Abercrombie & Fitch Co (ANF) 2025 Q1 法說會逐字稿

Good day and welcome to the Abercrombie & Fitch first quarter fiscal year 2025 earnings call. (Operator Instructions) Today's conference is being recorded. At this time, I'd like to turn the conference over to Mo Gupta. Please go ahead.

大家好，歡迎參加 Abercrombie & Fitch 2025 財年第一季財報電話會議。（操作員指示）今天的會議正在錄製。現在，我想將會議交給 Mo Gupta。請繼續。

Thank you. Good morning, and welcome to our first quarter 2025 earnings call. Joining me today on the call is Fran Horowitz, Chief Executive Officer; Scott Lipesky, Chief Operating Officer; and Robert Ball, Chief Financial 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.

謝謝。早安，歡迎參加我們 2025 年第一季財報電話會議。今天參加電話會議的還有執行長 Fran Horowitz、營運長 Scott Lipesky 和財務長 Robert Ball。今天早些時候，我們發布了第一季財報，您可以在我們網站 corporate.abercrombie.com 的「投資者」部分查看。我們的網站上也提供了一份投資者介紹。

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

In addition, we will be referring to certain non-GAAP financial measures on 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. With that, I'll turn the call over to Fran.

此外，我們將在電話會議上參考某些非公認會計準則財務指標。今天早上發布的新聞稿和投資者報告中包含了更多詳細資訊以及 GAAP 與調整後的非 GAAP 財務指標的對帳。說完這些，我將把電話轉給弗蘭。

Thanks, Mo, and thanks everyone for joining. I'm pleased to report first quarter results came in ahead of the expectations we provided in March on both the top and bottom lines. I am proud of how the team is applying our playbook to execute for our customer and our business.

謝謝，莫，也謝謝大家的加入。我很高興地報告，第一季的業績無論是營收還是利潤都超出了我們三月給出的預期。我為團隊如何運用我們的劇本為我們的客戶和業務執行而感到自豪。

As we've mentioned before, our playbook and Read & React model are an important part of the strong foundation we've built over years of transformation. This foundation allows us to manage and adapt to the environment while maintaining focus on strengthening our brands and company for the long term. We are one quarter into 2025 and our team is doing an excellent job, balancing both of these priorities.

正如我們之前提到的，我們的劇本和閱讀與反應模型是我們多年轉型所建立的堅實基礎的重要組成部分。這個基礎使我們能夠管理和適應環境，同時專注於長期加強我們的品牌和公司。2025 年已經過去四分之一了，我們的團隊在平衡這兩個優先事項方面做得非常出色。

For the first quarter, we delivered record net sales of $1.1 billion on growth of 8% to last year, above our expected range of 4% to 6%. Operating expense leverage partially offset lower growth margin and marketing investment, resulting in an operating margin of 9.3% and earnings per share of $1.59 for the quarter, both above the ranges we provided in March. We also used our strong balance sheet to return $200 million to shareholders to share repurchases, totaling 5% of shares outstanding as of the beginning of the year.

第一季度，我們的淨銷售額創歷史新高，達到 11 億美元，較去年同期成長 8%，高於我們預期的 4% 至 6% 的範圍。營業費用槓桿部分抵銷了較低的成長利潤率和行銷投資，導致本季營業利潤率為 9.3%，每股收益為 1.59 美元，均高於我們 3 月份提供的範圍。我們也利用強勁的資產負債表向股東返還 2 億美元用於股票回購，總額佔年初流通股的 5%。

We saw net sales growth across all regions in the first quarter. The Americas grew 7% on good traffic levels in both stores and digital, building on a terrific first quarter in 2024 where we grew 23%. In EMEA we grew 12% on top of 19% growth last year. We saw continued strength in the UK and Germany, with digital demand complimenting the positive reception we've seen to the 6 stores we opened in the region last year.

第一季度，所有地區的淨銷售額均實現成長。美洲地區在實體店和線上客流量良好的情況下成長了 7%，而 2024 年第一季我們的成長則達到了 23%。在 EMEA 地區，我們在去年 19% 的成長率基礎上又成長了 12%。我們在英國和德國看到了持續的強勁成長勢頭，數位需求對我們去年在該地區開設的 6 家門市所獲得的積極反響表示讚賞。

In APAC, we grew 5% on top of 10% growth last year with nice comparable sales performance in China. From a brand perspective, Hollister led the way, delivering record first-quarter results with 22% net sales growth last year on top of 12% growth in the first quarter of 2024. We had strong comparable sales as well, up 23%. I am so proud of the Hollister team as they delivered the brand's 8th consecutive quarter of growth.

在亞太地區，我們在去年 10% 的成長率基礎上又成長了 5%，中國市場的可比銷售業績也相當不錯。從品牌角度來看，Hollister 處於領先地位，第一季業績創下紀錄，去年淨銷售額成長 22%，2024 年第一季成長 12%。我們的可比銷售額也表現強勁，成長了 23%。我為 Hollister 團隊感到非常自豪，他們幫助該品牌連續第 8 個季度實現成長。

Both AUR and units were up in the quarter, and growth was balanced across genders and categories, with strength in fleece, jeans, and skirts. Cross-channel traffic was strong in the quarter, and we continued to ramp marketing investment year over year to support growth. We're excited about the balance we are seeing in the assortment, and we look forward to the summer season officially kicking off.

本季度，AUR 和銷量均有所上升，不同性別和品類的成長較為均衡，其中羊毛衫、牛仔褲和裙子表現強勁。本季跨通路流量強勁，我們持續逐年增加行銷投資以支持成長。我們對所看到的商品組合的平衡感到非常興奮，並期待夏季的正式開始。

At Abercrombie brands, results fell short of expectations. We saw a 4% net sales decline against stellar 31% growth and record net sales achieved in Q1 2024. Comparable sales were down 10% versus 29% comp growth last year as we expected entering the quarter. Sales performance was primarily driven by AUR decline as we moved through winter carryover inventory. We also saw softer results in some of the spring categories that produced standout growth in Q1 last year.

在 Abercrombie 品牌，業績未能達到預期。我們看到淨銷售額下降了 4%，而 2024 年第一季的淨銷售額卻成長了 31%，創下了歷史新高。正如我們預期的那樣，本季可比銷售額下降了 10%，而去年同期銷售額成長了 29%。銷售業績主要受冬季結轉庫存導致的 AUR 下降所致。我們也看到，去年第一季實現突出成長的一些春季產品類別的業績有所疲軟。

We built our business to rapidly respond to customer feedback, and the team acted quickly, leveraging our agile operating model to shift inventory receipts based on summer product test reads. The brand continues to see good traffic trends. And on the store side, we continue to see productivity and surrounding digital sales growth from new stores.

我們建立了業務來快速回應客戶回饋，團隊迅速採取行動，利用我們敏捷的營運模式根據夏季產品測試讀數轉移庫存收貨。該品牌的流量趨勢持續良好。在商店方面，我們繼續看到新店的生產力和周邊數位銷售的成長。

We have 13 openings planned for the second quarter in some great locations, building on April's successful opening in Williamsburg, Brooklyn. I have confidence in the team and the playbook, and our goal is to deliver sequential improvement on the top line in the second quarter, putting Abercrombie brands on a path to growth later this year.

我們計劃在第二季度在一些優質地點開設 13 家新店，以 4 月在布魯克林威廉斯堡成功開業為基礎。我對團隊和策略充滿信心，我們的目標是在第二季度實現營業額的連續成長，使 Abercrombie 品牌在今年稍後走上成長之路。

From a total company perspective, we expect to deliver year-over-year second quarter sales growth on top of a record 2024 with balanced growth across regions. As we navigate through the evolving trade environment, we remain open and agile with our inventory receipts and marketing spend to ensure we can best align our product investments with selling trends.

