Abercrombie & Fitch Co. (ANF) 2025 Q4 法說會逐字稿

Good day, and welcome to the Abercrombie & Fitch fourth-quarter fiscal year 2025 earnings call. Today's conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Abercrombie & Fitch 2025 財年第四季財報電話會議。今天的會議正在錄影。（操作說明）

I would like now to turn the conference over to Mo Gupta, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁莫·古普塔先生。請繼續。

Thank you. Good morning, and welcome to our fourth-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年第四季財報電話會議。今天與我一起參加電話會議的有：執行長弗蘭·霍洛維茨；首席營運長史考特·利佩斯基；以及財務長羅伯特·鮑爾。

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

今天早些時候，我們發布了第四季度收益報告，您可以在我們網站 corporate.abercrombie.com 的「投資者」專欄下查看。我們的網站上也提供投資者簡報。

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

請注意，我們將在電話會議上發表一些前瞻性聲明。這些聲明受 1995 年《私人證券訴訟改革法案》安全港條款的約束，並存在風險和不確定性，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。這些因素和不確定因素已在我們的報告和提交給美國證券交易委員會的文件中進行了討論。

In addition, we'll 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提及某些非GAAP財務指標。新聞稿和今天早上發布的投資者簡報中包含了更多細節以及 GAAP 與調整後的非 GAAP 財務指標的調整表。

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

接下來，我將把電話交給弗蘭。

Thanks, Mo. Good morning, and thanks for joining us today. Before we begin, I do want to acknowledge the situation in the Middle East. With associates and stores in the region, our focus continues to be on their safety and well-being.

謝謝你，莫。早安，感謝您今天收看我們的節目。在開始之前，我想先談談中東局勢。我們在該地區擁有員工和門市，因此我們始終將他們的安全和福祉放在首位。

Returning to our results, I'm happy to report the fourth quarter finished on the higher end of the ranges provided in our early January update. Once again, we accomplished exactly what we set out to do. Holiday product acceptance drove record fourth-quarter net sales, with balanced growth across regions, brands, and channels, along with growth in earnings per share.

回到我們的業績，我很高興地報告，第四季度業績達到了我們在1月初更新報告中給出的預期範圍的較高水平。我們再次圓滿完成了既定目標。假日產品熱銷推動第四季淨銷售額創歷史新高，各地區、品牌及通路均達到均衡成長，每股盈餘也隨之成長。

As a company, our goal is to set clear commitments and then deliver on them, leveraging our strong foundation and operating model. We achieved another year of consistent results for 2025, with record sales, growth across regions and channels, and leading double-digit operating margins. Substantial operating cash flows also enabled strong returns of cash to shareholders via share repurchases. Looking forward to 2026, we expect to continue on the path of global growth and add to our track record of consistent, strong profitability.

作為一家公司，我們的目標是製定明確的承諾，然後利用我們強大的基礎和營運模式來履行這些承諾。2025 年，我們又取得了持續穩定的業績，銷售額創歷史新高，各地區和通路均實現成長，營業利潤率也維持兩位數領先水準。充裕的經營現金流也使得股東能夠透過股票回購獲得豐厚的現金回報。展望 2026 年，我們期望繼續保持全球成長勢頭，並進一步鞏固我們持續強勁的獲利記錄。

For the fourth quarter, we delivered net sales growth of 5%, which was balanced across regions, brands, and channels. It was particularly great to see both brands deliver record fourth-quarter net sales. At Abercrombie Brands, we achieved our goal of returning the brand to growth with 4% net sales growth on top of a record last year. Hollister Brands continues to deliver for the teen customer, producing an 11th consecutive quarter of net sales growth at up 6%.

第四季度，我們的淨銷售額成長了 5%，各地區、品牌和通路的銷售額均保持均衡。尤其令人欣喜的是，這兩個品牌第四季淨銷售額均創歷史新高。Abercrombie Brands 實現了品牌重回成長的目標，在去年創紀錄的銷售額基礎上，今年淨銷售額成長了 4%。Hollister Brands 持續為青少年顧客帶來驚喜，連續第 11 季實現淨銷售成長，成長 6%。

With balanced top-line growth and continued financial discipline, we delivered an operating margin of 14.1%, including 360 basis points of tariff pressure. I have to recognize the team's incredible efforts here to meaningfully reduce the impact of these costs. On the bottom line, earnings per share of $3.68 improved 3% on last year's record quarterly results, demonstrating our ability to create value through a balanced combination of global growth, operational excellence, and disciplined capital allocation.

憑藉均衡的營收成長和持續的財務紀律，我們實現了 14.1% 的營業利潤率，其中包括 360 個基點的關稅壓力。我必須肯定團隊為實際降低這些成本的影響所付出的巨大努力。最終，每股收益為 3.68 美元，比去年創紀錄的季度業績增長了 3%，這表明我們有能力透過全球成長、卓越營運和嚴謹的資本配置的平衡組合來創造價值。

Recapping the year, fiscal 2025 net sales were a record $5.3 billion, surpassing $5 billion for the first time in company history. We grew over 6%, exceeding our beginning-of-the-year growth projections provided last March. For the third consecutive year, our customers responded to the team's compelling product and engaging marketing, delivering net sales growth across regions, led by the Americas up 7%. Sales also grew across channels for the third year in a row. We continue to see great traffic on digital and in-store, and importantly, we continue to see our highest-value customers shopping across channels.

回顧過去一年，2025 財年淨銷售額創下 53 億美元的紀錄，首次突破 50 億美元大關，成為公司歷史上的首次。我們的成長率超過 6%，超過了我們去年三月年初給出的成長預期。連續第三年，我們的客戶對團隊極具吸引力的產品和引人入勝的營銷做出了積極響應，實現了各地區的淨銷售額增長，其中美洲地區的增長最為顯著，達到 7%。各通路銷售額也連續第三年成長。我們持續看到線上和線下管道的客流量都很大，更重要的是，我們持續看到我們最有價值的客戶在各個管道購物。

We delivered an operating margin of 13.3%, or 12.5% adjusting for a one-time litigation benefit, a double-digit result for the third straight year, despite 170 basis points of tariff pressure. On the bottom line, we delivered full-year earnings per share of $10.46, our second consecutive year of EPS over $10, by far the strongest back-to-back performance in our 30-year history as a public company.

儘管面臨 170 個基點的關稅壓力，我們仍實現了 13.3% 的營業利潤率，若計入一次性訴訟收益，則為 12.5%，連續第三年實現兩位數增長。最終，我們全年每股收益達到 10.46 美元，這是我們連續第二年每股收益超過 10 美元，也是我們作為上市公司 30 年歷史上迄今為止最強勁的連續業績。

We also remain committed to shareholder return. With $619 million operating cash flow after investing back into the business, we returned $450 million to shareholders via share purchases, totaling 11% of shares outstanding at the beginning of 2025. The team worked hard all year, staying fully committed to our customer and our playbooks, and I'm proud of the consistency of these results as a clear demonstration of our leading operating model and culture of financial discipline.

我們始終致力於股東回報。在將資金重新投入業務後，我們獲得了 6.19 億美元的營運現金流，並透過股票回購向股東返還了 4.5 億美元，佔 2025 年初流通股的 11%。團隊全年辛勤工作，始終全力以赴服務客戶並嚴格執行我們的策略，我對這些成果的持續性感到自豪，這清楚地表明了我們領先的營運模式和財務紀律文化。

From a regional perspective, 2025 was another year of progress. In the Americas, we grew net sales 7% on strong cross-channel traffic, driven by compelling marketing across brands and continued store expansion. In EMEA, net sales growth of 6% was driven by double-digit growth in the UK, along with good growth in the Middle East. APAC grew 5% this year, led by solid performance across our digital platforms.

從區域角度來看，2025 年又是進步的一年。在美洲，由於各品牌強有力的行銷和持續的門市擴張，我們的淨銷售額成長了 7%，這主要歸功於強勁的跨通路流量。在歐洲、中東和非洲地區，淨銷售額成長了 6%，這主要得益於英國兩位數的成長以及中東地區的良好成長。亞太地區今年成長了 5%，這主要得益於我們數位平台的穩健表現。

Moving on to brand performance, I'll start with Hollister Brands, where we set records across the business. I am so proud of what the team has achieved with the global teen consumer, with two consecutive years of 15% growth driven by increases in unit selling and AUR.

接下來談談品牌表現，我先從 Hollister Brands 開始，我們在品牌旗下創造了多項商業紀錄。我為團隊在全球青少年消費者領域的成就感到無比自豪，連續兩年實現了 15% 的成長，這主要得益於銷售量和平均使用率的成長。

On product, we delivered growth across genders and key categories, showing improved balance on both. We saw great response from a variety of exciting marketing campaigns, supporting key product drops like our collegiate collection, The Grad Shop, and an engaging collaboration with Taco Bell. We added millions of new customers in 2025, and importantly, we also saw improved retention. Simply put, Hollister's growth and scale stand out in the teen space, and we are excited about what is ahead.

在產品方面，我們在各個性別和主要類別上都實現了成長，並且在兩方面都展現出了更好的平衡性。我們看到各種令人興奮的行銷活動都獲得了很好的反響，這些活動支持了重點產品的發布，例如我們的大學系列、畢業商店以及與 Taco Bell 的精彩合作。2025年，我們新增了數百萬客戶，更重要的是，客戶留存率也提高了。簡而言之，Hollister 的成長和規模在青少年領域中脫穎而出，我們對未來充滿期待。

At Abercrombie Brands, after a challenging start to 2025, up against a near-perfect 2024, the team rallied and committed to getting the brand back to growth by the end of the year. We did just that, achieving a return to net sales growth for the fourth quarter. As we have shared throughout the year, we believe Abercrombie remains a leader for our target customer. We continue to see strong traffic, along with growth in customer counts and good retention trends.

