Abercrombie & Fitch Co (ANF) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Abercrombie & Fitch second quarter fiscal year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Abercrombie & Fitch 2025 財年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Mr. Mo Gupta. You may begin.

現在我想將會議交給今天的發言人莫古普塔先生。你可以開始了。

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

謝謝。早安，歡迎參加我們 2025 年第二季財報電話會議。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。

Earlier this morning, we issued our second quarter earnings release, which is available on our website at corporate.abercrombie.com under the Investors section. Also, available on our website is an investor presentation.

今天早些時候，我們發布了第二季度收益報告，您可以在我們網站 corporate.abercrombie.com 的「投資者」部分查看。此外，我們的網站上也提供投資者介紹。

Please keep in mind that we will make certain forward-looking statements on the call. These subjects 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。這些主題受 1995 年《私人證券訴訟改革法》的安全港條款的約束，並受風險和不確定性的影響，可能導致實際結果與我們今天提到的預期和假設有重大差異。我們向美國證券交易委員會提交的報告和文件中討論了這些因素和不確定性。

In addition, we will be referring to certain non-GAAP financial measures during the call. Additional details and reconciliations of GAAP to adjusted non-GAAP financial measures are included in the release and the investor presentation issued earlier this morning.

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

With that, I will turn the call over to Fran.

說完這些，我將把電話轉給弗蘭。

Thanks, Mo, and thanks, everyone, for joining this morning. We entered 2025 aiming to build on our track record of delivering consistent total company success. I'm excited to share that our second quarter results continued this trend as we delivered our 11th consecutive quarter of growth while also exceeding our top and bottom line expectations.

謝謝莫，也謝謝大家今天早上的參與。我們邁入 2025 年的目標是鞏固我們一直以來取得的全面成功的記錄。我很高興地告訴大家，我們的第二季業績延續了這一趨勢，我們連續第 11 個季度實現成長，同時也超出了我們的頂線和底線預期。

Our team continues to leverage our strong foundation to balance reading and reacting to the current environment while diligently investing to realize the long-term global potential for our business. Our strong first half and start to the third quarter gives us confidence to increase our full year net sales forecast building on a record 2024.

我們的團隊將繼續利用我們強大的基礎來平衡對當前環境的解讀和反應，同時勤奮投資以實現我們業務的長期全球潛力。我們上半年和第三季的強勁表現讓我們有信心在 2024 年創紀錄的基礎上提高全年淨銷售額預測。

In short, our team and brands are strong, and we are entering the back half of the year with momentum to deliver sales growth, top-tier profitability and drive shareholder return. Second quarter net sales reached a record $1.2 billion, growing 7% over last year and above our expectations from May. We also exceeded our outlook on both operating margin and earnings per share, even after excluding the benefit of a legal settlement. In addition, we continue to put our balance sheet to work, repurchasing $50 million of stock this quarter for a total of $250 million in repurchases so far this year. Regionally, the Americas achieved its 12th consecutive quarter of growth with net sales up 8% and on continued traffic strength across direct channels.

簡而言之，我們的團隊和品牌都很強大，我們正以強勁的勢頭進入下半年，實現銷售成長、頂級獲利能力並推動股東回報。第二季淨銷售額達到創紀錄的 12 億美元，比去年同期成長 7%，高於我們 5 月的預期。即使排除法律和解的好處，我們的營業利潤率和每股盈餘也超出了我們的預期。此外，我們繼續發揮資產負債表的作用，本季回購了價值 5,000 萬美元的股票，今年迄今的回購總額已達 2.5 億美元。從地區來看，美洲地區連續第 12 季成長，淨銷售額成長 8%，直銷通路流量持續強勁。

In EMEA, continued cross channel growth in the UK was outweighed by softness in Germany and the remainder of European markets, with regional net sales lower by 1% against 16% growth in the second quarter of 2024. APAC continued to perform well, growing 12%, a nice cross-channel demand, while comparable sales grew 1%.

在歐洲、中東和非洲地區，英國持續的跨通路成長被德國和歐洲其他市場的疲軟所抵消，該地區的淨銷售額下降了 1%，而 2024 年第二季則成長了 16%。亞太地區持續表現良好，成長 12%，跨通路需求良好，可比銷售額成長 1%。

Moving to the brands. Let's begin with Hollister. Wow, it is amazing to see this team so dialed into the teen customer. Hollister Brands delivered record first half sales growing net sales 19% in the second quarter on strong cross-channel traffic. Comparable sales were also up 19% in the quarter, and we continue to see growth in both units and AUR. Both the men's and women's businesses contributed to the growth story in the quarter with good balance across categories. And dialing into this customer, we saw a great response to our brand activations at Lalapalooza in Chicago.

轉向品牌。讓我們從 Hollister 開始吧。哇，看到這個團隊如此關注青少年顧客真是太神奇了。Hollister Brands 上半年銷售額創歷史新高，得益於強勁的跨通路流量，第二季淨銷售額成長 19%。本季可比銷售額也成長了 19%，我們繼續看到單位銷售額和 AUR 的成長。男裝和女裝業務均對本季的成長做出了貢獻，並且在各個類別之間保持了良好的平衡。透過聯絡這位顧客，我們發現我們在芝加哥 Lalapalooza 舉辦的品牌活動反應熱烈。

Leading into August, we released our updated Collegiate collection, which included several exciting social and in-store campaigns with more on the way.

進入八月份，我們發布了更新的 Collegiate 系列，其中包括幾場令人興奮的社交和店內活動，並且還有更多活動即將推出。

We continue to find fun effective ways to engage with the team, fueling Hollister brands impressive growth. For Abercrombie, the quarter was slightly below our expectations and similar to the first quarter overall. Net sales were lower by 5% against the backdrop of strong 26% growth in the second quarter of 2024.

我們不斷尋找有趣且有效的方式與團隊互動，推動 Hollister 品牌的令人矚目的成長。對於 Abercrombie 而言，本季略低於我們的預期，與第一季整體情況相似。在 2024 年第二季實現 26% 強勁成長的背景下，淨銷售額下降了 5%。

For further context on how exceptional last year was, the first half of 2025 remains the second best in brand history. In the second quarter, the team executed on their goals leveraging promotions to manage inventory levels and by testing into new product concepts. As we expected, AUR was lower year-over-year, driving the majority of top line performance for the quarter Importantly, with the team's hard work, we exited Q2 with inventory in good shape, and we're in a position to continue reading and reacting.

為了進一步說明去年有多出色，2025 年上半年仍然是品牌史上第二好的成績。在第二季度，該團隊利用促銷來管理庫存水準並測試新的產品概念，實現了他們的目標。正如我們預期的那樣，AUR 同比下降，推動了本季大部分的營收表現。重要的是，在團隊的辛勤工作下，我們在第二季結束時庫存狀況良好，並且我們能夠繼續閱讀並做出反應。

Entering the fall season, we're excited about some of the trends and fits from Boho to Western and we'll be chasing winners to give our customers more of what they're looking for, building into holiday. Abercrombie & Fitch continues to gather momentum as a powerful global brand, and we remain on offense. Traffic was nicely positive across both stores and digital direct channels in Q2, and we continue to engage with customers globally through social and in-store campaigns.

進入秋季，我們對從波西米亞風到西部風的一些流行趨勢和款式感到興奮，我們將追逐贏家，為我們的客戶提供更多他們想要的東西，為假期做好準備。Abercrombie & Fitch 作為一個強大的全球品牌繼續累積動力，我們繼續保持進攻態勢。第二季度，商店和數位直銷管道的客流量都表現良好，我們繼續透過社交和店內活動與全球客戶互動。

We're also investing with conviction, supported by our digitally led customer base. We opened 13 new stores in the second quarter, including strong centers in Chicago and Toronto as well as a great location in Hoboken. We have an additional 14 store openings planned this quarter just in time for peak season.

在數位化客戶群的支持下，我們也堅定地進行投資。我們在第二季開設了 13 家新店，包括位於芝加哥和多倫多的大型中心店以及位於霍博肯的優越位置店。我們計劃本季再開設 14 家門市，迎接旺季。

Strong brand health also allows for meaningful collaboration to capitalize on Abercrombie significant addressable market. Earlier this week, we were excited to announce Abercrombie & Fitch as an official NFL fashion partner, a first for a league sponsor. We look forward to collaborating with the NFL to bring ANF fashion to fans and players alike. Beyond the powerful NFL partnership, we've seen a great response to our August denim campaign, which focused on consistent fit across a variety of styles from baggy to boot cut.