從整個公司的角度來看，我們預計 2024 年第二季的銷售額將在創紀錄的基礎上實現同比增長，並且各地區將實現均衡增長。在我們應對不斷變化的貿易環境時，我們對庫存收據和行銷支出保持開放和靈活的態度，以確保我們的產品投資能夠與銷售趨勢保持最佳一致。

Our playbook was built to effectively respond to circumstances like these, just as our team successfully managed the freight and cotton spikes from a couple of years ago. Our global supply chain and sourcing teams are working hard to drive efficiency across the supply chain -- across the supply base through discussions with our sourcing partners and by making strategic geographic changes to our buys and supply footprint.

我們的劇本是為了有效應對這樣的情況而製定的，就像幾年前我們的團隊成功應對貨運和棉花價格飆升一樣。我們的全球供應鏈和採購團隊正在努力透過與採購合作夥伴的討論以及對我們的採購和供應足跡進行策略性地理改變來提高整個供應鏈（整個供應基地）的效率。

Throughout our business, we're looking for expense efficiencies while remaining on offense in key investment areas. All of this work will have clear impact, and based on our current assumptions on tariffs, we are not planning broad-based ticket increases. As we've done season after season, our goal is to deliver high quality products and align inventory and promotions with our customers value perception.

在我們的整個業務中，我們都在尋求費用效率，同時在關鍵投資領域保持進攻態勢。所有這些工作都會產生明顯的影響，並且根據我們目前對關稅的假設，我們並沒有計劃大規模提高票價。正如我們一季又一季所做的那樣，我們的目標是提供高品質的產品，並使庫存和促銷與客戶的價值觀念保持一致。

This will give us the best opportunity to produce healthy sell-throughs, AURs, and growth margins that underpin our track record of net sales, earnings, and cash flow growth. Our playbook and model both work, and we will continue to leverage them moving forward.

這將為我們提供最佳機會來實現健康的銷售量、AUR 和成長利潤率，從而鞏固我們的淨銷售額、收益和現金流成長記錄。我們的劇本和模型都有效，我們將繼續利用它們向前發展。

Thinking further about what we've built over the years, we also have a history of capitalizing on moments like these to further strengthen the business, and we remain focused on the long term opportunity ahead. We strongly believe in the global power of our brands, and we are continuing to further their reach by investing in marketing, technology, new channel partnerships, and company owned stores.

進一步思考我們多年來所取得的成就，我們也曾利用這樣的時刻來進一步加強業務，並且我們仍然專注於未來的長期機會。我們堅信我們品牌的全球影響力，我們將繼續透過投資行銷、技術、新通路合作夥伴和公司自有商店來擴大其影響力。

On the store side, we expect to add around 100 new physical experiences this year in total, with additional localized products and advertising to build lasting market presence and growth. The first quarter was another example of where we set a goal and delivered on that goal.

在商店方面，我們預計今年將總共增加約 100 個新的實體體驗，並提供額外的在地化產品和廣告，以建立持久的市場影響力和成長。第一季是我們設定目標並實現該目標的另一個例子。

As we move through the second quarter, we expect to add to our track record of controlling what we can control and doing what we say we're going to do. Global growth remains our highest priority for 2025. So we look at to our first quarter progress, while investing for the long term. And with that, I'll hand it over to Robert to expand more on our results and key outlook drivers.

隨著第二季的到來，我們期望能夠進一步鞏固我們能夠控制的事情和說到做到的記錄。全球成長仍然是我們 2025 年的首要任務。因此，我們在進行長期投資的同時，也會關注第一季的進展。接下來，我將把主題交給羅伯特，讓他進一步闡述我們的成果和關鍵的前景驅動因素。

Thanks, Fran, and good morning, everyone. Recapping the quarter, we delivered record Q1 net sales of $1.1 billion, up 8% to last year on a reported basis, above the range we provided in early March. Comparable sales for the quarter were up 4% and we did not see meaningful impact from foreign currency.

謝謝，弗蘭，大家早安。回顧本季度，我們第一季的淨銷售額創下了 11 億美元的紀錄，按報告計算比去年同期增長 8%，高於我們 3 月初提供的範圍。本季可比銷售額成長了 4%，我們並未看到外幣帶來的重大影響。

By region, net sales increased 7% in the Americas, 12% in EMEA, and 5% in APAC. On a comparable sales basis, Americas was up 4% and EMEA was up 6%, and APAC was up 2%. For EMEA and APAC, the spread between reported and comp sales was due to net store openings, third-party channels with EMEA also benefiting from foreign currency.

按地區劃分，美洲地區淨銷售額成長 7%，歐洲、中東和非洲地區成長 12%，亞太地區成長 5%。以可比較銷售額計算，美洲地區成長 4%，歐洲、中東和非洲地區成長 6%，亞太地區成長 2%。對於歐洲、中東和非洲地區以及亞太地區，報告銷售額與可比較銷售額之間的差額是由於淨店開設、第三方管道以及歐洲、中東和非洲地區也受益於外幣。

On the brands, Abercrombie brands net sales declined 4% with comparable sales down 10%. Consistent with our first quarter outlook, the sales decline was primarily due to lower AUR as we worked to clear seasonal carryover inventory.

就品牌而言，Abercrombie 品牌淨銷售額下降 4%，可比銷售額下降 10%。與我們第一季的展望一致，銷售額下降主要是因為我們努力清理季節性結轉庫存導致 AUR 下降。

Hollister Brands net sales grew 22% on comparable sales of 23% with both unit increases and AUR growth on lower promotions. Operating margin of 9.3% of sales was above the outlook range we provided in early March, delivering operating income of $102 million compared to $130 million or 12.7% of sales last year.

Hollister Brands 的淨銷售額成長了 22%，而可比銷售額成長了 23%，這得益於銷量和 AUR 的增加，以及促銷活動的減少。營業利益率為銷售額的 9.3%，高於我們 3 月初提供的預期範圍，營業收入為 1.02 億美元，而去年為 1.3 億美元，佔銷售額的 12.7%。

Lower gross margin was partially offset by around 140 basis points of operating expense leverage led by general and administrative expenses on lower payroll and incentive compensation. Consistent with expectations, marketing, which as a reminder, is fully included in selling expense was 5.3% of sales for the quarter and was the primary driver of the 110 basis points of deleverage in selling expense.

較低的毛利率被約 140 個基點的營業費用槓桿所部分抵消，其中主要原因是工資和激勵薪酬較低導致的一般和行政費用增加。與預期一致，行銷費用（提醒一下，它完全包含在銷售費用中）佔本季銷售額的 5.3%，是銷售費用去槓桿 110 個基點的主要驅動力。

We ended the first quarter with inventory at cost up 21%. Within that, inventory units are up 6%, so we're positioned to support future growth, along with 4 percentage points from freight and inventory actions related to tariffs, with year-over-year changes in product category mix driving the remaining cost increase. The tax rate for the quarter was in line with our outlook at 25%, and net income per diluted share was above our outlook at $1.59 and compared to $2.14 last year.

第一季結束時，庫存成本上漲了 21%。其中，庫存單位增加了 6%，因此我們有能力支持未來的成長，同時與關稅相關的運費和庫存行動也將增加 4 個百分點，而產品類別組合的同比變化將推動剩餘的成本增加。本季的稅率與我們的預期一致，為 25%，每股淨收益高於我們的預期，為 1.59 美元，去年為 2.14 美元。

Moving to the balance sheet, we exited the quarter with cash and cash equivalents of $511 million and liquidity of approximately $940 million. We also ended the quarter with marketable securities of $97 million. For the quarter, we repurchased $200 million worth of shares, consistent with our commentary from early March, ending the quarter with $1.1 billion remaining on our current share repurchase authorization.