在 Abercrombie Brands，經歷了充滿挑戰的 2025 年開局，面對近乎完美的 2024 年，團隊團結一心，致力於在年底前使品牌恢復成長。我們做到了這一點，第四季度實現了淨銷售額的成長。正如我們今年一直強調的那樣，我們相信 Abercrombie 仍然是我們目標客戶群中的領導者。我們持續看到強勁的流量，客戶數量不斷增長，客戶留存率也保持良好。

Reflecting our confidence, we invested across stores, digital, and marketing to bring the brand to life in new ways throughout 2025. Most recently, the brand hosted several amazing activations leading up to the Super Bowl. As an official fashion partner of the NFL, the first of its kind, we had players and their families, several celebrities, and league figures, as well as our target customers, at a series of events. I was there, and it was incredible to see Abercrombie at the intersection of fashion, sports, and culture, a great finish to our 2025 season and the perfect kickoff to 2026.

為了體現我們的信心，我們在 2025 年對門市、數位和行銷進行了投資，以全新的方式展現品牌活力。最近，該品牌在超級盃之前舉辦了多場精彩的活動。作為 NFL 的官方時尚合作夥伴（史無前例），我們舉辦了一系列活動，邀請了球員及其家人、多位名人、聯盟人士以及我們的目標客戶參加。我當時就在現場，親眼見證了 Abercrombie 將時尚、運動和文化完美融合，這為我們的 2025 賽季畫上了圓滿的句號，也為 2026 年開了個好頭。

Our ongoing investments across channels continued to pay off in 2025. We saw growth in the stores and digital direct channels for a third consecutive year, and both remain nicely profitable. In digital, we continue to see strong performance, finishing the year with that channel delivering 44% of total sales. We also surpassed 1 billion visits across our platforms for the first time, demonstrating the scale and direct reach we have with our customers. Stores matter to them too, and we were net openers for a fourth consecutive year, leveraging our digital demand to help us determine where we can better serve Hollister and Abercrombie customers with a physical location.

我們在各個管道的持續投資在 2025 年繼續獲得回報。我們連續第三年實現了實體店和數位直銷通路的成長，而且兩者都保持了良好的獲利能力。在數位通路方面，我們繼續看到強勁的表現，該通路在年底貢獻了總銷售額的 44%。我們的平台訪問量也首次突破 10 億次，這充分展現了我們與客戶之間的規模和直接聯繫。實體店對他們來說也很重要，我們連續第四年實現了淨增店，利用我們的數位化需求來幫助我們確定在哪裡可以透過實體店更好地服務 Hollister 和 Abercrombie 的顧客。

At the center of all these excellent brand, channel, and regional accomplishments was our Read & React inventory model. For the third consecutive year, we chased millions of units to support product demand at healthy AURs, helping to drive top-line growth. Inventories remain tightly controlled, and we finished the year with units up in the mid-single digits. I can't overemphasize how hard our team works at this, coordinating product across functions, geographies, channels, and partners, all while tariffs were changing the global supply chain landscape week to week.

所有這些卓越的品牌、通路和區域成就的核心，都是我們的閱讀與反應庫存模型。我們連續第三年追求數百萬台的銷量，以滿足健康平均售價的產品需求，從而推動營收成長。庫存控制依然嚴格，年底銷量實現了個位數中段的成長。我無法過度強調我們的團隊為此付出了多少努力，他們協調跨職能、跨地域、跨渠道和跨合作夥伴的產品，而與此同時，關稅每週都在改變著全球供應鏈格局。

So looking forward, we are very excited for 2026. We entered the year with a strong foundation, which includes two globally relevant brands, a proven operating model, and a strong balance sheet, all managed by a world-class team.

展望未來，我們對2026年感到非常興奮。今年年初，我們擁有堅實的基礎，包括兩個全球知名品牌、一個成熟的營運模式和穩健的資產負債表，所有這些都由一支世界一流的團隊管理。

For the year, our goals for the company are as follows: first, to grow sales across brands with continued investments in owned and operated stores and digital businesses, while adding growth from partnerships and new product categories, like our recent launch of baby & toddler and abercrombie kids; second, to stabilize growth margins as we progress through the year by mitigating as much of the tariff impact as possible; third, to continue to invest in tools and technologies to improve our speed and efficiency across the product and customer journeys -- a good example of this is the go-live of our new merchandising ERP system this month -- we're also moving quickly to leverage AI to benefit the customer and we're modernizing systems to help us; and finally, to maintain our strong profitability by delivering another year of double-digit operating margins and expansion earnings per share. We also expect to continue our track record of returning excess cash to shareholders through share repurchases.

今年，公司的目標如下：首先，透過持續投資自有門市和線上業務，提升旗下各品牌的銷售額；同時，透過合作和新產品類別（例如近期推出的嬰幼兒和Abercrombie Kids系列）實現成長；其次，透過盡可能降低關稅影響，穩定全年的成長利潤率；第三，繼續投資於各種工具和技術，以提高產品和客戶體驗流程的速度和效率——例如，本月我們正式上線了新的商品ERP系統——我們也在快速推進人工智能技術的應用，以更好地服務客戶，並對現有系統進行現代化改造；最後，透過連續營業第二年的利潤。我們也希望繼續保持以往透過股票回購將多餘現金回饋給股東的良好記錄。

After closing another record year in 2025, we are off and running on these growth objectives for 2026. We have the team, the experience, and the track record of delivering for our customers and our shareholders. Many thanks to the entire organization that makes this happen every single day. The work continues and always forward.

在 2025 年又創下歷史新高之後，我們已經開始朝著 2026 年的成長目標努力。我們擁有優秀的團隊、豐富的經驗以及為客戶和股東創造價值的良好記錄。非常感謝每天為此付出努力的整個組織。工作仍在繼續，並且始終向前推進。

And with that, I'll hand it over to Robert.

然後，我就把它交給羅伯特了。

Thanks, Fran, and good morning, everyone. I'd like to add my thanks to our associates around the world for staying agile and executing consistently throughout 2025. We're really proud of what we've achieved, and we have so much further to go.

謝謝你，弗蘭，大家早安。我還要感謝世界各地的同事們，感謝他們在 2025 年保持靈活應變和持續高效地完成工作。我們為所取得的成就感到非常自豪，但我們還有很長的路要走。

Starting with Q4 results, we delivered net sales of $1.67 billion, up 5% to last year, on a reported basis. Comparable sales for the quarter were up 1%, with approximately 100 basis points of benefit from foreign currency. By region, fourth-quarter net sales increased 5% in the Americas, 8% in EMEA, and 9% in APAC. On a comparable sales basis, Americas was up 2%, EMEA was down 3%, and APAC was approximately flat.

從第四季業績來看，按報告數據計算，我們的淨銷售額為 16.7 億美元，比去年同期成長 5%。本季同店銷售額成長 1%，其中外匯匯率帶來了約 100 個基點的收益。按地區劃分，第四季美洲淨銷售額成長 5%，歐洲、中東和非洲地區成長 8%，亞太地區成長 9%。以可比較銷售額計算，美洲地區成長 2%，歐洲、中東和非洲地區下降 3%，亞太地區基本持平。

Within the brands, both Abercrombie and Hollister delivered record fourth-quarter net sales. Abercrombie Brands returned to net sales growth, up 4% over last year on a comparable sales decline of 1%. Hollister Brands net sales grew 6% on comparable sales growth of 3%.

在旗下品牌中，Abercrombie 和 Hollister 均實現了第四季淨銷售額創紀錄的成長。Abercrombie Brands 恢復了淨銷售額成長，比去年同期成長了 4%，而同店銷售額下降了 1%。Hollister Brands 的淨銷售額成長了 6%，而同店銷售額則成長了 3%。

Across the business, we saw mid-single-digit AUR growth and low-single-digit unit growth on increased traffic. Across regions and brands, the spread from net sales to comparable sales was driven by net new store openings, third-party channel performance, and favorable foreign currency.

在整個業務範圍內，隨著流量的增加，平均用戶收入 (AUR) 實現了中等個位數的成長，而銷售量則實現了低個位數的成長。從各個地區和品牌來看，淨銷售額與可比銷售額之間的差距是由新店開業數量、第三方通路表現以及有利的匯率因素所推動的。

Operating margin was 14.1% of sales, coming in at the high end of the outlook we provided in early January, delivering operating income of $236 million, compared to $256 million last year.

營業利益率為銷售額的 14.1%，達到我們 1 月初給出的預期上限，營業收入為 2.36 億美元，而去年同期為 2.56 億美元。

Adjusted EBITDA margin for the quarter was 16.6% of sales on adjusted EBITDA of $276 million, compared to $293 million last year. The 210-basis-point year-over-year decline in operating margin was driven primarily by 360 basis points of tariff expense, which was partially offset in gross margin by 140 basis points of freight cost favorability, both included in cost of sales.

本季調整後 EBITDA 利潤率為銷售額的 16.6%，調整後 EBITDA 為 2.76 億美元，而去年同期為 2.93 億美元。營業利潤率年減 210 個基點，主要原因是關稅支出增加了 360 個基點，而毛利率則因運費成本優惠而部分抵銷了這一影響，這兩項因素均計入銷售成本。

Total operating expenses were in line with last year as a percentage of sales, with investments in stores offset by leverage in general and administrative expenses. Marketing was in line with last year as a percentage of sales.

總營運費用佔銷售額的比例與去年持平，門市投資被一般及行政費用的槓桿作用所抵銷。行銷費用佔銷售額的比例與去年持平。

The tax rate for the fourth quarter was 28%.

第四季的稅率為28%。

Net income per diluted share was above our outlook at $3.68, compared to $3.57 last year.