強大的品牌健康度還有利於進行有意義的合作，以充分利用 Abercrombie 龐大的潛在市場。本週早些時候，我們很高興地宣布 Abercrombie & Fitch 成為 NFL 官方時尚合作夥伴，這是聯盟贊助商的首次合作。我們期待與 NFL 合作，為球迷和球員帶來 ANF 時尚。除了與 NFL 建立的強大合作夥伴關係之外，我們還看到了 8 月份牛仔服裝宣傳活動的熱烈反響，該活動重點關注從寬鬆到靴型等各種風格的一致貼合性。

As part of the campaign, we hosted in-store denim events in key markets, successfully highlighting our strength in this category while driving great engagement across channels. For YPB, we were excited to announce the collaboration with T.J. and Danny Watt, the Pittsburgh Steelers linebacker and former professional soccer player as we continue to build our presence in the active category.

作為活動的一部分，我們在主要市場舉辦了店內牛仔活動，成功凸顯了我們在這一類別中的優勢，同時推動了跨渠道的廣泛參與。對於 YPB，我們很高興宣布與 T.J. 和匹茲堡鋼人隊的後衛兼前職業足球運動員丹尼·瓦特 (Danny Watt) 合作，繼續在現役類別中鞏固我們的影響力。

Finally, through the licensing partnership we announced in 2024, Abercrombie Kids has now launched globally with department stores like department store retailers like Nordstrom and Macy's amongst others. Overall, Abercrombie brands made good progress in the quarter. The brand remains strong globally, and we continue to target getting back to net sales growth by the end of the year.

最後，透過我們在 2024 年宣布的授權合作夥伴關係，Abercrombie Kids 現已與 Nordstrom 和 Macy's 等百貨零售商在全球推出。總體而言，Abercrombie 品牌在本季取得了良好的進展。該品牌在全球範圍內依然保持強勁，我們繼續致力於在年底前恢復淨銷售額成長。

Looking to the second half of the year, we are increasing our full year 2025 net sales growth expectations based on our year-to-date results, supported by strong brand positioning clean inventory, cross-channel traffic growth and our balance sheet. On the bottom line, we've adjusted our operating margin and earnings per share outlook to reflect the second quarter performance and revised estimated impact from tariffs, net of planned mitigation.

展望下半年，我們根據年初至今的業績，提高了 2025 年全年淨銷售額成長預期，這得益於強大的品牌定位、清潔庫存、跨通路流量成長和我們的資產負債表。總的來說，我們調整了營業利潤率和每股盈餘預期，以反映第二季的業績和扣除計畫減稅措施後的關稅修正估計影響。

On tariffs, we intend to bring our proven playbook built on years of experience to mitigate as much of the increased cost as possible over time as rates become more certain. As our teams have demonstrated before, we have a variety of options in our playbook, including shifting global production, enhancing supplier contracts and relationships managing operating expenses and determining ways to increase AUR through lower promotions and lower clearance selling.

關於關稅，我們打算採用我們多年經驗累積的成熟策略，隨著關稅變得更加確定，盡可能地降低成本的增加。正如我們的團隊之前所展示的那樣，我們的劇本中有多種選擇，包括轉移全球生產、加強供應商合約和關係、管理營運費用以及確定透過減少促銷和減少清倉銷售來增加 AUR 的方法。

As we said last quarter, we don't expect broad-based ticket increases in the back half and will concentrate on the fit style and emotional connection our customers come to us for every day. Importantly, we are operating in this new tariff landscape from a position of strength in terms of our brand health, our balance sheet and cash flow profile.

正如我們上個季度所說的那樣，我們預計下半年票價不會普遍上漲，而是專注於為客戶提供適合的風格和情感聯繫。重要的是，我們在這種新的關稅格局下運營，在品牌健康、資產負債表和現金流狀況方面都佔據優勢地位。

For the year, our objectives remain clear. We expect to deliver record net sales, top-tier operating margins and significant free cash flow.

今年我們的目標依然明確。我們期望實現創紀錄的淨銷售額、頂級的營業利潤率和大量的自由現金流。

As our recent results show, we intend to deploy this cash flow to further strengthen the business through long-term investments while enhancing shareholder returns via share repurchase. With each quarter, we're adding to a growing record of consistency that will keep us moving towards a significant global market opportunity for our brands.

正如我們最近的業績所示，我們打算利用這筆現金流透過長期投資進一步加強業務，同時透過股票回購提高股東回報。每個季度，我們都在不斷增加一致性記錄，這將使我們繼續為我們的品牌爭取重要的全球市場機會。

And now I'll hand it over to Robert to expand more on our results and key outlook drivers.

現在我將把時間交給羅伯特，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 Q2, we delivered record net sales of $1.21 billion, up 7% to last year on a reported basis, above the range we provided in May. We saw a 100 basis point benefit from foreign currency Comparable sales for the quarter were up 3%.

謝謝，弗蘭，大家早安。回顧第二季度，我們實現了創紀錄的 12.1 億美元淨銷售額，按報告計算比去年增長 7%，高於我們 5 月份提供的範圍。我們看到外幣帶來的 100 個基點的收益，本季可比銷售額成長了 3%。

By region, net sales increased 8% in the Americas, 12% in APAC, partially offset by a 1% decline in EMEA. On a comparable sales basis, Americas was up 5%. EMEA was down 5%, and APAC was up 1%. Outside of the Americas, the spread between net sales and comparable sales benefited from new store openings and foreign currency with EMEA additionally impacted by third party channel headwinds. On the brands, Abercrombie Brands net sales declined 5% with comparable sales down 11%. Consistent with our second quarter outlook, the sales decline was primarily due to lower AUR as we cleared through carryover inventory.

按地區劃分，美洲地區的淨銷售額增長了 8%，亞太地區的淨銷售額增長了 12%，但歐洲、中東和非洲地區的淨銷售額下降了 1%，部分抵消了這一增長。以可比銷售額計算，美洲地區成長了 5%。歐洲、中東和非洲地區下降 5%，亞太地區上漲 1%。在美洲以外，淨銷售額與可比較銷售額之間的差額受益於新店開業和外幣，而歐洲、中東和非洲地區也受到第三方通路不利因素的影響。就品牌而言，Abercrombie Brands 淨銷售額下降 5%，可比銷售額下降 11%。與我們第二季的展望一致，銷售額下降主要是因為我們清理了結轉庫存導致 AUR 下降。

Hollister Brands net sales and comparable sales grew 19%, with both AUR increases and unit growth on lower promotions. The comp to net sales spread for Abercrombie brands in the quarter was driven by net store openings and foreign currency, partially offset by third-party channel headwinds.

Hollister Brands 的淨銷售額和可比銷售額均成長了 19%，AUR 和單位數量均因較低的促銷活動而成長。本季 Abercrombie 品牌淨銷售額的擴大主要受到淨店開業和外幣的影響，但部分被第三方通路的不利因素所抵銷。

I'll cover the rest of the results on an adjusted non-GAAP basis, which excludes a $39 million net benefit related to the favorable resolution of a payment card interchange fee litigation in which we were appointed. On the second quarter income statement, the net benefit is comprised of a $43 million settlement benefit in selling expense, partially offset by $4 million in settlement-related expense within general and administrative expense.

我將根據調整後的非 GAAP 基礎介紹其餘業績，其中不包括與我們受命處理的支付卡交換費訴訟的有利解決相關的 3900 萬美元淨收益。在第二季的損益表中，淨收益包括銷售費用中的 4,300 萬美元結算收益，部分被一般和行政費用中的 400 萬美元結算相關費用所抵銷。

Operating margin of 13.9% of sales was above the outlook range we provided in May, delivering operating income of $168 million compared to $176 million last year. Adjusted EBITDA margin for the quarter was 17% of sales on adjusted EBITDA of $206 million compared to $215 million last year. As expected, we did see around $5 million of adverse impact in Q2 from tariffs, mainly recognized in cost of sales.

營業利益率為銷售額的 13.9%，高於我們 5 月提供的預期範圍，營業收入為 1.68 億美元，而去年同期為 1.76 億美元。本季調整後的 EBITDA 利潤率的 17%，調整後的 EBITDA 為 2.06 億美元，而去年同期為 2.15 億美元。正如預期的那樣，我們確實看到第二季度關稅造成了約 500 萬美元的不利影響，主要體現在銷售成本中。

Lower gross margin was partially offset by around 60 basis points of operating expense leverage where general and administrative expenses levered 150 basis points on lower payroll and incentive compensation. Selling expense as a percentage of sales increased by 90 basis points, primarily driven by incremental store occupancy from new stores.

較低的毛利率被約 60 個基點的營業費用槓桿部分抵消，其中一般和行政費用因較低的工資和獎勵薪酬而增加了 150 個基點。銷售費用佔銷售額的百分比增加了 90 個基點，主要原因是新店入住率的提高。

Marketing was consistent to the prior year at around 5% of sales. We ended the second quarter with inventory in a clean current position with inventory at cost up 10% and units up 7%. In anticipation of tariffs, we did selectively clear third quarter receipts early within our bonded warehouses, driving around 1 point of the cost increase.

