驚嘆。作為一家公司，我們從未這樣做過。很高興看到今年各季度取得更好的平衡。非常令人興奮的開始，第二季的良好開端。然後考慮第二季度，它的權重更多。我們將在本季後半段看到 Hollister 和 Kids 的發展。

So tons to learn as we go through the next couple of months into that build. And so as we think about the back half, sitting here today, there's still a lot of uncertainty out there, lots of learnings for us coming here in Q2. We're excited to get through back-to-school and we'll know a lot more in August, and then we'll talk about the back half once we get there.

當我們在接下來的幾個月裡進行建造時，有很多東西需要學習。因此，當我們今天坐在這裡思考後半部分時，仍然存在著許多不確定性，我們在第二季可以學到很多東西。我們很高興能夠回到學校，八月我們會了解更多，然後我們一到學校就會討論後半部分。

Yes. And just real quick on the APAC piece. I know you know the (inaudible). But it's a very small piece of our business. It's probably about 3% at this point in time, but we were excited to deliver 10% net sales growth. The team is hard at work, getting close to that customer, localizing our assortments, making sure that our promotions are lined up with the calendar appropriately and we're going to continue to believe and invest in that region.

是的。亞太地區的業務也很快。我知道你知道（聽不清楚）。但這只是我們業務的一小部分。目前可能約為 3%，但我們很高興能夠實現 10% 的淨銷售額成長。團隊正在努力工作，接近該客戶，本地化我們的品種，確保我們的促銷活動與日曆適當一致，我們將繼續相信並投資該地區。

Our next question will be coming from Mauricio Serna of UBS.

我們的下一個問題將由瑞銀 (UBS) 的 Mauricio Serna 提出。

Great. Congratulations on our results. Just a few questions for me. Maybe could you talk about in Q1, what you're seeing in terms of customer acquisition in Abercrombie, are you seeing like any new customers coming into the brand specifically age cohort or anything like that? And maybe also, could you talk about the playbook (inaudible) more details about the playbook implemented in international markets?

偉大的。祝賀我們的成果。只是問我幾個問題。也許您可以在第一季談談您在 Abercrombie 的客戶獲取方面所看到的情況，您是否看到任何新客戶進入該品牌，特別是年齡段或類似的情況？也許您還能談談劇本（聽不清楚）有關國際市場實施的劇本的更多細節嗎？

How are you seeing that in -- like what are you doing in U.K. and Germany to drive that strong growth? And then just finally, just I was wondering like for Q2 -- sorry, for the second half of the year, are you baking any expectation of OpEx leverage considering that there's an implied slowdown in the sales guidance?

您如何看待這一點——例如您在英國和德國正在做什麼來推動強勁增長？最後，我想知道第二季的情況——抱歉，今年下半年，考慮到銷售指導中隱含的放緩，您是否對營運支出槓桿率有任何預期？

All right. So back up to the top, Mauricio. Customer Acquisition A&F. So there's a lot of exciting things happening in the A&F brand. And as we continue to launch all of these new concepts, we are definitely seeing new consumers coming into the brand. We saw that through 2023 as an example, with all of our licensing that we did as an example with the NFL. For the first quarter, this launch of the Wedding Shop has brought in lots of new customers.

好的。回到頂部，毛里西奧。客戶獲取 A&F。 A&F 品牌發生了很多令人興奮的事情。隨著我們繼續推出所有這些新概念，我們肯定會看到新的消費者湧入品牌。我們以 2023 年為例，我們以 NFL 的所有許可為例。第一季度，婚禮店的推出帶來了大量新客戶。

It's also opportunity to add value to the customers that we already have. It was built off an extension of the best dressed guest collection that we had already seen success in. So we are seeing exciting acquisition by customer. As we mentioned just a few minutes ago, we are investing in top of funnel, which is certainly helping to grow brand awareness.

這也是為我們現有客戶增加價值的機會。它是在我們已經取得成功的最佳著裝賓客系列的延伸基礎上建立的。正如我們幾分鐘前提到的，我們正在投資漏斗頂部，這無疑有助於提高品牌知名度。

For the second question, our playbook is something that we are definitely exporting outside of North America. We had a terrific quarter in EMEA. In fact, we were just in London last week. We had my first international Board meeting in London with the team, and we're really excited about the opportunity that we see there. We are focused on U.K. and Germany and exporting that playbook and making sure that we stay close to the customer. It's about aligning that product voice and experience, which is working very well for us in North America and is now working well for us, particularly in those 2 countries.