每股攤薄淨收益為 3.68 美元，高於我們先前的預期，而去年同期為 3.57 美元。

We ended the quarter with inventory cost up 5%, with approximately 3 points related to tariffs. Inventory units were also up 5%, including approximately 3 points related to strategically building receipts ahead of our planned ERP implementation this month.

本季末庫存成本上漲了 5%，其中約 3 個百分點與關稅有關。庫存單位也增加了 5%，其中約 3 個百分點與本月計劃實施 ERP 系統之前策略性地建立收貨有關。

I'll cover the rest of our results on an adjusted non-GAAP basis. For the year, we delivered net sales growth of 6%, reaching a record $5.27 billion. Growth was balanced across regions and channels, supported by mid-single-digit unit growth and low-single-digit AUR growth on increased traffic. On a regional basis, net sales were up 7% in the Americas, 6% in EMEA, and 5% in APAC. Across the business, we saw 70 basis points of favorable impact from foreign currency.

我將以調整後的非GAAP準則為基礎，介紹我們剩餘的績效。本年度，我們的淨銷售額成長了 6%，達到創紀錄的 52.7 億美元。各地區和通路的成長保持平衡，流量增加帶動了中等個位數的銷售成長和低個位數的平均用戶收入成長。從區域來看，美洲淨銷售額成長了 7%，歐洲、中東和非洲地區成長了 6%，亞太地區成長了 5%。在整個業務範圍內，我們看到外匯匯率帶來了 70 個基點的有利影響。

Comparable sales for the year were up 3%, led by the Americas at 4%, with EMEA approximately flat and a 3% decline in APAC. For EMEA and APAC, the favorable spread between net sales and comparable sales was driven by net store openings and third-party channel performance. EMEA also benefited from favorable foreign currency.

全年同店銷售額成長 3%，其中美洲地區成長 4%，歐洲、中東和非洲地區基本持平，亞太地區下降 3%。對於 EMEA 和 APAC 地區而言，淨銷售額與同店銷售額之間的有利差距是由淨門市開業和第三方通路業績推動的。歐洲、中東和非洲地區也受惠於有利的匯率。

By brand, Hollister Brands delivered net sales growth of 15% and comparable sales growth of 13%. At Abercrombie Brands, net sales declined 1% on comparable sales decline of 7%, with the 6-point favorable spread between net sales and comparable sales driven primarily by store openings and third-party channel volume.

按品牌劃分，Hollister Brands 的淨銷售額成長了 15%，同店銷售額成長了 13%。Abercrombie Brands 的淨銷售額下降了 1%，同店銷售額下降了 7%，淨銷售額與同店銷售額之間 6 個百分點的有利差距主要得益於新店開業和第三方渠道銷量的增長。

Operating income for the year was $661 million, an $80 million decline from 2024's record result, driven by approximately $90 million in tariff expense included in cost of sales. Operating margin was 12.5% of sales, a 250-basis-point decline from 2024, also driven by tariff expense, totaling around 170 basis points of sales, with additional cost of sales increases driven by product mix. Operating expense as a percentage of sales leveraged slightly, with investments in marketing and store occupancy more than offset by leverage on general and administrative expenses.

本年度營業收入為 6.61 億美元，比 2024 年創紀錄的業績減少了 8,000 萬美元，主要原因是銷售成本中包含了約 9,000 萬美元的關稅支出。營業利潤率的 12.5%，比 2024 年下降了 250 個基點，這也是由於關稅支出造成的，總計約佔銷售額的 170 個基點，此外，產品組合也導致銷售成本增加。營業費用佔銷售額的百分比略有增加，行銷和店舖租金方面的投資被一般及行政費用的增加所抵銷。

Adjusted EBITDA margin for 2025 was 15.5% of sales on adjusted EBITDA of $816 million, compared to $895 million last year.

2025 年調整後 EBITDA 利潤率的 15.5%，調整後 EBITDA 為 8.16 億美元，去年為 8.95 億美元。

The effective tax rate for the year was 29%.

該年度實際稅率為29%。

Net income per diluted share was $9.86, compared to $10.69 in 2024.

每股攤薄淨收益為 9.86 美元，而 2024 年為 10.69 美元。

Moving to the balance sheet, we exited the year with cash and cash equivalents of $760 million and liquidity of approximately $1.2 billion. We also ended the year with current investments of $25 million.

從資產負債表來看，截至年底，我們持有現金及現金等價物 7.6 億美元，流動資金約 12 億美元。截至年底，我們的現有投資額為 2,500 萬美元。

For the year, we drove operating cash flow of $619 million and free cash flow of $378 million. For the year, we used $450 million of cash to repurchase a total of 5.4 million shares of stock, or 11% of shares outstanding, at the beginning of the year.

本年度，我們實現了 6.19 億美元的營運現金流和 3.78 億美元的自由現金流。今年年初，我們動用了 4.5 億美元現金回購了 540 萬股股票，佔已發行股票總數的 11%。

From a direct channel perspective, both stores and digital grew nicely for the third straight year. For the year, 44% of total sales were digital, with Hollister around 31% and Abercrombie around 59%.

從直接通路來看，實體店和線上通路連續第三年實現了良好成長。全年總銷售額的 44% 來自線上通路，其中 Hollister 約佔 31%，Abercrombie 約佔 59%。

On the store fleet, we delivered 120 new store experiences, including 62 new stores, 11 rightsizes, and 47 remodels. We also closed 22 stores, finishing as a net store opener for the fourth consecutive year. We ended the year with 829 stores, 523 Hollister and 306 A&F, across 5.3 million gross square feet, growing square footage by 4% to last year. Both the stores and the digital business remain highly profitable, with four-wall store operating margins around 30% in aggregate.

在門市方面，我們提供了 120 種新的門市體驗，包括 62 家新店、11 家調整規模的門市和 47 家改造門市。我們也關閉了 22 家門市，連續第四年實現了淨新增門市數。截至年底，我們共有 829 家門市，其中 Hollister 門市 523 家，A&F 門市 306 家，總建築面積達 530 萬平方英尺，比去年增長了 4%。實體店和數位業務的獲利能力都很強，實體店的營業利潤率合計約為 30%。

Shifting to our 2026 outlook. For the full year, we expect net sales growth in the range of 3% to 5% from $5.27 billion in 2025, with full-year net sales growth expected across brands. We are investing for continued growth in the Americas and EMEA from both owned and operated stores and digital channels, as well as from wholesale and licensing partnerships.

接下來展望2026年。預計全年淨銷售額將成長 3% 至 5%，達到 2025 年的 52.7 億美元，預計全年各品牌淨銷售額將實現成長。我們正在投資美洲和歐洲、中東及非洲地區的持續成長，投資方式包括自有門市和數位管道，以及批發和授權合作。

In APAC, while our business has delivered sales growth in recent years, we do not believe returns have fully reflected the level of investment. Consistent with our commitment to financial discipline, we are undertaking a review of potential strategic alternatives for the region, including the evaluation of options such as partnerships, franchising, and licensing, with the goal of enhanced profitability, optimized capital deployment, and a maintained focus on shareholder value creation.

在亞太地區，雖然近年來我們的業務實現了銷售成長，但我們認為回報並未完全反映投資水準。秉持對財務紀律的承諾，我們正在對該地區的潛在戰略選擇進行審查，包括評估合作、特許經營和許可等方案，目標是提高盈利能力、優化資本部署，並持續關注股東價值創造。

We currently anticipate 40 basis points of favorable impact to net sales from foreign currency. We have assumed modest AUR improvement for the full year, as we have taken some revised ticket pricing across brands, largely focused on fashion elements of the assortment.

我們目前預期外匯匯率波動將對淨銷售額產生 40 個基點的有利影響。我們預計全年平均營業額將略有改善，因為我們對各個品牌的票價進行了一些調整，主要集中在商品系列的時尚元素上。

We expect full-year operating margin in the range of 12% to 12.5%. At the midpoint, the year-over-year change reflects approximately 70 basis points of incremental tariff expense, or around $40 million, incrementally from 2025, net of product mitigation.

我們預計全年營業利潤率在 12% 至 12.5% 之間。從中間值來看，年比變化反映了從 2025 年起，扣除產品減免後，關稅支出將增加約 70 個基點，約 4,000 萬美元。

Our outlook assumes the 15% global tariffs announced by the administration are effective beginning February 24 and are assumed to remain in effect throughout the end of the fiscal year. No tariff refunds or recoveries are assumed for fiscal 2026. We also expect the first half will be favorably impacted by lower year-over-year freight costs normalizing in the back half of the year.

我們的展望假設政府宣布的 15% 全球關稅從 2 月 24 日開始生效，並假設將持續到本財年結束。2026 財政年度不考慮任何關稅退款或追回。我們也預計，由於貨運成本年減，下半年將恢復正常，上半年業績也將受到有利影響。

We are forecasting a tax rate of around 29%.

我們預測稅率約為 29%。

For earnings per share, we expect diluted weighted average shares of around $45 million, which incorporates the impact of 2025 share repurchases, as well as anticipated 2026 share repurchases. Combined with the tax rate, we expect earnings per share in the range of $10.20 to $11.

對於每股收益，我們預計稀釋加權平均股數約為 4,500 萬美元，其中包括 2025 年股票回購的影響以及預計 2026 年的股票回購。結合稅率，我們預計每股收益將在 10.20 美元至 11 美元之間。

For capital allocation, we expect capital expenditures in the range of $200 million to $225 million.

在資本配置方面，我們預期資本支出將在 2 億至 2.25 億美元之間。

On stores, we expect to deliver around 125 new experiences, including 55 new stores and 70 rightsizes or remodels. We also expect to be net store openers, with our 55 new stores outpacing around 25 anticipated closures. We do expect net store openings to be relatively balanced across brands, but tilted to the Americas.