行銷與上年持平，約佔銷售額的 5%。我們在第二季結束時庫存處於乾淨的當前狀態，庫存成本上漲了 10%，單位上漲了 7%。由於預期關稅，我們確實有選擇地提前清理了保稅倉庫內第三季的收貨，導致成本增加了約 1 個百分點。

As we alluded to last quarter, we saw a normalization of freight costs and unit mix that drove sequential improvement in year-over-year inventory comparisons. The tax rate for the quarter was above our outlook at 33% and driven by a valuation allowance of a deferred tax asset. Adjusted net income per diluted share was above our outlook at $2.32 compared to $2.50 last year.

正如我們上個季度提到的，我們看到運費和單位組合的正常化，推動了庫存同比的連續改善。本季的稅率高於我們的預期 33%，這是由遞延稅務資產的估值準備金所推動的。調整後每股攤薄淨收益高於我們的預期，為 2.32 美元，去年同期為 2.50 美元。

Moving to the balance sheet. We exited the quarter with cash and cash equivalents of $573 million and liquidity of approximately $1.02 billion. We also ended the quarter with marketable securities of $31 million. For the quarter, we repurchased $50 million worth of shares, consistent with our commentary from May, ending the quarter with $1.05 billion remaining on our current share repurchase authorization.

轉到資產負債表。本季末，我們的現金和現金等價物為 5.73 億美元，流動資金約為 10.2 億美元。本季末，我們的有價證券價值為 3,100 萬美元。本季度，我們回購了價值 5,000 萬美元的股票，與我們 5 月份的評論一致，本季結束時，我們目前的股票回購授權剩餘金額為 10.5 億美元。

Shifting to the outlook. As Fran mentioned, we entered the second half with good momentum from second quarter, and we are raising full year sales expectations. On the cost side, our 2025 outlook issued today reflects the tariffs announced through August '25.

轉向展望。正如弗蘭所提到的，我們從第二季開始就以良好的勢頭進入下半年，我們正在提高全年銷售預期。在成本方面，我們今天發布的 2025 年展望反映了截至 2025 年 8 月宣布的關稅。

Our approach and underlying principles for tariff mitigation remain unchanged, supported by a deep playbook and experience. We continue to expect China sourcing share in the US will be in the low single digits for the year, and we have minimal exposure to the de minimis exemption that is no longer in place. So it's not a factor of impact.

我們降低關稅的方法和基本原則保持不變，並有深厚的策略和經驗作為支持。我們仍然預計今年中國在美國的採購份額將處於較低的個位數，並且我們對不再有效的最低限度豁免的影響很小。所以這不是一個影響因素。

Globally, we remain nicely diversified across 16 countries, and the team is continuing to evaluate supply chain footprint changes, vendor negotiations and operating expense efficiencies that will largely take shape in fiscal 2026. As discussed in May, we do not anticipate broad-based ticket price increases this year and have not assumed meaningful AUR mitigation in our outlook.

在全球範圍內，我們仍然在 16 個國家/地區保持良好的多元化發展，團隊正在繼續評估供應鏈足跡變化、供應商談判和營運費用效率，這些將在 2026 財年基本形成。正如 5 月所討論的那樣，我們預計今年的票價不會普遍上漲，並且在我們的展望中也沒有假設 AUR 會出現有意義的下降。

Net of planned actions, the assumed tariffs carry a cost impact of around $90 million for 2025, impacting our full year operating margin outlook by 170 basis points at the midpoint of our sales outlook. For the full year, we now expect net sales growth in the range of 5% to 7% from $4.95 billion in 2024 with full year growth expected across regions. We've increased the full year outlook to reflect second quarter outperformance and for expected third quarter sales, and we're in a position to chase for the fourth quarter.

扣除計畫行動後，假設的關稅將對 2025 年的成本產生約 9,000 萬美元的影響，以我們的銷售預期中位數計算，這將對我們的全年營業利潤率預期產生 170 個基點的影響。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 5% 至 7%，預計各地區全年都將成長。我們提高了全年業績預期，以反映第二季的優異表現和第三季的預期銷售額，我們準備追趕第四季的業績。

We currently anticipate around 50 basis points of favorable foreign currency in the outlook. We now expect full year GAAP operating margin in the range of 13% to 13.5%. The increase from our prior outlook range is primarily due to the inclusion of the $39 million net benefit from the litigation settlement in the second quarter results, offset by the revised second half impact from tariffs, net of mitigation efforts.

我們目前預計未來外匯將呈現約 50 個基點的利多。我們現在預計全年 GAAP 營業利潤率將介於 13% 至 13.5% 之間。高於我們先前的預期範圍主要是因為第二季業績中納入了訴訟和解帶來的 3,900 萬美元淨收益，但扣除緩解措施後，下半年關稅的修正影響被抵銷了。

We are forecasting a tax rate around 30%. 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 $10 to $10.50. For capital allocation, we now expect capital expenditures of approximately $225 million increased primarily due to the timing of projects.

我們預測稅率約為30%。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，我們預計每股攤薄淨利潤將在10美元至10.50美元之間。資本配置方面，我們目前預計資本支出將增加約2.25億美元，主要由於專案時間表的調整。

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. 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.

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。根據目前的銷售額和營業利潤率預期，我們仍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。

For the third quarter of 2025, we expect net sales to be up 5% to 7% to the Q3 2024 level of $1.2 billion. We expect operating margin to be in the range of 11% to 12%. We continue to expect slightly lower costs from freight as well as around $25 million of tariff impact net of mitigation efforts. We are also increasing marketing investments year-over-year by over 100 basis points to support key partnerships and fall campaigns. We expect the Q3 tax rate around 31%.

對於 2025 年第三季度，我們預計淨銷售額將成長 5% 至 7%，達到 2024 年第三季的 12 億美元水準。我們預計營業利潤率將在 11% 至 12% 之間。我們仍預計貨運成本將略有下降，且扣除緩解措施後關稅影響將達到約 2,500 萬美元。我們還將行銷投資年增 100 多個基點，以支持關鍵合作夥伴關係和秋季活動。我們預計第三季稅率在31%左右。

We expect net income per diluted share in the range of $2.05 to $2.25 with diluted weighted average shares expected to be around $48 million, including the anticipated impact of at least $50 million in share repurchases for the quarter.

我們預計每股攤薄淨收益將在 2.05 美元至 2.25 美元之間，預計攤薄加權平均股數約為 4,800 萬美元，其中包括本季預計至少 5,000 萬美元的股票回購影響。

To wrap up, we're proud of our first half results, and we're excited to keep the momentum going through the rest of the year. We're in a great position with a strong balance sheet, and we'll continue investing across regions and brands to tap into global growth opportunities. At the same time, we're staying focused on what we can control, using our proven playbook to navigate the environment and drive long-term value.

總而言之，我們對上半年的業績感到自豪，並很高興能夠在今年剩餘時間內保持這種勢頭。我們擁有強勁的資產負債表，處於有利地位，我們將繼續跨地區、跨品牌投資，以挖掘全球成長機會。同時，我們將繼續專注於我們能夠控制的事情，利用我們成熟的策略來應對環境並推動長期價值。

And with that, operator, we're ready for questions.

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。

As you think about the Abercrombie brand Fran, and the markers going forward given last year's success of the wedding shop and other things, what are you seeing now? What are the markers that are giving you confidence for acceleration as we go through the year and into next year? And then Rob and Scott, on the credit card settlement inclusion, exclusion. Can you clarify exactly how you're thinking about it as we go through the balance of the year and why one versus the other, given others we've seen?

當您考慮 Abercrombie 品牌 Fran 以及考慮到去年婚紗店和其他產品的成功，未來的標誌時，您現在看到了什麼？哪些標誌讓您對今年和明年的加速發展充滿信心？然後是 Rob 和 Scott 討論信用卡結算的包含和排除。您能否明確說明，在我們度過這一年的時間時，您是如何看待這個問題的，以及考慮到我們已經看到的其他情況，為什麼選擇這個而不是那個？

Dana, what we are very proud of the strong results for a total company that we put up in the first half. As you look back to your point, on the stellar season that Abercrombie had last year, we did take a little bit of a step back. But we are very confident in where we're headed. The brand is in great shape. Our traffic is strong. We are signing exciting partners. I mean, who would have dreamed a few years ago to partner with an iconic global brand like the – NFL we're investing.

達納，我們對公司上半年取得的強勁業績感到非常自豪。回顧你的觀點，在 Abercrombie 去年輝煌的賽季中，我們確實退後了一步。但我們對我們的前進方向非常有信心。該品牌狀況良好。我們的交通很順暢。我們正在簽約令人興奮的合作夥伴。我的意思是，幾年前誰會夢想與像我們正在投資的 NFL 這樣的標誌性全球品牌合作。

We opened up 17 new stores this first half. We've got 20 more in the second half. The team has worked through very diligently the carryover inventory that we've talked about for the last two quarters that we're starting clean. We've got some good reads on Boho and Western that the team is chasing. We had a really strong denim event to kick off the third quarter. So we are confident we're on a path to improvement, and we expect to see us return to growth by the end of the year.