對於第二個問題，我們的劇本肯定會出口到北美以外的地區。我們在歐洲、中東和非洲地區度過了一個精彩的季度。事實上，我們上週才在倫敦。我們在倫敦與團隊舉行了第一次國際董事會會議，我們對在那裡看到的機會感到非常興奮。我們專注於英國和德國，並輸出該策略並確保我們與客戶保持密切聯繫。這是關於調整產品聲音和體驗，這對我們在北美非常有效，現在對我們也很有效，特別是在這兩個國家。

I'll hand the third question over to Scott.

我將把第三個問題交給史考特。

Give me break. All right. So OpEx leverage in the second half. The outlook that's out there that implied outlook from our last one, there'd be minimal OpEx leverage. As we think about approaching the back half as we're coming through Q1 into Q2, we're making investments. Number one, we're keeping that inventory agile and quick and using the chase model. We're also making investments in marketing. We're making investments in stores.

讓我休息一下。好的。所以下半年營運支出會槓桿化。現有的前景暗示了我們上一份報告的前景，營運支出槓桿率將是最小的。當我們考慮從第一季進入第二季的下半年時，我們正在進行投資。第一，我們保持庫存的敏捷性和快速性，並使用追逐模型。我們也在行銷方面進行投資。我們正在對商店進行投資。

We have a good store plan here for the back half strong store plan for the back half with remodels, refreshes, new stores coming in as well as that end-to-end customer journey. So excited about the investments that we're putting into place and optimistic that will keep our growth trajectory going into the future.

我們為後半部製定了良好的商店計劃，為後半部製定了強大的商店計劃，其中包括改造、更新、新店開業以及端到端的客戶旅程。我們對正在實施的投資感到非常興奮，並對未來保持成長軌跡持樂觀態度。

Understood. And Congratulations.

明白了。恭喜。

And our next question will come from La -- excuse me, Paul Lejuez of Citi.

我們的下一個問題將來自花旗銀行的 Paul Lejuez，請原諒。

This is Kelly for Paul. First one is for Scott. Just to follow up on the AURs. Did you say what AURs were up in the quarter? I think your plan was for flat. So just curious how AUR has performed? And any color by brand and how -- and what your assumption is for AURs for the year now?

這是保羅的凱利。第一個是給斯科特的。只是為了跟進 AUR。您是否說過本季的 AUR 上漲了多少？我認為你的計劃是買公寓。只是好奇 AUR 的表現如何？品牌的顏色以及如何——以及您現在對今年 AUR 的假設是什麼？

And then secondly, for Fran, I'm just curious on new customer growth at Hollister. I know previously you said Hollister was somewhat more limited by just the age range of the Hollister customer relative to ANS. Just curious if any of your thoughts have changed about what the ultimate customer acquisition opportunity is there.

其次，對弗蘭來說，我只是對霍利斯特的新客戶成長感到好奇。我知道您之前說過 Hollister 相對於 ANS 而言，更多地受到 Hollister 客戶年齡範圍的限制。只是好奇您對最終客戶獲取機會的想法是否改變了。

All right. Let's pick up the first one on AUR. So yes, nice growth in AUR. I didn't give a basis points impact there for Q1, but really saw AUR growth across brands. And we continue to see that mix benefit in Abercrombie. We talked about the dress shop. That's launch here in the quarter, maybe first quarter, really nice pick up there.

好的。讓我們來看 AUR 上的第一個。所以，是的，AUR 成長良好。我沒有給出第一季的基點影響，但確實看到了各個品牌的 AUR 成長。我們繼續在 Abercrombie 看到這種混合效益。我們談論了服裝店。這是在本季度（也許是第一季）推出的，那裡的情況非常好。

So we're seeing a little bit of a mix benefit in AUR. But again, that doesn't exactly flow through to gross margin. When you think about those gross margin impacts, nice pickup from just slightly reduced promotions as well as lower clearance selling. Again, we were chasing inventory throughout the quarter. The assortments have been well received, specifically that spring, summer assortment has performed well across those key categories.