在門市方面，我們預計將帶來約 125 種全新體驗，包括 55 家新店和 70 家調整規模或改造的門市。我們預計新店數量將淨增，55 家新店將超過預計關閉的 25 家左右。我們預期各品牌的淨新增門市數量將相對平衡，但會向美洲地區傾斜。

The company has a strong balance sheet and cash flows, and we continue to expect share repurchases will be the primary use of free cash flow. For 2026, we are targeting share repurchases of around $450 million.

該公司資產負債表和現金流量狀況良好，我們仍然預期股票回購將是自由現金流的主要用途。2026年，我們的目標是回購約4.5億美元的股票。

Turning to the first quarter of 2026, we will go live with a new merchandising ERP this month, which will temporarily impact operations for approximately two weeks. During this time, we will limit inventory receipts and movement across the business, creating a temporary headwind of approximately 1 to 2 percentage points of growth for the quarter. We also have some incremental implementation costs in the quarter.

展望 2026 年第一季度，我們將於本月上線新的商品 ERP 系統，這將暫時影響營運約兩週。在此期間，我們將限制庫存的接收和業務範圍內的流動，這將暫時對本季的成長造成約 1 到 2 個百分點的不利影響。本季我們也將增加一些實施成本。

So in aggregate, we expect the ERP project will have over 100 basis points of unfavorable operating margin impact, which is factored into our Q1 outlook. Including those impacts, we expect net sales growth in the range of 1% to 3% from the Q1 2025 level of $1.1 billion, with net sales growth expected across brands. We also expect slight AUR expansion for the quarter.

因此，總體而言，我們預計 ERP 專案將對營業利潤率產生超過 100 個基點的不利影響，這已計入我們第一季的展望中。考慮到這些影響，我們預計淨銷售額將從 2025 年第一季的 11 億美元水準成長 1% 至 3%，預計所有品牌的淨銷售額都將成長。我們也預計本季AUR將略有成長。

On the evolving Middle East conflict, we currently anticipate a slight sales headwind and will continue to actively monitor the situation alongside our in-market franchise and joint venture partner, with safety as our highest priority.

鑑於中東衝突的不斷演變，我們目前預計銷售將略有下滑，並將繼續與我們在市場的特許經營商和合資夥伴一起積極關注局勢，並將安全放在首位。

We expect operating margin to be around 7%. In addition to over 100 basis points of impact from the ERP implementation, we expect tariffs will drive approximately 290 basis points of decline, or $30 million net of product mitigation. This will be partially offset by an expected freight tailwind of approximately 160 basis points for the quarter.

我們預計營業利潤率約為7%。除了 ERP 實施帶來的 100 多個基點的影響外，我們預計關稅將導致約 290 個基點的下降，或扣除產品緩解措施後淨下降 3000 萬美元。預計本季貨運利多因素將部分抵銷此影響，利多因素約為 160 個基點。

Marketing investments will also be up around 50 basis points as a percentage of sales, with the remainder of expense in line to Q1 last year in total.

行銷投入佔銷售額的比例也將上升約 50 個基點，其餘支出總額與去年第一季持平。

We expect a Q1 tax rate of around 26%.

我們預計第一季稅率約為 26%。

We expect earnings per share in the range of $1.20 to $1.30, with diluted weighted average shares expected to be around $46 million, including the anticipated impact of at least $100 million in share repurchases for the quarter.

我們預計每股收益在 1.20 美元至 1.30 美元之間，稀釋加權平均股數預計約為 4,600 萬美元，其中包括預計本季至少 1 億美元的股票回購的影響。

In closing, 2026 is underway and we are executing from a position of strength, supported by a proven model, strong cash flows, and disciplined capital allocation. Our outlook is informed by a multi-year track record of delivering on our commitments and reflects our confidence in executing in 2026 and continuing to build towards the long-term opportunities ahead.

最後，2026 年已經到來，我們憑藉著成熟的模式、強勁的現金流和嚴謹的資本配置，在優勢地位的基礎上穩步前進。我們展望未來，是基於多年來履行承諾的良好記錄，並反映了我們對 2026 年執行目標以及繼續為未來的長期機會而努力的信心。

And with that, operator, we are ready for questions.

好了，操作員，我們準備好回答您的問題了。

(Operator Instructions) Dana Telsey, Telsey Advisory Group.

（操作說明）Dana Telsey，Telsey顧問集團。

Hi. Good morning, everyone, and certainly nice to see the progress. Fran, after the building blocks that you put in place for '24, for '25, the collaborations that you did with the businesses, and frankly, returning to growth in the Abercrombie brand, and certainly saw what you saw with the Super Bowl and being the fashion partner, how do you think of the merchandising drivers of 2026 and what you're most excited about to drive growth?

你好。各位早安，很高興看到取得的進展。弗蘭，在你為 2024 年和 2025 年奠定的基礎，你與各企業進行的合作，坦白說，Abercrombie 品牌的回歸增長，以及你作為超級碗時尚合作夥伴所取得的成就之後，你如何看待 2026 年的商品銷售驅動因素，以及你最期待哪些方面來推動增長？

And then, Rob, as you think about the building blocks for margins in 2026, how do you think of AUR growth relative to price increases from tariffs and the impact of tariffs on margins going forward? Thank you.

羅布，當你思考 2026 年利潤率的構成要素時，你如何看待 AUR 成長相對於關稅價格上漲的影響，以及關稅對未來利潤率的影響？謝謝。

Hey, Dana. Good morning. So excited about what we just delivered for both the fourth quarter as well as the year. Most excited that that was delivered with balance across regions, brands, and channels. And what's driving our confidence as we head into 2026 is that it's the first time the company's ever done more than $5 billion in revenue. It's proof that our model is working.

嘿，達娜。早安.對我們剛完成的第四季和全年業績感到非常興奮。最令人興奮的是，這一目標在各個地區、品牌和通路之間實現了平衡。展望 2026 年，我們信心倍增的原因是，這將是公司有史以來首次實現超過 50 億美元的收入。這證明我們的模式是有效的。

We delivered all of that, to your point, the last three years, actually, of double-digit margins, operating margins. So our playbook is working. Our model of chasing -- we didn't start the year with an expectation of Hollister to drive 15%, but with that model, we were able to chase millions of units to hit another 15% for Hollister. So I'm excited about the opportunities ahead, and I'm really looking forward to 2026.

正如您所說，過去三年我們確實實現了兩位數的利潤率和營業利潤率。所以我們的策略奏效了。我們的追趕模式－年初我們並沒有期望 Hollister 能帶來 15% 的成長，但憑藉這種模式，我們能夠追趕數百萬件產品，從而為 Hollister 再帶來 15% 的成長。所以我對未來的機會感到興奮，我非常期待2026年的到來。

Yeah. Dana, so on the tariff impact here, so our outlook does reflect that 15% being kind of held all the way throughout the balance of the year, obviously, Section 122 here in the front half of the year, and then we're making the assumption that something pretty substantially similar to that carries us through the back half of the year.

是的。達娜，關於關稅的影響，我們的展望確實反映出 15% 的稅率將在今年剩餘時間內保持不變，顯然，這是上半年的第 122 條款，然後我們假設下半年情況將與此非常相似。

How that kind of cadences out, so Q1, we talked about this 290 basis points of impact on operating margins. That will be fully incremental year over year. We'll start to lap small amounts of tariffs in Q2, really towards the back end of Q2. We talked about $5 million of tariff impact in Q2 of 2025. So we'll start to lap a little bit of that, but again, largely incremental in Q2 before kind of neutralizing in Q3 and then flipping to a bit of a tailwind for us for Q4. So that's kind of the cadence throughout the year.

這種節奏是如何產生的呢？所以，在第一季度，我們討論了這對營業利潤率的影響為 290 個基點。這將完全是逐年遞增的。我們將在第二季開始逐步取消少量關稅，實際上是在第二季末。我們討論了2025年第二季500萬美元的關稅影響。所以我們會開始稍微趕上一些，但同樣，在第二季度主要是逐步趕上，然後在第三季度趨於平衡，然後在第四季度轉為我們帶來一些順風。所以，這大概就是全年的節奏。

Total impact, incremental impact of about $40 million here for tariffs on a year-over-year basis, so that's roughly 70 basis points. Feel good about the mitigation strategies that we put in place here as it relates to country of origin changes, supplier negotiations, product costing.

關稅的整體影響，按年計算，新增影響約為 4,000 萬美元，也就是約 70 個基點。對於我們在此採取的緩解措施，包括原產國變更、供應商談判、產品成本計算等方面，我們感到非常滿意。

And then to your last point around pricing, we did take that pricing on spring products starting kind of late Q4. That'll ramp as we move through Q1, so really only expecting some slight AUR improvement here in Q1, and then kind of that'll build throughout the balance of the year, so give us some modest AUR growth on the full year.

至於你最後一點關於定價的問題，我們確實從第四季末開始對春季產品採取了相應的定價策略。隨著第一季的推進，這種情況會逐漸改善，因此預計第一季平均可用率 (AUR) 只會略有改善，然後這種改善會在今年剩餘的時間裡逐步增強，從而在全年實現適度的 AUR 成長。

So we feel good about the mitigation strategies we put in place. We're tracking to another year of double-digit profitability, so excited to take that into 2026.

因此，我們對已採取的緩解策略感到滿意。我們預計將連續第二年實現兩位數的獲利，並非常期待將這一勢頭延續到 2026 年。

Thank you.

謝謝。

Corey Tarlowe, Jefferies.

科里·塔洛，傑富瑞。

Great. Thanks, and good morning, everybody. I wanted to ask first on Hollister, how you think about the sort of the right growth algorithm, if you will, for that segment, areas of success from Q4 and then areas of opportunity in 2026, and then I have a follow-up.