我們上半年新開了17家店。下半場我們又拿下20分。團隊非常認真地處理了我們在過去兩個季度討論過的結轉庫存，現在我們開始清理它們。我們有一些關於波西米亞風格和西方風格的好書，團隊正在追逐這些好書。我們舉辦了一場非常精彩的牛仔活動來拉開第三季的序幕。因此，我們有信心走在改善的道路上，並預計到今年年底我們將恢復成長。

Yeah. And Dana, on the credit card exclusion for the year. So as we guide, we guide from a GAAP standpoint. So we did include that $39 million net benefit here in that 13% to 13.5% guide. When you think about where the guide moved from last quarter to this quarter, we were at 12.5% to 13.5% last quarter, two big moving pieces here. We obviously had the interchange benefit of $39 million around $40 million and that's offset by the incremental tariffs as the rates have become a little bit more clear here in the back half. That's about 40 -- it's net about $40 million. We talked $50 last quarter for the year. We're talking 90 now.

是的。還有達娜 (Dana)，關於今年的信用卡豁免。因此，當我們進行指導時，我們會從 GAAP 的角度進行指導。因此，我們確實將 3,900 萬美元的淨收益納入了 13% 至 13.5% 的指導範圍內。當您考慮指南從上個季度到本季的變化時，我們會發現上個季度我們的成長率為 12.5% 到 13.5%，這裡有兩個很大的變動。我們顯然獲得了 3900 萬美元左右（約 4000 萬美元）的交換收益，但這筆收益被增量關稅所抵消，因為下半年的稅率已經變得更加清晰。那大約是 40——淨利潤約為 4000 萬美元。我們上個季度談到了 50 美元的年度預算。我們現在談的是 90。

So those two pieces offset, and you got a little bit of benefit from, obviously, the Q2 outperformance rolling through. So those are the big pieces. Our guidance is just on a GAAP basis, and you've got the pieces and parts to back us as needed.

因此，這兩部分互相抵消，並且您顯然從第二季度的優異表現中獲得了一點好處。這些都是大塊頭。我們的指導僅基於 GAAP，並且您已獲得所需的各個部分來支持我們。

Great. Just one quick follow-up on the entry into department stores with Abercrombie Kids, how is it going through any of the other brands ever go in department stores? And what are you seeing?

偉大的。關於 Abercrombie Kids 進入百貨公司的問題，我想問一下，其他品牌進入百貨公司的情況如何？你看到了什麼？

So, Dana, as you know, last year, we talked a bit about diversifying our operating model. And one of the first things that we did was signed this global licensing deal for kids. It was very exciting to see the launch. I was actually up at Macy's going through our shop up there with Tony just a couple of weeks ago. So reaching new customers, hearing lots of positive things from these -- from the new partner and from these department stores that we're in. Today, that's the one that we've announced, but expanding our operating model is something that we've talked about and we're excited to bring some new things in the future.

所以，達娜，正如你所知，去年我們談論了多元化營運模式。我們做的第一件事就是簽署了針對兒童的全球授權協議。看到這次發射令人非常興奮。事實上，就在幾週前，我和東尼一起去了梅西百貨，參觀我們的商店。因此，我們接觸到了新客戶，並從新合作夥伴和我們所在的百貨公司聽到了很多正面的評價。今天，這就是我們宣布的，但擴展我們的營運模式是我們已經討論過的事情，我們很高興在未來帶來一些新的東西。

Dana, it's Scott. I'll just jump in here, too. When you think about the kids brands, we don't have a lot of stores out there. So this is a great opportunity to get more eyes on that brand and have people find us in different places. And then hopefully come to our brands either through digital or the handful of stores that we have out there. For Hollister and Abercrombie, we have great scale, specifically here in the US. So we'll see what happens in the future. But this right now is a great opportunity for the kids brand.

達娜，我是史考特。我也要跳進去。當你想到兒童品牌時，你會發現我們並沒有很多商店。因此，這是一個讓更多人關注該品牌並讓人們可以在不同的地方找到我們的絕佳機會。然後希望透過數位化管道或我們現有的少數幾家商店來了解我們的品牌。對於 Hollister 和 Abercrombie 來說，我們擁有很大的規模，特別是在美國。因此我們將拭目以待未來會發生什麼。但這對兒童品牌來說是一個絕佳的機會。

Corey Tarlowe, Jefferies.

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

Great. Fran, I wanted to ask about the momentum in Hollister up 19%. Hollister is probably one of the busiest stores in the mall, and it sounds like you've made some inroads early into back-to-school here. I'm curious if there's anything in particular that stood out to you in the second quarter with regards to some of the momentum that you're seeing anything so far in the third quarter that you've seen some nice momentum in? And then what maybe in terms of developments ahead for the brand that might help to continue the momentum into the back half.

偉大的。弗蘭，我想問霍利斯特上漲 19% 的勢頭。Hollister 可能是商場中最繁忙的商店之一，聽起來你們已經在開學季提前取得了一些進展。我很好奇，就您在第二季度看到的一些勢頭而言，有什麼特別讓您印象深刻的事情嗎？到目前為止，在第三季度您看到了一些良好的勢頭嗎？那麼，就品牌未來的發展而言，哪些方面可能有助於在下半年繼續保持這種勢頭？

Cory, yes, simply, I mean, an outstanding performance for Hollister. I am incredibly proud of the team and how dialed in they are, honestly, to the team consumer. I almost have to ask that question of reverse what's not working. Everything is working. It's actually kind of an exciting time. That's true across categories. That's true for both genders.

科里，是的，簡而言之，我的意思是，霍利斯特的表演非常出色。我為這個團隊感到無比自豪，說實話，他們為團隊消費者付出的努力也讓我感到自豪。我幾乎要問那個關於什麼不起作用的逆轉問題。一切正常。這確實是一個令人興奮的時刻。對於各個類別都是如此。對於兩性都是如此。

I mean, the team is just so dialed into what is happening. We launched, I'll give you a good example. We did a little bit of a heritage launch our Y2K A couple of weeks ago, it just absolutely flowed the stores. The customers were asking for it. We stayed very close to our customer. They were telling us, could you do some reissue. We did it. They loved it. We did a homecoming shop recently that also got tremendous sell-through. So stay dialed into this customer staying close to them. The Collegiate Collection is off to a good start. So again, we've got momentum heading into the back half, and we're excited about what's happening at Hollister.

我的意思是，團隊非常關注正在發生的事情。我們推出了，我給你一個很好的例子。幾週前，我們針對 Y2K 進行了一點傳承性的發布，它完全在商店中流行起來。顧客們要求這樣做。我們與客戶保持著非常密切的聯繫。他們告訴我們，你能重新發行一些嗎？我們做到了。他們很喜歡它。我們最近開了一家返鄉商店，銷售額也非常可觀。因此，請繼續關注該客戶並與他們保持密切聯繫。學院收藏工作開局良好。因此，我們再次獲得了進入下半場的動力，並且我們對霍利斯特發生的事情感到興奮。

Great. And then just a follow-up for Rob and Scott. I think you guys had mentioned that your inventory is now in good shape. Is there any update on the state of the carryover inventory that you have? And then maybe what the shape of that inventory is going to look like throughout the remainder of the year? And then what of that is inflation and tariff-related versus units? And how are you thinking about units in the back half as well?

偉大的。然後只是對 Rob 和 Scott 的後續報導。我想你們已經提到過，你們的庫存現在狀況良好。您的結轉庫存狀況有更新嗎？那麼今年剩餘時間內庫存狀況會是怎麼樣呢？那麼通貨膨脹和關稅與單位之間的關係又如何呢？您對後半部分的單位有什麼看法？

Yeah. Corey, I'll grab this one. So yes, to your point, made a ton of progress here on inventory in the quarter. ended up in a very clean and current position. Supply chain is stable. Both brands are now positioned to chase into the back half, which is awesome. We end the quarter inventory up 10% at cost. Within that, units were up 7%. And so we're happy about where that sits sitting here against our third quarter sales guide here.

是的。科里，我會抓住這個。是的，正如您所說，本季度庫存取得了巨大進展，最終處於非常乾淨和當前的狀態。供應鏈穩定。這兩個品牌現在都已經做好了追趕後半段的準備，這真是太棒了。本季末我們的庫存成本上漲了 10%。其中，單位數量上漲了7%。因此，我們對第三季銷售指南的排名感到滿意。

Tariffs did have a small impact on us ending inventory costs for Q2, call it about 1 point, and that will have an impact on ending inventory values as we move through the back half. Not quantifying that sitting here today. But as you know, we like where our units sit, and we'll continue to manage units tightly to support those growth plans for the back half of the year.