從資產負債表來看，本季末我們的現金和現金等價物為 5.11 億美元，流動資金約 9.4 億美元。本季末，我們的有價證券價值為 9,700 萬美元。本季度，我們回購了價值 2 億美元的股票，與我們 3 月初的評論一致，本季結束時，我們目前的股票回購授權剩餘金額為 11 億美元。

Shifting to the outlook. Global growth remains our highest priority. On the cost side, our 2025 outlook assumes a 10% tariff on all global imports into the US as well as a 30% tariff on imports from China. For China specifically, we've worked for some time now to relocate resources of supply.

轉向展望。全球成長仍然是我們的首要任務。在成本方面，我們對 2025 年的展望假設美國對所有全球進口產品徵收 10% 的關稅，對從中國進口的產品徵收 30% 的關稅。具體來說，對於中國來說，我們已經努力了一段時間來重新分配供應資源。

And this year's sourcing volume from China will be in the low single digits. Globally, we remain nicely diversified across 16 countries. We've been leveraging our agile playbook to build a list of mitigation strategies with our primary focus on the combination of supply chain footprint changes, vendor negotiations, and operating expense efficiencies.

今年來自中國的採購量將處於個位數的低點。在全球範圍內，我們的業務在 16 個國家保持良好的多元化。我們一直在利用我們的敏捷劇本來建立一系列緩解策略，主要關注供應鏈足跡變化、供應商談判和營運費用效率的結合。

For AUR specifically, we are currently assuming no AUR mitigation in our outlook as we do not anticipate broad-based ticket price increases. As always, we will pursue higher AURs through the combination of lean inventory and strong product acceptance. Net of expected mitigation efforts, the assumed tariffs carry a cost impact of around $50 million for 2025, impacting our full year operating margin outlook by 100 basis points.

具體來說，對於 AUR，我們目前假設 AUR 不會在我們的展望中有所緩解，因為我們預計機票價格不會普遍上漲。像往常一樣，我們將透過精益庫存和強大的產品接受度來追求更高的 AUR。在扣除預期的緩解措施後，假設的關稅將對 2025 年產生約 5,000 萬美元的成本影響，對我們的全年營業利潤率預期產生 100 個基點的影響。

For the full year, we now expect net sales growth in the range of 3% to 6% from $4.95 billion in 2024 with full-year growth expected across regions. We increased the high end of our prior outlook by flowing through our first quarter outperformance, with the second half of the year largely unchanged on net sales.

就全年而言，我們目前預計淨銷售額將從 2024 年的 49.5 億美元成長 3% 至 6%，預計各地區全年都將成長。我們透過第一季的優異表現提高了先前預期的高端，而下半年的淨銷售額基本上保持不變。

We now expect full year operating margin in the range of 12.5% to 13.5%. The reduction from our prior outlook range is primarily due to the estimated 100 basis point impact from tariffs, net of mitigation efforts, with the remainder driven by the flow-through of the Q2 operating margin outlook.

我們現在預計全年營業利潤率在 12.5% 至 13.5% 之間。我們先前的預期範圍有所下調，主要是由於扣除緩解措施後，關稅預計會產生 100 個基點的影響，其餘部分則受到第二季度營業利潤率預期的影響。

We are forecasting a tax rate around 27%. For earnings per share, we expect diluted weighted average shares of around $49 million which incorporates the anticipated impact of 2025 share repurchases. Combined with the tax rate, we expect net income per diluted share in the range of $9.50 to $10.50.

我們預測稅率約為27%。對於每股收益，我們預計稀釋加權平均股數約為 4,900 萬美元，其中包括 2025 年股票回購的預期影響。結合稅率，我們預計每股淨收益在 9.50 美元至 10.50 美元之間。

For capital allocation, we expect capital expenditures of approximately $200 million. On stores, we expect to deliver around 100 new experiences, including 60 new stores and 40 right sizes or remodels. We also expect to be net store openers with our 60 new stores outpacing around 20 anticipated closures.

對於資本配置，我們預計資本支出約為 2 億美元。在商店方面，我們預計將提供約 100 種新體驗，包括 60 家新店和 40 家合適規模或改造的商店。我們也預計新開店數量將達到 60 家，而預計關閉的門市數量將達到 20 家左右。

At the current sales and operating margin outlook, we continue to target around $400 million in share repurchases for the year. subject to business performance, share price, and market conditions. For the second quarter of 2025, we expect net sales to be up 3% to 5% to the Q2 2024 level of $1.13 billion.

根據目前的銷售和營業利潤率前景，我們繼續將今年的股票回購目標定為 4 億美元左右，但取決於業務表現、股價和市場狀況。對於 2025 年第二季度，我們預計淨銷售額將成長 3% 至 5%，達到 2024 年第二季的 11.3 億美元。

We expect operating margin to be in the range of 12% to 13%. We continue to expect slightly higher costs from freight as well as around $5 million of tariff impact, net of mitigation efforts.

我們預計營業利潤率將在 12% 至 13% 之間。我們仍預期運費成本將略有上升，且扣除緩解措施後，關稅影響將達到約 500 萬美元。

We expect no leverage or deleverage on expense at the midpoint of our outlook. We expect the Q2 tax rate around 28%. We expect net income per diluted share in the range of $2.10 to $2.30, with diluted weighted average shares expected to be around $49 million, including the anticipated impact of around $50 million in share repurchases for the quarter.

我們預計，在展望的中期，支出不會出現槓桿或去槓桿。我們預計第二季稅率在28%左右。我們預計每股攤薄淨利潤將在 2.10 美元至 2.30 美元之間，預計攤薄加權平均每股收益約為 4,900 萬美元，其中包括本季預計約 5,000 萬美元的股票回購影響。

To close things out, our agile operating model has supported transformative growth and continues to be a catalyst for growth for driving consistent gains across sales, earnings, and cash flow. One quarter into 2025, we're executing with discipline to deliver against our near-term goals while keeping our sights firmly set on the significant long-term opportunities ahead. And with that, operator, we are ready for questions.

總而言之，我們敏捷的營運模式支持了變革性成長，並持續成為推動銷售、收益和現金流持續成長的成長催化劑。2025 年已進入一個季度，我們將嚴格執行，實現近期目標，同時牢牢掌握未來重要的長期機會。接線員，現在我們可以回答問題了。

(Operator Instructions) Dana Telsey, Telsey Advisory Group.

（操作員指示）Dana Telsey，Telsey 諮詢小組。

Hi, good morning, everyone. Great to see the updated guidance and would love to get some more color, both on Hollister, Fran, and on Abercrombie. How do you see the outlook going forward on men's and women's for Abercrombie, cycling the compares and the newness that you're looking for?

大家好，早安。很高興看到更新的指南，並希望獲得更多顏色，無論是在 Hollister、Fran 還是 Abercrombie 上。您如何看待 Abercrombie 男裝和女裝的未來前景，循環比較並尋找您所追求的新穎性？

And also, what other initiatives do you see at Hollister that continue to drive this growth? And then just on the real estate side, I noticed that the closures are being reduced this year in the guide to 20 from 40. What's changing? What's new there? And on the remodels to 40 from 60, any takeaways there and thoughts?

此外，您認為 Hollister 還有哪些其他措施可以繼續推動這項成長？就房地產方面而言，我注意到今年指南中關閉的企業數量從 40 家減少到了 20 家。有什麼變化？有什麼新鮮事嗎？對於從 60 改造為 40，您有什麼收穫和想法嗎？

Thanks, Dana. Good morning. Yeah. So super excited about the record results that we just put up total company. Let's break down your question. We'll start with Abercrombie.