偉大的。謝謝大家，大家早安。我想先問一下關於 Hollister 的問題，您認為對於這個細分市場來說，合適的成長演算法是什麼？第四季有哪些成功領域？ 2026 年有哪些機會領域？之後我還有一個後續問題。

Hey, Corey. Good morning. So yeah, super excited. Big shout out to the Hollister team. I mean, congrats to them on the best year ever, the 11th consecutive quarter of growth.

嘿，科里。早安.是的，超級興奮。特別感謝 Hollister 團隊。我的意思是，祝賀他們取得了有史以來最好的一年，並連續第 11 個季度實現成長。

And what's driving that is really being dialed into that teen consumer. For holiday specifically, we saw winners in categories like fleece and graphics and outerwear. We've invested nicely into that business. We opened lots of new stores this year, refurbished a bunch of stores, spent money on marketing. Our Taco Bell collaboration on Cyber Monday was a terrific success.

而真正推動這股趨勢的，是精準地瞄準了青少年消費者。就假日季而言，我們看到了抓絨衫、印花衫和外套等類別的獲獎產品。我們對那項業務進行了相當可觀的投資。今年我們開設了許多新店，翻新了許多店面，並在行銷方面投入了資金。我們在網路星期一與塔可鐘的合作取得了巨大的成功。

So I'm excited about the team staying dialed into that customer, staying close to that customer. Spring, we're already seeing some nice response from the consumer, so we're excited to see another year of growth.

所以我很高興團隊能夠繼續關注客戶，並與客戶保持密切聯繫。自春季以來，我們已經看到消費者的一些良好回饋，因此我們很高興看到另一個增長年。

That's great. And then just more for Scott and Robert, there have been periods throughout, I guess, the last five-plus years where Abercrombie has invested in ERP systems and you haven't called out impacts. What's different about this implementation specifically? What does it allow you to do going forward? And then, how should we be thinking about, again, that impact? Is it acute, or will there be any longer-lasting impacts from it? Thanks so much.

那太棒了。還有一點要補充的是，史考特和羅伯特，我想說的是，在過去的五年多時間裡，Abercrombie 曾多次投資 ERP 系統，但你們並沒有指出這些系統的影響。這種實現方式具體有何不同？它能讓你在未來做些什麼？那麼，我們該如何再次思考這種影響呢？這種影響是急性還是會持續更長時間？非常感謝。

Yeah. Great, Corey. Great, great question, Corey. As you noted, this has been a multi-year undertaking for us, and it's great to have go-live in sight here.

是的。太好了，科里。科里，這個問題問得真好。正如您所指出的，這對我們來說是一項歷時多年的工作，很高興看到上線在望。

So the system that we're replacing was originally built and released about 15 years ago, and it was really architected for a very different business than what we're running today. This new ERP system allows us to support both the owned and operated omni business that we have, as well as the expectations of growth that we have across channels and categories in a more efficient way.

所以，我們正在替換的系統最初是在大約 15 年前建造和發布的，它的架構實際上是為了與我們今天經營的業務截然不同的業務而設計的。這個新的 ERP 系統使我們能夠以更有效率的方式支援我們擁有和經營的全通路業務，以及我們對跨通路和類別成長的預期。

In terms of what you're seeing here in Q1 and the reason we haven't called out any sales impact in the past is really it's been building. This has been building the system, getting ready for this go-live. What you're seeing here in Q1, we've been running parallel with this non-production instance for quite a while now. We've completed all the testing, final development, and now we're ready to go live, and that's what's coming up here in the next days and weeks.

就您目前在第一季看到的情況而言，我們過去沒有提及任何銷售影響的原因實際上是，這種影響一直在逐漸顯現。這段時間一直在搭建系統，為上線做準備。現在您在第一季看到的，我們已經在這個非生產實例上並行運行了相當長一段時間了。我們已經完成了所有的測試和最終開發，現在準備上線了，這就是接下來幾天和幾週要做的事情。

We feel like we've done the right work to ensure that we've got the units in the stores to support the sales during this transition. But the risk that we're calling out here in the outlook is primarily related to some temporary interruptions in third party and some product interruptions in chase over the next couple of weeks.

我們感覺我們已經做了正確的工作，確保商店裡有足夠的庫存來支持過渡期間的銷售。但我們在此展望中指出的風險主要與未來幾週第三方服務的一些暫時中斷以及Chase的一些產品中斷有關。

In the end, it's all about making us faster as we think about new growth opportunities. So we're really excited to get this new system in place, and we feel like any sort of disruptions kind of contains to this couple of week period here, middle of Q1, and we'll be in good shape as we head into Q2.

歸根結底，這一切都是為了讓我們在思考新的成長機會時更快地採取行動。所以我們很高興能啟用這個新系統，我們覺得任何干擾都只會持續到第一季中期的這幾週，進入第二季時，我們就能一切順利。

Okay, great. Thanks so much and best of luck.

好的，太好了。非常感謝，祝你好運。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great. Thanks. So Fran, on your target for sales growth at both brands this year, how are you managing the intersection between Abercrombie's return to growth and the moderation at Hollister relative to last year? What do you see as normalized growth for the two concepts?

偉大的。謝謝。弗蘭，關於你今年兩個品牌的銷售成長目標，你如何平衡 Abercrombie 恢復成長和 Hollister 相對於去年增速放緩之間的關係？您認為這兩個概念的正常成長幅度是多少？

Hey, Matt. Good morning. I mean, our goal is obviously to grow both brands each year. Mid-single digits would be a definition of success for us. We're excited to see our model working. I mean, to come out of fourth quarter where we grew the business again on top of a record and actually having another record year on top of 2024 is certainly proof that our operating model is working.

嘿，馬特。早安.我的意思是，我們的目標很顯然每年都會發展壯大這兩個品牌。對我們來說，個位數的中段成長率就算成功了。我們很高興看到我們的模型奏效。我的意思是，第四季度我們在創紀錄的基礎上再次實現了業務成長，而且在2024年又創下了新的紀錄，這無疑證明了我們的營運模式是有效的。

I'm excited that we are already seeing confidence in the consumer about some of the increases in prices that Robert talked about a little while ago. Those are ramping up in our assortment, but the acceptance to spring has been good so far. So excited. I think Q4, what it defines, honestly, Matt, is a balanced performance, which is growth across brands, regions, and channels, and that is definitely our objective in 2026.

我很高興看到消費者對羅伯特不久前提到的一些價格上漲表現出了信心。這些產品正在逐步增加我們的產品種類，但到目前為止，春季的市場反應良好。太激動了。說實話，Matt，我認為第四季所體現的是均衡的業績，即各個品牌、地區和通路的成長，這絕對是我們2026年的目標。

Great. And then maybe a follow-up for Robert. Could you just break apart the drivers by brand that supports the embedded revenue improvement in the back half of the year?

偉大的。然後或許可以給羅伯特做個後續報導。能否依品牌細分一下推動下半年營收成長的驅動因素？

In the back half of the year in terms of sales, Matt? Is that what you're looking at?

馬特，下半年銷售方面呢？你看到的是這個嗎？

Yeah, top-line improvement, first quarter relative to the year.

是的，營收整體有所改善，第一季與年初相比有所成長。

Yeah. So again, if you think about where we came out at Q4, around that plus 5%, and again, to Fran's point, really balanced across brands, regions, channels, that's kind of what we're carrying into 2026. The big difference in what you're seeing in kind of that step down from Q4 into Q1 with that 1% to 3% guide is really just that ERP impact that we're talking about. It's a couple of points here. But otherwise, it's a pretty consistent build as we kind of think about the full year 2026, and that's how we're running this business.

是的。所以，再想想我們在第四季度取得的成績，大約是在此基礎上增長 5%，而且，正如 Fran 所說，我們在各個品牌、地區和渠道之間真正實現了平衡，這就是我們將延續到 2026 年的趨勢。從第四季度到第一季度，我們看到的成長幅度從 1% 到 3% 有所下降，這其中最大的差異就是我們正在討論的 ERP 系統的影響。這裡有幾個要點。但除此之外，我們的發展方向相當一致，我們著眼於 2026 年全年，這也是我們經營這項業務的方式。

We're setting these clear expectations. We're going to control what we can control, and we've got the operating model that allows us to chase into revenue as we see those trends develop. So I feel like we're in a really good place, driving growth on growth, and excited to continue that trend here into 2026 and Q1.

我們正在明確這些預期。我們將控制我們能夠控制的因素，並且我們擁有相應的營運模式，使我們能夠根據這些趨勢的發展來追求收入。所以我覺得我們現在處境非常好，實現了持續成長，並且很高興能將這種趨勢延續到 2026 年第一季。

Yeah, Matt. Hey, it's Scott. Just want to add towards the end there, as we think about store growth, as Robert noted, we're net store growers here for the fourth year in a row. We'll do that again in 2026, and that store growth really ramps up towards the next half. That's a nice fuel to the fire there as we get into the back half of the year.

是的，馬特。嘿，我是史考特。最後我想補充一點，當我們考慮門市成長時，正如羅伯特所指出的那樣，我們連續第四年實現了門市淨成長。我們將在 2026 年再次這樣做，門市成長將在下半年真正加速。隨著下半年的到來，這無疑是火上加油。

Great color. Best of luck.

顏色很棒。祝你好運。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Thanks, guys. Robert, just a clarification on the ERP system impact. Is that something that we are going to see throughout the entire quarter, or is that still in front of us? Maybe if you can talk about what you're running quarter to date versus what you expect the next two months to be. I just want to understand the cadence of that impact. That's just the first question.