因此，我們在 AUR 中看到了一些混合效益。但同樣，這並不完全影響毛利率。當你考慮到這些毛利率影響時，促銷活動的略微減少以及清倉銷售的減少就帶來了不錯的回升。同樣，我們整個季度都在追逐庫存。這些品種廣受好評，特別是春夏品種在這些關鍵類別中表現良好。

So we've been able to pull back promotions just a bit. So as we think about Q2 and going forward, expect to see some AUR pick up based on those trends come out of Q1 and Q2. And then for the back half, sitting here today, we'll assume moderating AUR growth in the back half, and we'll pick that up when we talk in August.

因此，我們能夠稍微縮減促銷活動。因此，當我們考慮第二季和未來時，預計 AUR 會根據第一季和第二季的趨勢有所回升。然後對於後半部分，今天坐在這裡，我們假設後半部分的 AUR 增長放緩，我們將在 8 月討論時討論這一點。

Yes. And then just for clarity on the second question, Kelly. I think what we said was that the addressable market for Abercrombie is a bit larger than the addressable market for Hollister because it's a teen-specific consumer as opposed to now what we look at it Abercrombie, which is coming into the brand in the early 20s and staying well past their 40s.

是的。然後為了澄清第二個問題，凱利。我認為我們所說的是Abercrombie 的潛在市場比Hollister 的潛在市場大一些，因為它是針對青少年的消費者，而不是我們現在所看到的Abercrombie，後者在20 年代初進入該品牌並且一直年過40歲。

So there's always opportunity for new customers. And the fact that we are now investing increased marketing across all parts of the funnel will always help us bring new customers in. There's lots of exciting things happening within the brand. I just mentioned a few minutes ago from the top of funnel activities that we're doing through the high schools. So new customers are always an opportunity. It's just the addressable market specifically that was a bit different between the 2 brands.

因此，新客戶總是有機會。事實上，我們現在在通路的各個部分加大行銷力度，這將始終幫助我們吸引新客戶。幾分鐘前我剛剛提到了我們在高中進行的漏斗活動的頂部。所以新客戶總是一個機會。這兩個品牌之間的具體目標市場略有不同。

Yes. Kelly, just to add on for Hollister. When you think about that customer, very different than the Abercrombie customer. A lot of transactions happen in store. But they start the product search online. So for us, it's about a balanced investment in store locations. Obviously, we have a lot more stores for Hollister than Abercrombie because of that fact. But we're also increasing that digital marketing for Hollister because there's so much discovery that happens with that team before they come in store. So looking at that kind of store and rent plus marketing is our way to acquire customers in Hollister.

是的。凱利，只是為霍利斯特補充。當你想到那位客戶時，你會發現它與 Abercrombie 的客戶非常不同。很多交易都發生在商店裡。但他們開始在網路上搜尋產品。所以對我們來說，這是關於商店位置的平衡投資。顯然，正因為如此，我們的 Hollister 商店比 Abercrombie 多得多。但我們也在增加 Hollister 的數位行銷，因為團隊在進入商店之前就已經發生了許多發現。因此，尋找這種商店和租金加行銷是我們在霍利斯特獲取客戶的方式。

And our next question will be coming from Janet Kloppenburg of JJK Research Associates.

我們的下一個問題將來自 JJK Research Associates 的 Janet Kloppenburg。

Congratulations. It's a really nice quarter. I wondered about the -- you're comparing here still, against high promotions and clearance last year at Hollister. And I'm wondering if you expect that to be a benefit for the year. And also, when you think about the international business, I think that you're in early innings there in terms of recovery trend.

恭喜。這真是一個美好的季度。我想知道 - 你仍然在這裡與霍利斯特去年的高促銷和清倉進行比較。我想知道您是否期望這會成為今年的收益。而且，當你考慮國際業務時，我認為就復甦趨勢而言，你正處於早期階段。

So I wondered if you thought that comps could be maintained at the kind of level we saw in the first quarter. And just lastly, on brand extensions with The Wedding Dress Shop do you see opportunities for additional brand extensions at both brands as we look forward?

所以我想知道您是否認為比較可以維持在我們第一季看到的水平。最後，關於 The Wedding Dress Shop 的品牌延伸，正如我們所期望的那樣，您認為這兩個品牌有更多品牌延伸的機會嗎？

Janet, let me get the first 1 out of the way. So when you think about those promos at Hollister, yes, if we look back into history, that brand was over-inventoried coming through 2022 after we saw that drop off in kind of the mid-2022 range. we cleared through most of that in 2022, a little bit of an overhang there in Q1 of '23.