關稅確實對我們第二季的期末庫存成本產生了小幅影響，大約 1 個百分點，這將對我們下半年的期末庫存價值產生影響。今天坐在這裡不量化這一點。但正如您所知，我們喜歡我們部門的現狀，我們將繼續嚴格管理部門以支援今年下半年的成長計劃。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

So Fran, could you speak to the cadence of traffic that you saw during the second quarter, what you've seen for early back-to-school at both brands and at the Abercrombie brand, I guess what specifically missed your plan in the second quarter? How do you see the progression of comparable sales in the third versus fourth quarter relative to the second quarter down 11.

那麼，弗蘭，您能否談談您在第二季度看到的客流量節奏，以及您對這兩個品牌和 Abercrombie 品牌的提前返校情況的觀察，我想您在第二季度具體錯過了什麼計劃？您如何看待第三季與第四季相比可比銷售額的進展，相對於第二季下降了 11%。

Yeah, let me jump in on the traffic side, Matt. So traffic has been awesome. I mean we've got two really strong healthy brands here. both really where we want them to be. We're seeing traffic grow -- have seen traffic grow across the globe, across brands. across channels. It has been a really nice, consistent theme for us here. We're not getting into the month-by-month cadence here for Q2. But been a really nice, consistent theme here. We're seeing traffic grow. We're seeing our customer files grow and that momentum has kind of carried us into the early back-to-school. So really thrilled with what we're seeing the marketing front and what that -- and what kind of traffic that's driving to our brands.

是的，讓我來談談交通方面的問題，馬特。所以交通狀況非常好。我的意思是，我們這裡有兩個非常強大的健康品牌，它們都達到了我們想要的水平。我們看到流量在成長——看到全球、跨品牌、跨通路的流量在成長。對我們來說，這是一個非常好的、一致的主題。我們不會在這裡逐月介紹第二季的情況。但這裡有一個非常好的、一致的主題。我們看到流量正在成長。我們看到客戶文件不斷增長，這種勢頭讓我們提前進入了返校階段。我們對行銷前沿的進展感到非常興奮，也看到了它為我們的品牌帶來了什麼樣的流量。

Thanks. So to answer the second part of the question, Matt, so the miss in Q2 for Abercrombie was really the AUR that we talked about. The carryover inventory drove the AUR down a bit, and that was really the significant miss. So we are excited about what we're seeing. Our model helps us chase the product. We've gotten some nice reads, particularly on Boho and Western, as I mentioned earlier, a nice kick off to the third quarter with denim, which is an important category for us. So the brand is in a great place. We've opened up stores. We're continuing to open up stores. We're continuing to invest. So a lot of exciting things coming up for the back half.

謝謝。因此，要回答問題的第二部分，馬特，Abercrombie 在第二季度的失誤實際上就是我們談到的 AUR。結轉庫存導致 AUR 略有下降，這確實是一個重大錯誤。因此，我們對所看到的一切感到非常興奮。我們的模型幫助我們追逐產品。我們得到了一些不錯的讀物，特別是關於波西米亞風和西部風情的讀物，正如我之前提到的，牛仔布是第三季度的一個良好開端，這對我們來說是一個重要的類別。因此，該品牌處於非常有利的地位。我們已經開設了商店。我們正在繼續開設商店。我們將繼續投資。因此，後半段將會發生很多令人興奮的事情。

Great. And then maybe, Robert, just as a follow-up. How best to think about gross margin in the third quarter relative to your operating margin forecast for the over 300 basis points of decline.

偉大的。然後也許，羅伯特，只是作為後續行動。相對於營業利潤率超過 300 個基點的下降預測，如何最好地考慮第三季的毛利率。

Yeah, sure. So you think about Q3 here, you will see some margin pressure year-over-year. We talked about $25 million worth of tariff impact that we're expecting here in the quarter. So call that about a couple of 100 basis points on the quarter. Freight rates are largely holding, and we've been pretty tightly managing the mode mix here. So we should see a slight tailwind as we've been talking about here for the quarter on freight. It's just not going to be enough to make a meaningful dent in that tariff headwind. And then just on the rest of the pieces and parts here, for –AUR no change to our forward mindset.

是的，當然。因此，如果您考慮一下第三季度，您會看到利潤率同比有所壓力。我們討論了本季預計 2500 萬美元的關稅影響。因此，本季的增幅約為數百個基點。運費基本上保持不變，我們一直在嚴格管理這裡的運輸方式組合。因此，我們應該會看到輕微的順風，正如我們在本季度討論的貨運情況一樣。這還不足以對關稅逆風產生實質影響。然後就這裡的其餘部分和部件而言，對於 –AUR 來說，我們的前瞻性思維沒有改變。

As you know, we're going -- we go into every quarter, assuming that we're going to hold our AURs roughly flat. We'll work to pull back promo days here and there as we see that consumer respond, and we'll see how that plays out. here in the back half. In terms of how it marries with the balance of the operating margin forecast, if you think about the big boulders here, so we were about 14.8% last year in Q3.

如您所知，我們每個季度都會假設我們的 AUR 保持大致穩定。根據消費者的反應，我們會努力減少促銷日，並觀察其效果。這是下半年的情況。就其與營業利潤率預測的平衡如何相結合而言，如果你想想這裡的大石頭，那麼去年第三季度我們的利潤率約為 14.8%。

You got a couple of 100 basis points of tariff impact there that will hit us. And then we talked about the marketing investments that we're making, some really exciting things happening with partnerships and some fall campaigns. So we're leaning in there. We're on the offense. We're going to keep our foot on the gas to continue to drive that traffic and gather those customers. And so that's a little over 100 basis points, and that kind of walks you down to that 11% to 12% guide for the quarter.

那裡的關稅影響將達到幾百個基點，對我們造成衝擊。然後我們談到了我們正在進行的行銷投資，以及與合作夥伴和秋季活動相關的一些令人興奮的事情。所以我們傾向於此。我們正在進攻。我們將持續加強力，持續推動客流量並吸引客戶。因此，這略高於 100 個基點，從而使本季的指導價下降至 11% 至 12%。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Can you talk a little bit more about the tariff impact? I know is that $90 million net. Can you talk about what the growth is? And just how you are able to offset the big pieces in your mitigation efforts? And then second, maybe a little bit more about the Europe business and anything that you could share by country you saw during the second quarter? And any changes throughout the quarter? Maybe how you started versus where you finished the exit rate? And what's the outlook for the second half in Europe?

您能否進一步談談關稅的影響？我知道的是淨額9000萬美元。能談談成長是什麼嗎？那麼你們如何在緩解措施中抵銷大筆損失呢？其次，您能否再多介紹一下歐洲業務，以及您可以分享一下第二季各國的情況？整個季度有什麼變化嗎？也許您開始時的退出率與結束時的退出率有什麼關係？歐洲下半年的前景如何？

Yeah. So I'll take the tariff piece, Paul. So obviously, it's evolving constantly. We're getting some clarity on rates, but it is still pretty fluid. We don't even have the ink is not even dry in a lot of these agreements that are out there. So we're not making any sort of knee-jerk reactions as it relates to those rates as we move forward here, and they continue to move around.

是的。因此我將討論關稅問題，保羅。顯然，它正在不斷發展。我們對利率有了一定的了解，但利率仍然不穩定。我們甚至還沒有簽署其中的許多協議。因此，隨著利率的不斷變動，我們不會對這些利率做出任何下意識的反應。

What we are doing is we're staying on offense. We've got great teams. We've got proven playbooks to address disruptions like this just like we have in the past. But changes particularly in this space are complicated. They take a lot of time. So our actions, we've got to be well informed. We've got to be strategic, and we got to get them right.

我們正在做的就是繼續進攻。我們擁有出色的團隊。就像過去一樣，我們已經有行之有效的策略來應對此類中斷。但這領域的變化尤其複雜。它們花費很多時間。因此，我們的行動必須充分了解情況。我們必須有策略，必須把事情做好。

So sitting here today, the tactics haven't really changed from the conversation that we had in May. As you know, we're well diversified. We source out of 16 countries, but we're always looking for ways to optimize that country of origin footprint. We have great partnerships with our vendors, and we're always having active conversations in terms of negotiations as it relates to cost.

所以今天坐在這裡，我們的策略與我們五月的談話相比並沒有太大改變。如您所知，我們的業務非常多元化。我們的採購範圍涵蓋 16 個國家，但我們一直在尋找優化原產國足跡的方法。我們與供應商建立了良好的合作關係，並且就成本相關的談判一直保持著積極的對話。

And from an operating model standpoint, we're obviously looking to uncover efficiencies in the cost base. Fran mentioned this, but on the pricing, it's a lever for us. But sitting here today, we're not expecting broad-based ticket increases for the year. We're focused on the value that we're providing to the customer, not just the price that approach has really served us well throughout a lot of these disruptions, and that's what we're going to stay true to go forward.

從營運模式的角度來看，我們顯然希望發現成本基礎的效率。弗蘭提到了這一點，但就定價而言，這對我們來說是一個槓桿。但今天我們坐在這裡，我們不認為今年的票價會普遍上漲。我們專注於為客戶提供的價值，而不僅僅是價格，這種方法在許多中斷中確實為我們提供了良好的服務，這也是我們將繼續堅持的。

We aren't providing a specific dollar impact in terms of those mitigation efforts Again, most of the things that we would do would start to take shape in 2026 because they do take time. So just know that we're taking a measured approach, and we're confident that we can navigate this environment while we both protect the consumer experience as well as our margins.