謝謝，達娜。早安.是的。我們剛剛為整個公司創造了創紀錄的業績，對此我感到非常興奮。讓我們分解一下你的問題。我們從 Abercrombie 開始。

So Abercrombie, we talked about this during the last call. We came into the quarter with a bit of carryover from last year, up against, obviously, a spectacular Q1 of last year where we were essentially clean of carryover. That put the pressure on the AUR as we had expected it to do so. But our model gives the team an opportunity to really stay flexible and chase goods. That's what our playbook is built on.

所以 Abercrombie，我們在上次通話中討論了這個問題。我們進入本季時還帶有一些去年的結轉影響，而去年第一季的表現顯然非常出色，我們基本上沒有結轉影響。正如我們所預料的那樣，這給 AUR 帶來了壓力。但我們的模式為團隊提供了真正保持靈活性和追逐商品的機會。我們的劇本就是基於此而製定的。

A great example of that was as we got into the first quarter, we had a terrific response to our swim. We had a vacation shop set for second quarter. We were able to get back into that swim, really ramp it up, ramp up our assets and our marketing even stronger than we're planning to. And we've seen a nice reaction to that. So exciting to see progress, and we do expect to see an inflection in Abercrombie in the back half.

一個很好的例子就是，當我們進入第一節時，我們的游泳表現非常好。我們已計劃在第二季開設度假商店。我們能夠重新回到那種狀態，真正加速發展，增加我們的資產，並且比我們計劃的更強大地開展行銷。我們看到了對此的良好反應。看到進步真是令人興奮，我們確實希望在下半年看到 Abercrombie 的轉變。

Hollister, again, what a quarter, up 22%. I'm incredibly proud of that team. Lots of exciting things going on in that brand. I guess, most recently to discuss would be the gradshop. So again, very culturally relevant to these teams, what's important to them.

Hollister 在本季度再次取得了 22% 的成長。我為那支球隊感到無比自豪。該品牌發生了很多令人興奮的事情。我想，最近要討論的應該是 gradshop。所以，這些團隊的文化與他們非常相關，對他們來說什麼是重要的。

The gradshop just launched. We've seen nice success to that. The first quarter was driven by fleece, by jeans, by skirts, lots of exciting categories. So our expectation is obviously to continue to see that -- continue to see Hollister grow throughout the year. With that, I will turn it over to Robert on your real estate questions.

畢業店剛開幕。我們已經看到了巨大的成功。第一季度的銷售主要由羊毛衫、牛仔褲、裙子等許多令人興奮的類別推動。因此，我們的期望顯然是繼續看到 Hollister 全年繼續增長。說完這些，我將把您的房地產問題交給羅伯特。

Yeah. Dana, I'll hit this real estate one. So again, we're really thrilled here to be talking about being net store openers again here for another year. Adjustments here are pretty consistent. Excited to see 100 new store experiences, 60 new stores, 40 refreshes in the model.

是的。達娜，我要去打這個房地產生意。因此，我們非常高興能夠再次談論在這裡開設新一年網路商店的事。這裡的調整相當一致。很高興看到 100 個新店體驗、60 家新店、40 個模型更新。

We're always opportunistic here as we move throughout the year. From a store closure standpoint, we did close 40 stores last year, planning to close 20 stores this year. Teams have been working through landlord negotiations and packages, and we just see opportunities to keep these stores rolling.

我們全年都在尋找機會。從關閉門市的角度來說，去年我們確實關閉了40家門市，今年計劃關閉20家門市。團隊一直在努力與房東協商並製定方案，我們看到了讓這些商店繼續運作的機會。

So again, excited to be out there for the consumer and build this fleet, which as we talked about last year or last quarter is nicely contributory. So as long as we continue to see these productivities up on these stores, we're going to keep these things rolling.

因此，我們再次感到高興能夠為消費者服務並打造這支車隊，正如我們去年或上個季度所討論的那樣，這做出了很大的貢獻。因此，只要我們繼續看到這些商店的生產力提高，我們就會繼續保持這些事情的發展。

Thank you.

謝謝。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

Great, thanks for taking my question. I guess, Robert and Scott, on the outlook for the full year. You obviously took down profit mainly as a result of tariffs. But on the sales outlook, the high end of the guide was actually revised up. So I'm just curious how you think about that and what's your confidence in the higher end of that range as we look to the remainder of the year and what informs that?

太好了，感謝您回答我的問題。我想，羅伯特和史考特對全年的展望是這樣的。顯然，你們的利潤下降主要是因為關稅。但就銷售前景而言，該指南的高端實際上已被上調。所以我只是好奇您對此有何看法，當我們展望今年剩餘時間時，您對該範圍的高端有何信心，以及是什麼讓您了解到這一點？

Yeah. So I'll take this one, Cory. So for the full year, we are expecting growth across the regions in that 3% to 6% top line guide. We're rolling through that Q1 beat on the top end of our guide. And we're holding the bottom, which, again, when we think about the environment that we're working in here, we feel is reasonable and appropriate with just one quarter in the books for the year.

是的。所以我會選這個，科里。因此，就全年而言，我們預計各地區的營收成長率將達到 3% 至 6%。我們正在指南的頂端回顧第一季的業績。我們保持著最低水平，當我們考慮到我們在這裡工作的環境時，我們認為這是合理且合適的，因為今年只完成了一個季度。

On the margin front, you're exactly right. We're rolling through that $50 million of tariff impact net of the mitigation efforts to date and that expected margin pressure from Q2 to walk us from that 14% to 15% from March to that 12.5% to 13.5% guide today.

從利潤率角度來說，您說得完全正確。我們正在將迄今為止緩解措施後的 5000 萬美元關稅影響以及第二季度的預期利潤率壓力從 3 月份的 14% 至 15% 降至今天的 12.5% 至 13.5% 的指導水平。

Yeah, just to add on there at the end, Corey, I guess the confidence comes from being on offense. We have a strong balance sheet. Robert just mentioned 100 new experiences this year, less add-in marketing, let's add in digital and technology investments. That's what gives us the confidence.

是的，最後補充一下，科里，我想信心來自於進攻。我們擁有強勁的資產負債表。羅伯特剛才提到了今年要有 100 種新體驗，減少附加行銷，增加數位和科技投資。這給了我們信心。

Fran mentioned the brands are open. The brands are chasing. So we have the inventory, we have the investments and that's what gives us the confidence.

弗蘭提到品牌是開放的。各大品牌都在緊追不捨。所以我們有庫存，有投資，這給了我們信心。

That's great. And then just on Abercrombie, the expectation that we return to growth later in the year, that's presumably both sales and comp. Is there any expectation as to when or what the drivers might be for that as well as we think about the really strong compares that we're going to be cycling.

那太棒了。就 Abercrombie 而言，我們預計今年稍後將恢復成長，這大概包括銷售額和同店銷售額。對於何時或駕駛員可能如何，我們是否有任何預期，以及我們考慮過我們將要騎自行車的真正強大的對比。

Yes. I think Scott just said it. The team is hard at work, Corey. That's what our model lets them do, which is really drive that open to buy and stay flexible and agile with their seats going forward, reacting to the things that are happening in the business.

是的。我認為斯科特剛才就說過了。科里，團隊正在努力工作。這就是我們的模型讓他們做的事情，即真正推動人們開放購買，並保持靈活性和敏捷性，以便對業務中發生的事情做出反應。

We do expect to see an inflection in the back half. We're not going to give an exact date and time, but we do expect to see it in the back half. And the drivers are the categories that we're starting to see some nice reaction to that the team is getting back into.

我們確實預計下半年會出現轉折點。我們不會給出確切的日期和時間，但我們確實希望在後半部分看到它。我們開始看到車隊對駕駛員類別做出了一些積極的反應，車隊正在重新回到這個類別。

Great. Thank you very much and best of luck.

偉大的。非常感謝，祝你好運。

Thanks.

謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

So Fran, could you speak to the progression of traffic during the first quarter and into May at Abercrombie relative to Hollister just where Abercrombie stands also with end-of-season carryover inventory today?