珍妮特，讓我把第一個解決掉。因此，當你想到 Hollister 的這些促銷活動時，是的，如果我們回顧歷史，在我們看到 2022 年中期的庫存下降之後，該品牌在 2022 年庫存過剩。我們在 2022 年解決了其中的大部分問題，在 23 年第一季出現了一些懸而未決的問題。

So got that benefit here in Q1 of 2024. And that benefit moderates as we go forward, I would say, like I just said, in kind of second quarter, we'll see some benefit. We're going to assume it's going to moderate in the back half. The great thing is like kind of bringing it current and into the presence. All brands are chasing. We're chasing into the summer at this point in late summer into back-to-school. It's an exciting place to be for each brand, and that gives us the chance to hold the AUR or maybe get some growth.

因此，我們在2024 年第一季獲得了這種好處。 。我們假設它會在後半段放緩。偉大的事情就像是讓它成為現實並呈現出來。所有品牌都在追逐。我們正在追趕夏天，在夏末的這個時候回到學校。對於每個品牌來說，這都是一個令人興奮的地方，這讓我們有機會保持 AUR 或獲得一些成長。

Yes. Regarding the International business, sorry, we're very excited to report, obviously, nice progress in both APAC and EMEA. We've talked for a few quarters now actually for a couple of years now about building those teams, and we're really building the muscle. Exploring this playbook is working. The opportunity to start investing in marketing is working. And all of the comps of that is built into the outlook that we put out today.

是的。關於國際業務，抱歉，我們非常高興地報告，顯然，亞太地區和歐洲、中東和非洲地區都取得了良好進展。我們已經討論了幾個季度，實際上已經討論了幾年關於建立這些團隊的問題，我們確實正在增強實力。探索這本劇本正在發揮作用。開始投資行銷的機會正在發揮作用。所有這些因素都已納入我們今天發布的展望中。

And then regarding brand extensions, I mean, that is what we do. The team is busy and hard at work always listening to the customer, trying to see what opportunities are out there. That The Wedding Dress Shop is clearly an opportunity that came from our customer telling us that they spend long weekends away with their friends. I mean these weddings have become 2, 3, 4-day events where they need outfits throughout the weekend for that.

關於品牌延伸，我的意思是，這就是我們所做的。團隊忙碌而努力，總是傾聽客戶的意見，試圖了解那裡有什麼機會。這家婚紗店顯然是一個機會，來自我們的客戶告訴我們他們和朋友一起度過了長週末。我的意思是，這些婚禮已經變成了為期 2、3、4 天的活動，他們需要整個週末的服裝。

We're providing those now actually for both men and women, which is exciting. So we're going to continue to stay focused on listening to them and hearing what the opportunities are, and there will certainly be new things as we move ahead.

我們現在實際上為男性和女性提供這些服務，這令人興奮。因此，我們將繼續專注於傾聽他們的聲音，了解機會是什麼，隨著我們的前進，肯定會出現新的事情。

Okay. One more, if I could. Scott, I was wondering is there an outlook given -- the sales acceleration for the back half, is there an outlook for SG&A to leverage in that? I know you said for the year, it could leverage. What would that pace look like in the back half of the year?

好的。如果可以的話，再來一張。史考特，我想知道是否有一個前景——後半段的銷售加速，SG&A 是否有一個可以利用的前景？我知道你說過今年可以發揮槓桿作用。今年下半年的速度會如何？

Yes. At this point, with the implied outlook out there, we wouldn't see much SG&A leverage in the back half. It would be more front half weighted. Obviously, the growth rate is higher here in the front half versus that implied in the back half. So a lot of that full year leverage would come from the front half.

是的。目前，考慮到隱含的前景，我們不會看到後半段有太多的銷售、管理及行政費用槓桿。它會更前半加權。顯然，前半部的成長率高於後半部的成長率。因此，全年槓桿的大部分將來自上半年。

But not deleverage in the back half?

但下半年不去槓桿嗎？

Yes, we'll see. We'll kind of bounce around leverage, deleverage, basis points here and there.

是的，我們拭目以待。我們會在槓桿、去槓桿、基點等方面進行一些反彈。

I would now like to turn the conference back to Fran for closing remarks.

現在我想請 Fran 發表閉幕詞。

Thanks, everyone, for joining the call today, and we look forward to providing some more updates in the future.

感謝大家今天加入電話會議，我們期待未來提供更多更新。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

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。