我們不會在這些緩解措施方面提供具體的美元影響。同樣，我們所做的大多數事情將在 2026 年開始成形，因為它們確實需要時間。所以請知道，我們正在採取一種審慎的態度，我們有信心能夠在這種環境下生存，同時保護消費者體驗和我們的利潤。

All right. And on your -- the second part of your question, Paul, for EMEA. So as we have invested very heavily in the UK, we continue to see success in that particular market, opening new stores, investing in marketing, very focused on the product -- that playbook is getting exported throughout Europe.

好的。關於您問題的第二部分，保羅，關於 EMEA。因此，由於我們在英國投入了大量資金，我們繼續看到該特定市場的成功，開設新店，投資行銷，高度關注產品——該策略正在向整個歐洲出口。

Germany is next up. We took a little bit of a step back in Germany this quarter, but we have all the confidence that our global opportunity still exists and our EMEA opportunity certainly still exist. So investing, believe in the region and excited about what we're seeing in the UK. I'm confident that we can export that.

接下來是德國。本季我們在德國略有退步，但我們完全有信心，我們的全球機會仍然存在，我們的 EMEA 機會肯定仍然存在。因此，投資，相信該地區，並對我們在英國看到的情況感到興奮。我相信我們能夠將其出口。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congratulations, and thanks for making back to school, a lot of fun because the stores have been so much fun to walk through. Just give me a quick update on the marketing. I think you said 100 basis points of marketing in the third quarter increase. I'm curious, is that primarily around the NFL launch as football season kicks off in the NCA? And then what should we expect for holiday? Will you repeat that as you go into the I think that's when the playoff seems not to be a lame about football. I think that's when the playoff season starts in all of that?

恭喜，謝謝你們讓我回到學校，過得很有趣，因為逛商店很有趣。請簡單告訴我一下行銷的最新情況。我認為您說的是第三季度行銷成長了 100 個基點。我很好奇，這主要是因為 NCA 足球賽季即將開始，所以 NFL 的發布會才舉行嗎？那我們對假期該期待什麼呢？當你進入時你會重複這一點嗎？我認為那時季後賽似乎不是足球的蹩腳之處。我認為季後賽就是從那時開始的吧？

Yeah. So Marni, so yes, we are sitting here today. We're thrilled with what our marketing team has been able to do and the investments that we've been able to make, obviously, driving healthy traffic and growing those customer files, which is what we're trying to do here. to grow the top line. We are funding full funnel marketing strategies across all three regions to build these brands for the long term. That's been our approach that will be our approach going forward.

是的。所以 Marni，是的，我們今天就坐在這裡。我們對我們的行銷團隊所取得的成就以及我們所做的投資感到非常興奮，顯然，這可以帶來健康的流量並增加客戶檔案，這正是我們在這裡試圖做的事情，以增加營業額。我們正在為這三個地區的全方位行銷策略提供資金，以長期打造這些品牌。這是我們一直以來採取的方法，也將是我們未來繼續採取的方法。

As we think about the back half, obviously, we've got some great opportunities in the back half, to your point, we'll continue to engage with those consumers, but we do need to support these new partnerships like the NFL and lock into some other great fall campaigns that we've got on the docket.

當我們考慮下半年時，顯然，我們在下半年有一些很好的機會，正如您所說，我們將繼續與這些消費者互動，但我們確實需要支持這些新的合作夥伴關係，例如 NFL，並鎖定我們已經列入議程的其他一些偉大的秋季活動。

So keep your eyes out for those things. We are anticipating some increases there, obviously. So you will see, to your point, and our call out here a little over 100 basis points of deleverage here year-over-year in Q3 and will likely be a little bit north of 5% here for the back half of the year as well to continue to support holiday.

所以請留意這些事情。顯然，我們預計那裡會有一些成長。因此，正如您所說，您會看到，我們預計第三季度的去槓桿率將比去年同期高出 100 個基點，而今年下半年的去槓桿率可能也會略高於 5%，以繼續支持假期。

And then is it equally balanced between like social media content and that as well as you guys have been very effective on events? Or is it still more heavily leaning into social media content versus events?

那麼社群媒體內容和你們在活動上所扮演的角色是否同樣平衡？或者它仍然更傾向於社交媒體內容而不是事件？

It's a pretty balanced approach for us, right? And it really comes down to the strategies that the marketing teams are putting in place. So I don't want to get into too many details. Obviously, I don't want to give some things away here. But happy with that balance that we're seeing. The Lalapalooza event is a great example of some of these events that we're leaning into for our brands. And you'll see us sprinkle those in as we go along, and we'll continue to push on the social selling to your point.

對我們來說這是一種非常平衡的方法，對嗎？這其實取決於行銷團隊所實施的策略。所以我不想談論太多細節。顯然，我不想在這裡透露一些事情。但我們對所看到的這種平衡感到滿意。Lalapalooza 活動是我們為品牌傾力打造的一些活動的一個很好的例子。您將會看到我們在前進的過程中不斷融入這些元素，並且我們將繼續推動社交銷售以滿足您的需求。

Yes, because sorry, my bad, you should not give that away to anybody. Congratulations. Amazing back to school.

是的，因為很抱歉，我的錯，你不應該把它洩漏給任何人。恭喜。太棒了，回到學校。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Congrats on a nice quarter. Maybe for Fran, can you talk about why store growth is the right path for the A&F banner? And maybe bigger picture, how many stores do you envision moving to by the end of the year and over time? Maybe any color on Hollister 2 from that store growth perspective would be helpful as well.

恭喜本季取得良好業績。也許對於 Fran，您能否談談為什麼門市成長是 A&F 品牌的正確道路？也許從更大的角度來看，您預計到今年年底以及隨著時間的推移將有多少家商店遷入？從商店成長的角度來看，Hollister 2 上的任何顏色也許都會有所幫助。

Yeah. So let me jump in here real quick. So Alex, stores, we've said this a lot in the past year. Stores are an absolutely essential part of our brand experience. The new stores that we're opening up as well as the remodel programs that we've been putting out there. they're both performing really well.

是的。那麼讓我快速進入這裡。所以亞歷克斯，商店，我們在過去的一年裡已經多次說過這件事了。商店是我們品牌體驗中絕對不可或缺的一部分。我們正在開設的新店以及我們一直在推行的改造計劃都表現得非常好。

We're seeing higher productivity. We're seeing nice paybacks in those spaces. And when we marry that stores and the digital component, which continues obviously to be a critical growth channel, it's a nice experience for that consumer. We don't see it as an either or, yes, A&F is a little bit more distorted to digital today, but really what it is, it's about omnichannel.

我們看到了更高的生產力。我們在這些領域看到了豐厚的回報。當我們將商店和數位組件結合起來時，這顯然仍然是一個關鍵的成長管道，這對消費者來說是一種很好的體驗。我們並不認為這是非此即彼的問題，是的，A&F 如今在數位化方面確實有些扭曲，但實際上，它是全通路的。

So the stores help us to acquire consumers, and create that physical brand experience for us. And while the digital allows us to scale, reach more customers, provide personalization and engage more frequently with our consumers. So we need both to make this thing work. And we see opportunities in the A&F brand to continue to build out that fleet.

因此，商店幫助我們吸引消費者，並為我們創造實體品牌體驗。數位化使我們能夠擴大規模、接觸更多客戶、提供個人化服務並更頻繁地與消費者互動。所以我們需要兩者才能讓這個事情成功。我們看到了 A&F 品牌繼續擴大該車隊的機會。

Perfect. And then just on the number of stores that you guys envisioned by the end of the year and then maybe over time for both banners.

完美的。然後，您設想到今年年底，以及隨著時間的推移，兩個品牌的商店數量會有多少。

Yeah. So we've talked about 60 stores opening in total this year, about 20 closures, so call it a net 40. Fran mentioned it, but we've opened 17 A&F stores so far this year. We've got about 20 on the docket. So you can do the math there. It's around 37 of the 60 are tilted to the A&F side. The balance will be in the Hollister side.

是的。因此，我們談到了今年總共開設 60 家商店，關閉約 20 家商店，因此淨增 40 家。弗蘭提到過，但今年到目前為止我們已經開設了 17 家 A&F 商店。我們的案卷上有大約 20 件案件。所以你可以在那裡做計算。在這 60 人中，大約有 37 人傾向於 A&F 一方。平衡點將落在 Hollister 方面。

Mauricio Serna Vega, UBS.