那麼，弗蘭，您能否談談第一季和五月 Abercrombie 相對於 Hollister 的客流量變化情況，以及 Abercrombie 目前季末結轉庫存的情況？

Yeah. So we saw nice traffic actually throughout the quarter for Abercrombie. That's why I had discussed a little while ago, Matt, that the opportunity was really in the carryover and the compression of the AUR based on that product, which our expectation is that we are selling through that and seeing ourselves in a better position on all of that. and traffic was strong as well for Hollister on both digital as well as stores.

是的。因此，我們看到整個季度 Abercrombie 的客流量都很好。這就是為什麼我之前討論過，馬特，機會實際上在於結轉和基於該產品的 AUR 壓縮，我們的期望是，我們透過該產品進行銷售，並看到自己在所有這些方面處於更有利的地位。而且 Hollister 的數位和商店流量也都很高。

Yeah. Matt, I'll just add one thing on the A&F inventory side of the house. So we did work through a ton of that carryover inventory in Q1. We still got some sitting on the books here, but we're not concerned with where those levels are. So if you remember, last year, we had abnormally low levels of carryover inventory throughout the spring season.

是的。馬特，我只想在 A&F 庫存方面補充一點。因此，我們確實在第一季處理了大量的結轉庫存。我們這裡仍有一些存量，但我們並不關心這些存量的水平。所以如果你還記得的話，去年整個春季我們的結轉庫存水準異常低。

and we're just up against that year-over-year. Just for some perspective, we are below our carryover levels from this time in 2023. So it really is just more of a normalized level of carryover, and we're up against the low levels from 2024.

我們每年都在面臨這樣的問題。從某個角度來看，我們目前低於 2023 年此時的結轉水準。因此，這實際上只是一種正常化的結轉水平，而我們面臨的是 2024 年的低水平。

And then maybe, Robert, just as a follow-up, is there a way to break apart second quarter gross margin, we're thinking about promotions relative to tariffs and freight how best to think about gross margin progression in the back half of the year?

然後也許，羅伯特，作為後續問題，有沒有辦法分解第二季度的毛利率，我們正在考慮與關稅和運費相關的促銷，如何最好地考慮下半年的毛利率增長？

And maybe just higher level, as we're thinking about operating margins multiyear, is there any giveback in the model? Or how best to think about operating margins on a multiyear basis?

也許只是更高層次，當我們考慮多年的營業利潤率時，模型中是否有任何回饋？或者如何最好地考慮多年期的營業利潤率？

Yes. So on the gross margin guide in terms of what's baked into our Q2, we're we talked about in March, working through a lot of the freight and the carryover pressures. Again, that was what drove the gross margin declines in Q1. So we got through a ton of that.

是的。因此，就我們第二季的毛利率指南而言，我們在三月已經討論過，解決了很多運費和結轉壓力。這再次導致了第一季毛利率的下降。所以我們克服了很多困難。

We'll still see some pressure here in Q2 as we work through the balance of that freight. We've got about $10 million of excess freight sitting on the balance sheet that we'll work through here in Q2 before that normalizes for the back half. And that's been consistent with what we expected coming into the year.

當我們處理第二季的貨運餘額時，我們仍然會看到一些壓力。我們的資產負債表上有大約 1000 萬美元的超額運費，我們將在第二季度處理掉這些費用，然後在下半年恢復正常。這與我們對今年的預期一致。

The carryover inventory, we'll still see some AUR pressure here on the A&F side as we work through the balance of that carryover and rightsize the inventory, and that's a bit of a factor for Q2 as well. And AUR, AUR was flat in Q1. Obviously, had some pressure on the A&F side that was offset by nice gains on the Hollister side.

對於結轉庫存，我們仍然會看到 A&F 方面的一些 AUR 壓力，因為我們正在處理結轉餘額並調整庫存規模，這對第二季來說也是一個影響因素。AUR 在第一季持平。顯然，A&F 方面承受了一些壓力，但 Hollister 方面的良好表現抵消了這種壓力。

And so the way that we're thinking about this year is the balance of this year, Q2 and beyond. We're going to come in with flight AURs, and we're going to work through and expect sequential improvement here as we move through the Q2 and moving forward.

因此，我們對今年的考慮是今年、第二季及以後的平衡。我們將採用航班 AUR，我們將努力工作，並期望隨著第二季度及未來的發展，這裡將逐步改善。

On the operating margin side of the house, no change here. Our focus is squarely on driving long-term sales, operating profit dollars, EPS growth going forward. As Fran mentioned, we've got two incredible brands. We've got a proven operating model. We've got amazing teams. And we've got a pretty healthy financial framework.

在營業利益率方面，沒有變動。我們的重點是推動未來的長期銷售、營業利潤和每股收益成長。正如弗蘭所說，我們有兩個令人難以置信的品牌。我們擁有成熟的營運模式。我們擁有出色的團隊。我們的財務框架非常健康。

So cash productivity is strong. We'll continue to invest back into this business to strengthen for the long term. We'll talk more long term here as we get deeper into the year, but we've guided to this 12.5% to 13.5% operating margin, which is a strong place to be and leaves us with potential to expand if we see that topline outperform our guide.

因此現金生產力很強。我們將繼續對該業務進行投資，以長期增強其實力。隨著今年的深入，我們將在這裡討論更多長期問題，但我們預計營業利潤率將在 12.5% 至 13.5% 之間，這是一個強勁的水平，如果我們看到營業利潤超過我們的預期，我們就有擴張的潛力。

It's a great color. Best of luck.

顏色真棒。祝你好運。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

This is Kelly on for Paul. I guess, Fran, if we could just circle back on the A&F brand in 1Q, you mentioned that it disappointed versus your expectations. So could you just dig into where in the assortment from a category product perspective, where you saw disappointment in what you were doing to course correct that?

這是凱莉 (Kelly) 取代保羅 (Paul)。我想，弗蘭，如果我們可以回顧第一季度的 A&F 品牌，您提到它與您的預期相反，令人失望。那麼，您能否從產品類別的角度深入研究產品組合中哪些地方讓您感到失望，並糾正這些問題？

And then just secondly, on the quarter date -- the 2Q guide, 3% to 5%, is that sort of embedding in what you're seeing Q2 quarter date?

其次，就季度日期而言 - 第二季度指南為 3% 至 5%，這是否與您所看到的第二季度季度日期相符？

Sure. Kelly. So first for Abercrombie as I mentioned earlier today, so we broke down -- you have to really break down Q1. As we set our expectations in the last call for Abercrombie adult, we did have this carryover that we have not -- we did not anniversary from 2024. And as Robert just said, from 2023, it's basically more normalized. That put the pressure on the AUR and drove a significant part of the decline.

當然。凱莉。因此，正如我今天早些時候提到的那樣，首先對於 Abercrombie 來說，我們進行了分解——你必須真正分解 Q1。正如我們在上一季為 Abercrombie 成人版設定的預期一樣，我們確實有這種延續性，但我們沒有——我們沒有從 2024 年就開始。正如羅伯特剛才所說，從 2023 年開始，它基本上更加正常化。這給 AUR 帶來了壓力，並導致了大幅下跌。

The other piece of it was up against honestly, a spectacular launch of the Wedding Shop which we just did not comp as well. So we had dresses that were strong, that sold, they did not sell to the level of actually the launch of the shop.

另一部分是坦白地說，婚禮商店的盛大開業，我們並沒有做得那麼好。因此，我們的服裝雖然銷量很好，但銷售並沒有達到商店開業時的水平。

So the team, as I've said, is busy, hard at work. They're very open in the back half, chasing into product that we are seeing selling, and we're excited about seeing an inflection in the back half of the year.