謝謝各位。Robert，關於ERP系統的影響，我需要澄清一下。這種情況會在整個季度持續發生，還是說它還會繼續發展下去？或許你可以談談你本季至今的營運狀況，以及你對未來兩個月的預期。我只是想了解這種影響的節奏。這只是第一個問題。

Yeah, I'd say cadence is relatively consistent. Again, great ends to fiscal '25, with Q4 carrying that into Q1. The ERP timing is really kind of a two-week period. We're kind of right at the start of it here with the go-lives. So it's really contained to that couple of weeks.

是的，我覺得節奏比較穩定。2025 財年再次迎來輝煌的收官，第四季延續了這一勢頭，並延續到了第一季。ERP實施時間其實大約是兩週。我們現在正處於正式上線階段。所以，這件事其實只持續了那幾週。

We've gotten the inventory to our stores to support the Easter peak and the spring break timeline, so we feel good about providing and supporting our stores through there. It's really just a function of this third-party impact here over the course of the next two weeks.

我們已經將庫存運送到各門市，以應對復活節高峰期和春假期間的銷售需求，因此我們很放心能夠在此期間為門市提供貨源和支援。這其實只是未來兩週內第三方因素影響的結果。

So the right way to think about it is that you're running up, let's say, 3% to 5% outside of that two-week period, and that two-week period has got to be down significantly to have a 100- to 200-basis-point impact on the whole quarter. Is that the right way to think about it?

所以正確的思考方式是，假設你在兩週之外上漲了 3% 到 5%，那麼這兩週的漲幅必須大幅下降，才能對整個季度產生 100 到 200 個基點的影響。這種思考方式正確嗎？

Yeah, I don't know that it's down significantly. It's really -- it actually is more of a -- because of the way that third party flows through, it's really more of a comp to non-comp compression that you'll see here over the course of the next couple of weeks.

是的，我不知道它是否大幅下降。實際上，由於第三方資金流動的方式，接下來幾週您將會看到一種競爭性到非競爭性壓縮的情況。

Got it. And then, can you just give us an update on your sourcing base, how you've made changes, where you sit as we look out to F26, just so we can monitor if there are any changes in tariffs by country that we might be able to keep tabs on that?

知道了。然後，您能否向我們介紹一下您的採購基礎，您做了哪些改變，以及您在2026年世界盃期間的立場，以便我們能夠監控各國關稅是否有任何變化，從而密切關注這些變化？

Yeah. So obviously, we've talked a lot about our sourcing footprint over the course of the last year or so. Really proud of that diversified network that we have in place, and it's taken us years to build. We currently source from over 16 different countries. That's been obviously a core enabler for us in our Read & React model here. Approach isn't changing, Paul. We're always evolving this network to make sure that we can service our brands, help with speed, optimize costs.

是的。很顯然，在過去一年左右的時間裡，我們已經談到了許多我們的採購足跡。我們為目前擁有的多元化網絡感到非常自豪，這是我們多年來努力建立起來的。我們目前從超過16個不同的國家採購。這顯然是我們「閱讀與反應」模型的核心推手。保羅，方法沒有改變。我們一直在改進這個網絡，以確保我們能夠為我們的品牌提供服務，提高速度，優化成本。

To your point, the tariffs have clearly introduced some complexity to the supply chain. But our position here has been pretty consistent, and changes here take time, and you obviously want to get them right and maintain quality levels. So we're focused on building the right partnerships for the longer term.

你說得對，關稅確實為供應鏈帶來了一些複雜性。但我們在這裡的立場一直相當一致，而這裡的變革需要時間，而且你顯然希望把變革做好並保持品質水準。因此，我們專注於建立長期的、合適的合作關係。

I think as it relates to some of the more near-term news in the Middle East, we do have some sourcing operations there in the region. Haven't experienced any disruptions that would have any sort of meaningful impact to the receipt plans here that underpin our outlook, and so we'll keep monitoring that. We'll keep agile with our sourcing base in total.

我認為，就中東一些近期新聞而言，我們在該地區確實有一些資訊來源。目前尚未出現任何可能對我們前景所依據的收款計畫產生任何實質影響的中斷，因此我們將繼續密切關注。我們將保持採購基礎的彈性。

Got it. And then last one, just on the APAC strategic review, just what prompted that? And when should we expect to hear something from you on the outcome of that review?

知道了。最後一個問題，關於亞太戰略評估，是什麼促使了這次評估？我們何時才能收到您關於此次審查結果的回應？

I'll jump in on this one. So we have just finished our third year growth in that region, and we really do believe in a long-term opportunity there. I'll tell you, it's just a matter of assessing our go-to-market strategy within that region. We currently go to market several different ways there. And it's our responsibility to make sure that we are doing that in the most proper way for our shareholders, and so that's what the announcement was about.

我也來參與一下。我們在該地區剛剛結束了第三年的成長，我們確實相信那裡有長期的發展機會。我告訴你，這只是評估我們在該地區的市場進入策略的問題。目前我們透過幾種不同的方式進入市場。我們有責任確保以最恰當的方式為股東謀取利益，這就是這項公告的內容。

Any timing on that, Fran?

弗蘭，有具體時間安排嗎？

Early days, I would say. The process is just getting started, so we'll provide updates as we can go forward here as appropriate.

可以說，現在還處於早期階段。這個過程才剛開始，所以我們會根據進展情況，在這裡提供最新資訊。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，《零售追蹤》

Hey, guys. I'm curious if you can give us a little bit of an update on some of your licensing efforts, particularly in kids, and what that looks like. And then also, just also on international, you've had some wholesale efforts, I know. I think you're on ASOS, for example. I'm curious if your go-to-market maybe in EMEA and APAC would include more wholesale opportunities like that to sort of build your brand regionally alongside your own efforts.

嘿，夥計們。我想請您簡要介紹您在授權方面的一些工作進展，特別是針對兒童的授權工作，以及目前的進展。而且，在國際方面，我知道你們也做了一些批發的努力。例如，我想你是在ASOS上購物。我很好奇，你們在歐洲、中東、非洲和亞太地區的市場拓展策略是否會包含更多類似的批發機會，以便在你們自身努力的同時，在區域範圍內建立品牌。

Hey, Marni. Good morning. I'll kick that one off.

嘿，瑪妮。早安.我先來。

So yes, to your point, we launched a global licensing opportunity this year with our kids brand, and we were very pleased with the results. In fact, we think it's actually created a halo. For many people who didn't even know, many consumers that didn't know, we carry a kids brand. So we saw some nice growth in both our owned and operated, as well as for our licensed partner. We recently launched baby & toddler, which is also very exciting. So we can now capture that customer from age zero and carry them all the way through for lifetime value.

是的，正如您所說，我們今年推出了兒童品牌的全球授權合作項目，我們對結果非常滿意。事實上，我們認為它實際上創造了一種光環效應。對於許多甚至不知道的人來說，對於許多不知道的消費者來說，我們銷售的是一個兒童品牌。因此，無論是我們自有和經營的業務，還是我們的授權合作夥伴的業務，都取得了不錯的成長。我們最近推出了嬰幼兒產品系列，這也非常令人興奮。因此，我們現在可以從客戶零歲開始就吸引他們，並全程為他們創造終身價值。

Regarding your second question, I would say we are entertaining all concepts, licensing, wholesaling, franchising. What we're doing is we keep talking about diversifying our operating model. So all of those are opportunities.

關於你的第二個問題，我想說我們正在考慮所有方案，包括授權、批發、特許經營。我們正在做的就是不斷討論如何使我們的營運模式多元化。所以這些都是機會。

Yeah. Marni, as you know, the Europe retail business is very different than here in the United States. So all of those different opportunities are available to us. We have done a few of them in the past, mainly the digital players that you called out. But there are opportunities in the future in each country to be in department stores, run wholesale businesses, potential concessions way down the line. So we're looking at all of that as we think about how we go to market in Europe.

是的。瑪尼，如你所知，歐洲的零售業與美國的零售業非常不同。所以，所有這些不同的機會都向我們敞開。我們過去也做過一些，主要是你提到的那些數位播放器。但未來每個國家都有機會進駐百貨公司、經營批發業務，以及在遙遠的未來取得特許經營權。所以，我們在考慮如何進入歐洲市場時，會把所有這些因素都考慮在內。

Yeah. If you think about it, it's actually a very exciting time for us. We're getting lots of reach outs, the health and strength of both of our brands. There's a lot of interest out there, so more to come on that.

是的。仔細想想，這其實對我們來說是一個非常令人興奮的時刻。我們收到了很多諮詢，這反映了我們兩個品牌的健康狀況和實力。外界對此很感興趣，所以後續會有更多相關內容。

Fantastic. And could I just ask you one follow-up on the tariffs? Once we get to sort of the back half of the year and we anniversary all the noise from '25, and I guess we're more in a steady state as you think forward into '27, even after '28, should you be able to rebuild marge product margins? Or is this kind of the new normal for you guys and for the world?

極好的。我可以再問您一個關於關稅的問題嗎？一旦到了下半年，我們就會把 2025 年的所有喧囂都拋諸腦後，我想隨著我們展望 2027 年，甚至 2028 年之後，情況會變得更加穩定，那麼你是否能夠重建產品利潤率呢？或者說，這對你們和全世界來說，就是一種新的常態嗎？

Yeah. I mean, I think we'll see. We have a fantastic sourcing network. We've got a great sourcing team. We've been able to maintain these double-digit operating margins despite all of these different headwinds that we have we've faced, whether that be supply chain disruptions, input cost, inflation, inflation across all of operating expenses and now tariffs.