瑞銀的 Mauricio Serna Vega。

I wanted to ask about Abercrombie's results. You talked about some third-party channel headwinds. Could you just elaborate on what that when you meant with that? And then on the quarter-to-date, like anything that you can tell us about the Abercrombie brand's performance that maybe gives you confidence that you would return to sales growth by the end of the year? And then just on the gross margin for Q2, it was down 230 basis points, it seems like 40 basis points was related to tariffs. The rest of it, the 190, could you elaborate how much of that is like the carryover situation versus freight?

我想詢問一下 Abercrombie 的結果。您談到了一些第三方管道的阻力。能詳細說明一下那是什麼意思嗎？然後就本季迄今為止的情況而言，您能否告訴我們有關 Abercrombie 品牌的表現，這也許會讓您有信心在年底前恢復銷售成長？僅就第二季的毛利率而言，就下降了 230 個基點，其中 40 個基點似乎與關稅有關。剩下的 190，您能否詳細說明其中有多少是結轉情況，有多少是貨運情況？

So let's break that down. We're going to start with the middle question. What gives us confidence for Abercrombie, just to repeat myself. Yes, we'll start off with the fact that the first half of this year was still the second best spring in the history of the brand. So we took a little bit of a step back, still incredible business out there. The brand is in great shape.

讓我們來分析一下。我們將從中間的問題開始。我再重複一遍，是什麼讓我們對 Abercrombie 充滿信心？是的，首先我們要知道，今年上半年仍然是品牌史上第二好的春季。因此，我們稍微退後了一步，但那裡的業務仍然令人難以置信。該品牌狀況良好。

As we mentioned, the traffic is strong. We are signing some very exciting partners. We've got some great fall campaigns coming up. We're continuing to invest in the brand. We did say earlier, we are off to a strong start, total company for third quarter, and we are very pleased with our start for Abercrombie for the third quarter. We had successful denim event. Really exciting to see the customer respond to all fits that are happening right now in denim, Boho and Western are also happening. So there's -- we're confident there's a path to improvement, and we do expect to see growth by the end of the year.

正如我們所提到的，流量非常大。我們正在與一些非常令人興奮的合作夥伴簽約。我們即將推出一些精彩的秋季活動。我們將繼續對該品牌進行投資。我們之前確實說過，我們第三季整體開局強勁，我們對 Abercrombie 第三季的開局感到非常滿意。我們的牛仔活動成功舉辦。看到顧客對目前流行的牛仔布、波西米亞風和西部風的所有款式做出反應，真是令人興奮。因此，我們相信有一條改善的道路，並且我們確實預計到今年年底會看到成長。

Yeah, Mauricio, I'll jump in on a couple of these other ones. So on the A&F third-party headwinds, there's not a lot to talk about here. It was a component of that gap between comp sales and net sales really just comes down to the timing of orders with partners. We would expect that to normalize as we get here into the back half of the year. So not a lot of news there.

是的，毛里西奧，我會加入其中的幾個。因此，關於 A&F 第三方逆風，這裡沒有太多可談的。這是同店銷售額和淨銷售額之間差距的一個因素，實際上取決於與合作夥伴下訂單的時間。我們預計，進入下半年後，這種情況將會恢復正常。所以那裡沒有太多新聞。

In terms of Q2, also no major surprises from what we had talked about in May. We did expect margin compression as we were selling through that -- those higher levels of carryover year-over-year. That's exactly how it played out. That puts some pressure on AUR. So AUR was down for the quarter.

就第二季而言，與我們 5 月談論的情況相比，也沒有出現重大意外。我們確實預期利潤率會受到壓縮，因為我們正在透過這些產品進行銷售——這些產品的結轉水平逐年上升。事情就是這樣發生的。這給 AUR 帶來了一些壓力。因此本季的 AUR 有所下降。

Within that, Hollister was up against A&F down. And then as you think about the cost of sales, those were also up as we sold through that higher cost inventory that we had on the balance sheet. Heading into the quarter. So -- and then on top of that, about $5 million of tariff impact for the quarter. So that's kind of our -- the big moving pieces on gross margin. And I think we talked gross margin outlook a little bit earlier on the call.

其中，霍利斯特 (Hollister) 對陣 A&F 處於下風。然後，當您考慮銷售成本時，由於我們銷售了資產負債表上成本較高的庫存，銷售成本也會上升。進入本季。因此 — — 除此之外，本季的關稅影響約為 500 萬美元。這就是我們的毛利率最大的變動因素。我認為我們在電話會議中早些時候討論了毛利率前景。

Great. And I guess just wanted to make sure, like on Q2, there was not really like anything on freight that affect the gross margin. And then the other thing on Abercrombie results in Q2, like were units up and like essentially like those AUR pressure for units were actually up for the brand.

偉大的。我只是想確保，就像第二季一樣，運費方面沒有任何因素會影響毛利率。然後，關於 Abercrombie 第二季度業績的另一件事是，銷量有所上升，而且該品牌的銷售 AUR 壓力實際上有所上升。

Yeah. So just on Q2, nothing new on the freight side. Freight normalized as expected. We talked about it in May. We had -- I think we called out about $10 million of excess freight on the balance sheet there. that we worked through in Q2. We're exiting the quarter in a nice clean place. And then I haven't given any color specifically on branded units. So we'll just work to drive those businesses as we go forward and nicely sitting here today from an inventory perspective, having units aligned with our outlook. So we'll continue to tightly manage that go forward.

是的。因此，僅在第二季度，貨運方面沒有什麼新進展。貨運量如預期恢復正常。我們在五月討論過這個問題。我們有——我想我們在那裡的資產負債表上列出了大約 1000 萬美元的超額運費。我們在第二季解決了這個問題。我們正離開這個乾淨整潔的社區。然後我還沒有給出品牌單位的具體顏色。因此，我們將努力推動這些業務的發展，從庫存的角度來看，我們今天在這裡做得很好，我們的單位與我們的前景保持一致。因此，我們將繼續嚴格管理這項進程。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Congratulations on the progress for back-to-school. I guess my question is on tariff timing. And I'm sorry to be a dead horse here. But it would -- I would imagine that kind of the tariff wave of 8/7, August 7 and then certainly the India kind of new information today. I imagine they don't have a lot of impact on certainly the third quarter and probably the fourth quarter. So how should we think about any potential kind of price increases or any further mitigation that you might use in the spring season to offset kind of the rolling impact of all these different decisions that are being made?

偉大的。祝賀返校工作取得進展。我想我的問題是關於關稅時間的。我很抱歉，我已無力回天。但我會想像 8 月 7 日，也就是 8 月 7 日的關稅浪潮，以及今天印度的新資訊。我想它們不會對第三季和第四季產生太大影響。那麼，我們應該如何看待春季可能採取的任何潛在的價格上漲或進一步的緩解措施，以抵消所有這些不同決策帶來的滾動影響？

Yeah. So I think you're generally right. Our outlook and our guidance was it was information that we knew of as of a couple of days ago on August 25th. So yes, there's some new information here on India. But again, we're going to want to see that solidified and kind of the ink dry here before we make any we make any reactions. Sitting here today, we've got that $90 million of net sitting in our outlook, again, broken out $5 million in Q2, 25 million in Q3 and then the balance there, that $60 million would sit in Q4, not really providing any sort of kind of roll forward or annualized numbers here in 2026.

是的。所以我認為你總體上是對的。我們的展望和指導是我們幾天前（8 月 25 日）所知道的資訊。是的，這裡有一些關於印度的新資訊。但是，我們再次希望看到它凝固並且墨水乾燥後我們才能做出任何反應。今天坐在這裡，我們的展望中有 9000 萬美元的淨額，再次分成第二季度的 500 萬美元，第三季度的 2500 萬美元，然後餘額，6000 萬美元將放在第四季度，實際上並沒有提供 2026 年的任何形式的滾動或年度數字。

Sitting here today, our goal is to drive and finish 2025 strong. Mitigation tactics wise, again, we've got those four different levers that we're obviously looking at in terms of country of origin footprint. Vendor negotiations, OpEx efficiencies or expense efficiencies and then pricing.

今天坐在這裡，我們的目標是全力以赴完成 2025 年目標。就緩解策略而言，我們再次擁有四種不同的槓桿，我們顯然正在從原產國足跡的角度來考慮這些槓桿。供應商談判、營運支出效率或費用效率，然後定價。

And from a pricing standpoint, it's -- our customer doesn't come to us for price. We're not we're not necessarily going to chase traffic and conversion through price. We're going to try and protect that value proposition that we've seen from a customer standpoint. And quite honestly, good or bad. Our team has a ton of experience navigating uncertainties like this. We've seen tariffs 1.0. We've seen the pandemic. We've seen inflation, cotton spikes, freight rate spikes, you name it, and those are just a couple of examples.