正如我所說，團隊很忙，工作很努力。他們在下半年非常開放，追逐我們看到的暢銷產品，我們很高興看到下半年出現轉折。

Yeah. Kelly, I'll take the Q2 guide as we think about this. So we're excited to be in a position to grow top line in Q2 off of that 21%-plus Q2 that we delivered last year. May month-to-date trends all incorporated into that outlook of 3% to 5% for the quarter.

是的。凱利，當我們考慮這個問題時，我會參考第二季的指南。因此，我們很高興能夠在第二季度實現營業收入的成長，而去年同期的營業收入成長了 21% 以上。5 月迄今的趨勢均納入了本季 3% 至 5% 的預期。

But as you know, volume will build from here, particularly for Hollister as we move into the back-to-school season here. So ultimately excited that we're targeting growth on growth here, and we feel good about the balance of the year from that perspective.

但正如你所知，銷售量將從現在開始增加，特別是對於霍利斯特來說，因為我們正進入返校季節。因此，我們很高興能夠以成長為目標，從這個角度來看，我們對今年的平衡感到滿意。

Kelly, I just want to add one last thing on the first question. So just as far as Abercrombie goes, again, the traffic was positive. Our customer file is growing. The brand is strong, and we're really excited about future growth. One quarter, but we're excited about the inflection in the back half and the opportunity globally for the brand.

凱利，我只想就第一個問題補充最後一點。因此，就 Abercrombie 而言，客流量再次呈現正面態勢。我們的客戶檔案正在不斷成長。這個品牌非常強大，我們對未來的發展感到非常興奮。一個季度，但我們對下半年的變化以及品牌在全球範圍內的機會感到興奮。

Thank you.

謝謝。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congrats. Store looks absolutely fabulous. Could you just talk a little bit -- just give a quick update on a few things. What was the actual store count ending for the quarter? What was the opening closing for the first quarter.

恭喜。商店看起來棒極了。您能否簡單談一談－簡單介紹一下一些事情。本季末的實際商店數量是多少？第一季的開盤收盤價是多少？

And then could you give us a little bit of an update just on YPB. Where that stands? How has it been doing? And also an update on your smaller footprint Abercrombie stores. I know you just opened the store in Williamsburg, but the smaller stores in cities and towns, if you could just talk a little bit about those.

然後您能否向我們提供有關 YPB 的一些最新情況。情況如何？進展如何？另外也更新了您佔地較小的 Abercrombie 商店的情況。我知道您剛剛在威廉斯堡開了一家商店，但是您能否談談城鎮裡的一些小商店。

Yeah. So on the real estate side, just real quick, Marni, we opened 17 new experiences, 7 new stores in Q1, 3 closures, so net 4. We'll see that accelerate here as we get into Q2. We're expecting about 19 new stores and about five closures here for the Q2 then that's what's embedded in our guide.

是的。因此，在房地產方面，就 Marni 而言，我們在第一季開設了 17 個新體驗、7 家新店，關閉了 3 家店，因此淨利潤為 4 家。隨著進入第二季度，我們會看到這一進程加速。我們預計第二季這裡將開設約 19 家新店，並關閉約 5 家門市，這正是我們的指南中所包含的內容。

For YPB, active was actually a strong category for us for the first quarter. We're excited about what we continue to see with the opportunity of YPB. And there's some exciting things coming up for fall on that for that brand as a sub-brand.

對於 YPB 來說，活躍實際上是我們第一季的一個強勁類別。我們對 YPB 帶來的機會感到非常興奮。作為子品牌，該品牌今年秋季將推出一些令人興奮的事情。

Yeah. On the smaller footprint, so I'll grab this one at the end. We're really happy with Williamsburg. We talked about that opening. It was an exciting opening for us when we've been waiting for, for a while.

是的。由於佔地面積較小，所以我會在最後抓住這個。我們對威廉斯堡非常滿意。我們討論了那個開場白。對我們來說，這是一個令人興奮的開端，我們已經等待了一段時間。

There's more coming here in Q2. Just running these smaller stores. It's been a muscle that we've had to build over the last 1.5 years. And has been a focus for Abercrombie the brand. And we've learned a lot. We're tweaking these stores a little bit.

第二季度還會有更多內容。只是經營這些小商店。這是我們在過去一年半中必須加強的力量。並一直是 Abercrombie 品牌的關注重點。我們學到了很多。我們正在對這些商店進行一些調整。

Each neighborhood has its own vibe whether it's how we build or the product that's in there. And so we're learning a lot and remains an amazing opportunity for Abercrombie go forward.

每個社區都有自己的氛圍，無論是我們的建築方式還是那裡的產品。因此，我們學到了很多東西，這對 Abercrombie 來說仍然是一個絕佳的發展機會。

Awesome thank you.

太棒了謝謝。

Alex Straton, Morgan Stanley

摩根士丹利的亞歷克斯·斯特拉頓

Maybe for Fran, just on A&F. You mentioned the Wedding Shop was weaker, but were there any bright spots within A&F that are comping above the total banner level? And then for Robert, is the full year EPS reduction? I know it's mostly a function of tariffs on gross margin. But can you just walk us through the other dynamics in gross margin and SG&A that have perhaps changed since three months ago?

也許對 Fran 來說，只是在 A&F 上。您提到婚禮商店表現較弱，但 A&F 內部是否有任何亮點可以超越整體橫幅廣告水平？那麼對羅伯特來說，全年每股盈餘是否會減少？我知道這主要是關稅對毛利率的影響。但是，您能否向我們介紹一下自三個月前以來毛利率和銷售、一般及行政費用的其他動態是否發生了變化？

Yeah, just to reiterate, Alex. A&F, there are bright spots in A&F. That one particular category was not as strong, but we're excited about what we are seeing. We saw nice active. We saw strong bottoms. I've already mentioned swim.

是的，只是重申一下，亞歷克斯。A&F，A&F有亮點。那個特定類別並不是那麼強大​​，但我們對所看到的情況感到興奮。我們看到了很好的活動。我們看到了強勁的底部。我已經提到過游泳。

And again, the flexibility of our models, letting the team read the business every single week, get back into what's working. They're very open for the back half, and there are some exciting things that they're reacting to.

再次強調，我們的模式非常靈活，讓團隊每週都能了解業務狀況，並重新回到有效的工作方式。他們對後半部分非常開放，並且對一些令人興奮的事情做出了反應。

Yeah. Alex, on the EPS reduction, it's really two big pieces here. So as you think about where we were from March to where we are today, obviously, some color around the tariffs. It's about a $70 million total impact on 2025.

是的。亞歷克斯，關於每股收益的減少，這實際上有兩個重要部分。因此，當您思考我們從三月到現在的情況時，顯然會注意到一些與關稅有關的事情。到 2025 年，其總影響將達到約 7,000 萬美元。

We're kind of early days with our mitigation playbooks. And so we're working through some of those things. We think we can offset about $20 million of that. So that gets us to that $50 million that we've baked into our guide in that 100 basis points.

我們的緩解策略還處於早期階段。因此我們正在努力解決其中的一些問題。我們認為我們可以抵消其中的約 2000 萬美元。這樣我們就得到了 100 個基點中已計入指南中的 5000 萬美元。

The balance of it really just comes from Q2, where, again, we're working through some of the carryover. We'll continue to see a little bit of gross margin pressure. So that brought down the Q2 operating margin a bit on a year-over-year basis. The tax rate is also up a bit, but the primary drivers are really tariffs and that Q2 operating margin guide.

它的平衡實際上僅來自於第二季度，我們再次處理一些結轉問題。我們將繼續看到一點毛利率壓力。因此，與去年同期相比，第二季的營業利潤率略有下降。稅率也略有上升，但主要驅動因素實際上是關稅和第二季營業利潤率指南。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great, good morning and thanks for taking my questions. First, could you break down on the Q1 gross margin that puts and take between the carryover and freight cost pressures. And then on inventory, how are you thinking about inventory growth as the year progresses? Thank you.