是的。我的意思是，我想我們拭目以待。我們擁有強大的採購網絡。我們擁有優秀的採購團隊。儘管我們面臨著各種各樣的不利因素，例如供應鏈中斷、投入成本上漲、通貨膨脹、所有營運費用上漲以及現在的關稅，但我們仍然能夠保持兩位數的營業利潤率。

So we're working hard. We feel like as long as we put great product out there, connect with our customers, continue to give them a great experience, we've got an opportunity to grow AURs and continue to grow this business and provide a really healthy operating margin. So the goal would be, obviously, to try and offset as much of it as possible longer term, but that's a process and that's what we're kind of working towards here in 2026 with some modest AUR growth. And we'll see how all that goes.

所以我們正在努力工作。我們認為，只要我們不斷推出優質產品，與客戶保持聯繫，持續為他們提供良好的體驗，我們就有機會提高平均用戶訪問量 (AUR)，繼續發展這項業務，並獲得非常健康的營運利潤率。因此，我們的目標顯然是盡可能從長遠角度抵消這些影響，但這需要一個過程，而這正是我們在 2026 年努力實現的目標，屆時 AUR 將實現適度增長。我們拭目以待。

Great. Thanks, you guys.

偉大的。謝謝大家。

Mauricio Serna, UBS.

Mauricio Serna，瑞銀集團。

Great. Good morning. Thanks for taking my question. First, I just wanted to ask, I mean, what have you seen so far in terms of consumers' reaction to your ticket increases? And I just wanted also to make sure I understood, I guess by quarter to date, it sounds that the growth has continued to be consistent versus what you were saying in Q4. I just wanted to get that clarification. Thank you.

偉大的。早安.謝謝您回答我的問題。首先，我想問一下，就目前而言，您觀察到消費者對票價上漲的反應如何？我還想確認我的理解是否正確，就本季度至今而言，聽起來增長勢頭一直保持穩定，這與您在第四季度所說的情況有所不同。我只是想弄清楚這一點。謝謝。

Hey. Good morning, Mauricio.

嘿。早安，毛里西奧。

So first, on the ticket prices. So we mentioned during our last call that our strategy was to start to see some of these ticket increases for our spring product. So as a reminder, we deliver spring around December week four, January week one, and it was going to be very judicious in things and categories like fashion, for example, and we're holding our commitment to our consumer. We did not raise prices in key categories like denim and opening price point t-shirts.

首先，我們來談談票價。我們在上次電話會議中提到，我們的策略是開始看到春季產品的出貨量增加。再次提醒大家，我們會在 12 月第四周或 1 月第一週左右推出春季新品，在時尚等品類上我們會非常謹慎，並且我們會信守對消費者的承諾。我們沒有提高牛仔服和入門級T恤等重點品類的價格。

So we are ramping up. It's a portion of our inventory today. The initial response has been good, and we're going to continue with this strategy and we're going to continue to test and learn as we head to 2026.

所以我們正在加大力度。這是我們目前庫存的一部分。初步反應良好，我們將繼續執行這項策略，並在邁向 2026 年的過程中不斷測試和學習。

Yeah. And on your quarter-to-date trends here, Mauricio, so obviously, very encouraged here coming off a record fourth quarter with balanced performance across brands and regions. Off to a good start here across both brands and regions for the first quarter. End of January and the start of February was a little bit choppy with the winter storms that we saw in the US. But we've seen things pick up here once we've kind of gotten out of that disruption period.

是的。毛里西奧，關於本季至今的趨勢，顯然，在經歷了創紀錄的第四季度後，各品牌和地區表現均衡，這令人非常鼓舞。第一季度，兩個品牌和各個地區都取得了良好的開局。一月底和二月初，由於美國遭遇冬季風暴，天氣有些不穩定。但我們看到，一旦我們度過了那段動盪時期，情況就開始好轉了。

Most of the volume for the quarter is still ahead of us, and we're expecting growth in Q1 across brands. And again, the only other piece of disruption would be this ERP implementation that we've got going live here in the next couple of weeks. So that'll provide a little bit of a one-time headwind for us. But by and large, happy with where we are and excited about how the quarter started.

本季的大部分銷售尚未到來，我們預計第一季各品牌銷售都將成長。此外，唯一可能造成乾擾的是我們將在未來幾週內上線的ERP系統實施。所以這會為我們帶來一次性的一點不利因素。但總的來說，我們對目前的狀況感到滿意，並對本季的開局感到興奮。

Got it. And just a couple of follow-ups on the Q1 guide. On the freight, you called out a tailwind for the quarter. Is that based on contracted rates, and does that remain a tailwind for the year, or is that like Q1 peak? And then the other point on SG&A, excluding the marketing deleverage, should it be in line with last year in terms of like dollars or percentage of sales? Just trying to get that point of clarification.

知道了。關於第一季指南，還有幾點後續說明。在貨運方面，你預測本季會有順風。這是基於合約價格嗎？這種價格能否持續全年保持成長勢頭，還是會像第一季一樣達到高峰？另外，關於銷售、一般及行政費用（SG&A），不包括行銷槓桿效應，其金額（以美元計）還是佔銷售額的百分比，應該與去年保持一致嗎？我只是想弄清楚這一點。

Yeah, so I'll give you some of the building blocks here for Q1. So tier, you called it out. So we've got this 290 basis points of tariff headwind. That's all incremental to last year. We do have offsetting tailwinds here. So we've got freight. That's about 160 basis points of tailwind. That has to do with how we've shipped product and our contract rates are in place. So that's a yes on that answer.

是的，那麼我將在這裡為你提供 Q1 的一些基本要素。所以，你指出來了。因此，我們面臨 290 個基點的關稅阻力。這些都比去年增加。這裡確實有抵銷風向的順風。我們有貨物要運了。那相當於大約160個基點的順風。這與我們產品的出貨方式以及我們簽訂的合約價格有關。所以，答案是肯定的。

We do have some slight AUR improvements as well that'll help offset some of that tariff headwind. And then we've got this 100 basis points of headwind from the ERP go-live this month on the expense -- really kind of flowing through on the expense side.

我們還有一些輕微的AUR改進，這將有助於抵消部分關稅帶來的不利影響。此外，本月 ERP 系統上線還帶來了 100 個基點的支出阻力——這確實對支出方面產生了影響。

You called out marketing. It's about a 50-basis-point headwind for us in Q1. That's really just timing. On the year, marketing will be around flattish to last year as a percentage of sales. And then, the rest of the expense base should be largely in line with last year's Q1 as a percentage of sales.

你公開批評了行銷。第一季度，這對我們來說大約有 50 個基點的不利影響。這真的只是時機問題。今年，行銷費用佔銷售額的比例將與去年基本持平。此外，其餘費用佔銷售額的比例應與去年第一季基本一致。

Jon Keypour, Goldman Sachs.

Jon Keypour，高盛集團。

Hi, everybody. Good morning. Thanks for the question. Just one more thing on the Q1 gross margin. Last year, you guys were lapping carryover inventory drag. It sounds like there won't be any benefit from lapping that. Just wondering how that factors in.

大家好。早安.謝謝你的提問。關於第一季毛利率，還有一點要說明。去年，你們已經克服了庫存積壓問題。聽起來打磨這部分不會有任何好處。我只是想知道這會如何影響結果。

And then as a follow-on, what does that sort of imply about your promotional levels going into 1Q? And I guess if you could give a forward-looking statement about where you think promo may or may not be going for the rest of the year. Thank you.

那麼，這又對你們第一季的促銷力道意味著什麼呢？我想請您就今年剩餘時間促銷活動的發展方向發表一些前瞻性的看法。謝謝。

Yeah, Jon. So you're right. We've talked about this lapping of carryover. So that's really a 2024 Q1 dynamic. Q1 of 2025, it was kind of normal. That's the more normal base. So as you think about where we are coming into 2026, nothing that's like a major mover up or down related to carryover levels or anything like that.

是的，喬恩。你說得對。我們已經討論過這種結轉重疊的問題。所以這實際上是 2024 年第一季的動態。2025年第一季，情況還算正常。這是比較常見的基準。所以，當我們展望 2026 年時，不會出現與結轉水準或其他類似因素相關的重大上漲或下跌。

In terms of promos for Q1, we feel great about where our inventory sits coming into the quarter. Again, once you pull out the kind of front-loading of the inventory that we had to execute here for the ERP, we're up 2% on units. That's a great place to be for us. Both brands are really in chase position now. And that obviously gives us the best opportunity to kind of grow the AURs here.

就第一季的促銷活動而言，我們對本季的庫存狀況感到非常滿意。再說一遍，一旦剔除我們為了實施 ERP 系統而不得不進行的這種前期庫存投入，我們的單位數量增加了 2%。對我們來說，那是個絕佳的地方。目前兩個品牌都處於追趕地位。這顯然為我們提供了發展本地 AUR 的最佳機會。

So from a promo standpoint, we feel good about it. All baked into that slight AUR improvement that we're expecting here for the first quarter, and we're in a good position to kind of eat that up and get units flowing and inch that AUR up as we move through the quarter.

所以從宣傳角度來看，我們對此感到滿意。所有這些都已融入我們預期第一季平均平均售價 (AUR) 的小幅提升中，我們處於有利地位，可以充分利用這一優勢，推動銷量成長，並在本季度逐步提高平均平均售價。

Great. And then just one more follow-up, if I can. Can you guys bracket out what the difference in your expectations for the full year between the low end and the high end of the guide? So what has to happen to hit the low end? What are you guys baking in to hit the high end?

偉大的。如果可以的話，再補充一點。你們能否估算一下，指南中預測的低端值和高端值與你們對全年預期之間的差距是多少？那麼，要達到低端水平需要發生什麼事呢？你們打算用什麼秘訣來達到高端水準？

I mean, at the end of the day, Jon, it's all going to be about product execution. We got to put the right product out there, which we're off to a great start. We feel good about our assortments here in the first quarter. We got to keep doing it and keep executing as we move throughout the balance of the year. And we got to make sure that our marketing is resonating.