從定價的角度來看，我們的客戶來找我們並不是因為價格。我們不一定會透過價格來追求流量和轉換率。我們將盡力從客戶的角度保護我們所看到的價值主張。說實話，無論好壞。我們的團隊在應對此類不確定性方面擁有豐富的經驗。我們見證了關稅1.0。我們見證了疫情。我們見證了通貨膨脹、棉花價格飆升、運費飆升等等，這些只是其中幾個例子。

We've got an amazing team, and we've got a battle-tested playbook. And we've dealt with a lot of these moments in the past, and we've done that while growing the business and improving the financial strength of this company. So that's what we're focused on doing. And these things take time. And we just don't -- we just want to make sure that we're informed, we're strategic. We're doing the right things for this business long term. And so more to come on 2026 and go forward as we move throughout the balance of the year.

我們擁有一支出色的團隊，並且擁有久經考驗的劇本。我們過去已經處理過很多這樣的情況，我們在發展業務和提高公司財務實力的同時做到了這一點。這就是我們重點要做的事。而這些事情需要時間。我們不僅如此——我們只是想確保我們了解情況，並且具有策略性。我們正在為這項業務的長期發展做正確的事。因此，隨著我們在今年餘下的時間內前進，2026 年將會有更多事情發生。

Great. And then, Fran, for you, let's move to the demand side on the denim category specifically. I have not seen sort of breadth of pricing from entry-level $40 to well north triple-digit numbers with so much variety and so much quality and content. Clearly, I'm seeing it in the Abercrombie assortment. I'm just wondering, could you give us some perspective on the assortment this year, the spread of initial price points a variety. And are we in kind of a denim cycle that is a little bit more premium than I'd say, like classics of last year?

偉大的。然後，弗蘭，我們來具體談談牛仔布類別的需求方面。我從未見過價格範圍如此廣泛，從入門級的 40 美元到遠超三位數的產品，而且種類如此豐富，質量和內容如此豐富。顯然，我在 Abercrombie 系列中看到了它。我只是想知道，您能否向我們介紹今年的產品組合以及各種初始價格點的分佈。我們是否正處於比我所說的更高端的牛仔週期，就像去年的經典款一樣？

Thanks. So yeah, obviously, we're very excited about our Abercrombie denim business, as you have mentioned. So when I think about the architecture of our business, what's kind of exciting that's happening in denim today is it's really not just one fit. A lot of times, we talk about like what the key fit is that the consumer needs to buy. And we're in an interesting cycle because now it's really about their wearing occasion.

謝謝。是的，顯然，正如您所提到的，我們對我們的 Abercrombie 牛仔布業務感到非常興奮。因此，當我思考我們業務的架構時，我發現如今牛仔布產業令人興奮的一點是，它並不只是單一的款式。很多時候，我們討論的是消費者需要購買的關鍵產品是什麼。我們正處於一個有趣的循環中，因為現在它真正與他們的穿著場合有關。

So if they want this new boot cut that's really starting to rise in importance, they're also still wearing a low-rise bag year or wide leg jeans, all depending upon where they're going and what they're doing. The pricing of all of that is driven by the customer demand. So we have been seeing tremendous demand when we get the product device product, voice experience aligned and the consumer continues to respond.

因此，如果他們想要這種真正開始變得越來越重要的新靴型剪裁，他們仍然會穿著低腰包或寬腿牛仔褲，這完全取決於他們要去哪裡以及要做什麼。所有這些的定價都是由客戶需求決定的。因此，當我們獲得產品設備產品、語音體驗並協調一致且消費者繼續回應時，我們看到了巨大的需求。

So it's exciting to see what's happening. Our Hollister Denim business is also very strong. That one harkens back a little bit to our heritage. It was exciting to reissue like our rainbow pockets in the back that the customer is really responding to -- so there's a lot of exciting things happening. And when there is a denim cycle, it also drives different tops to go with it. The called Boho and Western thing that's starting to happen for us. It's exciting and more to come on that for the fall.

看到正在發生的事情真是令人興奮。我們的 Hollister Denim 業務也非常強勁。這讓我們回想起了我們的傳統。重新推出像我們背面的彩虹口袋這樣的產品是令人興奮的，顧客對此反應熱烈——所以有很多令人興奮的事情發生。當牛仔服飾流行起來時，也會帶動不同的上衣與之搭配。所謂的波西米亞風格和西方風格正在開始出現在我們面前。這是令人興奮的，秋季還會有更多精彩內容。

Janet Kloppenburg, JJK Research.

珍妮特·克洛彭堡，JJK 研究中心。

Congrats on a good quarter plan. When I look at the achievements of Hollister and the A&F Brand last fall, Hollisters comps get a lot tougher A&F somewhat easier. So I'm just wondering, should we think that your comp performance in A&F should start to gain some momentum? And I know Hollister is going to continue to do well, but should we expect a cool down there? And then I have another question.

恭喜您制定了良好的季度計劃。當我回顧去年秋天 Hollister 和 A&F 品牌所取得的成就時，我發現 Hollisters 的競爭更加激烈，而 A&F 的競爭則稍微輕鬆一些。所以我只是想知道，我們是否應該認為您在 A&F 的業績應該開始獲得一些動力？我知道霍利斯特會繼續表現良好，但我們應該期待那裡的降溫嗎？我還有一個問題。

Yeah, I'll kick off. So as I started my script I own the total and driving the right, is really what matters. And so if you look at the outlook of what we're putting out there, our expectation takes the momentum that we've had from the first half into the back half. We had nice record year 2024, and our expectation is to have another one right on top of that. So I'm excited about what we're seeing. We are seeing continued incredible excitement about the Hollister brand and some nice improvement in the Abercrombie brand.

是的，我要開始了。因此，當我開始編寫腳本時，我擁有全部內容並且擁有正確的駕駛權，這才是真正重要的。因此，如果你看一下我們所提出的前景，我們期望將上半年的勢頭延續到下半年。2024 年是我們創下佳績的一年，期望在此基礎上再創佳績。所以我對我們所看到的一切感到非常興奮。我們看到 Hollister 品牌持續受到人們的熱烈追捧，Abercrombie 品牌也取得了不錯的進步。

Yeah. I mean -- so Janet, we think that our outlook sitting here today is reasonable. We think it's appropriate. Excited to be able to put that 5% to 7% growth on top of a plus 14% for Q3 of last year. not providing specific brand-level guidance here, but we're obviously happy with the record first half that we just delivered. We would expect, as we move into Q3, and we would expect Hollister to continue to outperform A&F here.

是的。我的意思是——珍妮特，我們認為我們今天在這裡的觀點是合理的。我們認為這是合適的。我們很高興能夠在去年第三季 14% 的成長基礎上再創 5% 至 7% 的增幅。雖然這裡沒有提供具體的品牌級指導，但我們對剛創下的上半年業績記錄感到非常滿意。我們預計，隨著進入第三季度，Hollister 的表現將繼續優於 A&F。

We're super excited to try to continue driving Hollister's growth. And we are encouraged by all of the actions that we're seeing and the things that are underway at the Abercrombie brand. So we're happy with the guidance we'll chase into the business and which as we've done in the past, and we'll continue to try and drive these record sales into the back half.

我們非常高興能夠繼續推動 Hollister 的發展。我們看到的所有行動以及 Abercrombie 品牌正在進行的事情都令我們感到鼓舞。因此，我們對業務的指導感到滿意，就像我們過去所做的那樣，我們將繼續努力將這些創紀錄的銷售額推向下半年。

Great. And on AUR that was down for A&F and up for Hollister. Do we think that there'll be improvement for A&F as some of the markdown or, I guess, you call it excess inventory levels have moderated.

偉大的。在 AUR 上，A&F 的股價下跌，而 Hollister 的股價上漲。我們是否認為 A&F 的情況會有所改善，因為部分降價或我猜你稱之為過剩庫存水準已經緩和。

Yeah, Again, not no brand level guidance provided, but that's obviously our goal every time that we come into a quarter is to hold the gains that we've seen on these brands. We've got AUR up nice double digits on a multiyear basis across both of these brands, and we'd like to hold on to that. And so that's the work of the work. That's -- we've got to put a great product out there. We've got to control our inventory. And again, if we can step away from a promotional day here or there, that's great for the operating model, and it's a great flow-through. So that's what we're doing. We've got great teams in place, and we're working on that on a day-by-day basis.

是的，再說一次，我們沒有提供任何品牌層面的指導，但顯然，我們每季的目標都是保持這些品牌所取得的收益。這兩個品牌的 AUR 多年來都實現了兩位數的良好成長，我們希望保持這一勢頭。這就是工作的內容。那就是——我們必須推出一款出色的產品。我們必須控制我們的庫存。再說一次，如果我們可以暫時不舉辦促銷日，這對於營運模式來說非常好，也是一種很好的流通方式。這就是我們正在做的事情。我們擁有優秀的團隊，並且每天都在為此努力。

And I would now like to hand the call back to Fran for closing remarks.

現在我想把電話交還給弗蘭，請她做最後發言。

Thank you, and thank you, everyone, for joining us this morning, and we look forward to updating you after the third quarter.

謝謝大家，也謝謝大家今天早上加入我們，我們期待在第三季之後向大家更新最新情況。

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。