太好了，早安，謝謝您回答我的問題。首先，您能否分析一下第一季的毛利率，看看它是否受到結轉成本和運費成本壓力的影響。那麼關於庫存，您如何看待今年庫存的成長？謝謝。

Yeah, Mauricio. So no major surprises here on gross margin for Q1 based on what we shared in March. When you think about freight, it was more than half of that 440 basis point decline here in Q1 and then the balance of it was really the carryover pressure on the higher cost of the fall goods.

是的，毛里西奧。因此，根據我們 3 月分享的訊息，第一季的毛利率不會出現太大的意外。當您考慮運費時，它佔第一季 440 個基點降幅的一半以上，而其平衡實際上是秋季商品成本上漲帶來的結轉壓力。

AUR was roughly flat for the quarter. So A&F pressure with that sell-through the carryover inventory, offset by improvement in Hollister. So as we think about where that goes for the balance of the year, we'll work through the balance of freights as we've been committing to all year, that should kind of work us through Q2.

本季的 AUR 基本持平。因此，A&F 因銷售結轉庫存而面臨壓力，但 Hollister 的改善抵消了這種壓力。因此，當我們考慮如何平衡今年的剩餘時間時，我們將按照全年的承諾來解決貨運平衡問題，這應該可以幫助我們度過第二季。

Carryover will be some pressure here as we work through the inventory mix for the business and again, get through most of that during Q2. But again, just a reminder, that carryover, it's not really an abnormal place to be. So it's not a major issue for us from a Q2 standpoint.

當我們處理業務庫存組合併再次在第二季處理大部分庫存時，結轉將帶來一些壓力。但再次提醒一下，這種延續並不是一個真正不正常的地方。因此從第二季的角度來看，這對我們來說不是一個大問題。

We generally don't guide inventory on a cost basis. As we've done historically, we're looking to make sure that our units are aligned with our sales growth on a go-forward basis. So that's what we'll do here. We ended the quarter with plus six units for the quarter. Happy with where that sits. And we'll continue to tightly manage those units as we move through the balance of the year.

我們一般不以成本為基礎來指導庫存。正如我們過去所做的那樣，我們希望確保我們的單位數量與未來的銷售成長保持一致。這就是我們在這裡要做的。本季結束時，我們的單位數為 6 個。對現在的位置很滿意。在今年剩餘的時間裡，我們將繼續嚴格管理這些部門。

Understood. And just a quick follow-up on inventory -- on Hollister. You talked about some success with the gradshop like good customer response. I guess like how are you thinking about the second half growth for this brand as you're going to face a much tougher compare. So how are you thinking about like initiatives to sustain that growth?

明白了。並且只是對 Hollister 的庫存進行快速跟進。您談到了畢業店的一些成功之處，例如良好的客戶反應。我想問一下，由於您將面臨更嚴峻的競爭，您如何看待這個品牌下半年的成長？那麼您考慮採取什麼措施來維持這種成長？

Hi, Mauricio, it's Fran. So let's just back up. Record performance, we saw balanced growth across regions, across genders. We are gaining share, which is incredibly exciting in the teen space. I would say the team is doing a great job of really evolving from being a teen outfitter to being very culturally relevant.

你好，毛里西奧，我是弗蘭。因此，讓我們回顧一下。創紀錄的業績，我們看到了跨地區、跨性別的均衡成長。我們的市場份額正在擴大，這在青少年市場中是令人興奮的。我想說的是，這個團隊做得非常出色，他們從一個青少年裝備供應商發展成為一個具有文化相關性的團隊。

That was exhibited during all the work we did with Collegiate, again with the gradshop. We are there, meeting these customer at their most important life moments. And so there are some exciting things. I'm not going to share the go forward. But they have got some more exciting things coming up, ready for summer to start and lots of exciting things happening for fall.

在我們與 Collegiate 合作的所有工作以及畢業工作室的工作中都體現了這一點。我們在那裡，在客戶人生中最重要的時刻與他們見面。因此，有一些令人興奮的事情。我不會分享前進的步伐。但他們還有一些更令人興奮的事情要做，為夏天的開始做好準備，並為秋天帶來許多令人興奮的事情。

Yeah, and I'd just say, Mauricio, our job, is to grow the total, right? We have two strong profitable brands. We've got a fleet of highly productive profitable stores that complements a really profitable digital business. We've got three regions that are comping positive with line of sight to more growth ahead.

是的，我只想說，毛里西奧，我們的工作是增加總數，對嗎？我們有兩個強勁獲利的品牌。我們擁有一批高生產力和高盈利能力的商店，它們為真正盈利的數位業務提供了補充。我們有三個地區的競爭情況良好，未來可望更大成長。

So, we love this diversified portfolio. We love this diversified channel and regions that helps us to deliver against that goal here in Q2. And you know we're excited about the balance of the year.

所以，我們喜歡這種多元化的投資組合。我們喜歡這個多元化的管道和地區，這有助於我們在第二季度實現這一目標。你知道我們對今年的平衡感到興奮。

And if I may just one quick follow up. On gross margin, it was down for 140 basis points in Q1. Is the expectation of Q2 just, down, but maybe, not as much or how should we think about the Q2 growth margin, evolution and particularly the drivers there?

我可以快速跟進。就毛利率而言，第一季下降了 140 個基點。對第二季度的預期是否只是下降，但也許沒有那麼多，或者我們應該如何看待第二季度的成長幅度、演變以及特別是其中的驅動因素？

Yeah. No specific guide for Q2, but you would expect sequential improvement from that down 440 in Q1 as we move into Q2. Again, freight won't be as big of a headwind for us. The carry over inventory is not that -- not going to be as big of an impact for us in Q2. And again we're assuming flat AUR. So, sequential improvements the way that we're thinking about it, it's all baked into that operating margin guide.

是的。沒有針對第二季度的具體指導，但隨著我們進入第二季度，預計第一季的下降幅度將比第二季度的下降幅度更大。再一次，貨運對我們來說不會構成太大的阻力。結轉庫存不會對我們第二季造成太大影響。我們再次假設 AUR 持平。因此，我們所考慮的連續改善都已納入營業利潤率指南中。

Thank you so much and congratulations.

非常感謝，恭喜你。

Thanks Mauricio.

謝謝毛里西奧。

(Operator Instructions) Rick Patel, Raymond James.

（操作員指示）Rick Patel，Raymond James。

Thanks, good morning. I wanted to double click on your expectations for promotions going forward. So it sounds like you have some work to do for a carryover for the Abercrombie brand in the near term, but that the back half should be cleaner.

謝謝，早安。我想再次了解您對未來促銷活動的期望。因此，聽起來您在短期內需要為 Abercrombie 品牌的延續做一些工作，但後半部分應該更乾淨。

Does that back half improvement reflect fewer units that you have planned, or does it reflect just more confidence in the assortment? And then as a follow up, what are your assumptions for promotions for Hollister going forward given the strong momentum there? Do you see the opportunity to pull back?

後半部的改善是否反映了您計劃的單位數量減少，還是僅僅反映了對產品組合更有信心？然後作為後續問題，鑑於 Hollister 的強勁發展勢頭，您對該公司未來的促銷活動有何假設？您看到撤退的機會了嗎？

Yeah. So when you think about promotions on the A&F side of the house, we'll see some AUR pressure here as we work through the carryover inventory. Again, not as big of an issue in Q2 as it was in Q1, so we should see sequential improvement there.

是的。因此，當您考慮 A&F 方面的促銷活動時，我們會在處理結轉庫存時看到一些 AUR 壓力。同樣，第二季的問題不像第一季那麼嚴重，所以我們應該會看到連續的改善。

But we're always going to align our promotions with our inventory levels and customer demand. So we'll see how that goes. We're going to come in every day, and this goes for the Hollister -- your Hollister question as well.