我的意思是，歸根結底，喬恩，一切都取決於產品執行情況。我們必須推出合適的產品，而我們在這方面已經有了一個好的開始。我們對第一季的產品組合感到滿意。我們必須堅持下去，並在今年剩餘的時間裡繼續執行。我們必須確保我們的行銷能夠引起共鳴。

We've consistently driven positive traffic to these brands. We've got millions of customers coming into these brands. And we got to keep that going here. And we'll do that with consistent marketing spend here. And then, we got to provide a great experience in our stores. And all of those things, kind of that 3% to 5% range, it's all just ranges of outcomes in terms of how we're executing here as we move throughout the year.

我們一直為這些品牌帶來正面的流量。我們有數百萬顧客光顧這些品牌。我們必須把這種勢頭保持下去。我們將透過持續的行銷投入來實現這一目標。然後，我們就可以在門市提供優質的客戶體驗。所有這些事情，大概都在 3% 到 5% 的範圍內，都只是我們在這一年中執行情況的各種結果範圍。

The exciting thing, though, Jon, is that the operating model that we've created and our ability to chase and stay very agile is key to winning for us. And the example with Hollister last year, we certainly didn't set out expecting to pick up 15%, but our ability to chase millions of units and respond to the customer in real time has enabled us to do that. So we're approaching this year the same way, with the expectation for both brands, obviously, to grow in 2026.

不過，喬恩，最令人興奮的是，我們所創建的營運模式以及我們追逐目標並保持高度敏捷的能力，是我們獲勝的關鍵。以去年 Hollister 為例，我們當然沒有一開始就期望獲得 15% 的份額，但我們追蹤數百萬件產品並即時回應客戶的能力使我們能夠做到這一點。所以，我們今年也採取了同樣的做法，顯然，我們期望這兩個品牌在 2026 年都能成長。

Thanks very much. Good luck.

非常感謝。祝你好運。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Thanks. Good morning. Looking for more color on the building blocks of growth at A&F. Nice to see the expectation for growth. Do you anticipate growth in every quarter? And how do we think about the timeline for a return to positive comps?

謝謝。早安.想了解更多關於A&F成長要素的細節。很高興看到對成長的預期。你預計每季都會成長嗎？那麼，我們該如何看待業績恢復到正成長的時間表呢？

Hey, Rick. Good morning. So yes, excited. The team was hard at work last year. Excited to see that the commitment that we made to returning to growth for the fourth quarter came to be.

嘿，瑞克。早安.是的，我很興奮。去年團隊非常努力。很高興看到我們在第四季度恢復成長的承諾得以實現。

As a reminder, being down one of the full year top line was up against our best year ever in 2024. It's just proof that the brand is healthy. We're going to continue to invest in stores and in marketing. Some of the strength that we saw in the fourth quarter were key categories, fleece, outerwear, YPB, and we're seeing nice acceptance already for spring. So our expectation is to continue to grow throughout 2026.

提醒一下，我們2024年創紀錄的業績是全年最佳的，而我們全年的業績卻比全年少了一倍。這正好證明該品牌營運狀況良好。我們將繼續投資於門市和行銷。我們在第四季看到的強勁表現主要體現在幾個關鍵類別上，例如抓絨衣、外套和YPB（青少年保暖內衣），而且我們已經看到春季產品市場反應良好。因此，我們預計在 2026 年將繼續成長。

And just to follow up on inventory, appreciate that you're in chase mode. But how do we think about how you're planning units as we think about the price changes that are happening and the potential for demand elasticity?

最後再補充一下庫存狀況，你要明白你現在處於追逐模式。但是，當我們考慮價格變動和潛在需求彈性時，我們該如何看待你們的單元規劃呢？

Yeah. So thanks, Rick. Units in control, nice, clean, up 5% on the prints; again, up 2% once you exclude that ERP. You know how we operate here. We'll keep units tight and aligned with our forward growth expectations for the brands. We're in good shape here leaving 2025 and heading into 2026. We'll continue to flex that muscle and make sure that we're ready to chase across both the brands.

是的。謝謝你，里克。單位控制良好，乾淨整潔，列印量成長 5%；如果排除 ERP，則成長 2%。你知道我們這裡的運作方式。我們將保持單位數量緊湊，並與我們對這些品牌的未來成長預期保持一致。展望2025年和2026年，我們目前情況良好。我們將持續展現這種實力，確保我們做好準備，在兩個品牌之間競爭。

Thanks very much.

非常感謝。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi. Good morning. So on the product execution, can you speak to what you've been seeing on conversion, particularly at the Abercrombie brand? I think it was down a bit in 2025, but you did see some improvement as the year went on. What did you see in Q4 into Q1 and then maybe some comments on Hollister conversion as well? Thank you.

你好。早安.那麼在產品執行方面，您能否談談您在轉換率方面觀察到的情況，特別是 Abercrombie 品牌的情況？我認為2025年略有下降，但隨著時間的推移，情況有所改善。你觀察到第四季到第一季之間的變化？另外，能否也談談Hollister的轉型狀況？謝謝。

Yeah. I would say it's more of the same, Janine. We were making progress. The teams leaned in on the A&F side, stayed focused on that consumer, executed against key learnings all the way throughout the year. And at the same time, again, going back to kind of Rick's point here, we kept units in control all the way through, and that allowed us to kind of chase through. That drove improvements in conversion as we moved throughout the year, and we kind of saw more of the same headed into Q4.

是的。我覺得情況還是老樣子，珍妮。我們取得了進展。團隊在A&F方面投入更多精力，始終專注於該消費者，並在整個年度中貫徹關鍵經驗。同時，再回到瑞克剛才提到的觀點，我們始終保持對部隊的控制，這使我們能夠一路追擊。隨著年事漸高，轉換率也隨之提高，進入第四季後，我們看到了類似的趨勢。

And similar story there with Hollister, conversion has been a nice -- it's been something that's kind of built as we've moved throughout the year. So it reflects the confidence that we have in the assortments that we're putting out there for our consumers, and we're kind of looking to do more of the same here as we move into '26.

Hollister的情況也類似，轉型是一個不錯的過程——它是在我們一年來不斷發展的過程中逐步建立起來的。這反映了我們對為消費者提供的產品組合的信心，而且隨著我們進入 2026 年，我們希望繼續這樣做。

Okay, great. And maybe just to follow up to Marni's question, it's been a while since you issued a long-range margin target. A lot's changed, 12% to 12.5% this year. Is that kind of the right level for the business? And if we were to see upside to that, excluding changes to tariffs, where would that come from?

好的，太好了。或許可以順便回答一下 Marni 的問題，您已經很久沒有發布長期保證金目標了。今年變化很大，從 12% 升至 12.5%。這個水平對公司來說合適嗎？如果排除關稅變化，我們能看到這方面的利多因素，那麼這些利好因素將來自哪裡呢？

Yeah, great question. Not going to provide guidance beyond '26 today, but I think we can talk through some of the underpinnings of the margin constructs that we're talking about, which I think addresses both yours and Marni's questions.

嗯，問得好。今天不會提供 2026 年以後的指導，但我認為我們可以討論一下我們正在討論的利潤率結構的一些基本原理，我認為這可以解答你和瑪尼的問題。

I think it's important for us to anchor ourselves that over the past few years, this operating model has delivered double-digit operating margins across all different kinds of environments. So the last three years, we've gone through freight changes, we've had inflation, input costs from a product standpoint have fluctuated all over the board, and obviously tariffs here for the last bit. And as you think about what underpins this business, it's highly cash generative. We've got highly profitable stores and digital businesses, and we're building capabilities in third party to really accelerate that growth in more of a capital-light way.

我認為，我們必須認識到，在過去的幾年裡，這種營運模式在各種不同的環境下都實現了兩位數的營業利潤率。所以過去三年，我們經歷了貨運變化，經歷了通貨膨脹，從產品角度來看，投入成本也出現了全面波動，而且最近一段時間還有關稅問題。當你思考支撐這項業務的根本原因時，你會發現它具有很強的現金流生成能力。我們擁有獲利能力很強的實體店和數位業務，我們正在建立第三方能力，以更輕資本的方式真正加速這一成長。

Our balance sheet's in great shape and it allows us to kind of fund into all of these things and invest in these brands and still return hundreds of million dollars to our shareholders through share repurchases, which I think is kind of in our track record. We've delivered over $1.2 billion back to shareholders through cash since 2021 here through share repurchases, and we're looking to do more of the same here.

我們的資產負債表狀況良好，這使我們能夠為所有這些項目提供資金，投資這些品牌，並透過股票回購向股東返還數億美元，我認為這符合我們的過往業績。自 2021 年以來，我們已透過股票回購向股東返還了超過 12 億美元的現金，我們希望在這裡繼續這樣做。

So all of that really gives us a lot of confidence as it relates to the durability of this model. So while I'm not going to sit here and extend any sort of guidance beyond '26 today, we do think that the fundamentals of this business are incredibly strong and they position us well to maintain these healthy earnings growth as we continue to build here in the long term.

因此，所有這些都讓我們對這款機型的耐用性充滿信心。因此，雖然我今天不會在這裡給出2026年後的任何指導意見，但我們確實認為這項業務的基本面非常強勁，這使我們能夠在長期發展過程中保持健康的盈利增長。

Perfect. Thanks for the color.

完美的。謝謝你提供的色彩。

Thank you. I show no further questions in the queue at this time. I would now like to turn the call back over to Fran for closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我想把電話交還給弗蘭，請她做總結發言。

I just want to thank everyone for joining the call today, and we look forward to updating you all on our progress soon.

我只想感謝今天參加電話會議的各位，我們期待盡快向大家報告我們的進度。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。