但我們始終會根據庫存水準和客戶需求調整我們的促銷活動。我們將拭目以待。我們每天都會來，這也適用於霍利斯特——您的霍利斯特問題也是如此。

We'll come in every day. We'll work to make sure that we're pulling back on a day here or a discount depth there. All of those things, given this financial model are really beneficial for us, and that's our job.

我們每天都會來。我們將努力確保在這裡或那裡的折扣深度有所回落。考慮到這種財務模式，所有這些事情對我們來說都是非常有利的，這就是我們的工作。

But sitting here today, we're going to assume that we hold the gains, again, multiyear double-digit positive AURs across the brands. We like where we are. We like the value proposition that we provide to that consumer. But again, we're going to come in every day and try to improve on that.

但今天坐在這裡，我們假設我們能夠保持收益，再次，所有品牌的多年兩位數正 AUR。我們喜歡我們所在的地方。我們喜歡我們向消費者提供的價值主張。但我們會繼續努力，每天都會進步。

Can you also double click on your expectations for growth in Europe and Asia for the rest of the year? Some nice results in Q1 and you touched on positive global growth for the year. So just some additional color there would be great.

能否再詳細談談今年剩餘時間內歐洲和亞洲經濟成長的預期？第一季取得了一些不錯的業績，並且預示著今年全球將實現正成長。所以只要增加一些顏色就很好了。

Yeah. No change to our thinking here. It was great to see all three regions post growth and positive comps in the first quarter. We're expecting this full year for these regions to all deliver growth, which is something that we commit to every year. And we still see that growth opportunity across the Americas, EMEA, and APAC. So nice balance, healthy growth here that we're seeing and a lot of opportunity ahead for us.

是的。我們的想法沒有改變。很高興看到這三個地區在第一季都實現了成長和積極的成長。我們預計這些地區今年全年都將實現成長，這是我們每年都致力於實現的目標。我們仍然看到美洲、歐洲、中東和非洲地區以及亞太地區有成長機會。我們看到這裡平衡得很好，成長很健康，而且我們面前還有很多機會。

Yeah, Rick, just to add on there for the international piece. We've been very focused on the UK market and more recently, moved into Germany with our team has gotten their feet under them there in Europe, our team in London. They've done an amazing job. So it was kind of the same story here in the quarter.

是的，里克，我只是想補充國際部分的內容。我們一直非常關注英國市場，最近，我們搬到了德國，我們的團隊已經在歐洲站穩了腳跟，我們的團隊在倫敦。他們做了一件了不起的事。因此本季的情況也大致相同。

We saw strong growth in the UK, I see Germany growing. And those are our biggest two countries in Europe, so great to see growth out of the two of them.

我們看到英國的強勁成長，我也看到德國也在成長。這兩個國家是歐洲最大的國家，很高興看到它們成長。

Janet Kloppenburg, JJK Research Associates, Inc.

Janet Kloppenburg，JJK Research Associates, Inc.

Hi, everybody. Great job on the quarter. I had a couple of questions. When you talk about the improvement for Abercrombie for the second half, does that reflect some boys that maybe you had in the spring or last year in the second half? And I just wondered about your confidence level there.

大家好。本季表現非常出色。我有幾個問題。當您談到 Abercrombie 在下半年的進步時，這是否反映了您在春季或去年下半年可能擁有的一些球員？我只是想知道您的信心程度。

And then I wondered about the carryover product. My thoughts are that -- well, it's really true. My question really is could this just be markdown levels normalizing after you guys had four years of double-digit growth there, and sort of no lockdowns to really speak of. So just would love to hear more on that.

然後我對結轉產品產生了好奇。我的想法是——嗯，這確實是事實。我真正的問題是，在你們經歷了四年的兩位數成長，並且沒有出現任何封鎖之後，這是否只是降價水準的正常化？所以我很想聽到更多關於這方面的資訊。

Yeah. Janet, let me jump in on that second one first. So on the carryover product, you're absolutely right. I mean you think about what we were up against from 2024 Q1, we delivered 6% gross margins, and we had basically 0 carryover all the way through the spring season.

是的。珍妮特，首先讓我談談第二個問題。因此，關於結轉產品，您完全正確。我的意思是，想想我們從 2024 年第一季開始面臨的情況，我們的毛利率為 6%，而整個春季我們的結轉率基本上是 0。

So that's -- so we're just lapping that today. And again, that's why we don't expect the carryover impact on margins on a go-forward basis to be as meaningful as we move into the back half.

所以這就是——我們今天只是在討論這個問題。再次強調，這就是為什麼我們預期結轉對利潤率的影響在下半年不會那麼顯著。

Janet, on the first question, I guess what I would say is that there were some products perhaps that we just didn't see the same rate of sale as we saw last year against what was an incredible launch, right, of a shop. I would say that there weren't boys. I think that there's new trends that are emerging that the team is very excited about, and that's what our model allows us to do. I mean, a great example of that would be what's happening now in Boho and Western.

珍妮特，關於第一個問題，我想我會說，有些產品的銷售率可能不如去年，而去年的商店開業真是令人難以置信。我想說沒有男孩。我認為正在出現的新趨勢令團隊感到非常興奮，而這正是我們的模型允許我們做到的。我的意思是，現在的波西米亞風格和西方風格就是一個很好的例子。

I mean those are things that the customers are starting to respond to. Our model allows us to get back into that pretty aggressively. There's some leg shapes that are changing on the bottom that we're excited about for the second quarter -- or actually for the second half. So there's things that the customer is starting to tell us that we're responding to.

我的意思是這些都是客戶開始回應的事情。我們的模型使我們能夠非常積極地重新回到這個狀態。腿部的一些形狀正在發生變化，我們對第二季度或實際上是下半場感到興奮。因此，客戶開始告訴我們一些事情，我們正在回應。

And you have time to get that done, Fran, with the lead times and everything?

弗蘭，考慮到準備時間和所有事情，您有時間完成這些嗎？

With our model, I mean, that is what we do. I mean the flexibility is (technical difficulty) right, that we've built in, there's absolutely -- I mean, we're very open for the back half.

我的意思是，透過我們的模型，這就是我們所做的。我的意思是，靈活性（技術難度）是正確的，我們已經建立了，絕對有 - 我的意思是，我們對後半部分非常開放。

And are you feeling any competitive heat from some of the other brands out there that often happens after a brand having this many years of outperformance is this pressure as people sort of admire what you've done and trying to get a piece of it.

您是否感受到其他品牌的競爭壓力？這種壓力在一個品牌連續多年表現優異之後經常出現，因為人們欽佩您所做的事情並試圖從中分一杯羹。

It's certainly exciting that we have an incredibly successful playbook that we're going to continue to stay focused on. Lining up that product voice and experience is what this team does best and staying close to that customer.

我們擁有一本極其成功的劇本，我們將繼續專注於此，這確實令人興奮。團隊最擅長的是整合產品聲音和體驗並與客戶保持密切聯繫。

It's a huge complement. Of course, that people are watching what we're doing. But it's our job to stay ahead of them and to stay faster. And I believe that the team has got some exciting things that they're working on to do just that.

這是一個巨大的補充。當然，人們正在關注我們的所作所為。但我們的任務是保持領先並保持更快的速度。我相信團隊正在努力做一些令人興奮的事情來實現這一目標。

I'm not showing any further questions at this time. I'd like to turn the call back over to Fran for closing remarks.

我目前沒有其他問題。我想將電話轉回給弗蘭，請她做最後發言。

Thanks, everyone, and we just look forward to updating you after the second quarter.

謝謝大家，我們期待在第二季之後向大家更新最新情況。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接了。祝大家有個愉快的一天。